(Mark
One):
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X
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ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE
ACT OF 1934.
For
the six-month period ended December 31, 2005.
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or
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TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE
ACT OF 1934.
For
the transition period from _________ to
________________.
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A.
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Full
title of the plan and the address of the plan, if different from
that of
the issuer named below:
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THRIFT
PLAN OF THE PEOPLES NATURAL GAS COMPANY
FOR
EMPLOYEES REPRESENTED BY UNITED GAS WORKERS UNION,
LOCAL
69 - DIVISION I, SEIU, AFL-CIO
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|
B.
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Name
of issuer of the securities held pursuant of the plan and the address
of
its principal executive office:
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DOMINION
RESOURCES, INC.
120
Tredegar Street
Richmond,
VA 23219
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Page
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Report
of Independent Registered Public Accounting Firm
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2
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Financial
Statements:
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Statements
of Net Assets Available for Benefits as of December 31, 2005 and
June 30,
2005
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3
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Statement
of Changes in Net Assets Available for Benefits for the Six-Month
Period Ended December 31, 2005
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4
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Notes
to Financial Statements
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5-12
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Supplemental
Schedule:
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Form
5500, Schedule H, Line 4(i): Schedule of Assets (Held at End of
Year) as
of December 31, 2005
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13
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December
31,
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June
30,
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||||||
2005
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2005
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||||||
Assets:
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|||||||
Participant-Directed
Investments
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$
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110,351,358
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$
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106,615,007
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|||
Receivables
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142,745
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129,170
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Cash
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--
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2,313
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Total
Assets
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110,494,103
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106,746,490
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|||||
Liabilities:
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|||||||
Payables
for Investments Purchased
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149,710
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66,089
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|||||
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NET
ASSETS AVAILABLE FOR BENEFITS
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$
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110,344,393
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$
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106,680,401
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Additions:
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||||
Investment
Income:
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||||
Dividends
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$
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867,678
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Interest
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19,054
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|||
Net
Appreciation in Fair Value of Investments
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3,234,709
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Income
from Master Trust
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1,221,116
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Total
Investment Income
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5,342,557
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Contributions:
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Participant
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1,073,937
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Employer
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608,628
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|||
Total
Contributions
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1,682,565
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Total
Additions
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7,025,122
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Deductions:
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||||
Benefits
Paid to Participants
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3,064,403
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Administrative
Expenses
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15,257
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|||
Total
Deductions
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3,079,660
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NET
INCREASE IN NET ASSETS BEFORE TRANSFER
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3,945,462
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TRANSFER
OF PARTICIPANTS’ ASSETS FROM THE PLAN TO OTHER PLANS
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(281,470
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)
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NET
INCREASE
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3,663,992
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NET
ASSETS AVAILABLE FOR BENEFITS:
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Beginning
of Year
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106,680,401
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End
of Year
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$
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110,344,393
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Years
of Service
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Ranges
of Company
Match
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Less
than 20
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0%
to 5%
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Between
20 to 30
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0%
to 7.5%
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30
or more
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0%
to 10%
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d.
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PARTICIPANTS
-
Each union employee is eligible to participate in the Plan on an
entirely
voluntary basis. Participation by an employee becomes effective
immediately upon enrollment in the
Plan.
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e.
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VESTING
-
Participants immediately vest in their contributions and earnings
thereon.
Participants vest in the Employer’s matching contribution and earnings
thereon after five years of credited service.
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f.
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FORFEITED
ACCOUNTS
-
At December 31, 2005, forfeited nonvested accounts totaled $666.
There
were no forfeited nonvested accounts at June 30, 2005. These accounts
are
used to reduce future Employer contributions.
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· |
3
months base pay,
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· |
50%
of the vested account balance, or
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· |
$50,000
(reduced by the maximum outstanding loan balance during the prior
12
months).
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j.
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FLEXIBLE
DIVIDEND OPTION -
Participants
are given the choice of (1) receiving cash dividends paid on vested
shares
held in their Dominion Stock Fund or (2) reinvesting the dividends
in the
Dominion Stock Fund.
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k.
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PLAN
CHANGES
-
In June 2005, the Plan approved the following changes to participant
investment offerings, effective July 6, 2005: The underlying investments
for the Capital Guardian Balanced - Aggressive Growth Fund, Capital
Guardian Balanced - Conservative Balanced Fund, and Capital
Guardian Balanced - Moderate Fund (the Balanced Funds) were replaced.
The
Balanced Funds managed by Capital Guardian Trust Company were transferred
to similar balanced funds managed by Northern Trust Global Securities.
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a.
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BASIS
OF ACCOUNTING
-
The accompanying financial statements have been prepared in accordance
with accounting principles generally accepted in the United States
of
America.
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b.
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USE
OF ESTIMATES
-
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America,
requires
management to make estimates and assumptions that affect the reported
amounts of net assets available for benefits, and changes therein.
Actual
results could differ from those estimates.
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c.
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RISKS
AND UNCERTAINTIES
-
The Plan utilizes various investment instruments, including mutual
funds
and investment contracts. Investment securities, in general, are
exposed
to various risks, such as interest rate, credit, and overall market
volatility. Due to the level of risk associated with certain investment
securities, it is reasonably possible that changes in the values
of
investment securities will occur in the near term and that such
changes
could materially affect the amounts reported in the financial
statements.
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(1)
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Dominion
Stock Fund
-
Investments in Dominion common stock are stated at fair value based
on the
closing sales price reported on the New York Stock Exchange on
the last
business day of the plan year.
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(2)
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Investment
in CNG Master Trust and Dominion Master Trust (Master
Trusts) -
The fair value of the Plan’s interest in the Master Trusts is based on the
beginning of the month value of the Plan’s interest in the Master Trusts
plus actual contributions and allocated investment income less
actual
distributions and allocated administrative expenses. Quoted market
prices
are used to value investments in the Master Trusts, with the exception
of
guaranteed investment contracts held by the Certus Fund.
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(3)
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Investment
in Dresdner Fund
-
The Dresdner Fund invests primarily in corporate stocks, which
are stated
at fair value based on the closing sales price reported on the
New York
Stock Exchange on the last business day of the Plan
year.
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(4)
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Mutual
Funds - Investments
in mutual funds are stated at fair value using quoted market prices,
which
represent the net asset values of shares held by the Plan at year-end.
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(5)
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Common/Collective
Trusts
-
Investments in common/collective trust funds are stated at estimated
fair
values, which have been determined based on the unit values of
the funds.
Unit values are determined by the bank (or trust company) sponsoring
such
funds by dividing the fund’s net assets by its units outstanding at the
valuation dates.
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(6)
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Loans
to Participants -
Participant loans are valued at the outstanding loan
balances.
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f.
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EXPENSES
-
The Plan’s expenses are accrued as incurred and are paid by the Plan or
the Employer, as provided by the Plan document.
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g.
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PAYMENT
OF BENFITS -
Distributions from the Plan are recorded on the valuation date
when a
participant’s valid withdrawal request is processed by the
recordkeeper.
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h.
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CONCENTRATION
OF INVESTMENTS
-
Included in the Plan’s net assets available for benefits at December 31,
2005 and June 30, 2005, are investments in Dominion common stock
amounting
to approximately $46 million and $45 million, respectively, whose
value
could be subject to change based upon market conditions and company
performance.
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i.
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TRANSFERS
-
Along with the plan, Dominion also sponsors several other savings
plans
for employees of its subsidiaries. If participants change employment
to a
different covered subsidiary during the year, their account balances
are
transferred into the corresponding plan.
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December
31,
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June
30,
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||||||
2005
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2005
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||||||
Interest
in Certus Fund
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$
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45,317,931
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$
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43,404,892
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Dominion
Stock Fund
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46,282,958
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45,121,367
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Investments
at Fair Value:
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Mutual
Funds
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$
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464,382
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Dominion
Stock Fund
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2,291,705
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Investments
at Estimated Fair Value:
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Common/Collective
Trusts
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478,622
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Total
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$
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3,234,709
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4.
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PLAN TERMINATION
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December
31,
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June
30,
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||||||
2005
|
2005
|
||||||
Guaranteed
Investment Contracts (contract value)
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$
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610,630,337
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$
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593,732,255
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Registered
Investment Companies
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7,420,613
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11,192,981
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Short-term
Investment Fund (estimated fair value)
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18,297,536
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15,957,133
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Interest
Receivable
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2,205,651
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2,037,544
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Total
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$
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638,554,137
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$
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622,919,913
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Registered
investment companies
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$
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487,314
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Net
Investment Appreciation
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487,314
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|||
Interest
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27,680,666
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|||
Less:
Investment Expenses
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(1,091,198
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)
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Total
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$
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27,076,782
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December
31,
2005
|
||||
Corporate
Stocks
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$
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51,918,696
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Short-term
Investment Fund (estimated fair value)
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2,119,170
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Registered
Investment Companies
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8,066,395
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Payables
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(59,143
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)
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Total
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$
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62,045,118
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Certus
Stable Value Fund
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Large
Cap Value Fund
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EB
Mellon Total Return Fund
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Dresdner
Large Cap Growth Fund
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Capital
Guardian Balanced - Conservative
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Small
Cap Value Fund
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Capital
Guardian Balanced - Moderate
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Small
Cap Growth Fund
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Capital
Guardian Balanced - Aggressive Growth
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Euro
Pacific Growth Fund
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Mellon
S&P 500 Index Daily Fund
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Real
Estate Fund
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Wilshire
4500 Index Fund
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Dominion
Stock Fund
|
Description
|
Value
|
|||
Dominion
Stock Fund*
|
$
|
46,282,958
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Common/Collective
Trusts
|
||||
EB
Mellon Total Return Fund*
|
380,638
|
|||
Mellon
S&P 500 Index Daily Fund*
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4,626,728
|
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EB
Temporary Investment Fund*
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72,149
|
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Northern
Trust Global Securities - Conservative
|
242,984
|
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Northern
Trust Global Securities - Moderate
|
1,134,616
|
|||
Northern
Trust Global Securities - Aggressive Growth
|
2,522,329
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|||
8,979,444
|
||||
Mutual
Funds
|
||||
Euro
Pacific Growth Fund
|
2,271,969
|
|||
Small
Cap Value Fund
|
2,744,375
|
|||
5,016,344
|
||||
Loans
to Participants (range
of interest rates - 7.25%-8.00%)
|
478,296
|
|||
TOTAL
|
$
|
60,757,042
|
THRIFT
PLAN OF THE PEOPLES NATURAL GAS COMPANY
FOR
EMPLOYEES REPRESENTED BY
UNITED
GAS WORKERS UNION,
LOCAL
69 - DIVISION I, SEIU,
AFL-CIO
(name
of plan)
|
Date:
June 22, 2006
|
/s/
Anne M
Grier
Anne
M Grier
Chair,
Dominion Resources Services, Inc.
Administrative
Benefits Committee
|