<PAGE>
Dreyfus
GNMA
Fund, Inc.
Semi-Annual Report
October 31, 1995
<PAGE>
Letter to Shareholders
Dear Shareholder:
We are pleased to provide you with this semi-annual report on the Dreyfus
GNMA Fund, Inc. For the six-month period ended October 31, 1995, your Fund
produced a total return, including bond price changes and interest income, of
6.47%, and for the last three months, 2.85%.* Dividends paid from net
investment income for the last six months amounted to $.491 per share
representing an annualized distribution rate per share of 6.66%.**
THE ECONOMY
Concerns about lagging economic growth prompted the Federal Reserve to
ease the Fed funds rate in July. This was the first indication that the Fed
was moving away from its long-standing policy dedicated to wringing inflation
out of the economy. The bond market has been well ahead of the Federal
Reserve in viewing inflation as under control. Economic indicators remain
mixed, some causing concern about possible recession, while others point
toward continued expansion.
During times of business uncertainty, attention often shifts to the
consumer sector of the economy, more particularly, regarding the consumer's
ability to spend. Here, there are some indications that consumers are being
pinched. There is little doubt that the economic recovery has been
productivity-driven. That is, corporations have succeeded in paring expenses
from their cost of doing business. With this reduction in overhead, bottom
line profits have grown dramatically. Yet little of this corporate prosperity
has spilled over into the consumer sector of the economy. Wages and salaries
grew at under 3% over the past year, not even keeping pace with inflation. An
additional consumer concern: new job creation is at the slowest pace of the
post-World War II era. And recent retail sales reports were the weakest since
June 1991 when the economy was in recession. Also, there is worry that the
coming Holiday season will be a poor one for retailers, since debt-burdened
consumers may spend cautiously.
Yet, there are also significant signs of continued economic growth.
Despite the above indications of a potential slowdown in consumer spending,
measures of consumer confidence remain high. Business capital spending and
home-building activity continue to surge, providing substantial fuel for
economic growth. Business investment in durable equipment when calculated as
a percentage of Gross Domestic Product (GDP) is at a 35-year high with no
sign of letup. Job and wage growth is slow but the index of hours worked (a
key determinant of GDP growth and income generation) is rising. Providing
additional confidence is the fact that the four-and-a-half year recovery has
been well balanced: corporate debt issuance has been moderate and the banking
system is not overstretched.
MARKET ENVIRONMENT
The bond market recovered strongly in 1995 as long-term interest rates
fell. Because of the prepayment (refinance) provisions attached to mortgages,
GNMA securities trade in the market as intermediate term bonds. Accordingly,
the investment performance of these securities has been generally similar to
that of intermediate term U.S. Treasury securities.
If economic conditions remain sluggish and Congress is able to arrive at
an acceptable budget accord, there is a good chance that the Fed will ease
further. We believe this indicates a rather favorable outlook for bond
markets in general, particularly with inflation under control. But inflation
can only go so low and we are wary that the bond market strength may be
counting too much on continued improvement
<PAGE>
on the price front. Thus, while we remain nearly fully invested in this
improving market, we are alert to the stimulatory effects of easing monetary
policy and are watchful for any signs of rekindling inflation.
THE PORTFOLIO
From a portfolio management standpoint, we have added to the GNMA 7%
coupon securities, by increasing the position from 3% to 21% of the total
portfolio. Furthermore, we decreased our holdings in GNMA 8% and 8.5% coupon
securities by approximately 4% each. By reducing these holdings, we
eliminated some of the more recently issued, higher coupon securities. Thus
we reduced, to a degree, the prepayment rate of the total fund, preferring to
hold more seasoned securities. By lowering the coupon, we were also able to
add to the duration of the Fund, better positioning the portfolio to take
advantage of a declining interest rate environment.
The high level of volatility exhibited by the fixed-income markets in
general over recent years underscores the need to maintain a disciplined and
long-term focus. Solid market performance thus far in 1995 has rewarded the
patient investor.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we appreciate greatly your continued confidence in the Fund
and in The Dreyfus Corporation.
Very truly yours,
Garitt A. Kono
Portfolio Manager
November 15, 1995
New York, N.Y.
* Total return includes reinvestment of dividends.
**Annualized distribution rate per share is based upon dividends per share
paid from net investment income during the period, divided by the net asset
value per share at the end of the period.
<PAGE>
Dreyfus GNMA Fund, Inc.
- -------------------------------------------------------------------------
Statement of Investments October 31, 1995 (Unaudited)
<TABLE>
<CAPTION>
Principal
Bonds and Notes--98.3% Amount Value
- ---------------------- ---------------- ---------------
<S> <C> <C>
Mortgage-Backed Certificates--85.6%
Government National Mortgage Association I:
7%, 2/15/2022-9/15/2025............................................ $ 305,809,622 $ 303,993,113
7 1/2%, 2/15/2017-6/15/2025........................................ 234,506,869 237,809,263
8%, 4/15/2017-1/15/2032............................................ 149,572,236 154,064,390
8 1/2%, 2/15/2006-3/15/2025........................................ 143,202,492 149,302,912
9%, 7/15/2001-12/15/2022........................................... 95,055,643 100,398,690
9 1/4%, 10/15/2023................................................. 6,992,384 7,370,393
9 1/2%, 1/15/2016-11/15/2024....................................... 73,730,304 79,362,150
10%, 11/15/2009-10/15/2020......................................... 45,992,104 50,575,381
10 1/2%, 11/15/2013-6/15/2021...................................... 35,736,548 39,729,841
11%, 7/15/1999-9/15/2019........................................... 49,679,650 56,329,498
11 1/2%, 3/15/2010-7/15/2019....................................... 19,079,991 21,846,324
12%, 2/15/2015..................................................... 38,859 44,930
--------------
1,200,826,885
--------------
Government National Mortgage Association II:
9%, 3/20/2016...................................................... 2,965,985 3,114,284
9 1/2%, 2/20/2016-2/20/2025........................................ 13,720,113 14,561,142
10 1/2%, 7/20/2013-9/20/2018....................................... 6,240,152 6,829,446
12%, 9/20/2013-12/20/2015.......................................... 1,530,866 1,720,843
13 1/2%, 7/20/2014-6/20/2015....................................... 980,721 1,127,159
--------------
27,352,874
--------------
Government National Mortgage Association I,
Graduated Payment Mortgage:
10 1/4%, 7/15/2018-10/15/2018...................................... 332,868 366,258
10 3/4%, 3/15/2010-4/15/2016....................................... 965,415 1,070,052
11%, 9/15/2010-3/15/2011........................................... 597,517 659,889
11 1/4%, 7/15/2015-1/15/2016....................................... 2,039,965 2,287,944
12 1/4%, 2/15/2014-3/15/2015....................................... 69,732 78,993
--------------
4,463,136
--------------
Government National Mortgage Association II,
Graduated Payment Mortgage:
11 1/4%, 4/20/2014-1/20/2016....................................... 475,621 532,286
11 3/4%, 6/20/2015-1/20/2016....................................... 347,014 389,089
--------------
921,375
--------------
Total Mortgage-Backed Certificates ................................... 1,233,564,270
--------------
--------------
U.S. Treasury Bonds--3.3%
6 7/8%, 8/15/2025.................................................. 20,000,000 21,434,380
8 7/8%, 2/15/2019.................................................. 20,000,000 25,812,500
--------------
Total U.S. Treasury Bonds.............................................. 47,246,880
--------------
--------------
</TABLE>
<PAGE>
Dreyfus GNMA Fund, Inc.
- ---------------------------------------------------------------------------
Statement of Investments (continued) October 31, 1995 (Unaudited)
<TABLE>
<CAPTION>
Principal
Bonds and Notes (continued) Amount Value
- --------------------------- ------------- --------------
<S> <C> <C>
U.S. Treasury Notes--9.4%
6 1/2%, 8/15/2005.................................................. $ 132,000,000 $ 136,537,500
--------------
--------------
TOTAL BONDS AND NOTES
(cost $1,375,361,235).............................................. $1,417,348,650
--------------
--------------
<CAPTION>
Principal
Short-Term Investment--1.0% Amount Value
- --------------------------- ------------- --------------
<S> <C> <C>
Repurchase Agreement;
Lehman Government Securities Inc., 5.87%
Dated 10/31/1995, Due 11/1/1995 in the amount of $14,202,315
(fully collateralized by $14,765,000 U.S. Treasury Bills due 3/7/1996,
value $14,488,415)
(cost $14,200,000)................................................. $ 14,200,000 $ 14,200,000
--------------
--------------
TOTAL INVESTMENTS
(cost $1,389,561,235).............................................. 99.3% $1,431,548,650
------ --------------
------ --------------
CASH AND RECEIVABLES (NET)............................................. .7% $ 9,770,280
------ --------------
------ --------------
NET ASSETS............................................................. 100.0% $1,441,318,930
------ --------------
------ --------------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
Dreyfus GNMA Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Assets and Liabilities October 31, 1995 (Unaudited)
<TABLE>
<S> <C> <C>
ASSETS:
Investments in securities, at value--Note 1(a,b)
(cost $1,389,561,235)--see statement............................. $1,431,548,650
Cash................................................................ 1,289,428
Interest receivable................................................. 10,705,060
Receivable for subscriptions to Common Stock........................ 250
Prepaid expenses.................................................... 64,547
---------------
1,443,607,935
LIABILITIES:
Due to The Dreyfus Corporation...................................... $ 946,297
Due to Distributor.................................................. 30,111
Payable for Common Stock redeemed................................... 710,123
Accrued expenses.................................................... 602,474 2,289,005
------------ --------------
NET ASSETS............................................................. $1,441,318,930
---------------
---------------
REPRESENTED BY:
Paid-in capital..................................................... $1,495,644,224
Accumulated undistributed investment income-net..................... 10,696,118
Accumulated net realized (loss) on investments...................... (107,008,827)
Accumulated net unrealized appreciation on investments--Note 3....... 41,987,415
---------------
NET ASSETS at value applicable to 97,772,669 outstanding shares of
Common Stock, equivalent to $14.74 per share
(1.1 billion shares of $.01 par value authorized)................... $ 1,441,318,930
---------------
---------------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
Dreyfus GNMA Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Operations six months ended October 31, 1995 (Unaudited)
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Interest Income.................................................... $ 55,713,899
Expenses:
Management fee--Note 2(a)........................................... $ 4,361,885
Shareholder servicing costs--Note 2(b).............................. 2,057,531
Custodian fees...................................................... 251,385
Prospectus and shareholders' reports--Note 2(b)..................... 152,744
Professional fees................................................... 51,741
Directors' fees and expenses--Note 2(c)............................. 27,371
Registration fees................................................... 24,089
Miscellaneous....................................................... 25,325
----------
Total Expenses.................................................... 6,952,071
------------
INVESTMENT INCOME--NET............................................ 48,761,828
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments--Note 3............................ $27,385,720
Net unrealized appreciation on investments.......................... 14,509,040
----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS.................. 41,894,760
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................... $ 90,656,588
------------
------------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
Dreyfus GNMA Fund, Inc.
- -------------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended Six Months Ended
April 30, October 31, 1995,
1995 (Unaudited)
-------------- --------------
<S> <C> <C>
OPERATIONS:
Investment income--net............................................. $ 103,047,317 $ 48,761,828
Net realized gain (loss) on investments............................ (80,789,008) 27,385,720
Net unrealized appreciation on investments for the period.......... 59,067,593 14,509,040
-------------- --------------
Net Increase In Net Assets Resulting From Operations............. 81,325,902 90,656,588
-------------- --------------
NET EQUALIZATION (DEBITS)--Note 1(e).................................... (782,557) (263,190)
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net.............................................. (100,907,536) (48,738,280)
-------------- --------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold...................................... 98,695,554 46,172,165
Dividends reinvested............................................... 76,473,356 36,919,332
Cost of shares redeemed............................................ (320,877,856) (119,301,123)
-------------- --------------
(Decrease) In Net Assets From Capital Stock Transactions......... (145,708,946) (36,209,626)
-------------- --------------
Total Increase (Decrease) In Net Assets........................ (166,073,137) 5,445,492
NET ASSETS:
Beginning of period................................................ 1,601,946,575 1,435,873,438
-------------- --------------
End of period (including undistributed investment income-net:
$10,935,760 and $10,696,118, respectively)....................... $1,435,873,438 $1,441,318,930
-------------- --------------
-------------- --------------
<CAPTION>
Shares Shares
-------------- --------------
<S> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Shares sold........................................................ 6,996,614 3,184,148
Shares issued for dividends reinvested............................. 5,428,508 2,554,672
Shares redeemed.................................................... (22,822,022) (8,230,074)
-------------- --------------
Net (Decrease) In Shares Outstanding............................... (10,396,900) (2,491,254)
-------------- --------------
-------------- --------------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
Dreyfus GNMA Fund, 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 the Fund's financial
statements.
<TABLE>
<CAPTION>
Year Ended April 30, Six Months Ended
----------------------------------------------------- October 31, 1995
PER SHARE DATA: 1991 1992 1993 1994 1995 (Unaudited)
---- ---- ---- ---- ---- ----------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period... $14.07 $14.74 $14.90 $15.35 $14.48 $14.32
------ ------ ------ ------ ------ ------
Investment Operations:
Investment income--net................. 1.27 1.20 1.10 .99 .98 .49
Net realized and unrealized gain (loss)
on investments....................... .68 .17 .46 (.87) (.18) .42
------ ------ ------ ------ ------ ------
Total from Investment Operations..... 1.95 1.37 1.56 .12 .80 .91
------ ------ ------ ------ ------ ------
Distributions;
Dividends from investment income--net.. (1.28) (1.21) (1.11) (.99) (.96) (.49)
------ ------ ------ ------ ------ ------
Net asset value, end of period......... $14.74 $14.90 $15.35 $14.48 $14.32 $14.74
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN.................... 14.44% 9.65% 10.80% .71% 5.81% 12.83%(1)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .97% .95% .94% .95% .97% .95%(1)
Ratio of net investment income to
average net assets................... 8.81% 8.05% 7.20% 6.54% 6.90% 6.71%(1)
Portfolio Turnover Rate................ 25.85% 61.00% 155.90% 211.40% 362.70% 86.99%(2)
Net Assets, end of period
(000's Omitted)..................... $1,583,793 $1,756,776 $1,857,468 $1,601,947 $1,435,873 $1,441,319
<FN>
- -----------
(1) Annualized.
(2) Not annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
Dreyfus GNMA Fund, Inc.
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
The Fund is registered under the Investment Company Act of 1940
("Act") as a diversified open-end management investment company. Premier
Mutual Fund Services, Inc. (the "Distributor") acts as the distributor of the
Fund's shares, which are sold to the public without a sales load. The
Distributor, located at One Exchange Place, Boston, Massachusetts 02109, is a
wholly-owned subsidiary of FDI Distribution Services, Inc., a provider of
mutual fund administration services, which in turn is a wholly-owned subsidiar
y of FDI Holdings, Inc., the parent company of which is Boston Institutional
Group, Inc. The Dreyfus Corporation ("Manager") serves as the Fund's
investment adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
(a) Portfolio valuation: The Fund's investments (excluding short-term
investments) are valued each business day by an independent pricing service
("Service") approved by the Board of Directors. Investments for which quoted
bid prices are readily available and are representative of the bid side of
the market in the judgment of the Service are valued at the mean between the
quoted bid prices (as obtained by the Service from dealers in such
securities) and asked prices (as calculated by the Service based upon its
evaluation of the market for such securities). Other investments (which
constitute a majority of the portfolio securities) are carried at fair value
as determined by the Service, based on methods which include consideration
of: yields or prices of securities of comparable quality, coupon, maturity
and type; indications as to values from dealers; and general market
conditions. Short-term investments are carried at amortized cost, which
approximates value.
(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 (including, where applicable, amortization of discount on short-term
investments) is recognized on the accrual basis.
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: Dividends are recorded on the
ex-dividend date. Dividends from investment income-net are declared and paid
monthly. 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.
On October 31, 1995, the Board of Directors declared a cash dividend
of $.079 per share from undistributed investment income-net, payable on
November 1, 1995 (ex-dividend date) to shareholders of record as of the close
of business on October 31, 1995.
<PAGE>
Dreyfus GNMA Fund, Inc.
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(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
$102,569,000 available for Federal income tax purposes to be applied against
future net securities profits, if any, realized subsequent to April 30, 1995.
The carryover does not include net realized securities losses from November
1, 1994 through April 30, 1995 which are treated, for Federal income tax
purposes, as arising in fiscal 1996. If not applied, $3,786,000 of the
carryover expires in fiscal 1997, $34,058,000 expires in fiscal 1998 and
$64,725,000 expires in fiscal 2003.
(e) Equalization: The Fund follows the accounting practice known as
"equalization" by which a portion of the amounts received on issuances and
the amounts paid on redemptions of Fund shares (equivalent, on a per share
basis, to the amount of distributable investment income-net on the date of
the transaction) is allocated to undistributed investment income-net so that
undistributed investment income-net per share is unaffected by Fund shares
issued or redeemed.
NOTE 2--Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement ("Agreement") with the
Manager, the management fee is computed at the annual rate of .60 of 1% of
the average daily value of the Fund's net assets and is payable monthly. The
Agreement provides for an expense reimbursement from the Manager should the
Fund's aggregate expenses, exclusive of taxes, interest, brokerage and
extraordinary expenses, exceed
1-1/2% of the average daily value of the Fund's net assets for any full fiscal
year. No expense reimbursement was required for the six months ended October
31, 1995.
(b) Under the Service Plan (the "Plan") adopted pursuant to Rule
12b-1 under the Act, the Fund (a) reimburses the Distributor for payments to
certain Service Agents for distributing the Fund's shares and servicing
shareholder accounts ("Servicing") and (b) pays the Manager, Dreyfus Service
Corporation, a wholly-owned subsidiary of the Manager, and any affiliate of
either of them (collectively "Dreyfus") for advertising and marketing
relating to the Fund and for Servicing, at an aggregate annual rate of .20 of
1% of the value of the Fund's average daily net assets. Each of the
Distributor and Dreyfus may pay one or more Service Agents a fee in respect
of the Fund's shares owned by shareholders with whom the Service Agent has a
Servicing relationship or for whom the Service Agent is the dealer or holder
of record. Each of the Distributor and Dreyfus determine the amounts, if any,
to be paid to Service Agents to which it will make payments and the basis on
which such payments are made. The Plan also separately provides for the Fund
to bear the costs of preparing, printing and distributing certain of the
Fund's prospectuses and statements of additional information and costs
associated with implementing and operating the Plan, not to exceed the
greater of $100,000 or .005 of 1% of the Fund's average daily net assets for
any full fiscal year.
During the six months ended October 31, 1995, $1,464,850 was charged
to the Fund pursuant to the Plan.
(c) Each director who is not an "affiliated person" as defined in the
Act receives from the Fund an annual fee of $4,500 and an attendance fee of
$500 per meeting. The Chairman of the Board receives an additional 25% of
such compensation.
<PAGE>
Dreyfus GNMA Fund, Inc.
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 3--Securities Transactions:
The aggregate amount of purchases and sales (including paydowns) of
investment securities, excluding short-term securities, during the six months
ended October 31, 1995, amounted to $1,219,933,783 and $1,216,043,354,
respectively.
At October 31, 1995, accumulated net unrealized appreciation on
investments was $41,987,415, consisting of $44,026,310 gross unrealized
appreciation and $2,038,895 gross unrealized depreciation.
At October 31, 1995, 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).
Review Report of Ernst & Young LLP, Independent Accountants
Shareholders and Board of Directors
Dreyfus GNMA Fund, Inc.
We have reviewed the accompanying statement of assets and liabilities
of Dreyfus GNMA Fund, Inc., including the statement of investments, as of
October 31, 1995, and the related statements of operations and changes in net
assets and financial highlights for the six month period ended October 31,
1995. These financial statements and financial highlights are the
responsibility of the Fund's management.
We conducted our review in accordance with standards established by
the American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights 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 interim financial statements and financial
highlights referred to above for them to be in conformity with generally
accepted accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
April 30, 1995 and financial highlights for each of the five years in the
period ended April 30, 1995 and in our report dated June 6, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
ERNST & YOUNG
New York, New York
December 7, 1995
<PAGE>
Dreyfus GNMA Fund, Inc.
200 Park Avenue
New York, NY10166
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
First Data Investor Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 265SA9510
