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, 1999
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 Avenue
New Orleans, Louisiana 70113
(Issuer and address of principal executive office)
<PAGE>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
Table of Contents
Page
Number
(a)Financial Statements:
Report of Independent Accountants 2
Statements of Net Assets Available for Benefits
as of December 31, 1999 and 1998 3
Statement of Changes in Net Assets Available for
Benefits for the Year Ended December 31, 1999 4
Notes to Financial Statements 5
(b)Supplemental Schedules:
Schedule of Assets Held for Investment
Purposes at End of Year 14
Schedule of Reportable Transactions
for the Year Ended December 31, 1999 20
Signature 21
(c)Exhibit:
Consent of PricewaterhouseCoopers LLP 22
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustee and Participants of the
Savings Plan of Entergy Corporation and Subsidiaries
In our opinion, the accompanying statements of net assets available
for benefits and the related statement of changes in net assets
available for benefits present fairly, in all material respects, the
net assets available for benefits of the Savings Plan of Entergy
Corporation and Subsidiaries (the "Plan") at December 31, 1999 and
1998, and the changes in net assets available for benefits for the
year ended December 31, 1999 in conformity with accounting
principles generally accepted in the United States. 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 of these
statements in accordance with auditing standards generally accepted
in the United States, which 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, assessing the accounting
principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for the opinion expressed
above.
Our audits were conducted 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 at End of Year and
of Reportable Transactions for the Year Ended December 31, 1999 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. These supplemental
schedules are the responsibility of the Plan's management. 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.
PricewaterhouseCoopers LLP
New Orleans, Louisiana
June 23, 2000
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<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31,
1999 1998
<S> <C> <C>
INVESTMENTS:
Participant Directed:
Cash and temporary cash investments $ 27,762,550 $ 37,386,017
Entergy Corporation common stock 51,735,759 50,617,747
Mutual funds 410,757,763 371,669,596
Common trust funds 127,558,401 94,857,180
Guaranteed investment contracts 28,406,989 40,763,433
Synthetic investment contracts 185,017,457 157,866,975
Loans to participants 29,662,767 28,286,458
Non-Participant Directed:
Entergy Corporation common stock 322,856,754 385,697,484
-------------- --------------
1,183,758,440 1,167,144,890
RECEIVABLES:
Participants' contributions 2,095,084 793,863
Employer contributions 594,278 264,865
Interest receivables 63,428 55
-------------- --------------
2,752,790 1,058,783
Net Assets Available for Benefits $1,186,511,230 $1,168,203,673
============== ==============
See Notes to Financial Statements.
</TABLE>
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<TABLE>
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SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For the Year Ended December 31, 1999
Participant Non-Participant
Directed Directed Total
<S> <C> <C> <C>
Additions:
Investment income:
Dividend $ 23,585,632 $ 13,829,466 $ 37,415,098
Interest 2,650,161 - 2,650,161
Net realized and unrealized appreciation/
(depreciation) of investments 60,815,370 (66,862,129) (6,046,759)
------------ ------------ --------------
Total investment income 87,051,163 (53,032,663) 34,018,500
Contributions:
Participant 50,204,975 - 50,204,975
Employer - net of forfeitures - 14,854,324 14,854,324
------------ ------------ --------------
Total contributions 50,204,975 14,854,324 65,059,299
------------ ------------ --------------
Total 137,256,138 (38,178,339) 99,077,799
Distributions to withdrawing participants 60,443,934 20,326,308 80,770,242
------------ ------------ --------------
Net increase (decrease) before transfers 76,812,204 (58,504,647) 18,307,557
------------ ------------ --------------
Interfund transfers 3,801,627 (3,801,627) -
------------ ------------ --------------
Net increase (decrease) 80,613,831 (62,306,274) 18,307,557
Net Assets Available for Benefits
Beginning of Year 782,241,066 385,962,607 1,168,203,673
------------ ------------ --------------
End of Year $862,854,897 $323,656,333 $1,186,511,230
============ ============ ==============
See Notes to Financial Statements.
</TABLE>
<PAGE>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
Notes to Financial Statements
Note 1. General Description of the Plan
The following description of the Savings Plan of Entergy
Corporation and Subsidiaries (Entergy Savings Plan) is provided for
general information only. Entergy Savings Plan participants should
refer to the Entergy Savings Plan document for a more complete
description of the Entergy Savings Plan's provisions.
General: The Entergy Savings Plan is a defined contribution plan
of Entergy Corporation and Subsidiaries, collectively the System
Companies, subject to the provisions of the Employee Retirement
Income Security Act of 1974 (ERISA), as amended. The ERISA
provisions set forth the requirements for participation, vesting of
benefits, fiduciary conduct for administering and handling of
assets, and disclosure of Entergy Savings Plan information.
Effective December 31, 1998, the Gulf States Utilities Company
Employee Stock Ownership Plan (GSU ESOP) was merged with and into
the Entergy Savings Plan. As of that date, the GSU ESOP
transferred all assets into the Entergy Savings Plan, and there was
no loss of benefit options to participants or reduction of accrued
benefits as a result of the plan merger.
The Entergy Savings Plan constitutes two features qualified under
Internal Revenue Code Section 401 as follows:
o A Profit Sharing feature which is a defined contribution plan;
and
o A Stock Bonus feature which constitutes an Employee Stock
Ownership Plan (ESOP).
Trustee: The Entergy Savings Plan utilizes T. Rowe Price Trust
Company as its trustee and T. Rowe Price Retirement Plan Services,
Inc. as its recordkeeper. The following table represents the
Entergy Savings Plan's investments, which are managed by its
trustee or affiliates of its trustee.
o Entergy Corporation Common Stock Fund
o Entergy Stable Income Fund
o Balanced Fund
o Equity Income Fund
o Equity Index Trust Fund
o Blue Chip Growth Fund
o New Horizons Fund
o New Income Fund
o International Stock Fund
o Participants' Loans
o Employee Stock Ownership Plan
Eligibility: The Profit Sharing feature is available to all
employees of the System Companies who satisfy a six-month service
requirement.
There will be no future enrollments of eligible employees in the
ESOP as a result of Entergy fully utilizing all of its investment
tax credits as discussed below.
Contributions: Profit Sharing contributions made by or on behalf
of participants are deposited with the trustee. Participants may
elect to contribute, through payroll deductions, up to a total of
six percent of their annual base salary (basic). The employing
System company will make matching contributions to the Entergy
Savings Plan in an amount equal to fifty percent of a participant's
basic contribution (matching). Participants may make additional
contributions up to a total of ten percent of their annual 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 limited by federal tax
legislation. The limit for the 1999 401(k) elected deferrals was
$10,000 per participant.
The Entergy Savings Plan provides that certain taxable amounts
received by an employee which originated from an employee benefit
plan qualified under Section 401(a) of the Internal Revenue Code of
1986 (the Code), as amended, may be accepted under the Entergy
Savings Plan as rollover contributions (Rollover).
ESOP contributions were contributed based on the expected
utilization of additional investment tax credits in the applicable
Federal income tax return of Entergy Corporation and its
subsidiaries and on expected voluntary participant contributions.
As a result of Entergy fully utilizing all of its investment tax
credits, there were no 1999 contributions to the ESOP and there
will be no future contributions by the System Companies or
participants. The ESOP continues to invest the accumulated fund
balance and any income thereon in shares of Entergy Corporation
common stock.
Investments: Matching contributions based on participant elected
deferrals are invested by the Trustee in the non-participant
directed Entergy Corporation Common Stock Fund. Participant
contributions are invested as directed by participants in
accordance with the Entergy Savings Plan's investment options.
Earnings on participant contributions are allocated based on
participants' account balances.
Under the Entergy Savings Plan, matching contributions are invested
in Entergy Corporation common stock and generally cannot be moved
to other Entergy Savings Plan investment funds. However,
participants are allowed to transfer a portion of their matching
contributions into other Entergy Savings Plan investment funds if
they are at least 55 years of age and have 10 years of
participation in the Entergy Savings Plan. Years of participation
in the Gulf State Utilities Company Employee's Thrift Plan also
count for this purpose.
The value of investments may fluctuate with changes in market
conditions. The amount of risk varies based on the fund's
investment goals and composition. Participants should realize the
risk associated with each investment when determining how to invest
their contributions.
Participant accounts: Each participant's account is credited with
the participant's contribution and allocation of the System
Companies' matching contribution and net earnings of the Entergy
Savings Plan. Allocations are based on participant earnings or
account balances, as defined.
Vesting: Amounts contributed by participants in the Profit Sharing
feature are fully vested at all times. Profit Sharing participants
become fully vested in the matching account upon completion of five
years of service except for all Entergy Gulf States employees who
were eligible to participate in the GSU Thrift Plan and who
transferred into the Entergy Savings Plan on January 1, 1995 or
December 31, 1997. These employees were immediately vested in all
past and future matching contributions. Amounts contributed to the
ESOP by participants and the System Companies are fully vested at
the time of deposit.
In-Service withdrawals: While employed, participants of the Profit
Sharing feature may, with certain restrictions, withdraw all or a
portion of the value of their basic and supplemental contributions,
Rollover, and System Individual Retirement 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. Withdrawals of before-tax contributions may be
subject to a 10% premature distribution tax unless the participant
is age 59-1/2 or older. The Profit Sharing Plan also has a
financial hardship withdrawal provision.
A dividend pass through feature was added to the Profit Sharing
feature allowing eligible participants to either receive a cash
distribution of their Entergy Corporation common stock dividends
held in the non-participant directed Entergy Corporation Common
Stock Fund or reinvest it in the Profit Sharing feature. Eligible
participants include all participants who are fully vested in their
balance in the non-participant directed Entergy Corporation Common
Stock Fund.
While employed, participants of the ESOP may, with certain
restrictions, withdraw a portion of their account or transfer it to
another fund after the participant completes an 84-month holding
period or after the participant reaches age 55 and completes 10
years of plan participation. The amount of in-service withdrawal
is limited by provisions of the Code applicable to the ESOP and may
be subject to an additional 10% premature distribution tax unless
the participant is age 59-1/2 or older. Withdrawals from the ESOP
are in the form of stock certificates, plus cash for the value of
any fractional share. Participants of the Entergy Savings Plan who
meet the same age and plan participation requirements may also
transfer a portion of their account balance to another fund.
Loans to participants: The Entergy Savings Plan has a loan
provision whereby participants who are actively employed may borrow
an amount from their eligible account up to a maximum of 50% of the
vested balance of their account or $50,000, whichever is less. The
amount borrowed is deducted from the participant's eligible account
and repaid with interest based on the prime rate plus 1% in
accordance with an established schedule. The loan must be repaid
within 4-1/2 years, or 20 years if for the acquisition of a primary
residence. 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.
Payment of Benefits: Participants of the Profit Sharing Plan
become eligible to receive a single-sum distribution of the entire
vested value of the Profit Sharing Plan accounts upon termination
of employment, retirement, disability or death. There are certain
provisions regarding deferral of distributions, installment
distributions for terminated participants, retirees, and disabled
participants, minimum account balances, and mandatory
distributions.
Upon leaving a System company, participants of the ESOP become
eligible to receive a single-sum distribution of the entire share
balance of their ESOP account, with certain additional provisions
regarding distribution deferral of account balances in excess of
$5,000 and mandatory distribution upon attaining age 70-1/2.
Generally, there are tax consequences associated with receiving a
distribution from the Plan, unless the taxable portion is rolled
over to an individual retirement account or another retirement plan
account which qualifies under Internal Revenue Code Sections 408(a)
or 401(a), respectively. Additionally, a 10% penalty tax for early
withdrawal applies, unless the distribution is received after age
59-1/2 or the participant satisfies one of the legal exemptions to
such tax. Distributions from the ESOP are in the form of stock
certificates, plus cash for the value of any fractional share.
Inactive accounts: Participants are allowed, under the provisions
of the Entergy Savings Plan, to defer receipt of their vested
account balance upon separation from the Entergy Savings Plan until
age 70-1/2. The amount allocated to such participants was
$196,267,171 at December 31, 1999.
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 Profit Sharing Plan
Forfeiture Account. Amounts forfeited for the year ended December
31, 1999 were $540,513. Forfeitures are used first to pay
administrative expenses and the residual to reduce employer
contributions.
Note 2. Summary of Significant Accounting Policies
Basis of presentation: The accompanying financial statements have
been prepared on the accrual basis of accounting.
Use of estimates in the preparation of financial statements: The
preparation of the Entergy Savings Plan financial statements, in
conformity with accounting principles generally accepted in the
United States, requires management to make estimates and
assumptions that affect reported amounts in the Statements of Net
Assets Available for Benefits and the Statement of Changes in Net
Assets Available for Benefits, such as those regarding fair value.
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 the financial statements.
Investment valuation: Cash and temporary cash investments and loans
to participants 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 ERISA.
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 that the assets
of a SIC are placed in a trust with ownership by the Entergy
Savings 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 Entergy Savings Plan
assets placed in the trust.
Payment of benefits: Benefits payable for terminations and
withdrawals are recorded 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.
Income recognition: The difference in fair value from one period
to the next is recognized and included in net realized and
unrealized appreciation (depreciation) of investments in the
accompanying Statement of Changes in Net Assets Available for
Benefits. The net appreciation (depreciation) also includes
realized gains and losses.
Purchases and sales of securities are accounted for on a trade-date
basis. Dividends are recorded on the ex-dividend date.
Administrative expenses: All costs and expenses of administering
the Entergy Savings Plan, except expenses incurred in the direct
acquisition or disposition of stock and investment manager fees,
are paid first by forfeitures of the Profit Sharing feature and
then by Entergy Corporation.
Interest and dividend income: Interest income is recorded on the
accrual basis. Dividends are recorded on the ex-dividend date.
Concentration of credit risk: The Entergy Savings 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 as of
December 31, 1999 is $28,406,989. The potential credit risk for
the SICs represents the amount by which the contract value exceeds
the fair value of the SIC assets in the trust. As of December 31,
1999, the contract value of the SIC assets was $185,017,457, which
exceeded the fair value by $7,443,159. The Entergy Savings Plan
provisions set investment guidelines addressing investment
diversification, quality, maturity and performance standards
prescribed to mitigate the potential credit risk.
New Accounting Pronouncement: The Statement of Net Assets
Available for Benefits as of December 31, 1998 has been
reclassified to conform to the current year's presentation, due to
the implementation of American Institute of Certified Public
Accountants Statement of Position 99-3, Accounting for and
Reporting of Certain Defined Contribution Investments and Other
Disclosure Matters.
Note 3. Contracts With Insurance Companies
The Entergy Stable Income Fund of the Entergy Savings Plan invests
in a diversified portfolio of GICs and SICs issued by insurance
companies and other financial institutions. The average yield for
the Entergy Stable Income Fund was approximately 6% for 1999 and
1998. The crediting interest rates varied from 6.06%-6.60% for
1999 and 1998.
Note 4. Investments in Excess of Five Percent
The following represents investments in excess of five percent of
the current value of net assets available for benefits as of
December 31, 1999 and 1998:
Participant Directed: 1999 1998
Equity Index Trust Fund $127,558,401 $ 94,857,180
Mutual Funds:
Equity Income Fund $113,826,219 $125,667,401
Blue Chip Growth Fund $164,863,603 $130,192,719
New Horizons Fund $ 62,870,586 *
Fixed Income Securities:
Stable Income Fund:
Rabobank Nederland SIC Assets $ 72,441,605 *
Commonwealth Life Insurance Company
and Transamerica Life Insurance and
Annuity Company SIC Assets $ 93,374,980 $ 94,321,189
Non-Participant Directed:
Entergy Corporation Common Stock $322,856,754 $385,697,484
* Did not exceed five percent of the current value of net assets
available for benefits as of December 31, 1998.
Note 5. Tax Status
Entergy Savings Plan obtained its latest determination letter on
March 26, 1997, in which the Internal Revenue Service stated that
the Entergy Savings Plan, as then designed, was in compliance with
the applicable requirements of the Code. The Entergy Savings Plan
has been amended since receiving the determination letter.
However, the plan administrator and the plan's tax counsel believe
that the Entergy Savings Plan is currently designed and being
operated in compliance with the applicable requirements of the
Code. Accordingly, no provision for income taxes has been included
in the Entergy Savings Plan's financial statements.
Note 6. Entergy Savings Plan Termination
Although it has not expressed any intent to do so, the System
Companies have the right under the Entergy Savings Plan to
discontinue their contributions at any time and to terminate the
Entergy Savings Plan subject to the provisions of ERISA. In the
event that the Entergy Savings Plan is terminated, subject to
conditions set forth in ERISA, the Entergy Savings Plan provides
that all participants will be fully vested and the net assets of
the Entergy Savings Plan be distributed to participants in
proportion to their respective vested interests in such net assets
at that date.
Note 7. Plan Amendments
The Entergy Savings Plan was amended and restated effective January
1, 1999 to incorporate certain provisions required by the
Retirement Protection Act of 1994, the Uniformed Services
Employment and Reemployment Rights Act of 1974, the Small Business
Job Protection Act of 1996, and the Taxpayer Relief Act of 1997,
and to clarify existing provisions under the plan. The Entergy
Savings Plan was amended again on December 30, 1999, but effective
July 14, 1999, to include employees employed by Entergy Nuclear
Generation Company.
Note 8. Related Party Transactions
Certain of the Entergy Savings Plan investments are shares in funds
managed by T. Rowe Price Trust Company who is the trustee, as
defined by the Entergy Savings Plan and, therefore, these
investments and investment transactions qualify as party-in-
interest transactions. As the Entergy Savings Plan holds common
stock of Entergy Corporation as an investment, these investments
and investment transactions also qualify as party-in-interest
transactions. The year-end market price of Entergy Corporation
common stock was $25.75 and $31.13 at December 31, 1999 and 1998,
respectively.
Note 9. Reconciliation to Form 5500
As of December 31, 1999, the Entergy Savings Plan had approximately
$286,795 of pending distributions to participants who elected to
withdraw from the Entergy Savings Plan. These amounts are recorded
as a liability in the Entergy Savings Plan's Form 5500; however,
these amounts are not recorded as a liability in the accompanying
statements of net assets available for benefits in accordance with
generally accepted accounting principles.
The following reconciles the financial statements to the Entergy
Savings Plan Form 5500 for the plan year ended December 31, 1999:
Net Assets
Available for
Benefits Benefits Paid
Per financial statements $1,186,511,230 $80,770,242
Pending distributions to participants (286,795) 286,795
-------------- -----------
Per Form 5500 $1,186,224,435 $81,057,037
============== ===========
There was no difference in net assets available for benefits or in
the net increase in net assets available for benefits for the year
ended December 31, 1998 from that reported in the Form 5500.
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SUPPLEMENTAL SCHEDULES
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SAVINGS PLAN OF ENTERGY CORPORATION AND SUBSIDIARIES
Schedule of Assets
Held for Investment Purposes
at End of Year
E.I.N. 72-1229752 (Plan No. 003)
Number Current
Description of Shares Cost Value
<S> <C> <C> <C> <C>
Cash and temporary cash investments N/A $ 27,762,550 $ 27,762,550
------------ ------------
Entergy Corporation common stock, $.01 par * 14,547,282 359,504,840 374,592,513
MUTUAL FUNDS:
T. Rowe Price Trust Company*:
Balanced Fund * 2,530,999 41,119,567 49,835,370
Equity Income Fund * 4,587,917 110,975,640 113,826,219
Blue Chip Growth Fund * 4,536,698 108,774,779 164,863,603
New Horizons Fund * 2,283,712 51,399,032 62,870,586
New Income Fund * 679,091 5,983,376 5,541,386
International Stock Fund * 726,253 11,128,521 13,820,599
---------- ------------ ------------
TOTAL MUTUAL FUNDS 15,344,670 $329,380,915 $410,757,763
---------- ------------ ------------
COMMON TRUST FUND:
T. Rowe Price Trust Company*:
Equity Index Trust Fund * 3,310,626 $ 84,022,558 $127,558,401
---------- ------------ ------------
Interest Maturity Current
Rate Date Cost Value
ENTERGY STABLE INCOME FUND:
Guaranteed Investment Contracts (GICs):
New York Life Insurance Company 6.30% 12/27/00 4,574,527 4,574,527
GE Life & Annuity 6.06% 6/27/01 5,599,034 5,599,034
GE Life & Annuity 6.10% 9/26/01 5,552,425 5,552,425
Protective Life Insurance Company 6.49% 3/15/00 6,632,704 6,632,704
Protective Life Insurance Company 6.60% 3/20/01 6,048,299 6,048,299
------------ ------------
Total GICs $ 28,406,989 $ 28,406,989
------------ ------------
Synthetic Investment Contracts (SICs):
Caisse des Depots et Cosignations Investment
Management Corporation SIC Assets:
Government obligations:
FHR 1552 EA 5.85% 1/15/17 245,486 245,225
FHR 1724 PO 0.00% 5/15/01 7,720,295 8,138,250
FNR 1993-95 FE 5.66% 6/25/08 1,218,505 1,221,566
FNR 1993-235 E 0.00% 9/25/23 365,848 374,536
FNR 1994-42 E 5.75% 9/25/18 1,083,374 1,072,110
GNMA 8660 6.63% 7/20/25 707,800 706,026
Total Caisse des Depots et Cosignations Investment ------------ ------------
Management Corporation SIC Assets $ 11,341,308 $ 11,757,713
------------ ------------
Interest Maturity Cost Current
Rate Date Value
Rabobank Nederland SIC Assets:
Non-government obligations:
AMERICAN EXPRESS 6.40% 4/15/05 2,073,438 1,980,029
AMERICAN EXPRESS 5.90% 4/15/04 2,048,828 1,939,724
BMW 6.54% 4/25/04 249,967 247,338
CITIBANK 5.30% 1/9/06 973,320 966,327
CITIBANK 5.80% 2/7/05 2,036,406 1,986,580
DISCOVER 5.80% 9/16/03 1,986,875 2,015,236
DIST. FI 5.70% 2/16/09 499,590 492,612
DIST. FI 6.88% 11/15/16 499,832 493,795
FIRST NATIONAL BANK 6.15% 9/15/04 1,990,938 1,971,507
FIRST U.S. 6.42% 3/17/05 2,069,922 1,986,873
FIRST U.S. 5.28% 9/18/06 975,664 940,857
ONYX 7.00% 11/15/04 749,816 747,248
SEARS CREDIT 6.20% 7/16/07 2,049,766 1,974,611
ABBEY NATIONAL MTN 6.69% 10/17/05 311,220 293,737
ALLTEL CORP DEB 6.75% 9/15/05 277,150 266,872
AMERICAN HOME PRODUCTS 7.70% 2/15/00 316,050 309,237
AMERITECH CAP 6.15% 1/15/08 549,098 525,007
ANZ BANKING GR 7.55% 9/15/06 499,240 507,310
ARCHER DANIELS MIDLAND COMPANY 0.00% 5/1/02 1,684,320 1,687,560
ASSOC CORP. OF NA SNR NTS 7.60% 12/17/02 1,610,805 1,540,105
AT&T CORP NT 7.00% 5/15/05 321,180 298,771
BANKAMERICA CORP 7.20% 9/15/02 1,054,610 1,024,090
BANKAMERICA CORP 10.00% 2/1/03 571,705 559,068
BANKERS TRUST NY 8.13% 5/15/02 1,558,335 1,544,643
BHP FINANCE USA 7.88% 12/1/02 392,273 381,391
CAMPBELL SOUP CO SNR NTS 6.15% 12/1/02 1,551,870 1,473,968
CHASE MANHATTAN SUB NT 7.13% 6/15/09 516,110 487,898
COMMERCIAL CREDIT NOTE 6.88% 5/1/02 1,026,200 1,008,448
COX COMMUNICATION NEW NT 6.38% 6/15/00 497,455 501,472
DAIMLER BENZ NO AMER MTN 7.38% 9/15/06 510,885 503,168
EOG UNNT 6.00% 12/15/08 968,480 885,637
FARMERS INS EXCH 144A 8.50% 8/1/04 543,545 525,018
FORD MOTOR CREDIT CORP 6.63% 6/30/03 496,480 490,962
FORD MOTOR CREDIT SR NT 6.55% 9/10/02 1,035,780 1,007,796
GENERAL MOTORS ACCEPTANCE CORP 6.75% 2/7/02 1,022,750 1,019,630
HELLER FINANCIAL INC NTS 6.44% 10/6/02 498,200 498,468
INGERSOLL-RAND CO 6.26% 2/15/01 1,000,000 1,014,810
KANSALLIS-OSAKE-PANKKI 10.00% 5/1/02 566,925 538,113
LEHMAN BROS HLDGS MTN 7.00% 5/24/00 499,585 513,647
LIBERTY MUTUAL INS 144A 8.20% 5/4/07 536,300 508,192
MERRILL LYNCH 6.00% 2/12/03 1,524,105 1,486,645
MERRILL LYNCH & CO MTN 5.71% 1/15/02 498,605 500,955
MERRILL LYNCH NOTES 8.00% 2/1/02 1,035,700 1,051,813
MET LIFE 144A SURPLUS NT 6.30% 11/1/03 484,235 484,165
MORGAN STANLEY GROUP NTS 9.38% 6/15/01 542,145 518,463
NATIONWIDE MUTUAL LIFE 6.50% 2/15/04 495,100 495,003
NATL RURAL UTIL NTS 6.38% 10/15/04 1,003,480 975,088
PACIFIC GAS & ELECTRIC CO 7.88% 3/1/02 529,425 510,201
PDVSA FINANCE 144A 6.65% 2/15/06 499,038 423,954
PHILIP MORRIS 6.80% 12/1/03 498,670 481,558
PITNEY BOWES CREDIT CORP 5.50% 4/15/04 500,000 477,741
PUBLIC SERVICE ELECTRIC & GAS 8.88% 6/1/03 414,221 381,842
ROCKWELL INTL NT 6.75% 9/15/02 1,572,075 1,517,273
SALOMON SMITH BARNEY 6.25% 1/15/05 496,925 488,555
SANTANDER FIN ISS LTD 7.00% 4/1/06 498,390 492,920
SEARS ROEBUCK ACCEPTANCE SNR NTS 6.05% 2/18/03 1,520,130 1,467,670
SOUTHERN CAL EDISON 6.38% 1/15/06 496,380 489,088
SOUTHWEST AIR DEB 8.75% 10/15/03 109,269 106,528
THE GAP INC NOTES 6.90% 9/15/07 310,953 296,615
------------ ------------
Subtotal non-government obligations $ 51,649,759 $ 50,303,832
------------ ------------
Government and agency obligations:
FHLMC 15YR GOLD E7-2049 6.00% 9/1/13 41,818 39,844
FHLMC 15YR GOLD E7-3619 6.00% 12/1/13 776,971 740,407
FHLMC 15YR GOLD E7-4845 6.00% 2/1/14 1,434,339 1,366,200
FHLMC 15YR GOLD E0-0625 6.00% 2/1/14 2,149,574 2,047,702
FHLMC 15YR GOLD E7-5233 6.00% 1/1/14 967,893 922,056
FHLMC 15YR GOLD E7-4438 6.00% 1/1/14 247,177 235,471
FHR 2083 VC 6.50% 9/15/05 1,498,129 1,478,946
GNMA II 002359M 7.00% 1/20/27 746,222 733,465
GNMA I 392442X 8.00% 7/15/24 34,404 34,707
GNMA I 403923X 8.00% 7/15/24 219,762 221,698
GNMA I 414564X 7.50% 8/15/25 231,467 228,579
GNMA I 416123X 7.50% 1/15/26 206,313 208,414
GNMA I 317516X 8.50% 2/15/22 104,591 103,867
GNMA I 317696X 8.50% 2/15/22 87,515 86,909
GNMA I 336918X 8.50% 12/15/22 110,741 109,974
GNMA I 421739X 7.50% 6/15/26 221,744 224,929
GNMA I 424000X 7.50% 9/15/26 182,820 185,445
GNMA I NEW 387187X 6.50% 2/15/24 596,659 586,226
FED FARM CREDIT BANK MTN 8.80% 1/31/02 326,016 323,957
FNMA 31359MDN0 5.63% 3/15/01 2,017,440 2,014,845
FNMA 313586O72 8.25% 12/18/00 2,060,440 2,039,898
FNMA 3135866A2 6.80% 1/10/03 1,040,300 1,032,620
FNMA 31359MDF7 5.25% 1/15/03 1,469,760 1,477,873
FNMA 31364BQL7 5.82% 12/5/00 979,766 999,103
FEDERAL HOME LOAN BANKS 7.56% 2/27/02 4,826,250 4,694,638
------------ ------------
Subtotal government and agency obligations $ 22,578,111 $ 22,137,773
------------ ------------
Total Rabobank Nederland SIC Assets $ 74,227,870 $ 72,441,605
------------ ------------
Commonwealth Life Insurance Company and Transamerica Life
Insurance and Annuity Company SIC Assets:
Non-government obligations:
ABN AMRO BK SUB NT 7.13% 6/18/07 517,915 488,366
ALLTEL CORP DEB 6.75% 9/15/05 698,006 672,122
AMERITECH CAP 6.15% 1/15/08 499,180 477,279
AMLT 98-1 AG 6.43% 3/25/28 1,797,398 1,685,211
ARISTAR INC SR NT 6.30% 7/15/00 980,950 1,026,610
BANC ONE CORP 7.60% 5/1/07 1,063,880 1,010,057
BANKBOSTON N.A. 7.00% 9/15/07 1,019,990 981,811
BAXTER INTERNATIONAL INC 9.50% 6/15/08 1,222,290 1,114,772
BHP FINANCE USA 5.63% 11/1/00 956,850 999,815
BK OF NY 7.78% 12/1/26 771,975 687,483
BOEING CO DEB 8.75% 8/15/21 1,136,010 1,132,056
CCIMT 6.05% 1/15/10 943,828 952,047
CELT 5.80% 8/15/05 1,469,883 1,450,878
CITIZENS UTILITY DEB 7.00% 11/1/25 933,110 923,767
CONOCO INC SNR NTS 5.90% 4/15/04 698,992 675,413
DAIMLER BENZ NO AMER MTN 7.38% 9/15/06 1,021,770 1,006,335
DFS 6.90% 11/15/16 999,664 987,589
ELI LILLY & CO NT 7.13% 6/1/25 933,470 959,828
FORD CAPITAL B V GTD NT 9.90% 5/15/02 1,107,900 1,070,248
GMAC MTN 7.05% 4/23/02 1,028,650 1,015,595
GTE CALIFORNIA DEB 6.70% 9/1/09 981,140 970,923
HERTZ CORP 6.63% 5/15/08 1,992,560 1,886,591
HOUSTON LTG & PWR 9.15% 3/15/21 1,141,340 1,132,902
LBCMT 6.78% 4/15/09 908,659 861,491
LEHMAN BROS HLDGS MTN 9.17% 2/28/02 1,095,240 1,069,862
LIBERTY MUTUAL INS 8.20% 5/4/07 1,072,600 1,016,383
LUCENT TECHNOLOGIES, INC. 5.50% 11/15/08 572,482 514,578
MATTEL INC NT 6.75% 5/15/00 1,172,603 1,184,218
MERRILL LYNCH NOTES 6.25% 10/15/08 971,340 927,454
MIDLAND BANK PLC 7.63% 6/15/06 267,690 250,087
MMCA 6.80% 8/15/03 749,766 751,036
NATIONWIDE MUTUAL INSURANCE CO 7.50% 2/15/24 935,820 899,503
ONYX 6.82% 11/15/03 374,931 375,394
ONYX 7.00% 11/15/04 249,939 249,083
PDVSA FINANCE LTD 6.80% 11/15/08 997,879 806,259
PECO 5.80% 3/1/07 960,977 963,663
PHILLIP MORRIS COS INC 7.25% 9/15/01 798,080 808,894
PUB SVS ELEC & GAS FMG 6.25% 1/1/07 984,740 962,890
SALOMON SMITH BARNEY 6.88% 6/15/05 1,029,910 975,206
SANTANDER FIN ISSUE LTD 6.38% 2/15/11 944,230 909,563
ZURICH REINS CENTRE BLDG 7.13% 10/15/23 989,667 948,908
------------ ------------
Subtotal non-government obligations $ 38,993,304 $ 37,782,170
Government and agency obligations:
FNMA 5.25% 1/15/03 5,877,646 5,911,490
FEDERAL HOME LOAN BANK 7.31% 6/16/04 2,137,734 2,038,692
FEDERAL HOME LOAN BANK 5.38% 3/2/01 1,993,820 2,011,715
FEDERAL HOME LOAN MTG 5.00% 2/15/01 343,113 346,259
FHLM 6.00% 8/15/07 964,375 964,620
FJLMC GOLD C1-9469 6.00% 12/1/28 2,872,021 2,676,992
FNMA 457024 6.50% 1/1/29 866,427 817,275
FNMA 479028 6.50% 1/1/29 827,996 781,025
FNMA 445559 6.50% 10/1/28 45,358 42,784
FNMA 454777 6.50% 12/1/28 42,797 40,369
FNMA 436656 6.50% 8/1/28 55,608 52,454
FNMA 480043 6.50% 1/1/29 59,177 55,820
FNMA 446690 6.50% 10/1/28 37,430 35,306
FNMA 453108 6.50% 1/1/29 668,919 630,972
FNMA BENCHMARK NTS 5.13% 2/13/04 3,312,225 3,263,539
GNMA 293344X 9.50% 11/15/20 14,729 14,713
GNMA 299157X 9.50% 11/15/20 15,879 15,862
GNMA 149980X 10.00% 7/15/16 13,693 13,829
GNMA 153604X 10.00% 3/15/16 43,347 43,777
GNMA 156268X 10.00% 5/15/16 8,135 8,216
GNMA 156464X 10.00% 9/15/16 202,722 204,734
GNMA 158223X 10.00% 4/15/16 42,518 42,940
GNMA 164608X 10.00% 9/15/16 9,316 9,409
GNMA 166276X 10.00% 5/15/16 60,061 60,657
GNMA 174601X 10.00% 8/15/16 56,801 57,365
GNMA 206492X 10.00% 12/15/17 238,288 240,516
GNMA 234666X 10.00% 11/15/17 351,869 355,158
GNMA 255692X 10.00% 4/15/18 4,960 5,009
GNMA 285106X 10.00% 4/15/20 406,240 410,273
GNMA 780081X 10.00% 2/15/25 150,953 151,931
GNMA 780454X 7.00% 10/15/26 82,722 81,532
GNMA 415189X 7.00% 3/15/26 499,727 492,538
GNMA 780459X 7.00% 11/15/26 390,558 384,940
GNMA 370612X 7.00% 2/15/26 338,890 334,014
GNMA 373507X 7.00% 2/15/26 316,140 311,592
GNMA 516182X 7.00% 7/15/29 443,730 444,299
GNMA 481605X 7.00% 7/15/29 501,438 502,080
GNMA 500941X 7.00% 8/15/29 24,216 24,247
GNMA 507622X 7.00% 6/15/29 439,543 440,106
GNMA 494086X 7.00% 8/15/29 476,787 477,398
GNMA 488329X 7.00% 1/15/29 53,279 53,347
GNMA 507833X 7.00% 4/15/29 484,613 485,234
GNMA 491760X 6.50% 12/15/28 3,822,878 3,762,399
GNMA 780531X 8.00% 3/15/12 513,842 510,078
GNMA II 002359M 7.00% 1/20/27 829,588 815,406
GNMA II 002433M 8.00% 5/20/07 416,125 412,628
GNMA 344570X 6.00% 12/15/23 167,268 164,227
GNMA 354710X 6.00% 12/15/23 195,445 191,892
GNMA 357966X 6.00% 12/15/23 272,508 267,554
GNMA 359638X 6.00% 12/15/23 166,360 163,335
GNMA 359978X 6.00% 1/15/24 83,111 81,600
GNMA 372951X 6.00% 1/15/24 157,007 154,153
GNMA 375103X 6.00% 4/15/24 142,653 140,060
GNMA 381437X 6.00% 1/15/24 176,824 173,609
GNMA 405597X 8.00% 3/15/26 28,090 28,294
GNMA 314529X 6.00% 1/15/24 277,435 272,392
GNMA 780006X 8.50% 11/15/24 171,514 170,121
GNMA 780162X 8.50% 6/15/25 233,409 231,514
GNMA 422829X 7.00% 5/15/26 27,563 27,166
GNMA I 344710X 8.50% 2/15/23 17,460 17,339
GNMA I 349384X 7.50% 6/15/23 40,101 39,650
GNMA I 353245X 8.50% 4/15/23 19,058 18,926
GNMA I 354361X 7.50% 4/15/23 57,020 56,379
GNMA I 365444X 7.50% 9/15/25 28,629 28,272
GNMA I 366144X 8.00% 7/15/25 198,881 196,082
GNMA I 372172X 9.00% 11/15/24 4,850 4,845
GNMA I 387064X 8.00% 7/15/25 296,877 292,699
GNMA I 390328X 8.50% 2/15/25 28,028 27,800
GNMA I 390625X 9.00% 6/15/24 20,444 20,421
GNMA I 390628X 9.00% 7/15/24 26,898 26,867
GNMA I 391605X 8.00% 5/15/24 299,509 302,147
GNMA I 393816X 7.50% 7/15/25 12,236 12,083
GNMA I 394224X 8.00% 4/15/25 9,640 9,713
GNMA I 394783X 8.00% 7/15/25 5,755 5,674
GNMA I 400883X 8.00% 7/15/25 950,184 936,811
GNMA I 402013X 9.00% 12/15/24 81,139 81,047
GNMA I 402149X 8.00% 7/15/25 97,869 96,492
GNMA I 407187X 8.00% 4/15/25 259,750 261,716
GNMA I 408788X 7.00% 8/15/25 829,943 817,164
GNMA I 409485X 8.00% 7/15/25 102,243 100,804
GNMA I 409511X 7.50% 9/15/25 28,687 28,329
GNMA I 409912X 8.00% 7/15/25 321,367 316,844
GNMA I 409924X 7.00% 8/15/25 827,056 814,321
GNMA I 412044X 8.00% 7/15/25 34,576 34,089
GNMA I 412478X 7.50% 8/15/25 208,675 211,064
GNMA I 413401X 8.00% 7/15/25 57,449 56,641
GNMA I 418828X 7.50% 10/15/25 514,872 508,447
GNMA I 418836X 7.50% 10/15/25 681,643 673,138
GNMA I 419341X 7.50% 12/15/25 134,067 135,602
GNMA I 421167X 7.50% 2/15/26 196,413 200,061
GNMA I 312859X 8.50% 1/15/22 58,680 58,274
GNMA I 318023X 8.50% 5/15/22 182,836 181,569
GNMA I 320837X 8.50% 4/15/22 88,616 88,002
GNMA I 323079X 8.50% 5/15/22 175,945 174,726
GNMA I 339175X 8.50% 1/15/23 21,522 21,373
GNMA I 340414X 8.50% 12/15/22 236,464 234,826
GNMA I 341924X 8.50% 5/15/23 29,654 29,449
GNMA I 342527X 7.50% 2/15/23 17,691 17,492
GNMA I 342841X 8.50% 12/15/22 187,246 185,949
GNMA I 342846X 9.00% 1/15/23 127,783 127,638
GNMA I 780029X 9.00% 11/15/24 252,988 252,700
GNMA I 372358X 7.50% 6/15/26 124,387 126,697
GNMA I 423558X 7.50% 5/15/26 115,173 117,312
GNMA I 423781X 7.50% 5/15/26 115,769 117,920
GNMA I 400102X 7.00% 2/15/26 305,588 313,020
GNMA I 417290X 7.00% 3/15/26 57,974 59,383
GNMA I 421473X 7.00% 6/15/26 305,058 312,477
GNMA I 422305X 7.00% 2/15/26 63,802 65,354
GNMA I 396841X 7.00% 2/15/26 263,003 259,219
GNMA I 437983X 7.50% 11/15/26 244,563 240,836
GNMA I 429541X 7.50% 10/15/26 90,979 89,592
GNMA I 429164X 7.50% 8/15/26 370,715 365,066
GNMA I 167450X 9.50% 9/15/19 273,188 272,885
GNMA I 780463X 7.00% 11/15/26 566,533 558,383
GNMA I NEW 347713X 6.50% 1/15/24 168,698 165,748
GNMA I NEW 355015X 6.50% 1/15/24 51,159 50,264
GNMA I NEW 364488X 6.50% 1/15/24 261,462 256,890
GNMA I NEW 366710X 6.50% 2/15/24 750,628 737,502
GNMA I NEW 375870X 6.50% 3/15/24 69,161 67,951
GNMA I NEW 376894X 6.50% 3/15/24 825,278 810,847
GNMA I NEW 387187X 6.50% 2/15/24 316,027 310,501
GNMA 421448X 7.00% 1/15/26 175,446 172,922
TREASURY INFL INDX 3.38% 1/15/07 502,317 506,402
TREASURY INFL INDX 3.63% 7/15/02 514,783 527,823
US TREASURY BONDS 7.63% 2/15/25 5,205,430 4,602,100
US TREASURY NOTES 6.38% 8/15/02 2,854,031 2,870,839
US TREASURY NOTES 6.50% 10/15/06 1,001,251 1,009,956
------------ ------------
Subtotal government and agency obligations $ 56,820,567 $ 55,592,810
------------ ------------
Total Commonwealth Life Insurance Company and Transamerica Life
Insurance and Annuity Company SIC Assets (1) $ 95,813,871 $ 93,374,980
------------ ------------
Grand total SIC Assets $181,383,049 $177,574,298
------------ ------------
SIC contract wrapper $ 7,443,159
------------
Total value of SICs at December 31, 1999 $185,017,457
------------
TOTAL ENTERGY STABLE INCOME FUND GICs & SICs $209,790,038 $213,424,446
------------ ------------
Loans to participants* 1/15/00 -
(Bearing interest rates of prime +1% with terms of up to 20 years) 6% - 11.5% 1/11/20 N/A $ 29,662,767
-------------- ------------
Total Assets Held for Investment Purposes
$1,010,460,901 $1,183,758,440
============== ==============
(1) Commonwealth Life Insurance Company and Transamerica Life Insurance
and Annuity Company jointly issued SIC wrappers over 50% of the
Entergy Lehman Aggregate Managed SIC.
* Denotes a party-in-interest to the Entergy Savings Plan
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SAVINGS PLAN OF ENTERGY CORPORATION AND SUDSIDIARIES
Schedule of Reportable Transactions
For the Year Ended December 31, 1999
E.I.N. 72-1229752 (Plan No. 003)
Selling or
Number of Purchase Redemption
Description Transactions Price Price Cost Gain/(Loss)
<S> <C> <C> <C> <C> <C>
Purchase Transactions:
Entergy Corporation Common Stock * 192 $48,738,384
Selling Transactions:
Entergy Corporation Common Stock * 550 $34,958,382 $29,030,214 $5,928,168
* Denotes a party-in-interest to the Entergy Savings Plan
</TABLE>
SIGNATURE
The Entergy Savings 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/ Darrell A. Guidroz
Darrell A. Guidroz
Director, HR Compensation and Benefits
Dated: June 26, 2000
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (File No. 33-54298) of Entergy Corporation of our
report dated June 23, 2000 relating to the financial statements and
supplemental schedules of the Savings Plan of Entergy Corporation and
Subsidiaries, which appears in this Form 11-K.
PricewaterhouseCoopers LLP
New Orleans, Louisiana
June 27, 2000
