EXHIBIT (99)c
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
____________________
FORM 11-K
____________________
/X/ Annual report pursuant to Section 15(d) of the Securities Exchange Act of
_
1934
For the Fiscal Year Ended December 31, 1993
OR
/_/ Transition report pursuant to Section 15(d) of the Securities Exchange
Act of 1934
For the transition period from ________ to ________
Commission file number 1-5152
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
PACIFICORP
K PLUS EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
PACIFICORP
700 N.E. Multnomah
Suite 1600
Portland, Oregon 97232
PACIFIC TELECOM, INC.
805 Broadway
Vancouver, Washington 98668
REQUIRED INFORMATION
Page No.
________
1. Independent Auditors' Report 3
2. Statements of Net Assets Available for
Benefits, December 31, 1993 and 1992 4-7
3. Statements of Changes in Net Assets
Available for Benefits for the
Years Ended December 31, 1993 and 1992 8-11
4. Notes to Financial Statements 12-18
5. Supplemental Schedule for the Year Ended
December 31, 1993
Item 27a - Assets Held for Investment Purposes 19-28
- 2 -
INDEPENDENT AUDITORS' REPORT
PacifiCorp K Plus Employee
Savings and Stock Ownership Plan:
We have audited the accompanying statements of net assets available for
benefits of the PacifiCorp K Plus Employee Savings and Stock Ownership Plan as
of December 31, 1993 and 1992, 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 generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
1993 and 1992, and the changes in its net assets available for benefits for
the years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information by fund
is presented for the purpose of additional analysis of the basic financial
statements rather than to present information regarding the net assets
available for benefits and changes in net assets available for benefits of the
individual funds, and is not a required part of the basic financial
statements. The accompanying supplemental schedule of assets held for
investment purposes as of December 31, 1993 is presented for the purpose of
additional analysis and is not a required part of the basic financial
statements. The supplemental information and schedule are the responsibility
of the Plan's management. Such supplemental information by fund and
supplemental schedule have been subjected to the auditing procedures applied
in our audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects when considered in relation to the
basic financial statements taken as a whole.
DELOITTE & TOUCHE
April 29, 1994
- 3 -
PacifiCorp
K Plus Employee Savings And Stock Ownership Plan
Statement of Net Assets Available for Benefits
With Supplemental Information by Fund
December 31, 1993
Supplemental Information by Fund
______________________________________________________
Stable
ASSETS Total Equity Fund Balanced Fund Bond Fund Asset Fund
______ _____ ___________ _____________ _________ __________
INVESTMENTS (STATED AT FAIR VALUE):
Common Stock
PacifiCorp $180,784,758 - - - -
Pacific Telecom 11,092,692 - - - -
Other 78,838,757 $58,781,076 $20,057,681 - -
United States government obligations 5,937,090 - 5,937,090 - -
Corporate bonds 14,131,544 - 5,979,677 $ 8,151,867 -
Guaranteed investment contracts 78,256,407 - - - $78,256,407
Temporary cash investments 11,166,791 2,414,362 973,394 407,381 1,862,946
Participant loan repayments - 54,494 28,589 6,648 37,174
Participant loans 8,586,434 - - - -
___________ __________ __________ __________ __________
Total investments 388,794,473 61,249,932 32,976,431 8,565,896 80,156,527
___________ __________ __________ __________ __________
RECEIVABLES
Due from brokers 312,030 312,030 - - -
Dividends 74,252 31,775 42,477 - -
Interest 186,389 5,359 161,766 1,066 5,481
Participant contributions 1,984,733 634,322 264,200 83,977 466,450
Employer contributions 1,227,979 - - - -
Pending interfund transfers - 1,149,798 (116,396) (49,178) (292,321)
Other 7,174 - - - -
___________ __________ __________ __________ __________
Total receivables 3,792,357 2,133,284 352,047 35,865 179,610
___________ __________ __________ __________ __________
Total assets 392,587,030 63,383,216 33,328,478 8,601,761 80,336,137
___________ __________ __________ __________ __________
LIABILITIES
___________
DUE TO BROKERS 1,009,005 701,808 307,197 - -
DUE TO FUND MANAGERS 47,198 3,593 - 4,860 38,745
LEVERAGED ESOP DEBT 42,133,739 - - - -
INTEREST PAYABLE ON LEVERAGED ESOP DEBT 333,389 - - - -
FORFEITURES 64,708 - - - 202
___________ __________ __________ __________ __________
Total liabilities 43,588,039 705,401 307,197 4,860 38,947
___________ __________ __________ __________ __________
NET ASSETS AVAILABLE FOR BENEFITS $348,998,991 $62,677,815 $33,021,281 $ 8,596,901 $80,297,190
___________ __________ __________ __________ __________
___________ __________ __________ __________ __________
See notes to financial statements.
- 4 -
PacifiCorp
K Plus Employee Savings And Stock Ownership Plan
Statement of Net Assets Available for Benefits
With Supplemental Information by Fund
December 31, 1993
(Continued)
Supplemental Information by Fund
_________________________________________________________________
Pacific
PacifiCorp Telecom NERCO Participant ESOP
ASSETS Stock Fund Stock Fund Stock Fund Loans Program
______ __________ __________ __________ ___________ _______
INVESTMENTS (STATED AT FAIR VALUE):
Common Stock
PacifiCorp $52,020,180 - - - $128,764,578
Pacific Telecom - $ 6,272,838 - - 4,819,854
Other - - - - -
United States government obligations - - - - -
Corporate bonds - - - - -
Guaranteed investment contracts - - - - -
Temporary cash investments 1,545,184 473,630 - $ 38,399 3,451,495
Participant loan repayments 66,903 6,432 - (200,240) -
Participant loans - - - 8,586,434 -
__________ __________ __________ __________ ___________
Total investments 53,632,267 6,752,900 - 8,424,593 137,035,927
__________ __________ __________ __________ ___________
RECEIVABLES
Due from brokers - - - - -
Dividends - - - - -
Interest 3,934 1,150 - 100 7,533
Participant contributions 478,455 57,329 - - -
Employer contributions - - - - 1,227,979
Pending interfund transfers (590,317) (119,951) - - 18,365
Other - - - - 7,174
__________ __________ __________ __________ ___________
Total receivables (107,920) (61,472) - 100 1,261,051
__________ __________ __________ __________ ___________
Total assets 53,524,339 6,691,428 - 8,424,693 138,296,978
__________ __________ __________ __________ ___________
LIABILITIES
___________
DUE TO BROKERS - - - - -
DUE TO FUND MANAGERS - - - - -
LEVERAGED ESOP DEBT - - - - 42,133,739
INTEREST PAYABLE ON LEVERAGED ESOP DEBT - - - - 333,389
FORFEITURES - - - - 64,506
__________ __________ __________ __________ ___________
Total liabilities - - - - 42,531,634
__________ __________ __________ __________ ___________
NET ASSETS AVAILABLE FOR BENEFITS $53,524,339 $ 6,691,428 $ - $ 8,424,693 $ 95,765,344
__________ __________ __________ __________ ___________
__________ __________ __________ __________ ___________
See notes to financial statements.
- 5 -
PacifiCorp
K Plus Employee Savings And Stock Ownership Plan
Statement of Net Assets Available for Benefits
With Supplemental Information by Fund
December 31, 1992
Supplemental Information by Fund
______________________________________________________
Stable
ASSETS Total Equity Fund Balanced Fund Bond Fund Asset Fund
______ _____ ___________ _____________ _________ __________
INVESTMENTS (STATED AT FAIR VALUE):
Common Stock
PacifiCorp $190,803,524 - - - -
NERCO 1,899,525 - - - -
Pacific Telecom 11,185,647 - - - -
Other 65,482,631 $48,163,517 $17,319,114 - -
United States government obligations 8,035,333 1,988,700 6,046,633 - -
Corporate bonds 19,067,512 2,000,000 8,936,486 $ 8,131,026 -
Guaranteed investment contracts 72,291,068 - - - $72,291,068
Temporary cash investments 14,143,989 3,206,580 1,204,991 705,253 3,702,425
Participant loan repayments - 30,425 23,793 5,645 23,335
Participant loans 8,279,711 - - - -
___________ __________ __________ __________ __________
Total investments 391,188,940 55,389,222 33,531,017 8,841,924 76,016,828
___________ __________ __________ __________ __________
RECEIVABLES
Due from brokers 453,025 316,889 136,136 - -
Dividends 74,027 44,621 29,406 - -
Interest 267,704 9,271 238,117 1,908 5,965
Participant contributions 1,247,823 318,702 204,787 69,087 277,605
Employer contributions 1,035,353 - - - -
Due from prior trustees 27,164 - 11,347 - 8,510
Pending interfund transfers - 276,427 (913,221) 24,339 185,303
___________ __________ __________ __________ __________
Total receivables 3,105,096 965,910 (293,428) 95,334 477,383
___________ __________ __________ __________ __________
Total assets 394,294,036 56,355,132 33,237,589 8,937,258 76,494,211
___________ __________ __________ __________ __________
LIABILITIES
___________
DUE TO BROKERS 725,646 470,490 255,156 - -
LEVERAGED ESOP DEBT 57,383,739 - - - -
INTEREST PAYABLE ON LEVERAGED ESOP DEBT 298,983 - - - -
DUE TO PARTICIPANTS 937,218 84,011 91,726 24,305 286,882
FORFEITURES 5,430 - - - -
___________ __________ __________ __________ __________
Total liabilities 59,351,016 554,501 346,882 24,305 286,882
___________ __________ __________ __________ __________
NET ASSETS AVAILABLE FOR BENEFITS $334,943,020 $55,800,631 $32,890,707 $ 8,912,953 $76,207,329
___________ __________ __________ __________ __________
___________ __________ __________ __________ __________
See notes to financial statements.
- 6 -
PacifiCorp
K Plus Employee Savings And Stock Ownership Plan
Statement of Net Assets Available for Benefits
With Supplemental Information by Fund
December 31, 1992
(Continued)
Supplemental Information by Fund
_________________________________________________________________
Pacific
PacifiCorp Telecom NERCO Participant ESOP
ASSETS Stock Fund Stock Fund Stock Fund Loans Program
______ __________ __________ __________ ___________ _______
INVESTMENTS (STATED AT FAIR VALUE):
Common Stock
PacifiCorp $46,310,353 - - - $144,493,171
NERCO - - $ 1,899,525 - -
Pacific Telecom - $ 5,866,917 - - 5,318,730
Other - - - - -
United States government obligations - - - - -
Corporate bonds - - - - -
Guaranteed investment contracts - - - - -
Temporary cash investments 1,907,235 213,071 22,417 $ 34,310 3,147,707
Participant loan repayments 40,365 5,398 2,102 (131,063) -
Participant loans - - - 8,279,711 -
__________ __________ __________ __________ ___________
Total investments 48,257,953 6,085,386 1,924,044 8,182,958 152,959,608
__________ __________ __________ __________ ___________
RECEIVABLES
Due from brokers - - - - -
Dividends - - - - -
Interest 4,864 647 60 98 6,774
Participant contributions 316,240 42,428 18,974 - -
Employer contributions - - - - 1,035,353
Due from prior trustees 7,307 - - - -
Pending interfund transfers 443,313 (46,852) 30,691 - -
__________ __________ __________ __________ ___________
Total receivables 771,724 (3,777) 49,725 98 1,042,127
__________ __________ __________ __________ ___________
Total assets 49,029,677 6,081,609 1,973,769 8,183,056 154,001,735
__________ __________ __________ __________ ___________
LIABILITIES
___________
DUE TO BROKERS - - - - -
LEVERAGED ESOP DEBT - - - - 57,383,739
INTEREST PAYABLE ON LEVERAGED ESOP DEBT - - - - 298,983
DUE TO PARTICIPANTS 162,887 8,490 10,053 11,996 256,868
FORFEITURES - - - - 5,430
__________ __________ __________ __________ ___________
Total liabilities 162,887 8,490 10,053 11,996 57,945,020
__________ __________ __________ __________ ___________
NET ASSETS AVAILABLE FOR BENEFITS $48,866,790 $ 6,073,119 $ 1,963,716 $ 8,171,060 $ 96,056,715
__________ __________ __________ __________ ___________
__________ __________ __________ __________ ___________
See notes to financial statements.
- 7 -
PacifiCorp
K Plus Employee Savings And Stock Ownership Plan
Statement of Changes in Net Assets Available for Benefits
With Supplemental Information by Fund
December 31, 1993
Supplemental Information by Fund
______________________________________________________
Stable
Total Equity Fund Balanced Fund Bond Fund Asset Fund
_____ ___________ _____________ _________ __________
INCREASES TO NET ASSETS ATTRIBUTED TO:
Investment income:
Dividends $ 13,246,798 $ 764,612 $ 403,136 - -
Net appreciation (depreciation)
in fair value of investments (Note 5) 2,177,387 3,284,278 2,909,122 $ 210,554 $ 434,588
Interest and other income 6,954,635 353,806 914,950 639,579 5,376,989
___________ __________ __________ __________ __________
Total investment income 22,378,820 4,402,696 4,227,208 850,133 5,811,577
___________ __________ __________ __________ __________
Contributions: (Note 7)
Participant 29,173,133 8,803,873 4,213,158 1,171,820 6,797,893
Employer 16,525,564 - - - -
___________ __________ __________ __________ __________
Total Contributions 45,698,697 8,803,873 4,213,158 1,171,820 6,797,893
___________ __________ __________ __________ __________
Deposits from prior trustees 569,418 64,006 (11,347) - 8,214
Participant loan fees 33,710 - - - -
Participant loan repayments - 813,358 502,421 134,545 628,856
Interfund transfers - 117,289 (2,083,453) (389,106) 5,538,277
Other receipts 7,174 - - - -
___________ __________ __________ __________ __________
Total increases 68,687,819 14,201,222 6,847,987 1,767,392 18,784,817
___________ __________ __________ __________ __________
DECREASES TO NET ASSETS ATTRIBUTED TO:
Participant withdrawals 50,842,736 7,114,238 6,622,822 2,063,310 14,443,911
Forfeitures (Note 4) 59,278 - - - 202
Interest and other expense on
Leveraged ESOP debt 3,122,951 - - - -
Administrative expenses 606,883 209,800 94,591 20,134 250,843
___________ __________ __________ __________ __________
Total decreases 54,631,848 7,324,038 6,717,413 2,083,444 14,694,956
___________ __________ __________ __________ __________
NET INCREASE (DECREASE) 14,055,971 6,877,184 130,574 (316,052) 4,089,861
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR 334,943,020 55,800,631 32,890,707 8,912,953 76,207,329
___________ __________ __________ __________ __________
NET ASSETS AVAILABLE FOR BENEFITS
END OF YEAR $348,998,991 $62,677,815 $33,021,281 $ 8,596,901 $80,297,190
___________ __________ __________ __________ __________
___________ __________ __________ __________ __________
See notes to financial statements.
- 8 -
PacifiCorp
K Plus Employee Savings And Stock Ownership Plan
Statement of Changes in Net Assets Available for Benefits
With Supplemental Information by Fund
December 31, 1993
(Continued)
Supplemental Information by Fund
___________________________________________________________________
Pacific
PacifiCorp Telecom NERCO Participant ESOP
Stock Fund Stock Fund Stock Fund Loans Program
__________ __________ __________ ___________ _______
INCREASES TO NET ASSETS ATTRIBUTED TO:
Investment income:
Dividends $ 3,017,252 $ 324,801 - - $ 8,736,997
Net appreciation (depreciation)
in fair value of investments (Note 5) (878,646) 382,905 $ (30,637) - (4,134,777)
Interest and other income 51,473 7,943 3,823 $ 986 (394,914)
___________ __________ __________ __________ ___________
Total investment income (loss) 2,190,079 715,649 (26,814) 986 4,207,306
___________ __________ __________ __________ ___________
Contributions: (Note 7)
Participant 7,101,660 940,097 144,632 - -
Employer - - - - 16,525,564
___________ __________ __________ __________ ___________
Total Contributions 7,101,660 940,097 144,632 - 16,525,564
___________ __________ __________ __________ ___________
Deposits from prior trustees 340,109 - - - 168,436
Participant loan fees - - - 33,710 -
Participant loan repayments 920,560 104,618 16,334 (3,120,692) -
Interfund transfers (862,007) (62,446) (1,896,962) - (361,592)
Other receipts - - - - 7,174
___________ __________ __________ __________ ___________
Total increases 9,690,401 1,697,918 (1,762,810) (3,085,996) 20,546,888
___________ __________ __________ __________ ___________
DECREASES TO NET ASSETS ATTRIBUTED TO:
Participant withdrawals 5,032,852 1,079,609 200,906 (3,371,144) 17,656,232
Forfeitures (Note 4) - - - - 59,076
Interest and other expense on
Leveraged ESOP debt - - - - 3,122,951
Administrative expenses - - - 31,515 -
___________ __________ __________ __________ ___________
Total decreases 5,032,852 1,079,609 200,906 (3,339,629) 20,838,259
___________ __________ __________ __________ ___________
NET INCREASE (DECREASE) 4,657,549 618,309 (1,963,716) 253,633 (291,371)
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR 48,866,790 6,073,119 1,963,716 8,171,060 96,056,715
___________ __________ __________ __________ ___________
NET ASSETS AVAILABLE FOR BENEFITS
END OF YEAR $ 53,524,339 $ 6,691,428 $ - $ 8,424,693 $ 95,765,344
___________ __________ __________ __________ ___________
___________ __________ __________ __________ ___________
See notes to financial statements.
- 9 -
PacifiCorp
K Plus Employee Savings And Stock Ownership Plan
Statement of Changes in Net Assets Available for Benefits
With Supplemental Information by Fund
December 31, 1992
Supplemental Information by Fund
______________________________________________________
Stable
Total Equity Fund Balanced Fund Bond Fund Asset Fund
_____ ___________ _____________ _________ __________
INCREASES TO NET ASSETS ATTRIBUTED TO:
Investment income:
Dividends $ 15,781,026 $ 691,234 $ 396,332 - -
Net appreciation (depreciation)
in fair value of investments (Note 5) (44,116,667) 5,169,173 942,599 $ (81,951) $ 386,311
Interest and other income 7,563,284 223,825 1,090,180 677,882 5,390,445
___________ __________ __________ __________ __________
Total investment income (loss) (20,772,357) 6,084,232 2,429,111 595,931 5,776,756
___________ __________ __________ __________ __________
Contributions: (Note 7)
Participant 29,437,754 7,787,630 4,345,891 1,102,376 6,951,878
Employer 18,410,382 - - - -
___________ __________ __________ __________ __________
Total Contributions 47,848,136 7,787,630 4,345,891 1,102,376 6,951,878
___________ __________ __________ __________ __________
Deposits from prior trustees 4,816,629 748,750 1,299,502 355,819 1,085,742
Participant loan fees 38,234 - - - -
Participant loan repayments - 1,261,892 665,422 180,339 1,103,662
Interfund transfers - 940,646 (1,361,330) (143,463) 1,791,873
___________ __________ __________ __________ __________
Total increases 31,930,642 16,823,150 7,378,596 2,091,002 16,709,911
___________ __________ __________ __________ __________
DECREASES TO NET ASSETS ATTRIBUTED TO:
Participant withdrawals 26,018,683 3,197,453 2,783,199 697,977 8,050,501
Forfeitures (Note 4) (35,149) - (15) (2) -
Interest and other expense on
Leveraged ESOP debt 3,993,095 - - - -
Administrative expenses 56,234 - - - 2,679
___________ __________ __________ __________ __________
Total decreases 30,032,863 3,197,453 2,783,184 697,975 8,053,180
___________ __________ __________ __________ __________
NET INCREASE (DECREASE) 1,897,779 13,625,697 4,595,412 1,393,027 8,656,731
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR 333,045,241 42,174,934 28,295,295 7,519,926 67,550,598
___________ __________ __________ __________ __________
NET ASSETS AVAILABLE FOR BENEFITS
END OF YEAR $334,943,020 $55,800,631 $32,890,707 $ 8,912,953 $76,207,329
___________ __________ __________ __________ __________
___________ __________ __________ __________ __________
See notes to financial statements.
- 10 -
PacifiCorp
K Plus Employee Savings And Stock Ownership Plan
Statement of Changes in Net Assets Available for Benefits
With Supplemental Information by Fund
December 31, 1992
(Continued)
Supplemental Information by Fund
___________________________________________________________________
Pacific
PacifiCorp Telecom NERCO Participant ESOP
Stock Fund Stock Fund Stock Fund Loans Program
__________ __________ __________ ___________ _______
INCREASES TO NET ASSETS ATTRIBUTED TO:
Investment income:
Dividends $ 3,250,953 $ 283,477 $ 78,736 - $ 11,080,294
Net appreciation (depreciation)
in fair value of investments (Note 5) (11,210,550) (143,415) (360,938) - (38,817,896)
Interest and other income 64,300 7,951 1,448 $ 1,528 105,725
___________ __________ __________ __________ ___________
Total investment income (loss) (7,895,297) 148,013 (280,754) 1,528 (27,631,877)
___________ __________ __________ __________ ___________
Contributions: (Note 7)
Participant 7,537,827 1,148,745 563,407 - -
Employer - - - - 18,410,382
___________ __________ __________ __________ ___________
Total Contributions 7,537,827 1,148,745 563,407 - 18,410,382
___________ __________ __________ __________ ___________
Deposits from prior trustees 1,234,928 27,550 12,487 - 51,851
Participant loan fees - - - 38,234 -
Participant loan repayments 1,589,436 155,247 70,306 (5,026,304) -
Interfund transfers (1,145,478) (237,209) 162,043 (271) (6,811)
___________ __________ __________ __________ ___________
Total increases 1,321,416 1,242,346 527,489 (4,986,813) (9,176,455)
___________ __________ __________ __________ ___________
DECREASES TO NET ASSETS ATTRIBUTED TO:
Participant withdrawals 3,267,770 330,253 137,903 (6,352,843) 13,906,470
Forfeitures (Note 4) - - - - (35,132)
Interest and other expense on
Leveraged ESOP debt - - - - 3,993,095
Administrative expenses - - - 53,555 -
___________ __________ __________ __________ ___________
Total decreases 3,267,770 330,253 137,903 (6,299,288) 17,864,433
___________ __________ __________ __________ ___________
NET INCREASE (DECREASE) (1,946,354) 912,093 389,586 1,312,475 (27,040,888)
NET ASSETS AVAILABLE FOR BENEFITS
BEGINNING OF YEAR 50,813,144 5,161,026 1,574,130 6,858,585 123,097,603
___________ __________ __________ __________ ___________
NET ASSETS AVAILABLE FOR BENEFITS
END OF YEAR $ 48,866,790 $ 6,073,119 $ 1,963,716 $ 8,171,060 $ 96,056,715
___________ __________ __________ __________ ___________
___________ __________ __________ __________ ___________
See notes to financial statements.
- 11 -
PacifiCorp
K Plus Employee Savings and Stock Ownership Plan
Notes to Financial Statements
For The Years Ended December 31, 1993 and 1992
1. PLAN DESCRIPTION
General
_______
Effective January 1, 1988, PacifiCorp ("Company") and most of its
subsidiaries ("Employers") adopted the Plan, which is a tax-qualified defined
contribution plan. The Plan is composed of two separate plans: 1) the
Savings Plan Program and 2) the ESOP Program. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA).
The Plan was adopted as a successor to and consolidation of prior
employee savings plans ("Prior Savings Plans") and prior employee stock
ownership plans ("Prior ESOPs"). The assets and liabilities of each of the
Prior Savings Plans have been transferred to the Plan and continue as a part
of the Savings Plan Program. The assets and liabilities of each of the Prior
ESOPs have been transferred to the Plan and continue as part of the ESOP
Program. Tax credit contributions under the Prior ESOPs have been fully
allocated to participants' accounts and are nonforfeitable.
Eligibility
___________
Qualified employees of the Employers (excluding certain casual employees,
and employees covered by a collective bargaining agreement that does not
provide for participation in the Plan) become eligible to participate after
completing one year of service as defined in the Plan.
Funding
_______
Eligible employees may elect to have a portion of their compensation
contributed to the Plan ("Pre-Tax Contributions"). Different percentages can
apply to separate Employers, but in no event will the percentage be more than
16 percent of compensation.
Each Employer makes a matching contribution each year for each of its
employees participating in Pre-Tax Contributions ("Matching Contribution").
The Matching Contribution is a percentage of the participant's Pre-Tax
Contribution for the year, up to 6 percent of the participant's compensation
for the year. The Matching Contribution is 50 percent or a percentage fixed
in the Employer's adoption statement or by resolution of the Board of
Directors of the Employer and announced to participants, or pursuant to a
collective bargaining agreement.
Each Employer also makes a fixed contribution each year for each of its
eligible employees ("Fixed Contribution"), regardless of whether the employees
elect to participate in Pre-Tax and Matching Contributions. The Fixed
Contribution is 2 percent of compensation, a percentage fixed in the
Employer's adoption statement, or by resolution of the Board of Directors of
- 12 -
the Employer and announced to participants, or pursuant to a collective
bargaining agreement.
The Company may direct the Employers to make supplemental contributions
("Supplemental Contributions") to the Plan with respect to ESOP Loans (see
Note 6), to the extent necessary to supplement dividends on Company stock held
in a Leveraged ESOP unallocated account when the dividends are less than the
interest on the loans.
Vesting
_______
Pre-tax Contributions, Fixed Contributions, Prior ESOPs and Prior Savings
Plans balances (other than balances attributable to Matching Contributions)
are fully vested at all times.
Matching Contributions vest in a graduated percentage based on years of
service, with full vesting on completion of five years of service.
Participant Accounts
____________________
Each participant account is credited with contributions and an allocation
of the Plan's earnings. Contributions are credited based on the participant's
election and earnings are allocated based on participant account balances.
Distributions and Withdrawals
_____________________________
Benefits are payable at retirement or other termination. Pre-tax
Contributions may be withdrawn due to financial hardship, subject to approval
by the Administrative Committee.
Termination
___________
The Company may wholly or partially terminate the Plan or direct the
discontinuance of contributions at any time. In the event of any total or
partial termination or discontinuance, the accounts of all affected
participants shall fully vest and be nonforfeitable.
Additional Plan description information is disclosed in the Summary Plan
Description, which is published and made available to all participants of the
Plan.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Investment Valuation
____________________
The investments in PacifiCorp, Pacific Telecom, Inc., and NERCO, Inc.
common stock are stated at fair value based on published market quotations at
year end. The per share market values at December 31, 1993 and 1992 were:
1993 1992
______ ______
PacifiCorp common stock $19.250 $19.750
NERCO, Inc. common stock (Note 9) NA $12.375
Pacific Telecom, Inc. common stock 26.000 $24.500
- 13 -
Equity Fund and Balanced Fund investments are stated at fair value based on
the market value of securities held by the funds at year end. The investment
in the Bond Fund is stated at fair value based on the number of units held of
the Wells Fargo U.S. Debt Index Fund. The unit value is adjusted to reflect
interest on fixed income securities which is accrued semi-monthly. The
guaranteed investment contracts in the Stable Asset Fund are stated at cost
plus interest reinvested in the fund.
Investment Transactions and Investment Income
_____________________________________________
Investment transactions are accounted for on the date the investments are
purchased or sold (trade date). Interest income is recorded as earned.
Dividend income is recorded on the ex-dividend date. Changes in fair value of
investments during the year are shown as net appreciation or depreciation in
fair value of investments in the Statement of Changes in Net Assets Available
For Benefits.
Federal Income Taxes
____________________
The PacifiCorp K Plus Employee Savings and Stock Ownership Plan (the
"Plan") is a tax-qualified retirement plan in accordance with Section 401(a)
of the Internal Revenue Code of 1986, as amended (the "Code"), and related
provisions. The Plan includes elective contribution provisions designed to
qualify under Code Section 401(k) and related provisions, and employee stock
ownership plan provisions designed to qualify under Code Sections 409,
4975(e)(7) and related provisions, together with corresponding and
supplementary provisions of ERISA. PacifiCorp has received a determination
letter in which the Internal Revenue Service stated that the Plan, as then
designed, was in compliance with the applicable requirements of the Internal
Revenue Code. The Plan has been amended since receiving the determination
letter. However, the plan administrator believes that the Plan is currently
designed and being operated in compliance with the applicable requirements of
the Internal Revenue Code. Therefore, no provision for income taxes has been
included in the Plan's financial statements. Employer contributions under the
Plan are deductible in accordance with the conditions and limitations of
Section 404 of the Code. Participants in a qualified plan are not subject to
income taxes on Company contributions or income allocated to their accounts
until a distribution is made from the plan. Distributions of Plan assets in
excess of employee after-tax contributions are taxable to the participants.
Benefits Payable
________________
In 1993 the Plan changed its method of accounting for benefits payable to
comply with recent accounting guidelines. The new guidance requires that
benefits payable to persons who have withdrawn from participation in a defined
contribution plan be disclosed in the footnotes to the financial statements
rather than be recorded as a liability of the Plan. As of December 31, 1993,
net assets available for benefits included benefits of $2,719,284 due to
participants who have withdrawn from participation in the Plan.
Expenses
________
The Plan provides that participating employers may pay administrative
costs and expenses of the Plan; those costs not paid by participating
employers are paid from Plan assets. Prior to January 1, 1993, fees paid to
- 14 -
the Plan's money managers were paid by participating employers. Subsequent to
that date, these fees are being paid by the Plan.
Loans to Participants
_____________________
Amounts borrowed by participants are included in Participant Loans and
increase the balance of the Participant Loans Fund.
3. INVESTMENT PROGRAMS
Plan assets are held by the Trustee in two categories of funds: 1) ESOP
Program funds, which hold the Employer securities transferred from the Prior
ESOPs and any dividends received on them, Matching Contributions (other than
Matching Contributions for Pacific Power & Light Company employees covered by
certain collective bargaining agreements), Fixed Contributions, Supplemental
Contributions, the proceeds of one or more ESOP loans, leveraged Company stock
purchased with such proceeds and any dividends and other earnings attributable
to the ESOP loan proceeds and leveraged Company stock; and 2) Savings Plan
Program funds, which hold Pre-Tax Contributions, Matching Contributions for
Pacific Power & Light Company employees covered by certain collective
bargaining agreements, and assets attributable to Prior Savings Plans.
Savings Plan Program funds are held as directed by participants among the
following investment funds established under the Plan:
A. An Equity Fund consisting primarily of equity investments
and cash equivalents.
B. A Balanced Fund consisting primarily of equity investments
and fixed income and debt instruments.
C. A Bond Fund consisting primarily of units of the Wells
Fargo U.S. Debt Index Fund.
D. A Stable Asset Fund consisting primarily of guaranteed
investment contracts.
E. A PacifiCorp Stock Fund consisting primarily of common
stock of PacifiCorp.
F. A Pacific Telecom Stock Fund consisting primarily of
common stock of Pacific Telecom, Inc.
G. A NERCO Stock Fund consisting primarily of common stock of
NERCO (see Note 9).
H. A Participant Loans Fund consisting of promissory notes
resulting from loans to participants. Each participant's interest
in this fund will be accounted for separately.
4. FORFEITURES
Forfeitures in the Plan relate to the unvested portion of Matching
Contributions attributable to participants who terminate employment. Amounts
forfeited by terminating participants may be restored to the participant if
the participant returns to work within a time period specified by the Plan.
- 15 -
Forfeitures not restored to participants will be applied first to restore
prior forfeitures and then to pay Plan expenses. Any remaining forfeitures
are reallocated to participants as additional Fixed Contributions, except for
forfeitures under the Savings Plan Program, which are used to offset Employer
contributions under the Savings Plan Program.
5. NET APPRECIATION (DEPRECIATION) IN FAIR VALUE OF INVESTMENTS
For the years ended December 31, 1993 and 1992, the Plan's investments
appreciated (depreciated) in fair value as follows:
1993 1992
______ ______
PacifiCorp common stock $(4,962,103) $(49,811,355)
NERCO, Inc. common stock (30,637) (360,938)
Pacific Telecom, Inc. common stock 331,585 (360,506)
Other common stock and corporate bonds 6,038,492 5,785,065
United States government obligations 365,462 244,756
Guaranteed investment contracts 434,588 386,311
__________ ___________
$ 2,177,387 $(44,116,667)
__________ ___________
__________ ___________
6. ESOP LOANS
The Plan provides that, if authorized in writing by the Committee, the
Trustee may borrow money to purchase shares of Company stock in the open
market on behalf of the Plan.
ESOP Loans, and Company stock acquired with the proceeds of ESOP Loans,
are held in an "ESOP Unallocated Account." The ESOP Loans are guaranteed by
PacifiCorp Holdings, Inc. (a wholly-owned subsidiary of PacifiCorp) and
PacifiCorp ($25,397,390 and $16,736,349 at December 31, 1993, respectively;
$30,097,390 and $27,286,349 at December 31, 1992, respectively), and the
Company stock held in the ESOP Unallocated Account is pledged as security for
the ESOP Loans. As the ESOP Loans are repaid, the Company stock in the ESOP
Unallocated Account is released from encumbrance and allocated to the accounts
of participants. Sources of funds for payment of principal and interest on
ESOP Loans include matching and fixed contributions. Dividends on Company
stock held in the ESOP Unallocated Account may also be used to pay principal
on the ESOP Loans to the extent they exceed interest on the loans. If
dividends on Company stock held in the ESOP Unallocated Account are not
sufficient to pay interest on the ESOP Loans, the Company will make additional
contributions to pay the balance of the unpaid interest. No Pre-Tax
Contribution, Prior Savings Plan balances or Prior ESOP balances may be used
to make payments on ESOP Loans. The related credit agreements provide for
interest based on interbank borrowing rates, certificate of deposit rates, or
prime rates. The Plan has entered into certain interest rate swap agreements
with commercial banks having a total notional principal amount of $24 million
that are guaranteed by the Company and PacifiCorp Holdings, Inc. These
arrangements change the interest rate exposure on the variable rate debt to an
effective rate of approximately 6.7 percent at December 31, 1993.
Allocations of Company stock from the ESOP Unallocated Account will be
made, based on units corresponding with the Trustee's cost for the stock, in
accordance with the following procedures:
- 16 -
A. Unless the Administrative Committee directs otherwise,
Company stock will be released from encumbrance for allocation from
the ESOP Unallocated Account as principal payments are made on the
ESOP Loan. If no principal payments are made in a year, no Company
stock will be released for the year.
B. Allocations will be made first to ESOP Program matching
contribution accounts in accordance with Matching Contributions
designated for repayment of ESOP Loans during the year.
C. After allocation under B, an allocation of any remaining
amount will be made to ESOP Program fixed contribution accounts in
accordance with Fixed Contributions designated for repayment of ESOP
Loans during the year.
Investments released from encumbrance during the years ended
December 31, 1993 and 1992 were $12,836,591 and $13,441,494,
respectively. Remaining investments pledged as security for ESOP
loans at December 31, 1993 and 1992 were $36,984,775 and
$51,631,477, respectively.
Annual principal payments, payable in quarterly installments, on the
ESOP Loans are as follows: 1994, $11,100,000; 1995, $10,761,349;
1996, $6,675,000; 1997, $4,400,000; 1998, $4,600,000; and 1999,
$4,597,390.
7. CONTRIBUTIONS
Contributions to the Plan by participants and employers were as follows:
Employers Participants Total
_________ ____________ _____
During the year ended December 31, 1993
PacifiCorp $12,444,073 $22,289,164 $34,733,237
NERCO, Inc. 864,989 1,374,369 2,239,358
Pacific Telecom, Inc. 2,872,110 4,967,322 7,839,432
PacifiCorp Financial Services 344,392 542,278 886,670
__________ __________ __________
$16,525,564 $29,173,133 $45,698,697
__________ __________ __________
__________ __________ __________
During the year ended December 31, 1992
PacifiCorp $11,792,567 $19,489,264 $31,281,831
NERCO, Inc. 3,072,231 4,491,125 7,563,356
Pacific Telecom, Inc. 2,963,151 4,706,588 7,669,739
PacifiCorp Financial Services 582,433 750,777 1,333,210
__________ __________ __________
$18,410,382 $29,437,754 $47,848,136
__________ __________ __________
__________ __________ __________
- 17 -
8. RELATED-PARTY TRANSACTIONS
Transactions of the Plan in the stock of PacifiCorp, NERCO and Pacific
Telecom were as follows:
PacifiCorp NERCO Pacific Telecom
_________________________ ________________________ ________________________
Number Number Number
Of Shares Cost Of Shares Cost Of Shares Cost
_________ ____________ _________ ___________ _________ ___________
Balance December 31, 1991 9,035,623 $172,121,793 115,506 $ 2,087,324 454,705 $ 8,300,348
Purchases 988,753 21,787,124 61,972 832,955 51,991 1,266,563
Sales (9,004) (168,906) (16,578) (299,496) (561) (13,726)
Distributed to participants (354,434) (6,218,445) (7,403) (129,561) (49,578) (784,683)
_________ ___________ _______ __________ _______ _________
Balance December 31, 1992 9,660,938 187,521,566 153,497 2,491,222 456,557 8,768,502
Purchases 484,501 9,041,445 15,770 187,838 32,870 796,161
Sales (149,280) (2,754,215) (158,642) (2,510,114) (1,859) (25,967)
Distributed to participants (604,743) (11,200,859) (10,625) (168,946) (60,926) (1,173,319)
_________ ___________ _______ __________ _______ _________
Balance December 31, 1993 9,391,416 $182,607,937 - $ - 426,642 $ 8,365,377
_________ ___________ _______ __________ _______ _________
_________ ___________ _______ __________ _______ _________
9. SALE OF NERCO, INC.
On February 18, 1993, the Company announced an agreement to sell, by
means of a merger, its 82%-owned mining and resource development business,
NERCO, Inc. ("NERCO"), to Kennecott Corporation for cash consideration of $12
per NERCO share. On June 2, 1993, the Company completed the sale.
The NERCO Stock Fund was eliminated from the Plan at the time of the
merger, and participant account balances in the NERCO Stock Fund were
converted to cash at $12 per NERCO share. The resulting cash balances were
then transferred to the Stable Asset Fund, from which amounts related to
terminated NERCO employees were distributed as appropriate.
- 18 -
PacifiCorp K Plus
Employee Savings and Stock Ownership Plan
Item 27a - Assets Held for Investment Purposes
December 31, 1993
Identity of Issue, Shares or Current
Borrower, or Similar Party Face Value Cost Value
__________________________ __________ __________ _______
COMMON STOCK
PacifiCorp Common Stock 9,391,416 $182,607,937 $180,784,758
___________ ___________
___________ ___________
Pacific Telecom Common Stock 426,642 $ 8,365,377 $ 11,092,692
___________ ___________
___________ ___________
Other Common Stock
Aerospace - Defense
General Motors Corporation 12,000 451,128 468,000
Rockwell International Corporation 20,000 727,128 742,500
__________ __________
Total Aerospace - Defense 1,178,256 1,210,500
__________ __________
Automobiles, Auto Parts
Chrysler Corporation 21,000 912,953 1,118,250
General Motors Corporation 32,800 1,443,499 1,799,900
__________ __________
Total Automobiles, Auto Parts 2,356,452 2,918,150
__________ __________
Banking and Finance
Banc One Corporation 32,500 1,171,928 1,271,563
Chemical Banking Corporation 10,500 428,834 421,312
Citicorp 18,000 668,070 663,750
Crown American Realty 14,500 250,125 217,500
Dean Witter Discover & Company 5,142 190,742 178,042
Federal National Mortgage Association 17,000 559,762 1,334,500
First Interstate Bancorp 4,500 175,295 288,563
Mellon Bank Corporation 5,500 250,557 291,500
Merrill Lynch & Company Inc. 16,000 615,535 672,000
Nationsbank Corporation 22,000 1,045,887 1,078,000
Oasis Residential Inc. 6,300 137,025 156,712
PNC Bank Corporation 8,800 200,540 255,200
Primerica Corporation 10,800 454,389 419,850
Charles Schwab Corporation 14,000 447,608 453,250
Shawmut National Corporation 9,200 185,867 200,100
Vesta Insurance Group Inc. 7,700 192,500 192,500
Wells Fargo & Company 11,000 1,091,340 1,423,125
__________ __________
Total Banking and Finance 8,066,004 9,517,467
__________ __________
- 19 -
PacifiCorp K Plus
December 31, 1993
Identity of Issue, Shares or Current
Borrower, or Similar Party Face Value Cost Value
__________________________ __________ __________ _______
Other Common Stock (continued)
Beverages
Pepsico Inc. 37,700 $ 1,249,572 $ 1,540,988
__________ __________
Chemical and Synthetic Fibers
Cooper Tire & Rubber Company 9,300 214,344 232,500
Goodyear Tire and Rubber Company 34,000 1,102,865 1,555,500
Hercules Inc. 12,600 939,830 1,430,100
__________ __________
Total Chemical and Synthetic Fibers 2,257,039 3,218,100
__________ __________
Electrical-Electronics
Intel Corporation 7,200 220,506 446,400
International Business Machines 7,600 414,137 429,400
Novell Inc. 13,300 279,034 275,975
Sun Microsystems Inc. 10,000 277,191 291,250
Westinghouse Electric Corporation 22,000 344,778 310,750
Xerox Corporation 6,200 486,035 554,125
__________ __________
Total Electrical-Electronics 2,021,681 2,307,900
__________ __________
Food, Soap and Tobacco
Gillette Company 16,000 661,667 954,000
McDonalds Corporation 28,800 899,623 1,641,600
Philip Morris Companies Inc. 9,000 316,873 500,625
Procter & Gamble Company 12,000 701,808 684,000
__________ __________
Total Food, Soap and Tobacco 2,579,971 3,780,225
__________ __________
Health Care and Cosmetics
Abbott Laboratories 45,000 1,346,982 1,333,125
Columbia Healthcare Corporation 44,600 1,321,369 1,477,375
HCA Hospital Corporation 9,000 185,040 308,250
Johnson & Johnson 25,000 973,201 1,121,875
Pfizer Inc. 4,800 287,454 331,200
Schering Plough Corporation 3,700 228,604 253,450
US Healthcare Inc. 3,300 134,768 190,163
Warner Lambert Company 4,300 316,281 290,250
__________ __________
Total Health Care and Cosmetics 4,793,699 5,305,688
__________ __________
- 20 -
PacifiCorp K Plus
December 31, 1993
Identity of Issue, Shares or Current
Borrower, or Similar Party Face Value Cost Value
__________________________ __________ __________ _______
Other Common Stock (continued)
Insurance
American International Group Inc. 12,000 $ 703,107 $ 1,053,000
Capital Holding Corporation 37,900 1,448,662 1,407,037
Chubb Corporation 10,000 904,851 778,750
General RE Corporation 9,000 649,926 963,000
Torchmark Corporation 19,000 756,926 855,000
__________ __________
Total Insurance 4,463,472 5,056,787
__________ __________
Leisure and Entertainment
Blockbuster Entertainment Corporation 40,000 574,440 1,225,000
Caesars World Inc. 22,500 783,524 1,200,938
Capital Cities ABC Inc. 550 284,475 340,725
King World Productions Inc. 21,000 550,501 805,875
Mattel Inc. 45,000 691,093 1,243,125
Musicland Stores Corporation 18,000 333,000 373,500
Tele Communications Inc. 44,800 1,146,664 1,355,200
__________ __________
Total Leisure and Entertainment 4,363,697 6,544,363
__________ __________
Machinery-Equipment
Varity Corporation 22,000 839,986 984,500
__________ __________
Metals-Mining
USX US Steel Group Inc. 12,200 450,995 527,650
__________ __________
Office Equipment
Kelly Services Inc. 6,250 159,115 173,437
__________ __________
Oil and Gas
Amerada Hess Corporation 18,000 963,162 812,250
Kerr McGee Corporation 6,200 258,893 280,550
Noble Affiliates Inc. 6,800 200,931 180,200
Tenneco Inc. 22,500 1,046,250 1,184,063
Tosco Corporation 20,000 620,616 582,500
Union Texas Petroleum Holdings 7,600 143,037 154,850
__________ __________
Total Oil and Gas 3,232,889 3,194,413
__________ __________
- 21 -
PacifiCorp K Plus
December 31, 1993
Identity of Issue, Shares or Current
Borrower, or Similar Party Face Value Cost Value
__________________________ __________ __________ _______
Other Common Stock (continued)
Oil Support Services
Dresser Industries Inc. 6,200 $ 136,819 $ 128,650
__________ __________
Paper and Forest Products
Champion International Corporation 9,800 294,015 327,075
Georgia Pacific Corporation 2,700 194,924 185,625
__________ __________
Total Paper and Forest Products 488,939 512,700
__________ __________
Photographic and Related
Eastman Kodak Company 11,900 556,770 669,375
__________ __________
Printing and Publishing
Dow Jones & Company Inc. 40,000 1,238,317 1,430,000
__________ __________
Retail Trade
Charming Shoppes Inc. 24,200 317,683 287,375
Limited Inc. 14,700 325,984 249,900
Fred Meyer Inc. 6,000 161,410 216,000
Nordstrom Inc. 8,000 238,238 264,000
J C Penney Company 5,400 210,652 284,175
Price/Costco Inc. 50,000 844,378 962,500
Sears Roebuck & Company 11,800 498,655 623,925
__________ __________
Total Retail Trade 2,597,000 2,887,875
__________ __________
Transportation - Air
AMR Corporation 5,900 378,394 395,300
__________ __________
Transportation Excluding Air
Conrail Inc. 16,000 840,749 1,070,000
Southern Pacific Rail Corporation 22,000 429,198 434,500
__________ __________
Total Transportation Excluding Air 1,269,947 1,504,500
__________ __________
- 22 -
PacifiCorp K Plus
December 31, 1993
Identity of Issue, Shares or Current
Borrower, or Similar Party Face Value Cost Value
__________________________ __________ __________ _______
Other Common Stock (continued)
Utilities
Pacific Telesis Group 6,900 $ 383,612 $ 374,325
Southwestern Bell Corporation 5,000 139,907 207,500
Telefonos De Mexico SA 29,500 1,105,475 1,991,250
__________ __________
Total Utilities 1,628,994 2,573,075
__________ __________
Conglomerates - Miscellaneous
Allied Signal Inc. 18,700 1,049,762 1,477,300
Burlington Industries Inc. 11,500 161,775 178,250
First Data Corporation 18,000 439,845 733,500
Foamex International Inc. 30,000 450,000 510,000
Irvine Apartment Communities Inc. 8,800 154,000 157,300
ITT Corporation 4,200 303,042 383,250
Newell Companies Inc. 22,500 863,138 908,438
Philips NV 14,400 281,637 297,000
Praxair Inc. 11,300 177,728 187,862
__________ __________
Total Conglomerates - Miscellaneous 3,880,927 4,832,900
__________ __________
Wells Fargo Bank S&P 500 Index Fund 139,578 13,826,361 14,371,638
__________ __________
International Stock
Deutsche Bank AG ADR 550 237,565 280,775
Nestle SA ADR 13,000 496,022 561,571
Royal Dutch Petroleum Company 13,300 1,023,698 1,388,188
Total SA ADR 10,642 232,785 288,664
Volkswagen AG ADR 5,000 201,734 253,378
Emerging Markets Infrastructure FD 30,000 426,900 480,000
__________ __________
Total International 2,618,704 3,252,576
__________ __________
Total Other Common Stock 66,634,000 78,838,757
__________ __________
__________ __________
- 23 -
PacifiCorp K Plus
December 31, 1993
Identity of Issue, Shares or Current
Borrower, or Similar Party Face Value Cost Value
__________________________ __________ __________ _______
U.S. GOVERNMENT OBLIGATIONS
United States of America Treasury 730,000 $ 769,952 $ 774,253
Notes
6.75% due 02-28-1997
United States of America Treasury 750,000 740,508 768,045
Notes
5.5% due 07-31-1997
United States of America Treasury 750,000 791,484 775,080
Notes
6.25% due 02-15-2003
United States of America Treasury 225,000 231,820 226,827
Notes
5.5% due 04-15-2000
United States of America Treasury 850,000 855,484 848,674
Notes
4.375% due 08-15-1996
United States of America Treasury 200,000 206,375 199,312
Notes
5.75% due 08-15-2003
United States of America Treasury 700,000 700,875 700,000
Notes
4.25% due 12-31-1995
United States of America Treasury 175,000 175,511 191,597
Notes
8% due 01-15-1997
Federal Home Loan Mortgage 477,461 480,571 480,889
5.5% due 07-01-1998
Federal Home Loan Mortgage 632,656 630,481 628,303
6% due 08-01-2008
Government Trust Certificate 331,797 329,383 344,110
8.875% due 05-15-1995 __________ __________
Total U.S. Government Bonds 5,912,444 5,937,090
and Obligations __________ __________
__________ __________
- 24 -
PacifiCorp K Plus
December 31, 1993
Identity of Issue, Shares or Current
Borrower, or Similar Party Face Value Cost Value
__________________________ __________ __________ _______
Corporate Bonds
Bridgestone Firestone Master Trust 500,000 $ 497,734 $ 515,645
6.25% due 12-01-1999
CTS Home Equity Loan Trust 161,017 160,313 170,527
8.8% due 01-15-2006
Chase Mortgage Finance Corporation 425,000 434,629 430,865
7% due 06-25-2024
Dean Witter Discover & Company 300,000 307,197 304,353
6% due 03-01-1998
Fiscal Home Equity Loan Trust 31,650 31,515 32,244
8.9% due 11-15-1997
GE Capital Mortgage Services Inc. 456,274 467,110 467,110
7.2% due 09-15-2011
Pacific College Mortgage Trust 161,231 151,054 165,613
7.75% due 05-01-2017
Prudential Home Mortgage Securities 451,857 453,693 466,398
7.5% due 12-25-2021
Resolution Trust Corporation 390,929 390,147 390,929
7.75% due 12-25-2018
Resolution Trust Corporation 294,995 283,146 294,995
7.057% due 10-25-2021
Resolution Trust Corporation 385,316 385,436 404,459
8.8% due 08-25-2023
Resolution Trust Corporation 323,631 309,978 308,129
7.173% due 12-25-2029
Rhone Poulenc SA 375,000 389,895 406,620
7.75% due 01-15-2002
SPNB Home Equity Loan 86,277 86,034 87,571
7.85% due 05-15-1998
- 25 -
PacifiCorp K Plus
December 31, 1993
Identity of Issue, Shares or Current
Borrower, or Similar Party Face Value Cost Value
__________________________ __________ __________ _______
Corporate Bonds (continued)
Tandy Master Trust 500,000 $ 496,406 $ 525,465
8.25% due 04-15-1999
US Home Equity Loan 120,106 119,806 124,160
8.5% due 04-15-2021
Wells Fargo Bank U.S. Debt Index Fund 430,220 7,678,699 8,151,867
International Bonds
Italy Republic Debentures 200,000 197,450 188,146
6.875% due 09-27-2023
Dart & Kraft Financial NV 225,000 242,258 241,032
7.75% due 11-30-1998
Korea Electric Power Corporation 250,000 246,378 242,832
6.375% due 12-01-2003
Ontario Province Canada 200,000 214,080 212,584
7.375% due 01-27-2003 __________ __________
Total Corporate Bonds 13,542,958 14,131,544
__________ __________
__________ __________
- 26 -
PacifiCorp K Plus
December 31, 1993
Identity of Issue, Shares or Current
Borrower, or Similar Party Face Value Cost Value
__________________________ __________ __________ _______
Guaranteed Investment Contracts
Capital Guaranteed Investment Contract Fund $ 3,687,127 $ 6,534,332
Commonwealth Life 1,305,616 1,305,616
Crown Life 816,962 816,962
Northwestern National Life 1,508,605 1,508,605
Manufacturers Life 1,578,879 1,578,879
Northwestern National Life 926,400 926,400
Penn Mutual Life 1,018,652 1,018,652
Nationwide Life 1,259,539 1,259,539
Minnesota Mutual Life 1,201,530 1,201,530
Minnesota Mutual Life 981,306 981,306
Minnesota Mutual Life 1,300,846 1,300,846
Penn Mutual Life 1,399,767 1,399,767
Lincoln National Life 840,437 840,437
Sun Life 709,146 709,146
Manufacturers Life 1,516,029 1,516,029
Lincoln National Life 1,711,400 1,711,400
Safeco Life 1,130,488 1,130,488
Confederation Life 1,145,254 1,145,254
Sun Life 2,592,342 2,592,342
Lincoln National Life 2,459,699 2,459,699
Nationwide Insurance 1,675,540 1,675,540
Confederation Life 1,083,815 1,083,815
Allstate 1,280,318 1,280,318
Protective Life 2,637,725 2,637,725
Transamerica 1,277,243 1,277,243
Safeco Life 556,227 556,227
Safeco Life 556,464 556,464
Safeco Life 821,406 821,406
Safeco Life 821,406 821,406
Safeco Life 1,313,244 1,313,244
Sun Life 1,096,584 1,096,584
Travelers Life 2,915,384 2,915,384
Protective Life 2,167,780 2,167,780
Nationwide Insurance 1,071,272 1,071,272
Nationwide Insurance 1,080,957 1,080,957
Allstate 1,079,963 1,079,963
Prudential Life 2,687,997 2,687,997
Life of Virginia 2,130,087 2,130,087
Lincoln National Life 1,598,107 1,598,107
Business Men's Company 1,061,529 1,061,529
Business Men's Company 1,054,145 1,054,145
Sun Life 1,046,894 1,046,894
Principal Mutual 1,040,947 1,040,947
Prudential Life 1,036,335 1,036,335
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PacifiCorp K Plus
December 31, 1993
Identity of Issue, Shares or Current
Borrower, or Similar Party Face Value Cost Value
__________________________ __________ __________ _______
Guaranteed Investment Contracts (continued)
Business Men's Company $ 1,032,114 $ 1,032,114
Life of Virginia 1,540,847 1,540,847
Business Men's Company 1,541,198 1,541,198
New York Life 2,558,870 2,558,870
New York Life 3,527,160 3,527,160
Hartford Life 3,027,605 3,027,605
Capital Trust Company Trust Funds Prime Obligation 15 15
___________ ___________
Total Guaranteed Investment Contracts $ 75,409,202 $ 78,256,407
___________ ___________
___________ ___________
Participant Loans
(Interest rates ranging from 6.5-12.5%
Maturities ranging from 1994 to 2008) $ 8,586,434 $ 8,586,434
___________ ___________
___________ ___________
Temporary Cash Investments
Harris Bank Collective Investment Fund
Master Trust Reserve Fund .0308% $ 11,166,791 $ 11,166,791
___________ ___________
___________ ___________
Total Investments $372,225,143 $388,794,473
___________ ___________
___________ ___________
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SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of
________
1934, the K Plus Employee Savings and Stock Ownership Administrative
Committee, which administers the Plan, has duly caused this annual report
to be signed on its behalf by the undersigned hereunder duly authorized.
PACIFICORP K PLUS EMPLOYEE
SAVINGS AND STOCK OWNERSHIP
PLAN
/s/MICHAEL J. PITTMAN
Michael J. Pittman, Committee Member
June 1, 1994
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