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, 1996
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
<PAGE 2>
EIN: 48-0290150
PN: 004
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
FINANCIAL STATEMENTS AS OF DECEMBER 31, 1996 AND 1995
TOGETHER WITH REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
<PAGE 3>
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, 1996 and 1995, 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, 1996 and 1995, 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, 1996, 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.
Kansas City, Missouri,
June 13, 1997
<PAGE 4>
EIN: 48-0290150
PN: 004
<TABLE>
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1996 AND 1995
1996 1995
<S> <C> <C>
ASSETS
INVESTMENTS:
Western Resources, Inc. Investment
Contract Fund $ 64,475,290 $ 63,446,450
Vanguard Windsor Fund 90,616,436 69,085,239
Vanguard Money Market Reserves,
Prime Portfolio 8,128,588 6,550,797
Western Resources, Inc. Common
Stock Fund 51,029,233 51,019,625
Loan Fund 16,228,456 13,701,019
Vanguard Wellington Fund 11,404,547 7,242,500
Vanguard Index Trust 500 Portfolio
Fund 8,804,188 3,968,740
Vanguard PRIMECAP Fund 13,816,671 8,795,740
Fidelity Magellan Fund 28,809,605 25,584,467
Fixed Income Fund 16,601,172 18,118,773
Total Investments 309,914,186 267,513,350
Other Receivables 24,529 163,275
Interest and Dividends Receivable 886,090 791,587
CONTRIBUTIONS RECEIVABLE:
Participant 378,317 385,478
Employer 112,246 109,333
Total Assets 311,315,368 268,963,023
LIABILITIES
ACCOUNTS PAYABLE 112,264 386,899
NET ASSETS AVAILABLE FOR BENEFITS $311,203,104 $268,576,124
The accompanying notes to financial statements
are an integral part of these statements.
</TABLE>
<PAGE 5>
<TABLE>
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, 1996 AND 1995
1996 1995
<S> <C> <C>
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year $268,576,124 $218,304,213
ADDITIONS:
INVESTMENT INCOME-
Net Appreciation in Fair Value
of Investments 8,332,893 23,578,845
Interest 6,222,638 5,364,875
Dividends 17,804,491 14,093,276
Total Investment Income 32,360,022 43,036,996
CONTRIBUTIONS:
Participant 15,187,999 15,257,981
Employer 4,510,938 4,583,479
Total Contributions 19,698,937 19,841,460
Total Additions 52,058,959 62,878,456
DEDUCTIONS:
BENEFITS PAID (9,721,020) (12,526,938)
OTHER (60,154) (29,940)
Total Deductions (9,781,174) (12,556,878)
TRANSFERS: 349,195 (49,667)
NET INCREASE 42,626,980 50,271,911
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $311,203,104 $268,576,124
The accompanying notes to financial statements
are an integral part of these statements.
</TABLE>
<PAGE 6>
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1996 AND 1995
(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 October 1, 1996, substantially all employees were eligible to
participate after one year of service as defined. Effective October 1,
1996, newly hired full time employees may contribute to the Plan on a
pre-tax or after tax basis without Company match, beginning on the first
day of the month following employment. Matching employer contributions
continue to commence after the employee has completed one year of
service. Starting October 1, 1996, the plan also allows employees to
increase their contribution percentages the first of any month from the
first of any quarter. 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. 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. Cash contributions up to the first 6% of a
participant's earnings are matched 50% by the Company. Participants are
fully vested in all contributions and earnings thereon. 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.
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.
<PAGE 7>
(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.
(d) Investment Funds--During 1996 and 1995, 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 Western Resources, Inc. Investment Contract Fund is 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 these
investments, and interest thereon, are obligations of the insurance
companies. Neither Vanguard nor the Company guarantees either principal
or interest in such investments.
The Vanguard Windsor Fund is a diversified equity fund invested in
equity securities providing dividend and capital appreciation income.
The Vanguard Money Market Reserves - Prime Portfolio is 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.
The Western Resources, Inc. 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.
The Loan Fund is a conduit for the distribution and repayment of loan
proceeds. The investments in the fund represent loans due from
participants.
The Vanguard/Wellington Fund is 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.
The Vanguard Index Trust-500 Portfolio is a growth and income fund which
seeks to provide long-term capital growth. The Vanguard 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.
<PAGE 8>
The Vanguard/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.
The Fidelity 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. All investments
are stated at quoted market values, except as follows. Investments in
Western Resources, Inc. Investment Contract Fund, Fixed Income Fund, and
Vanguard Money Market Reserves, Prime Portfolio are stated at cost which
approximates market value determined by Vanguard. Investments in the
Loan Fund are 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. 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.
<PAGE 9>
(b) Use of Estimates--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 assets
and 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.
(c) 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.
(3) INVESTMENTS:
The following investments represent over 5% of net assets available for
benefits at December 31, 1996 and/or 1995:
<TABLE>
1996 1995
<S> <C> <C>
Metropolitan Life Insurance
Company, investment contract
#14403, general account $12,214,391 $13,501,792
Vanguard/Windsor Fund 90,616,436 69,085,239
Western Resources, Inc.
Common Stock 51,021,493 50,781,965
Metropolitan Life Insurance
Company, investment contract
#12651/20105, general account 16,600,616 17,354,167
Fidelity Magellan Fund 28,809,605 25,584,467
Vanguard Money Market Reserves,
Prime Portfolio 20,886,443 4,783,208
Loan Fund 16,228,456 13,701,019
</TABLE>
(4) PLAN AMENDMENTS:
Effective January 1, 1997, two new investment choices will be added to the
Plan, Vanguard Bond Index Fund-Total Bond Market Portfolio and the Vanguard
International Growth Fund.
<PAGE 10>
(5) FUND INFORMATION:
The following tables present changes in net assets available for benefits in
fund detail.
(5) Fund Information (continued):
<TABLE>
Year Ended December 31, 1996
Money Company
Investment Market Common
Contracts Windsor Reserves Stock Loan
<S> <C> <C> <C> <C> <C>
ADDITIONS
Investment Income:
Net appreciation
(depreciation) in fair
value of investments $ - $10,062,095 $ - $(3,783,983) $ -
Interest 3,780,296 - 369,912 11,216 1,017,792
Dividends - 8,660,885 - 2,563,118 -
3,780,296 18,722,980 369,912 (1,209,649) 1,017,792
Contributions:
Participant 2,302,303 4,775,895 428,544 1,680,865 -
Employer 703,075 1,398,776 140,738 500,479 -
3,005,378 6,174,671 569,282 2,181,344 -
Total additions 6,785,674 24,897,651 939,194 971,695 1,017,792
DEDUCTIONS
Benefits paid (3,420,750) (2,470,027) (298,645) (1,245,537) (244,282)
Other 29,289 (12,820) (5,200) (940) -
Total deductions (3,391,461) (2,482,847) (303,845) (1,246,477) (244,282)
Net increase (decrease)
prior to transfers 3,394,213 22,414,804 635,349 (274,782) 773,510
TRANSFERS
Interfund transfers (2,372,193) (933,908) 869,564 249,807 1,753,927
Transfers-other plans 6,820 50,301 72,878 34,583 -
Total transfers (2,365,373) (883,607) 942,442 284,390 1,753,927
Net increase (decrease) 1,028,840 21,531,197 1,577,791 9,608 2,527,437
Net assets available
for benefits:
Beginning of year 63,446,450 69,085,239 6,550,797 51,019,625 13,701,019
End of year $64,475,290 $90,616,436 $ 8,128,588 $51,029,233 $16,228,456
</TABLE>
(Continued)
<PAGE 11>
<TABLE>
(5) Fund Information (continued):
Year Ended December 31, 1996
Index
Trust-500 Fixed
Wellington Portfolio PRIMECAP Magellan Income
<S> <C> <C> <C> <C> <C>
ADDITIONS
Investment Income:
Net appreciation
(depreciation) in fair
value of investments $ 595,109 $ 1,131,350 $1,569,703 $(1,241,381) $ -
Interest - - - - 1,011,334
Dividends 870,404 167,541 401,350 4,287,191 -
1,465,513 1,298,891 1,971,053 3,045,810 1,011,334
Contributions:
Participant 1,419,079 873,678 1,488,955 1,840,363 -
Employer 422,321 262,124 421,761 549,418 -
1,841,400 1,135,802 1,910,716 2,389,781 -
Total additions 3,306,913 2,434,693 3,881,769 5,435,591 1,011,334
DEDUCTIONS
Benefits paid (430,212) (178,761) (177,898) (484,640) (770,268)
Other (8,060) (540) (700) - 26,552
Total deductions (438,272) (179,301) (178,598) (484,640) (743,716)
Net increase (decrease)
prior to transfers 2,868,641 2,255,392 3,703,171 4,950,951 267,618
TRANSFERS
Interfund transfers 1,272,883 2,526,326 1,281,960 (1,800,373) (1,785,219)
Transfers-other plans 20,523 53,730 35,800 74,560 -
Total transfers 1,293,406 2,580,056 1,317,760 (1,725,813) (1,785,219)
Net increase (decrease) 4,162,047 4,835,448 5,020,931 3,225,138 (1,517,601)
Net assets available
for benefits:
Beginning of year 7,242,500 3,968,740 8,795,740 25,584,467 18,118,773
End of year $11,404,547 $ 8,804,188 $13,816,671 $28,809,605 $16,601,172
</TABLE>
(continued)
<PAGE 12>
(5) Fund Information (continued):
<TABLE>
Year Ended December 31, 1996
Other Total
ADDITIONS
<S> <C> <C>
Investment Income:
Net appreciation
(depreciation) in fair
value of investments $ - $ 8,332,893
Interest 32,088 6,222,638
Dividends 854,002 17,804,491
886,090 32,360,022
Contributions:
Participant 378,317 15,187,999
Employer 112,246 4,510,938
490,563 19,698,937
Total additions 1,376,653 52,058,959
DEDUCTIONS
Benefits paid - (9,721,020)
Other (87,735) (60,154)
Total deductions (87,735) (9,781,174)
Net increase (decrease)
prior to transfers 1,288,918 42,277,785
TRANSFERS
Interfund transfers (1,062,774) -
Transfers-other plans - 349,195
Total transfers (1,062,774) 349,195
Net increase (decrease) 226,144 42,626,980
Net assets available
for benefits:
Beginning of year 1,062,774 268,576,124
End of year $ 1,288,918 $311,203,104
</TABLE>
<PAGE 13>
(5) Fund Information (continued):
<TABLE>
Year Ended December 31, 1995
Money Company
Investment Market Common
Contracts Windsor Reserves Stock Loan
<S> <C> <C> <C> <C> <C>
ADDITIONS
Investment Income:
Net appreciation
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 1,923,633 910,595
DEDUCTIONS
Benefits paid (5,039,706) (2,561,376) (492,371) (2,131,525) (330,078)
Other 143,102 (10,200) (4,980) (880) -
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
</TABLE>
(Continued)
<PAGE 14>
<TABLE>
(5) Fund Information (continued):
Year Ended December 31, 1995
Index
Trust-500 Fixed
Wellington Portfolio PRIMECAP Magellan Income
<S> <C> <C> <C> <C> <C>
ADDITIONS
Investment Income:
Net appreciation
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 3,125,825 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
Total deductions (330,487) (63,247) (217,601) (308,025) (985,880)
Net increase (decrease)
prior to transfers 2,935,896 1,629,633 2,908,224 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>
<PAGE 15>
<TABLE>
(5) Fund Information (continued):
Year Ended December 31, 1995
Other Total
ADDITIONS
<S> <C> <C>
Investment Income:
Net appreciation in fair
value of investments $ - $ 23,578,845
Interest 25,592 5,364,875
Dividends 765,995 14,093,276
791,587 43,036,996
Contributions:
Participant 385,478 15,257,981
Employer 109,333 4,583,479
494,811 19,841,460
Total additions 1,286,398 62,878,456
DEDUCTIONS
Benefits paid - (12,526,938)
Other (223,624) (29,940)
Total deductions (223,624) (12,556,878)
Net increase (decrease)
prior to transfers 1,062,774 50,321,578
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
</TABLE>
<PAGE 16>
EIN: 48-0290150
PN: 004
PAGE 1 OF 2
<TABLE>
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
LINE 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1996
Number Current
Description Of Units Cost Value
<S> <C> <C> <C>
Deutsche Bank, investment
contract #1 general account 4,149,702 $4,149,702 $4,149,702
Deutsche Bank, investment
contract #2, general account 4,128,666 4,128,666 4,128,666
John Hancock Mutual Life
Insurance Company, investment
contract #7307, general
account 9,886,676 9,886,676 9,886,676
Metropolitan Life Insurance
Company, investment contract
#14403, general account 12,214,391 12,214,391 12,214,391
Morgan Guaranty, investment
contract #96-17, general
account 2,027,880 2,027,880 2,027,880
Morgan Guaranty, investment
contract #96-18, general
account 2,013,433 2,013,433 2,013,433
Prudential Insurance Company
of America, investment
contract #7168, general
account 2,336,685 2,336,685 2,336,685
New York Life Insurance Company,
investment contract #30313 4,112,038 4,112,038 4,112,038
Principal Mutual Life Insurance
Company, investment contract
#418026 4,492,467 4,492,467 4,492,467
Union Bank of Switzerland,
investment contract #2127 6,363,793 6,363,793 6,363,793
Metropolitan Life Insurance
Company, Group Annuity
Contract #20105, general
account 16,600,616 16,600,616 16,600,616
*Vanguard/Windsor Fund 5,462,112 78,611,124 90,616,436
*Vanguard Money Market
Reserves, Prime Portfolio 20,886,443 20,886,443 20,886,443
</TABLE>
<PAGE 17>
<TABLE>
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, 1996
Number Current
Description Of Units Cost Value
<S> <C> <C> <C>
*Vanguard/PRIMECAP Fund 459,331 11,461,717 $13,816,671
*Vanguard Index Trust 500
Portfolio Fund 127,302 7,147,948 8,804,188
*Vanguard/Wellington Fund 436,120 10,079,727 11,404,547
*Fidelity Magellan Fund 357,218 25,779,363 28,809,605
*Western Resources, Inc.
Common Stock 1,652,518 37,809,998 51,021,493
*Participant Loans, at interest
rates ranging from 14% to 5% 16,228,456 16,228,456
Total Investments $276,331,123 $309,914,186
*Investment with party-in-interest to the Plan.
</TABLE>
<PAGE 18>
EIN: 48-0290150
PN: 004
Page 1 of 2
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
LINE 27b - SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS
DECEMBER 31, 1996
<TABLE>
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>
Gurley, Bobby G. $10,000.00 $1,736.66 $ 210.74 $ 3,335.97 $ 355.39 $ 34.07
RR5, Box 108
Arkansas City, KS 67005
###-##-####
Detailed Description of Loan - General purpose loan; dated 4/20/93; 6.3% interest rate; 120
successive semi-monthly installments.
Action to be Taken - The employee will be given the option to pay off the loan. If not paid, the
loan will be defaulted in 1997 and will be treated as a 1997 distribution to the participant.
Lewis, Lilah J. $10,000.00 $1,765.49 $ 537.31 $ 7,876.32 $ 482.75 $123.25
810 Lawrence
Emporia, KS 66801
###-##-####
Detailed Description of Loan - General purpose loan; dated 10/30/95; 7.7% interest rate, 96
successive semi-monthly installments.
Action to be Taken - The employee will be given the option to pay off the loan. If not paid, the
loan will be defaulted in 1997 and will be treated as a 1997 distribution to the participant.
Alvarez, Allyson A. $ 4,800.00 $ 0.00 $ 0.00 $ 1,601.47 $1,056.65 $ 75.91
10924 West 58th St., Apt. 101 4,700.00 0.00 0.00 3,214.77 922.56 169.44
Shawnee, KS 66203 5,300.00 0.00 0.00 5,007.92 923.81 361.15
###-##-####
Detailed Description of Loan - Three general purpose loans, dated 6/17/92, 3/23/94, and 8/29/95,
respectively; interest rates of 6.7%, 6.1%, and 7.9%, respectively; 60 monthly, 120 semi-monthly,
120 semi-monthly successive installments, respectively.
Action to be Taken - The employee will be given the option to pay off the loan. If not paid, the
loan will be defaulted in 1997 and will be treated as a 1997 distribution to the participant.
Sorenson, Evelyn C. $ 4,100.00 $ 763.38 $ 64.12 $ 562.33 $ 238.83 $ 9.42
2221 NW 65th Street
Kansas City, MO 64151
###-##-####
Detailed Description of Loan - General purpose loan; dated 4/28/92, 7.8% interest rate, 60
successive monthly installments.
Action to be Taken - The employee will be given the option to pay off the loan. If not paid, the
loan will be defaulted in 1997 and will be treated as a 1997 distribution to the participant.
Suther, Rose A. $ 3,100.00 $ 224.39 $ 75.05 $ 2,875.61 $ 406.39 $117.63
2410 Honeysuckle Drive
Richardson, TX 75082
###-##-####
Detailed Description of Loan - General purpose loan; dated 1/26/96, 7.5% interest rate, 96
successive semi-monthly installments.
Action to be Taken - The employee will be given the option to pay off the loan. If not paid, the
loan will be defaulted in 1997 and will be treated as a 1997 distribution to the participant.
</TABLE>
<PAGE 19>
<TABLE>
EIN: 48-0290150
PN: 004
Page 2 of 2
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
LINE 27b - SCHEDULE OF LOANS OR FIXED INCOME OBLIGATIONS
DECEMBER 31, 1996
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>
Huston, Ronald A. $ 2,000.00 $ 838.48 $ 67.52 $ 531.20 $ 174.75 $ 6.45
6506 Cheswick Road N
Hixon, TN 37415
###-##-####
Detailed Description of Loan - General purpose loan; dated 4/12/95, 8.3% interest rate, 48
successive semi-monthly installments.
Action to be Taken - The employee will be given the option to pay off the loan. If not paid, the
loan will be defaulted in 1997 and will be treated as a 1997 distribution to the participant.
Werner, Kenneth F. $ 3,000.00 $ 276.45 $ 44.53 $ 1,390.71 $ 337.17 $ 42.17
3106 Faye
Parsons, KS 67357
###-##-####
Detailed Description of Loan - General purpose loan; dated 7/28/93, 6.3% interest rate, 120
successive semi-monthly installments.
Action to be Taken - The employee will be given the option to pay off the loan. If not paid, the
loan will be defaulted in 1997 and will be treated as a 1997 distribution to the participant.
Fields, Tamara B. $ 5,000.00 $ 716.92 $ 77.96 $ 1,240.52 $ 371.54 $ 25.90
3854 SE 32nd Street 6,800.00 283.71 123.63 6,516.29 583.40 231.28
Topeka, KS 66605
###-##-####
Detailed Description of Loan: Two general purpose loans; dated 9/21/92 and 3/28/96, respectively,
interest rates of 7.2% and 7.4%, respectively, both with 120 consecutive semi-monthly
installments.
Action to be Taken - The employee will be given the option to pay off the loan. If not paid, the
loan will be defaulted in 1997 and will be treated as a 1997 distribution to the participant.
</TABLE>
<PAGE 20>
<TABLE>
EIN: 48-0290150
PN: 004
WESTERN RESOURCES, INC.
EMPLOYEES' 401(K) SAVINGS PLAN
LINE 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1996
Type of Dollar Net Gain
Investment Transaction Number Value (1) (Loss)
<S> <C> <C> <C> <C>
Vanguard Money Market Purchases 104 $34,413,390 $ -
Reserves, Prime Sales 166 26,776,563 -
Portfolio
Vanguard/Windsor Fund Purchases 292 20,891,926 -
Sales 428 9,501,565 985,323
Western Resources, Inc. Purchases 247 9,720,783 -
Common Stock Fund* Sales 395 6,026,632 845,390
(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>
<PAGE 21>
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 27, 1997
Ira W. McKee, Jr. Member June 27, 1997
John K. Rosenberg Member June 27, 1997
Kenneth T. Wymore Member June 27, 1997
David E. Roth Member June 27, 1997
<PAGE 22>
EXHIBIT INDEX
Exhibit
Number Description of Documents Page
23 Consent of Independent Public Accountants
(filed electronically)
Exhibit 23
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation of
our report included in the Form 11-K for the Western Resources, Inc.
Employees' 401(k) Savings Plan, into the Company's previously filed
Registration Statements File Nos. 33-49467, 33-49553, 333-02023, 33-50069,
33-62375, and 333-26115 of Western Resources, Inc. on Form S-3; Nos. 333-18097
and 333-02711 of Western Resources, Inc. on Form S-4; Nos. 33-57435,
333-13229, 333-06887, 333-20393, and 333-20413 of Western Resources, Inc.
on Form S-8.
Arthur Andersen LLP
Kansas City, Missouri,
June 13, 1997
