Dreyfus
Liquid Assets, Inc.
SEMIANNUAL REPORT June 30, 1999
(reg.tm)
<PAGE>
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured
* Not Bank-Guaranteed
* May Lose Value
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments and its share price.
<PAGE>
Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
10 Statement of Assets and Liabilities
11 Statement of Operations
12 Statement of Changes in Net Assets
13 Financial Highlights
14 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
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The Fund
Dreyfus Liquid Assets, Inc.
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus Liquid Assets,
Inc., covering the six-month period from January 1, 1999 through June 30, 1999.
Inside, you'll find valuable information about how the fund was managed during
the period, including a discussion with senior portfolio manager, Patricia A.
Larkin.
After remaining relatively steady during the first quarter of 1999, yields on
money market securities generally rose in the second quarter in response to
expectations that the Federal Reserve Board would raise short-term interest
rates at their June meeting. On June 30, the Federal Reserve raised rates amid
stronger-than-expected global and domestic economic growth. Their objective was
to forestall a potential resurgence of inflationary pressures.
We appreciate your confidence over the past six months, and we look forward to
your continued participation in Dreyfus Liquid Assets, Inc.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
July 15, 1999
2
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DISCUSSION OF FUND PERFORMANCE
Patricia A. Larkin, Senior Portfolio Manager
How did Dreyfus Liquid Assets, Inc.
perform during the period?
For the six-month period ended June 30, 1999, Dreyfus Liquid Assets, Inc.
produced an annualized yield of 4.33% which, taking into account the effect of
compounding, the annualized effective yield was 4.41%.(1) The fund provided a
total return of 2.18%(2) compared to the Lipper Money Market Instrument Funds
category average total return of 2.09% for the same period.(3)
We attribute the fund's yield to the fact that we owned longer-term securities,
while maintaining an average dollar-weighted fund maturity of 90 days or less,
which enabled us to lock in higher returns in an environment characterized, for
all but the end of the period, by declining or stable interest rates.
What is the fund's investment approach?
There are many factors we consider in managing the fund. We closely monitor the
outlook for growth and inflation. We follow overseas developments for any
influence they may have on the domestic economy. The posture of the Federal
Reserve Board (the "Fed") is a key determinant in our decision on how best to
structure the fund.
In addition, we actively manage the average maturity of the fund in an attempt
to take advantage of expected interest rate changes based upon our economic
outlook. If we believe that interest rates will fall, we typically lengthen
average maturity to lock in the then-current rates. Conversely, in a rising rate
environment, we typically shorten maturities to be able to reinvest at
anticipated higher rates in the future.
The Fund 3
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DISCUSSION OF FUND PERFORMANCE (CONTINUED)
As a money market fund, the fund only buys securities rated in one of the two
highest rating categories for debt obligations, or of comparable credit quality.
The fund must also maintain an average dollar-weighted fund maturity of 90 days
or less and may buy only securities with remaining maturities of 13 months or
less.
What other factors influenced the fund's performance?
Last fall, in the wake of Asian market turmoil, the Open Market Committee of the
Fed cut short-term interest rates three times in an attempt to provide liquidity
and improve investor confidence. Since then, there have been concerns that
global and domestic factors might push the United States economy towards
unsustainable growth.
As of June 30, 1999, Asian economies appear to have stabilized. What's more, the
outlook for growth in the major industrialized nations has been improving. The
domestic economy continued to move ahead briskly, evidenced by a strong rebound
in manufacturing output that shows signs of gaining momentum. Consumer
confidence was at a 30-year high. Employment was strong, with hourly wages
rising. Despite concerns that overly rapid economic growth might lead to
destructive inflationary pressure, the Fed held interest rates steady through
all but the very end of the period. Because we managed the fund at a relatively
longer average maturity, investors have been able to benefit from stable rates
and the Fed's long held accommodative stance during the reporting period.
What is the fund's current strategy?
Throughout the reporting period, as the economy showed robust growth, bond and
money markets anticipated a tightening of monetary policy by the Fed. Such
tightening was signaled by Chairman Alan Greenspan's mid-May announcement of a
shift in policy towards a bias to increase rates. The bias changed in fact just
prior to the end of the
4
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reporting period, when the Fed raised the target Federal Funds rates by
one-quarter point to five percent with an accompanying return to a neutral
stance on future Federal Funds rate movement. An initial relief rally has been
replaced by a cautious "wait and see" market view.
Over the reporting period, the fund benefited from our commitment to a longer
maturity structure. When rates did not rise as quickly as markets expected,
longer maturities enhanced return. Over the past few months, however, we have
taken a somewhat less aggressive stance, slowly reducing the average maturity of
our investments. In an uncertain market with the potential for further
tightening, we have adopted this approach, while still seeking opportunities to
capture additional yield as such opportunities arise.
July 15, 1999
(1) ANNUALIZED EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND
REINVESTED DAILY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS
FLUCTUATE. AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FDIC OR
ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF
YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
THE FUND.
(2) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS.
(3) SOURCE: LIPPER ANALYTICAL SERVICES, INC.
The Fund 5
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STATEMENT OF INVESTMENTS
June 30, 1999 (Unaudited)
<TABLE>
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Principal
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--15.4% Amount ($) Value ($)
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<S> <C> <C>
Bank of America FSB
5.12%, 11/18/99 6,000,000 5,994,545
Bankers Trust Co. (Yankee)
4.89%, 7/23/99 20,000,000 (a) 19,999,240
Chase Manhattan Bank N.A.
5.00%-5.19%, 7/2/99-8/3/99 51,500,000 51,509,077
Crestar Bank (Yankee)
5.00%, 1/28/2000 50,000,000 (a) 50,000,000
First National Bank of Maryland
5.00%-5.08%, 1/28/2000-2/14/2000 105,000,000 104,986,067
First Tennessee Bank
5.16%, 4/10/2000 30,000,000 29,991,008
Marine Midland Bank N.A.
4.93%-4.97%, 1/19/2000-1/31/2000 250,000,000 250,001,415
Michigan National Bank
5.15%-5.71%, 3/16/2000-6/21/2000 90,000,000 89,959,367
National City Bank
4.95%, 2/1/2000 49,000,000 48,991,640
U.S. Bank N.A. Minneapolis
5.10%-5.71%, 9/13/99-6/30/2000 67,000,000 67,000,000
Union Bank of California
4.96%-5.00%, 7/6/99-1/21/2000 125,000,000 125,000,000
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $843,432,359) 843,432,359
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COMMERCIAL PAPER--39.1%
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Associates First Financial Corp.
5.60%, 7/1/99 171,000,000 171,000,000
Atlantis One Funding
4.97%, 9/3/99 27,946,000 27,702,559
BCI Funding Corp.
5.11%, 9/21/99 100,000,000 98,852,000
Bank of America Corp.
5.25%, 2/11/2000 65,000,000 62,948,438
Ciesco L.P.
5.09%, 9/10/99 10,000,000 9,900,797
DaimlerChrysler North America Holdings Corp.
4.86%-5.13%, 7/12/99-9/15/99 260,000,000 258,640,844
Deutsche Bank Financial
5.03%-5.09%, 9/9/99-9/13/99 60,000,000 59,413,800
Donaldson,Lufkin, Jenrette Inc.
5.01%-5.22%, 8/13/99-9/20/99 55,000,000 54,569,882
6
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Principal
COMMERCIAL PAPER (CONTINUED) Amount ($) Value ($)
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Finova Capital Corp.
5.00%-5.05%, 7/30/99-2/14/2000 265,000,000 263,608,387
General Electric Capital Corp.
4.91%, 9/10/99 75,000,000 74,288,521
General Electric Capital Services, Inc.
5.00%, 9/7/99 50,000,000 49,533,444
HSBC Americas
5.12%, 9/2/99 30,000,000 29,741,280
Heller Financial Inc.
4.95%-5.14%, 7/12/99-8/23/99 175,000,000 174,350,785
Hertz Corporation
4.90%-4.92%, 7/8/99-7/13/99 180,000,000 179,770,736
Hypovereinsbank Finance (DEL) Inc.
4.91%, 10/12/99 50,000,000 49,314,764
Key Corp
4.96%, 7/9/99 50,000,000 49,945,111
Lehman Brothers Holdings Inc.
5.42%, 8/19/99 50,000,000 49,642,028
Morgan (J.P.) & Co. Inc.
4.97%-5.17%, 10/15/99-12/10/99 227,499,000 223,368,019
Prudential Funding Corp.
5.13%, 9/28/99 10,000,000 9,875,153
Salomon Smith Barney Holdings Inc.
5.11%, 9/3/99 10,000,000 9,910,044
Societe Generale N.A., Inc.
5.04%, 7/2/99 30,000,000 29,995,908
Swedbank Inc.
4.85%-4.95%, 7/7/99-10/27/99 210,000,000 208,961,418
TOTAL COMMERCIAL PAPER
(cost $2,145,333,918) 2,145,333,918
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CORPORATE NOTES--15.7%
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Bear Stearns Companies, Inc.
5.41%, 6/20/2000 30,000,000 30,242,808
CIT Group Holdings Inc.
4.87%-5.00%, 9/21/99-2/24/2000 197,000,000 a 196,969,726
Ford Motor Credit Corp.
4.95%, 5/5/2000 200,000,000 (a) 200,000,000
Goldman Sachs Group L.P.
5.00%, 1/13/2000 25,000,000 (a) 25,004,438
Heller Financial Inc.
5.00%-5.04%, 9/8/99-6/7/2000 52,000,000 (a) 52,035,405
The Fund 7
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
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Principal
CORPORATE NOTES (CONTINUED) Amount ($) Value ($)
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Key Bank N.A.
4.87%, 9/23/99 25,000,000 (a) 24,998,877
Merrill Lynch & Co., Inc.
4.86%-4.98%, 9/1/99-11/22/99 99,850,000 (a) 99,865,800
Morgan (J.P.) & Co.
5.03%, 2/7/2000 50,000,000 50,000,000
Paine Webber Group Inc.
6.00%, 11/4/99 35,000,000 (a) 35,000,000
Salomon Smith Barney Holdings
5.01%, 1/27/2000 50,000,000 (a) 50,001,418
Wells Fargo Bank N.A.
5.03%-5.24%,3/31/2000-4/3/2000 100,500,000 100,496,817
TOTAL CORPORATE NOTES
(cost $864,615,289) 864,615,289
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SHORT-TERM BANK NOTES--26.3%
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Bank of America
5.12%, 2/4/2000 100,000,000 100,000,000
BankBoston N.A.
4.93%-5.10%, 9/10/99-2/1/2000 75,000,000 (a) 74,996,372
Branch Bank & Trust Co.
4.96%, 3/1/2000 43,800,000 (a) 43,785,419
First Tennessee Bank
5.30%, 3/3/2000 50,000,000 49,993,516
First Union National Bank
4.86%-4.94%, 7/23/99-5/17/2000 200,000,000 (a) 200,000,000
Fleet National Bank
4.96%, 3/15/2000 60,300,000 (a) 60,274,268
Harris Trust & Savings Bank
4.94%-5.08%, 2/17/2000-4/19/2000 157,000,000 (a) 156,964,924
Huntington National Bank
4.72%-4.96%, 3/13/2000- 7/3/2000 240,000,000 (a) 239,904,606
Key Bank N.A.
4.86%-5.17%, 9/3/99-4/14/2000 200,000,000 (a) 199,958,828
LaSalle National Bank
4.95%-5.23%, 1/25/2000-3/27/2000 110,000,000 109,978,091
NationsBank N.A.
4.87%-5.26%, 8/6/99-3/2/2000 110,000,000 (a) 109,998,077
SouthTrust, Bank N.A.
4.87%, 7/6/99 100,000,000 (a) 99,999,198
TOTAL SHORT-TERM BANK NOTES
(cost $1,445,853,299) 1,445,853,299
8
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Principal
U.S. TREASURY BILLS--.9% Amount ($) Value ($)
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4.16%, 9/16/99
(cost $49,572,222) 50,000,000 49,572,222
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TIME DEPOSIT--2.8%
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Republic National Bank of New York (London)
5.13%, 7/1/99
(cost $155,525,000) 155,525,000 155,525,000
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TOTAL INVESTMENTS (cost $5,504,332,087) 100.2% 5,504,332,087
LIABILITIES, LESS CASH AND RECEIVABLES (.2%) (13,979,157)
NET ASSETS 100.0% 5,490,352,930
(a) VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE.
SEE NOTES TO FINANCIAL STATEMENTS
</TABLE>
The Fund 9
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1999 (Unaudited)
Cost Value
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ASSETS ($):
Investments in securities--See Statement of
Investments 5,504,332,087 5,504,332,087
Interest receivable 40,532,242
Prepaid expenses 635,567
5,545,499,896
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 2,527,594
Cash overdraft due to Custodian 12,013,394
Payable for investment securities purchased 39,988,411
Accrued expenses 617,567
55,146,966
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NET ASSETS ($) 5,490,352,930
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 5,490,346,650
Accumulated net realized gain (loss) on investments 6,280
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NET ASSETS ($) 5,490,352,930
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SHARES OUTSTANDING
(25 billion shares of $.10 par value Common Stock authorized) 5,491,222,018
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
10
<PAGE>
STATEMENT OF OPERATIONS
Six Months Ended June 30, 1999 (Unaudited)
- -------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INCOME INCOME 139,709,431
EXPENSES:
Management fee-Note 2(a) 12,910,292
Shareholder servicing costs--Note 2(b) 6,633,435
Prospectus and shareholders' reports 568,407
Custodian fees 130,674
Directors' fees and expenses-Note 2(c) 42,460
Professional fees 33,779
Registration fees 19,202
Miscellaneous 128,341
TOTAL EXPENSES 20,466,590
INVESTMENT INCOME-NET, representing net increase in net assets
resulting from Operations 119,242,841
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund 11
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 1999 Year Ended
(Unaudited) December 31, 1998
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OPERATIONS ($):
Investment income--net 119,242,841 245,626,593
Net realized gain (loss) on investments - 76,661
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 119,242,841 245,703,254
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DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (119,242,841) (245,626,593)
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CAPITAL STOCK TRANSACTIONS ($1.00 PER SHARE):
Net proceeds from shares sold 13,125,281,544 18,785,165,495
Dividends reinvested 118,966,453 245,052,633
Cost of shares redeemed (13,138,427,266) (18,212,055,022)
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS 105,820,731 818,163,106
TOTAL INCREASE (DECREASE) IN NET ASSETS 105,820,731 818,239,767
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NET ASSETS ($):
Beginning of Period 5,384,532,199 4,566,292,432
END OF PERIOD 5,490,352,930 5,384,532,199
SEE NOTES TO FINANCIAL STATEMENTS.
12
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FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased
(or decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
<TABLE>
Six Months Ended
June 30, 1999 Year Ended December 31,
----------------------------------------------------------------
(Unaudited) 1998 1997 1996 1995 1994
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<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value,
beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .021 .049 .049 .048 .053 .035
Distributions:
Dividends from investment
income--net (.021) (.049) (.049) (.048) (.053) (.035)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
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TOTAL RETURN (%) 4.38(*) 4.97 5.04 4.91 5.45 3.53
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average
net assets .74(*) .74 .74 .76 .79 .76
Ratio of net investment income
to average net assets 4.32(*) 4.85 4.92 4.76 5.33 3.49
Decrease reflected in above
expense ratios due to
undertakings by the Manager -- .01 .01 .02 -- --
Net Assets, end of period
($ x 1,000) 5,490,353 5,381,532 4,566,292 4,714,699 4,459,938 4,863,374
(*) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund 13
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus Liquid Assets, Inc. (the "fund") is registered under the Investment
Company Act of 1940, as amended (the "Act"), as a diversified open-end
management investment company. The fund's investment objective is to provide
investors with as high a level of current income as is consistent with the
preservation of capital. The Dreyfus Corporation (the "Manager") serves as the
fund's investment adviser. The Manager is a direct subsidiary of Mellon Bank,
N.A. Premier Mutual Fund Services, Inc. is 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 per
share $1.00.
The fund's 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.
(A) PORTFOLIO VALUATION: Investments in securities 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. 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.
Under the terms of the custody agreement, the fund received net earnings credits
of $1,484 during the period ended June 30, 1999 based on available cash balances
left on deposit. Income earned under this arrangement is included in interest
income.
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.
14
<PAGE>
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 fund to declare and pay
dividends from investment income-net on each business day. 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 of 1986, as amended (the "Code"). To
the extent that net realized capital gain can be offset by capital loss
carryovers, if any, 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, if such qualification is in the best interests
of its shareholders, by complying with the applicable provisions of the Code,
and to make distributions of taxable income sufficient to relieve it from
substantially all Federal income and excise taxes.
At June 30, 1999, 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 based on the value of the fund's average daily net assets and
is computed at the following annual rates:
The Fund 15
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
1/2 of 1% of the first $1.5 billion; 48/100ths of 1% of the next $500
million; 47/100ths of 1% of the next $500 million; and 45/100ths of 1% over $2.5
billion. The fee is payable monthly.
The Agreement provides that if any full fiscal year the aggregate expenses,
exclusive of taxes, brokerage, interest on borrowings and extraordinary
expenses, exceed 1% of the value of the fund's average net assets for any full
year, the Manager will refund to the fund, or bear, the excess over 1%. However,
the Manager had undertaken from January 1, 1999 through June 30, 1999 to reduce
the management fee paid by the fund, to the extent that the fund's aggregate
annual expenses (exclusive of certain expenses as described above) exceed an
annual rate of .75 of 1% of the value of the fund's average daily net assets.
During the period ended June 30, 1999, there was no expense reimbursement
pursuant to the Agreement.
(B) Under the 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 period ended
June 30, 1999, the fund was charged $3,241,879 pursuant to the Shareholder
Services Plan.
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. During the period
ended June 30, 1999, the fund was charged $2,616,913 pursuant to the transfer
agency agreement.
(C) Each director who is not an "affiliated person" as defined in the Act
receives from the fund an annual fee of $6,500 and an attendance fee of $500 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
16
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<PAGE>
For More Information
Dreyfus Liquid Assets, 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.
P.O. Box 9671
Providence, RI 02940
The Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
BY TELEPHONE
Call 1-800-645-6561
BY MAIL Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request
to [email protected]
ON THE INTERNET Information
can be viewed online or
downloaded from:
http://www.dreyfus.com
(c) 1999 Dreyfus Service Corporation 039SA996
<PAGE>
