Franklin Government Securities Trust
Statement of Investments in Securities and Net Assets, December 31, 1996
Face Value
Amount (Note 1)
------- ---------
Long Term Investments 97.0%
Government National Mortgage Association
(GNMA)
$ 897,636 GNMA I, SF, 6.00%, 11/15/23 $ 834,241
2,502,899 GNMA I, SF, 6.50%, 10/15/23 - 03/15/24 2,391,055
2,979,823 GNMA II, SF, 6.50%, 05/20/24 - 03/20/26 2,828,042
2,942,168 GNMA I, SF, 7.00%, 10/15/22 - 10/15/23 2,882,410
2,362,556 GNMA II, SF, 7.00%, 09/20/25 - 02/20/26 2,299,804
2,492,540 GNMA I, SF, 7.50%, 06/15/17 - 04/15/24 2,497,221
1,859,633 GNMA II, SF, 7.50%, 07/20/23 - 07/20/26 1,851,499
2,763,743 GNMA I, SF, 8.00%, 02/15/17 - 11/15/24 2,822,481
298,328 GNMA II, SF, 8.00%, 10/20/16 - 08/20/26 302,431
396,337 GNMA I, SF, 8.25%, 04/15/25 407,857
1,054,135 GNMA I, SF, 8.50%, 03/15/20 - 07/15/22 1,093,008
302,736 GNMA I, SF, 9.00%, 06/15/16 - 11/15/21 319,387
600,795 GNMA I, SF, 9.50%, 10/15/09 - 10/15/21 649,803
222,800 GNMA II, SF, 9.50%, 04/20/25 238,744
967,357 GNMA I, SF, 10.00%, 03/15/16 - 08/15/21 1,061,977
63,826 GNMA II, SF, 10.00%, 12/20/18 - 08/20/20 69,434
108,952 GNMA II, SF, 10.50%, 09/20/15 - 02/20/21 119,545
----------
Total Long Term Investments
(Cost $22,901,998)........................................... 22,668,939
----------
aReceivables from Repurchase Agreements 2.3%
513,024 Joint Repurchase Agreement, 6.59%, 01/02/97
(Maturity Value $522,108) (Cost $521,917)
Aubrey G. Lanston & Co., Inc.,
(Maturity Value $65,429)
Collateral: U.S. Treasury Notes, 6.00% - 8.625%,
08/15/97 - 09/30/98
Bear, Stearns & Co., Inc., (Maturity Value $65,429)
Collateral: U.S. Treasury Notes, 5.125% - 8.75%,
10/15/97 - 06/30/01
CIBC Wood Gundy Securities Corp.,
(Maturity Value $65,429)
Collateral: U.S. Treasury Notes, 5.75% - 6.25%,
07/31/98 - 12/31/98
Daiwa Securities America, Inc.,
(Maturity Value $65,429)
Collateral: U.S. Treasury Notes, 6.00% - 9.125%,
05/15/97 - 08/15/01
Donaldson, Lufkin & Jenrette Securities Corp.,
(Maturity Value $65,429)
Collateral: U.S. Treasury Notes, 6.00% - 8.875%,
11/15/97 - 11/15/01
SBC Warburg, Inc., (Maturity Value $64,105)
Collateral: U.S. Treasury Notes, 6.25% - 7.875%,
01/15/98 - 04/30/01
The Nikko Securities Co. International, Inc.,
(Maturity Value $65,429)
Collateral: U.S. Treasury Notes, 6.25% - 8.75%,
08/15/00 - 04/30/01
UBS Securities, L.L.C., (Maturity Value $65,429)
Collateral: U.S. Treasury Notes, 6.25% - 8.50%,
06/30/98 - 05/31/01............................... 521,917
-----------
Total Investments
(Cost $23,423,915) 99.3%.................... 23,190,856
Other Assets and Liabilities,
Net 0.7%.................................... 173,691
-----------
Net Assets 100.0%................................ $23,364,547
===========
At December 31, 1996, the net unrealized
depreciation based on the cost of investments
for income tax purposes of $23,423,915 was as
follows:
Aggregate gross unrealized appreciation for
all investments in which there was an excess
of value over tax cost............................. $ 192,884
Aggregate gross unrealized depreciation for all
investments in which there was an excess of
tax cost over value................................ (425,943)
-----------
Net unrealized depreciation......................... $ (233,059)
===========
PORTFOLIO ABBREVIATIONS:
L.L.C. - Limited Liability Corp.
SF - Single Family
aFace amount for repurchase agreements is for the underlying collateral. See
Note 1(e) regarding repurchase agreement.
The accompanying notes are an integral part of these financial statements.
Franklin Government Securities Trust
Statement of Assets and Liabilities
December 31, 1996
ASSETS:
Investments in securities, at value
(identified cost $22,901,998) $22,668,939
Receivables from repurchase agreements,
at value and cost 521,917
Cash 63,588
Interest Receivable 141,275
------------
Total assets 23,395,719
------------
LIABILITIES:
Payables:
Management fees 14,545
Accrued expenses and other liabilities 16,627
------------
Total liabilities 31,172
------------
NET ASSETS, at value $23,364,547
------------
Net assets consist of:
Undistributed net investment income $ 1,578,168
Net unrealized depreciation on investments (233,059)
Accumulated net realized loss (190,015)
Capital shares 22,209,453
-------------
Net assets, at value $23,364,547
=============
Shares outstanding 1,775,096
=============
NET ASSET VALUE per share ($23,364,547 : 1,775,096) $13.16
=============
Statement of Operations
for the year ended December 31, 1996
INVESTMENT INCOME:
Interest $1,743,912
EXPENSES:
Management fees (Note 5) $148,596
Professional fees 15,326
Custodian fees 489
Reports to shareholders 1,067
Other 1,234
Management fees waived by manager (Note 5). (1,037)
------------
Total expenses 165,675
----------
Net investment income 1,578,237
----------
REALIZED AND UNREALIZED LOSS ON INVESTMENTS:
Net realized loss (60,516)
Net unrealized depreciation (555,519)
-----------
Net realized and unrealized loss on investments (616,035)
-----------
Net increase in net assets resulting from operations $ 962,202
===========
Statements of Changes in Net Assets
for the years ended December 31, 1996 and 1995
1996 1995
--------- ---------
INCREASE IN NET ASSETS:
Operations:
Net investment income $ 1,578,237 $ 1,246,624
Net realized loss from security transactions (60,516) (21,303)
Net unrealized appreciation (depreciation) on
investments (555,519) 1,661,836
--------- ---------
Net increase in net assets resulting from
operations 962,202 2,887,157
Distributions to shareholders from undistributed
net investment income (1,246,655) (1,086,914)
Increase in net assets from capital share
transactions (Note 2) 1,157,887 5,448,492
--------- ---------
Net increase in net assets 873,434 7,248,735
NET ASSETS:
Beginning of year 22,491,113 15,242,378
--------- ---------
End of year (including undistributed net
investment income of $1,578,168 - 1996 and
$1,246,586 - 1995) $23,364,547 $22,491,113
========== ==========
The accompanying notes are an integral part of these financial statements.
Franklin Government Securities Trust
Notes to Financial Statements
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: Distributions to
shareholders are recorded on the ex-dividend date. Interest income and estimated
expenses are accrued daily.
e. 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
December 31, 1996, all outstanding repurchase agreements held by the Trust had
been entered into on that date.
f. 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 expense during the reporting period.
Actual results could differ from those estimates.
2. Trust Shares
At December 31, 1996, there was an unlimited number of $.01 par value shares of
beneficial interest authorized. Transactions in the Trust's shares were as
follows:
1996 1995
-------------------- --------------------
Shares Amount Shares Amount
------- --------- ------- ---------
Shares sold 369,844 $4,839,840 550,647 $7,098,487
Shares issued
in reinvest-
ment of dis-
tributions 100,618 1,246,655 85,651 1,086,914
Shares
redeemed (380,636) (4,928,608) (215,498) (2,736,909)
------- --------- ------- ---------
Net increase 89,826 $1,157,887 420,800 $5,448,492
======= ========= ======= =========
3. Capital Loss Carryovers
At December 31, 1996, for tax purposes, the Trust had capital loss carryovers as
follows:
Expiring in: 2001 $ 49,613
2002 58,583
2003 21,303
2004 53,398
-------
$182,897
=======
In addition, from November 1, 1996 through December 31, 1996 the Fund incurred
approximately $7,118 of net realized capital losses. As permitted by tax
regulations, the Fund intends to elect to defer these losses and treat them as
having arisen in the year ended December 31, 1997.
For tax purposes, the aggregate cost of securities and unrealized depreciation
of the Trust are the same as for financial statement purposes at December 31,
1996.
4. Purchases and Sales of Securities
Purchases and sales of securities (excluding purchases and sales of short-term
securities) for the year ended December 31, 1996 aggregated $4,622,639 and
$2,320,021, 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 on
the daily average net assets of the Trust as follows:
Annualized
Fee Rate Average Daily Net Assets
--------- ---------------------------------------
0.625% First $100 million
0.50% Over $100 million, up to and including $250 million
0.45% Over $250 million, up to and including $10 billion
Fees are further reduced on net assets over $10 billion. Advisers agreed in
advance to waive a portion of its management fees, as noted in the Statement of
Operations.
Under an agreement with Advisers, Franklin Templeton Services, Inc. (FT
Services) provides administrative services and facilities for the Fund. The fee
is paid by Advisers and computed monthly based on the average daily net assets.
It is not a separate expense of the Fund.
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 year ended December 31, 1996.
6. Financial Highlights
Selected data for each share of beneficial interest outstanding throughout the
period are as follows:
<TABLE>
<CAPTION>
Year Ended December 31,
<S> <C> <C> <C> <C> <C>
1996 1995 1994 1993 1992
----------- -------- -------- -------- --------
Per Share Operating Performance
Net asset value at beginning of period $13.35 $12.05 $13.30 $13.26 $13.01
----------- -------- -------- -------- --------
Net investment income 0.84 0.67 0.85 0.65 0.80
Net realized & unrealized gain (loss) on securities (0.3396) 1.4216 (1.3463) 0.3385 0.1602
----------- -------- -------- -------- --------
Total from investment operations 0.5004 2.0916 (0.4963) 0.9885 0.9602
----------- -------- -------- -------- --------
Less distributions from:
Net investment income (0.6904) (0.7916) (0.7537) (0.7459) (0.7102)
Capital gains -- -- -- (0.2026) --
----------- -------- -------- -------- --------
Total distributions (0.6904) (0.7916) (0.7537) (0.9485) (0.7102)
----------- -------- -------- -------- --------
Net asset value at end of period $13.16 $13.35 $12.05 $13.30 $13.26
=========== ======== ======== ======== ========
Total Return+ 4.07% 17.70% (3.75)% 7.59% 7.66%
Ratios/Supplemental Data
Net assets at end of period (in 000's) $23,365 $22,491 $15,242 $16,568 $11,815
Ratio of expenses to average net assets 0.70% 0.62% 0.63% 0.62% 0.29%
Ratio of expenses to average net assets (excluding waiver by
Manager) - Note 5 0.70% 0.76% 0.78% 0.83% 0.92%
Ratio of net investment income to average net assets 6.66% 6.78% 6.85% 6.68% 7.75%
Portfolio turnover rate 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.
Franklin Government Securities Trust
Report of Independent Auditors
To the Shareholders and Board of Trustees
of Franklin Government Securities Trust:
We have audited the accompanying statement of assets and liabilities of Franklin
Government Securities Trust including the statement of investments in securities
and net assets, as of December 31, 1996, and 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
periods presented. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1996 by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Franklin Government Securities Trust as of December 31, 1996, 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 periods presented, in conformity with generally accepted accounting
principles.
COOPERS & LYBRAND L.L.P.
San Francisco, California
February 4, 1997
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
Throughout 1996, U.S. economic growth remained positive, albeit at an unsteady
pace. This contrasted with much speculation at the end of 1995 that the economy
would slip into recession, which helped push the yield on the 30-year U.S.
Treasury bond below the 6% level by the end of that year. Meanwhile, the
Republican-led Congress and the Democratic-led White House, squared off on
several spending bills and the balanced budget issue. Bond market participants
were optimistic that meaningful spending cuts and a significant balanced budget
deal could be made. The strong debate in Washington led to several temporary
shutdowns of the U.S. government and threatened a technical default of U.S.
Treasury securities. In the end, no balanced budget deal was reached and no
default occurred.
As 1996 progressed, consistent employment growth, strong incomes, and rising
financial asset values enabled consumer spending to rebound late in the first
quarter and into the second quarter. According to Bloomberg Financial Markets,
first quarter 1996 GDP grew at an annualized rate of 2.2%, while second quarter
1996 GDP growth was approximately 4.7%. This increase heightened inflation
expectations and bond yields commensurately. As the third quarter ended, the
unemployment rate remained near a cyclical low, causing speculation among many
bond investors that further economic growth would push up labor costs, which
would eventually be passed on to consumers in the form of higher prices.
Consumers, meanwhile, spent less in the third quarter then they had earlier in
the year.
As a result, third quarter GDP growth fell to an annualized rate of 2.1%, while
"real" final sales posted an increase of only 0.4%. This allowed interest rates
to move lower during the first part of the fourth quarter, as inflation
expectations declined. Rebounding economic activity however, pushed interest
rates higher in December.
Stable inflation rates, consumer credit problems, and lower-than-expected
economic growth from major U.S. trading partners such as Germany, Japan, and
Mexico helped to keep a cap on interest rates during most of 1996, as investors
speculated about the future direction of the Federal Reserve's actions. The
yield of 10-year U.S. Treasury securities rose during the third quarter before
moving lower in the fourth quarter, and for the year, the Federal Reserve did
not raise short-term interest rates. In August, Chairman Alan Greenspan
testified before Congress that the Federal Reserve expected economic growth to
slow in the second half of 1996, raising hopes of achieving an economic "soft
landing" without raising rates. At this time, it appears that this objective has
been achieved.
Strategy
During the reporting period, we made several purchases across several coupon and
program sectors in the GNMA market. We also reduced our premium coupon holdings.
We have employed a consistent, disciplined, and conservative investment
approach. This approach, which utilized low portfolio turnover, also added value
to the Trust by reducing unnecessary transactions costs, which are ultimately
borne by shareholders. In addition, the mortgage market became increasingly
divided into subsets based on the "seasoning" or aging of the underlying
mortgage pools. Since these pools have varying degrees of risk exposure to
interest rate movements and housing cycles, they exhibit differing prepayment
patterns. The emergence of these subsets has broadened the GNMA market and
provided us with increased opportunities to add quality securities to the Trust.
Performance
With interest rates on the rise for much of the reporting period, U.S. mortgage
securities performed well in terms of total return in comparison to other
government bonds. The lower prepayment risk of the securities attracted more
investors to the market. For the one-year period ended December 31, 1996,
accumulation units, based on the performance of the Trust, showed a total return
of 4.07%. The following chart compares the Trust's performance with that of the
Lehman Brothers Intermediate Government Bond 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 U.S. Government Bond 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 takes these fees into account. 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.
GRAPHIC MATERIAL 1 OMITTED - SEE APPENDIX AT END OF DOCUMENT
Average Annual Total Returns2
Periods Ended December 31, 1996
1-Year 4.07%
5-Year 6.43%
Since Inception (2/15/89) 8.49%
Outlook
Going forward, it appears that moderate economic growth should continue, with
inflation remaining low. This scenario already appears to be priced into the
bond market. Several concerns face this market in 1997, including continued
reform of entitlement programs and its impact on the federal budget. Also, any
resumption of strong growth in Europe and Asia may put pressure on the dollar
versus foreign currencies, which would affect interest rates negatively. We
expect that the Trust's securities should perform well if the economy maintains
its moderate growth pattern. With the current economic outlook, GNMA
pass-through securities should remain attractive for investors, as their higher
yields versus comparable government bonds can help compensate for the risk of
prepayments. Regardless of market activity, we will work 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.
1. Performance assumes an initial $10,000 investment from the Trust's inception
(2/15/89), reinvestment of dividends and/or capital gains, and includes the
deduction of Trust expenses. It does not include the deduction of Account C
mortality and expense risk charges, annual maintenance fees, and deferred sales
charges. The unmanaged Lehman Brothers Intermediate Government Bond Index
includes price appreciation or depreciation and distributions as a percentage of
the original investment, but does not take into account any deductions for
transaction costs and other expenses. 2. Average annual total return
calculations represent the average annual change in value of an investment over
the specified periods, assuming reinvestment of dividends and/or capital gains.
Returns do not include the deduction of Account 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 or less than their original cost. Past performance does not guarantee
future results.
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 is a total return index comparison of a $10,000
investment in the Franklin Government Securities Trust compared to the Lehman
Brothers Intermediate Government Bond Index and the Consumer Price Index from
2/15/89 to 12/31/96.
Date Franklin Lehman Brothers Consumer
Government Intermediate Price
Securities Trust Government Index
Bond Index
2/15/89 $10,000 $10,000 $10,000
2/28/89 $10,030 $9,984 $10,016
3/31/89 $10,100 $10,025 $10,074
4/30/89 $10,160 $10,226 $10,140
5/31/89 $10,240 $10,428 $10,197
6/30/89 $10,310 $10,691 $10,222
7/31/89 $10,480 $10,910 $10,246
8/31/89 $10,410 $10,770 $10,263
9/30/89 $10,480 $10,820 $10,296
10/31/89 $10,720 $11,050 $10,345
11/30/89 $10,820 $11,155 $10,370
12/31/89 $10,890 $11,186 $10,387
1/31/90 $10,810 $11,114 $10,494
2/28/90 $10,870 $11,155 $10,543
3/31/90 $10,887 $11,170 $10,601
4/30/90 $10,785 $11,131 $10,618
5/31/90 $11,102 $11,376 $10,642
6/30/90 $11,276 $11,528 $10,700
7/31/90 $11,471 $11,688 $10,740
8/31/90 $11,368 $11,640 $10,839
9/30/90 $11,461 $11,730 $10,930
10/31/90 $11,594 $11,866 $10,996
11/30/90 $11,829 $12,046 $11,020
12/31/90 $12,003 $12,212 $11,020
1/31/91 $12,167 $12,336 $11,086
2/28/91 $12,259 $12,435 $11,103
3/31/91 $12,341 $12,519 $11,119
4/30/91 $12,464 $12,656 $11,136
5/31/91 $12,567 $12,733 $11,169
6/30/91 $12,593 $12,742 $11,202
7/31/91 $12,796 $12,885 $11,219
8/31/91 $13,032 $13,131 $11,251
9/30/91 $13,256 $13,357 $11,301
10/31/91 $13,449 $13,509 $11,318
11/30/91 $13,523 $13,664 $11,350
12/31/91 $13,908 $13,998 $11,358
1/31/92 $13,684 $13,870 $11,375
2/29/92 $13,833 $13,924 $11,416
3/31/92 $13,759 $13,870 $11,475
4/30/92 $13,876 $13,992 $11,491
5/31/92 $14,143 $14,209 $11,507
6/30/92 $14,364 $14,419 $11,548
7/31/92 $14,567 $14,706 $11,572
8/31/92 $14,759 $14,853 $11,605
9/30/92 $14,883 $15,055 $11,637
10/31/92 $14,702 $14,859 $11,678
11/30/92 $14,759 $14,803 $11,694
12/31/92 $14,973 $15,001 $11,686
1/31/93 $15,244 $15,292 $11,744
2/28/93 $15,425 $15,534 $11,785
3/31/93 $15,481 $15,596 $11,826
4/30/93 $15,538 $15,721 $11,859
5/31/93 $15,628 $15,686 $11,876
6/30/93 $15,843 $15,933 $11,892
7/31/93 $15,940 $15,971 $11,892
8/31/93 $16,049 $16,225 $11,926
9/30/93 $16,024 $16,291 $11,951
10/31/93 $16,109 $16,335 $12,000
11/30/93 $15,940 $16,244 $12,008
12/31/93 $16,109 $16,319 $12,008
1/31/94 $16,279 $16,500 $12,040
2/28/94 $16,061 $16,255 $12,081
3/31/94 $15,504 $15,987 $12,122
4/30/94 $15,370 $15,879 $12,139
5/31/94 $15,419 $15,890 $12,148
6/30/94 $15,324 $15,891 $12,189
7/31/94 $15,672 $16,120 $12,222
8/31/94 $15,684 $16,170 $12,271
9/30/94 $15,401 $16,021 $12,304
10/31/94 $15,324 $16,020 $12,313
11/30/94 $15,311 $15,948 $12,329
12/31/94 $15,504 $16,003 $12,329
1/31/95 $15,852 $16,272 $12,378
2/28/95 $16,276 $16,609 $12,428
3/31/95 $16,341 $16,704 $12,469
4/30/95 $16,572 $16,911 $12,510
5/31/95 $17,177 $17,422 $12,535
6/30/95 $17,278 $17,538 $12,560
7/31/95 $17,264 $17,540 $12,560
8/31/95 $17,469 $17,700 $12,592
9/30/95 $17,647 $17,827 $12,618
10/31/95 $17,825 $18,025 $12,659
11/30/95 $18,016 $18,261 $12,650
12/31/95 $18,248 $18,453 $12,642
1/31/96 $18,358 $18,612 $12,716
2/28/96 $18,153 $18,394 $12,757
3/31/96 $18,030 $18,300 $12,823
4/30/96 $17,948 $18,236 $12,873
5/31/96 $17,866 $18,221 $12,898
6/30/96 $18,082 $18,415 $12,905
7/31/96 $18,082 $18,415 $12,905
8/31/96 $18,140 $18,470 $12,930
9/30/96 $18,125 $18,485 $12,954
10/31/96 $18,443 $18,742 $12,996
11/39/96 $18,818 $19,073 $13,037
12/31/96 $19,150 $19,325 $13,062
