SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[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]
Commission File Number 000-20371
GULF STATES UTILITIES COMPANY EMPLOYEES' THRIFT PLAN
(Full title of the plan)
ENTERGY CORPORATION
639 Loyola
New Orleans, Louisiana 70113
(Issuer and address of principal executive office)
<PAGE>
Table of Contents
Page
Number
Herein
(a) Financial Statements and Supplemental Schedules:
Report of Independent Accountants 3
Statement of Net Assets Available for Benefits
With Fund Information December 31, 1995 4
Statement of Net Assets Available for Benefits
With Fund Information December 31, 1994 5
Statement of Changes in Net Assets Available for
Benefits With Fund Information- Year ended
December 31, 1995 6
Statement of Changes in Net Assets Available for
Benefits With Fund Information- Year ended
December 31, 1994 7
Notes to Financial Statements 8
(b) Supplemental Schedules:
Item 27a - Schedule of Assets Held for Investment
Purposes - December 31, 1995 15
Item 27d - Schedule of Reportable Transactions -
December 31, 1995 16
Signature 17
(c) Exhibit:
Consent of Coopers & Lybrand L.L.P. 18
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustee and Participants of the
Gulf States Utilities Company Employees' Thrift Plan:
We have audited the accompanying statements of net assets available for
benefits of Gulf States Utilities Company Employees' Thrift Plan (the
Plan) as of December 31, 1995 and 1994, and the related statements of
changes in net assets available for benefits for the years then ended.
These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these
financial statements 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 Plan as of December 31, 1995 and 1994, and the changes in net
assets available for benefits for the years then ended in conformity
with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
schedules listed in the table of contents on page 2 are presented for
the purpose 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 Fund Information in the statement of net assets available for
benefits and statement 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 and changes in net assets
available for benefits of each fund. The supplemental schedules and
Fund Information have been subjected to the auditing procedures applied
in the 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.
New Orleans, Louisiana
June 19, 1996
<PAGE>
<TABLE>
<CAPTION>
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
as of December 31, 1995
Fund Information
Investment
Common Acorn Guardian Puritan Savings Contract Participant
Total Stock Fund Fund Fund Fund Fund Loans
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments:
Cash and temporary cash investments $757,049 $16,352 $36,760 $7,181 $11,713 $589,706 $95,300 $37
Equity securities:
Entergy Corporation common stock,
32,587 shares 953,170 953,170
Mutual funds 1,805,835 1,441,281 210,303 154,251
Fixed income securities:
U. S. Treasury and government
agency securities 348,250 348,250
Guaranteed investment contracts 596,682 596,682
IDS Trust Fund 407,955 407,955
Participant loans 9,907,170 9,907,170
------------------------------------------------------------------------------------------
Total investments 14,776,111 969,522 1,478,041 217,484 165,964 937,956 1,099,937 9,907,207
Contributions receivable 111,718 15,265 43,936 8,730 5,025 16,849 21,913
Other receivables 24,880 3,042 4,953 1,756 337 11,181 3,611
------------------------------------------------------------------------------------------
Total assets 14,912,709 987,829 1,526,930 227,970 171,326 965,986 1,125,461 9,907,207
Liabilities:
Other liabilities 16,300 7,091 8,039 1,170
------------------------------------------------------------------------------------------
Net Assets Available for Benefits $14,896,409 $980,738 $1,518,891 $227,970 $171,326 $965,986 $1,124,291 $9,907,207
==========================================================================================
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
as of December 31, 1994
Fund Information
Investment
Common Preferred Acorn Guardian Puritan Savings Contract Participant
Total Stock Stock Fund Fund Fund Fund Fund Loans
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments:
Cash and temporary cash
investments $11,653,429 $809,017 $1,098,129 $234,152 $199,962 $8,362,608 $949,561
Equity securities:
Entergy Corporation
common stock,
975,434 shares 21,337,619 21,337,619
Other equity
securities 61,236 $61,236
Mutual funds:
Acorn Fund,
1,745,144 units 21,220,954 21,220,954
Guardian Fund,
285,183 units 5,198,888 5,198,888
Puritan Fund,
256,809 units 3,803,336 3,803,336
Fixed income securities:
U. S. Treasury and
government agency
securities 28,743,222 28,743,222
Guaranteed investment
contracts 24,717,497 24,717,497
IDS Trust Fund,
459,882 units 17,185,773 17,185,773
Participant loans 11,301,990 $11,301,990
------------------------------------------------------------------------------------------------------
Total investments 145,223,944 22,146,636 61,236 22,319,083 5,433,040 4,003,298 37,105,830 42,852,831 11,301,990
Interest receivable 543,757 3,227 3,026 599 371 307,481 229,053
------------------------------------------------------------------------------------------------------
Net Assets Available
for Benefits $145,767,701 $22,149,863 $61,236 $22,322,109 $5,433,639 $4,003,669 $37,413,311 $43,081,884 $11,301,990
======================================================================================================
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
for the year ended December 31, 1995
Fund Information
Investment
Common Preferred Acorn Guardian Puritan Savings Contract Participant
Total Stock Stock Fund Fund Fund Fund Fund Loans
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net assets available
for benefits -
Beginning of
year $145,767,701 $22,149,863 $61,236 $22,322,109 $5,433,639 $4,003,669 $37,413,311 $43,081,884 $11,301,990
Increases:
Investment income:
Dividends 1,125,986 733,976 108 115,110 140,027 61,634 75,131
Interest 2,844,423 156,997 127,479 44,837 83,845 1,342,296 791,842 297,127
Net realized and
unrealized appreciation
of investments 3,028,480 404,930 (3,144) 1,528,159 745,275 251,331 (21,033) 122,961
-------------------------------------------------------------------------------------------------------------
Total investment
income 6,998,889 1,295,903 (3,036) 1,770,748 930,139 396,810 1,321,263 989,934 297,127
-------------------------------------------------------------------------------------------------------------
Employee
contributions 2,472,239 281,916 610,947 161,862 113,419 844,439 459,656
Employer
contributions-net
of forfeitures 1,084,970 117,210 250,515 66,185 47,638 399,175 204,247
-------------------------------------------------------------------------------------------------------------
Total increases
(decreases) 10,556,098 1,695,029 (3,036) 2,632,210 1,158,186 557,867 2,564,877 1,653,837 297,127
-------------------------------------------------------------------------------------------------------------
Decreases:
Distributions to
withdrawing
participants 29,781,788 3,532,622 20,581 3,285,302 1,415,718 1,318,899 10,400,245 9,225,205 583,216
-------------------------------------------------------------------------------------------------------------
Total decreases 29,781,788 3,532,622 20,581 3,285,302 1,415,718 1,318,899 10,400,245 9,225,205 583,216
-------------------------------------------------------------------------------------------------------------
Net (decrease) before
transfers (19,225,691) (1,837,593) (23,617) (653,092) (257,532) (761,032) (7,835,368) (7,571,368) (286,089)
Net transfers to
affiliated plans (111,645,602) (19,365,928) (37,511) (20,502,036) (5,131,388) (3,171,349) (28,981,710) (34,455,679)
Net transfers
between the funds - 34,396 (108) 351,910 183,251 100,038 369,753 69,454 (1,108,694)
-------------------------------------------------------------------------------------------------------------
Net (decrease) (130,871,292) (21,169,125) (61,236) (20,803,218) (5,205,669) (3,832,343) (36,447,325) (41,957,593) (1,394,783)
Net assets
available for
benefits -
End of year $14,896,409 $980,738 $0 $1,518,891 $227,970 $171,326 $965,986 $1,124,291 $9,907,207
============================================================================================================
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
STATEMENT OF CHANGE IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
for the year ended December 31, 1994
Fund Information
Investment
Common Preferred Acorn Guardian Puritan Savings Contract Participant
Total Stock Stock Fund Fund Fund Fund Fund Loans
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net assets
available for
benefits -
Beginning of
year $165,752,188 $36,074,196 $90,009 $22,268,525 $3,704,628 $2,811,066 $43,329,646 $44,937,661 $12,536,457
Increases:
Investment income:
Dividends 3,315,183 1,709,764 5,678 1,159,107 123,558 317,076
Interest 5,188,552 18,456 16,723 6,636 4,852 1,541,584 2,819,947 780,354
Net realized and
unrealized appreciation
of investments (17,562,834) (13,666,706) (6,362) (3,545,207) (136,991) (279,583) 8,353 63,662
--------------------------------------------------------------------------------------------------------------
Total investment
income (9,059,099) (11,938,486) (684) (2,369,377) (6,797) 42,345 1,549,937 2,883,609 780,354
--------------------------------------------------------------------------------------------------------------
Employee
contributions 9,482,491 1,148,338 2,201,995 655,671 464,337 2,547,609 2,464,541
Employer
contributions-net
of forfeitures 3,902,032 473,505 831,502 251,619 186,192 1,179,552 979,662
--------------------------------------------------------------------------------------------------------------
Total increases
(decreases) 4,325,424 (10,316,643) (684) 664,120 900,493 692,874 5,277,098 6,327,812 780,354
--------------------------------------------------------------------------------------------------------------
Decreases:
Distributions to
withdrawing
participants 24,309,911 3,514,300 6,061 3,436,124 473,855 542,022 9,269,807 6,444,499 623,243
--------------------------------------------------------------------------------------------------------------
Total decreases 24,309,911 3,514,300 6,061 3,436,124 473,855 542,022 9,269,807 6,444,499 623,243
--------------------------------------------------------------------------------------------------------------
Net (decrease)
before transfers (19,984,487) (13,830,943) (6,745) (2,772,004) 426,638 150,852 (3,992,709) (116,687) 157,111
Net transfers between
the funds - (93,390) (22,028) 2,825,588 1,302,373 1,041,751 (1,923,626) (1,739,090) (1,391,578)
--------------------------------------------------------------------------------------------------------------
Net assets available
for benefits -
End of year $145,767,701 $22,149,863 $61,236 $22,322,109 $5,433,639 $4,003,669 $37,413,311 $43,081,884 $11,301,990
==============================================================================================================
See Notes to Financial Statements.
</TABLE>
<PAGE>
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
Notes to Financial Statements
1. Summary of Significant Accounting Policies
Basis of presentation: The accompanying financial statements have
been prepared on the accrual basis and present the Statement of Net
Assets Available for Benefits and the Statement of Changes in Net
Assets Available for Benefits for Gulf States Utilities Company
Employees' Thrift Plan (Plan).
Benefits payable for terminations and withdrawals are included in
net assets available for benefits and are charged to net assets
when paid. This accounting method differs from that required in
the Department of Labor Form 5500 which requires benefits payable
to be accrued and charged against net assets in the period the
liability arises. Net assets available for benefits as of
December 31, 1995 and 1994, and the net increase in net assets
available for benefits for each of the years differ from that to be
reported in the Form 5500 as follows:
Net Assets Available
for Benefits
1995 1994
As reported herein $14,896,409 $145,767,701
Accrued benefits payable (16,300) (5,009,619)
----------- ------------
To be reported in Form 5500 $14,880,109 $140,758,082
=========== ============
Net Decrease in Net Assets
Available for Benefits
1995 1994
As reported herein ($130,871,292) ($19,984,487)
Accrued benefits payable 4,993,319 (4,755,423)
------------- ------------
To be reported in Form 5500 $(125,877,973) $(24,739,910)
============= ============
Interest and Dividend Income: Interest income is recorded on the
accrual basis. Dividends are recorded on the ex-dividend date.
Investments: Cash equivalents are valued at cost, which
approximates fair value. Investments in equity and fixed income
securities are stated at their fair value as determined by quoted
market prices on the valuation date in compliance with the
Department of Labor Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of
1974 (ERISA), as amended.
The values of guaranteed investment contracts (GICs) are recorded
at contract value, which approximates fair value. Contract value
represents amounts invested under the GICs, plus interest earned
and reinvested through the valuation date at the contracted rate.
Listed below are the investment contracts as of December 31, 1995:
Contract
Interest Value
-------- --------
Provident National Assur. Co. 9.02% $64,087
State Mutual Life Assurance 5.42% 111,312
Continental Assurance Company 5.72% 113,011
The Principal Financial Group 7.50% 198,501
Provident Life & Accident Insurance 5.53% 109,771
-------
596,682
=======
The carrying value of loans to participants approximates fair
value.
Expenses: All costs and expenses incurred in the direct purchase or
sale of securities and fees charged under the Investment Contract
Fund are charged to participants' accounts. All administrative
expenses of the Plan are borne by the Company, except for the
Savings Fund which are paid from plan assets. The Plan reserves
the right to have future administrative expenses for the other
funds to be paid from the Plan's assets.
Purchases and sales of securities are accounted for on the trade
date.
Tax status: The Internal Revenue Service issued a favorable
determination letter on June 19, 1995, stating that the Plan
qualifies under the provisions of Section 401(a) of the Internal
Revenue Code (Code) and is exempt from federal income taxes under
Section 501(a) of the Code. Accordingly, no provisions for federal
income taxes have been made in the accompanying financial
statements.
Use of estimates in the preparation of financial statements: The
preparation of the Plan financial statements, in conformity with
generally accepted accounting principles, requires management to
make estimates and assumptions that affect reported amounts on the
Statement of Net Assets Available for Benefits as of December 31,
1995 and 1994, and the reported amounts on the Statement of Changes
in Net Assets Available for Benefits during fiscal years 1995 and
1994. Adjustments to the reported amounts may be necessary in the
future to the extent that future estimates or actual results are
different from the estimates used in 1995 Plan financial statements.
Concentration of credit risk: Periodically, the Plan invests in
certificates of deposit with a small number of banks. For deposit
insurance purposes, the certificates of deposit are considered to
be owned by each participant and insured up to $100,000 per
participant. However, the insurance coverage of $100,000 per
participant will be available only if the bank issuing the
certificate of deposit is eligible to accept "brokered deposits"
under the FDIC Improvement Act of 1991.
The Plan invests in government notes and securities which include
direct obligations of the United States Government (U.S.), or
obligations of agencies or instrumentalities thereof, which are
backed by the full faith and credit of the U.S.
The Plan invests in GICs which are subject to credit risk with
respect to the insurance companies.
2. Summary of Plan Provisions
The following description of the Plan is provided for general
information purposes only. Plan participants should refer to the
Plan document for a more complete description of the Plan's
provisions.
General: The Plan is a defined contribution plan of Entergy Gulf
States, Inc. (Entergy Gulf States, formerly Gulf State Utilities
Company) and is subject to the provisions of ERISA. The ERISA
provisions set forth the requirements for participation, vesting of
benefits, fiduciary conduct for administering and handling Plan
assets, and for disclosure of Plan information.
Eligibility: The Plan is available to active River Bend Steam
Electric Generating Station (River Bend) bargaining employees of
Entergy Operations, Inc. as of October 31, 1995 who have completed
one year of service and worked 1,000 or more hours. See "Entergy
Corporation/Gulf States Utilities Company Merger" below.
Contributions: Contributions made by or on behalf of participants
are deposited with Hibernia National Bank of New Orleans as Trustee
for the Plan. Participants may elect to contribute, through
payroll deductions, two to six percent of their base salary
(basic). Entergy Gulf States will make matching contributions to
the Plan in an amount equal to 50 percent of a participant's basic
contribution (matching). Participants may contribute an additional
two to ten percent of their base salary (supplemental) for which
there are no Matching contributions. Basic and supplemental
contributions may be made on a before-tax basis (401(k)
contributions), an after-tax basis, or a combination of both.
Contributions are monitored and limited by federal tax legislation.
The limit for the 1995 401(k) contribution was $9,240.
Investments: Employee and Company contributions made on behalf of
participants are invested by the Trustee as specified by each
participant. Earnings on participant contributions are allocated
based on participants' account balances as of the first day of each
month.
In 1977, the Company amended the Plan to eliminate the investment
option in the Company's $4.40 and $9.75 Dividend Preferred Stocks;
consequently, no employees are making contributions under this
option. In 1995, the remaining balances in the Preferred Stock
fund were transfered or withdrawn.
Participants may direct contributions to the following investment
options as available:
Option A: Entergy Corporation Common Stock Fund - Funds
are invested in common stock of Entergy Corporation.
Options B: Entergy Gulf States $4.4O Preferred Stock and
Entergy Gulf States $9.75 Preferred Stock - the Plan was
amended to eliminate this investment option effective
December 15, 1977. However, balances were retained as
assets available for benefits through December 31, 1994.
Options C: Savings Fund - funds are invested in savings
accounts and certificates of deposit, and other
investments backed by the full faith and credit of the
United States of America and its agencies and
instrumentalities.
Options D: Investment Contract Fund - funds are invested
in various investment contracts and cash reserves and
pooled or commingled funds holding investment contracts
and similar fixed income investments.
Options E: Acorn Fund - The funds are invested in common
stocks of small and medium sized companies, including
international companies.
Options F: Puritan Fund - funds are invested in a
broadly diversified portfolio of high-yielding
securities, including common stocks, preferred stocks,
and bonds. This mutual fund invests with the objective
of obtaining as much income as possible, consistent with
the preservation and conservation of capital.
Options G: Guardian Fund - funds are invested in a large
number of common stocks of long-established, high quality
companies. This mutual fund invests with the objective
of capital appreciation first, and then secondarily for
current income.
As of December 31, 1995, the Plan had the following number of
participants in each investment option:
Number of
Participants
Option A: Common Stock 106
Option B: Preferred Stock 0
Option C: Savings 109
Option D: Investment Contract Fund 122
Option E: Acorn Fund 149
Option F: Puritan Fund 42
Option G: Guardian Fund 55
Vesting: Amounts contributed by participants and the Company are
fully vested at time of deposit.
Plan termination: Although it has not expressed any intent to do
so, the Company has the right under the Plan to discontinue its
contributions at any time and to terminate the Plan subject to the
provisions of ERISA. In the event of Plan termination,
participants will receive the total value of their accounts,
determined as of the date of termination.
In-Service withdrawals: While employed, participants may, with
certain restrictions, withdraw all or a portion of the value of
their basic and supplemental after-tax. These withdrawals may be
subject to a ten percent penalty unless the participant is age 59
1/2 or older. The Plan also has a financial hardship withdrawal
provision.
Loans to participants: The Plan has a loan provision whereby
participants who are actively employed may borrow an amount from
their eligible account(s) based on the balance of such account(s).
The amount borrowed is deducted from the participant's eligible
account(s) and repaid with interest in accordance with an
established schedule. If a participant with an outstanding loan
separates from service and is not retired, the remaining principal
balance of the loan is treated as a taxable distribution and may be
subject to ten percent penalty unless the amount is repaid in full
within a specified period from the date of separation.
Distributions upon separation from service: Upon leaving the
Company, participants become eligible to receive a single-sum
distribution of the entire vested value of the Plan accounts, with
certain additional provisions regarding account balances under
$3,500 and attaining age 70 1/2.
Asset value per unit: The number of units and net asset value per
unit for the Common Stock Fund, Preferred Stock Fund, Savings Fund,
Investment Contract Fund, Acorn Fund, Guardian Fund, and Puritan
Fund as of December 31, 1995 were as follows:
1995
Common Stock Fund:
Number of units 32,587
Net Asset Value per unit $29.25
Savings Fund:
Number of units 863,356
Net Asset Value per unit $1.09
Investment Contract Fund:
Number of units 1,015,379
Net Asset Value per unit $1.08
Acorn Fund:
Number of units 1,203,618
Net Asset Value per unit $1.23
Puritan Fund:
Number of units 137,688
Net Asset Value per unit $1.21
Guardian Fund:
Number of units 169,839
Net Asset Value per unit $1.28
At December 31, 1995, the Plan disclosed net asset value per unit.
At December 31, 1994, the Plan disclosed net asset value per share.
1994
Common Stock Fund:
Number of shares 975,434
Net Asset Value per share $21.88
Preferred Stock Fund:
Number of shares 712
Net Asset Value per share -
$4.40 Dividend Series $56.00
Number of shares 218
Net Asset Value per share -
$9.75 Dividend Series $98.00
Acorn Fund:
Number of shares 1,745,144
Net Asset Value per share $12.16
Puritan Fund:
Number of shares 256,809
Net Asset Value per share $14.81
Guardian Fund:
Number of shares 285,183
Net Asset Value per share $18.23
Inactive accounts: There are no amounts allocated to accounts of
Plan participants who have withdrawn from participation in the
Plan, but for which disbursements of those funds from the Plan have
not yet been made.
Other: The following represents investments in excess of
five percent of the current value of net assets available for
benefits as of December 31, 1995:
Investment December 31,1995
Entergy Common Stock $ 953,170
Acorn Investment Trust $1,441,281
Participant Loans $9,907,170
3. Entergy Corporation/Gulf States Utilities Company Merger
On May 5, 1994, the Board of Directors of Entergy Corporation
(Board) approved the combination of the Savings Plan of Entergy
Corporation and Subsidiaries (Entergy Savings Plan) and the Plan.
This combination was approved by the Entergy Gulf States Board of
Directors on May 23, 1994.
On January 1, 1995, the non-bargaining employees of Entergy Gulf
States began making new contributions to the Entergy Savings Plan.
In April 1995, the non-bargaining employees' and inactive
participants' assets were transferred from the Plan to the Entergy
Savings Plan. Bargaining unit employees, other than River Bend
bargaining employees, joined the Entergy Savings Plan on October 1,
1995 and their assets were transferred in October 1995. The River
Bend bargaining employees elected to remain in the Plan. During
1995, the Plan transferred $71,777,638 in cash and $39,867,964 in
securities to the Entergy Savings Plan.
<PAGE>
<TABLE>
<CAPTION>
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
ITEM 27 (a) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
as of December 31, 1995
Par/Maturity
Description of Investment Value Cost Current Value
<S> <C> <C> <C>
Entergy Corporation Common Stock $.01 par value $738,475 $953,170
Investment Contracts:
Provident National Assur. Co.
GIC #027-04834 $64,087 $64,087
State Mutual Life Assurance
GA-920-30-ADUE 9/30/97 111,312 111,312
Continental Assurance Company
Group Number GP 12825 113,011 113,011
The Principal Financial Group
Contract Number 4-03226-01 198,501 198,501
Provident Life & Accident Insurance
Company of Chattanooga , TN. 109,771 109,771
-------- ----------
596,682 596,682
IDS Trust Fund 399,307 407,955
-------- ----------
$995,989 $1,004,637
======== ==========
Government Notes and Securities:
U.S. Treasury Bills
Oblig. Note 4.375%, due 8/15/96 $350,000 $345,187 $348,250
========== ==========
Acorn Investment Trust - Acorn Fund $1,245,287 $1,441,281
========== ==========
Neuberger & Berman Equity Trust - Guardian Fund $217,989 $210,303
========== ==========
Fidelity Puritan Fund Incorporated - Puritan Fund $151,944 $154,251
========== ==========
Cash and temporary cash investments $757,049 $757,049
========== ==========
Participant Loans (Rate 6% - 8.5%) $ - $9,907,170
========== ==========
Total Assets Held for Investment Purposes $4,451,920 $14,776,111
========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
ITEM 27 (d) - SCHEDULE OF REPORTABLE TRANSACTIONS
for the year ended December 31, 1995
Selling or
Number of Purchase Redemption Gain/
Description of Transactions Transactions Price (1) Price (1) Cost (1) Loss
<S> <C> <C> <C> <C> <C>
Purchase Transactions
Fidelity U.S.
Treasury Portfolio II, B 191 $19,133,798
U.S. Treasury Bills - Aggregate 9 $10,136,984
Selling Transactions
Fidelity U.S.
Treasury Portfolio II, B 104 $17,658,299 $17,658,299 -
U.S. Treasury Bill - Due 3-23-95 1 $20,780,675 $20,780,675 -
U.S. Treasury Bills - Aggregate 13 $15,685,149 $15,527,206 $157,943
U.S. Treasury Notes - Aggregate 10 $12,854,250 $12,784,043 $70,207
(1) Amounts include all fees incurred in connection with the transaction
</TABLE>
<PAGE>
SIGNATURE
The Plan. Pursuant to the requirements of the Securities and
Exchange Act of 1934, the Employee Benefits Committee has duly caused
this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
GULF STATES UTILITIES COMPANY
EMPLOYEES' THRIFT PLAN
By: /s/ William O. VanAs
William O. VanAs
Director of
Employee Benefits
Dated: June 19, 1996
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration
statement of Gulf States Utilities Company on Form S-8 (File No.
2-76551) of our report dated June 19, 1996, on our audits of the
financial statements and supplemental schedules of Gulf States
Utilities Company Employees' Thrift Plan as of December
31, 1995 and 1994 and for the two years ended December 31, 1995
which report is included in this Annual Report on Form 11-K.
New Orleans, Louisiana
June 19, 1996
