LETTER TO SHAREHOLDERS
Dear Shareholder:
Rising interest rates historically have had a negative impact on utility
stocks. This past year was no exception.
The total return of the Dreyfus Edison Electric Index Fund was -17.41%
for the fiscal year ended October 31, 1994.* This compares with a return of
- -16.93% for the index of stocks of member companies of the Edison Electric
Institute ("the EEI Index").
The difference between the return of the EEI Index and that of the Fund
is accounted for mainly by the commissions and transaction costs associated
with equity trading, as well as other Fund expenses.
The stock market as a whole was not very strong during this period, with
the Standard & Poor's 500 Composite Stock Price Index advancing only 3.86%
(dividends included) for the 12 months ended October 31, 1994.**
Rising interest rates held back common stocks as a group. However,
utility stocks were affected more than most by the higher cost of borrowing
money. The change in interest rates was prompted primarily by the Federal
Reserve Board, which raised key interest rates six times since last February
as a so-called preemptive strike against inflation. There were other
influences at work as well. Continued strengthening of the U.S. economy
created more demand for loans. At the same time, credit needs are growing in
other parts of the world as Europe, Japan, other Asian economies, and Latin
America all report economic growth.
The utility industry also has been affected by a new factor _
competition in supplying power to major customers. In a number of
jurisdictions around the country, regulators are allowing other power
producers to compete with long-established utilities.
How important this new situation will be to the profitability of the
well-established utility firms remains to be seen. Meanwhile, improving
economic activity in the U.S. is creating more demand for the industry's
services. Over the coming months, the securities market will evaluate these
negative and positive factors.
Sincerely,
(logo signature)
The Dreyfus Corporation
Administrator
November 16, 1994
New York, N.Y.
*Total return represents the change during the period in a hypothetical
account with dividends reinvested.
** SOURCE: LIPPER ANALYTICAL SERVICES, INC.: The Standard & Poor's 500
Composite Stock Price Index is a widely accepted unmanaged index of stock
market performance.
PERFORMANCE
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS EDISON
ELECTRIC INDEX FUND, INC.
AND THE STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX
* Source: Lipper Analytical Services, Inc.
<TABLE>
AVERAGE ANNUAL TOTAL RETURNS
ONE YEAR ENDED FROM INCEPTION (12/6/91)
OCTOBER 31, 1994 TO OCTOBER 31, 1994
---------------- --------------------
<S> <C> <C>
(17.41%) 2.05%
</TABLE>
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Dreyfus Edison Electric
Index Fund on 12/6/91 (Inception Date) to a $10,000 investment made in the
Standard & Poor's 500 Composite Stock Price Index on that date. For
comparative purposes, the value of the Index on 11/30/91 is used as the
beginning value on 12/6/91. All dividends and capital gain distributions are
reinvested.
The Fund's performance takes into account applicable fees and expenses. The
Standard & Poor's 500 Composite Stock Price Index is a widely accepted,
unmanaged index of overall stock market performance, which does not take into
account charges, fees and other expenses. Further information relating to
Fund performance, including expense reimbursements, if applicable, is
contained in the Condensed Financial Information section of the Prospectus
and elsewhere in this report.
Exhibit A
<TABLE>
DREYFUS EDISON ELECTRIC INDEX FUND, INC.
STATEMENT OF INVESTMENTS OCTOBER 31, 1994
SHARES COMMON STOCKS_98.4% VALUE
------- ------------
<S> <C> <C>
39,150 Allegheny Power System..... $ 812,362
61,550 American Electric Power.... 1,969,600
17,550 Atlantic Energy............ 296,156
49,050 Baltimore Gas & Electric... 1,140,412
6,050 Bangor Hydro Electric .... 65,037
4,500 Black Hills................ 92,250
14,875 Boston Edison.............. 347,703
4,225 CILCORP................... 128,862
11,250 CIPSCO..................... 319,219
28,300 CMS Energy................. 650,900
53,500 Carolina Power & Light..... 1,411,062
48,275 Centerior Energy........... 398,269
63,100 Central & South West....... 1,419,750
5,475 Central Hudson Gas & Electric 134,137
7,250 Central Louisiana Electric 156,781
10,425 Central Maine Power........ 119,887
5,100 Central Vermont Public Service 67,575
49,219 CiNergy.................... 1,138,187
3,275 Commonwealth Energy System 123,631
78,350 Consolidated Edison........ 1,948,956
35,400 DPL........................ 721,275
17,600 DQE........................ 532,400
19,425 Delmarva Power & Light..... 366,647
49,000 Detroit Edison............. 1,292,375
56,425 Dominion Resources......... 2,094,778
68,350 Duke Power................. 2,708,369
2,914 Eselco.................... 69,936
6,150 Eastern Utilities Association 134,531
57,475 (a) El Paso Electric 61,067
4,250 Empire District Electric 68,531
76,217 Entergy.................... 1,781,570
63,575 FPL Group.................. 2,105,922
30,962 Florida Progress........... 905,638
38,275 General Public Utilities... 985,581
2,775 Green Mountain Power 69,722
9,150 Hawaiian Electric Industries 297,375
43,550 Houston Industries......... 1,518,806
9,300 IES Industries 238,312
12,475 IPALCO Enterprises......... 377,369
12,250 Idaho Power................ 283,281
25,000 Illinova................... 493,750
3,250 Interstate Power 72,313
9,575 Iowa-Illinois Gas & Electric 196,288
12,500 KU Energy.................. 340,625
20,500 Kansas City Power & Light.. 458,688
10,850 LG & E Energy.............. 410,944
38,875 Long Island Lighting....... 690,031
6,200 MDU Resources Group 168,175
3,425 Madison Gas & Electric 113,025
2,925 Maine Public Service 69,469
17,975 Midwest Resources.......... 253,897
10,250 Minnesota Power & Light.... 267,781
17,325 Montana Power.............. 398,475
21,825 NIPSCO Industries.......... 608,372
13,625 Nevada Power............... 269,094
SHARES COMMON STOCKS (CONTINUED) VALUE
------- ------------
21,575 New England Electric System $ 676,916
23,300 New York State Electric & Gas 442,700
47,625 Niagara Mohawk Power....... 654,844
41,350 Northeast Utilities........ 956,219
22,300 Northern States Power...... 989,563
2,650 Northwestern Public Service .. 68,900
50,725 Ohio Edison................ 976,456
13,325 Oklahoma Gas & Electric.... 449,719
4,325 Orange/Rockland Utilities.. 131,372
3,575 Otter Tail Power........... 116,634
73,875 PECO Energy................ 1,893,047
143,875 Pacific Gas & Electric...... 3,237,188
94,075 PacifiCorp................. 1,658,072
50,525 Pennsylvania Power & Light. 991,553
28,925 Pinnacle West Capital...... 538,728
16,375 Portland General........... 284,516
38,975 Potomac Electric Power..... 750,269
19,900 Public Service Co. of Colorado 542,275
13,600 (a) Public Service Co. of New Mexico 168,300
81,675 Public Service Enterprise Group 2,143,969
20,925 Puget Sound Power & Light.. 423,731
12,150 Rochester Gas & Electric... 253,631
15,450 SCANA...................... 666,281
149,350 SCEcorp..................... 2,072,231
2,475 St. Joseph Light & Power 67,753
38,725 San Diego Gas & Electric... 774,500
9,475 Sierra Pacific Resources 182,394
216,750 Southern.................... 4,280,813
5,033 Southern Indiana Gas & Electric 134,633
13,500 Southwestern Public Service 352,688
38,400 TECO Energy................ 744,000
4,975 TNP Enterprises.......... 69,028
75,375 Texas Utilities............ 2,459,109
52,800 (a) Tucson Electric Power 184,800
10,550 UGI.................... 212,319
4,038 UNITIL.................. 68,646
71,250 Unicom..................... 1,540,781
33,975 Union Electric............. 1,218,853
4,575 United Illuminating 139,538
4,250 Upper Peninsula Power 66,938
14,625 UtiliCorp United........... 404,016
9,975 WPL Holdings............. 281,794
17,250 Washington Water Power..... 252,281
20,399 Western Resources.......... 589,021
35,462 Wisconsin Energy........... 939,743
7,825 Wisconsin Public Service 215,188
----------
TOTAL COMMON STOCKS
(cost $87,085,665)......... $70,431,098
===========
</TABLE>
<TABLE>
<S> <C> <C>
TOTAL INVESTMENTS
(cost $87,085,665).......... 98.4% $70,431,098
===== ===========
CASH AND RECEIVABLES (NET).. 1.6% $ 1,155,782
===== ===========
NET ASSETS.................. 100.0% $71,586,880
===== ===========
</TABLE>
NOTE TO STATEMENT OF INVESTMENTS;
(a) Non-income producing.
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS EDISON ELECTRIC INDEX FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES OCTOBER 31, 1994
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $87,085,665)_see statement...................................... $ 70,431,098
Receivable for investment securities sold............................... 1,266,068
Dividends receivable.................................................... 271,414
Prepaid expenses........................................................ 57,418
------------
72,025,998
LIABILITIES:
Due to Wells Fargo Nikko Investment Advisors............................ $ 45,506
Due to Wells Fargo Institutional Trust Company, N.A..................... 13,892
Due to The Dreyfus Corporation.......................................... 19,292
Payable for investment securities purchased............................. 247,965
Accrued expenses........................................................ 112,463 439,118
--------- ------------
NET ASSETS.................................................................. $ 71,586,880
============
REPRESENTED BY:
Paid-in capital......................................................... $ 89,280,871
Accumulated undistributed investment income-net......................... 311,690
Accumulated net realized (loss) on investments.......................... (1,351,114)
Accumulated net unrealized (depreciation) on investments_Note 3......... (16,654,567)
------------
NET ASSETS at value applicable to 6,350,024 shares outstanding
(200 million shares of .001 par value Common Stock authorized).......... $ 71,586,880
============
NET ASSET VALUE, offering and redemption price per share
($71,586,880 / 6,350,024 shares)........................................ $11.27
======
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS EDISON ELECTRIC INDEX FUND, INC.
STATEMENT OF OPERATIONS YEAR ENDED OCTOBER 31, 1994
<S> <C> <C>
INVESTMENT INCOME:
INCOME:
Cash dividends........................................................ $ 5,657,198
Interest ............................................................. 25,745
-------------
TOTAL INCOME.................................................... $ 5,682,943
EXPENSES:
Index management fee_Note 2(a)........................................ 88,756
Administration fee_Note 2(a).......................................... 133,134
Shareholder servicing costs_Note 2(b)................................. 270,208
Auditing fees......................................................... 58,566
Organization expenses................................................. 32,107
Registration fees..................................................... 22,814
Directors' fees and expenses_Note 2(c)................................ 20,320
Prospectus and shareholders' reports.................................. 11,353
Legal Fees............................................................ 11,181
Miscellaneous......................................................... 12,679
-------------
TOTAL EXPENSES.................................................. 661,118
----------
INVESTMENT INCOME_NET.......................................... 5,021,825
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments_Note 3............................... $ (1,108,323)
Net unrealized (depreciation) on investments............................ (23,241,389)
-------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (24,349,712)
----------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $(19,327,887)
=============
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS EDISON ELECTRIC INDEX FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED OCTOBER 31,
------------------------------
1993 1994
------------ ------------
<S> <C> <C>
OPERATIONS:
Investment income_net................................................... $ 3,813,361 $ 5,021,825
Net realized gain (loss) on investments................................. 1,346,006 (1,108,323)
Net unrealized appreciation (depreciation) on investments for the year.. 5,953,464 (23,241,389)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....... 11,112,831 (19,327,887)
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income_net................................................... (3,664,204) (4,973,199)
Net realized gain on investments........................................ (38,126) (1,583,630)
------------ ------------
TOTAL DIVIDENDS....................................................... (3,702,330) (6,556,829)
------------ ------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold........................................... 87,326,728 21,670,447
Dividends reinvested.................................................... 3,593,205 6,267,926
Cost of shares redeemed................................................. (17,356,547) (48,302,007)
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS..... 73,563,386 (20,363,634)
------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................... 80,973,887 (46,248,350)
NET ASSETS:
Beginning of year....................................................... 36,861,343 117,835,230
------------ ------------
End of year (including undistributed investment income_net:
$263,064 in 1993 and $311,690 in 1994)................................ $117,835,230 $ 71,586,880
============ =============
SHARES SHARES
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................. 6,150,709 1,734,060
Shares issued for dividends reinvested.................................. 249,390 509,209
Shares redeemed......................................................... (1,204,315) (3,914,083)
------------ ------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING......................... 5,195,784 (1,670,814)
============ =============
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS EDISON ELECTRIC INDEX FUND, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each year indicated. This information
has been derived from the Fund's financial statements.
YEAR ENDED OCTOBER 31,
-------------------------------
PER SHARE DATA: 1992(1) 1993 1994
------ ------ ------
<S> <C> <C> <C>
Net asset value, beginning of year.................................... $12.50 $13.05 $14.69
------ ------ ------
INVESTMENT OPERATIONS:
Investment income_net................................................. .60 .62 .72
Net realized and unrealized gain (loss) on investments................ .51 1.66 (3.23)
------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS.................................... 1.11 2.28 (2.51)
------ ------ ------
DISTRIBUTIONS:
Dividends from investment income_net.................................. (.56) (.63) (.70)
Dividends from net realized gain on investments....................... -- (.01) (.21)
------ ------ ------
TOTAL DISTRIBUTIONS................................................. (.56) (.64) (.91)
------ ------ ------
Net asset value, end of year.......................................... $13.05 $14.69 $11.27
====== ====== =======
TOTAL INVESTMENT RETURN................................................... 9.11%(2) 17.71% (17.41%)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets............................... .24%(2) .75% .74%
Ratio of net investment income to average net assets.................. 5.31%(2) 4.80% 5.66%
Decrease reflected in above expense ratios due to
undertakings by WFNIA and Dreyfus................................... .95%(2) .09% --
Portfolio Turnover Rate............................................... 2.76%(2) 14.14% 8.92%
Net Assets, end of year (000's Omitted)............................... $36,861 $117,835 $71,587
(1) From December 6, 1991 (commencement of operations) to October 31, 1992.
(2) Not annualized.
See notes to financial statements.
</TABLE>
DREYFUS EDISON ELECTRIC INDEX FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1_SIGNIFICANT ACCOUNTING POLICIES:
Wells Fargo Nikko Investment Advisors ("WFNIA") serves as the Fund's
index manager. WFNIA is a registered investment adviser. Wells Fargo
Institutional Trust Company, N.A. an affiliate of WFNIA, is the custodian of
the Fund's investments. The Dreyfus Corporation ("Dreyfus") serves as the
Fund's administrator. Dreyfus Service Corporation, a wholly-owned subsidiary
of Dreyfus, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares, which are sold without a sales charge. Effective August 24,
1994, Dreyfus became a direct subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
(A) PORTFOLIO VALUATION: Investments in securities (including financial
futures) are valued at the last sales price on the securities exchange on
which such securities are primarily traded or at the last sales price on the
national securities market. Securities not listed on an exchange or the
national securities market, or securities for which there were no
transactions, are valued at the average of the most recent bid and asked
prices. Bid price is used when no asked price is available. Short-term
investments are carried at amortized cost, which approximates value.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Dividend
income is recognized on the ex-dividend date and interest income, including,
where applicable, amortization of discount on investments, is recognized on
the accrual basis.
(C) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the ex-dividend
date. Dividends from investment income-net are declared and paid on a
quarterly basis. Dividends from net realized capital gain are normally
declared and paid annually, but the Fund may make distributions on a more
frequent basis to comply with the distribution requirements of the Internal
Revenue Code. To the extent that net realized capital gain can be offset by
capital loss carryovers, it is the policy of the Fund not to distribute such
gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately $512,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to October 31, 1994. If not
applied, the carryover expires in fiscal 2002.
NOTE 2_MANAGEMENT FEE, ADMINISTRATION FEE AND OTHER TRANSACTIONS WITH
AFFILIATES:
(A) Fees paid by the Fund pursuant to the provisions of an Index
Management Agreement with WFNIA and an Administration Agreement with Dreyfus
are payable monthly. WFNIA and Dreyfus receive annual fees of .10 of 1% and
.15 of 1%, respectively, of the average daily value of the Fund's net assets.
The agreements further provide that if the aggregate expenses of the Fund,
exclusive of interest, taxes,
DREYFUS EDISON ELECTRIC INDEX FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
brokerage and extraordinary expenses, exceed the expense limitation of any
state having jurisdiction over the Fund, the Fund may deduct from the fees to
be paid to each of WFNIA and Dreyfus, or WFNIA and Dreyfus will each bear,
such excess expense in proportion to their respective fees. The most
stringent state expense limitation applicable to the Fund presently requires
reimbursement of expenses in any full fiscal year that such expenses exceed 21
/2% of the first $30 million, 2% of the next $70 million and 11/2% of the
excess over $100 million of the average value of the Fund's net assets in
accordance with California "blue sky" regulations. There was no expense
reimbursement for the year ended October 31, 1994.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation an amount not to exceed an annual rate of .25 of
1% of the value of the Fund's average daily net assets for servicing
shareholder accounts. The services provided may include personal services
relating to shareholder accounts, such as answering shareholder inquiries
regarding the Fund and providing reports and other information, and services
related to the maintenance of shareholder accounts. During the year ended
October 31, 1994, the Fund was charged an aggregate of $221,890 pursuant to
the Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and directors of the Fund
were "affiliated persons," as defined in the Act, of Dreyfus. Each director
who is not an "affiliated person" receives an annual fee of $2,500 and an
attendance fee of $500 per meeting.
NOTE 3_SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
other than short-term securities, for the year ended October 31, 1994
amounted to $7,920,790 and $30,769,922, respectively.
At October 31, 1994, accumulated net unrealized depreciation on
investments was $16,654,567, consisting of $11,894 gross unrealized
appreciation and $16,666,461 gross unrealized depreciation.
At October 31, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
DREYFUS EDISON ELECTRIC INDEX FUND, INC.
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE SHAREHOLDERS AND BOARD OF DIRECTORS OF
DREYFUS EDISON ELECTRIC INDEX FUND, INC.:
We have audited the accompanying statement of assets and liabilities of
Dreyfus Edison Electric Index Fund, Inc. (the Fund), including the statement
of investments, as of October 31, 1994, the related statement of operations
for the year then ended, the statement of changes in net assets for each of
the two years in the period then ended, and the financial highlights for each
of the two years in the period then ended and for the period from December 6,
1991 (commencement of operations) to October 31, 1992. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of October 31, 1994, 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 Dreyfus Edison Electric Index Fund, Inc. as of October 31, 1994,
the results of its operations, the changes in its net assets and the
financial highlights for the periods referred to above, in conformity with
generally accepted accounting principles.
COOPERS & LYBRAND, L.L.P.
New York, New York
December 13, 1994
DREYFUS EDISON ELECTRIC INDEX FUND, INC.
IMPORTANT TAX INFORMATION (UNAUDITED)
For Federal tax purposes the Fund hereby designates $.211 per share as a
long-term capital gain distribution of the $.396 per share paid on December
31, 1993.
DREYFUS EDISON ELECTRIC
INDEX FUND, INC.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
INDEX FUND MANAGER
Wells Fargo Nikko
Investment Advisors
45 Fremont Street
San Francisco, CA 94105
ADMINISTRATOR
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
Wells Fargo Institutional
Trust Company, N.A.
45 Fremont Street
San Francisco, CA 94105
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 114AR9410
Edison Electric
Index Fund, Inc.
Annual Report
October 31, 1994
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
IN DREYFUS EDISON ELECTRIC INDEX FUND, INC. AND THE
STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX
EXHIBIT A:
_______________________________________________
| | | STANDARD |
| | DREYFUS | & POOR'S 500 |
| PERIOD | EDISON ELECTRIC |COMPOSITE STOCK |
| | INDEX FUND | PRICE INDEX * |
|-----------|-----------------|----------------|
| 12/6/91 | 10,000 | 10,000 |
| 10/31/92 | 10,911 | 11,455 |
| 10/31/93 | 12,843 | 13,163 |
| 10/31/94 | 10,607 | 13,671 |
|-----------|-----------------|----------------|
* Source: Lipper Analytical Services, Inc.
