<PAGE>
Lord Abbett
- --------------------------------------------------------------------------------
INVESTMENT TRUST
Limited Duration U.S. Government Securities Series . Balanced Series
- --------------------------------------------------------------------------------
Semi-Annual Report for the Six Months Ended April 30, 1995
A diversified mutual fund with two Series:
Limited Duration U.S. Government Securities Series
With the objective of providing you with a high level of income primarily from
limited duration U.S. Government securities
Balanced Series
With the objective of providing you with current income and capital growth
[PHOTO - Man and woman harvesting garden]
<PAGE>
[PHOTO - Ronald P. Lynch]
- -------------------------
Ronald P. Lynch, Chairman
May 15, 1995
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REPORT TO SHAREHOLDERS For the Six Months Ended April 30, 1995
Lord Abbett Investment Trust completed the first half of fiscal 1995 on April
30. A new portfolio, the Balanced Series, was added to the Trust on December 27,
1994. Combined assets in the Trust total $10.5 million.
A volatile economic environment characterized the six months ended April 30,
1995. In addition to strong fourth quarter economic growth of 4%, spending
trends, consumer confidence and income levels all reached new highs by year-end
1994. In response, the Federal Reserve again raised interest rates in an effort
to slow the economy. Bondholders were concerned that more Fed moves would be
necessary to negotiate an economic "soft landing". That concern sent long-term
interest rates over 8% and rates on 5-year Treasuries over 7.75%.
Since the beginning of the year, however, we have seen strong evidence that an
economic soft landing has actually arrived. Bond prices have improved
accordingly, as a result of the Federal Reserve's interest-rate increases in
1994. In fact, the bond market's return for the first four months of the year
has already matched our expectations for the year as a whole. We generally
expected 1995 to be a year of consolidation with rates heading lower by year-
end. However, with long-term U.S. Treasury yields already at 6.5% and 5-year
Treasuries below 6% (the same level as Federal Funds) we would not be surprised
to see a moderate rise in rates during the summer. For the most part, we expect
rates on long Treasuries to move in a 6.5% to a 7.25% trading range.
The U.S. equity market has recorded strong returns year-to-date 1995; the
unmanaged S&P 500 has gained 13%. The four underlying forces that drove this
performance have been exceptionally strong corporate earnings, subdued
inflation, declining long-term interest rates and moderating economic growth. In
our view, the gains already recorded by the U.S. stock market have captured a
large part of 1995's potential total return. The rate of increase in corporate
earnings will likely slow in upcoming quarters and it is likely that year-to-
year earnings comparisons with 1996 will be flat.
ABOUT THE LIMITED DURATION U.S. GOVERNMENT SECURITIES SERIES
The Limited Duration U.S. Government Securities Series completed the first half
of fiscal 1995 with assets of $7.7 million. The Fund's distribution rate was
5.87% based on the net asset value of $4.50 on April 30 and 5.69% based on that
same day's maximum offering price of $4.64 (these rates are based on the monthly
dividend of $.022 per share, annualized). The Fund's total return (the percent
change in net asset value, assuming the reinvestment of all distributions) was
4.33% for the preceding six-month period.
The Fund maintains holdings in intermediate Treasury securities, floating rate
securities and higher yielding mortgage-related securities. In our opinion,
mortgage-related securities have better value in that they offer a slightly more
competitive yield as compared to Treasury bonds.
ABOUT THE BALANCED SERIES
Total assets in the Balanced Series, which commenced operations on December 27,
1994, were $2.8 million. The Fund's distribution rate was 5.30% based on the net
asset value of $10.18 on April 30 and 5.05% based on that same day's maximum
offering price of $10.69 (these rates are based on the monthly dividend of $.045
per share, annualized). Total return (the percent change in net asset value,
assuming the reinvestment of all distributions) was 7.84% for the Fund, since
its inception.
Reflecting relatively fair valuations in most areas of the equity market, our
current equity portfolio is essentially sector-neutral. Portfolio assets are
well diversified across many industries, in companies with attractive valuation
characteristics and positive earnings prospects. The portfolio's current asset
allocation is 45% stocks, 55% bonds.
We are pleased you have chosen Lord Abbett Investment Trust as part of your
investment portfolio. We remain committed to helping you attain your financial
goals in 1995 and beyond.
<PAGE>
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Statement of Net Assets April 30, 1995
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LIMITED DURATION U.S. GOVERNMENT SECURITIES SERIES
<TABLE>
<CAPTION>
Market
Principal Value
Security Amount (Note 1a)
-------- ----------- --------------
<S> <C> <C> <C>
INVESTMENTS IN SECURITIES 87.92%
U.S. Treasury
6.58% U.S. Treasury Notes 7 1/4% due 2/15/1998 $ 500M $ 506,953
==============
U.S. Government Financing Corp. Strips due 6/27/1998 350M 282,898
Agencies Student Loan Marketing Association 6.04%
25.73% due 2/22/1999+ 1,700M 1,699,469
--------------
Total 1,982,367
==============
Federal National 7% due 2009 1,248M 1,220,990
Mortgage Association 8 1/2% due 10/1/2009 490M 503,922
Pass-Through 9.30% CMO Class 90-20-G due 3/25/2018 732M 742,234
Securities 32.02% --------------
Total 2,467,146
==============
Government National
Mortgage Association
Pass-Through
Securities
12.71% 10 1/2% due 2013 to 2020 898M 979,513
==============
Other Pass-Through U.S. Dept. Veterans Affairs 6 1/2% CMO
Securities 10.88% 94-2-G due 2/15/1999 841M 838,440
==============
Total Investments in Securities (Cost $6,744,240) 6,774,419
==============
OTHER ASSETS, LESS LIABILITIES 12.08%
Short-Term Investments, Federal National Mortgage Association
at Cost 5.85% due 5/11/1995 500M 498,944
5.90% due 5/15/1995 225M 224,336
--------------
Total 723,280
==============
Cash and Receivables, Net of Liabilities 207,814
Total Other Assets, Less Liabilities 931,094
==============
Net Assets
100.00% (equivalent to $4.50 a share on 1,712,411 shares of beneficial
interest outstanding) $7,705,513
==============
</TABLE>
+The interest rate is subject to change periodically to the prevailing market
rate. The interest rate shown is the rate in effect on April 30, 1995.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Statement of Net Assets April 30, 1995
- --------------------------------------------------------------------------------
BALANCED SERIES
<TABLE>
<CAPTION>
Market
Number of Value
Security Shares (Note 1a)
-------- ----------- --------------
<S> <C> <C> <C>
INVESTMENTS IN SECURITIES 94.96%
COMMON STOCKS 44.71%
Aerospace 1.26% Boeing Co. 650 $ 35,750
==============
Auto Parts Genuine Parts Co. 1,050 40,688
2.61% TRW Inc. 450 33,469
--------------
Total 74,157
==============
Automobiles 1.43% General Motors Corp. 900 40,613
==============
Banks: Money Center
.80% Chemical Banking Corp. 550 22,963
==============
Banks: Regional
.87% BankAmerica Corp. 500 24,750
==============
Chemicals Dow Chemical Co. 700 48,650
2.61% Union Carbide Corp. 800 25,600
--------------
Total 74,250
==============
Data Processing
Equipment .93% Hewlett-Packard Co. 400 26,450
==============
Data Processing
Services .99% General Motors Corp. Class E 650 28,113
==============
</TABLE>
1
<PAGE>
- --------------------------------------------------------------------------------
Statement of Net Assets April 30, 1995
- --------------------------------------------------------------------------------
BALANCED SERIES
<TABLE>
<CAPTION>
Market
Number of Value
Security Shares (Note 1a)
-------- ----------- --------------
<S> <C> <C> <C>
Drugs/Health Care Merck & Co., Inc. 600 $ 25,725
Products 1.66% SmithKline Beecham plc ADR 550 21,381
--------------
Total 47,106
==============
Electric Power Baltimore Gas & Electric Co. 1,050 24,806
2.84% CINergy Corp. 1,350 33,919
Public Service Enterprises Group Inc. 800 22,000
--------------
Total 80,725
==============
Electrical Equipment
1.18% Emerson Electric Co. 500 33,625
==============
Electronics:
Components 1.96% AMP Inc. 1,300 55,575
==============
Financial: Miscellaneous
.67% American Express Co. 550 19,113
==============
Food Archer-Daniels-Midland Co. 2,000 36,500
4.37% Conagra Inc. 750 24,938
Dean Foods Co. 1,100 31,350
Hershey Foods Corp. 600 31,500
--------------
Total 124,288
==============
Insurance Aetna Life & Casualty Company 550 31,350
2.25% Cigna Corp. 450 32,680
--------------
Total 64,030
==============
Machinery:
Diversified 1.15% Deere & Co. 400 32,800
==============
Miscellaneous
1.58% Minnesota Mining and Mfg. Co. 750 44,718
==============
Natural Gas
Diversified .96% Equitable Resources, Inc. 950 27,193
==============
Natural Gas
Transmission .68% Coastal Corp. 650 19,337
==============
Oil: International Chevron Corp. 950 45,006
3.30% Exxon Corp. 700 48,738
--------------
Total 93,744
==============
Paper and Forest Federal Paper Board Inc. 1,150 34,069
Products 2.42% International Paper Co. 450 34,650
--------------
Total 68,719
==============
Printing and Publishing
1.20% Donnelley, R.R. & Sons Co. 1,000 34,000
==============
Retail
.94% Dayton Hudson Corp. 400 26,850
==============
Savings and Loan Ahmanson, H.F. & Co. 1,100 23,100
2.04% Great Western Financial Corp. 1,650 34,855
--------------
Total 57,955
==============
Textiles: Apparel
.80% V.F. Corp. 450 22,725
==============
Tire and Rubber
Goods .43% Cooper Tire & Rubber Company 500 12,250
==============
Tobacco
1.14% American Brands Inc. 800 32,400
==============
Waste Disposal Browning Ferris Industries Inc. 1,000 33,000
1.64% WMX Technologies Inc. 500 13,625
--------------
Total 46,625
==============
Total Investments in Common Stocks (Cost $1,181,440) 1,270,824
==============
</TABLE>
2
<PAGE>
- --------------------------------------------------------------------------------
Statement of Net Assets April 30, 1995
- --------------------------------------------------------------------------------
BALANCED SERIES
<TABLE>
<CAPTION>
Market
Principal Value
Security Amount (Note 1a)
-------- ----------- --------------
<S> <C> <C> <C>
U.S. GOVERNMENT OBLIGATIONS 50.25%
Federal National
Mortgage Association
Pass-Through
Securities
32.16% 8 1/2% due on an announced basis $900M $ 914,063
===========
U.S. Treasury 18.09% U.S. Treasury Notes 7 1/2% due 11/15/2001 500M 514,063
===========
Total Investments in U.S. Government Securities
(Cost $1,410,876) 1,428,126
===========
Total Investments in Securities (Cost $2,592,316) 2,698,950
===========
OTHER ASSETS, LESS LIABILITIES 5.04%
Short-Term
Investments, at Cost Federal Home Loan Banks 5.85% due 5/16/1995 100M 99,643
Federal Home Loan Mortgage Corp. 5.85% due 5/5/1995 180M 179,707
-----------
Total 279,350
===========
Cash and Receivables, Net of Liabilities (136,179)
Total Other Assets, Less Liabilities 143,171
===========
Net Assets
100.00% (equivalent to $10.18 a share on 279,286 shares of beneficial interest
outstanding) $ 2,842,121
===========
</TABLE>
See Notes to Financial Statements.
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Statements of Operations
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the Period
12/27/94
Six Months Ended 4/30/95 (Commencement of
--------------------------------- Operations) to 4/30/95
Limited Duration ----------------------
U.S. Government Securities Series Balanced Series
--------------------------------- ----------------------
<S> <C> <C>
Investment Income
Income Interest $ 323,334 $ 20,030
Dividends - 8,018
Total 323,334 28,048
Expenses Management fee (Note 6) 22,120 5,226
Organization (Note 1e) 7,728 2,548
Legal and audit 8,500 850
Registration 8,600 500
Reports to shareholders 6,000 500
Shareholder servicing 5,500 300
Other 4,201 1,550
Management fees waived and expenses assumed
by Lord, Abbett & Co. (6,559) (9,802)
Total expenses 56,090 1,672
Net investment income 267,244 26,376
Realized and Unrealized Gain (Loss) on Investments (Note 5)
Realized gain (loss) from security transactions
Proceeds from sales 13,045,650 2,467,860
Cost of securities sold 13,172,516 2,442,062
Net realized gain (loss) (126,866) 25,798
Unrealized appreciation (depreciation) of investments
Beginning of period (170,329) -
End of period 30,179 106,634
Net unrealized appreciation 200,508 106,634
Net realized and unrealized gain on investments 73,642 132,432
Net Increase in Net Assets Resulting from Operations 340,886 158,808
</TABLE>
See Notes to Financial Statements.
3
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
For the Period 11/4/93
(Commencement of
Six Months Ended 4/30/95 For the Period 12/27/94 Operations) to 10/31/94
------------------------ (Commencement of -----------------------
Limited Duration U.S. Operations) to 4/30/95 Limited Duration U.S.
Government Securities ----------------------- Government Securities
Increase (Decrease) in Net Assets Series Balanced Series Series
--------------------------------- ------------------------ ----------------------- -----------------------
<S> <C> <C> <C>
Operations Net investment income $ 267,244 $ 26,376 $ 520,817
Net realized gain (loss) from security
transactions (126,866) 25,798 (707,221)
Unrealized appreciation (depreciation)
of investments 200,508 106,634 (170,329)
Net increase (decrease) in net assets
resulting from operations 340,886 158,808 (356,733)
Undistributed net investment income
included in price of shares sold and
(reacquired) (Note 1d) - 6,177 -
Distributions to shareholders from net investment
income (260,664) (22,681) (526,078)
Share transactions
Net proceeds from sales of shares 1,571,533 2,702,850 13,508,461
Net asset value of shares issued to
shareholders in reinvestment of net
investment income 219,153 20,429 406,671
Total 1,790,686 2,723,279 13,915,132
Cost of shares reacquired (4,421,456) (24,462) (2,876,260)
Increase (decrease) in net assets derived
from share transactions (2,630,770) 2,698,817 11,038,872
Net increase (decrease) in net assets (2,550,548) 2,841,121 10,156,061
Net Assets
Beginning of period 10,256,061 1,000 100,000
End of period (including undistributed net
investment income of $1,319 and $9,872,
respectively, as of April 30, 1995 and
overdistributed net investment income of
$5,261 as of October 31, 1994) $ 7,705,513 $ 2,842,121 $10,256,061
=========== =========== ===========
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
Limited Duration U.S. Government Securities Series
<TABLE>
<CAPTION>
For the Period 11/4/93
Six Months (Commencement of
Per Share Operating Performance: Ended 4/30/95 Operations) to 10/31/94
-------------------------------- ------------- -----------------------
<S> <C> <C>
Net asset value, beginning of period $ 4.44 $ 4.85
Income (loss) from investment operations
Net investment income .1331+ .2650+
Net realized and unrealized gain (loss) on investments .0569 (.4123)
Total from investment operations .19 (.1473)
======== =========
Distributions
Dividends from net investment income (.13) (.2627)
Net asset value, end of period $ 4.50 $ 4.44
======== =========
Total Return* 4.33%+ (3.09)%+
======== =========
Ratios/Supplemental Data:
Net assets, end of period (000) $7,706 $10,256
Ratios to Average Net Assets:
Expenses, including waiver 0.63%+ 0.89%+
Expenses, excluding waiver 0.71%+ 0.89%+
Net investment income 3.02%+ 5.61%+
Portfolio turnover rate 119.98% 895.63%
======== =========
</TABLE>
*Total return does not consider the effects of sales loads.
+Not annualized.
See Notes to Financial Statements.
Copyright (C) 1995 by Lord Abbett Investment Trust, 767 Fifth Avenue, New York,
NY 10153-0203
This publication, when not used for the general information of shareholders of
Lord Abbett Investment Trust, is to be distributed only if preceded or
accompanied by a current prospectus which includes information concerning each
Series' investment objective and policies, sales charges and other matters.
All rights reserved. Printed in the U.S.A.
4
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
Balanced Series
<TABLE>
<CAPTION>
For the Period
12/27/94
(Commencement
of Operations) to
Per Share Operating Performance: 4/30/95
-------------------------------- -----------------
<S> <C>
Net asset value, beginning of period $ 9.52
Income from investment operations
Net investment income .1254+
Net realized and unrealized gain on investments .6246
Total from investment operations .7500
Distributions
Dividends from net investment income (.09)
Net asset value, end of period $ 10.18
Total Return* 7.84%+
==========
Ratios/Supplemental Data:
Net assets, end of period (000) $ 2,842
Ratios to Average Net Assets:
Expenses, including waiver .09%+
Expenses, excluding waiver .60%+
Net investment income 1.38%+
Portfolio turnover rate 153.36%
==========
</TABLE>
*Total return does not consider the effects of sales loads.
+Not annualized.
See Notes to Financial Statements.
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Notes to Financial Statements
- --------------------------------------------------------------------------------
1. Significant Accounting Policies The Company was organized as a Delaware
business trust on August 16, 1993 and is registered under the Investment Company
Act of 1940 as a diversified, open-end management investment company. On
November 4, 1993, Lord Abbett Investment Trust--Limited Duration U.S. Government
Securities Series commenced operations when the Company received an initial
capital contribution of $100,000 and issued 20,619 shares of the Government
Series to the partners of Lord, Abbett & Co. On December 22, 1994, Lord Abbett
Investment Trust--Balanced Series received an initial capital contribution of
$1,000 and issued 105 shares of the Balanced Series to the partners of Lord,
Abbett & Co. The following is a summary of significant accounting policies
consistently followed by the Company. The policies are in conformity with
generally accepted accounting principles.
(a) Market value is determined as follows: Securities listed or admitted to
trading privileges on any securities exchange are valued at the last sales price
on the exchange on which such securities are traded, as of the close of business
on the day the securities are being valued or, lacking any sales, at the latest
price on the basis of current quotations from dealers (as in the case of bonds),
from valuations furnished by an independent pricing service or, in their
absence, fair value as determined under procedures approved by the Board of
Trustees.
(b) It is the policy of the Company to meet the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute all
of its taxable income in taxable distributions. Therefore, no federal income tax
provision is required.
(c) Security transactions are accounted for on the date that the securities are
purchased or sold (trade date). Dividend income and distributions to
shareholders are recorded on the ex-dividend date and interest is recorded on
the accrual basis. Discounts on strips are accrued to maturity using the
constant yield method. The Company has elected not to amortize premiums on U.S.
Government bonds, which is consistent with the treatment for federal income tax
purposes.
(d) With respect to the Balanced Series, a portion of the proceeds from sales
and costs of repurchases of shares, equivalent to the amount of distributable
net investment income on the date of the transaction, is credited or charged to
undistributed income. Undistributed net investment income per share thus is
unaffected by sales or repurchases of shares.
(e) The organization expenses of each Series of the Company are amortized evenly
over a period of five years from their respective commencements of operations.
2. Distributions Dividends from net investment income are declared daily and
paid monthly with respect to the Limited Duration U.S. Government Securities
Series and declared quarterly and paid monthly with respect to the Balanced
Series. Taxable net realized gain from security transactions, if any, will be
distributed to shareholders in December 1995. At April 30, 1995, accumulated net
realized gains (losses) for financial statement purposes aggregated $(834,087)
for the Limited Duration U.S. Government Securities Series and $25,798 for the
Balanced Series.
Income and capital gains distributions are determined in accordance with income
tax regulations which may differ from methods used to determine the
corresponding income and capital gains amounts in accordance with generally
accepted accounting principles.
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements
- --------------------------------------------------------------------------------
3. Share Transactions Transactions in shares were as follows:
<TABLE>
<CAPTION>
For the Period 11/4/93
(Commencement of
Six Months Ended 4/30/95 For the Period 12/27/94 Operations) to 10/31/94
-------------------------- (Commencement of -----------------------
Limited Duration Operations) to 4/30/95 Limited Duration U.S.
U.S. Government Securities ----------------------- Government Securities
Series Balanced Series Series
-------------------------- ----------------------- -----------------------
<S> <C> <C> <C>
Sales of shares $ 354,228 $279,640 $2,826,671
Shares issued to shareholders in reinvestment
of net investment income 49,414 2,046 88,548
Total 403,642 281,686 2,915,219
Shares reacquired (999,212) (2,505) (627,857)
Increase (decrease) in shares (595,570) 279,181 2,287,362
</TABLE>
4. Capital Paid In At April 30, 1995, capital paid in aggregated $8,508,100 for
the Limited Duration U.S. Government Securities Series and $2,699,798 for the
Balanced Series.
5. Purchases and Sales of Securities Purchases and sales of investment
securities (other than short-term investments) were as follows:
<TABLE>
<CAPTION>
Series Purchases Sales
- ------ ---------- -----------
<S> <C> <C>
Limited Duration U.S. Government Securities Series $9,831,562 $12,543,775
Balanced Series 5,034,378 2,467,860
</TABLE>
Security gains and losses are computed on the identified cost basis.
As of April 30, 1995, unrealized appreciation and depreciation of investments
based on cost for federal income tax purposes were as follows:
<TABLE>
<CAPTION>
Unrealized Unrealized
Series Appreciation Depreciation
- ------ ------------ ------------
<S> <C> <C>
Limited Duration U.S. Government Securities Series $ 61,278 $31,099
Balanced Series 113,659 7,025
</TABLE>
The cost of investments for federal income tax purposes is substantially the
same as that used for financial statement purposes.
6. Management Fee and Other Transactions with Affiliates Lord, Abbett & Co.
received a management fee of $15,561 from the Limited Duration U.S. Government
Securities Series for the period November 1, 1994 through February 28, 1995 for
which it supplied investment management, research, statistical and advisory
services and paid officers' remuneration and certain other expenses of the
Company. For the period March 1, 1995 through April 30, 1995 Lord, Abbett & Co.
waived $6,559 in management fees. With respect to the Balanced Series, from
December 27, 1994 through April 30, 1995 Lord, Abbett & Co. waived $5,226 in
management fees and assumed $4,576 of other expenses. The management fee is
based on average daily net assets for each month at the annual rate of .50 of 1%
for the Limited Duration U.S. Government Securities Series and .75 of 1% of
average daily net assets for each month for the Balanced Series.
Lord, Abbett & Co. may waive its management fees and pay or reimburse the Trust
for certain of its other expenses. Any such expenses paid are subject to
repayment by the Series, pursuant to a formula based on the asset size and
expense ratio of each Series. The Series shall not be obligated to repay Lord,
Abbett & Co. after five full fiscal years after the commencement of the
repayment formula or the termination of the Management Agreement, whichever is
earlier. Lord, Abbett & Co. received the following commissions on sales of the
Company after concessions were paid to authorized distributors:
<TABLE>
<CAPTION>
Lord, Abbett & Co. Distributors'
Series Commissions Concessions
- ------ ------------------ -------------
<S> <C> <C>
Limited Duration U.S. Government Securities Series $ 1,647 $ 9,783
Balanced Series - 61,623
</TABLE>
Each Series of the Company adopted a Rule 12b-1 Plan providing for the quarterly
payment of compensation to dealers of (1) an annual service fee of .25% of the
average daily net asset value of shares sold by dealers from the commencement of
the Series' public offering and (2) with respect to sales at the breakpoint of
$1 million or more, a one-time distribution fee, at the time of sale, of 1% of
the first $3 million, plus .50% of the next $7 million, plus .25% of the
remainder of the net asset value of shares sold on or after the effective date.
Each Series Plan commences on the first day of the calendar quarter subsequent
to each Series' net assets reaching $100 million.
7. Trustees' Remuneration The Trustees of the Company associated with Lord,
Abbett & Co. and all officers of the Company receive no compensation from the
Company for acting as such. Outside Trustees' fees, including attendance fees
for board and committee meetings, and outside Trustees' retirement costs, are
allocated among all funds in the Lord Abbett group based on net assets of each
fund. The direct remuneration accrued during the period for outside Trustees of
the Company as a group was $55 (exclusive of expenses), which has been deemed
invested in shares of the Company under a deferred compensation plan
contemplating future payment of the value of those shares. As of April 30, 1995,
the aggregate amount in Trustees' accounts maintained under the plan was $106.
