Franklin Government Securities Trust
Statement of Investments in Securities and Net Assets, June 30, 1997 (unaudited)
- --------------------------------------------------------------------------------
Face Value
Amount (Note 1)
------- ---------
Long Term Investments 92.4%
Government National Mortgage Association
(GNMA)
$ 872,980 GNMA I, SF, 6.00%, 11/15/23 $ 820,296
2,414,114 GNMA I, SF, 6.50%, 10/15/23 - 03/15/24 2,328,387
2,902,833 GNMA II, SF, 6.50%, 05/20/24 - 03/20/26 2,774,258
2,851,985 GNMA I, SF, 7.00%, 10/15/22 - 10/15/23 2,821,747
2,302,997 GNMA II, SF, 7.00%, 09/20/25 - 02/20/26 2,258,286
3,661,484 GNMA I, SF, 7.50%, 06/15/17 - 05/15/27 3,692,071
1,805,680 GNMA II, SF, 7.50%, 07/20/23 - 07/20/26 1,808,890
2,632,000 GNMA I, SF, 8.00%, 02/15/17 - 11/15/24 2,720,566
284,869 GNMA II, SF, 8.00%, 10/20/16 - 08/20/26 291,423
342,561 GNMA I, SF, 8.25%, 04/15/25 353,455
974,782 GNMA I, SF, 8.50%, 03/15/20 - 07/15/22 1,024,030
278,090 GNMA I, SF, 9.00%, 06/15/16 - 11/15/21 298,291
533,545 GNMA I, SF, 9.50%, 10/15/09 - 10/15/21 579,219
169,052 GNMA II, SF, 9.50%, 04/20/25 180,792
864,696 GNMA I, SF, 10.00%, 03/15/16 - 08/15/21 945,476
53,794 GNMA II, SF, 10.00%, 12/20/18 - 08/20/20 58,595
101,481 GNMA II, SF, 10.50%, 09/20/15 - 02/20/21 112,846
----------
Total Long Term Investments
(Cost $23,109,566) 23,068,628
----------
aReceivables from Repurchase Agreements 7.1%
1,780,435 Joint Repurchase Agreement, 5.884%, 07/01/97,
(Maturity Value $1,781,279) (Cost $1,780,988)
Aubrey G. Lanston & Co., Inc.,
(Maturity Value $176,552)
Collateral: U.S. Treasury Notes, 6.00% - 8.25%,
04/15/98 - 08/15/99
Barclays de Zoete Wedd Securities, Inc.,
(Maturity Value $176,552)
Collateral: U.S. Treasury Notes, 5.25% - 7.125%,
12/31/97 - 02/28/01
Chase Securities, Inc., (Maturity Value $104,034)
Collateral: U.S. Treasury Notes, 5.875%, 01/31/99
CIBC Wood Gundy Securities Corp.,
(Maturity Value $176,552)
Collateral: U.S. Treasury Notes, 5.375% - 6.875%,
11/30/97 - 07/31/99
Daiwa Securities America, Inc.,
(Maturity Value $176,552)
Collateral: U.S. Treasury Notes, 5.875% - 7.75%,
03/31/99 - 08/31/01
Donaldson, Lufkin & Jenrette Securities Corp.,
(Maturity Value $88,277)
Collateral: U.S. Treasury Notes, 5.00% - 6.25%,
09/30/97 - 07/31/98
Fuji Securities, Inc., (Maturity Value $176,552)
Collateral: U.S. Treasury Notes, 4.75% - 7.125%,
02/28/98 - 03/31/01
Sanwa Securities (USA) Co., L.P.,
(Maturity Value $176,552)
Collateral: U.S. Treasury Notes, 6.50% - 8.875%,
11/15/98 - 06/30/01
SBC Warburg, Inc., (Maturity Value $176,552)
Collateral: U.S. Treasury Notes, 5.50%, 11/15/98
The Nikko Securities Co. International, Inc.,
(Maturity Value $176,552)
Collateral: U.S. Treasury Notes, 5.125% - 7.875%,
12/31/98 - 08/15/01
UBS Securities, L.L.C., (Maturity Value $176,552)
Collateral: U.S. Treasury Notes, 5.00% - 6.00%,
07/31/98 - 04/15/00 $ 1,780,988
----------
Total Investments
(Cost $24,890,554) 99.5% 24,849,616
Other Assets and Liabilities,
Net 0.5% 112,665
----------
Net Assets 100.0% $24,962,281
==========
At June 30, 1997, the net unrealized depreciation
based on the cost of investments for income
tax purposes of $24,890,554 was as follows:
Aggregate gross unrealized appreciation
for all investments in which there was an
excess of value over tax cost $ 247,744
Aggregate gross unrealized depreciation
for all investments in which there was an
excess of tax cost over value (288,682)
----------
Net unrealized depreciation $ (40,938)
==========
PORTFOLIO ABBREVIATIONS:
L.L.C. -Limited Liability Corp.
L.P. -Limited Partnership
SF -Single Family
aFace amount for repurchase agreements is for the underlying collateral. See
Note 1(f) regarding joint repurchase agreement.
The accompanying notes are an integral part of these financial statements.
Franklin Government Securities Trust
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities
June 30, 1997 (unaudited)
ASSETS:
Investments in securities, at value
(identified cost $23,109,566) . $23,068,628
Receivables from repurchase agreements, at value and cost 1,780,988
Interest Receivable 142,301
----------
Total assets 24,991,917
----------
LIABILITIES:
Payables:
Capital shares repurchased 8,304
Management fees 12,408
Accrued expenses and other liabilities 8,924
----------
Total liabilities 29,636
----------
NET ASSETS, at value $24,962,281
==========
Net assets consist of:
Undistributed net investment income $ 789,630
Net unrealized depreciation on investments (40,938)
Accumulated net realized loss (210,118)
Capital shares 24,423,707
----------
Net assets, at value $24,962,281
==========
Shares outstanding 1,946,156
==========
NET ASSET VALUE per share ($24,962,281 / 1,946,156) $12.83
==========
Statement of Operations
for the six months ended June 30, 1997 (unaudited)
INVESTMENT INCOME:
Interest $872,782
----------
EXPENSES:
Management fees (Note 5) . $73,791
Professional fees 8,015
Reports to shareholders 551
Custodian fees 120
Other 502
---------
Total expenses 82,979
----------
Net investment income 789,803
----------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized loss (20,103)
Net unrealized appreciation 192,121
----------
Net realized and unrealized gain on investments . 172,018
----------
Net increase in net assets resulting from operations $961,821
==========
Statements of Changes in Net Assets
for the six months ended June 30, 1997 (unaudited)
and the year ended December 31, 1996
Six months Year ended
ended 6/30/97 12/31/96
---------- ---------
INCREASE IN NET ASSETS:
Operations:
Net investment income $ 789,803 $ 1,578,237
Net realized loss from investment
transactions (20,103) (60,516)
Net unrealized appreciation
(depreciation) on investments 192,121 (555,519)
---------- ---------
Net increase in net assets resulting
from operations 961,821 962,202
Distributions to shareholders from
undistributed net investment income (1,578,341) (1,246,655)
Increase in net assets from capital share
transactions (Note 2) . 2,214,254 1,157,887
---------- ---------
Net increase in net assets 1,597,734 873,434
NET ASSETS:
Beginning of period 23,364,547 22,491,113
---------- ---------
End of period (including undistributed
net investment income of $789,630 -
for the six months ended June 30, 1997
and $1,578,168 - for the year ended
December 31, 1996) $24,962,281 $23,364,547
========== =========
The accompanying notes are an integral part of these financial statements.
Franklin Government Securities Trust
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
Franklin Government Securities Trust (the Trust) is an open-end, diversified
management investment company (mutual fund) registered under the Investment
Company Act of 1940, as amended. Shares of the Trust are sold only to a separate
account of Aetna Life Insurance and Annuity Company (Aetna) to fund the benefits
of variable annuity contracts issued by Aetna. The Trust seeks to earn income in
obligations of the U.S. government or its agencies or instrumentalities.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles for
investment companies.
a. Security Valuation: Portfolio securities listed on a securities exchange or
on the NASDAQ for which market quotations are readily available are valued at
the last sale price or, if there is no sale price, within the range of the most
recent quoted bid and asked prices. Other securities are valued based on a
variety of factors, including yield, risk, maturity, trade activity and recent
developments related to the securities. The Trust may utilize a pricing service,
bank or broker/dealer experienced in such matters to perform any of the pricing
functions, under procedures approved by the Board of Trustees (the Board).
Securities for which market quotations are not available are valued in
accordance with procedures established by the Board.
b. Income Taxes: The Trust intends to continue to qualify for the tax
treatment applicable to regulated investment companies under the Internal
Revenue Code and to make the requisite distributions to its shareholders which
will be sufficient to relieve it from income and excise taxes.
c. Security Transactions: Security transactions are accounted for on the date
the securities are purchased or sold (trade date). Realized gains and losses on
security transactions are determined on the basis of specific identification.
d. Investment Income, Expenses and Distributions: Dividend income and
distributions to shareholders are recorded on the ex-dividend date. Interest
income and estimated expenses are accrued daily.
e. Accounting Estimates: The preparation of financial statements in accordance
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the amounts of income
and expenses during the reporting period. Actual results could differ from those
estimates.
f. Joint Repurchase Agreements: The Trust may enter into a joint repurchase
agreement whereby its uninvested cash balance is deposited into a joint cash
account to be used to invest in one or more repurchase agreements with
government securities dealers recognized by the Federal Reserve Board and/or
member banks of the Federal Reserve System. The value and face amount of the
joint repurchase agreement are allocated to the Trust based on its pro-rata
interest. A repurchase agreement is accounted for as a loan by the Trust to the
seller, collateralized by underlying U.S. government securities, which are
delivered to the Trust's custodian. The market value, including accrued
interest, of the initial collateralization is required to be at least 102% of
the dollar amount invested by the Trust, with the value of the underlying
securities marked to market daily to maintain coverage of at least 100%. At June
30, 1997, all outstanding repurchase agreements held by the Trust, had been
entered into on that date.
2. TRUST SHARES
At June 30, 1997, there was an unlimited number of $.01 par value shares of
beneficial interest authorized. Transactions in the Trust's shares were as
follows:
Six months ended Year ended
June 30, 1997 December 31, 1996
-------------------- --------------------
Shares Amount Shares Amount
------- --------- ------- ---------
Shares sold 154,222 $2,045,296 369,844 $4,839,840
Shares issued in
reinvestment of
distributions 123,116 1,578,341 100,618 1,246,655
Shares
redeemed (106,278) (1,409,383) (380,636) (4,928,608)
------- --------- ------- ---------
Net increase 171,060 $2,214,254 89,826 $1,157,887
======= ========= ======= =========
3. DISTRIBUTIONS AND CAPITAL LOSS CARRYOVERS
At December 31, 1996, for tax purposes, the Trust had accumulated capital loss
carryovers as follows:
Expiring in: 2001 ...................... $ 49,613
2002 ...................... 58,583
2003 ...................... 21,303
2004 ...................... 53,398
-------
$182,897
=======
From November 1, 1996 through December 31, 1996, the Trust incurred $7,118 of
net realized capital losses. As permitted by tax regulations, the Trust intends
to elect to defer these losses and treat them as having arisen in the year
ending December 31, 1997.
For tax purposes, the aggregate cost of securities and unrealized depreciation
of the Trust are the same as for financial reporting purposes at June 30, 1997.
4. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities (excluding purchases and sales of short-term
securities) for the six months ended June 30, 1997 aggregated $1,254,496 and
$1,026,825, respectively.
5. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
a. Management Agreement: Under the terms of a management agreement, Franklin
Advisers, Inc. (Advisers) provides investment advice, administrative services,
office space and facilities to the Trust, and receives fees computed monthly
based on the average daily net assets of the Trust as follows:
Annualized
Fee Rate Average Daily Net Assets
--------- ---------------------------------------
0.625% First $100 million
0.500% Over $100 million, up to and including $250 million
0.450% Over $250 million, up to and including $10 billion
Fees are further reduced on net assets over $10 billion.
Under an agreement with Advisers, Franklin Templeton Services, Inc. (FT
Services) provides administrative services and facilities for the Trust. The fee
is paid by Advisers and computed monthly based on the average daily net assets.
It is not a separate expense of the Trust.
b. Distribution Plans: The management agreement between the Trust and Advisers
includes a distribution plan pursuant to Rule 12b-1 under the Investment Company
Act of 1940. However, no payments were made by the Trust as a result of the plan
for the six months ended June 30, 1997.
<TABLE>
<CAPTION>
6. FINANCIAL HIGHLIGHTS
Selected data for each share of beneficial interest outstanding throughout the
period are as follows:
Six months
ended Year ended December 31,
--------------------------------------------------------
June 30, 1997 1996 1995 1994 1993 1992
----------- -------- -------- -------- -------- --------
Per Share Operating Performance
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period ........ $13.16 $13.35 $12.05 $13.30 $13.26 $13.01
----------- -------- -------- -------- -------- --------
Net investment income ......................... 0.39 0.84 0.67 0.85 0.65 0.80
Net realized & unrealized gain (loss) .........
on securities 0.15 (0.34) 1.42 (1.35) 0.34 0.16
----------- -------- -------- -------- -------- --------
Total from investment operations .......... 0.54 (0.50) 2.09 (0.50) 0.99 0.96
----------- -------- -------- -------- -------- --------
Less distributions from:
Net investment income ......................... (0.87) (0.69) (0.79) (0.75) (0.75) (0.71)
Capital gains ................................. -- -- -- -- (0.20) --
----------- -------- -------- -------- -------- --------
Total distributions ........................... (0.87) (0.69) (0.79) (0.75) (0.95) (0.71)
----------- -------- -------- -------- -------- --------
Net asset value at end of period .............. $12.83 $13.16 $13.35 $12.05 $13.30 $13.26
=========== ======== ======== ======== ======== ========
- ------------------------------------------------------------------------------------------------------------------------------
Total Return+ ................................. 4.10% 4.07% 17.70% (3.75)% 7.59% 7.66%
- ------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
Net assets at end of period (in 000's) ........ $24,962 $23,365 $22,491 $15,242 $16,568 $11,815
Ratio of expenses to average net assets ....... 0.70%* 0.70%** 0.62%** 0.63%** 0.62%** 0.29%**
Ratio of net investment income to
average net assets ........................... 6.63% 6.66% 6.78% 6.85% 6.68% 7.75%
Portfolio turnover rate ....................... 4.54% 10.25% 7.50% 13.97% 39.02% 49.71%
</TABLE>
+Total return measures the change in value of an investment over the periods
indicated. It is not annualized. It assumes reinvestment of dividends and
capital gains at net asset value.
*Annualized
**For the periods indicated, Advisers agreed in advance to waive a portion of
its management fees. Had such action not been taken, the ratio of expenses to
average net assets would have been 0.92%, 0.83%, 0.78%, 0.76%, and 0.70% from
1992 to 1996 respectively.
Franklin Government Securities Trust
- --------------------------------------------------------------------------------
Objective
The investment objective of the Franklin Government Securities Trust (the
"Trust") is to earn high current income from obligations of the U.S. government,
its agencies or instrumentalities.
Market Summary
The rapid pace of the U.S. economy began to slow in the latter half of the
six-month period ended June 30, 1997. This helped to lower inflation
expectations and allowed for interest rates to move lower from their end of
March 1997 levels. The consumer price data released during the second quarter
appeared to indicate that the rapid growth of the last part of 1996 and of the
first part of 1997 did not trigger a new round of inflation, although the
expansion did cause resource utilization rates to tighten further. U.S. labor
markets remain especially tight as the second quarter comes to an end, with the
most recent unemployment rate posting its lowest level since 1973.
The relatively benign outlook for inflation and interest rates over recent
months has allowed for implied volatilities of interest rates to remain low.
This has benefited GNMA mortgage passthrough securities. The yield spreads of
GNMAs have tightened versus other government securities, allowing these issues
to perform very well.
We expect that yield levels in the U.S. fixed income markets will remain within
the recent trading range in the quarter ahead. However, rates may move to the
higher end of the trading range as consumer confidence remains at lofty levels
and global economic activity rebounds. Measures of consumer confidence are at
their highest level in almost thirty years. This could cause the Federal Reserve
to once again act preemptively to slow growth and prevent inflation from
becoming a reality in the U.S. economy.
Strategy
Amid market uncertainty, we have continued to do what has worked well for us in
the past -- that is, to invest in Government National Mortgage Association
(GNMA) securities that offer the Trust attractive value. Our strategy seeks to
generate high current income with limited price volatility, while maintaining
the Trust's credit quality, and not to make "bets" on the direction of interest
rates. Additionally, the Trust does not invest, nor has it ever invested, in
risky, derivative securities. We believe our conservative, "plain vanilla"
investment approach best serves our shareholders.
Performance
For the six-month period ended June 30, 1997, accumulation units, based on the
performance of the Trust, showed a total return of 4.10%.1 The following chart
compares the Fund's performance with the Lehman Brothers Intermediate Government
Index and the Consumer Price Index (CPI), a commonly used measure of inflation.
Since its inception, the Trust has closely followed the Lehman Brothers
Intermediate Government Index, despite the inherent performance advantages an
unmanaged index enjoys. For instance, the index is not subject to any management
fees, while the Trust's total return is shown after these fees have been
deducted. Of course, one cannot invest directly in an index, and past
performance does not guarantee future results. The graph also illustrates that
the Trust's total return has far outpaced the CPI, keeping your purchasing power
well ahead of inflation -- a primary goal of any investment.
1Cumulative return calculation represents the change in value of an investment
over the specified period, assuming reinvestment of dividends and capital gains.
Return includes the deduction of Trust expenses, but does not include the
deduction of any mortality and expense risk charges, annual maintenance fees and
deferred sales charges. With such charges and fees, total return would be lower.
GRAPHIC MATERIAL 1 OMITTED - SEE APPENDIX AT END OF DOCUMENT
- --------------------------------------------------------------------------------
Average Annual Total Returns2
Period Ended June 30, 1997
1-Year ...................................... 9.34%
5-Year ...................................... 6.60%
Since Inception (2/15/89) ................... 8.49%
- --------------------------------------------------------------------------------
Outlook
Going forward, we expect that interest rate volatility may increase, which would
cause yield spreads to widen. However, the general level of prepayment risk
should remain muted, encouraging investments in these securities. Looking
forward, we anticipate that GNMA securities should continue to provide you with
an attractive return.
Indeed, regardless of market activity, we will continue to position the Trust to
take advantage of relative value opportunities. We appreciate your investment in
the Franklin Government Securities Trust and look forward to serving your
investment needs in the months and years ahead.
1Performance assumes an initial $10,000 investment from the Trust's inception
(2/15/89), reinvestment of dividends and capital gains, and includes the
deduction of Trust expenses. It does not include the deduction of any mortality
and expense risk charges, annual maintenance fees, and deferred sales charges.
With such charges and fees, average annual total returns would be lower. The
unmanaged Lehman Brothers Intermediate Government Index includes price
appreciation or depreciation and distributions as a percentage of the original
investment. The index does not take into account any deductions for transaction
costs and other expenses.
2Average annual total return calculations represent the average annual change in
value of an investment over the specified periods, assuming reinvestment of
dividends and capital gains. Returns include the deduction of Trust expenses but
do not include the deduction of any mortality and expense risk charges, annual
maintenance fees and deferred sales charges. With such charges and fees, average
annual total returns would be lower.
Investment return and principal value fluctuate, so that your accumulation units
when redeemed, may be worth more of less than their original cost. Past
performance does not guarantee future results.
Franklin Government Securities Trust
APPENDIX
DESCRIPTION OF GRAPHIC MATERIAL OMITTED FROM EDGAR FILING
(PURSUANT TO ITEM 304 (a) of REGULATION S-T)
GRAPHIC MATERIAL (1)
The following line graph hypothetically compares the performance of the
Franklin Institutional Adjustable Rate Securities Fund to that of the Lehman
Brothers Intermediate Government Index and the Consumer Price Index, based on
a $10,000 investment from 2/15/89 to 6/30/97.
Period Ending Franklin Lehman Brothers CPI
2/17/89 $ 10,000.00 $ 10,000.00 $10,000.00
2/28/89 $ 10,030.00 $ 9,980.93 $10,016.11
3/31/89 $ 10,100.00 $ 10,027.84 $10,074.20
4/30/89 $ 10,160.00 $ 10,230.40 $10,139.68
5/31/89 $ 10,240.00 $ 10,427.85 $10,197.48
6/30/89 $ 10,310.00 $ 10,693.76 $10,221.95
7/31/89 $ 10,480.00 $ 10,910.84 $10,246.49
8/31/89 $ 10,410.00 $ 10,763.55 $10,262.88
9/30/89 $ 10,480.00 $ 10,815.21 $10,295.72
10/31/89 $ 10,720.00 $ 11,042.33 $10,345.14
11/30/89 $ 10,820.00 $ 11,151.65 $10,369.97
12/31/89 $ 10,890.00 $ 11,183.99 $10,386.56
1/31/90 $ 10,810.00 $ 11,114.65 $10,493.54
2/28/90 $ 10,870.00 $ 11,155.77 $10,542.86
3/31/90 $ 10,886.97 $ 11,169.16 $10,600.85
4/30/90 $ 10,784.55 $ 11,132.30 $10,617.81
5/31/90 $ 11,102.04 $ 11,370.53 $10,642.23
6/30/90 $ 11,276.15 $ 11,520.62 $10,699.70
7/31/90 $ 11,470.75 $ 11,681.91 $10,740.36
8/31/90 $ 11,368.33 $ 11,639.86 $10,839.17
9/30/90 $ 11,460.50 $ 11,743.45 $10,930.22
10/31/90 $ 11,593.65 $ 11,906.69 $10,995.80
11/30/90 $ 11,829.21 $ 12,086.48 $11,019.99
12/31/90 $ 12,003.32 $ 12,253.27 $11,019.99
1/31/91 $ 12,167.18 $ 12,379.48 $11,086.11
2/28/91 $ 12,259.36 $ 12,454.99 $11,102.74
3/31/91 $ 12,341.29 $ 12,523.50 $11,119.39
4/30/91 $ 12,464.19 $ 12,652.49 $11,136.07
5/31/91 $ 12,566.61 $ 12,723.34 $11,169.48
6/30/91 $ 12,593.33 $ 12,733.52 $11,201.87
7/31/91 $ 12,796.45 $ 12,871.04 $11,218.67
8/31/91 $ 13,031.64 $ 13,115.59 $11,251.21
9/30/91 $ 13,256.14 $ 13,338.56 $11,300.71
10/31/91 $ 13,448.57 $ 13,490.62 $11,317.66
11/30/91 $ 13,523.40 $ 13,648.46 $11,350.49
12/31/91 $ 13,908.26 $ 13,980.12 $11,358.43
1/31/92 $ 13,683.76 $ 13,845.91 $11,375.47
2/29/92 $ 13,833.42 $ 13,888.83 $11,416.42
3/31/92 $ 13,758.59 $ 13,833.27 $11,474.64
4/30/92 $ 13,876.19 $ 13,957.77 $11,490.71
5/31/92 $ 14,143.45 $ 14,165.74 $11,506.80
6/30/92 $ 14,363.48 $ 14,369.73 $11,548.22
7/31/92 $ 14,566.74 $ 14,645.63 $11,572.47
8/31/92 $ 14,758.71 $ 14,795.02 $11,604.87
9/30/92 $ 14,882.92 $ 14,999.19 $11,637.37
10/31/92 $ 14,702.25 $ 14,819.20 $11,678.10
11/30/92 $ 14,758.71 $ 14,758.44 $11,694.45
12/31/92 $ 14,973.26 $ 14,948.82 $11,686.26
1/31/93 $ 15,244.26 $ 15,226.87 $11,743.52
2/28/93 $ 15,424.94 $ 15,450.70 $11,784.63
3/31/93 $ 15,481.40 $ 15,507.87 $11,825.87
4/30/93 $ 15,537.86 $ 15,628.83 $11,858.99
5/31/93 $ 15,628.19 $ 15,586.64 $11,875.59
6/30/93 $ 15,842.69 $ 15,812.64 $11,892.21
7/31/93 $ 15,939.59 $ 15,844.27 $11,892.21
8/31/93 $ 16,048.60 $ 16,080.35 $11,925.51
9/30/93 $ 16,024.37 $ 16,146.28 $11,950.56
10/31/93 $ 16,109.16 $ 16,185.03 $11,999.55
11/30/93 $ 15,939.59 $ 16,105.72 $12,007.95
12/31/93 $ 16,109.16 $ 16,171.75 $12,007.95
1/31/94 $ 16,278.73 $ 16,331.85 $12,040.37
2/28/94 $ 16,060.71 $ 16,108.11 $12,081.31
3/31/94 $ 15,503.55 $ 15,872.93 $12,122.39
4/30/94 $ 15,370.32 $ 15,769.76 $12,139.36
5/31/94 $ 15,418.76 $ 15,780.79 $12,147.86
6/30/94 $ 15,324.13 $ 15,783.95 $12,189.16
7/31/94 $ 15,671.52 $ 15,990.72 $12,222.07
8/31/94 $ 15,684.39 $ 16,037.09 $12,270.96
9/30/94 $ 15,401.33 $ 15,903.99 $12,304.09
10/31/94 $ 15,324.13 $ 15,907.17 $12,312.70
11/30/94 $ 15,311.26 $ 15,837.18 $12,328.71
12/31/94 $ 15,504.26 $ 15,889.44 $12,328.71
1/31/95 $ 15,851.66 $ 16,148.44 $12,378.02
2/28/95 $ 16,276.25 $ 16,460.10 $12,427.54
3/31/95 $ 16,340.59 $ 16,550.63 $12,468.55
4/30/95 $ 16,572.19 $ 16,742.62 $12,509.69
5/31/95 $ 17,176.92 $ 17,214.76 $12,534.71
6/30/95 $ 17,277.90 $ 17,324.93 $12,559.78
7/31/95 $ 17,264.23 $ 17,333.60 $12,559.78
8/31/95 $ 17,469.26 $ 17,475.73 $12,592.44
9/30/95 $ 17,646.96 $ 17,592.82 $12,617.62
10/31/95 $ 17,824.66 $ 17,786.34 $12,659.26
11/30/95 $ 18,016.03 $ 18,003.33 $12,650.40
12/31/95 $ 18,248.41 $ 18,181.57 $12,641.54
1/31/96 $ 18,357.76 $ 18,334.29 $12,716.13
2/29/96 $ 18,152.73 $ 18,139.95 $12,756.82
3/31/96 $ 18,029.70 $ 18,056.51 $12,823.16
4/30/96 $ 17,947.69 $ 18,004.14 $12,873.17
5/31/96 $ 17,865.67 $ 17,995.14 $12,897.63
6/30/96 $ 18,081.92 $ 18,178.69 $12,905.36
7/31/96 $ 18,139.64 $ 18,235.04 $12,929.88
8/31/96 $ 18,125.21 $ 18,255.10 $12,954.45
9/30/96 $ 18,442.69 $ 18,490.59 $12,995.91
10/31/96 $ 18,817.90 $ 18,793.84 $13,037.49
11/30/96 $ 19,149.81 $ 19,021.24 $13,062.26
12/31/96 $ 18,991.07 $ 18,918.53 $13,062.26
1/31/97 $ 19,106.91 $ 18,990.42 $13,104.06
2/28/97 $ 19,150.86 $ 19,020.80 $13,144.69
3/31/97 $ 19,049.36 $ 18,912.39 $13,177.55
4/30/97 $ 19,352.24 $ 19,126.10 $13,194.68
5/31/97 $ 19,524.48 $ 19,275.28 $13,186.76
6/30/97 $ 19,769.62 $ 19,441.05 $13,202.59
