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, 2001
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)
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. Schedule of Assets Held as of December 31, 2001 . . . . . . . . . .12-13
EXHIBITS:
Exhibit Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Consent of Independent Auditors . . . . . . . . . . . . . . . . . . . . 15
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 25, 2002
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
(the "Plan") as of December 31, 2001 and 2000, 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, 2001 and 2000, 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 25, 2002
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
-------------------------------------------------
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
As Of December 31, 2001
-----------------------------------------------------------
Participant Non-Participant
Directed Directed Total
-------------------- ---------------- ----------------
ASSETS:
Investments:
Group Annuity, Bank Investment and
Other Fixed Income Contracts $578,126,683 $578,126,683
American Electric Power Company, Inc. -
Common Stock 375,886,712 $103,093,336 478,980,048
Registered Investment Company Funds 702,992,316 702,992,316
Fidelity Institutional Cash Portfolio Fund 20,533,760 4,737,152 25,270,912
Participant Loans 15,746,700 15,746,700
-------------------- ---------------- ----------------
Total Investments 1,693,286,171 107,830,488 1,801,116,659
Other Receivables 17,695 17,695
-------------------- ---------------- ----------------
NET ASSETS AVAILABLE FOR BENEFITS $1,693,286,171 $107,848,183 $1,801,134,354
==================== ================ ================
See notes to financial statements.
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
-------------------------------------------------
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
As Of 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 Funds 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 CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, 2001
---------------------------------------------------------
Participant Non-Participant
Directed Directed Total
------------------- --------------- ----------------
NET INVESTMENT INCOME:
Interest $32,752,473 $32,752,473
Dividends 22,561,653 13,732,926 36,294,579
Net Appreciation (Depreciation) in Fair Value
of Investments (168,854,012) 5,355,746 (163,498,266)
------------------- --------------- ----------------
Total Net Investment Income (Loss) (113,539,886) 19,088,672 (94,451,214)
INTERFUND TRANSFERS 149,244 (149,244)
TRANSFERS FROM OTHER QUALIFIED PLANS 2,907,877 2,907,877
CONTRIBUTIONS:
Participants 97,738,982 97,738,982
Employer 14,809,841 24,473,112 39,282,953
------------------- --------------- ----------------
Total Contributions 112,548,823 24,473,112 137,021,935
DISTRIBUTIONS TO PARTICIPANTS (101,266,539) (36,051,347) (137,317,886)
------------------- --------------- ----------------
INCREASE (DECREASE) IN NET ASSETS (99,200,481) 7,361,193 (91,839,288)
------------------- --------------- ----------------
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR 1,792,486,652 100,486,990 1,892,973,642
------------------- --------------- ----------------
NET ASSETS AVAILABLE FOR BENEFITS
END OF YEAR $1,693,286,171 $107,848,183 $1,801,134,354
=================== =============== ================
See notes to financial statements
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
--------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended 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
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2001 AND 2000
------------------------------------------------------------------------------
1. PLAN DESCRIPTION
The following description of the American Electric Power System
Retirement Savings Plan (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 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.
Effective January 1, 2001, the employer contributes an amount equal to
75% of participants' matched contributions. Prior to January 1, 2001,
the employer contributed an amount equal to 50% of the participants'
matched contributions. Employees who have elected to make a 6% matched
contribution to the Plan may contribute up to an additional 14% of
their base compensation in 1% increments as an unmatched contribution.
Effective January 1, 2001, 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. 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 Company anticipates that the
Central and South West Corporation Retirement Savings Plan will merge
with the Plan on January 1, 2003.
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.
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.
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, except under hardship as defined by the Plan.
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.
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, 2001 and 2000.
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 2001 and from 7.53% to 2.21% for 2000). The average yield was 5.20%
and 5.82% for fiscal years ending December 31, 2001 and 2000,
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,
2001 2000
------------ ------------
AEP Common Stock - Participant Directed . . . $375,886,712 $411,360,904
AEP Common Stock - Non-Participant Directed . $103,093,336 $ 94,396,021
Fidelity Spartan U.S. Equity Index Portfolio. $227,166,030 $280,004,061
Fidelity Blue Chip Growth Fund. . . . . . . . $186,856,235 $234,002,496
Fidelity OTC Portfolio. . . . . . . . . . . . $124,351,349 $169,033,714
5. NET DEPRECIATION IN FAIR VALUE OF INVESTMENTS
During 2001 and 2000, the Plan's investments (including investments
bought, sold as well as held during the year) depreciated in value by
$(163,498,266) and $(29,400,256), respectively, as follows:
December 31,
2001 2000
------------ ------------
Investments at Fair Value:
American Electric Power Company, Inc. -
Common Stock. . . . . . . . . . . . . . . $ (31,587,409) $ 161,293,077
Investments at Estimated Fair Value:
Registered Investment Companies and
Group Annuity, Bank Investment and
Other Fixed Income Contracts. . . . . . . (131,910,857) (190,693,333)
------------- ------------
Total . . . . . . . . . . . . . . . . . $(163,498,266) $ (29,400,256)
============= =============
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 March 1, 2002, participants of any age may direct the
investment of a portion or all of the value of the existing employer
contributions in the AEP Stock Fund. Also, the company match
contribution will be allocated According to the employee's other
contribution investment elections.
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
SUPPLEMENTAL SCHEDULE I
------------------------------------------------------------------------------------------
ASSETS HELD AS OF DECEMBER 31, 2001
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. . . . . . . . . . . . 22,996,966 22,996,966
Group Annuity Contract -
J.P. Morgan #2
5.82% effective annual yield to
July 25, 2005. . . . . . . . . . . . 17,191,654 17,191,654
Group Annuity Contract -
Metropolitan Life Inc. Company
4.58% effective annual yield to
April 30, 2005 . . . . . . . . . . . 61,052,537 61,052,537
Group Annuity Contract -
Monumental Life Insurance Company
5.65% effective annual yield to
January 30, 2004 . . . . . . . . . . 15,351,903 15,351,903
Group Annuity Contract -
National Westminster Bank
2.21% effective annual yield to
October 31, 2005 . . . . . . . . . . 24,415,203 24,415,203
Group Annuity Contract -
New York Life Insurance Company
5.83% effective annual yield to
January 31, 2003 . . . . . . . . . . 14,610,321 14,610,321
Group Annuity Contract -
New York Life Insurance Company
5.44% effective annual yield to
January 30, 2004 . . . . . . . . . . 15,339,021 15,339,021
Fixed Income Contract -
Norwest Bank Minnesota
variable annual yield with an
indeterminate maturity date. . . . . 15,933,186 15,933,186
Group Annuity Contract -
Ohio National Life Insurance Company
5.80% effective annual yield to
October 7, 2002. . . . . . . . . . . 35,331,596 35,331,596
Group Annuity Contract -
Principle Mutual Life
6.00% effective annual yield to
October 31, 2003 . . . . . . . . . . 42,385,360 42,385,360
Group Annuity Contract -
Protective Life Insurance Company
5.95% effective annual yield to
January 31, 2002 . . . . . . . . . . 33,847,513 33,847,513
Group Annuity Contract -
Protective Life Insurance Company
6.39% effective annual yield to
April 30, 2004 . . . . . . . . . . . 10,583,177 10,583,177
Group Annuity Contract -
Prudential Insurance Company America
6.00% effective annual yield to
indeterminate maturity date. . . . . 10,545,988 10,545,988
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
SUPPLEMENTAL SCHEDULE I
------------------------------------------------------------------------------------------
ASSETS HELD AS OF DECEMBER 31, 2001 (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. . . . . 59,597,536 59,597,536
Group Annuity Contract -
Rabobank Nederland
variable annual yield with an
indeterminate maturity date. . . . . 59,595,777 59,595,777
Group Annuity Contract -
Security Life of Denver
Insurance Company
6.60% effective annual yield to
August 3, 2004 . . . . . . . . . . . 29,170,074 29,170,074
Group Annuity Contract -
State Street Bank & Trust Company
6.62% effective annual yield to
indeterminate maturity date. . . . . 52,119,275 52,119,275
Group Annuity Contract -
Transamerica Life & Annuity
variable annual yield with an
indeterminate maturity date. . . . . 58,059,596 58,059,596
-------------- --------------
Subtotal. . . . . . . . . . . . . . . 578,126,683 578,126,683
Fidelity Institutional Cash
Portfolio Fund . . . . . . . . . . . 20,533,760 Units 20,533,760 20,533,760
-------------- --------------
TOTAL - THE FIXED INCOME FUND . . . $ 598,660,443 $ 598,660,443
-------------- --------------
THE AEP STOCK FUND:
American Electric Power Company, Inc.
Common Stock $6.50 par value . . . . 11,003,477 Shares $ 478,980,048 $
354,071,496 Fidelity Institutional Cash
Portfolio Fund . . . . . . . . . . . 4,737,152 Units 4,737,152 4,737,152
-------------- --------------
TOTAL - THE AEP STOCK FUND. . . . . $ 483,717,200 $ 358,808,648
-------------- --------------
REGISTERED INVESTMENT COMPANY:
The Fidelity Blue Chip Growth Fund . . 4,351,566 Units $ 186,856,235 $ 184,350,826
The Fidelity Equity Income Fund. . . . 160,939 Units 7,848,999 8,250,038
The Fidelity Freedom 2000 Fund . . . . 456,122 Units 5,254,523 5,749,164
The Fidelity Freedom 2010 Fund . . . . 1,676,844 Units 21,145,000 24,269,808
The Fidelity Freedom 2020 Fund . . . . 1,588,092 Units 19,978,195 24,505,243
The Fidelity Freedom 2030 Fund . . . . 304,343 Units 3,822,545 4,701,343
The Fidelity Freedom 2040 Fund . . . . 28,137 Units 207,933 225,292
The Fidelity Freedom Income Fund . . . 918,148 Units 10,035,356 10,366,437
The Fidelity Low-Priced Stock Fund . . 734,810 Units 20,148,496 18,538,944
The Fidelity OTC Portfolio . . . . . . 3,989,456 Units 124,351,349 181,675,956
The Fidelity Overseas Fund . . . . . . 881,349 Units 24,166,592 31,758,232
The Fidelity Puritan Fund. . . . . . . 2,943,467 Units 52,011,063 53,898,175
The Fidelity Spartan U.S. Equity Index
Portfolio. . . . . . . . . . . . . . 5,589,715 Units 227,166,030 176,704,057
-------------- --------------
TOTAL - REGISTERED INVESTMENT COMPANY $ 702,992,316 $ 724,993,515
-------------- --------------
PARTICIPANT LOANS (interest rate ranging from 7.00%
through 10.5% maturing through June 2006) $ 15,746,700 $ 15,746,700
-------------- --------------
TOTAL INVESTMENTS . . . . . . . . . . . $1,801,116,659 $1,698,209,306
============== ==============
15
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
EXHIBIT INDEX
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Exhibit No. Description
23 Consent of Deloitte & Touche LLP
EXHIBIT 23
AMERICAN ELECTRIC POWER SYSTEM
RETIREMENT SAVINGS PLAN
CONSENT OF INDEPENDENT AUDITORS
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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 25, 2002 appearing in this Annual Report on Form 11-K of
American Electric Power System Retirement Savings Plan for the year
ended December 31, 2001.
DELOITTE & TOUCHE LLP
Columbus, Ohio
June 28, 2002