SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
[ X ] ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
---------- ----------
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
(Full title of the plan)
AMERICAN ELECTRIC POWER COMPANY, INC.
1 Riverside Plaza, Columbus, Ohio 43215
(Name of issuer of the securities held
pursuant to the plan and the address
of its principal executive office)
1
AMERICAN ELECTRIC POWER SYSTEM RETIREMENT SAVINGS PLAN
TABLE OF CONTENTS
PAGE
SIGNATURES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
INDEPENDENT AUDITORS' REPORT. . . . . . . . . . . . . . . . . . . . . . . 4
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits . . . . . . . . . . . . . 5
Statements of Changes in Net Assets Available for Benefits. . . . . . . . 6
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . 7-11
SUPPLEMENTAL SCHEDULE:
I. Assets Held for Investment Purposes . . . . . . . . . . . . . . . .12-13
EXHIBITS:
Exhibit Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Consent of Independent Auditors . . . . . . . . . . . . . . . . . . . . 15
2
AMERICAN ELECTRIC POWER SYSTEM RETIREMENT SAVINGS PLAN
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Employee Benefit Trusts Committee has duly caused this annual
report to be signed by the undersigned thereunto duly authorized.
By: /s/ J. Steven Kiser
----------------------------------------
J. Steven Kiser, Secretary
Employee Benefit Trusts Committee
Date: June 15, 2001
3
INDEPENDENT AUDITORS' REPORT
American Electric Power Service Corporation, as Plan Administrator:
We have audited the accompanying statements of net assets available for
benefits of the American Electric Power System Retirement Savings Plan
(formerly the American Electric Power System Employees Savings Plan
hereafter referred to as the Plan) as of December 31, 2000 and 1999,
and the related statements of changes in net assets available for
benefits for the years then ended. These financial statements are the
responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. 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 Plan 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, such financial statements present fairly, in all
material respects, the net assets available for benefits of the Plan as
of December 31, 2000 and 1999, and the changes in net assets available
for benefits for the years then ended in conformity with accounting
principles generally accepted in the United States of America.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedule
listed in the Table of Contents is presented for the purpose of
additional analysis and is not a required part of the basic financial
statements but is 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 (ERISA). This
supplemental schedule is the responsibility of the Plan's management.
The supplemental schedule has been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects when considered in
relation to the basic financial statements taken as a whole.
DELOITTE & TOUCHE LLP
Columbus, Ohio
June 15, 2001
4
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2000
------------------------------------------------
Participant Non-Participant
Directed Directed Total
ASSETS:
Investments:
Group Annuity, Bank Investment and
Other Fixed Income Contracts $ 503,673,194 $ - $ 503,673,194
American Electric Power Company, Inc. -
Common Stock 411,360,904 94,396,021 505,756,925
Registered Investment Company 844,269,352 - 844,269,352
Fidelity Institutional Cash Portfolio Fund 16,460,689 3,719,060 20,179,749
Participant Loans 16,722,513 - 16,722,513
Total Investments 1,792,486,652 98,115,081 1,890,601,733
Other Receivables - 2,371,909 2,371,909
NET ASSETS AVAILABLE FOR BENEFITS $1,792,486,652 $ 100,486,990 $1,892,973,642
See notes to financial statements
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31,1999
------------------------------------------------
Participant Non-Participant
Directed Directed Total
ASSETS:
Investments:
Group Annuity, Bank Investment and
Other Fixed Income Contracts $ 550,523,449 $ - $ 550,523,449
American Electric Power Company, Inc. -
Common Stock 268,624,305 60,729,258 329,353,563
Registered Investment Company 932,537,562 - 932,537,562
Fidelity Institutional Cash Portfolio Fund 22,058,652 10,509,998 32,568,650
Participant Loans 16,872,096 - 16,872,096
Total Investments 1,790,616,064 71,239,256 1,861,855,320
Other Receivables - 251,492 251,492
NET ASSETS AVAILABLE FOR BENEFITS $1,790,616,064 $ 71,490,748 $1,862,106,812
See notes to financial statements
5
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2000
-----------------------------------------------------
Participant Non-Participant
Directed Directed Total
NET INVESTMENT INCOME:
Interest $ 31,427,553 $ -- $ 31,427,553
Dividends 85,887,496 9,449,482 95,336,978
Net Appreciation (Depreciation) in Fair Value
of Investments (42,448,846) 13,048,590 (29,400,256)
Total Net Investment Income (Loss) 74,866,203 22,498,072 97,364,275
INTERFUND TRANSFERS 68,951 (68,951) --
TRANSFERS FROM OTHER QUALIFIED PLANS -- -- --
CONTRIBUTIONS:
Participants 72,051,756 -- 72,051,756
Employer 7,831,419 13,059,761 20,891,180
Total Contributions 79,883,175 13,059,761 92,942,936
DISTRIBUTIONS TO PARTICIPANTS (152,947,741) (6,492,640) (159,440,381)
INCREASE (DECREASE) IN NET ASSETS 1,870,588 28,996,242 30,866,830
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR 1,790,616,064 71,490,748 1,862,106,812
NET ASSETS AVAILABLE FOR BENEFITS
END OF YEAR $ 1,792,486,652 $ 100,486,990 $ 1,892,973,642
See notes to financial statements
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1999
-----------------------------------------------------
Participant Non-Participant
Directed Directed Total
NET INVESTMENT INCOME:
Interest $ 32,689,175 $ -- $ 32,689,175
Dividends 55,944,848 9,208,473 65,153,321
Net Appreciation (Depreciation) in Fair Value
of Investments 77,854,246 (62,398,494) 15,455,752
Total Net Investment Income (Loss) 166,488,269 (53,190,021) 113,298,248
INTERFUND TRANSFERS 597,025 (597,025) --
TRANSFERS FROM OTHER QUALIFIED PLANS 7,931,925 -- 7,931,925
CONTRIBUTIONS:
Participants 69,695,041 -- 69,695,041
Employer 7,518,794 13,046,803 20,565,597
Total Contributions 77,213,835 13,046,803 90,260,638
DISTRIBUTIONS TO PARTICIPANTS (139,021,135) (6,964,941) (145,986,076)
INCREASE (DECREASE) IN NET ASSETS 113,209,919 (47,705,184) 65,504,735
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR 1,677,406,145 119,195,932 1,796,602,077
NET ASSETS AVAILABLE FOR BENEFITS
END OF YEAR $ 1,790,616,064 $ 71,490,748 $ 1,862,106,812
See notes to financial statements
6
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999
--------------------------------------------------------------------------------
1. PLAN DESCRIPTION
The following description of the American Electric Power System
Retirement Savings Plan (formerly the American Electric Power System
Employees Savings Plan hereafter referred to as the Plan) is provided
for general information purposes only. Participants should refer to the
Plan documents for more complete information.
The Plan became effective and commenced operations on January 1, 1978.
Effective August 1, 1998, employees were eligible to become
participants in the Plan on the first day of the month following their
first day of employment. Prior to August 1, 1998, employees who had
completed 6 months of service, as defined in the Plan, could
participate in the Plan. Participants may contribute, through payroll
deductions, up to 6% of their regular compensation in 1% increments as
a matched contribution to the Plan. The employer contributes an amount
equal to 50% of participants' matched contributions. Employees who have
elected to make a 6% matched contribution to the Plan may contribute up
to an additional 11% of their base compensation in 1% increments as an
unmatched contribution. Highly compensated employees are currently
limited to an additional 10% of their base compensation. Additionally,
employees may direct that their contributions be made on an after-tax
basis and/or a pre-tax basis in accordance with Section 401(k) of the
Internal Revenue Code (Code). An employee's taxable income for federal
income tax is reduced by any pre-tax contribution. Certain
restrictions, as defined by the Code, are placed on the availability of
those pre-tax accumulated funds.
Effective June 15, 2000, American Electric Power Company Inc. (the
Company) entered into a merger with Central and South West Corporation
(CSW). The merger agreement provided that the CSW qualified plans will
remain in effect until July 1, 2002. The effect on the Plan subsequent
to July 1, 2002 has not yet been determined.
American Electric Power Service Corporation is the Plan Administrator
(Plan Administrator). Fidelity Management Trust Company (Fidelity)
is the Trustee for all funds except the Fixed Income Fund, and is the
Recordkeeper for the entire Plan. Key Trust Company of Ohio, N.A.
(Key Trust) is Trustee for the Fixed Income Fund.
Employer contributions are invested solely in the AEP Stock Fund.
Participants may direct the investment of their contributions to any
combination of the following funds:
The Fixed Income Fund, the objective of which is to invest in
contracts with various insurance and financial institutions at
varying annual interest rates, maturing over periods
approximating five years or less and temporary investments in
the Employee Benefits Money Market Fund and the Fidelity
Institutional Cash Portfolio.
The AEP Stock Fund, the objective of which is to invest in
American Electric Power Company, Inc. (AEP) common stock and
temporary investments in the Fidelity Institutional Cash
Portfolio Money Market Fund.
7
The Fidelity Puritan Fund, the objective of which is to invest
in a broadly diversified portfolio of domestic and foreign
common stocks, and preferred stocks and bonds, including
lower-quality, high-yield debt securities. The prospectus for
the Puritan Fund indicates that the Puritan Fund is a growth
and income fund.
The Fidelity OTC Portfolio, the objective of which is to
invest in common stocks, preferred stocks, securities
convertible into common stocks, and debt securities that are
traded on the over-the-counter (OTC) securities market. The
prospectus for the OTC Portfolio indicates that the OTC
Portfolio is a growth fund.
The Fidelity Overseas Fund, the objective of which is to
invest in foreign securities, including common stocks and
securities convertible into common stocks, as well as debt
instruments. The prospectus for the Overseas Fund indicates
that the Overseas Fund is an international growth fund.
The Fidelity Blue Chip Growth Fund, the objective of which is
to invest in a diversified portfolio of common stocks of
well-known and established domestic and foreign companies. The
prospectus for the Blue Chip Growth Fund indicates that the
Blue Chip Growth Fund is a growth fund.
The Fidelity Equity-Income Fund, the objective of which is to
seek reasonable income and also to consider the potential for
capital appreciation. The fund seeks a yield that exceeds the
yield on the securities comprising the Standard and Poor's 500
index and normally invests at least 65% of its total assets in
income-producing equity securities, while potentially
investing in other types of equity securities and debt
securities, including lower-quality debt securities.
The Fidelity Low-Priced Stock Fund, the objective of which is
to seek capital appreciation by normally investing at least
65% of total assets in low-priced common stocks ($35 or less
at time of purchase), which can lead to investments in small
and medium-sized companies.
The Fidelity Freedom Income Fund, the objective of which is to
seek high current income and, secondarily, to seek capital
appreciation. The fund invests in a combination of Fidelity
equity, fixed-income, and money market funds (underlying
Fidelity Funds) and allocates its assets among these funds
according to a stable asset allocation strategy designed for
investors already in retirement.
The Fidelity Freedom 2000 Fund, the objective of which is to
seek high total return, by investing in a combination of
Fidelity equity, fixed-income, and money market funds
(underlying Fidelity funds) and allocating its assets among
these funds according to an asset allocation strategy that
becomes increasingly conservative as Freedom 2000 approaches
its target retirement date. Targeted to investors expected to
retire around the year 2000.
The Fidelity Freedom 2010 Fund, the objective of which is to
seek high total return, by investing in a combination of
Fidelity equity, fixed-income, and money market funds
(underlying Fidelity funds) and allocating its assets among
these funds according to an asset allocation strategy that
becomes increasingly conservative as Freedom 2010 approaches
its target retirement date. Targeted to investors expected to
retire around the year 2010.
8
The Fidelity Freedom 2020 Fund, the objective of which is to
seek high total return, by investing in a combination of
Fidelity equity, fixed-income, and money market funds
(underlying Fidelity funds) and allocating its assets among
these funds according to an asset allocation strategy that
becomes increasingly conservative as Freedom 2020 approaches
its target retirement date. Targeted to investors expected to
retire around the year 2020.
The Fidelity Freedom 2030 Fund, the objective of which is to
seek high total return, by investing in a combination of
Fidelity equity, fixed-income, and money market funds
(underlying Fidelity funds) and allocating its assets among
these funds according to an asset allocation strategy that
becomes increasingly conservative as Freedom 2030 approaches
its target retirement date. Targeted to investors expected to
retire around the year 2030.
The Fidelity Freedom 2040 Fund, the objective of which is to
seek high total return, by investing in a combination of
Fidelity equity, fixed-income, and money market funds
(underlying Fidelity funds) and allocating its assets among
these funds according to an asset allocation strategy that
becomes increasingly conservative as Freedom 2040 approaches
its target retirement date. Targeted to investors expected to
retire around the year 2040.
The Fidelity Spartan U.S. Equity Index Portfolio, the
objective of which is to invest in a group of common stocks.
The prospectus for the Spartan U.S. Equity Index Portfolio
indicates that the Spartan U.S. Equity Index Portfolio is a
growth and income fund which is designed to approximate the
composition and total return of the S&P 500.
Participants may transfer the value of their own cumulative
contributions, in any whole percentage or dollar amount, among
investments, change their investment elections, and change their
contribution percentage as often as they like. Effective January 1,
2001, except for their pre-tax contributions, participants may make an
unlimited number of withdrawals of their interest in the Plan,
including company matching contributions which are immediately vested.
Pre-tax contributions are not eligible for withdrawal by participants
not yet age 59-1/2. Participants age 50 and over may transfer a portion
or all of the value of their employer contributions from the AEP Stock
Fund, as often as they like.
Participants may borrow from their savings plan accounts, a minimum of
$1,000 up to a maximum equal to the lesser of $50,000 or 50% of their
account balance. Loan terms range from six months to 54 months, or any
monthly increment in-between. The loan period cannot extend beyond the
date that the participant reaches age 70-1/2. Interest rates, fixed for
the life of the loan, are calculated by adding 1% to the prime rate, as
reported in the Eastern edition of the Wall Street Journal, in effect
as of the first business day of the calendar quarter in which the loan
is taken. Prior to April 1, 2000, there was a one-time loan processing
fee of $35 and a loan maintenance fee of $3.75 per quarter. On April 1,
2000, loan fees were eliminated. Active employees make principal and
interest payments through payroll deductions. Retirees/surviving
spouses make monthly payments using a coupon book.
2. ACCOUNTING POLICIES
The accompanying financial statements are prepared on the accrual basis
of accounting.
Investments have been recorded based on the trade-date and are reported
in the Statements of Net Assets Available for Benefits at fair value or
contract value. The AEP Stock Fund investments are valued at year-end
quoted closing prices. The year-end valuations for the various Fidelity
funds are based on the closing market prices for the underlying
securities as provided by the Trustee. The Fixed Income Fund contracts
are valued at book value which is equal to cost plus interest, as the
contracts are fully benefit responsive.
9
Dividends and interest income are recorded as earned. These amounts are
reinvested by the Trustees in the same funds which generated such
income. Investment management fees are accounted for as a reduction in
net investment income. All other Plan administration expenses are paid
by the employer with the exception of per transaction charges for
withdrawals and "minimum required distributions" which are borne by the
participants.
Distributions are recorded when paid. There were no amounts due to
participants who requested distributions from the Plan for the years
ended December 31, 2000 and 1999.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
3. INVESTMENT CONTRACT VALUATION
The Plan has a fixed income fund with Key Trust as Trustee, which
invests primarily in fully benefit responsive investment contracts. Key
Trust maintains the assets in a custodian account. The account is
credited with earnings on the underlying investments and charged for
Plan withdrawals (credited interest rates ranged from 7.53% to 2.21%
for 2000 and from 7.40% to 2.21% for 1999). The average yield was 5.82%
and 5.85% for fiscal years ending December 31, 2000 and 1999,
respectively. The investment is recorded in the financial statements
based on the contract value of the underlying investment contracts,
which approximates fair value, as reported to the Plan by Fidelity.
Contract value represents contributions made under the contract, plus
earnings, less withdrawals.
4. INVESTMENTS EXCEEDING 5% OF THE PLAN NET ASSETS
Investments exceeding five percent of net assets were:
Fair Value
---------------------------
December 31,
2000 1999
------------ ------------
AEP Common Stock - Participant Directed . . . $411,360,904 $268,624,305
AEP Common Stock - Non-Participant Directed . $ 94,396,021 $ 60,729,258
Fidelity Spartan U.S. Equity Index Portfolio. $280,004,061 $339,358,715
Fidelity Blue Chip Growth Fund. . . . . . . . $234,002,496 $255,397,831
Fidelity OTC Portfolio. . . . . . . . . . . . $169,033,714 $177,689,208
10
5. NET APPRECIATION (DEPRECIATION) IN FAIR VALUE OF INVESTMENTS
During 2000 and 1999, the Plan's investments (including investments
bought, sold as well as held during the year) appreciated (depreciated)
in value by $(29,400,256) and $15,455,752, respectively, as follows:
Fair Value
---------------------------
December 31,
2000 1999
------------ ------------
Investments at Fair Value:
American Electric Power Company, Inc. -
Common Stock. . . . . . . . . . . . . . . $ 161,293,077 $(147,854,918)
Investments at Estimated Fair Value:
Group Annuity, Bank Investment and
Other Fixed Income Contracts. . . . . . . (190,693,333) 163,310,670
------------- -------------
Total . . . . . . . . . . . . . . . . . $ (29,400,256) $ 15,455,752
============= =============
6. FEDERAL INCOME TAX
The Internal Revenue Service (IRS) has determined that the Plan meets
the requirements of Section 401(a) of the Code; therefore, the Plan is
exempt from federal income tax pursuant to Section 501(a) of the Code.
The Plan obtained its latest determination letter on November 13, 1997,
in which the IRS stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Code.
Under current income tax laws and regulations, participants are not
subject to federal income tax on the employer contributions to their
accounts or on the accumulated earnings on employee and employer
contributions until such amounts are distributed to participants.
Employees have the option to make contributions to the Plan on a
pre-tax basis, in which case federal income tax is deferred until such
amounts are distributed.
7. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and
to terminate the Plan subject to the provisions of ERISA. In the event
of Plan termination, participants remain 100 percent vested in their
accounts.
8. RELATED-PARTY TRANSACTIONS
Certain Plan investments are shares of mutual funds managed by Fidelity
Investments. Fidelity Investments is the trustee as defined by the Plan
and, therefore, these transactions qualify as party-in-interest.
9. SUBSEQUENT EVENTS
Effective January 1, 2001, the name of the American Electric Power
System Employees Savings Plan was changed to the American Electric
Power System Retirement Savings Plan. The Company's matching
contribution was increased from 50% to 75% for the first 6% of employee
contributions. Also, the total employee contributions increased from
17% to 20%, subject to Internal Revenue Service limitations on highly
compensated participants. The definition of pay was expanded to include
shift differential, Sunday premium pay, incentive pay and overtime pay,
in addition to base pay. At termination, employees will have the option
of rolling a lump sum payment from the AEP System Retirement Plan into
the AEP System Retirement Savings Plan.
11
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
SUPPLEMENTAL SCHEDULE I
------------------------------------------------------------------------------------------
ASSETS HELD FOR INVESTMENT PURPOSES AS OF DECEMBER 31, 2000
NUMBER OF FAIR/CONTRACT
SHARES/UNITS VALUE COST
--------------- -------------- --------------
THE FIXED INCOME FUND:
Fixed Income Contract -
AIG Life Insurance Company
7.53% effective annual yield to
July 31, 2003. . . . . . . . . . . . 21,386,560 21,386,560
Group Annuity Contract -
Business Men's Assurance
6.35% effective annual yield to
January 31, 2001 . . . . . . . . . . 12,338,825 12,338,825
Group Annuity Contract -
Monumental Life Insurance Company
7.40% effective annual yield to
July 31, 2001. . . . . . . . . . . . 27,412,665 27,412,665
Group Annuity Contract -
JP Morgan Securities, Inc.
5.98% effective annual yield to
October 15, 2001 . . . . . . . . . . 26,345,176 26,345,176
Group Annuity Contract -
J.P. Morgan #2
5.821% effective annual yield to
July 25, 2005. . . . . . . . . . . . 24,035,403 24,035,403
Group Annuity Contract -
National Westminster Bank
2.21% effective annual yield to
October 31, 2005 . . . . . . . . . . 23,887,085 23,887,085
Group Annuity Contract -
New York Life Insurance Company
6.08% effective annual yield to
January 31, 2003 . . . . . . . . . . 27,487,086 27,487,086
Fixed Income Contract -
Norwest Bank Minnesota
variable annual yield with an
indeterminate maturity date. . . . . 5,295,070 5,295,070
Group Annuity Contract -
Ohio National Life Insurance Company
5.80% effective annual yield to
October 7, 2002. . . . . . . . . . . 33,394,703 33,394,703
Group Annuity Contract -
Pacific Mutual
6.32% effective annual yield to
January 31, 2001 . . . . . . . . . . 9,023,717 9,023,717
Group Annuity Contract -
Principle Mutual Life
6.00% effective annual yield to
October 31, 2003 . . . . . . . . . . 39,985,654 39,985,654
Group Annuity Contract -
Protective Life Insurance Company
5.95% effective annual yield to
January 31, 2002 . . . . . . . . . . 33,847,955 33,847,955
12
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
SUPPLEMENTAL SCHEDULE I
------------------------------------------------------------------------------------------
ASSETS HELD FOR INVESTMENT PURPOSES AS OF DECEMBER 31, 2000 (Continued)
NUMBER OF FAIR/CONTRACT
SHARES/UNITS VALUE COST
--------------- -------------- --------------
THE FIXED INCOME FUND (Continued)
Group Annuity Contract -
Rabobank Nederland
variable annual yield with an
indeterminate maturity date. . . . . 55,934,118 55,934,118
Group Annuity Contract -
Rabobank Nederland
variable annual yield with an
indeterminate maturity date. . . . . 55,940,894 55,940,894
Group Annuity Contract -
Security Life of Denver
Insurance Company
6.60% effective annual yield to
August 3, 2004 . . . . . . . . . . . 27,364,047 27,364,047
Group Annuity Contract -
Transamerica Life & Annuity
variable annual yield with an
indeterminate maturity date. . . . . 54,728,823 54,728,823
Group Annuity Contract -
Transamerica
6.37% effective annual yield
to April 30, 2003. . . . . . . . . . 25,265,413 25,265,413
-------------- --------------
Subtotal. . . . . . . . . . . . . . . 503,673,194 503,673,194
Fidelity Institutional Cash
Portfolio Fund . . . . . . . . . . . 16,460,689 Units 16,460,689 16,460,689
-------------- --------------
TOTAL - THE FIXED INCOME FUND . . . $ 520,133,883 $ 520,133,883
-------------- --------------
THE AEP STOCK FUND:
American Electric Power Company, Inc.
Common Stock $6.50 par value . . . . 10,876,493 Shares $ 505,756,925 $ 332,419,056
Fidelity Institutional Cash
Portfolio Fund . . . . . . . . . . . 3,719,060 Units 3,719,060 3,719,060
-------------- --------------
TOTAL - THE AEP STOCK FUND. . . . . $ 509,475,985 $ 336,138,116
-------------- --------------
REGISTERED INVESTMENT COMPANY:
The Fidelity Puritan Fund. . . . . . . 2,858,978 Units $ 53,834,559 $ 52,527,118
The Fidelity OTC Portfolio . . . . . . 4,117,752 Units 169,033,714 205,711,434
The Fidelity Overseas Fund . . . . . . 900,865 Units 30,962,713 33,924,777
The Fidelity Blue Chip Growth Fund . . 4,541,092 Units 234,002,496 193,870,127
The Fidelity Equity Income Fund. . . . 72,791 Units 3,889,237 3,814,948
The Fidelity Low-Priced Stock Fund . . 181,672 Units 4,200,267 4,210,336
The Fidelity Freedom Income Fund . . . 1,004,870 Units 11,224,394 11,398,438
The Fidelity Freedom 2000 Fund . . . . 617,967 Units 7,298,190 7,974,878
The Fidelity Freedom 2010 Fund . . . . 1,730,818 Units 23,954,521 25,581,291
The Fidelity Freedom 2020 Fund . . . . 1,484,978 Units 21,621,274 23,923,763
The Fidelity Freedom 2030 Fund . . . . 278,828 Units 4,182,420 4,668,066
The Fidelity Freedom 2040 Fund . . . . 7,029 Units 61,506 63,669
The Fidelity Spartan U.S. Equity Index
Portfolio. . . . . . . . . . . . . . 5,981,714 Units 280,004,061 184,536,746
-------------- --------------
TOTAL - REGISTERED INVESTMENT COMPANY $ 844,269,352 $ 752,205,591
-------------- --------------
PARTICIPANT LOANS (interest rate ranging from 8.75%
through 9.5% maturing through October 2003) $ 16,722,513 $ 16,722,513
-------------- --------------
TOTAL INVESTMENTS . . . . . . . . . . . $1,890,601,733 $1,625,200,103
============== ==============
13
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
EXHIBIT INDEX
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Page No.
In this
Exhibit No. Description Filing
23 Consent of Deloitte & Touche LLP 15
14
EXHIBIT 23
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
CONSENT OF INDEPENDENT AUDITORS
-----------------------------------------------------------------------
American Electric Power Company, Inc.:
We consent to the incorporation by reference in Post-Effective
Amendment No. 3 to Registration Statement No. 33-1052 of American
Electric Power System Retirement Savings Plan (formerly the American
Electric Power System Employees Saving Plan) on Form S-8 of our report
dated June 15, 2001 appearing in this Annual Report on Form 11-K of
American Electric Power System Retirement Savings Plan for the year
ended December 31, 2000.
DELOITTE & TOUCHE LLP
Columbus, Ohio
June 19, 2001
15