File No. 33-00824
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]
Pre-Effective Amendment No. [ ]
Post-Effective Amendment No. 13 [X]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[X]
Amendment No. 13 [X]
(Check appropriate box or boxes.)
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
(Exact Name of Registrant as Specified in Charter)
c/o The Dreyfus Corporation
200 Park Avenue, New York, New York 10166
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code: (212)922-6000
Daniel C. Maclean III, Esq.
200 Park Avenue
New York, New York 10166
(Name and Address of Agent for Service)
It is proposed that this filing will become effective (check
appropriate box)
immediately upon filing pursuant to paragraph (b)
----
on (date) pursuant to paragraph (b)
----
60 days after filing pursuant to paragraph (a)(i)
----
X on May 1, 1995 pursuant to paragraph (a)(i)
----
75 days after filing pursuant to paragraph (a)(ii)
----
on (date) pursuant to paragraph (a)(ii) of Rule 485
----
If appropriate, check the following box:
this post-effective amendment designates a new
effective date for a
previously filed post-effective amendment.
----
Registrant has registered an indefinite number of shares of
its beneficial interest under the Securities Act of 1933 pursuant
to Section 24(f) of the Investment Company Act of 1940.
Registrant's Rule 24f-2 Notice for the fiscal year ended December
31, 1994 was filed February 3, 1995.
<PAGE>
DREYFUS 100% U.S.
TREASURY INTERMEDIATE TERM FUND
Cross-Reference Sheet
Pursuant to Rule 495(a)
Items in
Part A of
Form N-1A Caption Page
_________ _______ ____
1 Cover Page Cover
2 Synopsis 4
3 Condensed Financial Information 5
4 General Description of Registrant 7,18
5 Management of the Fund 9
5(a) Management's Discussion of Fund's Performance *
6 Capital Stock and Other Securities 17,18
7 Purchase of Securities Being Offered 10
8 Redemption or Repurchase 14
9 Pending Legal Proceedings *
Items in
Part B of
Form N-1A
- ---------
10 Cover Page Cover
11 Table of Contents Cover
12 General Information and History *
13 Investment Objectives and Policies B-2
14 Management of the Fund B-3
15 Control Persons and Principal B-6
Holders of Securities
16 Investment Advisory and Other B-6
Services
_____________________________________
NOTE: * Omitted since answer is negative or inapplicable.
<PAGE>
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
Cross-Reference Sheet Pursuant to Rule 495(a) (continued)
Items in
Part B of
Form N-1A Caption Page
_________ _______ _____
17 Brokerage Allocation B-16
18 Capital Stock and Other Securities B-19
19 Purchase, Redemption and Pricing B-10, B-12
of Securities Being Offered
20 Tax Status *
21 Underwriters B-10
22 Calculations of Performance Data B-17
23 Financial Statements B-20
Items in
Part C of
Form N-1A
_________
24 Financial Statements and Exhibits C-1
25 Persons Controlled by or Under C-3
Common Control with Registrant
26 Number of Holders of Securities C-3
27 Indemnification C-3
28 Business and Other Connections of C-4
Investment Adviser
29 Principal Underwriters C-11
30 Location of Accounts and Records C-14
31 Management Services C-14
32 Undertakings C-14
_____________________________________
NOTE: * Omitted since answer is negative or inapplicable.
<PAGE>
FOR USE BY BANKS ONLY
MAY 1, 1995
DREYFUS 100% U.S. TREASURY FUNDS
Dreyfus 100% U.S. Treasury Money Market Fund
Dreyfus 100% U.S. Treasury Short Term Fund
Dreyfus 100% U.S. Treasury Intermediate Term Fund
Dreyfus 100% U.S. Treasury Long Term Fund
Supplement to Combined Prospectus
Dated May 1, 1995
All mutual fund shares involve certain investment risks,
including the possible loss of principal.
<PAGE>
COMBINED PROSPECTUS May 1, 1995
Dreyfus 100% U.S. Treasury Funds
Each of Dreyfus 100% U.S. Treasury Money Market Fund, Dreyfus
100%
U.S. Treasury Short Term Fund, Dreyfus 100% U.S. Treasury
Intermediate Term Fund and Dreyfus 100% U.S. Treasury Long Term
Fund (each, a "Fund" and collectively, the "Funds") is an
open-end,
diversified, management investment company known as a no-load
mutual fund. The goal of each Fund is to provide you with as high
a level of current income as is consistent with the preservation
of
capital and, for the money market fund only, with the maintenance
of liquidity. Each Fund pursues its objective by investing in
obligations of the U.S. Treasury that provide interest income
exempt from state and local taxes in each state. The Funds differ
in average portfolio maturity and quality, which in turn affects
their level of income and degree of share price fluctuation.
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND (the "MONEY MARKET
FUND") is a money market fund that seeks to maintain a stable
share
price of $1.00.
An investment in the MONEY MARKET FUND is neither
insured nor
guaranteed by the U.S. Government. There can be no assurance that
the MONEY MARKET FUND will be able to maintain a stable net asset
value of $1.00 per share.
DREYFUS 100% U.S. TREASURY SHORT TERM FUND (the "SHORT TERM
FUND")
seeks to provide you with a higher level of current income than
the
MONEY MARKET FUND, and greater price stability than the
INTERMEDIATE TERM FUND. The dollar-weighted average maturity of
its
portfolio is expected to range between two and three years.
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND (the
"Intermediate Term Fund") seeks to provide you with a higher
level
of current income than the SHORT TERM FUND, and greater price
stability than the LONG TERM FUND. The dollar-weighted average
maturity of its portfolio is expected to range between three and
seven years.
DREYFUS 100% U.S. TREASURY LONG TERM FUND (the "LONG TERM FUND")
seeks to provide you with a higher level of current income than
the
INTERMEDIATE TERM FUND. Its price per share should be expected to
fluctuate more than the INTERMEDIATE TERM FUND'S price per share.
The dollar-weighted average maturity of its portfolio is expected
to exceed ten years.
EACH FUND IS A SEPARATE MASSACHUSETTS BUSINESS TRUST
WITH A
SEPARATE PORTFOLIO. THE OPERATIONS AND RESULTS OF ONE FUND ARE
UNRELATED TO THOSE OF EACH OTHER FUND. THIS COMBINED PROSPECTUS
HAS
BEEN PREPARED FOR YOUR CONVENIENCE TO PROVIDE YOU THE OPPORTUNITY
TO CONSIDER FOUR INVESTMENT CHOICES IN ONE DOCUMENT.
The Dreyfus Corporation professionally manages each
Fund's
portfolio.
This Prospectus sets forth concisely information about
each
Fund that you should know before investing. It should be read and
retained for future reference.
The Statement of Additional Information, dated May 1,
1995,
which may be revised from time to time, provides a further
discussion of certain areas in this Prospectus and other matters
which may be of interest to some shareholders. It has been filed
with the Securities and Exchange Commission and is incorporated
herein by reference. For a free copy, write to the Fund at 144
Glenn Curtiss Boulevard, Uniondale, New York 11556-0144, or call
1-800-645-6561. When telephoning, ask for Operator 666.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR
GUARANTEED OR ENDORSED BY, ANY BANK, AND ARE NOT FEDERALLY
INSURED
BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE
BOARD, OR ANY OTHER AGENCY. THE NET ASSET VALUE OF THE TERM FUNDS
WILL FLUCTUATE FROM TIME TO TIME.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY
STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF
THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
You can invest, reinvest or redeem shares at any time
without charge or penalty.
Each Fund provides free redemption checks, which you can use
in amounts of $500 or more for cash or to pay bills. You
continue
to earn income on the amount of the check until it clears. You
can
purchase or redeem shares by telephone using Dreyfus
TeleTransfer.
TABLE OF CONTENTS
Page
Annual Fund Operating Expenses 4
Condensed Financial Information 4
Yield and Performance Information 6
Description of the Funds 7
Management of the Funds 9
How to Buy Shares 9
Shareholder Services 12
How to Redeem Shares 14
Shareholder Services Plan 17
Dividends, Distributions and Taxes 17
General Information 18
<PAGE>
[This Page Intentionally Left Blank]
<PAGE>
Annual Fund Operating Expenses
(as a percentage of average daily net assets)
<TABLE>
<CAPTION>
Money Short Interm. Long
Market Term Term Term
Fund Fund Fund Fund
<S> <C> <C> <C> <C>
Management Fees .50% .60% .60% .60%
Other Expenses .21% .34% .29% .38%
Total Fund Operating Expenses .71% .94% .89% .98%
</TABLE>
Example:
You would pay the following expenses on a $1,000 investment in
each Fund, assuming (1) 5% annual return and (2) redemption at
the end of each period:
<TABLE>
<CAPTION>
Money Short Interm. Long
Market Term Term Term
Fund Fund Fund Fund
<S> <C> <C> <C> <C>
1 Year $ 7 $ 10 $ 9 $ 10
3 Years $ 23 $ 30 $ 28 $ 31
5 Years $ 40 $ 52 $ 49 $ 54
10 Years $ 88 $ 115 $110 $120
</TABLE>
The amounts listed in the example should not be considered as
representative of past or future expenses and actual expenses may
be greater or less than those indicated. Moreover, while the
example assumes a 5% annual return, each Fund's actual
performance will vary and may result in an actual return
greater or less
than 5%.
The purpose of the foregoing table is to assist you in
understanding the various costs and expenses borne by each Fund,
and therefore indirectly by investors, the payment of which will
reduce investors' return on an annual basis. The information in
the
foregoing table does not reflect any fee waivers or expense
reimbursement arrangements that may be in effect. You can
purchase
each Fund's shares without charge directly from each Fund's
Distributor; you may be charged a nominal fee if you effect
transactions in Fund shares through a securities dealer, bank or
other financial institution. See "Management of the Funds' and
"Shareholder Services Plan.
CONDENSED FINANCIAL INFORMATION
The information in each of the following tables has been
audited
by Ernst & Young LLP, each Fund's independent auditors, whose
reports thereon appear in the Statement of Additional
Information.
Further financial data and related notes are included in the
Statement of Additional Information, available upon request.
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
year indicated. This information has been derived from the Fund's
financial statements.
<TABLE>
<CAPTION>
Money Market Fund Year Ended December 31,
PER SHARE DATA: 1987(1) 1988 1989 1990 1991 1992 1993 1994
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year $1.0000 $1.0001 $1.0002 $1.0004 $1.0000 $1.0001 $1.0001 $1.0002
Investment Operations:
Investment income - net .0473 .0667 .0792 .0762 .0603 .0358 .0253 .0334
Net realized and unrealized gain
(loss) on investments .0001 (.0002) - - .0001 - .0001 -
Total from Investment Operations .0474 .0665 .0792 .0762 .0604 .0358 .0254 .0334
Distributions:
Dividends from investment income -net (.0473) (.0664) (.0790) (.0766) (.0603) (.0358) (.0253) (.0333)
Net asset value, end of year $1.0001 $1.0002 $1.0004 $1.0000 $1.0001 $1.0001 $1.0002 $1.0003
TOTAL INVESTMENT RETURN 6.31%(2) 6.85% 8.19% 7.93% 6.20% 3.64% 2.56% 3.38%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average
net assets .22%(2) .25% .73% .09% .14% .35% .65% .71%
Ratio of net investment income
to average net assets 6.28%(2) 6.74% 7.94% 7.65% 5.86% 3.62% 2.53% 3.29%
Decrease reflected in above
expense ratios due to under-
takings by The Dreyfus
Corporation .88%(2) .57% .16% .60% .50% .27% .02% -
Net Assets, end of year (000's
Omitted) $72,301 $132,263 $123,390 $1,159,309 $3,773,615 $3,025,041 $1,917,929 $1,430,739(1)
</TABLE>
From March 27, 1987 (commencement of operations) to December 31,
1987.(2)
Annualized.
Short Term Fund (1)
<TABLE>
<CAPTION>
Year Ended December 31,
PER SHARE DATA: 1987(1) 1988 1989 1990 1991 1992 1993 1994
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year $14.50 $15.03 $14.96 $15.62 $15.40 $16.18 $15.91 $15.75
Investment Operations:
Investment income - net .38 1.20 1.19 1.14 1.13 1.35 1.25 1.15
Net realized and unrealized gain (loss)
on investments .53 (.07) .66 (.22) .78 (.27) (.16) (1.20)
Total from Investment Operations .91 1.13 1.85 .92 1.91 1.08 1.09 (.05)
Distributions:
Dividends from investment income - net (.38) (1.20) (1.19) (1.14) (1.13) (1.35) (1.25) (1.15)
Net asset value, end of year $15.03 $14.96 $15.62 $15.40 $16.18 $15.91 $15.75 $14.55
TOTAL INVESTMENT RETURN 20.12%(3) 7.89% 12.83% 6.24% 12.92% 7.01% 7.03% (.33%)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets - - - - - .03% .11% .35%
Ratio of net investment income to
average net assets 8.15%(3) 7.75% 7.84% 7.50% 8.60% 8.34% 7.82% 7.61%
Decrease reflected in above expense
ratios due to undertakings
by The Dreyfus Corporation
(limited to the expense limitation
provision of the management
agreement) 1.50%(3) 1.50% 1.50% 1.50% 1.50% 1.09% .85% .59%
Portfolio Turnover Rate .** .** ** ** 59.59% 137.93% 322.62% 499.11%
Net Assets, end of year (000's Omitted) $161 $368 $258 $239 $29,183 $144,058 $188,300 $172,556
</TABLE>
(1) On October 1, 1991, the Fund's investment objective and
certain
of its fundamental policies and investment restrictions were
changed. See "Information About the Funds" in the Statement of
Additional Information.
(2) From September 10, 1987 (commencement of operations) to
December 31, 1987.
(3) Annualized.
<TABLE>
INTERMEDIATE TERM FUND(1)
<CAPTION>
Year Ended December 31,
PER SHARE DATA: 1987(2) 1988 1989 1990 1991 1992 1993 1994
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year $13.50 $12.66 $12.22 $12.59 $12.48 $13.22 $13.12 $13.60
Investment Operations:
Investment income - net .99 1.16 1.14 1.13 1.06 1.00 .95 .91
Net realized and unrealized gain (loss) on investments (.84) (.44) .37 (.11) .74 (.10) .48 (1.44)
Total from Investment Operations .15 .72 1.51 1.02 1.80 .90 1.43 (.53)
Distributions: Dividends from investment income - net (.99) (1.16) (1.14) (1.13) (1.06) (1.00) (.95) (.91)
Net asset value, end of year $12.66 $12.22 $12.59 $12.48 $13.22 $13.12 $13.60 $12.16
TOTAL INVESTMENT RETURN 1.62%(3) 5.80% 12.87% 8.60% 15.23% 7.17% 11.05% (3.97%)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets - .47% .80% .80% .62% .52% .73% .89
Ratio of net investment income to average net assets 9.93%(3) 9.18% 9.16% 9.15% 8.44% 7.68% 6.92% 7.15%
Decrease reflected in above expense ratios due to under-
takings by The Dreyfus Corporation 1.36%(3) .74% .34% .20% .33% .38% .13% -
Portfolio Turnover Rate 4.82%(4) 20.54% 5.59% 4.43% 21.78% 115.78% 333.76% 696.65%
Net Assets, end of year (000's Omitted) $40,725 $62,025 $60,960 $71,232 $183,288 $231,094 $254,278 $185,261
</TABLE>
(1) On October 24, 1991, the Fund's investment objective
and certain of its fundamental policies and investment
restrictions were changed. See "Information About the Funds'
in the Statement of Additional Information.
(2) From March 27, 1987 (commencement of operations) to December
31, 1987.
(3) Annualized.
(4) Not annualized.Long Term
<TABLE>
LONG TERM FUND(1)
<CAPTION>
Year Ended December 31,
PER SHARE DATA: 1987(2) 1988 1989 1990 1991 1992 1993 1994
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year $14.50 $12.89 $12.74 $13.56 $13.26 $14.42 $14.37 $15.68
Investment Operations:
Investment income - net .95 1.17 1.17 1.17 1.14 1.08 1.03 1.01
Net realized and unrealized gain (loss) on investments (1.61) (.15) .82 (.30) 1.16 (.05) 1.31 (2.42)
Total from Investment Operations .66 1.02 1.99 .87 2.30 1.03 2.34 (1.41)
Distributions:
Dividends from investment income - net (.95) (1.17) (1.17) (1.17) (1.14) (1.08) (1.03) (1.01)
Net asset value, end of year $12.89 $12.74 $13.56 $13.26 $14.42 $14.37 $15.68 $13.26
TOTAL INVESTMENT RETURN (5.81)%(3) 8.18% 16.22% 7.02% 18.28% 7.55% 16.59% (9.18%)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets - - - - .25% .56% .78% .98
Ratio of net investment income to average net assets 9.49%(3) 9.04% 8.79% 9.05% 8.34% 7.63% 6.65% 7.08%
Decrease reflected in above expense ratios due to under-
takings by The Dreyfus Corporation
(limited to the expense limitation
provision of the management agreement) 1.50%(3) 1.50% 1.50% 1.28% .72% .39% .09% -
Portfolio Turnover Rate 1.58%(4) 19.21% 40.08 30.68% 21.01% 97.46% 420.68% 1,213.04%
Net Assets, end of year (000's Omitted) $6,334 $9,760 $24,242 $42,525 $217,422 $238,839 $215,157 $123,403
</TABLE>
(1) Further information about each Fund's
performance is contained in such Fund's annual report, which may
be obtained without charge by writing to the address or calling
the number set forth on the cover page of this Prospectus.
Yield and Performance Information
Money Market Fund - From time to time, the
Money Market Fund advertises its yield and effective yield. Both
yield figures are based on historical earnings and are not
intended
to indicate future performance. It can be expected that these
yields will fluctuate substantially. The yield of the Money
Market
Fund refers to the income generated by an investment in the Fund
over a seven-day period (which period will be stated in the
advertisement). This income is then annualized. That is, the
amount
of income generated by the investment during that week is assumed
to be generated each week over a 52-week period and is shown as a
percentage of the investment. The effective yield is calculated
similarly but, when annualized, the income earned by an
investment
in the Fund is assumed to be reinvested. The effective yield will
be slightly higher than the yield because of the compounding
effect
of this assumed reinvestment. The Fund's yield and effective
yield
may reflect absorbed expenses pursuant to any undertakings that
may be in effect. See "Management of the Funds."
Tax equivalent yield is
calculated by determining the pre-tax yield which, after being
taxed at a stated rate, would be equivalent to a stated current
yield as described above.
Yield information is useful in reviewing
the Money Market Fund's performance, but because yields will
fluctuate, under certain conditions such information may not
provide a basis for comparison with domestic bank deposits, other
investments which pay a fixed yield for a stated period of time,
or
other investment companies which may use a different method of
computing yield.
Short Term, Intermediate Term and Long Term Funds
- - For purposes of advertising, performance of the Short Term
Fund,
Intermediate Term Fund and Long Term Fund (collectively, the
"Term
Funds") may be calculated on several bases, including current
yield, tax equivalent yield, average annual total return and/or
total return.
Current yield of a Term Fund refers to that Fund's
annualized net investment income per share over a 30-day period,
expressed as a percentage of the net asset value per share at the
end of the period. For purposes of calculating current yield, the
amount of net investment income per share during that 30-day
period, computed in accordance with regulatory requirements, is
compounded by assuming it is reinvested at a constant rate over a
six-month period. An identical result is then assumed to have
occurred during a second six-month period which, when added to
the
result for the first six months, provides an "annualized" yield
for
an entire one-year period. Calculations of each Term Fund's
current
yield may reflect absorbed expenses pursuant to any undertakings
that may be in effect. See "Management of the Funds."
Tax equivalent
yield is calculated by determining the pre-tax yield which, after
being taxed at a stated rate, would be equivalent to a stated
current yield calculated as described above.
For purposes of
advertising, calculations of average annual total return and
calculations of total return for each Term Fund will take into
account the performance of its corresponding predecessor
Fund-namely, Dreyfus 100% U.S. Treasury Short Term Fund, L.P.,
Dreyfus 100% U.S. Treasury Intermediate Term Fund, L.P. and
Dreyfus
100% U.S. Treasury Long Term Fund, L.P. - the assets and
liabilities of which were transferred to the relevant Fund in
exchange for shares of such Fund on December 31, 1993. See
"General Information."
Average annual total return for each Term Fund is
calculated pursuant to a standardized formula which assumes that
an
investment in a Term Fund was purchased with an initial payment
of
$1,000 and that the investment was redeemed at the end of a
stated
period of time, after giving effect to the reinvestment of
dividends and distributions during the period. The return is
expressed as a percentage rate which, if applied on a compounded
annual basis, would result in the redeemable value of the
investment at the end of the period. Advertisements of each Term
Fund's performance will include such Term Fund's average annual
total return for one, five and ten year periods, or for shorter
time periods depending upon the length of time during which such
Term Fund has operated.
Total return is computed on a per share
basis and assumes the reinvestment of dividends and
distributions.
Total return generally is expressed as a percentage rate which is
calculated by combining the income and principal changes for a
specified period and dividing by the net asset value per share at
the beginning of the period. Advertisements may include the
percentage rate of total return or may include the value of a
hypothetical investment at the end of the period which assumes
the application of the percentage rate of total return.
All Funds - Performance will vary from time to time and past
results are not
necessarily representative of future results. You should remember
that performance is a function of portfolio management in
selecting
the type and quality of portfolio securities and is affected by
operating expenses. Performance information, such as that
described
above, may not provide a basis for comparison with other
investments or other investment companies using a different
method of calculating performance.
Comparative performance information may
be used from time to time in advertising or marketing a Fund's
shares, including data from Lipper Analytical Services, Inc.,
Bank
Rate MonitorTrademark, N. Palm Beach, Fla. 33408, IBC/Donoghue's
Money Fund
Report, CDA Investment Technologies, Inc., Wiesenberger
Investment
Companies Services, Moody's Bond Survey Bond Index, Morningstar,
Inc. and other industry publications.
Description of the Funds
Investment Objective - The goal of each Fund is to provide you
with as high a level of current income as is consistent with the
preservation of capital and, for the Money Market Fund only, with
the maintenance of liquidity. Each Fund's investment objective
cannot be changed without approval by the holders of a majority
(as
defined in the Investment Company Act of 1940 (the "Act")) of its
outstanding voting shares. There can be no assurance that a
Fund's investment objective will be achieved.
Management Policies - Each
Fund invests only in U.S. Treasury securities the interest from
which would not subject shareholders to state or local income
tax.
Each Fund passes through to you state and local income tax
exemptions afforded to owners of such U.S. Treasury securities in
each state. Such interest income, however, will not be exempt
from
Federal tax. Furthermore, capital gains realized by a Fund will
not
be exempt from Federal taxes or, generally, from state and local
taxes. Under normal market conditions, the dollar-weighted
average
maturity of the Short Term Fund's portfolio is expected to range
between two and three years; the dollar-weighted average maturity
of the Intermediate Term Fund's portfolio is expected to range
between three and seven years; and the dollar-weighted average
maturity of the Long Term Fund's portfolio is expected to be
greater than ten years. For defensive purposes in an effort to
preserve capital during periods of rapidly changing interest
rates,
each Term Fund's assets may be invested temporarily so that its
dollar-weighted average portfolio maturity may be less than that
stated above.
Each Fund invests in U.S. Treasury securities,
including Treasury Bills, Treasury Notes and Treasury Bonds.
Treasury Bills have initial maturities of one year or less;
Treasury Notes have initial maturities of one to ten years; and
Treasury Bonds generally have initial maturities of greater than
ten years. Although the interest income from obligations in which
the Fund invests is specifically exempted from state and local
income taxes by Federal statute, it is possible that a state or
local taxing authority in the future may seek to tax a
shareholder on a portion of the interest income of an obligation
held by the Fund.
As a fundamental policy, each Term Fund is permitted to
borrow
to the extent permitted under the Act. However, each Fund
currently
intends to borrow money from banks only for temporary or
emergency
(not leveraging) purposes, in an amount up to 15% of the value of
its total assets (including the amount borrowed) valued at the
lesser of cost or market, less liabilities (not including the
amount borrowed) at the time the borrowing is made. While
borrowings exceed 5% of the value of a Fund's total assets, such
Fund will not make any additional investments. The Money Market
Fund's policy with respect to borrowing is a fundamental policy
that cannot be changed without approval by the holders of a
majority (as defined in the Act) the Money Market Fund's
outstanding voting shares. See "Investment Objective and
Management Policies - Investment Restrictions" in the Statement
of Additional Information.
Money Market Fund - The Money Market Fund seeks to
maintain a net asset value of $1.00 per share for purchases and
redemptions. To do so, the Money Market Fund uses the amortized
cost method of valuing its securities pursuant to Rule 2a-7 under
the Act, certain requirements of which are summarized as follows.
In accordance with Rule 2a-7, the Money Market Fund will maintain
a dollar-weighted average portfolio maturity of 90 days or less,
purchase only instruments having remaining maturities of 13
months
or less and invest only in U.S. dollar denominated securities.
For further information regarding the amortized cost method of
valuing
securities, see "Determination of Net Asset Value" in the
Statement
of Additional Information. There can be no assurance that the
Money
Market Fund will be able to maintain a stable net asset value of
$1.00 per share.
Investment Considerations - The value of the
portfolio securities held by a Fund will vary inversely to
changes
in prevailing interest rates. Thus, if interest rates have
increased from the time a security was purchased, such security,
if
sold, might be sold at a price less than its cost. Similarly, if
interest rates have declined from the time a security was
purchased, such security, if sold, might be sold at a price
greater
than its cost. In either instance, if the security was purchased
at
face value and held to maturity, no gain or loss would be
realized.
U.S. Treasury securities purchased by a Fund frequently
are offered on a when-issued basis, which means that the price is
fixed at the time of commitment, but delivery and payment
ordinarily take place a number of days after the date of the
commitment to purchase. A Fund will make commitments to purchase
such securities only with the intention of actually acquiring the
securities, but such Fund may sell these securities before the
settlement date if it is deemed advisable. A Fund will not accrue
income in respect of a security purchased on a when-issued basis
prior to its stated delivery date.
U.S. Treasury securities
purchased on a when-issued basis and other U.S. Treasury
securities
held by a Fund are subject to changes in value (both generally
changing in the same way, i.e., appreciating when interest rates
decline and depreciating when interest rates rise) based upon
changes, real or anticipated, in the level of interest rates.
U.S.
Treasury securities purchased on a when-issued basis may expose a
Fund to risk because they may experience such fluctuations prior
to
their actual delivery. Purchasing U.S. Treasury securities on a
when-issued basis can involve the additional risk that the yield
available in the market when the delivery takes place actually
may
be higher than that obtained in the transaction itself. A
segregated account of the Fund consisting of cash or U.S.
Treasury
securities at least equal at all times to the amount of the
when-issued commitments will be established and maintained at the
Fund's custodian bank. Purchasing U.S. Treasury securities on a
when-issued basis when a Fund is fully or almost fully invested
may
result in greater potential fluctuation in the value of such
Fund's net assets and its net asset value per share.
The Money Market Fund
seeks to maintain a stable net asset value of $1.00 per share,
while the net asset value per share of each Term Fund generally
will not be stable and should fluctuate based on changes in the
value of its portfolio securities. The Short Term Fund's price
per
share should fluctuate less than that of the Intermediate Term
Fund
which should fluctuate less than that of the Long Term
Fund.
Management of the Funds
The Dreyfus Corporation, located at 200
Park Avenue, New York, New York 10166, was formed in 1947 and
serves as each Fund's investment adviser. The Dreyfus Corporation
is a wholly-owned subsidiary of Mellon Bank, N.A., which is a
wholly-owned subsidiary of Mellon Bank Corporation ("Mellon"). As
of January 31, 1995, The Dreyfus Corporation managed or
administered approximately $70 billion in assets for more than
1.9 million shareholder accounts nationwide.
The Dreyfus Corporation
supervises and assists in the overall management of each Fund's
affairs under a separate Management Agreement with each Fund,
subject to the overall authority of the Fund's Trustees in
accordance with Massachusetts law. The primary portfolio manager
of
each Term Fund is Gerald Thunelius. Mr. Thunelius has held that
position since 1991, and has been employed by The Dreyfus
Corporation in the retail sales group since 1989. The Funds'
other
portfolio managers are identified under "Management of the Funds"
in the Funds' Statement of Additional Information. The Dreyfus
Corporation also provides research services for the Funds as well
as for other funds advised by The Dreyfus Corporation through a
professional staff of portfolio managers and securities analysts.
Mellon is a publicly owned multibank holding company
incorporated
under Pennsylvania law in 1971 and registered under the Federal
Bank Holding Company Act of 1956, as amended. Mellon provides a
comprehensive range of financial products and services in
domestic
and selected international markets. Mellon is among the
twenty-five
largest bank holding companies in the United States based on
total
assets. Mellon's principal wholly-owned subsidiaries are Mellon
Bank, N.A., Mellon Bank (DE) National Association, Mellon Bank
(MD), The Boston Company, Inc., AFCO Credit Corporation and a
number of companies known as Mellon Financial Services
Corporations. Through its subsidiaries, including The Dreyfus
Corporation, Mellon managed $193 billion in assets as of December
31, 1994, including approximately $70 billion in mutual fund
assets. As of December 31, 1994, Mellon, through various
subsidiaries, provided non-investment services, such as custodial
or administration services, for approximately $654 billion in
assets including approximately $74 billion in mutual fund assets.
Under the terms of its Management Agreement, the Money
Market Fund
has agreed to pay The Dreyfus Corporation a monthly fee at the
annual rate of .50% of the value of the Fund's average daily net
assets. For the fiscal year ended December 31, 1994, the Money
Market Fund paid The Dreyfus Corporation a monthly fee at the
effective annual rate of .50% of the value of its average daily
net
assets. Under the terms of its respective Management Agreement,
each Term Fund has agreed to pay The Dreyfus Corporation a
monthly
fee at the annual rate of .60% of the value of its average daily
net assets. For the fiscal year ended December 31, 1994, the
Short
Term Fund, Intermediate Term Fund and Long Term Fund paid The
Dreyfus Corporation a monthly fee at the effective annual rate of
.01%, .60% and .60%, respectively, of the value of such Fund's
average daily net assets and the Short Term Fund paid no
management
fee pursuant to undertakings by The Dreyfus Corporation.
From time
to time, The Dreyfus Corporation may waive receipt of its fee
and/or voluntarily assume certain expenses of a Fund, which would
have the effect of lowering that Fund's overall expense ratio and
increasing yield to investors at the time such amounts are waived
or assumed, as the case may be. A Fund will not pay The Dreyfus
Corporation at a later time for any amounts it may waive, nor
will
a Fund reimburse The Dreyfus Corporation for any amounts it may
assume.
The Dreyfus Corporation may pay the Fund's distributor for
shareholder services from The Dreyfus Corporation's own assets,
including past profits but not including the management fee paid
by
each Fund. The Fund's distributor may use part or all of such
payments to pay securities dealers or others in respect of these
services.
Each Fund's distributor is Premier Mutual Fund
Services, Inc. (the "Distributor"), located at One Exchange
Place, Boston, Massachusetts 02109. The Distributor is a
wholly-owned subsidiary of Institutional Administration Services,
Inc., a provider of mutual fund administration services, the
parent company of which is Boston Institutional Group, Inc.
The Shareholder Services Group, Inc., a subsidiary of
First Data Corporation, P.O. Box 9671, Providence, Rhode Island
02940-9671, is the Transfer and Dividend Disbursing Agent (the
"Transfer Agent") for each Fund. The Bank of New York, 110
Washington Street, New York, New York 10286,
is the Custodian for each Fund.
How to Buy Shares
Fund shares are sold without a sales charge. You may be
charged a nominal fee if you effect transactions in shares of a
Fund through a securities dealer, bank or other financial
institution. Share certificates are issued only upon your written
request. No certificates are issued
for fractional shares. Each Fund reserves the right to reject any
purchase order.
The minimum initial investment for each Fund is
$2,500, or $1,000 if you are a client of a securities dealer,
bank
or other financial institution which has made an aggregate
minimum
initial purchase for its customers of $2,500. Subsequent
investments must be at least $100. The initial investment must be
accompanied by the Account Application. For full-time or
part-time
employees of The Dreyfus Corporation or any of its affiliates or
subsidiaries, directors of The Dreyfus Corporation, Board members
of a fund advised by The Dreyfus Corporation, including members
of
each Fund's Board, or the spouse or minor child of any of the
foregoing, the minimum initial investment is $1,000. For
full-time
or part-time employees of The Dreyfus Corporation or any of its
affiliates or subsidiaries who elect of have a portion of their
pay
directly deposited into their Fund account, the minimum initial
investment is $50. Each Fund reserves the right to offer Fund
shares without regard to minimum purchase requirements to
employees
participating in certain qualified or non-qualified employee
benefit plans or other programs where contributions or account
information can be transmitted in a manner and form acceptable to
such Fund. Each Fund reserves the right to vary further the
initial
and subsequent investment minimum requirements at any time.
You may
purchase Fund shares by check or wire, or through the Dreyfus
TeleTransfer Privilege described below. Checks should be made
payable to "The Dreyfus Family of Funds." Payments to open new
accounts which are mailed should be sent to The Dreyfus Family of
Funds, P.O. Box 9387, Providence, Rhode Island 02940-9387,
together
with your Account Application. For subsequent investments, your
Fund account number should appear on the check and an investment
slip should be enclosed and sent to The Dreyfus Family of Funds,
P.O. Box 105, Newark, New Jersey 07101-0105. Neither initial nor
subsequent investments should be made by third party check.
Purchase orders may be delivered in person only to a Dreyfus
Financial Center. These orders will be forwarded to the relevant
Fund and will be processed only upon receipt thereby. For the
location of the nearest Dreyfus Financial Center, please call one
of the telephone numbers listed under "General Information."
Wire payments may be made if your bank account is in a
commercial bank that is a member of the Federal Reserve System or
any other bank having a correspondent bank in New York City.
Immediately available funds may be transmitted by wire to The
Bank of New York (DDA #8900119497/Dreyfus 100% U.S. Treasury
Money Market Fund; or DDA #8900119543/Dreyfus 100% U.S. Treasury
Short Term Fund; or DDA #8900119500/Dreyfus 100% U.S. Treasury
Intermediate Term Fund; or DDA #8900119519/Dreyfus 100% U.S.
Treasury Long Term Fund) for purchase of Fund shares in your
name. The wire must include your Fund account number (for new
accounts, your Taxpayer Identification
Number ("TIN") should be included instead), account registration
and dealer number, if applicable. If your initial purchase of
Fund shares is by wire, please call 1-800-645-6561 after
completing your wire payment to obtain your Fund account number.
Please include your Fund account number on the Fund's Account
Application and promptly mail the Account Application to the
Fund, as no redemptions will be permitted until the Account
Application is received. You may obtain further information about
remitting funds in this manner from your bank. All payments
should be made in U.S. dollars and, to avoid fees and delays,
should be drawn only on U.S. banks. A charge will be imposed if
any check used for investment in your account does not clear.
Each Fund makes available to certain
large institutions the ability to issue purchase instructions
through compatible computer facilities.
Subsequent investments also may be made by electronic
transfer of funds from an account maintained in a bank or other
domestic financial institution that is an Automated Clearing
House member. You must direct the
institution to transmit immediately available funds through the
Automated Clearing House to The Bank of New York with
instructions to credit your Fund account. The instructions must
specify your Fund account registration and your Fund account
number preceded by the digits "1111."
The Distributor may pay dealers a fee of up to
.5% of the amount invested through such dealers in Fund shares by
employees participating in qualified or non-qualified employee
benefit plans or other programs where (i) the employers or
affiliated employers maintaining such plans or programs have a
minimum of 250 employees eligible for participation in such plans
or programs, or (ii) such plan's or program's aggregate
investment
in the Dreyfus Family of Funds or certain other products made
available by the Distributor to such plans or programs exceeds
one
million dollars. All present holdings of shares of funds in the
Dreyfus Family of Funds by such employee benefit plans or
programs
will be aggregated to determine the fee payable with respect to
each such purchase of Fund shares. The Distributor reserves the
right to cease paying these fees at any time. The Distributor
will
pay such fees from its own funds, other than amounts received
from
the Fund, including past profits or any other source available to
it.
Fund shares are sold on a continuous basis at the net asset
value per share next determined after an order in proper form is
received by the Transfer Agent. Net asset value per share is
determined as of the close of trading on the floor of the New
York
Stock Exchange (currently 4:00 p.m., New York time), on each day
the New York Stock Exchange is open for business. Net asset value
per share is computed by dividing the value of the Fund's net
assets (i.e., the value of its assets less liabilities) by the
total number of its shares outstanding. Each Term Fund's
portfolio
securities are valued at the average of the most recent bid and
asked prices. Expenses and fees of each Fund, including the
management fee (reduced by the expense limitation, if any), are
accrued daily and taken into account for the purpose of
determining
such Fund's net asset value. See "Determination of Net Asset
Value" in the Statement of Additional Information.
Federal regulations
require that you provide a certified TIN upon opening or
reopening
an account. See "Dividends, Distributions and Taxes" and the
Account Application for further information concerning this
requirement. Failure to furnish a certified TIN to the Fund could
subject you to a $50 penalty imposed by the Internal Revenue
Service (the "IRS").Dreyfus TeleTransfer Privilege - You may
purchase Fund shares (minimum $500, maximum $150,000 per day) by
telephone if you have checked the appropriate box and supplied
the
necessary information on the Fund's Account Application or have
filed a Shareholder Services Form with the Transfer Agent. The
proceeds will be transferred between the bank account designated
in
one of these documents and your Fund account. Only a bank account
maintained in a domestic financial institution which is an
Automated Clearing House member may be so designated. Each Fund
may
modify or terminate this Privilege at any time or charge a
service
fee upon notice to shareholders. No such fee currently is
contemplated.
If you have selected the Dreyfus TeleTransfer
Privilege, you may request a Dreyfus TeleTransfer purchase of
Fund
shares by telephoning 1-800-221-4060 or, if you are calling from
overseas, call 1-401-455-3306. Shares issued in certificate form
are not eligible for this Privilege.
Shareholder Services
Fund Exchanges - You may purchase, in exchange for shares of a
Fund,
shares of certain other funds managed or administered by The
Dreyfus Corporation, to the extent such shares are offered for
sale
in your state of residence. These funds have different investment
objectives that may be of interest to you. Exchanges may be made
among the Funds offered by this Prospectus as well. If you desire
to use this service please call 1-800-645-6561to determine if it
is
available and whether any conditions are imposed on its use.
To request an exchange, you must give exchange
instructions to the Transfer Agent in writing or by telephone.
Before any exchange, you must obtain and should review a copy of
the current prospectus of the fund into which the exchange is
being made. Prospectuses may be obtained by calling
1-800-645-6561. Except in the case of Personal
Retirement Plans, the shares being exchanged must have a current
value of at least $500; furthermore, when establishing a new
account by exchange, the shares being exchanged must have a
current
value of at least the minimum initial investment required for the
fund into which the exchange is being made. The ability to issue
exchange instructions by telephone is given to all Fund
shareholders automatically, unless you check the applicable "NO"
box on the Account Application, indicating that you specifically
refuse this Privilege. The Telephone Exchange Privilege may be
established for an existing account by written request, signed by
all shareholders on the account, or by a separate signed
Shareholder Services Form, also available by calling
1-800-645-6561. If you have established the Telephone Exchange
Privilege, you may telephone exchange instructions by calling
1-800-221-4060 or, if you are calling from overseas, call
1-401-455-3306. See "How to Redeem Fund Shares - Procedures."
Upon
an exchange into a new account, the following shareholder
services
and privileges, as applicable and where available, will be
automatically carried over to the fund in which the exchange is
made: Telephone Exchange Privilege, Check Redemption Privilege,
Wire Redemption Privilege, Telephone Redemption Privilege,
Dreyfus
TeleTransfer Privilege and the dividend/capital gain distribution
option (except for Dreyfus Dividend Sweep) selected by the
investor.
Shares will be exchanged at the next determined net asset
value; however, a sales load may be charged with respect to
exchanges into funds sold with a sales load. If you are
exchanging
into a fund that charges a sales load, you may qualify for share
prices which do not include a sales load or which reflect a
reduced
sales load, if the shares of the fund from which you are
exchanging
were: (a) purchased with a sales load, (b) acquired by a previous
exchange from shares purchased with a sales load, or (c) acquired
through reinvestment of dividends or distributions paid with
respect to the foregoing categories of shares. To qualify, at the
time of your exchange you must notify the Transfer Agent. Any
such
qualification is subject to confirmation of your holdings
through
a check of appropriate records. No fees currently are charged
shareholders directly in connection with exchanges, although each
Fund reserves the right, upon not less than 60 days' written
notice, to charge shareholders a nominal fee in accordance with
rules promulgated by the Securities and Exchange Commission. Each
Fund reserves the right to reject any exchange request in whole
or
in part. The availability of Fund Exchanges may be modified or
terminated at any time upon notice to shareholders.
The exchange of
shares of one fund for shares of another is treated for Federal
income tax purposes as a sale of the shares given in exchange by
the shareholder and, therefore, an exchanging shareholder may
realize a taxable gain or loss.
Dreyfus Auto-Exchange Privilege - Dreyfus Auto-Exchange Privilege
enables you to invest regularly (on
a semi-monthly, monthly, quarterly or annual basis), in exchange
for shares of a Fund, in shares of other funds in the Dreyfus
Family of Funds in which you are currently an investor. The
amount
you designate, which can be expressed either in terms of a
specific
dollar or share amount ($100 minimum), will be exchanged
automatically on the first and/or fifteenth of the month
according
to the schedule you have selected. Shares will be exchanged at
the
then-current net asset value; however, a sales load may be
charged
with respect to exchanges into funds sold with a sales load. See
"Shareholder Services" in the Statement of Additional
Information.
The right to exercise this Privilege may be modified or cancelled
by your Fund or the Transfer Agent. You may modify or cancel your
exercise of this Privilege at any time by writing to The Dreyfus
Family of Funds, P.O. Box 9671, Providence, Rhode Island
02940-9671. Each Fund may charge a service fee for the use of
this
Privilege. No such fee currently is contemplated. The exchange of
shares of one fund for shares of another is treated for Federal
income tax purposes as a sale of the shares given in exchange by
the shareholder and, therefore, an exchanging shareholder may
realize a taxable gain or loss. For more information concerning
this Privilege and the funds in the Dreyfus Family of Funds
eligible to participate in this Privilege, or to obtain a Dreyfus
Auto-Exchange Authorization Form, please call toll free
1-800-645-6561.
Dreyfus-Automatic Asset Builder - Dreyfus-Automatic
Asset Builder permits you to purchase Fund shares (minimum of
$100
and maximum of $150,000 per transaction) at regular intervals
selected by you. Fund shares are purchased by transferring funds
from the bank account designated by you. At your option, the bank
account designated by you will be debited in the specified
amount,
and Fund shares will be purchased, once a month, on either the
first or fifteenth day, or twice a month, on both days. Only an
account maintained at a domestic financial institution which is
an
Automated Clearing House member may be so designated. To
establish
a Dreyfus-Automatic Asset Builder account, you must file an
authorization form with the Transfer Agent. You may obtain the
necessary authorization form by calling 1-800-645-6561. You may
cancel your participation in this Privilege or change the amount
of
purchase at any time by mailing written notification to The
Dreyfus
Family of Funds, P.O. Box 9671, Providence, Rhode Island
02940-9671, and the notification will be effective three business
days following receipt. Each Fund may modify or terminate this
Privilege at any time or charge a service fee. No such fee
currently is contemplated.
Dreyfus Government Direct Deposit Privilege - Dreyfus Government
Direct Deposit Privilege enables you
to purchase Fund shares (minimum of $100 and maximum of $50,000
per
transaction) by having Federal salary, Social Security, or
certain
veterans', military or other payments from the Federal government
automatically deposited into your Fund account. You may deposit
as
much of such payments as you elect. To enroll in Dreyfus
Government
Direct Deposit, you must file with the Transfer Agent a completed
Direct Deposit Sign-Up Form for each type of payment that you
desire to include in this Privilege. The appropriate form may be
obtained by calling 1-800-645-6561. Death or legal incapacity
will
terminate your participation in this Privilege. You may elect at
any time to terminate your participation by notifying in writing
the appropriate Federal agency. Further, your Fund may terminate
your participation upon 30 days' notice to you.
Dreyfus Dividend Options - Dreyfus Dividend Sweep enables you to
invest
automatically dividends or dividends and capital gain
distributions, if any, paid by a Fund in shares of another fund
in
the Dreyfus Family of Funds of which you are a shareholder.
Shares
of the other fund will be purchased at the then-current net asset
value; however, a sales load may be charged with respect to
investments in shares of a fund sold with a sales load. If you
are
investing in a fund that charges a sales load, you may qualify
for
share prices which do not include the sales load or which reflect
a reduced sales load. If you are investing in a fund that charges
a contingent deferred sales charge, the shares purchased will be
subject on redemption to the contingent deferred sales charge, if
any, applicable to the purchased shares. See "Shareholder
Services"
in the Statement of Additional Information. Dreyfus Dividend ACH
permits you to transfer electronically dividends or dividends and
capital gain distributions, if any, from the Fund to a designated
bank account. Only an account maintained at a domestic financial
institution which is an Automated Clearing House member may be so
designated. Banks may charge a fee for this service.
For more
information concerning these privileges, or to request a Dividend
Options Form, please call toll free 1-800-645-6561. You may
cancel
these privileges by mailing written notification to The Dreyfus
Family of Funds, P.O. Box 9671, Providence, Rhode Island
02940-9671. Enrollment in or cancellation of these privileges is
effective three business days following receipt. These privileges
are available only for existing accounts and may not be used to
open new accounts. Minimum subsequent investments do not apply
for
Dreyfus Dividend Sweep. The Funds may modify or terminate these
privileges at any time or charge a service fee. No such fee
currently is contemplated. Shares held under Keogh Plans, IRAs or
other retirement plans are not eligible for Dreyfus Dividend
Sweep.
Dreyfus Payroll Savings Plan - Dreyfus Payroll Savings
Plan
permits you to purchase Fund shares (minimum of $100 per
transaction) automatically on a regular basis. Depending upon
your
employer's direct deposit program, you may have part or all of
your
paycheck transferred to your existing Dreyfus account
electronically through the Automated Clearing House system at
each
pay period. To establish a Dreyfus Payroll Savings Plan account,
you must file an authorization form with your employer's payroll
department. Your employer must complete the reverse side of the
form and return it to The Dreyfus Family of Funds, P.O. Box 9671,
Providence, Rhode Island 02940-9671. You may obtain the necessary
authorization form by calling 1-800-645-6561. You may change the
amount of purchase or cancel the authorization only by written
notification to your employer. It is the sole responsibility of
your employer, not the Distributor, The Dreyfus Corporation, the
Fund, the Transfer Agent or any other person, to arrange for
transactions under the Dreyfus Payroll Savings Plan. Each Fund
may
modify or terminate this Privilege at any time or charge a
service
fee. No such fee currently is contemplated.
Automatic Withdrawal Plan - The Automatic Withdrawal Plan permits
you to request
withdrawal of a specified dollar amount (minimum of $50) on
either
a monthly or quarterly basis if you have a $5,000 minimum
account.
An application for the Automatic Withdrawal Plan can be obtained
by
calling 1-800-645-6561. There is a service charge of 50 cents for
each
withdrawal check. The Automatic Withdrawal Plan may be ended at
any
time by you, your Fund or the Transfer Agent. Shares for which
certificates have been issued may not be redeemed through the
Plan.
Retirement Plans - Each Fund offers a variety of pension and
profit-sharing plans, including Keogh Plans, IRAs, SEP-IRAs, IRA
"Rollover Accounts," 401(k) Salary Reduction Plans and 403(b)(7)
Plans. Plan support services also are available. You can obtain
details on the various plans by calling the following numbers
toll
free: for Keogh Plans, please call 1-800-358-5566; for IRAs and
IRA
"Rollover Accounts," please call 1-800-645-6561; for SEP-IRAs
401(k) Salary Reduction Plans and 403(b)(7) Plans, please call
1-800-322-7880.
How to Redeem Shares
General - You may request
redemption of your shares at any time. Redemption requests should
be transmitted to the Transfer Agent as described below. When a
request is received in proper form, your Fund will redeem the
shares at the next determined net asset value.
No Fund imposes a
charge when shares are redeemed. Securities dealers, banks or
other
financial institutions may charge a nominal fee for effecting
redemptions of Fund shares. Any certificates representing Fund
shares being redeemed must be submitted with the redemption
request. The value of the shares redeemed may be more or less
than
their original cost, depending upon the respective Fund's
then-current net asset value.
Each Fund ordinarily will make payment
for all shares redeemed within seven days after receipt by the
Transfer Agent of a redemption request in proper form, except as
provided by the rules of the Securities and Exchange Commission.
However, if you have purchased Fund shares by check, by Dreyfus
TeleTransfer Privilege or through Dreyfus-Automatic Asset Builder
and subsequently submit a written redemption request to the
Transfer Agent, the redemption proceeds will be transmitted to
you
promptly upon bank clearance of your purchase check, Dreyfus
TeleTransfer purchase or Dreyfus-Automatic Asset Builder order,
which may take up to eight business days or more. In addition, no
Fund will honor Redemption Checks under the Check Redemption
Privilege, and the Funds will reject requests to redeem shares by
wire or telephone or pursuant to the Dreyfus TeleTransfer
Privilege, for a period of eight business days after receipt by
the
Transfer Agent of the purchase check, the Dreyfus TeleTransfer
purchase or the Dreyfus-Automatic Asset Builder order against
which
such redemption is requested. These procedures will not apply if
your shares were purchased by wire payment, or if you otherwise
have a sufficient collected balance in your account to cover the
redemption request. Prior to the time any redemption is
effective,
dividends on such shares will accrue and be payable, and you will
be entitled to exercise all other rights of beneficial ownership.
Fund shares will not be redeemed until the Transfer Agent has
received your Account Application.Each Fund reserves the right to
redeem your account at its option upon not less than 30 days'
written notice if your account's net asset value is $500 or less
and remains so during the notice period.Procedures - You may
redeem
Fund shares by using the regular redemption procedure through the
Transfer Agent, the Check Redemption Privilege, the Wire
Redemption
Privilege, the Telephone Redemption Privilege, or the Dreyfus
TeleTransfer Privilege. Each Fund makes available to certain
large
institutions the ability to issue redemption instructions through
compatible computer facilities.
You may redeem Fund shares by
telephone if you have checked the appropriate box on the Fund's
Account Application or have filed a Shareholder Services Form
with
the Transfer Agent. If you select a telephone redemption
privilege
or telephone exchange privilege (which is granted automatically
unless you refuse it), you authorize the Transfer Agent to act on
telephone instructions from any person representing himself or
herself to be you and reasonably believed by the Transfer Agent
to
be genuine. Each Fund will require the Transfer Agent to employ
reasonable procedures, such as requiring a form of personal
identification, to confirm that instructions are genuine and, if
the Transfer Agent does not follow such procedures, such Fund or
the Transfer Agent may be liable for any losses due to unauthoriz
ed or fraudulent instructions. Neither the Fund nor the Transfer
Agent will be liable for following telephone instructions
reasonably believed to be genuine.
During times of drastic economic
or market conditions, you may experience difficulty in contacting
the Transfer Agent by telephone to request a redemption or
exchange
of Fund shares. In such cases, you should consider using the
other
redemption procedures described herein. Use of these other
redemption procedures may result in your redemption request being
processed at a later time than it would have been if telephone
redemption had been used. During the delay, each Term Fund's net
asset value may fluctuate.
Regular Redemption - Under the regular
redemption procedure, you may redeem shares by written request
mailed to The Dreyfus Family of Funds, P.O. Box 9671, Providence,
Rhode Island 02940-9671. Redemption requests may be delivered in
person only to a Dreyfus Financial Center. These requests will be
forwarded to the relevant Fund and will be processed only upon
receipt thereby. For the location of the nearest Dreyfus
Financial
Center, please call one of the telephone numbers listed under
"General Information." Redemption requests must be signed by
each
shareholder, including each holder of a joint account, and each
signature must be guaranteed. The Transfer Agent has adopted
standards and procedures pursuant to which signature guarantees
in
proper form generally will be accepted from domestic banks,
brokers, dealers, credit unions, national securities exchanges,
registered securities associations, clearing agencies and savings
associations, as well as from participants in the New York Stock
Exchange Medallion Signature Program, the Securities Transfer
Agent
Medallion Program ("STAMP"), and the Stock Exchanges Medallion
Program. If you have any questions with respect to
signature-guarantees, please call one of the telephone numbers
listed under "General Information."
Redemption proceeds of at least
$1,000 will be wired to any member bank of the Federal Reserve
System in accordance with a written signature-guaranteed
request.
Check Redemption Privilege - You may request on the Account
Application, Shareholder Services Form or by later written
request
that your Fund provide Redemption Checks drawn on the Fund's
account. Redemption Checks may be made payable to the order of
any
person in the amount of $500 or more. Potential fluctuations in
the
net asset value of the shares of the Term Funds should be
considered in determining the amount of the check. Redemption
Checks should not be used to close an account. Redemption Checks
are free, but the Transfer Agent will impose a fee for stopping
payment of a Redemption Check at your request or if the Transfer
Agent cannot honor the Redemption Check because of insufficient
funds or other valid reason. You should date your Redemption
Checks
with the current date when you write them. Please do not postdate
your Redemption Checks. If you do, the Transfer Agent will honor,
upon presentment, even if presented before the date of the check,
all postdated Redemption Checks which are dated within six months
of presentment for payment, if they are otherwise in good order.
Shares for which certificates have been issued may not be
redeemed
by Redemption Check. Shares held under Keogh Plans, IRAs or other
retirement plans are not eligible for this Privilege. This
Privilege may be modified or terminated at any time by a Fund or
the Transfer Agent upon notice to shareholders.
Telephone Redemption Privilege - You may redeem Fund shares
(maximum $150,000 per day)
by telephone if you have checked the appropriate box on the
Fund's
Account Application or have filed a Shareholder Services Form
with
the Transfer Agent. The redemption proceeds will be paid by check
and mailed to your address. You may telephone redemption
instructions by calling 1-800-221-4060 or, if you are calling
from
overseas, call 1-401-455-3306. Each Fund reserves the right to
refuse any request made by telephone, including requests made
shortly after a change of address, and may limit the amount
involved or the number of telephone redemptions. This Privilege
may
be modified or terminated at any time by the Transfer Agent or
each
Fund. Shares held under Keogh Plans, IRAs or other retirement
plans, and shares for which certificates have been issued, are
not eligible for this Privilege.
Wire Redemption Privilege - You may
request by wire or telephone that redemption proceeds (minimum
$1,000) be wired to your account at a bank which is a member of
the
Federal Reserve System, or a correspondent bank if your bank is
not
a member. To establish the Wire Redemption Privilege, you must
check the appropriate box and supply the necessary information on
the Fund's Account Application or file a Shareholder Services
Form
with the Transfer Agent. You may direct that redemption proceeds
be
paid by check (maximum $150,000 per day) made out to the owners
of
record and mailed to your address. Redemption proceeds of less
than
$1,000 will be paid automatically by check. Holders of jointly
registered Fund or bank accounts may have redemption proceeds of
not more than $250,000 wired within any 30-day period. You may
telephone redemption requests by calling 1-800-221-4060 or, if
you
are calling from overseas, call 1-401-455-3306. Each Fund
reserves
the right to refuse any redemption request, including requests
made
shortly after a change of address, and may limit the amount
involved or the number of such requests. This Privilege may be
modified or terminated at any time by the Transfer Agent or each
Fund. The Funds' Statement of Additional Information sets forth
instructions for transmitting redemption requests by wire. Shares
held under Keogh Plans, IRAs or other retirement plans, and
shares
for which certificates have been issued, are not eligible for
this Privilege.
Dreyfus TeleTransfer Privilege - You may redeem Fund
shares (minimum $500 per day) by telephone if you have checked
the
appropriate box and supplied the necessary information on the
Fund's Account Application or have filed a Shareholder Services
Form with the Transfer Agent. The proceeds will be transferred
between your Fund account and the bank account designated in one
of
these documents. Only a bank account maintained in a domestic
financial institution which is an Automated Clearing House member
may be so designated. Redemption proceeds will be on deposit in
your account at an Automated Clearing House member bank
ordinarily
two days after receipt of the redemption request or, at your
request, paid by check (maximum $150,000 per day) and mailed to
your address. Holders of jointly registered Fund or bank accounts
may redeem through the Dreyfus TeleTransfer Privilege for
transfer
to their bank account not more than $250,000 within any 30-day
period. Each Fund reserves the right to refuse any request made
by
telephone, including requests made shortly after a change of
address, and may limit the amount involved or the number of such
requests. Each Fund may modify or terminate this Privilege at any
time or charge a service fee upon notice to shareholders. No such
fee currently is contemplated.
If you have selected the Dreyfus
TeleTransfer Privilege, you may request a Dreyfus TeleTransfer
redemption of Fund shares by telephoning 1-800-221-4060 or, if
you
are calling from overseas, call 1-401-455-3306. Shares held under
Keogh Plans, IRAs or other retirement plans, and shares issued in
certificate form, are not eligible for this Privilege.
Shareholder Services Plan
Each Fund has adopted a Shareholder Services Plan
pursuant to which each Fund reimburses Dreyfus Service
Corporation, a wholly-owned subsidiary of The Dreyfus
Corporation, an amount
not to exceed an annual rate of .25 of 1% of the value of its
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.
Dividends, Distributions and Taxes
Each Fund ordinarily
declares dividends from its net investment income on each day the
New York Stock Exchange is open for business. Dividends usually
are
paid on the last business day of each month, and are
automatically
reinvested in additional Fund shares at net asset value or, at
your
option, paid in cash. Each Fund's earnings for Saturdays, Sundays
and holidays are declared as dividends on the following business
day. If you redeem all shares in your account at any time during
the month, all dividends to which you are entitled will be paid
to
you along with the proceeds of the redemption. Distributions from
net realized securities gains, if any, generally are declared and
paid once a year, but a 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"), in all
events in a manner consistent with the provisions of the Act. No
Fund will make distributions from net realized securities gains
unless capital loss carryovers, if any, have been utilized or
have
expired. You may choose whether to receive distributions in cash
or
to reinvest in additional shares at net asset value. All expenses
are accrued daily and deducted before declaration of dividends to
investors.
Each Fund intends to invest only in U.S. Treasury
securities that provide interest income exempt from state and
local
income taxes. Dividends derived from net investment income
attributable to interest from direct obligations of the United
States and paid by each Fund to an individual shareholder
currently
are not subject to state personal income tax. Dividends derived
from net investment income attributable to interest from other
securities may be subject to state personal income tax. Dividends
paid by each Fund may be subject to state and local corporate
income and/or franchise taxes. In certain jurisdictions,
shareholders of each Fund may be subject to state and/or local
taxes with respect to ownership of Fund shares or distributions
from each Fund. Investors also should be aware that state and/or
local taxes other than those described above may be imposed on
dividends, distributions or shares of each Fund.
Dividends derived
from net investment income, together with distributions from net
realized short-term securities gains and all or a portion of any
gains realized from the sale or other disposition of certain
market
discount bonds, paid by a Fund are taxable as ordinary income for
Federal income tax purposes whether or not reinvested. No
dividend
paid by a Fund will qualify for the dividends received deduction
allowable to certain U.S. corporations. Distributions from net
realized long-term securities gains of each Fund, if any,
generally
are taxable as long-term capital gains for Federal income tax
purposes if the beneficial holder of the Fund shares is a citizen
or resident of the United States, regardless of how long the
shareholder has held shares in such Fund and whether such
distributions are received in cash or reinvested in Fund shares.
The Code provides that the net capital gains of an individual
generally will not be subject to Federal income tax at a rate in
excess of 28%.
Dividends derived from net investment income,
together with distributions from net realized short-term
securities
gains and all or a portion of any gains realized from the sale or
other disposition of certain market discount bonds, paid by a
Fund
to a foreign investor generally are subject to U.S. nonresident
withholding taxes at the rate of 30%, unless the foreign investor
claims the benefits of a lower rate specified in a tax treaty.
Distributions from net realized long-term securities gains paid
by
a Fund to a foreign investor, as well as the proceeds of any
redemptions from a foreign investor's account, regardless of the
extent to which gain or loss may be realized, will not be subject
to U.S. nonresident withholding tax. However, such distributions
may be subject to backup withholding, as described below, unless
the foreign investor certifies his non-U.S. residency status.
Each Fund intends to provide its shareholders with an
annual statement
which sets forth the percentage of dividends and distributions
paid
by the Fund that is attributable to interest income exempt from
state and local income taxes. You also will receive periodic
summaries of your account which will include information as to
dividends and distributions from securities gains, if any, paid
during the year. No dividend will qualify for the dividends
received deduction allowable to certain U.S. corporations.
Federal regulations generally require each Fund to withhold
("backup withholding") and remit to the U.S. Treasury 31% of
dividends, distributions from net realized securities gains of
the Fund and the proceeds of any redemption, regardless of the
extent to which gain or loss may be realized, paid to a
shareholder if such shareholder fails to certify either that the
TIN furnished in connection with opening an account is correct or
that such shareholder has not received notice from the IRS of
being subject to backup withholding as a result of a failure to
properly report taxable dividend or interest income on a Federal
income tax return.
Furthermore, the IRS may notify a Fund to institute backup
withholding if the IRS determines a shareholder's TIN is
incorrect
or if a shareholder has failed to properly report taxable
dividend
and interest income on a Federal income tax return.
A TIN is either the Social Security number or employer
identification number of the
record owner of the account. Any tax withheld as a result of
backup withholding does not constitute an additional tax imposed
on the record owner of the account, and may be claimed as a
credit on the record owner's Federal income tax return.
Management of each Fund
believes that the Fund has qualified for the fiscal year ended
December 31, 1994 as a "regulated investment company" under the
code. Each Fund intends to continue to so qualify if such
qualification is in the best interests of its shareholders. Such
qualification relieves the Fund of any liability for Federal
income
tax to the extent its earnings are distributed in accordance with
applicable provisions of the Code. Each Fund is subject to a
non-deductible 4% excise tax, measured with respect to certain
undistributed amounts of taxable investment income and capital
gain.
You should consult you tax adviser regarding questions as to
Federal, state or local taxes.
General Information
Each Fund was organized as an unincorporated business trust
under the laws of the
Commonwealth of Massachusetts pursuant to an Agreement and
Declaration of Trust (the "Trust Agreement") dated May 14, 1993.
Each Fund is authorized to issue an unlimited number of shares of
beneficial interest, par value $.001 per share. Each share has
one vote.
On December 31, 1993, all of the assets and liabilities of
each Fund's corresponding predecessor fund - namely, Dreyfus 100%
U.S. Treasury Money Market Fund, L.P., Dreyfus 100% U.S. Treasury
Short Term Fund, L.P., Dreyfus 100% U.S. Treasury Intermediate
Term
Fund, L.P. and Dreyfus 100% U.S. Treasury Long Term Fund, L.P.
(each, a "Partnership") - were transferred to the relevant Fund
in
exchange for shares of beneficial interest of such Fund pursuant
to
a proposal approved at a Meeting of Partners of each Partnership
held on December 29, 1993.
Under Massachusetts law, shareholders
could, under certain circumstances, be held personally liable for
the obligations of the Fund of which they are shareholders.
However, each Trust Agreement disclaims shareholder liability for
acts or obligations of the relevant Fund and requires that notice
of such disclaimer be given in each agreement, obligation or
instrument entered into or executed by the Fund or a Trustee.
Each
Trust Agreement provides for indemnification from the respective
Fund's property for all losses and expenses of any shareholder
held
personally liable for the obligations of the Fund. Thus, the risk
of a shareholder incurring financial loss on account of a
shareholder liability is limited to circumstances in which the
Fund
itself would be unable to meet its obligations, a possibility
which
management believes is remote. Upon payment of any liability
incurred by a Fund, the shareholder paying such liability will be
entitled to reimbursement from the general assets of such Fund.
Each Fund's Trustees intend to conduct the operations of such
Fund
in a way so as to avoid, as far as possible, ultimate liability
of
the shareholders for liabilities of the Fund. As discussed under
"Management of the Funds" in the Fund's Statement of Additional
Information, each Fund ordinarily will not hold shareholder
meetings; however, shareholders under certain circumstances may
have the right to call a meeting of shareholders for the purpose
of voting to remove Trustees.
Although each Fund is offering only its
own shares, it is possible that a Fund might become liable for
any
misstatement in this Prospectus about another Fund. Each Fund's
Trustees have considered this factor in approving the use of this
single combined Prospectus.
The Transfer Agent maintains a record of
your ownership and sends confirmations and statements of account.
Each Fund sends annual and semi-annual financial statements to
all its shareholders.
Shareholder inquiries may be made by writing to
the Funds at 144 Glenn Curtiss Boulevard, Uniondale, New York
11556-0144, or by calling toll free 1-800-645-6561. In New York
City, call 1-718-895-1206; on Long Island, call 794-5452.
No person has been authorized to give any information or to
make any
representations other than those contained in this Prospectus and
in each Fund's official sales literature in connection with the
offer of such Fund's shares, and, if given or made, such other
information or representations must not be relied upon as having
been authorized by the Funds. This Prospectus does not constitute
an offer in any State in which, or to any person to whom, such
offering may not lawfully be made.
<PAGE>
100% U.S TREASURY FUNDS
Prospectus
<PAGE>
DREYFUS 100% U.S. TREASURY FUNDS
COMBINED PART B
(STATEMENT OF ADDITIONAL INFORMATION)
FOR
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
DREYFUS 100% U.S. TREASURY LONG TERM FUND
MAY 1, 1995
This Statement of Additional Information, which is not a
prospectus, supplements and should be read in conjunction with
the current combined Prospectus of Dreyfus
100% U.S. Treasury Money Market Fund (the "Money Market Fund"),
Dreyfus 100% U.S. Treasury Short Term Fund (the "Short Term
Fund"), Dreyfus 100% U.S. Treasury
Intermediate Term Fund (the "Intermediate Term Fund") and Dreyfus
100% U.S. Treasury Long Term Fund (the "Long Term Fund," and
together with the Short Term Fund
and Intermediate Term Fund, the "Term Funds") (collectively, the
"Funds"), dated May 1, 1995, as it may be revised from time to
time. To obtain a copy of the Funds'
combined Prospectus, please write to the Funds at 144 Glenn
Curtiss Boulevard, Uniondale, New York 11556-0144, or call the
following numbers:
Call Toll Free 1-800-645-6561
In New York City -- Call 1-718-895-1206
On Long Island -- Call 794-5452
The Dreyfus Corporation (the "Manager") serves as each
Fund's investment adviser.
Premier Mutual Fund Services, Inc. (the "Distributor") is
the distributor of each Fund's shares.
Each Fund is a separate Massachusetts business trust with a
separate portfolio. The operations and investment results of one
Fund are unrelated to those of each other
Fund. This combined Statement of Additional Information has been
prepared for the convenience of investors to provide investors
the opportunity to consider four investment
choices in one document.
TABLE OF CONTENTS
Page
Investment Objective and Management Policies. . . . . B-2
Management of the Funds . . . . . . . . . . . . . . . B-3
Management Agreements . . . . . . . . . . . . . . . . B-7
Shareholder Services Plan . . . . . . . . . . . . . . B-10
Purchase of Shares. . . . . . . . . . . . . . . . . . B-10
Redemption of Shares. . . . . . . . . . . . . . . . . B-11
Determination of Net Asset Value. . . . . . . . . . . B-13
Shareholder Services. . . . . . . . . . . . . . . . . B-14
Portfolio Transactions. . . . . . . . . . . . . . . . B-16
Dividends, Distributions and Taxes. . . . . . . . . . B-17
Yield and Performance Information . . . . . . . . . . B-17
Information About the Funds . . . . . . . . . . . . . B-19
Custodian, Transfer and Dividend Disbursing Agent,
Counsel and Independent Auditors. . . . . . . . . . B-20
Financial Statements. . . . . . . . . . . . . . . . . B-21
Reports of Independent Auditors . . . . . . . . . . . B-26
INVESTMENT OBJECTIVE AND MANAGEMENT POLICIES
The following information supplements and should be read in
conjunction with the section in the Prospectus entitled
"Description of the Funds."
Investment Restrictions. Each Fund has adopted investment
restrictions numbered 1 through 5 as fundamental policies. In
addition, the Money Market Fund
has adopted investment restriction number 8 and each Term Fund
has adopted investment restriction number 9 as fundamental
policies. Fundamental policies
cannot be changed as to a Fund, without approval by the holders
of a majority (as defined in the Investment Company Act of 1940,
as amended (the "Act")) of such
Fund's outstanding voting shares. Investment restrictions
numbered 6 and 7, with respect to each Fund, and investment
restriction number 10, with respect to the
Term Funds only are not fundamental policies and may be changed
by vote of a majority of the Trustees at any time. No Fund may:
1. Sell securities short or purchase securities on margin
or write or purchase put or call options or combinations thereof.
2.Underwrite the securities of other issuers or purchase
securities subject to restrictions on disposition under the
Securities Act of 1933 (so called "restricted
securities").
3.Make loans to others except through the purchase of debt
obligations referred to in the Prospectus.
4.Issue any senior security (as such term is defined in
Section 18(f) of the Act), except to the extent permitted under
the Act.
5. Purchase or sell real estate, real estate investment
trust securities, commodities, or oil and gas interests.
6.Purchase securities other than those believed at the
time of purchase to provide the holder thereof with interest
income exempt from state and local
income taxes.
7.Invest in securities of other investment companies,
except as they may be acquired as part of a merger, consolidation
or acquisition of assets.
The following investment restriction number 8 applies only
to the Money Market Fund. The Money Market Fund may not:
8. Borrow money, except from banks for temporary or emergency
(not leveraging) purposes in an amount up to 15% of the value of
the Fund's total assets
(including the amount borrowed) valued at the lesser of cost or
market, less liabilities (not including the amount borrowed) at
the time the borrowing is made.
While borrowings exceed 5% of the value of the Fund's total
assets, the Fund will not make any additional investment.
The following investment restrictions numbered 9 and 10,
which is not a fundamental policy, apply only to the Term Funds.
None of the Term Funds may:
9.Borrow money, except to the extent permitted under the
Act.
10.Pledge, hypothecate, mortgage or otherwise encumber its
assets, except to the extent necessary to secure permitted
borrowings.
If a percentage restriction is adhered to at the time of
investment, a later increase in percentage resulting from a
change in values or assets will not constitute
a violation of that restriction.
Each Fund may make commitments more restrictive than the
restrictions listed above so as to permit the sale of Fund shares
in certain states. Should a Fund
determine that a commitment is no longer in the best interests of
such Fund and its investors, the Fund reserves the right to
revoke the commitment by terminating
the sale of its shares in the state involved.
MANAGEMENT OF THE FUNDS
Trustees and officers of the Funds, together with
information as to their principal business occupations during at
least the last five years, are shown below.
Each Trustee who is deemed to be an "interested person" of the
Funds, as defined in the Act, is indicated by an asterisk.
Trustees of each Fund
JOSEPH S. DiMARTINO - Chairman of the Board since January 1995.
For more than five years prior thereto, he was President, Chief
Operating Officer and a
director of the Manager and Executive Vice President and a
director of Dreyfus Service Corporation. He is also Vice
President, a director a former
Treasurer of The Muscular Dystrophy Association; past
President of the Bond Club of New York; a trustee of Bucknell
University; and a director of the Noel
Group, Inc. Mr DiMartino is also a Board member of 58
other funds in the Dreyfus Family of Funds. He is 53 years old
and his address is 200 Park Avenue,
New York, New York 10166.
GORDON J. DAVIS, Trustee. Since October 1994, Mr. Davis has been
a senior partner with LeBoeuf, Lamb, Greene & MacRae. From 1983
to September 1994,
Mr. Davis was a senior partner with the law firm of Lord
Day & Lord, Barrett Smith. Former Commissioner of Parks and
Recreation for the City of New
York from 1978-1983. He is also a director of Consolidated
Edison, a utility company, and Phoenix Home Life Insurance
Company and a member of various
other corporate and not-for-profit boards. Mr. Davis is
also a Board member of 11 other funds in the Dreyfus Family of
Funds. He is 53 years old and his
address is 241 Central Park West, New York, New York 10024.
*DAVID P. FELDMAN, Trustee. Chairman and Chief Executive Officer
of AT&T Investment Management Corporation. He is also a trustee
of Corporate
Property Investors, a real estate investment company. Mr.
Feldman is also a Board member of 27 other funds in the Dreyfus
Family of Funds. He is 53
years old and his address is One Oak Way, Berkeley Heights,
New Jersey 07922.
LYNN MARTIN, Trustee. Holder of the Davee Chair at the J.L.
Kellogg Graduate School of Management, Northwestern University.
During the Spring Semester
1993, she was a Visiting Fellow at the Institute of Policy,
Kennedy School of Government, Harvard University. Ms. Martin
also is a consultant to the
international accounting firm of Deloitte & Touche, and
chairwoman of its Council on the Advancement of Women. From
January 1991 through January
1993, she served as Secretary of the United States
Department of Labor. From 1981 to 1991, she was United States
Congresswoman for the State of Illinois.
She also is a director of Harcourt General Corporation, a
publishing, insurance, and retailing company, Ameritech
Corporation, a telecommunications and
information company, and Ryder Systems, Incorporated, a
transportation company. Ms. Martin is also a Board member of 11
other funds in the Dreyfus
Family of Funds. She is 53 years old and her address is
3750 Lake Shore Drive, Chicago, Illinois 60613.
EUGENE McCARTHY, Trustee. Writer and columnist; former Senator
from Minnesota from 1958-1970. He is also a director of Harcourt
Brace Jovanovich, Inc.
Mr. McCarthy is a Board member of 11 other funds in the
Dreyfus Family of Funds. He is 78 years old and his address is
P.O. Box 22, Woodville, Virginia
22749.
DANIEL ROSE, Trustee. President and Chief Executive Officer of
Rose Associates, Inc., a New York based real estate development
and management firm. In
July 1994, Mr. Rose received a Presidential appointment to
serve as a director of the Baltic-American Enterprise Fund which
will make equity investments
and loans, and provide technical business assistance to new
business concerns in the Baltic states. He is also Chairman of
the Housing Committee of the Real
Estate Board of New York, Inc. and a trustee of Corporate
Property Investors, a real estate investment company. Mr. Rose
is also a Board member of 21
other funds in the Dreyfus Family of Funds. He is 65 years
old and his address is 380 Madison Avenue, New York, New York
10017.
SANDER VANOCUR, Trustee. President of Old Owl Communications, a
full-service communications firm. Since November 1989, Mr.
Vanocur has served as a
Director of the Damon Runyon-Walter Winchell Cancer
Research Fund. From June 1986 to December 1991, he was a Senior
Correspondent of ABC News
and, from October 1986, he was Anchor of the ABC News
program "Business World," a weekly business program on the ABC
television network. Mr.
Vanocur is also a Board member of 21 other funds in the
Dreyfus Family of Funds. He is 67 years old and his address is
2928 P Street, N.W., Washington,
D.C. 20007.
ANNE WEXLER, Trustee. Chairman of the Wexler Group, consultants
specializing in government relations and public affairs. She is
also a director of American
Cyanamid Company, Alumax, The Continental Corporation,
Comcast Corporation, The New England Electric System, NOVA and a
member of the board of
the Carter Center of Emory University, the Council of
Foreign Relations, the National Park Foundation; Visiting
Committee of the John F. Kennedy School
of Government at Harvard University and the Board of
Visitors of the University of Maryland School of Public Affairs.
She is also a Board member of 16
other funds in the Dreyfus Family of Funds. She is 65
years old and her address is c/o The Wexler Group, 1317 F Street,
N.W., Suite 600, Washington, D.C.
20004.
REX WILDER, Trustee. Financial Consultant. Mr. Wilder is also a
Board member of 11 other funds in the Dreyfus Family of Funds.
He is 74 years old and his
address is 290 Riverside Drive, New York, New York 10025.
For so long as the respective Shareholder Services Plan
described in the section captioned "Shareholder Services Plan"
remains in effect, each Fund's Trustees
who are not "interested persons" of such Fund, as defined in the
Act, will be selected and nominated by the Trustees who are not
"interested persons" of such Fund.
No meetings of shareholders of a Fund will be held for the
purpose of electing Trustees unless and until such time as less
than a majority of the Trustees
holding office have been elected by shareholders, at which time
the Trustees then in office will call a shareholders' meeting for
the election of Trustees of such Fund.
Under the Act, shareholders of record of not less than two-thirds
of the outstanding shares of the Fund may remove a Trustee
through a declaration in writing or by
vote cast in person or by proxy at a meeting called for that
purpose. The Trustees are required to call a meeting of
shareholders for the purpose of voting upon the
question of removal of any such Trustee when requested in writing
to do so by the shareholders of record of not less than 10% of
the Fund's outstanding shares.
Each Fund typically pays its Trustees an annual retainer
and a per meeting fee and reimburses them for their expenses.
For the fiscal year ended December
31, 1994, the aggregate amount of fees received by each Trustee
from the Fund and all other Funds in the Dreyfus Family of Funds
for which such person is a Board member were
<TABLE>
<CAPTION>
(5) Total
Compensation from
Fund and Fund
(3) Pension or Complex Paid to
(2) Aggregate Retirement Benefits (4) Estimated Annual Board Member For
(1) Name of Board Compensation from Accrued as Part of Benefits Upon the 1994 Calendar
Member Fund Fund's Expenses Retirement Year
<S> <C> <C> <C> <C>
Joseph S. DiMartino** $ none none
Gordon J. Davis $ none none
David P. Feldman $ none none
Eugene McCarthy $ none none
Lynn Martin $ none none
Daniel Rose $ none
Sander Vanocur $ none
Anne Wexler $ none
Rex Wilder $ none
________________________
** Elected as Chairman of the Board January 23, 1995.
</TABLE>
Officers of the Funds
MARIE E. CONNOLLY, President and Treasurer. President and Chief
Operating Officer of the Distributor and an officer of other
investment companies advised
or administered by the Manager. From December 1991 to July
1994, she was President and Chief Compliance Officer of Funds
Distributor, Inc., a wholly-
owned subsidiary of The Boston Company, Inc. Prior to
December 1991, she served as Vice President and Controller, and
later as Senior Vice President, of
The Boston Company Advisors, Inc.
JOHN E. PELLETIER, Vice President and Secretary. Senior Vice
President and General Counsel of the Distributor and an officer
of other investment companies
advised or administered by the Manager. From February 1992
to July 1994, he served as Counsel for The Boston Company
Advisors, Inc. From August 1990
to February 1992, he was employed as an Associate at Ropes
& Gray, and prior to August 1990, he was employed as an Associate
at Sidley & Austin.
FREDERICK C. DEY, Vice President and Assistant Treasurer. Senior
Vice President of the Distributor and an officer of other
investment companies advised or
administered by the Manager. From 1988 to August 1994, he
was Manager of the High Performance Fabric Division of Springs
Industries Inc.
ERIC B. FISCHMAN, Vice President and Assistant Secretary.
Associate General Counsel of the Distributor and an officer of
other investment companies advised
or administered by the Manager. From September 1992 to
August 1994, he was an attorney with the Board of Governors of
the Federal Reserve System.
JOSEPH S. TOWER, III, Assistant Treasurer. Senior Vice
President, Treasurer and Chief Financial Officer of the
Distributor and an officer of other investment
companies advised or administered by the Manager. From
July 1988 to August 1994, he was employed by The Boston Company,
Inc. where he held various
management positions in the Corporate Finance and Treasury
areas.
JOHN J. PYBURN, Assistant Treasurer. Vice President of the
Distributor and an officer of other investment companies advised
or administered by the Manager.
From 1984 to July 1994, he was Assistant Vice President in
the Mutual Fund Accounting Department of the Manager.
PAUL FURCINITO, Assistant Secretary. Assistant Vice President of
the Distributor and an officer of other investment companies
advised or administered by the
Manager. From January 1992 to July 1994, he was a Senior
Legal Product manager and, from January 1990 to January 1992, a
mutual fund accountant, for
The Boston Company Advisors, Inc.
RUTH D. LEIBERT, Assistant Secretary. Assistant Vice President
of the Distributor of an officer of other investment companies
advised or administered by the
Manager. From March 1992 to July 1994, she was a
Compliance Officer for The Managers Funds, a registered
investment company. From March 1990 until
September 1991, she was Development Director of The
Rockland Center for the Arts and, prior thereto, was employed as
a Research Assistant for the
Bureau of National Affairs.
The address of each officer of the Fund is 200 Park Avenue,
New York, New York 10166.
The Board members and the officers of the Funds, as a
group, owned less than 1% of each Fund's shares outstanding on
February 8, 1995.
MANAGEMENT AGREEMENTS
The following information supplements and should be read in
conjunction with the section in the Prospectus entitled
"Management of the Funds."
The Manager provides management services pursuant to a
separate Management Agreement (the "Agreement") with each Fund
dated August 24, 1994. As
to each Fund, the Agreement is subject to annual approval by (i)
the Board of Trustees or (ii) vote of a majority (as defined in
the Act) of such Fund's outstanding
voting securities, provided that in either event the continuance
also is approved by a majority of the Trustees who are not
"interested persons" (as defined in the Act)
of such Fund or the Manager, by vote cast in person at a meeting
called for the purpose of voting such approval. Each Agreement
was last approved by the
Trustees on May 31, 1994 and by the shareholders on August 3,
1994. As to each Fund, the Agreement is terminable without
penalty, on 60 days' notice, by the
Board of Trustees or by vote of the holders of a majority of such
Fund's shares, or, on not less than 90 days' notice, by the
Manager. The Agreement will terminate
automatically, as to the relevant Fund, in the event of its
assignment (as defined in the Act).
The following persons are officers and/or directors of the
Manager: Howard Stein, Chairman of the Board and Chief Executive
Officer; Robert E. Riley,
President, Chief Operating Officer and Director; W. Keith Smith,
Vice Chairman; Lawrence S. Kash, Vice Chairman--Distribution;
Philip L. Toia, Vice Chairman--
Operations and Administration; Paul H. Snyder, Vice President and
Chief Financial Officer; Daniel C. Maclean, Vice President and
General Counsel; Barbara E.
Casey, Vice President--Retirement Services; Robert F. Dubuss,
Vice President; Henry D. Gottmann, Vice President--Retail; Elie
M. Genadry, Vice President--
Wholesale; Mark N. Jacobs, Vice President--Fund Legal and
Compliance; Jeffrey N. Nachman, Vice President--Mutual Fund
Accounting; Diane M. Coffey, Vice
President--Corporate Communications; Katherine C. Wickham, Vice
President--Human Resources; Maurice Bendrihem, Controller; and
Mandell L. Berman, Frank
V. Cahouet, Alvin E. Friedman, Lawrence M. Greene and David B.
Truman, Directors.
The Manager manages each Fund's portfolio of investments in
accordance with the stated policies of such Fund, subject to the
approval of the Fund's Board
of Trustees. The Manager is responsible for investment
decisions, and provides each Fund with portfolio managers who are
authorized by the Trustees to execute
purchases and sales of securities. The Term Funds' portfolio
managers are Gerald E. Thunelius and Garitt Kono. The Money
Market Fund's portfolio managers
are Patricia A. Larkin, Robert P. Fort, Garitt Kono and Bernard
W. Kiernan. The Manager also maintains a research department
with a professional staff of
portfolio managers and securities analysts who provide research
services for each Fund as well as for other funds advised by the
Manager. All purchases and sales
are reported for the Trustees' review at the meeting subsequent
to such transactions.
Expenses. All expenses incurred in the operation of a Fund
are borne by such Fund, except to the extent specifically assumed
by the Manager. The expenses
borne by each Fund include: organizational costs, taxes,
interest, brokerage fees and commissions, if any, fees of
Trustees who are not officers, directors, employees
or holders of 5% or more of the outstanding voting securities of
the Manager, Securities and Exchange Commission fees, state Blue
Sky qualification fees, advisory
fees, charges of custodians, transfer and dividend disbursing
agents' fees, certain insurance premiums, industry association
fees, outside auditing and legal expenses,
costs of independent pricing services, costs of maintaining such
Fund's existence, costs attributable to investor services
(including, without limitation, telephone and
personnel expenses), costs of shareholders' reports and meetings,
costs of preparing and printing prospectuses and statements of
additional information for regulatory
purposes and for distribution to existing shareholders, and any
extraordinary expenses.
The Manager maintains office facilities on behalf of each
Fund and furnishes statistical and research data, clerical help,
accounting, data processing,
bookkeeping and internal auditing and certain other required
services to each Fund. The Manager also may make such
advertising and promotional expenditures,
using its own resources, as it from time to time deems
appropriate.
As compensation for the Manager's services, the Money
Market Fund has agreed to pay the Manager a monthly management
fee at the annual rate of .50
of 1% of the value of such Fund's average daily net assets and
each Term Fund has agreed to pay the Manager a monthly management
fee at the annual rate of .60
of 1% of the value of such Fund's average daily net assets. The
net management fees paid by each Fund for the three fiscal years
ended December 31, 1992, 1993
and 1994 was as follows:
Money Market Fund
1992 1993 1994
Management $ 18,242,508 $ 12,120,931 $ 8,214,107
fee payable
Reduction due $ 10,022,320 $ 491,694 $ 0
to undertakings
Net management $ 8,220,188 $ 11,629,237 $ 8,214,107
fee paid
Short Term Fund
1992 1993 1994
Management $ 560,111 $1,083,143 $ 1,107,463
fee payable
Reduction due $ 560,111 $1,083,143 $ 1,086,277
to undertakings
Net management $ 0 $ 0 $ 21,186
fee
Intermediate Term Fund
1992 1993 1994
Management $1,265,304 $1,532,029 $ 1,303,036
fee payable
Reduction due $ 810,825 $ 338,749 $ 0
to undertakings
Net management $ 454,479 $1,193,280 $ 1,303,036
fee
Long Term Fund
1992 1993 1994
Management $1,347,671 $1,386,690 $ 943,453
fee payable
Reduction due $ 867,059 $ 215,417 $ 0
to undertakings
Net management $ 480,612 $1,171,273 $ 943,453
fee
The Manager has agreed that if, in any fiscal year, the
aggregate expenses of a Fund, exclusive of taxes, brokerage fees,
interest on borrowings and (with the
prior written consent of the necessary state securities
commissions) extraordinary expenses, but including the management
fee, exceed the expense limitation of any
state having jurisdiction over the Fund, such Fund may deduct
from the payment to be made to the Manager under the Agreement,
or the Manager will bear, such
excess expense to the extent required by state law. Such
deduction or payment, if any, will be estimated daily, and
reconciled and effected or paid, as the case may
be, on a monthly basis.
The aggregate of the fees payable to the Manager is not
subject to reduction as the value of a Fund's respective net
assets increases.
SHAREHOLDER SERVICES PLAN
The following information supplements and should be read in
conjunction with the section in the Prospectus entitled
"Shareholder Services Plan."
Each Fund has adopted a Shareholder Services Plan (the
"Plan") pursuant to which each Fund reimburses Dreyfus Service
Corporation, a wholly-owned
subsidiary of the Manager, 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.
A quarterly report of the amounts expended under the Plan,
and the purposes for which such expenditures were incurred, must
be made to the relevant
Fund's Trustees for their review. In addition, the Plan provides
that material amendments of the Plan must be approved by the
relevant Fund's Board of Trustees,
and by the Trustees who are not "interested persons" (as defined
in the Act) of such Fund or the Manager and have no direct or
indirect financial interest in the
operation of the Plan, by vote cast in person at a meeting called
for the purpose of considering such amendments. The Plan is
subject to annual approval by such
vote of the Trustees cast in person at a meeting called for the
purpose of voting on the Plan. The Plan is terminable at any
time by vote of a majority of the
Trustees who are not "interested persons" and have no direct or
indirect financial interest in the operation of the Plan.
For the fiscal year ended December 31, 1994, the fees
payable pursuant to the Shareholder Services Plan by the Money
Market Fund, Short Term Fund,
Intermediate Term Fund and Long Term Fund amounted to $1,560,279,
$281,184, $232,360 and $245,077, respectively.
PURCHASE OF SHARES
The following information supplements and should be read in
conjunction with the section in the Prospectus entitled "How to
Buy Shares."
The Distributor. The Distributor serves as each Fund's
distributor pursuant to separate agreements each of which is
renewable annually. The Distributor
also acts as distributor for other funds in the Dreyfus Family of
Funds and for certain other investment companies. In some
states, banks or other institutions
effecting transactions in Fund shares may be required to register
as dealers pursuant to state law.
Dreyfus TeleTransfer Privilege. Dreyfus TeleTransfer
purchase orders may be made between the hours of 8:00 A.M. and
4:00 P.M., New York time, on any
business day that The Shareholder Services Group, Inc., each
Fund's transfer and dividend disbursing agent (the "Transfer
Agent"), and the New York Stock
Exchange are open. Such purchases will be credited to the
investor's particular Fund account on the next bank business day.
To qualify to use Dreyfus
TeleTransfer, the initial payment for purchase of Fund shares
must be drawn on, and redemption proceeds paid to, the same bank
and account as are designated on
the Account Application or Shareholder Services Form on file. If
the proceeds of a particular redemption are to be wired to an
account at any other bank, the
request must be in writing and signature-guaranteed. See
"Redemption of Shares--Dreyfus TeleTransfer Privilege."
REDEMPTION OF SHARES
The following information supplements and should be read in
conjunction with the section in the Prospectus entitled "How to
Redeem Shares."
Check Redemption Privilege. An investor may indicate on
the Account Application or by later written request that the Fund
provide Redemption Checks
("Checks") drawn on the Fund's account. Checks will be sent only
to the registered owner(s) of the account and only to the address
of record. The Account
Application or later written request must be manually signed by
the registered owner(s). Checks may be made payable to the order
of any person in the amount of
$500 or more. Dividends are earned until the Check clears.
After clearance, a copy of the Check will be returned to the
investor. Investors generally will be subject
to the same rules and regulations that apply to checking
accounts, although election of this Privilege creates only a
shareholder-transfer agent relationship with the
Transfer Agent.
If the amount of the Check is greater than the value of the
shares in an investor's account, the Check will be returned
marked insufficient funds. Checks
should not be used to close an account.
Wire Redemption Privilege. By using this Privilege, the
investor authorizes the Transfer Agent to act on wire or
telephone redemption instructions from any
person representing himself or herself to be the investor and
reasonably believed by the Transfer Agent to be genuine.
Ordinarily, the Fund will initiate payment for
shares redeemed pursuant to this Privilege on the next business
day after receipt by the Transfer Agent of a redemption request
in proper form. Redemption
proceeds will be transferred by Federal Reserve wire only to the
commercial bank account specified by the investor on the Account
Application or Shareholder
Services Form. Redemption proceeds, if wired, must be in the
amount of $1,000 or more and will be wired to the investor's
account at the bank of record
designated in the investor's file at the Transfer Agent, if the
investor's bank is a member of the Federal Reserve System, or to
a correspondent bank if the investor's
bank is not a member. Fees ordinarily are imposed by such bank
and are borne by the investor. Immediate notification by the
correspondent bank to the investor's
bank is necessary to avoid a delay in crediting the funds to the
investor's bank account.
Investors with access to telegraphic equipment may wire
redemption requests to the Transfer Agent by employing the
following transmittal code that may be
used for domestic or overseas transmissions:
Transfer Agent's
Transmittal Code Answer Back Sign
--------------------- ----------------------
144295 144295 TSSG PREP
Investors who do not have direct access to telegraphic
equipment may have the wire transmitted by contacting a TRT
Cables operator at 1-800-654-7171, toll
free. Investors should advise the operator that the above
transmittal code must be used and should inform the operator of
the Transfer Agent's answer back sign.
To change the commercial bank or account designated to
receive wire redemption proceeds, a written request must be sent
to the Transfer Agent. This
request must be signed by each investor, with each signature
guaranteed as described below under "Share Certificates;
Signatures."
Dreyfus TeleTransfer Privilege. Investors should be aware
that if they have selected the Dreyfus TeleTransfer Privilege,
any request for a wire redemption
will be effected as a Dreyfus TeleTransfer transaction through
the Automated Clearing House ("ACH") system unless more prompt
transmittal specifically is
requested. Redemption proceeds will be on deposit in the
investor's account at an ACH member bank ordinarily two business
days after receipt of the redemption
request. See "Purchase of Shares--Dreyfus TeleTransfer
Privilege."
Share Certificates; Signatures. Any certificates
representing Fund shares to be redeemed must be submitted with
the redemption request. Written
redemption requests must be signed by each investor, including
each owner of a joint account, and each signature must be
guaranteed. Signatures on endorsed
certificates submitted for redemption also must be guaranteed.
The Transfer Agent has adopted standards and procedures pursuant
to which signature guarantees in
proper form generally will be accepted from domestic banks,
brokers, dealers, credit unions, national securities exchanges,
registered securities associations, clearing
agencies and savings associations, as well as from participants
in the New York Stock Exchange Medallion Signature program, the
Securities Transfer Agents
Medallion Program ("STAMP"), and the Stock Exchanges Medallion
Program. Guarantees must be signed by an authorized signatory of
the guarantor and
"Signature-Guaranteed" must appear with the signature. The
Transfer Agent may request additional documentation from
corporations, executors, administrators,
trustees or guardians, and may accept other suitable verification
arrangements from foreign investors, such as consular
verification. For more information with
respect to signature-guarantees, please call one of the telephone
numbers listed on the cover.
Redemption Commitment. The Funds have committed to pay in
cash all redemption requests by any investor of record, limited
in amount during any 90-day
period to the lesser of $250,000 or 1% of the value of each
respective Fund's net assets at the beginning of such period.
Such commitment is irrevocable without the
prior approval of the Securities and Exchange Commission. In the
case of requests for redemption in excess of such amount, the
Trustees reserve the right to make
payments in whole or in part in securities or other assets of
such Fund in case of an emergency or any time a cash distribution
would impair the liquidity of such
Fund to the detriment of the existing investors. In such event,
the securities would be valued in the same manner as such Fund's
portfolio is valued. If the recipient
sold such securities, brokerage charges would be incurred.
Suspension of Redemption. As to each Fund, the right of
redemption may be suspended or the date of payment postponed (a)
during any period when the
New York Stock Exchange is closed (other than customary weekend
and holiday closings), (b) when trading in the markets such Fund
ordinarily utilizes is restricted,
or when an emergency exists as determined by the Securities and
Exchange Commission so that disposal of such Fund's investments
or determination of its net asset
value is not reasonably practicable, or (c) for such other
periods as the Securities and Exchange Commission by order may
permit to protect such Fund's investors.
DETERMINATION OF NET ASSET VALUE
The following information supplements and should be read in
conjunction with the section in the Prospectus entitled "How to
Buy Shares."
Amortized Cost Pricing. The information contained in this
section is applicable only to the Money Market Fund. The
valuation of the Money Market Fund's
portfolio securities is based upon their amortized cost, which
does not take into account unrealized capital gains or losses.
This involves valuing an instrument at its
cost, and thereafter assuming a constant amortization to maturity
of any discount or premium, regardless of the impact of
fluctuating interest rates on the market
value of the instrument. While this method provides certainty in
valuation, it may result in periods during which value, as
determined by amortized cost, is higher or
lower than the price the Fund would receive if it sold the
instrument.
The Trustees have established, as a particular
responsibility within the overall duty of care owed to the Money
Market Fund's investors, procedures
reasonably designed to stabilize the Fund's price per share as
computed for the purpose of sales and redemptions at $1.00. Such
procedures include review of the
Fund's portfolio holdings by the Trustees, at such intervals as
they deem appropriate, to determine whether the Fund's net asset
value calculated by using available
market quotations or market equivalents deviates from $1.00 per
share based on amortized cost. In such review, investments for
which market quotations are readily
available will be valued at the most recent bid price or yield
equivalent for such securities or for securities of comparable
maturity, quality and type, as obtained from
one or more of the major market makers for the securities to be
valued. Other investments and assets will be valued at fair
value as determined by the Trustees.
The extent of any deviation between the Money Market Fund's
net asset value based upon available market quotations or market
equivalents and $1.00 per
share based on amortized cost will be examined by the Trustees.
If such deviation exceeds 1/2 of 1%, the Trustees will consider
promptly what action, if any, will be
initiated. In the event the Trustees determine that a deviation
exists which may result in material dilution or other unfair
results to investors or existing investors,
they have agreed to take such corrective action as they regard as
necessary and appropriate including: selling portfolio
instruments prior to maturity to realize
capital gains or losses or to shorten average portfolio maturity;
paying distributions from capital or capital gains; redeeming
shares in kind; or establishing a net asset
value per share by using available market quotations or market
equivalents.
New York Stock Exchange Closings. The holidays (as
observed) on which the New York Stock Exchange is closed
currently are: New Year's Day,
Presidents' Day, Good Friday, Memorial Day, Independence Day,
Labor Day, Thanksgiving and Christmas.
SHAREHOLDER SERVICES
The following information supplements and should be read in
conjunction with the section in the Prospectus entitled
"Shareholder Services."
Fund Exchanges. Shares of funds purchased by exchange will
be purchased on the basis of relative net asset value per share
as follows:
A. Exchanges for shares of funds that are offered without a
sales load will be made without a sales load.
B. Shares of funds purchased without a sales load may be
exchanged for shares of other funds sold with a sales load, and
the applicable sales load will be deducted.
C. Shares of funds purchased with a sales load may be
exchanged without a sales load for shares of other funds sold
without a sales load.
D. Shares of funds purchased with a sales load, shares of
funds acquired by a previous exchange from shares purchased with
a sales load, and additional
shares acquired through reinvestment of dividends or
distributions of any such funds (collectively referred to herein
as "Purchased Shares") may be
exchanged for shares of other funds sold with a sales
load (referred to herein as "Offered Shares"), provided that, if
the sales load applicable to the
Offered Shares exceeds the maximum sales load that could
have been imposed in connection with the Purchased Shares (at the
time the Purchased Shares
were acquired), without giving effect to any reduced
loads, the difference will be deducted.
To accomplish an exchange under item D above, investors
must notify the Transfer Agent of their prior ownership of fund
shares and their account number.
To request an exchange, an investor must give exchange
instructions to the Transfer Agent in writing or by telephone.
The ability to issue exchange
instructions by telephone is given to all Fund shareholders
automatically, unless the investor checks the applicable "NO" box
on the Account Application, indicating
that the investor specifically refuses this privilege. By using
the Telephone Exchange Privilege, the investor authorizes the
Transfer Agent to act on telephonic
instructions from any person representing himself or herself to
be the investor and reasonably believed by the Transfer Agent to
be genuine. Telephone exchanges
may be subject to limitations as to the amount involved or number
of telephone exchanges permitted. Shares issued in certificate
form are not eligible for telephone
exchange.
To establish a Personal Retirement Plan by exchange, shares
of the fund being exchanged must have a value of at least the
minimum initial investment
required for the fund into which the exchange is being made. For
Dreyfus-sponsored Keogh Plans, IRAs and IRAs set up under a
Simplified Employee Pension
Plan ("SEP-IRAs"), with only one participant, the minimum initial
investment is $750. To exchange shares held in Corporate Plans,
403(b)(7) Plans and SEP-IRAs
with more than one participant, the minimum initial investment is
$100 if the plan has at least $2,500 invested among the funds in
the Dreyfus Family of Funds. To
exchange shares held in Personal Retirements Plans, the shares
exchanged must have a current value of at least $100.
Dreyfus Auto Exchange Privilege. Dreyfus Auto-Exchange
permits an investor to purchase, in exchange for shares of a
Fund, shares of another fund in the
Dreyfus Family of Funds. This Privilege is available only for
existing accounts. Shares will be exchanged on the basis of
relative net asset value as described above
under "Fund Exchanges." Enrollment in or modification or
cancellation of this Privilege is effective three business days
following notification by the investor. An
investor will be notified if his account falls below the amount
designated to be exchanged under this Privilege. In this case,
an investor's account will fall to zero
unless additional investments are made in excess of the
designated amount prior to the next Auto-Exchange transaction.
Shares held under IRA and other
retirement plans are eligible for this Privilege. Exchanges of
IRA shares may be made between IRA accounts and from regular
accounts to IRA accounts, but not
from IRA accounts to regular accounts. With respect to all other
retirement accounts, exchanges may be made only among those
accounts.
Fund Exchanges and the Dreyfus Auto-Exchange Privilege are
available to shareholders resident in any state in which shares
of the fund being acquired may
legally be sold. Shares may be exchanged only between accounts
having identical names and other identifying designations.
Shareholder Services Forms and prospectuses of the other
funds may be obtained by calling 1-800-645-6561. The Fund
reserves the right to reject any
exchange request in whole or in part. The Fund Exchanges service
or the Dreyfus Auto-Exchange Privilege may be modified or
terminated at any time upon notice
to shareholders.
Dreyfus Automatic Withdrawal Plan. The Automatic
Withdrawal Plan permits an investor with a $5,000 minimum account
to request withdrawal of a
specified dollar amount (minimum of $50) on either a monthly or
quarterly basis. Withdrawal payments are the proceeds from sales
of Fund shares, not the yield on
the shares. If withdrawal payments exceed reinvested
distributions, the investor's shares will be reduced and
eventually may be depleted. There is a service charge
of $.50 for each withdrawal check. Automatic Withdrawal may be
terminated at any time by the investor, the Fund or the Transfer
Agent. Shares for which
certificates have been issued may not be redeemed through the
Automatic Withdrawal Plan.
Dreyfus Dividend Sweep. Dreyfus Dividend Sweep allows
investors to invest on the payment date their dividends or
dividends and capital gain distributions, if
any, in shares of another fund in the Dreyfus Family of Funds of
which the investor is a shareholder. Shares of other funds
purchased pursuant to this privilege will
be purchased on the basis of relative net asset value per share
as follows:
A. Dividends and distributions paid by a fund may be
invested without imposition of a sales load in shares of other
funds that are offered without
a sales load.
B. Dividends and distributions paid by a fund which does
not charge a sales load may be invested in shares of other funds
sold with a sales load,
and the applicable load will be deducted.
C. Dividends and distributions paid by a fund which charges
a sales load may be invested in shares of other funds sold with a
sales load (referred
to herein as "Offered Shares"), provided that, if the
sales load applicable to the Offered Shares exceeds the maximum
sales load charged by the
fund from which dividends or distributions are being
swept, without giving effect to any reduced loads, the difference
will be deducted.
D. Dividends and distributions paid by a fund may be
invested in shares of other funds that impose a contingent
deferred sales charge ("CDSC") and the
applicable CDSC, if any, will be imposed upon redemption
of such shares.
PORTFOLIO TRANSACTIONS
Portfolio securities ordinarily are purchased from
government securities dealers or market makers for the
securities. Usually no brokerage commissions are
paid by the Funds for such purchases and, to date, no brokerage
commissions have been paid by any Fund.
Transactions are allocated to various dealers by each
Fund's portfolio managers in their best judgment. The primary
consideration is prompt and effective
execution of orders at the most favorable price. Subject to that
primary consideration, dealers may be selected for research,
statistical or other services to enable the
Manager to supplement its own research and analysis with the
views and information of other securities firms and may be
selected based upon their sales of Fund shares.
Research services furnished by brokers through which a Fund
effects securities transactions may be used by the Manager in
advising other funds it advises
and, conversely, research services furnished to the Manager by
brokers in connection with other funds the Manager advises may be
used by the Manager in advising
a Fund. Although it is not possible to place a dollar value on
these services, it is the opinion of the Manager that the receipt
and study of such services from brokers
should not reduce the overall expenses of its research
department.
DIVIDENDS, DISTRIBUTIONS AND TAXES
The following information supplements and should be read in
conjunction with the section in the Prospectus entitled
"Dividends, Distributions and Taxes."
Management of each Fund believes that the Fund has
qualified for the fiscal year ended December 31, 1994 as a
"regulated investment company" under the
Code. Each Fund intends to continue to so qualify if such
qualification is in the best interests of the shareholders. As a
regulated investment company, the Fund
pays no Federal income tax on net investment income and net
realized capital gains to the extent that such income and gains
are distributed to shareholders. To
qualify as a regulated investment company, a Fund must distribute
at least 90% of its net income (consisting of net investment
income and net short-term capital
gain) to its shareholders and must derive less than 30% of its
annual gross income from gain on the sale of securities held for
less than three months. The Code,
however, allows a Fund to net certain offsetting positions,
making it easier for each Fund to satisfy the 30% test. The term
"regulated investment company" does not
imply the supervision of management or investment practices or
policies by any government agency.
Ordinarily, gains and losses realized from portfolio
transactions will be treated as capital gain or loss. However,
all or a portion of any gains realized from the
sale or other disposition of certain market discount bonds will
be treated as ordinary income under Section 1276 of the Code.
The Code provides that if a shareholder holds shares of a
Fund for six months or less and has received a capital gain
dividend with respect to such shares, any
loss incurred on the sale of such shares will be treated as
long-term capital loss to the extent of the capital gain dividend
received. In addition, any dividend or
distribution paid shortly after an investor's purchase may have
the effect of reducing the aggregate net asset value of shares
below the cost of the investment. Such a
distribution would be a return on investment in an economic sense
although taxable as stated in "Dividends, Distributions and
Taxes" in the Prospectus.
YIELD AND PERFORMANCE INFORMATION
The following information supplements and should be read in
conjunction with the section in the Prospectus entitled "Yield
and Performance Information."
Money Market Fund. For the seven-day period ended December
31, 1994, the Money Market Fund's yield was 4.62% and effective
yield was 4.73%. See
"Management of the Funds" in the Prospectus. Yield is computed
in accordance with a standardized method which involves
determining the net change in the value
of a hypothetical pre-existing Fund account having a balance of
one share at the beginning of a seven calendar day period for
which yield is to be quoted, dividing
the net change by the value of the account at the beginning of
the period to obtain the base period return, and annualizing the
results (i.e., multiplying the base
period return by 365/7). The net change in the value of the
account reflects the value of additional shares purchased with
distributions declared on the original share
and any such additional shares and fees that may be charged to
investor accounts, in proportion to the length of the base period
and the Fund's average account
size, but does not include realized gains and losses or
unrealized appreciation and depreciation. Effective yield is
computed by adding 1 to the base period return
(calculated as described above), raising that sum to a power
equal to 365 divided by 7, and subtracting 1 from the result.
Term Funds. The Intermediate Term Fund's current yield for
the 30-day period ended December 31, 1994 was 6.78%. The Short
Term Fund's current yield
for the 30-day period ended December 31, 1994 was 6.90%. The
Short Term Fund's 30-day yield net of absorbed expenses for that
period was 6.40%. The Long
Term Fund's current yield for the 30-day period ended December
31, 1994 was 7.09%. Although the Long Term Fund's yield may
generally be higher than
comparable short- or intermediate-term income funds, its price
per share may fluctuate more than those funds. See "Management
of the Funds" in the Prospectus.
Current yield is computed pursuant to a formula which operates as
follows: The amount of a Fund's expenses accrued for the 30-day
period (net of
reimbursements) is subtracted from the amount of the dividends
and interest earned (computed in accordance with regulatory
requirements) by the Fund during the
period. That result is then divided by the product of: (a) the
average daily number of shares outstanding during the period that
were entitled to receive
distributions, and (b) the net asset value per share on the last
day of the period less any undistributed earned income per share
reasonably expected to be declared
as a distribution shortly thereafter. The quotient is then added
to 1, and that sum is raised to the 6th power, after which 1 is
subtracted. The current yield is then
arrived at by multiplying the result by 2.
The Intermediate Term Fund's average annual total return
for the 1, 5 and 7.767 year periods ended December 31, 1994 was
- -3.97, 7.42% and 7.30%,
respectively. The Short Term Fund's average annual total return
for 1, 5 and 7.310 year periods ended December 31, 1994 was
- -.33%, 6.49% and 8.13%,
respectively. The Short Term Fund's average annual total return
for the 3.252 year period beginning with the effectiveness of the
Short Term Fund's current
investment objective, fundamental policies and investment
restrictions on October 1, 1991 through December 31, 1994 was
5.53%. The Long Term Fund's average
annual total return for the 1, 5 and 7.767 year periods ended
December 31, 1994 was -9.18%, 7.59% and 7.32%, respectively.
Average annual total return is
calculated by determining the ending redeemable value of an
investment purchased with a hypothetical $1,000 payment made at
the beginning of the period
(assuming the reinvestment of distributions), dividing by the
amount of the initial investment, taking the "n"th root of the
quotient (where "n" is the number of years
in the period) and subtracting 1 from the result.
The Intermediate Term Fund's total return for the period
March 27, 1987 (commencement of operations) through December 31,
1994 was 72.91%. The
Short Term Fund's total return for the period September 10, 1987
(commencement of operations) through December 31, 1994 and the
period October 1, 1991
through December 31, 1994, was 77.08% and 19.13%, respectively.
The Long Term Fund's total return for the period March 27, 1987
(commencement of
operations) through December 31, 1994 was 73.16%. Total return
is calculated by subtracting the amount of the Fund's net asset
value per share at the beginning of
a stated period from the net asset value per share at the end of
the period (after giving effect to the reinvestment of
distributions during the period), and dividing
the result by the net asset value per share at the beginning of
the period.
All Funds. Tax equivalent yield is computed by dividing that
portion of the current yield (calculated as described above)
which is tax exempt by 1 minus a
stated tax rate and adding the quotient to that portion, if any,
of the yield of the Fund that is not tax-exempt.
Yields will fluctuate and are not necessarily
representative of future results. The investor should remember
that yield is a function of the type and quality of
the instruments in the portfolio, portfolio maturity and
operating expenses. An investor's principal in a Fund is not
guaranteed. See "Determination of Net Asset
Value" for a discussion of the manner in which the Money Market
Fund's price per share is determined.
From time to time, advertising materials for each Fund may
refer to or discuss then-current or past economic conditions,
developments and/or events,
including those related to or arising from actual or proposed tax
legislation. From time to time, advertising materials for each
Fund may also refer to statistical or
other information concerning trends related to investment
companies, as compiled by industry associations such as the
Investment Company Institute or Morningstar
ratings and related analyses supporting the ratings. In
addition, advertising materials for each Fund may occasionally
include information about other similar Dreyfus
funds.
From time to time, each Fund may use hypothetical tax
equivalent yields or charts in its advertising. These
hypothetical yields or charts will be used for
illustrative purposes only and are not indicative of the Fund's
past or future performance.
INFORMATION ABOUT THE FUNDS
The following information supplements and should be read in
conjunction with the section in the Prospectus entitled "General
Information."
Each Fund share has one vote and, when issued and paid for
in accordance with the terms of the offering, is fully paid and
non-assessable. Fund shares are
of one class and have equal rights as to dividends and in
liquidation. Fund shares have no preemptive, subscription or
conversion rights and are freely transferable.
Each Fund sends annual or semi-annual financial statements
to all shareholders.
Effective October 1, 1991, the Short Term Fund changed its
investment objective from that of providing investors with as
high a level of current income, free
of U.S. Federal income tax and U.S. tax withholding requirements
for qualifying foreign investors, as is consistent with the
preservation of capital by investing in
obligations of the U.S. Government and its agencies and
instrumentalities to its current investment objective. Effective
October 24, 1991, the Intermediate Term
Fund and the Long Term Fund each changed their investment
objective from that of providing investors with as high a level
of current income as is consistent with
the preservation of capital by investing in obligations of the
U.S. Government and its agencies and instrumentalities that
provide interest income exempt from state
and local income taxes to its current investment objective.
CUSTODIAN, TRANSFER AND DIVIDEND DISBURSING AGENT,
COUNSEL AND INDEPENDENT AUDITORS
The Bank of New York, 110 Washington Street, New York, New
York 10286, is each Fund's custodian. The Shareholder Services
Group, Inc., a subsidiary of
First Data Corporation, P.O. Box 9671, Providence, Rhode Island
02940-9671, is each Fund's transfer and dividend disbursing
agent. Neither The Bank of New
York nor The Shareholder Services Group, Inc. has any part in
determining the investment policies of any Fund or which
securities are to be purchased or sold by a
Fund.
Stroock & Stroock & Lavan, 7 Hanover Square, New York, New
York 10004-2696, as counsel for each Fund, has rendered its
opinion as to certain legal
matters regarding the due authorization and valid issuance of the
shares of beneficial interest being sold pursuant to the Funds'
combined Prospectus.
Ernst & Young LLP, 787 Seventh Avenue, New York, New York
10019, independent auditors, have been selected as auditors of
each Fund.
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1994
<TABLE>
<CAPTION>
ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
U.S. TREASURY BILLS--62.3% PURCHASE AMOUNT VALUE
----------- ------------- ------------
<S> <C> <C> <C>
1/12/95 3.51% $ 20,242,000 $ 20,221,057
1/19/95 5.59 101,000,000 100,749,551
1/26/95 5.04 19,736,000 19,667,746
2/2/95 5.13 24,247,000 24,137,995
2/9/95 5.32 51,015,000 50,724,658
2/23/95 5.35 75,000,000 74,414,792
3/2/95 5.68 9,824,000 9,732,227
3/9/95 5.68 235,074,000 232,623,772
3/16/95 5.51 151,170,000 149,477,659
3/23/95 5.57 101,917,000 100,658,305
3/30/95 5.57 16,201,000 15,983,618
4/6/95 5.84 60,000,000 59,090,375
5/18/95 5.95 14,352,000 14,036,245
6/1/95 5.07 30,000,000 29,392,225
6/8/95 6.34 2,605,000 2,534,801
------------
TOTAL U.S. TREASURY BILLS
(cost $903,445,026) $ 903,445,026
===============
U.S. TREASURY NOTES--36.8%
4.25%, 1/31/95 4.54 % $158,942,000 $ 158,892,264
7.75%, 2/15/95 5.29 150,000,000 150,403,268
3.875%, 2/28/95 5.06 95,000,000 94,819,845
3.875%, 3/31/95 5.65 109,850,000 109,353,199
5.875%, 5/15/95 6.44 20,308,000 20,262,251
-------------
TOTAL U.S. TREASURY NOTES
(cost $533,730,827) $ 533,730,827
===============
TOTAL INVESTMENTS
(cost $1,437,175,853) 99.1% $1,437,175,853
===== ==============
CASH AND RECEIVABLES (NET) .9% $ 13,562,664
===== ==============
NET ASSETS 100.0% $1,450,738,517
===== ==============
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1994
<CAPTION>
ASSETS:
<S> <C>
Investments in securities, at value-Note 1(a) $1,437,175,853
Cash 2,400,171
Receivable for investment securities sold 100,687,409
Interest receivable 12,015,044
Prepaid expenses 217,997
--------------
1,552,496,474
LIABILITIES:
Due to The Dreyfus Corporation $ 614,072
Payable for investment securities purchased 100,749,551
Accrued expenses 394,334 101,757,957
-------------- ------------
NET ASSETS $1,450,738,517
==============
REPRESENTED BY:
Paid-in capital $1,450,564,321
Accumulated undistributed investment income-net 184,280
Accumulated net realized (loss) on investments (10,084)
----------------
NET ASSETS at value applicable to 1,450,275,605 shares outstanding
(unlimited number of $.001 par value shares of Beneficial
Interest authorized) $1,450,738,517
==============
NET ASSET VALUE, offering and redemption price per share
($1,450,738,517 / 1,450,275,605 shares) $1.00
=====
See notes to financial statements.
<PAGE>
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1994
INVESTMENT INCOME:
INTEREST INCOME $65,666,642
EXPENSES:
Management fee-Note2(a) $8,214,107
Shareholder servicing costs-Note 2(b) 2,867,717
Prospectus and shareholders' reports 209,909
Custodian fees 111,256
Professional fees 84,845
Registration fees 53,092
Trustees' fees and expenses-Note2(c) 48,954
Miscellaneous 94,433
------------
TOTAL EXPENSES 11,684,313
-------------
INVESTMENT INCOME--NET 53,982,329
NET REALIZED (LOSS) ON INVESTMENTS--Note1(b) (10,084)
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $53,972,245
===========
</TABLE>
See notes to financial statements.
<PAGE>
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-----------------------------------
1993 1994
---------------- ----------------
<S> <C> <C>
OPERATIONS:
Investment income-net $ 61,432,606 $ 53,982,329
Net realized gain (loss) on investments 42,916 (10,084)
---------------- ----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 61,475,522 53,972,245
---------------- ----------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net (61,432,606) (53,798,049)
---------------- ----------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 2,699,422,256 1,651,231,223
Dividends reinvested 58,068,259 51,035,988
Cost of shares redeemed (3,864,644,720) (2,169,632,380)
---------------- ----------------
(DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS (1,107,154,205) (467,365,169)
---------------- ----------------
TOTAL (DECREASE) IN NET ASSETS (1,107,111,289) (467,190,973)
NET ASSETS:
Beginning of year 3,025,040,779 1,917,929,490
---------------- ----------------
End of year (including undistributed investment income-net;
$184,280 in 1994) $1,917,929,490 $1,450,738,517
=============== ===============
</TABLE>
See notes to financial statements.
<PAGE>
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
Reference is made to page 4 of the Prospectus
<PAGE>
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of
1940 ("Act") as a diversified open-end management investment
company. Dreyfus Service Corporation, until August 24, 1994,
acted as the exclusive distributor of the Fund's shares, which
are sold to the public without a sales charge. Dreyfus Service
Corporation is a wholly-owned subsidiary of The Dreyfus
Corporation ("Manager"). Effective August 24, 1994, the Manager
became a direct subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The
Distributor, located at One Exchange Place, Boston,
Massachusetts 02109, is a wholly-owned subsidiary of
Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which
is Boston Institutional Group, Inc.
Effective on January 1, 1994, the Fund was reorganized as a
Massachusetts business trust under the name Dreyfus 100% U.S.
Treasury Money Market Fund.
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 $1.00.
(A) PORTFOLIO VALUATION: Investments 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 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, if any, it is the policy of the Fund not
to distribute such gain.
On January 3, 1995, the Fund declared a cash dividend of
approximately $.000127065 per share from undistributed investment
income-net which includes investment income-net for Saturday,
December 31, 1994.
Prior to January 1, 1994 the Fund was a limited partnership
and was not required to distribute realized capital gains to
avoid Federal income and excise taxes. Prior years' gains and
losses had been allocated to shareholders and not paid, in
accordance with the limited partnership structure. This resulted
in a difference between financial reporting purposes versus
Federal Income tax purposes, with respect to the treatment of
such allocated gains and losses. The Fund has therefore
reclassified $288,716 from accumulated net realized loss on
investments to paid-in-capital. This amount represented the
cumulative effect of such differences. Results of operations
and net assets were not effected by this reclassification.
(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.
At December 31, 1994, 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).
<PAGE>
DREYFUS 100% U.S. TREASURY MONEY MARKET 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 computed at the annual rate of
.50 of 1% of the average daily value of the Fund's net assets and
is payable monthly. The Agreement provides for an expense
reimbursement from the Manager should the Fund's aggregate
expenses, exclusive of taxes, interest on borrowings, brokerage
commissions and extraordinary expenses, exceed the expense
limitation of any state having jurisdiction over the Fund for any
full year. The most stringent state expense limitation applicable
to the Fund presently requires reimbursement of expenses in any
full year that such expenses (exclusive of certain expenses as
described above) exceed 2 1/2% of the first $30 million, 2% of
the next $70 million and 1 1/2% of the excess over $100 million
of the average value of the Fund's net assets in accordance with
California "blue sky" regulations. There was no expense
reimbursement for the year ended December 31, 1994.
(B) Pursuant to the Fund's Shareholder Services Plan, the
Fund reimburses Dreyfus Service Corporation an amount not to
exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for servicing 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 year ended December 31, 1994, the Fund was charged an
aggregate of $1,560,279 pursuant to the Shareholder Services
Plan.
(C) Prior to August 24, 1994, certain officers and trustees
of the Fund were "affiliated persons," as defined in the Act, of
the Manager and/or Dreyfus Service Corporation. Each trustee who
is not an "affiliated person" receives an annual fee of $4,500
and an attendance fee of $500 per meeting.
<PAGE>
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
We have audited the accompanying statement of assets and
liabilities of Dreyfus 100% U.S. Treasury Money Market Fund,
including the statement of investments, as of December 31, 1994,
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 generally
accepted auditing standards. 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. Our procedures included
confirmation of securities owned as of December 31, 1994 by
correspondence with the custodian and brokers. 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 100% U.S. Treasury
Money Market Fund at December 31, 1994, 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 generally accepted accounting
principles.
ERNST & YOUNG LLP
New York, New York
February 1, 1995
<PAGE>
<TABLE>
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
<CAPTION>
STATEMENT OF INVESTMENTS DECEMBER 31, 1994
PRINCIPAL
BONDS AND NOTES--83.5% AMOUNT VALUE
<S> <C> <C>
U.S. TREASURY BONDS--6.0%
11 1/2%, 11/15/1995 $10,000,000 $10,368,750
U.S. TREASURY NOTES--77.5%
11 1/4%, 5/15/1995 10,000,000 10,175,000
9 1/4%, 1/15/1996 15,000,000 15,276,570
9 3/8%, 4/15/1996 20,000,000 20,450,000
7 1/2%, 12/31/1996 15,000,000 14,947,260
8 1/2%, 4/15/1997 15,000,000 15,225,000
7 3/8%, 11/15/1997 30,000,000 29,685,930
7 7/8%, 1/15/1998 28,000,000 28,043,764
TOTAL BONDS AND NOTES
(cost $149,007,664) $144,172,274
============
SHORT-TERM INVESTMENTS--23.9%
U.S. TREASURY BILLS:
4.71%, 1/19/1995 $17,895,000 $17,842,926
3.58%, 1/26/1995 23,468,000 23,388,443
------------
TOTAL SHORT-TERM INVESTMENTS
(cost $41,262,557) $41,231,369
============
TOTAL INVESTMENTS
(cost $190,270,221) 107.4% 185,403,643
====== ============
LIABILITIES, LESS CASH AND RECEIVABLES (7.4%) $ (12,847,674)
====== ============
NET ASSETS 100.0% $172,555,969
====== ============
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1994
<CAPTION>
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $190,270,221)_see statement $185,403,643
Cash 722,757
Interest receivable 2,917,210
Receivable for shares of Beneficial Interest subscribed 32,600
Prepaid expenses 3,199
------------
189,079,409
LIABILITIES:
Due to The Dreyfus Corporation $ 14,832
Payable for investment securities purchased 14,980,950
Payable for shares of Beneficial Interest redeemed 1,428,070
Accrued expenses 99,588 16,523,440
----------- ------------
NET ASSETS $172,555,969
============
REPRESENTED BY:
Paid-in capital $191,014,933
Accumulated undistributed investment income_net 33,214
Accumulated net realized (loss) on investments (13,625,600)
Accumulated gross unrealized (depreciation) on investments (4,866,578)
--------------
NET ASSETS at value applicable to 11,855,516 shares outstanding
(unlimited number of $.001 par value shares of Beneficial
Interest authorized) $172,555,969
============
NET ASSET VALUE, offering and redemption price per share
($172,555,969 divided by 11,855,516 shares) $14.55
======
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1994
<CAPTION>
INVESTMENT INCOME:
<S> <C> <C>
INTEREST INCOME $ 14,692,059
EXPENSES:
Management fee_Note 2(a) $ 1,107,463
Shareholder servicing costs-Note 2(b) 437,882
Registration fees 40,863
Auditing fees 40,031
Prospectus and shareholders' reports 28,488
Trustees' fees and expenses-Note 2(c) 26,918
Custodian fees 23,462
Legal fees 16,144
Miscellaneous 6,066
--------
1,727,317
Less-reduction in management fee
due to undertakings-Note 2(a) 1,086,277
------------
TOTAL EXPENSES 641,040
----------
INVESTMENT INCOME--NET 14,051,019
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments-Note 3 $(13,625,600)
Net unrealized (depreciation) on investments (1,006,227)
-------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS (14,631,827)
------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (580,808)
===============
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION> YEAR ENDED DECEMBER 31,
------------------------------
1993 1994
-------------- --------------
<S> <C> <C>
OPERATIONS:
Investment income-net $ 14,115,850 $ 14,051,019
Net realized gain (loss) on investments 56,537 (13,625,600)
Net unrealized (depreciation) on investments for the year (2,514,719) (1,006,227)
-------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 11,657,668 (580,808)
-------------- ------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net (14,115,850) (14,017,805)
-------------- ------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold 160,026,733 138,150,896
Dividends reinvested 11,481,759 10,359,891
Cost of shares redeemed (124,808,796) (149,655,822)
-------------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 46,699,696 (1,145,035)
-------------- ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS 44,241,514 (15,743,648)
NET ASSETS:
Beginning of year 144,058,103 188,299,617
-------------- ------------
End of year (including undistributed investment income-net;
$33,214 in 1994) $188,299,617 $172,555,969
============ =============
SHARES SHARES
-------------- ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 9,984,860 9,091,012
Shares issued for dividends reinvested 717,765 686,796
Shares redeemed (7,800,266) (9,881,489)
-------------- ------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 2,902,359 (103,681)
============ =============
See notes to financial statements.
</TABLE>
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
FINANCIAL HIGHLIGHTS
Reference is made to page 5 of the Prospectus.
<PAGE>
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of
1940 ("Act")
as a diversified open-end management investment company. Dreyfus
Service
Corporation, until August 24, 1994, acted as the exclusive
distributor of the
Fund's shares, which are sold to the public without a sales
charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus
Corporation
("Manager"). Effective August 24, 1994, the Manager became a
direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The
Distributor, located at One Exchange Place, Boston, Massachusetts
02109, is a wholly-owned subsidiary of Institutional
Administration Services, Inc., a provider of mutual fund
administration services, the parent company of which
is Boston Institutional Group, Inc.
Effective January 1, 1994, the Fund was reorganized as a
Massachusetts business trust under the name Dreyfus 100% U.S.
Treasury Short Term Fund.
(A) PORTFOLIO VALUATION: The Fund's investments are valued at
the mean between quoted bid and asked prices.
(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, including, where
applicable, amortization of discount on investments,
is recognized on the accrual basis.
(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 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 net realized
capital gain can be offset by capital loss carryovers, it is the
policy of the Fund not to distribute such gain.
Prior to January 1, 1994 the Fund was a limited partnership
and was not required to distribute realized capital gains to
avoid Federal income and excise taxes. Prior years' gains and
losses had been allocated to shareholders and not paid, in
accordance with the limited partnership structure. This resulted
in a difference between financial reporting purposes
versus Federal Income tax purposes, with respect to the treatment
of such allocated gains and losses. The Fund has therefore
reclassified $414,104 from accumulated net realized loss on
investments to paid-in-capital.
This amount represented the cumulative effect of such
differences. Results of operations and net assets were not
effected by this reclassification.
(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 $10,865,000 available for Federal income tax
purposes to be applied against future net securities profit, if
any realized subsequent to December 31, 1994. The carryover does
not include net realized securities losses from November 1, 1994
through December 31, 1994 which are treated, for Federal
income tax purposes, as arising in fiscal 1995. If not applied,
the carryover expires in fiscal 2002.
DREYFUS 100% U.S. TREASURY SHORT TERM 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 computed at the annual rate of .60
of 1% of the average daily value of the Fund's net assets and is
payable monthly. The Agreement provides for an expense
reimbursement from the Manager should the
Fund's aggregate expenses, exclusive of taxes, interest on
borrowings, brokerage and extraordinary expenses, exceed the
expense limitation of any state having jurisdiction over the
Fund. The most stringent state expense limitation
applicable to the Fund presently requires reimbursement of
expenses in any full year that such expenses (exclusive of
distribution expenses and certain expenses as described above)
exceed 21/2% of the first $30 million, 2% of the
next $70 million and 11/2% of the excess over $100 million of the
average value of the Fund's net assets in accordance with
California "blue sky" regulations. However, the Manager had
undertaken from January 1, 1994 through
January 30, 1995 to reduce the management fee paid by, and
reimburse such excess expenses of the Fund, to the extent that
the Fund's aggregate expenses (excluding certain expenses, as
described above) exceeded specified annual percentages of the
Fund's average daily net assets. The reduction in the
management fee pursuant to the undertakings, amounted to
$1,086,277 for the year ended December 31, 1994.
The Manager has currently undertaken from January 31, 1995
through March 31, 1995, or until such time as the net assets of
the Fund exceed $250 million, regardless of whether they remain
at that level, to waive receipt of the management fee payable to
it by the Fund in excess of an annual rate of .20 of 1% of the
average daily value of the Fund's net assets.
The undertaking may be modified by the Manager from time to
time, provided that the resulting expense reimbursement would not
be less than the amount required pursuant to the agreement.
(B) Pursuant to the Fund's Shareholder Services Plan, the
Fund reimburses Dreyfus Service Corporation an amount not to
exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for servicing 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 year ended December 31, 1994, the Fund was charged an
aggregate of $281,184 pursuant to the Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and trustees
of the Fund were "affiliated persons," as defined in the Act, of
the Manager and/or Dreyfus Service Corporation. Each trustee who
is not an "affiliated person" receives an annual fee of $2,500
and an attendance fee of $250 per meeting.
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment
securities, other than short-term securities, during the year
ended December 31, 1994, amounted to $816,953,546 and
$860,107,051, respectively.
At December 31, 1994, 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).
<PAGE>
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
We have audited the accompanying statement of assets and
liabilities of Dreyfus 100% U.S. Treasury Short Term Fund,
including the statement of investments, as of December 31, 1994,
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 generally accepted
auditing standards. 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. Our procedures included confirmation
of securities owned as of December 31, 1994 by correspondence
with the custodian and brokers. 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 100% U.S. Treasury
Short Term Fund at December 31, 1994, 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 generally accepted accounting principles.
Ernst & Young LLP
New York, New York
February 3, 1995
<PAGE>
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1994
<TABLE>
<CAPTION> PRINCIPAL
BONDS AND NOTES--97.5% AMOUNT VALUE
-------------- --------------
<S> <C> <C>
U.S. TREASURY BONDS--2.8%
11 1/2%, 11/15/1995..................................................... $ 5,000,000 $ 5,184,375
--------------
U.S. TREASURY NOTES--93.3%
9 3/8%, 4/15/1996....................................................... 35,000,000 35,787,500
7 3/8%, 11/15/1997...................................................... 15,700,000 15,535,637
7 7/8%, 1/15/1998....................................................... 50,000,000 50,078,150
9 1/4%, 8/15/1998....................................................... 30,000,000 31,303,140
7 7/8%, 11/15/2004...................................................... 40,000,000 40,118,760
--------------
172,823,187
--------------
U.S. TREASURY PRINCIPAL STRIPS--1.4%
Zero Coupon, 8/15/2020.................................................. 20,000,000 2,678,020
--------------
TOTAL BONDS AND NOTES
(cost $183,827,991)..................................................... $180,685,582
==============
SHORT-TERM INVESTMENTS--.2%
U.S. TREASURY BILLS;
4.68%, 2/23/1995
(cost $414,130)......................................................... $ 417,000 $ 413,810
==============
TOTAL INVESTMENTS
(cost $184,242,121)..................................................... 97.7% $181,099,392
===== ==============
CASH AND RECEIVABLES (NET).................................................. 2.3% $ 4,161,852
===== ==============
NET ASSETS ........................................................... 100.0% $185,261,244
===== ==============
See notes to financial statements.
<PAGE>
</TABLE>
<TABLE>
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1994
<CAPTION>
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $184,242,121)-see statement..................................... $181,099,392
Cash.................................................................... 271,275
Interest receivable..................................................... 4,204,209
Receivable for shares of Beneficial Interest subscribed................. 260,512
Prepaid expenses........................................................ 5,976
--------------
185,841,364
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $106,888
Payable for shares of Beneficial Interest redeemed...................... 396,199
Accrued expenses........................................................ 77,033 580,120
---------- --------------
NET ASSETS ................................................................ $185,261,244
==============
REPRESENTED BY:
Paid-in capital......................................................... $211,301,742
Accumulated undistributed investment income-net......................... 37,032
Accumulated net realized (loss) on investments.......................... (22,934,801)
Accumulated gross unrealized (depreciation) on investments.............. (3,142,729)
--------------
NET ASSETS at value applicable to 15,233,664 shares outstanding
(unlimited number of $.001 par value shares of Beneficial Interest authorized). $185,261,244
==============
NET ASSET VALUE, offering and redemption price per share
($185,261,244 / 15,233,664 shares)...................................... $12.16
=======
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1994
<CAPTION>
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 17,448,105
EXPENSES:
Management fee-Note 2(a).............................................. $ 1,303,036
Shareholder servicing costs-Note 2(b)................................. 434,512
Registration fees..................................................... 52,111
Professional fees..................................................... 51,305
Custodian fees........................................................ 28,848
Trustees' fees and expenses-Note 2(c)................................. 26,346
Prospectus and shareholders' reports.................................. 17,268
Miscellaneous......................................................... 8,566
--------------
TOTAL EXPENSES.................................................. 1,921,992
--------------
INVESTMENT INCOME--NET.......................................... 15,526,113
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments_Note 3............................... $(22,934,801)
Net unrealized (depreciation) on investments............................ (1,818,187)
--------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (24,752,988)
--------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $ (9,226,875)
==============
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
YEAR ENDED DECEMBER 31,
--------------------------------
1993 1994
-------------- --------------
<S> <C> <C>
OPERATIONS:
Investment income_net................................................... $ 17,657,792 $ 15,526,113
Net realized gain (loss) on investments................................. 10,720,440 (22,934,801)
Net unrealized (depreciation) on investments for the year............... (2,070,853) (1,818,187)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....... 26,307,379 (9,226,875)
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income_net................................................... (17,657,792) (15,489,081)
-------------- --------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold........................................... 107,880,822 78,885,329
Dividends reinvested.................................................... 13,032,233 10,958,399
Cost of shares redeemed................................................. (106,378,451) (134,144,305)
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 14,534,604 (44,300,577)
-------------- --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................... 23,184,191 (69,016,533)
NET ASSETS:
Beginning of year....................................................... 231,093,586 254,277,777
-------------- --------------
End of year (including undistributed
investment income-net; $37,032 in 1994)............................... $254,277,777 $185,261,244
============== ==============
SHARES SHARES
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................. 7,916,574 6,189,726
Shares issued for dividends reinvested.................................. 952,231 859,540
Shares redeemed......................................................... (7,780,359) (10,516,990)
-------------- --------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING......................... 1,088,446 (3,467,724)
============== ==============
See notes to financial statements..
</TABLE>
<PAGE>
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
FINANCIAL HIGHLIGHTS
Reference is made to page 5 of the Prospectus.
<PAGE>
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of
1940 ("Act")
as a diversified open-end management investment company. Dreyfus
Service
Corporation, until August 24, 1994, acted as the exclusive
distributor of the
Fund's shares, which are sold to the public without a sales
charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus
Corporation
("Manager"). Effective August 24, 1994, the Manager became a
direct subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The
Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a
wholly-owned
subsidiary of Institutional Administration Services, Inc., a
provider of
mutual fund administration services, the parent company of which
is Boston
Institutional Group, Inc.
Effective January 1, 1994, the Fund was reorganized as a
Massachusetts
business trust under the name Dreyfus 100% U.S. Treasury
Intermediate Term Fund.
(A) PORTFOLIO VALUATION: The Fund's investments are valued at
the mean between quoted bid and asked prices.
(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 including, where applicable, amortization of discount on
investments,
is recognized on the accrual basis.
(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 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 net realized capital gain can be offset by
capital loss
carryovers it is the policy of the Fund not to distribute such
gain.
Prior to January 1, 1994 the Fund was a limited partnership
and was not
required to distribute realized capital gains to avoid Federal
income and
excise taxes. Prior years' gains and losses had been allocated to
shareholders and not paid, in accordance with the limited
partnership
structure. This resulted in a difference between financial
reporting purposes
versus Federal Income tax purposes, with respect to the treatment
of such
allocated gains and losses. The Fund has therefore reclassified
$15,578,459
from accumulated net realized loss on investments to
paid-in-capital. This
amount represented the cumulative effect of such differences.
Results of
operations and net assets were not effected by this
reclassification.
(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
$19,007,000 available for Federal income tax purposes to be
applied against
future net securities profits, if any realized subsequent to
December 31,
1994. The carryover does not include net realized securities
losses from
November 1, 1994 through December 31, 1994 which are treated, for
Federal
income tax purposes, as arising in fiscal 1995. If not applied,
the carryover expires in fiscal 2002.
<PAGE>
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM 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 computed at the annual rate of .60
of 1% of the average daily value of the Fund's net assets and is
payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the
Fund's aggregate expenses, exclusive of taxes, brokerage,
interest on borrowings and extraordinary expenses, exceed the
expense limitation of any state having
jurisdiction over the Fund for any full year. The most stringent
state expense limitation applicable to the Fund presently
requires reimbursement of expenses in any full year that such
expenses (exclusive of distribution expenses and certain expenses
as described above) exceed 2 1/2% of the first $30 million, 2% of
the next $70 million and 1 1/2% of the excess over $100 million
of the average value of the Fund's net assets in accordance with
California "blue sky" regulations. There was no expense
reimbursement for the year ended December 31, 1994.
(B) Pursuant to the Fund's Shareholder Services Plan, the
Fund reimburses the Dreyfus Service Corporation an amount not to
exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for servicing 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 year ended December 31, 1994, the Fund was charged an
aggregate of $232,360 pursuant to the Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and trustees
of the Fund were "affiliated persons," as defined in the Act, of
the Manager and/or Dreyfus Service Corporation. Each trustee who
is not an "affiliated person" receives an annual fee of $2,500
and an attendance fee of $250 per meeting.
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment
securities, other than short-term securities, during the year
ended December 31, 1994, amounted to $1,382,803,048 and
$1,432,494,714, respectively.
At December 31, 1994, 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).
<PAGE>
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
We have audited the accompanying statement of assets and
liabilities of Dreyfus 100% U.S. Treasury Intermediate Term Fund,
including the statement of investments, as of December 31, 1994,
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 generally accepted
auditing standards. 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. Our
procedures included confirmation of
securities owned as of December 31, 1994 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 100% U.S. Treasury
Intermediate Term Fund at December 31,
1994, 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 generally accepted accounting
principles.
(Ernst & Young LLP )
New York, New York
February 1, 1995
<PAGE>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
<TABLE>
STATEMENT OF INVESTMENTS DECEMBER 31, 1994
<CAPTION>
PRINCIPAL
BONDS AND NOTES--98.3% AMOUNT VALUE
-------------- ------------
U.S. TREASURY BONDS--47.5%
<S> <C> <C>
11 1/2%, 11/15/1995 $ 8,300,000 $ 8,606,063
13 3/4%, 8/15/2004 10,000,000 13,900,000
12%, 8/15/2013 20,000,000 26,600,000
7 1/2%, 11/15/2024 10,000,000 9,567,190
--------------
58,673,253
--------------
U.S. TREASURY NOTES--42.1%
11 1/4%, 5/15/1995 10,000,000 10,175,000
9 1/4%, 8/15/1998 40,000,000 41,737,520
--------------
51,912,520
--------------
U.S TREASURY PRINCIPAL STRIPS--8.7%
Zero Coupon, 8/15/2020 80,000,000 10,712,080
--------------
TOTAL INVESTMENTS
(cost $124,754,629) 98.3% $121,297,853
===== ============
CASH AND RECEIVABLES (NET) 1.7% $ 2,105,239
===== ============
NET ASSETS 100.0% $123,403,092
===== ============
See notes to financial statements.
</TABLE>
<PAGE>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1994
<TABLE>
<CAPTION>
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $124,754,629)-see statement $121,297,853
Cash 322,224
Interest receivable 3,190,803
Prepaid expenses 20,927
--------------
124,831,807
LIABILITIES:
Due to the Dreyfus Corporation $ 64,255
Payable for shares of Beneficial Interest redeemed 1,240,586
Accrued expenses 123,874 1,428,715
------------ ------------
NET ASSETS $123,403,092
============
REPRESENTED BY:
Paid-in capital $152,384,542
Accumulated undistributed investment income-net 26,688
Accumulated net realized (loss) on investments (25,551,362)
Accumulated gross unrealized (depreciation) on investments (3,456,776)
--------------
NET ASSETS at value applicable to 9,306,740 shares outstanding
(unlimited number of $.001 par value shares
of Beneficial Interest authorized) $123,403,092
============
NET ASSET VALUE, offering and redemption price per share
($123,403,092 divided by 9,306,740 shares) $13.26
======
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1994
<CAPTION>
INVESTMENT INCOME:
<S> <C> <C>
INTEREST INCOME $ 12,669,049
EXPENSES:
Management fee-Note 2(a) $ 943,453
Shareholder servicing costs-Note 2(b) 414,823
Professional fees 59,693
Registration fees 45,420
Trustees' fees and expenses-Note 2(c) 27,091
Custodian fees 24,439
Prospectus and shareholders' reports 16,760
Miscellaneous 7,754
--------------
TOTAL EXPENSES 1,539,433
--------------
INVESTMENT INCOME--NET 11,129,616
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments-Note 3 $(25,551,362)
Net unrealized (depreciation) on investments (2,076,853)
--------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS (27,628,215)
--------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $(16,498,599)
=============
See notes to financial statements.
</TABLE>
<PAGE>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
--------------------------------
1993 1994
------------- ------------
OPERATIONS:
<S> <C> <C>
Investment income-net $ 15,373,726 $ 11,129,616
Net realized gain (loss) on investments 29,126,051 (25,551,362)
Net unrealized (depreciation) on investments for the year (8,315,913) (2,076,853)
-------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 36,183,864 (16,498,599)
-------------- ------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net (15,373,726) (11,102,928)
-------------- ------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold. 127,243,848 58,191,635
Dividends reinvested 10,410,993 7,256,324
Cost of shares redeemed (182,146,642) (129,600,253)
-------------- ------------
(DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS (44,491,801) (64,152,294)
-------------- ------------
TOTAL (DECREASE) IN NET ASSETS (23,681,663) (91,753,821)
NET ASSETS:
Beginning of year 238,838,576 215,156,913
-------------- ------------
End of year (including undistributed investment income-net;
$26,688 in 1994) $215,156,913 $123,403,092
============ ============
SHARES SHARES
-------------- ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold 8,260,006 4,079,099
Shares issued for dividends reinvested 673,696 510,169
Shares redeemed (11,829,217) (9,008,124)
-------------- ------------
NET (DECREASE) IN SHARES OUTSTANDING (2,895,515) (4,418,856)
============ ============
See notes to financial statements.
</TABLE>
<PAGE>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
FINANCIAL HIGHLIGHTS
Reference is made to page 6 of the Prospectus.
<PAGE>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of
1940 ("Act") as a diversified open-end management investment
company. Dreyfus Service Corporation, until August 24, 1994,
acted as the exclusive distributor of the Fund's shares, which
are sold to the public without a sales charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus
Corporation ("Manager"). Effective August 24, 1994, the Manager
became a direct subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The
Distributor, located at One Exchange Place, Boston, Massachusetts
02109, is a wholly-owned subsidiary of Institutional
Administration Services, Inc., a provider of mutual fund
administration services, the parent company of which
is Boston Institutional Group, Inc.
Effective on January 1, 1994, the Fund was reorganized as a
Massachusetts business trust under the name Dreyfus 100% U.S.
Treasury Long Term Fund.
(A) PORTFOLIO VALUATION: The Fund's investments are valued at
the mean between the quoted bid and asked prices.
(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 including, where
applicable, amortization of discount on investments,
is recognized on the accrual basis.
(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 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 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.
Prior to January 1, 1994 the Fund was a limited partnership
and was not required to distribute realized capital gains to
avoid Federal income and excise taxes. Prior years' gains and
losses had been allocated to shareholders and not paid, in
accordance with the limited partnership structure. This resulted
in a difference between financial reporting purposes versus
Federal Income tax purposes, with respect to the treatment
of such allocated gains and losses. The Fund has therefore
reclassified $37,332,976 from accumulated net realized loss on
investments to paid-in-capital. This amount represented the
cumulative effect of such differences. Results of
operations and net assets were not effected by this
reclassification.
(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 $22,995,000 available for Federal income tax
purposes to be applied against future net securities profits, if
any, realized subsequent to December 31, 1994. The carryover does
not include net realized securities losses from November 1, 1994
through December 31, 1994 which are treated, for Federal
income tax purposes, as arising in fiscal 1995. If not applied,
the carryover expires in fiscal 2002.
DREYFUS 100% U.S. TREASURY LONG TERM 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 computed at the annual rate of .60
of 1% of the average daily value of the Fund's net assets and is
payable monthly. The Agreement provides for an expense
reimbursement from the Manager should the Fund's aggregate
expenses, exclusive of taxes, brokerage, interest on
borrowings and extraordinary expenses, exceed the expense
limitation of any state having jurisdiction over the Fund for any
full year. The most stringent state expense limitation applicable
to the Fund presently requires reimbursement of expenses in any
full year that such expenses (exclusive of certain expenses
as described above) exceed 2 1/2% of the first $30 million, 2% of
the next $70 million and 1 1/2% of the excess over $100 million
of the average value of the Fund's net assets in accordance with
California "blue sky" regulations. There was no expense
reimbursement for the year ended December 31, 1994.
(B) Pursuant to the Fund's Shareholder Services Plan, the
Fund reimburses Dreyfus Service Corporation an amount not to
exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for servicing 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 year ended December 31, 1994, the Fund was charged an
aggregate of $245,077 pursuant to the Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and trustees
of the Fund were "affiliated persons," as defined in the Act, of
the Manager and/or Dreyfus Service Corporation. Each trustee who
is not an "affiliated person" receives an annual fee of $2,500
and an attendance fee of $250 per meeting.
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment
securities, other than short-term securities, during the year
ended December 31, 1994, amounted to $1,816,491,019 and
$1,899,069,533, respectively.
At December 31, 1994, 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).
<PAGE>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS 100% U.S. TREASURY LONG TERM FUND
We have audited the accompanying statement of assets and
liabilities of Dreyfus 100% U.S. Treasury Long Term Fund,
including the statement of investments, as of December 31, 1994,
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 generally accepted
auditing standards. 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. Our procedures included confirmation
of securities owned as of December 31, 1994 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 100% U.S. Treasury
Long Term Fund at December 31, 1994, 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 generally accepted accounting principles.
Ernst & Young LLP
New York, New York
February 6, 1995
<PAGE>
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
PART C. OTHER INFORMATION
_________________________
Item 24. Financial Statements and Exhibits. - List
_______ _________________________________________
(a) Financial Statements:
Included in Part A of the Registration Statement
Condensed Financial Information for the period from March 27,
1987 (commencement of operations) to December 31, 1987 and
for each of the seven years in the period ended December 31,1994.
Included in Part B of the Registration Statement:
Statement of Investments--December 31, 1994
Statement of Assets and Liabilities--December 31, 1994
Statement of Operations--year ended December 31, 1994
Statement of Changes in Net Assets--for each of the
years ended December 31, 1993 and 1994
Notes to Financial Statements
Report of Ernst & Young LLP, Independent Auditors, dated
February 1, 1995
All schedules and other financial statement information, for
which provision
is made in the applicable accounting regulations of the
Securities and
Exchange Commission, are either omitted because they are not
required under
the related instructions, they are inapplicable, or the required
information
is presented in the financial statements or notes thereto which
are included in Part B of the Registration Statement.
Item 24. Financial Statements and Exhibits. - List (continued)
_______ _____________________________________________________
(b) Exhibits:
(1) Registrant's Agreement and Declaration of Trust is
incorporated by reference to Exhibit (1) of Post-Effective
Amendment No. 10 to the Registration Statement on Form N-1A,
filed on October 19, 1993.
(2) Registrant's By-Laws, as amended, are incorporated by
reference to Exhibit (2) of Post-Effective Amendment No. 10 to
the Registration Statement on Form N-1A, filed on October 19,
1993.
(5) Management Agreement.
(6) Distribution Agreement.
(8) Amended and Restated Custody Agreement is incorporated
by reference to Exhibit 8(a) of Post-Effective Amendment No. 10
to the Registration Statement on Form N-1A, filed on October 19,
1993.
(9) Shareholder Services Plan.
(10) Opinion and consent of Registrant's counsel is
incorporated by reference to Exhibit (10) of Post-Effective
Amendment No. 12 to
the Registration Statement on Form N-1A, filed on April 14, 1994.
(11) Consent of Independent Auditors.
(16) Schedules of Computation of Performance Data is
incorporated by reference to Exhibit (16) of Post-Effective
Amendment No. 11 to the Registration Statement on Form N-1A,
filed on December 30, 1993.
Item 24. Financial Statements and Exhibits. - List (continued)
_______ _____________________________________________________
Other Exhibits
______________
(a) Powers of Attorney of the Trustees and Officers.
(b) Certificate of Secretary.
Item 25. Persons Controlled by or under Common Control with
Registrant.
_____________________________________________________________
Not Applicable
Item 26. Number of Holders of Securities.
_______ ________________________________
(1) (2)
Number of Record
Title of Class Holders as of February 8, 1995
Beneficial Interests 7,054
(Par value $.001)
Item 27. Indemnification
_______ _______________
The Statement as to the general effect of any contract,
arrangements or statute under which a director, officer,
underwriter or affiliated person of the Registrant is
insured or indemnified in any manner against any liability which
may be incurred in such capacity, other than insurance provided
by any director, officer, affiliated person or underwriter for
their own protection, is incorporated by reference to Item 4 of
Part II of Pre-Effective Amendment No. 1 to the Registration
Statement on Form N-1A, filed on February 13, 1987.
Reference is made to the Distribution Agreement attached
as Exhibit (6) hereto.
Item 28. Business and Other Connections of Investment Adviser.
_______ ____________________________________________________
The Dreyfus Corporation ("Dreyfus") and subsidiary
companies comprise a financial service organization whose
business consists primarily of providing investment management
services as the investment adviser and manager for sponsored
investment companies registered under the Investment Company Act
of 1940 and as an investment adviser to institutional and
individual accounts. Dreyfus also serves as sub-investment
adviser to and/or administrator of other investment companies.
Dreyfus Service Corporation, a wholly-owned subsidiary of
Dreyfus, serves primarily as a registered broker-dealer of shares
of investment companies sponsored by Dreyfus and of other
investment companies for which Dreyfus acts as
investment adviser, sub-investment adviser or administrator.
Dreyfus Management, Inc., another wholly-owned subsidiary,
provides investment management services to various pension plans,
institutions and individuals.
<PAGE>
Item 28. Business and Other Connections of Investment Adviser
(continued)
________________________________________________________________
Officers and Directors of Investment Adviser
____________________________________________
Name and Position
with Dreyfus Other Businesses
_________________ ________________
MANDELL L. BERMAN Real estate consultant and private investor
Director 29100 Northwestern Highway, Suite 370
Southfield, Michigan 48034;
Past Chairman of the Board of Trustees of
Skillman Foundation.
Member of The Board of Vintners Intl.
FRANK V. CAHOUET Chairman of the Board, President and
Director Chief Executive Officer:
Mellon Bank Corporation
One Mellon Bank Center
Pittsburgh, Pennsylvania 15258;
Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, Pennsylvania 15258
Director:
Avery Dennison Corporation
150 North Orange Grove Boulevard
Pasadena, California 91103;
Saint-Gobain Corporation
750 East Swedesford Road
Valley Forge, Pennsylvania 19482;
Teledyne, Inc.
1901 Avenue of the Stars
Los Angeles, California 90067
ALVIN E. FRIEDMAN Senior Adviser to Dillon, Read & Co. Inc.
Director 535 Madison Avenue
New York, New York 10022;
Director and member of the Executive
Committee of Avnet, Inc.**
LAWRENCE M. GREENE Director:
Director Dreyfus America Fund
JULIAN M. SMERLING None
Director
DAVID B. TRUMAN Educational consultant;
Director Past President of the Russell Sage Foundation
230 Park Avenue
New York, New York 10017;
Past President of Mount Holyoke College
South Hadley, Massachusetts 01075;
DAVID B. TRUMAN Former Director:
(cont'd) Student Loan Marketing Association
1055 Thomas Jefferson Street, N.W.
Washington, D.C. 20006;
Former Trustee:
College Retirement Equities Fund
730 Third Avenue
New York, New York 10017
HOWARD STEIN Chairman of the Board:
Chairman of the Board and Dreyfus Acquisition Corporation*;
Chief Executive Officer The Dreyfus Consumer Credit
Corporation*;
Dreyfus Management, Inc.*;
Dreyfus Service Corporation*;
Chairman of the Board and Chief Executive
Officer:
Major Trading Corporation*;
Director:
Avnet, Inc.**;
Dreyfus America Fund++++;
The Dreyfus Fund International
Limited+++++;
World Balanced Fund+++;
Dreyfus Partnership Management,
Inc.*;
Dreyfus Personal Management, Inc.*;
Dreyfus Precious Metals, Inc.*;
Dreyfus Service Organization, Inc.*;
Seven Six Seven Agency, Inc.*;
Trustee:
Corporate Property Investors
New York, New York;
W. KEITH SMITH Chairman and Chief Executive Officer:
Vice Chairman of the Board The Boston Company
One Boston Place
Boston, Massachusetts 02108
Vice Chairman of the Board:
Mellon Bank Corporation
One Mellon Bank Center
Pittsburgh, Pennsylvania 15258;
Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, Pennsylvania 15258
Director:
Dentsply International, Inc.
570 West College Avenue
York, Pennsylvania 17405
ROBERT E. RILEY Director:
President, Chief Dreyfus Service Corporation
Operating Officer,
and a Director
LAWRENCE S. KASH Chairman, President and Chief
Vice Chairman-Distribution Executive Officer:
and a Director The Boston Company Advisors, Inc.
53 State Street
Exchange Place
Boston, Massachusetts 02109
Executive Vice President and Director:
Dreyfus Service Organization, Inc.*;
Director:
The Dreyfus Consumer Credit Corporation*;
The Dreyfus Trust Company++'
Dreyfus Service Corporation*;
President:
The Boston Company
One Boston Place
Boston, Massachusetts 02108;
Laurel Capital Advisors
One Mellon Bank Center
Pittsburgh, Pennsylvania 15258;
Boston Group Holdings, Inc.
Executive Vice President
Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, Pennsylvania 15258;
Boston Safe Deposit & Trust
One Boston Place
Boston, Massachusetts 02108
PHILIP L. TOIA Chairman of the Board and Trust Investment
Vice Chairman-Operations Officer:
and Administration The Dreyfus Trust Company+++;
Chairman of the Board and Chief Executive
Officer:
Major Trading Corporation*;
Director:
The Dreyfus Security Savings Bank F.S.B.+;
Dreyfus Service Corporation*;
Seven Six Seven Agency, Inc.*;
President and Director:
Dreyfus Acquisition Corporation*;
The Dreyfus Consumer Credit Corporation*;
Dreyfus-Lincoln, Inc.*;
Dreyfus Management, Inc.*;
Dreyfus Personal Management, Inc.*;
Dreyfus Partnership Management, Inc.+;
Dreyfus Service Organization*;
The Truepenny Corporation*;
Formerly, Senior Vice President:
The Chase Manhattan Bank, N.A. and
The Chase Manhattan Capital Markets
Corporation
One Chase Manhattan Plaza
New York, New York 10081
PAUL H. SNYDER Director:
Vice President-Finance Pennsylvania Economy League
and Chief Financial Philadelphia, Pennsylvania;
Officer Children's Crisis Treatment
Center
Philadelphia, Pennsylvania;
Dreyfus Service Corporation*
Director and Vice President:
Financial Executives
Institute,
Philadelphia Chapter
Philadelphia, Pennsylvania
BARBARA E. CASEY President:
Vice President- Dreyfus Retirement Services
Division;
Dreyfus Retirement Executive Vice President:
Services Boston Safe Deposit & Trust
Co.
One Boston Place
Boston, Massachusetts 02108;
DIANE M. COFFEY None
Vice President-
Corporate Communications
ELIE M. GENADRY President:
Vice President- Institutional Services
Division of Dreyfus
Institutional Sales Service Corporation*;
Broker-Dealer Division of
Dreyfus Service
Corporation*;
Group Retirement Plans
Division of Dreyfus
Service Corporation;
Executive Vice President:
Dreyfus Service Corporation*;
Dreyfus Service Organization,
Inc.*;
Vice President:
The Dreyfus Trust Company++;
HENRY D. GOTTMANN Executive Vice President:
Vice President-Retail Dreyfus Service Corporation*;
Sales and Service Vice President:
Dreyfus Precious Metals*;
DANIEL C. MACLEAN Director, Vice President and
Secretary:
Vice President and General Dreyfus Precious Metals,
Inc.*;
Counsel Director and Vice President:
The Dreyfus Consumer Credit
Corporation*;
Director and Secretary:
Dreyfus Partnership
Management, Inc.*;
Major Trading Corporation*;
The Truepenny Corporation+;
Director:
The Dreyfus Trust Company++;
Secretary:
Seven Six Seven Agency, Inc.*;
JEFFREY N. NACHMAN None
Vice President-Mutual Fund
Accounting
KATHERINE C. WICKHAM Formerly, Assistant Commissioner:
Vice President- Department of Parks and Recreation
of the
Human Resources City of New York
830 Fifth Avenue
New York, New York 10022
MAURICE BENDRIHEM Treasurer:
Controller Dreyfus Partnership
Management, Inc.*;
Dreyfus Service Organization,
Inc.*;
Seven Six Seven Agency, Inc.*;
The Truepenny Corporation*;
Controller:
Dreyfus Acquisition
Corporation*;
The Dreyfus Trust Company++;
The Dreyfus Consumer Credit
Corporation*;
Assistant Treasurer:
Dreyfus Precious Metals*
Formerly, Vice President-Financial
Planning,
Administration and Tax:
Showtime/The Movie Channel,
Inc.
1633 Broadway
New York, New York 10019
MARK N. JACOBS Vice President, Secretary and
Director:
Vice President-Fund Lion Management, Inc.*;
Legal and Compliance, Secretary:
and Secretary The Dreyfus Consumer Credit
Corporation*;
Dreyfus Management, Inc.*;
Assistant Secretary:
Dreyfus Service Organization,
Inc.*;
Major Trading Corporation*;
The Truepenny Corporation*
* The address of the business so indicated is 200 Park
Avenue, New York, New York 10166.
** The address of the business so indicated is 80 Cutter
Mill Road, Great Neck, New York 11021.
*** The address of the business so indicated is 45 Broadway,
New York, New York 10006.
**** The address of the business so indicated is Five Triad
Center, Salt Lake City, Utah 84180.
+ The address of the business so indicated is Atrium
Building, 80 Route 4 East, Paramus, New Jersey 07652.
++ The address of the business so indicated is 144 Glenn
Curtiss Boulevard, Uniondale, New York 11556-0144.
+++ The address of the business so indicated is One
Rockefeller Plaza, New York, New York 10020.
++++ The address of the business so indicated is 2 Boulevard
Royal, Luxembourg.
+++++ The address of the business so indicated is Nassau,
Bahama Islands.
<PAGE>
Item 29. Principal Underwriters
________ ______________________
(a) Other investment companies for which Registrant's
principal
underwriter (exclusive distributor) acts as principal underwriter
or exclusive distributor:
1) Comstock Partners Strategy Fund, Inc.
2) Dreyfus A Bonds Plus, Inc.
3) Dreyfus Appreciation Fund, Inc.
4) Dreyfus Asset Allocation Fund, Inc.
5) Dreyfus Balanced Fund, Inc.
6) Dreyfus BASIC Money Market Fund, Inc.
7) Dreyfus BASIC Municipal Fund, Inc.
8) Dreyfus BASIC U.S. Government Money Market Fund
9) Dreyfus California Intermediate Municipal Bond
Fund
10) Dreyfus California Tax Exempt Bond Fund, Inc.
11) Dreyfus California Tax Exempt Money Market Fund
12) Dreyfus Capital Value Fund, Inc.
13) Dreyfus Cash Management
14) Dreyfus Cash Management Plus, Inc.
15) Dreyfus Connecticut Intermediate Municipal Bond
Fund
16) Dreyfus Connecticut Municipal Money Market Fund,
Inc.
17) The Dreyfus Convertible Securities Fund, Inc.
18) Dreyfus Edison Electric Index Fund, Inc.
19) Dreyfus Florida Intermediate Municipal Bond Fund
20) Dreyfus Florida Municipal Money Market Fund
21) Dreyfus Focus Funds, Inc.
22) The Dreyfus Fund Incorporated
23) Dreyfus Global Bond Fund, Inc.
24) Dreyfus Global Growth, L.P. (A Strategic Fund)
25) Dreyfus Global Investing, Inc.
26) Dreyfus GNMA Fund, Inc.
27) Dreyfus Government Cash Management
28) Dreyfus Growth and Income Fund, Inc.
29) Dreyfus Growth Opportunity Fund, Inc.
30) Dreyfus Institutional Money Market Fund
31) Dreyfus Institutional Short Term Treasury Fund
32) Dreyfus Insured Municipal Bond Fund, Inc.
33) Dreyfus Intermediate Municipal Bond Fund, Inc.
34) Dreyfus International Equity Fund, Inc.
35) Dreyfus Investors GNMA Fund
36) The Dreyfus/Laurel Funds, Inc.
37) The Dreyfus/Laurel Funds Trust
38) The Dreyfus/Laurel Tax-Free Municipal Funds
39) The Dreyfus/Laurel Investment Series
40) The Dreyfus Leverage Fund, Inc.
41) Dreyfus Life and Annuity Index Fund, Inc.
42) Dreyfus Liquid Assets, Inc.
43) Dreyfus Massachusetts Intermediate Municipal Bond
Fund
44) Dreyfus Massachusetts Municipal Money Market Fund
45) Dreyfus Massachusetts Tax Exempt Bond Fund
46) Dreyfus Michigan Municipal Money Market Fund, Inc.
47) Dreyfus Money Market Instruments, Inc.
48) Dreyfus Municipal Bond Fund, Inc.
49) Dreyfus Municipal Cash Management Plus
50) Dreyfus Municipal Money Market Fund, Inc.
51) Dreyfus New Jersey Intermediate Municipal Bond
Fund
52) Dreyfus New Jersey Municipal Bond Fund, Inc.
53) Dreyfus New Jersey Municipal Money Market Fund,
Inc.
54) Dreyfus New Leaders Fund, Inc.
55) Dreyfus New York Insured Tax Exempt Bond Fund
56) Dreyfus New York Municipal Cash Management
57) Dreyfus New York Tax Exempt Bond Fund, Inc.
58) Dreyfus New York Tax Exempt Intermediate Bond Fund
59) Dreyfus New York Tax Exempt Money Market Fund
60) Dreyfus Ohio Municipal Money Market Fund, Inc.
61) Dreyfus 100% U.S. Treasury Intermediate Term Fund
62) Dreyfus 100% U.S. Treasury Long Term Fund
63) Dreyfus 100% U.S. Treasury Money Market Fund
64) Dreyfus 100% U.S. Treasury Short Term Fund
65) Dreyfus Pennsylvania Intermediate Municipal Bond
Fund
66) Dreyfus Pennsylvania Municipal Money Market Fund
67) Dreyfus Short-Intermediate Government Fund
68) Dreyfus Short-Intermediate Municipal Bond Fund
69) Dreyfus Short-Term Income Fund, Inc.
70) The Dreyfus Socially Responsible Growth Fund, Inc.
71) Dreyfus Strategic Growth, L.P.
72) Dreyfus Strategic Income
73) Dreyfus Strategic Investing
74) Dreyfus Tax Exempt Cash Management
75) Dreyfus Treasury Cash Management
76) Dreyfus Treasury Prime Cash Management
77) Dreyfus Variable Investment Fund
78) Dreyfus-Wilshire Target Funds, Inc.
79) Dreyfus Worldwide Dollar Money Market Fund, Inc.
80) General California Municipal Bond Fund, Inc.
81) General California Municipal Money Market Fund
82) General Government Securities Money Market Fund,
Inc.
83) General Money Market Fund, Inc.
84) General Municipal Bond Fund, Inc.
85) General Municipal Money Market Fund, Inc.
86) General New York Municipal Bond Fund, Inc.
87) General New York Municipal Money Market Fund
88) Pacific American Fund
89) Peoples Index Fund, Inc.
90) Peoples S&P MidCap Index Fund, Inc.
91) Premier Insured Municipal Bond Fund
92) Premier California Municipal Bond Fund
93) Premier GNMA Fund
94) Premier Growth Fund, Inc.
95) Premier Municipal Bond Fund
96) Premier New York Municipal Bond Fund
97) Premier State Municipal Bond Fund
<PAGE>
(b)
<TABLE>
<S> <C> <C>
Positions and
Name and principal Positions and offices with offices with
business address the Distributor Registrant
- ------------------ -------------------------- -------------
Marie E. Connolly+ Director, President, Chief President and
Operating Officer and Compliance Treasurer
Joseph F. Tower, III+ Senior Vice President, Treasurer Assistant
and Chief Financial Officer Treasurer
John E. Pelletier+ Senior Vice President, General Vice President
Counsel, Secretary and Clerk and Secretary
Frederick C. Dey++ Senior Vice President Vice President
and Assistant
Treasurer
Eric B. Fischman++ Vice President and Associate Vice President
General Counsel and Assistant
Secretary
Lynn H. Johnson+ Vice President None
Ruth D. Leibert++ Assistant Vice President Assistant
Secretary
Paul D. Furcinito++ Assistant Vice President Assistant
Secretary
Paul Prescott+ Assistant Vice President None
Leslie M. Gaynor+ Assistant Treasurer None
Mary Nelson+ Assistant Treasurer None
John J. Pyburn++ Vice President Assistant
Treasurer
Jean M. O'Leary+ Assistant Secretary and None
Assistant Clerk
John W. Gomez+ Director None
William J. Nutt+ Director None
</TABLE>
_______________________________
+ Principal business address is One Exchange Place, Boston,
Massachusetts 02109.
++ Principal business address is 200 Park Avenue, New York, New
York 10166.
<PAGE>
Item 30. Location of Accounts and Records
--------------------------------
1. The Shareholder Service Group, Inc.,
a subsidiary of First Data Corporation
P.O. Box 9671
Providence, Rhode Island 02940-9671
2. The Bank of New York
110 Washington Street
New York, New York 10286
3. The Dreyfus Corporation
200 Park Avenue
New York, New York 10166
Item 31. Management Services
- ------- -------------------
Not Applicable
Item 32. Undertakings
- ------- ------------
(1) To call a meeting of shareholders for the purposes of
voting upon the question of removal of a director or directors
when requested in writing to do so by the holders of at
least 10% of the Registrant's outstanding shares of common stock
and in connection with such meeting to comply with the
provisions of Section 16(c) of the Investment Company Act of 1940
relating to shareholder communications.
(2) To furnish each person to whom a prospectus is
delivered with a copy of the Fund's latest Annual Report to
Shareholders, upon request and without charge.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and
the
Investment Company Act of 1940, the Registrant has duly caused
this
Amendment to the Registration Statement to be signed on its
behalf by the
undersigned, thereunto duly authorized, in the City of New York,
and State of
New York on the 28th day of February, 1995.
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
BY: /s/Marie E. Connolly*
_____________________________________
MARIE E. CONNOLLY, PRESIDENT AND TREASURER
Pursuant to the requirements of the Securities Act of 1933,
this Amendment to the Registration Statement has been signed
below by
the following persons in the capacities and on the date
indicated.
<TABLE>
Signatures Title Date
___________________________ ______________________________ ___________
<S> <C> <C>
/s/ Marie E. Connolly* President and Treasurer 2/28/95
______________________________ (Principal Executive Officer
Marie E. Connolly and Principal Financial Officer)
/s/ Joseph S. DiMartino* Chairman of the Board 2/28/95
______________________________ of Trustees
Joseph S. DiMartino
/s/ Gordon J. Davis* Trustee 2/28/95
______________________________
Gordon J. Davis
/s/ David P. Feldman* Trustee 2/28/95
______________________________
David P. Feldman
/s/ Lynn Martin* Trustee 2/28/95
______________________________
Lynn Martin
/s/ Eugene McCarthy* Trustee 2/28/95
______________________________
Eugene McCarthy
/s/ Daniel Rose* Trustee 2/28/95
______________________________
Daniel Rose
/s/ Sander Vanocur* Trustee 2/28/95
______________________________
Sander Vanocur
/s/ Anne Wexler* Trustee 2/28/95
______________________________
Anne Wexler
/s/ Rex Wilder* Trustee 2/28/95
______________________________
Rex Wilder
*BY: /s/ Eric B. Fischman
_____________________
Eric B. Fischman,
Attorney-in-Fact
</TABLE>
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
Post-Effective Amendment No. 13 TO
Registration Statement on Form N-1A under
the Securities Act of 1933 and
the Investment Company Act of 1940
EXHIBITS
INDEX TO EXHIBITS
(5) Management Agreement.
(6) Distribution Agreement.
(9) Shareholder Services Plan.
(11) Consent of Independent Auditors.
OTHER EXHIBITS:
Power of Attorney
Secretary's Certificate
<PAGE>
EXHIBIT 5
MANAGEMENT AGREEMENT
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
August 24, 1994
The Dreyfus Corporation
200 Park Avenue
New York, New York 10166
Dear Sirs:
The above-named investment company (the "Fund")
herewith confirms its agreement with you as follows:
The Fund desires to employ its capital by investing and
reinvesting the same in investments of the type and in accordance
with the limitations specified in its charter documents and in
its Prospectus and Statement of Additional Information as from
time to time in effect, copies of which have been or will be
submitted to you, and in such manner and to such extent as from
time to time may be approved by the Fund's Board. The Fund
desires to employ you to act as its investment adviser.
In this connection it is understood that from time to
time you will employ or associate with yourself such person or
persons as you may believe to be particularly fitted to assist
you in the performance of this Agreement. Such person or persons
may be officers or employees who are employed by both you and the
Fund. The compensation of such person or persons shall be paid
by you and no obligation may be incurred on the Fund's behalf in
any such respect.
Subject to the supervision and approval of the Fund's
Board, you will provide investment management of the Fund's
portfolio in accordance with the Fund's investment objectives and
policies as stated in its Prospectus and Statement of Additional
Information as from time to time in effect. In connection
therewith, you will obtain and provide investment research and
will supervise the Fund's investments and conduct a continuous
program of investment, evaluation and, if appropriate, sale and
reinvestment of the Fund's assets. You will furnish to the Fund
such statistical information, with respect to the investments
which the Fund may hold or contemplate purchasing, as the Fund
may reasonably request. The Fund wishes to be informed of
important developments materially affecting its portfolio and
shall expect you, on your own initiative, to furnish to the Fund
from time to time such information as you may believe appropriate
for this purpose.
In addition, you will supply office facilities (which
may be in your own offices), data processing services, clerical,
accounting and bookkeeping services, internal auditing and legal
services, internal executive and administrative services, and
stationery and office supplies; prepare reports to the Fund's
stockholders, tax returns, reports to and filings with the
Securities and Exchange Commission and state Blue Sky
authorities; calculate the net asset value of the Fund's shares;
and generally assist in all aspects of the Fund's operations.
You shall have the right, at your expense, to engage other
entities to assist you in performing some or all of the
obligations set forth in this paragraph, provided each such
entity enters into an agreement with you in form and substance
reasonably satisfactory to the Fund. You agree to be liable for
the acts or omissions of each such entity to the same extent as
if you had acted or failed to act under the circumstances.
You shall exercise your best judgment in rendering the
services to be provided to the Fund hereunder and the Fund agrees
as an inducement to your undertaking the same that you shall not
be liable hereunder for any error of judgment or mistake of law
or for any loss suffered by the Fund, provided that nothing
herein shall be deemed to protect or purport to protect you
against any liability to the Fund or to its security holders to
which you would otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the performance of
your duties hereunder, or by reason of your reckless disregard of
your obligations and duties hereunder.
In consideration of services rendered pursuant to this
Agreement, the Fund will pay you on the first business day of
each month a fee at the annual rate of .60 of 1% of the value of
the Fund's average daily net assets. Net asset value shall be
computed on such days and at such time or times as described in
the Fund's then-current Prospectus and Statement of Additional
Information. Upon any termination of this Agreement before the
end of any month, the fee for such part of a month shall be pro-
rated according to the proportion which such period bears to the
full monthly period and shall be payable upon the date of
termination of this Agreement.
For the purpose of determining fees payable to you, the
value of the Fund's net assets shall be computed in the manner
specified in the Fund's charter documents for the computation of
the value of the Fund's net assets.
You will bear all expenses in connection with the
performance of your services under this Agreement. All other
expenses to be incurred in the operation of the Fund will be
borne by the Fund, except to the extent specifically assumed by
you. The expenses to be borne by the Fund include, without
limitation, the following: organizational costs, taxes,
interest, loan commitment fees, interest and distributions paid
on securities sold short, brokerage fees and commissions, if any,
fees of Board members who are not your officers, directors or
employees or holders of 5% or more of your outstanding voting
securities, Securities and Exchange Commission fees and state
Blue Sky qualification fees, advisory fees, charges of
custodians, transfer and dividend disbursing agents' fees,
certain insurance premiums, industry association fees, outside
auditing and legal expenses, costs of independent pricing
services, costs of maintaining the Fund's existence, costs
attributable to investor services (including, without limitation,
telephone and personnel expenses), costs of preparing and
printing prospectuses and statements of additional information
for regulatory purposes and for distribution to existing
stockholders, costs of stockholders' reports and meetings, and
any extraordinary expenses.
If in any fiscal year the aggregate expenses of the
Fund (including fees pursuant to this Agreement, but excluding
interest, taxes, brokerage and, with the prior written consent of
the necessary state securities commissions, extraordinary
expenses) exceed the expense limitation of any state having
jurisdiction over the Fund, the Fund may deduct from the fees to
be paid hereunder, or you will bear, such excess expense to the
extent required by state law. Your obligation pursuant hereto
will be limited to the amount of your fees hereunder. Such
deduction or payment, if any, will be estimated daily, and
reconciled and effected or paid, as the case may be, on a monthly
basis.
The Fund understands that you now act, and that from
time to time hereafter you may act, as investment adviser to one
or more other investment companies and fiduciary or other managed
accounts, and the Fund has no objection to your so acting,
provided that when the purchase or sale of securities of the same
issuer is suitable for the investment objectives of two or more
companies or accounts managed by you which have available funds
for investment, the available securities will be allocated in a
manner believed by you to be equitable to each company or
account. It is recognized that in some cases this procedure may
adversely affect the price paid or received by the Fund or the
size of the position obtainable for or disposed of by the Fund.
In addition, it is understood that the persons employed
by you to assist in the performance of your duties hereunder will
not devote their full time to such service and nothing contained
herein shall be deemed to limit or restrict your right or the
right of any of your affiliates to engage in and devote time and
attention to other businesses or to render services of whatever
kind or nature.
You shall not be liable for any error of judgment or
mistake of law or for any loss suffered by the Fund in connection
with the matters to which this Agreement relates, except for a
loss resulting from willful misfeasance, bad faith or gross
negligence on your part in the performance of your duties or from
reckless disregard by you of your obligations and duties under
this Agreement. Any person, even though also your officer,
director, partner, employee or agent, who may be or become an
officer, Board member, employee or agent of the Fund, shall be
deemed, when rendering services to the Fund or acting on any
business of the Fund, to be rendering such services to or acting
solely for the Fund and not as your officer, director, partner,
employee or agent or one under your control or direction even
though paid by you.
This Agreement shall continue until November 9, 1994,
and thereafter shall continue automatically for successive annual
periods ending on November 9th of each year, provided such
continuance is specifically approved at least annually by (i) the
Fund's Board or (ii) vote of a majority (as defined in the
Investment Company Act of 1940) of the Fund's outstanding voting
securities, provided that in either event its continuance also is
approved by a majority of the Fund's Board members who are not
"interested persons" (as defined in said Act) of any party to
this Agreement, by vote cast in person at a meeting called for
the purpose of voting on such approval. This Agreement is
terminable without penalty, on 60 days' notice, by the Fund's
Board or by vote of holders of a majority of the Fund's shares
or, upon not less than 90 days' notice, by you. This Agreement
also will terminate automatically in the event of its assignment
(as defined in said Act).
The Fund recognizes that from time to time your
directors, officers and employees may serve as directors,
trustees, partners, officers and employees of other corporations,
business trusts, partnerships or other entities (including other
investment companies) and that such other entities may include
the name "Dreyfus" as part of their name, and that your
corporation or its affiliates may enter into investment advisory
or other agreements with such other entities. If you cease to
act as the Fund's investment adviser, the Fund agrees that, at
your request, the Fund will take all necessary action to change
the name of the Fund to a name not including "Dreyfus" in any
form or combination of words.
This Agreement has been executed on behalf of the Fund
by the undersigned officer of the Fund in his capacity as an
officer of the Fund. The obligations of this Agreement shall
only be binding upon the assets and property of the Fund and
shall not be binding upon any Board member, officer or
shareholder of the Fund individually.
If the foregoing is in accordance with your
understanding, will you kindly so indicate by signing and
returning to us the enclosed copy hereof.
Very truly yours,
DREYFUS 100% U.S. TREASURY
INTERMEDIATE TERM FUND
By:__________________________
Accepted:
THE DREYFUS CORPORATION
By: ____________________
<PAGE>
EXHIBIT 6
DISTRIBUTION AGREEMENT
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
144 Glenn Curtiss Boulevard
Uniondale, New York 11556-0144
August 24, 1994
Premier Mutual Fund Services, Inc.
One Exchange Place
Tenth Floor
Boston, Massachusetts 02109
Dear Sirs:
This is to confirm that, in consideration of the agree-
ments hereinafter contained, the above-named investment company
(the "Fund") has agreed that you shall be, for the period of
this agreement, the distributor of (a) shares of each Series of
the Fund set forth on Exhibit A hereto, as such Exhibit may be
revised from time to time (each, a "Series") or (b) if no Series
are set forth on such Exhibit, shares of the Fund. For purposes
of this agreement the term "Shares" shall mean the authorized
shares of the relevant Series, if any, and otherwise shall mean
the Fund's authorized shares.
1. Services as Distributor
1.1 You will act as agent for the distribution of
Shares covered by, and in accordance with, the registration
statement and prospectus then in effect under the Securities Act
of 1933, as amended, and will transmit promptly any orders
received by you for purchase or redemption of Shares to the
Transfer and Dividend Disbursing Agent for the Fund of which the
Fund has notified you in writing.
1.2 You agree to use your best efforts to solicit
orders for the sale of Shares. It is contemplated that you will
enter into sales or servicing agreements with securities
dealers, financial institutions and other industry
professionals, such as investment advisers, accountants and
estate planning firms, and in so doing you will act only on your
own behalf as principal.
1.3 You shall act as distributor of Shares in
compliance with all applicable laws, rules and regulations,
including, without limitation, all rules and regulations made or
adopted pursuant to the Investment Company Act of 1940, as
amended, by the Securities and Exchange Commission or any
securities association registered under the Securities Exchange
Act of 1934, as amended.
1.4 Whenever in their judgment such action is
warranted by market, economic or political conditions, or by
abnormal circumstances of any kind, the Fund's officers may
decline to accept any orders for, or make any sales of, any
Shares until such time as they deem it advisable to accept such
orders and to make such sales and the Fund shall advise you
promptly of such determination.
1.5 The Fund agrees to pay all costs and expenses in
connection with the registration of Shares under the Securities
Act of 1933, as amended, and all expenses in connection with
maintaining facilities for the issue and transfer of Shares and
for supplying information, prices and other data to be furnished
by the Fund hereunder, and all expenses in connection with the
preparation and printing of the Fund's prospectuses and
statements of additional information for regulatory purposes and
for distribution to shareholders; provided however, that nothing
contained herein shall be deemed to require the Fund to pay any
of the costs of advertising the sale of Shares.
1.6 The Fund agrees to execute any and all documents
and to furnish any and all information and otherwise to take all
actions which may be reasonably necessary in the discretion of
the Fund's officers in connection with the qualification of
Shares for sale in such states as you may designate to the Fund
and the Fund may approve, and the Fund agrees to pay all
expenses which may be incurred in connection with such
qualification. You shall pay all expenses connected with your
own qualification as a dealer under state or Federal laws and,
except as otherwise specifically provided in this agreement, all
other expenses incurred by you in connection with the sale of
Shares as contemplated in this agreement.
1.7 The Fund shall furnish you from time to time, for
use in connection with the sale of Shares, such information with
respect to the Fund or any relevant Series and the Shares as you
may reasonably request, all of which shall be signed by one or
more of the Fund's duly authorized officers; and the Fund
warrants that the statements contained in any such information,
when so signed by the Fund's officers, shall be true and
correct. The Fund also shall furnish you upon request with:
(a) semi-annual reports and annual audited reports of the Fund's
books and accounts made by independent public accountants
regularly retained by the Fund, (b) quarterly earnings
statements prepared by the Fund, (c) a monthly itemized list of
the securities in the Fund's or, if applicable, each Series'
portfolio, (d) monthly balance sheets as soon as practicable
after the end of each month, and (e) from time to time such
additional information regarding the Fund's financial condition
as you may reasonably request.
1.8 The Fund represents to you that all registration
statements and prospectuses filed by the Fund with the Securi-
ties and Exchange Commission under the Securities Act of 1933,
as amended, and under the Investment Company Act of 1940, as
amended, with respect to the Shares have been carefully prepared
in conformity with the requirements of said Acts and rules and
regulations of the Securities and Exchange Commission there-
under. As used in this agreement the terms "registration state-
ment" and "prospectus" shall mean any registration statement and
prospectus, including the statement of additional information
incorporated by reference therein, filed with the Securities and
Exchange Commission and any amendments and supplements thereto
which at any time shall have been filed with said Commission.
The Fund represents and warrants to you that any registration
statement and prospectus, when such registration statement
becomes effective, will contain all statements required to be
stated therein in conformity with said Acts and the rules and
regulations of said Commission; that all statements of fact
contained in any such registration statement and prospectus will
be true and correct when such registration statement becomes
effective; and that neither any registration statement nor any
prospectus when such registration statement becomes effective
will include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary
to make the statements therein not misleading. The Fund may but
shall not be obligated to propose from time to time such amend-
ment or amendments to any registration statement and such
supplement or supplements to any prospectus as, in the light of
future developments, may, in the opinion of the Fund's counsel,
be necessary or advisable. If the Fund shall not propose such
amendment or amendments and/or supplement or supplements within
fifteen days after receipt by the Fund of a written request from
you to do so, you may, at your option, terminate this agreement
or decline to make offers of the Fund's securities until such
amendments are made. The Fund shall not file any amendment to
any registration statement or supplement to any prospectus
without giving you reasonable notice thereof in advance;
provided, however, that nothing contained in this agreement
shall in any way limit the Fund's right to file at any time such
amendments to any registration statement and/or supplements to
any prospectus, of whatever character, as the Fund may deem
advisable, such right being in all respects absolute and
unconditional.
1.9 The Fund authorizes you to use any prospectus in
the form furnished to you from time to time, in connection with
the sale of Shares. The Fund agrees to indemnify, defend and
hold you, your several officers and directors, and any person
who controls you within the meaning of Section 15 of the Securi-
ties Act of 1933, as amended, free and harmless from and against
any and all claims, demands, liabilities and expenses (including
the cost of investigating or defending such claims, demands or
liabilities and any counsel fees incurred in connection there-
with) which you, your officers and directors, or any such con-
trolling person, may incur under the Securities Act of 1933, as
amended, or under common law or otherwise, arising out of or
based upon any untrue statement, or alleged untrue statement, of
a material fact contained in any registration statement or any
prospectus or arising out of or based upon any omission, or
alleged omission, to state a material fact required to be stated
in either any registration statement or any prospectus or
necessary to make the statements in either thereof not
misleading; provided, however, that the Fund's agreement to
indemnify you, your officers or directors, and any such control-
ling person shall not be deemed to cover any claims, demands,
liabilities or expenses arising out of any untrue statement or
alleged untrue statement or omission or alleged omission made in
any registration statement or prospectus in reliance upon and in
conformity with written information furnished to the Fund by you
specifically for use in the preparation thereof. The Fund's
agreement to indemnify you, your officers and directors, and any
such controlling person, as aforesaid, is expressly conditioned
upon the Fund's being notified of any action brought against
you, your officers or directors, or any such controlling person,
such notification to be given by letter or by telegram addressed
to the Fund at its address set forth above within ten days after
the summons or other first legal process shall have been served.
The failure so to notify the Fund of any such action shall not
relieve the Fund from any liability which the Fund may have to
the person against whom such action is brought by reason of any
such untrue, or alleged untrue, statement or omission, or
alleged omission, otherwise than on account of the Fund's
indemnity agreement contained in this paragraph 1.9. The Fund
will be entitled to assume the defense of any suit brought to
enforce any such claim, demand or liability, but, in such case,
such defense shall be conducted by counsel of good standing
chosen by the Fund and approved by you. In the event the Fund
elects to assume the defense of any such suit and retain counsel
of good standing approved by you, the defendant or defendants in
such suit shall bear the fees and expenses of any additional
counsel retained by any of them; but in case the Fund does not
elect to assume the defense of any such suit, or in case you do
not approve of counsel chosen by the Fund, the Fund will
reimburse you, your officers and directors, or the controlling
person or persons named as defendant or defendants in such suit,
for the fees and expenses of any counsel retained by you or
them. The Fund's indemnification agreement contained in this
paragraph 1.9 and the Fund's representations and warranties in
this agreement shall remain operative and in full force and
effect regardless of any investigation made by or on behalf of
you, your officers and directors, or any controlling person, and
shall survive the delivery of any Shares. This agreement of
indemnity will inure exclusively to your benefit, to the benefit
of your several officers and directors, and their respective
estates, and to the benefit of any controlling persons and their
successors. The Fund agrees promptly to notify you of the
commencement of any litigation or proceedings against the Fund
or any of its officers or Board members in connection with the
issue and sale of Shares.
1.10 You agree to indemnify, defend and hold the Fund,
its several officers and Board members, and any person who con-
trols the Fund within the meaning of Section 15 of the Securi-
ties Act of 1933, as amended, free and harmless from and against
any and all claims, demands, liabilities and expenses (including
the cost of investigating or defending such claims, demands or
liabilities and any counsel fees incurred in connection there-
with) which the Fund, its officers or Board members, or any such
controlling person, may incur under the Securities Act of 1933,
as amended, or under common law or otherwise, but only to the
extent that such liability or expense incurred by the Fund, its
officers or Board members, or such controlling person resulting
from such claims or demands, shall arise out of or be based upon
any untrue, or alleged untrue, statement of a material fact
contained in information furnished in writing by you to the Fund
specifically for use in the Fund's registration statement and
used in the answers to any of the items of the registration
statement or in the corresponding statements made in the pro-
spectus, or shall arise out of or be based upon any omission, or
alleged omission, to state a material fact in connection with
such information furnished in writing by you to the Fund and
required to be stated in such answers or necessary to make such
information not misleading. Your agreement to indemnify the
Fund, its officers and Board members, and any such controlling
person, as aforesaid, is expressly conditioned upon your being
notified of any action brought against the Fund, its officers or
Board members, or any such controlling person, such notification
to be given by letter or telegram addressed to you at your
address set forth above within ten days after the summons or
other first legal process shall have been served. You shall
have the right to control the defense of such action, with
counsel of your own choosing, satisfactory to the Fund, if such
action is based solely upon such alleged misstatement or
omission on your part, and in any other event the Fund, its
officers or Board members, or such controlling person shall each
have the right to participate in the defense or preparation of
the defense of any such action. The failure so to notify you of
any such action shall not relieve you from any liability which
you may have to the Fund, its officers or Board members, or to
such controlling person by reason of any such untrue, or alleged
untrue, statement or omission, or alleged omission, otherwise
than on account of your indemnity agreement contained in this
paragraph 1.10. This agreement of indemnity will inure
exclusively to the Fund's benefit, to the benefit of the Fund's
officers and Board members, and their respective estates, and to
the benefit of any controlling persons and their successors.
You agree promptly to notify the Fund of the commencement of any
litigation or proceedings against you or any of your officers or
directors in connection with the issue and sale of Shares.
1.11 No Shares shall be offered by either you or the
Fund under any of the provisions of this agreement and no orders
for the purchase or sale of such Shares hereunder shall be
accepted by the Fund if and so long as the effectiveness of the
registration statement then in effect or any necessary amend-
ments thereto shall be suspended under any of the provisions of
the Securities Act of 1933, as amended, or if and so long as a
current prospectus as required by Section 10 of said Act, as
amended, is not on file with the Securities and Exchange
Commission; provided, however, that nothing contained in this
paragraph 1.11 shall in any way restrict or have an application
to or bearing upon the Fund's obligation to repurchase any
Shares from any shareholder in accordance with the provisions of
the Fund's prospectus or charter documents.
1.12 The Fund agrees to advise you immediately in
writing:
(a) of any request by the Securities and Exchange
Commission for amendments to the registration statement
or prospectus then in effect or for additional
information;
(b) in the event of the issuance by the Securities
and Exchange Commission of any stop order suspending
the effectiveness of the registration statement or pro-
spectus then in effect or the initiation of any
proceeding for that purpose;
(c) of the happening of any event which makes
untrue any statement of a material fact made in the
registration statement or prospectus then in effect or
which requires the making of a change in such registra-
tion statement or prospectus in order to make the
statements therein not misleading; and
(d) of all actions of the Securities and
Exchange Commission with respect to any amendments to
any registration statement or prospectus which may from
time to time be filed with the Securities and Exchange
Commission.
2. Offering Price
Shares of any class of the Fund offered for sale by you
shall be offered for sale at a price per share (the "offering
price") approximately equal to (a) their net asset value
(determined in the manner set forth in the Fund's charter
documents) plus (b) a sales charge, if any and except to those
persons set forth in the then-current prospectus, which shall be
the percentage of the offering price of such Shares as set forth
in the Fund's then-current prospectus. The offering price, if
not an exact multiple of one cent, shall be adjusted to the
nearest cent. In addition, Shares of any class of the Fund
offered for sale by you may be subject to a contingent deferred
sales charge as set forth in the Fund's then-current prospectus.
You shall be entitled to receive any sales charge or contingent
deferred sales charge in respect of the Shares. Any payments to
dealers shall be governed by a separate agreement between you
and such dealer and the Fund's then-current prospectus.
3. Term
This agreement shall continue until the date (the
"Reapproval Date") set forth on Exhibit A hereto (and, if the
Fund has Series, a separate Reapproval Date shall be specified
on Exhibit A for each Series), and thereafter shall continue
automatically for successive annual periods ending on the day
(the "Reapproval Day") of each year set forth on Exhibit A
hereto, provided such continuance is specifically approved at
least annually by (i) the Fund's Board or (ii) vote of a
majority (as defined in the Investment Company Act of 1940) of
the Shares of the Fund or the relevant Series, as the case may
be, provided that in either event its continuance also is
approved by a majority of the Board members who are not
"interested persons" (as defined in said Act) of any party to
this agreement, by vote cast in person at a meeting called for
the purpose of voting on such approval. This agreement is
terminable without penalty, on 60 days' notice, by vote of
holders of a majority of the Fund's or, as to any relevant
Series, such Series' outstanding voting securities or by the
Fund's Board as to the Fund or the relevant Series, as the case
may be. This agreement is terminable by you, upon 270 days'
notice, effective on or after the fifth anniversary of the date
hereof. This agreement also will terminate automatically, as to
the Fund or relevant Series, as the case may be, in the event of
its assignment (as defined in said Act).
4. Exclusivity
So long as you act as the distributor of Shares, you
shall not perform any services for any entity other than
investment companies advised or administered by The Dreyfus
Corporation. The Fund acknowledges that the persons employed by
you to assist in the performance of your duties under this
agreement may not devote their full time to such service and
nothing contained in this agreement shall be deemed to limit or
restrict your or any of your affiliates right to engage in and
devote time and attention to other businesses or to render
services of whatever kind or nature.
5. Miscellaneous
This agreement has been executed on behalf of the Fund
by the undersigned officer of the Fund in his capacity as an
officer of the Fund. The obligations of this agreement shall
only be binding upon the assets and property of the Fund and
shall not be binding upon any Board member, officer or
shareholder of the Fund individually.
Please confirm that the foregoing is in accordance with
your understanding and indicate your acceptance hereof by
signing below, whereupon it shall become a binding agreement
between us.
Very truly yours,
DREYFUS 100% U.S. TREASURY
INTERMEDIATE TERM FUND
By:
Accepted:
PREMIER MUTUAL FUND SERVICES, INC.
By:________________________
<PAGE>
EXHIBIT A
Reapproval Date Reapproval Day
November 9, 1995 November 9th
<PAGE>
EXHIBIT 9
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
SHAREHOLDER SERVICES PLAN
Introduction: It has been proposed that the above-
captioned investment company (the "Fund") adopt a Shareholder
Services Plan (the "Plan") under which the Fund would reimburse
Dreyfus Service Corporation ("DSC") for certain allocated
expenses of providing personal services and/or maintaining
shareholder accounts to (a) shareholders of each series of the
Fund or class of Fund shares set forth on Exhibit A hereto, as
such Exhibit may be revised from time to time, or (b) if no
series or classes are set forth on such Exhibit, shareholders of
the Fund. The Plan is not to be adopted pursuant to Rule 12b-1
under the Investment Company Act of 1940, as amended (the
"Act"), and the fee under the Plan is intended to be a "service
fee" as defined in Article III, Section 26 (a "Service Fee"), of
the NASD Rules of Fair Practice (the "NASD Rules").
The Fund's Board, in considering whether the Fund
should implement a written plan, has requested and evaluated
such information as it deemed necessary to an informed
determination as to whether a written plan should be implemented
and has considered such pertinent factors as it deemed necessary
to form the basis for a decision to use Fund assets for such
purposes.
In voting to approve the implementation of such a
plan, the Board has concluded, in the exercise of its reasonable
business judgment and in light of applicable fiduciary duties,
that there is a reasonable likelihood that the plan set forth
below will benefit the Fund and its shareholders.
The Plan: The material aspects of this Plan are as
follows:
1. The Fund shall reimburse 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 its allocated expenses of providing
personal services to shareholders and/or maintaining shareholder
accounts; provided that, at no time, shall the amount paid to
DSC under this Plan, together with amounts otherwise paid by the
Fund, or each series or class identified on Exhibit A, as a
Service Fee under the NASD Rules, exceed the maximum amount then
payable under the NASD Rules as a Service Fee. The amount of
such reimbursement shall be based on an expense allocation
methodology prepared by DSC annually and approved by the Fund's
Board or on any other basis from time to time deemed reasonable
by the Fund's Board.
2. For the purposes of determining the fees payable
under this Plan, the value of the net assets of the Fund or the
net assets attributable to each series or class of Fund shares
identified on Exhibit A, shall be computed in the manner
specified in the Fund's charter documents for the computation of
the value of the Fund's net assets.
3. The Board shall be provided, at least quarterly,
with a written report of all amounts expended pursuant to this
Plan. The report shall state the purpose for which the amounts
were expended.
4. This Plan will become effective immediately upon
approval by a majority of the Board members, including a
majority of the Board members who are not "interested persons"
(as defined in the Act) of the Fund and have no direct or
indirect financial interest in the operation of this Plan or in
any agreements entered into in connection with this Plan,
pursuant to a vote cast in person at a meeting called for the
purpose of voting on the approval of this Plan.
5. This Plan shall continue for a period of one year
from its effective date, unless earlier terminated in accordance
with its terms, and thereafter shall continue automatically for
successive annual periods, provided such continuance is approved
at least annually in the manner provided in paragraph 4 hereof.
6. This Plan may be amended at any time by the
Board, provided that any material amendments of the terms of
this Plan shall become effective only upon approval as provided
in paragraph 4 hereof.
7. This Plan is terminable without penalty at any
time by vote of a majority of the Board members who are not
"interested persons" (as defined in the Act) of the Fund and
have no direct or indirect financial interest in the operation
of this Plan or in any agreements entered into in connection
with this Plan.
<PAGE>
8. The obligations hereunder and under any related
Plan agreement shall only be binding upon the assets and
property of the Fund and shall not be binding upon any Trustee,
officer or shareholder of the Fund individually.
Dated: November 9, 1993
As Revised: November 7, 1994
<PAGE>
EXHIBIT A
<PAGE>
EXHIBIT 11
CONSENT OF INDEPENDENT AUDITORS
We consent to the reference to our firm under the captions
"Condensed Financial Information" and "Custodian, Transfer and
Dividend Disbursing Agent, Counsel and Independent Auditors" and
to the use of our report dated February 1, 1995, in this
Registration Statement (Form N-1A 33-00824)
of Dreyfus 100% U.S. Treasury Intermediate Term Fund.
ERNST & YOUNG LLP
New York, New York
February 22, 1995
<PAGE>
OTHER EXHIBITS
POWER OF ATTORNEY
The undersigned hereby constitutes and appoints Frederick C.
Dey, Eric B. Fischman, Ruth D. Leibert and John E. Pelletier and
each of them, with full power to act without the other, his or
her true and lawful attorney-in-fact and agent, with full power
of
substitution and resubstitution, for him or her and in his or her
name, place and stead, in any and all capacities (until revoked
in
writing) to sign any and all amendments to the Registration
Statement for each Fund listed on Schedule A attached hereto
(including
post-effective amendments and amendments thereto), and to file
the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and
each of them, full power and authority to do and perform each and
every act and thing ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or their or his or
her
substitute or substitutes, may lawfully do or cause to be done by
virtue hereof.
Marie E. Connolly
President and Treasurer
Dated: October 24, 1994
<PAGE>
POWER OF ATTORNEY
The undersigned hereby constitutes and appoints Frederick C.
Dey, Eric B. Fischman, Ruth D. Leibert and John E. Pelletier and
each of them, with full power to act without the other, his or
her true and lawful attorney-in-fact and agent, with full power
of
substitution and resubstitution, for him or her and in his or her
name, place and stead, in any and all capacities (until revoked
in
writing) to sign any and all amendments to the Registration
Statement for each Fund listed on Schedule A attached hereto
(including
post-effective amendments and amendments thereto), and to file
the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and
each of them, full power and authority to do and perform each and
every act and thing ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or their or his or
her
substitute or substitutes, may lawfully do or cause to be done by
virtue hereof.
Joseph S. DiMartino, Board Member
Dated February 8, 1995
<PAGE>
POWER OF ATTORNEY
The undersigned hereby constitutes and appoints Frederick C.
Dey, Eric B. Fischman, Ruth D. Leibert and John E. Pelletier and
each of them, with full power to act without the other, his or
her true and lawful attorney-in-fact and agent, with full power
of
substitution and resubstitution, for him or her and in his or her
name, place and stead, in any and all capacities (until revoked
in
writing) to sign any and all amendments to the Registration
Statement for each Fund listed on Schedule A attached hereto,
(including
post-effective amendments and amendments thereto), and to file
the same, with all exhibits thereto, and other documents in
connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and
each of
them, full power and authority to do and perform each and every
act and thing ratifying and confirming all that said
attorneys-in-
fact and agents or any of them, or their or his or her substitute
or substitutes, may lawfully do or cause to be done by virtue
hereof.
/s/ Gordon J. Davis /s/ Daniel Rose
_______________________________ _____________________________
Gordon J. Davis, Board Member Daniel Rose, Board Member
/s/ David P. Feldman /s/ Sander Vanocur
_______________________________ _____________________________
David P. Feldman, Board Member Sander Vanocur, Board Member
/s/ Lynn Martin /s/ Anne Wexler
_______________________________ _____________________________
Lynn Martin, Board Member Anne Wexler, Board Member
/s/ Eugene McCarthy /s/ Rex Wilder
_______________________________ _____________________________
Eugene McCarthy, Board Member Rex Wilder, Board Member
Dated: August 30, 1994
<PAGE>
EXHIBIT A
Dreyfus Strategic Growth, L.P.
Dreyfus Global Growth, L.P. (A Strategic Fund)
Dreyfus Investors GNMA Fund
Dreyfus 100% U.S. Treasury Short Term Fund
Dreyfus 100% U.S. Treasury Intermediate Term Fund
Dreyfus 100% U.S. Treasury Long Term Fund
Dreyfus 100% U.S. Treasury Money Market Fund
<PAGE>
OTHER EXHIBIT
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
Certificate of Secretary
The undersigned, Eric B. Fischman, Assistant Secretary of
Dreyfus 100% U.S. Treasury Intermediate Term Fund (the "Fund"),
hereby
certifies that set forth below is a true and correct copy of the
resolution adopted by the Fund's Board Members pursuant to
written consent dated August 30, 1994.
RESOLVED, that the Registration Statement and any and
all amendments and supplements thereto, may be signed by
any one of Frederick C. Dey, Eric B.Fischman, Ruth D.
Leibert and John Pelletier as the attorney-in-fact for the
proper officers of the Fund, with full power of
substitution and resubstitution; and that the appointment of
each of such persons as such attorney-in-fact hereby is
authorized and approved; and that such attorneys-in-
fact, and each of them, shall have full power and
authority to do and perform each and every act and thing
requisite and necessary to be done in connection with
such Registration Statement and any and all amendments and
supplements thereto, as fully to all intents and
purposes as the officer, for whom he is acting as attorney-in-
fact, might or could do in person.
IN WITNESS WHEREOF, I have hereunto signed my name and
affixed the seal of the Fund on February 23, 1995.
Eric B. Fischman
Assistant Secretary
(SEAL)
<PAGE>
[ARTICLE] 6
[CIK] 0000779131
[NAME] DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
[MULTIPLIER] 1000
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1994
[PERIOD-END] DEC-31-1994
[INVESTMENTS-AT-COST] 184242
[INVESTMENTS-AT-VALUE] 181099
[RECEIVABLES] 4465
[ASSETS-OTHER] 277
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 185841
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 580
[TOTAL-LIABILITIES] 580
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 195723
[SHARES-COMMON-STOCK] 15234
[SHARES-COMMON-PRIOR] 18701
[ACCUMULATED-NII-CURRENT] 37
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] (7356)
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] (3143)
[NET-ASSETS] 185261
[DIVIDEND-INCOME] 0
[INTEREST-INCOME] 17448
[OTHER-INCOME] 0
[EXPENSES-NET] 1922
[NET-INVESTMENT-INCOME] 15526
[REALIZED-GAINS-CURRENT] (22935)
[APPREC-INCREASE-CURRENT] (1818)
[NET-CHANGE-FROM-OPS] (9227)
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] (15489)
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 6190
[NUMBER-OF-SHARES-REDEEMED] (10517)
[SHARES-REINVESTED] 859
[NET-CHANGE-IN-ASSETS] (69017)
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 15578
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 1303
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 1922
[AVERAGE-NET-ASSETS] 217173
[PER-SHARE-NAV-BEGIN] 13.60
[PER-SHARE-NII] .91
[PER-SHARE-GAIN-APPREC] (1.44)
[PER-SHARE-DIVIDEND] (.91)
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 12.16
[EXPENSE-RATIO] .009
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
