<PAGE> PAGE 1
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000 I000000 6.1
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001 A000000 LENED, INC.
001 B000000 811-03273
001 C000000 2127130548
002 A000000 15 W. 53RD STREET, C/O JOSEPH FLUSFEDER
002 B000000 NEW YORK
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002 D010000 10019
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020 B000001 13-2869611
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020 B000002 13-5527302
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020 B000003 43-0895447
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020 C000004 0
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022 B000002 13-5527302
022 C000002 22
022 D000002 47
022 A000003 A.G. EDWARDS
022 B000003 43-0895447
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<PAGE> PAGE 2
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022 A000004 LEBENTHAL
022 B000004 13-2741729
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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SIGNATURE JOSEPH FLUSFEDER
TITLE
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999<F1>
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 1,731,000<F2>
<INVESTMENTS-AT-VALUE> 1,800,316<F3>
<RECEIVABLES> 0
<ASSETS-OTHER> 24,208
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,824,524
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,178
<TOTAL-LIABILITIES> 9,178
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 167,232<F4>
<SHARES-COMMON-STOCK> 18,960
<SHARES-COMMON-PRIOR> 18,960
<ACCUMULATED-NII-CURRENT> 33,671
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 43,862
<NET-ASSETS> 1,815,346
<DIVIDEND-INCOME> 308
<INTEREST-INCOME> 43,893
<OTHER-INCOME> 0
<EXPENSES-NET> 10,788
<NET-INVESTMENT-INCOME> 33,413
<REALIZED-GAINS-CURRENT> 317
<APPREC-INCREASE-CURRENT> (12,590)
<NET-CHANGE-FROM-OPS> 21,081
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 21,081
<ACCUMULATED-NII-PRIOR> 33,671
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,788
<AVERAGE-NET-ASSETS> 1,810,522
<PER-SHARE-NAV-BEGIN> 94.63
<PER-SHARE-NII> 1.76
<PER-SHARE-GAIN-APPREC> (.64)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 95.75
<EXPENSE-RATIO> .024
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
<FN>
<F1>NOTES TO FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED MARCH 31, 1999 ARE
INCORPORATED HEREIN BY REFERENCE.
<F2>INVESTMENTS AT COST IS AMORTIZED COST.
<F3>INVESTMENTS AT VALUE INCLUDES ACCRUED INTEREST.
<F4>PAID IN CAPITAL COMMON INCLUDES CAPITAL STOCK AND PAID IN CAPITAL.
</FN>
</TABLE>
STUART M. FRIED, CPA
LENED, INC.
REPORT TO STOCKHOLDERS
FINANCIAL STATEMENTS
MARCH 31, 1999
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
REPORT TO STOCKHOLDERS
FINANCIAL STATEMENTS
TABLE OF CONTENTS
MARCH 31, 1999
PAGE
----
INDEPENDENT AUDITOR'S REPORT 1
STATEMENTS OF ASSETS, LIABILITIES AND
CAPITAL SECURITIES 2
STATEMENTS OF OPERATIONS, UNDISTRIBUTED NET
INCOME (LOSS) 3
STATEMENTS OF CHANGES IN NET ASSETS 4
STATEMENTS OF CASH FLOWS 5
NOTES TO FINANCIAL STATEMENTS 6-13
<PAGE>
[LETTERHEAD OF STUART M. FRIED]
ACCOUNTANTS' REPORT
-------------------
To the Board of Directors and
Stockholders of Lened, Inc.
New York, New York
We have reviewed the accompanying statement of assets, liabilities and capital
securities of Lened, Inc. (A New Jersey corporation) as of March 31, 1999, and
the related statements of operations, undistributed net income (loss) and
statements of changes in net assets and cash flows for the six months then
ended, in accordance with Statements on Standards for Accounting and Review
Services issued by the American Institute of Certified Public Accountants. All
information in these financial statements is the representation of Lened, Inc.
The statement of assets, liabilities and capital securities as of March 31, 1999
has been derived from and does not include all of the disclosures contained in
the financial statements for the year ended September 30, 1998. Those financial
statements were audited by us in our report thereon, dated November 7, 1998, and
which expressed an unqualified opinion on them.
A review of interim financial information consists principally of obtaining an
understanding of the system for the preparation of interim financial
information, applying analytical review procedures to financial data and making
inquiries of persons responsible for financial and accounting matters. It is
substantially less in scope than an examination in accordance with generally
accepted auditing standards (which will be performed for the full year), the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to the statement of assets, liabilities and capital securities as of
March 31, 1999 and the related statements of operations, undistributed net
income (loss) and net unrealized gain (loss) on investments and cash flows for
the six months ended March 31, 1999 for them to be in conformity with generally
accepted accounting principles.
/s/ STUART M. FRIED, CPA
STUART M. FRIED, CPA
W. Caldwell, New Jersey
May 21, 1999
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
STATEMENTS OF ASSETS, LIABILITIES
AND CAPITAL SECURITIES
ASSETS
------
6 MONTHS YEAR ENDED
ENDED 3/31/99 9/30/98
------------- ----------
INVESTMENT IN MUNICIPAL BONDS, with accrued
interest - at fair market value
(amortized cost $1,731,100 and
$1,753,206) (Note 1) $1,800,316 $1,835,554
Cash 4,946 0
Investment in Vista New York Tax-Free
Money Market Fund (2.67% avg. Interest rate) 18,613 43,563
Prepaid expenses 649 1,296
---------- ----------
$1,824,524 $1,880,413
========== ==========
LIABILITIES AND CAPITAL SECURITIES
----------------------------------
LIABILITIES:
Dividends payable $ 0 $ 79,211
Other current liabilities 9,178 6,937
---------- ----------
9,178 86,148
---------- ----------
NET ASSETS APPLICABLE TO OUTSTANDING CAPITAL SHARES:
CAPITAL SHARES
Common stock, no par value, 25,200 shares
authorized, 18,960 issued and outstanding $ 22,500 $ 22,500
Paid in capital 14,732 144,732
Retained earnings 1,570,581 1,569,895
Undistributed net income (loss) 33,671 685
Unrealized appreciation of investments 43,862 56,453
---------- ----------
Total stockholders' equity (equivalent to
$95.75 per share at 3/31/99 and $94.63
per share at 9/30/98) 1,815,346 1,794,265
---------- ----------
$1,824,524 $1,880,413
========== ==========
The accompanying notes are an integral part of these financial statements.
-2-
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
STATEMENTS OF OPERATIONS,
UNDISTRIBUTED NET INCOME (LOSS)
6 MONTHS YEAR ENDED
ENDED 3/31/1999 9/30/98
--------------- ----------
INVESTMENT INCOME:
INCOME
Interest income on tax free municipals $43,893 $89,599
Dividend income - tax free 308 1,413
------- -------
44,201 91,012
------- -------
EXPENSES:
Custodial fees (Note 4) 913 2,081
Audit fees 1,200 2,400
Legal fees 2,625 5,755
Taxes other than income taxes 250 250
Office expense 5,027 8,613
Insurance 648 1,300
Filing fees 125 0
------- -------
10,788 20,399
------- -------
INVESTMENT INCOME 33,413 70,613
Net realized gain (loss) from investment transactions 317 9,398
------- -------
INVESTMENT INCOME BEFORE FEDERAL
INCOME TAX 33,730 80,011
Less: Federal income taxes 59 115
------- -------
NET INVESTMENT INCOME 33,671 79,896
Less: Dividends paid 0 79,211
------- -------
UNDISTRIBUTED NET INCOME (LOSS) $33,671 $ 685
======= =======
UNREALIZED APPRECIATION OF INVESTMENTS $43,862 $56,453
======= =======
The accompanying notes are an integral part of these financial statements.
-3-
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
STATEMENTS OF CHANGES IN NET ASSETS
6 MONTHS YEAR ENDED
ENDED 3/31/99 9/30/98
------------- ----------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Investment income - net $ 33,354 $ 70,498
Net realized gain (loss) on investments 317 9,398
Change in unrealized appreciation (depreciation) (12,590) 13,583
----------- -----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS 21,081 93,479
DISTRIBUTION TO SHAREHOLDERS FROM
NET INVESTMENT INCOME 0 79,211
----------- -----------
TOTAL INCREASE (DECREASE) 21,081 14,268
NET ASSETS BEGINNING OF PERIOD 1,794,265 1,779,997
----------- -----------
NET ASSETS END OF PERIOD (Including
Undistributed Net Income of $33,671 and
$685, respectively) $ 1,815,346 $ 1,794,265
=========== ===========
DIVIDENDS PER SHARE $ 0 $ 4.17
=========== ===========
The accompanying notes are an integral part of these financial statements.
-4-
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
STATEMENT OF CASH FLOWS
INCREASE (DECREASE) IN CASH
6 MONTHS YEAR ENDED
ENDED 3/31/99 9/30/98
------------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 33,671 $ 79,896
Adjustments to reconcile net income to net
cash provided by operating activities:
Changes in assets and liabilities:
(Increase) Decrease in municipal bonds with
accrued interest at fair market value 35,238 29,758
(Increase) Decrease in Vista New York
Tax Free Money Market Fund 24,950 (37,848)
(Increase) Decrease in prepaid expenses 647 1
Increase (Decrease) in other current liabilities 2,242 (6,336)
Realized (gain) loss from investment transactions
included in net income (317) (9,398)
-------- --------
NET CASH PROVIDED BY OPERATING ACTIVITIES 96,431 56,073
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Increase (Decrease) in unrealized appreciation
of investments (12,591) 13,583
Realized gain (loss) from investment transactions 317 9,398
-------- --------
NET CASH (USED) PROVIDED BY INVESTING
ACTIVITIES (12,274) 22,981
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid (79,211) (79,669)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 4,946 (615)
CASH - BEGINNING OF YEAR 0 615
-------- --------
CASH - END OF YEAR $ 4,946 $ 0
======== ========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the year for:
Income taxes $ 250 $ 250
The accompanying notes are an integral part of these financial statements.
-5-
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
Lened, Inc. was incorporated in New Jersey on January 31, 1957. Lened, Inc.
commenced operations as an investment company investing at least 50% of the
value of its total assets, determined at the close of each quarter of its
taxable year, in tax-exempt state and local obligations, may distribute, as a
tax-exempt dividend, to its shareholders an amount equal to the interest earned
on such tax-exempt obligations, provided it designates such dividends as
tax-exempt interest dividends. It is the Company's intention to invest
substantially all of its assets, except such amounts as it may carry in demand
deposits, in such tax-exempt obligations and to distribute all of its net
income, including any net short-term capital gains, to its shareholders.
The Company is registered under the Investment Company Act of 1940, as amended,
as a diversified, closed-end investment company.
The following is a summary of significant accounting policies followed by the
Company in the preparation of its financial statements:
(a) Investments are valued by the Custodian. These values may not
necessarily be bids or actual last sale prices, but are estimates
of the fair value of the investment securities, based upon
prevailing interest rates, applicable bond ratings and other
factors influencing the markets in which the investments are
purchased and sold.
(b) It is the policy of the Company to continue to qualify as a
regulated investment company if such qualifications are in the best
interests of its shareholders, by complying with the provisions
available under the Internal Revenue Code, and to make
distributions of taxable income sufficient to relieve it from all,
or substantially all, Federal income taxes. Therefore, unless the
Company has capital gains or interest on Treasury Bills, no federal
tax provision is required.
-6-
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
(c) Realized gains and losses on investments are computed on the
basis of the identified cost of the specific securities sold.
(d) Securities transactions are recorded on the date the securities
are purchased or sold (the trade date). Interest income (net of
premium or discount amortization) is recorded as earned.
(e) Unrealized Appreciation (Depreciation) of Investments is stated
as the difference between amortized cost and fair market value.
At March 31, 1999
Unrealized Appreciation of Bonds totaled $ 44,369
Unrealized Depreciation of Bonds totaled 507
--------
Net Unrealized Appreciation of Investments $ 43,862
========
NOTE 2 - PURCHASES, SALES AND REDEMPTIONS OF SECURITIES
Securities exclusive of Vista New York Tax Free Money Market Fund purchased by
the Company amounted to $74,250 for the six months ended March 31, 1999 and
$502,150 for the year ended September 30, 1998. Sales of securities exclusive of
Vista New York Tax Free Money Market Fund amounted to $95,400 for the six months
ended March 31, 1999 and $548,606 for the year ended September 30, 1998.
NOTE 3 - DISTRIBUTIONS
The Company distributed income of $0 ($0 per share) and $79,211 ($4.17 per
share) for the six months ended March 31, 1999 and the year ended September 30,
1998 in the form of dividends.
NOTE 4 - CUSTODIAL FEES
Pursuant to an agreement with the custodian, the custodial fee is based on the
number of bond coupons redeemed based on an annual charge of $1.25 per $1,000 of
the first $500,000, $.75 per $1,000 of the next $500,000 face value of bonds and
$.50 per $1,000 face value above $1,000,000. A charge of $15 is made for each
security transaction.
During the six months ended March 31, 1999 and the year ended September 30,
1998, the Company was charged an aggregate of $913 and $2,081respectively.
NOTE 5 - REMUNERATION
The Company's policy is not to pay, and for the periods reported did not pay,
remuneration to either officers or directors.
-7-
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
NOTE 6 - CAPITAL PER SHARE AND RELATED INFORMATION
Selected data for a share of capital stock outstanding throughout the period:
6 MONTHS YEAR ENDED
ENDED 3/31/99 9/30/98
------------- ----------
Investment income $ 2.33 $ 4.80
Operating expenses .57 1.08
----------- -----------
INVESTMENT INCOME BEFORE FEDERAL 1.76 3.72
INCOME TAX
FEDERAL INCOME TAX 0 0
----------- -----------
INVESTMENT INCOME - NET 1.76 3.72
Dividends to shareholders 0 4.18
----------- -----------
1.76 (.46)
Realized and unrealized gain (loss)
on investments - net (64) 1.21
----------- -----------
CHANGE IN NET VALUE 1.12 .75
NET ASSET VALUE:
Beginning of period 94.63 93.88
----------- -----------
End of period $ 95.75 $ 94.63
=========== ===========
Ratio of operating expenses to
average net assets .006 .011%
Ratio of investment income net to
average net assets .024% .050%
Portfolio turnover 4.1% 27.7%
Number of shares outstanding at end
of period 18,960 18,960
-8-
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
NOTE 7 - INVESTMENTS IN SECURITIES OF UNAFFILIATED ISSUERS
<TABLE>
<CAPTION>
Principal Amortized Fair Market*
Name and Title of Issuer Amount Cost Value
- ------------------------ --------- --------- ------------
<S> <C> <C> <C>
Akron N Y Cent Sch Dist G/O
DD 09/01/95 5.4% Due 6/1/01 $ 50,000 $ 50,857 $ 52,887
Akron N Y Cent Sch Dist G/O
DD 09/01/95 5.4% Due 6/1/02 (FSA) 45,000 45,927 48,129
Chicago Cnty Minn Hsg & Redev Auth
DD 12/01/97 4.7% Due 02/01/08
Call MSF OID Lease Rev 80,000 80,507 81,931
Clayton Cnty GA Hsg
Auth, Multifa
DD 07/01/97 4.55% Due 07/01/02
Pointe Clear Apts Proj 50,000 50,000 51,163
Dade Cnty Fla Res Recovery FAC
DD 09/01/96 5.0% Due 10/01/03
REF (AMBAC) Rev 90,000 89,663 96,111
District Columbia G/O
DD 05/01/93 5.625% Due 6/1/02
Ref-A OID 50,000 50,111 52,970
District Columbia
DD 06/01/93 6.0% Due 06/01/09
Call Unrefunded Bal-E-Capmac-ITC 50,000 51,357 55,365
District Columbia G/O
DD 05/01/93 5.625% Due 6/1/02
Ref- Ser A (FSA- CR) 90,000 91,520 96,265
-9-
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
Principal Amortized Fair Market*
Name and Title of Issuer Amount Cost Value
- ------------------------ --------- --------- ------------
Fenton Mo Pub Auth Leasehold Rev
DD 12/15/97 4.750% Due 01/01/07
OID 80,000 79,742 82,084
Grand Folks N D Health Care Sys DD
06/01/97 5.5% Due 08/15/07
Altru Health Sys Oblig Group 80,000 83,542 86,885
Greenville Hosp Sys S C Hosp Fac
DD 03/01/96 4.9% Due 05/01/03
Ser B 95,000 95,002 99,959
Harris Co Tx - Post of Houston
DD 10/01/98 4% Due 10/01/06 75,000 74,278 75,307
Iowa Student Ln Liquidity Corp.
DD 02/15/91 6.6% Due 12/01/00
Student Ln Rev Ser C Ambac 90,000 91,695 96,100
Los Angeles Cnty Calif Pub Wksfi
DD 08/01/93 4.6% Due 03/01/02
Ref-Cap Construction 100,000 99,024 103,237
Manatee Cnty Fla Hsg Fin Auth Rev
DD 06/01/85 9.125% Due 06/01/16
Callable Sgl Fam Series A FGIC 5,000 5,047 5,161
Maryland St Cmnty Dev Admin Dept.
DD 06/01/97 4.6% Due 1/01/03
Hsg-Ser A 30,000 30,000 30,737
Mississippi Dev Bk Spl Oblig
DD 11/01/97 4.8% Due 11/01/08
Call Desoto Cnty Convention Ctr 30,000 30,000 31,536
-10-
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
Principal Amortized Fair Market*
Name and Title of Issuer Amount Cost Value
- ------------------------ --------- --------- ------------
Nebraska Invt Fin Auth Sing/Famil
DD 09/01/97 5.0% Due 9/01/07
Ser D 50,000 49,998 51,729
Nebraska Pub Pwr Dist Rev
DD 03/01/93 4.5% Due 1/1/00
Ref-Pwr Supply Sys-Ser B 70,000 69,588 71,464
New Jersey Economic Dev Auth Rev
DD 06/01/94 5.4% Due 2/1/06
Call Peddie Sch Proj-Ser A 60,000 60,664 63,737
New York City G/O
DD 06/11/98 4.5% Due 05/15/05
Series I 25,000 25,000 25,768
New York St Dorm Auth Revs
DD 07/01/98 4.375% Due 07/01/05
Ser 2 OID 60,000 60,000 60,881
New York St Hsg Fin Agy
DD 01/01/71 6.5% Due 11/01/99
Call Non Profit Hsg 25,000 24,970 26,156
New York St Environmental Facs
DD 07/15/89 7.5% Due 10/01/12
Call Huntington Proj-Ser A Amt 50,000 50,000 53,740
-11-
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
Principal Amortized Fair Market*
Name and Title of Issuer Amount Cost Value
- ------------------------ --------- --------- ------------
Pennsylvania St Tpk Comm Rev
DD 08/01/92 5.7% Due 12/01/06
Call OID Ser (FGIC) 25,000 26,099 27,413
Philadelphia PA Auth For Indl
DD 01/01/98 4.750% Due 06/15/06
Call Franklin Institute PJ 80,000 80,000 81,390
Pierce County Wash Swr
DD 07/01/93 5.2% DUE 02/01/05
Call Ref & Impt OID 25,000 25,533 26,073
Sarasota Cnty Fla Util Sys Rev
DD 01/01/93 5.7% Due 10/01/05
Call Ref FGIC OID 15,000 15,740 16,509
Sedalia Mo Hosp Rev
DD 07/01/97 4.6% Due 03/01/03
Call Bothwell Regl Health Ctr 50,000 50,000 51,274
South Brunswick Twp NJ
DD 08/01/93 5.0% Due 08/01/06
Call Ref G/O OID 20,000 20,238 21,161
-12-
<PAGE>
STUART M. FRIED, CPA
LENED, INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1999
Principal Amortized Fair Market*
Name and Title of Issuer Amount Cost Value
- ------------------------ --------- --------- ------------
Trinity Riv Auth Tx Big Bear
DD 02/15/96 4.5% Due 02/01/03
Ref-Wastewtr Sys Contract MBIA 75,000 75,000 77,194
---------- ---------- ----------
TOTAL INVESTMENT - 100.02% $1,720,000 $1,731,100 1,800,316
========== ==========
OTHER ASSETS LESS LIABILITIES - (.02%) 15,030
----------
NET ASSETS - 100% $1,815,346
==========
NET ASSET VALUE PER SHARE $ 95.75
==========
OUTSTANDING SHARES AT MARCH 31, 1999 18,960
==========
</TABLE>
* Includes accrued interest
-13-
<PAGE>
For period ending (a) Mar. 31, 1999
File number (c) 811-03273
This report is signed on behalf of the registrant (or depositor or
trustees) in the City of New York and State of New York on 26th day of May 1999.
LENED, INC.
-----------------------------------
(Name of registrant, depositor, or
trustee)
Witness /s/ Harriet Harkavy By: /s/ Joseph Flusfeder
------------------------- --------------------------------
Harriet Harkavy, Esq. Mr. Joseph Flusfeder, Secretary
(Name and Title) (Name and title of person signing
on behalf of registrant,
depositor, or trustee)
