<PAGE>
Dreyfus
100% U.S. Treasury
Money Market
Fund
Semi-Annual
Report
June 30, 1997
<PAGE>
Dreyfus 100% U.S. Treasury Money Market Fund
- -------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
We are pleased to report the performance for the Dreyfus 100% U.S. Treasury
Money Market Fund for the six-month period ended June 30, 1997. Your Fund
produced an annualized yield of 4.61% and, after taking into account the effect
of compounding, the annualized effective yield was 4.70%.*
Economic Review
Since ending its 1995 mid-cycle slowdown, the economy has sustained an
above-trend growth trajectory, slowing only briefly in the third quarter of 1996
and again in recent months. Meanwhile, the level of economic activity is now at
the point where economic resources are near full deployment. Yet price inflation
remains quiescent, boosting the purchasing power of incomes and contributing to
the best sense of economic well-being in decades. In this environment, economic
policy has been benign, allowing market interest rates to sway within an
eighteen-month trading range and corporate profits to rise steadily. However,
even while the jury is out on the inflation risks ahead, the Federal Reserve
Board (the "Fed") has again indicated a one-way bias towards tighter future
policy.
Real Gross Domestic Product grew an above-trend 3.1% from year-end 1995 to
year-end 1996, then accelerated to more than 4.0% in the first half of this
year. However, this year's pattern shows growth concentrated into the first
quarter, when GDP surged 5.9%, while a slowdown to near 2.5% is apparent in the
second quarter. The slower near-term growth is attributable to a lackluster
retail sector, even though exports and capital spending are gaining. A key issue
is whether the absence of pent-up demand could lead to a sluggish consumer
profile and, hence, a slow GDP growth from here on. Indeed, factors that could
underpin a resumption of stronger spending are rising: real consumer purchasing
power, soaring household wealth and all-time highs in consumer confidence.
Additionally, inventories remain lean, muting the prospect of yet slower
economic growth.
Alongside evidence of a slower retail sector in the second quarter are
reports showing that unemployment fell below 5% and industrial capacity
utilization tightened towards its 1994 highs. With these developments, the
economy now is operating at a high level with little slack. Yet wage inflation
abated in the second quarter while price inflation continued to decelerate. The
absence of any troublesome sign of inflation has kept market interest rates in a
long-standing trading range. Even corporate profits continue to surprise on the
upside.
Views on the need to tighten monetary policy are divergent. There are those
who believe that inflation pressure points are just different than in the past
and others who believe the inflation cycle has been eliminated by global factors
and technology. However, by leaning towards tighter future policy, the Fed is at
least willing to err on the cautious side in the next several months.
The Money Market
The money market began the current calendar year in a reasonably steady mode
with fluctuations within a narrow band. As the year advanced, however, the
market became increasingly concerned that the Fed would raise interest rates.
Late in December, 1996, Fed Chairman Alan Greenspan made his highly publicized
remark about "irrational exuberance" in the equity markets. Early in 1997, other
central bank officials spoke on the same theme. So it was no great surprise to
the markets when the Fed, in late March, actually raised the short-term
interbank rate by one quarter of a point. This was done as a moderate dose of
preventive medicine against possible future inflation.
By late spring and early summer, however, signs of a slowdown in the economy
caused interest rates to simmer down. To be sure, there was the usual
nervousness before each subsequent scheduled meeting of the rate-setting Federal
Open Market Committee. Yet the general trend of rates most recently has been to
fluctuate moderately while working down to somewhat lower levels.
<PAGE>
Portfolio Overview
In this environment, we have stayed with our strategy of maintaining slightly
longer average maturities than the industry average. The purpose, of course, is
to improve the yields available to our investors. To date, this has been a
rewarding approach. Furthermore, as you know, this Fund's portfolio provides the
assurance of being entirely invested in U.S. Treasury obligations. You may be
assured that we will, as always, adapt portfolio strategy to the prevailing
market conditions in order to bring you competitive yields on your cash
reserves.
Once again, we would like to express our appreciation for your confidence in
the Dreyfus 100% U.S. Treasury Money Market Fund.
Sincerely,
Patricia A. Larkin
Senior Portfolio Manager
July 17, 1997
New York, N.Y.
*Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<PAGE>
<TABLE>
<CAPTION>
Dreyfus 100% U.S. Treasury Money Market Fund
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Statement of Investments June 30, 1997 (Unaudited)
Annualized
Yield on
Date of Principal
U.S. Treasury Bills--29.4% Purchase Amount Value
- ------------------------------------------------------------------ -------------- ---------------- ----------------
<S> <C> <C> <C>
7/17/97........................................................ 4.53% $ 427,000 $ 426,146
7/24/97........................................................ 5.56 38,370,000 38,240,408
8/14/97........................................................ 5.33 10,398,000 10,331,407
8/21/97........................................................ 5.87 15,928,000 15,802,309
9/4/97......................................................... 5.22 7,771,000 7,698,941
9/11/97........................................................ 5.16 2,198,000 2,175,668
9/18/97........................................................ 5.31 59,172,000 58,495,642
10/9/97........................................................ 5.40 44,387,000 43,736,700
10/16/97....................................................... 5.29 71,421,000 70,320,755
10/23/97....................................................... 5.48 17,477,000 17,181,741
11/13/97....................................................... 5.45 59,044,000 57,875,239
12/4/97........................................................ 5.18 8,725,000 8,533,689
5/28/98........................................................ 5.59 25,000,000 23,779,438
--------------
TOTAL U.S. TREASURY BILLS (cost $354,598,083)..................... $ 354,598,083
==============
U.S. Treasury Notes--69.3%
- ------------------------------------------------------------------
5.875%, 7/31/97................................................ 5.38% $185,040,000 $ 185,103,846
6.50%, 8/15/97................................................. 5.36 174,000,000 174,211,734
5.625%, 8/31/97................................................ 5.51 90,000,000 89,980,600
6%, 8/31/97.................................................... 5.24 115,000,000 115,083,837
5.75%, 9/30/97................................................. 5.21 92,250,000 92,336,143
5.625%, 10/31/97............................................... 5.62 50,000,000 49,973,003
5.375%, 11/30/97............................................... 5.38 90,000,000 89,948,466
6%, 11/30/97................................................... 5.45 40,000,000 40,067,322
--------------
TOTAL U.S. TREASURY NOTES (cost $836,704,951)..................... $ 836,704,951
==============
TOTAL INVESTMENTS (cost $1,191,303,034)................... 98.7% $1,191,303,034
======= ==============
CASH AND RECEIVABLES (NET) ............................... 1.3% $ 16,177,315
======= ==============
NET ASSETS................................................ 100.0% $1,207,480,349
======= ==============
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
<PAGE>
Dreyfus 100% U.S. Treasury Money Market Fund
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Statement of Assets and Liabilities June 30, 1997 (Unaudited)
Cost Value
-------------- --------------
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments $1,191,303,034 $1,191,303,034
Cash............................................. 1,722,400
Interest receivable.............................. 15,161,701
Prepaid expenses and other assets................ 143,855
--------------
1,208,330,990
--------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.... 730,596
Accrued expenses................................. 120,045
--------------
850,641
--------------
NET ASSETS..................................................................... $1,207,480,349
==============
REPRESENTED BY: Paid-in capital.................................. $1,207,688,065
Accumulated net realized gain (loss) on investments (207,716)
--------------
NET ASSETS..................................................................... $1,207,480,349
==============
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest authorized). 1,207,399,291
NET ASSET VALUE, offering and redemption price per share....................... $1.00
=====
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
<PAGE>
Dreyfus 100% U.S. Treasury Money Market Fund
- -------------------------------------------------------------------------------
Statement of Operations Six Months Ended June 30, 1997 (Unaudited)
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME Interest Income.................................. $33,152,570
EXPENSES: Management fee--Note 2(a)......................... $3,113,085
Shareholder servicing costs--Note 2(b)............ 1,205,570
Custodian fees................................... 43,835
Prospectus and shareholders' reports............. 34,934
Trustees' fees and expenses--Note 2(c)............ 32,370
Registration fees................................ 28,899
Professional fees................................ 21,797
Miscellaneous.................................... 7,950
----------
Total Expenses........................... 4,488,440
-----------
INVESTMENT INCOME--NET......................................................... 28,664,130
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 1(b)............................. (29,193)
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................... $28,634,937
===========
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
<PAGE>
Dreyfus 100% U.S. Treasury Money Market Fund
- -------------------------------------------------------------------------------
Statement of Changes in Net Assets
Six Months Ended
June 30, 1997 Year Ended
(Unaudited) December 31, 1996
---------------- -----------------
OPERATIONS:
<S> <C> <C>
Investment income--net............................................... $ 28,664,130 $ 57,433,241
Net realized gain (loss) on investments.............................. (29,193) (165,664)
-------------- --------------
Net Increase (Decrease) in Net Assets Resulting from Operations.. 28,634,937 57,267,577
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net............................................... (28,664,130) (57,775,920)
-------------- --------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................ 1,451,914,413 2,384,073,030
Dividends reinvested................................................. 26,861,932 54,349,594
Cost of shares redeemed.............................................. (1,558,120,717) (2,461,751,306)
-------------- --------------
Increase (Decrease) in Net Assets from Beneficial Interest Transactions (79,344,372) (23,328,682)
-------------- --------------
Total Increase (Decrease) in Net Assets........................ (79,373,565) (23,837,025)
NET ASSETS:
Beginning of Period.................................................. 1,286,853,914 1,310,690,939
-------------- --------------
End of Period........................................................ $1,207,480,349 $1,286,853,914
============== ==============
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
<PAGE>
Dreyfus 100% U.S. Treasury Money Market Fund
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Financial Highlights
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from the Fund's financial statements.
Six Months Ended Year Ended December 31,
June 30, 1997 --------------------------------------------------
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993 1992
----------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
Investment Operations:
Investment income--net................. .023 .046 .051 .033 .025 .036
----- ----- ----- ----- ----- -----
Distributions:
Dividends from investment income--net.. (.023) (.046) (.051) (.033) (.025) (.036)
----- ----- ----- ----- ----- -----
Net asset value, end of period......... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== ===== =====
TOTAL INVESTMENT RETURN................... 4.66%* 4.67% 5.19% 3.38% 2.56% 3.64%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .72%* .73% .69% .71% .65% .35%
Ratio of net investment income
to average net assets............... 4.60%* 4.55% 5.09% 3.29% 2.53% 3.62%
Decrease reflected in above expense ratios
due to undertakings by the Manager.. -- -- -- -- .02% .27%
Net Assets, end of period (000's Omitted) $1,207,480 $1,286,854 $1,310,691 $1,450,739 $1,917,929 $3,025,041
<FN>
- -------------------------
* Annualized.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus 100% U.S. Treasury Money Market Fund
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus 100% U.S. Treasury Money Market Fund (the "Fund") is registered
under the Investment Company Act of 1940 ("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 and the maintenance of liquidity by investing in
obligations of the U.S. Treasury that provide interest income exempt from state
and local income taxes. The Dreyfus Corporation ("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 per
share of $1.00.
The Fund's financial 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 Trustees 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.
(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. To the extent
that the net realized capital gain can be offset by capital loss carryovers, 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 Internal Revenue Code, and to make distributions of taxable income
sufficient to relieve it from substantially all Federal income and excise taxes.
The Fund has an unused capital loss carryover of approximately $165,700
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to December 31, 1996. If not
applied, $12,900 of the carryover expires in fiscal 2003 and $152,800 expires in
fiscal 2004.
At June 30, 1997, 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 with the Manager, the management fee
is computed at the annual rate of .50 of 1% of the value of the Fund's average
daily net assets and is payable monthly.
<PAGE>
Dreyfus 100% U.S. Treasury Money Market Fund
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(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, 1997, the Fund was charged an aggregate of $797,766 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. Such compensation
amounted to $280,211 during the period ended June 30, 1997.
(c) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $4,500 and an attendance fee of $500 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation and the Trustee Emeritus receives 50% of such compensation.
<PAGE>
Dreyfus 100% U.S. Treasury
Money Market Fund
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
Printed in U.S.A. 071SA976
