<PAGE>
- -------------------------------------------------------------------------------
PENNSYLVANIA
DAILY
MUNICIPAL
INCOME
FUND
Annual Report
November 30, 1996
- -------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------------------------------------
PENNSYLVANIA
DAILY MUNICIPAL 600 FIFTH AVENUE, NEW YORK, NY 10020
INCOME FUND 212-830-5200
===============================================================================
Dear Shareholder:
We are pleased to present the annual report of Pennsylvania Daily Municipal
Income Fund for the year ended November 30, 1996.
The Fund had net assets of $36,339,972 and 1,358 active shareholders as of
November 30, 1996. Dividends earned on a share held throughout the period were
$.030 and $.005, for Class A shares and Class B shares, respectively, which,
when adjusted for the compounding effect of the reinvestment of dividends,
represents a 3.01% and 3.25% yield on an annual basis for Class A shares and
Class B shares, respectively.
Thank you for your support and we look forward to continuing to serve your cash
management needs.
Sincerely,
\s\Steven W. Duff
Steven W. Duff
President
- -------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------------------------------------
PENNSYLVANIA DAILY MUNICIPAL INCOME FUND
STATEMENT OF NET ASSETS
NOVEMBER 30, 1996
===============================================================================
<TABLE>
<CAPTION>
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- -------- ------- ------
Other Tax Exempt Investments (20.18%)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$1,800,000 City of Philadelphia, PA TRAN - Series A 1996 to 1997 06/30/97 3.90% $ 1,805,472 MIG-1 SP-1
700,000 Luzerne County, PA Flood Protection
MBIA Insured 07/15/97 3.85 702,536 Aaa AAA
265,000 Pennsylvania Intergovernmental Cooperational Authority
(PICA) - Series 1996
FGIC Insured 06/15/97 3.60 266,782 Aaa AAA
1,000,000 Pennsylvania Turnpike RB - Series L
MBIA Insured 06/01/97 3.56 1,010,805 Aaa AAA
1,000,000 Philadelphia, PA School District TRAN 06/30/97 3.94 1,002,770 MIG-1 SP-1
1,500,000 Temple University of the Commonwealth System of Higher
Education University Funding Obligation 05/20/97 3.65 1,506,191 SP-1+
1,000,000 University of Pittsburgh, PA (University Capital Project) - Series A (d)
Pre-Refunded In Government Securities 06/01/97 3.80 1,041,199 AAA
- ---------- -----------
7,265,000 Total Other Tax Exempt Investments 7,335,755
- ---------- -----------
<CAPTION>
Other Variable Rate Demand Instruments (c) (53.65%)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$ 200,000 Allegheny County, PA ACES (Allegheny Hospital) - Series 1988C
LOC PNC Bank 03/01/13 3.55% $ 200,000 VMIG-1 A1+
500,000 Allegheny, PA IDA
(Commercial Development Parkway Center Project) - Series A
LOC Mellon Bank, N.A. 05/01/09 3.80 500,000 A1
2,000,000 Beaver County, PA IDA
LOC Barclays Bank PLC 08/01/20 3.55 2,000,000 P1 A1+
700,000 Butler County, PA IDA (Armco Incorporated Project) - Series 1996A (b)
LOC Chase Manhattan Bank, N.A. 06/01/20 3.80 700,000
400,000 Chartiers Valley, PA IDA
(Commercial Steel Corporation) - Series 1990A (b)
LOC PNC Bank 09/01/05 3.75 400,000
1,500,000 Chester County, PA HEFA(Barclay Friends Project) - Series A
LOC Bank of Ireland 08/01/25 3.55 1,500,000 VMIG-1 A1
2,000,000 City of York General Authority (Adjusted Rate Pooled Financing)
LOC First Union National Bank 09/01/26 3.50 2,000,000 A1
1,900,000 Clarion County, PA EDA (Piney Creek) - Series A
LOC Swiss Bank Corp. 12/01/11 3.75 1,900,000 VMIG-1 A1+
370,000 Clinton County, PA Municipal Authority HRB
(Lock Haven Hospital Project) - Series 1991A (b)
LOC Mellon Bank, N.A. 09/01/07 3.65 370,000
</TABLE>
- -------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
- -------------------------------------------------------------------------------
===============================================================================
<TABLE>
<CAPTION>
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- -------- ------- ------
Other Variable Rate Demand Instruments (Continued)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$1,000,000 College Township IDA
LOC Wachovia Bank & Trust Co., N.A. 11/01/11 3.60% $ 1,000,000 A1+
500,000 Delaware County, PA IDA
(Scott Paper Company) - Series A 12/01/18 3.55 500,000 P1 A1+
500,000 Delaware County, PA IDA PCRB
(Philadelphia Electric Co.) - Series A
LOC Toronto-Dominion Bank 08/01/16 4.05 500,000 P1 A1+
400,000 Jeannette, PA Health Services Authority (Jeannette Corporation)
LOC PNC Bank 07/01/99 3.80 400,000 VMIG-1
500,000 Lehigh County, PA IDA - Series 1985A
LOC Rabobank Nederland 12/01/15 3.35 500,000 P1
1,950,000 Montgomery County, PA Redevelopment Authority MHRB
(Glenmore Associates Project) 11/15/25 3.55 1,950,000 A1+
1,000,000 North Eastern Pennsylvania Hospital and Education Auth. RB
(All Health Pooled Fin. Prog.)
LOC Chase Manhattan Bank, N.A. 07/01/26 3.70 1,000,000 VMIG-1
625,000 Pennsylvania Economic Development Financing Authority RB - Series D11
LOC PNC Bank 11/01/05 3.80 625,000 A1
100,000 Pennsylvania State EDA (B&W Ebensburg Project)
LOC Swiss Bank Corp. 12/01/11 3.55 100,000 VMIG-1
1,100,000 Pennsylvania State Higher Education
Assistance Agency Student Loan 07/01/18 3.60 1,100,000 VMIG-1 A1+
1,000,000 Sewickley Valley Hospital Authority, PA RN
(D.T. Watson Rehabilitation Hospital)
LOC PNC Bank 10/01/97 4.13 1,000,000 P1 A1
1,250,000 York County, PA IDA VRD Limited Obligation RB (b)
(Metal Exchange Corporation Project) 06/01/06 3.90 1,250,000
- ---------- -----------
19,495,000 Total Other Variable Rate Demand Instruments 19,495,000
- ---------- -----------
<CAPTION>
Put Bonds (d) (7.43%%)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$2,700,000 Allegheny County, PA
LOC Canadian Imperial Bank of Commerce 10/30/97 3.65% $ 2,700,000 P1 A1
- ---------- -----------
2,700,000 Total Put Bonds 2,700,000
- ---------- -----------
<CAPTION>
Tax Exempt Commercial Paper (9.08%)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$1,500,000 Montgomery County, PA IDA PCR Refunding Bonds
(PECO Energy Co. Proj.) - Series 1994B
LOC Deutsche Bank A.G. 12/11/96 3.65% $ 1,500,000 P1 A1+
</TABLE>
- -------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
- -------------------------------------------------------------------------------
PENNSYLVANIA DAILY MUNICIPAL INCOME FUND
STATEMENT OF NET ASSETS (Continued)
NOVEMBER 30, 1996
===============================================================================
<TABLE>
<CAPTION>
Ratings (a)
----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- -------- ------- ------
Tax Exempt Commercial Paper (Continued)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$1,800,000 Venango IDA PA Resource Recovery RB (d)
(Scrubgrass Project) - Series A
LOC Natwest Bank 02/20/97 3.60% $ 1,800,000 P1 A1+
- ---------- -----------
3,300,000 Total Tax Exempt Commercial Paper 3,300,000
- ---------- -----------
<CAPTION>
Variable Rate Demand Instruments - Private Placements (c) (8.26%)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C>
$3,000,000 Pennsylvania Economic Development Financing Authority - Series 1992E (b)
LOC First National Bank of Maryland 12/01/17 3.97% $ 3,000,000
- ---------- -----------
3,000,000 Total Variable Rate Demand Instruments - Private Placements 3,000,000
- ---------- -----------
Total Investments (98.60%)(Cost $35,830,755+) 35,830,755
Cash and Other Assets, Net of Liabilities (1.40%) 509,217
-----------
Net Asset Value, offering and redemption price per share:
Net Assets (100.00%) $36,339,972
-----------
Class A shares, 36,335,897 Shares Outstanding (Note 3) $ 1.00
===========
Class B shares, 5,017 Shares Outstanding (Note 3) $ 1.00
===========
+ Aggregate cost for federal income tax purposes is identical.
</TABLE>
FOOTNOTES:
(a) The ratings noted for variable rate demand instruments are those of the
bank whose letter of credit secures such instruments or the guarantor of
the bond. P1 and A1+ are the highest ratings assigned for tax exempt
commercial paper.
(b) Securities that are not rated have been determined by the Fund's Board of
Trustees to be of comparable quality to the rated securities in which the
Fund may invest.
(c) Securities payable on demand at par including accrued interest (usually
with seven days notice) and where indicated are unconditionally secured as
to principal and interest by a bank letter of credit. The interest rates
are adjustable and are based on bank prime rates or other interest rate
adjustment indices. The rate shown is the rate in effect at the date of
this statement.
(d) The maturity date is the next put date.
<TABLE>
<CAPTION>
KEY:
<S> <C> <C> <C> <C> <C>
EDA = Economic Development Authority MHRB = Multi-family Housing Revenue Bond
HEFA = Health & Education Finance Authority PCRB = Pollution Control Revenue Bond
HDA = Hospital Development Authority RB = Revenue Bond
HRB = Hospital Revenue Bond RN = Revenue Note
IDA = Industrial Development Authority TRAN = Tax and Revenue Anticipation Note
</TABLE>
- -------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
- -------------------------------------------------------------------------------
PENNSYLVANIA DAILY MUNICIPAL INCOME FUND
STATEMENT OF OPERATIONS
YEAR ENDED NOVEMBER 30, 1996
===============================================================================
<TABLE>
<CAPTION>
INVESTMENT INCOME
<S> <C>
Income:
Interest................................................................................ $ 1,458,741
-------------
Expenses: (Note 2)
Investment management fee............................................................... 160,103
Administration fee...................................................................... 84,054
Distribution fee........................................................................ 100,062
Custodian fee........................................................................... 5,123
Shareholder servicing and related shareholder expenses.................................. 39,636
Legal, compliance and filing fees....................................................... 15,356
Audit and accounting.................................................................... 45,702
Trustees' fees.......................................................................... 5,406
Amortization of organization expenses................................................... 9,902
Other................................................................................... 2,577
-------------
Total expenses........................................................................ 467,921
Less: Expenses paid indirectly (Note 2)............................................... ( 2,159)
Less: Fees waived (Note 2)............................................................ ( 196,606)
-------------
Net expenses.......................................................................... 269,156
-------------
Net investment income....................................................................... 1,189,585
<CAPTION>
REALIZED GAIN (LOSS) ON INVESTMENTS
<S> <C>
Net realized gain (loss) on investments..................................................... -0-
-------------
Increase in net assets from operations...................................................... $ 1,189,585
=============
</TABLE>
- -------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
- -------------------------------------------------------------------------------
PENNSYLVANIA DAILY MUNICIPAL INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED NOVEMBER 30, 1996 AND 1995
===============================================================================
<TABLE>
<CAPTION>
1996 1995
--------------- ---------------
INCREASE (DECREASE) IN NET ASSETS
<S> <C> <C>
Operations:
Net investment income......................................... $ 1,189,585 $ 1,338,881
Net realized gain (loss) on investments...................... -0- 707
-------------- --------------
Increase in net assets from operations............................ 1,189,585 1,339,588
Dividends to shareholders from net investment income:
Class A....................................................... ( 1,189,561)* ( 1,338,881)*
Class B....................................................... ( 24)* --
Capital share transactions (Note 3):
Class A....................................................... ( 4,645,246) ( 2,579,953)
Class B....................................................... 5,017 --
---------------- --------------
Total increase (decrease)................................. ( 4,640,229) ( 2,579,246)
Net assets:
Beginning of year............................................. 40,980,201 43,559,447
---------------- ---------------
End of year................................................... $ 36,339,972 $ 40,980,201
================ ===============
* Designated as exempt-interest dividends for federal income tax purposes.
</TABLE>
- -------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
- -------------------------------------------------------------------------------
PENNSYLVANIA DAILY MUNICIPAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS
===============================================================================
1. Summary of Accounting Policies.
Pennsylvania Daily Municipal Income Fund, a Massachusetts business trust, is a
no-load, non-diversified, open-end management investment company registered
under the Investment Company Act of 1940. The Fund is a short term, tax exempt
money market fund. The Fund has two classes of stock authorized, Class A and
Class B. The Class A shares are subject to a service fee pursuant to the
Distribution and Service Plan. The Class B shares are not subject to a service
fee. Additionally, the Fund may allocate among its classes certain expenses to
the extent allowable to specific classes, including transfer agent fees,
government registration fees, certain printing and postage costs, and
administrative and legal expenses. Class Specific expenses of the Fund were
limited to distribution fees and minor transfer agent expenses. In all other
respects the Class A and Class B shares represent the same interest in the
income and assets of the Fund. Distribution for Class B shares commenced on
October 10, 1996 and all Fund shares outstanding before October 10, 1996 were
designated as Class A shares. The Fund's financial statements are prepared in
accordance with generally accepted accounting principles for investment
companies as follows:
a) Valuation of Securities -
Investments are valued at amortized cost. Under this valuation method, a
portfolio instrument is valued at cost and any discount or premium is
amortized on a constant basis to the maturity of the instrument. The
maturity of variable rate demand instruments is deemed to be the longer of
the period required before the Fund is entitled to receive payment of the
principal amount or the period remaining until the next interest rate
adjustment.
b) Federal Income Taxes -
it is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its tax exempt and taxable income to its shareholders. Therefore, no
provision for federal income tax is required.
c) Dividends and Distributions -
Dividends from investment income (excluding capital gains and losses, if
any, and amortization of market discount) are declared daily and paid
monthly. Distributions of net capital gains, if any, realized on sales of
investments are made after the close of the Fund's fiscal year, as declared
by the Fund's Board of Trustees.
d) Use of Estimates -
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that effect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases in
net assets from operations during the reporting period. Actual results
could differ from those estimates.
e) General -
Securities transactions are recorded on a trade date basis. Interest income
is accrued as earned. Realized gains and losses from securities
transactions are recorded on the identified cost basis.
2. Investment Management Fees and Other Transactions with Affiliates.
Under the Investment Management Contract, the Fund pays an investment management
fee to Reich & Tang Asset Management L.P. (Manager), equal to .40% of the Fund's
average daily net assets. The Manager is required to reimburse the Fund for its
expenses (exclusive of interest, taxes, brokerage, and extraordinary expenses)
to the extent
- -------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------------------------------------
PENNSYLVANIA DAILY MUNICIPAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
===============================================================================
2. Investment Management Fees and Other Transactions with Affiliates (Continued)
that such expenses, including the investment management and the shareholder
servicing and administration fees, for any fiscal year exceed the limits on
investment company expenses prescribed by any state in which the Fund's shares
are qualified for sale. No such reimbursement was required for the year ended
November 30, 1996.
Pursuant to an Administrative Services Contract the Fund pays to the Manager an
annual fee of .21% of the Fund's average daily net assets not in excess of $1.25
billion, plus .20% of such assets in excess of $1.25 billion but not in excess
of $1.5 billion, plus .19% of such assets in excess of $1.5 billion.
Pursuant to a distribution and service plan adopted under Securities and
Exchange Commission Rule 12b-1, the Fund and Reich & Tang Distributors L.P.,
(the Distributor), an affiliate of the Manager, have entered into a Distribution
Agreement and a Shareholder Servicing Agreement. For its services under the
Shareholder Servicing Agreement, the Distributor receives from the Fund a fee
equal to .25% of the Fund's average daily net assets. There were no additional
expenses borne by the Fund pursuant to the Distribution Plan.
For the year ended November 30, 1996 the Manager voluntarily waived investment
management fees and administration fees and the Distributor voluntarily waived
shareholder servicing fees of $28,516, $80,051 and $88,039, respectively.
Fees are paid to Trustees who are unaffiliated with the Manager on the basis of
$1,000 per annum plus $250 per meeting attended.
Included in the Statement of Operations under the captions "custodian fee" and
"shareholder servicing and related shareholder expenses" are expense offsets of
$2,159.
Included in the Statement of Operations under the caption "shareholder servicing
and related shareholder expenses" are fees of $22,507 paid to Reich & Tang
Services L.P., an affiliate of the Manager, as servicing agent for the Fund.
3. Capital Stock.
At November 30, 1996, an unlimited number of shares of beneficial interest ($.01
par value) were authorized and capital paid in amounted to $36,340,914.
Transactions in capital stock, all at $1.00 per share, were as follows:
<TABLE>
<CAPTION>
Class A Class B
------- -------
Year Year October 10, 1996
Ended Ended (Commencement of Offering)
November 30, 1996 November 30, 1995 to November 30, 1996
----------------- ----------------- --------------------
<S> <C> <C> <C>
Sold.................................. 150,377,896 125,004,714 5,100
Issued on reinvestment of dividends... 932,450 1,130,639 17
Redeemed.............................. ( 155,955,592) ( 128,715,306) ( 100)
------------- -------------- -------------
Net increase ......................... ( 4,645,246) ( 2,579,953) 5,017
============= ============== =============
</TABLE>
4. Concentration of Credit Risk.
The Fund invests primarily in obligations of political subdivisions of the State
of Pennsylvania and, accordingly, is subject to the credit risk associated with
the non-performance of such issuers. Approximately 66% of these investments are
further secured, as to principal and interest, by letters of credit issued by
financial institutions. The Fund maintains a policy of monitoring its exposure
by reviewing the credit worthiness of the issuers, as well as that of the
financial institutions issuing the letters of credit, and by limiting the amount
of holdings with letters of credit from one financial institution.
- -------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------------------------------------
===============================================================================
5. Sales of Securities.
Accumulated undistributed realized losses at November 30, 1996 amounted to $942
which represents tax basis capital losses which may be carried forward to offset
future gains through November 30, 2001.
6. Selected Financial Information.
<TABLE>
<CAPTION>
Class B Class A
------- ----------------------------------------------------------
October 10, 1996 December 16, 1992
(Commencement of Year Ended November 30, (Commencement of
Offering) to Operations) to
November 30, 1996 1996 1995 1994 November 30, 1993
----------------- --------- --------- --------- -----------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
(for a share outstanding throughout the period)
Net asset value, beginning of period.. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income.............. 0.005 0.030 0.034 0.024 0.022
Less distributions:
Dividends from net investment income (0.005) ( 0.030) ( 0.034) ( 0.024) ( 0.022)
--------- --------- --------- --------- ---------
Net asset value, end of period........ $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========= ========= ========= ========= =========
Total Return.......................... 3.25%* 3.01% 3.50% 2.44% 2.28%*
Ratios/Supplemental Data
Net assets, end of period (000)....... $ 5 $ 36,335 $ 40,980 $ 43,559 $ 38,817
Ratios to average net assets:
Expenses........................... 0.42%*+ 0.68%+^ 0.59%+ 0.49%+ 0.22%*+
Net investment income.............. 3.21%*+ 2.97%+ 3.44%+ 2.44%+ 2.26%*+
</TABLE>
* Annualized
+ Net of management, administration fees and shareholder servicing fees
waived equivalent to .49%, .61%, .68%, and .85% of average net assets, plus
expenses reimbursed equivalent to .33% of average net assets for the period
December 16, 1992 (Commencement of Operations) to November 30, 1993 for
Class A shares. Net of management and administration fees waived equivalent
to .27% of average net assets for Class B shares.
^ Includes expense offsets of 0.01%.
- -------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------------------------------------
PENNSYLVANIA DAILY MUNICIPAL INCOME FUND
INDEPENDENT AUDITOR'S REPORT
===============================================================================
The Board of Trustees and Shareholders
Pennsylvania Daily Municipal Income Fund
We have audited the accompanying statement of net assets of Pennsylvania Daily
Municipal Income Fund as of November 30, 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 the selected financial
information for each of the three years in the period then ended and for the
period from December 16, 1992 (Commencement of Operations) to November 30, 1993.
These financial statements and selected financial information are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and selected financial information 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 selected
financial information 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 November 30, 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 selected financial information
referred to above present fairly, in all material respects, the financial
position of Pennsylvania Daily Municipal Income Fund as of November 30, 1996,
the results of its operations, the changes in its net assets and the selected
financial information for the periods indicated, in conformity with generally
accepted accounting principles.
\s\McGladrey & Pullen, LLP
New York, New York
December 17, 1996
- -------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
This report is submitted for the general information of the shareholders of the
Fund. It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by an effective prospectus, which includes
information regarding the Fund's objectives and policies, experience of its
management, marketability of shares, and other information.
- --------------------------------------------------------------------------------
Pennsylvania Daily Municipal Income Fund
600 Fifth Avenue
New York, New York 10020
Manager
Reich & Tang Asset Management L.P.
600 Fifth Avenue
New York, New York 10020
Custodian
Investors Fiduciary Trust Company
127 West 10th Street
Kansas City, Missouri 64105
Transfer Agent &
Dividend Disbursing Agent
Reich & Tang Services L.P.
600 Fifth Avenue
New York, NY 10020
- -------------------------------------------------------------------------------
<PAGE>
