<PAGE>
Dreyfus
Variable
Investment Fund,
Money Market
Portfolio
Annual Report
December 31, 1996
<PAGE>
Dreyfus Variable Investment Fund, Money Market Portfolio
- ------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
We are pleased to report that Dreyfus Variable Investment Fund--Money Market
Portfolio provided an annualized yield of 4.94% for the fiscal year ended
December 31, 1996. When compound interest is taken into account, the annualized
effective yield was 5.06%.*
ECONOMIC REVIEW
The much-heralded "Goldilocks" phase of the U.S. economy--not too hot and not
too cold--may be ending. First, the slowdown to 2% GDP growth seems to have been
confined to the summer and recent data depict faster growth for the fourth
quarter of 1996. Second, inflation has begun a cyclical climb, although there is
yet little linkage to the tight labor market. The economy is operating with very
little slack near the close of its sixth year of expansion. Hence, the
resumption of faster growth quickly restored a rising trend to bond yields and
pulled short-term rates above their December lows. As yet there is little
expectation of tighter Federal Reserve policy, although sustained above-trend
growth would probably justify higher rates during 1997. Modest tightening in
1997 would in our opinion help allay inflation fears and sustain another year of
economic growth.
Although the economy grew near its 2.4% long-term trend rate in 1996, it was
nonetheless quite volatile during the year. After a strong first half, and then
the summer slowdown, the return to faster growth late in the year is not
broad-based. Strong sectors are in manufacturing, exports, services and
construction. By contrast, some retailers found Christmas sales disappointing
and capital goods orders are mixed. However, inventories are quite lean and this
tilts the odds towards yet another year of growth in 1997. While corporate
profit growth slowed in 1996, profits still tended to surprise on the upside and
should maintain steady growth in 1997.
Accelerating wage growth in 1996 did not fuel higher prices. And surging
energy prices have failed to lift inflation elsewhere. Indeed, core inflation
(excluding food and energy) decelerated last year. Yet surging energy prices
have forced consumer price inflation above 3% and indications are that this will
accelerate further. The general price structure has so far ignored the higher
oil price, responding to it as temporary. However, oil prices have been rising
now for a year and, at some point, their ability to raise the overall price
level may become worrisome, especially if the Federal Reserve Board (the "Fed")
finds them significant.
Both long-term and short-term interest rates were quite volatile in 1996. The
strength of the economy prompted rising rates through summer's end, but bond
yields then fell 90 basis points after the economy slowed. That period of low
rates may have ended now that faster growth is again apparent.
We believe the economy has reverted to a period of growth above the long-term
average. Key issues are whether faster growth will fuel higher inflation this
time and at what point rising oil prices would disturb price stability. The
economy will shortly begin a seventh expansion year and continued volatility in
growth and in sentiment is likely.
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 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.
<PAGE>
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 neglecting to safeguard the underlying capital.
Sincerely,
Patricia A. Larkin
Portfolio Manager
January 16, 1997
New York, N.Y.
*Annualized effective yield is based upon dividends declared daily and
reinvested monthly. The Portfolio's performance does not reflect the deduction
of additional charges imposed in connection with investing in variable annuity
contracts and variable life insurance policies.
<PAGE>
Dreyfus Variable Investment Fund, Money Market Portfolio
- ----------------------------------------------------------------------------
Statement of Investments December 31, 1996
<TABLE>
<CAPTION>
Principal
Negotiable Bank Certificates of Deposit--32.0% Amount Value
- ---------------------------------------------------------------------------- ------------------ ---------------
<S> <C> <C>
Bank of Tokyo-Mitsubishi, Ltd. (Yankee)
5.74%-5.88%, 1/15/97-3/26/97.............................................. $ 2,000,000 $ 2,000,000
Bayerische Vereinsbank AG (Yankee)
5.20%-5.38%, 1/29/97-2/24/97.............................................. 2,000,000 2,000,000
Chase Manhattan Bank USA
5.45%, 6/9/97............................................................. 2,000,000 2,000,000
Dai-Ichi Kangyo Bank Ltd. (Yankee)
5.72%, 3/19/97............................................................ 1,000,000 1,000,000
Fuji Bank Ltd. (Yankee)
5.54%, 1/15/97............................................................ 1,000,000 1,000,014
Industrial Bank of Japan Ltd. (Yankee)
5.75%, 1/10/97............................................................ 2,000,000 2,000,000
Providian National Bank
5.56%, 6/16/97............................................................ 2,000,000 2,000,000
Sanwa Bank Ltd. (London)
5.58%, 4/28/97............................................................ 1,000,000 1,000,032
Sanwa Bank Ltd. (Yankee)
5.65%, 1/6/97............................................................. 1,000,000 1,000,005
Societe Generale (Yankee)
6.03%, 7/21/97............................................................. 2,000,000 1,999,862
Sumitomo Bank Ltd. (Yankee)
5.53%, 1/9/97.............................................................. 2,000,000 2,000,000
------------
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $17,999,913)........................................................ $ 17,999,913
============
Bankers' Acceptances--1.8%
- -----------------------------------------------------------------------------
Dai-Ichi Kangyo Bank Ltd. (Yankee)
5.70%, 1/13/97
(cost $998,147)........................................................... $ 1,000,000 $ 998,147
============
Commercial Paper--34.0%
- ----------------------------------------------------------------------------
Abbey National North America
5.80%, 3/10/97............................................................ $ 2,000,000 $ 1,978,693
General Electric Capital Corp.
5.60%, 4/7/97............................................................. 2,000,000 1,970,987
General Motors Acceptance Corp.
5.48%-5.52%, 4/28/97-5/12/97.............................................. 2,000,000 1,963,153
Generale Bank Inc.
5.57%, 2/5/97............................................................. 2,000,000 1,989,461
Goldman Sachs Group L.P.
5.54%, 8/4/97............................................................. 2,000,000 1,936,456
<PAGE>
Dreyfus Variable Investment Fund, Money Market Portfolio
- ----------------------------------------------------------------------------
Statement of Investments (continued) December 31, 1996
Principal
Commercial Paper (continued) Amount Value
- ---------------------------------------------------------------------------- ------------------ ---------------
Lehman Brothers Holdings Inc.
5.89%-5.90%, 1/7/97-1/10/97............................................... $ 2,500,000 $ 2,496,898
Merrill Lynch & Co. Inc.
5.57%, 2/19/97............................................................ 800,000 794,066
Paine Webber Group Inc.
5.55%, 4/28/97............................................................ 2,000,000 1,964,900
Salomon Inc.
5.80%, 2/3/97............................................................. 2,000,000 1,989,660
Sears Roebuck Acceptance Corp.
5.76%, 1/28/97............................................................ 2,000,000 1,991,600
------------
TOTAL COMMERCIAL PAPER
(cost $19,075,874)........................................................ $ 19,075,874
============
Corporate Notes--5.3%
- ---------------------------------------------------------------------------
Bear Stearns Companies Inc.
5.38%, 2/18/97 (a)........................................................ $ 1,000,000 $ 1,000,000
Merrill Lynch & Co. Inc.
5.47%, 5/13/97 (a)........................................................ 2,000,000 1,999,860
------------
TOTAL CORPORATE NOTES
(cost $2,999,860)......................................................... $ 2,999,860
============
Short-Term Bank Notes--3.6%
- ----------------------------------------------------------------------------
Banc One Milwaukee
5.37%, 2/6/97 (a)
(cost $1,999,924)......................................................... $ 2,000,000 $ 1,999,924
============
U.S. Government Agencies--12.5%
- ----------------------------------------------------------------------------
Federal Farm Credit Banks
Floating Rate Notes
5.33%, 7/25/97 (a)........................................................ $ 2,000,000 $ 1,999,571
Federal National Mortgage Association
Floating Rate Notes
5.36%, 11/21/97-1/21/98 (a)............................................... 5,000,000 4,997,621
------------
TOTAL U.S. GOVERNMENT AGENCIES
(cost $6,997,192)......................................................... $ 6,997,192
============
<PAGE>
Dreyfus Variable Investment Fund, Money Market Portfolio
- ----------------------------------------------------------------------------
Statement of Investments (continued) December 31, 1996
Principal
Repurchase Agreements--10.0% Amount Value
- ---------------------------------------------------------------------------- ------------------ ---------------
Aubrey G. Lanston & Co., Inc.
5.75%, dated 12/31/96, due 1/2/97 in the amount
of $5,693,818 (fully collateralized by $5,658,000
U.S. Treasury Notes, 5.875%, due 7/31/97, value
$5,799,585)
(cost $5,692,000)......................................................... $ 5,692,000 $ 5,692,000
============
TOTAL INVESTMENTS
(cost $55,762,910)................................................ 99.2% $ 55,762,910
====== ============
CASH AND RECEIVABLES (NET)........................................... .8% $ 423,202
====== ============
NET ASSETS........................................................... 100.0% $ 56,186,112
====== ============
<FN>
Notes to Statement of Investments:
- --------------------------------------------------------------------
(a) Variable interest rate--subject to periodic change.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Variable Investment Fund, Money Market Portfolio
- ----------------------------------------------------------------
Statement of Assets and Liabilities December 31, 1996
<TABLE>
<CAPTION>
Cost Value
------------- -------------
<S> <C> <C> <C>
ASSETS: Investments in securities--Note 2(a,b)
(including Repurchase Agreements of $5,692,000) $55,762,910 $55,762,910
Cash............................................. 36,906
Interest receivable.............................. 441,840
Prepaid expenses and other assets................ 8
-------------
56,241,664
-------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.... 23,796
Accrued expenses................................. 31,756
-------------
55,552
-------------
NET ASSETS..................................................................... $56,186,112
=============
REPRESENTED BY: Paid-in capital.................................. $56,186,894
Accumulated net realized gain (loss) on investments (782)
-------------
NET ASSETS..................................................................... $56,186,112
=============
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest authorized). 56,186,894
NET ASSET VALUE, offering and redemption price per share....................... $1.00
=====
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Variable Investment Fund, Money Market Portfolio
- ------------------------------------------------------------------------------
Statement of Operations Year Ended December 31, 1996
<TABLE>
<S> <C> <C> <C>
INVESTMENT INCOME
INCOME Interest Income................................. $2,886,890
EXPENSES: Management fee--Note 3(a)......................... $258,755
Auditing fees.................................... 27,766
Custodian fees................................... 13,034
Prospectus and shareholders' reports............. 8,033
Legal fees....................................... 4,983
Registration fees................................ 3,355
Trustees' fees and expenses--Note 3(b)........... 1,798
Shareholder servicing costs...................... 403
Miscellaneous.................................... 2,246
----------
Total Expenses.............................. 320,373
-----------
INVESTMENT INCOME--NET......................................................... 2,566,517
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 2(b)............................. (3)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................... $2,566,514
===========
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Variable Investment Fund, Money Market Portfolio
- --------------------------------------------------------------------------------
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................................................ $ 2,566,517 $2,065,786
Net realized gain (loss) on investments.............................. (3) (848)
------------- -------------
Net Increase (Decrease) in Net Assets Resulting from Operations.. 2,566,514 2,064,938
------------- -------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net................................................ (2,579,096) (2,059,102)
------------- -------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................ 114,999,607 132,951,839
Dividends reinvested................................................. 2,579,096 2,059,102
Cost of shares redeemed.............................................. (106,628,860) (124,496,329)
------------- -------------
Increase (Decrease) in Net Assets from Beneficial Interest Transactions 10,949,843 10,514,612
------------- -------------
Total Increase (Decrease) in Net Assets........................ 10,937,261 10,520,448
NET ASSETS:
Beginning of Period.................................................. 45,248,851 34,728,403
------------- -------------
End of Period........................................................ $56,186,112 $45,248,851
============= =============
Undistributed investment income--net................................... -- $ 12,579
------------- -------------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Variable Investment Fund, Money Market Portfolio
- -----------------------------------------------------------------------
Financial Highlights
Contained below is per share operating performance data for a share of
Beneficial Interest 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 Series' financial statements.
<TABLE>
<CAPTION>
Year Ended December 31,
----------------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA: 1996 1995 1994 1993 1992
------ ------ ------ ------ ------
Net asset value, beginning of period............... $1.00 $1.00 $1.00 $1.00 $1.00
------ ------ ------ ------ ------
Investment Operations:
Investment income--net.............................. .050 .055 .043 .032 .041
------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net............... (.050) (.055) (.043) (.032) (.041)
------ ------ ------ ------ ------
Net asset value, end of period..................... $1.00 $1.00 $1.00 $1.00 $1.00
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN............................... 5.10% 5.66% 4.37% 3.29% 4.14%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets............ .62% .62% -- -- --
Ratio of net investment income
to average net assets........................... 4.96% 5.51% 4.62% 3.23% 4.10%
Decrease reflected in above expense ratios
due to undertakings by The Dreyfus Corporation.. -- .03% .88% 2.81% 4.25%
Net Assets, end of period (000's Omitted).......... $56,186 $45,249 $34,728 $7,651 $790
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Variable Investment Fund, Money Market Portfolio
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
NOTE 1--General:
Dreyfus Variable Investment Fund (the "Fund") is registered under the
Investment Company Act of 1940 ("Act") as an open-end management investment
company, operating as a series company currently offering eleven series,
including the Money Market Portfolio (the "Series") and is intended to be a
funding vehicle for variable annuity contracts and variable life insurance
policies to be offered by the separate accounts of life insurance companies. The
Series is a diversified portfolio. The Series' investment objective is to
provide as high a level of current income as is consistent with the preservation
of capital and the maintenance of liquidity. The Dreyfus Corporation ("Dreyfus")
serves as the Series' investment adviser. Dreyfus is a direct subsidiary of
Mellon Bank, N.A. Premier Mutual Fund Services, Inc. acts as the distributor of
the Series' shares, which are sold without a sales charge.
It is the Series' policy to maintain a continuous net asset value per share
of $1.00; the Series 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 currently functions as the funding vehicle for the Dreyfus Series
2000 Variable Annuity Contract (the "Account") issued by Mutual Benefit Life
Insurance Company ("Mutual Benefit Life"). On July 16, 1991, the Superior Court
of New Jersey entered an Order (the "Order") appointing the New Jersey Insurance
Commissioner as Rehabilitator of Mutual Benefit Life. The Commissioner was
granted immediate exclusive possession and control of, and title to, the
business and assets of Mutual Benefit Life, including the assets and liabilities
of the Account.
The Commissioner was empowered by the order to take such steps as he deemed
appropriate toward removing the cause and conditions that made rehabilitation
necessary. On January 15, 1993, the commissioner Filed the First Amended Plan of
Rehabilitation ("Plan") with the Court. The Plan stipulated that the assets and
liabilities of the Account would be transferred to a separate account of MBL
Life Assurance Corporation ("MBLLAC"), a wholly-owned subsidiary of Mutual
Benefit Life. The Plan also provided for the transfer of the ownership of stock
of MBLLAC to a Trust. The Commissioner was designated as the sole Trustee of the
Trust. On August 12, 1993, the Court rendered an opinion approving the Plan with
certain modifications. Two subsequent amendments to the Plan were filed and
approved by the Court. None of the modifications or amendments affected the
status of the Account. On November 10, 1993, the Court issued an order of
Confirmation permitting the implementation of the Plan.
An order was also issued by the Court on January 28, 1994, approving the form
of the Third amended Plan of Rehabilitation, the Election Materials and related
documents. On April 29, 1994, the Plan was implemented. Substantially all of the
assets of Mutual Benefit Life were transferred to MBLLAC which assumed and
reinsured Mutual Benefit Life's restructured insurance liabilities. The stock of
MBLLAC was assigned to the Stock Trust and the Commissioner was designated as
Trustee.
In view of the terms and conditions of both the Order and the Plan,
applications for new contracts and additional purchase payments under existing
contracts are currently not being accepted by the Account. The terms of the
Order and the Plan permit redemptions from the Account to continue as requested.
The proceedings of the New Jersey Insurance Commissioner with respect to
Mutual Benefit Life or the Account do not apply to the separate accounts of
other life insurance companies that may use the Fund as a funding vehicle for
contracts or policies issued by them.
<PAGE>
Dreyfus Variable Investment Fund, Money Market Portfolio
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
The Fund accounts separately for the assets, liabilities and operations of
each series. Expenses directly attributable to each series are charged to that
series' operations; expenses which are applicable to all series are allocated
among them on a pro rata basis.
The Series' financial 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.
NOTE 2--Significant Accounting Policies:
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which has
been determined by the Fund's Board of Trustees to represent the fair value of
the Series' 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 Series to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain, if any, are normally declared and paid
annually, but the Series may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To the
extent that a net realized capital gain can be offset by a capital loss
carryover such gain will not be distributed.
(D) FEDERAL INCOME TAXES: It is the policy of the Series 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 $850 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, the
carryover expires in fiscal 2004.
NOTE 3--Investment Advisory Fee and Other Transactions With Affiliates:
(A) Pursuant to the provisions of an Investment Advisory Agreement
("Agreement") with Dreyfus, the investment advisory fee is computed at the
annual rate of .50 of 1% of the value of the Series' average daily net assets
and is payable monthly.
<PAGE>
Dreyfus Variable Investment Fund, Money Market Portfolio
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
The Series compensates Dreyfus Transfer, Inc. a wholly-owned subsidiary of
Dreyfus, under a transfer agency agreement for
providing personnel and facilities to perform transfer agency services for
the Series.
(B) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $250 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
<PAGE>
Dreyfus Variable Investment Fund, Money Market Portfolio
- -------------------------------------------------------------------------------
Report of Ernst & Young LLP, Independent Auditors
Shareholders and Board of Trustees
Dreyfus Variable Investment Fund, Money Market Portfolio
We have audited the accompanying statement of assets and liabilities,
including the statement of investments, of Dreyfus Variable Investment Fund,
Money Market Portfolio (one of the series constituting the Dreyfus Variable
Investment Fund) 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. 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 Variable Investment Fund, Money Market Portfolio 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 29, 1997
<PAGE>
Dreyfus Variable Investment Fund,
Money Market Portfolio
200 Park Avenue
New York, NY 10166
Investment Adviser
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. 117AR9612
