-----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, SowdvwZKz083+9bdPyao3Qrc44GltSrAE4SJeKDx9n7ErY6tAAZkPU330dbwGhW0 pZ+i8t8ofjercM+4dhS7hg== 0001036050-99-001388.txt : 19990701 0001036050-99-001388.hdr.sgml : 19990701 ACCESSION NUMBER: 0001036050-99-001388 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATLANTIC CITY ELECTRIC CO CENTRAL INDEX KEY: 0000008192 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 210398280 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-03559 FILM NUMBER: 99656035 BUSINESS ADDRESS: STREET 1: 800 KING STREET STREET 2: PO BOX 231 CITY: WILMINGTON STATE: DE ZIP: 19899 BUSINESS PHONE: 6096454100 MAIL ADDRESS: STREET 1: 800 KING STREET STREET 2: PO BOX 231 CITY: WILMINGTON STATE: DE ZIP: 19899 11-K 1 ATLANTIC CITY ELECTRIC COMPANY FORM 11-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1998 [_] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-3559 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: Atlantic Electric 401(K) Savings and Investment Plan-B 6801 Black Horse Pike Egg Harbor Twp., NJ 08234-4130 B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Custom Stable Value Fund Spectrum Growth Fund T. Rowe Price, Inc. T. Rowe Price, Inc. 100 East Pratt Street 100 East Pratt Street Baltimore, MD 21202 Baltimore, MD 21202 Equity Income Fund Conectiv Class A Common Stock T. Rowe Price, Inc. Conectiv 100 East Pratt Street 800 King Street Baltimore, MD 21202 Wilmington, DE 19899-0231 International Stock Fund Conectiv Common Stock T. Rowe Price, Inc. Conectiv 100 East Pratt Street 800 King Street Baltimore, MD 21202 Wilmington, DE 19899-0231 Equity Index Fund T. Rowe Price, Inc. 100 East Pratt Street Baltimore, MD 21202 ATLANTIC ELECTRIC 401(K) SAVINGS AND INVESTMENT PLAN - B REPORT ON AUDIT OF FINANCIAL STATEMENTS as of and for the year ended December 31, 1998 and SUPPLEMENTAL SCHEDULES for the year ended December 31, 1998 ATLANTIC ELECTRIC 401(k) SAVINGS AND INVESTMENT PLAN - B TABLE OF CONTENTS
Pages ----- Report of Independent Accountants 2-3 Financial Statements: Statements of Net Assets Available for Benefits at December 31, 1998 and 1997 4 Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 1998 5 Notes to Financial Statements 6-13 Supplemental Schedules: Assets Held for Investment at December 31, 1998 Item 27(a)* Reportable Transactions for the year ended December 31, 1998 Item 27(d)*
* Refers to item numbers in Form 5500 (Annual Return Report of Employee Benefit Plan) for the Plan year ended December 31, 1998, which schedules are incorporated herein by reference. 1 Report of Independent Accountants --------------------------------- To the Personnel and Compensation Committee of Conectiv: In our opinion, the accompanying statement of net assets available for benefits and the related statement of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Atlantic Electric 401(k) Savings and Investment Plan - B at December 31, 1998, and the changes in its net assets available for benefits for the year then ended, in conformity with generally accepted accounting principles. 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 audit. We conducted our audit of these statements in accordance with generally accepted auditing standards which 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, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for the opinion expressed above. The financial statements of the Plan as of December 31, 1997 were audited by other independent accountants whose report dated June 17, 1998 expressed an unqualified opinion on those statements. Our audit was performed for the purpose of forming an opinion on the financial statements taken as a whole. The additional information included in Supplemental Schedules Item 27(a) and Item 27(d) is presented for purposes of additional analysis and is not a required part of the basic financial statements but is additional information required by ERISA. These Supplemental Schedules are the responsibility of the Plan's management. The Fund Information in the statement of net assets available for benefits and the statement of changes in net assets available for benefits is presented for additional analysis rather than to present the net assets available for benefits and changes in net assets available for benefits of each fund. The Supplemental Schedules and Fund Information have been subjected to the auditing procedures applied in the audit 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. /s/ PricewaterhouseCoopers LLP - ------------------------------ PricewaterhouseCoopers LLP 2400 Eleven Penn Center Philadelphia, PA April 30, 1999 2 INDEPENDENT AUDITORS' REPORT Atlantic Electric 401 (K) Savings and Investment Plan - B We have audited the accompanying statement of net assets available for benefits of Atlantic Electric 401 (K) Savings and Investment Plan - B as of December 31, 1997. This financial statement is the responsibility of the Plan's management. Our responsibility is to express an opinion on this financial statement based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether this financial statement is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in this financial statement. 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 audit provides a reasonable basis for our opinion. In our opinion, the statement of net assets available for benefits, presents fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1997 in conformity with generally accepted accounting principles. /s/ Deloitte & Touche LLP - ------------------------- Deloitte & Touche LLP Parsippany, New Jersey June 17, 1998 3 ATLANTIC ELECTRIC 401(k) SAVINGS AND INVESTMENT PLAN - B Statements of Net Assets Available for Benefits December 31, 1998 and 1997
ASSETS 1998 1997 ---- ---- Investments at fair value: Common Collective Trust $ 11,401,168 $ 10,920,800 Mutual Fund Accounts 25,391,358 22,936,625 Participant Loans 1,160,453 1,197,529 Atlantic Energy, Inc. Common Stock - 116,219 Conectiv Common Stock 137,057 - Conectiv Class A Common Stock 46,396 - Contributions receivable: Employer 26,299 15,619 Employee 73,333 46,269 ---------------- ----------------- Net assets available for benefits $ 38,236,064 $ 35,233,061 ================ =================
See accompanying notes to financial statements 4 ATLANTIC ELECTRIC 401(k) SAVINGS AND INVESTMENT PLAN - B Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 1998 Additions: Employee contributions $ 2,662,617 Employer contributions 747,529 Interest income 735,583 Dividends received 1,198,338 Net appreciation in fair value of investments 2,681,026 ----------------- Total additions 8,025,093 ----------------- Deductions: Benefits paid to participants 3,945,030 Administrative fees 2,501 Plan transfers 1,074,559 ----------------- Total deductions 5,022,090 ----------------- Increase in net assets available for benefits 3,003,003 Net assets available for benefits, at beginning of year 35,233,061 ----------------- Net assets available for benefits, at end of year $ 38,236,064 =================
See accompanying notes to financial statements 5 ATLANTIC ELECTRIC 401(k) SAVINGS AND INVESTMENT PLAN - B Notes to Financial Statements 1. Description of Plan: General: The following description of the Atlantic Electric 401(k) Savings and Investment Plan - B, a defined contribution plan (the "Plan"), provides only general information. Participants should refer to the Plan document for a more comprehensive description of the Plan's provisions. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Plan transfers during the year ended December 31, 1998 totaling $1,074,559 represent funds withdrawn by participants to be invested in other plans sponsored by the Company. On March 1, 1998, Atlantic Energy, Inc., the former parent company of Atlantic City Electric Company, and Delmarva Power & Light Company consummated a merger transaction to form Conectiv (the "Merger"). As a result of this merger, each share of Atlantic Energy, Inc. Common Stock was converted into 0.75 shares of Conectiv Common Stock and 0.125 shares of Conectiv Class A Stock. Contributions: All full-time bargaining unit employees of the Atlantic City Electric Company (the Company), are eligible to participate in the Plan. Additionally, any employee who is not a regular full-time employee shall be eligible to participate upon completion of 1,000 hours of service. Employees may contribute up to 10% of base pay. Upon enrollment in the Plan, a participant may direct employee contributions in any of six investment options. Options available to the employee, prior to the Merger were the Custom Stable Value Fund, Atlantic Energy, Inc. Common Stock Fund, Equity Index Fund, Equity Income Fund, International Stock Fund, and Spectrum Growth Fund. Subsequent to the Merger, the Atlantic Energy, Inc. option was replaced by the Conectiv Class A Common Stock Fund and Conectiv Common Stock. The tax savings portion of participant contributions (up to 6% of an employee's base pay) is matched by the Company at a rate of 50% not to exceed 3% of the employee's compensation. Federal income taxes on these contributions and the related income are deferred until withdrawn. Benefits from the tax savings portion of the Plan can be withdrawn upon the attainment of age 59-1/2, retirement, separation from service, death or in special financial hardship situations. In addition, employees may contribute up to an additional 10% of base pay on an after-tax basis to the supplemental savings portion of the Plan, which also earns income that is not subject to Federal income tax until withdrawn. These contributions may be withdrawn once a quarter subject to the provisions of the Internal Revenue Code. 6 Notes to Financial Statements, Continued 1. Description of Plan, continued: Distributions: At December 31, 1998 and 1997, there were no benefits payable to Plan participants. Participant Accounts: Participants' contributions are recorded in the period of the related payroll deductions. The Company's matching contributions are recorded in the period of the related participants' contributions. Income is recorded as earned. Distributions to participants are recorded in the period in which distributions are made. Participants are fully vested in employee and employer contributions in their respective accounts at all times. Plan Termination: Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time subject to the provisions of ERISA. In the event of Plan termination, participants remain 100 percent vested in their accounts. Administration Costs: Certain professional fees and administrative expenses incurred in connection with the Plan are paid by the Company. The facilities of the Company are used by the Plan at no charge. Loan processing fees are paid by the participants and deducted from Plan assets. 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 percent of their account balance. Loan transactions are treated as a transfer from the investment fund to the participant loan fund. Loan terms range from 1-5 years and up to 15 years for the purchase of a primary residence. The loans are secured by the balance in the participant's account and bear interest at a rate commensurate with local prevailing rates as determined quarterly by the Plan Administrator. The interest rate for 1998 and 1997 was 9%. Principal and interest is paid ratably through weekly payroll deductions. 7 Notes to Financial Statements, Continued 2. Summary of Significant Accounting Policies: Basis of Accounting: The financial statements of the Plan are prepared under the accrual basis of accounting. Investment Valuation and Income Recognition: The Plan's investments are stated at fair value. Shares of registered investment companies are valued at quoted market prices which represent the net asset value of shares held by the Plan at year-end. Participant loans are valued at cost which approximates fair value. Purchases and sales of investments are recorded on the trade-date. Interest income is accrued when earned. Dividend income is recorded on the ex- dividend date. The Plan presents in the Statement of Changes in Net Assets Available for Benefits the net appreciation (depreciation) in the fair value of its investments which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments. Investments in Common Collective Trust: The Custom Stable Value Common Trust Fund invests in various term guaranteed insurance contracts and maintains a cash reserve balance with all excess funds. The average yield and the weighted average crediting interest rate are based on the underlying contracts. The Trust's investment contracts are reported at their estimated fair value. The investment contracts are nontransferable but provide for benefit responsive withdrawals by plan participants at contract value. Benefit responsive withdrawals are provided for on a proportional basis by the issuers of the investment contracts. In determining fair value, the Trustee's Valuation Committee primarily considers such factors as the benefit responsiveness of the investment contract and the ability of the parties to the investment contract to perform in accordance with the terms of the contract. Generally, fair value approximates contract value (contributions made plus interest accrued at the current rate, less withdrawals and fees). If, however, an event has occurred that may impair the ability of the contract issuer to perform in accordance with the contract terms, fair value may be less than contract value. The contract values of the Fund at December 31, 1998 and 1997 were $11,401,168 and $10,920,800, respectively. For the years ended December 31, 1998 and 1997, the guaranteed insurance contracts of the Custom Stable Value Common Trust Fund, in aggregate, had an average yield of 6.11% and 6.38% and a weighted average crediting interest rate of 6.36% and 6.65%, respectively. Payment of Benefits: Benefits are recorded when paid. 8 Notes to Financial Statements, Continued 2. Summary of Significant Accounting Policies, continued: Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits at the date of financial statements and the changes in net assets available for benefits during the reporting period and, where applicable, disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Risks and Uncertainties: The Plan provides for various investment options in any combination of stocks, bonds, fixed income securities, mutual funds, and other investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term could materially affect participants' account balances and the amounts reported in the Statements of Net Assets Available for Benefits and the Statements of Changes in Net Assets Available for Benefits. 3. Investment Options: The investment options available to plan participants have the following objectives: (i) T. Rowe Price Custom Stable Value Fund - to provide principal stability and a high level of monthly income; (ii) T. Rowe Price Equity Income Fund - to provide substantial dividend income and secondarily, long-term capital appreciations; (iii) T. Rowe Price Equity Index Fund - to match the performance of the Standard & Poor's Stock Index; (iv) T. Rowe Price International Stock Fund - to provide the diversifications of an international fund as well as the opportunity for long-term capital growth; (v) T. Rowe Price Spectrum Growth Fund - to provide long-term growth of capital; (vi) Conectiv Common Stock - to provide maximum capital appreciation and dividend income from Conectiv Common Shares. (vii) Conectiv Class A Common Stock - to provide maximum capital appreciation and dividend income from Conectiv Class A Common Shares. 9 Notes to Financial Statements, Continued 4. Schedule of Assets Held for Investments: The following table represents the fair value of investments by issuer comprising 5 percent or more of the Plan's assets:
December 31, -------------------------------- 1998 1997 ---- ---- Investments at Fair Value: Custom Stable Value Fund $ 11,401,168 $ 10,920,800 Equity Index Fund 11,974,309 9,000,217 Equity Income Fund 10,975,135 11,664,945 Spectrum Growth Fund 1,829,097 1,753,528 -------------- -------------- $ 36,179,709 $ 33,339,490 ============== ==============
The net appreciation in fair value of each significant type of investment for the year ended is as follows:
December 31, 1998 -------------- Equity Index Fund $ 2,395,298 Equity Income Fund 105,437 Spectrum Growth Fund 59,358 International Stock Fund 73,405 Conectiv Common Stock Fund 32,611 Conectiv Class A Common Stock Fund 20,234 Atlantic Energy Common Stock Fund (5,317) -------------- $ 2,681,026 ==============
5. Tax Status: The Plan obtained its latest determination letter on March 23, 1995, in which the Internal Revenue Service stated that the Plan was in compliance with the applicable requirements of the Internal Revenue Code. The Plan has been amended since receiving the determination letter. However, the Plan Administrator and the Plan's tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes has been included in the Plan's financial statements. 10 Notes to Financial Statements, Continued 6. Investments by Funds: Net assets available for benefits are presented below for each investment fund as of December 31, 1998:
Non- Participant Directed Participant Directed --------------- -------------------------------------------------------------------- Custom Stable Equity Equity Spectrum International Value Index Income Growth Stock --------------- ---------------- --------------- ------------- --------------- Investments at fair value: Common Collective Trust $ 11,401,168 Mutual fund accounts $ 11,974,309 $ 10,975,135 $ 1,829,097 $ 612,817 Participant loans Company Common Stock Contributions receivable: Employer 26,299 Participants 16,570 22,717 23,316 4,712 2,119 --------------- ---------------- --------------- ------------- --------------- Net assets available for benefits $ 11,444,037 $ 11,997,026 $ 10,998,451 $ 1,833,809 $ 614,936 =============== ================ =============== ============= =============== ------------------------------------------------------ Conectiv Conectiv Class A Company Common Loans Stock Stock Total ---------------- --------------- ----------------- ---------------- Investments at fair value: Common Collective Trust $ 11,401,168 Mutual fund accounts 25,391,358 Participant loans $ 1,160,453 1,160,453 Company Common Stock $ 137,057 $ 46,396 183,453 Contributions receivable: Employer 26,299 Participants 3,883 8 8 73,333 -------------- --------------- ----------------- ---------------- Net assets available for benefits $ 1,164,336 $ 137,065 $ 46,404 $ 38,236,064 ============== =============== ================= ================
11 Notes to Financial Statements, Continued 7. Changes in Net Assets Available for Benefits for the Year Ended December 31, 1998 by Fund:
Non- Participant Directed Participant Directed ------------- -------------------------------------------------------------------- Custom Stable Equity Equity Spectrum International Value Index Income Growth Stock ------------- -------------- -------------- ------------- ------------- Additions: Interest income $ 669,500 $ 28,916 $ 25,748 $ 6,019 $ 1,475 Dividends - 154,740 854,668 155,755 22,267 Net appreciation in fair value of investments - 2,395,298 105,437 59,358 73,405 Employee contributions 662,928 819,364 931,656 177,749 70,203 Employer contributions 747,529 - - - - ------------- ------------- ------------- ------------ ------------- Total additions 2,079,957 3,398,318 1,917,509 398,881 167,350 ------------- ------------- ------------- ------------ ------------- Deductions: Benefits paid to participants (2,087,529) (523,210) (1,280,263) (61,249) (20,840) Administrative fees (1,043) (695) (546) (165) (52) Plan transfers (282,008) (326,578) (310,959) (13,840) (39,703) ------------- ------------- ------------- ------------ ------------- Total deductions (2,370,580) (850,483) (1,591,768) (75,254) (60,595) ------------- ------------- ------------- ------------ ------------- Net increase (decrease) prior to interfund transfers (290,623) 2,547,835 325,741 323,627 106,755 Interfund transfers, net 786,873 435,538 (1,009,467) (246,349) (10,931) ------------- ------------- ------------- ------------ ------------- Net increase (decrease) 496,250 2,983,373 (683,726) 77,278 95,824 Net assets, beginning of year 10,947,787 9,013,653 11,682,177 1,756,531 519,112 ------------- ------------- ------------- ------------ ------------- Net assets, end of year $ 11,444,037 $ 11,997,026 $ 10,998,451 $ 1,833,809 $ 614,936 ============= ============= ============= ============ ============= Participant Directed --------------------------------------------------------------- -------------- Conectiv Conectiv Class A Company Atlantic Common Loans Stock Energy Stock Total ------------ ---------- ----------- ---------- -------------- Additions: Interest income $ 3,883 $ 42 - $ 735,583 Dividends - $ 6,364 2,109 $ 2,435 1,198,338 Net appreciation in fair value of investments - 32,611 (5,317) 20,234 2,681,026 Employee contributions - 56 605 56 2,662,617 Employer contributions - - - - 747,529 ------------ ----------- ----------- ----------- ------------- Total additions 3,883 39,031 (2,561) 22,725 8,025,093 ------------ ----------- ----------- ----------- ------------- Deductions: Benefits paid to participants 28,061 - - - (3,945,030) Administrative fees - - - - (2,501) Plan transfers (95,336) (4,790) - (1,345) (1,074,559) ------------ ----------- ----------- ----------- ------------- Total deductions (67,275) (4,790) - (1,345) (5,022,090) ------------ ----------- ----------- ----------- ------------- Net increase (decrease) prior to interfund transfers (63,392) 34,241 (2,561) 21,380 3,003,003 Interfund transfers, net 30,199 102,824 (113,711) 25,024 - ------------ ----------- ----------- ----------- ------------- Net increase (decrease) (33,193) 137,065 (116,272) 46,404 3,003,003 Net assets, beginning of year 1,197,529 - 116,272 - 35,233,061 ------------ ----------- ----------- ----------- ------------- Net assets, end of year $ 1,164,336 $ 137,065 - $ 46,404 $ 38,236,064 ============ =========== =========== =========== =============
12 Notes to Financial Statements, Continued 8. Investments by Fund as of December 31, 1997: Net assets available for benefits are presented below for each investment fund as of December 31, 1997:
Non- Participant Directed Participant Directed --------------- ---------------------------------------------------- Custom Stable Equity Equity Spectrum Value Index Income Growth --------------- --------------- ---------------- -------------- Investments at fair value: Common Collective Trust $ 10,920,800 Mutual fund accounts $ 9,000,217 $ 11,664,945 $ 1,753,528 Participant loans Atlantic Energy, Inc. Common Stock Contributions receivable: Employer 15,619 Employees 11,368 13,436 17,232 3,003 --------------- --------------- ---------------- -------------- Net assets available for benefits $ 10,947,787 $ 9,013,653 $ 11,682,177 $ 1,756,531 =============== =============== ================ ============== ----------------------------------------------------- ---------------- International Atlantic Stock Loans Energy Total ---------------- ---------------- --------------- ---------------- Investments at fair value: Common Collective Trust $ 10,920,800 Mutual fund accounts $ 517,935 22,936,625 Participant loans $ 1,197,529 1,197,529 Atlantic Energy, Inc. Common Stock $ 116,219 116,219 Contributions receivable: Employer 15,619 Employees 1,177 53 46,269 ---------------- ---------------- --------------- ---------------- Net assets available for benefits $ 519,112 $ 1,197,529 $ 116,272 $ 35,233,061 ================ ================ =============== ================
13 SUPPLEMENTAL SCHEDULES ATLANTIC ELECTRIC 401(k) SAVINGS AND INVESTMENT PLAN - B Item 27(a) - Schedule of Assets Held for Investment at December 31, 1998
Market Identity of Issue* Investment Type Cost Value - ---------------------------------------- ------------------------------------------- --------------- -------------- T. Rowe Price: Custom Stable Value Fund General Investment Company $ 11,401,168 $ 11,401,168 Equity Index Fund Mutual Fund 7,752,690 11,974,309 Equity Income Fund Mutual Fund 9,181,821 10,975,135 Spectrum Growth Fund Mutual Fund 1,709,269 1,829,097 International Stock Fund Mutual Fund 566,757 612,817 *Conectiv Class A Common Stock Common Stock 26,679 46,396 *Conectiv Common Stock 104,485 137,057 Participant Loans Various loans at 9.00% maturing January 1998 through November 2012 - 1,160,453 --------------- -------------- Total assets held for investment $ 30,742,869 $ 38,136,432 =============== ==============
* Parties-in-interest ATLANTIC ELECTRIC 401(k) SAVINGS AND INVESTMENT PLAN - B Item 27(d) - Schedule of Reportable Transactions for the year ended December 31, 1998
(c) Purchase (d) Selling (i) Gain/ (b) Description Price Price (g) Cost Loss - ---------------------------------------- -------------- --------------- --------------- --------------- Custom Stable Value Fund: Purchases $ 6,476,042 - $ 6,476,042 - Sales - $ 5,994,853 5,994,853 - International Stock Fund: Purchases 1,552,167 - 1,552,167 - Sales - 1,530,661 1,496,574 $ 34,087 Equity Index Fund: Purchases 3,611,058 - 3,611,058 - Sales - 3,031,793 2,526,486 505,307 Equity Income Fund: Purchases 2,594,244 - 2,594,244 - Sales - 3,389,045 2,850,509 538,536
SIGNATURES 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 thereunto duly authorized. Date: June 30, 1999 /s/ John C. van Roden --------------------------------------- John C. van Roden, Senior Vice President and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----