CBA
CBA Money Fund
Semi-Annual Report
August 31, 1996
This report is not authorized for use as an offer of sale or a
solicitation of an offer to buy shares of the Fund unless
accompanied or preceded by the Fund's current prospectus. Past
performance results shown in this report should not be considered a
representation of future performance, which will fluctuate. The Fund
seeks to maintain a consistent $1.00 net asset value per share,
although this cannot be assured. An investment in the Fund is
neither insured nor guaranteed by the US Government. Statements and
other information herein are as dated and are subject to change.
CBA Money Fund
Box 9011
Princeton, NJ 08543-9011
<PAGE>
CBA Money Fund
Dear Shareholder:
For the six-month period ended August 31, 1996, CBA Money Fund paid
shareholders a net annualized dividend of 4.72%*. The Fund's 7-day
yield as of August 31, 1996 was 4.78%.
The average portfolio maturity for CBA Money Fund at August 31, 1996
was 62 days, compared to 80 days at February 29, 1996.
The Environment
During the six-month period ended August 31, 1996, economic
crosscurrents led to continued stock and bond market volatility. The
US economy has demonstrated surprising resilience thus far this
year. As a result, when economic data releases during the August
period appeared to indicate that the US economy was expanding at a
stronger-than-expected (and potentially inflationary) rate,
investors focused on the increasing possibility of monetary policy
tightening by the Federal Reserve Board. During these periods, stock
prices declined and long-term interest rates moved higher. However,
when economic results were at or below expectations, investors'
concerns about an overheating economy and monetary policy tightening
subsided, and stock and bond prices improved.
[FN]
*Based on a constant investment throughout the period, with
dividends compounded daily, and reflecting a net return to the
investor after all expenses.
The shifts in perceptions were exemplified by investors' reactions
to the release of recent employment reports. Inflationary concerns
were heightened further with the report of a stronger-than-expected
employment report for June. Unemployment fell to a six-year low, and
hourly wages rose sharply. This mounting evidence of a tighter labor
market and rising labor costs suggested to many investors that the
US central bank would be forced to raise short-term interest rates
in the coming months. However, more subdued job growth and
decelerating hourly wage gains were subsequently reported for the
month of July. Although the employment report for August (released
in early September) showed that unemployment had dropped to its
lowest level since 1989, these results were generally in line with
expectations and were received favorably by investors.
<PAGE>
During the six months ended August 31, 1996, short-term interest
rates generally rose in response to a strong economic performance
and inflationary concerns. Believing that monetary policy could be
less accommodative in the near future, we recently moved to reduce
the Fund's average maturity to reflect a slightly more cautious
posture.
Investors will continue to monitor economic data releases to
determine the potential for monetary policy tightening by the
Federal Reserve Board. The potential outcome of the upcoming
November election will also increasingly influence investor
psychology in the weeks ahead.
The portfolio's composition at the end of the August period and as
of our last report is detailed below:
8/31/96 2/29/96
Bank Notes 1.7% 2.3%
Certificates of Deposit--
European -- 1.8
Certificates of Deposit--Yankee* 0.7 0.4
Commercial Paper 53.2 48.9
Corporate Notes 5.3 5.0
Master Notes 3.2 2.0
Repurchase Agreements 4.9 4.7
US Government & Agency
Obligations 31.7 34.3
Other Assets Less Liabilities -- 0.6
Liabilities in Excess of
Other Assets (0.7) --
------ ------
100.0% 100.0%
====== ======
[FN]
*US branches of foreign banks.
In Conclusion
We appreciate your continued support of CBA Money Fund, and we look
forward to assisting you with your financial needs in the months and
years ahead.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
<PAGE>
(Carlo J. Giannini)
Carlo J. Giannini
Vice President and Portfolio Manager
September 30, 1996
CBA Money Fund
Schedule of Investments as of August 31, 1996 (in Thousands)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Bank Notes--1.7%
Banc One, $10,000 5.30% 9/05/96 $ 10,000
Milwaukee++ 25,000 5.33 2/06/97 24,996
Total Bank Notes (Cost--$34,996) 34,996
Certificates of Deposit--Yankee--0.7%
Canadian Imperial 15,000 5.52 9/11/96 15,000
Bank of Commerce
Total Certificates of Deposit--Yankee
(Cost--$15,000) 15,000
Commercial Paper--53.2%
ABN-AMRO 5,000 5.34 11/06/96 4,949
North America 25,000 5.30 11/12/96 24,721
Finance,Inc.
Alcatel Alsthom 25,000 5.34 11/04/96 24,751
Inc.
Alpine 15,000 5.39 9/18/96 14,957
Securitization
Corp.
<PAGE>
American Brands 10,000 5.30 9/09/96 9,985
Inc. 35,700 5.48 10/07/96 35,497
Bank of Scotland 15,000 5.44 2/24/97 14,594
Treasury Services
PLC
Bass Finance 25,000 5.40 9/10/96 24,959
(C.I.) Ltd.
Bear Stearns 25,000 5.41 9/10/96 24,958
Companies, Inc. 30,000 5.34 11/07/96 29,688
Beta Finance Inc. 15,000 5.36 10/09/96 14,911
10,000 5.32 11/18/96 9,879
3,000 5.32 11/25/96 2,961
12,000 5.40 2/24/97 11,675
CSW Credit, Inc. 11,000 5.42 9/06/96 10,988
25,600 5.31 10/15/96 25,426
CXC Incorporated 10,000 5.45 10/07/96 9,943
Caisse 25,000 5.51 12/27/96 24,551
D'amortissement 25,000 5.40 2/24/97 24,324
de la Dette
Sociale
Eureka 25,000 5.43 9/18/96 24,928
Securitization 25,000 5.38 9/19/96 24,925
Inc. 30,000 5.42 9/26/96 29,877
10,000 5.31 10/17/96 9,929
Ford Motor 25,000 5.40 10/15/96 24,829
Credit Co.
France Telecom 15,000 5.42 9/04/96 14,989
General Motors 25,000 5.34 9/03/96 24,985
Acceptance Corp. 20,000 5.45 10/21/96 19,845
25,000 5.55 10/28/96 24,781
15,000 5.34 11/12/96 14,833
Glaxo Wellcome 8,000 5.31 9/17/96 7,979
PLC 15,000 5.30 10/15/96 14,898
Goldman Sachs 25,000 5.40 9/17/96 24,932
Group, L.P. 10,000 5.30 10/30/96 9,909
<PAGE>
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Commercial Paper (concluded)
Greenwich $16,220 5.30 % 9/06/96 $ 16,203
Funding 15,000 5.34 9/06/96 14,984
Corporation 15,000 5.31 10/11/96 14,907
20,000 5.46 10/17/96 19,857
8,078 5.31 10/18/96 8,019
International 24,000 5.40 9/17/96 23,934
Lease Finance
Corp.
International 19,562 5.34 9/03/96 19,550
Securitization
Corp. 8,500 5.50 10/25/96 8,429
Kingdom of 20,000 5.28 10/18/96 19,854
Sweden 30,000 5.39 2/10/97 29,252
Korea 45,000 5.31 9/12/96 44,914
Development Bank 25,000 5.36 11/27/96 24,664
McKenna Triangle 30,000 5.33 9/04/96 29,977
National Corp.
New Center Asset 50,000 5.31 9/06/96 49,948
Trust 15,000 5.40 2/07/97 14,633
20,000 5.50 2/25/97 19,456
Nomura Holding 24,000 5.35 10/11/96 23,850
America, Inc.
Province of 10,000 5.41 9/25/96 9,960
Quebec
Toshiba 4,200 5.35 10/11/96 4,174
International 6,600 5.35 10/15/96 6,555
Finance (UK) PLC 9,300 5.37 11/12/96 9,196
Westpac Capital 25,000 5.39 9/27/96 24,893
Corporation
Windmill Funding 15,626 5.30 9/17/96 15,585
Corp. 9,190 5.32 10/15/96 9,127
<PAGE>
Total Commercial Paper
(Cost--$1,077,320) 1,077,277
Corporate Notes--5.3%
Abbey National 25,000 5.297 5/16/97 24,982
Treasury Services
PLC++
Associates Corp. 6,500 9.70 5/01/97 6,670
of North America
Bear Stearns 5,000 5.487 9/20/96 5,000
Companies
Inc.++
CIT Group 20,000 5.30 12/23/96 19,994
Holdings, Inc.
(The)++
SMM Trust 25,000 5.422 1/08/97 25,000
Certificate
(1995-Q)++
Short Term Card 20,000 5.432 1/15/97 20,000
Account Trust
(1995-1)++
Toyota Motor 6,000 5.288 9/13/96 6,000
Credit Corp.++
Total Corporate Notes
(Cost--$107,627) 107,646
CBA Money Fund
Schedule of Investments as of August 31, 1996 (concluded)
(in Thousands)
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
Master Notes--3.2%
Goldman Sachs $40,000 5.36 % 11/08/96 $ 40,000
Group L.P.++
Jackson National 25,000 5.50 4/08/97 25,000
Life Insurance
Co.++
<PAGE>
Total Master Notes
(Cost--$65,000) 65,000
US Government & Agency Obligations--
Discount Notes--1.7%
Federal Home Loan 25,000 5.48 1/27/97 24,441
Banks
Federal National 10,000 5.11 10/30/96 9,912
Mortgage
Association
Total US Government & Agency Obligations--
Discount Notes (Cost--$34,342) 34,353
US Government & Agency Obligations--
Non-Discount Notes--30.0%
Federal Farm 5,000 5.24++ 2/07/97 4,997
Credit Banks 5,000 6.24 5/07/98 4,988
Federal Home 7,000 5.83++ 1/31/97 7,002
Loan Banks 15,000 5.78++ 2/03/97 14,999
15,000 5.78++ 2/10/97 15,000
5,500 5.50 11/10/97 5,451
Federal Home 14,940 7.88 12/20/96 15,046
Loan Mortgage
Corp.
Federal National 25,000 5.272++ 10/11/96 25,000
Mortgage 5,000 5.31 10/18/96 4,999
Association 27,780 5.60 11/01/96 27,805
8,800 5.34++ 11/04/96 8,800
15,000 5.85++ 2/14/97 15,006
25,000 5.43++ 2/21/97 25,000
15,000 5.30++ 3/14/97 15,000
14,000 5.252++ 4/15/97 13,991
20,000 5.258++ 4/28/97 19,991
8,000 5.33++ 5/14/97 7,995
25,000 5.295++ 5/22/97 24,988
Face Interest Maturity Value
Issue Amount Rate* Date (Note 1a)
<PAGE>
US Government & Agency Obligations--
Non-Discount Notes (concluded)
Federal National $29,000 5.39++% 7/16/97 $ 28,983
Mortgage 15,000 5.41++ 8/01/97 14,994
Association 13,000 5.395++ 9/03/97 12,990
(concluded) 10,000 5.405++ 9/09/97 9,993
5,000 5.79 11/14/97 4,984
Student Loan 20,000 5.272 9/20/96 20,000
Marketing 15,000 5.34 10/04/96 15,000
Association++ 10,000 5.57 1/14/97 10,000
5,000 5.56 10/30/97 5,007
US Treasury 32,000 7.25 11/15/96 32,110
Notes 20,000 7.50 1/31/97 20,150
20,000 8.50 4/15/97 20,325
20,000 6.50 4/30/97 20,097
10,000 6.875 4/30/97 10,070
25,000 6.50 5/15/97 25,117
45,000 8.50 7/15/97 45,970
35,000 5.875 7/31/97 34,978
1,500 5.75 9/30/97 1,496
4,000 5.375 11/30/97 3,964
9,000 5.25 12/31/97 8,902
7,000 5.00 1/31/98 6,891
Total US Government & Agency Obligations--
Non-Discount Notes (Cost--$608,733) 608,079
Repurchase Agreements**--4.9%
Face Amount Issue
$99,046 Fuji Securities, Inc., purchased on
8/30/1996 to yield 5.28% to 9/03/1996 99,046
Total Repurchase Agreements
(Cost--$99,046) 99,046
Total Investments (Cost--$2,042,064)--100.7% 2,041,397
Liabilities in Excess of Other Assets--(0.7%) (14,429)
----------
Net Assets--100.0% $2,026,968
==========
[FN]
*Commercial Paper and certain US Government & Agency Obligations are
traded on a discount basis; the interest rates shown are the
discount rates paid at the time of purchase by the Fund. Other
securities bear interest at the rates shown, payable at fixed dates
or upon maturity. Interest rates on variable rate securities are
adjusted periodically based upon appropriate indexes; the interest
rates shown are those in effect at August 31, 1996.
**Repurchase Agreements are fully collateralized by US Government
Obligations.
++Variable Rate Notes.
<PAGE>
See Notes to Financial Statements.
<TABLE>
CBA Money Fund
Statement of Assets and Liabilities as of August 31, 1996
<CAPTION>
Assets:
<S> <C> <C>
Investments, at value (identified cost--$2,042,063,770*) (Note 1a) $2,041,396,590
Cash 379
Receivables:
Interest $ 8,851,209
Securities sold 30 8,851,239
--------------
Prepaid registration fees and other assets (Note 1d) 1,347,860
--------------
Total assets 2,051,596,068
--------------
Liabilities:
Payables:
Securities purchased 22,983,386
Investment adviser (Note 2) 633,312
Distributor (Note 2) 480,496
Beneficial interest redeemed 5 24,097,199
--------------
Accrued expenses and other liabilities 531,069
--------------
Total liabilities 24,628,268
--------------
Net Assets $2,026,967,800
==============
Net Assets Consist of:
Shares of beneficial interest, $.10 par value, unlimited number of shares
authorized $ 202,763,498
Paid-in capital in excess of par 1,824,871,482
Unrealized depreciation on investments--net (667,180)
--------------
Net Assets--Equivalent to $1.00 per share based on 2,027,634,980 shares of
beneficial interest outstanding $2,026,967,800
==============
<FN>
*The aggregate cost of investments at August 31, 1996 for Federal
income tax purposes was $2,042,063,770. As of August 31, 1996, net
unrealized depreciation for Federal income tax purposes amounted to
$667,180, of which $95,773 related to appreciated securities and
$762,953 related to depreciated securities.
See Notes to Financial Statements.
</TABLE>
<TABLE>
CBA Money Fund
Statement of Operations for the Six Months Ended August 31, 1996
<S> <C> <C>
Investment Income (Note 1c):
Interest and amortization of premium and discount earned $ 54,677,108
Expenses:
Investment advisory fees (Note 2) $ 4,222,051
Transfer agent fees (Note 2) 1,631,879
Distribution fees (Note 2) 1,234,627
Registration fees (Note 1d) 102,651
Accounting services (Note 2) 71,814
Printing and shareholder reports 64,486
Custodian fees 58,132
Professional fees 33,979
Trustees' fees and expenses 19,934
Other 15,865
--------------
Total expenses before reimbursement 7,455,418
Reimbursement of expenses (Note 2) (403,686)
--------------
Total expenses after reimbursement 7,051,732
--------------
Investment Income--Net 47,625,376
Realized Gain on Investments--Net (Note 1c) 22,875
Change in Unrealized Appreciation on Investments--Net (714,600)
--------------
Net Increase in Net Assets Resulting from Operations $ 46,933,651
==============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
For the Six For the
CBA Money Fund Months Ended Year Ended
Statements of Changes in Net Assets August 31, 1996 February 29, 1996
Increase (Decrease) in Net Assets:
<S> <C> <C>
Operations:
Investment income--net $ 47,625,376 $ 87,416,442
Realized gain on investments--net 22,875 248,237
Change in unrealized appreciation on investments--net (714,600) (12,858)
-------------- --------------
Net increase in net assets resulting from operations 46,933,651 87,651,821
-------------- --------------
Dividends & Distributions to Shareholders (Note 1e):
Investment income--net (47,625,376) (87,416,442)
Realized gain on investments--net (22,875) (248,237)
-------------- --------------
Net decrease in net assets resulting from dividends and distributions to
shareholders (47,648,251) (87,664,679)
-------------- --------------
Beneficial Interest Transactions (Note 3):
Net proceeds from sale of shares 2,725,298,459 5,183,058,051
Net asset value of shares issued to shareholders in reinvestment of dividends
and distributions (Note 1e) 47,546,844 87,477,649
-------------- --------------
2,772,845,303 5,270,535,700
Cost of shares redeemed (2,733,162,727) (4,688,838,267)
-------------- --------------
Net increase in net assets derived from beneficial interest transactions 39,682,576 581,697,433
-------------- --------------
Net Assets:
Total increase in net assets 38,967,976 581,684,575
Beginning of period 1,987,999,824 1,406,315,249
-------------- --------------
End of period $2,026,967,800 $1,987,999,824
============== ==============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
CBA Money Fund
Financial Highlights
<CAPTION>
The following per share data and ratios have been
derived from information provided in the financial For the Six For the
statements. Months Ended Year Ended For the Year Ended February 28,
August 31, February 29,
Increase (Decrease) in Net Asset Value: 1996 1996 1995 1994 1993
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ----------
Investment income--net .0236 .0524 .0396 .0260 .0304
Realized and unrealized gain (loss) on investments
- --net (.0004) .0001 .0005 (.0004) .0017
---------- ---------- ---------- ---------- ----------
Total from investment operations .0232 .0525 .0401 .0256 .0321
---------- ---------- ---------- ---------- ----------
Less dividends and distributions:
Investment income--net (.0236) (.0524) (.0396) (.0260) (.0304)
Realized gain on investments--net (.0000)** (.0001) (.0000)** (.0004) (.0014)
---------- ---------- ---------- ---------- ----------
Total dividends and distributions (.0236) (.0525) (.0396) (.0264) (.0318)
---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
Total Investment Return 4.72%* 5.38% 4.04% 2.66% 3.24%
========== ========== ========== ========== ==========
Ratios to Average Net Assets:
Expenses, net of reimbursement .70%* .75% .77% .71% .71%
========== ========== ========== ========== ==========
Expenses .74%* .79% .81% .75% .75%
========== ========== ========== ========== ==========
Investment income and realized gain on
investments--net 4.71%* 5.22% 3.98% 2.62% 3.19%
========== ========== ========== ========== ==========
Supplemental Data:
Net assets, end of period (in thousands) $2,026,968 $1,988,000 $1,406,315 $1,287,456 $1,242,686
========== ========== ========== ========== ==========
<FN>
*Annualized.
**Amount is less than $.0001 per share.
See Notes to Financial Statements.
</TABLE>
<PAGE>
CBA Money Fund
Notes to Financial Statements
1. Significant Accounting Policies:
CBA Money Fund (the "Fund") is a money fund whose shares are offered
to subscribers to the Capital Builder Account service of Merrill
Lynch, Pierce, Fenner & Smith Inc. ("MLPF&S") and to subscribers to
the Broadcort Capital Account service of Broadcort Capital Corp.
("Broadcort"). Shares may also be purchased by individual investors
not subscribing to these services, but such investors will not
receive any of the special features offered as a part of such
services. The Fund is registered under the Investment Company Act of
1940 as a diversified, open-end management investment company. These
unaudited financial statements reflect all adjustments which are, in
the opinion of management, necessary to a fair statement of the
results for the interim period presented. All such adjustments are
of a normal recurring nature. The following is a summary of
significant accounting policies followed by the Fund.
(a) Valuation of investments--Portfolio securities with remaining
maturities of sixty days or less are valued at amortized cost, which
approximates market value. Securities with remaining maturities of
greater than sixty days, for which market quotations are readily
available, will be valued at market value. When securities are
valued with sixty days or less to maturity, the difference between
the valuation existing on the sixty-first day before maturity and
maturity value is amortized on a straight-line basis to maturity.
Other securities held by the Fund will be valued at their fair value
as determined in good faith by or under the direction of the Board
of Trustees.
(b) Income taxes--It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable income to
its shareholders. Therefore, no Federal income tax provision is
required.
(c) Security transactions and investment income--Security
transactions are recorded on the dates the transactions are entered
into (the trade dates). Realized gains and losses on security
transactions are determined on the identified cost basis. Interest
income (including amortization of premium and discount) is
recognized on the accrual basis.
(d) Prepaid registration fees--Prepaid registration fees are charged
to expense as the related shares are issued.
<PAGE>
(e) Dividends and distributions to shareholders--The Fund declares
dividends daily and reinvests daily such dividends (net of non-
resident alien tax and back-up withholding tax withheld) in
additional fund shares at net asset value. Dividends and
distributions are declared from the total of net investment income
and net realized gain or loss on investments.
2. Investment Advisory Agreement and
Transactions with Affiliates:
The Fund has entered into an Investment Advisory Agreement with Fund
Asset Management, L.P. ("FAM"). The general partner of FAM is
Princeton Services, Inc. ("PSI"), an indirect wholly-owned
subsidiary of Merrill Lynch & Co., Inc. ("ML & Co."), which is the
limited partner.
FAM (the "Manager") is responsible for the management of the Fund's
portfolio and provides the necessary personnel, facilities,
equipment and certain other services necessary to the operations of
the Fund. For such services, the Fund pays a monthly fee based upon
the average daily value of the Fund's net assets at the following
annual rates: 0.50% of the first $500 million of average daily net
assets, 0.425% of average daily net assets in excess of $500 million
but not exceeding $1 billion, and 0.375% of average daily net assets
in excess of $1 billion. The most restrictive annual expense
limitation requires that the Manager reimburse the Fund in any
amount necessary to prevent such operating expenses of the Fund
(excluding interest, taxes, distribution fees, brokerage fees and
commissions, and extraordinary items) from exceeding in any fiscal
year 2.5% of the Fund's first $30 million of average daily net
assets, 2.0% of the next $70 million of average daily net assets and
1.5% of the remaining average daily net assets. No fee payment will
be made to the Manager during the year which will cause such
expenses to exceed the pro rata expense limitation at the time of
such payment. During the six months ended August 31, 1996, the
Manager earned $4,222,051, of which $403,686 was voluntarily waived.
Notes to Financial Statements
(concluded)
The Fund has adopted a Distribution and Shareholder Servicing Plan
in compliance with Rule 12b-1 under the Investment Company Act of
1940, pursuant to which MLPF&S and Broadcort each receive a
distribution fee under the Distribution Agreement from the Fund at
the end of each month at the annual rate of 0.125% of average daily
net assets of the Fund attributable to subscribers to the respective
Capital Builder Account and Broadcort Capital Account programs. The
MLPF&S distribution fee is to compensate MLPF&S financial
consultants and other directly involved branch office personnel for
selling shares of the Fund and for providing direct personal
services to shareholders. The Broadcort distribution fee is to
compensate selected dealers for activities and services related to
the sale, promotion and marketing of shares of the Fund. The
distribution fee is not compensation for the administrative and
operational services rendered to the Fund by MLPF&S or Broadcort in
processing share orders and administering shareholder accounts.
<PAGE>
Merrill Lynch Financial Data Services, Inc. ("MLFDS"), a wholly-
owned subsidiary of ML & Co., is the Fund's transfer agent.
Accounting services are provided to the Fund by FAM at cost.
Certain officers and/or trustees of the Fund are officers and/or
directors of FAM, PSI, MLFDS, MLPF&S, and/or ML & Co.
3. Beneficial Interest Transactions:
The number of shares purchased and redeemed during the year
corresponds to the amounts included in the Statements of Changes in
Net Assets with respect to net proceeds from sale of shares and cost
of shares redeemed, respectively, since shares are recorded at $1.00
per share.
Officers and Trustees
Arthur Zeikel--President and Trustee
Ronald W. Forbes--Trustee
Cynthia A. Montgomery--Trustee
Charles C. Reilly--Trustee
Kevin A. Ryan--Trustee
Richard R. West--Trustee
Terry K. Glenn--Executive Vice President
Joseph T. Monagle Jr.--Senior Vice President
Donald C. Burke--Vice President
Carlo J. Giannini--Vice President
Kevin J. McKenna--Vice President
Gerald M. Richard--Treasurer
Robert Harris--Secretary
Custodian
State Street Bank and Trust Company
P.O. Box 1713
Boston, Massachusetts 02101
Transfer Agent
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, Florida 32246-6484
(800) 221-7210*
<PAGE>
[FN]
*For inquiries regarding your CBA account, call
(800) 247-6400.
