Page(s)
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Report
of Independent Registered Public Accounting
Firm
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1
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Financial
Statements
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Statements
of Net Assets Available for
Benefits
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2
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Statement
of Changes in Net Assets Available for
Benefits
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3
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Notes
to the Financial
Statements
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4
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Supplemental
Schedule
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Schedule
H, line 4i – Schedule of Assets (Held at End of
Year)
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11
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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.
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Participant
Directed
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||||||||
2008
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2007
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|||||||
Investments,
at fair value (see Note 2)
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$ | 150,518,633 | $ | 196,504,274 | ||||
Participant
loans (see Note 1)
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3,425,176 | 3,833,609 | ||||||
153,943,809 | 200,337,883 | |||||||
Contributions
receivable -
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||||||||
Employer
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161,658 | 15,772 | ||||||
Net
assets available for benefits
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$ | 154,105,467 | $ | 200,353,655 |
Participant
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Directed
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||||
Income
(loss) from investment activities
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||||
Interest and
dividends
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$ | 6,190,263 | ||
Net depreciation in fair value
of investments
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(55,900,707 | ) | ||
Net investment
loss
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(49,710,444 | ) | ||
Cash
contributions
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||||
Employer
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3,340,512 | |||
Employee
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7,837,358 | |||
Total
contributions
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11,177,870 | |||
Net investment loss, net of
contributions
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(38,532,574 | ) | ||
Employee
distributions and withdrawals
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(7,695,609 | ) | ||
Administrative
fees
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(20,005 | ) | ||
Decrease in net assets
available for benefits
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(46,248,188 | ) | ||
Net
assets available for benefits, beginning of year
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200,353,655 | |||
Net
assets available for benefits, end of year
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$ | 154,105,467 |
1.
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Summary
of Significant Accounting Policies and Description of
Plan
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Years
of Vesting Service
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Vested
Percentage
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1
year or less
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0%
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2
years
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20%
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3
years
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40%
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4
years
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60%
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5
years
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80%
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6
years or more
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100%
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2.
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Investments
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Description
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2008
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2007
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Investments,
at fair value:
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Mutual Funds:
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*American Century Income &
Growth Fund
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$ | 18,843,367 | 29,526,327 | |||||
*JP Morgan Prime Money Market
Fund
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9,031,445 | 4,961,371 | ||||||
American Century GNMA
Fund
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- | 5,104,994 | ||||||
*Dodge & Cox Balanced
Fund
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16,014,873 | 24,190,549 | ||||||
American Century Vista
Fund
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4,787,489 | 9,057,393 | ||||||
American Century Growth
Fund
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7,645,060 | 11,853,182 | ||||||
T. Rowe Price Income
Fund
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106,634 | 61,794 | ||||||
T. Rowe Price Retirement 2005
Index Fund
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37,974 | 52,350 | ||||||
T. Rowe Price Retirement 2010
Index Fund
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499,768 | 886,329 | ||||||
T. Rowe Price Retirement 2015
Index Fund
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1,108,754 | 1,283,823 | ||||||
T. Rowe Price Retirement 2020
Index Fund
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1,608,915 | 2,145,990 | ||||||
T. Rowe Price Retirement 2025
Index Fund
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853,219 | 1,075,582 | ||||||
T. Rowe Price Retirement 2030
Index Fund
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851,144 | 956,924 | ||||||
T. Rowe Price Retirement 2035
Index Fund
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426,240 | 531,618 | ||||||
T. Rowe Price Retirement 2040
Index Fund
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454,558 | 396,004 | ||||||
T. Rowe Price Retirement 2045
Index Fund
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305,052 | 125,384 | ||||||
T. Rowe Price Retirement 2050
Index Fund
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118,918 | 37,581 | ||||||
T. Rowe Price Retirement 2055
Index Fund
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20,056 | 5,686 | ||||||
Frontegra Columbus Core
Plus
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5,166,899 | - | ||||||
CRM Mid Cap Value
Fund
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3,812,617 | 5,572,383 | ||||||
Morgan Stanley International
Equity Fund
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6,123,324 | 8,911,744 | ||||||
Total mutual
funds
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77,816,306 | 106,737,008 | ||||||
State Street Global Advisors
S&P 500 Fund – common collective trust
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5,613,898 | 9,453,438 | ||||||
Schwab Personal Choice Retirement
Account – participant directed brokerage
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1,957,297 | 2,361,721 | ||||||
*Cleco Corporation Common
Stock
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65,131,132 | 77,952,107 | ||||||
Total
investments, at fair value
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150,518,633 | 196,504,274 | ||||||
Participant
loans
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3,425,176 | 3,833,609 | ||||||
$ | 153,943,809 | 200,337,883 | ||||||
___________________________
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*Denotes
investment exceeds 5% of the net assets available for
benefits.
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Mutual
funds
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$ | (37,550,424 | ) | |
Cleco
Corporation common stock
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(14,098,977 | ) | ||
Common
collective trust
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(3,434,133 | ) | ||
Participant
directed brokerage
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(817,173 | ) | ||
Net
depreciation in fair value of investments
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$ | (55,900,707 | ) |
3.
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Fair
Value of Financial Instruments
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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
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Level
2 - Inputs to the valuation methodology
include
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·
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quoted
prices for similar assets or liabilities in active
markets;
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·
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quoted
prices for identical or similar assets or liabilities in inactive
markets;
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·
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inputs
other than quoted prices that are observable for the asset or
liability;
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·
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inputs
that are derived principally from or corroborated by observable market
data by correlation or other means;
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Level
3 - Inputs to the valuation methodology are unobservable and significant
to the fair value measurement.
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Assets
at Fair Value as of December 31, 2008
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Level
1
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Level
2
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Level
3
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Total
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Mutual
funds
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$ | 77,816,306 | $ | - | $ | - | $ | 77,816,306 | ||||||||
Common
collective trust
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- | 5,613,898 | - | 5,613,898 | ||||||||||||
Participant
directed brokerage
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- | 1,957,297 | - | 1,957,297 | ||||||||||||
Cleco
common stock
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65,131,132 | - | - | 65,131,132 | ||||||||||||
Participant
loans
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- | - | 3,425,176 | 3,425,176 | ||||||||||||
Total
assets at fair value
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$ | 142,947,438 | $ | 7,571,195 | $ | 3,425,176 | $ | 153,943,809 |
Level
3 Assets
Year
Ended December 31, 2008
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Participant
loans
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Balance,
beginning of year
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$
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3,833,609 | ||
Purchases,
sales, issuances, and settlements, net
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(408,433 | ) | ||
Balance,
end of year
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$
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3,425,176 |
5.
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Tax
Status
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6.
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Risks
and Uncertainties
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7.
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Subsequent
Event
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(a)
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(b)
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(c)
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(d)
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(e)
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Description
of investment, including
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Identity
of issuer, borrower,
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maturity
date, rate of interest,
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Current
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lessor
or similar party
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collateral
par, and maturity value
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Cost
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Value
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* |
American
Century Income & Growth Fund
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Mutual
fund
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$ | 18,843,367 | |||||
* |
JP
Morgan Prime Money Market Fund
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Mutual
fund
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9,031,445 | ||||||
Frontegra
Columbus Core Plus
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Mutual
fund
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5,166,899 | |||||||
Dodge
& Cox Balanced Fund
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Mutual
fund
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16,014,873 | |||||||
* |
American
Century Vista Fund
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Mutual
fund
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4,787,489 | ||||||
T.
Rowe Price Income Fund
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Mutual
fund
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106,634 | |||||||
T.
Rowe Retirement 2005 Index Fund
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Mutual
fund
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37,974 | |||||||
T.
Rowe Retirement 2010 Index Fund
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Mutual
fund
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499,768 | |||||||
T.
Rowe Retirement 2015 Index Fund
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Mutual
fund
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1,108,754 | |||||||
T.
Rowe Retirement 2020 Index Fund
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Mutual
fund
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1,608,915 | |||||||
T.
Rowe Retirement 2025 Index Fund
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Mutual
fund
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853,219 | |||||||
T.
Rowe Retirement 2030 Index Fund
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Mutual
fund
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851,144 | |||||||
T.
Rowe Retirement 2035 Index Fund
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Mutual
fund
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426,240 | |||||||
T.
Rowe Retirement 2040 Index Fund
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Mutual
fund
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454,558 | |||||||
T.
Rowe Retirement 2045 Index Fund
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Mutual
fund
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305,052 | |||||||
T.
Rowe Retirement 2050 Index Fund
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Mutual
fund
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118,918 | |||||||
T.
Rowe Retirement 2055 Index Fund
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Mutual
fund
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20,056 | |||||||
* |
American
Century Growth Fund
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Mutual
fund
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7,645,060 | ||||||
* |
CRM
Mid Cap Value Fund
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Mutual
fund
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3,812,617 | ||||||
* |
Morgan
Stanley International Equity Fund
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Mutual
fund
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6,123,324 | ||||||
Total mutual
funds
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$ | 77,816,306 | |||||||
* |
State
Street Global Advisors S&P 500 Fund
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Common
collective trust
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$ | 5,613,898 | |||||
Schwab Personal
Choice
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Retirement
Account
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Participant
directed brokerage
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$ | 1,957,297 | ||||||
* |
Cleco
Corporation
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Common
stock
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$ | 65,131,132 | |||||
* |
Participant
loans
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Participant
loan accounts with interest rates
ranging
from 6.00% to 10.25% and maturity
dates
ranging from 2009 to 2013
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$
-
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$ | 3,425,176 | ||||
Total Assets Held
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$ | 153,943,809 | |||||||
_______________________
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*Denotes
party-in-interest.
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CLECO
POWER LLC
401(k)
SAVINGS AND INVESTMENT PLAN
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Date: June
17, 2009
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By:
/s/ Darren J.
Olagues
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(Darren
J. Olagues, Chairman of the Retirement Committee
of Cleco Corporation, Plan Administrator) |
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Exhibit Number
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Description
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23
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Consent
of McElroy, Quirk & Burch (APC)
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