President's Letter
Dear Shareholder:
We are pleased to provide you with this semi-annual report for the
Dreyfus New York Tax Exempt Money Market Fund. For the period ended
November 30, 1993, the annualized yield provided by your Fund was 1.64%.
After taking into account the effect of compounding, the annualized
effective yield was 1.65%.* Dividends of approximately $.01 per share
paid during the period were exempt from Federal, New York State and New
York City income taxes.**
Since our last report, inflation has remained at relatively low
levels and any increase in economic and credit demand growth has been
modest. Recent indicators that revealed economic strength do not appear
strong enough to result in any immediate tightening action by the
Federal Reserve Board. Economic growth, however, is projected to pick
up in early 1994 and it may influence the Federal Reserve to implement a
more restrictive monetary policy. As a result, short-term yields may
rise, but we expect supply and demand factors in the municipal money
market to be the overriding influence on tax exempt money market rates.
Over the past several months, many issuers returned to the
marketplace with their traditional annual financings -- the most recent
example being a $1.4 billion State of New Jersey Tax Revenue
Anticipation Note issue that was well received. During times when
issuance of this type outpaced demand, yields rose on municipal notes
creating opportunities for attractive purchases for your Fund's
portfolio. At these times, high-quality securities were added to the
portfolio to enhance the Fund's yield. In addition, we expected
technical factors (supply/demand) in the municipal note market to cause
rates on notes to rise temporarily at year end. Traditionally, this
occurs as individuals and corporations tap their money funds to meet
seasonal needs. This attractive rate environment should provide a
temporary boost in yields at year end, and indeed, it did.
We have included a current Statement of Investments and recent
financial statements for your review. We look forward to serving your
investment needs in the future.
Very truly yours,
Richard J. Moynihan
President
January 3, 1994
New York, N.Y.
*Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
**Some income may be subject to the Federal Alternative Minimum Tax
(AMT) for certain shareholders.
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<CAPTION>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF INVESTMENTS NOVEMBER 30, 1993 (UNAUDITED)
TAX EXEMPT INVESTMENTS--100.0% PRINCIPAL
AMOUNT VALUE
--------- -----
<S> <C> <C>
Broome County Industrial Development Agency, IDR, Refunding, VRDN
(Bing Realty Project) 2.50% (LOC; Meridian Bank Corp.) (a,b)................ $ 1,500,000 $ 1,500,000
Erie County, RAN 3.30%, 8/5/94 (LOC; Mitsubishi Bank) (b)..................... 10,000,000 10,013,061
Fulton County Industrial Development Agency, Revenue, VRDN
(SLM Action Sports Project) 2.425% (LOC; Royal Bank of Canada) (a,b)........ 600,000 600,000
Half Hollow Hills Central School District, Huntington and Babylon, TAN
3%, 6/24/94................................................................. 8,000,000 8,026,305
Town of Islip Industrial Development Agency, IDR, VRDN
(Radiation Dynamics Project) 2.80%, Series A (LOC; Sumitomo Bank) (a,b)..... 5,900,000 5,900,000
Metropolitan Transport Authority, Commuter Facilities Revenue, VRDN
2.05% (LOC: Bank of Tokyo, Industrial Bank of Japan, Mitsubishi Bank,
Morgan Bank, National Westminster Bank and Sumitomo Bank) (a,b)............. 34,800,000 34,800,000
Monroe County, BAN:
2.75%, 12/17/93............................................................. 5,000,000 5,000,969
3%, 6/10/94................................................................. 6,000,000 6,013,758
Monroe County Industrial Development Agency, IDR, VRDN (Enbi Corp.)
2.15% (LOC; ABN-Amro Bank) (a,b)............................................ 4,700,000 4,700,000
City of New York:
RAN 3.50%, 6/30/94.......................................................... 15,000,000 15,051,452
VRDN:
GO Notes 2%, Series C-5 (LOC; Sumitomo Bank) (a,b)........................ 3,600,000 3,600,000
Trust Cultural Resource Revenue (Solomon R. Guggenheim)
1.85%, Series B (LOC; Swiss Bank Corp.) (a,b)........................... 2,700,000 2,700,000
New York City Housing Development Corp., Mortgage Revenue, VRDN:
(Park Gate Tower) 2.20% (LOC; Citibank) (a,b)............................... 685,000 685,000
(Residential East 17th Street) 2.35%, Series A (LOC; Chemical Bank) (a,b)... 13,600,000 13,600,000
(Stroheim and Romann Project) 2.05% (LOC; West Deutsche Landesbank) (a,b)... 5,700,000 5,700,000
New York City Industrial Development Agency, VRDN:
Civil Facility Revenue (Mercy College Project)
2.20% (LOC; The Bank of New York) (a,b)................................... 2,100,000 2,100,000
IDR (La Guardia Association Project) 2.15% (LOC; Banque Indosuez) (a,b)..... 13,700,000 13,700,000
New York City Municipal Water Finance Authority, Water and Sewer
Systems Revenue, BAN 2.75%, Series A, 4/15/94............................... 13,000,000 13,016,464
New York State, TRAN 2.75%, 12/31/93.......................................... 15,000,000 15,007,057
New York State Dormitory, Revenues:
CP (Sloan Kettering Memorial Hospital)
2.30%, Series 89A 12/17/93 (LOC; Fuji Bank) (b)........................... 6,000,000 6,000,000
VRDN (Cornell University)
1.85%, Series B (Liquidity Agreement; Morgan Guaranty Trust) (a).......... 9,700,000 9,700,000
New York State Energy, Research and Development Authority, PCR:
Bonds:
(LILCO Project) 2.50%, Series A, 3/1/94 (LOC; Deutsche Bank) (b).......... 3,600,000 3,600,000
(New York State Electric and Gas):
2.90%, Series D, 12/1/93 (LOC; Union Bank of Switzerland) (b)........... 10,400,000 10,400,000
2.75%, Series 85A, 3/1/94 (LOC; Union Bank of Switzerland) (b).......... 6,570,000 6,570,000
2.50%, Series 85A, 3/15/94 (LOC; Morgan Guaranty Trust) (b)............. 7,650,000 7,650,000
VRDN:
(Central Hudson Gas and Electric Project)
2.40%, Series A (LOC; Bankers Trust) (a,b).............................. 2,600,000 2,600,000
(Niagara Mohawk Project)
2.30%, Series C (LOC; Canadian Imperial Bank of Commerce) (a,b)......... 3,000,000 3,000,000
New York State Environmental Facilities Corp., RRR, VRDN
(Equity Huntington Project) 2% (LOC; Union Bank of Switzerland) (a,b)....... 4,200,000 4,200,000
New York State Housing Finance Agency, Revenue, VRDN:
(Liberty View Apartment Housing Project) 2.20% (LOC; Chemical Bank) (a,b)... 3,800,000 3,800,000
Multi-Family Housing 2.05%, Series A (a).................................... 3,100,000 3,100,000
New York State Job Development Authority, VRDN:
2.47%, Series A1 Thru A9 (LOC; Sumitomo Bank) (a,b)......................... 1,075,000 1,075,000
2.50%, Series C1 Thru C30 (LOC; Sumitomo Bank) (a,b)........................ 5,755,000 5,755,000
2.47%, Series C1 Thru C34 (LOC; Sumitomo Bank) (a,b)........................ 75,000 75,000
2.47%, Series D1 Thru D16 (LOC; Sumitomo Bank) (a,b)........................ 825,000 825,000
2.50%, Series E1 Thru E55 (LOC; Sumitomo Bank) (a,b)........................ 2,125,000 2,125,000
2.50%, Series F1 Thru F17 (LOC; Sumitomo Bank) (a,b)........................ 1,130,000 1,130,000
New York State Local Government Assistance Corp., VRDN 2%, Series 93A
(LOC: Credit Suisse, Swiss Bank Corp. and Union Bank of Switzerland) (a,b).. 12,000,000 12,000,000
New York State Medical Care Facilities Finance Agency, Revenue, VRDN:
(Childrens Hospital Buffalo Project) 2.35% (LOC; Barclays Bank) (a,b)....... 4,700,000 4,700,000
(Lenox Hill Hospital) 2.30%, Series A (LOC; Chemical Bank) (a,b)............ 2,800,000 2,800,000
(Pooled Equipment Loan Program) 2.15% (LOC; Chemical Bank) (a,b)............ 48,600,000 48,600,000
Onondaga County Industrial Development Agency, IDR, VRDN (Edgecomb Metals)
2.30% (LOC; Banque Nationale de Paris) (a,b)................................ 3,100,000 3,100,000
Orange County Industrial Development Agency, IDR, VRDN
(Minolta Advance Technology) 2.80% (LOC; Sanwa Bank) (a,b).................. 5,900,000 5,900,000
Rochester County, BAN 2.26%, 3/14/94.......................................... 18,645,000 18,647,533
Rockland County, RAN 2.75%, 4/8/94............................................ 5,000,000 5,005,106
Suffolk County, TAN 3%, 9/15/94 (LOC; Chemical Bank) (b)...................... 10,000,000 10,011,504
------------
TOTAL INVESTMENTS
(cost $344,083,209)......................................................... $344,083,209
============
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<CAPTION>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
SUMMARY OF ABBREVIATIONS
<S> <S> <S> <S>
BAN Bond Anticipation Notes RAN Revenue Anticipation Notes
CP Commercial Paper RRR Resource Recovery Revenue
GO General Obligation TAN Tax Anticipation Notes
IDR Industrial Development Revenue TRAN Tax and Revenue Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
PCR Pollution Control Revenue
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) or MOODY'S or STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- ------- ----------------- -------------------
<S> <S> <S> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 89.0%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) .9
Not Rated (f) Not Rated (f) Not Rated (f) 10.1
-----
100.0%
======
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NOTES TO STATEMENT OF INVESTMENTS:
(a) Securities payable on demand. The interest rate, which is subject
to change, is based upon bank prime rates or an
index of market interest rates.
(b) Secured by letters of credit. At November 30, 1993, 70.0% of the
Fund's net assets are backed by letters of credit
issued by domestic banks, foreign banks and brokerage firms, of
which Chemical Bank provided letters of credit to
22.5% of the Fund's net assets.
(c) Fitch currently provides creditworthiness information for a limited
amount of investments.
(d) P1 and A1 are the highest ratings assigned tax-exempt commercial
paper by Moody's and Standard & Poor's,
respectively.
(e) Notes which are not F, MIG or SP rated are represented by bond
ratings of the issuers.
(f) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's have been determined by the Fund's Board
of Trustees to be of comparable quality to those rated securities
in which the Fund may invest.
See independent accountants' review report and notes to financial
statements.
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1993 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value--Note 1(a).............................. $344,083,209
Cash........................................................................ 4,564,685
Interest receivable......................................................... 2,061,129
Prepaid expenses............................................................ 51,281
------------
350,760,304
LIABILITIES:
Due to The Dreyfus Corporation.............................................. $143,713
Accrued expenses............................................................ 91,289 235,002
-------- ------------
NET ASSETS.................................................................... $350,525,302
============
REPRESENTED BY:
Paid-in capital............................................................. $350,543,486
Accumulated net realized (loss) on investments.............................. (18,184)
------------
NET ASSETS at value applicable to 350,543,486 outstanding shares of
Beneficial Interest, equivalent to $1.00 per share
(unlimited number of $.001 par value shares authorized)..................... $350,525,302
============
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1993 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME............................................................. $ 4,189,447
EXPENSES:
Management fee--Note 2(a)................................................. $908,662
Shareholder servicing costs--Note 2(c).................................... 242,858
Custodian fees............................................................ 18,741
Prospectus and shareholders' reports--Note 2(b)........................... 15,650
Professional fees......................................................... 15,340
Trustees' fees and expenses--Note 2(d).................................... 5,828
Registration fees......................................................... 2,767
Miscellaneous............................................................. 6,459
--------
TOTAL EXPENSES........................................................ 1,216,305
----------
INVESTMENT INCOME-NET......................................................... 2,973,142
NET REALIZED (LOSS) ON INVESTMENTS--Note 1(b)................................. (2,110)
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......................... $2,971,032
==========
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED
YEAR ENDED NOVEMBER 30, 1993
MAY 31, 1993 (UNAUDITED)
<S> <C> <C>
OPERATIONS:
Investment income--net...................................................... $ 7,384,686 $ 2,973,142
Net realized gain (loss) on investments..................................... 28,042 (2,110)
Net unrealized (depreciation) on investments for the period ................ (5,944) --
------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS...................... 7,406,784 2,971,032
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net...................................................... (7,384,686) (2,973,142)
------------ ------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold............................................... 410,571,260 176,626,140
Dividends reinvested........................................................ 6,866,949 2,800,893
Cost of shares redeemed..................................................... (456,407,532) (208,715,546)
------------ ------------
(DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS............ (38,969,323) (29,288,513)
------------ ------------
TOTAL (DECREASE) IN NET ASSETS.......................................... (38,947,225) (29,290,623)
NET ASSETS:
Beginning of period......................................................... 418,763,150 379,815,925
------------ ------------
End of period............................................................... $379,815,925 $350,525,302
============ ============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
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. This
information has been derived from information provided in the Fund's
financial statements.
SIX MONTHS ENDED
NOVEMBER 30, 1993
YEAR ENDED MAY 31,
PER SHARE DATA: --------------------------------------------------
1989 1990 1991 1992 1993 (UNAUDITED)
------- ------- ------- ------- ------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.......... $1.0002 $1.0001 $ .9999 $ .9999 $ .9999 $1.0000
------- ------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income--net........................ .0498 .0522 .0458 .0321 .0186 .0082
Net realized and unrealized gain (loss)
on investments.............................. (.0001) (.0002) -- -- .0001 (.0001)
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS............ .0497 .0520 .0458 .0321 .0187 .0081
------- ------- ------- ------- ------- -------
DISTRIBUTIONS;
Dividends from investment income--net......... (.0498) (.0522) (.0458) (.0321) (.0186) (.0082)
------- ------- ------- ------- ------- -------
Net asset value, end of period................ $1.0001 $ .9999 $ .9999 $ .9999 $1.0000 $ .9999
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN......................... 5.10% 5.35% 4.68% 3.26% 1.87% 1.64%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets....... .58% .64% .61% .64% .67% .67%*
Ratio of net investment income to average
net assets.................................. 5.00% 5.21% 4.59% 3.22% 1.86% 1.64%*
Decrease reflected in above expense ratios
due to undertakings by the Manager.......... .03% -- -- -- -- --
Net Assets, end of period (000's Omitted)..... $444,491 $539,472 $478,040 $418,763 $379,816 $350,525
- ------------
*Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940
("Act") as a non-diversified open-end management investment company.
Dreyfus Service Corporation ("Distributor") acts as the distributor of
the Fund's shares, which are sold to the public without a sales load.
The Distributor is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager").
It is the Fund's policy to maintain a continuous net asset value
per share of $1.00; the Fund has adopted certain investment, portfolio
valuation and dividend and distribution policies to enable it to do so.
(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 Fund's investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Interest income,
adjusted for amortization of premiums and, when appropriate, discounts
on investments, is earned from settlement date and recognized on the
accrual basis. Realized gain and loss from securities transactions are
recorded on the identified cost basis.
The Fund follows an investment policy of investing primarily in
municipal obligations of one state. Economic changes affecting the state
and certain of its public bodies and municipalities may affect the
ability of issuers within the state to pay interest on, or repay
principal of, municipal obligations held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to
declare dividends daily from investment income-net. Such dividends are
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.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue
to qualify as a regulated investment company, which can distribute tax
exempt dividends, by complying with the provisions available to certain
investment companies, as defined in applicable sections of the Internal
Revenue Code, and to make distributions of income and net realized
capital gain sufficient to relieve it from all, or substantially all,
Federal income taxes.
The Fund has an unused capital loss carryover of approximately
$16,000 available for Federal income tax purposes to be applied against
future net securities profits, if any, realized subsequent to May 31,
1993. If not applied, $15,000 expires in fiscal 1998 and $1,000 expires
in fiscal 1999.
At November 30, 1993, the cost of investments for Federal income
tax purposes was substantially the same as the cost for financial
reporting purposes (see the Statement of Investments).
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the
Manager, the management fee is computed at the annual rate of .50 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,
brokerage, interest on borrowings and extraordinary expenses, exceed
1-1/2% of the average value of the Fund's net assets for any full
fiscal year. There was no expense reimbursement for the six months
ended November 30, 1993.
(B) The Fund has adopted a Service Plan, (the "Plan") pursuant to
which the Fund will 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.
Effective July 14, 1993, the Fund's Plan was terminated. For the period
from June 1, 1993 to July 1, 1993, the Fund was charged $3,319 pursuant
to the Plan.
(C) Pursuant to the Fund's Shareholder Services Plan, the Fund
reimburses the Distributor an amount not to exceed an annual rate of .25
of 1% of the value of the Fund's average daily net assets for servicing
shareholder accounts. The services provided may include personal
services relating to shareholder accounts, such as answering shareholder
inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder
accounts. During the six months ended November 30, 1993, the Fund was
charged an aggregate of $89,944 pursuant to the Shareholder Services
Plan.
(D) Certain officers and trustees of the Fund are "affiliated
persons," as defined in the Act, of the Manager and/or the Distributor.
Each trustee who is not an "affiliated person" receives an annual fee of
$1,500 and an attendance fee of $250 per meeting.
(E) On December 5, 1993, the Manager entered into an Agreement and
Plan of Merger providing for the merger of the Manager with a subsidiary
of Mellon Bank Corporation ("Mellon").
Upon closing of the merger, it is planned that the Manager will
retain its New York headquarters and will be a separate subsidiary
within the Mellon organization. It is expected that the Manager's
management team and mutual fund managers will remain in place, and the
Dreyfus mutual funds will be operated in the same manner as they are
currently.
Following the merger, the Manager will be either a direct or
indirect subsidiary of Mellon, whose principal banking subsidiary is
Mellon Bank, N.A. Closing of this merger is subject to a number of
contingencies, including the receipt of certain regulatory approvals and
the approvals of the stockholders of the Manager and of Mellon. The
merger is expected to occur in mid-1994, but could occur significantly
later.
Because the merger will constitute an "assignment" of the Fund's
Management Agreement with the Manager under the Investment Company Act
of 1940, and thus a termination of such Agreement, the Manager will seek
prior approval from the Fund's Board and shareholders.
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
REVIEW REPORT OF ERNST & YOUNG, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
We have reviewed the accompanying statement of assets and
liabilities of Dreyfus New York Tax Exempt Money Market Fund, including
the statement of investments, as of November 30, 1993, and the related
statements of operations and changes in net assets and financial
highlights for the six month period ended November 30, 1993. 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 May 31, 1993 and financial highlights for each of the five years
in the period ended May 31, 1993 and in our report dated July 12, 1993,
we expressed an unqualified opinion on such statement of changes in net
assets and financial highlights.
(Ernst & Young Signature Logo)
New York, New York
January 5, 1994
New York
Tax Exempt
Money Market Fund
Semi-Annual
Report
November 30, 1993
(Dreyfus Lion Logo.)
DREYFUS NEW YORK TAX EXEMPT
MONEY MARKET FUND
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
DISTRIBUTOR
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder 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. 273SA9311
