Front Cover ------------------------------------------------   Safe   Reliable   Steady   Secure   Solid   The Monthly Dividend Company ------------------------------------------------ Dependable Financial Performance ------------------------------------------------ Dear Fellow Shareholders   Lessons from Market Losses   Offering Safety and Reliability   Steady and Balanced Progress   Stable Financial Performance   Outlook for 2001   A Reminder ------------------------------------------------ Income Charts ------------------------------------------------ Financial Information   Balance Sheets   Statements of Income   Statements of Stockholders' Equity   Statements of Cash Flows   Notes to Financial Statements   Independent Auditors' Report   Business Description   Management's Discussion & Analysis   Selected Financial Data   Quarterly Financial Data ------------------------------------------------ Company Information ------------------------------------------------ Back Cover

	Front Cover ------------------------------------------------   Safe   Reliable   Steady   Secure   Solid   The Monthly Dividend Company ------------------------------------------------ Dependable Financial Performance ------------------------------------------------ Dear Fellow Shareholders   Lessons from Market Losses   Offering Safety and Reliability   Steady and Balanced Progress   Stable Financial Performance   Outlook for 2001   A Reminder ------------------------------------------------ Income Charts ------------------------------------------------ Financial Information   Balance Sheets   Statements of Income   Statements of Stockholders' Equity   Statements of Cash Flows   Notes to Financial Statements   Independent Auditors' Report   Business Description   Management's Discussion & Analysis   Selected Financial Data   Quarterly Financial Data ------------------------------------------------ Company Information ------------------------------------------------ Back Cover