EXHIBIT 1
PG&E GAS TRANSMISSION, NORTHWEST CORPORATION
(FORMERLY PACIFIC GAS TRANSMISSION COMPANY)
SAVINGS FUND PLAN FOR NON-MANAGEMENT EMPLOYEES
FINANCIAL STATEMENTS AND SCHEDULES
AS OF DECEMBER 31, 1997 AND 1996
TOGETHER WITH AUDITORS' REPORT
PG&E GAS TRANSMISSION, NORTHWEST CORPORATION
--------------------------------------------
(FORMERLY PACIFIC GAS TRANSMISSION COMPANY)
SAVINGS FUND PLAN FOR NON-MANAGEMENT EMPLOYEES
----------------------------------------------
FINANCIAL STATEMENTS AND SCHEDULES
----------------------------------
DECEMBER 31, 1997 AND 1996
--------------------------
TABLE OF CONTENTS
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits with Fund Information -
December 31, 1997 and 1996
Statement of Changes in Net Assets Available for Benefits with Fund Information
for the Year Ended December 31, 1997
NOTES TO FINANCIAL STATEMENTS AND SCHEDULES
SCHEDULES SUPPORTING FINANCIAL STATEMENTS:
Schedule I - Item 27a - Schedule of Assets Held for Investment Purposes -
December 31, 1997
Schedule II - Item 27d - Schedule of Reportable Transactions for the
Year Ended December 31, 1997
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Administrative Committee of the
PG&E Gas Transmission, Northwest Corporation
(formerly Pacific Gas Transmission Company)
Savings Fund Plan for Non-Management Employees:
We have audited the accompanying statement of net assets available for benefits
of PG&E Gas Transmission, Northwest Corporation (formerly Pacific Gas
Transmission Company) Savings Fund Plan For Non-Management Employees (the Plan)
as of December 31, 1997 and 1996 and the related statement of changes in net
assets available for benefits with fund information, for the year ended December
31, 1997. These financial statements and the schedules referred to below are
the responsibility of the Plan's management. Our responsibility is to express
an opinion on these financial statements and schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1997 and 1996, and the changes in net assets available for
benefits, with fund information for the year ended December 31, 1997, in
conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes and reportable transactions are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. The fund information in the
statement of changes in net assets available for benefits is presented for
purposes of additional analysis rather than to present the changes in net assets
available for plan benefits of each fund. The supplemental schedules and fund
information have been subjected to the auditing procedures applied in the audits
of the basic financial statements and, in our opinion, are fairly stated, in all
material respects, in relation to the basic financial statements taken as a
whole.
Portland, Oregon,
November 23, 1998
PG&E GAS TRANSMISSION, NORTHWEST CORPORATION
--------------------------------------------
(FORMERLY PACIFIC GAS TRANSMISSION COMPANY)
SAVINGS FUND PLAN FOR NON-MANAGEMENT EMPLOYEES
----------------------------------------------
NOTES TO FINANCIAL STATEMENTS AND SCHEDULES
-------------------------------------------
DECEMBER 31, 1997 AND 1996
--------------------------
1. PLAN DESCRIPTION:
-----------------
The following description of the PG&E Gas Transmission Northwest, Corporation
Savings Fund Plan for Non-Management Employees (the Plan) is provided for
general information purposes only. Participants should refer to the Plan
document for more complete information regarding the Plan's provisions.
General
- -------
Assets from the Pacific Gas and Electric Company Savings Fund Plan for Non-
Management Employees (PG&E Plan), originally established April 1, 1959,
attributable to participants of that plan who were employees of PG&E Gas
Transmission, Northwest Corporation (the Sponsor or the Company) on January 1,
1995 were transferred to the Plan effective January 1, 1995.
The Plan is intended to constitute a qualified profit sharing plan, as described
in Code Section 401(a), which includes a qualified cash or deferred arrangement,
as described in Code Section 401(k). The Plan is subject to the provisions of
the Employee Retirement Income Security Act of 1974 (ERISA), as amended.
Eligibility
- -----------
Employees are eligible to participate in the Plan if the employee is classified
as a nonmanagement employee of the Sponsor. Each eligible employee becomes a
participant on the first day of the next payroll period after the date he/she
completes a 12-month period of employment.
Contributions
- -------------
Eligible employees may contribute an amount in whole percentages from 1% to 15%
of compensation as defined by the Plan, limited by requirements of the Internal
Revenue Code (IRC). The Company matches contributions in an amount equal to 50%
of each participant's elective contribution, up to 6% of the participant's base
pay, as defined by the Plan.
Vesting
- -------
Employee elective contributions, Company matching contributions, and the
accumulated earnings thereon are 100% vested at all times.
-2-
Participant Loans
- -----------------
Participants may borrow up to 50% of their vested account balance, subject to a
$1,000 minimum and other certain restrictions. As these loans are repaid by the
participant, the proceeds, including interest, are returned to the participant's
account. Loans are repayable through payroll deductions over periods ranging up
to 5 years or up to 15 years for the purchase of a primary residence. The
interest rate is determined by the plan administrator commensurate with the
prevailing interest rate charged by persons in the business of lending money for
loans which would be made under similar circumstances. During 1997, the
interest rate charged on participant loans was equal to the Trustee's prime rate
plus 2%. Interest rates on outstanding loans range from 10.25% to 11.00%.
These loans will mature from 1999 to 2011.
Benefits
- --------
Upon termination of service, death, disability or retirement, a participant may
elect to receive an amount equal to the value of the participant's vested
interest in his or her account. The form of payment is a single lump-sum
distribution, a portion paid in a lump sum and the remainder paid later, or an
annuity to be paid in monthly installments.
Withdrawals
- -----------
Except upon death, total disability, termination or retirement, withdrawal of
participant balances requires approval of the Trustee and Plan Administrator.
In-service withdrawals and hardship withdrawals are permitted.
Participant Accounts
- --------------------
Individual accounts are maintained for each of the Plan's participants and each
account is credited with his or her elective contribution, the Company's
matching contribution and an allocation of the Plan's net earnings and
administrative expenses. Allocations are based on participant account balances,
as defined.
Investment Options
- ------------------
Participants direct their elective contributions and the Company's matching
contributions, into 11 investment options. Participants may elect to change
their investment options at any time. A description of each investment option
is provided below:
Barclays Global Investors, N.A. Asset Allocation Fund
-----------------------------------------------------
This fund is a balanced fund which invests in a combination of common
stocks, long-term U.S. Treasury bonds and money market instruments.
Barclays Global Investors, N.A. S&P 500 Stock Fund
--------------------------------------------------
This growth and income fund invests in the same stocks at approximately the
same percentages as the S&P 500 Index.
Barclays Global Investors, N.A. U.S. Treasury Allocation Fund
-------------------------------------------------------------
This fund invests in long-term U.S. Treasury bonds with maturities of 20
years or more, intermediate-term U.S. Treasury notes with maturities of 5-7
years, and short-term (91-day) U.S. Treasury bills.
-3-
Barclays Global Investors, N.A. LifePath Funds
----------------------------------------------
These five diversified funds are designed to meet long-term investment
goals based on various time horizons. Each fund invests in a changing mix
of up to 17 U.S. and international asset classes, including stocks and
bonds from virtually every major marketplace.
Barclays Global Investors, N.A. Money Market Fund
-------------------------------------------------
The fund invests in several investment grade instruments, including U.S.
government and agency obligations, fixed time deposits, bankers'
acceptances, bank obligations, short-term corporate debt instruments,
repurchase agreements and unsecured loan participations. The maturities for
these instruments are generally less than three months.
Neuberger & Berman Guardian Trust Fund
--------------------------------------
This fund is a growth and income fund which invests in a well-diversified
mix of common stocks of established, high-quality companies considered to
be under-valued when compared to stocks of similar companies.
Templeton Foreign Fund
----------------------
The assets held by this fund are widely diversified throughout the world.
The allocation is adjusted by the portfolio managers in response to varying
market conditions. International investing has significant growth
potential, but is subject to risks associated with market conditions,
currency exchange rates and political climates.
The PG&E Stock Fund was an investment option offered to participants under the
PG&E Plan. After the transfer of the assets out of the PG&E Plan into this
Plan, the PG&E Stock Fund was frozen and is no longer an investment election
available to participants. Therefore, the activity in the PG&E Stock Fund will
be limited to the payment of benefits, loan disbursements, and transfers out of
the PG&E Stock Fund into other investment options currently offered by the Plan.
2. CHANGE IN TRUSTEE:
------------------
On August 29, 1997, the MasterWorks Division of Barclays Global Investors, N.A.
was acquired by Merrill Lynch, Pierce Fenner & Smith Incorporated (Merrill
Lynch). Barclays Global Investors, N.A. remained as trustee through December
31, 1997, and the trust was transferred to Merrill Lynch on January 1, 1998.
There were no changes to the terms of the trust agreement. The investment
options available under the Plan were not impacted as a result of this
transaction and their investment objectives and strategies, portfolio managers
and fee structures did not change.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
-------------------------------------------
Basis of Accounting
- -------------------
The accompanying financial statements are prepared on the accrual basis of
accounting.
Investment Valuation and Income Recognition
- -------------------------------------------
Investments of the Plan are stated at fair value. Fair value for shares is
determined by quoted prices in an active market. Participant loans are valued
at cost which approximates fair value.
-4-
Interest income is recognized as it is earned and dividends are recorded on the
ex-dividend date.
Net realized and unrealized appreciation in the fair value of investments
consists of the net change in unrealized appreciation during the year on
investments held at the end of the year and the realized gain or loss on the
sale of investments during the year.
Purchases and sales of securities are recorded on a trade date basis. Realized
gains and losses from security transactions are reported on the moving average
basis.
Payment of Benefits
- -------------------
Benefit payments to participants are recorded upon distribution.
Administrative Expenses
- -----------------------
The Company pays recordkeeping fees, loan fees, recurring payment fees,
investment management fees for PG&E stock, and all additional fees. These fees
totaled $14,706 in 1997. Participants pay the investment management fees for
all funds except PG&E stock. These fees reduce the investment return reported
and credited to participants.
Use of Estimates
- ----------------
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported changes in net assets available for
benefits during the reporting period. Actual results could differ from those
estimates.
4. TAX STATUS:
-----------
The Internal Revenue Service has determined and informed the Company by letter
dated September 9, 1996, that the Plan and related trust are designed in
accordance with applicable sections of the IRC. The Plan's administrator
believes that the Plan is designed and is currently being operated in compliance
with the applicable provisions of the IRC, as of the end of the Plan year.
5. PLAN TERMINATION:
-----------------
Although it has not expressed any intention to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA.
6. RELATED PARTY TRANSACTIONS:
---------------------------
Certain investment funds were managed by Barclays Global Investors, N.A. during
1997. Barclays Global Investors, N.A. was the trustee as defined by the Plan
and, therefore, these investments and investment transactions qualify as party-
in-interest transactions.
-5-
7. INFORMATION CERTIFIED BY THE TRUSTEE:
-------------------------------------
The following information included in the financial statements and supplemental
schedules was provided and certified by the Plan's trustee as complete and
accurate:
. Investments
. Interest income
. Net realized and unrealized appreciation (depreciation) in fair
value of investments
. Schedule of Assets Held for Investment Purposes (Schedule I)
Schedule of Reportable Transactions (Schedule II)
8. SUBSEQUENT EVENT:
-----------------
As discussed in Note 2, Merrill Lynch became the trustee of the Plan's assets,
replacing Barclays as of January 1, 1998.
SCHEDULE I
PG&E GAS TRANSMISSION, NORTHWEST CORPORATION
(FORMERLY PACIFIC GAS TRANSMISSION COMPANY)
SAVINGS FUND PLAN FOR NON-MANAGEMENT EMPLOYEES
----------------------------------------------
EIN 94-1512922
--------------
PLAN 006
--------
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
----------------------------------------------------------
DECEMBER 31, 1997
-----------------
(Notes 6 and 7)
Description of Investment,
Identity of Issue, Including Maturity Date, Rate
Borrower, Lessor or of Interest, Collateral, Current
Similar Party Par or Maturity Value Cost Value
- ---------------------------- --------------------------------------- ---- ------
Common and Collective Funds:
*Barclays Global Asset Allocation Fund
Investors, N.A. (11,965.423 shares) $ 236,666 $ 315,289
*Barclays Global S&P 500 Stock Fund
Investors, N.A. (65,254.133 shares) 1,909,599 2,401,352
*Barclays Global U.S. Treasury Allocation Fund
Investors, N.A. (7,882.840 shares) 126,855 139,448
*Barclays Global LifePath 2000 Fund
Investors, N.A. (29,646.188 shares) 340,074 393,109
*Barclays Global LifePath 2010 Fund
Investors, N.A. (12,702.072 shares) 188,613 191,928
*Barclays Global LifePath 2020 Fund
Investors, N.A. (9,971.295 shares) 148,250 164,925
*Barclays Global LifePath 2030 Fund
Investors, N.A. (3,986.158 shares) 54,900 70,236
*Barclays Global LifePath 2040 Fund
Investors, N.A. (15,291.349 shares) 272,954 287,630
*Barclays Global Money Market Fund
Investors, N.A. (907,724.860 shares) 907,725 907,725
*Pacific Gas and Common Stock (190,058.464 shares) 1,900,585 2,917,397
Electric
Shares in Registered Investment
Companies:
Neuberger & Berman Guardian Trust Fund (166,699.654
Trust shares) 2,210,311 2,883,904
Templeton Funds Foreign Fund (54,599.906 shares) 552,494 543,269
*Participants Participant Loans: (interest rates
ranging from 10.25% to 11.00%,
maturity dates ranging from
August 29, 1999 to April 25, 2011) 173,072 173,072
---------- -----------
Total Investments $9,022,098 $11,389,284
========== ===========
*Represents a party-in-interest transaction as of December 31, 1997.
The accompanying notes are an integral part of this schedule.
9
PG&E GAS TRANSMISSION, NORTHWEST CORPORATION
(FORMERLY PACIFIC GAS TRANSMISSION COMPANY)
SAVINGS FUND PLAN FOR NON-MANAGEMENT EMPLOYEES
EIN 94-1512022
PLAN 006
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1997
(Notes 6 and 7)
Series of transactions of the same issue that exceed 5% of the net Plan assets
at the beginning of the year:
Purchases
-----------------------------
Number of Purchase
Identity of Party Involved Description of Asset Transactions Price
- ----------------------------------- ------------------------------- -------------- ------------
Common and Collective Funds:
*Barclays Global Investors, N.A. S&P 500 Stock Fund 64 $ 2,031,504
*Barclays Global Investors, N.A. LifePath 2010 28 402,867
*Barclays Global Investors, N.A. Money Market Fund 49 2,532,371
Common Stock:
*Pacific Gas and Electric Common Stock - -
Shares in Registered Investment
Companies:
Neuberger & Berman Trust Guardian Trust Fund 54 886,888
Templeton Funds Foreign Funds 44 295,980
Sales
-----------------------------------------------------
Number of Cost of Selling Net Gain
Identity of Party Involved Description of Asset Transactions Asset Price or (Loss)
- ----------------------------------- ------------------------------- ------------ ------- ------- -----------
Common and Collective Funds:
*Barclays Global Investors, N.A. S&P 500 Stock Fund 37 $ 1,434,707 $ 1,949,694 $ 514,987
*Barclays Global Investors, N.A. LifePath 2010 11 257,035 265,036 8,001
*Barclays Global Investors, N.A. Money Market Fund 25 2,169,931 2,169,931 -
Common Stock:
*Pacific Gas and Electric Common Stock 47 1,340,991 1,688,196 347,205
Shares in Registered Investment
Companies:
Neuberger & Berman Trust Guardian Trust Fund 53 985,563 1,444,514 458,951
Templeton Funds Foreign Funds 27 203,028 231,906 28,878
*Represents a party-in-interest transaction for the year ended December 31,
1997.
The accompanying notes are an integral part of this schedule.
PG&E GAS TRANSMISSION, NORTHWEST CORPORATION
(FORMERLY PACIFIC GAS TRANSMISSION COMPANY)
SAVINGS FUND PLAN FOR NON-MANAGEMENT EMPLOYEES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1997
Participant Directed
------------------------------------------------------------------------------------------------
U.S.
Asset S&P Treasury LifePath LifePath LifePath LifePath LifePath
Allocation 500 Stock Allocation 2000 2010 2020 2030 2040
Fund Fund Fund Fund Fund Fund Fund Fund
---------- ---------- ---------- -------- -------- -------- -------- --------
INVESTMENTS, at fair value:
Barclays Global Investors,
N.A.-
Common and Collective
Funds $315,289 $2,401,352 $139,448 $393,109 $191,928 $164,925 $70,236 $287,630
Pacific Gas and Electric-
Common Stock Fund - - - - - - - -
Shares in Registered
Investment Companies - - - - - - - -
Participant Loans - - - - - - - -
-------- ---------- -------- -------- -------- -------- ------- --------
NET ASSETS AVAILABLE FOR
BENEFITS $315,289 $2,401,352 $139,448 $393,109 $191,928 $164,925 $70,236 $287,630
======== ========== ======== ======== ======== ======== ======= ========
Participant Directed
-----------------------------------------------------------
Neuberger
Money & Berman Templeton
Market PG&E Guardian Foreign Participant
Fund Stock Trust Fund Fund Loans Total
-------- ---------- ---------- --------- ----------- --------
INVESTMENTS, at fair value:
Barclays Global Investors,
N.A.-
Common and Collective
Funds $907,725 $ - $ - $ - $ - $ 4,871,642
Pacific Gas and Electric-
Common Stock Fund - 2,917,397 - - - 2,917,397
Shares in Registered
Investment Companies - - 2,883,904 543,269 - 3,427,173
Participant Loans - - - - 173,072 173,072
-------- ---------- ---------- -------- -------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $907,725 $2,917,397 $2,883,904 $543,269 $173,072 $11,389,284
======== ========== ========== ======== ======== ===========
The accompanying notes are an integral part of this statement.
PG&E GAS TRANSMISSION, NORTHWEST CORPORATION
(FORMERLY PACIFIC GAS TRANSMISSION COMPANY)
SAVINGS FUND PLAN FOR NON-MANAGEMENT EMPLOYEES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1996
Participant Directed
-------------------------------------------------------------------------------------------
U.S.
Asset S&P Treasury LifePath LifePath LifePath LifePath LifePath
Allocation 500 Stock Allocation 2000 2010 2020 2030 2040
Fund Fund Fund Fund Fund Fund Fund Fund
---------- ---------- ---------- -------- -------- -------- -------- --------
INVESTMENTS, at fair value:
Barclays Global
Investors, N.A.-
Common and Collective
Funds $349,130 $1,807,602 $91,538 $350,318 $45,779 $70,759 $38,527 $82,437
Pacific Gas and
Electric-
Common Stock Fund - - - - - - - -
Shares in Registered
Investment Companies - - - - - - - -
Participant Loans - - - - - - - -
-------- ---------- ------- -------- ------- ------- ------- -------
NET ASSETS AVAILABLE FOR
BENEFITS $349,130 $1,807,602 $91,538 $350,318 $45,779 $70,759 $38,527 $82,437
======== ========== ======= ======== ======= ======= ======= =======
Participant Directed
----------------------------------------------------
Neuberger
Money & Berman Templeton
Market PG&E Guardian Foreign Participant
Fund Stock Trust Fund Fund Loans Total
--------- ----------- ---------- --------- ----------- ------------
INVESTMENTS, at fair value:
Barclays Global
Investors, N.A.-
Common and Collective
Funds $545,285 $ - $ - $ - $ - $ 3,381,375
Pacific Gas and
Electric-
Common Stock Fund - 3,290,200 - - - 3,290,200
Shares in Registered
Investment Companies - - 3,153,890 500,018 - 3,653,908
Participant Loans - - - - 200,155 200,155
-------- ---------- ---------- -------- -------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS $545,285 $3,290,200 $3,153,890 $500,018 $200,155 $10,525,638
======== ========== ========== ======== ======== ===========
The accompanying notes are an integral part of this statement.
PG&E GAS TRANSMISSION, NORTHWEST CORPORATION
(FORMERLY PACIFIC GAS TRANSMISSION COMPANY)
SAVINGS FUND PLAN FOR NON-MANAGEMENT EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1997
Participant Directed
------------------------------------------------------------------------------------------------
U.S.
Asset S&P Treasury LifePath LifePath LifePath LifePath LifePath
Allocation 500 Stock Allocation 2000 2010 2020 2030 2040
Fund Fund Fund Fund Fund Fund Fund Fund
---------- ---------- ---------- -------- -------- -------- -------- --------
ADDITIONS:
Participant contributions $ 35,392 $ 131,189 $ 15,912 $ 8,557 $ 11,141 $ 16,610 $14,971 $ 20,055
Rollover contributions - 691 - - - - - 691
Employer contributions 9,435 34,432 4,455 1,838 3,854 3,967 5,662 6,732
Interest income - - - - - - - -
--------- ---------- -------- -------- -------- -------- ------- --------
Total additions 44,827 166,312 20,367 10,395 14,995 20,577 20,633 27,478
DEDUCTIONS:
Benefits and withdrawals
paid to participants 196,659 420,862 43,378 10,998 352 3,399 852 657
--------- ---------- -------- -------- -------- -------- ------- --------
Total deductions 196,659 420,862 43,378 10,998 352 3,399 852 657
--------- ---------- -------- -------- -------- -------- ------- --------
Net increase
(decrease) before
interfund transfers
and appreciation (151,832) (254,550) (23,011) (603) 14,643 17,178 19,781 26,821
INTERFUND TRANSFERS, net 57,360 336,360 62,567 8,555 123,187 62,684 1,629 155,346
NET REALIZED AND UNREALIZED
APPRECIATION IN FAIR
VALUE OF INVESTMENTS 60,631 511,940 8,354 34,839 8,316 14,304 10,299 23,026
--------- ---------- -------- -------- -------- -------- ------- --------
Net increase
(decrease) (33,841) 593,750 47,910 42,791 146,146 94,166 31,709 205,193
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of
period 349,130 1,807,602 91,538 350,318 45,779 70,759 38,527 82,437
--------- ---------- -------- -------- -------- -------- ------- --------
NET ASSETS AVAILABLE FOR
BENEFITS, end of period $ 315,289 $2,401,352 $139,448 $393,109 $191,925 $164,925 $70,236 $287,630
========= ========== ======== ======== ======== ======== ======= ========
Participant Directed
---------------------------------------------------------------
Neuberger
Money & Berman Templeton
Market PG&E Guardian Foreign Participant
Fund Stock Trust Fund Fund Loans Total
--------- ----------- ---------- --------- ----------- --------
ADDITIONS:
Participant contributions $ 34,463 $ - $ 147,946 $ 69,304 $ - $ 505,540
Rollover contributions - - - - - 1,382
Employer contributions 9,829 - 37,850 18,319 - 136,373
Interest income 37,217 - - - 20,225 57,442
--------- ---------- ---------- -------- -------- -----------
Total additions 81,509 - 185,796 87,623 20,225 700,737
DEDUCTIONS:
Benefits and withdrawals
paid to participants 195,809 847,446 536,028 68,057 34,922 2,359,419
--------- ---------- ---------- -------- -------- -----------
Total deductions 195,809 847,446 536,028 68,057 34,922 2,359,419
--------- ---------- ---------- -------- -------- -----------
Net increase
(decrease) before
interfund transfers
and appreciation (114,300) (847,446) (350,232) 19,566 (14,697) (1,658,682)
INTERFUND TRANSFERS, net 476,740 (840,751) (419,151) (12,143) (12,383) -
NET REALIZED AND UNREALIZED
APPRECIATION IN FAIR
VALUE OF INVESTMENTS - 1,315,394 499,397 35,828 - 2,522,328
--------- ---------- ---------- -------- -------- -----------
Net increase
(decrease) 362,440 (372,803) (269,986) 43,251 (27,080) 863,646
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of
period 545,285 3,290,200 3,153,890 500,018 200,155 10,525,638
--------- ---------- ---------- -------- -------- -----------
NET ASSETS AVAILABLE FOR
BENEFITS, end of period $ 907,725 $2,917,397 $2,883,904 $543,269 $173,075 $11,389,284
========= ========== ========== ======== ======== ===========
The accompanying notes are an integral part of this statement.