SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 11-K
(X) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1995 or
( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE
REQUIRED)
For the transition period from
to
Commission
File Number
-----------
Central Illinois Public Service Company 1-3672
CIPSCO Incorporated 1-10628
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
EMPLOYEE LONG-TERM SAVINGS PLAN,
EMPLOYEE LONG-TERM SAVINGS PLAN-IUOE NO. 148 AND
EMPLOYEE LONG-TERM SAVINGS PLAN-IBEW No. 702
(the "Plans")
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
(the "Company")
CIPSCO INCORPORATED
("CIPSCO")
607 East Adams Street
Springfield, Illinois 62739<PAGE>
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
TABLE OF CONTENTS
Report of Independent Public Accountants
Statements of Net Assets Available for Benefits
Statements of Changes in Net Assets Available for Benefits
Notes to Comparative Financial Statements
Allocation of Changes in Net Assets Available for Benefits
Supplemental Schedules
Signature
Exhibit 23 - Consent of Independent Public Accountants <PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
----------------------------------------
To Central Illinois Public
Service Company:
We have audited the accompanying statements of net assets available for
benefits of the CENTRAL ILLINOIS PUBLIC SERVICE COMPANY MASTER LONG-TERM
SAVINGS TRUST (which includes the Central Illinois Public Service Company
Employee Long-Term Savings Plan and the Central Illinois Public Service Company
Employee Long-Term Savings Plans, IUOE No. 148 and IBEW No. 702) as of December
31, 1995 and 1994, and the related statements of changes in net assets avail-
able for benefits for each of the three years in the period ended December 31,
1995. These financial statements and the schedules referred to below are the
responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statements and schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Central
Illinois Public Service Company Master Long-Term Savings Trust as of December
31, 1995 and 1994, and the changes in net assets available for benefits for
each of the three years in the period ended December 31, 1995, in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The schedule of allocation of changes
in net assets available for benefits is presented for purposes of additional
analysis rather than to present the net assets available for benefits of each
fund and is not a required part of the basic financial statements. The
supplemental schedule of assets held for investment purposes and schedule of
reportable transactions are presented for purposes of additional analysis and
are not a required part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The schedule of allocation of changes in net assets available for
benefits and the supplemental schedules have been subjected to the auditing
procedures applied in our audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
ARTHUR ANDERSEN LLP
Chicago, Illinois,
June 26, 1996 1<PAGE>
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1995 AND 1994
1995 1994
____ ____
Investments, at fair value (Notes 1 and 2):
CIPSCO Common Stock Fund $ 31,056,955 $ 18,905,904
Bond Index Fund 4,803,198 4,636,269
Standard & Poor's (S&P's) 500 Equity
Index Fund - 11,162,400
Money Market Fund 7,908,976 7,836,933
Growth Equity Fund 15,145,599 13,152,791
Equity Trust 3 15,164,851 -
Retirement Preservation Trust 531,927 -
AIM Value Fund 1,062,154 -
Global Allocation Fund 221,586 -
Capital Fund 268,093 -
Participant Loan Fund 3,268,849 1,899,339
___________ ___________
Total investments 79,432,188 57,593,636
Cash 623,637 82,133
Receivables:
Pending Settlement 20,613 70,724
Payroll withholdings (Note 2) 326,716 269,971
Interest and Dividends 5,417 58,371
___________ ___________
Total assets 80,408,571 58,074,835
___________ ___________
Liabilities:
Securities Purchased - 535,093
___________ ___________
Net assets available for benefits $ 80,408,571 $ 57,539,742
=========== ===========
The accompanying notes to comparative financial statements are an integral part
of these statements.
2<PAGE>
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
1995 1994 1993
____ ____ ____
Additions:
Employee contributions $ 7,869,878 $ 7,466,491 $ 6,406,315
Investment income 3,681,684 2,475,524 2,083,025
Realized gains (losses) on
sales of investments (Note 2) 453,074 (642,631) (321,431)
Change in unrealized
appreciation (depreciation)
on investments (Note 2) 15,421,001 (2,549,497) 1,794,518
___________ ___________ ___________
27,425,637 6,749,887 9,962,427
Deductions:
Distributions to former
participants (Note 1) 4,556,808 1,078,936 1,971,614
___________ ___________ ___________
Net increase 22,868,829 5,670,951 7,990,813
Net assets available for benefits
Beginning of period 57,539,742 51,868,791 43,877,978
___________ ___________ ___________
End of period $ 80,408,571 $ 57,539,742 $ 51,868,791
=========== =========== ===========
The accompanying notes to comparative financial statements are an integral part
of these statements.
3<PAGE>
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
NOTES TO COMPARATIVE FINANCIAL STATEMENTS
(1) Summary of Plans' Provisions
____________________________
- Description of Plans
The Central Illinois Public Service Company Master Long-Term Savings
Trust (the "Master Trust") was established April 1, 1985 to serve as
the funding medium for the Central Illinois Public Service Company
Employee Long-Term Savings Plan (the "Executive and Wage and Salary
Plan"), the Central Illinois Public Service Company Employee Long-
Term Savings Plan - IUOE No. 148 (the "IUOE Plan") and the Central
Illinois Public Service Company Employee Long-Term Savings Plan -
IBEW No. 702 (the "IBEW Plan") (collectively, the "Plans"). The
Plans, defined contribution plans subject to the Employee Retirement
Income Security Act of 1974 (ERISA), were adopted to provide a
systematic means by which certain eligible employees of Central
Illinois Public Service Company (an Illinois corporation and a
subsidiary of CIPSCO Incorporated) (CIPS or the "Company") and
affiliated employers adopting a Plan (collectively, the "Employers")
may adopt a regular savings program and to provide federal income tax
benefits resulting from participation in the Plans. Participants
should refer to the appropriate Plan agreement for a description of
the plan's provisions.
- Plan Administration
The Plans are administered by separate committees (the "Committees"),
which currently consist of five members approved by the Company. The
Committees have the power to adopt rules and regulations as deemed
necessary or advisable to carry out the Plans in accordance with
their terms. No member of the Committees who is an employee of the
Company may receive any remuneration for services in the capacity as
a member of the Committees. The Boston Safe Deposit and Trust
Company served as trustee under the Master Trust from October 1, 1989
through March 31, 1995. Effective April 1, 1995 Merrill Lynch
Trust Company of America (the "Trustee") became the Trustee of the
Master Trust.
All expenses to administer the Plans, including the fees and expenses
of the Trustee, are paid by the Company, except as provided for in
the Plans. All transaction fees of an investment fund are paid from
the assets of that investment fund.
4<PAGE>
- Investment Funds
The Plans provide for the following Investment Funds (the "Funds"):
The CIPSCO Common Stock Fund invests in CIPSCO common stock which it
purchases on the open market from time to time. The Trustee
handles the purchases and sales of CIPSCO common stock.
The Bond Index Fund invests in the Wells Fargo Government/Corporate
Bank Bond Index Fund, which is a stratified sample of bonds from the
Lehman Brothers Government/Corporate Bond Index (the "Bond Index").
The Bond Index is comprised primarily of U.S. Treasury, U.S. Agency
and corporate bonds.
The S&P's 500 Equity Index Fund invested in the Wells Fargo Bank
Equity Index Fund prior to April 3, 1995. From and after April 3,
1995 the S&P 500 Equity Index Fund has been invested in the Merrill
Lynch Equity Index Trust (Equity Trust 3), which is a collective
trust fund maintained by Merrill Lynch Trust Company. The invest-
ment objectives of Merrill Lynch Equity Index Trust are to approxi-
mate the total return of the S&P's 500 Composite Stock Index (the
"Equity Index"). The investment strategy has two components.
Ordinarily, over 90% of the assets are held as a traditional "full
replication" Equity Index portfolio comprised of all, or nearly all,
500 stocks in weightings closely aligned with those of the Equity
Index. The balance of the assets are held in a liquidity pool of
cash equivalents (hedged by ownership of S&P's 500 Index Futures)
that provides a return very close to the Equity Index, while
allowing low-cost, efficient accommodation of cash flows in and out
of the Merrill Lynch Equity Index Trust.
The Money Market Fund invests in the Wells Fargo Money Market Fund
for Employee Benefit Trusts, which provides for investment and
reinvestment in U.S. Government and government agency securities,
bank obligations such as certificates of deposit, banker's
acceptances and fixed-time deposits, short-term commercial debt
instruments such as commercial paper, unsecured loan participations
or variable rate demand notes and repurchase agreements. Prior to
April 3, 1995, the Money Market Fund invested in the Boston Safe
Deposit and Trust Company's Daily Income Fund.
The Growth Equity Fund invests in a separately managed portfolio
consisting primarily of diversified equity securities, securities
convertible into common stocks and cash equivalents managed by
Merrill Lynch Management. Prior to April 3, 1995, this Fund was
managed by Investment Advisors, Inc.
The Equity Trust 1 has the same investment goals as Equity Trust 3
(see below). Funds were transferred from the S&P's 500 Equity Index
Fund to Equity Trust 1 and later transferred to Equity Trust 3. The
Equity Trust 1 is no longer an active fund.
5<PAGE>
The Merrill Lynch Retirement Preservation Trust invests in U.S.
government and government agency securities, guaranteed investment
contracts generally issued by insurance carriers and banks and high-
quality money market instruments. This fund is a collective trust
fund maintained by Merrill Lynch Trust Company.
AIM Value Fund - Class A Shares - invests primarily in equity
securities that are judged by the AIM Management Group to be
undervalued. The AIM Value Fund invests primarily in common stocks,
convertible bonds and convertible preferred stock but also may invest
in preferred stocks and debt securities.
The Merrill Lynch Global Allocation Fund - Class A Shares varies the
mix of investments in United States and foreign equity, debt and
money market securities based upon Merrill Lynch's evaluation of
changing markets, economic trends and different capital markets.
The Merrill Lynch Capital Fund - Class A Shares varies the mix of
investments in foreign securities (limited to 25% of total assets),
domestic equity securities, corporate bonds or money market
securities based upon Merrill Lynch's evaluation of changing market
and economic trends.
The Participant Loan Fund consists of amounts loaned to participants
as provided for in the Plans.
- Employee Eligibility
Each employee of the Employers receiving regular salary or wages who
has completed one year of service (defined as a twelve month period
during which an employee has completed at least 1,000 hours of
service) and has attained the age of 21 is eligible to become a
Participant. Eligible employees who are part of the Local 148 or
Local 702 bargaining unit may participate in the IUOE Plan or IBEW
Plan, respectively, and all other eligible employees may participate
in the Executive and Wage and Salary Plan.
As of December 31, 1995, there were 2,084 active participants, 94
retired or separated employees and one deceased employee whose
beneficiaries are eligible to receive benefits. As of December 1994
and 1993 there were 2,620 and 2,218 active participants and 38 and 22
retired or separated participants.
6<PAGE>
- Plan Contributions
The Plans permit a Participant to make contributions to the
applicable Plan through payroll reductions from 1% to 15% of the
Participant's compensation (as defined) from the Employers. The Tax
Reform Act of 1986 limited the maximum annual amount that may be
contributed by a Participant to $9,240 in 1995 and 1994 and $8,994 in
1993. The Employers transfer to the Master Trust the amount
designated by the Participant as the payroll reduction from
compensation. The amount so designated is credited to an account
established for the Participant (the "Participant's Account") and is
invested as directed by the Participant in one or more investment
funds. Contributions made are transferred at least semi-monthly to
the Trustee. The Plans have no provisions for matching funds from
the Employers. Employees may make qualifying rollover contributions
of amounts received as a distribution from a prior employer's plan.
Such contributions are also credited to the Participant's Account and
invested in accordance with the Participant's directions.
The amounts in a Participant's Account are fully vested at all times.
By contacting the Trustee by means of the Telephone Response System a
Participant may suspend contributions to the Plan, change the
percentage of payroll reductions, or change investment elections
among the Funds for amounts already contributed to or on deposit in
the Participant's Account and/or for future contributions.
- Plan Withdrawals/Loans
No withdrawals from a Participant's Account are permitted while the
Participant continues to be employed by the Employers except that,
upon compliance with the provisions of the Plan, one withdrawal may
be made each year in limited cases of financial hardship. In
addition, Participants may make withdrawals of their rollover
contributions and earnings thereon.
Upon the application of a Participant, the applicable Committee may,
in compliance with the Plan, direct the Trustee to make a loan to
the Participant from the Participant's Account upon such terms as the
Committee shall specify. Participants loans are maintained in the
Participant Loan Fund. As of December 31, 1995 (1994 and 1993), 498
(372 and 328) participants had loans outstanding.
7<PAGE>
- Participant Distributions
Upon termination of employment for any reason, a Participant will be
entitled to receive the balance in the Participant's Account less the
unpaid amount of any loan to the Participant (including accrued
interest). Generally, distributions will be made in a lump sum.
Certain qualifying Participants may receive their distribution in
installments. Certain distributions may be deferred until the
Participant reaches age 70 1/2, dies, or requests earlier
distribution (whichever occurs first).
Amounts to be withdrawn by participants, but not yet paid by the Plan
are included in net assets available for benefits. Amounts to be
withdrawn by participants, but not yet paid by the Plan as of
December 31, 1995 and 1994 are as follows:
1995 1994
____ ____
CIPSCO Common Stock Fund $ 31,027 $ 61,299
Bond Index Fund 17,238 38,116
S&P's 500 Equity Index Fund - 5,216
Money Market Fund 95,075 141,498
Equity Trust 3 26,548 -
Growth Equity Fund 9,858 13,187
_______ _______
Total $179,746 $259,316
======= =======
- Plan Termination
Although it has not expressed any intent to do so, the Company has
the right to terminate the Plans subject to the provisions of ERISA.
Participants remain fully vested in their accounts should Plans
terminate.
- Plan Revisions
Effective as of April 1, 1995, Merrill Lynch Trust Company of America
became Trustee and Merrill Lynch, Pierce, Fenner and Smith
Incorporated became recordkeeper for the Plan. The investment
managers for the S&P 500 Equity Index Fund, Money Market Fund and
Growth Equity Fund were also changed. Also, effective July 1, 1995,
four new investment options were added to the five funds already then
in place.
(2) Summary of Significant Accounting Policies
__________________________________________
The financial statements of the Master Trust are prepared on the accrual
basis of accounting.
8<PAGE>
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
Payroll withholdings represent contributions and employee loan repayments
which are owed to the Plans as of December 31 resulting from accrued
payroll.
All investments are presented at fair value at December 31, 1995 and 1994.
The fair value of the CIPSCO Common Stock Fund was determined using the
year-end published market prices. Investments in the equity securities
and bonds are valued at net asset market value including accrued income on
the last business day of each month. Investments in the Money Market Fund
and Merrill Lynch Retirement Preservation Trust are valued at cost plus
accrued income.
Realized gains (losses) result from actual sales of investments in excess
of or below the value of the assets at the beginning of the plan year or
at time of purchase during the year. The change in unrealized
appreciation (depreciation) on investments represents the difference
between market value as of the valuation date as compared to the value of
the assets at the beginning of the plan year or at time of purchase during
the year; no actual sales have taken place.
(3) Tax Status of the Plans
_______________________
The Plans are intended to qualify as deferred compensation plans under
sections 401(a) and 401(k) of the Internal Revenue Code of 1986.
Qualification of the Plans means that a Participant will not be subject to
federal income taxes on amounts contributed to the Participant's Account,
or the earnings or appreciation thereon, until such amounts either are
withdrawn by the Participant or are distributed to the Participant or a
beneficiary in the event of the Participant's death. Payroll reduction
contributions to a Participant's Account reduce the gross income of the
Participant for federal income tax purposes to the extent of the
contributions. The Company received favorable determination letters from
the Internal Revenue Service dated February 5, 1996 concerning
qualification of the Plans (Executive and Wage and Salary Plan, the IBEW
Plan and the IUOE Plan) under federal income tax regulations. In
addition, the Company also received a favorable determination letter from
the Internal Revenue Service dated December 8, 1986 concerning
qualification of the Master Long-Term Savings Trust under federal income
tax regulations. Management believes that the Plans are currently
designed and are being operated in compliance with requirements of the
Internal Revenue Code and that the trust is tax exempt as of the financial
statement date.
9<PAGE>
Discussions of the federal income tax consequences of the Plans, including
consequences on distribution of a Participant's Account, are contained in
the Company's Employee Long-Term Savings Plan Summary Plan Description and
Information Statement (dated June 21, 1995).
(4) Investments
___________
The following table presents investments. Investments that represent five
percent or more of the Plans' net assets available for benefits at year
end are identified separately.
December 31,
1995 1994
____ ____
Investments at Fair Value as
Determined by Quoted Market Price
Common Stocks:
CIPSCO Inc. $ 31,056,955 $ 18,905,904
Other Companies - 13,152,791
___________ ___________
Total Corporate Stock - Common 31,056,955 32,058,695
___________ ___________
Common/Collective Trusts:
Equity Index Fund 15,164,851 11,162,400
Govt/Corp Bond Index Fund 4,803,198 4,636,269
Money Market Fund 7,908,976 7,836,933
Growth Equity Fund 15,145,599 -
Merrill Lynch Retirement
Preservation Trust 531,927 -
___________ ___________
Total Common/Collective Trusts 43,554,551 23,635,602
___________ ___________
Mutual Funds:
AIM Value Fund 1,062,154 -
M. L. Global Allocation Fund - Class A 221,586 -
M. L. Capital Fund - Class A 268,093 -
___________ ___________
Total Mutual Funds 1,551,833 -
___________ ___________
401(k) CIPS Employee Loans to
Various Participants 3,268,849 1,899,339
___________ ___________
Total Investments $ 79,432,188 $ 57,593,636
=========== ===========
10<PAGE>
(5) Supplemental Schedules
______________________
The supplemental "Schedule of Assets Held for Investment Purposes" and
"Schedule of Reportable Transactions" are presented for purposes of
complying with the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act
of 1974. The "Schedule of Assets Held for Investment Purposes" is a
detailed listing of investments held at year-end and the "Schedule of
Reportable Transactions" discloses any transaction or series of
transactions in excess of 5% of the current value of plan assets at the
beginning of year.
11<PAGE>
(1 of 15)
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
TWELVE MONTHS ENDED DECEMBER 31,
CIPSCO Common Stock Fund
__________________________________
1995 1994 1993
____ ____ ____
Additions:
Employee contributions $ 2,726,890 $ 2,522,171 $ 2,110,858
Loans to employees (837,713) (207,388) (250,611)
Investment income 1,542,863 1,213,334 1,014,955
Realized gains (losses) on sales of
investments (Note 2) (178,752) 212,438 263,824
Change in unrealized
appreciation (depreciation)
on investments (Note 2) 9,031,388 (2,332,909) (138,783)
Net transfers between funds 1,433,504 379,590 (620,271)
___________ ___________ ___________
13,718,180 1,787,236 2,379,972
___________ ___________ ___________
Deductions:
Loan repayments from employees (330,623) (240,033) (252,549)
Distributions to former
participants (Note 1) 1,275,824 556,772 683,386
___________ ___________ ___________
945,201 316,739 430,837
___________ ___________ ___________
Net increase 12,772,979 1,470,497 1,949,135
Net assets available for benefits
Beginning of period 18,431,008 16,960,511 15,011,376
___________ ___________ __________
End of period $ 31,203,987 $ 18,431,008 $ 16,960,511
=========== =========== ===========
The accompanying notes to comparative financial statements are an integral part
of this schedule.
12<PAGE>
(2 of 15)
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
TWELVE MONTHS ENDED DECEMBER 31,
Bond Index Fund
__________________________________
1995 1994 1993
____ ____ ____
Additions:
Employee contributions $ 595,454 $ 694,379 $ 551,033
Loans to employees (103,329) (82,673) (69,213)
Investment income 93,872 323,904 263,520
Realized gains (losses) on sales
of investments (Note 2) (76,885) (28,407) -
Change in unrealized
appreciation (depreciation)
on investments (Note 2) 823,976 (461,910) 114,490
Net transfers between funds (923,768) (228,331) 267,788
___________ ___________ ___________
409,320 216,962 1,127,618
___________ ___________ ___________
Deductions:
Loan repayments from employees (54,813) (67,916) (67,883)
Distributions to former
participants (Note 1) 281,384 39,009 88,933
___________ ___________ ___________
226,571 (28,907) 21,050
___________ ___________ ___________
Net increase 182,749 245,869 1,106,568
Net assets available for benefits
Beginning of period 4,642,153 4,396,284 3,289,716
___________ ___________ __________
End of period $ 4,824,902 $ 4,642,153 $ 4,396,284
=========== =========== ===========
The accompanying notes to comparative financial statements are an integral part
of this schedule.
13<PAGE>
(3 of 15)
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
TWELVE MONTHS ENDED DECEMBER 31,
S&P's 500 Equity Index Fund
__________________________________
1995 1994 1993
____ ____ ____
Additions:
Employee contributions $ 387,086 $ 1,589,052 $ 1,291,848
Loans to employees (15,140) (198,759) (156,865)
Investment income 184,296 303,470 244,228
Realized gains (losses) on sales
of investments (Note 2) 2,644,753 (2,742) -
Change in unrealized
appreciation (depreciation)
on investments (Note 2) (1,758,673) (149,825) 577,769
Net transfers between funds (12,544,707) (129,422) 316,280
___________ ___________ ___________
(11,102,385) 1,411,774 2,273,260
___________ ___________ ___________
Deductions:
Loan repayments from employees (44,533) (171,154) (148,141)
Distributions to former
participants (Note 1) 109,070 146,872 150,181
___________ ___________ ___________
64,537 (24,282) 2,040
___________ ___________ ___________
Net increase (decrease) (11,166,922) 1,436,056 2,271,220
Net assets available for benefits
Beginning of period 11,166,922 9,730,866 7,459,646
___________ ___________ __________
End of period $ - $ 11,166,922 $ 9,730,866
=========== =========== ===========
The accompanying notes to comparative financial statements are an integral part
of this schedule.
14<PAGE>
(4 of 15)
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
TWELVE MONTHS ENDED DECEMBER 31,
Money Market Fund
__________________________________
1995 1994 1993
____ ____ ____
Additions:
Employee contributions $ 884,534 $ 671,714 $ 670,408
Loans to employees (285,867) (218,359) (100,584)
Investment income 675,532 286,755 216,905
Net transfers between funds 250,040 445,083 (708,455)
___________ ___________ ___________
1,524,239 1,185,193 78,274
___________ ___________ ___________
Deductions:
Loan repayments from employees (139,505) (126,379) (156,950)
Distributions to former
participants (Note 1) 1,591,543 169,161 847,362
___________ ___________ ___________
1,452,038 42,782 690,412
___________ ___________ ___________
Net increase (decrease) 72,201 1,142,411 (612,138)
Net assets available for benefits
Beginning of period 7,867,605 6,725,194 7,337,332
___________ ___________ __________
End of period $ 7,939,806 $ 7,867,605 $ 6,725,194
=========== =========== ===========
The accompanying notes to comparative financial statements are an integral part
of this schedule.
15<PAGE>
(5 of 15)
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
TWELVE MONTHS ENDED DECEMBER 31,
Growth Equity Fund
__________________________________
1995 1994 1993
____ ____ ____
Additions:
Employee contributions $ 1,894,932 $ 1,989,175 $ 1,782,168
Loans to employees (503,561) (227,974) (156,427)
Investment income 977,205 194,588 187,537
Realized (losses) on sales
of investments (Note 2) (3,523,982) (823,920) (585,255)
Change in unrealized
appreciation on investments
(Note 2) 5,893,790 395,147 1,241,042
Net transfers between funds (2,228,247) (466,920) 744,658
___________ ___________ ___________
2,510,137 1,060,096 3,213,723
___________ ___________ ___________
Deductions:
Loan repayments from employees (284,955) (198,374) (190,989)
Distributions to former
participants (Note 1) 910,032 159,949 179,063
___________ ___________ ___________
625,077 (38,425) (11,926)
___________ ___________ ___________
Net increase 1,885,060 1,098,521 3,225,649
Net assets available for benefits
Beginning of period 13,332,712 12,234,191 9,008,542
___________ ___________ __________
End of period $ 15,217,772 $ 13,332,712 $ 12,234,191
=========== =========== ===========
The accompanying notes to comparative financial statements are an integral part
of this schedule.
16<PAGE>
(6 of 15)
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
TWELVE MONTHS ENDED DECEMBER 31,
Equity Trust #1
_______________
1995 1994 1993
____ ____ ____
Additions:
Employee contributions $ 579,880 $ - $ -
Loans to employees (209,489) - -
Investment income 30,632 - -
Realized gains on sales
of investments (Note 2) 1,522,563 - -
Net transfers between funds (1,925,245) - -
___________ ___________ ___________
(1,659) - -
___________ ___________ ___________
Deductions:
Loan repayments from employees (48,283) - -
Distributions to former
participants (Note 1) 46,624 - -
___________ ___________ ___________
(1,659) - -
___________ ___________ ___________
Net increase - - -
Net assets available for benefits
Beginning of period - - -
___________ ___________ ___________
End of period $ - $ - $ -
=========== =========== ===========
The accompanying notes to comparative financial statements are an integral part
of this schedule.
17<PAGE>
(7 of 15)
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
TWELVE MONTHS ENDED DECEMBER 31,
Equity Trust #3
_______________
1995 1994 1993
____ ____ ____
Additions:
Employee contributions $ 653,164 $ - $ -
Loans to employees (172,133) - -
Investment income 19,686 - -
Realized gains on sales
of investments (Note 2) 63,840 - -
Change in unrealized
appreciation on investments
(Note 2) 1,486,423 - -
Net transfers between funds 13,802,317 - -
___________ ___________ ___________
15,853,297 - -
___________ ___________ ___________
Deductions:
Loan repayments from employees (92,316) - -
Distributions to former
participants (Note 1) 714,574 - -
___________ ___________ ___________
622,258 - -
___________ ___________ ___________
Net increase 15,231,039 - -
Net assets available for benefits
Beginning of period - - -
___________ ___________ ___________
End of period $ 15,231,039 $ - $ -
=========== =========== ===========
The accompanying notes to comparative financial statements are an integral part
of this schedule.
18<PAGE>
(8 of 15)
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
TWELVE MONTHS ENDED DECEMBER 31,
Retirement Preservation Trust
_____________________________
1995 1994 1993
____ ____ ____
Additions:
Employee contributions $ 15,860 $ - $ -
Loans to employees (33) - -
Investment income 13,083 - -
Net transfers between funds 638,620 - -
___________ ___________ ___________
667,530 - -
___________ ___________ ___________
Deductions:
Loan repayments from employees (888) - -
Distributions to former
participants (Note 1) 134,890 - -
___________ ___________ ___________
134,002 - -
___________ ___________ ___________
Net increase 533,528 - -
Net assets available for benefits
Beginning of period - - -
___________ ___________ ___________
End of period $ 533,528 $ - $ -
=========== =========== ===========
The accompanying notes to comparative financial statements are an integral part
of this schedule.
19<PAGE>
(9 of 15)
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
TWELVE MONTHS ENDED DECEMBER 31,
AIM Value Fund
______________
1995 1994 1993
____ ____ ____
Additions:
Employee contributions $ 90,158 $ - $ -
Loans to employees (5,105) - -
Investment income 62,564 - -
Realized gains on sales
of investments (Note 2) 1,096 - -
Change in unrealized
depreciation on investments
(Note 2) (48,660) - -
Net transfers between funds 1,006,386 - -
___________ ___________ ___________
1,106,439 - -
___________ ___________ ___________
Deductions:
Loan repayments from employees (8,404) - -
Distributions to former
participants (Note 1) 41,465 - -
___________ ___________ ___________
33,061 - -
___________ ___________ ___________
Net increase 1,073,378 - -
Net assets available for benefits
Beginning of period - - -
___________ ___________ ___________
End of period $ 1,073,378 $ - $ -
=========== =========== ===========
The accompanying notes to comparative financial statements are an integral part
of this schedule.
20<PAGE>
(10 of 15)
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
TWELVE MONTHS ENDED DECEMBER 31,
Global Allocation Fund
______________________
1995 1994 1993
____ ____ ____
Additions:
Employee contributions $ 20,636 $ - $ -
Loans to employees (34) - -
Investment income 19,574 - -
Realized gains on sales
of investments (Note 2) 197 - -
Change in unrealized
depreciation on investments
(Note 2) (3,327) - -
Net transfers between funds 240,956 - -
___________ ___________ ___________
278,002 - -
___________ ___________ ___________
Deductions:
Loan repayments from employees (1,535) - -
Distributions to former
participants (Note 1) 55,172 - -
___________ ___________ ___________
53,637 - -
___________ ___________ ___________
Net increase 224,365 - -
Net assets available for benefits
Beginning of period - - -
___________ ___________ ___________
End of period $ 224,365 $ - $ -
=========== =========== ===========
The accompanying notes to comparative financial statements are an integral part
of this schedule.
21<PAGE>
(11 of 15)
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
TWELVE MONTHS ENDED DECEMBER 31,
Capital Fund
____________
1995 1994 1993
____ ____ ____
Additions:
Employee contributions $ 21,284 $ - $ -
Loans to employees (144) - -
Investment income 22,009 - -
Realized gains on sales
of investments (Note 2) 244 - -
Change in unrealized
depreciation on investments
(Note 2) (3,916) - -
Net transfers between funds 229,531 - -
___________ ___________ ___________
269,008 - -
___________ ___________ ___________
Deductions:
Loan repayments from employees (1,989) - -
Distributions to former
participants (Note 1) - - -
___________ ___________ ___________
(1,989) - -
___________ ___________ ___________
Net increase 270,997 - -
Net assets available for benefits
Beginning of period - - -
___________ ___________ ___________
End of period $ 270,997 $ - $ -
=========== =========== ===========
The accompanying notes to comparative financial statements are an integral part
of this schedule.
22<PAGE>
(12 of 15)
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
TWELVE MONTHS ENDED DECEMBER 31,
Cash Fund*
_________
1995 1994 1993
____ ____ ____
Additions:
Investment income $ (919) $ - $ -
___________ ___________ ___________
(919) - -
___________ ___________ ___________
Deductions:
Loan repayments from employees (2,153) - -
Distributions to former
participants (Note 1) (622,404) - -
___________ ___________ ___________
(624,557) - -
___________ ___________ ___________
Net increase 623,638 - -
Net assets available for benefits
Beginning of period - - -
___________ ___________ ___________
End of period $ 623,638 $ - $ -
=========== =========== ===========
The accompanying notes to comparative financial statements are an integral part
of this schedule.
* Previous to 1995, amounts were reflected in individual funds.
23<PAGE>
(13 of 15)
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
TWELVE MONTHS ENDED DECEMBER 31,
Pending Settlement Fund*
_______________________
1995 1994 1993
____ ____ ____
Additions:
Net transfers between funds $ 20,613 $ - $ -
___________ ___________ ___________
20,613 - -
___________ ___________ ___________
Net increase 20,613 - -
Net assets available for benefits
Beginning of period - - -
___________ ___________ ___________
End of period $ 20,613 $ - $ -
=========== =========== ===========
The accompanying notes to comparative financial statements are an integral part
of this schedule.
* Previous to 1995, amounts were reflected in individual funds.
24<PAGE>
(14 of 15)
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
TWELVE MONTHS ENDED DECEMBER 31,
Participant Loan Fund
__________________________________
1995 1994 1993
____ ____ ____
Additions:
Loans to employees $ 2,132,548 $ 935,153 $ 733,700
Investment income 41,287 153,473 155,880
___________ ___________ ___________
2,173,835 1,088,626 889,580
___________ ___________ ___________
Deductions:
Loan repayments from employees 1,009,997 803,856 816,512
Distributions to former
participants (Note 1) 18,634 7,173 22,689
___________ ___________ ___________
1,028,631 811,029 839,201
___________ ___________ ___________
Net increase 1,145,204 277,597 50,379
Net assets available for benefits
Beginning of period 2,099,342 1,821,745 1,771,366
___________ ___________ __________
End of period $ 3,244,546 $ 2,099,342 $ 1,821,745
=========== =========== ===========
The accompanying notes to comparative financial statements are an integral part
of this schedule.
25<PAGE>
(15 of 15)
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER LONG-TERM SAVINGS TRUST
ALLOCATION OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
TWELVE MONTHS ENDED DECEMBER 31,
Total of Funds
__________________________________
1995 1994 1993
____ ____ ____
Additions:
Employee contributions $ 7,869,878 $ 7,466,491 $ 6,406,315
Investment income 3,681,684 2,475,524 2,083,025
Realized (losses) on sales
of investments (Note 2) 453,074 (642,631) (321,431)
Change in unrealized
appreciation (depreciation)
on investments (Note 2) 15,421,001 (2,549,497) 1,794,518
___________ ___________ ___________
27,425,637 6,749,887 9,962,427
Deductions:
Distributions to former
participants (Note 1) 4,556,808 1,078,936 1,971,614
___________ ___________ ___________
Net increase 22,868,829 5,670,951 7,990,813
Net assets available for benefits
Beginning of period 57,539,742 51,868,791 43,877,978
___________ ___________ ___________
End of period $ 80,408,571 $ 57,539,742 $ 51,868,791
=========== =========== ===========
The accompanying notes to comparative financial statements are an integral part
of this schedule.
26<PAGE>
<TABLE>
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER TRUST
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
FOR THE YEAR ENDED DECEMBER 31, 1995
ORIGINAL
SECURITY DESCRIPTION SHARES COST FAIR VALUE
____________________ __________ __________ __________
<S> <C> <C> <C>
Corporate Stock - Common
________________________
* CIPSCO Inc. 796,332 22,262,689 31,056,955
__________ __________ __________
TOTAL CORPORATE STOCK - COMMON 796,332 22,262,689 31,056,955
Common/Collective Trusts
________________________
* Merrill Lynch Equity Trust 3 374,533 13,678,861 15,164,851
Wells Fargo Bank Govt/Corp Bond Index Fund 386,010 4,262,038 4,803,198
Wells Fargo Bank Money Market Fund 7,908,976 7,908,976 7,908,976
* Merrill Lynch Retirement Preservation Trust 531,927 531,927 531,927
Growth Equity Fund 1,384,424 13,903,088 15,145,599
__________ __________ __________
TOTAL COMMON/COLLECTIVE TRUSTS 10,585,870 40,284,890 43,554,551
Mutual Funds
____________
AIM Value Fund 39,618 1,112,092 1,062,154
* Merrill Lynch Global Allocation Fund Class A 15,964 225,358 221,586
* Merrill Lynch Capital Fund Class A 8,776 271,803 268,093
__________ __________ __________
TOTAL MUTUAL FUNDS 64,358 1,609,253 1,551,833
Employee Loans
______________
401K CIPS Employee Loans to
Various Participants 3,268,849 3,268,849 3,268,849
(interest rates ranging
from 7% to 11.25%) __________ __________
Total Investments 67,425,681 79,432,188
========== ==========
* Party-In-Interest Transactions
</TABLE>
27<PAGE>
<TABLE>
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER TRUST
FORM 5500 - ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
# OF COST OF PROCEEDS COST OF ASSETS NET GAIN
SECURITY DESCRIPTION TRANS. PURCHASES FROM SALES DISPOSED OR (LOSS)
____________________ ______ ____________ ____________ ______________ ____________
<S> <C> <C> <C> <C> <C>
Wells Fargo Bank Equity Index Fund 1 $ - $ 12,289,706 $ 9,644,953 $ 2,644,753
Wells Fargo Bank Money Market Fund B 1 12,289,706 - - -
Wells Fargo Bank Money Market Fund B 1 - 12,289,706 12,289,706 -
* The Boston Company Daily Liquidity Fund 1 12,334,183 - - -
* The Boston Company Daily Liquidity Fund 1 - 12,250,529 12,250,529 -
* The Boston Company Daily Liquidity Fund 1 - 9,324,206 9,324,206 -
Wells Fargo Bank Equity Index Fund 2 310,882 - - -
Wells Fargo Bank Money Market Fund B 11 12,853,947 - - -
Wells Fargo Bank Money Market Fund B 7 - 12,854,037 12,854,037 -
* The Boston Company Daily Liquidity Fund 103 18,136,759 - - -
* The Boston Company Daily Liquidity Fund 54 - 27,340,468 27,340,468 -
* CIPSCO Inc. Common Stock 129 1,210,056 - - -
* CIPSCO Inc. Common Stock 125 - 644,434 538,298 106,136
Wells Fargo Bank Money Market Fund B 195 2,524,162 - - -
Wells Fargo Bank Money Market Fund B 60 - 416,635 416,635 -
Wells Fargo Bank Bond Index Fund 96 961,424 - - -
Wells Fargo Bank Bond Index Fund 45 - 77,136 72,616 4,520
* Merrill Lynch Equity Trust 3 71 1,773,624 - - -
* Merrill Lynch Equity Trust 3 50 - 100,018 95,609 4,409
* Merrill Lynch Equity Trust 1 49 2,867,265 - - -
* Merrill Lynch Equity Trust 1 35 - 1,643,473 1,468,624 174,849
Growth Equity Fund 114 3,279,841 - - -
Growth Equity Fund 71 - 293,670 284,125 9,545
Loan Fund 43 538,369 - - -
Loan Fund 33 - 215,039 215,039 -
Pending Settlement Fund 56 442,091 - - -
Pending Settlement Fund 55 - 442,011 442,011 -
* Party-In-Interest Transaction
</TABLE>
28<PAGE>
<TABLE>
CENTRAL ILLINOIS PUBLIC SERVICE COMPANY
MASTER TRUST
FORM 5500 - ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
# OF COST OF PROCEEDS COST OF ASSETS NET GAIN
SECURITY DESCRIPTION TRANS. PURCHASES FROM SALES DISPOSED OR (LOSS)
____________________ ______ ____________ ____________ ______________ ____________
<S> <C> <C> <C> <C> <C>
* CIPSCO Inc. Common Stock 138 1,380,691 - - -
* CIPSCO Inc. Common Stock 128 - 242,549 215,034 27,515
Wells Fargo Bank Money Market Fund B 191 1,287,818 - - -
Wells Fargo Bank Money Market Fund B 70 - 187,214 187,214 -
Wells Fargo Bank Bond Index Fund 92 1,008,399 - - -
Wells Fargo Bank Bond Index Fund 78 - 86,544 80,513 6,031
* Merrill Lynch Equity Trust 3 73 1,878,606 - - -
* Merrill Lynch Equity Trust 3 72 - 122,277 116,940 5,337
* Merrill Lynch Equity Trust 1 48 2,902,588 - - -
* Merrill Lynch Equity Trust 1 45 - 1,727,604 1,553,222 174,382
Growth Equity Fund 103 3,301,417 - - -
Growth Equity Fund 128 - 265,648 256,288 9,360
Loan Fund 46 311,201 - - -
Loan Fund 19 - 65,334 65,334 -
Pending Settlement Fund 61 396,386 - - -
Pending Settlement Fund 63 - 392,637 392,637 -
* CIPSCO Inc. Common Stock 203 3,258,238 - - -
* CIPSCO Inc. Common Stock 187 - 971,440 813,790 157,650
Wells Fargo Bank Money Market Fund B 259 8,593,850 - - -
Wells Fargo Bank Money Market Fund B 117 - 3,348,386 3,348,386 -
Wells Fargo Bank Bond Index Fund 117 4,076,364 - - -
Wells Fargo Bank Bond Index Fund 123 - 793,108 738,715 54,393
* Merrill Lynch Equity Trust 3 112 11,239,632 - - -
* Merrill Lynch Equity Trust 3 114 - 1,054,978 1,000,451 54,527
* Merrill Lynch Equity Trust 1 65 9,935,371 - - -
* Merrill Lynch Equity Trust 1 61 - 11,108,703 9,935,371 1,173,332
Growth Equity Fund 158 24,759,130 - - -
Growth Equity Fund 193 - 2,761,339 2,661,747 99,592
Pending Settlement Fund 95 2,632,196 - - -
Loan Fund 96 - 2,615,413 2,615,413 -
* Party-In-Interest Transactions
</TABLE>
29<PAGE>
SIGNATURE
---------
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Committee has duly caused this Annual Report to be signed by the
undersigned thereunto duly authorized.
CENTRAL ILLINOIS PUBLIC SERVICE
COMPANY
EMPLOYEE LONG-TERM SAVINGS PLAN,
EMPLOYEE LONG-TERM SAVINGS PLAN
- IUOE NO. 148 AND
EMPLOYEE LONG-TERM SAVINGS PLAN,
- IBEW NO. 702
By /s/ C. D. Nelson
__________________________________________
C. D. Nelson
Chairman of the Employee Long-Term
Savings Plan Committee, Employee
Long-Term Savings Plan - IUOE
No. 148 Committee and Employee
Long-Term Savings Plan - IBEW
No. 702 Committee
June 26, 1996
30<PAGE>
Exhibit 23
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
-----------------------------------------
As independent public accountants, we hereby consent to the incorporation by
reference of our report dated June 26, 1996, included in this Form 11-K for the
year ended December 31, 1995, into Central Illinois Public Service Company's
previously filed Registration Statements File Nos. 33-29384, 33-31475,
33-59674, 33-45506 and 33-56063 and CIPSCO Incorporated's previously filed
Registration Statement File No. 33-32936.
ARTHUR ANDERSEN LLP
Chicago, Illinois,
June 26, 1996
