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FINANCIAL STATEMENTS AND
REPORT OF INDEPENDENT
CERTIFIED PUBLIC ACCOUNTANTS
THE UNITIL CORPORATION
TAX DEFERRED
SAVINGS AND INVESTMENT PLAN
December 31, 1998, 1997 and 1996
C O N T E N T S
Page
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 3
FINANCIAL STATEMENTS
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS -
DECEMBER 31, 1998 AND 1997 4
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR
BENEFITS - YEARS ENDED DECEMBER 31, 1998, 1997 AND 1996 6
NOTES TO FINANCIAL STATEMENTS 9
SUPPLEMENTAL INFORMATION
INDEPENDENT AUDITORS' REPORT 16
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT
PURPOSES - DECEMBER 31, 1998 17
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS 18
Report of Independent Certified Public Accountants
Administrator of
The UNITIL Corporation Tax Deferred
Savings and Investment Plan
We have audited the accompanying statements of net assets
available for benefits of The UNITIL Corporation Tax Deferred Savings and
Investment Plan as of December 31, 1998 and 1997, and the related statements
of changes in net assets available for benefits for each of the three years
in the period ended December 31, 1998. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express
an opinion on these financial statements 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 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 UNITIL Corporation Tax Deferred Savings and Investment Plan
as of December 31, 1998 and 1997, and the changes in net assets available
for benefits for each of the three years in the period ended December 31,
1998, in conformity with generally accepted accounting principles.
Boston, Massachusetts
May 28, 1999
The UNITIL Corporation Tax Deferred Savings and Investment Plan
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1998
UNITIL
Corporation Putnam Putnam Putnam
Stock Loan Growth & Stable Voyager
Fund Fund Income Value Fund Fund
Participant Loan
Receivable $519,634
Investments at
market value $3,372,521 $2,691,166 $6,095,519
Employer securities
(UNITIL common stock
at marketvalue) $3,153,429
Net assets
available for
benefits $3,153,429 $519,634 $3,372,521 $2,691,166 $6,095,519
Putnam
Putnam New International
Income Opportunity S & P Growth
Fund Fund 500 Fund Total
Participant Loan
Receivable $519,634
Investments at
market value $279,913 $1,640,789 $965,459 $597,051 15,642,418
Employer securities
(UNITIL common stock
at marketvalue) $3,153,429
Net assets
available for
benefits $279,913 $1,640,789 $965,459 $597,051 $19,315,481
The accompanying notes are an integral part of this statement.
The UNITIL Corporation Tax Deferred Savings and Investment Plan
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1997
UNITIL
Corporation Putnam Putnam Putnam
Stock Loan Growth & Stable Voyager
Fund Fund Income Value Fund Fund
Participant
Loan Receivable $484,770
Investments at
market value $3,520,889 $2,436,320 $4,793,292
Employer
securities
(UNITIL
Common stock
at market
value) $2,961,753
Net assets
available for
benefits $2,961,753 $484,770 $3,520,889 $2,436,320 $4,793,292
Putnam Putnam
Putnam New International
Income Opportunity S & P Growth
Fund Fund 500 Fund Total
Participant
Loan Receivable 484,770
Investments at
market value $260,801 $1,211,924 $548,854 $440,477 13,212,557
Employer
securities
(UNITIL
Common stock
at market
value) 2,961,753
Net assets
available for
benefits $260,801 $1,211,924 $548,854 $440,477 $16,659,080
The accompanying notes are an integral part of this statement.
The UNITIL Corporation Tax Deferred Savings and Investment Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For the year ended December 31, 1998
UNITIL
Corporation Putnam Putnam Putnam
Stock Loan Growth & Stable Voyager
Fund Fund Income Value Fund Fund
Assets
Additions to
net assets
attributed to:
Investment
income
Interest - $43,495 - - -
Dividends 164,029 - $300,125 150,048 406,027
Other Receipts 123,298 - - 116,106 49,534
Net appreciation
(depreciation)
in full value
of investmentS 162,559 - 177,037 480 766,564
449,886 43,495 477,162 266,634 1,222,125
Contributions:
Participants 141,055 - 157,677 51,903 290,924
Employers' 53,677 - 52,496 22,401 99,552
Rollovers 19,855 - 32,765 20,973 42,123
214,587 - 242,938 95,277 432,599
Total Additions 644,473 43,495 720,100 361,911 1,654,724
Deductions:
Deductions from
net assets
attributed to:
Benefits to
participants (205,520) - (659,713) (370,191) (257,851)
Loan distributions - (9,413) - - -
Other/forfeitures (124,030) - (376) (125,652) (50,851)
Total deductions (329,550) (9,413) (660,089) (495,843) (308,702)
Net Increase
(decrease) prior
to interfund
transfers 334,923 34,082 60,011 (133,932) 1,346,022
Interfund transfers (143,247) 782 (208,379) 388,778 (43,795)
Net (Decrease)
Increase 191,676 34,864 (148,368) 254,846 1,302,227
Net assets
available for
benefits:
Net assets
available,
beginning of
year 2,961,753 484,770 3,520,889 2,436,320 4,793,292
Net assets
available,
end of year $3,153,429 $519,634 $3,372,521 $2,691,166 $6,095,519
Putnam Putnam
Putnam New Putnam International
Income Opportunity S & P Growth
Fund Fund 500 Fund Total
Assets
Additions to
net assets
attributed to:
Investment
income
Interest - - - - 43,495
Dividends $ 18,425 62,779 - 17,510 1,118,943
Other Receipts - - - - 288,938
Net appreciation
(depreciation)
in fair value
of investments (9,501) 269,944 180,927 69,154 1,617,164
8,924 332,723 180,927 86,664 3,068,540
Contributions:
Participants 37,987 273,985 80,293 101,015 1,134,839
Employers' 13,265 90,451 26,043 29,698 387,583
Rollovers 2,471 23,935 10,427 6,382 158,931
53,723 388,371 116,763 137,095 1,681,353
Total Additions 62,647 721,094 297,690 223,759 4,749,893
Deductions:
Deductions from
net assets
attributed to:
Benefits to
participants (61,606) (170,391) (34,429) (20,644) (1,780,345)
Loan distributions - - - - (9,413)
Other/forfeitures (205) (2,063) (127) (430) (303,734)
Total deductions (61,811) (172,454) (34,556) (21,074) 2,093,492
Net Increase
(decrease) prior
to interfund
transfers 836 548,640 263,134 202,685 2,656,401
Interfund transfers 18,276 (119,775) 153,471 (46,111) -
Net (Decrease)
Increase 19,112 428,865 416,605 156,574 2,656,401
Net assets
available for
benefits:
Net assets
available,
beginning of
year 260,801 1,211,924 548,854 440,477 16,659,080
Net assets
available,
end of year $279,913 $1,640,789 $965,459 $597,051 $19,315,481
The accompanying notes are an integral part of this statement.
The UNITIL Corporation Tax Deferred Savings and Investment Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For the year ended December 31, 1997
UNITIL
Corporation Putnam Putnam Putnam
Stock Loan Growth & Stable Voyager
Fund Fund Income Value Fund Fund
Additions to
net assets
attributed to:
Investment
income
Interest $ 1,868 $43,301 - - $ 38
Dividends 173,232 - $445,715 151,356 286,001
Other Receipts 286 - 383 13,010 317
Net appreciation
(depreciation)
in fair value
of investments 554,675 - 155,195 - 691,115
730,061 43,301 601,293 164,366 977,471
Contributions:
Participants 148,292 - 135,199 55,201 278,585
Employers' 58,668 - 47,997 25,045 99,119
Rollovers 5,185 - 19,680 3,137 15,692
212,145 - 202,876 83,383 393,396
Total Additions 942,206 43,301 804,169 247,749 1,370,867
Deductions:
Deductions from
net assets
attributed to:
Benefits to
participants (149,037) - (52,101) (31,643) (235,343)
Loan distributions - (24,512) - - -
Other/forfeitures (2,729) - (3,739) (1,124) (4,521)
Total deductions (151,766) (24,512) (55,840) (32,767) (239,864)
Net Increase
(decrease) prior
to interfund
transfers 790,440 18,789 748,329 214,982 1,131,003
Interfund transfers (642,063) 31,463 469,225 (290,054) (170,482)
Net (Decrease)
Increase 148,377 50,252 1,217,554 (75,072) 960,521
Net assets
available for
benefits:
Net assets
available,
beginning of
year 2,813,376 434,518 2,303,335 2,511,392 3,832,771
Net assets
available,
end of year $2,961,753 $484,770 $3,520,889 $2,436,320 $4,793,292
Putnam Putnam
Putnam New Putnam International
Income Opportunity S & P Growth
Fund Fund 500 Fund Total
Additions to
net assets
attributed to:
Investment
income
Interest $ 38 $ 38 $ 38 $ 45,321
Dividends $ 13,037 26,540 - 25,351 1,121,232
Other Receipts - - - - 13,996
Net appreciation
(depreciation)
in fair value
of investments 1,890 145,287 89,239 11,401 1,648,802
14,927 171,865 89,277 36,790 2,829,351
Contributions:
Participants 35,496 278,956 62,139 82,843 1,076,711
Employers' 13,011 92,962 22,691 27,127 386,620
Rollovers 2,171 12,197 5,006 3,698 66,766
50,678 384,115 89,836 113,668 1,530,097
Total Additions 65,605 555,980 179,113 150,458 4,359,448
Deductions:
Deductions from
net assets
attributed to:
Benefits to
participants (6,430) (24,726) (1,784) (5,436) (506,500)
Loan distributions - - - - (24,512)
Other/forfeitures (36) (931) (282) (189) (13,551)
Total deductions (6,466) (25,657) (2,066) (5,625) (544,563)
Net Increase
(decrease) prior
to interfund
transfers 59,139 530,323 177,047 144,833 3,814,885
Interfund transfers 49,390 170,643 214,922 166,956 -
Net (Decrease)
Increase 108,529 700,966 391,969 311,789 3,814,885
Net assets
available for
benefits:
Net assets
available,
beginning of
year 152,272 510,958 156,885 128,688 12,844,195
Net assets
available,
end of year $260,801 $1,211,924 $548,854 $440,477 $16,659,080
The accompanying notes are an integral part of this statement.
The UNITIL Corporation Tax Deferred Savings and Investment Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For the year ended December 31, 1996
UNITIL
Fidelity Fidelity Corporation Loan
GIC Puritan Magellan Stock Fund Fund
Assets
Additions to net assets attributed to:
Investment income
Interest $ 88,718 $ 1,107 $ 2,203 $ 358 $ 32,859
Dividends - 29,077 609,825 174,515
Other receipts 340
Net appreciation/(depreciation) in
fair value of investments - 54,356 (562,265) (152,561) -
88,718 84,540 49,763 22,652 32,859
Contributions:
Participants' 92,252 100,678 193,518 164,120
Employers' 35,001 32,618 75,431 68,573
Rollovers 42,843 2,792 88,859
Transfer from BankBoston - - - 2,809,892 454,124
127,253 176,139 271,741 3,131,444 454,124
Total additions 215,971 260,679 321,504 3,154,096 486,983
Deductions
Deductions from net assets attributed to:
Benefits paid to participants (17,707) (17,875) (50,084) (137,978)
Other (6) (2) (103,818)
Transfer to Putnam (2,616,342) (1,922,154) (3,980,377) (2,809,892) (454,124)
Total deductions (2,634,055) (1,940,029) (4,030,461) (2,947,872) (557,942)
Net increase (decrease) prior to interfund
transfers (2,418,084) (1,679,350) (3,708,957) 206,224 (70,959)
Interfund transfers (85,975) (28,041) (20,804) (1,668) 98,986
Net (decrease)/increase (2,504,059) (1,707,391) (3,729,761) 204,556 28,027
Net assets available for benefits:
Beginning of year 2,504,059 1,707,391 3,729,761 2,608,820 406,491
End of year $ - $ - $ - $2,813,376 $434,518
New International
Growth Stable Voyager Income Opportunity S & P Growth
and Income Value Fund Fund Fund Fund 500 Fund Total
Assets
Additions to net assets attributed to:
Investment income
Interest $ 11,012 $ 38,501 $ 136 $ 13 $ 145 $ 16 $ 15 $ 175,083
Dividends 160,061 36,544 246,303 1,906 2,446 - 1,480 1,262,157
Other receipts 1,151 1,491
Net appreciation/(depreciation) in
fair value of investments 49,113 - (224,215) (943) (5,459) 6,103 4,315 ( 831,556)
220,186 76,196 22,224 976 (2,868) 6,119 5,810 607,175
Contributions:
Participants' 61,790 30,252 133,349 18,381 138,360 24,943 31,943 989,586
Employers' 21,259 11,635 46,884 6,278 46,230 8,655 11,146 363,710
Rollovers 20,220 20,224 51,622 2,378 48,094 24,494 25,476 327,002
Transfer from BankBoston 1,922,154 2,616,342 3,980,377 - - - - 11,782,889
2,025,423 2,678,453 4,212,232 27,037 232,684 58,092 68,565 13,463,187
Total additions 2,245,609 2,754,649 4,234,456 28,013 229,816 64,211 74,375 14,070,362
Deductions
Deductions from net assets attributed to:
Benefits paid to participants (29,673) (3,096) (36,934) (13) (645) - (772) (294,777)
Other (191) (9) (849) (6) (65) - (77) (105,023)
Transfer to Putnam - - - - - - - (11,782,889)
Total deductions (29,864) (3,105) (37,783) (19) (710) - (849) (12,182,689)
Net increase (decrease) prior to interfund
transfers 2,215,745 2,751,544 4,196,673 27,994 229,106 64,211 73,526 1,887,673
Interfund transfers 87,590 (240,152) (363,902) 124,278 281,852 92,674 55,162 -
Net (decrease)/increase 2,303,335 2,511,392 3,832,771 152,272 510,958 156,885 128,688 1,887,673
Net assets available for benefits:
Beginning of year - - - - - - - 10,956,522
End of year $2,303,335 $2,511,392 $3,832,771 $152,272 $510,958 $156,885 $128,688 $12,844,195
The accompanying notes are an integral part of this statement.
The UNITIL Corporation Tax Deferred Savings and Investment Plan
NOTES TO FINANCIAL STATEMENTS
December 31, 1998, 1997 and 1996
NOTE A - DESCRIPTION OF PLAN
The following description of The UNITIL Corporation and subsidiaries (the
"Company") Tax Deferred Savings and Investment Plan (the "Plan") provides
only general information. Participants should refer to the Plan agreement
for a more complete description of the Plan's provisions.
General
The Plan is a defined contribution plan covering substantially all full-time
employees of the Company and its wholly owned subsidiaries UNITIL Service
Corporation, Concord Electric Company, Exeter and Hampton Electric Company
and Fitchburg Gas and Electric Light Company (the "subsidiaries"), who
satisfy the eligibility requirements. It is subject to the provisions of
the Employee Retirement Income Security Act of 1974 ("ERISA").
During 1997, the Plan Administrator directed the transfer of all Plan assets
from the Bank of Boston to Putnam Investments ("Putnam"). The transfer was
made as a result of a change in custodianship of the assets.
Contributions
A member may authorize a Basic Employee Contribution from 1% to 15% with a
maximum contribution not to exceed $10,000 for 1998.
The Employer shall contribute as of December 31, of each plan year from
current or accumulated net profits on behalf of each member participating in
the Plan on December 31, of each plan year, an amount equal to 100% of the
first 3% of salary the employee puts into the plan (except Fitchburg Gas and
Electric Light Company Union Employees whose matching is as follows: first
year 1%, second year 2%, third year and after 3%).
Participant Accounts
Each participant's account is credited with the participant's contribution
and allocations of (a) the Company's contribution and, (b) Plan earnings,
and charged (as applicable) with an allocation of administrative expenses.
Allocations are based on participant earnings or account balances, as
defined. The benefit to which a participant is entitled is the benefit that
can be provided from the participant's vested account. The Plan
administrator will pay for substantially all expenses of the Plan.
The UNITIL Corporation Tax Deferred Savings and Investment Plan
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1998, 1997 and 1996
NOTE A - DESCRIPTION OF PLAN - Continued
Vesting
Participants are immediately vested in their contributions plus actual
earnings thereon. Vesting in the Company's matching and discretionary
contribution portion of their accounts plus actual earnings thereon is based
on years of continuous service. A participant is 100 percent vested after
three years of credited service. If a participant terminates employment for
any reason other than disability or retirement, he will be entitled to the
full amount of contributions he has deposited, plus a percentage of his
account balance derived from employer contributions based upon the following
schedule:
Year of Service % Vested
0-1 0%
1-2 33%
2-3 67%
3+ 100%
A member will become 100% vested in his account as a result of disability,
death or retirement.
Participant Loans Receivable
Participants may borrow from their fund accounts a minimum of $1,000 up to a
maximum equal to the lesser of $50,000 or 50% of their account balance. Net
loan transactions are treated as a transfer to (from) the Investment Fund
from (to) the Participant Loan Fund. Loan terms range from 1-5 years or up
to 25 years for the purchase of primary residence. The loans are secured by
the balance in the participant's account and bear interest at a rate of
prime plus one percent (1%). Principal and interest is paid ratably through
monthly payroll deductions.
Payment of Benefits
On termination of service due to death, disability or retirement, a
participant may elect to receive either a lump-sum amount equal to the value
of the participant's vested interest in his or her account, or annual
installments over a fixed number of calendar quarters or years.
Forfeitures
A member who terminates his employment prior to becoming eligible for
benefits and does not have a 100% vested right to Company contributions,
forfeits the amounts not vested. Such forfeited amounts are used to reduce
future Company contributions.
NOTE A - DESCRIPTION OF PLAN - Continued
Upon enrollment and reenrollment, each participant shall direct that his
contributions are to be invested in accordance with any of the following
investment options.
Guaranteed Investment Fund (GIC): This fund invested in guaranteed
insurance contracts with various insurance companies and banks (available
up to June 30, 1996).
Fidelity Puritan Fund: This fund invested in various investments including
common stocks and bonds and placed an emphasis on income and stability
(available up to June 30, 1996).
Fidelity Magellan Fund: This fund invested in common stocks which placed
more emphasis on investment return and less on stability (available up to
June 30, 1996).
UNITIL Corporation Common Stock Fund (UNITIL Corporation, no par value
common stock).
Putnam S & P 500: This fund invests primarily in publicly traded common
stocks, to achieve a return that closely approximates the return of the
Standard & Poors 500- composite stock price index.
Putnam Stable Value Fund: This fund invests in high-quality guaranteed
investment contracts (GIC's) issued by insurance companies and banks with
the objective to achieve a high current income.
Putnam Income Fund: This fund invests in debt securities, including both
government and corporate obligations, preferred stocks and dividend - paying
common stocks.
Putnam Fund for Growth and Income: This fund seeks capital growth and
current income by investing primarily in common stocks that offer potential
for capital growth and current income.
Putnam New Opportunities Fund: This fund seeks long-term capital
appreciation through the investment in common stocks with the potential of
above-average long-term growth.
Putnam Voyager Fund: This fund seeks capital appreciation for investors
willing to assume above-average risk in return for above-average capital
growth potential.
Putnam International Growth Fund: This fund seeks capital appreciation by
investing primarily in equity securities of companies located in a country
other than the United States.
Participants may change their investment options daily.
NOTE A - DESCRIPTION OF PLAN - Continued
The number of participants in each fund at December 31 was as follows:
1998 1997
Unitil Corporation Stock Fund 245 278
Putnam Growth & Income Fund 262 247
Putnam Stable Value Fund 177 183
Putnam Voyager Fund 305 304
Putnam Income Fund 102 95
Putnam New Opportunities Fund 234 226
Putnam S&P 500 Fund 127 106
Putnam International Growth Fund 133 128
NOTE B - SUMMARY OF ACCOUNTING POLICIES
Effective Date
The Plan's effective date is July 1, 1987, as amended effective May 8, 1992
and January 1, 1994. The Plan as amended effective May 8, 1992, provided
for the merger of the Fitchburg Gas and Electric Tax Deferred Savings and
Investment Plan with The Plan. The Plan as amended effective January 1,
1994, provided for the merger of the Fitchburg Gas and Electric Light
Company Union Tax Deferred Savings and Investment Plan into the Plan.
Basis of Accounting
The financial statements of the Plan are prepared under the accrual method
of accounting.
Management Estimates
In preparing the financial statements in conformity to Generally Accepted
Accounting Principles, management is required to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
the disclosure of contingent assets and liabilities at the date of the
financial statements and revenues and expenses during the reporting period.
Actual results could differ from those estimates.
NOTE B - SUMMARY OF ACCOUNTING POLICIES - Continued
Investment Valuation and Income Recognition
The Plan is administered by a trustee. The Plan's investments (including
investments bought, sold and held during the year) are carried at current
fair value. The difference between current fair value and the cost of
investments are included in net appreciation or (depreciation) in fair value
of investments.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis. Dividends are recorded on
the ex-dividend date.
Payment of Benefits
Benefits are recorded when paid.
Eligibility
Employees are eligible for membership on either January 1 or July 1
coincident with or the next day following on which they have both:
(1) Attained the age of 18, and
(2) Completed 1000 hours of credited service
Normal Retirement Date
A participant's normal retirement benefit date is the date he/she reaches
his/her 65th birthday or, if later, the 10th anniversary of the date he/she
becomes a participant.
NOTE C - PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to terminate the Plan at any time subject to the provision of
ERISA with respect to its employees by a written resolution with a copy
delivered to the trustee. In the event of a Plan termination, participants
will become fully vested in their accounts.
NOTE D - DETERMINATION LETTER
The Internal Revenue Service has determined and informed the Company by a
letter dated May 9, 1995, that the Plan and related trust are designed in
accordance with applicable sections of the Internal Revenue Code (IRC).
SUPPLEMENTAL INFORMATION
Independent Auditors' Report
Administrator of
The UNITIL Corporation Tax Deferred
Savings and Investment Plan
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 schedule
of 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's Rules
and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974. The supplemental schedules 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.
Boston, Massachusetts
May 28, 1999
The UNITIL Corporation Tax Deferred Savings and Investment Plan
Item 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1998
EIN #02-0381573
(c)Description
of Investment,
Including
(a) (b)Identity of Maturity Date,
Issue, Borrower, Rate of Interest,
Lessor or Similar Collateral Par, (e)Current
Party or Maturity Value (d)Cost Value
* Putnam Fund for
Growth and Income Mutual Fund $3,107,278 $3,372,521
* Putnam Income Fund Mutual Fund 285,009 279,913
* Putnam Voyager Fund Mutual Fund 4,945,456 6,095,519
* Putnam New
Opportunity Fund Mutual Fund 1,305,318 1,640,789
* Putnam S&P 500 Mutual Fund 709,635 965,459
* Putnam International
Growth Fund Mutual Fund 524,642 597,051
* Putnam Stable
Value Fund Stable Value Fund 2,691,166 2,691,166
* Unitil Corporation
Stock Fund Company Stock 2,389,230 3,153,429
* Loan Fund Prime plus one
percent (1%) 519,634 519,634
*Represents a party-in-interest to the Plan.
The UNITIL Corporation Tax Deferred Savings and Investment Plan
LINE 27d - SCHEDULE OF REPORTABLE TRANSACTIONS (J)
EIN #02-0381573
For the year ended December 31, 1998
(b)Description of
Asset (Include Interest
(a)Identity of Rate and Maturity (c)Purchase (d)Selling (e)Lease
Party Involved in Case of a Loan) Price Price Rental
Putnam Investments Acquisition of shares
in Putnam Growth and
Income Fund $817,877
Putnam Investments Disposition of shares in
Putnam Growth and
Income Fund $1,143,282
Putnam Investments Acquisition of shares in
Voyager Fund 1,088,805
Putnam Investments Disposition of shares in
Voyager Fund 553,142
Putnam Investments Acquisition of shares in
New Opportunities Fund 1,163,710
Putnam Investments Disposition of shares in
New Opportunities Fund 1,004,789
Putnam Investments Acquisition of shares in
Unitil Stock Fund 658,831
Putnam Investments Disposition of shares in
Unitil Stock Fund 629,714
Putnam Investments Acquisition of shares in
Stable Value Fund 1,500,105
Putnam Investments Disposition of shares in
Stable Value Fund 1,245,738
(b)Description of
Asset (Include (h)Current
Interest Rate Value of
(a)Identity and Maturity Asset on
of in Case (f)Expense (g)Cost Trans-
Party of a Loan) Incurred with of action (i)Net gain
Involved Transaction Asset Date or (loss)
Putnam
Investments Acquisition of shares
in Putnam Growth and
Income Fund $817,877
Putnam
Investments Disposition of shares in
Putnam Growth and
Income Fund 1,073,544 1,143,282 69,738
Putnam
Investments Acquisition of shares in
Voyager Fund 1,088,805
Putnam
Investments Disposition of shares in
Voyager Fund 483,465 553,142 69,677
Putnam
Investments Acquisition of shares in
New Opportunities Fund 1,163,710
Putnam
Investments Disposition of shares in
New Opportunities Fund 948,663 1,004,789 56,126
Putnam
Investments Acquisition of shares in
Unitil Stock Fund 658,831
Putnam
Investments Disposition of shares in
Unitil Stock Fund 483,413 629,714 146,301
Putnam
Investments Acquisition of shares in
Stable Value Fund 1,500,105
Putnam
Investments Disposition of shares in
Stable Value Fund 1,245,258 1,245,738 480