Post on 23-Oct-2019
Entergy Arkansas, Inc. 425 West Capitol Avenue P. 0. Box 551 Little Rock, AR 72203 Tel501 377 4457 Fax 501 377 4415
Steven K. Strickland Director Regulatory Affairs
November 4, 1996
Ms. Jan Sanders Arkansas Public Service Commission P.O. Box400 1000 Center Street Little Rock, Arkansas 72203
Re: In The Matter of Decommissioning Trust ) Fund Guidelines for Arkansas Nuclear One Steam Electric Generating Station, Unit ) Docket No. 96-341-U Nos. 1 and 2, Owned by Entergy Arkansas,
)
) Inc. 1
Dear Ms. Sanders:
Attached please find the December 31 , 1991 and December 31 , 1990 quarterly trust fund reports that were not available at the time of Entergy Arkansas, Inc.'s filing made on October 15 pursuant to Order No. 1 in the captioned docket.
Since re1 y ,
Attachment
cc: Mr. Steve Joiner The Rose Law Firm 120 East Fourth Street Little Rock, Arkansas 72201
SUMMARY STATEMENT
OF
AP&L NUCLEAR DECOMMISSIONING TRUST FUNDS
AT
DECEMBER 31,1991
PREPARED BY
TREASURY DEPARTMENT
ENTERGY SERVICES INCORPORATED
ARKANSAS POWER & LIGHT COMPANY
AN0 DECOMMISSIONING TRUST FUND REPORT
INDEX
DESCRIPTION
Investment Manager Performance (Graph)
Performance Evaluation Summary
AN0 I Trust Fund Balances (Graph)
AN0 II Trust Fund Balances (Graph)
AN0 I TQ Analysis of Investment Portfolio Balances
AN0 II TQ Analysis of Investment Portfolio Balances
AN0 I TQ Analysis of Investment Results
AN0 II TQ Analysis of Investment Results
AN0 I and II NTQ Fixed Analysis of Investment Results
AN0 I and Il NTQ Equity Analysis of Investment Results
Appendix:
Assumptions and Parameters
PAGE
1
2
3
4
5
6
7
8
9
10
A- 1
NUCLEAR DECOMMISSIONING TRUST FUNDS INVESTMENT MANAGER PERFORMANCE EVALUATION
1991 ANNUAL RETURN
L L 0 12%
p 10%
2 8%
2 6% t- ae 4% E 2%
a 0%
. .. _ _ .
STEPHENS-EQUITY WORTHEN SI M MONS STEP H ENS- FIX ED CO M POS I TE
1991 TARGET INVESTMENT MANAGER
Rate of Return Includes Unrealized Gains and Losses
ARKANSAS mum 6t LIGHT COMPANY NUCLEAR DECOMMISSIONINO TRUST FUNDS PERFORMANCE EVALUATION SUMMARY
DECEMBER 31. 1 9 9 1 - Yar to D e -
MARKET VALUE
AFTER TAX A F E R TAX ROR INVESTMENT MANAGER BALANCE YfD (1)
(THOUSANDS) EOUlfY
STEPHENS - EQUITY $9,623 16.9%
:RED INCOME
WORTHEN $29,749
SIMMONS $3 1,044
STEPHENS - FIXED INCOM $1,322
13.2%
8.8%
6.8%
rOTAL FIXED INCOME $68.1 IS 10.4%
iOTAL ALL FUNDS 97,737 11.2%
Page 2
BOOK VALUE
WEIGHTED AVERAGE WEIGHTED
AFTER TAX YIELD TO AVERAGE BALANCE MATURlTY MATURITY
THOUSANDS)
$7.846 NIA NIA
$27.759 7.4% 24.0 Ycan
530.338 6.6% 7.2Yean
$7.193 7.8% 21.9 Yean
7.3% 20.8 Yearn 565.290
$73.136 NJA NIA
(1) Rata of return include dividead rad interest inwme M well M realizcd and unrealized gabs and I-.
N/A - Not Applicable
AN0 I TRUST FUND PORTFOLIO BALANCES
DECEMBER 31 1991 $50,000
$40,000 - I I- t n cn 2 $30,000
rn rn t 3 0
E $20,000
1 $1 0,000
$42,799
WORTHEN STEPHENS TOTAL
TARGET VALUE
MARKET VALUE
AN0 I t TRUST FUND PORTFOLIO BALANCES
DECEMBER 31,1991 $40,000
$30,000 n cn U c a 3 0
$20,000
$1 0,000
$0 SIMMONS STEPHENS TOTAL
MARKET TARGET VALUE VALUE
D eu (D CD P
ARKANSAS POWER & LIGHT COMPANY AN0 I TRUST FUND
ANALYSIS OF "VESTMENT PORTFOLIO BALANCES DECEMBER 31,1991
ASS= bE3CRIPT1 ON
TAXQUALIFED - WRTHEN
BOOK MARYHT - WHKtHTEO AVHRAOB
5.3%
1.3%
1.5%
NIA
NIA
WN-TAXQUALIFIED - STEPHENS
1%
63%
1%
108%
-3 %
-5 %
4.2%
1.1%
B.3%
1.3%
NIA
NIA
0% (24)
100% tll.5B2 -
TOTAL FUND - WRTHEN 6 STEPHENS
8 o o K - MARKET
wEK)HTE1 AVERAOe
4UNCB %OF BALANCE YIELDTO (OaO'S) WRTPOUO (OOO'S) M A N W n
1%
32 %
54%
0%
19%
0%
106%
-in -4%
OX
100%
4 . ~
7 . 4 ~
7.JX
7.11
NIA
N I A
N/A - Not Applicable
Note: Yield to maturity compuation is not applicable for interest and dividend accruals or equities.
ARKANSAS POWER & LIGHT COMPANY AN0 lI TRUST FUND
ANALYSIS OF INVESlUENT PORTFOLIO BALANCES DECEMBER 31,1991
TAXOUALlFlW - SIMMONS ASSHT
DJBCMPTION - BOOK
CASH AND CASH EQUIVALWTS
MUNICIPAL BONDS-ARKANSAS
MUNICIPAL BONDSOTHER
U.S. OOVERNMBNT S E C U W
@QUITE.¶
INTEREST dr DIVIDEND ACCRUAL
BEFORE TAX BALANCE
PRIOR YEAR NHT TAXES
CURRWT NET TAX89
ACCRUED TRU- FEE3
AFTER TAX BALANCE
P R O J B T D TAROET
0%
2%
102%
-1 %
-1%
0%
100%
-
4.8%
6.9%
6.5%
NIA
NIA
NIA
NON-TAXQUALIFIED - STEPHENS
BOOK MARKHT - wEK)HTED AVERAOE
A U N C E %OF BALANCE YIELDTO (ooo's) K)RTK)LK) (OOO'S) MATURITY
1%
36%
6%
1%
63%
1%
108%
-3 %
-5 %
0%
100% -
l-22
n 1.753
4.2%
7.7%
8.3%
7.3%
NIA
NIA
TOTAL FUND - SIMMNS 6 STEPHENS
BOOK MA= - WEK)HfED AVeRAOE
bLANCB %OF BALANCE Y E I D T O (OOO'S) K)RTIWUO W ' S ) H A T U R I W
2%
27%
63%
0%
8%
2 %
102 %
- I %
- I %
0%
100 %
$661
9.125
21.572
l.3
1,753
646
u3.70
m 87.
00
u3,795 -
4.7%
7.0%
6.5%
7.)%
N IA
NIA
NJA - Not Applicable
Note: Yield to maturity computation is not applicable for interest and dividend accruals or equities. w P, w Ib
Page 7 ARKANSAS POWER & LIGHT COMPANY ANALYSIS OF INVE-NT RESULTS AN0 I TAX QUALIFIED T R U n FUND - WORTHEN BANK AND TRUST
DECEMBER 31,1991 - Y u r to Date
(Dollars in Th-ds)
MARKET VALUE BOOK VALUE
After Tax Value as of 12/31/90
Contributions - Y u r to Date Investment Return:
Jnterest Income: RdiZCd Unrealized Previously Unrealized
Current Interest Income
Gains and Losses: Realized UllrCaliZed Previously Unrealized
Current Net Gains and Losses
Total Investment Return
Less Trusteehvestment Mgr. Fees
Net Investment Return
Before Current Tax Fund Balance Income Tax Paid
Fund Balance
Income Tax A c c d Income Tax Paid
Current Net T.xer
After Tax Fund Balance
After Tax Net Investment Return
$20,488
6,190
425 2,401 (1,087) 1.739
$19,93 1
6,190
425 2,401
1.739 (1,087)
31 3,227 @oo~
31 NIA NIA
2,358
4,097
(as) 4.032
31
1,770
(6s) 1.705
30,710
(1) 30,709
(961)
$29,749
$3,071
27,826
(1) 27,825
(66) 1
$27,760
$1,639
Annualized After Tax Rate of Return - 13.2%
ARKANSAS POFYER k LIGHT COMPANY ANALYSIS OF m N T RESULTS AN0 II TAX QUALIFIED TRUST F"D - SIMMONS FIRST NATIONAL BANK
Page 8
DECEMBER 31,1991 - Y u r to Date
(Dollars in Thousands)
MARKET VALUE BOOK VALUE
After Tax Value as of 12/31/90 $21,885 $21,739
Contributions - Year to Date 6,950 6,950
Investment Return:
Interest Income: Realized Unrealized Previously Unrealized
Current Interest Income
Gains and Laser: Realized UlKC4llized Previously Unrealized
Current Net Gains and Losses Total Investment Return
Less Trusteehvestment Mgr. Fees
Net Investment Return
Before Current Tax Fund Balance
Income Tax Paid
Fund Balance
Income Tax A c c d Income Tax Paid
Current Net Taxes
After Tax Fund Balance
1,450 1,450 682 682
(401) (401)
1,731 1,731
(18)
(274)
926
2,657
1,218
(10% 2.552
(18) NIA NIA
1.608
31,387 30,297
(46) (46) 31,341 30,251
044) 40 46 46
(298) 86
$3 1,043 $30,337
After Tax Net Investment Return $2,208 $1,648
Annualized After Tax Rate of Return - 8.8%
Page 9 ARKANSAS POWER & LIGHT COMPANY ANALYSIS OF INvEsT)uIENT RESULTS AN0 I & AN0 II NON-TAX QUALIFIED FIXED TRUST FUND - STEPHENS, INC.
DECEMBER 31, 1991 - Yur to Date
(Dollars in Thousands)
After Tax Value am of 12/31/90
Contributions - Year to Date Investment Retunr:
Interest Income: RCaliZCd UWepliZCd Previously Unrealized
Current Interest Income Gains and Lussa:
RePlizad Unrealized Previously Unrealized Proceeds Received on Covered Call
Current Net Gains and Losses
Total Investment Return
Less Trusteehvestment Mgr. Fees
Net Investment Return
Before Current Tax Fund B~IMCC
Income Tax Paid
Fund Balance
Income Tax Accrubd Income Tax Paid
Current Net Taxes
After Tax Fund Balance
AN0 I Fuad Balance
AN0 11 Fuud Balance
MARKET VALUE BOOK VALUE
$6,856 $6,772
0 0
504 165 (143) 526
0 212 (138)
0
504 165 (143)
526
0 NIA NIA
0
74 0
600
0 593
7,449
(9n
7,352
(127) 97
(30)
$7,322
$5,639
$1.683
After Tax Net Investment Return $466
5 19
7,291
(97) 7,194
(97) 97
0
$7,194
$5,541
$1,653
$422
Annualized After Tax Rate of Return - 6.8%
ARKANSAS POWER & LIGHT COMPANY ANALYSIS OF INWXlMENT RESULTS AN0 I & AN0 lI NON-TAX QUALIFIED EQUITY TRUST FUND - !STEPHENS, INC.
Page 10
DECEMBER 31, 1991 - Yur to Date
(Dollars in Thousands)
MARKET VALUE BOOK VALUE
After Tax Value w of 12/31/90
Contributions - Year to Date Investment Return:
Interest Income: Realized Unrealized Previously Unrealized
Current Interest Income
Dividend Income: Realized UlWdi2.d Previously Unrulized
Current Dividend Income
Gains and Losses: Realized UnreOlizCd Previously unrealized
Current Net Gains and Losses
Total Investment Return
Less Tnrstae5vestment Mgr. Fees Net Investment Return
Before Current Tax Fund B a h
Income Tax Paid
Fund Balance
Income Tax Accrued Income Tax Paid
Current Net Taxa
After Tax Fund Balance
AN0 I Fund Balance
AN0 II Fund Balance
AAer Tax Net Investment Return
$7,619
625
$6,843
625
101 101 1 1 (6) (6) 96 96
195 14 (1 1) 198
266 2,879 (1,251) 1,894
2,188
(1 10)
2,078
10,322
45
10,367
(699) (451
c1w $9,623
$7,411
$2,212
$1.379
195 14 (11) 198
266 NIA NIA
266
7,918
45
7.963
02) (45) ciin
$7.846
$6.043
51.803
$378
Annualized After Tax Rate of Return - 16.9%
A- 1
ARKANSAS POWER & LIGHT COMPANY
1.
NUCLEAR DECOMMISSIONING TRUST FUND ANALYSES
SUMMARY OF ASSUMPnONS AND PARAMETERS
Cash and cash equivalents (comprised of savings accounts, the Fidelty funds, and uninvested cash) are assumed to have a one-year maturity in computing the weighted average yield to maturity and weighted average maturity.
2. The remaining term of each investment (statement date to maturity date) is weighted by the securities' face value to determine the weighted average maturity. For cash and cash equivalents, face value is the quarter-cnd balance in the account.
3. The yield to maturity of each security is weighted by its purchase price and average maturity in determining the weighted average yield to maturity for all securities except zero coupon bonds. For zero coupon bonds, the quarter-end book value (purchase price plus interest accretion) is used in determining the weighted average yield to maturity.
4. The quarter-cnd interest and dividend receivables arc not used in the computation of weighted average yield to maturity and weighted average maturity because they are already considered in the yield of the related security.
5. The maturity and yield to maturity computations are not applicable for equities.
!XHHARY STA-
OF
APLL N'UCLE2h.R DECOHHISSIONING !L'RUS!L' FUNDS
AT
DECEHBER 31, 1990
PRKPARED BY
ARKANSAS PowKR L LIGar COmANY
ARKANSAS POWER 4i LIm COHPANY
AN0 DECOHHISSIONING TRUST FUND REPORT
DESCRIPTION
Investment Manager Performance
Performance Evaluation Summary
AN0 I Trust Fund Balances (Graph)
AN0 I1 Trust Fund Balances (Graph)
AN0 I Analysis of Investment Portfolio Balances
AN0 I1 Analysis of Investment Portfolio Balances
AN0 I TQ Analysis of Investment Results
AN0 I1 TQ Analysis of Investment Results
AN0 I and I1 NTQ Fixed Analysis of Investment Results
AN0 I and I1 NTQ Equity Analysis of Investment Results
Appendix :
Assumptions and Parameters ..
PAGE
1
2
3
4
5
6
7
a
9
10
A-l
INVESTMENT MANAGER PERFORMANCE YTD DECEMBER 31, 1990
1 8.3%
. . -
I
I
i I
6% - -
4% -
-
2% -
0%
8% -j
5.7%
0.2% .--
STEPHENS-EQUIPI WORTHEN
6.7%
- -
6.2%
SI M M 0 N S STEP H E N S - F I XED C 0 M P OS ITE
1990 TARGET INVESTMENT MANAGER
ARKANSAS POWER & UGHT COMPANY NUCLEAR DECOMMISSIONING TRUST FUNDS PERFORMANCE EVALUATION SUMMARY
DECEMBER 31,1990 - Year to Date
MARKET VALUE
AFER TAX AFER TAX ROR
INVESTMENT MANAGER BALANCE YTD (1)
fQUlTY (IN THOUSANDS)
STEPHENS - EQUITY $7,619 0.2%
:IXED INCOME
WORTHEN $20,488 8.3%
SIMMONS $21,885 6.7%
STEPHENS - FIXED INCOME $6,856 6.2%
rOTAL FIXED INCOME $49,229 7.3%
-0TAL ALL FUNDS $56,848 6.1%
Page 2
BOOK VALUE
WEIGHTED AVERAGE WElG HTED
AFTER TAX YIELD TO AVERAGE BALANCE MATURITY MATURITY
IN THOUSANDS)
$6,843 NIA NIA
$1 9.931 7.6% 24.4 Years
$21,739 7.0% 7.1 Years
$6,772 7.8% 19.4 Years
$48,442 7.5% 20.7 Years
.. $55.285 NIA NIA
(1) Rates of return include dividend and interest income as well as realized and unrealized gains and losses.
NIA - Not Applicable
A N 0 I TRUST FUND P ORTFOL IO BALANCES
DECEMBER 31, 1990
$35,000
$30,000
- rn $25,000 3 13 t i 0 rn 3 0 E I- W
$20,000
$15,000
$10,000
$5,000
I
WORTHEN STEPHENS-EQUIN & FIXED TOTAL TAX QUALIFIED FUND NON-TAX QUAlLFlED FUND
_ .
TARGET VAL U E
$30,000
$25,000
$20,000
#i 15,000
$10,000
$5,000
$0
AN0 11 TRUST FUND PORTFOLIO BALANCES
1
$25,005 $24,752
SIMMONS STEPHENS-EQUW & FIXED TOTAL TAX QUALIFIED FUND NON-TAX QUALIFIED FUND
P
ASSET DESCRIPTION
TAXQUALIFIED - WORTHEN
MARKET - BOOK
WEIGHTED
:ASH AND CASH EQUIVALENTS
lUNlClPAL BONDS-ARKANSAS
OUNlClPAL BONDS-OTHER
I.S. TREASURY NOTES
!QUITIES
NTEREST b DIVIDEND ACCRUAL
IEFORE TAX BALANCE
NON-TAXQUALIFIED - STEPHENS
MARKET BOOK WEIGHTED
'RIOR YEAR NET TAXES
XJRRENT NET TAXES
LCCRUED TRUSTEE FEES
PTER TAX BALANCE
'ROJECTED TARGET
33%
67%
1%
102%
-1%
-1 %
0%
100%
7.5%
7.6%
NIA
NIA
36%
7%
6%
47%
1 %
103%
-4%
1%
0%
100%
$lO,Sh3
6.0%
7.7%
8.3%
8.0%
NIA
NIA
TOTAL FUND - WORTHEN & STEPHENS
MARKET
LALANCE (OW'S)
% OF PORTFOLIO
3%
34%
46%
2%
17%
1%
102%
-2%
0%
0%
100%
BOOK - WEIGHTEC AVERAGE
BALANCE YIELD TO (000's) MATURITY
7.1%
1.6%
7.6%
8.0%
NIA
NIA
N/A - Not Applicable
Note: Yield to maturity computation is not applicable for interest and dividend accruals or equities.
ASSET DESCRIPTION
NON-TAX QUALIFIED - STEPHENS
CASH AND CASH EQUIVALENTS
MUNICIPAL BONDS-ARKANSAS
MUNICIPAL BONDS-OTHER
US. TREASURY NOTES
EQUITIES
INTEREST &DIVIDEND ACCRUAL
BEFORE TAX BALANCE
TOTAL FUND - SIMMONS d STEPHENS
PRIOR YEAR NET TAXES
CURRENT NET TAXES
ACCRUED TRUSTEE FEES
AFTER TAX BALANCE
PROJECTED TARGET
ARKANSAS POWER & LIGHT COMPANY AN0 II TRUST FUND
ANALYSIS OF INVESTMENT PORTFOLIO BALANCES DECEMBER 31 I 1990
TAXQUALIFIED - SIMMONS
BOOK MARKET - WEIGHTED AVERAaE
IALANCE % OF BALANCE YIELD TO (000's) PORTFOLIO (000's) MATURITY
1%
48%
48%
2%
2%
101%
-1%
0%
0%
100%
7.5%
7.0%
7.0%
8.3%
NIA
NIA
BOOK MARKET - WEIGHTED AVERAGE
47%
1%
103% 30
-4%
1%
0%
100%
NIA
NIA
$24,762
6%
2%
101%
-1%
0%
0%
100%
7.2%
7.1%
7.0%
8.2%
NIA
NIA
NIA - Not Applicable
Note: Yield to maturity computation is not applicable for interest and dividend accruals or equities.
Page 7 ARKANSAS POWER & LIGHT COMPANY ANALYSIS OF INVESTMENT RESULTS AN0 I TAX QUALIFIED TRUST FUND - WORTHEN BANK AND TRUST
DECEMBER 31,1990 - Year to Date
(Dollars in Thousands)
After Tax Value as of 12131 189
Contributions - Year to Date
Investment Return:
Interest Income: Realized Unrealized Previously Unrealized
Current Interest Income Gains and Losses:
Realized Unrealized Previously Unrealized
Current Net Gains and Losses
Total Investment Return Less Trustee/lnvestment Mgr. Fees
Net Investment Return
Before Current Tax Fund Balance
Fund Balance Income Tax Paid
Income Tax Accrued Income Tax Paid Current Net Taxes
After Tax Fund Balance
MARKET VALUE
$1 2,393
6,814
482 1,087 14281
1,141
19 900
(579) 340
1,481 (41)
1,440
20,647 (8)
20,639
8
.. (1 59)
(151)
$20.488
After Tax Net Investment Return $1.281
BOOK VALUE
$1 2,035
6,814
482 1,087 (428)
1,141
19 N/A N/A
19
1,160
(41 1 1,119
19,968
(8) 19,960
(37) 8
(29)
$1 9,931
$1,082
Annualized After Tax Rate of Return - 8.3Yo
ARKANSAS POWER I? LIGHT COMPANY ANALYSIS OF INVESTMENT RESULTS AN0 II TAX QUALIFIED TRUST FUND - SIMMONS FIRST NATIONAL BANK
Page a
DECEMBER 31,1990 - Year to Date
(Dollars in Thousands)
After Tax Value as of 12/31 189
Contributions - Year to Date
Investment Return:
Interest Income: Realized Unrealized Previously Unrealized
Current Interest Income
Gains and Losses: Realized Unrealized Previously Unrealized
Current Net Gains and Losses Total Investment Return
Less Trustee/lnvestment Mgr. Fees Net Investment Return
Before Current Tax Fund Balance
Fund Balance
Income Tax Paid
Income Tax Accrued Income Tax Paid
Current Net Taxes
After Tax Fund Balance
After Tax Net Investment Return
MARKET VALUE
$1 3,407
7,358
1,052 401 (261 1
1,192
5 274
(1 82)
97
1,289
(68) 1,221
21,986
(68) 1,221
21,986
$21,885
$1,120
BOOK VALUE
$1 3,304
7,358
1,052 401 1261)
1,192
5 N/A NIA
5
1,197
(68) 1.129
21,791
(31 )
21.760
$21.739
$1,077
Annualized After Tax Rate of Return - 6.7%
Page 9 ARKANSAS POWER & LIGHT COMPANY ANALYSIS OF INVESTMENT RESULTS AN0 I & AN0 II NON-TAX QUALIFIED FIXED TRUST FUND - STEPHENS, INC.
DECEMBER 31 , 1990 - Year tO Date
(Dollars in Thousands)
After Tax Value as of 12/31/89
Contributions - Year to Date
Investment Return:
Interest Income: Realized Unrealized Previously Unrealized
Current Interest Income Gains and Losses:
Realized Unrealized Previously Unrealized Proceeds Received on Covered Call
Current Net Gains and Losses
Total Investment Return
Less Trusteellnvestment Mgr. Fees
Net Investment Return
Before Current Tax Fund Balance
Income Tax Paid
Fund Balance
Income Tax Accrued Income Tax Paid
Current Net Taxes
After Tax Fund Balance
AN0 I Fund Balance
AN0 II Fund Balance
After Tax Net Investment Return
Annualized After Tax Rate of Return -
MARKET VALUE
$6,456
0
500 143
(1 40)
503
0 137
(1 46)
(9) 494
(5) 489
6,945
(71 1 6,874
(89) .. 71
$6,856
$5,378
$1,478
$400
6.2%
BOOK VALUE
$6,366
0
500 143
(1 40) 503
0 N/A NIA
0
503
(5) 498
6,864
(71 1
6,793
(92) 71
(21 1 $6.772
$5.31 2
$1,460
$406
ARKANSAS POWER & LIGHT COMPANY ANALYSIS OF INVESTMENT RESULTS AN0 I & AN0 II NON-TAX QUALIFIED EQUITY TRUST FUND - STEPHENS, INC.
Page 10
DECEMBER 31,1990 - Year to Date
(Dollars in Thousands)
MARKET VALUE BOOK VALUE
After Tax Value as of 12/31/89
Contributions - Year to Date Investment Return: Interest Income: Realized Unrealized Previously Unrealized Current Interest Income
Dividend Income: Realized Unrealized Previously Unrealized Current Dividend Income
Gains and Losses: Realized Unrealized Previously Unrealized
Current Net Gains and Losses
Total Investment Return
Less Trustee/lnvestment Mgr. Fees
Net Investment Return
Before Current Tax Fund Balance
Income Tax Paid
Fund Balance
Income Tax Accrued Income Tax Paid
Current Net Taxes
After Tax Fund Balance
AN0 I Fund Balance
AN0 II Fund Balance
$7,346
261
$6,466
261
79 79 6 6 (3) (3) 82 82
169 169 11 11
168 168 (1 2) (1 2)
7,585
.. (1 38) 7,447
34 138
172
$7,619
$51977
$1,642
(1 7) N/A N/A
(1 7) 233
(881
145
6,872
(1 381
6,734
(29) 138
109
$6,843
$5,368
$1,475
After Tax Net Investment Return $1 2 $116
Annualized After Tax Rate of Return - 0.2%
A- 1
ARKANSAS POWER h LIGHT COMPANY NUCLEAR DECOMMISSIONING TRUST FUND ANALYSES
SUMMARP OF ASSUMPTIONS AND PARAMETERS
1. Cash and cash equivalents (comprised of savings accounts, the Fidelity funds, and uninvested cash) are assumed to have a one-year maturity in computing the weighted average yield to maturity and weighted average maturity.
2. The remaining term of each investment (statement date to maturity date) is weighted by the securities' face value to determine the weighted average maturity. and cash equivalents, face value is the quarter-end balance in the account.
For cash
3 . The yield to maturity of each security is weighted by its purchase price and average maturity in determining the weighted average yield to maturity for all securities except zero coupon bonds. F o r zero coupon bonds, the quarter-end book value (purchase price plus interest accretion) is used in determining the weighted average yield to maturity.
not used in the computation of weighted average yield to maturity and weighted average maturity because they are already considered in the yield of the related security.
5. The maturity and yield to maturity computations are not applicable for equities.
4. The quarter-end interest and dividend receivables are
AN0 I TAX QUALIFIED NUCLEAR DECOMMIUONING TRUST FUND
DETAILED USING OF SECURITIES W O M E N BANK 8 TRUST - TRUSTEE AND INVESTMENT MANAGER
31 -DeC-90
SECURrrY DESCRIPTION
ARKANSAS MUNICIPAL BONDS:
BENTON PUBLIC UTlLmES REVENUE L l m E ROCK. AR HEALTH (BAPTISr HOSP.) PUIASKI COUNTY, AR HOUSING MTG. REV. PUIASKI COUNTY, AR HOUSING MTG. REV. PULASKI COUNTY, AR HOUSING MTG. REV. LITRE ROCK, AR RESIDENTIAL HOUSING AR HOUSING DEV. A U M . MTG. REV. AR HOUSING D N . A U M . MTG. REV. AR HOUSING D N . AUTH. MTG. REV. WARREN, AR SOUD WASTE DISP. REV. WARREN, AR SOUD WASTE DISP. REV.
ARKANSASZEROCOUPONBONDS:
LITTLE ROCK, AR HOUSING - 1
UNION CO.. AR RESIDENTIAL HOUSING LllTLE ROCK. AR HOUSING - 2 LITTLE ROCK, AR HOUSING - 3 LITRE ROCK. AR HOUSING - 4 L l m E ROCK, AR HOUSING - 5
TOTAL ARKANSAS MUNICIPALS
OTHER MUNICIPAL BONDS:
LOUISIANA PUBLIC FAClUTlES AUTH.
OTHER ZERO COUPON BONDS:
SAN ANTONIO, TX SERIES C SHELBY COUNTY, TN SCHOOL BONO GWINNI3-r CO.. GA WATER 8 SEWER CHESTERFIELD CO., VA WATER 8 SEWER NEW YORK STATE URBAN DEVELOPMENT INTERMOUNTAIN POWER AGENCY (UTAH) INTERMOUNTAIN POWER AGENCY (UTAH) OKLAHOMA CITY, OK WATER 8 SEWER HURON, MI SCHOOL DISTRICT HARRIS CO.. TX REV. TOLL ROAD VIRGINIA STATE HOUSING DEVELOPMENT GALVESTON CO.. TX LIGHT 8 REVENUE NEW YORK STATE DORMITORY AUTH. NEW YORK STATE URBAN DEVELOPMENT DALLAS CO.. TX UTlLllY 8 RECIAMATION LOUISIANA GENERAL OBLIGATION BROOMFIELD. CO UNLIMITED TAX G.O. BROOMFIELD, CO UNLIMITED TAX G.O.
PURCHASE - DATE
08- Jun-88 21 -Apr-88 12-OCt-88 10-NOv-88 1 1 -Jan49 15-sep-88 10-May-89 09-Jun-89 12-JUl-89
10-NW-89 12-Fa-90
28-Jun-90 11 -Jun-90 1 8-JuI-90
06-Aug-90 10-sep-90 10-at-90
04-May-88
12-Dec-88
09-Sep-88 16-Sep-88 19-Apr-88 1 1 -Apr-89 17-Mar-89
24-May-88 12-Apr-89
10-Fa-89
15-Sep-89 08-Sep-89 08-Dec-89 1 0-Nw-89 10-Aug-89 09-Mar-90 22-Jan-90
17-Jan-90 21-Feb-90
MATURITY - DATE
Of -sep-2004 01 -N0~-2009 01-Jun-2010 01-Jun-2010 01 -Jun-2010 01 -sep-2011 01-DW-2014 01-DW-2014 01 -Apr-2021 01 -Aug-2013 01 -Aug-2013
15-Jul-2017 01 -Mar-201 3 15-Jul-2011 15-Jul-2011 15-Jul-2011 15-JuI-201 1
01 -D=-2015
01 -Aug-2006 01-Aug-2007 01 -Aug-2010 01 -N~-2010 01-Jan-2011 01 -Jul-2002 01 -Jul-2002 01 -Jul-2013
01 -May-2016
01 -Jan-2001
01 -May-2005 01 -Jan-201 1
15-Aug-2018
01 -Feb-2004
15-Feb-2018 01 -Aug-2005 01 -Dec-2OO9 01 -Dec-2009
BOOK - VALUE
1 ,o0o.000 1,026.970
447.512 447,543 105.Ooo 6oo.OOo 22o.OOo 205.000 500.000 511.715 5 w.000
155,063 473.21 7 155.086 39,359 79.91 6
FACE AMOUNT
i ,000,000 1,000.000
450.000 450.000 105.000 600.000 220.000 205,000 500.000 500,000 500,000
650.000 2,500,000
650,000 165,Ooo 335,000
199,963 855.000 6,666,343 10,685,OOO
489.466
771,474
437,846 389579 61 1,758 242,727 511,188 397.242 171.148 246.81 4 149,352 533.744 438.841 533.643 449.423 523208 361.548 148,252 390,985
495.000
2,500,000 1,575,000 1,750,000 2.900.000 1,100.000 1,200.000
925.OOO 1 ,000.000 1.800.000 1 ,000.000 1 ,100,000 1,100,000 1,500.000 1,700,000 3,800,000 1 ,oO0,000
550,000 1,450,000
FACE - RATE
7.40% 8.40% 7.25% 7.25% 7.25% 7.30% 7.25% 7.25% 7.15% 7.50% 7.50%
YIELD TO MATURITY
7.37% 7.58% 7.37% 7.04% 7.38% 7.14%
FACE RATE -
7.9096 YIELD TO MATURITY
7.45% 7.80% 7.40% 8.0046 8.1096 7.35% 7.35% 7.77% 8.0096 7.0046 7.35% 7.15% 7.35% 8.10% 7.65% 6.85% 7.15% 7.15%
WORTHEN BANK 8 musr (concluded)
SECURrrY DESCRIPTION
HARRIS CO.. TX RW. TOLL ROAD
PHILADELPHIA, PA MUNICIPAL AUTH. REV. BRIGHTON. MI SCHOOL DIST. DENVER, CO COUNTY AIRPORT & REV. HARRIS COUNTY, TX REV. TOLL ROAD WHITE CLOUD, MI PUBLIC SCHOOLS VA HOUSING DEVELOPMENT AUTH.
ROMEO, MI - SCHOOL BLDG. SITE
DADE CO., FL GTD ENT REVENUE - 1 DADE CO., FL GTD ENT REVENUE - 2 DADE CO., FL GTD ENT REVENUE - 3 LA PUBLIC FACILITIES AUTH. REV.
TOTAL OTHER MUNICIPALS
CASH AND CASH EQUIVALENTS:
WOfVHEN BANK INSURED READY FUND
ACCRUED INTEREST TOTAL PORTFOLIO
PURCHASE DATE -
09-Mar-90 05-Apr-90
10-May-90 ? 0-Apr-90
10-JUl-90 IO-AUg-90 23-Aug-90 10-Oct-90 1 3-Nw-90 13-NW-90 IO-D~C-QO 06-OW-90
MATURm BOOK FACE YIELD TO VALUE AMOUNT MATURrrY - DATE -
15-Aug-2018 01 -May-2015 15-Mar-2008 01 -May-2015 1 5-NOV-2005 15-Aug-2021 01 -May-2015 01 -Jul-2029
01 -Aug-2014 01 -Aug-2018 01 -Aug-2014 01 -DW-2019
291,113 351.807 198.858 500.137 432.072 604,358 614.040 482.054 352,276 746.389 348,347 301.552
13.021.241
2,000.000 2,000,000
700,000 3,000.000 1,500.000 5.600.000 3,500.000 10,000.000 2.000.000 6,000.000 2.000.000 2.500.000
69.245.000
7.00% 7.25% 7.45% 7.50% 8.55% 7.0046 7.35% 8.38% 7.60% 7.70% 7.60%
FACE - R A E 192,496 192.496 7.82%
107,186 19.987.266 80.1 22.496
'Current Rate
_.
AN0 I1 TAX QUALIFIED NUCLEAR DECOMMISSlONlffi TRUST FUND SIMMONS FIRST NATlONAL BANK - TRU!3TEE AND INVESTMENT MANAGER DETAILED US~NG OF SEcuRrnEs
31 -Dec-90
SECURITY DESCRIFWON
U.S. GOVERNMENT SECURITIES: U.S. TREASURY NOTE
ARKANSAS MUNICIPAL BONDS:
BENTON, AR PUBLIC UTlLmES
CROSSIEIT. AR IDR (GEORGIA PACIFIC) FORT SMITH, AR SALES & USETAX BOND JONESBORO, AR CrrY WATER & LIGHT L l m E ROCK METROCENTER IMPROVEMENT L l m E ROCK SEWER REVENUE REFUND. TEXARKANA, AR PUBLIC FACILITIES BD. UNIVERSITY OF AR-FAYEITEVILLE UNIVERSITY OF AR-FAYEllEVILLE L l m E ROCK, AR HEALTH (BAPTIST HOSP) WASHINGTON CO., AR HOSPITAL REV. ADFA ECONOMIC DEV. SERIES 89 G, H & I PEA RIDGE, AR SCHOOL DIST #lo9 PEA RIDGE, AR SCHOOL DlST#109 PEA RIDGE, AR SCHOOL DIST #lo9 PEA RIDGE, AR SCHOOL DIST #lo9 PEA RIDGE, AR SCHOOL DlST #lo9 PEA RIDGE, AR SCHOOL DIST #lo9 PEA RIDGE, AR SCHOOL DIST #lo9 PEA RIDGE, AR SCHOOL DIST #lo9 PEA RIDGE, AR SCHOOL DIST #lo9 PINE BLUFF, AR SOUD WASTE WASHINGTON CO.. AR SALES TAX ADFA SERIES 88E SINGLE FAMILY HOUSING U OF AR LAW 8 MEDICAL SCHOOL ADFA SERIES 90A SINGLE FAMILY HOUSING AR SCHOOLS 1990 CASH FLOW BORROW. L l m E ROCK SCHOOL DISTRICT ADFA SERIES 9OC SINGLE FAMILY HOUSING INDEPENDENCE CO.. AR PUB. HLTH & EDUC. ADFA SERIES 908 ECONOMIC DN. REV. ADFA SERIES 900 ECONOMIC DEV. REV. SEBASTlAN CO.. AR JR. COLLEGE DIST. MAGNOLIA, AR IDR REV. (AM. FUEL CELL)
CARROLL-BOONE CO.. AR WATER DIST
TOTAL ARKANSAS MUNICIPALS
PURCHASE DATE -
13-NW-90
07-Jun-88 25-Apr-89 17-NW-88 22-Dec-88 17-at-88 27-Apr-88 29-Jun-89 01 -Jun-88
28-Jun-88 1 9-OW-88
18-Oct-89 1 6-Nw-89 28-Nw-89 21 -Dec-89 21 ---a9 21 -Dec-89 21 -Dec-89 21 -Dec-B9 21 - D ~ - 8 9 2 1 4 ~ 4 9 21 -&-a9 21 -D%-89 19-Jan-90 31 -Jan-90 01 -Mar-90 20-Apr-90 13-Jun-90 25-Jut-90
13-Sep-90 18-Sep-90 18-Sep-90 27-Sep-90 27-Sep-90 24-at-90 15-N~-90
..
MATURITY - DATE
15- Jan-97
01 -Sep-99 01 -Apr-96
01-Jun-2001
01 -Jan-2000 01-Jan-99
01 -Jan-%
01 -Dec-92
01 -F&-98
01 -NOW92 01 -NOv-94
01 -sep-2001
01 - N ~ - 9 6 01 -De~-9l 01-Oec-92 01 -Dec-93 01 -De~-94 01 -0ec-95 01 4eC-96 01 -Dec-97
01 4W-99 15-Nov-2001 01 -F&-2003
01 -Jun-98 01 -Dec-96 01 -Mar-91 06-DW-91
01-Jan-2001 01 -Mar-92 01 -Sep-96 01 -Sep-97 01 -sep-97
01 -Apr-201 1 01 -May-2009
01-Jan-2000
01 -0eC-98
BOOK VALUE -
492.81 3
300,000 250.000 460,650 500,000 480.630 237,745 454.421 595.355 274,938 400.000 500.000 175,000 500,000 26.150 30,000 30,000 35.000 35.000 40,000 39.874 44,770 44,670
51 7,580 400.000 200.000 200,000 450,000 500,000 500,000 500.000 492.000 99.451
200.000 479.275 300.000
FACE AMOUNT
500.000
300,000 250,000 500.000 500.000 500,OOO 250.000 465,000 500.000 250,000 400.000 500,000 175.000 500.000 26,150 30,000 30.000 35,OOo 35.000 40.000 40.000 45.000 45.000 500.000 400,000 200,000 200.000 450,000 500,000 500,000 500.000 492.000 100,000 200.000 500.000 300.000
10.292.509 10.Z8.150
FACE RATE -
8.004
7.009 6.954 6.009
6.409 6.1 W 6.259
10.509. 9. ooo/ 6.409 7.25% 6.50% 7.000f 6.059 6.100, 6.15% 6.20?! 6.25% 6.30% 6.30% 6.30% 6.3W 7.7m 6.80% 6.85% 7.8W 6.45% 6.4096 6.809t 6.75% 7.50% 6.90% 7.00% 6.oooA 9.10%
6.400,
SIMMONS FIRST NATIONAL BANK (concluded)
SECURrrY DESCRIPTlON
OTHER MUNICIPAL BONDS:
LA RECOVERY DISTRICT SALES TAX LA RECOVERY DISTRICT SALES TAX MS GULF COAST REGIONAL WASTE WATER MUNI. ASST. CORP. CrpI OF NEW YORK WISCONSIN STATE GENERAL OBUGATlON INDIANOLA, MS SCHOOL DISTRICT - 1992 INDIANOLA, MS SCHOOL DISTRICT - 1993 INDIANOLA, MS SCHOOL DISTRICT - 1994 ORLEANS PARISH, LA SCHOOL BOARD MISSOURI HIGHER EDUC. LOAN AUTH. DALLASIFT. WORTH, TX AIRPORT N O N ORLEANS, LA GENERAL OBLIGATION MS STATE GENERAL OBUG. SERIES A-K STATE OF MS GENERAL OBUG. OK TURNPIKE AUTH. SYSTEM SERIES A SHREVEPORT. LA WATER & SEWER RICHMOND, VA REDEV. HOUSING AUTH. LA GENERAL OBUG. SERIES C CALIFORNIA HIGHER ED. LOAN AUTH. LA STATE GAS & FUELS TAX NEW JERSY TURNPIKE AUTHORrrY GREATER EASTTX EDUC. AUTH. BOULDER. L & W CO.. COLORADO SCHOOL LA PUBLIC FACILITIES AUTH. CALIFORNIA HIGHER ED. LOAN AUTH. MINNESOTA HOUSING FIN. AGNY. SO. CAROLINA STATE EDUCATION ASST.
OTHER ZERO COUPON BONDS: ORLEANS PARISH LA SCHOOL BOARD ORLEANS PARISH LA SCHOOL BOARD
TOTAL OTHER MUNICIPALS
CASH AND CASH EQUIVALENTS: SIMMONS VARIABLE RATE SAVINGS
ACCRUED INTEREST TOTAL PORTFOLIO
PURCHASE DATE -
21 -JUl-88 21 -Apr-89 06-Apr-89
25-May-88 08-Mar-89 08-Mar-89 08-Mar-89
26-Sep-88
24411-89 28-JuI-89
04-Aug-89 04-Aug-89 26-SW-89 03-OCt -89 05-OCt-89 06-Dw-89 21 -OM-89 24-Apr-90
03-May-90 03-May-90 29-Jun-90 05-Sep-90 20-Nw-90 03-DW-90 19-Dec-90 20-Dw-90 26-DM-90
24-at-90 24-OC1-90
MATURITY 7 DATE
01 -J~l-95 01-JuI-95 01 -Jul-95 01 -JUl-91
01 -May-98 01 -Mar-92 01 -Mar-93 01 -Mar-94 01 -D%-95 15-Fa-93
01 -NOV-2002 01 -ow-94
01 -sep-2001 31 -0ct-2000 01 -Jan-2006
01 -0%-94 01 -Apr-92 01 -0Cl-95
01 -Sw-2003 1 5-Nw-97
01 -Jan-2009 01 -sep-2000
15-Dw-95 01 -Nov-96
01 -Jul-2002 01 -Aug-2000
01 -sep-!36
01 -Feb-94 01 -AUg-94
BOOK VALUE -
250.000 250.578 250.000 434.399 300.000 151.605 165.558 179,421 360.000 500.000 473,750 344,031 234.044 300.000 425.000 441.419 500.000 567.050 350.000 497.080 453,125 200.000 445,192 5 10.1 90 500,000 500,000 500.000
166.437 161.237
FACE AMOUNT
250.000 250,000 250.000 385.000 300.000 140,000 150.000 160.000 360.000 500,000 500.000 300.000 235.000 300.000 500.000 450.000 500.000 500.000 35O.OOO 500,000 500.000 200,000 400.000 500.000 500.000 500,000 500.000
202,400 202.400
~~~ ~
10.410.1 14 10,384,800
FACE RATE -
7.25% 7.25% 7.05%
11.38% 6.80% 9.50% 9.50% 9.50% 6.70% 6.25% 6.25% 9.70% 7.00% 6.70% 4.70% 5.75% 6.75% 9.38% 8.25% 6.80% 5.75% 8.ooor6 9.40% 7.50% 8.25% 7.10% 6.40%
YIELD TO MAlURrrY
6.45% 6.45%
FACE - RATE
206.074 206,074 7.54%
397.265 21.798.775 21,349.024
Current Rate
AN0 I 8 AN0 I1 NON-TAX QUAUFIED NUCLEAR DECOMMISSIONING TRUST STEPHENS FIXED FUND
DETAILED LISTING OF SECURITIES UNION NATIONAL BANK - TRUSTEE/ STEPHENS, INC. - INVESTMENT MANAGER
31 -DeC-90
SECURrrY DESCRIPTION
ARKANSAS MUNICIPALS:
ADFA (PINE BLUFF WAREHOUSE PROJECT) ADFA (INDIAN ROCK VlLL FAIRFIELD BAY)
UNIVERSITY OF ARKANSAS FAYoTNlLLE AR HEALTH CARE FAC. SISTERS OF MERCY
CLARKSVILLE. AR - IDR - BALDOR EL€CT.
ADFA - SFM 1988 - SERIES B GNMA CONWAY CO., AR WATER DISRIBUTION LITTLE ROCK, AR HEALTH (BAPTIST HOSP.) PHILLIPS CO., AR SALES TAX REF. REV. ST. FRANCIS CO.. AR TAX REV. 89 SERIES SALINE CO., AR REllREMENT HOUSING SEARCY, AR HARDING UNIV. PUBUC EDUC.
OTHER MUNICIPAL BONDS:
FLORIDA HOUSING FIN. AGENCY GNMA DUVAL CO.. FL HOUSING FIN. AUTH.
CASH AND CASH EQUIVALENTS: FIDELITY U.S. GOVERNMENT PORTFOLIO
ACCRUED INTEREST TOTAL PORTFOLIO
PURCHASE DATE -
26-Aug-88 31 -Aug-89 06-w-89 28-Jun-88
28-sep-88 10-Mar-89 18-02-89 08-Mar-89 30-Mar-89 07-Jun-88
31 -JUl-89
20-0ct-88
21 4eC-88 08-sep-88
MATURITY - DATE
01 -AUg-98 01 -AUg-99 01 -AUg-98
01 -NOV-POOl 01 -Jun-2019
01 -Mar-2014
01 -Mar-2014 01 -Mar-2014 01 -Jun-2011
01 -Aug-2020
01 -sep-2015
01-Oct-2013
01 -0%-2020 01 -Sep-2019
BOOK VALUE -
340.000 500.000 500.000 250.000 498.750 485,000 500.000 250,000 500,000 500.000 272,315 500.000
5,096,065
485,OOo 495.000 980.000
~~
572,155
143.431
FACE AMOUNT
340,000 500,000 500.000 250,000 500,000 485,000 500.000 250,000 500.000 500.000 250.000 500.000
485,000 495.000
572,155
FACE RATE -
7.50% 8.25% 7.75% 7.25% 7.13% 8.40% 7.60% 7.75% 7.4096 7.50% 9.00% 8.00%
8.0096 8.50%
6.88%
~~ ~
6 % ,652 6.627.155
Current Rate
..
A N 0 I 8 AN0 II NON-TAX QUALIFIED NUCLEAR DECOMMISSIONING TRUST FUND STEPHENS EQUITY FUND UNION NATIONAL BANK - TRUSTBE I -HENS. INC. - INVESTMENT MANAGER DETAILED USTfNG OF SECURITIES
31 -DeC-90
SECURrrY DESCRlPnON
U.S. GOVERNMENT SECURITIES:
US. TREASURY NOTE U.S. TREASURY NOTE
CASH AND CASH EQUIVALENTS:
FIDELIlY U.S. GOVERNMENT PORTFOLIO
EQUITIES:
ALLTEL CORPORATION AMERICAN HOME PRODUCTS CORPORATION ARKANSAS FREIGHTWAYS ASARCO. INC. ATLANTIC RICHFIELD AVNET, INC. ATMOS ENERGY BRISTOL MYERS SQUIBB COMPANY BURLINGTON RESOURCES, INC. CBI INDUSTRIES, INC. CONAGRA, INC. LIZ CLAIBORNE, INC. L O W S CORPORATION PALL CORPORATION ROCHESTER TREPHONE S A F W KLEEN CORPORATION SOUTHWESTERN BELL (COMMON) STANLEY WORKS THIOKOL CORPORATION TORCHMARK CORPORATION lYSON FOODS, INC. (CUSS A) WAL MART STORES WISER OIL COMPANY
TOTAL EQUITIES
PURCHASE MATURm BOOK FACE FACE RATE - DATE - DATE - VALUE AMOUNT -
1 1 -Map90 30-Jun-92 496.094 500.000 8.25% 1 0-D~c-90 15-NOV-93 302.81 3 300.000 7.75%
798.906 800.000
..
353.305 353,305 6.88%
7 60.367 193.009 144,600 289.755 256.408 326.281 142.848 366.500 308.639 71,383
286.837 252457 524.1 98 1 19,707 228.924 322.1 30 371,568 273,352 21 9,790 15 1.428 194,077 233,682 191,592
5.629.529
7,500 5.000
1 1,500 10,000 3,000
12,850 9,350 7,800 9,OoO 2.300 9,OoO 8.500 6,500 3.500 6.500
10,m 7.500 8,000
16.000 4,800
11,000 16,000 1 0.000
195.600
ACCRUED INTEREST AND DIVIDENDS TOTAL PORTFOLIO
' Current Rate
16.771 6.798.51 1 1 ,153.305