<PAGE> 1
CAPITAL APPRECIATION PORTFOLIO 10
------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
===============================================================================================================
June 30, 1995 (unaudited)
- ---------------------------------------------------------------------------------------------------------------
<S> <C>
ASSETS
- ---------------------------------------------------------------------------------------------------------------
Investments, at Value (Cost $82,343,453) $101,275,231
- ---------------------------------------------------------------------------------------------------------------
Cash 4,974
- ---------------------------------------------------------------------------------------------------------------
Receivable for Securities Sold 470,789
- ---------------------------------------------------------------------------------------------------------------
Dividends Receivable 12,298
- ---------------------------------------------------------------------------------------------------------------
Prepaid Expenses 838
- ---------------------------------------------------------------------------------------------------------------
Interest Receivable 655
- ---------------------------------------------------------------------------------------------------------------
Total Assets 101,764,785
- ---------------------------------------------------------------------------------------------------------------
LIABILITIES
- ---------------------------------------------------------------------------------------------------------------
Due to Bankers Trust 33,690
- ---------------------------------------------------------------------------------------------------------------
Payable for Securities Purchased 568,170
- ---------------------------------------------------------------------------------------------------------------
Accrued Expenses and Accounts Payable 13,103
- ---------------------------------------------------------------------------------------------------------------
Total Liabilities 614,963
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS $101,149,822
===============================================================================================================
COMPOSITION OF NET ASSETS
- ---------------------------------------------------------------------------------------------------------------
Paid-in Capital $ 82,218,044
- ---------------------------------------------------------------------------------------------------------------
Net Unrealized Appreciation on Securities 18,931,778
- ---------------------------------------------------------------------------------------------------------------
NET ASSETS, JUNE 30, 1995 $101,149,822
===============================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 19 and 20
<PAGE> 2
CAPITAL APPRECIATION PORTFOLIO 11
------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
===============================================================================================================
For the six months ended June 30, 1995 (unaudited)
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
- ---------------------------------------------------------------------------------------------------------------
Dividends $ 68,673
- ---------------------------------------------------------------------------------------------------------------
Interest 176,460
- ---------------------------------------------------------------------------------------------------------------
Total Investment Income $ 245,133
- ---------------------------------------------------------------------------------------------------------------
EXPENSES
- ---------------------------------------------------------------------------------------------------------------
Advisory Fee 266,768
- ---------------------------------------------------------------------------------------------------------------
Administration and Services Fee 41,041
- ---------------------------------------------------------------------------------------------------------------
Professional Fees 10,297
- ---------------------------------------------------------------------------------------------------------------
Insurance 1,329
- ---------------------------------------------------------------------------------------------------------------
Trustees Fees 732
- ---------------------------------------------------------------------------------------------------------------
Miscellaneous 823
- ---------------------------------------------------------------------------------------------------------------
Total Expenses 320,990
- ---------------------------------------------------------------------------------------------------------------
Less: Expenses Absorbed by Bankers Trust (74,627) 246,363
- ---------------------------------------------------------------------------------------------------------------
NET INVESTMENT (LOSS) (1,230)
- ---------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON SECURITIES
- ---------------------------------------------------------------------------------------------------------------
Net Realized Gain from Securities Transactions 4,770,058
- ---------------------------------------------------------------------------------------------------------------
Net Unrealized Appreciation on Securities 10,095,431
- ---------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN ON SECURITIES 14,865,489
- ---------------------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $14,864,259
===============================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 19 and 20
<PAGE> 3
CAPITAL APPRECIATION PORTFOLIO 12
------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
===============================================================================================================
For the six For the
months ended year ended
June 30, 1995 December
(unaudited) 31, 1994
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
- ---------------------------------------------------------------------------------------------------------------
FROM OPERATIONS
- ---------------------------------------------------------------------------------------------------------------
Net Investment Income (Loss) $ (1,230) $ 39,472
- ---------------------------------------------------------------------------------------------------------------
Net Realized Gain (Loss) from Securities Transactions 4,770,058 (3,134,504)
- ---------------------------------------------------------------------------------------------------------------
Net Unrealized Appreciation on Securities 10,095,431 5,994,992
- ---------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets from Operations 14,864,259 2,899,960
- ---------------------------------------------------------------------------------------------------------------
FROM CAPITAL TRANSACTIONS
- ---------------------------------------------------------------------------------------------------------------
Proceeds from Capital Invested 27,225,489 48,149,120
- ---------------------------------------------------------------------------------------------------------------
Value of Capital Withdrawn (14,574,256) (14,490,487)
- ---------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets from Capital Transactions 12,651,233 33,658,633
- ---------------------------------------------------------------------------------------------------------------
TOTAL INCREASE IN NET ASSETS 27,515,492 36,558,593
===============================================================================================================
NET ASSETS
- ---------------------------------------------------------------------------------------------------------------
Beginning of Period 73,634,330 37,075,737
- ---------------------------------------------------------------------------------------------------------------
End of Period $101,149,822 $73,634,330
===============================================================================================================
</TABLE>
See Notes to Financial Statements on Pages 19 and 20
<PAGE> 4
CAPITAL APPRECIATION PORTFOLIO 13
------------------------------------------------------
FINANCIAL HIGHLIGHTS
===============================================================================
Contained below are selected ratios and supplemental data for each of the
periods indicated for the Capital Appreciation Portfolio.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
For the period
For the six For the March 9, 1993
months ended year ended (Commencement
June 30, 1995 December of Operations) to
(unaudited) 31, 1994 December 31, 1993
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
RATIOS AND SUPPLEMENTAL DATA
Ratio of Net Investment Income (Loss) to Average Net Assets (0.00)%*+ 0.08% 0.38%*
Ratio of Expenses to Average Net Assets 0.60%* 0.60% 0.60%*
Decrease Reflected in Above Ratio of Expenses to Average
Net Assets Due to Absorption of Expenses by Bankers Trust 0.18%* 0.23% 0.41%*
Portfolio Turnover Rate 112% 157% 137%
Net Assets, End of Period (000's omitted) $101,150 $73,634 $37,076
</TABLE>
* Annualized
+ Less than 0.01%
See Notes to Financial Statements on Pages 19 and 20
<PAGE> 5
CAPITAL APPRECIATION PORTFOLIO 14
------------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
June 30, 1995 (unaudited)
SHARES DESCRIPTION VALUE
================================================================================
<S> <C> <C>
COMMON STOCKS - 95.03%
- --------------------------------------------------------------------------------
AMERICA'S CHANGING LEISURE TIME - 1.04%
- --------------------------------------------------------------------------------
27,500 La Quinta Inns $ 742,500
- --------------------------------------------------------------------------------
15,000 New World Communications (a) 313,125
- --------------------------------------------------------------------------------
1,055,625
================================================================================
AMERICA'S EDUCATIONAL CRISIS - 0.61%
- --------------------------------------------------------------------------------
9,700 Broderbund Software (a) 618,375
================================================================================
AMERICA'S INDUSTRIAL RENAISSANCE - 4.71%
- --------------------------------------------------------------------------------
22,900 American Power Conversion (a) 523,838
- --------------------------------------------------------------------------------
14,400 Input/Output (a) 518,400
- --------------------------------------------------------------------------------
18,500 KLA Instruments (a) 1,429,125
- --------------------------------------------------------------------------------
77,300 Mentor Graphics (a) 1,333,425
- --------------------------------------------------------------------------------
11,900 Vicor (a) 534,756
- --------------------------------------------------------------------------------
30,000 Westinghouse Air Brake (a) 427,500
- --------------------------------------------------------------------------------
4,767,044
================================================================================
CLIENT-SERVER COMPUTING - 9.25%
- --------------------------------------------------------------------------------
12,300 3Com Corp (a) 824,100
- --------------------------------------------------------------------------------
23,700 Bay Networks (a) 980,587
- --------------------------------------------------------------------------------
23,100 Ceridian (a) 851,812
- --------------------------------------------------------------------------------
23,900 Diamond Multimedia Systems (a) 489,950
- --------------------------------------------------------------------------------
30,200 Informix (a) 766,325
- --------------------------------------------------------------------------------
27,100 Madge NV (a) 758,800
- --------------------------------------------------------------------------------
26,500 Micron Technology 1,454,188
- --------------------------------------------------------------------------------
29,400 Oak Technology (a) 1,080,450
- --------------------------------------------------------------------------------
18,500 Symantec (a) 534,188
- --------------------------------------------------------------------------------
41,400 Uunet Technologies (a) 1,138,500
- --------------------------------------------------------------------------------
12,500 Wallace Computer Services 479,687
- --------------------------------------------------------------------------------
9,358,587
================================================================================
INTERACTIVE MEDIA - 4.03%
- --------------------------------------------------------------------------------
11,100 Clear Channel Communications (a) 714,562
- --------------------------------------------------------------------------------
12,200 Davidson & Associates (a) 484,950
- --------------------------------------------------------------------------------
17,300 Electronic Arts (a) 469,262
- --------------------------------------------------------------------------------
30,500 Katz Media Group (a) 484,188
- --------------------------------------------------------------------------------
26,300 Lin Television (a) 884,338
- --------------------------------------------------------------------------------
37,100 Sinclair Broadcasting Group (a) 1,038,800
- --------------------------------------------------------------------------------
4,076,100
================================================================================
LIFE SCIENCES REVOLUTION - 3.38%
- --------------------------------------------------------------------------------
9,000 Genzyme (a) 360,000
- --------------------------------------------------------------------------------
33,600 Idexx Laboratories (a) 873,600
- --------------------------------------------------------------------------------
14,200 Millipore 958,500
- --------------------------------------------------------------------------------
24,500 St. Jude Medical 1,228,062
- --------------------------------------------------------------------------------
3,420,162
================================================================================
MOVE TO OUTSOURCING - 5.78%
- --------------------------------------------------------------------------------
49,200 American Standard (a) 1,346,850
- --------------------------------------------------------------------------------
18,900 Avnet 914,287
- --------------------------------------------------------------------------------
17,250 Credence Systems (a) 521,813
- --------------------------------------------------------------------------------
28,200 Paychex 1,022,250
- --------------------------------------------------------------------------------
20,600 Policy Management Systems (a) 947,600
- --------------------------------------------------------------------------------
28,100 Solectron (a) 958,912
- --------------------------------------------------------------------------------
3,200 Teleflex 137,600
- --------------------------------------------------------------------------------
5,849,312
================================================================================
NEW CONSUMER - 2.13%
- --------------------------------------------------------------------------------
16,900 Blyth Industries (a) 720,362
- --------------------------------------------------------------------------------
63,900 Borders Group (a) 918,563
- --------------------------------------------------------------------------------
21,300 Revcod D.S. (a) 511,200
- --------------------------------------------------------------------------------
2,150,125
================================================================================
NEW HEALTH CARE PARADIGM - 10.83%
- --------------------------------------------------------------------------------
29,000 Apria Healthcare Group (a) 819,250
- --------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 19 and 20
<PAGE> 6
CAPITAL APPRECIATION PORTFOLIO 15
------------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
June 30, 1995 (unaudited)
SHARES DESCRIPTION VALUE
================================================================================
<S> <C> <C>
47,900 Boston Scientific (a) $ 1,526,812
- --------------------------------------------------------------------------------
14,000 CareLine (a) 115,500
- --------------------------------------------------------------------------------
21,000 Caremark International (a) 420,000
- --------------------------------------------------------------------------------
7,700 Cerner (a) 471,625
- --------------------------------------------------------------------------------
18,500 Guidant (a) 444,000
- --------------------------------------------------------------------------------
19,100 HBO & Co 1,040,950
- --------------------------------------------------------------------------------
32,000 Healthsource (a) 1,120,000
- --------------------------------------------------------------------------------
11,900 Medtronic 917,788
- --------------------------------------------------------------------------------
24,300 Mid Atlantic Medical Services (a) 449,550
- --------------------------------------------------------------------------------
11,600 Nellcor (a) 522,000
- --------------------------------------------------------------------------------
19,900 Oxford Health Plans (a) 940,275
- --------------------------------------------------------------------------------
26,600 Phycor (a) 934,325
- --------------------------------------------------------------------------------
31,500 Watson Pharmaceutical (a) 1,228,500
- --------------------------------------------------------------------------------
10,950,575
================================================================================
OTHER - 0.47%
- --------------------------------------------------------------------------------
12,000 Seagate Technology (a) 471,000
================================================================================
OUR STRENGTHENING
FINANCIAL STRUCTURE - 1.84%
- --------------------------------------------------------------------------------
23,900 Countrywide Credit Industries 501,900
- --------------------------------------------------------------------------------
8,500 Green Tree Financial 377,188
- --------------------------------------------------------------------------------
22,600 The PMI Group 980,275
- --------------------------------------------------------------------------------
1,859,363
================================================================================
PRODUCTIVITY ENHANCEMENT - 23.71%
- --------------------------------------------------------------------------------
20,600 Adobe Systems 1,194,800
- --------------------------------------------------------------------------------
20,400 Alliance Semiconductor (a) 999,600
- --------------------------------------------------------------------------------
34,300 Altera (a) 1,483,475
- --------------------------------------------------------------------------------
27,600 Analog Devices (a) 938,400
- --------------------------------------------------------------------------------
30,000 Baan Company, N.V. (a) 926,250
- --------------------------------------------------------------------------------
13,500 BMC Software (a) 1,042,875
- --------------------------------------------------------------------------------
55,600 Cheyenne Software (a) 1,028,600
- --------------------------------------------------------------------------------
18,900 Cirrus Logic (a) 1,184,794
- --------------------------------------------------------------------------------
12,500 Cypress Semiconductor (a) 506,250
- --------------------------------------------------------------------------------
36,000 Danka Business Systems - ADR 870,750
- --------------------------------------------------------------------------------
16,200 Fore Systems (a) 490,050
- --------------------------------------------------------------------------------
22,700 Komag (a) 1,180,400
- --------------------------------------------------------------------------------
15,200 Lam Research (a) 972,800
- --------------------------------------------------------------------------------
14,500 Lattice Semiconductor (a) 498,437
- --------------------------------------------------------------------------------
9,300 Linear Technology 613,800
- --------------------------------------------------------------------------------
58,300 LSI Logic (a) 2,280,987
- --------------------------------------------------------------------------------
15,000 Maxim Integrated Products 765,000
- --------------------------------------------------------------------------------
11,900 Microchip Technology (a) 432,863
- --------------------------------------------------------------------------------
50,200 National Semiconductor (a) 1,393,050
- --------------------------------------------------------------------------------
14,000 Novellus Systems (a) 948,500
- --------------------------------------------------------------------------------
25,600 Parametrics Technology (a) 1,273,600
- --------------------------------------------------------------------------------
24,200 Tencor Instruments (a) 992,200
- --------------------------------------------------------------------------------
30,100 Teradyne (a) 1,967,788
- --------------------------------------------------------------------------------
23,985,269
================================================================================
RE-ENERGIZING AMERICA - 0.51%
- --------------------------------------------------------------------------------
17,800 Petroleum Geo-Services (a) 511,750
================================================================================
SPECIAL SITUATIONS - 6.61%
- --------------------------------------------------------------------------------
35,700 Atlantic Southeast Airlines 1,075,462
- --------------------------------------------------------------------------------
34,300 Comair Holdings 1,299,113
- --------------------------------------------------------------------------------
15,400 Loewen Group 548,625
- --------------------------------------------------------------------------------
37,300 Pall 829,925
- --------------------------------------------------------------------------------
9,900 Sealed Air (a) 435,600
- --------------------------------------------------------------------------------
9,900 Sigma Aldrich 486,338
- --------------------------------------------------------------------------------
25,700 Ultratech Stepper (a) 905,925
- --------------------------------------------------------------------------------
22,200 Zilog (a) 1,107,225
- --------------------------------------------------------------------------------
6,688,213
================================================================================
STORES OF VALUE - 6.03%
- --------------------------------------------------------------------------------
13,600 Barnes & Noble (a) 462,400
- --------------------------------------------------------------------------------
40,500 Corporate Express (a) 865,687
- --------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements on Pages 19 and 20
<PAGE> 7
CAPITAL APPRECIATION PORTFOLIO 16
------------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF PORTFOLIO INVESTMENTS
================================================================================
June 30, 1995 (unaudited)
SHARES DESCRIPTION VALUE
================================================================================
<S> <C> <C>
29,000 General Nutrition (a) $ 1,018,625
- --------------------------------------------------------------------------------
37,200 Heilig-Meyers 948,600
- --------------------------------------------------------------------------------
60,650 Staples (a) 1,751,269
- --------------------------------------------------------------------------------
30,100 Sunglass Hut International (a) 1,053,500
- --------------------------------------------------------------------------------
6,100,081
================================================================================
TELECOMMUNICATIONS - 13.30%
- --------------------------------------------------------------------------------
38,000 ADC Telecommunications (a) 1,358,500
- --------------------------------------------------------------------------------
30,000 Adtran (a) 1,005,000
- --------------------------------------------------------------------------------
19,100 Andrew (a) 1,105,412
- --------------------------------------------------------------------------------
10,800 Ascend Communications (a) 545,400
- --------------------------------------------------------------------------------
10,100 Atmel (a) 559,287
- --------------------------------------------------------------------------------
24,200 Cascade Communications (a) 1,046,650
- --------------------------------------------------------------------------------
46,500 Glenayre Technologies (a) 2,371,500
- --------------------------------------------------------------------------------
16,900 LCI International (a) 517,563
- --------------------------------------------------------------------------------
34,000 National Data Corp 786,250
- --------------------------------------------------------------------------------
16,300 Nera AS - ADR (a) 458,438
- --------------------------------------------------------------------------------
25,000 Tellabs (a) 1,203,125
- --------------------------------------------------------------------------------
12,600 Worldcom (a) 340,200
- --------------------------------------------------------------------------------
22,900 Xilinx (a) 2,152,600
- --------------------------------------------------------------------------------
13,449,925
================================================================================
THE GREYING OF AMERICA - 0.80%
- --------------------------------------------------------------------------------
12,200 Cordis (a) 814,350
================================================================================
TOTAL COMMON STOCKS
(Cost $77,195,128) $ 96,125,856
================================================================================
<CAPTION>
PRINCIPAL
AMOUNT U.S. TREASURY BILLS - 5.09%
- --------------------------------------------------------------------------------
<S> <C> <C>
$ 67,000 5.65%, 7/06/95 $ 66,948
- --------------------------------------------------------------------------------
136,000 5.60%, 7/13/95 135,748
- --------------------------------------------------------------------------------
52,000 5.60%, 8/17/95 51,618
- --------------------------------------------------------------------------------
102,000 5.625%, 8/24/95 101,139
- --------------------------------------------------------------------------------
107,000 5.595%, 8/31/95 106,067
- --------------------------------------------------------------------------------
749,000 5.775%, 9/07/95 741,626
- --------------------------------------------------------------------------------
883,000 5.60%, 9/14/95 873,331
- --------------------------------------------------------------------------------
1,324,000 5.83%, 9/21/95 1,308,230
- --------------------------------------------------------------------------------
1,794,000 5.60%, 10/19/95 1,764,668
- --------------------------------------------------------------------------------
TOTAL U.S. TREASURY BILLS
(Cost $5,148,325) $ 5,149,375
================================================================================
TOTAL INVESTMENTS
(Cost $82,343,453) 100.12% $101,275,231
- --------------------------------------------------------------------------------
Liabilities in Excess of Other Assets (0.12%) (125,409)
- --------------------------------------------------------------------------------
NET ASSETS 100.00% $101,149,822
- --------------------------------------------------------------------------------
</TABLE>
(a) Non-Income Producing Security
See Notes to Financial Statements on Pages 19 and 20
<PAGE> 8
CAPITAL APPRECIATION PORTFOLIO 19
------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (unaudited)
===============================================================================
NOTE 1 - ORGANIZATION AND SIGNIFICANT
ACCOUNTING POLICIES
A. Organization
The Capital Appreciation Portfolio (the "Portfolio") is registered under the
Investment Company Act of 1940 (the "Act"), as amended, as an open-end
management investment company. The Portfolio was organized on October 28, 1992
as an unincorporated trust under the laws of New York and commenced operations
on March 9, 1993. The Declaration of Trust permits the Board of Trustees (the
"Trustees") to issue beneficial interests in the Portfolio.
B. Security Valuation
The Portfolio's investments are valued each business day by an independent
pricing service (the "Service") approved by the Board of Trustees. Securities
traded on national exchanges or traded in the NASDAQ National Market System are
valued at the last sales prices reported at the close of business.
Over-the-counter securities not included in the NASDAQ National Market System
and listed securities for which no sale was reported are valued at the mean of
the bid and asked prices. Short-term obligations with remaining maturities of
60 days or less are valued at amortized cost which with accrued interest
approximates value. Securities for which quotations are not available are
stated at fair value as determined by the Board of Trustees.
C. Security Transactions and Investment Income
Security transactions are accounted for on a trade date basis (date the order
to buy or sell is executed). Dividend income is recorded on the ex-dividend
date. Interest income is recorded on the accrual basis and includes
amortization of premium and discount on investments. Realized gains and losses
from securities transactions are recorded on the identified cost basis.
All of the net investment income and realized and unrealized gains and losses
from the security transactions of the Portfolio are allocated pro rata among
the investors in the Portfolio at the time of such determination.
D. Federal Income Taxes
It is the Portfolio's policy to comply with the requirements of the Internal
Revenue Code applicable to it. Therefore, no federal income tax provision is
required.
<PAGE> 9
CAPITAL APPRECIATION PORTFOLIO 20
------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (unaudited)
===============================================================================
NOTE 2 - FEES AND TRANSACTIONS WITH AFFILIATES
The Portfolio has entered into an Administration and Services Agreement with
Bankers Trust Company ("Bankers Trust"). Under this Administration and Services
Agreement, Bankers Trust provides administrative, custody, transfer agency and
shareholder services to the Portfolio in return for a fee computed daily and
paid monthly at an annual rate of 0.10 of 1% of the Portfolio's average daily
net assets. For the six months ended June 30, 1995, this fee aggregated
$41,041.
The Portfolio has entered into an Advisory Agreement with Bankers Trust. Under
this Advisory Agreement, the Portfolio pays Bankers Trust an advisory fee
computed daily and paid monthly at an annual rate of 0.65 of 1% of the
Portfolio's average daily net assets. For the six months ended June 30, 1995,
this fee aggregated $266,768.
Bankers Trust has voluntarily undertaken to waive and reimburse expenses of the
Portfolio, to the extent necessary, to limit all expenses to 0.60 of 1% of the
average daily net assets of the Portfolio. For the six months ended June 30,
1995, expenses of the Portfolio have been reduced $74,627.
Certain trustees and officers of the Portfolio are also directors, officers
and/or employees of Signature. None of the trustees so affiliated received
compensation for services as trustee of the Portfolio. Similarly, none of the
Portfolio's officers received compensation from the Portfolio.
NOTE 3 - PURCHASES AND SALES OF INVESTMENT SECURITIES
The aggregate cost of purchases and proceeds from sales of investments, other
than short-term obligations, for the six months ended June 30, 1995, were
$96,095,754 and $87,068,654, respectively. The aggregate gross unrealized
appreciation for all investments was $19,310,783 and the aggregate gross
unrealized depreciation for all investments was $379,005.
