UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
11-K
(Mark
One)
T
ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
For
the fiscal year ended December 31, 2008
OR
£
TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
For
the transition period from ________________ to ____________________
Commission
file number 1-15759
A. Full title of the plan
and the address of the plan, if different from that of the issuer named
below:
Cleco
Power LLC 401(k) Savings and Investment Plan
B. Name of issuer of the
securities held pursuant to the plan and the address of its principal executive
office:
CLECO
CORPORATION
2030
Donahue Ferry Road, Pineville, Louisiana 71360-5226
Cleco
Power LLC 401(k) Savings and Investment Plan
Financial
Statements and Supplemental Schedule
December
31, 2008 and 2007
Cleco
Power LLC 401(k) Savings and Investment Plan
Index
December
31, 2008 and 2007
|
Page(s)
|
Report
of Independent Registered Public Accounting
Firm
|
1
|
Financial
Statements
|
|
Statements
of Net Assets Available for
Benefits
|
2
|
Statement
of Changes in Net Assets Available for
Benefits
|
3
|
Notes
to the Financial
Statements
|
4
|
Supplemental
Schedule
|
|
Schedule
H, line 4i – Schedule of Assets (Held at End of
Year)
|
11
|
|
Note: Schedules
other than the one listed above as required by the Department of Labor’s
Rules and Regulations for Reporting and Disclosure have been omitted
because they are either not required or not
applicable.
|
Report
of Independent Registered Public Accounting Firm
To
the Participants and Administrator of the
Cleco
Power LLC 401(k) Savings and Investment Plan
We
have audited the accompanying statements of net assets available for benefits of
the Cleco Power LLC 401(k) Savings and Investment Plan (the “Plan”) as of
December 31, 2008 and 2007 and the related statement of changes in net
assets available for benefits for the year ended December 31, 2008. 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 standards of the Public Company
Accounting Oversight Board (United States). 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, 2008 and
2007 and the changes in net assets available for benefits for the year ended
December 31, 2008, 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 of assets
(held at end of year) as of December 31, 2008 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. The 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.
/s/
McElroy, Quirk, & Burch
(APC)
Lake
Charles, Louisiana
June
17, 2009
1
Cleco
Power LLC 401(k) Savings and Investment Plan
Statements
of Net Assets Available for Benefits
December
31, 2008 and 2007
|
|
Participant
Directed
|
|
|
|
2008
|
|
|
2007
|
|
Investments,
at fair value (see Note 2)
|
|
$
|
150,518,633
|
|
|
$
|
196,504,274
|
|
Participant
loans (see Note 1)
|
|
|
3,425,176
|
|
|
|
3,833,609
|
|
|
|
|
153,943,809
|
|
|
|
200,337,883
|
|
Contributions
receivable -
|
|
|
|
|
|
|
|
|
Employer
|
|
|
161,658
|
|
|
|
15,772
|
|
Net
assets available for benefits
|
|
$
|
154,105,467
|
|
|
$
|
200,353,655
|
|
The
accompanying notes are an integral part of the financial
statements.
2
Cleco
Power LLC 401(k) Savings and Investment Plan
Statement
of Changes in Net Assets Available for Benefits
Year
Ended December 31, 2008
|
|
Participant
|
|
|
|
Directed
|
|
|
|
|
|
Income
(loss) from investment activities
|
|
|
|
Interest and
dividends
|
|
$
|
6,190,263
|
|
Net depreciation in fair value
of investments
|
|
|
(55,900,707
|
)
|
Net investment
loss
|
|
|
(49,710,444
|
)
|
Cash
contributions
|
|
|
|
|
Employer
|
|
|
3,340,512
|
|
Employee
|
|
|
7,837,358
|
|
Total
contributions
|
|
|
11,177,870
|
|
Net investment loss, net of
contributions
|
|
|
(38,532,574
|
)
|
Employee
distributions and withdrawals
|
|
|
(7,695,609
|
)
|
Administrative
fees
|
|
|
(20,005
|
)
|
Decrease in net assets
available for benefits
|
|
|
(46,248,188
|
)
|
Net
assets available for benefits, beginning of year
|
|
|
200,353,655
|
|
Net
assets available for benefits, end of year
|
|
$
|
154,105,467
|
|
The
accompanying notes are an integral part of the financial
statements.
3
Cleco
Power LLC 401(k) Savings and Investment Plan
Notes
to the Financial Statements
December
31, 2008 and 2007
1.
|
Summary
of Significant Accounting Policies and Description of
Plan
|
Plan
Description
The
Cleco Power LLC 401(k) Savings and Investment Plan (the “Plan”), which was
adopted January 1, 1985, and last amended effective March 1, 2009, is intended
to provide active, eligible employees of Cleco Corporation and its subsidiaries
(“Cleco”) with voluntary, long-term savings and investment
opportunities. For additional information on this amendment, please
read Note 7 — “Subsequent Event.” The Plan is a defined contribution
plan designed to comply with Section 4975(e)(7) of the Internal Revenue
Code of 1986, as amended (the “Code”), and is subject to the applicable
provisions of the Employee Retirement Income Security Act of
1974. The Plan is not generally subject to federal income
tax. The Plan adopted the provisions of Financial Accounting
Standards Board (“FASB”) Interpretation (“FIN”) No. 48, “Accounting for
Uncertainty in Income Taxes – An Interpretation of FASB Statement No. 109” (“FIN
48”) on January 1, 2008. The adoption of FIN 48 did not have an
impact on the Plan. In accordance with the Plan, Cleco Corporation
could make contributions in the form of stock or cash. Effective
January 1, 2008, Cleco Corporation started matching participant voluntary
contributions in cash. The cash contributions are invested in
proportion to the participant’s voluntary contribution investment
choices. Cleco Corporation has the right to change the form of
contribution at any time. Plan participants are allowed to choose
whether to have dividends on Cleco Corporation common stock distributed in cash
or reinvested in additional shares of Cleco Corporation common
stock. Participation in the Plan is voluntary and active Cleco
employees are eligible to participate. Although the Plan is
voluntary, an employee who is hired or rehired on or after September 1, 2007, or
an existing employee who on September 1, 2007, has never enrolled in the Plan,
will automatically be enrolled in the Plan at a pre-tax contribution rate of
4%. The automatic pre-tax contribution percentage can be increased or
decreased, or participants may choose to opt out of the Plan. For a
complete description of the Plan, refer to the Cleco Power LLC 401(k) Savings
and Investment Plan (the “Plan Document”).
Amendments
In
February 2009, Cleco Power’s Board of Managers amended the Plan effective March
1, 2009. The provisions of this amendment allowed the Cleco Energy
LLC 401(k) Savings and Investment Plan to be merged into and form a part of the
Plan. For additional information regarding the merger, please read,
Note 7 — “Subsequent Event.”
Plan
Administration
The
administration of the Plan is the responsibility of a retirement committee of
Cleco Corporation (the “Committee”) comprised of employees of
Cleco. The Committee is appointed by Cleco Power’s Board of
Managers. Administrative expenses incurred by the Plan are borne by
Cleco. Cleco Power is the Plan sponsor. The responsibilities for the investment,
reinvestment, control and disbursement of the funds of the Plan rests with
JPMorgan Chase Bank (“Trustee”) and with J.P. Morgan Retirement Plan Services
(“Agent”) acting as the agent of the Trustee and recordkeeper to the
Plan.
Contributions
Participant
contributions are recorded in the period that Cleco makes payroll deductions
from participants. Unless otherwise restricted by law, participants
may contribute on a pretax basis up to 50% of annual compensation, not to exceed
$15,500 in each of the years 2007 and 2008. Participants who are at least
50 years old by the end of the tax year may make an additional “catch-up”
contribution (above the 401(k) annual deferral limit) up to $5,000. The
Trustee, in accordance with the participants’ directives, invests the employee
and employer contributions in one or more of twenty publicly traded mutual
funds, in one self-directed account with access to over 1,000 mutual funds, in
one common collective trust, and in Cleco Corporation common
stock. Certain qualified 401(k) rollovers are permitted under the
Plan.
4
Cleco
Power LLC 401(k) Savings and Investment Plan
Notes
to the Financial Statements
December
31, 2008 and 2007
Cleco
Corporation’s matching contribution depends upon the hire date of the
participant. Participants hired prior to August 1, 2007 are eligible
to receive a basic match not to exceed 66-2/3% of the employees’ total pretax
basic contribution, up to the first 6% of the participant’s annual
compensation. Participants hired or rehired on or after August 1,
2007 are eligible to receive a basic match not to exceed 100% of the employees’
total pretax basic contribution, up to the first 6% of the participant’s annual
compensation. Additionally, all employees hired or rehired on or
after August 1, 2007, whether they chose to make a voluntary contribution or
not, are eligible to receive a non-elective company contribution subject to
certain vesting requirements. In December 2007 and 2008, management
approved a 2% non-elective contribution for eligible employees. For
2007 and 2008, the non-elective contributions were paid to the Plan in February
2008 and February 2009, respectively.
Participants’
Accounts
The
Agent maintains accounts on behalf of each Plan participant. Each
account is credited with (a) the participant’s pretax, after tax or rollover
contribution, (b) the matching contribution and (c) the participant’s share of
Plan earnings. Allocations are based on participant compensation or
account balances, as defined.
Vesting
Participants
are fully vested in their voluntary contributions, eligible rollovers, earnings,
and basic match at all times. Effective August 1, 2007, the
non-elective Cleco funded contributions are subject to vesting based upon years
of vesting service as shown below:
Years
of Vesting Service
|
|
Vested
Percentage
|
1
year or less
|
|
0%
|
2
years
|
|
20%
|
3
years
|
|
40%
|
4
years
|
|
60%
|
5
years
|
|
80%
|
6
years or more
|
|
100%
|
Forfeitures
At
December 31, 2007, and 2008, there were no forfeited nonvested
accounts.
Withdrawals
and Loans
Funds
in participants’ accounts may be distributed upon death or separation from
service in either a lump-sum amount equal to the value of their account or as a
distribution in kind of shares held for their account. A participant
is entitled to receive a whole number of shares of Cleco Corporation common
stock. The amounts of any fractional shares are distributed in
cash. Under Internal Revenue Service regulations, active employees
may withdraw funds from their accounts after age 59-1/2 or in the case of
certain defined financial hardships.
Loans
are available to participants up to specified limits. The term of
loans shall not exceed five years and the interest rate is calculated based on
the prime rate published in The Wall Street Journal on the first day of the
month before the loan is requested plus 2%. Interest rates on
participant loans ranged from 6.00% to 10.25% in 2007 and 2008.
Benefits
payable for terminations and withdrawals are included in net assets available
for benefits and are charged to net assets available for benefits when
paid.
5
Cleco
Power LLC 401(k) Savings and Investment Plan
Notes
to the Financial Statements
December
31, 2008 and 2007
Diversification
Participants
are allowed to diversify shares of Cleco Corporation common stock regardless of
age and years of service. Participants who elect to diversify can
invest the proceeds from the sale of shares of Cleco Corporation common stock in
the investment options offered by the Plan.
Investment
Valuation
Investments
in securities and mutual funds traded on national securities exchanges are
valued based on the last reported sales price as of the end of each fiscal
year. Participant loans are valued at amortized cost, which
approximates fair value.
Common
Collective Trusts
Common
collective trusts are valued at the asset value per unit as determined by the
collective trust as of the valuation date, which approximates fair
value.
Income
Recognition
Purchases
and sales of securities are recorded on a trade-date basis. The Plan
presents in the Statement of Changes in Net Assets Available for Benefits the
net appreciation/depreciation in the fair value of its investments which
consists of the realized gains or losses and the unrealized
appreciation/depreciation on those investments. Interest income is
recorded on the accrual basis. Dividends are recorded on the
ex-dividend date.
Priority
Upon Termination of Plan
The
Plan may be terminated at any time by Cleco Power’s Board of
Managers. Upon termination, all assets are to be distributed to Plan
participants or their beneficiaries. Participants would receive their
proportionate share of the assets as determined by individual account balances
on the date of termination.
Use
of Estimates
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 increases (decreases) in
net assets available for benefits during the reporting period. Actual
results could differ from those estimates.
6
Cleco
Power LLC 401(k) Savings and Investment Plan
Notes
to the Financial Statements
December
31, 2008 and 2007
Information
relative to investments as of December 31, 2008 and 2007, respectively, is as
follows:
Description
|
|
2008
|
|
|
2007
|
|
Investments,
at fair value:
|
|
|
|
|
|
|
Mutual Funds:
|
|
|
|
|
|
|
*American Century Income &
Growth Fund
|
|
$
|
18,843,367
|
|
|
|
29,526,327
|
|
*JP Morgan Prime Money Market
Fund
|
|
|
9,031,445
|
|
|
|
4,961,371
|
|
American Century GNMA
Fund
|
|
|
-
|
|
|
|
5,104,994
|
|
*Dodge & Cox Balanced
Fund
|
|
|
16,014,873
|
|
|
|
24,190,549
|
|
American Century Vista
Fund
|
|
|
4,787,489
|
|
|
|
9,057,393
|
|
American Century Growth
Fund
|
|
|
7,645,060
|
|
|
|
11,853,182
|
|
T. Rowe Price Income
Fund
|
|
|
106,634
|
|
|
|
61,794
|
|
T. Rowe Price Retirement 2005
Index Fund
|
|
|
37,974
|
|
|
|
52,350
|
|
T. Rowe Price Retirement 2010
Index Fund
|
|
|
499,768
|
|
|
|
886,329
|
|
T. Rowe Price Retirement 2015
Index Fund
|
|
|
1,108,754
|
|
|
|
1,283,823
|
|
T. Rowe Price Retirement 2020
Index Fund
|
|
|
1,608,915
|
|
|
|
2,145,990
|
|
T. Rowe Price Retirement 2025
Index Fund
|
|
|
853,219
|
|
|
|
1,075,582
|
|
T. Rowe Price Retirement 2030
Index Fund
|
|
|
851,144
|
|
|
|
956,924
|
|
T. Rowe Price Retirement 2035
Index Fund
|
|
|
426,240
|
|
|
|
531,618
|
|
T. Rowe Price Retirement 2040
Index Fund
|
|
|
454,558
|
|
|
|
396,004
|
|
T. Rowe Price Retirement 2045
Index Fund
|
|
|
305,052
|
|
|
|
125,384
|
|
T. Rowe Price Retirement 2050
Index Fund
|
|
|
118,918
|
|
|
|
37,581
|
|
T. Rowe Price Retirement 2055
Index Fund
|
|
|
20,056
|
|
|
|
5,686
|
|
Frontegra Columbus Core
Plus
|
|
|
5,166,899
|
|
|
|
-
|
|
CRM Mid Cap Value
Fund
|
|
|
3,812,617
|
|
|
|
5,572,383
|
|
Morgan Stanley International
Equity Fund
|
|
|
6,123,324
|
|
|
|
8,911,744
|
|
Total mutual
funds
|
|
|
77,816,306
|
|
|
|
106,737,008
|
|
State Street Global Advisors
S&P 500 Fund – common collective trust
|
|
|
5,613,898
|
|
|
|
9,453,438
|
|
Schwab Personal Choice Retirement
Account – participant directed brokerage
|
|
|
1,957,297
|
|
|
|
2,361,721
|
|
*Cleco Corporation Common
Stock
|
|
|
65,131,132
|
|
|
|
77,952,107
|
|
Total
investments, at fair value
|
|
|
150,518,633
|
|
|
|
196,504,274
|
|
Participant
loans
|
|
|
3,425,176
|
|
|
|
3,833,609
|
|
|
|
$
|
153,943,809
|
|
|
|
200,337,883
|
|
___________________________
|
|
|
|
|
|
|
|
|
*Denotes
investment exceeds 5% of the net assets available for
benefits.
|
|
|
|
|
|
|
|
|
7
Cleco
Power LLC 401(k) Savings and Investment Plan
Notes
to the Financial Statements
December
31, 2008 and 2007
The
Plan’s investments (including gains and losses on investments bought and sold,
as well as held during the year) depreciated in value by $55,900,707 for the
year ended December 31, 2008, as follows:
Mutual
funds
|
|
$
|
(37,550,424
|
)
|
Cleco
Corporation common stock
|
|
|
(14,098,977
|
)
|
Common
collective trust
|
|
|
(3,434,133
|
)
|
Participant
directed brokerage
|
|
|
(817,173
|
)
|
Net
depreciation in fair value of investments
|
|
$
|
(55,900,707
|
)
|
3.
|
Fair
Value of Financial Instruments
|
SFAS
No. 157, “Fair Value Measurements,” establishes a framework for measuring fair
value. That framework provides a fair value hierarchy that
prioritizes the inputs to valuation techniques used to measure fair
value. The hierarchy gives the highest priority to unadjusted quoted
prices in active markets for identical assets or liabilities (level 1
measurements) and the lowest priority to unobservable inputs (level 3
measurements). The three levels of the fair value hierarchy under
SFAS No. 157 are described as follows:
|
Level
1 - Inputs to the valuation methodology are unadjusted quoted prices for
identical assets or liabilities in active markets that the Plan has
the ability to access
|
|
Level
2 - Inputs to the valuation methodology
include
|
·
|
quoted
prices for similar assets or liabilities in active
markets;
|
·
|
quoted
prices for identical or similar assets or liabilities in inactive
markets;
|
·
|
inputs
other than quoted prices that are observable for the asset or
liability;
|
·
|
inputs
that are derived principally from or corroborated by observable market
data by correlation or other means;
|
If
the asset or liability has a specified (contractual) term, the level 2 input
must be observable for substantially the full term of the asset or
liability.
|
Level
3 - Inputs to the valuation methodology are unobservable and significant
to the fair value measurement.
|
The
asset or liability’s fair value measurement level within the fair value
hierarchy is based on the lowest level of any input that is significant to the
fair value measurement. Valuation techniques used need to maximize
the use of observable inputs and minimize the use of unobservable
inputs.
The
following is a description of the valuation methodologies used for assets of the
Plan measured at fair value.
Mutual
funds:
Valued at the net asset value of shares held by the
plan at year end.
Common collective
trust:
Valued at the asset value per unit as determined by the
collective trust as of the valuation date, which approximates fair
value.
Participant directed
brokerage:
Valued at the fair market value based upon
indicative pricing from broker quotes.
Cleco
Corporation
common
stock:
Valued at the closing price reported on the New York
Stock Exchange.
Participant
loans:
Valued at amortized cost, which approximates fair
value.
The
preceding methods described may produce a fair value calculation that may not be
indicative of net realizable value or reflective of future fair
values. Furthermore, although the Plan believes its valuation methods
are appropriate and consistent with other market participants, the use of
different methodologies or assumptions to determine the fair value of certain
financial instruments could result in a different fair value measurement at the
reporting date.
8
Cleco
Power LLC 401(k) Savings and Investment Plan
Notes
to the Financial Statements
December
31, 2008 and 2007
|
|
Assets
at Fair Value as of December 31, 2008
|
|
|
|
Level
1
|
|
|
Level
2
|
|
|
Level
3
|
|
|
Total
|
|
Mutual
funds
|
|
$
|
77,816,306
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
77,816,306
|
|
Common
collective trust
|
|
|
-
|
|
|
|
5,613,898
|
|
|
|
-
|
|
|
|
5,613,898
|
|
Participant
directed brokerage
|
|
|
-
|
|
|
|
1,957,297
|
|
|
|
-
|
|
|
|
1,957,297
|
|
Cleco
common stock
|
|
|
65,131,132
|
|
|
|
-
|
|
|
|
-
|
|
|
|
65,131,132
|
|
Participant
loans
|
|
|
-
|
|
|
|
-
|
|
|
|
3,425,176
|
|
|
|
3,425,176
|
|
Total
assets at fair value
|
|
$
|
142,947,438
|
|
|
$
|
7,571,195
|
|
|
$
|
3,425,176
|
|
|
$
|
153,943,809
|
|
Level
3 Assets
Year
Ended December 31, 2008
|
|
|
|
Participant
loans
|
|
Balance,
beginning of year
|
|
$
|
3,833,609
|
|
Purchases,
sales, issuances, and settlements, net
|
|
|
(408,433
|
)
|
Balance,
end of year
|
|
$
|
3,425,176
|
|
The
Plan did not incur any realized or unrealized gains or losses during 2008
relating to participant loans.
4.
Related Party Transactions
Certain
Plan investments are managed by affiliates of the Agent and
Trustee. The Agent is the recordkeeper as defined by the
Plan. Participants may elect to invest in shares of Cleco Corporation
common stock. In 2008 and 2007, the Plan acquired 287,909 and
2,121,838 shares, respectively, of Cleco Corporation common stock with
an approximate market value of $6,852,147 and $56,030,345
respectively. Included in the 2007 amount is the conversion of
preferred shares of $48,503,599. In 2008 and 2007, the Plan sold
198,109 and 324,479 shares, respectively, of Cleco Corporation common stock
with an approximate market value of $4,600,457 and $8,541,083,
respectively. In addition, during 2008 and 2007, 40,653 and 29,203
shares, respectively, of Cleco Corporation common stock representing in-kind
distributions were made to participants with an approximate market value of
$965,188 and $742,337, respectively.
Other
related parties include Cleco employees who participate in the Plan and the
Committee which is comprised of employees of Cleco and is responsible for the
administration of the Plan.
The
Plan is qualified under Sections 401(a) and 401(k) of the Internal Revenue Code
and, accordingly, the associated trust is generally exempt from federal income
taxes under provision of Section 501(a). The Plan obtained its latest
determination letter on March 22, 2006, in which the Internal Revenue Service
stated that the Plan, as then written, was in compliance with the applicable
requirements of the Internal Revenue Code. The Plan has been amended since
receiving the determination letter. The Plan administrator and the Plan’s tax
counsel believe the Plan remains in compliance with the applicable requirements
of the Internal Revenue Code.
Participants’
pretax contributions, Cleco Corporation’s contributions, rollover contributions
as well as interest, dividends and profits earned by the Plan are not subject to
federal income taxes until these amounts are distributed.
9
Cleco
Power LLC 401(k) Savings and Investment Plan
Notes
to the Financial Statements
December
31, 2008 and 2007
6.
|
Risks
and Uncertainties
|
The
Plan invests in various investment securities. Investment securities
are exposed to various risks such as interest rate, market and credit
risks. Due to the level of risk associated with certain investment
securities, it is at least reasonably possible that changes in the values of
investment securities will occur in the near term and that such changes could
materially affect participants’ account balances and the amounts reported in the
statement of net assets available for benefits.
In
February 2009, Cleco Power’s Board of Managers amended the Plan effective March
1, 2009. The provisions of this amendment allowed the Cleco Energy
LLC 401(k) Savings and Investment Plan (“Cleco Energy Plan”) to be merged into
and form a part of the Plan, subject to the terms and conditions of the Plan of
Merger. In connection with the merger, the assets of the Cleco Energy
Plan were merged into the Plan and the Plan assumed liability for the account
balances of the Cleco Energy Plan participants. The assets from the
Cleco Energy Plan that were merged into the Plan were valued at $146,879 as of
March 1, 2009.
10
Cleco
Power LLC 401(k) Savings and Investment Plan
Schedule
H, line 4i - Schedule of Assets (Held at End of Year)
December
31, 2008
(a)
|
|
(b)
|
(c)
|
(d)
|
|
(e)
|
|
|
|
|
Description
of investment, including
|
|
|
|
|
|
|
Identity
of issuer, borrower,
|
maturity
date, rate of interest,
|
|
|
Current
|
|
|
|
lessor
or similar party
|
collateral
par, and maturity value
|
Cost
|
|
Value
|
|
|
*
|
|
American
Century Income & Growth Fund
|
Mutual
fund
|
|
|
$
|
18,843,367
|
|
|
*
|
|
JP
Morgan Prime Money Market Fund
|
Mutual
fund
|
|
|
|
9,031,445
|
|
|
|
|
Frontegra
Columbus Core Plus
|
Mutual
fund
|
|
|
|
5,166,899
|
|
|
|
|
Dodge
& Cox Balanced Fund
|
Mutual
fund
|
|
|
|
16,014,873
|
|
|
*
|
|
American
Century Vista Fund
|
Mutual
fund
|
|
|
|
4,787,489
|
|
|
|
|
T.
Rowe Price Income Fund
|
Mutual
fund
|
|
|
|
106,634
|
|
|
|
|
T.
Rowe Retirement 2005 Index Fund
|
Mutual
fund
|
|
|
|
37,974
|
|
|
|
|
T.
Rowe Retirement 2010 Index Fund
|
Mutual
fund
|
|
|
|
499,768
|
|
|
|
|
T.
Rowe Retirement 2015 Index Fund
|
Mutual
fund
|
|
|
|
1,108,754
|
|
|
|
|
T.
Rowe Retirement 2020 Index Fund
|
Mutual
fund
|
|
|
|
1,608,915
|
|
|
|
|
T.
Rowe Retirement 2025 Index Fund
|
Mutual
fund
|
|
|
|
853,219
|
|
|
|
|
T.
Rowe Retirement 2030 Index Fund
|
Mutual
fund
|
|
|
|
851,144
|
|
|
|
|
T.
Rowe Retirement 2035 Index Fund
|
Mutual
fund
|
|
|
|
426,240
|
|
|
|
|
T.
Rowe Retirement 2040 Index Fund
|
Mutual
fund
|
|
|
|
454,558
|
|
|
|
|
T.
Rowe Retirement 2045 Index Fund
|
Mutual
fund
|
|
|
|
305,052
|
|
|
|
|
T.
Rowe Retirement 2050 Index Fund
|
Mutual
fund
|
|
|
|
118,918
|
|
|
|
|
T.
Rowe Retirement 2055 Index Fund
|
Mutual
fund
|
|
|
|
20,056
|
|
|
*
|
|
American
Century Growth Fund
|
Mutual
fund
|
|
|
|
7,645,060
|
|
|
*
|
|
CRM
Mid Cap Value Fund
|
Mutual
fund
|
|
|
|
3,812,617
|
|
|
*
|
|
Morgan
Stanley International Equity Fund
|
Mutual
fund
|
|
|
|
6,123,324
|
|
|
|
|
Total mutual
funds
|
|
|
|
$
|
77,816,306
|
|
|
*
|
|
State
Street Global Advisors S&P 500 Fund
|
Common
collective trust
|
|
|
$
|
5,613,898
|
|
|
|
|
Schwab Personal
Choice
|
|
|
|
|
|
|
|
|
|
Retirement
Account
|
Participant
directed brokerage
|
|
|
$
|
1,957,297
|
|
|
*
|
|
Cleco
Corporation
|
Common
stock
|
|
|
$
|
65,131,132
|
|
|
*
|
|
Participant
loans
|
Participant
loan accounts with interest rates
ranging
from 6.00% to 10.25% and maturity
dates
ranging from 2009 to 2013
|
$
-
|
|
$
|
3,425,176
|
|
|
|
|
Total Assets Held
|
|
|
|
$
|
153,943,809
|
|
_______________________
|
|
|
|
|
|
|
*Denotes
party-in-interest.
|
|
|
|
|
|
|
11
SIGNATURE
The Plan.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the trustees (or
other persons who administer the employee benefit plan) have duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
|
CLECO
POWER LLC
401(k)
SAVINGS AND INVESTMENT PLAN
|
|
|
|
|
Date: June
17, 2009
|
By
:
/s/ Darren J.
Olagues
|
|
(Darren
J. Olagues, Chairman of the Retirement Committee
of Cleco Corporation,
Plan Administrator)
|
|
|
|
|
EXHIBIT
INDEX
Exhibit Number
|
Description
|
|
|
23
|
Consent
of McElroy, Quirk & Burch (APC)
|
|
|