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, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
Commission File Number 2-62223
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
(Full title of the plan)
ENTERGY CORPORATION
639 Loyola
New Orleans, Louisiana 70113
(Issuer and address of principal executive office)
<PAGE>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
Table of Contents
Page
Number
Herein
(a)Financial Statements:
Report of Independent Accountants 3
Statement of Net Assets Available for Benefits
with Fund Information as of December 31, 1996 4
Statement of Net Assets Available for Benefits
with Fund Information as of December 31, 1995 5
Statement of Changes in Net Assets Available for
Benefits with Fund Information-For the Year
Ended December 31, 1996 6
Notes to Financial Statements 7
(b)Supplemental Schedules:
Item 27a - Schedule of Assets Held for Investment
Purposes - as of December 31, 1996 15
Item 27d - Schedule of Reportable Transactions -
for the Year Ended December 31, 1996 31
Signature 32
(c)Exhibit:
Consent of Coopers & Lybrand L.L.P. 33
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustee and Participants of the Savings Plan of
Entergy Corporation and Subsidiaries:
We have audited the accompanying statements of net assets
available for benefits of the Savings Plan of Entergy Corporation
and Subsidiaries (the Plan) as of December 31, 1996 and 1995, and
the related statement of changes in net assets available for
benefits for the year ended December 31, 1996. 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, 1996 and
1995, and the changes in net assets available for benefits for
the year ended December 31, 1996 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 plan 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.
COOPERS & LYBRAND L.L.P.
New Orleans, Louisiana
June 20, 1997
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
As of December 31, 1996
PARTICIPANT DIRECTED FUND INFORMATION
Entergy Stable Stock
Corporation Income Balanced Income
Total Stock Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C>
Assets:
Investments:
Cash and temporary cash investments $243,544,633 $65,574 $114,315,718 $6,189,331 $34,803,961
Equity securities:
Entergy Corporation common
stock - 10,208,842 shares 282,019,260 59,529,486 - - -
Other equity securities 118,417,941 - - 13,497,737 55,510,975
Fixed income securities:
U.S. Treasury and government
agency securities 7,840,843 - - 7,840,843 -
Guaranteed investment contracts 12,311,107 - 12,311,107 - -
Synthetic investment contracts 119,761,246 - 119,761,246 - -
American Express Trust Fund 14,122,430 - 14,122,430 - -
Other corporate securities 3,008,155 - 1,119,499 1,888,656 -
Loans to participants 19,200,985 - - - -
---------------------------------------------------------------
Total investments 820,226,600 59,595,060 261,630,000 29,416,567 90,314,936
Contributions receivable 3,970,290 216,882 994,285 204,629 469,483
Other receivables 3,327,078 43,402 464,105 330,126 1,938,003
---------------------------------------------------------------
Total assets 827,523,968 59,855,344 263,088,390 29,951,322 92,722,422
---------------------------------------------------------------
Liabilities:
Other liabilities 3,043,269 319 1,155,478 525 1,859,756
---------------------------------------------------------------
Net Assets Available for Benefits $824,480,699 $59,855,025 $261,932,912 $29,950,797 $90,862,666
===============================================================
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
As of December 31, 1996
NON-
PARTICIPANT
DIRECTED
Stock Stock Entergy
Index Growth Acorn Participant Corporation
Fund Fund Fund Loans Stock Fund
<S> <C> <C> <C> <C> <C>
Assets:
Investments:
Cash and temporary cash investments $11,618,474 $31,613,679 $44,576,579 $116,235 $245,082
Equity securities:
Entergy Corporation common
stock - 10,208,842 shares - - - - 222,489,774
Other equity securities 23,634,131 25,775,098 - - -
Fixed income securities:
U.S. Treasury and government
agency securities - - - - -
Guaranteed investment contracts - - - - -
Synthetic investment contracts - - - - -
American Express Trust Fund - - - - -
Other corporate securities - - - - -
Loans to participants - - - 19,200,985 -
---------------------------------------------------------------
Total investments 35,252,605 57,388,777 44,576,579 19,317,220 222,734,856
Contributions receivable 303,400 507,064 283,474 - 991,073
Other receivables 57,438 155,862 68,711 - 269,431
---------------------------------------------------------------
Total assets 35,613,443 58,051,703 44,928,764 19,317,220 223,995,360
---------------------------------------------------------------
Liabilities:
Other liabilities 314 308 - - 26,569
---------------------------------------------------------------
Net Assets Available for Benefits $35,613,129 $58,051,395 $44,928,764 $19,317,220 $223,968,791
===============================================================
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
As of December 31, 1995
PARTICIPANT DIRECTED FUND INFORMATION
Entergy Stable Stock
Corporation Income Balanced Income
Total Stock Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C>
Assets:
Investments:
Cash and temporary cash investments $6,429,766 $11,750 $784,564 $1,106,560 $712,513
Equity securities:
Entergy Corporation common
stock - 10,547,333 shares 308,509,490 70,966,288 - - -
Other equity securities 163,737,591 - - 9,543,150 73,200,510
Fixed income securities:
U.S. Treasury and government
agency securities 28,362,832 - 22,391,156 5,971,676 -
Guaranteed investment contracts 20,754,164 - 20,754,164 - -
Synthetic investment contracts 110,425,335 - 110,425,335 - -
American Express Trust Fund 13,231,811 - 13,231,811 - -
Other corporate securities 119,284,000 - 116,074,427 3,209,573 -
Loans to participants 10,725,071 - - - -
-------------------------------------------------------------------
Total investments 781,460,060 70,978,038 283,661,457 19,830,959 73,913,023
Contributions receivable 5,143,206 377,275 1,580,490 218,591 588,600
Other receivables 6,311,124 70,635 2,249,095 1,072,057 619,735
-------------------------------------------------------------------
Total assets 792,914,390 71,425,948 287,491,042 21,121,607 75,121,358
-------------------------------------------------------------------
Liabilities:
Other liabilities 3,948,043 824,678 1,958,016 32,884 635,496
-------------------------------------------------------------------
Net Assets Available for Benefits $788,966,347 $70,601,270 $285,533,026 $21,088,723 $74,485,862
===================================================================
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
As of December 31, 1995
NON-
PARTICIPANT
DIRECTED
Stock Stock Entergy
Index Growth Acorn Participant Corporation
Fund Fund Fund Loans Stock Fund
<S> <C> <C> <C> <C> <C>
Assets:
Investments:
Cash and temporary cash investments $995,169 $2,220,671 $473,003 $86,200 $39,336
Equity securities:
Entergy Corporation common
stock - 10,547,333 shares - - - - 237,543,202
Other equity securities 17,931,737 33,460,570 29,601,624 - -
Fixed income securities:
U.S. Treasury and government
agency securities - - - - -
Guaranteed investment contracts - - - - -
Synthetic investment contracts - - - - -
American Express Trust Fund - - - - -
Other corporate securities - - - - -
Loans to participants - - - 10,725,071 -
----------------------------------------------------------------
Total investments 18,926,906 35,681,241 30,074,627 10,811,271 237,582,538
Contributions receivable 280,009 541,784 251,875 - 1,304,582
Other receivables 879,383 1,189,124 73,856 - 157,239
----------------------------------------------------------------
Total assets 20,086,298 37,412,149 30,400,358 10,811,271 239,044,359
----------------------------------------------------------------
Liabilities:
Other liabilities 8,445 111,792 64,534 - 312,198
----------------------------------------------------------------
Net Assets Available for Benefits $20,077,853 $37,300,357 $30,335,824 $10,811,271 $238,732,161
================================================================
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
For the Year Ended December 31, 1996
PARTICIPANT DIRECTED FUND INFORMATION
Entergy Stable Stock
Corporation Income Balanced Income
Total Stock Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C>
Net Assets Available for Benefits -
Beginning of Year $788,966,347 $70,601,270 $285,533,026 $21,088,723 $74,485,862
Increases:
Investment income:
Dividends 22,350,751 4,175,324 - 324,162 2,696,605
Interest 21,123,550 11,014 17,990,783 859,244 67,413
Net realized and unrealized appreciation/
(depreciation) of investments 12,635,749 (3,846,632) (2,156,806) 1,814,498 12,541,428
--------------------------------------------------------------------
Total investment income 56,110,050 339,706 15,833,977 2,997,904 15,305,446
--------------------------------------------------------------------
Employee contributions 39,969,561 3,359,767 14,545,526 3,013,971 6,158,427
Employer contributions - net
of forfeitures 13,022,056 - - - -
--------------------------------------------------------------------
Total increases 109,101,667 3,699,473 30,379,503 6,011,875 21,463,873
--------------------------------------------------------------------
Decreases:
Distributions to withdrawing
participants 83,269,439 5,362,685 35,618,266 1,921,961 7,141,078
--------------------------------------------------------------------
Total decreases 83,269,439 5,362,685 35,618,266 1,921,961 7,141,078
--------------------------------------------------------------------
Net increase (decrease) before transfers 25,832,228 (1,663,212) (5,238,763) 4,089,914 14,322,795
Net transfers from affiliated plans 9,682,124 5,091 112,555 8,924 -
Net transfers between the funds - (9,088,124) (18,473,906) 4,763,236 2,054,009
--------------------------------------------------------------------
Net increase (decrease) 35,514,352 (10,746,245) (23,600,114) 8,862,074 16,376,804
--------------------------------------------------------------------
Net Assets Available for Benefits -
End of Year $824,480,699 $59,855,025 $261,932,912 $29,950,797 $90,862,666
====================================================================
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
For the Year Ended December 31, 1996
NON-
PARTICIPANT
DIRECTED
Stock Stock Entergy
Index Growth Acorn Participant Corporation
Fund Fund Fund Loans Stock Fund
<S> <C> <C> <C> <C> <C>
Net Assets Available for Benefits -
Beginning of Year $20,077,853 $37,300,357 $30,335,824 $10,811,271 $238,732,161
Increases:
Investment income:
Dividends 18,258 353,922 279,278 - 14,503,202
Interest 556,725 53,935 14,009 1,526,374 44,053
Net realized and unrealized appreciation/
(depreciation) of investments 4,243,997 6,827,210 6,328,871 - (13,116,817)
-----------------------------------------------------------------
Total investment income 4,818,980 7,235,067 6,622,158 1,526,374 1,430,438
-----------------------------------------------------------------
Employee contributions 3,636,929 6,271,735 2,983,206 - -
Employer contributions - net
of forfeitures - - - - 13,022,056
-----------------------------------------------------------------
Total increases 8,455,909 13,506,802 9,605,364 1,526,374 14,452,494
-----------------------------------------------------------------
Decreases:
Distributions to withdrawing
participants 1,650,301 3,400,368 2,550,435 1,521,765 24,102,580
-----------------------------------------------------------------
Total decreases 1,650,301 3,400,368 2,550,435 1,521,765 24,102,580
-----------------------------------------------------------------
Net increase (decrease) before transfers 6,805,608 10,106,434 7,054,929 4,609 (9,650,086)
Net transfers from affiliated plans - - 15,943 9,519,247 20,364
Net transfers between the funds 8,729,668 10,644,604 7,522,068 (1,017,907) (5,133,648)
-----------------------------------------------------------------
Net increase (decrease) 15,535,276 20,751,038 14,592,940 8,505,949 (14,763,370)
-----------------------------------------------------------------
Net Assets Available for Benefits -
End of Year $35,613,129 $58,051,395 $44,928,764 $19,317,220 $223,968,791
=================================================================
See Notes to Financial Statements.
</TABLE>
<PAGE>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
Notes to Financial Statements
1. Summary of Significant Accounting Policies
Basis of presentation: The accompanying financial statements have
been prepared on the accrual basis of accounting and present the
Statement of Net Assets Available for Benefits with Fund
Information and the Statement of Changes in Net Assets Available
for Benefits with Fund Information for the Savings Plan of Entergy
Corporation and Subsidiaries (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 Internal Revenue Service and Department of Labor Form 5500
which requires benefits payable to be accrued and charged to net
assets in the period the liability arises. Net assets available
for benefits as of December 31, 1996 and 1995 and the net increase
in net assets available for benefits for each of the years differ
from that reported in the Form 5500 as follows:
Net Assets Available
for Benefits
1996 1995
As reported herein $824,480,699 $788,966,347
Accrued benefits payable (39,300) (982,271)
------------ ------------
To be reported in Form 5500 $824,441,399 $787,984,076
============ ============
Net Increase in
Net Assets Available for Benefits
1996 1995
As reported herein $35,514,352 $234,248,806
Accrued benefits payable 942,971 1,713,915
----------- ------------
To be reported in Form 5500 $36,457,323 $235,962,721
=========== ============
The Plan presents in the Statement of Changes in Net Assets
Available for Benefits with Fund Information the net appreciation
(depreciation) in the fair value of its investments which consists
of the realized gains or losses and the unrealized appreciation
(depreciation) on those investments.
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. Purchases and sales of securities are
accounted for on the trade date.
The values of guaranteed investment contracts (GICs) are recorded
at contract value, which approximates fair market value. Contract
value represents amounts invested under the GICs, plus interest
earned and reinvested through the valuation date at the contracted
rate. The values of synthetic investment contracts (SICs) are
recorded at contract value, which approximates fair market value,
because participants are guaranteed a return of principal and
accrued interest. SICs are similar to GICs except the assets of a
SIC are placed in a trust with ownership by the Plan and a
financially responsible third party issues a wrapper contract. A
wrapper contract is an insurance policy that guarantees a stated
rate of return on specific Plan assets placed in the trust. The
fair value of the SIC assets in trust at December 31, 1996 was
$117,376,034. Listed below are the GICs and SICs as of December
31, 1996:
Guaranteed investment contracts:
Contract
Interest Rate Value
STABLE INCOME FUND:
Provident Life & Accident Ins. 5.53% $ 4,058,675
Allmerica Financial 5.42% 4,053,035
Continental Assurance Company 5.72% 4,199,397
-----------
Total guaranteed investment contracts $12,311,107
===========
Synthetic investment contracts:
Contract
Interest Rate Value
STABLE INCOME FUND:
Commonwealth Life 6.73% $ 40,000,161
Rabobank Nederland 6.20% 39,776,349
Transamerica Life 6.60% 39,984,736
-------------
Total synthetic investment contracts $ 119,761,246
=============
The carrying value of loans to participants approximates fair
value.
Expenses: All costs and expenses of administering the Plan, except
expenses incurred in the direct acquisition or disposition of stock
and investment manager fees, are paid first by forfeitures of the
Plan and then by Entergy Corporation.
Tax status: The Internal Revenue Service issued a favorable
determination letter on March 26, 1997 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 in the
Statement of Net Assets Available for Benefits with Fund
Information as of December 31, 1996 and 1995, and the reported
amounts in the Statement of Changes in Net Assets Available for
Benefits with Fund Information during fiscal year 1996.
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 1996 Plan financial statements.
Concentration of credit risk: The Plan provisions include the
option to invest 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. Currently, there
are no Plan investments in such assets.
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 and SICs which are subject to credit risk
with respect to the insurance companies. The potential credit risk
of the GICs and SICs as of December 31, 1996 is $12,311,107 and
$2,385,212, respectively. The potential credit risk for the SICs
represents the difference between the fair value of the SIC assets
in the trust and the contract value. The Plan provisions set
investment guidelines addressing investment diversification,
quality, maturity and performance standards prescribed to mitigate
the potential credit risk.
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
Corporation and Subsidiaries 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: At December 31, 1996, the Plan was available to all
employees of Entergy Corporation and its subsidiary companies
(System) who satisfy a six-month System service requirement. All
current collective bargaining units except for active River Bend
Steam Electric Generating Station (River Bend) bargaining employees
of Entergy Operations, Inc. as of October 1, 1995 participate in
the Plan.
Contributions: Contributions made by or on behalf of participants
are deposited with Hibernia National Bank in New Orleans as Trustee
for the Plan. Participants may elect to contribute, through
payroll deductions, one to six percent of their base salary
(basic). The employing System company will make matching
contributions to the Plan in an amount equal to fifty percent of a
participant's basic contribution (matching). Participants may
contribute an additional one 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 1996 401(k) contribution was $9,500
per participant.
The Plan provides that certain taxable amounts received by an
employee which originated from an employee benefit plan qualified
under Section 401(a) of the Code may be accepted under the Plan as
rollover contributions (Rollover). Prior to January 1, 1987, the
Plan accepted tax-deductible (IRA-type) contributions as System
Individual Retirement Account (SIRA) contributions and continues to
maintain such accounts under the Plan until distribution.
Investments: Matching contributions made on behalf of participants
are invested by the Trustee in the Entergy Corporation Stock Fund.
Participant contributions are invested as directed by participants
in accordance with the Plan's investment options. Earnings on
participant contributions are allocated based on participants'
account balances as of the first day of each month.
On July 6, 1994, the Board amended the Plan, effective January 1,
1995, by adding the Acorn Fund as a new investment option.
Upon enrollment in the Plan, a participant may direct contributions
to any of the following seven investment options:
Entergy Corporation Stock Fund - Funds are invested in
common stock of Entergy Corporation.
Stable Income Fund - Funds are invested in high-quality,
fixed-income securities managed by Standish, Ayer &
Wood. In addition, the Fund invests in various
investments which include stable value portfolios
managed by T. Rowe Price and American Express, and
investment contracts with insurance companies offering a
specified annual interest rate over a stated period of time.
Investments in the T. Rowe Price stable value fund include
SICs, as well as high quality GICs. SICs are similar
to GICs in that they can be issued by banks and insurance
companies and provide a stable asset value and book value
of payments upon certain events.
Balanced Fund - Funds are invested in a mix of common
stocks that are similar to the Standard & Poor's 500 and
fixed-income securities.
Stock Income Fund - Funds are invested in the common
stocks of large, well-established companies whose
dividends are higher than the average dividends of
companies that make up the Standard & Poor's 500.
Stock Index Fund - Funds are invested in a portfolio of
common stocks intended to reflect the U.S. stock market.
The portfolio seeks to match the Wilshire 5000 Index, an
index of all regularly and publicly traded U.S. stocks.
Stock Growth Fund - Funds are invested in the common
stocks of large, well-established companies with
favorable growth potential.
Acorn Fund - The funds are invested in common stocks of
small and medium sized companies, including
international companies.
As of December 31, 1996, the Plan had the following number of
participants in each investment option:
Number of
Participants
Entergy Corporation Stock Fund 3,995
Stable Income Fund 9,496
Balanced Fund 2,855
Stock Income Fund 5,552
Stock Index Fund 3,586
Stock Growth Fund 4,625
Acorn Fund 3,016
Vesting: Amounts contributed by participants are fully vested at
all times. Participants become fully vested in the matching
account upon completion of five years of System service except for
all Entergy Gulf States employees who were eligible to participate
in the Gulf States Utilities Company Employees' Thrift Plan before
January 1, 1995, and who transferred into the Plan as of January 1,
1995, continued to be immediately vested in all past and future
matching contributions.
Plan termination: Although it has not expressed any intent to do
so, the System 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 a Plan termination,
participants would 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 contributions after-tax, Rollover, and
SIRA accounts. Such withdrawals may include all or a portion of
the value of their basic and supplemental before-tax accounts if
the participant has attained age 59-1/2. These withdrawals may be
subject to a ten percent premature distribution tax 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, the remaining principal balance of the loan
is treated as a taxable distribution to the participant unless the
amount is repaid in full within a specified period from the date of
separation.
Distributions upon separation from service: Upon leaving a System
company, participants become eligible to receive a single-sum
distribution of the entire vested value of the Plan accounts.
There are certain provisions regarding deferral of distributions,
installment distributions for certain retirees and disabled
participants, minimum account balances, and mandatory
distributions.
Asset value per unit: The number of units and net asset value per
unit for the funds as of December 31, 1996 and December 31, 1995
were as follows:
1996 1995
Entergy Corporation Stock Fund:
Number of Units 10,208,842 10,547,333
Net Asset Value per unit $27.80 $29.33
Stable Income Fund:
Number of Units 45,390,434 52,394,931
Net Asset Value per unit $5.77 $5.45
Balanced Fund:
Number of Units 21,644,851 16,093,095
Net Asset Value per unit $1.38 $1.31
Stock Income Fund:
Number of Units 8,999,982 8,803,045
Net Asset Value per unit $10.10 $8.46
Stock Index Fund:
Number of Units 22,478,489 14,281,442
Net Asset Value per unit $1.58 $1.41
Stock Growth Fund:
Number of Units 35,878,105 25,719,264
Net Asset Value per unit $1.62 $1.45
Acorn Fund:
Number of Units 30,510,644 24,754,051
Net Asset Value per unit $1.47 $1.23
Inactive accounts: Participants are allowed, under the provisions
of the Plan, to defer receipt of their vested account balance upon
separation from the Plan until age 70-1/2. The amount to such
participants was $164,302,994 at December 31, 1996.
Forfeitures: Upon termination of employment for reasons other than
retirement, disability, or death, the portion of the employee's
account in which he/she is not vested at the time of termination
shall be forfeited and credited to the Plan Forfeiture Account.
Contributions forfeited for the years ended December 31, 1996 and
1995 were $195,650 and $182,176, respectively.
Plan amendments: Effective January 1, 1995, the dividend pass
through feature was added to the Plan allowing eligible
participants to either receive a cash distribution of their Entergy
common stock dividend held in the Company Match Account or reinvest
it in the Plan. Eligible participants include all participants who
are vested in their Company Account.
Effective March 1996, a new diversification feature was added to
the Plan. Under the Plan, Company-matching contributions are
invested in Entergy common stock and generally can not be moved to
other Plan investment funds. However, the new diversification
feature allows participants to transfer a portion of their matching
contributions into other Plan investment funds if they are at least
55 years of age and have 10 years of participation in the Plan.
(Years of participation in the Gulf States Utilities Company
Employees' Thrift Plan also count for this purpose).
Other: The following represents investments in excess of
five percent of the current value of net assets available for
benefits as of December 31, 1996 and 1995:
Investment December 31, 1996 December 31, 1995
Entergy Common Stock $282,019,260 $308,509,490
3.Entergy Corporation - Gulf States Utilities Company Merger
On December 31, 1993, Entergy Corporation and Gulf States Utilities
Company (Entergy Gulf States, Inc.) consummated their merger.
Entergy Gulf States, Inc. became a wholly owned subsidiary of
Entergy Corporation. On May 5, 1994, the Board of Directors of
Entergy Corporation approved the combination of the Plan and the
Gulf States Utilities Company Employees' Thrift Plan.
On January 1, 1995, the non-bargaining employees of Entergy Gulf
States began making new contributions to the Plan. In April 1995,
the non-bargaining employees' and inactive participants' assets
were transferred from the Gulf States Utilities Company Employees'
Thrift Plan to the Plan. Bargaining unit employees of Entergy Gulf
States, other than River Bend, joined the Plan on October 1, 1995
and their assets were transferred in October 1995. The River Bend
bargaining unit elected to remain in the Gulf States Utilities
Company Employees' Thrift Plan. During 1995, the Plan received
$71,777,638 in cash and $39,867,964 in securities from the Gulf
States Utilities Company Employees' Thrift Plan.
During 1996, the Plan received the outstanding loan balance from
the Gulf States Utilities Company Employees' Thrift Plan for
bargaining unit employees of Entergy Gulf States, other than River
Bend.
4. Subsequent Event
On May 23, 1996, the Entergy Employee Benefits Committee approved the
decision to appoint T. Rowe Price Trust Company as the Plan Trustee and
T. Rowe Price Retirement Plan Services, Inc. as the Plan Recordkeeper,
effective January 1, 1997. As of December 28, 1996, securities within
various funds had been converted to cash and temporary cash
investments, based on T. Rowe Price's recommendations, in order to
transition from one trustee to another in a cost effective manner. On
January 2, 1997, cash and temporary cash investments were converted to
mutual funds by T. Rowe Price Trust Company.
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
E.I.N. 13-5550175 (Plan No. 003)
Number Current
Description of Shares Cost Value
<S> <C> <C> <C>
Cash and temporary cash investments ___ $243,544,633 $243,544,633
------------ ------------
Equity securities:
Entergy Corporation common stock, $.01 par *
10,208,842 $198,330,470 $282,019,260
============ ============
Other equity securities:
BALANCED FUND:
Abbott Labs 4,800 $190,495 $243,600
Albertsons, Inc. 1,300 41,349 46,312
American Express Company 2,600 100,086 146,900
American Intl Group Inc. 1,000 98,370 108,250
Amgen Inc. 1,100 61,626 59,812
Amoco Corp. 400 28,958 32,250
Anadarko Pertroleum Corp. 1,800 85,983 116,550
AT&T Corp. 10,300 435,531 446,762
Atlantic Richfield Corp. 1,400 169,753 185,500
Avery Dennison Corp. Com. 1,800 52,555 63,675
Baker Hughes Inc 800 16,720 27,600
Banc One Corp. 2,200 69,875 94,600
BankAmerica Corp. 1,100 64,621 109,725
Barnett Banks Inc. 1,100 25,716 45,237
* Denotes a party-in-interest to the Plan
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
E.I.N. 13-5550175 (Plan No. 003)
Number Current
Description of Shares Cost Value
<S> <C> <C> <C>
BellSouth Corp. Com. 5,000 191,875 202,500
Boeing Company 2,400 190,005 255,600
Bristol-Myers Squibb Comp. 3,800 277,626 414,200
British Telecommunications Plc. ADR Final Inst. 1,600 85,280 109,800
Chevron Corp. 1,800 105,711 117,000
Chrysler Corp. 3,800 113,329 125,400
Cigna Corp. 2,900 302,383 396,212
Columbia/HCA Healthcare Corp. 2,400 76,459 97,800
Compaq Computer Corp. Com. 800 43,791 59,500
Computer Assoc. Intl Inc. Company 1,400 86,478 69,650
Conagra Inc. 1,800 78,186 89,550
Consolidated Natural Gas Company 1,200 59,424 66,300
Cooper Inds Inc. 600 23,562 25,275
Crown Cork & Seal Inc. Company 1,400 59,703 76,125
CSX Corp. Com. 2,900 144,036 122,525
Dana Corp. 1,300 35,393 42,412
Dean Witter Discover & Co. 2,800 142,800 185,500
Dell Comp. Corp. Company 600 29,363 31,875
Disney Walt Company 2,000 122,290 139,500
Dover Corp. Company 1,200 54,700 60,600
Du Pont E I DeNemours & Company 3,600 332,226 338,850
Eastman Kodak Company 900 52,282 72,225
Federated Dept. Stores Inc. Del. 1,800 49,423 61,425
First Bank System Inc. 1,400 72,981 95,550
First Union Corp. 800 51,116 59,200
Fleet Financial Group Inc. 2,200 85,521 109,725
Ford Motor Company 4,800 174,387 154,800
Fruit of the Loom Inc. Cl A 1,000 27,420 37,875
General Electric Comp. 3,800 248,602 375,725
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
E.I.N. 13-5550175 (Plan No. 003)
Number Current
Description of Shares Cost Value
<S> <C> <C> <C>
General Instr. Corp. New Com. 1,400 33,978 30,450
General Motors Corp. 3,600 189,247 200,700
General Re Corp. Company 1,300 193,251 205,075
Gillette Company 1,900 139,485 147,725
Glaxo Welcome Plc. Spon. Adr. 2,400 74,710 76,200
Goodyear Tire & Rubber Co. Com. 300 12,040 15,412
GTE Corp. Company 3,200 117,187 145,200
Guidant Corp. Com. 600 28,137 34,200
Halliburton Co. Company 100 4,027 6,025
Hercules Inc. 1,800 88,303 77,850
Hewlett Packard Co. Inc. 1,300 65,205 65,325
HFS Inc. 1,500 92,655 89,625
Hilton Hotels Corp. Company 2,300 62,353 60,375
Home Depot 3,400 151,479 170,425
IBM Corp. Company 1,700 201,321 257,550
Imperial Oil Ltd. New 1,300 45,501 61,100
Ingersoll Rand Company 1,000 43,520 44,500
Intel Corp. 2,600 163,233 340,439
ITT Corp. New Com. 1,700 95,884 73,737
ITT Hartford Group Inc. 1,400 78,015 94,500
Johnson & Johnson 6,900 231,638 343,275
Kerr McGee Corp. 600 37,512 43,200
Kimberly Clark Corp. 2,200 164,115 209,550
Komag Inc. Company 1,200 37,523 32,550
Liz Claiborne Inc. Company 1,700 61,022 65,662
Lowes Cos. Inc. Company 2,000 71,061 71,250
Lucent Technologies Inc. Company 3,100 157,216 143,375
Marsh & McLennan Cos Inc. 2,300 194,301 239,200
MCI Communications 2,700 76,101 88,258
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
E.I.N. 13-5550175 (Plan No. 003)
Number Current
Description of Shares Cost Value
<S> <C> <C> <C>
Merck & Company Inc. 2,600 126,685 207,025
Millipore Corp. 900 27,402 37,237
Minnesota Mng. & Mfg. Company 600 38,036 49,800
Mobil Corp. 400 38,295 48,900
Monsanto Co. Com. 1,800 72,261 69,975
Morton International Inc. 3,500 124,913 142,625
NationsBank Corp. 2,600 248,527 254,150
Nike Inc. Cl B 900 45,600 54,000
Northwest Airlines Corp. Cl A 300 13,238 11,738
Panenergy Corp. Company 2,600 58,561 117,000
Pfizer Inc. 600 41,831 49,800
Philip Morris Cos. Inc. 1,100 59,309 124,300
Phillip Petroleum Co. 6,300 227,881 278,775
Pitney Bowes Inc. Company 2,600 129,584 142,350
PPG Inds. Inc. Company 2,400 123,973 134,700
Price/Costco Inc. 3,400 56,188 85,425
Raychem Corp. Company 900 62,206 72,113
Raytheon Comp. 500 17,232 24,063
Revelon Inc. Cl A 1,800 57,636 53,775
Sara Lee Corp. 2,100 53,122 78,225
SBC Communication Inc. 2,100 103,992 108,938
Schering Plough Corp. 900 34,393 58,275
Smithline Beecham Plc. Adr. Repstg. Ord. A 1,200 76,974 81,600
Sprint Corp. 900 24,894 35,888
Staples Inc. 5,400 102,391 97,540
Tenneco Inc. 200 8,071 9,025
Texaco Inc. Company 2,700 218,604 264,938
Texas Utils. Company 5,500 223,694 224,125
Textron Inc. 1,000 91,020 94,250
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
E.I.N. 13-5550175 (Plan No. 003)
Number Current
Description of Shares Cost Value
<S> <C> <C> <C>
Toys R Us Inc. 4,200 116,400 125,475
Trinity Inds. Inc. 300 10,056 11,250
Unicom Corp. Company 1,600 43,032 43,400
Unilever NY NY SHS 1,000 166,770 175,250
United Technologies Corp. Company 4,800 273,569 318,000
Unocal Corp. Company 4,400 143,426 179,300
UST Inc. 2,000 54,974 64,750
Wal-Mart Stores Inc. 8,600 198,112 195,650
Warnaco Group Inc. Cl A 2,500 56,375 74,063
Webb Del Corp. 100 1,452 1,638
Whitman Corp. Company 1,100 17,312 25,163
Xerox Corp. 2,300 95,549 121,038
----------- -----------
Subtotal Balanced Fund: $11,351,550 $13,497,737
----------- -----------
STOCK INCOME FUND:
Alltel Corp. 34,000 $851,871 $1,066,750
American General Corp. 28,600 909,907 1,169,025
American Home Products Corp. 34,200 1,343,722 2,004,975
AMP Inc. Com 25,300 1,009,234 970,888
Anheuser Busch Cos. Inc. Com. 21,200 879,104 848,000
Armstrong World Inds. Inc. Com. 17,200 981,451 1,195,400
Bank of Boston Corp. 26,600 1,120,798 1,709,050
Baxter Intl. Inc. Com. 65,900 2,830,878 2,701,900
Bell South Corp. 25,800 955,471 1,044,900
British Pete Ltd. Amer. Sh. 12,740 1,308,812 1,801,118
Chase Manhattan Corp. New Com. 22,100 1,543,295 1,975,188
Conrail Inc. 11,482 815,754 1,143,894
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
E.I.N. 13-5550175 (Plan No. 003)
Number Current
Description of Shares Cost Value
<S> <C> <C> <C>
E.I. DuPont De Nemours & Co. 25,500 1,390,487 2,400,188
Eaton Corp. 6,800 395,794 474,300
Ford Motor Company Del. 25,100 790,009 809,475
General Motors Corp. Com. 16,500 891,924 919,875
Georgia Pac. Corp. Com. 11,500 883,289 828,000
GTE Corp. 26,000 1,014,266 1,179,750
H. J. Heinz, Co. 43,600 1,353,649 1,558,700
Hubble Inc. CL B 10,500 410,240 454,125
J. C. Penney, Inc. 19,700 795,493 960,375
May Department Stores Co. 26,500 1,099,082 1,238,875
McGraw Hill, Inc. 61,700 2,237,868 2,845,912
Mellon Bk. Corp. Com. 21,300 1,372,406 1,512,300
Minnesota Mining & Manufacturing Co. 14,900 667,006 1,236,700
Mobil, Corp. 16,200 1,706,530 1,980,450
Pharmacia & Upjohn, Inc. 49,800 2,055,771 1,973,325
Philip Morris Cos Inc. 23,300 1,685,608 2,632,900
Reynolds Metals Co. Com. 13,700 776,131 772,337
RJR Nabisco Holdings Corp. 36,880 1,104,838 1,253,920
Signet Bkg. Corp. 14,600 425,757 448,950
SmithKline Beechman PLC ADR 34,700 1,346,640 2,359,600
Tambrands Inc. Com. 21,200 946,787 866,550
Texaco, Inc. 20,000 1,982,408 1,962,500
U.S. Bancorp Ore. 11,800 326,884 530,268
Union Pacific Corp. 34,500 1,550,217 2,074,312
USX Marathon Group 70,800 1,599,200 1,690,350
Warner Lambert Co. 26,800 944,707 2,010,000
Witco Corp. 29,700 703,081 905,850
----------- -----------
Subtotal Stock Income Fund $45,006,369 $55,510,975
----------- -----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
E.I.N. 13-5550175 (Plan No. 003)
Number Current
Description of Shares Cost Value
<S> <C> <C> <C>
STOCK INDEX FUND:
Wells Fargo Institutional Trust Co. 23,634,131 $23,964,934 $23,634,131
----------- -----------
STOCK GROWTH FUND:
3 Com Corp. 19,800 $908,918 $1,452,825
Ascend Communications Inc., Com. 9,200 629,714 571,550
Chase Manhattan Corp. 11,100 797,258 992,062
Cisco Systems Inc. 21,200 575,196 1,348,850
Corporate Express Inc. 19,100 629,885 562,266
CUC Intl Inc. 33,825 661,804 820,256
Electronic Data System Corp. New 16,600 835,449 717,950
Ericsson LM Tel Co. 24,900 523,780 751,681
Federal National Mortgage Assn. 6,900 158,835 259,612
First Data Corp. 16,600 460,758 605,900
Gap Inc. Com. 11,200 334,192 337,400
Hewlett Packard Company 24,500 912,436 1,231,125
Home Depot 18,900 863,328 947,363
IBM Corp. Com. 3,200 417,192 484,800
Intel Corp. 15,400 883,165 2,016,445
Johnson & Johnson 18,700 849,559 930,325
Kimberly Clark Corp. Com. 9,400 692,672 895,350
Kohls Corp. 20,400 524,842 800,700
Lilly Eli & Company 13,000 575,651 949,000
Merck & Co. Inc. 9,200 730,532 732,550
Microsoft Corp. 16,600 657,991 1,371,575
Nike Inc. CLB 12,500 568,988 750,000
Pepsico Inc. 21,900 563,341 640,575
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
E.I.N. 13-5550175 (Plan No. 003)
Number Current
Description of Shares Cost Value
<S> <C> <C> <C>
Pfizer Inc. 14,000 912,498 1,162,000
Schlumberger Ltd. 8,600 674,124 858,925
Smithkline Beechman 12,400 584,477 843,200
UNUM Corp. Com. 11,500 737,668 830,875
Vodafone Group Plc. 14,300 523,799 591,663
Walt Disney Co. 18,900 1,063,040 1,318,275
----------- -----------
Subtotal Stock Growth Fund $19,251,092 $25,775,098
----------- -----------
Total other equity securities: $99,573,945 $118,417,941
=========== ============
Fixed income securities:
U. S. Treasury & Government Agency Securities:
BALANCED FUND:
FNMA (6.36% due 08/16/00) 270,000 $269,409 $270,802
FNMA (6.50% due 05/01/11) 250,678 243,471 246,056
FNMA (6.50% due 04/01/11) 248,158 241,876 243,582
FNMA (7.00% due 04/01/26) 100,401 97,483 98,173
GNMA Pool 0337051 (7.50% due 04/15/23) 195,892 195,126 196,808
GNMA Pool 0362122 (8.00% due 10/15/23) 152,932 155,824 156,849
GNMA Pool 0366318 (7.00% due 08/15/23) 117,571 114,338 115,513
U.S. Treasury Note (13.875% due 5/15/11) 190,000 294,841 286,841
U.S. Treasury Note (11.625% due 11/15/04) 20,000 27,443 26,406
U.S. Treasury Note (8.125% due 8/15/21) 350,000 398,679 406,329
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
E.I.N. 13-5550175 (Plan No. 003)
Number Current
Description of Shares Cost Value
<S> <C> <C><C> <C> <C>
U.S. Treasury Note (7.50% due 11/15/01) 1,310,000 1,385,538 1,378,984
U.S. Treasury Note (7.50% due 05/15/02) 1,010,000 1,080,937 1,067,913
U.S. Treasury Note (7.250% due 08/15/04) 1,080,000 1,153,224 1,136,700
U.S. Treasury Note (7.875% due 11/15/04) 150,000 158,008 163,687
U.S. Treasury Note (7.50% due 02/15/05) 1,175,000 1,275,396 1,256,698
U.S. Treasury Note (6.125% due 9/30/00) 790,000 791,802 789,502
---------- ----------
Subtotal U.S. Treasury and Government Agency Securities $7,883,395 $7,840,843
========== ==========
Guaranteed investment contracts:
Interest Rate Maturity Date
STABLE INCOME FUND:
Provident Life & Accident Ins. 5.53% 9/30/97 $4,058,675 $4,058,675
Allmerica Financial 5.42% 9/30/97 4,053,035 4,053,035
Continental Assurance Company 5.72% 3/31/97 4,199,397 4,199,397
----------- -----------
Total guaranteed investment contracts $12,311,107 $12,311,107
=========== ===========
Synthetic investment contract (SIC) trust assets:
STABLE INCOME FUND:
Money market funds:
Fidelity Institutional Cash Treasury Portfolio 2B $ 1,041,822 $ 1,041,822
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
E.I.N. 13-5550175 (Plan No. 003)
Number Current
Description of Shares Cost Value
<S> <C> <C> <C>
Government obligations:
Fed NATL MTG ASSN MTN (8.625% due 06/30/04) 1,200,000 1,374,000 1,335,348
Federal Home LN BKS CONS NTS (7.555% due 02/27/00) 8,800,000 9,438,000 9,227,592
Federal Home LN MTG CORP DEB (6.55% due 04/19/99) 9,560,000 9,738,503 9,661,814
Federal NATL MTG ASSN DEB (8.10% due 08/12/19) 2,000,000 2,275,625 2,243,100
Federal NATL MTG ASSN DEB (8.90% due 06/12/00) 3,700,000 4,106,172 3,999,478
GNMA Pool 0312859 (8.50% due 01/15/22) 326,088 341,068 341,578
GNMA Pool 0314529 (6.00% due 01/15/24) 338,726 319,302 315,757
GNMA Pool 0317516 (8.50% due 02/15/22) 217,443 227,432 227,772
GNMA Pool 0317696 (8.50% due 02/15/22) 276,092 288,775 289,206
GNMA Pool 0318023 (8.50% due 05/15/22) 341,556 357,246 356,605
GNMA Pool 0320837 (8.50% due 04/15/22) 354,387 370,666 371,220
GNMA Pool 0323079 (8.50% due 05/15/22) 365,426 382,213 382,784
GNMA Pool 0336918 (8.50% due 12/15/22) 308,237 322,396 321,818
GNMA Pool 0339175 (8.50% due 01/15/23) 30,408 31,805 31,748
GNMA Pool 0340414 (8.50% due 12/15/22) 422,241 441,638 442,297
GNMA Pool 0341924 (8.50% due 05/15/23) 47,764 49,958 49,868
GNMA Pool 0342527 (7.50% due 02/15/23) 35,235 35,604 35,400
GNMA Pool 0342841 (8.50% due 12/15/22) 444,063 464,462 465,156
GNMA Pool 0342846 (9.00% due 01/15/23) 242,430 256,142 258,413
GNMA Pool 0344570 (6.00% due 12/15/23) 276,533 260,675 257,781
GNMA Pool 0344710 (8.50% due 02/15/23) 37,787 40,569 40,496
GNMA Pool 0347713 (6.50% due 01/15/24) 237,858 230,276 228,270
GNMA Pool 0349384 (7.50% due 06/15/23) 83,206 84,077 83,595
GNMA Pool 0353245 (8.50% due 04/15/23) 36,468 38,143 38,075
GNMA Pool 0354361 (7.50% due 04/15/23) 87,378 88,293 87,787
GNMA Pool 0354710 (6.00% due 12/15/23) 275,751 259,939 257,053
GNMA Pool 0355015 (6.50% due 01/15/24) 85,014 82,304 81,587
GNMA Pool 0357966 (6.00% due 12/15/23) 326,538 307,813 304,396
GNMA Pool 0359638 (6.00% due 12/15/23) 201,093 189,562 187,457
GNMA Pool 0359978 (6.00% due 01/15/24) 122,306 115,292 114,280
GNMA Pool 0364488 (6.50% due 01/15/24) 386,864 374,533 371,269
GNMA Pool 0365444 (7.50% due 09/15/25) 42,034 42,474 42,073
GNMA Pool 0366144 (8.00% due 07/15/25) 355,949 367,629 363,399
GNMA Pool 0366710 (6.50% due 02/15/24) 1,125,794 1,089,910 1,080,414
GNMA Pool 0372172 (9.00% due 11/15/24) 22,992 24,292 24,335
GNMA Pool 0372358 (7.50% due 06/15/26) 237,635 232,511 237,709
GNMA Pool 0372951 (6.00% due 01/15/24) 239,212 225,495 222,991
GNMA Pool 0375103 (6.00% due 04/15/24) 241,879 228,009 225,477
GNMA Pool 0375870 (6.50% due 03/15/24) 96,135 93,071 92,260
GNMA Pool 0376894 (6.50% due 03/15/24) 1,296,575 1,255,247 1,244,311
GNMA Pool 0381437 (6.00% due 01/15/24) 279,712 263,672 261,357
GNMA Pool 0387064 (8.00% due 07/15/25) 712,317 735,690 727,226
GNMA Pool 0387187 (6.50% due 02/15/24) 1,444,563 1,398,518 1,386,333
GNMA Pool 0390328 (8.50% due 02/15/25) 265,389 277,580 275,256
GNMA Pool 0390625 (9.00% due 06/15/24) 50,986 53,869 54,076
GNMA Pool 0390628 (9.00% due 07/15/24) 64,757 68,420 68,683
GNMA Pool 0391605 (8.00% due 05/15/24) 636,181 642,941 650,095
GNMA Pool 0392442 (8.00% due 07/15/24) 102,770 103,861 105,017
GNMA Pool 0393816 (7.50% due 07/15/25) 32,310 32,649 32,340
GNMA Pool 0394224 (8.00% due 04/15/25) 22,232 22,468 22,718
GNMA Pool 0394783 (8.00% due 07/15/25) 21,426 22,129 21,894
GNMA Pool 0400102 (7.00% due 02/15/26) 487,869 463,933 477,194
GNMA Pool 0400883 (8.00% due 07/15/25) 1,055,666 1,090,305 1,077,761
GNMA Pool 0402013 (9.00% due 12/15/24) 175,035 184,936 184,879
GNMA Pool 0402149 (8.00% due 07/15/25) 233,949 241,626 238,846
GNMA Pool 0403923 (8.00% due 07/15/24) 500,780 506,100 511,732
GNMA Pool 0405597 (8.00% due 03/15/26) 55,553 56,144 56,664
GNMA Pool 0407187 (8.00% due 04/15/25) 737,392 745,227 752,826
GNMA Pool 0408788 (7.00% due 08/15/25) 1,160,592 1,148,170 1,135,929
GNMA Pool 0409485 (8.00% due 07/15/25) 194,324 200,700 198,391
GNMA Pool 0409511 (7.50% due 09/15/25) 46,946 47,437 46,989
GNMA Pool 0409912 (8.00% due 07/15/25) 833,539 860,889 850,985
GNMA Pool 0409924 (7.00% due 08/15/25) 1,148,952 1,136,655 1,124,537
GNMA Pool 0412044 (8.00% due 07/15/25) 77,864 80,419 79,494
GNMA Pool 0412478 (7.50% due 08/15/25) 401,614 396,217 401,361
GNMA Pool 0413401 (8.00% due 07/15/25) 171,580 177,210 175,171
GNMA Pool 0414564 (7.50% due 08/15/25) 474,934 479,906 475,376
GNMA Pool 0416123 (7.50% due 01/15/26) 320,767 316,457 321,668
GNMA Pool 0417290 (7.00% due 03/15/26) 92,890 88,333 90,858
GNMA Pool 0418828 (7.50% due 10/15/25) 755,128 763,034 755,831
GNMA Pool 0418836 (7.50% due 10/15/25) 880,464 889,682 881,283
GNMA Pool 0419341 (7.50% due 12/15/25) 326,203 321,820 326,507
GNMA Pool 0421167 (7.50% due 02/15/26) 356,760 349,068 357,092
GNMA Pool 0421473 (7.00% due 06/15/26) 492,807 468,629 482,025
GNMA Pool 0421739 (7.50% due 06/15/26) 419,866 412,518 419,996
GNMA Pool 0422305 (7.00% due 02/15/26) 93,348 88,768 91,306
GNMA Pool 0423558 (7.50% due 05/15/26) 314,854 308,065 314,952
GNMA Pool 0423781 (7.50% due 05/15/26) 277,156 271,180 277,242
GNMA Pool 0424000 (7.50% due 09/15/26) 367,018 360,596 367,132
GNMA Pool 0780006 (8.50% due 11/15/24) 474,696 496,502 494,353
GNMA Pool 0780029 (9.00% due 11/15/24) 640,420 676,644 685,845
GNMA Pool 0780162 (8.50% due 06/15/25) 650,291 680,164 675,484
U.S. Treasury Bonds (11.25% due 02/15/15) 700,000 1,057,328 1,033,704
U.S. Treasury Bonds (7.625% due 02/15/25) 1,000,000 1,133,438 1,110,780
U.S. Treasury Notes (5.50% due 09/30/97) 1,010,000 1,002,748 1,009,838
U.S. Treasury Notes (5.625% due 01/31/98) 2,600,000 2,583,750 2,598,778
U.S. Treasury Notes (5.75% due 08/15/03) 2,900,000 2,789,422 2,813,000
U.S. Treasury Notes (5.75% due 09/30/97) 1,000,000 998,828 1,001,720
U.S. Treasury Notes (5.875% due 11/15/05) 1,000,000 982,812 964,220
U.S. Treasury Notes (6.125% due 09/30/00) 4,400,000 4,428,531 4,397,228
U.S. Treasury Notes (6.50% due 08/15/05) 600,000 638,906 603,846
U.S. Treasury Notes (6.50% due 10/15/06) 1,000,000 1,029,160 1,005,470
U.S. Treasury Notes (6.875% due 07/31/99) 4,425,000 4,561,909 4,514,871
U.S. Treasury Notes (7.00% due 07/15/06) 2,800,000 2,958,812 2,908,948
U.S. Treasury Notes (7.25% due 08/15/04) 1,000,000 1,068,125 1,052,500
U.S. Treasury Notes (7.50% due 05/15/02) 3,000,000 3,135,937 3,172,020
U.S Treasury Notes (7.50% due 11/15/01) 2,500,000 2,605,078 2,631,650
---------- ----------
Sub-total - 85,355,036 84,695,246
Non-government obligations:
Abbey National PLC (6.69% due 10/27/05) 300,000 311,220 294,693
Alltel Corporation (6.75% due 09/15/05) 950,000 975,156 939,930
American General Financial (6.70% due 06/29/97) 2,100,000 2,119,530 2,110,164
American Home Products Corporation (7.70% due 02/15/00) 300,000 316,050 311,079
AT&T Corporation (7.0% due 05/15/05) 300,000 321,180 301,806
Australia & New Zealand Banking Group
(7.55% due 09/15/06) 500,000 499,240 514,720
Bankamerica Corporation (various rates due 02/03/97) 500,000 508,400 500,545
Boeing Company (8.75% due 08/15/21) 1,000,000 1,136,010 1,176,980
Chase Manhattan Corporation (7.38% due 06/15/97) 1,675,000 1,707,495 1,687,010
Citicorp (8.42% due 02/12/97) 600,000 620,580 601,470
Citizen Utilities Company (7.00% due 11/01/25) 1,000,000 933,110 957,380
Cox Communications Inc. (6.38% due 06/15/00) 1,000,000 994,910 993,990
Daimler-Benz (7.38% due 09/15/06) 1,500,000 1,532,655 1,537,800
Dean Witter Discover & Company (6.00% due 03/01/98) 600,000 596,040 600,192
Eaton Corporation (8.90% due 08/15/06) 1,500,000 1,753,560 1,677,555
Fleet Financial Group Incorporated (7.25% due 10/15/97) 1,675,000 1,713,190 1,690,427
Ford Motor Credit Corporation (6.63% due 06/30/03) 1,500,000 1,489,440 1,479,705
General Motors Acceptance Corporation
(5.63% due 02/01/99) 500,000 488,370 493,635
International Lease Financial Corporation
(5.60% due 04/01/97) 200,000 198,040 199,940
International Lease Financial Corporation
(5.50% due 04/01/97) 325,000 321,815 324,711
Lucent Technologies Inc. (6.90% due 07/15/01) 500,000 499,660 506,485
Morgan Stanley Group Inc. (7.32% due 01/15/97) 355,000 362,171 355,110
Morgan Stanley Group Inc. (5.65% due 06/15/97) 225,000 222,525 224,854
Motorola Incorporated (7.50% due 05/15/25) 1,000,000 1,049,150 1,033,780
Nationwide Mutual Life Insurance Co.
(7.50% due 02/15/24) 1,000,000 935,820 932,020
Nationwide Mutual Life Insurance Co.
(6.50% due 02/15/24) 500,000 495,100 485,200
Pacificorp (6.63% due 06/01/07) 1,500,000 1,486,560 1,453,200
Public Service Electric & Gas (6.25% due 01/01/07) 1,000,000 984,740 940,470
Santander Financial (6.38% due 02/15/11) 1,000,000 944,230 919,920
Santander Financial (7.00% due 02/15/11) 500,000 498,390 496,510
Sears Roebuck Acceptance Corporation
(6.75% due 09/15/05) 1,300,000 1,300,832 1,280,409
Smith Barney Holdings Inc. (6.00% due 03/15/97) 3,025,000 3,009,270 3,023,034
Transamerica Financial Corporation (6.75% due 01/15/98) 600,000 605,700 604,218
Zurich Reinsurance Center Holdings Inc.
(7.125% due 10/15/23) 1,050,000 989,668 990,024
------------ ------------
Sub-total - 31,919,807 31,638,966
------------ ------------
Total $118,316,665 $117,376,034
============ ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
E.I.N. 13-5550175 (Plan No. 003)
Number Current
Description of Shares Cost Value
<S> <C> <C>
Issuing agent's loss on guarantee of SIC (wrapper) 2,385,212
------------
Contract value of SIC $119,761,246
============
Mutual Fund:
Stable Income Fund:
American Express Trust 332,566 $12,981,235 $14,122,430
=========== ===========
Other corporate securities:
STABLE INCOME FUND:
Norwest Financial Inc. Sr. Nt. (6.875% due 11/15/01) 1,125,000 $1,121,828 $1,119,499
========== ==========
BALANCED FUND:
Atlantic Richfield Co. Deb.(8.75% due 03/01/32) 70,000 $ 88,119 $ 81,892
Chase Credit Crd. Master TR 95-3CLA (6.230% due 4/15/05) 110,000 109,897 108,418
Chase Credit Crd. Master TR 961 CLA (5.550% due 9/15/03) 100,000 99,953 97,093
Citibank Cr Crd Master TR I 961A (Zerocpn due 2/7/03) 170,000 127,189 130,793
Fleet Mortgage (6.125% due 08/15/97) 50,000 47,909 50,030
Fletcher Challenge Inds. Gtd. Nt (9.0% due 9/15/99) 270,000 288,136 284,310
Ford Motor Credit Co (8.20% due 02/15/02) 170,000 182,954 180,475
General Motors Accept. MTN Tr00773 (6.75% due 06/17/02) 80,000 79,491 79,832
General Motors Accpt. Corp. NT (9.625% due 12/01/00) 140,000 154,672 154,526
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1996
E.I.N. 13-5550175 (Plan No. 003)
Number Current
Description of Shares Cost Value
<S> <C> <C> <C>
Green Tree Finl. Corp. MFD HSG (5.750% due 10/15/18) 90,000 85,894 87,946
Nations Bank Cr Crd S-93-2 A (6.00% due 12/15/05) 140,000 134,794 135,036
News Amer. Holdgs. (9.25% due 02/01/13) 90,000 101,773 100,826
Prime Cr Card Mstr TR 96-1 CLA (6.70% due 07/15/04) 140,000 139,934 141,168
Railcar Tr No. 1992-1 (7.75% due 06/01/04) 103,689 107,869 108,641
Sears Cr Acct Mstr 95-5 CL A (6.05% due 01/15/08) 80,000 79,913 77,825
Sears Cr Acct Mstr 96-4 CL A (6.45% due 10/16/06) 70,000 69,703 69,845
---------- ----------
Subtotal Balanced Fund: $1,898,200 $1,888,656
---------- ----------
Total other corporate securities $3,020,028 $3,008,155
========== ==========
Loans to participants (Bearing interest rates of prime
+1% with terms of up to 20 years) $ - $ 19,200,985
------------ ------------
Total Investments $695,961,478 $820,226,600
============ ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
ITEM 27 (d) - SCHEDULE OF REPORTABLE TRANSACTIONS
For the Year Ended December 31, 1996
E.I.N. 13-5550175 (Plan No. 003)
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 1,018 $555,323,709
Selling Transactions
Fidelity U.S.
Treasury Portfolio II, B 659 $301,923,551 $301,923,551 -
Acorn Fund 3 $42,006,429 $36,593,490 $5,412,939
(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.
SAVINGS PLAN OF ENTERGY
CORPORATION AND SUBSIDIARIES
By: /s/ William O. VanAs
William O. VanAs
Director of
Employee Benefits
Dated: June 30, 1997
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the registration
statement of Entergy Corporation on Form S-8 (File No. 33-54298)
of our report dated June 20, 1997, on our audits of the financial
statements and supplemental schedules of the Savings Plan of
Entergy Corporation and Subsidiaries as of December 31, 1996 and
1995 and for the year ended December 31, 1996 which report is
included in this Annual Report on Form 11-K.
COOPERS & LYBRAND L.L.P.
New Orleans, Louisiana
June 23, 1997
