Entergy Arkansas, Inc. 425 West Capitol P. Little Rock, · Entergy Arkansas, Inc. 425 West Capitol...

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


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

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)


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


Gains and Laser: Realized UlKC4llized Previously Unrealized

Current Net Gains and Losses Total Investment Return



Before Current Tax Fund Balance

Income Tax Paid

Fund Balance

Income Tax A c c d Income Tax Paid

Current Net Taxes


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


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


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





Before Current Tax Fund B~IMCC

Income Tax Paid

Fund Balance

Income Tax Accrubd Income Tax Paid

Current Net Taxes


AN0 I Fuad Balance

AN0 11 Fuud Balance


$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


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



After Tax Value w of 12/31/90

Contributions - Year to Date Investment Return:



Dividend Income: Realized UlWdi2.d Previously Unrulized

Current Dividend Income

Gains and Losses: Realized UnreOlizCd Previously unrealized



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


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


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


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.

ARKANSAS POWER & LIGHT COMPANY ANALYSIS OF INVESTMENT RESULTS AN0 I TAX QUALIFIED TRUST FUND - WORTHEN BANK AND TRUST



After Tax Value as of 12131 189

Contributions - Year to Date

Investment Return:


Current Interest Income Gains and Losses:

Realized Unrealized Previously Unrealized


Total Investment Return Less Trustee/lnvestment Mgr. Fees



Fund Balance Income Tax Paid

Income Tax Accrued Income Tax Paid Current Net Taxes


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



After Tax Value as of 12/31 189


Investment Return:



Gains and Losses: Realized Unrealized Previously Unrealized

Current Net Gains and Losses Total Investment Return

Less Trustee/lnvestment Mgr. Fees Net Investment Return


Fund Balance

Income Tax Paid


Current Net Taxes



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


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




Investment Return:


Current Interest Income Gains and Losses:

Realized Unrealized Previously Unrealized Proceeds Received on Covered Call



Less Trusteellnvestment Mgr. Fees



Income Tax Paid

Fund Balance


Current Net Taxes


AN0 I Fund Balance

AN0 II Fund Balance


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





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



Less Trustee/lnvestment Mgr. Fees



Income Tax Paid

Fund Balance


Current Net Taxes


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


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)


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


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


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


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.


FLORIDA HOUSING FIN. AGENCY GNMA DUVAL CO.. FL HOUSING FIN. AUTH.

CASH AND CASH EQUIVALENTS: FIDELITY U.S. GOVERNMENT 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

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