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<B><FONT SIZE=6 COLOR="#0000ff"><P ALIGN="CENTER">UNITED STATES</FONT><FONT SIZE=2 COLOR="#0000ff"><BR>
</FONT><FONT SIZE=2><BR>
<BR>
</FONT><FONT SIZE=4 COLOR="#0000ff">SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D. C.   20549<BR>
</FONT><FONT SIZE=4><BR>
<BR>
</B></FONT></TD>
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<P ALIGN="CENTER">Form 8-K<BR>
<BR>
</TD>
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<FONT SIZE=2><P ALIGN="CENTER">CURRENT REPORT<BR>
<BR>
<BR>
</FONT></TD>
</TR>
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<FONT SIZE=2><P ALIGN="CENTER">PURSUANT TO SECTION 13 or 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934<BR>
<BR>
<BR>
</FONT></TD>
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<FONT SIZE=2><P>Date of Report (Date of earliest event reported)</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="CENTER">June 16, 2003<BR>
<BR>
<BR>
<BR>
</U></FONT></TD>
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<U><FONT SIZE=2><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PEPCO HOLDINGS, INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>
</U>(Exact name of registrant as specified in its charter)<BR>
<BR>
<BR>
</FONT></TD>
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<U><FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State or other jurisdiction<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of incorporation)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<U><FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;001-31403&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>(Commission File &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number)</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52-2297449&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>(I.R.S. Employer <BR>
Identification No.)<BR>
<BR>
<BR>
</FONT></TD>
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<U><FONT SIZE=2><P ALIGN="CENTER">701 Ninth Street, N. W., Washington, D. C<BR>
</U>(Address of principal executive offices</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="CENTER">&nbsp;&nbsp;20068&nbsp;&nbsp;&nbsp;<BR>
</U>(Zip Code)<BR>
<BR>
<BR>
</FONT></TD>
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<FONT SIZE=2><P>Registrant's telephone number, including area code</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="CENTER">(202) 872-3526<BR>
<BR>
<BR>
</U></FONT></TD>
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<U><FONT SIZE=2><P ALIGN="CENTER"><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
</U>(Former Name or Former Address, if Changed Since Last Report)</FONT></TD>
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<P><HR></P>
</FONT><P>&nbsp;</P>
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<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">PEPCO HOLDINGS, INC<BR>
Form 8-K&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
<BR>
<BR>
</FONT></TD>
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<FONT SIZE=2><P>Item 5.</FONT></TD>
<TD WIDTH="86%" VALIGN="TOP" COLSPAN=2>
<U><FONT SIZE=2><P>Other Events</U>.<BR>
<BR>
Pepco Holdings, Inc. (PHI) announced that it has discontinued all further new investment activity of its subsidiary, Potomac Capital Investment Corporation (PCI).  PCI manages a portfolio of financial investments and strategic operating businesses.  As a result, PHI intends to reduce staffing at PCI to a level necessary to maintain its corporate responsibilities, including managing existing investments, including its energy leveraged leases and a ten-story, 360,000 square foot office building in downtown Washington, D.C. (which serves as the corporate headquarters of PHI and its subsidiary Potomac Electric Power Company), paying all obligations and the previously disclosed disposition of its remaining aircraft as well as the disposition of marketable securities as required under the Securities and Exchange Commission order issued under the Public Utility Holding Company Act of 1935, as amended, approving the merger of Potomac Electric Power Company and Conectiv to form PHI.  On August 1, 2003, PCI's strategic operating businesses, W. A. Chester and Severn Cable will be reorganized to become subsidiaries of Pepco Energy Services, Inc., another PHI subsidiary.</P>
<P><BR>
</FONT></TD>
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<U><FONT SIZE=2><P ALIGN="CENTER">Signatures</P>
<P><BR>
<BR>
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. <BR>
</FONT></TD>
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<U><FONT SIZE=2><P><BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
June 16, 2003<BR>
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DATE<BR>
</FONT></TD>
<TD WIDTH="59%" VALIGN="TOP">
<FONT SIZE=2><P>PEPCO HOLDINGS, INC.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
By:&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ DENNIS R. WRAASE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dennis R. Wraase<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-2-</P>
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{"company-data": {"conformed-name": "PEPCO HOLDINGS INC", "cik": "0001135971", "assigned-sic": "4931", "irs-number": "522297449", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-31403", "film-number": "03744761"}, "business-address": {"street1": "SUITE 1300", "street2": "701 NINTH STREET, NW", "city": "WASHINGTON", "state": "DC", "zip": "20068"}, "mail-address": {"street1": "SUITE 1300", "street2": "701 NINTH STREET, NW", "city": "WASHINGTON", "state": "DC", "zip": "20068"}, "former-company": {"former-conformed-name": "NEW RC INC", "date-changed": "20010302"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.   20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
June 16, 2003
PEPCO HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation)
001-31403
(Commission File      Number)
52-2297449
(I.R.S. Employer
Identification No.)
701 Ninth Street, N. W., Washington, D. C
(Address of principal executive offices
20068
(Zip Code)
Registrant's telephone number, including area code
(202) 872-3526
(Former Name or Former Address, if Changed Since Last Report)
PEPCO HOLDINGS, INC
Form 8-K
Item 5.
Other Events
.
Pepco Holdings, Inc. (PHI) announced that it has discontinued all further new investment activity of its subsidiary, Potomac Capital Investment Corporation (PCI).  PCI manages a portfolio of financial investments and strategic operating businesses.  As a result, PHI intends to reduce staffing at PCI to a level necessary to maintain its corporate responsibilities, including managing existing investments, including its energy leveraged leases and a ten-story, 360,000 square foot office building in downtown Washington, D.C. (which serves as the corporate headquarters of PHI and its subsidiary Potomac Electric Power Company), paying all obligations and the previously disclosed disposition of its remaining aircraft as well as the disposition of marketable securities as required under the Securities and Exchange Commission order issued under the Public Utility Holding Company Act of 1935, as amended, approving the merger of Potomac Electric Power Company and Conectiv to form PHI.  On August 1, 2003, PCI's strategic operating businesses, W. A. Chester and Severn Cable will be reorganized to become subsidiaries of Pepco Energy Services, Inc., another PHI subsidiary.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
June 16, 2003
DATE
PEPCO HOLDINGS, INC.
(Registrant)
By:
/s/ DENNIS R. WRAASE
Dennis R. Wraase
President and Chief Executive Officer
-2-