DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus Connecticut
Municipal Money Market Fund. For its semi-annual reporting period ended March
31, 1996, your Fund provided an annualized yield of 2.97%. Income dividends
exempt from Federal and State of Connecticut personal income taxes of
approximately $.015 per share were paid to shareholders.* Reinvesting these
dividends and calculating the effect of compounding resulted in an annualized
effective yield of 3.01%.**
THE ECONOMY
Fresh signs of economic growth appeared in the first quarter of this
year. There were encouraging reports of strength in the housing market-sales
of new homes and new home construction surged in February. Factory orders
increased and order backlogs rose in January for the fifth consecutive month.
On the consumer level, retail sales were marginally stronger although
consumer installment debt remained at near-record proportions as a percentage
of disposable income. Presently, there are indications that the labor market
may be tightening. Employment is rising and initial claims for unemployment
insurance are lessening. Some increases in real wages may result, a
possibility well worth noting since worker wages are emerging as a political
issue in this year's election. These favorable economic reports caused
long-term interest rates to rise sharply during the last quarter.
Apparently satisfied with the pace of economic growth, the Federal
Reserve Board left the Federal Funds rate unchanged in March. Over the past
12 months, the Fed reduced the level of short-term interest rates three times
to spur the sluggish economy, the last reduction occurring on January 31,
1996. On that date, the Fed eased the Federal Funds rate to its present level
of 5.25%.
MARKET ENVIRONMENT
The short-term municipal market certainly is influenced by any Federal
Reserve Board decision to alter interest rates; however, market technicals
(i.e. supply/demand) were the overriding factor affecting the yields that
prevailed throughout this period. By Fall 1995, rates on short-term issues
had settled into a trading range. A steady interchange of variable rate
demand notes (VRDNs) between corporate holders and municipal money market
funds kept rates on these securities attractive, which resulted in an
inverted yield curve (rates on shorter maturities were higher than rates on
longer issues) during most of the season.
Despite the Fed's easing move in early December, rates on VRDNs trended
even higher toward year-end. That was a seasonal occurrence (as prior years
have demonstrated) which reverses dramatically in January as cash returns to
the money market arena. The "January effect" leads to a high increase in
demand for VRDNs and, accordingly, a substantial yield drop on these issues
as well. The unusually large asset inflows abated by late January, thereby
lessening the high demand for VRDNs and serving to restore stability to
short-term yields.
Technical factors should once again play a significant role in the
short-term municipal market since tax-free money market funds usually
experience outflows as individuals redeem shares to meet tax payment needs.
The decreased demand for short-term securities that follows often places
temporary upward pressure on VRDN yields. Historically, a high percentage of
these redemptions have been experienced in national money market funds, and
typically, state-specific money market fund cash flows have remained
relatively stable throughout the period. If there is no need to sell
higher-yielding demand notes to meet redemption needs, state-specific funds
such as yours potentially can derive a temporary benefit of higher yields on
VRDNs from this seasonal occurrence.
PORTFOLIO ACTIVITY
With the inverted yield curve, daily and weekly demand notes yielded
moderately more than both commercial paper and longer-term notes through most
of the period. Our investment strategy in late 1995 involved lengthening the
portfolio's maturity, when possible, in order to lock in rates that we felt
would outperform variable rate notes early in 1996.
The commercial paper and one-year note markets provided the primary means
for us to extend. However, our success in achieving the desired average
maturity remained limited due to a scarcity of high quality Connecticut tax
exempt issues from which to choose. As a result, your Portfolio's current
average maturity still leaves room to extend should a change in market or
supply conditions warrant.
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,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
April 15, 1996
New York, N.Y.
* Some income may be subject to the Federal Alternative Minimum Tax (AMT)
for certain shareholders.
**Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
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DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS MARCH 31, 1996 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
_______ _________
<S> <C> <C>
CONNECTICUT-90.4%
Town of Cheshire, BAN 4.25%, 8/9/96......................................... $ 6,400,000 $ 6,413,153
State of Connecticut:
Economic Recovery Notes:
4.25%, 12/15/96....................................................... 5,000,000 5,018,794
VRDN 3.50% (SBPA: Canadian Imperial Bank of Commerce, Industrial
Bank of Japan and National Westminster Bank) (a).................. 6,000,000 6,000,000
Special Tax Obligation Revenue, VRDN (Transportation Infrastructure-1)
2.70% (LOC; Commerzbank) (a,b)........................................ 10,000,000 10,000,000
Connecticut Development Authority, VRDN:
Health Care Revenue (Corp. for Independent Living Project)
3.30% (LOC; Chemical Bank) (a,b)...................................... 10,345,000 10,345,000
IDR (Blaset and Bromley Realty Project) 3.90% (LOC; Fleet Bank) (a,b)... 3,900,000 3,900,000
PCR, Refunding:
(Connecticut Light and Power Co. Project):
3.30%, Series A (LOC; Deutsche Bank) (a,b)........................ 19,000,000 19,000,000
3.45%, Series B (LOC; Union Bank of Switzerland) (a,b)............ 13,000,000 13,000,000
(Western Massachusetts Electric Co.)
3.25%, Series A (LOC; Union Bank of Switzerland) (a,b)............ 9,800,000 9,800,000
Solid Waste Revenue (Rand/Whitney Project)
3.15% (LOC; Chase Manhattan Bank) (a,b)............................... 8,500,000 8,500,000
Water Facility Revenue (Bridgeport Hydraulic Co. Project)
3.05% (LOC; Societe Generale) (a,b)................................... 8,500,000 8,500,000
Connecticut Health and Educational Facilities Authority, Revenue:
CP (Lundham Community Memorial Hospital)
3.30%, 4/15/96 (LOC; Banque Paribas) (b).............................. 5,000,000 5,000,000
VRDN (Charlotte Hungerford Hospital)
3.20%, Series B (LOC; Bank of Boston) (a,b)........................... 1,000,000 1,000,000
Connecticut Housing Finance Authority (Housing Mortgage Finance Program):
CP 3.30%, Series D, 5/13/96............................................. 3,445,000 3,445,000
Revenue:
3.75%, Subseries H-2, 4/15/96......................................... 5,000,000 5,000,000
3.75%, Series E-1, 6/10/96............................................ 4,000,000 4,000,000
3.85%, Subseries E-2, 6/10/96......................................... 4,000,000 4,000,000
VRDN 3.30%, Series G (Insured; AMBAC) (a)............................... 7,300,000 7,300,000
Connecticut Municipal Electric Energy Co-op, Power Supply System Revenue:
CP 3%, Series A, 5/24/96 (LOC; Fleet Bank) (b).......................... 8,000,000 8,000,000
Refunding 4%, 1/1/97 (Insured; MBIA).................................... 700,000 703,736
Connecticut Special Assessment Unemployment Compensation Advance Fund, Revenue
(Connecticut Unemployment)
3.90%, Series C, 7/1/96 (Insured and Liquidity; FGIC)................... 15,000,000 15,000,000
Town of Hamden, BAN 4.25%, 8/15/96.......................................... 4,100,000 4,107,333
DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1996 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ _______
CONNECTICUT (CONTINUED)
Hartford Redevelopment Agency, MFMR, Refunding, VRDN
(Underwood Tower Housing Project)
3.45% (Insured; FSA and Liquidity; Barclays Bank) (a)................... $ 10,500,000 $ 10,500,000
Town of Meriden, BAN 3.25%, 8/14/96......................................... 4,700,000 4,702,231
Town of Milford, BAN 4.10%, 11/14/96........................................ 6,475,000 6,491,631
Town of New Britain, BAN 3.70%, 4/15/96..................................... 2,000,000 2,000,346
Stamford Housing Authority, Revenue, VRDN (Morgan Street Project)
3.30% (LOC; Deutsche Bank) (a,b)........................................ 7,500,000 7,500,000
Town of Trumbell, BAN 3.25%, 6/15/96........................................ 1,700,000 1,700,659
U.S. RELATED-9.6%
Commonwealth of Puerto Rico Government Development Bank:
CP 3.05%, 5/22/96....................................................... 12,000,000 12,000,000
Refunding, VRDN 2.80% (LOC; Credit Suisse) (a,b)........................ 3,750,000 3,750,000
Commonwealth of Puerto Rico Highway and Transportation Authority,
Highway Revenue, VRDN
2.80%, Series X (LOC: Landesbank Hessin-Thuringen, Swiss Bank Corp. and
Union Bank of Switzerland) (a,b)........................................ 4,575,000 4,575,000
___________
TOTAL INVESTMENTS (cost $211,252,883)....................................... $211,252,883
============
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DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
BAN Bond Anticipation Notes Insurance Corporation
CP Commercial Paper MFMR Multi-Family Mortgage Revenue
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
FSA Financial Security Assurance SBPA Standby Bond Purchase Agreement
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
LOC Letter of Credit
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SUMMARY OF COMBINED RATINGS (UNAUDITED)
MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
______________ ___________________ ____________________
<S> <C> <C>
VMIG1/MIG1, P1 (c) SP1+/SP1, A1+/A1 (c) 85.3%
Aaa/Aa (d) AAA/AA (d) 2.7
Not Rated (e) Not Rated (e) 12.0
______
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 March 31, 1996, 52.4% of the Fund's
net assets are backed by letters of credit issued by domestic banks and
foreign banks, of which Deutsche Bank and Union Bank of Switzerland
provided letters of credit to 12.3% and 11.5%, respectively, of the
Fund's net assets.
(c) P1 and A1 are the highest ratings assigned tax-exempt commercial
paper by Moody's and Standard & Poor's, respectively.
(d) Notes which are not MIG or SP rated are represented by bond ratings
of the issuers.
(e) Securities which, while not rated by Moody's and Standard & Poor's,
respectively, have been determined by the Fund's Board of Directors 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.
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DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1996 (UNAUDITED)
<S>
ASSETS: <C> <C>
Investments in securities, at value-Note 1(a)........................... $211,252,883
Cash.................................................................... 2,933,972
Interest receivable..................................................... 1,388,511
Prepaid expenses........................................................ 30,668
____________
215,606,034
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $ 80,420
Accrued expenses and other liabilities.................................. 66,600 147,020
_________ ____________
NET ASSETS ................................................................ $215,459,014
=============
REPRESENTED BY:
Paid-in capital......................................................... $215,537,570
Accumulated net realized (loss) on investments.......................... (78,556)
____________
NET ASSETS at value applicable to 215,537,570 outstanding shares of
Common Stock, equivalent to $1.00 per share (1 billion shares of $.001 par
value authorized)....................................................... $215,459,014
=============
STATEMENT OF OPERATIONS SIX MONTHS ENDED MARCH 31, 1996 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 4,139,037
EXPENSES:
Management fee-Note 2(a).............................................. $572,154
Shareholder servicing costs-Note 2(b)................................. 116,383
Professional fees..................................................... 19,494
Custodian fees........................................................ 12,245
Directors' fees and expenses-Note 2(c)................................ 4,657
Prospectus and shareholders' reports.................................. 4,350
Registration fees..................................................... 891
Miscellaneous......................................................... 4,873
_______
TOTAL EXPENSES.................................................. 735,047
Less-reduction in management fee due to
undertaking-Note 2(a)............................................. 11,238
_______
NET EXPENSES.................................................... 723,809
__________
INVESTMENT INCOME-NET, representing net increase in net assets
resulting from operations............................................... $ 3,415,228
=============
See independent accountants' review report and notes to financial statements.
DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
SEPTEMBER 30, MARCH 31, 1996
1995 (UNAUDITED)
________ __________
OPERATIONS:
Investment income-net............................................. $ 8,278,417 $ 3,415,228
Net realized (loss) on investments................................ (33,920) -
_____________ _____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ 8,244,497 3,415,228
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net............................................. (8,278,417) (3,415,228)
_____________ _____________
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold..................................... 357,211,843 176,083,416
Dividends reinvested.............................................. 7,853,761 3,276,421
Cost of shares redeemed........................................... (374,167,329) (196,832,422)
_____________ _____________
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS........ (9,101,725) (17,472,585)
_____________ _____________
TOTAL (DECREASE) IN NET ASSETS.............................. (9,135,645) (17,472,585)
NET ASSETS:
Beginning of period............................................... 242,067,244 232,931,599
_____________ _____________
End of period..................................................... $ 232,931,599 $ 215,459,014
=============== ===============
See independent accountants' review report and notes to financial statements.
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DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET 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.
SIX MONTHS ENDED
YEAR ENDED SEPTEMBER 30, MARCH 31, 1996
__________________________________________________________
PER SHARE DATA: 1991 1992 1993 1994 1995 (UNAUDITED)
____ ____ ____ ____ ____ ____________
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______ _______ _______
INVESTMENT OPERATIONS;
Investment income-net.............. .047 .032 .023 .023 .033 .015
______ ______ ______ ______ _______ _______
DISTRIBUTIONS;
Dividends from investment income-net (.047) (.032) (.023) (.023) (.033) (.015)
______ ______ ______ ______ _______ _______
Net asset value, end of period..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======== ======= ======= =========
TOTAL INVESTMENT RETURN................ 4.80% 3.28% 2.34% 2.33% 3.35% 2.99%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets - .04% .12% .22% .45% .63%*
Ratio of net investment income to
average net assets............... 4.54% 3.22% 2.30% 2.30% 3.31% 2.98%*
Decrease reflected in above expense ratios
due to undertakings by the Manager .67% .63% .55% .42% .18% .01%*
Net Assets, end of period (000's Omitted) $187,301 $206,980 $212,288 $242,067 $232,932 $215,459
*Annualized.
See independent accountants' review report and notes to financial statements.
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DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Connecticut Municipal Money Market Fund, Inc. (the "Fund") is
registered under the Investment Company Act of 1940 ("Act") as a
non-diversified open-end management investment company. The Fund's investment
objective is to provide investors with as high a level of current income
exempt from Federal and State of Connecticut income taxes as is consistent
with the preservation of capital and the maintenance of liquidity. The
Dreyfus Corporation ("Manager") serves as the Fund's investment adviser. The
Manager is a direct subsidiary of Mellon Bank, N.A. 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 charge.
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. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value of $1.00.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Directors 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 original issue 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. Cost of investments represents amortized cost.
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, if any, 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 applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately $45,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to September 30, 1995. The
carryover does not include net realized securities losses from November 1,
1994 through September 30, 1995 which are treated, for Federal income tax
purposes, as arising in fiscal 1996. If not applied, $34,000 of the carryover
expires in fiscal 2002 and $11,000 of the carryover expires in fiscal 2003.
DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
At March 31, 1996, 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 value
of the Fund's average daily 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 the expense limitation of any state having
jurisdiction over the Fund for any full fiscal year. The Manager has
undertaken from October 1, 1995 through September 30, 1996, to reduce the
management fee paid by, or reimburse such excess expenses of the Fund, to the
extent that the Fund's aggregate annual expenses (exclusive of certain
expenses as described above) exceed an annual rate of .65 of 1% of the value
of the Fund's average daily net assets. The reduction in management fee,
pursuant to the undertaking, amounted to $11,238 for the six months ended
March 31, 1996.
The undertaking may be modified by the Manager from time to time,
provided that the resulting expense reimbursement would not be less than the
amount required pursuant to the Agreement.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for certain allocated expenses of providing personal
services and/or maintaining 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 March 31, 1996, the Fund was charged an aggregate
of $58,910 pursuant to the Shareholder Services Plan.
Effective December 1, 1995, the Fund compensates Dreyfus Transfer, Inc.,
a wholly-owned subsidiary of the Manager, under a transfer agency agreement
for providing personnel and facilities to perform transfer agency services
for the Fund. Such compensation amounted to $23,195 for the period from
December 1, 1995 through March 31, 1996.
(C) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $1,000. The Chairman of the Board
receives an additional 25% of such compensation.
DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus Connecticut Municipal Money Market Fund, Inc., including the
statement of investments, as of March 31, 1996, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended March 31, 1996. 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
September 30, 1995 and financial highlights for the five years in the period
ended September 30, 1995 and in our report dated November 2, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst & Young LLP signature logo]
New York, New York
April 29, 1996
[Dreyfus lion "d" logo]
Connecticut
Municipal
Money Market
Fund, Inc.
Semi-Annual
Report
March 31, 1996
DREYFUS CONNECTICUT MUNICIPAL
MONEY MARKET FUND, INC.
200 Park Avenue
New York, NY 10166
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
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 101SA963
[Dreyfus logo]
