SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934 [Fee Waived]
For the Fiscal Year Ended December 31, 2000 Commission File Number 0-1928
Full Title of the Plan:
THE AES CORPORATION PROFIT SHARING AND
STOCK OWNERSHIP PLAN
Name of Issuer of the Securities Held Pursuant to the Plan
and the Address of its Principal Executive Office:
THE AES CORPORATION
1001 North 19th Street
Arlington, VA 22209
Page 1 of [15] sequentially numbered pages.
The Exhibit Index is on Page [14].
THE AES CORPORATION PROFIT SHARING AND
STOCK OWNERSHIP PLAN
FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31,
2000 AND 1999, SUPPLEMENTAL SCHEDULE FOR THE
YEAR ENDED DECEMBER 31, 2000, AND
INDEPENDENT AUDITORS' REPORT
THE AES CORPORATION PROFIT SHARING AND
STOCK OWNERSHIP PLAN
TABLE OF CONTENTS
-----------------------------------------------------------------------------------------------------------------------
PAGE
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2000 AND 1999:
Statements of Net Assets Available for Participants' Benefits 2
Statements of Changes in Net Assets Available for Participants' Benefits 3
Notes to Financial Statements 4-8
SUPPLEMENTAL SCHEDULE FOR THE YEAR ENDED DECEMBER 31, 2000:
Schedule of Assets Held for Investment Purposes 9
INDEPENDENT AUDITORS' REPORT
The AES Corporation Profit Sharing and
Stock Ownership Plan:
We have audited the accompanying statements of net assets available for
participants' benefits of The AES Corporation Profit Sharing and Stock Ownership
Plan (the Plan) as of December 31, 2000 and 1999, and the related statements of
changes in net assets available for participants' 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 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 participants' benefits of the Plan as of
December 31, 2000 and 1999, and the changes in net assets available for
participants' 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. The schedule is the responsibility of the Plan's management. Such
supplemental schedule has been subjected to the auditing procedures applied in
our audit of the basic 2000 financial statements and, in our opinion, is fairly
stated in all material respects when considered in relation to the basic 2000
financial statements taken as a whole.
/s/ Deloitte & Touche LLP
McLean, Virginia
June 1, 2001
THE AES CORPORATION PROFIT SHARING AND
STOCK OWNERSHIP PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PARTICIPANTS' BENEFITS
DECEMBER 31, 2000 AND 1999
-------------------------------------------------------------------------------------------------------------------------
ASSETS 2000 1999
Cash $ 5,530,158 $ 932,707
Investments, at fair value (Notes 2 and 3):
Common stock - The AES Corporation 416,334,066 296,310,284
Common stock - Self Direct Option 4,480,245 -
Money market funds 30,000,191 34,920,889
Mutual funds 27,376,843 28,325,456
------------ ------------
Total investments, at fair value 478,191,345 359,556,629
Participant loans (Note 6) 4,225,453 4,226,729
------------ ------------
Total cash and investments 487,946,956 364,716,065
------------ ------------
RECEIVABLES:
Employer contributions 4,307,782 2,550,019
Participant contributions 651,491 542,580
------------ ------------
Total receivables 4,959,273 3,092,599
------------ ------------
NET ASSETS AVAILABLE FOR PARTICIPANTS' BENEFITS $492,906,229 $367,808,664
------------ ------------
------------ ------------
See notes to financial statements.
2
THE AES CORPORATION PROFIT SHARING AND
STOCK OWNERSHIP PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PARTICIPANTS' BENEFITS
YEARS ENDED DECEMBER 31, 2000 AND 1999
------------------------------------------------------------------------------------------------------------------------
2000 1999
ADDITIONS TO NET ASSETS:
Investment income:
Net appreciation in fair value of investments (Note 5) $128,851,046 $112,428,820
Interest and dividends 5,100,465 3,308,878
Contributions:
Employer 8,080,784 5,333,419
Participant 10,312,435 7,847,485
------------ ------------
Total additions 152,344,730 128,918,602
DEDUCTIONS FROM NET ASSETS:
Withdrawals and distributions (27,247,165) (19,425,883)
------------ ------------
NET INCREASE 125,097,565 109,492,719
NET ASSETS AVAILABLE FOR PARTICIPANTS' BENEFITS:
Beginning of year 367,808,664 258,315,945
------------ ------------
End of year $492,906,229 $367,808,664
------------ ------------
------------ ------------
See notes to financial statements.
3
THE AES CORPORATION PROFIT SHARING AND
STOCK OWNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2000 AND 1999
--------------------------------------------------------------------------------
1. PLAN DESCRIPTION
The AES Corporation Profit Sharing and Stock Ownership Plan (the Plan) was
established on April 1, 1989, as the successor plan to the Applied Energy
Services, Inc. Employee Profit Sharing Plan, the Applied Energy Services,
Inc. Employee Stock Ownership Plan, the AES Deepwater Division Employee
Profit Sharing Plan, the AES Beaver Valley Division Employee Profit
Sharing Plan, and the BV Partners Employee Profit Sharing Plan.
The following description of the Plan provides only general information.
Participants should refer to the Summary Plan Description for a more
complete description of the Plan's provisions.
GENERAL - The Plan is a defined contribution plan that covers eligible
regularly scheduled full-time and part-time employees of The AES
Corporation (the Company) and its participating subsidiaries. Eligible
employees may enroll in the Plan upon commencement of employment. The Plan
is subject to the provisions of the Employee Retirement Income Security
Act of 1974 (ERISA). As of December 31, 2000, the majority of the Plan's
assets, approximately 85%, was common stock of The AES Corporation.
CONTRIBUTIONS - Participants may make pre-tax contributions to the Plan up
to an annual maximum determined by the Internal Revenue Service.
Participants may also make after-tax contributions to the Plan. During
2000 and 1999, the Company matched participant pre-tax and after-tax
contributions up to 5.0% of compensation, as defined by the Plan, on a
dollar for dollar basis. Matching contributions made by the Company are
paid in common stock of The AES Corporation.
In addition, unless otherwise provided under the Plan, the Company may
make profit sharing contributions to the Plan that are allocated to a
participant's account on the basis of the participant's compensation, as
defined by the Plan. Profit-sharing contributions are made in the
Company's common stock. During 2000 and 1999, the Company contributed 5.5%
and 4.5%, respectively, of compensation as profit sharing allocations.
PARTICIPANT ACCOUNTS - Each participant's account is credited with the
participant's and the employer's contributions and an allocation of the
Plan's earnings. Allocations are based on the balance of each investment
type in the participant's account. The benefit to which a participant is
entitled is the benefit that can be provided from the participant's
account.
Participants can choose to invest their contributions in common stock of
The AES Corporation and various money market and mutual funds including
Alliance Quasar Fund, Pimco Total Return Fund, and Mercury Hotchkis &
Wiley International Fund and in the following seven Merrill Lynch funds:
Growth Fund, Global Allocation Fund, US Government Mortgage Fund, Capital
Fund, Basic Value Fund, Retirement Preservation Trust Fund, Equity Index
Trust I Fund, or in any combination thereof in increments of 10% at their
discretion. Participants can allocate their investment among the common
stock of The AES Corporation or any of the funds at their discretion.
Investment options are selected by the administrative committee of the
Plan.
4
Effective June 1, 2000, the Plan was amended to allow participants the
opportunity to direct all or a portion of their account balance through a
self-directed brokerage account which allows participants the option to
purchase certain investments outside those selected by the administrative
committee of the Plan.
VESTING - Participants are immediately vested in their pre-tax, after-tax
and matching contributions including earnings thereon. Vesting in profit
sharing contributions is based on years of continuous service. A
participant vests 20% per year and is fully vested after five years of
credited service.
WITHDRAWALS AND DISTRIBUTIONS - The value of participants' contributions
plus the value of all vested Company contributions is payable to
participants upon retirement or upon termination of employment with the
Company. At each participant's election, the entire distribution may be
made as a single lump sum payable in common stock of The AES Corporation,
cash, or a combination of both. The participants also have the option of
receiving the value of their Plan account in substantially equal cash
installments.
FORFEITURES - Participants who leave the Company who have not completed
five years of credited service forfeit the value of the Company's profit
sharing contributions in which they are not then vested. Forfeitures are
applied to reduce the Company's contributions in subsequent years.
ADMINISTRATION - The Plan is administered by an Administrative Committee
appointed by the Board of Directors of the Company. Merrill Lynch Trust
Company is the Plan Trustee. Administrative, legal, and all other expenses
of the Plan are paid by the Company.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
GENERAL - The Plan's financial statements are prepared on the accrual
basis of accounting. Participant benefits are recorded when paid.
VALUATION OF INVESTMENTS - All money market and other mutual funds are
stated at their quoted market prices at December 31, 2000 and 1999. All
participant loans are valued at cost, which approximates fair value.
The Company's stock is traded on the New York Stock Exchange (NYSE). The
Plan's investment in the Company's stock is stated at quoted market value.
On April 17, 2000, the Board of Directors authorized a two-for-one stock
split, effected in the form of a stock dividend, payable to stockholders
of record on May 1, 2000. At December 31, 2000 and 1999, the quoted market
value of the Company's common stock was $55.38 (after split) and $74.75
(before split) per share, respectively.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis. Dividends are recorded
on the ex-dividend date.
Investment securities, in general, are exposed to various risks, such as
interest rate, credit, and overall market volatility. Due to the level of
risk associated with certain investment securities, it is reasonably
possible that changes in the values of investment securities will occur in
the near term and that such changes could materially affect the amounts
reported in the statements of net assets available for plan benefits.
USE OF ESTIMATES - The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of
America requires the Plan to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of additions and deductions
during the reporting period. Actual results could differ from those
estimates.
5
NEW ACCOUNTING PRONOUNCEMENT - In June 1998, the Financial Accounting
Standards Board issued Statement of Financial Accounting Standards No.
133, ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (SFAS
No. 133), which establishes the accounting definition of a derivative and
specifies measurements, recognition, and disclosures of changes in fair
value of derivatives (hedges) held by a Company. SFAS No. 133 was adopted
by the Plan on January 1, 2001, and it was determined that the adoption of
Statement of Financial Accounting Standards No. 133 did not have a
material impact on its net assets available for benefits and changes in
net assets available for benefits when such statement was adopted.
3. INVESTMENTS
The participants' and the Company's contributions to the Plan and Plan
earnings are invested in various money market, mutual funds or Company
stock at the direction of the participants. The following tables present
the fair values of investments as of December 31, 2000 and 1999.
DECEMBER 31, DECEMBER 31,
2000 1999
-------------- --------------
Cash $ 5,530,158 $ 932,707
Investments at quoted market value:
The AES Corporation common stock 416,334,066* 296,310,284*
Self Direct Option common stock 4,480,245 -
Money market funds:
Merrill Lynch Retirement Preservation Fund 24,367,278 29,802,302*
Merrill Lynch Equity Index Trust I Fund 5,632,913 5,118,587
Mutual funds:
Merrill Lynch Growth Fund 8,319,863 10,532,461
Merrill Lynch Basic Value Fund 6,719,297 7,588,919
Other 12,337,683 10,204,076
Participant loans 4,225,453 4,226,729
------------ ------------
Total cash and investments $487,946,956 $364,716,065
------------ ------------
------------ ------------
The above investments indicated with an "*" represent 5% or more of the
Plan's net assets as of December 31, 2000 and 1999, respectively.
4. THE AES CORPORATION COMMON STOCK
Contributions made by the Company are paid in common stock of The AES
Corporation and are therefore considered nonparticipant-directed
investments in accordance with Statement of Position 99-3 "Accounting for
and Reporting of Certain Defined Contribution Plan Investments and Other
Disclosure Matters." After a participant's account is credited with the
Company's contribution, each participant can choose to direct his or her
allocation in any investment option offered under the Plan. Information
about the net assets and the significant components of the changes in net
assets relating to The AES
6
Corporation common stock is as follows as of December 31, 2000 and 1999,
and for the years then ended:
2000 1999
Net assets:
Common Stock - The AES Corporation $ 416,334,066 $ 296,310,284
Employer Contribution Receivable 4,307,782 2,550,019
------------- -------------
Net assets available for participants' benefits $ 420,641,848 $ 298,860,303
------------- -------------
------------- -------------
Changes in net assets:
Net appreciation $ 133,756,927 $ 109,630,227
Interest 107,556 133,814
Employer contributions 8,080,423 5,054,754
Participant contributions 4,922,966 2,620,718
Benefits paid to participants (4,645,026) (2,631,347)
Transfers to participant-directed investments (20,441,301) (34,448,945)
------------- -------------
Net change 121,781,545 80,359,221
Common Stock - The AES Corporation, beginning of year 298,860,303 218,501,082
------------- -------------
Common Stock - The AES Corporation, end of year $ 420,641,848 $ 298,860,303
------------- -------------
------------- -------------
5. NET APPRECIATION IN FAIR VALUE OF INVESTMENTS
During the years ended December 31, 2000 and 1999, the Plan's investments
(including investments bought, sold, as well as held during the period)
appreciated (depreciated) in value by $128,851,046 and $112,428,820,
respectively, as follows:
YEAR ENDED YEAR ENDED
DECEMBER 31, 2000 DECEMBER 31, 1999
------------------------- ------------------------
The AES Corporation common stock $133,756,927 $109,630,227
Self Direct Option common stock (293,764) -
Money market funds (564,385) -
Mutual funds (4,047,732) 2,798,593
------------ ------------
Net appreciation in fair value $128,851,046 $112,428,820
------------ ------------
------------ ------------
6. PARTICIPANT LOANS
Participants may obtain loans from the Plan in aggregate amounts up to the
lesser of (a) $50,000 or (b) 50% of the participant's vested account
balance. Loans are repayable over periods up to five years (ten years for
loans to purchase a principal residence). The loans are collateralized by
the balance in the participant's account and bear a fixed interest rate,
based on the federal prime lending rate plus 1/2%, determined at the
commencement of the loan. Interest on all loans is allocated to the
participant's account from which the loan was funded. Principal and
interest are paid ratably through monthly payroll deductions.
Effective November 1, 1999, the Company amended the Plan to increase the
flexibility of the Plan's loan provisions by allowing participants to have
multiple loans. The Plan was also amended to prohibit former employees to
the availability of loans except to the extent required by law.
7
7. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the
right to terminate the Plan subject to the provisions of ERISA. In the
event of a termination, the assets of the Plan will first be used to pay
the liabilities (if any) of the Plan. The remaining assets will then be
distributed to the participants in proportion to their respective interest
in the Funds.
8. INCOME TAXES
The Plan obtained its most recent determination letter on January 31,
1996, pursuant to which the Internal Revenue Service (the IRS) determined
that the terms of the Plan, as submitted, were in compliance with the
applicable requirements of the Internal Revenue Code of 1986, as amended
(the Code). The Plan has subsequently been amended since receiving this
determination letter and the Company anticipates obtaining a determination
letter from the IRS that the Plan, as amended, continues to comply with
all applicable requirements of the Code. The Company also believes that
the Plan is being operated in compliance with all applicable requirements
of the Code. Therefore, no provision for income taxes has been included in
the Plan's financial statements.
9. PLAN AMENDMENTS
In accordance with the terms of the Plan, the Company is authorized to
amend the Plan. Since the adoption of the Plan, the Company has
periodically amended the Plan to comply with the requirements of the
Internal Revenue Code of 1986, as amended, as well as to implement design
changes. No significant amendments were made to the Plan during 2000.
* * * * * *
8
THE AES CORPORATION PROFIT SHARING AND STOCK OWNERSHIP PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 2000
------------------------------------------------------------------------------------------------------------------------------------
(a) (b) (c) (d) (e)
DESCRIPTION OF INVESTMENT
IDENTITY OF ISSUER, INCLUDING MATURITY DATE, RATE
BORROWER, LESSOR, OR OF INTEREST, COLLATERAL, PAR, CURRENT
SIMILAR PARTY OR MATURITY VALUE COST VALUE
Cash - $ 5,530,158 $ 5,530,158
* THE AES CORPORATION Common stock - $55.38 per share, 7,518,448 shares 63,169,578 416,334,066
ACT MANUFACTURING INC Common stock - $15.75 per share, 80 shares 3,938 1,260
ADVNCD MICRO D INC Common stock - $13.81 per share, 1,000 shares 22,437 13,810
AFLAC INC Common stock - $72.18 per share, 355 shares 19,825 25,624
ALBERTA ENERGY CO LTD Common stock - $48.25 per share, 930 shares 36,735 44,873
ALCOA INC Common stock - $33.5 per share, 1,080 shares 37,125 36,180
AMEREN CORP Common stock - $46.31 per share, 50 shares 2,040 2,316
AMERICA ONLINE INC DEL Common stock - $34.80 per share, 500 shares 25,111 17,400
AMGEN INC COM Common stock - $63.93 per share, 382 shares 24,969 24,421
APPLIED MICRO CIRCUITS Common stock - $75.04 per share, 50 shares 2,909 3,752
AT&T CORP Common stock - $17.25 per share, 1,175 shares 33,032 20,269
AVAYA INC Common stock- $10.31 per share, 8 shares 175 82
BOYKIN LODGING CO Common stock - $8.50 per share, 8,000 shares 85,672 68,000
BP PRUDHOE BAY RTY T UBI Common stock - $12.37 per share, 6,000 shares 73,557 74,220
BROADCOM CORP CALIF CL A Common stock - $84.00 per share, 50 shares 4,250 4,200
BROADVISION INC Common stock - $11.81 per share, 200 shares 7,812 2,362
CALPINE CORP Common stock - $45.06 per share, 50,735 shares 2,214,531 2,286,119
CIENA CORP Common stock - $81.18 per share, 165 shares 19,957 13,395
CISCO SYSTEMS INC Common stock - $38.25 per share, 1,170 shares 70,080 44,753
CITIGROUP INC Common stock - $51.06 per share, 1,266 shares 68,054 64,642
COCA COLA COM Common stock - $60.93 per share, 600 shares 36,825 36,562
COMMERCE ONE INC DEL Common stock - $25.31 per share, 79 shares 4,351 1,999
COMPUTER SCIENCE CRP Common stock - $60.12 per share, 800 shares 53,550 48,096
CORNING INC Common stock - $52.81 per share, 766 shares 58,143 40,452
DEL MONTE FOODS CO Common stock - $7.25 per share, 300 shares 2,062 2,175
DELL COMPUTER CORP Common stock - $17.43 per share, 950 shares 24,939 16,559
DU PONT E I DE NEMOURS Common stock - $48.31 per share, 375 shares 16,312 18,116
DYNEGY INC NEW ILL CL A Common stock - $56.06 per share, 45 shares 2,086 2,523
E M C CORPORATION MASS Common stock - $66.50 per share, 415 shares 37,064 27,598
EL PASO ENERGY CORP Common stock - $71.62 per share, 1,010 shares 57,153 72,336
ELCTR DATA SYS CORP NEW Common stock - $57.75 per share, 520 shares 24,960 30,030
EMERSON ELEC CO Common stock - $78.81 per share, 540 shares 36,551 42,557
ENRON CORP OREGON Common stock - $83.12 per share, 310 shares 25,019 25,767
EXXON MOBIL CORP Common stock - $86.93 per share, 455 shares 37,167 39,553
FAIRCHILD SEMICNDCT CL A Common stock - $14.43 per share, 1,200 shares 34,900 17,316
GENERAL ELECTRIC Common stock - $47.93 per share, 100 shares 5,925 4,793
GRANT PRIDECO INC Common stock - $21.93 per share, 5,000 shares 85,570 109,650
HEWLETT PACKARD CO Common stock - $31.56 per share, 100 shares 5,383 3,156
9
THE AES CORPORATION PROFIT SHARING AND STOCK OWNERSHIP PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 2000
------------------------------------------------------------------------------------------------------------------------------------
(a) (b) (c) (d) (e)
DESCRIPTION OF INVESTMENT
IDENTITY OF ISSUER, INCLUDING MATURITY DATE, RATE
BORROWER, LESSOR, OR OF INTEREST, COLLATERAL, PAR, CURRENT
SIMILAR PARTY OR MATURITY VALUE COST VALUE
HOME DEPOT INC Common stock - $45.68 per share, 800 shares 34,187 36,544
INFOSPACE INC Common stock - $8.84 per share, 100 shares 2,315 884
INKTOMI CORP Common stock - $17.87 per share, 200 shares 23,181 3,574
INTERNET CAP GROUP INC. Common stock - $3.28 per share, 5,500 shares 181,887 18,040
INTL RECTIFIER CORP Common stock - $30.00 per share, 290 shares 18,234 8,700
IXYS CORP Common stock - $14.62 per share, 249 shares 9,310 3,640
JDS UNIPHASE CORP Common stock - $41.68 per share, 774 shares 66,465 32,260
KANEB PLN PRT SR PRF L P Common stock - $30.81 per share, 3,000 shares 84,522 92,430
KLA TENCOR CORP Common stock - $33.68 per share, 1,100 shares 53,862 37,048
KONINKL PHIL E NY SH NEW Common stock - $36.25 per share, 97 shares 4,993 3,516
LSI LOGIC CORP Common stock - $17.09 per share, 980 shares 38,220 16,748
LUCENT TECHNOLOGIES INC Common stock - $13.50 per share, 300 shares 7,631 4,050
M&A WEST INC Common stock - $.28 per share, 3,000 shares 22,500 840
METLIFE INC Common stock - $35.00 per share, 3,000 shares 76,611 105,000
MOTOROLA INC Common stock - $20.25 per share, 556 shares 16,085 11,259
MRV COMMUNICATIONS INC Common stock - $13.37 per share, 200 shares 7,700 2,674
NETWORK APPLIANCE INC Common stock - $64.18 per share, 43 shares 3,370 2,760
NEWS CORP LTD Common stock - $32.25 per share, 555 shares 24,940 17,899
NOKIA CORP Common stock - $43.50 per share, 1,325 shares 56,856 57,638
NORTEL NETWORKS CORP NEW Common stock - $32.06 per share, 1,160 shares 55,000 37,190
NRG ENERGY INC DEL Common stock - $27.81 per share, 150 shares 3,973 4,172
NU SKIN ENTERPRS A Common stock - $5.31 per share, 200 shares 1,262 1,062
ORACLE CORP Common stock - $29.06 per share, 1,684 shares 49,936 48,937
OUTBACK STEAKHOUSE INC Common stock - $25.87 per share, 100 shares 2,500 2,587
PACIFIC SUNWEAR CAL INC Common stock - $25.62 per share, 4,900 shares 83,858 125,538
PENN RL EST INV TR Common stock - $19.12 per share, 5,000 shares 88,100 95,600
PFIZER INC DEL Common stock - $46.00 per share, 1,656 shares 71,996 76,581
PHILIP MORRIS COS INC Common stock - $44.00 per share, 200 shares 7,862 8,800
PMC SIERRA INC Common stock - $78.62 per share, 50 shares 3,706 3,931
RELIANT ENERGY INC TEXAS Common stock- $43.31 per share, 50 shares 1,903 2,166
SERVICEMASTER COMPANY Common stock - $11.50 per share, 300 shares 2,831 3,450
SONY CORP ADR Common stock - $69.50 per share, 380 shares 37,430 26,410
SOVRAN SELF STORAGE INC Common stock - $19.87 per share, 4,000 shares 80,028 79,480
SYCAMORE NETWORKS INC Common stock - $37.25 per share, 100 shares 14,725 3,725
TEXAS INSTRUMENTS Common stock - $47.37 per share, 1,673 shares 85,938 79,250
UNISYS CORP Common stock - $14.62 per share, 200 shares 2,225 2,924
UNITED PARCEL SVC CL B Common stock - $58.75 per share, 80 shares 4,695 4,700
USA BIOMASS CORP Common stock - $.56 per share, 750 shares 1,810 420
VIACOM INC CL B Common stock - $46.75 per share, 100 shares 5,462 4,675
10
THE AES CORPORATION PROFIT SHARING AND STOCK OWNERSHIP PLAN
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 2000
------------------------------------------------------------------------------------------------------------------------------------
(a) (b) (c) (d) (e)
DESCRIPTION OF INVESTMENT
IDENTITY OF ISSUER, INCLUDING MATURITY DATE, RATE
BORROWER, LESSOR, OR OF INTEREST, COLLATERAL, PAR, CURRENT
SIMILAR PARTY OR MATURITY VALUE COST VALUE
VITESSE SEMICONDCTR CORP Common stock - $55.31 per share, 50 shares 2,856 2,766
WAL MART STORES INC Common stock - $53.12 per share, 530 shares 24,973 28,154
WARNACO GROUP INC CL A Common stock - $1.68 per share, 300 shares 1,575 504
WELLS FARGO & CO NEW DEL Common stock - $55.68 per share, 542 shares 24,959 30,179
WILLIAMS COMPANIES DEL Common stock - $39.93 per share, 690 shares 29,743 27,552
WORLDCOM INC NEW GA Common stock - $14.06 per share, 200 shares 3,312 2,812
XEROX CORP Common stock - $4.62 per share, 1,300 shares 11,668 6,006
XILINX INC Common stock - $46.12 per share, 613 shares 40,326 28,272
* MERRILL LYNCH Retirement Preservation Trust Fund - 24,367,278 shares 24,367,278 24,367,278
* MERRILL LYNCH Growth Fund - 400,186 shares 9,128,377 8,319,863
* MERRILL LYNCH Global Allocation Fund - 251,521 shares 3,494,553 3,299,953
* MERRILL LYNCH US Govt Mortgage Fund - 254,939 shares 2,456,380 2,480,554
* MERRILL LYNCH Capital Fund - 85,734 shares 2,764,293 2,603,748
* MERRILL LYNCH Basic Value Fund - 204,732 shares 6,946,258 6,719,297
* MERRILL LYNCH Equity Index Trust Fund - 61,381 shares 5,623,361 5,632,913
* MERRILL LYNCH Debt Strategy Fund - 24,689 shares 181,024 158,935
MERCURY Hotchkis & Wiley International Fund - 40,009 shares 1,031,618 983,431
PIMCO Total Return Fund - 123,136 shares 1,255,757 1,279,379
ALLIANCE Quasar Fund - 54,800 shares 1,509,758 1,289,438
AIM Constellation Fund - 392 shares 17,289 11,356
AIM European Devlpmnt Fund - 959 shares 24,972 22,053
ALLIANCE Premier Growth Fund - 517 shares 19,895 13,819
ALLIANCE Technology Fund - 80 shares 11,777 7,275
EATON VANCE Utilities Fund - 2,316 shares 25,599 23,279
EV Worldwide Health Sciences Fund - 998 shares 11,817 11,608
11
EVERGREEN Omega Fund - 495 shares 19,406 13,618
FRNKLIN Sm Cap Gr Fund - 399 shares 20,156 15,721
ING Pilgrim Worldwide Grth Fund - 427 shares 12,939 9,896
MFS Utilities Fund - 1,880 shares 24,869 22,320
OPPENHEIMER Global Growth & Income Fund - 811 shares 25,645 21,950
OPPENHEIMER Intl Sml Company Fund - 892 shares 13,104 8,678
OPPENHEIMER Mid Cap Fund - 417 shares 14,966 9,758
PHOENIX - ENGEMANN Nifty Fifty Fund - 452 shares 20,895 14,063
PHOENIX - ENGEMANN Small & Mid Cap Gr Fund - 397 shares 19,965 15,099
SELIGMAN Communications & Information Fund - 275 shares 12,016 6,971
VAN KAPMEN Emerging Growth Fund - 235 shares 22,805 14,763
* Participant loans
(Interest 6.5 % - 12%) -
4,225,453 4,225,453
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TOTAL $ 136,779,651 $ 487,946,956
------------- -------------
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(*) Transactions in these investments are considered to be
party-in-interest transactions under Department of Labor regulations.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this annual report to be signed on its behalf by
the undersigned thereunto duly authorized.
THE AES CORPORATION
By: /s/ BARRY J. SHARP
-----------------------------
Barry J. Sharp
Executive Vice President and
Chief Financial Officer
Date: June 22, 2001
13
EXHIBIT INDEX
EXHIBIT 23.1 PAGE
Independent Auditors' Consent 15
14