<PAGE>
VAN ECK WORLDWIDE INSURANCE TRUST
GOLD & NATURAL RESOURCES FUND
ANNUAL REPORT
APRIL 30, 1995
<PAGE>
VAN ECK GOLD & NATURAL RESOURCES FUND
VS S&P 500 and MSCI Gold Index
Average Annual Total Return*
1 Year Life
3.43% 6.19%
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Gold & Natural S &P 500 MSCI Gold
Resources Fund Mines Index
(Hypo) (hypo) (F.Russell)
<S> <C> <C> <C>
9/1/89 10,000 10,000 10,000
10,000 9,951 10,705
10,000 9,700 11,130
10,750 9,860 12,783
12/89 10,870 10,153 13,416
11,160 9,454 15,200
10,770 9,535 12,952
10,340 9,846 12,149
9,510 9,581 10,654
10,070 10,463 10,878
6/90 9,556 10,463 10,062
10,363 10,408 10,847
10,242 9,426 11,455
10,262 9,032 11,466
8,931 8,971 9,849
8,870 9,509 9,564
12/90 9,336 9,837 9,956
8,373 10,245 8,620
9,113 10,935 8,956
9,073 11,261 8,479
8,971 11,264 8,335
9,134 11,699 9,251
6/91 9,503 11,236 9,954
9,637 11,740 9,880
8,980 11,971 8,460
9,031 11,836 8,704
9,391 11,977 9,446
9,226 11,451 9,772
12/91 9,062 12,821 9,147
9,216 12,566 9,246
9,185 12,686 8,772
8,641 12,499 8,184
8,467 12,847 7,643
8,970 12,860 8,209
6/92 9,330 12,737 8,168
9,733 13,238 8,323
9,423 12,920 7,974
9,372 13,138 7,583
8,990 13,166 7,022
8,341 13,564 6,432
12/92 8,691 13,796 6,644
8,588 13,894 6,186
9,176 14,039 6,978
10,186 14,397 8,108
10,939 14,031 9,535
12,331 14,350 11,375
6/93 12,568 14,465 11,796
13,796 14,388 13,153
13,012 14,884 11,508
11,598 14,838 10,369
12,785 15,126 12,453
12,619 14,930 12,142
12/93 14,325 15,181 13,830
15,080 15,674 13,401
14,243 15,203 12,691
14,305 14,610 12,729
13,560 14,778 11,901
14,181 14,962 12,128
6/94 13,548 14,673 12,018
13,693 15,135 12,259
14,316 15,704 12,982
15,146 15,309 14,566
14,544 15,711 13,473
13,287 15,090 11,655
12/94 13,640 15,387 12,307
12,403 15,760 10,240
12,788 16,329 10,885
13,806 16,880 12,757
4/95 14,025 17,352 13,222
</TABLE>
*Performance is net of Van Eck fees only and does not reflect the insurance
companies' trust fees. The benchmark index was changed from James Capel Gold
ex-South Africa Index to MSCI Gold Mines Index this year to reflect inclusion of
South African securities in the portfolio.
<PAGE>
GOLD & NATURAL RESOURCES FUND
HENRY J. BINGHAM
MANAGEMENT DISCUSSION AND ANALYSIS
During the 1995 fiscal year, the Fund generally maintained an investment
position of 50-55% of its assets in gold mining shares, 15-20% in companies with
diversified mining interests, 10% in oil and gas producing companies and about
5% in agricultural related companies. Cash and equivalents were usually
maintained at 10-15% of assets.
Gold traded in a relatively narrow range of $371 to $398 an ounce daily
closing prices throughout the year. Generally, gold approached its yearly highs
during periods of greatest dollar weakness which first occurred in June and then
again in September 1994 when gold reached its daily closing high for the year of
$398 an ounce. During the first half of the year the Fund rose 7.4% largely
because of higher gold share prices but also because of improved markets for
base metal mining shares, particularly those of copper producers which responded
to sharply higher copper prices. A six percent rise in crude oil prices also
contributed to higher prices for the integrated, international oil producing
companies which also benefited from major cost reduction programs and in some
cases significant new discoveries.
A sharp rise in short term interest rates by the Federal Reserve during the
third quarter, apparently to cool the economy and to support the dollar
coincided with a decline in the gold price to $371 an ounce, in January 1995,
its lowest price of the year. At the end of the third quarter the Fund was also
at its lowest closing monthly price of the year, down 8.3% for the first nine
months of fiscal 1995.
During the fourth quarter, the combination of the Mexican currency crisis
and American-led efforts to support the peso, increasing problems in the
derivatives market and a sharp and continuous fall of the dollar against the
stronger currencies of the world, notably the Japanese Yen and German Mark, led
to a modest recovery in the gold price. When the German Bundesbank unexpectedly
lowered short term interest rates on March 30 in an apparent attempt to support
the dollar and other weak currencies, gold rose sharply and on March 31, briefly
traded over $400 an ounce. The subsequent reduction of rates by Japan, followed
by some stabilization of the dollar, declining interest rates and a strong stock
market coincided with a decline in the gold price which closed on April 30, 1995
at $387.10 an ounce. During the fourth quarter, the share value of the Fund,
including reinvested dividends, rose 13% resulting in a 3.43% total return for
the year.
Late in the fourth quarter the fund established positions in oil drilling
and servicing companies but on balance expects to maintain its investment
position close to 1994 proportions.
<PAGE>
GOLD & NATURAL RESOURCES FUND
INVESTMENT PORTFOLIO
APRIL 30, 1995
<TABLE>
<CAPTION>
NO. OF SHARES SECURITIES(A) VALUE (NOTE 1)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Mining Shares-Large Capitalization: 61.0%
50,000 Ashanti Goldfields Company Limited (GDS) $1,250,000
200,000 Barrick Gold Corp. 4,825,000
290,000 Battle Mountain Gold Company 3,190,000
30,000 Cameco Corp. 883,945
60,000 Cyprus Amax Minerals Company 1,672,500
60,000 Driefontein Consolidated Limited (ADR) 862,500
27,000 Echo Bay Finance Corp. Conv. Pfd. (Class A) 799,875
170,000 Echo Bay Mines Limited 1,615,000
170,000 First Mississippi Corporation 4,250,000
65,000 Free State Consolidated Gold Mines Limited 771,875
105,000 Freeport-McMoRan Copper & Gold Inc. (Class A) 2,191,875
400,000 Hemlo Gold Mines Inc. 4,450,000
300,000 Homestake Mining Company 5,062,500
100,000 Impala Platinum Holdings Limited (ADR) 2,275,000
90,000 Kloof Gold Mining Company Limited (ADR) 1,012,500
650,000 Newcrest Mining Limited+ 2,781,269
10,000 Newmont Gold Company 407,500
130,000 Newmont Mining Corporation 5,443,750
20,000 Phelps Dodge Corporation 1,132,500
230,000 Placer Dome Inc. 5,462,500
500,000 Placer Pacific Limited 1,244,367
560,000 Plutonic Resources Limited 2,583,626
750,000 Renison Goldfields Consolidated Limited 2,592,431
100,000 Rustenburg Platinum Holdings Limited 2,546,880
300,002 Santa Fe Pacific Gold Corporation 3,787,525
380,000 TVX Gold Inc.+ 2,755,000
320,000 Teck Corporation (Class B) 5,598,320
100,000 Vaal Reefs Exploration And Mining Company Limited (ADR) 612,500
25,000 Western Deep Levels Limited (ADR) 821,875
1,100,000 Western Mining Corporation Holdings Limited 6,118,750
----------------
79,001,363
----------------
Mining Shares-Medium Capitalization: 11.0%
100,000 Agnico-Eagle Mines Limited 1,150,000
500,000 Ashton Mining Limited 873,240
80,000 Coeur d'Alene Mines Corporation 1,580,000
500,000 Delta Gold N. L.+ 1,022,419
130,000 Hecla Mining Company+ 1,381,250
1,300,000 Homestake Gold Of Australia Limited+ 1,513,616
100,000 Magma Copper Company+ 1,675,000
120,000 Miramar Mining Corporation+ 618,762
145,000 North Flinders Mines Limited 873,677
110,000 Rayrock Yellowknife Resources, Inc.+ 1,164,782
400,000 Samantha Gold N.L. 823,756
340,000 Sons of Gwalia Limited 1,496,879
----------------
14,173,381
----------------
Mining Shares-small Capitalization: 8.8%
550,000 Australian Resources Limited 572,336
250,000 Beatrix Mines Limited (ADR) 1,578,125
100,000 Beatrix Mines Limited (ORD) 631,250
400,000 Namibian Minerals Corporation+ 486,170
110,000 Pegasus Gold Inc.+ 1,333,750
1,000,000 St. Barbara Mines Limited 836,855
42,000 Stillwater Mining Company+ 808,500
49,500 The RTZ Corporation PLC (ADR) 2,549,250
205,000 Western Areas Gold Mining Company Limited 2,652,188
----------------
11,448,424
----------------
See Notes To Financial Statements.
</TABLE>
<PAGE>
GOLD & NATURAL RESOURCES FUND
INVESTMENT PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
NO. OF SHARES SECURITIES(A) VALUE (NOTE 1)
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Energy Source: 8.9%
35,000 Halliburton Company $1,343,125
30,600 Helmerich & Payne 906,525
20,000 Mobil Corporation 1,897,500
60,000 Pinnacle Resources Limited+ 751,354
80,000 Poco Petroleums Limited+ 537,733
30,000 Renaissance Energy Limited+ 679,533
20,000 Royal Dutch Petroleum Company 2,480,000
20,000 Schlumberger Ltd. 1,257,500
20,000 The British Petroleum Co. PLC (ADR) 1,722,500
----------------
11,575,770
----------------
Other Industries: 1.5%
50,000 Pioneer Hi-Bred International, Inc. 1,875,000
----------------
Total Stocks: 91.2% (Cost $104,751,580) 118,073,938
----------------
</TABLE>
<TABLE>
<CAPTION>
Principal Amt. Short-term Obligations
----------------------------------------------------------------
<C> <S> <C>
$3,400,000 G.E. Company Commercial Paper
due 5/01/95 Interest Yield Of 5.78% 3,400,000
3,000,000 U.S. Treasury Bills
due 5/04/95 Interest Yield Of 5.77% 2,998,585
5,000,000 U.s. Treasury Bills
Due 5/18/95 Interest Yield Of 5.92% 4,985,117
Total Short-term Obligations: 8.8% (Amortized Cost $11,385,009) 11,383,702
---------------
Total Investments: 100% (Cost: $116,136,589) $129,457,640
===============
</TABLE>
- ---------------------
(a) Unless otherwise indicated, securities owned are shares of common
stock.
+ Non income producing security.
Glossary:
ADR- American Depository Receipt
GDS- Global Depository Shares
ORD-Ordinary Shares
<TABLE>
<CAPTION>
DISTRIBUTION OF PORTFOLIO BY COUNTRY
APRIL 30, 1995 PERCENT OF PORTFOLIO
<S> <C>
Australia 18.0%
Canada 25.0%
Ghana 1.0%
Netherlands 2.9%
South Africa 10.6%
United Kingdom 3.3%
----------
United States 39.2%
100.0%
==========
</TABLE>
See Notes to Financial Statements.
<PAGE>
GOLD AND NATURAL RESOURCES FUND
Financial Statements
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities
April 30, 1995
<TABLE>
<S> <C>
Assets:
Investments at value (identified cost,
$116,136,589) $129,457,640
Cash 126,021
Receivables:
Capital shares sold 73,805
Dividends 94,904
------------
Total assets 129,752,370
------------
Liabilities:
Payables:
Securities purchased 634,463
Capital shares repurchased 1,618,267
Management fee payable 80,983
Administrative fee payable 19,333
Accounts payable 79,635
------------
Total liabilities 2,432,681
------------
Net Assets (Equivalent To $13.49 per share on
9,438,386 shares of beneficial interest
outstanding with an unlimited number of
$.001 par value shares authorized) $127,319,689
============
Net assets consist of:
Aggregate paid in capital $115,096,237
Unrealized appreciation of investments
and foreign currency 13,320,692
Undistributed net investment income 492,408
Cumulative realized losses (1,589,648)
------------
$127,319,689
============
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
GOLD AND NATURAL RESOURCES FUND
Financial Statements
- --------------------------------------------------------------------------------
Statement of Operations
For the Year Ended April 30, 1995
<TABLE>
<S> <C> <C>
Investment Income:
Income:
Dividends (less foreign taxes withheld of $46,474) $ 1,215,241
Interest 644,421
-------------
Total Income 1,859,662
Expenses:
Management (Note 2) $ 837,780
Administrative (Note 2) 63,267
Custodian 60,704
Professional 39,949
Registration 15,045
Trustees fees and expenses 5,803
Amortization of deferred organization (Note 1) 2,246
Other 44,328
-------------
Total expenses 1,069,122
-------------
Net investment income 790,540
Realized and Unrealized Gain(Loss)
on Investments (Note 3)
Realized loss from security transactions
(excluding short-term securities):
Proceeds from sales 23,111,616
Cost of securities sold 23,199,705
-------------
Realized loss (88,089)
Realized gain from foreign currency transactions 16,931
Unrealized depreciation of foreign currency
receivables and payables:
Beginning of year 0
End of year (359)
-------------
Change in unrealized depreciation of
foreign currency receivables and payables (359)
Unrealized appreciation of investments:
Beginning of year 12,314,466
End of year 13,321,051
-------------
Change in unrealized appreciation 1,006,585
---------------
Net Increase in Net Assets
Resulting from Operations $ 1,725,608
===============
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
GOLD AND NATURAL RESOURCES FUND
Financial Statements
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Statements Of Changes in Net Assets
For the Years Ended April 30, 1995 and 1994
1995 1994
---- ----
<S> <C> <C>
Increase in Net Assets:
Operations:
Net investment income $ 790,540 $ 396,316
Realized loss from
security transactions (88,089) (141,515)
Realized gain (loss) from
foreign currency transactions 16,931 (829)
Change in unrealized depreciation of
foreign currency receivables and payables (359) 0
Change in unrealized appreciation
of investments 1,006,585 8,207,048
-------------- --------------
Increase in net assets
resulting from operations 1,725,608 8,461,020
Dividends to shareholders from net
investment income (556,181) (183,385)
-------------- --------------
1,169,427 8,277,635
-------------- --------------
Capital share transactions*:
Net proceeds from sales of shares 215,198,706 160,499,581
Reinvestment of dividends 556,181 183,385
-------------- --------------
215,754,887 160,682,966
Cost of shares reacquired (170,852,980) (118,608,314)
-------------- --------------
Increase in net assets resulting
from capital share transactions 44,901,907 42,074,652
-------------- --------------
Total increase in net assets 46,071,334 50,352,287
Net assets:
Beginning of year 81,248,355 30,896,068
-------------- --------------
End of year (including undistributed
net investment income of
$492,408 and $241,118,
respectively) $ 127,319,689 $ 81,248,355
============== ==============
*Shares of Beneficial Interest
Issued and Redeemed
shares sold 16,179,492 12,527,259
Reinvestment of dividends 40,771 14,789
-------------- --------------
16,220,263 12,542,048
Shares reacquired (12,979,210) (9,255,641)
-------------- --------------
Net increase 3,241,053 3,286,407
============== ==============
</TABLE>
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
GOLD AND NATURAL RESOURCES FUND
Financial Highlights
For a share outstanding throughout each period
<TABLE>
<CAPTION>
Year Ended April 30,
-----------------------------------------------------------
1995 1994 1993 1992 1991 1990+
-------- ------- ------- ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $ 13.11 $ 10.61 $ 8.25 $ 8.85 $ 9.51 $10.00
-------- ------- ------- ------ ------ ------
Income From Investment Operations:
Net Investment Income 0.08 0.07 0.01 0.04 0.16 0.08
Net Gains or Losses on Securities (both
realized and unrealized) 0.37 2.47 2.39 (0.53) (0.69) (0.57)
-------- ------- ------- ------ ------ ------
Total From Investment Operations 0.45 2.54 2.40 (0.49) (0.53) (0.49)
-------- ------- ------- ------ ------ ------
Less Distributions:
Dividends from net investment income (0.07) (0.04) (0.04) (0.11) (0.13) ---
-------- ------- ------- ------ ------ ------
Total Distributions (0.07) (0.04) (0.04) (0.11) (0.13) ---
-------- ------- ------- ------ ------ ------
Net Asset Value, End of Period $ 13.49 $ 13.11 $ 10.61 $ 8.25 $ 8.85 $ 9.51
======== ======= ======= ====== ====== ======
Total Return (a) 3.43% 23.96% 29.19% -5.62% -5.67% -4.90%
Ratios/supplementary Data
Net Assets, End of Period (000) $127,320 $81,248 $30,896 $9,836 $6,936 $3,660
Ratio of Expenses to Average Net Assets (b) 0.96% 0.96% 1.61% 1.32% 0.52% ---
Ratio of Net Income to Average Net Assets 0.71% 0.64% 0.25% 0.60% 2.10% 2.46% *
Portfolio Turnover Rate 23.30% 15.84% 14.61% 0.48% 21.86% 5.09% *
</TABLE>
- --------------------
(a) Total return is calculated assuming an initial investment made at the net
asset value at the beginning of the period, reinvestment of dividends and
distributions of capital gains at net asset value during the year and a
redemption on the last day of the period. Total return for the period ended
April 30, 1990 was not annualized.
(b) Had the advisor not reimbursed expenses, the expense ratio for the year
ended April 30, 1991 and for the period September 1, 1989 (commencement of
operations) to April 30, 1990 would have been 1.21% and 1.87%, respectively.
* Annualized.
+ From September 1, 1989 (commencement of operations) to April 30, 1990.
See Notes to Financial Statements.
<PAGE>
GOLD AND NATURAL RESOURCES FUND
Notes to Financial Statements
_________________________________________________________________
NOTE 1-Significant Accounting Policies:
Van Eck Worldwide Insurance Trust (the "Trust"), formerly the Van Eck Investment
Trust, organized as a Massachusetts business trust on January 7, 1987, is
registered under the Investment Company Act of 1940. The following is a summary
of significant accounting policies consistently followed by the Gold and Natural
Resources Fund series, a diversified fund (the "Fund") of the Trust in the
preparation of its financial statements. The policies are in conformity with
generally accepted accounting principles.
A. Security valuation-Securities traded on national exchanges and traded in the
NASDAQ National Market System are valued at the last sales prices reported at
the close of business on the last business day of the period. Over-the-counter
securities not included in the NASDAQ National Market System and listed
securities for which no sale was reported are valued at the mean of the bid and
asked prices. Short-term obligations purchased with more than sixty days
remaining to maturity are valued at market. Short-term obligations purchased
with sixty days or less to maturity are valued at cost which with accrued
interest approximates value. Securities for which quotations are not available
are stated at fair value as determined by the Board of Trustees.
B. Federal income taxes-It is the Fund's policy to comply with the provisions
of the Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable income to its shareholders. Therefore, no federal
income tax provision is required.
C. Currency Translation-Assets and liabilities denominated in foreign
currencies and commitments under forward currency contracts are translated into
U.S. Dollars at the mean of the quoted bid and asked prices of such currencies
on the last business day of the fiscal year. Purchases and sales of investments
are translated at the exchange rates prevailing when such investments were
acquired or sold. Income and expenses are translated at the exchange rates
prevailing when accrued. The portion of realized and unrealized gains and losses
on investments that result from fluctuations in foreign currency exchange rates
is not separately disclosed. Recognized gains or losses attributable to foreign
currency fluctuations on foreign currency denominated assets and liabilities are
recorded as net realized gains and losses from foreign currency transactions.
<PAGE>
GOLD AND NATURAL RESOURCES FUND
Notes to Financial Statements (continued)
______________________________________________________________________________
D. Dividends and Distributions-Dividend income and distributions to
shareholders are recorded on the ex-dividend date. Income distributions and
capital gain distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles.
These differences are primarily due to differing treatments for foreign currency
transactions. The effect of these differences for the year ended April 30, 1995
increased undistributed net investment income by $16,931 and increased
cumulative realized losses by $16,931.
E. Other-Security transactions are accounted for on the date the securities are
purchased or sold. Interest income is accrued as earned. Deferred organization
expenses were amortized over a period of five years.
NOTE 2-Van Eck Associates Corporation earned fees of $837,780 for the year
ended April 30, 1995 for investment management and advisory services. The fee
is based on an annual rate of .75 of 1% of the first $500 million of average
daily net assets, .65 of 1% on the next $250 million and .50 of 1% in excess of
$750 million. In accordance with the advisory agreement, the Fund reimbursed
Van Eck Associates Corporation $63,267 for costs incurred in connection with
certain administrative and accounting functions. Certain of the officers and
trustees of the Trust are officers, directors or stockholders of Van Eck
Associates Corporation and Van Eck Securities Corporation.
NOTE 3-Purchases of securities other than short-term obligations aggregated
$65,917,139 for the year ended April 30, 1995. For federal income tax purposes
the identified cost of investments owned at April 30, 1995 was $116,136,589. As
of April 30, 1995 net unrealized appreciation for federal income tax purposes
aggregated $13,321,051 of which $17,243,005 related to appreciated securities
and $3,921,954 related to depreciated securities. At April 30, 1995, the Fund
had capital loss carry forwards available to offset future capital gains
expiring April 30, 2001 and 2002 of $306,887 and $141,515, respectively.
<PAGE>
GOLD AND NATURAL RESOURCES FUND
Notes to Financial Statements (continued)
______________________________________________________________________________
NOTE 4-The Fund may purchase securities on foreign exchanges. Securities of
foreign issuers involve special risks and consideration not typically associated
with investing in U.S. issuers. These risks include re-evaluation of
currencies, less reliable information about issuers, different securities
transactions clearance and settlement practices, and future adverse political
and economic developments. These risks are heightened for investments in
emerging market countries. Moreover, securities of many foreign issuers and
their markets may be less liquid and their prices more volatile than those of
comparable U.S. issuers.
NOTE 5-An income dividend of $.06 a share was paid on May 31, 1995 to
shareholders of record on May 25, 1995, with a reinvestment date of May 30,
1995.
<PAGE>
[LETTERHEAD OF COOPERS & LYBRAND]
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and
Board of Trustees of Van Eck Worldwide Insurance Trust:
We have audited the accompanying statement of assets and liabilities of the Gold
and Natural Resources Fund (the "Fund") (one of the series constituting Van Eck
Worldwide Insurance Trust, formerly Van Eck Investment Trust), including the
investment portfolio, as of April 30, 1995, the related statement of operations
for the year then ended, the statements of changes in net assets for each of the
two years in the period then ended and the financial highlights for each of the
three years in the period then ended. 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. The financial highlights for each of the two years in the
period ended April 30, 1992 and the period from September 1, 1989 (commencement
of operations) to April 30, 1990 were audited by other auditors, whose report
dated July 5, 1992, expressed an unqualified opinion thereon.
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
April 30, 1995 by correspondence with the custodian and brokers. 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 the
Gold and Natural Resources Fund series of Van Eck Worldwide Insurance Trust as
of April 30, 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 three years in the period then ended,
in conformity with generally accepted accounting principles.
/s/ Coopers & Lybrand L.L.P.
COOPERS & LYBRAND L.L.P.
New York, New York
June 9, 1995
