SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
/X/ ANNUAL REPORT PURSUANT TO SECTION 15d OF THE SECURITIES EXCHANGE ACT OF
1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2000
/ / TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM ___________ TO _____________
COMMISSION FILE NUMBER 0-11757
A. FULL TITLE OF THE PLAN AND THE ADDRESS OF THE PLAN, IF DIFFERENT FROM
THAT OF THE ISSUER NAMED BELOW:
J.B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
615 J.B. HUNT CORPORATE DRIVE
LOWELL, ARKANSAS 72745
B. NAMER OF ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN AND THE
ADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICE:
J.B. HUNT TRANSPORT SERVICES, INC.
615 J.B. HUNT CORPORATE DRIVE
LOWELL, ARKANSAS 72745
(501) 820-0000
REQUIRED INFORMATION
The following financial statements prepared in accordance with the
financial reporting requirements of ERISA and exhibits are filed for the J.B.
Hunt Transport Services, Inc. Employee Retirement Plan:
FINANCIAL STATEMENTS AND SCHEDULES
Independent Auditors' Report
Statements of Net Assets Available for Benefits, December 31, 2000, and 1999
Statements of Changes in Net Assets Available for Benefits, Years Ended
December 31, 2000, and 1999
Notes to Financial Statements, December 31, 2000, and 1999
Schedule H, line 4; - Schedule of Assets (Held at End of Year ), December 31,
2000
EXHIBIT
23 - Independent Auditors' Consent
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
J.B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
DATE: JUNE 28, 2001 BY: /s/ Jerry W. Walton
-------------------------- ----------------------------------
Jerry W. Walton
Executive Vice President Finance &
Administration
Chief Financial Officer of J.B.
Hunt Transport Services, Inc.
Administrator of the Retirement
Plan and member of Retirement Plan
Investment Committee
J.B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
Financial Statements and Schedules
December 31, 2000 and 1999
(With Independent Auditors' Report Thereon)
J.B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
TABLE OF CONTENTS
PAGE
Independent Auditors' Report 1
Statements of Net Assets Available for Benefits - December 31, 2000 and 1999 2
Statements of Changes in Net Assets Available for Benefits - Years ended
December 31, 2000 and 1999 3
Notes to Financial Statements 4
Schedule H, line 4; - Schedule of Assets (Held at End of Year ) December 31, 2000 12
INDEPENDENT AUDITORS' REPORT
The Board of Trustees
J.B. Hunt Transport Services, Inc.
Employee Retirement Plan:
We have audited the accompanying statements of net assets available for
benefits of J.B. Hunt Transport Services, Inc. Employee Retirement Plan
("Plan") as of December 31, 2000 and 1999, and the related statements of
changes in net assets available for benefits for the years then ended. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by 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, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of J.B. Hunt
Transport Services, Inc. Employee Retirement Plan as of December 31, 2000 and
1999, and the changes in net assets available for benefits for the years then
ended in conformity with accounting principles generally accepted in the
United States of America.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule 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 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 in relation to the basic financial statements taken as
a whole.
/s/ KPMG LLP
Tulsa, Oklahoma
May 25, 2001
J.B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
Statements of Net Assets Available for Benefits
December 31, 2000 and 1999
2000 1999
------------ ------------
ASSETS
Investments, at fair value (note 3):
Guaranteed interest account $ 45,768,946 42,507,864
Mutual funds 111,209,367 104,159,338
Common stock - J.B. Hunt Transport Services, Inc. 24,603,873 18,676,591
Participant notes receivable 16,973,728 14,980,629
------------ ------------
Total investments 198,555,914 180,324,422
------------ ------------
Receivables:
Contributions:
Employer 159,765 108,012
Employee 544,227 398,584
Accrued investment income 23,710 16,123
------------ ------------
Total receivables 727,702 522,719
------------ ------------
Total assets 199,283,616 180,847,141
------------ ------------
LIABILITIES
Corrective distributions payable to participants (note 6) - 46,020
------------ ------------
Net assets available for benefits $199,283,616 180,801,121
============ ============
See accompanying notes to financial statements.
2
J.B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
Statements of Changes in Net Assets Available for Benefits
Years ended December 31, 2000 and 1999
2000 1999
-------------- --------------
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value of investments
(note 3) $ (2,593,450) 9,456,167
Interest and dividends 5,181,750 5,075,420
-------------- --------------
2,588,300 14,531,587
-------------- --------------
Contributions:
Employer, net of forfeitures 6,661,101 7,399,667
Participants 31,032,687 29,705,941
Transfers from other plans 2,118,006 1,777,026
-------------- --------------
39,811,794 38,882,634
-------------- --------------
Total additions 42,400,094 53,414,221
-------------- --------------
Deductions from net assets attributed to:
Benefits paid to participants 15,302,315 10,032,060
Administrative expenses 20,605 1,665
Transfers to other plans 8,594,679 6,360,044
-------------- --------------
Total deductions 23,917,599 16,393,769
-------------- --------------
Increase in net assets available for benefits 18,482,495 37,020,452
Net assets available for benefits:
Beginning of year 180,801,121 143,780,669
-------------- --------------
End of year $ 199,283,616 180,801,121
============== ==============
See accompanying notes to financial statements.
3
J.B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
Notes to Financial Statements
December 31, 2000 and 1999
(1) DESCRIPTION OF PLAN
The following brief description of the J.B. Hunt Transport Services, Inc.
(the "Company" or "Employer") Employee Retirement Plan (the "Plan") is
provided for general information purposes only. Participants should refer
to the Plan agreement for a more complete description of the Plan's
provisions.
(a) GENERAL
The purpose of the Plan is to provide additional incentive and
retirement security for eligible employees of the Company by
permitting contributions to the Plan that are tax deferred under
Section 401(k) of the Internal Revenue Code. The Plan covers all
participants from a prior plan as of December 31, 1994, and each
current employee of the Company as of the first day of the payroll
period coincident with or immediately following the date of
employment. The Plan is subject to the provisions of the Employee
Retirement Income Security Act of 1974 ("ERISA"). At December 31,
2000, the Plan had 15,923 eligible participants, of which 8,421
were active.
(b) CONTRIBUTIONS
Each year, participants may defer up to 16% of pretax annual
compensation, as defined in the Plan agreement (not to exceed
limits determined under Section 415(c) of the Internal Revenue
Code). Employer matching contributions are as follows:
PARTICIPANTS' SALARY EMPLOYER
REDUCTION CONTRIBUTION MATCHING
---------------------- --------
1% .5%
2% 1%
3% 1.5%
4% 2%
5% 2.5%
6% - 16% 3%
Additional amounts may be contributed at the option of the
Company's Board of Directors. No such additional amounts were
contributed in 2000 or 1999.
(c) PARTICIPANT'S ACCOUNTS
Each participant's account is credited with the participant's
contribution and allocations of (a) the Company's contribution and
(b) Plan earnings. Forfeited balances of terminated participants'
nonvested accounts are used to reduce future Company
contributions. Forfeitures for the years ended December 31, 2000
and 1999, amounted to approximately $1,964,000 and $459,000,
respectively.
4 (Continued)
J.B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
Notes to Financial Statements
December 31, 2000 and 1999
(d) VESTING
Participants are immediately vested in their contributions plus
actual earnings thereon. Vesting in the Company's matching and
discretionary contribution portion of their accounts plus actual
earnings thereon is based on years of service. Upon a
participant's normal retirement, disability or death, he or she
becomes fully vested in the Plan. If a participant terminates
employment for any other reason on or after being credited with at
least five years of vesting service, he or she becomes fully
vested in the Plan. Prior to the completion of five years of
vesting service, the vesting percentages are as follows: 0 - 3
years - 0%; 3 - 4 years - 50%; 4 - 5 years - 75%.
(e) INVESTMENT OPTIONS
Upon enrollment in the Plan, a participant may direct employee
contributions in any of the following investment options:
- Guaranteed Interest Account - A group annuity insurance
product issued by Prudential Insurance Company of America
("Prudential"). Contributions are invested in fixed income
securities having short to intermediate maturities with the
objective of providing stable, competitive interest rates
based on current market conditions. A current interest rate is
declared on each successive calendar quarter. That announced
rate stays in effect through the end of the following calendar
year for contributions received during that calendar quarter.
The guaranteed rates for 2000 ranged from 6.1% to 6.5%.
- J.B. Hunt Company Stock Fund - Contributions are invested
exclusively in Company common stock.
- Mutual Funds
a. Longleaf Partners Fund - Southeastern Asset Management
("SAM") is the fund manager and invests in common stocks
of a limited number of companies which SAM believes to
have unrecognized intrinsic value with the objective of
providing long-term capital appreciation.
b. Prudential Active Balanced Fund - Jennison Associates
Capital Corp. ("Jennison") is the fund manager and
invests in a mix of equity securities, investment grade
income securities and money market instruments with the
objective of providing total returns approaching those
of an equity portfolio but with less risk.
c. Prudential International Stock Fund - Mercator Asset
Management, L.P. ("Mercator") is the fund manager and
invests in equity securities of companies that are
incorporated, organized, or that do business outside of
the United States with the objective of providing
long-term growth of capital.
5 (Continued)
J.B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
Notes to Financial Statements
December 31, 2000 and 1999
d. Prudential Money Mart Assets - Prudential Management
Fund, Inc. ("PMF") is the fund manager and invests in
U.S. Government and agency obligations, bank
certificates of deposit and commercial paper with the
objective of providing maximum current income consistent
with stability of capital and the maintenance of
liquidity.
e. Prudential Government Income Fund - PMF is the fund
manager and invests in intermediate and long-term U.S.
Government and agency obligations with the objective of
providing high current income.
f. Prudential Jennison Growth Fund - PMF is the fund
manager and invests in equity securities of companies
that exceed $1 billion in market capitalization with the
objective of providing long-term growth of capital.
Jennison furnishes investment advisory services under a
Subadvisory Agreement with PMF.
g. Putnam New Opportunities Fund - Putman Investment
Management, Inc. is the fund manager and invests in debt
and equity securities with the objective of providing
long-term capital appreciation.
h. Prudential Stock Index Fund - Prudential Diversified
Investment Strategies ("PDIS") is the fund manager and
invests in a broad mix of equity securities that provide
investment results that correspond to the price and
yield performance of the Standard & Poor's 500 Composite
Price Index.
(f) PARTICIPANT NOTES RECEIVABLE
Participants may borrow from their fund accounts a minimum of
$1,000 up to a maximum equal to the lesser of $50,000 or 50
percent of their vested account balance. Loan terms range from 1 -
5 years or up to 20 years for the purchase of a primary residence.
The loans are secured by the balance in the participant's account
and bear interest at the prime rate, as shown in the Wall Street
Journal, plus one percent, (10.5% at December 31, 2000). Principal
and interest is paid ratably through monthly payroll deductions.
(g) TRANSFERS TO AND FROM OTHER PLANS
During the years ended December 31, 2000 and 1999, respectively,
the Plan transferred certain net assets to other plans in
connection with participants who have terminated employment and
began participating in other employer plans. Such transfers are
recorded at the fair value of the assets on the date transferred.
Similarly, the Plan allows new employees to rollover or
transfer-in assets held in other qualified plans. Such transfers
are also recorded at fair value.
6 (Continued)
J.B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
Notes to Financial Statements
December 31, 2000 and 1999
(h) PAYMENT OF BENEFITS
On termination of service due to normal retirement, disability or
death, a participant will receive a lump-sum amount in cash equal
to the value of the participant's vested interest in his or her
account.
At December 31, 2000 and 1999, approximately $23,239,000 and
$22,519,000, respectively, of the net assets available for
benefits as shown on the statements of net assets available for
benefits are allocated to accounts of terminated employees who
have withdrawn from participation in the Plan.
(i) ADMINISTRATIVE EXPENSES
The Company may elect to pay all administrative expenses of the
Plan. Administrative expenses not paid by the Company are paid
from Plan assets. All administrative expenses were paid by the
Company in 1999 except for the 1999 audit fees which were paid by
the plan in 2000.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) BASIS OF PRESENTATION
The accompanying financial statements of the Plan are prepared
under the accrual method of accounting.
(b) INVESTMENT VALUATION
The Plan's investments are valued at fair value on December 31,
2000 and 1999. Purchases and sales of securities are recorded on a
trade-date basis. The fair value for shares of the Guaranteed
Interest Account is determined based on a comparison of the
quarterly guaranteed interest rates to the interest rate being
offered in the current quarter. Shares of mutual funds are valued
at quoted market prices which represent the net asset value of
shares held by the Plan at year-end. Shares of Company common
stock are valued at quoted market prices. Net appreciation in fair
value of investments represents increases or decreases in value
resulting from realized and unrealized gains and losses.
Participant notes receivable are carried at the unpaid principal
balance which approximates fair value. The cost of securities sold
is determined by the weighted average cost method.
(c) PAYMENT OF BENEFITS
Benefits are recorded when paid. Defaults on participant notes
receivable are recorded as benefits paid.
7 (Continued)
J.B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
Notes to Financial Statements
December 31, 2000 and 1999
(d) USE OF ESTIMATES
Management of the Plan has made and used estimates and assumptions
relating to the reporting of assets and liabilities and additions
and deductions to prepare these financial statements in conformity
with generally accepted accounting principles. Actual results
could differ from those estimates.
(e) CONCENTRATION OF CREDIT RISK
Financial instruments which potentially subject the Plan to
concentrations of credit risk consist of cash, participant loans,
corporate bonds, commercial paper, government bonds and fixed
income securities. Such credit risk is considered by management to
be limited due to the diversity of investments and the financial
stability of the institutions. Generally, the Plan does not
require collateral with respect to its investments.
(f) NEW ACCOUNTING PRONOUNCEMENTS
In June 1998, the Financial Accounting Standards Board issued
SFAS No. 133, "Accounting for Derivative Instruments and Hedging
Activities" ("SFAS No. 133"). SFAS No. 133 requires that an entity
recognize all derivatives and measure those instruments at fair
value.
SFAS No. 133 is effetive for fiscal years beginning after June 15,
2000. Pursuant to SFAS No. 137, the Plan is required to adopt SFAS
No. 133 effective January 1, 2001. Management has determined that
the impact of SFAS No. 133 on the Plan financial statements would
be immaterial.
8 (Continued)
J.B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
Notes to Financial Statements
December 31, 2000 and 1999
(3) INVESTMENTS
The following table presents the fair value of investments. Investments
representing 5% or more of the Plan's net assets are separately
identified:
DECEMBER 31
---------------------------------------------------------------
2000 1999
----------------------------- -----------------------------
NUMBER OF NUMBER OF
SHARES OR FAIR SHARES OR FAIR
UNITS VALUE UNITS VALUE
------------ ------------ ------------ ------------
Guaranteed Interest Account 45,768,946 $ 45,768,946 42,507,864 $ 42,507,864
============ ------------ ============ ------------
Mutual funds:
Putnam New Opportunities 185,843 10,894,096 93,042 8,463,123
Longleaf Partners Fund 1,061,650 24,110,075 1,063,185 21,784,661
Jennison Growth Fund 1,574,710 28,691,220 1,273,543 31,469,270
Active Balanced Fund 928,902 11,685,588 836,424 11,166,261
International Stock Fund 571,329 12,826,326 505,485 12,303,506
Other 7,588,205 23,002,062 5,763,822 18,972,517
============ ------------ ============ ------------
111,209,367 104,159,338
------------ ------------
Common stock - J.B. Hunt
Transport Services, Inc. 1,463,471 24,603,873 1,349,172 18,676,591
Participant notes receivable - 16,973,728 - 14,980,629
============ ------------ ============ ------------
Total $198,555,914 $180,324,422
============ ============
During 2000 and 1999, the Plan's investments (including investments
bought, sold, and held during the year) appreciated (depreciated) in
value as follows:
DECEMBER 31
------------------------------
2000 1999
------------ ------------
Mutual funds $ (7,464,326) 16,926,003
Common stock 4,870,876 (7,469,836)
------------ ------------
$ (2,593,450) 9,456,167
============ ============
(4) PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the
right under the Plan to discontinue its contributions at any time and to
terminate the Plan subject to the provisions of ERISA. In the event of
Plan termination, participants will become 100 percent vested in their
accounts.
9 (Continued)
J.B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
Notes to Financial Statements
December 31, 2000 and 1999
(5) RELATED PARTY TRANSACTIONS
The Plan's guaranteed interest account is issued by Prudential.
Additionally, certain plan investments are shares of mutual funds managed
by Prudential affiliates, PMF and PDIS. Prudential Defined Contribution
Services, Inc. performs recordkeeping responsibilities for the Plan and
Prudential Trust Company is the Plan trustee.
(6) FEDERAL INCOME TAXES
The Internal Revenue Service has determined and informed the Company by
letter dated December 4, 1995, that the Plan and related trust are
designed in accordance with applicable sections of the Internal Revenue
Code ("IRC"). The Plan administrator believes that the Plan is currently
being operated in compliance with the applicable requirements of the IRC.
The Plan qualifies as a salary reduction plan under Section 401(k) of the
Internal Revenue Code. Accordingly, employer contributions and
allocations to participants' accounts of investment earnings are not
taxable to participants when made or when credited to the participants'
accounts. However, participant distributions are subject to ordinary
income taxes and may be subject to an additional 10% penalty tax.
Discrimination tests for Plan year 2000, as described in Treasury
Regulations Section 1.401, have been completed subsequent to December 31,
2000. As a result, no corrective distributions are required to be made to
maintain the Plan's qualification under Section 401(a) and exemption from
Federal income taxes under Section 501(a).
Discrimination tests for Plan year 1999, as previously described, were
completed subsequent to December 31, 1999. As a result, approximately
$46,000 of corrective distributions were made to maintain the Plan's
qualification under Section 401(a) and exemption from Federal income
taxes under Section 501(a).
(7) SUBSEQUENT EVENT
Effective July 1, 2001, Merrill Lynch will be providing recordkeeping and
investment services for the Plan. With this change the following new
investment options will be available for participants:
MERRILL LYNCH RETIREMENT PRESERVATION TRUST which seeks to provide
preservation of participants' investments, liquidity and current
income that is typically higher than money market funds.
MERRILL LYNCH U. S. GOVERNMENT MORTGAGE FUND (CLASS A) seeks a
current return through investments in obligations of the U. S.
government and government agencies, including Government National
Mortgage Association (GNMA) mortgage-backed certificates and other
mortgage-backed government securities. The Fund may seek to enhance
its return through the use of certain portfolio strategies involving
options, and to hedge its portfolio through the use of options and
futures transactions.
10 (Continued)
J.B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
Notes to Financial Statements
December 31, 2000 and 1999
MERRILL LYNCH FUNDAMENTAL GROWTH FUND, INC. (CLASS A) seeks long-term
growth of capital by investing in a diversified portfolio of equity
securities, placing particular emphasis on companies that have
exhibited above-average growth rates in earnings resulting from a
variety of factors including, but not limited to, above-average
growth rates in sales, profit-margin improvement, proprietary or
niche products or services, leading market shares and underlying
strong industry growth. The Fund may invest in the securities of
foreign issuers, including American Depositary Receipts (ADRs),
European Depositary Receipts (EDRs) or others that can be converted
to foreign-issued securities.
VAN KAMPEN GROWTH AND INCOME FUND (CLASS A) seeks income and
long-term growth of capital by investing principally in
income-producing equity securities, including common stocks,
convertible securities, preferred stocks and debt securities rated at
the time of purchase investment grade.
ING PILGRIM INTERNATIONAL VALUE FUND (CLASS A) seeks long-term
capital appreciation by investing at least 65% of its assets in
equity securities of companies located in at least three foreign
countries. The Fund may invest up to 25% of its assets in foreign
small-capitalization companies, and up to 25% of its assets in
issuers located in emerging-market countries. The advisor selects
stocks that it judges to be selling at prices below the company's
intrinsic value.
MERRILL LYNCH S&P 500 INDEX FUND (CLASS A) seeks to provide
investment results that, before expenses, replicate the total return
of the Standard & Poor's 500 Composite Stock Price Index. The Index
is composed of the common stocks of 500 large-capitalization
companies within various industrial sectors, most of which are listed
on the New York stock Exchange.
J. B. HUNT TRANSPORT SERVICES, INC. - Contributions are invested
exclusively in Company common stock.
FRANKLIN BALANCE SHEET INVESTMENT FUND (CLASS A) seeks high total
return, of which capital appreciation and income are components by
investing primarily in equity and debt securities which, in the
opinion of Fund management, are undervalued in the marketplace and
are trading at low price to book value.
ING PILGRIM SMALL CAP OPPORTUNITIES FUND (CLASS A) seeks to provide
long-term capital appreciation by investing in equity securities of
primarily smaller, lesser known U. S. companies that the Fund manager
feels have above-average prospects for growth.
PIMCO TOTAL RETURN FUND (CLASS A) seeks to maximize total return,
consistent with preservation of capital and prudent investment
management.
Also effective July 1, 2001, the number of loans a participant may
have outstanding at one time is increasing from one to two.
11 (Continued)
SCHEDULE 1
J.B. HUNT TRANSPORT SERVICES, INC.
EMPLOYEE RETIREMENT PLAN
Schedule H, line 4; - Schedule of Assets (Held at End of Year)
December 31, 2000
UNITS
OR NUMBER CURRENT
ISSUER OR BORROWER DESCRIPTION OF SHARES COST VALUE
------------------------------ -------------------------------- ----------- ---------------- --------------
* The Prudential Insurance Guaranteed Interest Account 45,768,946 $ 45,768,946 45,768,946
Company of America
Mutual funds:
Longleaf Partners Funds Longleaf Partners Fund 1,061,650 23,673,579 24,110,075
Putnam Investment Putnam New Opportunities
Management Inc. Fund 185,843 14,129,964 10,894,096
* Prudential Mutual Funds Stock Index Fund 336,667 10,637,964 9,908,358
Jennison Growth Fund 1,574,710 29,196,542 28,691,220
Active Balanced Fund 928,902 12,013,080 11,685,588
International Stock Fund 571,329 11,297,784 12,826,326
Money Mart Assets 6,504,458 6,504,458 6,504,458
Government Income Fund 747,080 6,507,238 6,589,246
* J.B. Hunt Transport Common stock - J.B. Hunt
Services, Inc. Transport Services, Inc. 1,463,471 23,627,785 24,603,873
Participant notes receivable
8.75%- 10.50% -- 16,973,728
------------ ------------
$183,357,340 198,555,914
============ ============
* Parties-in-interest
See accompanying independent auditors' report.
12