<PAGE>
Dreyfus
Liquid
Assets, Inc.
Annual Report
December 31, 1996
<PAGE>
Dreyfus Liquid Assets, Inc.
- --------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
We are pleased to report that Dreyfus Liquid Assets, Inc. provided an
annualized yield of 4.76% for the fiscal year ended December 31, 1996. The
annualized effective yield, after compounding of interest, was 4.87%.*
MONEY MARKET OVERVIEW
The money market in 1996 was characterized by considerable volatility.
However, when all was said and done, the changes in prices and yields over the
year were not very great. The three-month U.S. Treasury bill rate, a bellwether
measurement, closed the year yielding 5.18%, only 11 basis points above the rate
when the year began.
The major influences on rates during the year were the market's expectations
of possible action by the Federal Reserve Board (the "Fed"); also, the state of
the economy and the market's expectations of how it might behave. Indeed, it was
a year when anticipations and expectations influenced the market as much as the
actual developments themselves.
Early in the year, rates generally rose, especially after strong employment
reports last spring and early summer convinced the money market that the Fed
would need to tighten money rates in order to prevent a recurrence of inflation.
By late summer, however, it became clear that inflation was not an immediate
threat and the Fed acknowledged that by taking no preemptive action.
Furthermore, the economy was a constructive influence, providing continued yet
moderate growth without exerting undue upward pressure on wage levels or general
price indications. Thus in the latter part of the year interest rates simmered
down, though not without short-lived inflation "scares."
To take advantage of this kind of market, we followed a policy for most of
the year of keeping our average maturities somewhat longer than the industry
average. Our maturity structure has been geared to deal with changeable
eventualities, while seeking superior yields.
Interest yields, in the long run, reflect the underlying economy. As 1997
begins, signs of strength continue to be visible, despite the inevitable weak
spots. Thus it would be prudent to plan for some action this year by the Fed to
step, once again, on the economic brakes. Such action could come as early as
mid-winter, or later if the economy takes a more measured pace toward expansion.
We will continue to look for opportunities to extend maturities in an effort
to reap better yields, yet not neglect to safeguard the underlying capital.
Sincerely,
signature logo
Patricia A. Larkin
Senior Portfolio Manager
January 16, 1997
New York, N.Y.
*Annualized effective yield is based upon dividends declared daily and
reinvested daily.
<PAGE>
Dreyfus Liquid Assets, Inc.
- ---------------------------------------------------------------------------
Statement of Investments December 31, 1996
<TABLE>
<CAPTION>
Principal
Negotiable Bank Certificates of Deposit--12.7% Amount Value
- ---------------------------------------------------------------------------- -------------- --------------
<S> <C> <C>
Morgan Guaranty Trust Co.
5.93%, 8/5/97............................................................. $ 150,000,000 $ 149,849,511
Old Kent Bank & Trust Co.
4.80%, 2/28/97............................................................ 10,000,000 10,036,402
Providian National Bank
5.45%-5.60%, 4/3/97-6/16/97............................................... 219,000,000 219,018,880
Union Bank of California
5.71%-5.90%, 2/3/97-4/28/97............................................... 220,000,000 220,000,000
---------------
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $598,904,793)....................................................... $ 598,904,793
===============
Commercial Paper--46.3%
- -----------------------------------------------------------------------------
Abbey National North America
5.61%, 4/3/97............................................................. $ 40,000,000 $ 39,441,867
Aetna Life & Casualty Co.
5.58%, 1/24/97............................................................ 40,000,000 39,858,167
BFCE U.S. Finance Corp.
5.45%-5.52%, 4/21/97-5/21/97.............................................. 145,000,000 142,429,917
BHF Finance (Delaware) Inc.
5.61%, 1/3/97-2/14/97..................................................... 75,000,000 74,820,472
Bear Stearns Companies Inc.
5.57%, 1/24/97............................................................ 100,000,000 99,645,417
Chase Manhattan Corp.
5.59%, 2/21/97............................................................ 25,000,000 24,809,812
Chrysler Financial Corp.
5.49%, 2/18/97-2/19/97.................................................... 91,000,000 90,336,201
Den Danske Corp. Inc.
5.40%, 1/16/97............................................................ 25,000,000 24,944,479
Dresdner U.S. Finance, Inc.
5.50%, 1/17/97............................................................ 100,000,000 99,765,333
General Electric Capital Corp.
5.40%-5.49%, 2/5/97-7/8/97................................................ 160,000,000 156,674,342
General Electric Capital Services, Inc.
5.74%, 2/28/97............................................................ 50,000,000 49,556,139
General Motors Acceptance Corp.
5.57%-5.68%, 1/3/97-4/7/97................................................ 150,000,000 149,244,500
Generale Bank Inc.
5.49%, 4/30/97............................................................ 50,000,000 49,117,417
Lehman Brothers Holdings, Inc.
5.51%-5.74%, 2/14/97-5/15/97.............................................. 125,000,000 123,696,711
Merrill Lynch & Co., Inc.
5.57%-5.81%, 2/12/97-7/7/97............................................... 125,000,000 123,424,294
Morgan Stanley Group Inc.
5.39%-5.87%, 1/10/97-2/14/97.............................................. 125,000,000 124,451,917
<PAGE>
Dreyfus Liquid Assets, Inc.
- ---------------------------------------------------------------------------
Statement of Investments (continued) December 31, 1996
Principal
Commercial Paper (continued) Amount Value
- ---------------------------------------------------------------------------- -------------- --------------
NYNEX Corp.
5.45%, 3/5/97............................................................. $ 34,000,000 $ 33,681,675
National Australia Funding (Delaware) Inc.
5.79%, 4/17/97............................................................ 100,000,000 98,351,111
Paine Webber Group Inc.
5.58%-5.71%, 1/7/97-1/22/97............................................... 75,000,000 74,813,750
Salomon Inc.
5.71%, 6/19/97............................................................ 100,000,000 97,394,583
Sanwa Business Credit Corp.
5.45%-5.72%, 1/30/97-3/17/97.............................................. 175,000,000 173,784,066
Sears Roebuck Acceptance Corp.
5.40%-5.69%, 1/9/97-2/21/97............................................... 100,000,000 99,700,403
Societe Generale North America, Inc.
5.62%, 3/17/97............................................................ 75,000,000 74,145,312
Swedbank, Inc.
5.51%-5.57%, 2/12/97-4/15/97.............................................. 120,000,000 118,772,967
---------------
TOTAL COMMERCIAL PAPER
(cost $2,182,860,852)..................................................... $2,182,860,852
===============
Corporate Notes--8.1%
- -----------------------------------------------------------------------------
Bear Stearns Companies Inc.
5.52%, 7/11/97 (a)........................................................ $ 60,000,000 $ 60,000,000
5.43%, 9/3/97 (a)......................................................... 40,000,000 40,007,724
General Motors Acceptance Corp.
5.25%-5.54%, 2/3/97-11/17/97.............................................. 27,378,000 27,681,299
Lehman Brothers Holdings, Inc.
5.50%, 1/6/97 (a)......................................................... 50,000,000 50,000,000
5.53%, 8/29/97............................................................ 50,000,000 50,830,805
Merrill Lynch & Co., Inc.
5.38%-5.50%, 2/13/97-7/2/97 (a)........................................... 105,000,000 104,996,504
PNC Bank, N.A.
5.61%, 5/15/97 (a)........................................................ 50,000,000 49,981,906
---------------
TOTAL CORPORATE NOTES
(cost $383,498,238)....................................................... $ 383,498,238
===============
Short-Term Bank Notes--7.9%
- --------------------------------------------------------------------------
Bank of America NT & SA
5.51%, 5/28/97............................................................ $ 50,000,000 $ 50,000,000
Bankers Trust Co.
5.47%, 10/2/97 (a)........................................................ 100,000,000 99,949,202
Comerica Bank
5.74%, 5/13/97............................................................ 50,000,000 50,001,945
5.36%, 2/14/97 (a)........................................................ 25,000,000 24,997,943
<PAGE>
Dreyfus Liquid Assets, Inc.
- ---------------------------------------------------------------------------
Statement of Investments (continued) December 31, 1996
Principal
Short-Term Bank Notes (continued) Amount Value
- ---------------------------------------------------------------------------- -------------- --------------
First National Bank of Boston
5.75%, 10/16/97........................................................... $ 95,000,000 $ 95,000,000
NationsBank, N.A.
5.73%, 4/30/97............................................................ 50,000,000 49,989,066
---------------
TOTAL SHORT-TERM BANK NOTES
(cost $369,938,156)....................................................... $ 369,938,156
===============
U.S. Treasury Bills--1.0%
- ---------------------------------------------------------------------------
5.41%, 10/16/97
(cost $47,944,000)........................................................ $ 50,000,000 $ 47,944,000
===============
U.S. Government Agencies--8.9%
- ----------------------------------------------------------------------------
Federal Farm Credit Banks, Floating Rate Note
5.42%, 8/8/97 (a)......................................................... $ 50,000,000 $ 49,970,990
Federal Home Loan Banks, Floating Rate Note
5.40%, 4/27/98 (a)........................................................ 50,000,000 50,099,011
Federal Home Loan Mortgage Corp., Discount Note
6.50%, 1/2/97............................................................. 17,236,000 17,232,888
Federal National Mortgage Association, Floating Rate Notes
5.32%-5.43%, 1/13/97-7/25/97 (a).......................................... 300,000,000 300,000,000
---------------
TOTAL U.S. GOVERNMENT AGENCIES
(cost $417,302,889)....................................................... $ 417,302,889
===============
Times Deposits--.6%
- ---------------------------------------------------------------------------
Republic National Bank of New York (London)
6.25%, 1/2/97
(cost $30,029,000)........................................................ $ 30,029,000 $ 30,029,000
===============
Repurchase Agreements--10.1%
- ---------------------------------------------------------------------------
Aubrey G. Lanston & Co., Inc.
6.80%, dated 12/31/96, due 1/2/97 in the amount of
$150,056,667 (fully collateralized by a $100,000,000 U.S.
Treasury Bill due 4/24/97 and $52,006,000 U.S. Treasury Notes
6% - 6.50%, due from 8/15/97 to 8/31/97, value $151,670,431).............. $ 150,000,000 $ 150,000,000
Barclays De Zoette Wedd
5.80%, dated 12/31/96, due 1/2/97 in the amount of $10,003,222 (fully
collateralized by a $10,064,000 U.S.
Treasury Note 6%, due 11/30/97, value $10,118,571)........................ 10,000,000 10,000,000
Nikko Securities Co. International, Inc.
6.75%, dated 12/31/96, due 1/2/97 in the amount of
$165,061,875 (fully collateralized by $162,621,000 U.S.
Treasury Notes 5.375% - 6.50%, due from 7/31/97 to 11/30/97,
value $166,362,786)....................................................... 165,000,000 165,000,000
<PAGE>
Dreyfus Liquid Assets, Inc.
- ---------------------------------------------------------------------------
Statement of Investments (continued) December 31, 1996
Principal
Repurchase Agreements (continued) Amount Value
- ---------------------------------------------------------------------------- -------------- --------------
SBC Capital Corp.
6.25%, dated 12/31/96, due 1/2/97 in the amount of
$150,052,083 (fully collateralized by $149,755,000 U.S.
Treasury Notes 5.625% - 8.75%, due from 9/30/97 to 10/31/97,
value $152,808,179)....................................................... $ 150,000,000 $ 150,000,000
---------------
TOTAL REPURCHASE AGREEMENTS
(cost $475,000,000)....................................................... $ 475,000,000
===============
TOTAL INVESTMENTS
(cost $4,505,477,928)............................................. 95.6% $4,505,477,928
======= ===============
CASH AND RECEIVABLES (NET) .......................................... 4.4% $ 209,220,848
======= ===============
NET ASSETS .......................................................... 100.0% $4,714,698,776
======= ===============
<FN>
Notes to Statement of Investments:
- ---------------------------------------------------------------------
(a) Variable interest rate -- subject to periodic change.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Liquid Assets, Inc.
- ---------------------------------------------------------------------------
Statement of Assets and Liabilities December 31, 1996
<TABLE>
<CAPTION>
Cost Value
--------------- ---------------
<S> <C> <C> <C>
ASSETS: Investments in securities--Note 1(a,b)
(including Repurchase Agreements of $475,000,000) $4,505,477,928 $4,505,477,928
Cash............................................. 185,931,166
Interest receivable.............................. 26,022,073
Prepaid expenses................................. 406,124
---------------
4,717,837,291
---------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.... 2,437,056
Accrued expenses................................. 701,459
---------------
3,138,515
---------------
NET ASSETS..................................................................... $4,714,698,776
===============
REPRESENTED BY: Paid-in capital.................................. $4,716,597,874
Accumulated net realized gain (loss) on investments (1,899,098)
---------------
NET ASSETS..................................................................... $4,714,698,776
===============
SHARES OUTSTANDING
(25 billion shares of $.10 par value Common Stock authorized).................. 4,717,473,242
NET ASSET VALUE, offering and redemption price per share....................... $1.00
=====
</TABLE>
Statement of Operations Year Ended December 31, 1996
<TABLE>
<S> <C> <C> <C>
INVESTMENT INCOME
INCOME Interest Income................................. $254,163,618
EXPENSES: Management fee--Note 2(a)......................... $21,719,653
Shareholder servicing costs--Note 2(b)............ 13,289,854
Custodian fees................................... 262,591
Prospectus and shareholders' reports............. 239,600
Professional fees................................ 103,569
Registration fees................................ 89,408
Directors' fees and expenses--Note 2(c).......... 84,814
Miscellaneous.................................... 208,672
-------------
Total Expenses.............................. 35,998,161
Less--reduction in management fee due to
undertaking--Note 2(a).......................... (1,079,881)
-------------
Net Expenses................................ 34,918,280
--------------
INVESTMENT INCOME--NET.......................................................... 219,245,338
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 1(b)............................. 281,929
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......................... $219,527,267
==============
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Liquid Assets, Inc.
- ------------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended Year Ended
December 31, 1996 December 31, 1995
-------------------- --------------------
<S> <C> <C>
OPERATIONS:
Investment income--net................................................ $ 219,245,338 $ 246,487,807
Net realized gain (loss) on investments.............................. 281,929 1,371,818
------------------ ------------------
Net Increase (Decrease) in Net Assets Resulting from Operations.. 219,527,267 247,859,625
------------------ ------------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net................................................ (220,475,485) (245,910,562)
------------------ ------------------
CAPITALSTOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................ 20,551,870,721 16,013,690,375
Dividends reinvested................................................. 219,063,717 244,666,772
Cost of shares redeemed.............................................. (20,515,225,668) (16,663,741,867)
------------------ ------------------
Increase (Decrease) in Net Assets from Capital Stock Transactions 255,708,770 (405,384,720)
------------------ ------------------
Total Increase (Decrease) in Net Assets........................ 254,760,552 (403,435,657)
NET ASSETS:
Beginning of Period.................................................. 4,459,938,224 4,863,373,881
------------------ ------------------
End of Period........................................................ $ 4,714,698,776 $ 4,459,938,224
================== ==================
Undistributed investment income--net.................................... -- $ 1,230,147
------------------ ------------------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Liquid Assets, 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 period indicated. This information has been
derived from information provided in the Fund's financial statements.
<TABLE>
<CAPTION>
Year Ended December 31,
----------------------------------------------------
PER SHARE DATA: 1996 1995 1994 1993 1992
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period............... $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- -----
Investment Operations:
Investment income--net.............................. .048 .053 .035 .026 .034
----- ----- ----- ----- -----
Distributions:
Dividends from investment income--net.............. (.048) (.053) (.035) (.026) (0.34)
----- ----- ----- ----- -----
Net asset value, end of period..................... $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== =====
TOTAL INVESTMENT RETURN............................... 4.91% 5.45% 3.53% 2.64% 3.47%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets............ .76% .79% .76% .77% .72%
Ratio of net investment income
to average net assets........................... 4.76% 5.33% 3.49% 2.62% 3.43%
Decrease reflected in above expense ratios
due to undertaking by the Manager............... .02% -- -- -- --
Net Assets, end of period (000's Omitted).......... $4,714,699 $4,459,938 $4,863,374 $4,828,134 $5,502,100
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Liquid Assets, Inc.
- ------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
NOTE 1--Significant Accounting Policies:
Dreyfus Liquid Assets, Inc. (the "Fund") is registered under the Investment
Company Act of 1940 ("Act") as a diversified open-end management investment
company. The Fund's investment objective is to provide investors with as high a
level of current income as is consistent with the preservation of capital. The
Dreyfus Corporation ("Manager") serves as the Fund's investment adviser. The
Manager is a direct subsidiary of Mellon Bank, N.A. Premier Mutual Fund
Services, Inc. acts as the distributor of the Fund's shares, which are sold to
the public without a sales charge.
It is the Fund's policy to maintain a continuous net asset value per share
of $1.00; the Fund has adopted certain investment, portfolio valuation and
dividend and distribution policies to enable it to do so. There is no assurance,
however, that the Fund will be able to maintain a stable net asset value per
share of $1.00.
The Fund's statements are prepared in accordance with generally accepted
accounting principles which may require the use of management estimates and
assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Directors to represent the fair value
of the Fund's investments.
(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. Interest income is
recognized on the accrual basis. Cost of investments represents amortized cost.
The Fund may enter into repurchase agreements with financial institutions,
deemed to be creditworthy by the Fund's Manager, subject to the seller's
agreement to repurchase and the Fund's agreement to resell such securities at a
mutually agreed upon price. Securities purchased subject to repurchase
agreements are deposited with the Fund's custodian and, pursuant to the terms of
the repurchase agreement, must have an aggregate market value greater than or
equal to the repurchase price plus accrued interest at all times. If the value
of the underlying securities falls below the value of the repurchase price plus
accrued interest, the Fund will require the seller to deposit additional
collateral by the next business day. If the request for additional collateral is
not met, or the seller defaults on its repurchase obligation, the Fund maintains
the right to sell the underlying securities at market value and may claim any
resulting loss against the seller.
(c) Dividends to shareholders: It is the policy of the Fund to declare and
pay dividends from investment income-net on each business day. 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 $1,899,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to December 31, 1996. If not
applied, $1,828,000 expires in 1997 and $71,000 expires in 1998.
<PAGE>
At December 31, 1996, 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).
NOTE 2--Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement ("Agreement") with the Manager, the
management fee is based on the value of the Fund's average daily net assets and
is computed at the following annual rates: 1/2 of 1% of the first $1.5 billion;
48/100ths of 1% of the next $500 million; 47/100ths of 1% of the next $500
million; and 45/100ths of 1% over $2.5 billion. The fee is payable monthly.
The Agreement provides that if in any full fiscal year the aggregate
expenses, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed 1% of the value of the Fund's average net assets
for any full year, the Manager will refund to the Fund, or bear, the excess over
1%. However, the Manager has undertaken from June 1, 1996 through December 31,
1997 to reduce the management fee paid by, or reimburse such excess expenses of
the Fund, to the extent that the Fund's aggregate annual expenses (exclusive of
certain expenses as described above) exceed an annual rate of .75 of 1% of the
value of the Fund's average daily net assets. The reduction in management fee,
pursuant to the undertaking, amounted to $1,079,881 during the period ended
December 31, 1996.
(b) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an amount
not to exceed an annual rate of .25 of 1% of the value of the Fund's average
daily net assets for certain allocated expenses of providing personal services
and/or maintaining 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 period ended December 31, 1996, the Fund was charged an aggregate of
$5,906,737 pursuant to the Shareholder Services Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
the Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. Such compensation
amounted to $5,232,312 during the period ended December 31, 1996.
(c) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $6,500 and an attendance fee of $500 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
<PAGE>
Dreyfus Liquid Assets, Inc.
- --------------------------------------------------------------------------------
Report of Ernst & Young LLP, Independent Auditors
Shareholders and Board of Directors
Dreyfus Liquid Assets, Inc.
We have audited the accompanying statement of assets and liabilities of
Dreyfus Liquid Assets, Inc., including the statement of investments, as of
December 31, 1996, and 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 financial highlights for each of the years indicated
therein. 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
December 31, 1996 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 Liquid Assets, Inc. at December 31, 1996, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and the financial highlights for each of the indicated
years, in conformity with generally accepted accounting principles.
ERNST & YOUNG LLP
New York, New York
January 30, 1997
<PAGE>
Dreyfus Liquid Assets, Inc.
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
90 Washington Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 039AR9612
