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
For the Plan year ended December 31, 1995
OR
[ ]TRANSITION REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from _________________ to _________________
Commission file number 1-3523
A. Full title of the Plan:
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
B. Name of issuer of the securities held
pursuant to the plan and the address
of its principal executive office:
WESTERN RESOURCES, INC.
818 Kansas Avenue
Topeka, Kansas 66612
<PAGE1>
EIN: 48-0290150
PN: 004
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
FINANCIAL STATEMENTS AS OF DECEMBER 31, 1995 AND 1994
TOGETHER WITH REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
<PAGE2>
Report of Independent Public Accountants
To the Investment and Benefits Committee of
Western Resources, Inc. Employees' 401(k) Savings Plan:
We have audited the accompanying statements of net assets available for
benefits of WESTERN RESOURCES, INC. EMPLOYEES' 401(K) SAVINGS 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 and the schedules referred to below are the responsibility of the
Plan'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 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 of assets
held for investment purposes and of loans or fixed income obligations as of
December 31, 1995, and reportable transactions for the year then ended 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
supplemental schedules 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.
ARTHUR ANDERSEN LLP
Kansas City, Missouri,
June 3, 1996
<PAGE3>
EIN: 48-0290150
PN: 004
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1995 AND 1994
1995 1994
ASSETS
INVESTMENTS:
GIC Fund $ 63,446,450 $ 62,581,658
Windsor Fund 69,085,239 45,262,792
Money Market Reserves Fund 6,550,797 5,554,999
Company Common Stock Fund 51,019,625 33,703,216
Loan Fund 13,701,019 9,327,478
Wellington Fund 7,242,500 2,087,515
Index Trust-500 Portfolio Fund 3,968,740 1,183,165
PRIMECAP Fund 8,795,740 2,216,198
Magellan Fund 25,584,467 -
Fixed Income Fund 18,118,773 -
267,513,350 161,917,021
Investments Transferred from KG&E 401(k) -
Fixed Income Fund - 20,748,428
Fidelity Equity-Income Fund - 6,563,013
Fidelity Magellan Fund - 16,631,167
Fidelity Balanced Fund - 860,414
Company Common Stock Fund - 7,373,193
Loan Fund - 3,112,900
- 55,289,115
Total Investments 267,513,350 217,206,136
Other Receivables 163,275 -
Interest and Dividends Receivable 791,587 1,091,907
CONTRIBUTIONS RECEIVABLE:
Participant 385,478 431,577
Employer 109,333 137,306
Total Assets 268,963,023 218,866,926
LIABILITIES
ACCOUNTS PAYABLE 386,899 562,713
NET ASSETS AVAILABLE FOR BENEFITS $268,576,124 $218,304,213
The accompanying notes to financial statements
are an integral part of these statements.
<PAGE4>
EIN: 48-0290150
PN: 004
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEARS ENDING DECEMBER 31, 1995 AND 1994
1995 1994
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year $218,304,213 $157,754,068
INVESTMENT INCOME:
Net Appreciation (Depreciation)
in Fair Value of Investments 23,578,845 (11,162,733)
Interest 5,364,875 4,959,220
Dividends 14,093,276 6,609,683
Total Investment Income 43,036,996 406,170
CONTRIBUTIONS:
Participant 15,257,981 10,382,592
Employer 4,583,479 3,457,934
Total Contributions 19,841,460 13,840,526
BENEFITS PAID (12,526,938) (9,302,004)
TRANSFERS FROM KG&E 401(K) PLAN - 55,416,776
TRANSFERS (TO) FROM OTHER PLANS (49,667) 222,926
OTHER (29,940) (21,400)
FORFEITURES - (12,849)
NET INCREASE 50,271,911 60,550,145
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $268,576,124 $218,304,213
The accompanying notes to financial statements
are an integral part of these statements.
<PAGE5>
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND 1994
(1) PLAN DESCRIPTION:
The following brief description of the Western Resources, Inc. (the Company)
Employees' 401(k) Savings Plan (the Plan) is provided for general information
purposes only. Participants should refer to the plan document for more
complete information.
(a) General-- The Plan is a defined contribution plan, designed to
assist eligible employees in establishing a regular savings plan. Prior
to December 31, 1994, the Plan covered all eligible Company employees
with the exception of Kansas Gas and Electric Company (KG&E) employees
as of March 31, 1992, who were covered under the KG&E 401(k) Plan.
Effective December 31, 1994, the KG&E 401(k) Plan merged into this plan.
Substantially all employees are eligible to participate after one year
of service as defined. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA), as amended.
(b) Contributions--Effective January 1, 1995, participants of the plan
are allowed to make tax deferred contributions of between 1% and 14% of
earnings subject to certain Internal Revenue Code limits. Prior to
January 1, 1995, participants of the plan were allowed to make tax
deferred contributions of between 1% and 10% of earnings subject to
certain Internal Revenue Code limits. In addition to or instead of
pre-tax cash contributions, effective January 1, 1995, participants could
elect to make after-tax contributions of between 1% and 4% of earnings.
Prior to January 1, 1995, participants could elect to make after-tax
contributions of between 1% and 6% of earnings. Cash contributions up
to the first 6% of a participant's earnings are matched 50% by the
Company. The Plan allows rollover contributions into the Plan.
Active participants were allowed to make additional contributions each
quarter to meet the maximum contribution percentage based on their
annual compensation. These contributions are considered in determining
matching employer contributions. Matching employer contributions are
suspended for a period of six months in the event that a participant
withdrew money from after-tax and/or Company match accounts.
Effective January 1, 1995, participants are fully vested in their
contributions and earnings thereon. Prior to January 1, 1995, Company
matching contributions became fully vested after three years.
Upon retirement, death, disability or termination of employment,
all vested balances are paid to the participant or the
participant's beneficiaries in accordance with Plan terms.
<PAGE6>
(c) Participant Accounts--A separate account is maintained for
each participant. Allocations to participant accounts for
employer and employee contributions are made when the
contributions are received by the trustee. Allocations to
participant accounts for the net of interest, dividends, realized
and unrealized changes in investment gains and losses and Plan
expenses are made when such amounts are earned or incurred.
Forfeitures arise when participants leave the Plan before the Company
contributions become fully vested. Prior to January 1, 1995,
forfeitures were used to reduce future Company matching contributions.
(d) Investment Funds--During 1995 and 1994, participants in the Plan
could elect to have their contributions and the Company's matching
contributions invested in the funds listed below, excluding the Loan
Fund. Allocations between the funds could be made in 10% increments.
Participants could also elect to transfer investments between funds.
The GIC Fund is invested primarily in the Western Resources, Inc.
Investment Contract Fund, a fund which invests in investment contracts
issued by insurance companies that are viewed by Vanguard Fiduciary
Trust Company as being financially sound and are highly rated by the
major credit agencies. Principal of investments in the Fund, and
interest thereon, are obligations of the insurance companies. Neither
Vanguard nor the Company guarantees either principal or interest in such
investments.
Windsor Fund is invested entirely in the Vanguard/Windsor Fund, a
diversified equity fund invested in equity securities providing dividend
and capital appreciation income.
Money Market Reserves Fund is invested entirely in the Vanguard Money
Market Reserves - Prime Portfolio, a money market fund invested in
high-quality money market obligations issued by financial institutions,
nonfinancial corporations, and U.S. and other governmental agencies, and
repurchase agreements collateralized by such securities.
Company Common Stock Fund, established October 1, 1988, with assets
transferred from The Kansas Power and Light Company Tax Reduction Act
Stock Ownership Plan (TRASOP) and Employee Stock Ownership Plan of The
Gas Service Company (ESOP) upon termination, is invested primarily in
the Company's common stock. Dividends from stock held in the fund are
used to purchase additional shares of Company stock.
Loan Fund is a conduit for the distribution and repayment of loan
proceeds. The investments in the fund represent loans due from
participants.
Wellington Fund is invested entirely in the Vanguard/Wellington
Fund, a balanced fund which invests in stocks for potential
capital growth and dividend income and in bonds for current income
potential and conservation of principal.
<PAGE7>
Index Trust-500 Portfolio is invested entirely in the Vanguard Index
Trust-500 Portfolio, a growth and income fund which seeks to provide
long-term capital growth. The Index Trust-500 Portfolio attempts to
provide investment results that correspond to the price and yield
performance of publicly traded stocks, in the aggregate, as represented
by the Standard & Poor's Composite Stock Price Index.
PRIMECAP Fund is invested entirely in the Vanguard/PRIMECAP Fund, a
growth fund seeking long-term growth of capital by investing principally
in a portfolio of common stocks.
Magellan Fund is invested entirely in the Fidelity Magellan Fund,
a diversified equity fund invested in equity securities providing
long-term capital appreciation.
Fixed Income Fund is invested in a Metropolitan Life Insurance
Company Investment Contract. No new monies are allowed to be
deposited in this fund after the transfer of its interest from the
KG&E 401(k) Plan.
The above funds are managed by the Plan's trustee, Vanguard Fiduciary
Trust Company, except the Fidelity Magellan Fund which is managed by
Fidelity Investments Institutional Services Company. The investments in
GIC Fund, Fixed Income Fund, and Money Market Reserves are stated at
market. Investments in Windsor Fund, Wellington Fund, PRIMECAP Fund,
Index Trust-500 Portfolio, Magellan Fund, and Company Common Stock Fund
are stated at quoted market values. Investments in Loan Fund are stated
at face value.
Participants in the KG&E 401(k) Plan transferred their interest in
the five funds described below to the Plan effective December 31,
1994.
Fixed Income Fund was invested in the Fidelity U.S. Government
Reserves, Fidelity Management Trust Company Managed Income
Portfolio, and also various other high-quality, short- and long-term
guaranteed investment contracts (GICs), bank investment
contracts (BICs), and short-term money market instruments.
Equity-Income Fund was invested entirely in the Fidelity Equity-Income
Fund. The fund invests primarily in income-producing
equity securities which offer a combination of share price
appreciation and income earnings.
Magellan Fund was invested entirely in the Fidelity Magellan Fund,
a diversified equity fund invested in equity securities providing
long-term capital appreciation.
Company Common Stock Fund was invested in the Company's common
stock. Dividends from stock held in the fund were used to
purchase additional shares of Company stock.
<PAGE8>
The Balanced Fund was invested in the Fidelity Balanced Fund, a
broadly diversified portfolio of high yielding securities,
including common and preferred stocks and bonds.
The investments in Fixed Income Fund were valued at contract
value. The investments in Equity-Income Fund, Magellan Fund,
Balanced Fund, and Company Common Stock Fund were stated at quoted
market values. Investments in Loan Fund were stated at face
value.
(e) Loans to Participants--Participants are permitted to borrow a
specified portion of the balance in their individual account. Loan
interest rates and terms are established by the Investment and Benefits
Committee and all loans must be approved by that Committee. Loans are
evidenced by promissory notes payable to the Plan over 1 to 5 years for
general purpose loans and up to 30 years for principle residence loans,
provided that the age criteria is met.
(f) Income Taxes--The Plan obtained its latest determination letter on
May 15, 1996, in which the Internal Revenue Service stated that the
Plan, as then designed, was in compliance with the applicable
requirements of the Internal Revenue Code. The Plan has been amended
since receiving the determination letter and a request for determination
is pending. The plan administrator believes the plan is currently
designed and being operated in compliance with the applicable
requirements of the Internal Revenue Code. Therefore, no provision for
income taxes is included in these financial statements.
(g) Plan Termination--The Company is free to terminate the Plan at any
time. Upon termination, all participant accounts remain fully vested.
(2) SIGNIFICANT ACCOUNTING POLICIES:
(a) Basis of Accounting--The Plan's financial statements are maintained
on the accrual basis. Employer and employee contributions are accrued
as the employees' salaries are earned.
(b) Administrative Expenses--All administrative expenses of the Plan
were paid by the Company with the exception of loan administrative
charges which were paid by the participants. The Company has no
continuing obligation to pay these expenses.
<PAGE9>
(3) INVESTMENTS:
The following investments represent over 5% of net assets available for
benefits at December 31, 1995 and/or 1994:
1995 1994
Metropolitan Life Insurance
Company, investment contract
#14403, general account $13,501,792 $14,921,459
Prudential Insurance Company of
America, investment contract
#7168, general account - 11,499,049
Vanguard/Windsor Fund 69,085,239 45,262,792
Western Resources, Inc.
Common Stock 50,781,965 40,797,775
Metropolitan Life Insurance
Company, investment contract
#12651, general account 17,354,167 16,324,814
Magellan Fund 25,584,467 16,631,167
(4) FUND INFORMATION:
The following tables present changes in net assets available for benefits in
fund detail.
<PAGE10>
(4) Fund Information (continued):
<TABLE>
<CAPTION>
Year Ended December 31, 1995
Company
Money Common
GIC Windsor Market Stock Loan
Fund Fund Reserves Fund Fund
<S> <C> <C> <C> <C> <C>
ADDITIONS
Investment Income:
Net appreciation
(depreciation) in fair
value of investments $ - $ 8,001,570 $ - $ 7,431,654 $ -
Interest 4,057,549 - 356,395 14,744 910,595
Dividends - 7,794,388 - 2,283,194 -
4,057,549 15,795,958 356,395 9,729,592 910,595
Contributions:
Participant 2,670,628 4,880,477 457,608 1,684,741 -
Employer 806,965 1,442,959 158,016 509,300 -
3,477,593 6,323,436 615,624 2,194,041 -
Total additions 7,535,142 22,119,394 972,019 11,923,633 910,595
DEDUCTIONS
Benefits paid (5,039,706) (2,561,376) (492,371) (2,131,525) (330,078)
Other 143,102 (10,200) (4,980) (880) -
Forfeitures - - - - -
Total deductions (4,896,604) (2,571,576) (497,351) (2,132,405) (330,078)
Net increase (decrease)
prior to transfers 2,638,538 19,547,818 474,668 9,791,228 580,517
TRANSFERS
Interfund transfers (1,995,428) 4,137,947 503,269 8,042,712 3,793,819
Transfers-other plans 221,682 136,682 17,861 (517,531) (795)
Total transfers (1,773,746) 4,274,629 521,130 7,525,181 3,793,024
Net increase (decrease) 864,792 23,822,447 995,798 17,316,409 4,373,541
Net assets available
for benefits:
Beginning of year 62,581,658 45,262,792 5,554,999 33,703,216 9,327,478
End of year $63,446,450 $69,085,239 $ 6,550,797 $51,019,625 $13,701,019
(Continued)
</TABLE>
<PAGE11>
(4) Fund Information (continued):
<TABLE>
<CAPTION>
Year Ended December 31, 1995
Index
Wellington Trust-500 PRIMECAP Fixed
Fund Portfolio Fund Magellan Income
<S> <C> <C> <C> <C> <C>
ADDITIONS
Investment Income:
Net appreciation
(depreciation) in fair
value of investments $ 1,081,082 $ 717,244 $1,280,963 $5,066,332 $ -
Interest - - - - -
Dividends 317,419 79,714 249,276 1,472,940 1,130,350
1,398,501 796,958 1,530,239 6,539,272 1,130,350
Contributions:
Participant 1,433,967 681,507 1,238,143 1,825,432 -
Employer 433,915 214,415 357,443 551,133 -
1,867,882 895,922 1,595,586 2,376,565 -
Total additions 3,266,383 1,692,880 3,125,824 8,915,837 1,130,350
DEDUCTIONS
Benefits paid (323,087) (61,427) (217,181) (308,025) (1,062,162)
Other (7,400) (1,820) (420) - 76,282
Forfeitures - - - - -
Total deductions (330,487) (63,247) (217,601) (308,025) (985,880)
Net increase (decrease)
prior to transfers 2,935,896 1,629,633 2,908,223 8,607,812 144,470
TRANSFERS
Interfund transfers 2,134,729 1,140,183 3,555,695 17,093,655 17,980,611
Transfers-other plans 84,360 15,759 115,623 (117,000) (6,308)
Total transfers 2,219,089 1,155,942 3,671,318 16,976,655 17,974,303
Net increase (decrease) 5,154,985 2,785,575 6,579,542 25,584,467 18,118,773
Net assets available
for benefits:
Beginning of year 2,087,515 1,183,165 2,216,198 - -
End of year $ 7,242,500 $ 3,968,740 $ 8,795,740 $25,584,467 $18,118,773
(Continued)
</TABLE>
<PAGE12>
(4) Fund Information (continued):
<TABLE>
<CAPTION>
Year Ended December 31, 1995
Other Total
<S> <C> <C>
ADDITIONS
Investment Income:
Net appreciation
(depreciation) in fair
value of investments $ - $ 23,578,845
Interest 25,592 5,364,876
Dividends 765,995 14,093,276
791,587 43,036,995
Contributions:
Participant 385,478 15,257,981
Employer 109,333 4,583,479
494,811 19,841,460
Total additions 1,286,398 62,878,455
DEDUCTIONS
Benefits paid - (12,526,938)
Other (223,624) (29,940)
Forfeitures - -
Total deductions (223,624) (12,556,878)
Net increase (decrease)
prior to transfers 1,062,774 50,321,577
TRANSFERS
Interfund transfers (56,387,192) -
Transfers-other plans - (49,667)
Total transfers (56,387,192) (49,667)
Net increase (decrease) (55,324,418) 50,271,911
Net assets available
for benefits:
Beginning of year 56,387,192 218,304,213
End of year $ 1,062,774 $268,576,124
(Continued)
</TABLE>
<PAGE13>
(4) Fund Information (continued):
<TABLE>
<CAPTION>
Year Ended December 31, 1994
Company
Money Common
GIC Windsor Market Stock Loan
Fund Fund Reserves Fund Fund
<S> <C> <C> <C> <C> <C>
ADDITIONS
Investment Income:
Net appreciation
(depreciation) in fair
value of investments $ - $(4,449,462) $ - $(6,679,047) $ -
Interest 3,788,445 - 202,567 10,737 573,929
Dividends - 4,230,408 - 1,649,080 -
3,788,445 (219,054) 202,567 (5,019,230) 573,929
Contributions:
Participant 1,749,804 4,070,015 407,569 1,353,384 -
Employer 609,390 1,327,957 139,575 440,501 -
2,359,194 5,397,972 547,144 1,793,885 -
Total additions 6,147,639 5,178,918 749,711 (3,225,345) 573,929
DEDUCTIONS
Benefits paid (5,525,628) (1,786,394) (485,537) (804,911) (572,752)
Other 452,318 (8,920) 102,575 (240) -
Forfeitures 1,591 85 (14,525) - -
Total deductions (5,071,719) (1,795,229) (397,487) (805,151) (572,752)
Net increase (decrease)
prior to transfers 1,075,920 3,383,689 352,224 (4,030,496) 1,177
TRANSFERS
Interfund transfers (1,621,421) (861,776) (611,291) 1,050,873 871,036
Transfers-other plans 6,722 66,272 4,524 44,041 -
Transfers from KG&E 401(k)
Plan - - - - -
Total transfers (1,614,699) (795,504) (606,767) 1,094,914 871,036
Net increase (decrease) (538,779) 2,588,185 (254,543) (2,935,582) 872,213
Net assets available
for benefits:
Beginning of year 63,120,437 42,674,607 5,809,542 36,638,798 8,455,265
End of year $62,581,658 $45,262,792 $ 5,554,999 $33,703,216 $9,327,478
(Continued)
</TABLE>
<PAGE14>
(4) Fund Information (continued):
<TABLE>
<CAPTION>
Year Ended December 31, 1994
Index
Wellington Trust-500 PRIMECAP
Fund Portfolio Fund Other Total
<S> <C> <C> <C> <C> <C>
ADDITIONS
Investment Income:
Net appreciation
(depreciation) in fair
value of investments $ (77,917) $ (14,673) $ 58,366 $ - $ (11,162,733)
Interest - - - 383,542 4,959,220
Dividends 70,017 27,569 51,905 580,704 6,609,683
(7,900) 12,896 110,271 964,246 406,170
Contributions:
Participant 1,002,535 574,254 793,454 431,577 10,382,592
Employer 341,258 199,940 262,007 137,306 3,457,934
1,343,793 774,194 1,055,461 568,883 13,840,526
Total additions 1,335,893 787,090 1,165,732 1,533,129 14,246,696
DEDUCTIONS
Benefits paid (91,454) (14,531) (20,797) - (9,302,004)
Other (4,040) (220) (160) (562,713) (21,400)
Forfeitures - - - - (12,849)
Total deductions (95,494) (14,751) (20,957) (562,713) (9,336,253)
Net increase (decrease)
prior to transfers 1,240,399 772,339 1,144,775 970,416 4,910,443
TRANSFERS
Interfund transfers 803,222 398,787 1,025,989 (1,055,419) -
Transfers-other plans 43,894 12,039 45,434 - 222,926
Transfer from KG&E 401(k)
Plan - - - 55,416,776 55,416,776
Total transfers 847,116 410,826 1,071,423 54,361,357 55,639,702
Net increase (decrease) 2,087,515 1,183,165 2,216,198 55,331,773 60,550,145
Net assets available
for benefits:
Beginning of year - - - 1,055,419 157,754,068
End of year $2,087,515 $ 1,183,165 $ 2,216,198 $56,387,192 $ 218,304,213
</TABLE>
<PAGE15>
EIN: 48-0290150
PN: 004
PAGE 1 OF 2
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
Number Current
Description of Units Cost Value
Connecticut General Life Insurance
Company, investment contract #25137,
general account 5,498,842 $ 5,498,842 $ 5,498,842
Continental Assurance Company,
investment contract #12586,
general account 4,115,132 4,115,132 4,115,132
John Hancock Mutual Life Insurance
Company, investment contract #7307,
general account 11,034,839 11,034,839 11,034,839
Metropolitan Life Insurance Company,
investment contract #14403,
general account 13,501,792 13,501,792 13,501,792
Provident National Assurance Company,
investment contract #027-04879,
general account 2,276,503 2,276,503 2,276,503
Prudential Insurance Company of America,
investment contract #7168,
general account 5,187,529 5,187,529 5,187,529
State Mutual Assurance Company,
investment contract #91877A,
general account 2,735,266 2,735,266 2,735,266
New York Life Insurance Company,
investment contract #30313 4,112,081 4,112,081 4,112,081
Principal Mutual Life Insurance
Company, investment contract
#418026 4,193,713 4,193,713 4,193,713
Union Bank of Switzerland,
investment contract #2127 6,007,545 6,007,545 6,007,545
Metropolitan Life Insurance Company,
Group Annuity Contract #12651,
general account 17,354,167 17,354,167 17,354,167
*Vanguard/Windsor Fund 4,754,662 66,156,699 69,085,239
*Vanguard Money Market Reserves,
Prime Portfolio 12,336,270 12,336,270 12,336,270
*Vanguard/PRIMECAP Fund 335,331 7,685,508 8,795,740
<PAGE16>
EIN: 48-0290150
PN: 004
PAGE 2 OF 2
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
Number Current
Description of Units Cost Value
*Vanguard Index Trust 500 Portfolio 68,902 3,301,796 3,968,740
*Vanguard/Wellington Fund 296,459 6,324,842 7,242,500
*Magellan Fund 297,563 21,061,156 25,584,467
*Western Resources, Inc.
Common Stock 1,521,557 33,562,225 50,781,966
*Participant Loans, at interest
rates ranging from 5.7% to 14.0% 13,701,019 13,701,019
Total Investments $240,146,925 $267,513,350
* Investment with party-in-interest to the Plan.
<PAGE17>
EIN: 48-0290150
PN: 004
Page 1 of 2
<TABLE>
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
LINE 27b - SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS
DECEMBER 31, 1995
<CAPTION>
Amount Received Unpaid
Original During Reporting Balance Amount
Amount Year at End Overdue
Identity and Address of Obligator of Loan Principal Interest of Year Principal Interest
<S> <C> <C> <C> <C> <C> <C>
Richards, L. L. $ 3,000.00 $ 776.69 $ 20.95 $ 264.18 $ 264.18 $ 1.68
415 Slade
Haysville, KS 67060
###-##-####
Detailed Description of Loan - General purpose loan; dated 7/22/93; 6.1% interest rate; 48
successive semi-monthly installments.
Action to be Taken - The loan will be defaulted in 1996 and will be treated as a 1996
distribution to the participant.
Chancellor, Andrew F. 13,500.00 1,020.41 287.74 10,706.81 1,472.73 358.68
1213 Amherst
Burkburnett, TX 76354
###-##-####
Detailed Description of Loan - General purpose loan; dated 2/15/94; 6.1% interest rate; 60
successive monthly installments.
Action to be Taken - The loan will be defaulted in 1996 and will be treated as a 1996
distribution to the participant.
Hamm, Thomas C. 3,000.00 466.17 20.79 296.56 293.63 2.93
902 W. Maple
Independence, MO 64050
###-##-####
Detailed Description of Loan - General purpose loan; dated 1/22/92; 7.3% interest rate; 84
successive monthly installments.
Action to be Taken - The loan will be defaulted in 1996 and will be treated as a 1996
distribution to the participant.
Dorrell, Frederick O. 5,000.00 497.37 98.79 2,473.04 515.60 80.56
4101 S. 650 Road
Quapaw, OK 74363
###-##-####
Detailed Description of Loan - General purpose loan; dated 9/22/92; 7.2% interest rate; 120
successive monthly installments.
Action to be Taken - The loan will be defaulted in 1996 and will be treated as a 1996
distribution to the participant.
Baker, Russell L. 6,500.00 1,054.37 37.04 128.62 127.49 1.13
P. O. Box 504
Burrton, KS 67020
###-##-####
Detailed Description of Loan - General purpose loan; dated 9/19/90; 9.6% interest rate; 120
successive monthly installments.
Action to be Taken - The loan will be defaulted in 1996 and will be treated as a 1996
distribution to the participant.
Kerns, Jeannette E. 1,000.00 81.07 5.47 838.35 838.35 27.05
2324 Briarwood Plaza, Apt. F-108
Topeka, KS 66611
###-##-####
Detailed Description of Loan - General purpose loan; dated 11/21/94; 7.3% interest rate; 24
successive monthly installments.
Action to be Taken - The loan will be defaulted in 1996 and will be treated as a 1996
distribution to the participant.
</TABLE>
<PAGE18>
EIN: 48-0290150
PN: 004
Page 2 of 2
<TABLE>
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
LINE 27b - SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS
DECEMBER 31, 1995
<CAPTION>
Amount Received Unpaid
Original During Reporting Balance
Amount Year at End Amount Overdue
Identity and Address of Obligator of Loan Principal Interest of Year Principal Interest
<S> <C> <C> <C> <C> <C> <C>
Westgate, Daniel J. $28,500.00 $1,979.35 $ 885.95 $26,520.65 $ 2,669.77$1,055.12
3105 Sand Creek Road
Wamego, KS 66547
###-##-####
Detailed Description of Loan - General purpose loan; dated 12/29/94; 7.7% interest rate; 120
successive monthly installments.
Action to be Taken - The loan will be defaulted in 1996 and will be treated as a 1996
distribution to the participant.
Lancaster, Thomas A. 6,000.00 1,029.76 85.97 724.32 358.57 13.34
813 W. 11th
Hutchinson, KS 67501
###-##-####
Detailed Description of Loan - General purpose loan; dated 3/20/91; 8.1% interest rate; 120
successive monthly installments.
Action to be Taken - The loan will be defaulted in 1996 and will be treated as a 1996
distribution to the participant.
Robinson, Verneda F. 8,200.00 1,585.12 28.32 627.98 619.84 8.14
6312 N. W. 78th Street
Kansas City, MO 64151
###-##-####
Detailed Description of Loan - General purpose loan; dated 10/22/91; 8.2% interest rate; 96
successive monthly installments.
Action to be Taken - The loan will be defaulted in 1996 and will be treated as a 1996
distribution to the participant.
Pendergast, Michael C. 17,000.00 2,373.28 0.00 7,584.79 1,474.67 218.43
2220 S. 11th Street
St. Louis, MO 63104
###-##-####
Detailed Description of Loan - General purpose loan; dated 8/20/92; 7.3% interest rate; 120
successive monthly installments.
Action to be Taken - The loan will be defaulted in 1996 and will be treated as a 1996
distribution to the participant.
Perry, James A. 11,700.00 1,837.24 427.76 7,442.39 378.77 74.23
R. R. 1
Ozawkie, KS 66070
###-##-####
Detailed Description of Loan - General purpose loan; dated 10/15/93; 6.1% interest rate; 120
successive monthly installments.
Action to be Taken - The loan will be defaulted in 1996 and will be treated as a 1996
distribution to the participant.
</TABLE>
<PAGE19>
EIN: 48-0290150
PN: 004
<TABLE>
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
LINE 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
<CAPTION>
Type of Dollar Net Gain
Investment Transaction Number Value (Loss)
(1)
<S> <C> <C> <C> <C>
Vanguard Money Market Purchases 118 $24,579,726 $ -
Reserves, Prime Portfolio Sales 130 19,796,518 -
Magellan Fund Purchases 172 24,121,956 -
Sales 153 3,602,655 541,855
Fixed Income Fund Purchases 75 21,872,471 -
Sales 132 3,829,979 -
Vanguard/Windsor Fund Purchases 182 25,830,723 -
Sales 226 10,009,477 1,324,519
Western Resources, Inc. Stock Purchases 165 15,322,621 -
Fund* Sales 200 5,328,648 1,383,953
(1) Amount shown in this column is cost of purchases or proceeds from sales.
* This fund consists of two investments, Western Resources, Inc. Common Stock and Vanguard
Money Market Reserves, Prime Portfolio. The Trustee is unable to split the transaction
detail between the two investments.
</TABLE>
<PAGE20>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Investment and Benefits Committee for the Western Resources Inc. Employees'
401(K) Savings Plan has duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
By:
Signature Title Date
S. L. Kitchen Chairman June 13, 1996
Ira W. McKee, Jr. Member June 13, 1996
John K. Rosenberg Member June 13, 1996
Fred Bryan Member June 13, 1996
David E. Roth Member June 13, 1996
<PAGE21>
EXHIBIT INDEX
All exhibits marked "I" under the page column are incorporated herein by
reference.
Exhibit
Number Description of Documents Page
23 Consent of Independent Public Accountants (filed
electronically)
99(a) Summary Plan Description for The Kansas Power and I
Light Company Employees' Savings Plan. (filed as
Exhibit 28(a) to Registration Statement No.
33-23022)
99(b) Summary Plan Description for the Western Resources, I
Inc. Employees' 401(k) Savings Plan. (filed as
Exhibit 28(a) to Registration Statement No.
33-57435)
<PAGE22>
Exhibit 23
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation of
our report included in this Form 11-K for The Western Resources Inc.
Employees' 401(k) Savings Plan, into the Company's previously filed
Registration Statements File No. 33-23022 and 33-57435.
Arthur Andersen LLP
Kansas City, Missouri,
June 10, 1996
