-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ALB6zV0OWpMQzUddyAezPrhwLcpDKwlh+NUnWWneL0DVu0X+O7uqouv/PI1vtBmA /erpyhfvI5/mRLLmvW0zMg== 0000929624-97-000239.txt : 19970310 0000929624-97-000239.hdr.sgml : 19970310 ACCESSION NUMBER: 0000929624-97-000239 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970307 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PG&E CORP CENTRAL INDEX KEY: 0001004980 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 943234914 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12609 FILM NUMBER: 97552646 BUSINESS ADDRESS: STREET 1: 77 BEALE ST STREET 2: P O BOX 770000 MAIL CODE B32 CITY: SAN FRANCISCO STATE: CA ZIP: 94177 BUSINESS PHONE: 4159737000 MAIL ADDRESS: STREET 1: 77 BEALE ST B32 STREET 2: PO BOX 770000 CITY: SAN FRANCISCO STATE: CA ZIP: 94177 FORMER COMPANY: FORMER CONFORMED NAME: PG&E PARENT CO INC DATE OF NAME CHANGE: 19951214 11-K 1 FORM 11-K As filed with the Securities and Exchange Commission on March 7, 1997 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1996 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 33-50601 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: Savings Fund Plan for Employees of Pacific Gas and Electric Company B. Name of issuer of the securities held pursuant to the Plan and the address of its principal executive office: PG&E Corporation 77 Beale Street P.O. Box 77000 San Francisco, CA 94177 REQUIRED INFORMATION 1. The financial statements of the Savings Fund Plan Master Trust and the Savings Fund Plan Parts I and II as of December 31, 1996 and 1995, the statements of net assets as of December 31, 1996 and 1995, the statements of changes in the net assets of the Plans for the year ended December 31, 1996 and the Savings Fund Plan Master Trust schedule of assets held for investment purposes as of December 31, 1996 and the schedule of reportable transactions for the year ended December 31, 1996, together with the reports of Arthur Andersen LLP, independent accountants, are contained in Exhibit 1 to this Annual Report. 2. Consent of Arthur Andersen LLP, independent accountants, is contained in Exhibit 2 to this Annual Report. SIGNATURES The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. SAVINGS FUND PLAN FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY Date: March 7, 1997 By: G. BRENT STANLEY ------------------------------ G. Brent Stanley Chairman, Employee Benefit Administrative Committee 2 EX-1 2 ANNUAL REPORT OF SAVINGS FUND PLAN EXHIBIT 1 PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN MASTER TRUST FINANCIAL STATEMENTS TABLE OF CONTENTS REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS FINANCIAL STATEMENTS Statements of Net Assets - December 31, 1996 and 1995 Statements of Changes in Net Assets for the Year Ended December 31, 1996 Notes to Financial Statements - December 31, 1996 SCHEDULES Schedule I: Line 27(a) - Schedule of Assets Held for Investment Purposes - December 31, 1996 Schedule II: Line 27(d) - Schedule of Reportable Transactions for the Year Ended December 31,1996 ARTHUR ANDERSEN LLP REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Employee Benefit Finance Committee of Pacific Gas and Electric Company and Participants in the Savings Fund Plans: We have audited the accompanying statements of net assets of Pacific Gas and Electric Company Savings Fund Plan Master Trust (the Trust) as of December 31, 1996 and 1995, and the related statement of changes in net assets for the year ended December 31, 1996. These financial statements and the schedules referred to below are the responsibility of the Trust'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 that our audits provide a reasonable basis for our opinion. The accompanying statements are those of the Trust established under the Pacific Gas and Electric Company Savings Fund Plan Master Trust. These statements do not purport to present the financial statements of the individual employee benefit plans and do not contain disclosures necessary for a fair presentation of the financial statements of the individual employee benefit plans in conformity with generally accepted accounting principles. Furthermore, these statements do not purport to satisfy the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 relating to financial statements of employee benefit plans. Reference should be made to the Form 5500s and related financial statements of the individual employee benefit plans that have been prepared and filed pursuant to these reporting rules and regulations. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets of the Trust as of December 31, 1996 and 1995, and the changes in net assets for the year ended December 31, 1996, 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 as of December 31, 1996, and reportable transactions for the year ended December 31, 1996, 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 fund information in the statements of net assets and changes in net assets is presented for the purpose of additional analysis rather than to present the net assets and changes in net assets 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. Arthur Andersen LLP San Francisco, California February 26, 1997 PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN MASTER TRUST STATEMENT OF NET ASSETS December 31, 1996
Fund Information --------------------------------------------------------------------------------- United Company States Diversified Guaranteed Bond Stock and Utility Stock Bond Equity Income Index Bond Stock Fund Fund Fund Fund Fund Fund Fund Total ------ ------ ----------- --------- ------ -------- ------- ---------- (in thousands) ASSETS Investments, at fair value Pacific Gas and Electric Company - $ 830,689 $ - $ - $ - $ - $ - $ - $ 830,689 United States government securities - 4,542 1,193 - - - - 5,735 Corporate stocks - common - - 740,165 - - - - 740,165 Corporate debt instruments - - - 35,582 - - - 35,582 Insurance company general accounts - - - 224,294 - - - 224,294 Registered investment companies Vanguard Bond Index Fund - - - - 28,369 - - 28,369 Columbia Balanced Fund - - - - - 151,074 - 151,074 Mellon Bank Utility Stock Fund - - - - - - 40,436 40,436 Interest bearing accounts 24,230 - 22,926 11,603 - - - 58,759 --------- ------ --------- ------------ ------- -------- ------- ---------- Total Investments 854,919 4,542 764,284 271,479 28,369 151,074 40,436 2,115,103 --------- ------ --------- ------------ ------- -------- ------- ---------- Receivables Dividends and interest 11,939 - 1,445 1,376 159 - - 14,919 Other receivables - - 537 - - - - 537 --------- ------ --------- -------- ------- -------- ------- ---------- Total Receivables 11,939 - 1,982 1,376 159 - - 15,456 --------- ------ --------- -------- ------- -------- ------- ---------- Total Assets 866,858 4,542 766,266 272,855 28,528 151,074 40,436 2,130,559 --------- ------ --------- -------- ------- -------- ------- ---------- LIABILITIES 1,505 - 420 - - - - 1,925 --------- ------ --------- -------- ------- -------- ------- ---------- NET ASSETS $ 865,353 $4,542 $ 765,846 $272,855 $28,528 $151,074 $40,436 $2,128,634 ========= ====== ========= ======== ======= ======== ======= ==========
The accompanying Notes to Financial Statements are an integral part of these statements. 1 PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN MASTER TRUST STATEMENT OF NET ASSETS December 31, 1995
Fund Information ----------------------------------------------------------------------- United Company States Diversified Guaranteed Stock Bond Equity Income Fund Fund Fund Fund ---- ------ ---------- ---------- (in thousands) ASSETS Investments, at fair value Pacific Gas and Electric Company - common stock $ 1,161,205 $ - $ - $ - United States government securities - 4,424 1,042 - Corporate stocks - common - - 503,528 - Corporate debt instruments - - - 63,540 Insurance company general accounts - - - 146,976 Registered investment companies Vanguard Bond Index Fund - - - - Columbia Balanced Fund - - - - Mellon Bank Utility Stock Fund - - - - Interest bearing accounts 25,082 - 20,205 10,297 ------------ ----------- ------------- ----------- Total Investments 1,186,287 4,424 524,775 220,813 ------------ ----------- ------------- ----------- Receivables Dividends and interest 20,369 - 1,137 1,051 Other receivables 3,354 - 22 8 ------------ ----------- ------------- ----------- Total Receivables 23,723 - 1,159 1,059 ------------ ----------- ------------- ----------- Total Assets 1,210,010 4,424 525,934 221,872 ------------ ----------- ------------- ----------- LIABILITIES - - - - ------------ ----------- ------------- ----------- NET ASSETS $ 1,210,010 $ 4,424 $ 525,934 $ 221,872 ============ =========== ============= =========== Fund Information ----------------------------------------------------------------------- Bond Stock and Utility Index Bond Stock Fund Fund Fund Total ----- --------- -------- ----- (in thousands) ASSETS Investments, at fair value Pacific Gas and Electric Company - common stock $ $ $ $ 1,161,205 United States government securities 5,466 Corporate stocks - common 503,528 Corporate debt instruments 63,540 Insurance company general accounts 146,976 Registered investment companies Vanguard Bond Index Fund 26,394 26,394 Columbia Balanced Fund 127,992 127,992 Mellon Bank Utility Stock Fund 49,284 49,284 Interest bearing accounts 55,584 ------------ ----------- ------------ ------------- Total Investments 26,394 127,992 49,284 2,139,969 ------------ ----------- ------------ ------------- Receivables Dividends and interest 141 - - 22,698 Other receivables - - - 3,384 ------------ ----------- ------------- ------------- Total Receivables 141 - 0 26,082 ------------- ----------- ------------- ------------- Total Assets 26,535 127,992 49,284 2,166,051 ------------- ----------- ------------- ------------- LIABILITIES - - - - ------------ ----------- ------------- ------------- NET ASSETS $ 26,535 $ 127,992 $ 49,284 $ 2,166,051 ============ =========== ============= =============
The accompanying Notes to Financial Statements are an integral part of these statements. 2 PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN MASTER TRUST STATEMENT OF CHANGES IN NET ASSETS For the Year Ended December 31, 1996
Fund Information ----------------------------------------------------------------------------------- United Company States Diversified Guaranteed Stock Bond Equity Income Fund Fund Fund Fund --------------- --------------- ------------- ------------------ (in thousands) BALANCE, JANUARY 1, 1996 $1,210,010 $4,424 $525,934 $221,872 --------------- --------------- ------------- ------------------ ADDITIONS Participating plans contributions Participant 42,515 - 32,914 5,342 Employer 14,955 - 11,102 1,843 -------------- --------------- ------------- ----------------- Total participating plans contributions 57,470 - 44,016 7,185 -------------- --------------- ------------- ----------------- Earnings from investments Interest Interest bearing accounts 1,220 - 1,134 481 United States government securities 189 - Fixed income investments - 13,263 -------------- --------------- ------------- ----------------- Total interest 1,220 189 1,134 13,744 Dividends - common stock 71,285 - 13,764 - Registered investment company dividends - - - Other income 251 - 9 - -------------- --------------- ------------- ----------------- Total earnings from investments 72,756 189 14,907 13,744 -------------- --------------- ------------- ----------------- Net appreciation (depreciation) in fair value of assets held (298,733) - 123,788 - -------------- --------------- ------------- ----------------- Total additions (reductions) (168,507) 189 182,711 20,929 -------------- --------------- ------------- ----------------- Fund Information ------------------------------------------------------------------------------- Bond Stock and Utility Index Bond Stock Fund Fund Fund Total ------------ --------------- ------------- ---------------- (in thousands) BALANCE, JANUARY 1, 1996 $26,535 $127,992 $49,284 $2,166,051 ------------ --------------- ------------- ---------------- ADDITIONS Participating plans contributions Participant 1,255 7,365 2,856 92,247 Employer 449 2,512 890 31,751 ------------ --------------- ------------- ---------------- Total participating plans contributions 1,704 9,877 3,746 123,998 ------------ --------------- ------------- ---------------- Earnings from investments Interest Interest bearing accounts - - - 2,835 United States government securities - - - 189 Fixed income investments - - - 13,263 ------------ --------------- ------------- ---------------- Total interest - - - 16,287 Dividends - common stock - - - 85,049 Registered investment company dividends 1,790 - 2,492 4,282 Other income - - - 260 ------------ --------------- ------------- ---------------- Total earnings from investments 1,790 - 2,492 105,878 ------------ --------------- ------------- ---------------- Net appreciation (depreciation) in fair value of assets held (798) 16,161 (2,379) (161,961) ------------ --------------- ------------- ---------------- Total additions (reductions) 2,696 26,038 3,859 67,915 ------------ --------------- ------------- ----------------
The accompanying Notes to Financial Statements are an integral part of these statements. 3 PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN MASTER TRUST STATEMENT OF CHANGES IN NET ASSETS (Continued) For the Year Ended December 31, 1996
Fund Information ---------------------------------------------------------------------- United Company States Diversified Guaranteed Stock Bond Equity Income Fund Fund Fund Fund ------- ------- ----------- ---------- (in thousands) DEDUCTIONS Withdrawals paid to participating plans for benefit payments $ 47,575 $ 71 $ 26,763 $ 22,550 ---------- ----------- ---------- ----------- Total deductions 47,575 71 26,763 22,550 ---------- ----------- ---------- ----------- TRANSFERS between investment funds (128,575) - 83,964 52,604 ---------- ----------- ---------- ----------- CHANGE IN NET ASSETS (344,657) 118 239,912 50,983 ---------- ----------- ---------- ----------- BALANCE, DECEMBER 31, 1996 $ 865,353 $ 4,542 $ 765,846 $ 272,855 ========== =========== ========== =========== Fund Information ---------------------------------------------------------------------- Bond Stock and Utility Index Bond Stock Fund Fund Fund Total ----------- ------------ ---------- ----------------- (in thousands) DEDUCTIONS Withdrawals paid to participating plans for benefit payments $ 1,043 $ 4,884 $ 2,446 $ 105,332 ---------- ----------- ----------- ------------ Total deductions 1,043 4,884 2,446 105,332 ---------- ----------- ----------- ------------ TRANSFERS between investment funds 340 1,928 (10,261) - ---------- ----------- ----------- ------------ CHANGE IN NET ASSETS 1,993 23,082 (8,848) ($37,417) ---------- ----------- ----------- ------------ BALANCE, DECEMBER 31, 1996 $ 28,528 $ 151,074 $ 40,436 $ 2,128,634 ========== =========== =========== ============
The accompanying Notes to Financial Statements are an integral part of these statements. 4 PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN MASTER TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 1: Master Trust Description Pacific Gas and Electric Company (the Company) established the Savings Fund Plan Master Trust (the Master Trust) on January 1, 1988 to hold the assets of the Company Savings Fund Plans. The Pacific Service Employees Association also participates in the Master Trust. The Master Trust is administered by the Company's Employee Benefit Administrative Committee and Employee Benefit Finance Committee, and State Street Bank and Trust Company is the trustee (the Trustee). Interest income, dividends, investment management fees, where appropriate, and the net appreciation or depreciation in the fair value of investments held by the Master Trust are allocated to the individual participating plans each day based upon their proportional share of the fund balances. Although the Company has not expressed any intent to do so, its Board of Directors reserves the right to amend or terminate the Master Trust at any time by giving written notice to the Trustee. If the Master Trust is terminated, the Master Trust assets shall be paid out to each separate participating plan in proportion to its interest in the Master Trust. NOTE 2: Summary of Significant Accounting Policies Basis of Accounting The financial statements of the Master Trust are prepared in conformity with generally accepted accounting principles. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of additions, deductions, assets, and liabilities and disclosure of contingencies. Actual results could differ from these estimates. These financial statements do not purport to present the net assets available for benefits or the change in net assets available for benefits of any of the individual participating retirement plans and do not include all disclosures necessary for a fair presentation of the financial statements of the individual participating plans in conformity with generally accepted accounting principles. NOTE 3: Federal Income Taxes The Company received a favorable tax determination letter from the Internal Revenue Service (IRS) in November of 1995, and the IRS has ruled that the Master Trust is exempt under Section 501(a). Accordingly, no provision for federal income taxes has been made in the financial statements. The Plan sponsor believes that the Master Trust continues to be designed and operated in accordance with IRS requirements. PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN MASTER TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 4: Investments The Trustee invests a significant portion of the contributions from the participating plans in the common stock of the Company. The Company pays all costs of administering the Master Trust, including fees and expenses of the Trustee and investment management fees for the Diversified Equity Fund and the Guaranteed Income Fund. Individual plan participants designate the way in which their contributions are invested and may change their investment designation at any time. Participants may elect to have their contributions invested in one or more of the following funds: - Company Stock Fund, invested in Pacific Gas and Electric Company common stock; - Diversified Equity Fund (DEF), invested in a diversified portfolio of common stock of other companies; - Guaranteed Income Fund (GIF), invested in contracts which offer a fixed rate of interest for a specified period of time; - Bond Index Fund (BIF), invested in Vanguard Bond Index Fund, a diversified portfolio consisting of marketable fixed-income securities; - Stock and Bond Fund (SBF), invested in a Columbia Balanced Fund, a diversified portfolio of marketable equity securities and marketable fixed-income securities. - Utility Stock Fund (USF), invested in Mellon Bank Utility Stock Fund, a portfolio of marketable equity securities of electric utility companies that are members of the Edison Electric Institute, including Pacific Gas and Electric Company. The United States Bond Fund was closed to new contributions on July 1, 1991. A participant's interest in the investment funds is represented by participation units allocated on the basis of contributions and assigned a unit value on the basis of the total value of each fund. For investments in the United States Savings Bond Fund, a unit is one bond. Valuation of Investments All investments (other than GIF) held by the Master Trust are stated at fair value based on published market quotations. Investments in the GIF are valued at cost which approximates fair value. PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN MASTER TRUST NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 4: Investments (Continued) The net depreciation in fair value of investments in the accompanying statement of changes in net assets reflects the net difference between fair value and cost of investments bought during the year and the net difference between the beginning of the year fair value and the fair value of the assets held, sold or distributed. Financial Investments with Off-Balance Sheet Risk The Employee Benefit Finance Committee has adopted a "Position Statement on Risk Management and the Use of Derivatives" which applies to the Master Trust. This statement recognizes that derivatives may be used by the Master Trust's investment managers to achieve their investment objectives. However, the Master Trust assets will not be exposed to risks through derivatives that would be inappropriate in their absence. J.P. Morgan routinely enters into Standard and Poor's (S&P) 500 Index futures contracts for hedging purposes. J.P. Morgan, the investment manager for the DEF, uses S&P 500 index futures contracts to maintain unleveraged stock market exposure while providing the liquidity necessary to accommodate participant cashflows. A margin position is taken on these contracts on a daily basis, with a resulting appreciation or depreciation in the fair value of assets held. As of December 31, 1996, there were 63 S&P 500 index futures contracts valued at approximately $23 million, with a settlement date of March 20, 1997. The net depreciation recorded as of December 31, 1996 on these contracts was approximately $131,000. The collateral (included in interest bearing accounts) with respect to these contracts consisted of a $1,300,000 US T-bill which will mature on February 13, 1997. NOTE 5: Subsequent Event Effective January 1, 1997, the Company became a subsidiary of its new parent holding company, PG&E Corporation. The Company's ownership interest in Pacific Gas Transmission Company (PGT) and PG&E Enterprises (Enterprises) was transferred to PG&E Corporation. The Company's outstanding common stock was converted on a share-for-share basis into PG&E Corporation common stock. All stock held by the Company Stock Fund is now PG&E Corporation common stock. SAVINGS FUND PLAN FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996
NUMBER OF SHARES OR US SAVINGS BONDS NAME OF ISSUER AND DESCRIPTION HELD AT CLOSE OF PERIOD COST CURRENT VALUE - ------------------------------------------------------------------------------------------------------------------------- (DOLLARS IN THOUSANDS) COMPANY STOCK FUND *PACIFIC GAS AND ELECTRIC COMPANY COMMON STOCK 39,556,596 $878,189 $830,689 INTEREST BEARING ACCOUNTS *STATE STREET BANK + TRUST CO SHORT TERM INVESTMENT FUND 24,227,647 24,230 24,230 ----------- ----------- ----------- TOTAL COMMON STOCK FUND 63,784,243 $902,419 $854,919 ============== ============= ============= UNITED STATES BOND FUND UNITED STATES SAVINGS BONDS, SERIES E 5,340 $ 100 $ 404 (UNITS OF $18.75 COST AND $25.00 MATURITY) UNITED STATES SAVINGS BONDS, SERIES EE 80,032 2,001 3,500 (UNITS OF $25.00 COST AND $50.00 MATURITY) UNITED STATES SAVINGS BONDS SERIES EE 9,108 455 638 (UNITS OF $50.00 COST AND $100.00 MATURITY) ----------- ----------- ----------- TOTAL UNITED STATES BOND FUND 94,480 $ 2,556 $ 4,542 ============== ============= ============= DIVERSIFIED EQUITY FUND ABBOTT LABS 30,300 $ 1,142 $ 1,538 ADVANTA CORP 3,600 158 147 AETNA INC 29,700 1,939 2,376 AHMANSON H F AND CO 18,300 335 595 AIR PRODS + CHEMS INC 20,900 1,126 1,445 AIRTOUCH COMMUNICATIONS INC 107,200 3,057 2,707 ALBEMARLE CORP 10,500 144 190 ALBERTSONS INC 53,700 1,907 1,913 ALCAN ALUM LTD 47,700 1,412 1,604
SAVINGS FUND PLAN FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996
NUMBER OF SHARES OR US SAVINGS BONDS NAME OF ISSUER AND DESCRIPTION HELD AT CLOSE OF PERIOD COST CURRENT VALUE - ------------------------------------------------------------------------------------------------------------------------- ALLEGHENY POWER SYSTEMS INC 18,200 462 553 ALLEGHENY TELDYNE INC 46,700 883 1,074 ALLIED SIGNAL INC 91,600 3,186 6,137 ALTERA CORP 8,300 394 603 ALUMINUM CO AMER 53,000 1,778 3,379 ALZA CORP 62,900 1,822 1,628 AMBAC INC 4,000 167 266 AMERICAN EXPRESS CO 39,300 2,094 2,220 AMERICAN GEN CORP 48,400 1,591 1,978 AMERICAN HOME PRODUCTS CORP 108,300 3,973 6,349 AMERICAN INTL GROUP INC 27,300 1,565 2,955 AMERICAN WTR WKS INC 11,600 234 239 AMERITECH CORP 85,800 4,492 5,202 AMOCO CORP 28,600 1,905 2,302 AMR CORP DEL 15,100 994 1,331 ANADARKO PETE CORP 10,900 465 706 ANHEUSER BUSCH COS INC 103,000 2,852 4,120 ANIXTER INTL INC 10,200 191 164 APPLIED MATERIALS INC 30,700 939 1,103 APRIA HEALTHCARE GROUP INC 46,400 1,100 870 ASHLAND INC 12,100 439 531 ASSOCIATES FIRST CAP CORP 300 14 13 AT + T CORP 250,200 9,282 10,884 ATLANTIC RICHFIELD CO 9,100 968 1,206 AUTODESK INCORPORATED 8,100 289 227 AUTOZONE INC 32,100 984 883 AVON PRODS INC 28,500 973 1,628 BALTIMORE GAS + ELEC CO 22,300 521 597 BANC ONE CORP 74,900 2,281 3,221 BANCORP HAWAII INC 6,200 221 260 BANK OF BOSTON CORP 25,400 995 1,632 BANKAMERICA CORP 61,900 3,189 6,174 BARD C R INC 3,400 110 95 BARNES + NOBLE INC 8,300 267 224 BARNETT BKS INC 33,200 1,041 1,365 BAUSCH + LOMB INC 39,700 1,488 1,389 BAY NETWORKS INC 32,900 890 687
SAVINGS FUND PLAN FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996
NUMBER OF SHARES OR US SAVINGS BONDS NAME OF ISSUER AND DESCRIPTION HELD AT CLOSE OF PERIOD COST CURRENT VALUE - ------------------------------------------------------------------------------------------------------------------------- BEAR STEARNS COS INC 19,100 373 532 BELL ATLANTIC CORP 67,900 3,776 4,396 BELLSOUTH CORP 55,800 1,931 2,253 BENEFICIAL CORP 9,200 483 583 BETHLEHAM STL CORP 26,800 326 241 BLACK + DECKER CORPORATION 47,200 854 1,422 BOATMENS BANCSHARES INC 25,800 1,443 1,664 BOEING CO 84,700 4,528 9,010 BOISE CASCADE CORP 14,500 474 460 BORDERS GROUP INC 9,600 290 344 BOWATER INC 11,800 533 444 BOYD GAMING CORP 6,900 113 57 BRISTOL MYERS SQUIBB CO 91,600 8,648 9,961 BROWNING FERRIS INDS INC 104,300 3,089 2,738 BURLINGTON NORTHN SANTA FE 25,000 1,735 2,159 CALIBER SYS INC 5,900 221 113 CARNIVAL CORP 48,400 1,134 1,597 CATERPILLAR INC 48,900 1,386 3,680 CENTRAL FID BKS INC 9,000 206 232 CHAMPION INTL CORP 28,700 1,407 1,241 CHARTER ONE FINL INC 7,400 243 311 CHASE MANHATTAN CORP NEW 15,600 801 1,392 CHEVRON CORP 106,200 4,549 6,903 CHUBB CORP 40,900 1,840 2,198 CIGNA CORP 17,900 1,782 2,445 CINCINNATI MILACRON INC 9,000 231 197 CINERGY CORP 24,500 825 818 CIRCUIT CITY STORES INC 26,000 673 783 CIRCUS CIRCUS ENTERPRISES INC 21,200 724 729 CISCO SYS INC 108,900 6,140 6,929 CITICORP 79,100 3,802 8,147 COCA COLA CO 246,200 6,311 12,956 COLGATE PALMOLIVE CO 31,000 2,125 2,860 COLTEC INDS INC 10,900 218 206 COLUMBIA / HCA HEALTHCARE CORP 178,900 5,298 7,290 COLUMBIA GAS SYS INC 15,900 766 1,012 COMCAST CORP 66,500 1,113 1,184
SAVINGS FUND PLAN FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996
NUMBER OF SHARES OR US SAVINGS BONDS NAME OF ISSUER AND DESCRIPTION HELD AT CLOSE OF PERIOD COST CURRENT VALUE - ------------------------------------------------------------------------------------------------------------------------- COMPAQ COMPUTER CORP 50,900 1,810 3,779 COMPUTER ASSOC INTL INC 61,300 3,640 3,050 CONSOLIDATED EDISON CO NY INC 36,400 1,028 1,065 CONSOLIDATED FREIGHTWAYS CORP 3,000 21 27 CONSOLIDATED FREIGHTWAYS INC 6,100 135 136 CONSOLIDATED NAT GAS CO 13,600 752 751 CONTIFINANCIAL CORP 7,300 213 264 COOPER CAMERON CORP 8,781 171 672 COOPER INDS INC 24,400 1,047 1,028 COOPER TIRE + RUBR CO 13,900 345 274 CORESTATES FINL CORP 38,300 1,324 1,987 COX COMMUNICATIONS INC NEW 11,000 260 254 CPC INTL INC 34,100 1,653 2,643 CREDIT ACCEPTANCE CORP 7,600 199 179 CRESTAR FINL CORP 6,900 399 513 CROMPTON + KNOWLES CORP 16,400 288 316 CROWN CORK + SEAL INC 24,100 946 1,310 CSX CORP 32,900 1,333 1,390 CUMMINS ENGINE INC 9,100 390 419 CYTEC INDS INC 9,300 245 378 DANA CORP 3,900 120 127 DAYTON HUDSON CORP 46,200 1,469 1,813 DEAN WITTER DISCOVER + CO 28,200 1,149 1,868 DELTA AIR LINES INC DE 7,900 550 560 DIME BANCORP INC NEW 18,300 221 270 DISNEY WALT CO 137,800 6,371 9,594 DOMINION RES INC VA 27,700 1,040 1,067 DONNELLEY R R + SONS CO 33,500 960 1,051 DOW CHEM CO 48,700 3,133 3,817 DTE ENERGY CO 22,400 777 725 DU PONT E I DE NEMOURS + CO 112,900 6,509 10,655 DURACELL INTL INC 6,600 405 461 E M C CORP MASS 41,200 866 1,365 EATON CORP 17,600 826 1,228 ECOLAB INC 12,900 422 485 EDISON INTL 70,300 1,368 1,397 EDWARDS A G INC 9,900 254 333
SAVINGS FUND PLAN FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996
NUMBER OF SHARES OR US SAVINGS BONDS NAME OF ISSUER AND DESCRIPTION HELD AT CLOSE OF PERIOD COST CURRENT VALUE - ------------------------------------------------------------------------------------------------------------------------- EL PASO NAT GAS CO 7,671 279 387 EMERSON ELEC CO 28,600 2,134 2,767 ENRON CORP 59,600 1,909 2,570 ENTERGY CORP 20,800 638 577 ETHYL CORP 22,100 223 213 EXIDE CORP 6,700 303 154 EXTENDED STAY AMER INC 14,100 214 284 EXXON CORP 195,100 14,014 19,120 FEDERAL EXPRESS CORP 17,000 568 756 FEDERAL HOME LN MTG CORP 30,700 2,385 3,381 FEDERAL NATL MTG ASSN 186,700 3,808 6,954 FEDERATED DEPT STORES INC DEL 46,100 1,487 1,573 FINOVA GROUP INC 4,300 219 276 FIRST CHICAGO NBD CORP 54,400 1,740 2,924 FIRST DATA CORP 86,400 3,350 3,154 FIRST EMPIRE ST CORP 1,200 314 346 FIRST TENN NATL CORP 11,500 308 431 FIRST UN CORP 48,000 2,185 3,552 FIRST USA INC 19,800 412 686 FIRST VA BKS INC 5,100 204 244 FIRSTAR CORP NEW 12,900 489 677 FLEET FINL GROUP INC 45,100 1,412 2,249 FOOTSTAR INC 8,500 168 211 FORD MTR CO DEL 215,200 5,894 6,860 FOREST LABS INC 40,300 1,696 1,320 FOSTER WHEELER CORP 8,600 306 319 FPL GROUP INC 29,100 996 1,339 FRONTIER CORP 25,500 697 577 FRUIT OF THE LOOM INC 23,200 681 879 GENERAL DYNAMICS CORP 11,400 451 804 GENERAL ELEC CO 175,500 8,454 17,353 GENERAL INSTRUMENT CORP 22,800 659 493 GENERAL MLS INC 30,900 1,758 1,958 GENERAL MTRS CORP 137,500 6,051 7,666 GENERAL MTRS CORP 67,900 2,918 3,819 GENERAL NUTRITION COS INC 20,600 358 348 GENERAL RE CORP 14,600 2,328 2,303
SAVINGS FUND PLAN FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996
NUMBER OF SHARES OR US SAVINGS BONDS NAME OF ISSUER AND DESCRIPTION HELD AT CLOSE OF PERIOD COST CURRENT VALUE - ------------------------------------------------------------------------------------------------------------------------- GEORGIA GULF CORP 6,400 201 172 GEORGIA PAC CORP 1,500 111 108 GILLETTE CO 1,600 102 124 GLOBAL MARINE INC 31,700 545 654 GOLDEN WEST FINL CORP DEL 9,400 473 593 GOODYEAR TIRE AND RUBBER 26,600 1,100 1,366 GPU INC 19,000 548 639 GRAINGER W W INC 11,500 669 923 GRAND CASINOS INC 7,500 178 101 GREAT WESTN FINL CORP 23,000 404 667 GREENPOINT FINL CORP 8,200 229 388 GTE CORP 153,000 5,590 6,962 HARRAHS ENTMT INC 20,800 602 413 HARRIS CORP DEL 7,400 414 508 HEALTH MGMT ASSOC 43,000 667 967 HEINZ H J CO 73,500 2,440 2,628 HEWLETT PACKARD CO 182,400 3,685 9,166 HILTON HOTELS CORP 28,800 768 752 HOME DEPOT INC 5,600 287 281 HOUSEHOLD INTL INC 8,100 744 747 HOUSTON INDS INC 100 2 2 HUMANA INC 100,400 2,066 1,920 HUNTINGTON BANCSHARES INC 23,500 521 620 ILLINOVA CORP 11,400 293 313 IMC GLOBAL INC 18,600 730 728 INCO LTD 27,200 890 867 INGERSOLL RAND CO 24,300 896 1,081 INLAND STL INDS INC 12,900 325 258 INPUT/OUTPUT INC 7,400 255 137 INTEL CORP 137,100 8,652 17,951 INTERNATIONAL BUSINESS MACHS 95,400 5,909 14,405 INTERNATIONAL FLAVOURS 23,500 1,110 1,057 INTERNATIONAL GAME TECHNOLOGY 29,200 603 533 ITT CORP NEW 24,100 1,341 1,045 ITT HARTFORD GROUP INC 32,800 0 2,214 ITT INDS INC 57,300 2,702 1,404 JOHNSON + JOHNSON 101,800 3,177 5,064
SAVINGS FUND PLAN FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996
NUMBER OF SHARES OR US SAVINGS BONDS NAME OF ISSUER AND DESCRIPTION HELD AT CLOSE OF PERIOD COST CURRENT VALUE - ------------------------------------------------------------------------------------------------------------------------- JOHNSON CTLS INC 31,600 1,955 2,619 JONES APPAREL GROUP INC 15,400 374 575 KANSAS CITY PWR + LT CO 4,700 127 134 KELLOGG CO 44,600 3,326 2,927 KIMBERLY CLARK CORP 6,800 578 648 KU ENERGY CORP 900 27 27 LEAR CORP 11,500 360 392 LEHMAN BROTHERS HLDGS INC 16,400 367 514 LILLY ELI + CO 18,500 783 1,350 LIMITED INC 58,900 1,142 1,082 LINCOLN NATL CORP IN 24,400 1,077 1,281 LOCKHEED MARTIN CORP 30,300 1,037 2,772 LOUISIANA PAC CORP 32,700 780 691 LOWES COS INC 11,400 438 405 LUCENT TECHNOLOGIES INC 100,800 4,574 4,662 LYONDELL PETROCHEMICAL CO 14,900 389 328 MANOR CARE INC 25,700 499 694 MATTEL INC 80,400 2,051 2,231 MAYTAG CORP 17,500 344 346 MBIA INC 10,000 712 1,012 MCDONALDS CORP 63,700 2,661 2,882 MCDONNELL DOUGLAS CORP 34,200 1,014 2,189 MCI COMMUNICATIONS CORP 107,600 2,322 3,517 MEAD CORP 19,800 1,058 1,151 MERCANTILE BANCORPORATION INC 9,800 484 504 MERCANTILE BANKSHARES CORP 8,200 216 262 MERCK + CO INC 109,400 5,529 8,670 MERCURY FIN CO 30,500 405 374 MERCURY GEN CORP NEW 5,300 246 278 MERRILL LYNCH + CO INC 28,000 1,709 2,282 MFS COMMUNICATIONS INC 63,200 3,213 3,444 MGM GRAND INC 11,100 417 387 MICROSOFT CORP 107,200 4,074 8,857 MINNESOTA MNG + MFG CO 6,400 498 530 MIRAGE RESORTS INC 37,100 674 802 MOBIL CORP 66,300 6,724 8,105 MODINE MFG CO 7,000 211 187
SAVINGS FUND PLAN FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996
NUMBER OF SHARES OR US SAVINGS BONDS NAME OF ISSUER AND DESCRIPTION HELD AT CLOSE OF PERIOD COST CURRENT VALUE - ------------------------------------------------------------------------------------------------------------------------- MOLEX INC 9,400 278 335 MONEY STORE INC 9,900 285 274 MONSANTO CO 3,200 133 124 MORGAN STANLEY GROUP INC 25,500 1,294 1,457 MOTOROLA INC 75,400 3,838 4,628 NABISCO HLDGS CORP 12,900 391 502 NATIONAL SEMICONDUCTOR CORP 25,900 548 631 NATIONAL SVC INDS INC 11,000 384 411 NATIONSBANK CORP 50,800 2,720 4,966 NEW ENGLAND ELEC SYS 10,200 346 356 NEWPORT NEWS SHIPBUILDING INC 13,700 212 206 NINE WEST GROUP INC 9,900 400 459 NORDSTROM INC 18,000 824 638 NORFOLK SOUTHN CORP 12,700 1,115 1,111 NORTHEAST UTILS 19,200 311 254 NORTHERN STS PWR CO MN 12,500 594 573 NORTHERN TRUST CORP 18,700 637 678 NORTHROP GRUMMAN CORP 1,000 57 83 NUCOR CORP 23,200 1,294 1,183 NYNEX CORP 67,700 3,183 3,258 OHIO CAS CORP 7,900 265 281 OLD KENT FINL CORP 7,600 337 363 ORACLE SYS CORP 124,500 1,951 5,198 OWENS CORNING 17,200 583 733 P P + L RES INC 24,000 556 552 PACCAR INC 8,800 448 598 PACIFIC TELESIS GROUP 28,300 857 1,040 PAGING NETWORK INC 18,100 359 276 PAINE WEBBER GROUP INC 14,500 301 408 PANENERGY CORP 61,000 1,974 2,745 PARKER HANNIFIN CORP 15,700 574 608 PENNEY J C INC 63,100 2,935 3,076 PEPSICO INC 300,900 6,171 8,801 PERKIN ELMER CORP 28,800 1,546 1,697 PFIZER INC 120,300 6,036 9,970 PHELPS DODGE CORP 17,200 830 1,161 PHILIP MORRIS COS INC 142,300 10,889 16,027
SAVINGS FUND PLAN FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996
NUMBER OF SHARES OR US SAVINGS BONDS NAME OF ISSUER AND DESCRIPTION HELD AT CLOSE OF PERIOD COST CURRENT VALUE - ------------------------------------------------------------------------------------------------------------------------- PHILLIPS PETE CO 47,800 1,498 2,115 PINNACLE WEST CAP CORP 13,200 301 419 PIONEER HI BRED INTL INC 16,600 1,196 1,162 PMI GROUP INC 8,200 362 454 PNC BK CORP 58,600 1,288 2,205 POGO PRODUCING CO 6,900 241 326 PORTLAND GEN CORP 29,000 1,051 1,218 POTOMAC ELEC PWR CO 18,400 461 474 PRAXAIR INC 3,600 140 166 PRICE COSTCO INC 37,700 690 947 PROCTER + GAMBLE CO 125,300 5,700 13,470 PROVIDIAN CORP 21,900 808 1,125 QUANTUM CORP 12,000 213 344 RALSTON PURINA CO 23,500 1,197 1,724 RAYTHEON CO 21,400 691 1,030 READ RITE CORP 8,000 176 202 REGIONS FINL CORP 10,200 438 527 REPUBLIC NY CORP 9,500 496 775 REYNOLDS METALS CO 16,300 801 919 ROHM + HAAS CO 13,100 810 1,069 ROYAL DUTCH PETE CO 91,300 7,830 15,590 RUBBERMAID INC 49,400 1,183 1,124 RYDER SYS INC 12,400 325 349 SAFECO CORP 25,000 767 986 SALOMON INC 18,100 735 853 SARA LEE CORP 99,500 2,941 3,705 SBC COMMUNICATIONS INC 76,300 3,595 3,949 SCHERING PLOUGH CORP 42,100 2,841 2,726 SCHLUMBERGER LTD 23,700 2,359 2,367 SCIENTIFIC ATLANTA INC 13,200 218 198 SEAGRAM LTD 26,300 864 1,019 SEARS ROEBUCK + CO 87,100 4,394 4,018 SENSORMATIC ELECTRS CORP 13,600 288 228 SERVICE CORP INTL 47,600 594 1,333 SIGNET BANKING CORP 10,200 295 314 SILICON GRAPHICS INC 30,700 711 783 SMITH INTL INC 8,100 251 364
SAVINGS FUND PLAN FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996
NUMBER OF SHARES OR US SAVINGS BONDS NAME OF ISSUER AND DESCRIPTION HELD AT CLOSE OF PERIOD COST CURRENT VALUE - ------------------------------------------------------------------------------------------------------------------------- SONAT INC 700 37 36 SOUTHERN CO 105,000 2,413 2,376 SOUTHERN NATL CORP N C 16,100 375 584 SOUTHTRUST CORP 16,100 374 562 SOUTHWEST AIRLS CO 23,800 588 527 SPRINT CORP 67,400 1,903 2,688 SPS TRANSACTION SVCS INC 6,500 211 99 ST PAUL COS INC 37,100 983 2,175 STANDARD FED BANCORPORATION 4,900 204 279 SUMMIT BANCORP 14,800 534 648 SUN INC 4,500 120 110 SUN MICROSYSTEMS INC 69,800 663 1,793 SYMBOL TECHNOLOGIES INC 5,200 239 230 TCF FINANCIAL CORP 5,600 196 244 TCI SATELLITE ENTMT INC 12,600 178 124 TELE COMMUNICATIONS INC NEW 126,100 1,866 1,647 TEMPLE INLAND INC 17,100 856 926 TENET HEALTHCARE CORP 88,300 1,669 1,932 TENNECO INC NEW 68,500 2,959 3,091 TEXACO INC 52,300 3,422 5,132 TIME WARNER INC 103,200 3,766 3,870 TORCHMARK INC 14,300 660 722 TOSCO CORP 8,100 450 641 TOYS R US INC 77,000 2,543 2,310 TRANSAMERICA CORP 15,700 1,150 1,240 TRAVELERS GROUP INC 71,602 2,252 3,249 TRINOVA CORP 6,500 218 236 TYCO INT LTD 80,000 2,291 4,230 U S WEST INC 74,400 1,881 2,399 U S WEST INC 130,500 2,312 2,414 ULTRAMAR DIAMOND SHAMROCK 5,788 179 183 UNICOM CORP 33,900 852 920 UNILEVER N V 33,900 4,623 5,941 UNION CAMP CORP 5,900 284 282 UNION CARBIDE CORP 29,900 630 1,222 UNION ELEC CO 15,500 567 597 UNION PAC CORP 41,300 1,027 2,483
SAVINGS FUND PLAN FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996
NUMBER OF SHARES OR US SAVINGS BONDS NAME OF ISSUER AND DESCRIPTION HELD AT CLOSE OF PERIOD COST CURRENT VALUE - ------------------------------------------------------------------------------------------------------------------------- UNION PACIFIC RES GROUP INC 35,000 501 1,024 UNION PLANTERS CORP 10,500 337 410 UNITED CAROLINA BANCSHARES 1,900 74 75 UNITED HEALTHCARE CORP 95,200 4,433 4,284 UNUM CORP 14,500 952 1,048 USG CORP 15,000 419 508 USLIFE CORP 8,000 247 266 USX U S STL GROUP 16,900 544 530 V F CORP 21,000 1,045 1,418 VIACOM INC 71,400 3,314 2,490 VIVRA INC 15,400 456 425 WABASH NATL CORP 1,300 53 24 WAL MART STORES INC 453,300 11,950 10,369 WARNER LAMBERT CO 80,700 3,611 6,053 WASHINGTON FED INC 7,400 158 196 WASHINGTON MUT INC 12,400 318 537 WATSON PHARMACEUTICALS INC 8,900 322 400 WELLS FARGO + CO 1,100 304 297 WESTERN ATLAS INC 300 19 21 WESTERN RES INC 9,500 317 293 WEYERHAEUSER CO 46,400 1,995 2,198 WHIRLPOOL CORP 25,000 1,316 1,166 WILMINGTON TR CORP 5,500 179 217 WISCONSIN ENERGY CORP 14,500 387 390 WMX TECHNOLOGIES INC 169,800 5,329 5,540 WORTHINGTON INDS IN 3,400 67 62 XEROX CORP 66,700 3,387 3,510 360 COMMUNICATIONS CO 25,600 472 593 3COM CORP 21,800 806 1,600 -------------- -------------- -------------- TOTAL COMMON STOCKS 14,408,142 545,915 740,165 UNITED STATES GOVERNMENT SECURITIES UNITED STATES TREASURY BILLS 1,200,000 1,190 1,193
SAVINGS FUND PLAN FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996
NUMBER OF SHARES OR US SAVINGS BONDS NAME OF ISSUER AND DESCRIPTION HELD AT CLOSE OF PERIOD COST CURRENT VALUE - ------------------------------------------------------------------------------------------------------------------------- INTEREST BEARING ACCOUNTS *STATE STREET BANK + TRUST CO SHORT TERM INVESTMENT FUND 22,926,097 22,926 22,926 ------------- ----------- ---------- TOTAL DIVERSIFIED EQUITY FUND 38,534,239 $570,031 $764,284 ============== ============= ============== GUARANTEED INCOME FUND (1) CORPORATE DEBT INSTRUMENTS BANKERS TR 07/97 5.02% N/A $ 5,330 $ 5,330 CAISSE DES DEPOTS 06/98 6.22% N/A 3,567 3,567 CAISSE DES DEPOTS 12/99 6.19% N/A 2,881 2,881 CAISSE DES DEPOTS (DC) 09/00 6.15% N/A 4,043 4,043 CDC INVESTMENT MGMT CORP 06/98 7.11% N/A 4,023 4,023 CDC INVESTMENT MGMT CORP 10/99 7.59% N/A 3,017 3,017 CDC INVESTMENT MGMT CORP 12/20 6.53% N/A 3,578 3,578 UNION BANK OF SWITZERLAND 03/00 4.62% N/A 2,020 2,020 UNION BANK OF SWITZERLAND 08/97 4.62% N/A 3,545 3,545 UNION BANK OF SWITZERLAND 10/98 5.63% N/A 2 2 UNION BANK OS SWITZERLAND 03/00 5.15% N/A 1,577 1,577 UNITED OF OMAHA LIFE INS 07/00 5.63% N/A 1,999 1,999 ------------- ----------- ---------- TOTAL CORPORATE DEBT INSTRUMENTS N/A 35,582 35,582 INSURANCE COMPANY GENERAL ACCOUNTS ALLSTATE LIFE INS CO 10/98 6.80% N/A 3,033 3,033 ALLSTATE LIFE INSURANCE CO 11/99 8.28% N/A 5,825 5,825 ALLSTATE LIFE INSURANCE CO 02/02 5.94% N/A 15,666 15,666 CROWN LIFE INS CO GIC 9005871 03/98 3.97% N/A 701 701 HANCOCK JOHN MUTUAL LIFE 7201 12/99 6.60% N/A 3,350 3,350 HANCOCK JOHN MUTUAL LIFE 06/20 5.99% N/A 2,984 2,984 HANCOCK JOHN MUTUAL LIFE 09/00 6.70% N/A 4,035 4,035 HANCOCK JOHN MUTUAL LIFE 10/97 4.82% N/A 8,094 8,094
SAVINGS FUND PLAN FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996
NUMBER OF SHARES OR US SAVINGS BONDS NAME OF ISSUER AND DESCRIPTION HELD AT CLOSE OF PERIOD COST CURRENT VALUE - ---------------------------------------------------------------------------------------------------------------------------- LIFE INS CO OF VIRGINIA 02/00 6.37% N/A 4,000 4,000 MASS MUTUAL LIFE INS 11/03 5.95% N/A 16,407 16,407 MERRILL LYNCH MTG INVS INC 09/20 6.69% N/A 2,011 2,011 MET LIFE INS GAC 12700 08/99 7.42% N/A 13,480 13,480 METROPOLITAN LIFE INS CO 12/99 6.47% N/A 10,384 10,384 METROPOLITAN LIFE INS CO 12/99 6.43% N/A 1,144 1,144 NEW YORK LIFE INS CO 10/00 7.05% N/A 10,299 10,299 NEW YORK LIFE INS CO 12/98 6.18% N/A 5,090 5,090 NEW YORK LIFE INS CO 12/99 5.49% N/A 8,985 8,985 PEOPLES SECURITY LIFE 09/96 4.10% N/A 277 277 PEOPLES SECURITY LIFE 11/00 6.48% N/A 3,512 3,512 PEOPLES SECURITY LIFE 07/98 5.50% N/A 5,979 5,979 PEOPLES SECURITY LIFE 06/99 7.11% N/A 4,046 4,046 PEOPLES SECURITY LIFE 06/97 4.75% N/A 3,824 3,824 PEOPLES SECURITY LIFE 01/98 5.42% N/A 2,802 2,802 PEOPLES SECURITY LIFE 09/98 5.63% N/A 3,230 3,230 PEOPLES SECURITY LIFE 03/99 5.30% N/A 4,991 4,991 PEOPLES SECURITY LIFE 09/97 5.11% N/A 2,890 2,890 PEOPLES SECURITY LIFE 12/99 6.62% N/A 4,034 4,034 PEOPLES SECURITY LIFE 12/99 6.36% N/A 5,176 5,176 PROVIDENT LIFE + ACCIDENT 03/99 6.57% N/A 22,295 22,295 PRUDENTIAL INS CO OF AMER 09/98 6.16% N/A 2,060 2,060 SECURITY LIFE OF DENVER 08/98 6.20% N/A 6,017 6,017 SECURITY LIFE OF DENVER 10/99 6.01% N/A 5,025 5,025 STATE STREET BANK 11/00 7.07% N/A 987 987 STATE STREET BANK 01/01 6.34% N/A 1,774 1,774 STATE STREET BANK AND TRUST 05/00 7.16% N/A 4,899 4,899 STATE STREET BANK + TRUST 05/01 6.87% N/A 5,222 5,222 STATE STREET BANK + TRUST 09/01 6.84% N/A 8,462 8,462 STATE STREET BANK LEHMAN 10/00 7.17% N/A 6,053 6,053 STATE STREET BANK MIDLAND 04/03 7.32% N/A 1,850 1,850 STATE STREET BANK NYEG 10/02 6.75% N/A 1,977 1,977 U S DEPT VETERAN AFFAIRS REMIC 12/09 6.75% N/A 1,422 1,424 ---------- ---------- ---------- TOTAL INSURANCE COMPANY GENERAL ACCOUNTS N/A 224,292 224,294
SAVINGS FUND PLAN FOR EMPLOYEES OF PACIFIC GAS AND ELECTRIC COMPANY LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES December 31, 1996
NUMBER OF SHARES OR US SAVINGS BONDS NAME OF ISSUER AND DESCRIPTION HELD AT CLOSE OF PERIOD COST CURRENT VALUE - ---------------------------------------------------------------------------------------------------------------------------- INTEREST BEARING ACCOUNTS *STATE STREET BANK + TRUST CO SHORT TERM INVESTMENT FUND 11,603,063 11,603 11,603 ---------- -------- -------- TOTAL GUARANTEED INCOME FUND 11,603,063 $271,477 $271,479 ================ ============== =============== BOND INDEX FUND VANGUARD BOND INDEX FUND INC 2,883,027 $ 28,474 $ 28,369 ================ ============== =============== STOCK AND BOND FUND COLUMBIA BALANCED FUND INC 16,541,842 $107,533 $151,074 ================ ============== =============== UTILITY STOCK FUND MELLON BANK UTILITY STOCK FUND 3,056,403 $ 40,932 $ 40,436 ================ ============== =============== TOTAL INVESTMENTS $1,923,422 $2,115,103 ============== ==============
(1) The Guaranteed Income Fund is not measured in number of shares and is not applicable (N/A) * A party-in-interest as defined by ERISA LINE 27 (D) - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1996
COMPANY STOCK FUND PACIFIC GAS & ELECTRIC SAVINGS BENEFIT PLAN SERVICES ERISA 5500 SCHEDULE OF 5% REPORTABLE SERIES OF TRANSACTIONS FROM DATE: 01/01/96 TO DATE: 12/31/96 BEGINNING NET ASSET VALUE: 1,210,009,870.00 5% OF ASSET VALUE: 60,500,493.50 - ---------------------------------------------------------------------------------------------------------------------- ASSET ID SECURITY DESCRIPTION RATE MAT DATE # PURCHASES PURCHASE COST # SALES SALE PROCEEDS 5500 GAIN/LOSS TOTAL # TOTAL COST/PROCEEDS - ---------------------------------------------------------------------------------------------------------------------- COMMON AND PREFERRED - -------------------- 56 152,507,457.76 236 184,291,862.87 -35,598,077.91 292 336,799,320.63 FIXED INCOME - ------------ 119 125,514,334.30 133 26,595,327 0.00 252 252,109,661.68 SHORT TERM - ---------- 0 0.00 0 0.00 0.00 0 0.00 REPORTABLE TRANSACTION TOTALS - ----------------------------- 175 278,021,792.06 369 310,887,190.25 -35,598,077.91 544 588,908,982.31 NON-REPORTABLE TRANSACTION TOTALS - --------------------------------- 0 0.00 0 0.00 0.00 0 0.00
LINE 27 (D) - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1996 UNITED STATES BOND FUND PACIFIC GAS & ELECTRIC SAVINGS PACIFIC GAS & ELECTRIC ERISA 55000 SCHEDULE OF 5% REPORTABLE SERIES OF TRANSACTIONS FROM DATE: 01/01/96 TO DATE: 12/31/96 BEGINNING NET ASSET VALUE: 4,424,073.00 5% OF ASSET VALUE: 221,203.65
- ----------------------------------------------------------------------------------------------------------------------------- ASSET ID SECURITY DESCRIPTION RATE MAT DATE # PUCHASES PURCHASE COST # SALES SALE PROCEEDS 5500 GAIN/LOSS TOTAL # TOTAL COST/PROCEEDS - ----------------------------------------------------------------------------------------------------------------------------- COMMON AND PREFERRED - -------------------- 0 0.00 0 000 000 0 0.00 FIXED INCOME - ------------ 0 0.00 0 000 000 0 0.00 SHORT TERM - ---------- 0 0.00 0 000 000 0 0.00 REPORTABLE TRANSACTION TOTALS - ----------------------------- 0 0.00 0 000 000 0 0.00 NON-REPORTABLE TRANSACTION TOTALS - --------------------------------- 0 0.00 33 71,631.25 000 33 71,631.25
LINE 27(D) - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1996
DIVERSIFIED EQUITY FUND PACIFIC GAS & ELECTRIC SAVINGS J.P. MORGAN/NEW YORK ERISA 5500 SCHEDULE OF 5% REPORTABLE SERIES OF TRANSACTIONS FROM DATE: 01/01/96 TO DATE: 12/31/96 BEGINNING NET ASSET VALUE: 525,934,407.82 5% OF ASSET VALUE: 26,296,720.39 - ------------------------------------------------------------------------------------------------------------------------------------ ASSET ID SECURITY DESCRIPTION RATE MAT DATE # PURCHASES PURCHASE COST # SALES SALE PROCEEDS 5500 GAIN/LOSS TOTAL # TOTAL COST/PROCEEDS - ------------------------------------------------------------------------------------------------------------------------------------ COMMON AND PREFERRED - -------------------- 0 0.00 0 0.00 0.00 0 0.00 FIXED INCOME - ------------ 151 171,167,728.94 101 167,266,751.72 0.00 252 338,434,480.66 SHORT TERM - ---------- 0 0.00 0 0.00 0.00 0 0.00 REPORTABLE TRANSACTION TOTALS - ----------------------------- 151 171,167,728.94 101 167,266,751.72 0.00 252 338,434,480.66 NON-REPORTABLE TRANSACTION TOTALS - --------------------------------- 1637 359,394,898.44 732 242,911,857.32 20,089,445.54 2369 602,306,755.76
RUN DATE: 01/16/97 LINE 27 (D) - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1996
GUARANTEED INCOME FUND PACIFIC GAS & ELECTRIC CO SFP PRIMCO INVESTMENT MANAGEMENT ERISA 5500 SCHEDULE OF 5% REPORTABLE SERIES OF TRANSACTIONS FROM DATE: 01/01/96 TO DATE: 12/31/96 BEGINNING NET ASSET VALUE: 221,871,754.83 5% OF ASSET VALUE: 11,093,587.74 - ---------------------------------------------------------------------------------------------------------------------------------- ASSET ID SECURITY DESCRIPTION RATE MAT DATE # PURCHASES PURCHASE COST # SALES SALE PROCEEDS 5500 GAIN/LOSS TOTAL # TOTAL COST/PROCEEDS - ---------------------------------------------------------------------------------------------------------------------------------- COMMON AND PREFERRED - -------------------- 0 0.00 0 0.00 0.00 0 0.00 FIXED INCOME - ------------ 204 215,435,335.77 205 206,966,880.60 0.00 409 422,402,216.37 SHORT TERM - ---------- 0 0.00 0 0.00 0.00 0 0.00 REPORTABLE TRANSACTION TOTALS - ----------------------------- 204 215,435,335.77 205 206,966,880.60 0.00 409 422,402,216.37 NON-REPORTABLE TRANSACTION TOTALS - --------------------------------- 486 113,504,393.58 284 69,973,480.43 0.00 770 183,477,874.01
LINE 27 (D) - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1996
BOND INDEX FUND PACIFIC GAS & ELECTRIC SAVINGS VANGUARD BOND MARKET FUND ERISA 5500 SCHEDULE OF 5% REPORTABLE SERIES OF TRANSACTIONS FROM DATE: 01/01/96 TO DATE: 12/31/96 BEGINNING NET ASSET VALUE: 26,535,037.11 5% OF ASSET VALUE: 1,326,751.86 - ---------------------------------------------------------------------------------------------------------------------------------- ASSET ID SECURITY DESCRIPTION RATE MAT DATE # PURCHASES PURCHASE COST # SALES SALE PROCEEDS 5500 GAIN/LOSS TOTAL # TOTAL COST/PROCEEDS - ---------------------------------------------------------------------------------------------------------------------------------- COMMON AND PREFERRED - -------------------- 140 11,205,648.26 128 8,432,569.85 -251,831.24 268 19,638,218.11 FIXED INCOME - ------------ 0 0.00 0 0.00 0.00 0 0.00 SHORT TERM - ---------- 0 0.00 0 0.00 0.00 0 0.00 REPORTABLE TRANSACTION TOTALS - ----------------------------- 140 11,205,648.26 128 8,432,569.85 -251,831.24 268 19,638,218.11 NON-REPORTABLE TRANSACTION TOTALS - --------------------------------- 0 0.00 0 0.00 0.00 0 0.00
LINE 27 (D) - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31,1996
STOCK AND BOND FUND PACIFIC GAS & ELECTRIC SAVINGS COLUMBIA BALANCED FUND ERISA 5500 SCHEDULE OF 5% REPORTABLE SERIES OF TRANSACTIONS FROM DATE: 01/01/96 TO DATE: 12/31/96 BEGINNING NET ASSET VALUE: 127,992,410 .19 5% OF ASSET VALUE: 6,399,620.51 - ------------------------------------------------------------------------------------------------------------------------------------ ASSET ID SECURITY DESCRIPTION RATE MAT DATE # PURCHASES PURCHASE COST # SALES SALE PROCEEDS 5500 GAIN/LOSS TOTAL # TOTAL COST/PROCEEDS - ------------------------------------------------------------------------------------------------------------------------------------ COMMON AND PREFERRED - -------------------- 146 24,763,393.96 119 18,463,813.63 791,583.64 265 43,227,207.59 FIXED INCOME - ------------ 0 0.00 0 0.00 0.00 0 0.00 SHORT TERM - ---------- 0 0.00 0 0.00 0.00 0 0.00 REPORTABLE TRANSACTION TOTALS - ----------------------------- 146 24,763,393.96 119 18,463,813.63 791,583.64 265 43,227,207.59 NON-REPORTABLE TRANSACTION TOTALS - --------------------------------- 0 0.00 0 0.00 0.00 0 0.00
LINE 27 (D) - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1996
UTILITY STOCK FUND PACIFIC GAS & ELECTRIC SAVINGS DREYFUS UTILITY STOCK FUND ERISA 5500 SCHEDULE OF 5% REPORTABLE SERIES OF TRANSACTIONS FROM DATE: 01/01/96 TO DATE: 12/31/96 BEGINNING NET ASSET VALUE: 49,283,609 5% OF ASSET VALUE: 2,464,180 - --------------------------------------------------------------------------------------------------------------------- ASSET ID SECURITY DESCRIPTION RATE MAT DATE # PURCHASES PURCHASE COST # SALES SALE PROCEEDS 5500 GAIN/LOSS TOTAL # TOTAL COST/PROCEEDS - --------------------------------------------------------------------------------------------------------------------- COMMON AND PREFERRED - -------------------- 108 13,689,799.14 157 20,158,385.23 -935,171.48 265 33,848,184.37 FIXED INCOME - ------------ 0 0.00 0 0.00 0.00 0 0.00 SHORT TERM - ---------- 0 0.00 0 0.00 0.00 0 0.00 REPORTABLE TRANSACTION TOTALS - ----------------------------- 108 13,689,799.14 157 20,158,385.23 -935,171.48 265 33,848,184.37 NON-REPORTABLE TRANSACTION TOTALS - --------------------------------- 0 0.00 0 0.00 0.00 0 0.00
PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART I FINANCIAL STATEMENTS TABLE OF CONTENTS REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS FINANCIAL STATEMENTS Statements of Net Assets Available for Benefits - December 31, 1996 and 1995 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1996 Notes to Financial Statements - December 31, 1996 ARTHUR ANDERSEN LLP REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Employee Benefit Finance Committee of Pacific Gas and Electric Company and Participants in the Savings Fund Plan: We have audited the accompanying statements of net assets available for benefits of Pacific Gas and Electric Company Savings Fund Plan - Part I (the Plan) as of December 31, 1996 and 1995, and the related statement of changes in net assets available for benefits for the year ended December 31, 1996. 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 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, 1996 and 1995, and the changes in its net assets available for benefits for the year ended December 31, 1996, in conformity with generally accepted accounting principles. Arthur Andersen LLP San Francisco, California February 26, 1997 PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART I STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS December 31, 1996 AND 1995 1996 1995 ---------- ---------- (in thousands) ASSETS: Investment in Pacific Gas and Electric Company Master Trust, at fair value $1,025,301 $1,000,595 ---------- ---------- Total assets 1,025,301 1,000,595 LIABILITIES 926 - ---------- ---------- NET ASSETS AVAILABLE FOR BENEFITS $1,024,375 $1,000,595 ========== ========== The accompanying Notes to Financial Statements are an integral part of these statements. PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART I STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS For the Year Ended December 31, 1996
(in thousands) ADDITIONS: Participant contributions $ 35,430 Employer contributions 16,122 Net investment gain from Pacific Gas and Electric Company Master Trust 25,310 -------------- Total Additions 76,862 -------------- DEDUCTIONS: Benefits paid directly to participants or beneficiaries 52,295 Interplan transfer to Savings Fund Plan - Part II 787 -------------- Total Deductions 53,082 -------------- Increase in Net Assets Available for Benefits 23,780 NET ASSETS AVAILABLE FOR BENEFITS Beginning of the year 1,000,595 -------------- End of the year $1,024,375 ==============
The accompanying Notes to Financial Statements are an integral part of these statements. PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART I NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 1: Plan Description The Pacific Gas and Electric Company Savings Fund Plan - Part I (the Plan) is a defined contribution plan and is subject to the provisions of the Employee Retirement Income Security Act of 1974. The Plan covers all eligible non-union employees of Pacific Gas and Electric Company (the Company), and the non-union employees of any other entity designated by the Company's Board of Directors. The Plan participates in the Pacific Gas and Electric Company Savings Fund Plan Master Trust (the Master Trust), and is administered by the Company's Employee Benefit Administrative Committee and Employee Benefit Finance Committee. Although the Company has not expressed any intent to do so, its Board of Directors reserves the right to amend or terminate the Plan at any time. Participants should refer to the Plan document for a complete description of the Plan's provisions. In addition, the financial statements of the Master Trust provide information regarding the activities and transactions of the various investment options offered by the Plan. All participants' contributions and their share of all employer contributions, and the earnings and losses resulting from such contributions are immediately vested. Employees are eligible to participate in the Plan upon completion of one year of service. Employee contributions, up to a maximum of 6% of covered compensation, as defined, and depending on length of service, are matched by employer contributions at a 75% rate. Eligible employees may elect to contribute to the Plan up to 15% of their covered compensation on a pre-tax or after-tax basis. This amount may be deferred compensation (401(k)), or after-tax contributions (non-401(k)). 401(k) contributions are not subject to federal or state income tax until withdrawn or distributed from the Plan. All contributions made to the Plan prior to October 1, 1984, are considered to be non-401(k) contributions. As provided under the Tax Reform Act of 1986, employee 401(k) contributions may not exceed $9,500 for 1996, and total contributions to a participant's account may not exceed the lesser of 25% of compensation or $30,000 a year. The annual 401(k) limitation, as indexed, may be adjusted each year to reflect changes in the cost of living. Eligible employees may elect to contribute to the Plan any excess funds from the FLEX benefits program, which is a cafeteria plan qualified under Section 125 of the Internal Revenue Code (IRC). These funds, which are invested in the participant's account in December, are considered 401(k) contributions, but are not eligible for matching employer contributions. PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART I NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 2: Summary of Significant Accounting Policies Basis of Accounting The financial statements of the Plan are prepared in conformity with generally accepted accounting principles. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of additions, deductions, assets, and liabilities and disclosure of contingencies. Actual results could differ from these estimates. The Plan's interest in the Master Trust is stated at fair value based on the Plan's prorated interest in the Master Trust. The Master Trust values investments in the Guaranteed Income Fund at cost which approximates fair value. Generally, all other investments are stated at fair value based on published market quotations. Interest income, dividends, investment management fees, where appropriate, and the net appreciation or depreciation in the fair value of the investments held by the Master Trust are allocated to the individual participating plans each day based upon their proportional share of the fund balances. Benefits are recorded when paid. Reclassifications Certain amounts in the prior year have been reclassified and formatted to conform to the 1996 presentation. NOTE 3: Federal Income Taxes The Internal Revenue Service (IRS) has ruled that the Plan is a qualified tax-exempt plan under Section 401(a) and Section 409(a) of the IRC and the trust forming a part thereof is exempt under Section 501(a). Accordingly, no provision for federal income taxes has been made in the financial statements. Furthermore, participating employees are not liable for federal income tax on amounts allocated to their accounts attributable to: (1) employee 401(k) contributions, (2) dividends, earnings, and interest income on both 401(k) contributions and non-401(k ) contributions, or (3) employer contributions, until the time that they withdraw such amounts from the Plan. The Company received a favorable tax determination letter from the IRS in November of 1995. Accordingly, the Plan sponsor believes that the Plan continues to be designed and operated in accordance with IRS requirements. PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART I NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 4: Investments The Plan has a prorated interest in the net assets of the Master Trust. The Master Trust Agreement allows the Company's Savings Fund Plans and the Pacific Service Employees Association to participate in the Master Trust. The Plan and Master Trust trustee, State Street Bank and Trust Company, invests a significant portion of the contributions to the Plan in common stock of the Company. The Company pays all costs of administering the Plan, including fees and expenses of the Trustee and investment management fees for the Diversified Equity Fund and the Guaranteed Income Fund. Participants designate the way in which their contributions are invested and may change their investment designation at any time. Participants may elect to have their contributions invested in one or more of the following funds held by the Master Trust: - Company Stock Fund, invested in Pacific Gas and Electric Company common stock; - Diversified Equity Fund (DEF), invested in a diversified portfolio of common stock of other companies; - Guaranteed Income Fund (GIF), invested in contracts which offer a fixed rate of interest for a specified period of time; - Bond Index Fund (BIF), invested in Vanguard Bond Index Fund, a diversified portfolio consisting of marketable fixed-income securities; - Stock and Bond Fund (SBF), invested in a Columbia Balanced Fund, a diversified portfolio of marketable equity securities and marketable fixed-income securities. - Utility Stock Fund (USF), invested in Mellon Bank Utility Stock Fund, a portfolio of marketable equity securities of electric utility companies that are members of the Edison Electric Institute, including Pacific Gas and Electric Company. The United States Bond Fund was closed to new contributions on July 1, 1991. Participants should refer to the separate master trust financial statements or their individual quarterly Savings Fund Plan account statements for information relating to the activity in each of the investment options. PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART I NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 4: Investments (Continued) A participant's interest in the investment funds is represented by participation units allocated on the basis of contributions and assigned a unit value on the basis of the total value of each fund. For investments in the United States Savings Bond Fund, a unit is one bond. PACIFIC GAS ELECTRIC COMPANY SAVINGS FUND PLAN - PART I NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 4: Investments (Continued) The following summarizes the net assets and related investment gain of the Master Trust and the Plan's allocated share of such amounts: (in thousands) ASSETS 1996 1995 Investments, at fair value: Company Stock Fund Pacific Gas and Electric $ 830,689 $ 1,161,205 Company common stock United States government securities 4,542 4,424 DEF United States treasury bills 1,193 1,042 Corporate stocks - common 740,165 503,528 GIF Corporate debt intruments 35,582 63,540 Insurance company general accounts 224,294 146,976 Registered investment companies Vanguard Bond Index Fund 28,369 26,394 Columbia Balanced Fund 151,074 127,992 Mellon Bank Utility Stock Fund 40,436 49,284 Interest bearing accounts 58,759 55,584 ----------- ----------- Total investments 2,115,103 2,139,969 ----------- ----------- Receivables: Dividends and interest 14,919 22,698 Other receivables 537 3,384 ----------- ----------- Total receivables 15,456 26,082 ----------- ----------- Total assets 2,130,559 2,166,051 ----------- ----------- LIABILITIES 1,925 - ----------- ----------- NET ASSETS $ 2,128,634 $ 2,166,051 =========== =========== Allocated to the Plan $ 1,024,375 $ 1,000,595 Allocated to other plans 1,104,259 1,165,456 ----------- ----------- $ 2,128,634 $ 2,166,051 =========== =========== PACIFIC GAS ELECTRIC COMPANY SAVINGS FUND PLAN - PART I NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 4: Investments (Continued) The composition of the Master Trust investment loss for the year ended December 31, 1996 is as follows: (in thousands) Interest income Interest bearing accounts $ 2,835 United States government securities 189 Fixed income investments 13,263 ---------- Total interest income 16,287 ---------- Dividend income Common stock 85,049 Registered investment companies 4,282 ---------- Total dividend income 89,331 ---------- Other income 260 Net depreciation in value of investments (161,961) ---------- Total investment loss $ (56,083) ========== Allocated to the Plan $ 25,310 Allocated to other plans (81,393) ---------- $ (56,083) ---------- PACIFIC GAS ELECTRIC COMPANY SAVINGS FUND PLAN - PART I NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 4: Investments (Continued) The net appreciation (depreciation) in fair value of investments of the Master Trust by major investment category for for the year ended December 31, 1996 is as follows: (in thousands) Pacific Gas and Electric Company Common Stock Fund $ (298,733) Diversified Equity Fund 123,788 Bond Index Fund (798) Stock and Bond Fund 16,161 Utility Stock Fund (2,379) ---------- Total depreciation $ (161,961) ========== Allocated to the Plan $ (16,835) Allocated to other plans (145,126) ---------- $ (161,961) ========== PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART I NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 4: Investments (Continued) The net asset value per unit of the Company Stock Fund, DEF, GIF, BIF, SBF, and USF is determined by dividing the fair value of fund assets by the number of fund units outstanding. The total number of units held by the Plan and the value per unit of the Company Stock Fund, DEF, GIF, BIF, SBF, and USF for the four quarters ended December 31, 1996 and 1995 are as follows: ------------------------------------------------------------------------------- 1996 ---------- March 31 June 30 September 30 December 31 - -------------------------------------------------------------------------------- Company Stock Fund Number of units 32,838,726 31,699,494 31,317,822 30,249,894 Value per unit $9.93 $10.42 $9.99 $9.77 DEF Number of units 3,436,918 3,565,372 3,557,849 3,570,173 Value per unit $106.16 $110.52 $113.86 $124.11 GIF Number of units 105,473,859 109,034,254 118,296,190 129,108,827 Value per unit $1.06 $1.07 $1.09 $1.11 BIF Number of units 1,359,087 1,315,660 1,351,415 1,339,088 Value per unit $13.63 $13.72 $13.96 $14.40 SBF Number of units 11,700,898 11,591,287 11,497,781 11,497,145 Value per unit $7.90 $8.13 $8.34 $8.72 USF Number of units 1,630,043 1,448,747 1,393,897 1,243,505 Value per unit $16.16 $16.55 $15.88 $16.72 - -------------------------------------------------------------------------------- PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART I NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 4: Investments (Continued) - -------------------------------------------------------------------------------- 1995 ---------- March 31 June 30 September 30 December 31 - -------------------------------------------------------------------------------- Company Stock Fund * Number of units N/A 38,060,709 36,582,070 34,556,057 Value per unit N/A $11.99 $12.53 $12.13 DEF Number of units 3,002,943 2,937,324 3,095,153 3,264,636 Value per unit $78.95 $86.73 $93.48 $100.10 GIF** Number of units 111,411,797 115,607,468 113,229,996 111,679,180 Value per unit $1.00 $1.01 $1.03 $1.04 BIF Number of units 1,335,076 1,326,316 1,370,682 1,333,643 Value per unit $12.32 $12.99 $13.30 $13.89 SBF Number of units 10,987,970 10,665,946 11,073,905 11,538,598 Value per unit $6.61 $7.03 $7.39 $7.77 USF Number of units 1,879,041 1,659,091 1,574,548 1,661,633 Value per unit $13.27 $14.14 $15.12 $16.50 - -------------------------------------------------------------------------------- * The Company Stock Fund converted to a unitized fund in April 1995. ** The GIF Fund converted to a unitized fund in April 1995 and the unit value was no longer fixed at $1.00. PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART I NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 5: Subsequent Event Effective January 1, 1997, the Company became a subsidiary of its new parent holding company, PG&E Corporation. The Company's ownership interest in Pacific Gas Transmission Company (PGT) and PG&E Enterprises (Enterprises) was transferred to PG&E Corporation. The Company's outstanding common stock was converted on a share-for-share basis into PG&E Corporation common stock. All stock held by the Company Stock Fund is now PG&E Corporation common stock. PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART II FINANCIAL STATEMENTS TABLE OF CONTENTS REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS FINANCIAL STATEMENTS Statements of Net Assets Available for Benefits - December 31, 1996 and 1995 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 1996 Notes to Financial Statements - December 31, 1996 ARTHUR ANDERSEN LLP REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Employee Benefit Finance Committee of Pacific Gas and Electric Company and Participants in the Savings Fund Plan: We have audited the accompanying statements of net assets available for benefits of Pacific Gas and Electric Company Savings Fund Plan - Part II (the Plan) as of December 31, 1996 and 1995, and the related statement of changes in net assets available for benefits for the year ended December 31, 1996. 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 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, 1996 and 1995, and the changes in its net assets available for benefits for the year ended December 31, 1996, in conformity with generally accepted accounting principles. Arthur Andersen LLP San Francisco, California February 26, 1997 PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART II STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS December 31, 1996 AND 1995
1996 1995 --------- --------- (in thousands) ASSETS: Investment in Pacific Gas and Electric Company Master Trust, at fair value $1,100,025 $1,159,330 ---------- --------- Total assets 1,100,025 1,159,330 LIABILITIES 994 - ---------- --------- NET ASSETS AVAILABLE FOR BENEFITS $1,099,031 $1,159,330 ========== =========
The accompanying Notes to Financial Statements are an integral part of these statements. PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART II STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS For the Year Ended December 31, 1996
(in thousands) ADDITIONS: Participant contributions $ 56,628 Employer contributions 15,518 Interplan transfer from other plans 868 Net investment loss from Pacific Gas and Electric Company Master Trust (81,121) --------------------- Total Additions (8,107) --------------------- DEDUCTIONS: Benefits paid directly to participants or beneficiaries 52,192 --------------------- Total Deductions 52,192 --------------------- Decrease in Net Assets Available for Benefits (60,299) NET ASSETS AVAILABLE FOR BENEFITS Beginning of the year 1,159,330 --------------------- End of the year $1,099,031 =====================
The accompanying Notes to Financial Statements are an integral part of these statements. PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART II NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 1: Plan Description The Pacific Gas and Electric Company Savings Fund Plan - Part II (the Plan) is a defined contribution plan and is subject to the provisions of the Employee Retirement Income Security Act of 1974. The Plan covers all union- represented employees of Pacific Gas and Electric Company (the Company), and the union employees of any other entity designated by the Company's Board of Directors. The Plan participates in the Pacific Gas and Electric Company Savings Fund Plan Master Trust (the Master Trust) and is administered by the Company's Employee Benefit Administrative Committee and Employee Benefit Finance Committee. Although the Company has not expressed any intent to do so, its Board of Directors reserves the right to amend or terminate the Plan at any time. Participants should refer to the Plan document for a complete description of the Plan's provisions. In addition, the financial statements of the Master Trust provide information regarding the activities and transactions of the various investment options offered by the Plan. All participants' contributions and their share of all employer contributions, and the earnings and losses resulting from such contributions are immediately vested and nonforfeitable. Employees are eligible to participate in the Plan upon completion of one year of service. Employee contributions, up to a maximum of 6% of covered compensation, as defined, and depending on length of service, are matched by employer contributions at a 50% rate. Eligible employees may elect to contribute to the Plan up to 15% of their covered compensation on a pre-tax or after-tax basis. This amount may be deferred compensation (401(k)), or after-tax contributions (non-401(k)). 401(k) contributions are not subject to federal or state income tax until withdrawn or distributed from the Plan. All contributions made to the Plan prior to October 1, 1984, are considered to be non-401(k) contributions. As provided under the Tax Reform Act of 1986, employee 401(k) contributions may not exceed $9,500 for 1996, and total contributions to a participant's account may not exceed the lesser of 25% of compensation or $30,000 a year. The annual 401(k) limitation, as indexed, may be adjusted each year to reflect changes in the cost of living. PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART II NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 2: Summary of Significant Accounting Policies Basis of Accounting The financial statements of the Plan are prepared in conformity with generally accepted accounting principles. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of additions, deductions, assets, and liabilities and disclosure of contingencies. Actual results could differ from these estimates. The Plan's interest in the Master Trust is stated at fair value based on the Plan's prorated interest in the Master Trust. The Master Trust values investments in the Guaranteed Income Fund at cost which approximates fair value. Generally, all other investments are stated at fair value based on published market quotations. Interest income, dividends, investment management fees, where appropriate, and the net appreciation or depreciation in the fair value of the investments held by the Master Trust are allocated to the individual participating plans each day based upon their proportional share of the fund balances. Benefits are recorded when paid. Reclassifications Certain amounts in the prior year have been reclassified and formatted to conform to the 1996 presentation. NOTE 3: Federal Income Taxes The Internal Revenue Service (IRS) has ruled that the Plan is a qualified tax-exempt plan under Section 401(a) and Section 409(a) of the IRC and the trust forming a part thereof is exempt under Section 501(a). Accordingly, no provision for federal income taxes has been made in the financial statements. Furthermore, participating employees are not liable for federal income tax on amounts allocated to their accounts attributable to: (1) employee 401(k) contributions, (2) dividends, earnings, and interest income on both 401(k) contributions and non-401(k ) contributions, or (3) employer contributions, until the time that they withdraw such amounts from the Plan. The Company received a favorable determination letter from the IRS in November of 1995. Accordingly, the Plan sponsor believes that the Plan continues to be designed and operated in accordance with IRS requirements. PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART II NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 4: Investments The Plan has a prorated interest in the net assets of the Master Trust. The Master Trust Agreement allows the Company's Savings Fund Plans and the Pacific Service Employees Association to participate in the Master Trust. The Plan and Master Trust trustee, State Street Bank and Trust Company, invests a significant portion of the contributions to the Plan in common stock of the Company. The Company pays all costs of administering the Plan, including fees and expenses of the Trustee and investment management fees for the Diversified Equity Fund and the Guaranteed Income Fund. Participants designate the way in which their contributions are invested and may change their investment designation at any time. Participants may elect to have their contributions invested in one or more of the following funds held by the Master Trust: - Company Stock Fund, invested in Pacific Gas and Electric Company common stock; - Diversified Equity Fund (DEF), invested in a diversified portfolio of common stock of other companies; - Guaranteed Income Fund (GIF), invested in contracts which offer a fixed rate of interest for a specified period of time; - Bond Index Fund (BIF), invested in Vanguard Bond Index Fund, a diversified portfolio consisting of marketable fixed-income securities; - Stock and Bond Fund (SBF), invested in a Columbia Balanced Fund, a diversified portfolio of marketable equity securities and marketable fixed-income securities. - Utility Stock Fund (USF), invested in Mellon Bank Utility Stock Fund, a portfolio of marketable equity securities of electric utility companies that are members of the Edison Electric Institute, including Pacific Gas and Electric Company. The United States Bond Fund was closed to new contributions on July 1, 1991. Participants should refer to the separate master trust financial statements or their individual quarterly Savings Fund Plan account statements for information relating to the activity in each of the investment options. PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART II NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 4: Investments (Continued) A participant's interest in the investment funds is represented by participation units allocated on the basis of contributions and assigned a unit value on the basis of the total value of each fund. For investments in the United States Savings Bond Fund, a unit is one bond. PACIFIC GAS ELECTRIC COMPANY SAVINGS FUND PLAN - PART II NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 4: Investments (Continued) The following summarizes the net assets and related investment gain of the Master Trust and the Plan's allocated share of such amounts: (in thousands) ASSETS 1996 1995 Investments, at fair value: Company Stock Fund Pacific Gas and Electric Company common stock $ 830,689 $ 1,161,205 United States government securities 4,542 4,424 DEF United States treasury bills 1,193 1,042 Corporate stocks - common 740,165 503,528 GIF Corporate debt intruments 35,582 63,540 Insurance company general accounts 224,294 146,976 Registered investment companies Vanguard Bond Index Fund 28,369 26,394 Columbia Balanced Fund 151,074 127,992 Mellon Bank Utility Stock Fund 40,436 49,284 Interest bearing accounts 58,759 55,584 ------------ ------------ Total investments 2,115,103 2,139,969 ------------ ------------ Receivables: Dividends and interest 14,919 22,698 Other receivables 537 3,384 ------------ ------------ Total receivables 15,456 26,082 ------------ ------------ Total assets 2,130,559 2,166,051 ------------ ------------ LIABILITIES 1,925 - ------------ ------------ NET ASSETS $ 2,128,634 $ 2,166,051 ============ ============ Allocated to the Plan $ 1,099,031 $ 1,159,330 Allocated to other plans 1,029,603 1,006,721 ------------ ------------ $ 2,128,634 $ 2,166,051 ============ ============ PACIFIC GAS ELECTRIC COMPANY SAVINGS FUND PLAN - PART II NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 4: Investments (Continued) The composition of the Master Trust investment loss for the year ended December 31, 1996 is as follows:
(in thousands) Interest income Interest bearing accounts $ 2,835 United States government securities 189 Fixed income investments 13,263 -------- Total interest income 16,287 -------- Dividend income Common stock 85,049 Registered investment companies 4,282 -------- Total dividend income 89,331 -------- Other income 260 Net depreciation in value of investments (161,961) -------- Total investment loss $(56,083) ======== Allocated to the Plan $(81,121) Allocated to other plans 25,038 -------- $(56,083) ========
PACIFIC GAS ELECTRIC COMPANY SAVINGS FUND PLAN - PART II NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 4: Investments (Continued) The net appreciation (depreciation) in fair value of investments of the Master Trust by major investment category for for the year ended December 31, 1996 is as follows: (in thousands) Pacific Gas and Electric Company Common Stock Fund $ (298,733) Diversified Equity Fund 123,788 Bond Index Fund (798) Stock and Bond Fund 16,161 Utility Stock Fund (2,379) --------- Total depreciation $ (161,961) ========= Allocated to the Plan $ (144,742) Allocated to other plans (17,219) --------- $ (161,961) ========= PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART II NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 4: Investments (Continued) The net asset value per unit of the Company Stock Fund, DEF, GIF, BIF, SBF, and USF is determined by dividing the fair value of fund assets by the number of fund units outstanding. The total number of units held by the Plan and the value per unit of the Company Stock Fund, DEF, GIF, BIF, SBF, and USF for the four quarters ended December 31, 1996 and 1995 are as follows: - -------------------------------------------------------------------------------- 1996 ---------- March 31 June 30 September 30 December 31 - -------------------------------------------------------------------------------- Company Stock Fund Number of units 63,389,025 61,220,121 60,397,336 58,053,463 Value per unit $9.93 $10.42 $9.99 $9.77 DEF Number of units 2,144,428 2,321,084 2,323,059 2,561,391 Value per unit $106.16 $110.52 $113.86 $124.11 GIF Number of units 98,413,714 104,866,489 113,460,916 119,383,240 Value per unit $1.06 $1.07 $1.09 $1.11 BIF Number of units 608,823 620,942 621,454 638,297 Value per unit $13.63 $13.72 $13.96 $14.40 SBF Number of units 5,078,215 5,356,303 5,348,842 5,777,039 Value per unit $7.90 $8.13 $8.34 $8.72 USF Number of units 1,377,472 1,285,129 1,250,050 1,173,291 Value per unit $16.16 $16.55 $15.88 $16.72 - -------------------------------------------------------------------------------- PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART II NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 4: Investments (Continued) - -------------------------------------------------------------------------------- 1995 ---------- March 31 June 30 September 30 December 31 - -------------------------------------------------------------------------------- Company Stock Fund * Number of units N/A 68,143,409 66,801,849 65,031,629 Value per unit N/A $11.99 $12.53 $12.13 DEF Number of units 1,577,106 1,682,853 1,790,058 1,985,867 Value per unit $78.95 $86.73 $93.48 $100.10 GIF** Number of units 89,579,774 94,675,847 97,616,222 99,953,495 Value per unit $1.00 $1.01 $1.03 $1.04 BIF Number of units 463,904 520,133 548,113 587,137 Value per unit $12.32 $12.99 $13.30 $13.89 SBF Number of units 4,070,259 4,201,058 4,402,379 4,934,990 Value per unit $6.61 $7.03 $7.39 $7.77 USF Number of units 1,317,434 1,286,634 1,249,692 1,326,902 Value per unit $13.27 $14.14 $15.12 $16.50 - -------------------------------------------------------------------------------- * The Company Stock Fund converted to a unitized fund in April 1995. ** The GIF Fund converted to a unitized fund in April 1995 and the unit value was no longer fixed at $1.00. PACIFIC GAS AND ELECTRIC COMPANY SAVINGS FUND PLAN - PART II NOTES TO FINANCIAL STATEMENTS December 31, 1996 NOTE 5: Subsequent Event Effective January 1, 1997, the Company became a subsidiary of its new parent holding company, PG&E Corporation. The Company's ownership interest in Pacific Gas Transmission Company (PGT) and PG&E Enterprises (Enterprises) was transferred to PG&E Corporation. The Company's outstanding common stock was converted on a share-for-share basis into PG&E Corporation common stock. All stock held by the Company Stock Fund is now PG&E Corporation common stock. 60 EX-2 3 CONSENT OF ARTHUR ANDERSEN EXHIBIT 2 [LETTERHEAD OF ARTHUR ANDERSEN LLP] CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation of our reports dated February 26, 1997, included in this Form 11-K, into the previously filed Registration Statement File No. 33-50601. ARTHUR ANDERSEN LLP San Francisco, California March 7, 1997 -----END PRIVACY-ENHANCED MESSAGE-----