Dreyfus
Liquid Assets, Inc.
ANNUAL REPORT
December 31, 1999
(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
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by Dreyfus and
the fund's other service providers do not properly process and calculate
date-related information from and after January 1, 2000. Dreyfus has taken steps
designed to avoid year 2000-related problems in its systems and to monitor the
readiness of other service providers. 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.
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
18 Report of Independent Auditors
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 annual report for Dreyfus Liquid Assets, Inc.,
covering the 12-month period from January 1, 1999 through December 31, 1999.
Inside, you'll find valuable information about how the fund was managed during
the reporting period, including a discussion with senior portfolio manager
Patricia A. Larkin.
When the reporting period began, investors were concerned that global economic
weakness might cause a slowdown in the U.S. economy. As it turned out, these
fears were unfounded. In fact, it became apparent early in the year that
international and domestic economies were growing faster than analysts expected,
giving rise to concerns that long-dormant inflationary pressures might
re-emerge. Consumers continued to spend heavily, unemployment levels reached new
lows and the stock market continued to climb. Because unsustainable economic
growth may trigger unwanted inflationary pressures, the Federal Reserve Board
raised key short-term interest rates three times between June 30 and year-end in
an attempt to forestall an acceleration of inflation. In this environment,
yields on money market securities continued to rise.
We appreciate your confidence over the past year, 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
January 14, 2000
DISCUSSION OF FUND PERFORMANCE
Patricia A. Larkin, Senior Portfolio Manager
How did Dreyfus Liquid Assets, Inc. perform during the period?
For the 12-month period ended December 31, 1999, the fund produced a yield of
4.49% , which, taking into account the effect of compounding, created an
effective yield of 4.59%.(1)
What factors influenced the fund's performance?
As 1999 began, the United States economy was marked by fears of an economic
slowdown, largely a result of the Asian financial crisis. The Federal Reserve
Board, in an attempt to cushion the economy from negative overseas events, had
sharply lowered short-term interest rates. Global markets remained unsettled as
1999 began, but the general atmosphere of crisis lifted. As fears waned, the
focus of monetary policymakers shifted back to the domestic economy, and as the
economy showed no signs of slowing, the Fed began to voice concern over
inflationary pressures.
The performance of the U.S. economy in the first quarter of 1999 was much
stronger than expected. But while the Gross Domestic Product (GDP) grew at a
rate of 4.3%, inflation remained benign. Despite a tight labor market, there was
no evidence of advancing wage pressure. Many economic analysts believed that
advances in technology might make it possible for the economy to grow faster
than previously thought possible without igniting inflation. Notwithstanding
fears that imbalances might eventually derail the nine-year expansion, the U.S.
economy continued to grow as the Fed held steady on rates through the first
quarter of the year.
A surprisingly large jump in the Consumer Price Index in May pushed policymakers
closer to a rate hike. Although the Fed did not immediately raise interest
rates, it did announce a significant shift,
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
adopting a "bias" towards tightening -- that is, raising short-term rates. With
that shift in bias came a resulting shift in market psychology, as participants
began to anticipate higher rates.
That highly anticipated move came in June, when at its Open Market Committee
meeting, the Fed raised short-term rates by 0.25 percentage points. At the same
time, however, it announced that it was shifting its bias back to neutral --
indicating no intention of an immediate further rate increase. The market hoped
that this pre-emptive strike to head off the threat of inflation would signal an
end to Fed tightening.
Such hopes would be short-lived as strong economic growth along with anxiety
over rising wages and benefits renewed inflationary concern. At its August Open
Market Committee meeting, the Fed raised short-term interest rates by an
additional 0.25 percentage points, signaling its added resolve by also raising
the discount rate.
The economy continued to give mixed signals to the money market throughout the
third quarter. GDP growth accelerated back to a rapid 4.8%, but key indicators
of employment costs, job creation and inflation were at lower levels than would
be expected, given such strong economic expansion. These mixed indications led
the Fed to hold off on further tightening until November, when continued fear of
inflationary pressures caused it to increase short-term interest rates by
another 0.25 percentage points.
When the Fed took no action at its December meeting, many analysts considered it
to be an attempt to quiet markets that were concerned about potential Y2K
disruption. The Fed also added significant reserves to the banking system over
year-end to quell liquidity concerns, leading to temporary irregularities and
wide fluctuations in short-term interest rates. Despite the temporary drop in
rates over year-end due to the added reserves, many believe, now that Y2K issues
have been successfully navigated, that the issue of managing sustainable growth
should take center stage again.
What is the fund's current strategy?
In response to a market environment marked by rising interest rates, the fund
took on a somewhat defensive strategy. We took two steps to position the fund in
the current market: we shortened the fund's average maturity and built a
liquidity cushion. Shorter maturities and a higher level of cash are designed to
enable the fund to take advantage of a possible further rise in interest rates.
January 14, 2000
(1) EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND REINVESTED
DAILY. BEGINNING APRIL 3, 2000, DIVIDENDS WILL BE 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 ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO
LOSE MONEY BY INVESTING IN THE FUND.
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The Fund
STATEMENT OF INVESTMENTS
December 31, 1999
Principal
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--20.9% Amount ($) Value ($)
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Crestar Bank (Yankee)
5.75%, 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 105,000,000 104,997,924
First Tennessee Bank
5.16%, 4/10/2000 30,000,000 29,996,834
First Union National Bank
5.82%-6.02%, 1/19/2000-2/22/2000 122,000,000 122,000,000
Lasalle National Bank
5.83%, 2/17/2000 100,000,000 100,000,000
Marine Midland Bank N.A.
4.93%-4.97%, 1/19/2000-1/31/2000 250,000,000 250,000,198
Michigan National Bank
5.15%-5.95%, 3/16/2000-8/23/2000 115,000,000 114,983,443
National City Bank
4.95%, 2/1/2000 49,000,000 48,998,795
U.S. Bank N.A. Minneapolis
5.68%-5.85%, 2/22/2000-6/30/2000 157,000,000 157,000,000
Union Bank of California
5.00%-5.90%, 1/20/2000-5/10/2000 150,000,000 150,000,000
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $1,127,977,194) 1,127,977,194
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COMMERCIAL PAPER--33.8%
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Atlantis One Funding Corp.
5.91%-6.05%, 1/26/2000-3/28/2000 275,000,000 271,916,293
BCI Funding Corp.
5.94%-6.04%, 3/13/2000-4/26/2000 175,000,000 172,496,889
Bank of America Corp.
5.25%, 2/11/2000 65,000,000 64,626,160
DaimlerChrysler North America Holding Corp.
6.07%, 4/28/2000 50,000,000 49,034,694
Den Danske Corp. Inc.
5.92%, 4/25/2000 48,500,000 47,605,276
Donaldson Lufkin & Jenrette Inc.
6.25%-6.27%, 1/31/2000-3/15/2000 230,000,000 227,772,619
Finova Capital Corp.
5.80%-6.05%, 2/4/2000-3/17/2000 150,000,000 149,381,444
General Electric Capital Corp.
5.58%-6.03%, 2/3/2000-6/16/2000 265,000,000 261,198,725
General Electric Capital Services, Inc.
6.06%-6.08%, 1/27/2000-4/7/2000 150,000,000 148,773,973
Principal
COMMERCIAL PAPER (CONTINUED) Amount ($) Value ($)
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Goldman Sachs Group Inc.
6.59%, 1/28/2000 50,000,000 49,754,375
HSBC USA Inc.
6.11%, 4/26/2000 50,000,000 49,044,933
Heller Financial Inc.
6.01%-6.04%, 2/15/2000-2/25/2000 60,000,000 59,537,681
Morgan Stanley Dean Witter & Co.
6.09%, 3/13/2000 100,000,000 98,800,000
Nordbanken N.A. Inc.
6.05%, 2/11/2000 25,000,000 24,831,160
Paine Webber Group Inc.
6.07%, 4/5/2000 50,000,000 49,214,931
Salomon Smith Barney Holdings Inc.
5.92%, 3/14/2000 100,000,000 98,834,028
TOTAL COMMERCIAL PAPER
(cost $1,822,823,181) 1,822,823,181
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CORPORATE NOTES--14.9%
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Bear Stearns Companies, Inc.
5.41%-5.97%, 6/20/2000-11/15/2000 80,000,000 80,116,958
CIT Group Holdings Inc.
5.75%, 2/24/2000 50,000,000 (a) 49,995,661
Ford Motor Credit Corp.
5.70%-5.99%, 5/5/2000-10/10/2000 250,000,000 (a) 250,330,167
Goldman Sachs Group L.P.
6.16%, 1/13/2000 25,000,000 (a) 25,000,272
Heller Financial Inc.
5.58%-6.06%, 4/13/2000-10/3/2000 98,000,000 (a) 98,027,002
Lehman Brothers Holdings, Inc.
6.28%, 3/1/2000 100,000,000 (a) 99,992,200
Morgan (J.P.) & Co.
5.03%, 2/7/2000 50,000,000 50,000,000
Salomon Smith Barney Holdings
6.20%, 1/27/2000 50,000,000 (a) 50,000,176
Wells Fargo Bank N.A.
5.08%-5.30%, 3/31/2000-4/3/2000 100,500,000 100,498,768
TOTAL CORPORATE NOTES
(cost $803,961,204) 803,961,204
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
Principal
SHORT-TERM BANK NOTES--23.7% Amount ($) Value ($)
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Bank of America
5.12%, 2/4/2000 100,000,000 100,000,000
BankBoston N.A.
5.10%, 1/13/2000-2/1/2000 55,000,000 55,000,000
Branch Bank & Trust Co.
5.71%, 3/1/2000 43,800,000 (a) 43,796,414
Chase Manhattan Corp.
6.05%, 1/21/2000 53,000,000 (a) 52,989,000
Comerica Bank
5.82%, 6/12/2000 50,000,000 (a) 49,951,063
First Tennessee Bank
5.30%, 3/3/2000 50,000,000 49,998,366
First Union National Bank
5.69%, 5/17/2000 100,000,000 (a) 100,000,000
Fleet National Bank
5.71%, 3/15/2000 60,300,000 (a) 60,292,618
Harris Trust & Savings Bank
5.08%-5.69%, 2/17/2000-4/19/2000 157,000,000 (a) 156,991,536
Huntington National Bank
5.70%-5.72%, 3/13/2000-7/3/2000 240,000,000 (a) 239,964,714
Key Bank N.A.
5.17%-5.70%, 3/24/2000-4/14/2000 100,000,000 (a) 99,987,077
LaSalle National Bank
4.95%-5.90%, 1/25/2000-3/27/2000 160,000,000 159,994,448
NationsBank N.A.
5.00%-5.26%, 1/5/2000-3/2/2000 60,000,000 60,000,000
Union Bank of California
6.00%, 8/14/2000 50,000,000 50,000,000
TOTAL SHORT-TERM BANK NOTES
(cost $1,278,965,236) 1,278,965,236
Principal
TIME DEPOSIT--5.5% Amount ($) Value ($)
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Chase Manhattan Bank N.A. (London)
4.00%, 1/3/2000 190,000,000 190,000,000
Republic National Bank of New York (London)
4.27%, 1/3/2000 107,743,000 107,743,000
TOTAL TIME DEPOSITS
(cost $297,743,000) 297,743,000
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TOTAL INVESTMENTS
(cost $5,331,469,815) 98.8% 5,331,469,815
CASH AND RECEIVABLES (NET) 1.2% 67,733,954
NET ASSETS 100.0% 5,399,203,769
(a) VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE.
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SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1999
Cost Value
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ASSETS ($):
Investments in securities--See Statement of
Investments 5,331,469,815 5,331,469,815
Interest receivable 75,658,259
Prepaid expenses 165,440
5,407,293,514
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 2,730,312
Cash overdraft due to Custodian 5,080,648
Accrued expenses 278,785
8,089,745
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NET ASSETS ($) 5,399,203,769
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 5,399,197,489
Accumulated net realized gain (loss) on investments 6,280
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NET ASSETS ($) 5,399,203,769
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SHARES OUTSTANDING
(25 billion shares of $.001 par value Common Stock authorized) 5,400,072,857
Net Asset Value, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS
Year Ended December 31, 1999
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INVESTMENT INCOME ($):
INTEREST INCOME 288,930,327
EXPENSES:
Management fee--Note 2(a) 25,900,085
Shareholder servicing costs--Note 2(b) 13,462,530
Prospectus and shareholders' reports 895,598
Custodian fees 236,082
Directors' fees and expenses--Note 2(c) 84,861
Professional fees 65,268
Registration fees 41,322
Miscellaneous 37,031
TOTAL EXPENSES 40,722,777
INVESTMENT INCOME--NET, representing net increase in net assets
resulting from operations 248,207,550
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS
Year Ended December 31,
-----------------------------
1999 1998
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OPERATIONS ($):
Investment income--net 248,207,550 245,626,593
Net realized gain (loss) on investments -- 76,661
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 248,207,550 245,703,254
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DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (248,207,550) (245,626,593)
- --------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 24,990,892,805 18,785,165,495
Dividends reinvested 246,479,289 245,052,633
Cost of shares redeemed (25,222,700,524) (18,212,055,022)
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS 14,671,570 818,163,106
TOTAL INCREASE (DECREASE) IN NET ASSETS 14,671,570 818,239,767
- --------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 5,384,532,199 4,566,292,432
END OF PERIOD 5,399,203,769 5,384,532,199
SEE NOTES TO FINANCIAL STATEMENTS.
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.
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Year Ended December 31,
--------------------------------------------------------------------
1999 1998 1997 1996 1995
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Per Share Data ($):
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Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .045 .049 .049 .048 .053
Distributions:
Dividends from investment income--net (.045) (.049) (.049) (.048) (.053)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
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TOTAL RETURN (%) 4.59 4.97 5.04 4.91 5.45
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .74 .74 .74 .76 .79
Ratio of net investment income
to average net assets 4.49 4.85 4.92 4.76 5.33
Decrease reflected in above expense
ratios due to undertakings by
The Dreyfus Corporation -- .01 .01 .02 --
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Net Assets, end of period ($ x 1,000) 5,399,204 5,384,532 4,566,292 4,714,699 4,459,938
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
NOTES TO FINANCIAL STATEMENTS
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.
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 $29,858 during the period ended December 31, 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 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 December 31, 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).
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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, 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 December 31, 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)
exceeded an annual rate of .75 of 1% of the value of the fund's average daily
net assets. During the period ended December 31, 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
December 31, 1999, the fund was charged $6,761,009 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 December 31, 1999, the fund was charged $5,241,055 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.
The Fund
REPORT OF INDEPENDENT AUDITORS
Shareholders and Board of Directors
Dreyfus Liquid Assets, Inc.
We have audited the accompanying statement of assets and liabilities of Dreyfus
Liquid Assets, Inc., including the statement of investments, as of December 31,
1999, 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 financial highlights for each of the years indicated therein. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of December 31, 1999 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 financial highlights referred to
above present fairly, in all material respects, the financial position of
Dreyfus Liquid Assets, Inc. at December 31, 1999, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and the financial highlights for each of the indicated
years, in conformity with accounting principles generally accepted in the United
States.
Ernst & Young LLP
signature logo
New York, New York
January 2, 2000
NOTES
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
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) 2000 Dreyfus Service Corporation 039AR9912
