Robertson Stephens
[Logo]
Money Market Portfolio
Semi-Annual Report
February 28, 1995
<PAGE>
THE SANSOM STREET FAMILY
THE RBB FUND, INC.
Semi-Annual Investment Adviser's Report
Last year, the fixed income markets were hard hit by rising interest
rates and derivative-related losses. The first quarter of 1995 got off to an
inauspicious start with another increase in short-term interest rates, the
financial crisis in Mexico, and the decline in the dollar. One area that
does appear to be experiencing a trend change is the pace of business
activity. In the fourth quarter of last year, the economy grew by a revised
4.6%, pushing the annual rate to 4.0%, the strongest showing in ten years.
Estimates for the first quarter average around 3%, based on signs of lower
consumer spending, declining auto sales and a softer housing market. In
recent congressional testimony, Fed Chairman Greenspan indicated that the
FOMC expects the economy to expand at a 2%-3% rate in 1995. Greenspan even
used the word "ease" in his recent testimony, causing the markets to rally
strongly, but temporarily, on the belief that the year long rise in interest
rates was about over.
The Fed also has reason to be pleased with the inflation numbers. The
fourth quarter GDP report revealed prices advanced only 1.3%, versus 1.9% in
the previous quarter. For the year, consumer prices were up 2.7%, exactly
the same as in 1993. The FOMC is estimating that consumer prices will
average 3.0%-3.5% in 1995.
Short-term interest rates continued their upward climb during the last
two quarters. The Federal Reserve tightened policy twice, in November and
February, for a total of 125 basis points, bringing the federal funds rate
to 6.00%. Fourth quarter economic reports continued to suggest that business
was expanding, and that further Fed action was likely in the new year. On
February 1st, the FOMC voted to increase the federal funds target and
discount rate 50 basis points to 6.00% and 5.25%, respectively. Although
this was the first interest rate hike of 1995, market expectations that it
would also be the last ignited a strong rally that flattened the yield
curve. Three and six-month Treasury bill yields fell to 5.83% and 6.11%,
respectively, while three and six-month LIBORs decreased to 6.19% and 6.38%,
respectively.
PNC Institutional Management Corporation
(Please dial toll-free 800-447-1139 for questions
regarding your account or contact your broker.)
<PAGE>1
THE SANSOM STREET FAMILY
THE RBB FUND, INC.
Money Market Portfolio
Statement of Net Assets
February 28, 1995
(Unaudited)
<TABLE>
<CAPTION>
Par
(000) Value
--------- ----------------
<S> <C> <C>
Agency Obligations--10.3%
Federal National Mortgage Association
Discount Notes -- 3.4%
5.37% 03/22/1995 $ 15,000 $ 14,953,013
5.40% 03/22/1995 15,000 14,952,750
5.53% 04/05/1995 10,000 9,946,236
---------------
39,851,999
---------------
Student Loan Marketing Association
Variable Rate Notes (dagger) -- 6.9%
6.06% 03/07/1995 25,000 25,000,000
6.10% 03/07/1995 20,000 20,000,000
6.11% 03/07/1995 10,000 10,000,000
6.12% 03/07/1995 25,000 24,986,848
---------------
79,986,848
---------------
TOTAL AGENCY OBLIGATIONS
(Cost $119,838,847) 119,838,847
---------------
Certificates of Deposit--15.1%
Domestic Certificates of Deposit--1.7%
NationsBank North Carolina
5.35% 06/07/1995 5,000 4,999,938
Northern Trust Bank
5.25% 06/16/1995 15,000 14,997,054
---------------
19,996,992
---------------
Yankee Certificates of Deposit--13.4%
Fuji Bank
6.03% 03/27/1995 50,000 50,000,000
Industrial Bank of Japan
6.28% 04/28/1995 25,000 25,000,397
Mitsubishi Bank
6.41% 05/23/1995 30,000 30,004,588
Sumitomo Bank
6.27% 04/28/1995 25,000 25,000,000
Svenska Handelsbanken, Inc.
6.25% 04/28/1995 25,000 25,000,000
---------------
155,004,985
---------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $175,001,977) 175,001,977
---------------
Commercial Paper--24.3%
Asset Backed Securities--4.2%
Beta Finance, Inc.
5.43% 03/08/1995 15,000 14,984,163
5.20% 03/13/1995 15,000 14,974,000
5.30% 03/14/1995 10,000 9,980,861
5.30% 03/20/1995 9,000 8,974,825
---------------
48,913,849
---------------
Banks--5.5%
Abbey National North America Corp.
5.07% 03/06/1995 5,000 4,996,479
5.07% 03/07/1995 15,000 14,987,325
National City Corporation
5.10% 03/06/1995 5,000 4,996,458
6.07% 06/27/1995 20,000 19,602,077
Republic National Bank of New York
5.36% 03/21/1995 10,000 9,970,222
Toronto Dominion Holdings (USA), Inc.
5.73% 05/02/1995 10,000 9,901,317
---------------
64,453,878
---------------
Finance Lessors--1.7%
General Electric Capital Corp.
5.40% 03/27/1995 20,000 19,922,000
---------------
Glass, Glassware, Pressed or Blown--1.3%
Newell Co.
6.15% 04/27/1995 15,000 14,853,938
---------------
Personal Credit Institutions--4.3%
General Motors Acceptance Corp.
6.15% 03/06/1995 25,000 24,978,645
6.10% 03/08/1995 25,000 24,970,347
---------------
49,948,992
---------------
Pharmaceutical Preparations--4.3%
American Home Products Corporation
6.05% 03/27/1995 30,000 29,868,917
Lilly (Eli) & Co.
6.20% 06/01/1995 20,000 19,683,111
---------------
49,552,028
---------------
<PAGE>2
Short-Term Business Credit Institutions--3.0%
Sears Roebuck Acceptance Corp.
6.24% 06/05/1995 25,000 24,584,000
CXC, Inc.
6.10% 05/08/1995 10,000 9,884,778
---------------
34,468,778
---------------
TOTAL COMMERCIAL PAPER
(Cost $282,113,463) 282,113,463
---------------
Time Deposits--6.5%
Dai-Ichi Kangyo Bank
6.03% 03/07/1995 50,000 50,000,000
Sumitomo Bank
6.00% 03/07/1995 25,000 25,000,000
---------------
TOTAL TIME DEPOSITS
(Cost $75,000,000) 75,000,000
---------------
Corporate Obligations--32.2%
Banks--9.0%
Comerica Bank -Detroit (dagger)
6.02% 03/07/1995 25,000 24,985,649
6.02% 03/07/1995 25,000 24,984,531
First National Bank of Chicago (dagger)
6.14% 03/01/1995 55,000 54,993,068
---------------
104,963,248
---------------
Security Brokers and Dealers--22.1%
Bear Stearns Treasury Rate Note (dagger)
6.12% 03/07/1995 15,000 15,000,000
Bear Stearns & Co., Inc. (dagger)
6.15% 03/07/1995 40,000 40,000,000
Goldman Sachs Group L.P. (dagger)
6.38% 05/10/1995 53,000 53,000,000
J. P. Morgan Securities, Inc. (dagger)
6.18% 03/30/1995 50,000 50,000,000
Lehman Brothers Holdings, Inc. (dagger)
6.53% 03/07/1995 50,000 50,000,000
Morgan Stanley Group (dagger)
6.03% 03/07/1995 33,500 33,499,238
6.23% 07/19/1995 15,000 15,000,000
---------------
256,499,238
---------------
Services-Auto Rent and Lease--1.1%
PHH Corp. (dagger)
6.15% 03/07/1995 12,235 12,235,000
---------------
TOTAL CORPORATE OBLIGATIONS
(Cost $373,697,486) 373,697,486
---------------
Repurchase Agreements--11.3%
J. P. Morgan Securities
6.20% 03/01/1995 25,000 25,000,000
(Agreement dated 02/28/95 to be
repurchased at $25,004,306,
collateralized by $25,469,000
U.S. Treasury Note 6.88% due
02/28/97. Market value of
collateral is $25,500,836.)
Morgan Stanley & Co.
6.15% 03/01/1995 50,000 50,000,000
(Agreement dated 02/28/95 to be
repurchased at $50,008,542,
collateralized by $59,353,089
Federal National Mortgage Assoc.
6.70% to 10.00% due 05/01/06
to 08/01/24. Market value of
collateral is $51,050,908.)
Lehman Government Securities Inc.
6.13% 03/01/1995 55,925 55,925,000
(Agreement dated 02/28/95 to be
repurchased at $55,934,523,
collateralized by $64,229,361
Government National Mortgage
Assoc. 6.00% to 7.00% due
06/15/94 to 12/15/09. Market
value of collateral is $57,596,305.)
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $130,925,000) 130,925,000
---------------
<PAGE>3
TOTAL INVESTMENTS AT VALUE--99.7%
(Cost $1,156,576,773*) 1,156,576,773
OTHER ASSETS IN EXCESS
OF LIABILITIES--0.3% 3,102,393
---------------
NET ASSETS (Applicable to
754,410,803 Bedford shares,
228,154 Cash Preservation shares,
50,561 RBB shares, 404,990,910
Sansom Street shares and 800
other shares) -- 100.0% $1,159,679,166
==============
NET ASSET Value, offering and
redemption price per share
($1,159,679,166 / 1,159,681,228) $1.00
=====
<FN>
* Also cost for Federal income tax purposes.
(dagger) Variable Rate Obligations -- The interest rate shown is the rate as of February 28, 1995
and the maturity date shown is the longer of the next interest readjustment date or the
date the principal amount shown can be recovered through demand.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
<PAGE>4
THE SANSOM STREET FAMILY
The RBB Fund, Inc.
Money Market Portfolio
<TABLE>
<CAPTION>
Statement of Operations
For the Six Months Ended
February 28, 1995
(Unaudited)
<S> <C>
Investment Income
Interest $30,729,257
-----------
Expenses
Investment advisory fees 2,137,724
Distribution fees 2,210,824
Service organization fees 188,498
Directors' fees 5,207
Custodian fees 95,941
Transfer agent fees 646,760
Legal fees 26,203
Audit fees 31,567
Registration fees 48,000
Insurance expense 15,341
Printing fees 148,454
Miscellaneous 98
-----------
5,554,617
Less fees waived (1,291,275)
Less expense reimbursement by advisor (5,505)
-----------
TOTAL EXPENSES 4,257,837
-----------
NET INVESTMENT INCOME 26,471,420
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $26,471,420
===========
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
For the For the
Six Months Ended Year Ended
February 28, 1995 August 31, 1994
------------------ ----------------
(Unaudited)
<S> <C> <C>
Increase in net assets:
Operations:
Net investment income $ 26,471,420 $ 32,169,184
Net loss on investments -- (2,062)
-------------- --------------
Net increase in net assets
resulting from operations 26,471,420 32,167,122
-------------- --------------
Distributions to shareholders:
Dividends to shareholders from
net investment income:
Bedford shares ($.0226 and
$.0278, respectively,
per share) (16,791,232) (21,525,364)
Cash Preservation shares
($.0226 and $.0278,
respectively, per share) (5,162) (26,296)
RBB shares ($.0224 and
$.0273, respectively,
per share) (1,097) (1,576)
Sansom Street shares
($.0254 and $.0334,
respectively, per share) (9,673,929) (10,615,948)
Distributions to shareholders
from net realized
short-term gains:
Bedford shares -- (48,280)
Cash Preservation shares -- (40)
RBB shares -- (5)
Sansom Street shares -- (15,323)
-------------- --------------
Total distributions to
shareholders (26,471,420) (32,232,832)
-------------- --------------
Net capital share
transactions 74,919,213 110,590,287
-------------- --------------
Total increase in net assets 74,919,213 110,524,577
Net Assets:
Beginning of period 1,084,759,953 974,235,376
-------------- --------------
End of period $1,159,679,166 $1,084,759,953
============== ==============
</TABLE>
See Accompanying Notes to Financial Statements.
<PAGE>5
THE SANSOM STREET FAMILY
The RBB Fund, Inc.
Financial Highlights (c)
(For a Share Outstanding Throughout each Period)
<TABLE>
<CAPTION>
The Sansom Street Family
Money Market Portfolio
---------------------------------------------------------------------------------------------
For the For the For the For the For the
Six Months Ended Year Ended Year Ended Year Ended Year Ended
February 28, 1995 August 31, 1994 August 31, 1993 August 31, 1992 August 31, 1991
----------------- ---------------- --------------- --------------- ---------------
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------ ------------ ------------ ------------ ------------
Income from investment
operations:
Net investment income .0254 .0334 .0304 .0435 .0684
Net gains on securities
(both realized and
unrealized) -- -- -- .0007 --
------------ ------------ ------------ ------------ ------------
Total from investment
operations .0254 .0334 .0304 .0442 .0684
------------ ------------ ------------ ------------ ------------
Less distributions
Dividends (from net
investment income) (.0254) (.0334) (.0304) (.0435) (.0684)
Distributions (from
capital gains) -- -- -- (.0007) --
------------ ------------ ------------ ------------ ------------
Total distributions (.0254) (.0334) (.0304) (.0442) (.0684)
------------ ------------ ------------ ------------ ------------
Net asset value, end
of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ ============ ============ ============
Total Return 5.25% 3.39% 3.08% 4.51% 7.06%
Ratios /Supplemental Data
Net assets, end of period $404,990,199 $373,745,178 $190,794,098 $228,078,764 $138,417,995
Ratios of expenses to
average net assets .38%(a)(b) .39%(a) .34%(a) .35%(a) .37%(a)
Ratios of net investment
income to average
net assets 5.13%(b) 3.34% 3.04% 4.35% 6.84%
<FN>
(a) Without the waiver of advisory fees and without the reimbursement of certain operating expenses, the ratios of
expenses to average net assets for the Money Market Portfolio would have been .61% annualized for the six months
ended February 28, 1995, .60%, .60%, .61% and .61% for the years ended August 31, 1994, 1993, 1992 and 1991,
respectively.
(b) Annualized.
(c) Financial highlights relate solely to the Sansom Street Class of shares within the portfolio.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
<PAGE>6
THE SANSOM STREET FAMILY
The RBB Fund, Inc.
Notes to Financial Statements
February 28, 1995
(Unaudited)
Note 1. Summary of Significant Accounting Policies
The RBB Fund, Inc. (the "Fund") is registered under the Investment
Company Act of 1940, as amended, as an open-end management investment
company. The Fund was incorporated in Maryland on February 29, 1988.
The Fund has authorized capital of thirty billion shares of common
stock of which 10.7 billion shares are currently classified into sixty-two
classes. Each class represents an interest in one of eighteen investment
portfolios of the Fund, sixteen of which are currently in operation. The
classes have been grouped into sixteen separate "families", eight of which
have begun investment operations: the RBB Family, the BEA Family, the Sansom
Street Family, the Bedford Family, the Cash Preservation Family, the
Laffer/Canto Family, the Warburg Pincus Family, and the Bradford Family. The
Sansom Street Family represents interests in the Money Market Portfolio,
which is covered in this report.
A) SECURITY VALUATION - Portfolio securities are valued under the
amortized cost method, which approximates current market value. Under
this method, securities are valued at cost when purchased and
thereafter a constant proportionate amortization of any discount or
premium is recorded until maturity of the security. Regular review and
monitoring of the valuation is performed in an attempt to avoid
dilution or other unfair results to shareholders. The Portfolio seeks
to maintain net asset value per share at $1.00.
B) SECURITY TRANSACTIONS AND INVESTMENT INCOME - Security
transactions are accounted for on the trade date. The cost of
investments sold is determined by use of the specific identification
method for both financial reporting and income tax purposes. Interest
income is recorded on the accrual basis. Certain expenses, principally
distribution, transfer agency and printing, are class specific expenses
and vary by class. Expenses not directly attributable to a specific
portfolio or class are allocated based on relative net assets of each
portfolio and class, respectively.
C) DISTRIBUTIONS TO SHAREHOLDERS - Dividends from net investment
income are declared daily and paid monthly. Any net realized capital
gains are distributed at least annually.
D) FEDERAL INCOME TAXES - No provision is made for Federal taxes
as it is the Fund's intention to have each portfolio to continue to
qualify for and elect the tax treatment applicable to regulated
investment companies under the Internal Revenue Code and make the
requisite distributions to its shareholders which will be sufficient to
relieve it from Federal income and excise taxes.
E) REPURCHASE AGREEMENTS - Money market instruments may be
purchased subject to the seller's agreement to repurchase them at an
agreed upon date and price. The seller will be required on a daily
basis to maintain the value of the securities subject to the agreement
at not less than the repurchase price. The agreements are conditioned
upon the collateral being deposited under the Federal Reserve
book-entry system or with the Fund's custodian or a third party
sub-custodian.
<PAGE>7
Note 2. Transactions with Affiliates and Related Parties
Pursuant to Investment Advisory Agreements, PNC Institutional
Management Corporation ("PIMC"), a wholly owned subsidiary of PNC Bank,
National Association ("PNC Bank"), serves as investment advisor for the
portfolio described herein. PNC Bank serves as the sub-advisor for the Money
Market Portfolio.
For its advisory services, PIMC is entitled to receive the following
fees, computed daily and payable monthly based on the portfolio's average
daily net assets:
.45% of first $250 million of net assets;
.40% of next $250 million of net assets;
.35% of net assets in excess of $500 million.
PIMC may, at its discretion, voluntarily waive all or any portion of
its advisory fee for this portfolio. For each class of shares within a
respective portfolio, the net advisory fee charged to each class is the same
on a relative basis. For the six months ended February 28, 1995, advisory
fees and waivers for the investment portfolio were as follows:
Gross Net
Advisory Advisory
Fee Waiver Fee
-------------- -------------- --------------
$ 2,137,724 $ (1,283,528) $ 854,196
PNC Bank, as sub-advisor, receives a fee directly from PIMC, not the
portfolio. In addition, PNC Bank serves as custodian for the Fund's
portfolios. PFPC Inc. ("PFPC"), an indirect wholly owned subsidiary of PNC
Bank Corp., serves as each class's transfer and dividend disbursing agent.
PFPC may, at its discretion, voluntarily waive all or any portion of
its transfer agency fee for any class of shares. For the six months ended
February 28, 1995, transfer agency fees and waivers for each class of shares
within the investment portfolio were as follows:
<TABLE>
<CAPTION>
Gross Net
Transfer Agency Transfer Agency
Fee Waiver Fee
-------------- -------------- --------------
<S> <C> <C> <C>
Bedford Class $ 634,500 $ -- $ 634,500
Cash Preservation Class 4,175 (3,767) 408
RBB Class 4,080 (3,980) 100
Sansom Street Class 4,005 -- 4,005
--------- --------- ---------
Total $ 646,760 $ (7,747) $ 639,013
========= ========= =========
</TABLE>
The Fund, on behalf of each class of shares within this investment
portfolio, has adopted Distribution Plans pursuant to Rule 12b-1 under the
Investment Company Act of 1940, as amended, and has entered into
Distribution Contracts with Counsellors Securities Inc. ("Counsellors"),
which provide for each class to make monthly payments, based on average net
assets, to Counsellors of up to .65% on an annualized basis for the Bedford,
Cash Preservation and RBB Classes and up to .20% on an annualized basis for
the Sansom Street Class.
<PAGE>8
Note 2. Transactions with Affiliates and Related Parties (continued)
For the six months ended February 28, 1995, distribution fees for each
class were as follows:
<TABLE>
<CAPTION>
Distribution
Fee
-------------
<S> <C>
Bedford Class $ 2,104,457
Cash Preservation Class 456
RBB Class 98
Sansom Street Class 105,813
-----------
Total $ 2,210,824
===========
</TABLE>
The Fund has entered into service agreements with banks affiliated with
PNC Bank who render support services to customers who are the beneficial
owners of the Sansom Street Class in consideration of the payment of .10% of
the daily net asset value of such shares. For the six months ended February
28, 1995 service organization fees were $188,498 for the Money Market
Portfolio.
Note 3. Capital Shares
Transactions in capital shares (at $1.00 per capital share) for each
period were as follows:
<TABLE>
<CAPTION>
Money Market Portfolio
-----------------------------------------
For the For the
Six Months Ended Year Ended
February 28, 1995 August 31, 1994
---------------- ----------------
(Unaudited)
Value Value
---------------- ----------------
<S> <C> <C>
Shares sold:
Bedford Class $1,278,459,225 $2,789,452,640
Cash Preservation Class 46,605 908,824
RBB Class 6,975 43,426
Sansom Street Class 990,907,295 1,517,145,765
Shares issued in reinvestment
of dividends:
Bedford Class 16,509,075 20,973,730
Cash Preservation Class 5,196 26,123
RBB Class 1,096 1,551
Sansom Street Class 8,071,063 7,714,640
Shares repurchased:
Bedford Class (1,251,296,329) (2,881,789,878)
Cash Preservation Class (54,828) (1,932,859)
RBB Class (2,823) (57,526)
Sansom Street Class (967,733,337) (1,341,896,149)
-------------- --------------
Net increase $ 74,919,213 $ 110,590,287
============== ==============
Sansom Street Shares authorized 1,000,000,000 500,000,000
============== ==============
</TABLE>
<PAGE>9
Note 4. Net Assets
At February 28, 1995, net assets consisted of the following:
<TABLE>
<CAPTION>
Money Market
Portfolio
----------------
<S> <C>
Capital paid-in:
Bedford Class $ 754,410,803
Cash Preservation Class 228,154
RBB Class 50,561
Sansom Street Class 404,990,910
Other Classes 800
Accumulated net realized gain (loss)
on investments:
Bedford Class (1,351)
Cash Preservation Class --
RBB Class --
Sansom Street Class (711)
--------------
$1,159,679,166
--------------
</TABLE>
<PAGE>10
Note 5. Other Financial Highlights
The Fund currently offers three other classes of shares representing
interests in the Money Market Portfolio: Bedford, Cash Preservation, and
RBB. Each class is marketed to different types of investors. Financial
Highlights of the RBB and Cash Preservation classes are not presented in
this report due to their immateriality. Such information is available in the
annual reports of each respective family. The financial highlights of
certain of the other classes are as follows:
<TABLE>
<CAPTION>
The Bedford Family
Money Market Portfolio
------------------------------------------------------------------------------------
For the For the For the For the For the
Six Months Ended Year Ended Year Ended Year Ended Year Ended
February 28, 1995 August 31, 1994 August 31, 1993 August 31, 1992 August 31, 1991
---------------- --------------- -------------- --------------- ---------------
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------------- -------------- -------------- -------------- --------------
Income from investment
operations:
Net investment income .0226 .0278 .0243 .0375 .0629
Net gains on securities
(both realized
and unrealized) -- -- -- .0007 --
-------------- -------------- -------------- -------------- --------------
Total from investment
operations .0226 .0278 .0243 .0382 .0629
-------------- -------------- -------------- -------------- --------------
Less distributions
Dividends (from net
investment income) (.0226) (.0278) (.0243) (.0375) (.0629)
Distributions (from
capital gains) -- -- -- (.0007) --
-------------- -------------- -------------- -------------- --------------
Total distributions (.0226) (.0278) (.0243) (.0382) (.0629)
-------------- -------------- -------------- -------------- --------------
Net asset value,
end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ============== ============== ============== ==============
Total Return 4.65%(c) 2.81% 2.46% 3.89% 6.48%
Ratios /Supplemental Data
Net assets, end of period $754,409,452 $710,737,481 $782,153,438 $736,841,928 $747,530,400
Ratios of expenses to
average net assets .96%(a)(c) .95%(a) .95%(a) .95%(a) .92%(a)
Ratios of net investment
income to average
net assets 4.55%(c) 2.78% 2.43% 3.75% 6.29%
<FN>
(a) Without the waiver of advisory and administration fees and without the reimbursement of certain operating
expenses, the ratios of expenses to average net assets for the Money Market Portfolio would have been 1.19%
annualized for the six months ended February 28, 1995, 1.16%, 1.19%, 1.20% and 1.17% for the years ended
August 31, 1994, 1993, 1992 and 1991, respectively.
(b) Annualized.
</FN>
</TABLE>
<PAGE>11
