Dreyfus
Liquid Assets, Inc.
SEMIANNUAL REPORT June 30, 2000
(reg.tm)
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
Contents
THE FUND
--------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
9 Statement of Assets and Liabilities
10 Statement of Operations
11 Statement of Changes in Net Assets
12 Financial Highlights
13 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
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, 2000 through June 30, 2000.
Inside, you'll find valuable information about how the fund was managed during
the reporting period, including a discussion with Patricia A. Larkin, Senior
Portfolio Manager.
When the reporting period began, international and domestic economies were
growing rapidly, giving rise to concerns that long-dormant inflationary
pressures might reemerge. Consumers continued to spend heavily, unemployment
levels reached new lows and the stock market, while highly volatile, generally
continued to climb.
Because robust economic growth may trigger an acceleration of inflation, the
Federal Reserve Board raised key short-term interest rates three times during
the reporting period, for a total increase of 1.00 percentage points. These
interest-rate hikes contributed to a total interest-rate increase of 1.75
percentage points since late June 1999, before the current reporting period
began. While these economic influences generally adversely affected longer term
bonds, they positively influenced money market yields.
We appreciate your confidence over the past six months, and we look forward to
your continued participation in Dreyfus Liquid Assets, Inc.
Sincerely,
/s/Stephen E. Canter
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
July 17, 2000
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, 2000, the fund produced an annualized
yield of 5.41%, which, taking into account the effect of compounding, created an
annualized effective yield of 5.55%.(1)
What is the fund's investment approach?
The fund seeks a high level of income as is consistent with the preservation of
capital. To pursue this goal, the fund invests in a diversified portfolio of
high quality, short-term debt securities. These include securities issued or
guaranteed by the U.S. Government or its agencies or instrumentalities,
certificates of deposit, short-term securities issued by domestic or London
branches of U.S. banks, repurchase agreements, asset-backed securities,
commercial paper and other short-term obligations of U.S. issuers. Normally, the
fund invests at least 25% of its net assets in domestic or dollar-denominated
foreign bank obligations.
What factors influenced the fund's performance?
The money markets continued to digest mixed signals from the economy as the
reporting period began. The Open Market Committee of the Federal Reserve Board
(the "Fed") had acted to relieve inflationary pressures, taking a cautious,
measured approach. It had raised interest rates three times in 1999, each time
by 0.25 percentage points. Each tightening brought renewed debate as to whether
rates were sufficiently high to ease growth and head off inflation, or whether
further tightening would be necessary. Economic data released in early January
pointed toward the possibility of additional interest-rate increases in the near
future.
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
Gross domestic product ("GDP") growth had quickened to a stunning 7.3% for
fourth quarter 1999. Concern mounted that economic growth was accelerating
considerably past a limit that could be sustained without triggering destructive
levels of inflation. In a continuing attempt to head off inflation, the Fed
raised interest rates for the fourth time in this cycle of tightening in early
February, and a fifth time in March.
Preliminary first quarter 2000 figures showed GDP growth at a less torrid, but
still strong 5.4% . Continuing indications that prices, most notably in the
energy sector, were moving higher added to the money market's concerns. Greater
than expected domestic demand for goods and services continued. As overseas
economies have recovered, their demand for raw materials has picked up as well,
creating some modest upward pressure on prices.
Through much of early 2000, consumer confidence and consumer spending showed few
signs of abating in response to gradual and relatively mild rate hikes. Home and
auto sales continued at record paces through the first quarter and into the
second quarter of 2000. The tightest U.S. labor market in the past 30 years
added the threat of wage-driven inflation. Such price and wage factors led the
Fed to its largest rate hike in its current credit tightening cycle: a 0.50
percentage-point increase at its May 16th meeting.
More recently, we have seen signs that the Fed's series of rate hikes may have
begun to slow the economy. Retail sales declined in both April and May, housing
starts have slowed dramatically, and inflation figures through early 2000
appeared to be lower than market expectations. As a result, the Fed chose not to
tighten rates further at its June 28th meeting.
But economic signals remain contradictory; it is not clear that the economy has
yet cooled sufficiently for the Fed to consider its job done. Immediately
following the Fed's June meeting, economic reports indicated that although
growth may be slowing, inflation may be higher than previously thought. While
indexes measuring demand for housing and labor declined in May, the personal
consumption expenditures price index for first quarter 2000 was adjusted upward
from 3.1% to 3.5%. This measure, closely followed by Fed Chairman Greenspan, is
considered by many to be among the best gauges of inflation and could indicate
that Fed-described concerns over "heightened inflation pressure" may lead to a
further tightening when the Fed meets again in August.
What is the fund's current strategy?
In anticipation of rising interest rates throughout the six-month reporting
period, the fund adopted a somewhat defensive strategy. Most significantly, we
reduced the fund's average weighted maturity in order to increase our
flexibility. Shorter maturities were designed to help the fund take advantage of
potential opportunities from additional interest-rate increases, as well as to
manage potential volatility.
As of June 30, 2000, the fund's average weighted maturity remained relatively
short. We will continue to monitor the situation, including the economy and
changes in the Fed's monetary policy, and we will look to take what we believe
are appropriate actions in response with respect to the fund's portfolio,
including its average portfolio maturity.
July 17, 2000
(1) ANNUALIZED EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND
REINVESTED DAILY FOR THE PERIOD FROM JANUARY 1, 2000 THROUGH MARCH 31, 2000. AS
OF APRIL 1, 2000, THE FUND'S DIVIDEND POLICY WAS CHANGED TO REFLECT DIVIDENDS
DECLARED DAILY AND REINVESTED MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF
FUTURE RESULTS. YIELDS FLUCTUATE. AN INVESTMENT IN THE FUND IS NOT INSURED OR
GUARANTEED BY THE FDIC OR THE U.S. GOVERNMENT. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
The Fund
STATEMENT OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Principal
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--9.1% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
American Express Centurion Bank
<S> <C> <C>
6.58%, 8/11/2000 50,000,000 50,000,000
Citibank N.A.
7.03%, 3/12/2001 80,000,000 80,000,000
First Tennessee Bank N.A.
6.70%, 9/5/2000 50,000,000 50,000,000
First Union National Bank
7.02%, 11/13/2000 100,000,000 100,000,000
Michigan National Bank
5.95%, 8/23/2000 25,000,000 25,000,627
Union Bank of California
6.23%-7.05%, 7/10/2000-3/12/2001 195,000,000 195,000,000
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $500,000,627) 500,000,627
------------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER--55.1%
------------------------------------------------------------------------------------------------------------------------------------
Abbey National North America
6.29%-7.00%, 10/13/2000-12/27/2000 250,000,000 243,585,236
ABN-AMRO Lease Holding N.V.
6.12%, 7/24/2000 72,000,000 71,726,760
BCI Funding Corp.
6.22%-6.73%, 7/10/2000-9/11/2000 240,000,000 238,371,163
Bayerische Hypo-und Vereinsbank AG
6.70%-6.71%, 9/11/2000-9/14/2000 110,000,000 108,515,000
CBA (DE) Finance Inc.
6.12%-6.24%, 7/21/2000-8/8/2000 75,000,000 74,598,194
Canadian Imperial Holdings Inc.
6.67%-6.79%, 8/9/2000-9/18/2000 248,000,000 245,360,407
DaimlerChrysler North America Holding Corp.
6.68%, 8/8/2000 100,000,000 99,306,500
Den Danske Corp. Inc.
6.07%-6.72%, 7/5/2000-9/12/2000 75,000,000 74,632,188
General Electric Capital Corp.
6.25%-7.00%, 8/18/2000-3/12/2001 175,000,000 169,175,147
General Electric Capital Services, Inc.
6.68%-7.00%, 8/8/2000-3/12/2001 250,000,000 245,599,750
Goldman Sachs Group Inc.
6.74%-6.89%, 9/22/2000-11/24/2000 270,000,000 264,704,191
HSBC USA Inc.
6.92%-7.00%, 11/17/2000-12/14/2000 100,000,000 97,154,372
Principal
COMMERCIAL PAPER (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
Internationale Nederlanden (U.S.) Funding Corp.
6.24%, 8/2/2000-8/3/2000 135,000,000 134,263,917
Lehman Brothers Holdings Inc.
6.80%, 11/20/2000 150,000,000 150,000,000
Merita North America Inc.
6.79%, 9/18/2000 100,000,000 98,545,083
Morgan (J.P.) & Co.
6.67%, 8/8/2000 195,000,000 193,649,733
National Rural Utilities Corp.
7.00%, 3/12/2001 25,000,000 23,825,250
Nordbanken N.A. Inc.
6.99%, 3/9/2001 80,000,000 76,290,778
Salomon Smith Barney Holdings Inc.
6.72%, 9/12/2000 50,000,000 49,329,819
Santander Finance (DE) Inc.
7.00%, 3/19/2001 100,000,000 95,178,750
UBS Finance Inc.
6.95%, 7/3/2000 231,000,000 230,910,808
Westpac Banking Corp.
6.30%, 10/10/2000 50,000,000 49,155,528
TOTAL COMMERCIAL PAPER
(cost $3,033,878,574) 3,033,878,574
------------------------------------------------------------------------------------------------------------------------------------
CORPORATE NOTES--13.1%
------------------------------------------------------------------------------------------------------------------------------------
Bear Stearns Companies, Inc.
5.91%-6.71%, 11/15/2000-1/16/2001 200,000,000 (a) 200,000,000
CIT Group Holdings Inc.
6.75%, 1/19/2001 50,000,000 (a) 49,976,936
Ford Motor Credit Corp.
5.99%, 10/10/2000 50,000,000 50,117,833
Heller Financial Inc.
6.95%, 10/3/2000 50,000,000 (a) 50,000,000
Lehman Brothers Holdings, Inc.
6.68%, 2/27/2001 125,000,000 (a) 125,249,424
Merrill Lynch & Co. Inc.
6.61%-6.66%, 7/11/2000-4/11/2001 170,000,000 (a) 169,993,388
Morgan (J.P.) & Co. Inc.
6.67%, 3/6/2001 75,000,000 (a) 74,994,904
TOTAL CORPORATE NOTES
(cost $720,332,485) 720,332,485
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
SHORT-TERM BANK NOTES--20.4% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
American Express Centurion Bank
6.67%, 7/5/2001 50,000,000 (a) 50,000,000
Bank of America
6.25%--6.67%, 7/20/2000--3/22/2001 285,000,000 (a) 285,000,000
Bank of New York
6.67%, 3/7/2001 97,000,000 (a) 96,966,914
Comerica Bank
6.65%, 4/25/2001 100,000,000 (a) 99,975,507
First Union National Bank
6.68%, 2/26/2001 150,000,000 (a) 150,000,000
Huntington National Bank N.A.
5.72%, 7/3/2000 40,000,000 39,999,937
National City Bank
6.56%--6.68%, 1/24/2001--2/22/2001 250,000,000 (a) 249,931,326
PNC Bank NA
6.66%, 6/29/2001 100,000,000 (a) 99,971,666
Union Bank of California, N.A.
6.00%, 8/14/2000 50,000,000 50,000,000
TOTAL SHORT-TERM BANK NOTES
(cost $1,121,845,350) 1,121,845,350
------------------------------------------------------------------------------------------------------------------------------------
TIME DEPOSITS--2.2%
------------------------------------------------------------------------------------------------------------------------------------
HSBC USA Inc. (London)
6.75%, 7/3/2000
(cost $119,846,000) 119,846,000 119,846,000
------------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--.9%
------------------------------------------------------------------------------------------------------------------------------------
Barclays North American Capital Corp.
dated 6/30/2000, due 7/3/2000
in the amount of $50,025,625
(fully collateralized by 50,070,000
U.S Treasury Notes, 8.50% due 11/15/2000
value $51,004,907)
(cost $50,000,000) 50,000,000 50,000,000
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS
(cost $5,545,903,036) 100.8% 5,545,903,036
LIABILITIES, LESS CASH AND RECEIVABLES (.8%) (41,619,545)
NET ASSETS 100.0% 5,504,283,491
(a) VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
Cost Value
--------------------------------------------------------------------------------
ASSETS:
Investments in securities--See Statement of
Investments--Note 1(b) 5,545,903,036 5,545,903,036
Interest receivable 33,568,783
Prepaid expenses 169,045
5,579,640,864
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 2,543,109
Cash overdraft due to Custodian 21,878,355
Payable for investment securities purchased 50,000,000
Accrued expenses 935,909
75,357,373
--------------------------------------------------------------------------------
NET ASSETS ($) 5,504,283,491
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 5,504,323,789
Accumulated net realized gain (loss) on investments (40,298)
--------------------------------------------------------------------------------
NET ASSETS ($) 5,504,283,491
--------------------------------------------------------------------------------
SHARES OUTSTANDING
(25 billion shares of $.001 par value Common Stock authorized) 5,505,199,157
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 174,524,716
EXPENSES:
Management fee--Note 2(a) 13,287,695
Shareholder servicing costs--Note 2(b) 6,821,799
Prospectus and shareholders' reports 193,212
Custodian fees 107,358
Directors' fees and expenses--Note 2(c) 47,552
Professional fees 26,699
Registration fees 20,262
Miscellaneous 19,315
TOTAL EXPENSES 20,523,892
INVESTMENT INCOME--NET 154,000,824
--------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($): (46,578)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 153,954,246
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 2000 Year Ended
(Unaudited) December 31, 1999
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 154,000,824 248,207,550
Net realized gain (loss) on investments (46,578) --
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 153,954,246 248,207,550
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS ($):
INVESTMENT INCOME-NET (154,000,824) (248,207,550)
--------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($1.00 PER SHARE):
Net proceeds from shares sold 17,985,238,464 24,990,892,805
Dividends reinvested 109,162,426 246,479,289
Cost of shares redeemed (17,989,274,590) (25,222,700,524)
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS 105,126,300 14,671,570
TOTAL INCREASE (DECREASE) IN NET ASSETS 105,079,722 14,671,570
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 5,399,203,769 5,384,532,199
END OF PERIOD 5,504,283,491 5,399,203,769
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
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>
<CAPTION>
Six Months Ended
June 30, 2000 Year Ended December 31,
----------------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
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PER SHARE DATA ($):
Net asset value,
<S> <C> <C> <C> <C> <C> <C>
beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .027 .045 .049 .049 .048 .053
Distributions:
Dividends from investment
income--net (.027) (.045) (.049) (.049) (.048) (.053)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 5.48(a) 4.59 4.97 5.04 4.91 5.45
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net
assets .72(a) .74 .74 .74 .76 .79
Ratio of net investment income
to average net assets 5.40(a) 4.49 4.85 4.92 4.76 5.33
Decrease reflected in above expense
ratios due to undertakings by
The Dreyfus Corporation -- -- .01 .01 .01 --
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 5,504,283 5,399,204 5,384,532 4,566,292 4,714,699 4,459,938
(a) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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., which is a wholly-owned subsidiary of Mellon Financial Corporation.
Effective March 22, 2000, Dreyfus Service Corporation ("DSC"), a wholly-owned
subsidiary of the Manager, became the distributor of the fund's shares, which
are sold to the public without a sales charge. Prior to March 22, 2000, Premier
Mutual Fund Services, Inc. was the distributor.
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 $5,579 during the period ended June 30, 2000, based on available cash
balances left on deposit. Income earned under this arrangement is included in
interest income.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
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 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 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 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, 2000, 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: 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 fees, 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, 2000 through June 30, 2000 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) exceeded an
annual rate of .75 of 1% of the value of the fund's average daily net assets.
During the period ended June 30, 2000, there was no expense reimbursement
pursuant to the Agreement.
(b) Under the Shareholder Services Plan, the fund reimburses DSC 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, 2000, the fund was charged $3,073,326 pursuant to the Shareholder
Services Plan.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
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, 2000, the fund was charged $2,356,090 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.
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
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
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) 2000 Dreyfus Service Corporation 039SA006
