Final Results
Murray VCT 4 PLC
09 May 2006
Murray VCT 4 PLC
Preliminary results for the year ended 28 February 2006
The Directors announce unaudited preliminary results of Murray VCT 4 PLC for the
year ended 28 February 2006, which were approved by the Board on 9 May 2006.
• 54 investments in the unlisted portfolio, with a total cost of £30.6
million.
• Net Asset Value of 79.1p per share.
• Proposed final dividend of 0.8p per share.
• Declared capital dividend of 1.6p per share.
• Total return since launch, being the sum of dividends paid plus Net
Asset Value, of 92.2p per share.
Performance
The Board is pleased to report that the Net Asset Value (NAV) per share at 28
February 2006 has increased to 79.1p, before payment of proposed dividends in
respect of the year then ended, compared with 76.1p at 31 August 2005 and 75.9p
(restated) at 28 February 2005. The increase in NAV over the year of 4.2%
compares with the increase in stock market indices generally and, in particular,
the FTSE AIM Index, which rose by 3.5% over the period, and the FTSE SmallCap
Index which rose by 20.7%.
As reported in the Annual Report for last year, there were significant changes
made to the senior investment team of the Manager in the autumn of 2004. Since
31 August 2004, the date closest to that change when an NAV was published, the
total return has increased on each reporting date and by 9.6% overall. Details
of the new management fee structure were also included in the Annual Report for
last year. The uplift achieved in the NAV since 31 August 2005 largely governs
the level of fee payable for that period and, based on the performance during
the six months to 28 February 2006, a fee of £702,000 (excluding VAT) was
payable for the year.
Investment activity
During the year ended 28 February 2006, 20 new unlisted and AIM investments were
completed and a total of £9.7 million was invested. At the year end, the
portfolio stood at 54 active unlisted and AIM investments at a total cost of
£30.6 million.
The following new investments have been completed since the publication of the
Interim Report:-
Amazing Holdings* (December 2005) - £250,000: Amazing is a leisure facility and
hotel developer which intends to operate a casino in the Penghu Islands of
Taiwan. (www.amazing.co.im)
A T Communications Group* (November 2005) - £300,000: Integrator of
communications systems to SMEs and small corporates, providing service,
installation and maintenance for voice, data, mobile and converged networks.
(www.atcommunications.co.uk)
Autoclenz* (December 2005) - £205,000: Provider of valeting services to
automotive retailers, car auction houses, car supermarkets and car rental
companies in the UK. (www.autoclenz.co.uk)
Bond Aviation Solutions (November 2005) - £750,000: Bond provides commercial
pilot training services from its Gatwick base. (www.bondaviationsolutions.com)
Chiltern (UK) (November 2005) - £750,000: Chiltern negotiates and manages
standstill agreements and repayment plans for financially distressed individuals
who cannot service their debts. (www.chiltern.uk.com)
Fieldstreet (Investments) (October 2005) - £751,000: Fieldstreet is the name of
the vehicle which acquired Cox Insurance in a public to private transaction. Cox
is a midsized insurance business focused on predominately niche risk areas
within motor insurance. (www.cox.co.uk)
Imprint* (September 2005) - £202,000: Imprint provides a search, selection and
value-added human capital management service of the highest professional
standards within the critical hire, middle and senior management recruitment
markets. (www.imprintplc.com)
Mattioli Woods* (November 2005) - £266,000: Provider of pension consultancy,
trouble-shooting and administration services to corporate, owners of businesses
and professional persons. (www.mattioli-woods.com)
Styles & Wood Holdings (December 2005) - £400,000: Styles & Wood is the leading
independent provider of store fit-out and refurbishment programmes to the UK
retail sector. (www.stylesandwood.co.uk)
* Quoted on AIM
Murray VCT 4 has co-invested with Aberdeen Development Capital, Aberdeen Growth
VCT I, Aberdeen Growth Opportunities VCT, Aberdeen Growth Opportunities VCT 2,
and Talisman First Venture Capital Trust in some or all of the above
transactions and is expected to continue to do so with these as well as other
clients of the Manager. The advantage is that, together, these clients are able
to underwrite a wider range and size of transaction than would be the case on a
stand-alone basis.
Portfolio developments
Murray VCT 4 has continued to invest in a diversified portfolio of unlisted and
AIM quoted investments with good growth prospects and, therefore, the
opportunity to generate capital gains in the medium and longer term. During the
year ended 28 February 2006, considerable progress was made by adopting a more
active trading approach on the AIM portfolio and net gains of £677,000 were
generated over the course of the year. As stated in the Interim Report, the
Board had resolved to increase the maximum exposure of the portfolio to AIM
quoted companies to reflect the shift in dynamics of this market. In recognition
of the success that the Manager has achieved with this part of the portfolio,
the Board has revised the level of exposure which the Company should have to
this market. At the year end, around 25% of the total portfolio book cost was
invested in AIM quoted companies.
There have also been a number of positive developments in the unlisted
portfolio, including the successful flotation of Synexus on AIM. Profitable
exits were achieved from Black Teknigas, Enterprise Food Group and ScotNursing.
With the increasing maturity of the portfolio, the Board is optimistic of
further gains being achieved in due course.
Details of the major realisations during the course of the year are given in the
table below:
Date first Complete/ Cost Sales Realised
invested partial exit of shares proceeds gain/
disposed of (loss)
£'000 £'000 £'000
Unlisted
Black Teknigas 2003 Complete 180 311 131
Enterprise Food Group 2003 Partial 598 635 37
First Line 2000 Complete 595 428 (167)
ScotNursing 2002 Complete 750 938 188
Synexus 2001 Partial 306 382 76
Others Partial 1,015 1,015 -
Total unlisted 3,444 3,709 265
AIM
1st Dental Laboratories 2004 Partial 114 146 32
Bond International Software 2004 Complete 186 455 269
Careforce Group 2004 Partial 365 433 68
Mattioli Woods 2005 Partial 113 170 57
Talarius 2005 Partial 166 227 61
Tanfield Group 2004 Partial 133 233 100
United Clearing 2005 Partial 188 251 63
Others Partial 622 649 27
Total AIM 1,887 2,564 677
Total 5,331 6,273 942
In addition to the above, gains of £17,000 on the disposal of listed fixed
income securities and the previously recognised unrealised loss of £530,000 on
the investment in Interak were realised during the year.
Investment strategy
Under the direction of the Board, the Manager is pursuing a dual strategy
encompassing both unlisted investment and an increased exposure to the AIM
market. The Manager is targeting investment in larger, more profitable unlisted
businesses which offer a greater likelihood of being able to meet their yield
obligations, even if there is some shortfall against the business plan
projections, and these businesses are typically more capable of achieving
capital gains in the longer term.
The Manager also continues to have discretion to make investments in companies
which do not represent qualifying holdings for venture capital trusts, but
always subject to ensuring that the Company itself continues to qualify as a VCT
at all times.
Dividends
The Board declared an interim dividend of 2.5p per share which was paid on 9
December 2005, this amount comprising 0.5p of revenue and 2.0p of capital gains.
The Board is now pleased to recommend the payment of a final dividend of 0.8p
per share, to be paid on 28 July 2006 to Shareholders on the register at close
of business on 30 June 2006. In addition, the Board intends to distribute
realised capital gains by way of dividends when meaningful amounts have been
accumulated and a capital dividend of 1.6p per share from gains achieved to date
will be paid along with the proposed final dividend. The total capital dividend
payable for the year will therefore be 3.6p per share. The total dividend
payable in respect of the reporting year will total 4.9p per share, which
compares favourably with the aggregate dividends paid from inception until the
start of the year of 10.6p per share.
Since the Company's launch, Shareholders will have achieved a total return since
launch of 92.2p, being the sum of dividends paid plus current NAV. The total
return has increased by 8.1p or 9.6% since 31 August 2004, immediately prior to
the change in the investment management team. The effect of paying the total
proposed dividends of 2.4p per share will be to reduce the NAV per share by a
similar amount.
The most important performance measures for a VCT are the long-term record of
income and capital gains dividend payments and the timing of these payments over
the life of the Company. In the short term, the NAV on its own is a less
important measure of the performance as the underlying investments are long-term
in nature and not readily realisable.
Valuation process
Investments held by Murray VCT 4 in unlisted companies are valued in accordance
with the International Private Equity and Venture Capital Valuation Guidelines,
which superseded the British Venture Capital Association Valuation Guidelines
for reporting periods beginning after 1 January 2005.
Investments which are quoted or traded on the Alternative Investment Market
(AIM) or a recognised stock exchange are valued at their bid price.
Share buy-back policy
During the year, 1,717,591 shares were bought back for cancellation at an
average price of 56.7p and an aggregate cost, including expenses, of £979,264.
Co-investment scheme of the Manager
A co-investment scheme, which will allow executive members of the Manager to
invest alongside the Company, has been agreed with the Manager for
implementation during the coming year. The Directors believe that the Scheme
will closely align the interests of the executives and the Company's
Shareholders, while introducing an incentive to enable the Manager to retain the
existing skills and capacity of its management team in a highly competitive
market.
The scheme will operate through a nominee company which will invest alongside
the Company in each and every transaction made by the Company, including any
follow-on investments. In an unlisted investment, the transaction will normally
be structured such that 70% to 90% of the investment is by way of fixed interest
instrument and 30% to 10% in ordinary shares. The amount which will be invested
by the nominee company is fixed at 5% of the value of the ordinary shares which
are available to the Company, except where the Company is investing only in
ordinary shares. In that case, the amount to be invested by the nominee company
will be 1.5% of the amount available to the Company.
Outlook
The outlook for new investments remains positive, with a steady flow of both
unlisted and AIM opportunities available for consideration by the Manager. The
primary focus remains on building a properly diversified portfolio of good
quality smaller company assets which will deliver sustained long term
performance. The intensive work on repositioning the investment portfolio will
continue throughout 2006 and beyond.
It is the Board's intention that the Company should continue to pay capital
dividends in future, although the timing and quantum of these payments will be
dependent upon the achievement of realised gains from the portfolio. As with all
dividends paid by VCTs, these payments will be made to Shareholders free of tax.
Throughout the year, the Board has worked closely with the Manager and fully
supports the redefined investment strategy. The intensive portfolio management
and increased, but selective, exposure to the AIM market has proven successful
to date.
Murray VCT 4 PLC
Income Statement
For the year ended 28 February 2006
Year ended
Year ended 28 February 2005
28 February 2006 (restated)
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment income and deposit interest 1,053 - 1,053 1,093 - 1,093
Investment management fees (165) (660) (825) (284) (426) (710)
Other expenses (187) - (187) (220) - (220)
Gains on investments - 1,931 1,931 - 1,266 1,266
Amounts written off fixed asset investments - - - - (569) (569)
Profit on ordinary activities before taxation 701 1,271 1,972 589 271 860
Tax on ordinary activities (196) 196 - (158) 132 (26)
Profit on ordinary activities after taxation 505 1,467 1,972 431 403 834
Earnings per share (pence) 1.4 4.0 5.4 1.1 1.1 2.2
A Statement of Total Recognised Gains and Losses has not been prepared, as all
gains and losses are recognised in the Income Statement.
The total column of this statement is the Profit and Loss Account of the
Company.
Reconciliation of Movements in Shareholders' Funds
For the year ended 28 February 2006
Year ended Year ended
28 February 2006 28 February 2005
(restated)
£'000 £'000
Opening Shareholders' funds 28,632 28,817
Total profit for year 1,972 834
Net proceeds of issue of shares - (1)
Repurchase and cancellation of shares (979) (395)
Tax attributable to unrealised loss on - 26
investments
Dividends paid - revenue (406) (649)
Dividends paid - capital (731) -
Closing Shareholders' funds 28,488 28,632
MURRAY VCT 4 PLC
BALANCE SHEET
As at 28 February 2006
28 February 2006 28 February 2005
(restated)
£'000 £'000 £'000 £'000
Fixed assets
Investments 27,906 27,236
Current assets
Debtors 834 1,382
Cash and overnight deposits 242 260
1,076 1,642
Creditors
Amounts falling due within one year 494 246
Net current assets 582 1,396
Net assets 28,488 28,632
Capital and reserves
Called up share capital 3,602 3,774
Share premium account 17,235 17,235
Realised capital reserve (3,192) (3,157)
Unrealised capital reserve (3,862) (5,364)
Capital redemption reserve 283 111
Profit and loss account 14,422 16,033
Net assets attributable to Ordinary 28,488 28,632
Shareholders
Net Asset Value per 79.1 75.9
Ordinary share (pence)
MURRAY VCT 4 PLC
CASH FLOW STATEMENT
For the year ended 28 February 2006
28 February 2006 28 February 2005
£'000 £'000 £'000 £'000
Operating activities
Investment income received 1,706 1,007
Deposit interest received 23 13
Investment management fees paid (460) (627)
Secretarial fees paid (66) (50)
Cash paid to and on behalf of Directors (49) (53)
Other cash payments (88) (94)
Net cash inflow from operating activities 1,066 196
Financial investment
Purchase of investments (12,190) (11,834)
Sale of investments 13,322 7,387
Net cash inflow/(outflow) from financial investment 1,132 (4,447)
Dividends paid (1,137) (649)
Net cash inflow/(outflow) before financing 1,061 (4,900)
Financing
Issue of Ordinary shares - (1)
Repurchase of Ordinary shares (1,079) (300)
Net cash outflow from financing (1,079) (301)
Decrease in cash (18) (5,201)
Murray VCT 4 PLC
Basis of restatement
During the year ended 28 February 2006, the Company became subject to new
Financial Reporting Standards issued as part of the programme to converge UK
Generally Accepted Accounting Practice (UK GAAP) with International Accounting
Standards. As a consequence of this, the results for the year ended 28 February
2005 have been restated to reflect the changes of accounting practice in
relation to the following:
• investments are measured initially at cost and are recognised at trade
date;
• for financial assets acquired, the cost is the fair value of the
consideration. Subsequent to initial recognition, investments are valued
at fair value. For listed and AIM quoted investments, this is deemed to be
bid market prices sourced from The London Stock Exchange. Unlisted
investments are valued by the Directors at fair value, in line with the
International Private Equity and Venture Capital Valuation Guidelines,
which superseded the British Venture Capital Association Valuation
Guidelines for reporting periods beginning on or after 1 January 2005; and
• since investments are now designated at fair value through the Profit and
Loss Account under FRS25, it is no longer appropriate to show a revaluation
reserve. As a result, the Company has elected to present separate realised
and unrealised capital reserves.
In accordance with FRS 21 - Events after the Balance Sheet Date, dividends are
not accrued in the Financial Statements unless they have been declared before
the balance sheet date. Final dividends are therefore recognised in the period
in which they are declared and paid. As a result of this change, the Financial
Statements for the year ended 28 February 2005 have been restated.
The impact of these changes is shown as follows:
Reconciliation of Balance Sheets
As previously reported As restated
Reconciliation of Balance Sheet 29 February 2004 Effect of change 29 February 2004
at 29 February 2004 (audited) in policy (unaudited)
£'000 £'000 £'000
Fixed assets
Investments 22,350 (12) 22,338
Current assets
Debtors 1,363 - 1,363
Cash and overnight deposits 5,461 - 5,461
6,824 - 6,824
Creditors
Amounts falling due within one year 807 (462) 345
Net current assets 6,017 462 6,479
Net assets 28,367 450 28,817
Capital and reserves
Called up share capital 3,849 - 3,849
Share premium account 17,236 - 17,236
Realised capital reserve - (1,986) (1,986)
Unrealised capital reserve - (6,964) (6,964)
Revaluation reserve (6,952) 6,952 -
Capital redemption reserve 36 - 36
Profit and loss account 14,198 2,448 16,646
Equity Shareholders' funds 28,367 450 28,817
Net Asset Value per Ordinary share 73.7 74.8
(pence)
As previously reported As restated
Reconciliation of Balance Sheet 28 February 2005 Effect of change 28 February 2005
at 28 February 2005 (audited) in policy (unaudited)
£'000 £'000 £'000
Fixed assets
Investments 27,386 (150) 27,236
Current assets
Debtors 1,382 - 1,382
Cash and overnight deposits 260 - 260
1,642 - 1,642
Creditors
Amounts falling due within one year 472 (226) 246
Net current assets 1,170 226 1,396
Net assets 28,556 76 28,632
Capital and reserves
Called up share capital 3,774 - 3,774
Share premium account 17,235 - 17,235
Realised capital reserve - (3,157) (3,157)
Unrealised capital reserve - (5,364) (5,364)
Revaluation reserve (5,214) 5,214 -
Capital redemption reserve 111 - 111
Profit and loss account 12,650 3,383 16,033
Equity Shareholders' funds 28,556 76 28,632
Net Asset Value per Ordinary share 75.7 75.9
(pence)
Reconciliation of the Income Statement
Year ended
28 February 2005
(audited)
£'000
Total transfer to Profit and Loss Account as previously (131)
reported
Add dividends on Ordinary shares 413
Change from mid to bid basis at 29 February 2004 12
Change from mid to bid basis at 28 February 2005 (150)
Add unrealised gain on revaluation of investments 690
Profit on ordinary activities after tax per restated Income 834
Statement
Except for the changes referred to above, this Preliminary Announcement has been
prepared on the same basis as the Annual Report and Financial Statements for the
year ended 28 February 2005.
Other information
Although the Company is no longer an investment company, as investment company
status was revoked in order to permit the distribution of capital profits, the
Directors believe that the presentation of the Income Statement is enhanced by
showing additional non-statutory information on the returns attributable to
revenue and to capital.
In respect of the year ended 28 February 2006, earnings per Ordinary share have
been calculated using the weighted average number of shares in issue during the
year of 36,988,753. Net Asset Value per Ordinary share as at 28 February 2006
has been calculated using the number of share in issue at that date of
36,025,976.
A summary of investment changes for the year ended 28 February 2006 and a
portfolio summary as at 28 February 2006 are attached.
The results for the year ended 28 February 2006, which are subject to final
audit, will be filed with the Registrar of Companies and a full copy of the
Annual Report and Financial Statements will be printed and issued to
Shareholders.
The financial information contained within this Preliminary Announcement does
not constitute the Company's statutory Financial Statements as defined in
Section 240 of the Companies Act 1985. The statutory Financial Statements for
the year ended 28 February 2005 have been delivered to the Registrar of
Companies and contained an audit report which was unqualified and did not
constitute statements under Sections 237(2) or (3) of the Companies Act 1985.
The Annual General Meeting will be held on 6 July 2006, commencing at 2.15 p.m.
Copies of this announcement will be available to the public at the registered
office of the Company, One Bow Churchyard, Cheapside, London EC4M 9HH and at the
office of Aberdeen Asset Managers Limited, 123 St Vincent Street, Glasgow G2
5EA.
By Order of the Board
Murray Johnstone Limited
Secretary
9 May 2006
MURRAY VCT 4 PLC
SUMMARY OF INVESTMENT CHANGES
For the year ended 28 February 2006
Valuation Net investment/ Appreciation/ Valuation
28 February 2005
(restated) (disinvestment) (depreciation) 28 February 2006
£'000 % £'000 £'000 £'000 %
Unlisted investments
Equities 4,197 14.6 (621) 2,729 6,305 22.1
Preference shares 792 2.8 187 (322) 657 2.3
Loan stocks 10,930 38.2 1,687 (1,885) 10,732 37.7
15,919 55.6 1,253 522 17,694 62.1
AIM investments
Equities 5,044 17.6 1,931 1,382 8,357 29.4
Listed investments
Fixed income 6,273 21.9 (4,445) 27 1,855 6.5
Total investments 27,236 95.1 (1,261) 1,931 27,906 98.0
Other net assets 1,396 4.9 (814) - 582 2.0
Total assets* 28,632 100.0 (2,075) 1,931 28,488 100.0
*Total assets represents net assets attributable to Ordinary Shareholders.
MURRAY VCT 4 PLC
INVESTMENT PORTFOLIO SUMMARY
As at 28 February 2006
Bookcost Valuation % of % of equity % of equity
total held
by other
Nature of business £'000 £'000 assets held clients
Unlisted investments
Transys Projects Engineering services to the
rail industry 825 2,874 10.1 20.9 21.6
TLC (Tender Loving Operator of daycare nurseries 1,516 1,516 5.3 23.2 -
Childcare)
RMS Europe Provider of stevedoring and 784 934 3.3 9.1 19.1
ships agency services
ELE Advanced Precision engineering 491 930 3.3 12.2 -
Technologies
PSCA International Producer of publications aimed 660 831 2.9 7.6 15.5
at public sector officials
TMI Foods Manufacturer of cooked bacon
and vegetable products 230 831 2.9 23.5 23.5
Heathcotes Restaurant chain and providers 1,443 820 2.9 19.1 10.0
Restaurants of outside catering
Fieldstreet Insurance business focussed 751 751 2.6 0.4 1.1
(Investments) mainly on niche risk areas in
motor insurance
Bond Aviation Commercial pilot training 750 750 2.6 12.0 28.0
Solutions services
Mining Communications Publisher of specialist trade 750 750 2.6 14.1 6.4
journals
Original Shoe Company Branded clothing and footwear 750 750 2.6 3.8 29.7
retailer
Sanastro Business to business financial 750 750 2.6 9.6 3.5
publishing
Chiltern (UK) Manages agreements and 750 750 2.6 15.0 16.0
repayment plans for credit card
holders
Transrent Holdings Rental and sale of trailers 838 705 2.5 3.0 33.3
Astraeus Charter airline and airline 616 616 2.2 9.0 40.9
management activities
House of Dorchester Chocolate manufacturer 910 585 2.1 44.2 -
GW 1016 Operator of managed public 590 429 1.5 12.9 34.3
houses
PLM Dollar Group On-shore helicopter services 402 402 1.4 4.6 26.2
Styles & Wood Independent provider of store 400 400 1.4 1.5 44.8
Holdings fit outs to the UK retail
sector
Kingsley Cards Greetings card distributor 750 350 1.2 9.4 18.1
Voxsurf Software development 690 248 0.9 0.6 -
The BigWord Holdings Translation services 199 199 0.7 - -
Driver Hire Supplier of temporary drivers 171 171 0.6 1.0 38.7
Citel Technologies Integrated solutions for the 160 80 0.3 0.8 10.5
telephony & communications
sector
Unique Communications TV production and 798 66 0.2 5.5 7.5
Group communications consultancy
Conveco Convenience stores 758 48 0.2 7.4 16.4
Other unlisted 5,106 158 0.6
investments
22,838 17,694 62.1
AIM investments
Synexus Clinical trials 622 1,291 4.5 4.6 2.5
Cello Group Marketing and media services 751 848 3.0 2.3 0.8
Leisure & Gaming Provider of on-line gaming 500 700 2.5 0.8 0.6
services
Tanfield Group Technical solutions and 369 681 2.4 1.9 1.7
manufacturing group
Strategic Retail Retailer of home furnishings 700 604 2.1 2.6 2.6
Avanti Screenmedia Provider of screens and media 420 502 1.8 0.8 1.4
advertising
AT Communications Leading communications 300 371 1.3 1.3 0.6
Group integrator
United Clearing Provider of software based 280 350 1.2 1.7 2.5
solutions to mobile
communications operators
Talarius High street gaming 188 344 1.2 0.5 0.8
Axeon Developer of semi conductor 251 314 1.1 2.7 13.5
intellectual properties
Mattioli Woods Provider of pension 153 252 0.9 0.5 0.1
consultancy, troubleshooting
and administration services
Fountains Land management services 252 236 0.8 1.3 1.4
Amazing Holdings Leisure and hotel developer 250 234 0.8 0.9 1.4
Imprint Provider of a result and search 202 212 0.8 0.2 0.4
service
Autoclenz Provider of valeting services 205 207 0.7 1.6 0.4
System C Healthcare Provider of information 311 161 0.6 0.7 0.7
services and IT systems to the
healthfood sector
Neutrahealth Provider of biocare products to 151 158 0.6 1.1 2.4
health practitioners and
specialist retailers
Careforce Group Provider of domiciliary care 137 149 0.5 0.9 0.4
services
Spectrum Interactive Provider of payphones and 216 141 0.5 0.7 1.0
internet access throughout the UK
Inspicio Acquire and manage businesses 114 130 0.5 0.2 0.3
in the inspection and testing
sector
Asfare Manufacture and supply of 172 125 0.4 3.5 2.1
equipment for the emergency
services
Public Recruitment Public sector staffing in 467 124 0.4 1.2 0.8
Group healthcare and education
Elevation Events Events management 200 117 0.4 3.4 7.2
Group
1st Dental Provider of dental laboratory 188 106 0.4 1.5 -
Laboratories services
Award International Sourcing and delivery of 350 - - 10.8 7.7
Holdings merchandising materials
7,749 8,357 29.4
Listed fixed income investments
Treasury 7.5% 2006 784 783 2.8
Treasury 4.5% 2007 724 726 2.5
Treasury 7.25% 2007 347 346 1.2
1,855 1,855 6.5
Total investments 32,442 27,906 98.0
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