<PAGE>
Dreyfus
100% U.S. Treasury
Long Term Fund
Annual Report
December 31, 1997
<PAGE>
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 12-month reporting period ended December 31,
1997, your Fund produced a total return of 11.69%, which reflects the change in
the Fund's share price and dividends paid by the Fund during the period.* Income
dividends of approximately $0.934 per share were paid during the 12-month
period, which is equivalent to a distribution rate per share of 6.11%.**
We want to take this opportunity to inform you about a special meeting of the
Fund's shareholders to be held on April 15, 1998. At this meeting, we will
consider changes to enable the Fund to expand its range of permissible
investments and investment techniques. If shareholders approve these changes,
the Fund will be required to invest at least 65% of its net assets in U.S.
Treasury securities, instead of 100% of its assets as is currently required. The
Fund would be permitted to invest the remainder of its net assets in other
securities issued or guaranteed by the U.S. Government and its agencies or
instrumentalities, and enter into repurchase agreements. The Fund would also be
permitted to engage in options and futures transactions (primarily for hedging
purposes) and lend portfolio securities. Any dividends attributable to income or
gain derived from certain of these securities transactions might be subject to
Federal income tax and to state and local taxes in certain states. If these
changes are approved, the term "100%" will be removed from the Fund's name.
If you would like to obtain a free copy of the Fund's Proxy Statement
relating to these proposed changes, please call us at 1-800-645-6561.
Economic Review
Inflation continues to surprise on the downside. Not since the oil price
collapse in 1986 has it been so restrained. As the economy approached the end
of its seventh uninterrupted year of expansion, inflation seemed to become even
more subdued. During the last quarter of 1997, the 12-month pace of consumer
price increases fell below the 2% level. Producer prices actually fell at an
annual rate of 1.2% over the first 11 months of the year.
An ongoing fear in financial markets has been that the Federal Reserve
Board's (the "Fed") unremitting fight against inflation could lead to further
increases in interest rates. Yet the Federal Open Market Committee (the "FOMC"),
the policy-making arm of the Fed, has raised interest rates just once in over
two years, a period roughly coinciding with the latest surge of economic growth.
The last increase occurred on March 25, 1997 when the FOMC increased the Federal
Funds rate by a modest one quarter of a percentage point to 5.50%. (The Federal
Funds rate is the rate of interest that banks charge one another for overnight
loans.) Investor concern about additional monetary restraint centers on the low
unemployment rate of just 4.6%, a 24-year low. In particular, there were fears
that wages would rise at a rate that could rekindle inflation.
Not surprisingly, an almost ideal economic climate -- plentiful jobs, low
interest rates and dwindling inflation -- has put consumers in an optimistic
mood. Though holiday retail sales were below expectations, spending in the third
quarter grew at the strongest pace in five years. Since consumer spending
accounts for two thirds of all economic activity, consumer attitudes are
important indicators of future economic conditions. The Conference Board (a
business-sponsored research group) reported in December that its Index of
Consumer Confidence rose to its highest level since 1969. So far, the serious
economic developments in Asia have not had an inhibiting effect on consumer
attitudes.
The Asian financial crisis, while bound to affect the import/export segment
of our economy, may also afford the Fed additional flexibility in implementing
monetary policy. While the Fed is concerned about the potential resurgence of
inflation, lower-priced Asian imports and fewer exports from the U.S. to Asia
may counteract any upward pressure on the rate of U.S. inflation. Moreover, with
our economic expansion mature by any historical precedent (it's the second
longest peacetime expansion in this century), a slackening in overseas demand
for U.S. products, combined with the lower-priced imports, may curtail economic
growth without additional monetary tightening by the Fed. In fact, you could
question
<PAGE>
whether the Fed might adopt an easier policy. Asian countries will continue
struggling to stabilize their currencies in relation to the U.S. dollar.
Perhaps the biggest uncertainty ahead is the extent to which the Asian turmoil
will affect the U.S. economy. We are particularly vigilant for developments
abroad that might have either negative or positive consequences for the
portfolio.
Market Environment
The last time we wrote to you (June 1997) we mentioned our optimism for lower
rates in the bond market. We cited several factors then which remain in place:
the balanced budget, globally attractive rates, a strong dollar, and declining
commodity prices. Those factors have come to fruition, but to a much greater
extent than even we had anticipated.
The turmoil in Asia was the wild card that caused commodity prices to drop
precipitously, drove the dollar stronger, and caused a flight to the U.S. bond
market. We believe the peak in the crisis has passed, but the crisis is not
over. The repercussions from Asia could reverberate well into 1998, which could
manifest itself in the form of a general slowdown in world economic growth.
Corporate securities came under pressure as the Asian crisis began
unfolding. This effect was seen in the form of wider spreads versus
comparable-maturity Treasuries because investors began to rethink whether
they were being compensated enough for the increased risk of corporate
securities.
Portfolio Overview
Since the beginning of the summer when we became very bullish on the rate
outlook in the U.S., we kept the Fund extended into the longer maturities of
the Treasury market. Our yield curve outlook for most of the year was focused
on a flatter yield curve. By the end of 1997, we had allocated more to the
intermediate sector, reflecting our changing yield curve view.
We have written to you in the past about Treasury Inflation Protected
Securities ("TIPS"). Over the year, we successfully participated in TIPS.
However, by the end of the year, we no longer held any investments in TIPS.
Given our view of the world economies, we do not currently see the
attractiveness of these securities. When the crisis in Asia settles down, we
could expect commodity prices to stop falling (eventually Asian countries will
need to resume commodity purchases) and we could see TIPS perform better on this
news. We will be watching these events unfold and will adjust the portfolio
accordingly.
We want to thank you for choosing Dreyfus as your investment provider, and
for choosing the Dreyfus 100% U.S. Treasury Long Term Fund. We want to assure
you that we will continue to strive to provide you an attractive investment
vehicle.
Sincerely,
/s/ Gerald E. Thunelius
Gerald E. Thunelius
Porfolio Manager
January 20, 1998
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains paid.
** 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.
<PAGE>
Dreyfus 100% U.S. Treasury Long Term Fund December 31, 1997
- -------------------------------------------------------------------------------
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
$28,515
Merrill Lynch
Governments, U.S.
Treasury, Long-Term
(10 Years and Over)
Index*
Dollars
[GRAPH GOES HERE]
$25,502
Dreyfus
100% U.S. Treasury
Long Term Fund
*Source: Merrill Lynch, Pierce, Fenner and Smith Inc.
Average Annual Total Returns
- -------------------------------------------------------------------------------
One Year Ended Five Years Ended Ten Years Ended
December 31, 1997 December 31, 1997 December 31, 1997
------------------- ------------------- -------------------
11.69% 8.30% 9.81%
- ------------------------
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 12/31/87 to a $10,000 investment made in the Merrill Lynch
Governments, U.S. Treasury, Long-Term (10 Years and Over) Index on that date.
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. 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.
<PAGE>
<TABLE>
<CAPTION>
Dreyfus 100% U.S. Treasury Long Term Fund
- -------------------------------------------------------------------------------
Statement of Investments December 31, 1997
Principal
Bonds and Notes--98.6% Amount Value
- ------------------------------------------------------------------------------- ----------- ------------
<S> <C> <C>
U.S. Treasury Bonds--90.1%
10 3/4%, 8/15/2005.......................................................... $ 6,000,000 $ 7,806,563
11 3/4%, 11/15/2014......................................................... 8,800,000 13,120,250
8 1/8%, 5/15/2021........................................................... 6,000,000 7,565,625
7 5/8%, 2/15/2025........................................................... 20,000,000 24,287,500
6 5/8%, 2/15/2027........................................................... 29,000,000 31,505,782
6 1/8%, 11/15/2027.......................................................... 36,000,000 37,012,500
------------
121,298,220
------------
U.S. Treasury Coupon Strips--3.9%
Zero Coupon, 11/15/2008..................................................... 10,000,000 5,296,206
------------
U.S. Treasury Notes--4.6%
6 1/8%, 8/15/2007........................................................... 6,000,000 6,167,813
------------
TOTAL INVESTMENTS (cost $128,891,904).......................................... 98.6% $132,762,239
====== ============
CASH AND RECEIVABLES (NET)..................................................... 1.4% $ 1,930,110
====== ============
NET ASSETS..................................................................... 100.0% $134,692,349
====== ============
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Dreyfus 100% U.S. Treasury Long Term Fund
- -------------------------------------------------------------------------------
Statement of Assets and Liabilities December 31, 1997
Cost Value
------------- -------------
<S> <C> <C> <C>
ASSETS: Investments in securities--
See Statement of Investments.................. $128,891,904 $132,762,239
Cash............................................. 157
Interest receivable.............................. 2,167,975
Receivable for shares of Beneficial Interest subscribed 13,346
Prepaid expenses and other assets................ 19,604
------------
134,963,321
------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.... 65,422
Payable for shares of Beneficial Interest redeemed 156,737
Accrued expenses................................. 48,813
------------
270,972
------------
NET ASSETS..................................................................... $134,692,349
============
REPRESENTED BY: Paid-in capital.................................. $145,505,717
Accumulated net realized gain (loss) on investments (14,683,703)
Accumulated gross unrealized appreciation
on investments................................. 3,870,335
------------
NET ASSETS..................................................................... $134,692,349
============
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest authorized). 8,805,860
NET ASSET VALUE, offering and redemption price per share....................... $15.30
======
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Dreyfus 100% U.S. Treasury Long Term Fund
- -------------------------------------------------------------------------------
Statement of Operations Year Ended December 31, 1997
<S> <C> <C> <C>
INVESTMENT INCOME
INCOME Interest Income............................. $ 9,370,212
EXPENSES: Management fee--Note 3(a)................... $ 772,520
Shareholder servicing costs--Note 3(b)...... 412,784
Registration fees........................... 42,477
Professional fees........................... 37,751
Trustees' fees and expenses--Note 3(c)...... 36,199
Prospectus and shareholders' reports........ 17,308
Custodian fees--Note 3(b)................... 16,135
Loan commitment fees--Note 2................ 1,332
Miscellaneous............................... 5,761
-----------
Total Expenses......................... 1,342,267
Less--reduction in management fee due to
undertaking--Note 3(a).................... (310,909)
-----------
Total Expenses......................... 1,031,358
-------------
INVESTMENT INCOME--NET.................................................... 8,338,854
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments..... $1,154,534
Net unrealized appreciation (depreciation)
on investments............................ 4,662,613
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS.................... 5,817,147
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS...................... $14,156,001
=============
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus 100% U.S. Treasury Long Term Fund
- -------------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended Year Ended
December 31, 1997 December 31, 1996
----------------- -----------------
<S> <C> <C>
OPERATIONS:
Investment income--net.................................................. $ 8,338,854 $ 9,186,815
Net realized gain (loss) on investments................................. 1,154,534 (4,046,518)
Net unrealized appreciation (depreciation) on investments............... 4,662,613 (4,328,970)
------------- -------------
Net Increase (Decrease) in Net Assets Resulting from Operations...... 14,156,001 811,327
------------- -------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net.................................................. (8,338,854) (9,238,211)
------------- -------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold........................................... 68,522,044 44,268,429
Dividends reinvested.................................................... 5,015,689 5,804,264
Cost of shares redeemed................................................. (80,030,736) (52,722,888)
------------- ------------
Increase (Decrease) in Net Assets from Beneficial Interest Transactions (6,493,003) (2,650,195)
Total Increase (Decrease) ------------- ------------
(Decrease) in Net Assets (675,856) (11,077,079)
NET ASSETS:
Beginning of Period..................................................... 135,368,205 146,445,284
------------- ------------
End of Period........................................................... $134,692,349 $135,368,205
============= ============
Shares Shares
------------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................. 4,754,904 3,020,450
Shares issued for dividends reinvested.................................. 347,234 398,509
Shares redeemed......................................................... (5,559,241) (3,600,328)
------------- ------------
Net Increase (Decrease) in Shares Outstanding........................ (457,103) (181,369)
============= ============
</TABLE>
See notes to financial statements.
<PAGE>
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 period indicated. This information
has been derived from the Fund's financial statements.
<TABLE>
<CAPTION>
Year Ended December 31,
------------------------------------------------------
PER SHARE DATA: 1997 1996 1995 1994 1993
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period............... $14.61 $15.51 $13.26 $15.68 $14.37
------- ------- ------- ------- -------
Investment Operations:
Investment income--net............................. .93 .98 .96 1.01 1.03
Net realized and unrealized gain (loss) on investments .69 (.89) 2.25 (2.42) 1.31
------- ------- ------- ------- -------
Total from Investment Operations................... 1.62 .09 3.21 (1.41) 2.34
------- ------- ------- ------- -------
Distributions:
Dividends from investment income--net.............. (.93) (.99) (.96) (1.01) (1.03)
------- ------- ------- ------- -------
Net asset value, end of period..................... $15.30 $14.61 $15.51 $13.26 $15.68
======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN............................... 11.69% .87% 24.91% (9.18%) 16.59%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets............ .80% .80% .87% .98% .78%
Ratio of net investment income to average net assets 6.48% 6.74% 6.69% 7.08% 6.65%
Decrease reflected in above expense ratios due to
undertakings by the Manager..................... .24% .19% .05% -- .09%
Portfolio Turnover Rate............................ 905.99% 765.13% 634.38% 1,213.04% 420.68%
Net Assets, end of period (000's Omitted).......... $134,692 $135,368 $146,445 $123,403 $215,157
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus 100% U.S. Treasury Long Term Fund
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
NOTE 1--Significant Accounting Policies:
Dreyfus 100% U.S. Treasury Long Term Fund (the "Fund") is registered under
the Investment Company Act of 1940 ("Act") as a diversified open-end management
investment company. The Fund's investment objective is to provide investors with
as high a level of current income as is consistent with the preservation of
capital. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank, N.A. ("Mellon").
Premier Mutual Fund Services, Inc. is the distributor of the Fund's shares,
which are sold to the public without a sales charge.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: Investments in securities are valued at the mean
between 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 $14,679,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to December 31, 1997. If not
applied, $10,632,000 of the carryover expires in fiscal 2002 and $4,047,000
expires in fiscal 2004.
NOTE 2--Bank Line of Credit:
The Fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility ("Facility") to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the Fund has agreed to pay commitment fees on its pro rata portion
of the Facility. Interest is charged to the Fund at rates based on prevailing
market rates in effect at the time of borrowings. During the period ended
December 31, 1997, the Fund did not borrow under the Facility.
NOTE 3--Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement with the Manager, the management fee
is computed at the annual rate of .60 of 1% of the value of the Fund's average
daily net assets and is payable monthly. The Manager has undertaken from January
1, 1997 through December 31, 1997 to reduce the management fee paid by the Fund,
to the extent that the Fund's aggregate annual expenses (exclusive of taxes,
brokerage, interest on borrowings, commitment fees and extraordinary
<PAGE>
Dreyfus 100% U.S. Treasury Long Term Fund
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
expenses) exceed an annual rate of .80 of 1% of the value of the Fund's average
daily net assets. The reduction in management fee, pursuant to the undertaking,
amounted to $310,909 during the period ended December 31, 1997.
(b) Under the 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 period ended
December 31, 1997, the Fund was charged $306,112 pursuant to the Shareholder
Services Plan.
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. During the period
ended December 31, 1997, the Fund was charged $78,537 pursuant to the transfer
agency agreement.
The Fund compensates Mellon under a custody agreement to provide custodial
services for the Fund. During the period ended December 31, 1997, the Fund was
charged $16,135 pursuant to the custody agreement.
(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 and the Trustee Emeritus receives 50% of such compensation.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended December 31, 1997,
amounted to $1,222,545,749 and $1,239,513,632, respectively.
At December 31, 1997, 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).
<PAGE>
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, 1997, 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 and financial highlights. Our procedures included verification by
examination of securities held by the custodian as of December 31, 1997 and
confirmation of securities not held by the custodian by correspondence with
others. 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, 1997, 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.
/s/ Ernst & Young LLP
New York, New York
February 4, 1998
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,
1997 as attributable to interest income from direct obligations of the United
States. Such dividends are currently exempt from taxation for individual income
tax purposes in most states, including New York, California and the District
of Columbia.
<PAGE>
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
Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, PA 15258
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 073AR9712
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,
U.S. TREASURY, DREYFUS
LONG-TERM 100%
(10 YEARS U.S. TREASURY
PERIOD AND OVER) LONG TERM
INDEX* FUND
12/31/87 10,000 10,000
12/31/88 10,920 10,817
12/31/89 12,984 12,572
12/31/90 13,822 13,454
12/31/91 16,370 15,914
12/31/92 17,670 17,116
12/31/93 20,716 19,955
12/31/94 19,175 18,122
12/31/95 25,057 22,636
12/31/96 24,809 22,831
12/31/97 28,515 25,502
*Source: Merrill Lynch, Pierce, Fenner and Smith Inc.
