DREYFUS 100% U.S. TREASURY LONG TERM FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus 100% U.S.
Treasury Long-Term Fund. For its annual reporting period ended December 31,
1995, your Fund produced a total return of 24.91% per share.* Income
dividends of approximately $.96 per share were paid, which is equivalent to
an annualized distribution rate per share of 6.21%.** For the same period,
the Merrill Lynch Governments, U.S. Treasury, Long-Term (10 Years and Over)
Index posted a total return of 30.67%.***
THE ECONOMY
Modest economic growth and low inflation have spurred a dramatic,
year-long rally in the bond market. In December the Federal Reserve Board
reduced the Federal Funds rate (the rate at which the nation's banks borrow
money from each other) to 5.5%, the second reduction in 1995.
The economic recovery of the 1990s was productivity driven. Corporations
implemented extraordinary cost control measures that, while dramatically
improving bottom line earnings, now contribute to the slow rate of employment
growth. Job creation is a significant factor that affects overall consumer
spending, a major component of economic activity. The pace of new job
creation, currently running at its slowest since World War II, is worrisome.
Still, surveys indicate that consumers remain optimistic, despite indications
that their spending has been curtailed by the slow growth in disposable
income. Indeed, wages and salaries grew at under 3% over the past year,
barely keeping pace with inflation. A consumer-led weakening of the economy
could lead to further Federal Reserve easing of monetary policy.
It was the favorable low inflation environment that allowed the Federal
Reserve to ease the Federal Funds rate twice this year. The inflation outlook
can be easily seen in the retail sector, where consumers wait for deep
discounts before buying. The retail sales outlook is bleak at best; most
retailers have reported sales that were analogous to the weak 1991 season. A
possible reason for this disappointment is the high debt load that consumers
are carrying.
One bright area of the economy has been exports. Because of the new
competitiveness of American businesses abroad, the U.S. trade deficit
continues to shrink. Through September, the trade deficit with Japan narrowed
for the sixth consecutive month. Exports, while a relatively small component
of overall economic activity in this country, provide an important support
for the job market.
MARKET ENVIRONMENT
Bonds have enjoyed a dramatic bull market for the past 12 months. Current
business sluggishness may result in further easing of the Fed Funds rate,
particularly if the Clinton Administration and Congress can arrive at a
meaningful budget agreement. Of course, the prospect of a balanced Federal
budget should be beneficial to the bond market since it means a reduction in
the growth of government securities.
Overall, we remain confident in our optimistic view of the bond market.
Yet we are also cognizant of the stimulatory effect of easing monetary
policy, and are watchful for any signs of renewed inflationary pressures in
the economy.
THE PORTFOLIO
As you know from our previous letters, we were optimistic about the
potential for declining interest rates. We positioned the Fund accordingly by
extending the average maturity of the Fund. At one point the Fund had an
average maturity of over 24 years; currently it is at 12 years. Because this
Fund does not
use any derivatives or speculative trading techniques, the average maturity
of its holdings is critical to its overall performance.
Positioning the Fund at a 12-year average maturity, while not our most
bullish stance, is still bullish. Our optimism for lower rates is still
there, but we are cognizant that as rates move lower the stimulatory effect
will be seen in the economy at some point.
We still believe that monetary policy is restrictive, and that the
government shutdown and reduced spending will have a dragging effect on the
economy. One way to counter the effect is to ease monetary policy, and we
still believe the Fed will indeed ease it further.
The high level of volatility exhibited by the market in recent years
underscores the need to maintain a disciplined and long-term focus. Solid
market performance thus far in 1995 has rewarded the patient investor.
Our primary task - to earn a high level of current income to the extent
consistent with preservation of capital - continues to guide our portfolio
management decisions.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we greatly appreciate your continued confidence in the Fund
and in The Dreyfus Corporation.
Very truly yours,
[Gerald E. Thunelius signature logo]
Gerald E. Thunelius
Portfolio Manager
January 16, 1996
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains
paid.
**Annualized distribution rate per share is based upon dividends per share
paid from net investment income during the period, divided by the net asset
value per share at the end of the period.
*** Source: Merrill Lynch, Pierce, Fenner and Smith, Inc. - Unlike the
Fund, Merrill Lynch Governments, U.S. Treasury, Long-Term (10 Years and Over)
Index is an unmanaged index consisting solely of long-term Treasury
securities.
DREYFUS 100% U.S. TREASURY LONG TERM FUND DECEMBER 31, 1995
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS 100% U.S.
TREASURY LONG TERM FUND AND THE MERRILL LYNCH GOVERNMENTS, U.S. TREASURY,
LONG-TERM (10 YEARS AND OVER) INDEX
[Exhibit A
Dollars
$24,310
Merrill Lynch
Governments,
U.S. Treasury,
Long-Term (10 Years
and Over) Index*
$21,627
Dreyfus 100%
U.S. Treasury
Long Term Fund
*Source: Merrill Lynch, Pierce, Fenner and Smith Inc.]
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
<S> <C> <C>
ONE YEAR ENDED FIVE YEARS ENDED FROM INCEPTION (3/27/87)
DECEMBER 31, 1995 DECEMBER 31, 1995 TO DECEMBER 31, 1995
___________ ___________ ______________
24.91% 10.94% 9.20%
</TABLE>
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Dreyfus 100% U.S.
Treasury Long Term Fund on 3/27/87 (Inception Date) to a $10,000 investment
made in the Merrill Lynch Governments, U.S. Treasury, Long-Term (10 Years and
Over) Index on that date. For comparative purposes, the value of the Index on
3/31/87 is used as the beginning value on 3/27/87. All dividends and capital
gain distributions are reinvested.
The Fund invests exclusively in U.S. Treasury securities. The Fund's
portfolio of U.S. Treasury securities will, under normal market conditions,
have a dollar-weighted average maturity of greater than 10 years. The Fund's
performance shown in the line graph takes into account fees and expenses.
Unlike the Fund, the Merrill Lynch Governments, U.S. Treasury, Long-Term (10
Years and Over) Index is an unmanaged performance benchmark for Treasury
securities with maturities of 10 years and over. The Index does not take into
account charges, fees and other expenses. In past reports, the Fund has
misidentified this Index as the Merrill Lynch Treasury Master Index -
Long-Term. Further information relating to Fund performance, including
expense reimbursements, if applicable, is contained in the Financial
Highlights section of the Prospectus and elsewhere in this report.
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1995
PRINCIPAL
BONDS AND NOTES-94.6% AMOUNT VALUE
_______ _______
<S> <C> <C>
U.S. TREASURY BONDS-62.9%
10 3/4%, 5/15/2003...................................................... $ 10,000,000 $ 13,120,310
11 1/8%, 8/15/2003...................................................... 10,000,000 13,424,220
11 5/8%, 11/15/2004..................................................... 1,500,000 2,123,907
12 3/4%, 11/15/2010..................................................... 5,000,000 7,624,220
12 1/2%, 8/15/2014...................................................... 15,750,000 25,451,023
10 5/8%, 8/15/2015...................................................... 6,400,000 9,800,998
9 1/4%, 2/15/2016....................................................... 8,000,000 10,998,752
6 7/8%, 8/15/2025....................................................... 8,500,000 9,587,737
_______
92,131,167
_______
U.S. TREASURY NOTES-29.8%
9 1/8%, 5/15/1999....................................................... 5,000,000 5,581,250
7 3/4%, 11/30/1999...................................................... 1,050,000 1,138,266
7 3/4%, 12/31/1999...................................................... 15,000,000 16,284,375
8 7/8%, 5/15/2000....................................................... 13,700,000 15,558,063
5 3/4%, 10/31/2000...................................................... 5,000,000 5,075,780
_______
43,637,734
_______
U.S. TREASURY COUPON STRIPS-1.9%
Zero Coupon, 2/15/2017.................................................. 10,000,000 2,700,950
_______
TOTAL BONDS AND NOTES
(cost $134,931,498)..................................................... $138,469,851
=======
SHORT-TERM INVESTMENTS-3.0%
U.S. TREASURY BILLS:
4.70%, 2/8/1996......................................................... $ 439,000 $ 436,695
4.91%, 5/23/1996........................................................ 3,920,000 3,841,914
5.13%, 6/13/1996........................................................ 174,000 170,031
_______
TOTAL SHORT-TERM INVESTMENTS
(cost $4,450,301)....................................................... $ 4,448,640
========
TOTAL INVESTMENTS
(cost $139,381,799)..................................................... 97.6% $142,918,491
=== ========
CASH AND RECEIVABLES (NET).................................................. 2.4% $3,526,793
=== ========
NET ASSETS.................................................................. 100.0% $146,445,284
=== ========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1995
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $139,381,799)-see statement..................................... $142,918,491
Cash.................................................................... 621,116
Interest receivable..................................................... 3,020,998
Receivable for shares of Beneficial Interest subscribed................. 27,388
Prepaid expenses........................................................ 8,990
_______
146,596,983
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $51,544
Payable for shares of Beneficial Interest redeemed...................... 35,880
Accrued expenses........................................................ 64,275 151,699
_____ _____
NET ASSETS.................................................................. $146,445,284
========
REPRESENTED BY:
Paid-in capital......................................................... $154,648,915
Accumulated undistributed investment income-net......................... 51,396
Accumulated net realized (loss) on investments.......................... (11,791,719)
Accumulated net unrealized appreciation on investments-Note 3........... 3,536,692
_______
NET ASSETS at value applicable to 9,444,332 shares outstanding
(unlimited number of $.001 par value shares
of Beneficial Interest authorized)...................................... $146,445,284
========
NET ASSET VALUE, offering and redemption price per share
($146,445,284 / 9,444,332 shares)....................................... $15.51
========
See notes to financial statements.
</TABLE>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1995
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $10,107,829
EXPENSES:
Management fee-Note 2(a).............................................. $ 802,498
Shareholder servicing costs-Note 2(b)................................. 292,445
Registration fees..................................................... 39,683
Trustees' fees and expenses-Note 2(c)................................. 37,214
Professional fees..................................................... 34,914
Custodian fees........................................................ 19,622
Miscellaneous......................................................... 4,853
______
TOTAL EXPENSES.................................................... 1,231,229
Less-reduction in management fee due to undertaking-Note 2(a)......... 68,081
______
NET EXPENSES...................................................... 1,163,148
______
INVESTMENT INCOME-NET............................................. 8,944,681
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments-Note 3................................. $13,759,643
Net unrealized appreciation on investments.............................. 6,993,468
______
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................... 20,753,111
______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $29,697,792
========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31,
______________________________________
1994 1995
________ ________
<S> <C> <C>
OPERATIONS:
Investment income-net................................................ $ 11,129,616 $ 8,944,681
Net realized gain (loss) on investments.............................. (25,551,362) 13,759,643
Net unrealized appreciation (depreciation) on investments for the year (2,076,853) 6,993,468
_______ _______
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.... (16,498,599) 29,697,792
_______ _______
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net................................................ (11,102,928) (8,919,973)
_______ _______
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold........................................ 58,191,635 49,291,316
Dividends reinvested................................................. 7,256,324 5,584,615
Cost of shares redeemed.............................................. .(129,600,253) (52,611,558)
_______ _______
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS............................... (64,152,294) 2,264,373
_______ _______
TOTAL INCREASE (DECREASE) IN NET ASSETS........................ (91,753,821) 23,042,192
NET ASSETS:
Beginning of year.................................................... 215,156,913 123,403,092
_______ _______
End of year (including undistributed investment income-net:
$26,688 in 1994 and $51,396 in 1995)............................... $ 123,403,092 $146,445,284
======= =======
SHARES SHARES
_______ _______
CAPITAL SHARE TRANSACTIONS:
Shares sold.......................................................... 4,079,099 3,428,990
Shares issued for dividends reinvested............................... 510,169 386,344
Shares redeemed...................................................... (9,008,124) (3,677,742)
_______ _______
NET INCREASE (DECREASE) IN SHARES OUTSTANDING...................... (4,418,856) 137,592
======= =======
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each year indicated. This
information has been derived from the Fund's financial statements.
YEAR ENDED DECEMBER 31,
____________________________________________________________
PER SHARE DATA: 1991 1992 1993 1994 1995
____ ____ ____ ____ ____
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year........... $13.26 $14.42 $14.37 $15.68 $13.26
____ ____ ____ ____ ____
INVESTMENT OPERATIONS:
Investment income-net........................ 1.14 1.08 1.03 1.01 .96
Net realized and unrealized gain (loss)
on investments............................. 1.16 (.05) 1.31 (2.42) 2.25
____ ____ ____ ____ ____
TOTAL FROM INVESTMENT OPERATIONS........... 2.30 1.03 2.34 (1.41) 3.21
____ ____ ____ ____ ____
DISTRIBUTIONS;
Dividends from investment income-net......... (1.14) (1.08) (1.03) (1.01) (.96)
____ ____ ____ ____ ____
Net asset value, end of year................. $14.42 $14.37 $15.68 $13.26 $15.51
==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN.......................... 18.28% 7.55% 16.59% (9.18%) 24.91%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... .25% .56% .78% .98% .87%
Ratio of net investment income to average net assets 8.34% 7.63% 6.65% 7.08% 6.69%
Decrease reflected in above expense ratios due to
undertakings by the Manager................ .72% .39% .09% - .05%
Portfolio Turnover Rate...................... 21.01% 97.46% 420.68% 1,213.04% 634.38%
Net Assets, end of year (000's Omitted)...... $217,422 $238,839 $215,157 $123,403 $146,445
See notes to financial statements.
</TABLE>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a diversified open-end management investment company. Premier Mutual Fund
Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares which are sold to the public without a sales charge. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc., the parent company of which is Boston Institutional Group,
Inc. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
(A) PORTFOLIO VALUATION: The Fund's investments are valued at the mean
between the quoted bid and asked prices.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income, including, where applicable, amortization of discount on investments,
is recognized on the accrual basis.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately
$11,792,000 available for Federal income tax purposes to be applied against
future net securities profits, if any, realized subsequent to December 31,
1995. If not applied, the carryover expires in fiscal 2002.
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .60 of 1% of the average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund for any full year. The most stringent state
expense limitation applicable to the Fund presently requires reimbursement of
expenses in any full year that such expenses (exclusive of certain expenses
as described above) exceed 21\2% of the first $30 million, 2% of the next $70
million and 11\2% of the excess over $100 million of the average value of the
Fund's net assets in accordance with California "blue sky" regulations. The
Manager has undertaken from September 1, 1995 through June 30, 1996 to reduce
the management fee paid by,
DREYFUS 100% U.S. TREASURY LONG TERM FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
or reimburse such excess expenses of the Fund, to the extent that the Fund's
aggregate expenses (exclusive of certain expenses as described above) exceed
an annual rate of .80 of 1% of the average daily value of the Fund's net
assets. The reduction in management fee, pursuant to the undertaking,
amounted to $68,081 for the year ended December 31, 1995.
The undertaking may be modified by the Manager from time to time,
provided that the resulting expense reimbursement would not be less than the
amount required pursuant to the Agreement.
Effective December 1, 1995, the Fund compensates Dreyfus Transfer, Inc.,
a wholly-owned subsidiary of the Manager, under a transfer agency agreement
for providing personnel and facilities to perform transfer agency services
for the Fund. Such compensation amounted to $7,323 for the period from
December 1, 1995 through December 31, 1995.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for certain allocated expenses of providing personal
services and/or maintaining shareholder accounts. The services provided may
include personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
During the year ended December 31, 1995, the Fund was charged an aggregate of
$154,788 pursuant to the Shareholder Services Plan.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $250
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the year ended December 31, 1995,
amounted to $827,153,842 and $812,985,939 respectively.
At December 31, 1995, accumulated net unrealized appreciation on
investments was $3,536,692, consisting of $3,538,450 gross unrealized
appreciation and $1,758 gross unrealized depreciation.
At December 31, 1995, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
DREYFUS 100% U.S. TREASURY LONG TERM FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS 100% U.S. TREASURY LONG TERM FUND
We have audited the accompanying statement of assets and liabilities of
Dreyfus 100% U.S. Treasury Long Term Fund, including the statement of
investments, as of December 31, 1995, and the related statement of operations
for the year then ended, the statement of changes in net assets for each of
the two years in the period then ended, and financial highlights for each of
the years indicated therein. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 1995 by correspondence with the custodian.
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 and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus 100% U.S. Treasury Long Term Fund at December 31, 1995,
the results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and the financial
highlights for each of the indicated years, in conformity with generally
accepted accounting principles.
[Ernst and Young LLP signature logo]
New York, New York
February 5, 1996
IMPORTANT TAX INFORMATION (UNAUDITED)
For State individual income tax purposes, the Fund hereby designates
100.00% of the ordinary income dividends paid during its fiscal year ended
December 31, 1995 as attributable to interest income from direct obligations
of the United States government. Such dividends are currently exempt from
taxation for individual income tax purposes in most states, including New
York, California and the District of Columbia.
[Dreyfus lion "d" logo]
DREYFUS 100% U.S. TREASURY
LONG TERM FUND
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 073AR9512
[Dreyfus logo]
100% U.S. Treasury
Long Term Fund
Annual Report
December 31, 1995
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN DREYFUS 100% U.S. TREASURY LONG TERM FUND AND THE
MERRILL LYNCH GOVERNMENTS, U.S. TREASURY, LONG-TERM
(10 YEARS AND OVER) INDEX
EXHIBIT A:
|-------------------------------------------------------------
| |MERRILL LYNCH GOVERNMENTS, | DREYFUS 100% |
| PERIOD | U.S. TREASURY, LONG-TERM | U.S. TREASURY |
| |(10 YEARS AND OVER) INDEX* | LONG TERM FUND |
|-----------|----------------------------|-------------------|
| 3/27/87 | 10,000 | 10,000 |
| 12/31/87 | 9,702 | 9,554 |
| 12/31/88 | 10,595 | 10,335 |
| 12/31/89 | 12,597 | 12,012 |
| 12/31/90 | 13,410 | 12,855 |
| 12/31/91 | 15,882 | 15,205 |
| 12/31/92 | 17,144 | 16,353 |
| 12/31/93 | 20,098 | 19,066 |
| 12/31/94 | 18,604 | 17,315 |
| 12/31/95 | 24,310 | 21,627 |
|-----------|----------------------------|-------------------|
*Source: Merrill Lynch, Pierce, Fenner and Smith Inc.
