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. 15 [X]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]
Amendment No. 15 [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
Mark N. Jacobs, 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)
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X on May 1, 1996 pursuant to paragraph (b)
----
60 days after filing pursuant to paragraph (a)(i)
----
on (date) pursuant to paragraph (a)(i)
----
75 days after filing pursuant to paragraph (a)(ii)
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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, 1995 was filed on February 28,
1996.
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 4
4 General Description of Registrant 8
5 Management of the Fund 9
5(a) Management's Discussion of Fund's Performance *
6 Capital Stock and Other Securities 20
7 Purchase of Securities Being Offered 10
8 Redemption or Repurchase 15
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-4
15 Control Persons and Principal B-8
Holders of Securities
16 Investment Advisory and Other B-9
Services
_____________________________________
NOTE: * Omitted since answer is negative or inapplicable.
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-18
18 Capital Stock and Other Securities B-21
19 Purchase, Redemption and Pricing B-12, B-13
of Securities Being Offered & B-15
20 Tax Status *
21 Underwriters B-12
22 Calculations of Performance Data B-19
23 Financial Statements B-23
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.
FOR USE BY BANKS ONLY
May 1, 1996
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, 1996
All mutual fund shares involve certain investment risks, including
the possible loss of principal.
USTF/s050196BNK
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COMBINED PROSPECTUS May 1, 1996
DREYFUS 100% U.S. TREASURY FUNDS
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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. Each Fund's investment objective 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, 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, 1996, 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 144.
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.
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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.
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(Continued from page 1)
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................. 7
Description of the Funds.......................... 8
Management of the Funds........................... 9
How to Buy Shares................................. 10
Shareholder Services.............................. 12
How to Redeem Shares.............................. 15
Shareholder Services Plan......................... 18
Dividends, Distributions and Taxes................ 18
General Information............................... 20
Appendix.......................................... 21
[This Page Intentionally Left Blank]
Page 3
<TABLE>
<CAPTION>
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average daily net assets)
MONEY SHORT INTERM. LONG
MARKET TERM TERM TERM
FUND FUND FUND FUND
<S> <C> <C> <C> <C>
Management Fees ........................................... .50% .36%* .54%* .48%*
Other Expenses............................................. .19% .34% .26% .32%
Total Fund Operating Expenses.............................. .69% .70% .80% .80%
* After fee waiver.
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:
MONEY SHORT INTERM. LONG
MARKET TERM TERM TERM
FUND FUND FUND FUND
1 YEAR $7 $7 $8 $8
3 YEARS $22 $22 $26 $26
5 YEARS $38 $39 $44 $44
10 YEARS $86 $87 $99 $99
</TABLE>
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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%.
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The purpose of the foregoing table is to assist you in
understanding the costs and expenses borne by each Fund, the payment of which
will reduce investors' annual return. Total Fund Operating Expenses noted
above have been restated to reflect an undertaking by The Dreyfus Corporation
that if, in the fiscal year ending December 31, 1996, for the Short Term Fund
and until June 30, 1996, for the Intermediate Term Fund and Long Term Fund,
Fund expenses, including the management fee, exceed .70% for the Short Term
Fund, and .80% for the Intermediate Term Fund and Long Term Fund, of the
value of the Fund's average net assets for the fiscal year, The Dreyfus
Corporation may waive its management fee or bear certain other expenses to
the extent of such excess expense. The expenses noted above, without
reimbursement, would have been: Management Fees _ .60% for all Funds and
Total Operating Expenses _ .94% for the SHORT TERM FUND, .86% for the
INTERMEDIATE TERM FUND and .92% for the LONG TERM FUND. You can purchase Fund
shares without charge directly from the Funds' 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.
Page 4
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 1995
-------- ------ ------ ------- ------ ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------ ------ ------ ------ ------ ------ ----- ----- -----
INVESTMENT OPERATIONS;
Investment income -- net.... .047 .066 .079 .077 .060 .036 .025 .033 .051
------ ------ ------ ------ ------ ------ ----- ----- -----
DISTRIBUTIONS;
Dividends from investment income -- net... (.047) (.066) (.079) (.077) (.060) (.036) (.025) (.033) (.051)
------ ------ ------ ------ ------ ------ ----- ----- -----
Net asset value, end of year... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== ===== ====== ====== ===== ======
TOTAL INVESTMENT RETURN.... 6.31%(2) 6.85% 8.19% 7.93% 6.20% 3.64% 2.56% 3.38% 5.19%
RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to
average net assets........ .22%(2) .25% .73% .09% .14% .35% .65% .71% .69%
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% 5.09%
Decrease reflected in above expense
ratios due to undertakings
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 $1,310,691
- -----------------
(1) From March 27, 1987 (commencement of operations) to December 31, 1987.
(2) Annualized.
SHORT TERM FUND (1)
YEAR ENDED DECEMBER 31,
----------------------------------------------------------------------------------
PER SHARE DATA: 1987(2) 1988 1989 1990 1991 1992 1993 1994 1995
------ ------ ----- ------ ------ ------ ----- ----- -----
Net asset value, beginning of year.. $14.50 $15.03 $14.96 $15.62 $15.40 $16.18 $15.91 $15.75 $14.55
------ ------ ------ ------ ------ ------ ----- ------ -----
INVESTMENT OPERATIONS;
Investment income -- net.... .38 1.20 1.19 1.14 1.13 1.35 1.25 1.15 1.03
Net realized and unrealized gain
(loss) on investments.... .53 (.07) .66 (.22) .78 (.27) (.16) (1.20) .59
------ ------ ------ ------ ------ ------ ----- ------ -----
TOTAL FROM INVESTMENT OPERATIONS... .91 1.13 1.85 .92 1.91 1.08 1.09 (.05) 1.62
------ ------ ------ ------ ------ ------ ----- ------ -----
DISTRIBUTIONS;
Dividends from investment
income -- net... (.38) (1.20) (1.19) (1.14) (1.13) (1.35) (1.25) (1.15) (1.03)
------ ------ ------ ------ ------ ------ ----- ------ -----
Net asset value, end of year... $15.03 $14.96 $15.62 $15.40 $16.18 $15.91 $15.75 $14.55 $15.14
====== ====== ====== ====== ====== ====== ====== ====== =======
TOTAL INVESTMENT RETURN.... 20.12%(3) 7.89% 12.83% 6.24% 12.92% 7.01% 7.03% (.33%) 11.38%
RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to
average net assets..... -- -- -- -- -- .03% .11% .35% .65%
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% 6.90%
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% .29%
Portfolio Turnover Rate.. -- -- -- -- 59.59% 137.93% 322.62% 499.11% 480.44%
Net Assets, end of year
(000's omitted)... $161 $368 $258 $239 $29,183 $144,058 $188,300 $172,556 $188,726
(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.
Page 5
INTERMEDIATE TERM FUND (1)
YEAR ENDED DECEMBER 31,
----------------------------------------------------------------------------------
PER SHARE DATA: 1987(2) 1988 1989 1990 1991 1992 1993 1994 1995
------ ------ ------ ------ ------ ------ ------ ----- -----
Net asset value, beginning of year... $13.50 $12.66 $12.22 $12.59 $12.48 $13.22 $13.12 $13.60 $12.16
------ ------ ------ ------ ------ ------ ------ ----- -----
INVESTMENT OPERATIONS;
Investment income -- net.. .99 1.16 1.14 1.13 1.06 1.00 .95 .91 .89
Net realized and unrealized gain
(loss) on investments..... (.84) (.44) .37 (.11) .74 (.10) .48 (1.44) .97
------ ------ ------ ------ ------ ------ ------ ----- -----
TOTAL FROM INVESTMENT OPERATIONS .15 .72 1.51 1.02 1.80 .90 1.43 (.53) 1.86
------ ------ ------ ------ ------ ------ ------ ----- -----
DISTRIBUTIONS;
Dividends from investment income -- net... (.99) (1.16) (1.14) (1.13) (1.06) (1.00) (.95) (.91) (.89)
------ ------ ------ ------ ------ ------ ------ ----- -----
Net asset value, end of year.... $12.66 $12.22 $12.59 $12.48 $13.22 $13.12 $13.60 $12.16 $13.13
====== ======= ====== ====== ======= ====== ======= ====== =====
TOTAL INVESTMENT RETURN..... 1.62%(3) 5.80% 12.87% 8.60% 15.23% 7.17% 11.05% (3.97%) 15.77%
RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to
average net assets.... -_ .47% .80% .80% .62% .52% .73% .89 .84%
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% 7.02%
Decrease reflected in above expense ratios due
to undertakings by The Dreyfus Corporation
(limited to the expense limitation provision of
the management agreement).... 1.36%(3) .74% .34% .20% .33% .38% .13% -_ .02%
Portfolio Turnover Rate... 4.82%(4) 20.54% 5.59% 4.43% 21.78% 115.78% 333.76% 696.65% 492.76%
Net Assets, end of year
(000's omitted)... $40,725 $62,025 $60,960 $71,232 $183,288 $231,094 $254,278 $185,261 $196,970
(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 FUND(1)
YEAR ENDED DECEMBER 31,
--------------------------------------------------------------------------------------
PER SHARE DATA: 1987(2) 1988 1989 1990 1991 1992 1993 1994 1995
------ ------ ------ ------ ------ ------ ------ ------ -----
Net asset value, beginning of year... $14.50 $12.89 $12.74 $13.56 $13.26 $14.42 $14.37 $15.68 $13.26
------ ------ ------ ------ ------ ------ ------ ------- ------
INVESTMENT OPERATIONS;
Investment income -- net.... .95 1.17 1.17 1.17 1.14 1.08 1.03 1.01 .96
Net realized and unrealized gain
(loss) on investments....... (1.61) (.15) .82 (.30) 1.16 (.05) 1.31 (2.42) 2.25
------ ------ ------ ------ ------ ------ ------ ------- ------
TOTAL FROM INVESTMENT OPERATIONS.... (.66) 1.02 1.99 .87 2.30 1.03 2.34 (1.41) 3.21
------ ------ ------ ------ ------ ------ ------ ------- ------
DISTRIBUTIONS;
Dividends from investment
income -- net..... (.95) (1.17) (1.17) (1.17) (1.14) (1.08) 1.03) (1.01) (.96)
------ ------ ------ ------ ------ ------ ------ ------- ------
Net asset value, end of year.... $12.89 $12.74 $13.56 $13.26 $14.42 $14.37 $15.68 $13.26 $15.51
====== ======= ======= ====== ====== ======= ======= ======= ======
TOTAL INVESTMENT RETURN....... (5.81)%(3) 8.18% 16.22% 7.02% 18.28% 7.55% 16.59% (9.18%) 24.91%
RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to
average net assets.... -_ -_ -_ -_ .25% .56% .78% .98% .87%
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% 6.69%
Decrease reflected in above expense
ratios due to undertakings by
The Dreyfus Corporation.... 1.50%(3) 1.50% 1.50% 1.28% .72% .39% .09% -_ .05%
Portfolio Turnover Rate..... 1.58%(4) 19.21% 40.08% 30.68% 21.01% 97.46% 420.68% 1,213.04% 634.38%
Net Assets, end of year
(000's omitted)... $6,334 $9,760 $24,242 $42,525 $217,422 $238,839 $215,157 $123,403 $146,445
(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.
</TABLE>
Page 6
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.
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.
Page 7
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 ReportRegistration Mark, 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 -- Each Fund's investment objective 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. It 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 "1940 Act")) of such Fund's 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. U.S. Treasury securities differ in
their interest rates, maturities and times of issuance. 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 greater than ten years. 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. See "Appendix -- Investment Techniques."
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 1940 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
Page 8
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 AND RISKS -- 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.
Each TERM FUND may attempt to increase yield by trading to take
advantage of short-term market variations. This policy is expected to result
in high portfolio turnover but should not adversely affect the Fund since the
TERM FUNDS usually pay no brokerage commissions when they purchase portfolio
securities.
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
INVESTMENT ADVISER -- 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 March 29, 1996, The Dreyfus Corporation managed
or administered approximately $82 billion in assets for more than 1.7 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 authority of the Fund's Board in accordance with
Massachusetts law. The primary portfolio manager of each TERM FUND is Gerald
Thunelius. He has held that position since 1991, and has been employed by The
Dreyfus Corporation since 1989. The Funds' other portfolio managers are
identified in the Statement of Additional Information. The Dreyfus
Corporation also provides research services for the Funds and 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., AFCOCredit Corporation and a
number of companies known as Mellon Financial Services Corporations. Through
its subsidiaries, including The Dreyfus Corporation, Mellon managed more than
$233 billion in assets as of December 31, 1995, including approximately $81
billion in proprietary mutual fund assets. As of December 31, 1995, Mellon,
through various subsidiaries, provided non-investment services, such as
custodial or administration services, for more than $786 billion in assets
including approximately $60 billion in mutual fund assets.
For the fiscal year ended December 31, 1995, the MONEY MARKET FUND
paid The Dreyfus Corporation a monthly man-
Page 9
agement fee at the annual rate of .50% of the value of its average daily net
assets. For the fiscal year ended December 31, 1995, the Short Term Fund,
INTERMEDIATE TERM FUND and LONG TERM FUND, which have each agreed to pay The
Dreyfus Corporation a monthly management fee at the annual rate of .60% of
the value of its average daily net assets, paid The Dreyfus Corporation a
monthly management fee at the effective annual rate of .31%, .58% and .55%,
respectively, of the value of its average daily net assets, 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. 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.
In allocating brokerage transactions, The Dreyfus Corporation seeks
to obtain the best execution of orders at the most favorable net price.
Subject to this determination, The Dreyfus Corporation may consider, among
other things, the receipt of research services and/or the sale of shares of
the Fund or other funds advised, managed or administered by The Dreyfus
Corporation as factors in the selection of broker-dealers to execute
portfolio transactions for the Fund. See "Portfolio Transactions" in the
Statement of Additional Information.
The Dreyfus Corporation may pay the Funds' distributor for
shareholder services from The Dreyfus Corporation's own assets, including
past profits but not including the management fee paid by the Funds. The
Funds' distributor may use part or all of such payments to pay securities
dealers, banks or other financial institutions in respect of these services.
DISTRIBUTOR -- Each Fund's distributor is Premier Mutual Fund Services, Inc.
(the "Distributor"), located at One Exchange Place, Boston, Massachusetts
02109. The Distributor's ultimate parent is Boston Institutional Group, Inc.
TRANSFER AND DIVIDEND DISBURSING AGENT AND CUSTODIAN -- Dreyfus Transfer,
Inc., a wholly-owned subsidiary of The Dreyfus 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, 90
Washington Street, New York, New York 10286, is the Custodian for the MONEY
MARKET FUND. Mellon Bank, N.A., One Mellon Bank Center, Pittsburgh,
Pennsylvania 15258, is the Custodian for each TERM 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
Page 10
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. Fund shares also are offered without regard to the
minimum initial investment requirements through Dreyfus-AUTOMATIC Asset
BuilderRegistration Mark, Dreyfus Government Direct Deposit Privilege or
Dreyfus Payroll Savings Plan pursuant to the Dreyfus Step Program described
under "Shareholder Services." These services enable you to make regularly
scheduled investments and may provide you with a convenient way to invest for
long-term financial goals. You should be aware, however, that periodic
investment plans do not guarantee a profit and will not protect an investor
against loss in a declining market.
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 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."
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 or other 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 divid-
Page 11
ing 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.
For certain institutions that have entered into agreements with the
Distributor, payment for the purchase of TERM FUND shares may be transmitted,
and must be received by the Transfer Agent, within three business days after
the order is placed. If such payment is not received within three business
days after the order is placed, the order may be canceled and the institution
could be held liable for resulting fees and/or losses.
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 $1,000,000 ("Eligible Benefit
Plans"). Shares of funds in the Dreyfus Family of Funds then held by Eligible
Benefit Plans will be aggregated to determine the fee payable. 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.
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 shares (minimum $500,
maximum $150,000 per day) by telephone if you have checked the appropriate
box and supplied the necessary information on the 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 shares by telephoning
1-800-645-6561 or, if you are calling from overseas, call 516-794-5452.
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 1-800-645-6561 to 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
Page 12
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 1-800-645-6561 or, if you are calling from
overseas, call 516-794-5452. See "How to Redeem 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 into 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 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 the
holdings through a check of appropriate records. See "Shareholder Services"
in the Statement of Additional Information. 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. See
"Dividends, Distributions and Taxes."
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 of which you are a shareholder. 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 mailing written notification 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. 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. See "Dividends, Distributions and Taxes."
DREYFUS-AUTOMATIC ASSET BUILDERRegistration Mark -- 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
Page 13
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 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.
DREYFUS STEP PROGRAM _ Dreyfus Step Program enables you to purchase Fund
shares without regard to the Fund's minimum initial investment requirements
through Dreyfus-AUTOMATIC Asset Builder, Dreyfus Government Direct Deposit
Privilege or Dreyfus Payroll Savings Plan. To establish a Dreyfus Step
Program account, you must supply the necessary information on the Account
Application and file the required authorization form(s) with the Transfer
Agent. For more information concerning this Program, or to request the
necessary authorization form(s), please call toll free 1-800-782-6620. You
may terminate participation in this Program at any time by discontinuing
participation in Dreyfus-AUTOMATIC Asset Builder, Dreyfus Government Direct
Deposit Privilege or Dreyfus Payroll Savings Plan, as the case may be, as
provided under the terms of such Privilege(s). Each Fund reserves the right
to redeem your account if you have terminated your participation in the
Program and your account's net asset value is $500 or less. See "How to
Redeem Fund Shares." Each Fund may modify or terminate this Program at any
time. Investors who wish to purchase Fund shares through the Dreyfus Step
Program in conjunction with a Dreyfus-sponsored retirement plan may do so
only for IRAs, SEP-IRAs and IRA "Rollover Accounts."
Page 14
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.
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. 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 Automatic Withdrawal 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; or 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 their clients 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.
Page 15
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, or, if you have checked the appropriate box and
supplied the necessary information on the Account Application or have filed a
Shareholder Services Form with the Transfer Agent, through 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. The Fund reserves the right to refuse
any request made by wire or telephone, including requests made shortly after
a change or address, and may limit the amount involved or the number of such
requests. The Fund may modify or terminate any redemption Privilege at any
time or charge a service fee upon notice to shareholders. No such fee
currently is contemplated. Shares held under Keogh Plans, IRAs or other
retirement plans, and shares for which certificates have been issued, are not
eligible for the Check Redemption, Wire Redemption, Telephone Redemption and
Dreyfus TELETRANSFER Privilege.
You may redeem shares by telephone if you have checked the
appropriate box on the 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 requir
e 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 unauthorized 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
Page 16
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 write Redemption Checks drawn on your
Fund 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 upon your request or if the
Transfer Agent cannot honor the Redemption Check due to 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. For the TERM FUNDS only, this Privilege will be terminated
immediately, without notice, with respect to any account which is, or
becomes, subject to backup withholding on redemptions (see "Dividends,
Distributions and Taxes"). Any Redemption Check written on an account which
has become subject to backup withholding on redemptions will not be honored
by the Transfer Agent.
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. You also 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
1-800-645-6561 or, if you are calling from overseas, call 516-794-5452. The
Statement of Additional Information sets forth instructions for transmitting
redemption requests by wire.
Page 17
TELEPHONE REDEMPTION PRIVILEGE -- You may request by telephone that
redemption proceeds (maximum $150,000 per day) be paid by check and mailed to
your address. You may telephone redemption instructions by calling
1-800-645-6561 or, if you are calling from overseas, call 516-794-5452.
DREYFUS TELETRANSFER PRIVILEGE -- You may request by telephone that
redemption proceeds (minimum $500 per day) be transferred between your Fund
account and your bank account. Only a bank account maintained in a domestic
financial institution which is an Automated Clearing House member may be
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.
If you have selected the Dreyfus TELETRANSFER Privilege, you may
request a Dreyfus TELETRANSFER redemption of shares by telephoning
1-800-645-6561 or, if you are calling from overseas, call 516-794-5452.
SHAREHOLDER SERVICES PLAN
Each Fund has adopted a Shareholder Services Plan pursuant to which
the 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. Each
Fund's earnings for Saturdays, Sundays and holidays are declared as dividends
on the following business day. 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. 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. If you are an omnibus accountholder and indicate in a partial
redemption request that a portion of any accrued dividends to which such
account is entitled belongs to an underlying accountholder who has redeemed
all shares in his or her account, such portion of the accrued dividends 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 1940 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
Page 18
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.
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.
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.
Page 19
Management of each Fund believes that the Fund has qualified for
the fiscal year ended December 31, 1995 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 Board
member. 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 intends to conduct its operations 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 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 Board members.
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 Board has 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; outside the U.S.
and Canada, call 516-794-5452.
Page 20
APPENDIX
INVESTMENT TECHNIQUES
BORROWING MONEY -- Each TERM FUND is permitted to borrow to the extent
permitted under the 1940 Act, which permits an investment company to borrow
in an amount up to 331/3% of the value of its total assets. Each TERM FUND,
however, and the MONEY MARKET FUND currently intends to borrow money 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.
CERTAIN PORTFOLIO SECURITIES
ZERO COUPON SECURITIES -- The TERM FUNDS may invest in zero coupon U.S.
Treasury securities, which are U.S. Treasury Notes and Bonds that have been
stripped of their unmatured interest coupons, the coupons themselves and
receipts of certificates representing interests in such stripped debt obligati
ons and coupons. A zero coupon security pays no interest to its holder and is
sold at a discount to its face value at maturity. The amount of the discount
fluctuates with the market price of the security. The market prices of zero
coupon securities generally are more volatile than the market prices of
securities that pay interest periodically and are likely to respond to a
greater degree to changes in interest rates than non-zero coupon securities
having similar maturities and credit qualities.
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 21
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Page 23
DREYFUS
100% U.S. TREASURY
FUNDS
Prospectus
(LION LOGO)
Copy Rights 1996 Dreyfus Service Corporation
USTFp050196
Registration Mark
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, 1996
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, 1996, 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
Outside the U.S. and Canada -- Call 516-794-5452
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-4
Management Agreements . . . . . . . . . . . . . . . . . . . . . . B-8
Purchase of Shares. . . . . . . . . . . . . . . . . . . . . . . . B-12
Shareholder Services Plan . . . . . . . . . . . . . . . . . . . . B-12
Redemption of Shares. . . . . . . . . . . . . . . . . . . . . . . B-13
Determination of Net Asset Value. . . . . . . . . . . . . . . . . B-15
Shareholder Services. . . . . . . . . . . . . . . . . . . . . . . B-16
Portfolio Transactions. . . . . . . . . . . . . . . . . . . . . . B-18
Dividends, Distributions and Taxes. . . . . . . . . . . . . . . . B-19
Yield and Performance Information . . . . . . . . . . . . . . . . B-19
Information About the Funds . . . . . . . . . . . . . . . . . . . B-21
Transfer and Dividend Disbursing Agent, Custodian,
Counsel and Independent Auditors. . . . . . . . . . . . . . . . B-22
Financial Statements. . . . . . . . . . . . . . . . . . . . . . . B-23, 31,
39 & 47
Reports of Independent Auditors . . . . . . . . . . . . . . . . . B-30, 38,
46 & 54
INVESTMENT OBJECTIVE AND MANAGEMENT POLICIES
The following information supplements and should be read in conjunction
with the sections in the Prospectus entitled "Description of the Funds" and
"Appendix."
Management Policies
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 commit to
purchase such securities only with the intention of actually acquiring the
securities, but the 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.
Investment Restrictions
Each Fund has adopted investment restrictions numbered 1 through 5 as
fundamental policies. In addition, the Money Market Fund only 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 "1940 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 Fund's Board members 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 1940 Act), except to the extent permitted under the 1940 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, which is a fundamental
policy, 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 investments.
The following investment restrictions numbered 9, which is a
fundamental policy, 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 1940 Act
(which currently limits borrowing to no more than 33-1/3% of the value of the
Fund's total assets).
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
Board members 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 Board member who is deemed to be an
"interested person" of the Funds, as defined in the 1940 Act, is indicated
by an asterisk.
Board Members of each Fund
GORDON J. DAVIS, Board Member. Since October 1994, a senior partner with
the law firm of LeBoeuf, Lamb, Greene & MacRae. From 1983 to
September 1994, he was a senior partner with the law firm of Lord Day
& Lord, Barrett Smith. From 1978 to 1983, he was Commissioner of
Parks and Recreation for the City of New York. 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. He is 54 years old and his address is 241 Central Park
West, New York, New York 10024.
*JOSEPH S. DiMARTINO, Chairman of the Board. Since January 1995, Chairman
of the Board of various funds in the Dreyfus Family of Funds. For
more than five years prior thereto, he was President, a director and,
until August 1994, Chief Operating Officer of the Manager and
Executive Vice President and a director of Dreyfus Service
Corporation, a wholly-owned subsidiary of Dreyfus and until August 24,
1994, the Funds' distributor. From August 1994 to December 31, 1994,
he was a director of Mellon Bank Corporation. He also is Chairman of
the Board of Directors of the Noel Group, Inc.; a trustee of Bucknell
University; and a director of the Muscular Dystrophy Association,
HealthPlan Services Corporation, Belding Heminway Company, Inc.,
Curtis Industries Inc. and Staffing Resources, Inc. He is 52 years
old and his address is 200 Park Avenue, New York, New York 10166.
*DAVID P. FELDMAN, Board Member. 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. He is
56 years old and his address is One Oak Way, Berkeley Heights, New
Jersey 07922.
LYNN MARTIN, Board Member. Professor, J.L. Kellogg Graduate School of
Management, Northwestern University. During the Spring Semester of
1993, she was a Visiting Fellow at the Institute of Politics, Kennedy
School of Government, Harvard University. She also is an advisor to
the international accounting firm of Deloitte & Touche, LLP and chair
of its Council for the Advancement of Women. From January 1991
through January 1993, Ms. Martin served as Secretary of the United
States Department of Labor. From 1981 to 1991, she served in the
United States House of Representatives as a congresswoman from the
state of Illinois. She also is a director of Harcourt General, Inc.;
Ameritech; Ryder System, Inc.; The Proctor & Gamble Co.; and TRW, Inc.
She is 56 years old and her address is Deloitte & Touche, LLP, Two
Prudential Plaza, 180 N. Stetson Avenue, Chicago, Illinois, 60601.
EUGENE McCARTHY, Board Member Emeritus. Writer and columnist; former
Senator from Minnesota from 1958-1970. He also is a director of
Harcourt Brace Jovanovich, Inc. He is 80 years old and his address is
271 Hawlin Road, Woodville, Virginia 22749.
DANIEL ROSE, Board Member. 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. He is 66 years old and
his address is 200 Madison Avenue, New York, New York 10016.
SANDER VANOCUR, Board Member. Since May 1995, Mr. Vanocur has been a
Professional in Residence at the Freedom Forum in Arlington, VA. From
January 1994 to May 1995, he has served as Visiting Professional
Scholar at the Freedom Forum First Amendment Center at Vanderbilt
University. Since January 1992, 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. He is 68 years old and his address is 2928 P
Street, N.W., Washington, D.C. 20007.
ANNE WEXLER, Board Member. Chairman of the Wexler Group, consultants
specializing in government relations and public affairs. She is also
a director of Alumax, Comcast Corporation, The New England Electric
System and NOVA Corporation and a member of the board of the Carter
Center of Emory University, the Council of Foreign Relations, the
National Parks 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 66
years old and her address is c/o The Wexler Group, 1317 F Street,
N.W., Suite 600, Washington, D.C. 20004.
REX WILDER, Board Member. Financial Consultant. Mr. Wilder is also a
Board member of 11 other funds in the Dreyfus Family of Funds. He is
75 years old and his address is 290 Riverside Drive, New York, New
York 10025.
For so long as a Fund's Shareholder Services Plan described in the
section captioned "Shareholder Services Plan" remains in effect, the Fund's
Board members who are not "interested persons" of the Fund, as defined in
the 1940 Act, will be selected and nominated by the Board members who are
not "interested persons" of the Fund.
No meetings of shareholders of a Fund will be held for the purpose of
electing Board members unless and until such time as less than a majority
of the Board members holding office have been elected by shareholders, at
which time the Board members then in office will call a shareholders'
meeting for the election of Board members of such Fund. Under the 1940
Act, shareholders of record of not less than two-thirds of the outstanding
shares of the Fund may remove a Board member through a declaration in
writing or by vote cast in person or by proxy at a meeting called for that
purpose. The Board members are required to call a meeting of shareholders
for the purpose of voting upon the question of removal of any such Board
member 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 Board members an annual retainer and a
per meeting fee and reimburses them for their expenses. The Chairman of
the Board receives an additional 25% of such compensation. Emeritus Board
members are entitled to receive an annual retainer and per meeting fee of
one-half the amount paid to them as Board members. For the fiscal year
ended December 31, 1995, the aggregate amount of compensation paid to each
Board member by the Funds and all other funds in the Dreyfus Family of
Funds for which such person is a Board member (the number of which is set
forth in parenthesis next to each Board member's total compensation) were
as follows:
Money Market Fund
Total
Compensation from
Aggregate Fund and Fund
Name of Board Compensation from Complex Paid to
Member Fund* Board Member
Gordon J. Davis $ 7,500 $ 76,575 (26)
Joseph S. DiMartino $ 8,411 $448,618 (93)
David P. Feldman $ 7,500 $113,783 (28)
Lynn Martin $ 7,000 $ 38,500 (12)
Eugene McCarthy+ $ 4,000 $ 41,250 (12)
Daniel Rose $ 7,500 $ 80,250 (22)
Sander Vanocur $ 7,500 $ 79,750 (22)
Anne Wexler $ 7,000 $ 62,201 (17)
Rex Wilder $ 7,500 $ 41,250 (12)
Term Funds
Total
Compensation from
Aggregate Term Funds and
Name of Board Compensation from Fund Complex Paid to
Member each Term Fund* Board Member
Gordon J. Davis $ 4,000 $ 76,575 (26)
Joseph S. DiMartino $ 4,499 $448,618 (93)
David P. Feldman $ 4,000 $113,783 (28)
Lynn Martin $ 3,750 $ 38,500 (12)
Eugene McCarthy+ $ 4,000 $ 41,250 (12)
Daniel Rose $ 4,000 $ 80,250 (22)
Sander Vanocur $ 4,000 $ 79,750 (22)
Anne Wexler $ 3,750 $ 62,201 (17)
Rex Wilder $ 4,000 $ 41,250 (12)
________________________
* Amount does not include reimbursed expenses for attending Board
meetings, which amounted to $776, $605, $575 and $640 for the Money
Market Fund, Short Term Fund, Intermediate Term Fund and Long Term Fund,
respectively, for all Board members as a group.
+ Board Member Emeritus since March 29, 1996.
Officers of the Funds
MARIE E. CONNOLLY, President and Treasurer. President and Chief Executive
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., the ultimate parent of which is Boston
Institutional Group, Inc. Prior to December 1991, she served as Vice
President and Controller, and later as Senior Vice President, of The
Boston Company Advisors, Inc. She is 38 years old.
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. He is 31 years old.
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. He is 31 years old.
ELIZABETH BACHMAN, Vice President and Assistant Secretary. Assistant Vice
President of the Distributor and an officer of other investment
companies advised or administered by the Manager. She is 26 years
old.
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. He is 34 years old.
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. He is 33 years old.
JOHN J. PYBURN, Assistant Treasurer. Assistant Treasurer 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. He is 60 years old.
MARGARET M. PARDO, Assistant Secretary. Legal Assistant with the
Distributor and an officer of other investment companies advised or
administered by the Manager. From June 1992 to April 1995, she was a
Medical Coordination Officer at ORBIS International. Prior to June
1992, she worked as Program Coordinator at Physicians World
Communications Group. She is 27 years old.
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 April 1, 1996.
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 Fund's Board or (ii) vote of a majority (as defined in the 1940 Act) of
such Fund's outstanding voting securities, provided that in either event
the continuance also is approved by a majority of the Board members who are
not "interested persons" (as defined in the 1940 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 approved by the respective Fund's
shareholders on August 3, 1994, and was last approved by the Fund's Board,
including a majority of the Board members who are not "interested persons"
of any party to this Agreement, at a meeting held on November 6, 1995. As
to each Fund, the Agreement is terminable without penalty, on 60 days'
notice, by the Fund's Board 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 1940 Act).
The following persons are officers and/or directors of the Manager:
Howard Stein, Chairman of the Board and Chief Executive Officer; W. Keith
Smith, Vice Chairman of the Board; Christopher M. Condron, President, Chief
Operating Officer and a director; Stephen E. Canter, Vice Chairman, Chief
Investment Officer and a director; Lawrence S. Kash, Vice Chairman--
Distribution and a director; Philip L. Toia, Vice Chairman--Operations and
Administration and a director; William T. Sandalls, Jr., Senior Vice
President and Chief Financial Officer; Barbara E. Casey, Vice President--
Dreyfus Retirement Services; Diane M. Coffey, Vice President--Corporate
Communications; Elie M. Genadry, Vice President--Institutional Sales;
William F. Glavin, Jr., Vice President--Corporate Development; Mark N.
Jacobs, Vice President, General Counsel and Secretary; Mary Beth Leibig,
Vice President--Human Resources; Jeffrey N. Nachman, Vice President--Mutual
Fund Accounting; Andrew S. Wasser, Vice President--Information Systems;
Maurice Bendrihem, Controller; Elvira Oslapas, Assistant Secretary; and
Mandell L. Berman, Frank V. Cahouet, Alvin E. Friedman, Lawrence M. Greene
and Julian M. Smerling, 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. The Manager is responsible for investment decisions, and
provides each Fund with portfolio managers who are authorized by the Fund's
Board 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 Bernard W. Kiernan, Garitt Kono and
Patricia A. Larkin. 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 Board
members' review at the meeting subsequent to such transactions.
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.
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 Board members 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.
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 fiscal years
ended December 31, 1993, 1994 and 1995 were as follows:
Money Market Fund
1993 1994 1995
Management $ 12,120,931 $ 8,214,107 $ 6,796,056
fee payable
Reduction due $ 491,694 $ 0 $ 0
to undertakings
Net management $ 11,629,237 $ 8,214,107 $ 6,796,056
fee paid
Short Term Fund
1993 1994 1995
Management $1,083,143 $ 1,107,463 $ 1,080,895
fee payable
Reduction due $1,083,143 $ 1,086,277 $ 518,325
to undertakings
Net management $ 0 $ 21,186 $ 562,570
fee paid
Intermediate Term Fund
1993 1994 1995
Management $1,532,029 $ 1,303,036 $ 1,107,741
fee payable
Reduction due $ 338,749 $ 0 $ 38,036
to undertakings
Net management $1,193,280 $ 1,303,036 $ 1,069,705
fee paid
Long Term Fund
1993 1994 1995
Management $1,386,690 $ 943,453 $ 802,498
fee payable
Reduction due $ 215,417 $ 0 $ 68,081
to undertakings
Net management $1,171,273 $ 943,453 $ 734,417
fee paid
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.
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 on
a best efforts basis 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 at any time. Purchase orders received by 4:00 P.M., New York
time, on any business day that Dreyfus Transfer, Inc., the Fund's transfer
and dividend disbursing agent (the "Transfer Agent"), and the New York
Stock Exchange are open for business will be credited to the shareholder's
Fund account on the next bank business day following such purchase order.
Purchase orders made after 4:00 P.M., New York time, on any business day
the Transfer Agent and the New York Stock Exchange are open for business,
or orders made on Saturday, Sunday or any Fund holiday (e.g., when the New
York Stock Exchange is not open for business), will be credited to the
shareholder's Fund account on the second bank business day following such
purchase order. To qualify to use the Teletransfer Privilege, the initial
payment for purchase of the 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--TeleTransfer Privilege."
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 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 Board for its review. In addition, the Plan provides that
material amendments of the Plan must be approved by the relevant Fund's
Board, and by the Board members who are not "interested persons" (as
defined in the 1940 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 Board members
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 Board
members 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, 1995, the fees payable pursuant
to the Plan by the Money Market Fund, Short Term Fund, Intermediate Term
Fund and Long Term Fund amounted to $1,176,947, $291,653, $153,913 and
$154,788, respectively.
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, Shareholder Services Form or by later written request that the
Fund provide Redemption Checks ("Checks") drawn on the investor's Fund
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 ($1,000
minimum) 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, or to a correspondent bank if the investor's
bank is not a member of the Federal Reserve Board. 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 Fund's Board reserves 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 Board has 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 Board members, 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 Board members.
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 Board. If
such deviation exceeds 1/2 of 1%, the Board members will consider promptly
what action, if any, will be initiated. In the event the Board determines
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. 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.
The rapid increase in interest rates during the fiscal year caused
unusually high market volatility in fixed income securities. Due to this
market volatility, the Manager sought to sell certain portfolio securities
and then repurchase similar securities at a lower price. This practice
caused a significant increase in the Term Funds' portfolio turnover rates.
The portfolio turnover rate for the fiscal years ended December 31, 1994
and 1995 were as follows: for the Short Term Fund, 499.11% and 480.44%,
respectively; for the Intermediate Term Fund, 696.65% and 492.76%,
respectively; and for the Long Term Fund, 1,213.04% and 634.38%,
respectively. Portfolio turnover may vary from year to year, as well as
within a year.
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, 1995 as a "regulated investment company"
under the Internal Revenue Code of 1986, as amended (the "Code"). Each
Fund intends to continue to so qualify if such qualification is in the best
interests of its 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 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, 1995,
the Money Market Fund's yield was 4.84% and effective yield was 4.96%. 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 dividends 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 Short Term Fund's, Intermediate Term Fund's and Long
Term Fund's current yield for the 30-day period ended December 31, 1995 was
4.83%, 4.79% and 5.04%, respectively. The Short Term Fund's, Intermediate
Term Fund's and Long Term Fund's 30-day yield net of absorbed expenses for
that period was 4.63%, 4.75% and 4.91%, respectively. 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 dividends, 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 dividend 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 Short Term Fund's average annual total return for 1, 5 and 8.310
year periods ended December 31, 1995 was 11.38%, 7.48% and 8.51%,
respectively. The Short Term Fund's average annual total return for the 1
and 4.252 year periods 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, 1995 was 11.38% and
6.88%, respectively. The Intermediate Term Fund's average annual total
return for the 1, 5 and 8.767 year periods ended December 31, 1995 was
15.77%, 8.79% and 8.24%, respectively. The Long Term Fund's average annual
total return for the 1, 5 and 8.767 year periods ended December 31, 1995
was 24.90%, 10.94% and 9.20%, 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 dividends and 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 Short Term Fund's total return for the period September 10, 1987
(commencement of operations) through December 31, 1995 and the period
October 1, 1991 through December 31, 1995, was 97.23% and 32.69%,
respectively. The Intermediate Term Fund's total return for the period
March 27, 1987 (commencement of operations) through December 31, 1995 was
100.19%. The Long Term Fund's total return for the period March 27, 1987
(commencement of operations) through December 31, 1995 was 116.28%. 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 dividends and distributions during the period), and
dividing the result by the net asset value per share at the beginning of
the period.
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."
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. 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.
Advertising material for the Fund also may include biographical information
relating to its portfolio managers and may refer to, or include commentary
by, a portfolio manager relating to investment strategy, asset growth,
current or past business, political, economic or financial conditions and
other matters of general interest to investors.
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 semi-annual financial statements to all its
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.
TRANSFER AND DIVIDEND DISBURSING AGENT, CUSTODIAN,
COUNSEL AND INDEPENDENT AUDITORS
Dreyfus Transfer, Inc., a wholly-owned subsidiary of the Manager, P.O.
Box 9671, Providence, Rhode Island 02940-9671, is each Fund's transfer and
dividend disbursing agent. Under a transfer agency agreement with each
Fund, the Transfer Agent arranges for the maintenance of shareholder
account records for each Fund, the handling of certain communications
between shareholders and each Fund and the payment of dividends and
distributions payable by each Fund. For these services, the Transfer Agent
receives a monthly fee computed on the basis of the number of shareholder
accounts it maintains for the Fund during the month, and is reimbursed for
certain out-of-pocket expenses. The Bank of New York, 90 Washington
Street, New York, New York 10286, is the Money Market Fund's custodian.
Mellon Bank, N.A., the Manager's parent, One Mellon Bank Center,
Pittsburgh, Pennsylvania 15258, acts as custodian of the Term Fund's
investments. Under a custody agreement with each Term Fund, Mellon Bank,
N.A. holds each Term Fund's securities and keeps all necessary accounts and
records. For its custody services, Mellon Bank, N.A. receives a monthly
fee based on the market value of each Term Fund's assets held in custody
and receives certain securities transactions charges. The Bank of New
York, Mellon Bank, N.A. and Dreyfus Transfer, Inc. have no 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 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.
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1995
ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
U.S. TREASURY BILLS-54.6% PURCHASE AMOUNT VALUE
______ ________ ________
<S> <C> <C> <C>
1/4/96................................................... 5.40% $16,941,000 $ 16,933,480
1/11/96.................................................. 5.35 14,129,000 14,108,238
1/18/96.................................................. 5.35 83,734,000 83,525,187
1/25/96.................................................. 5.46 63,868,000 63,639,793
2/1/96................................................... 5.42 53,831,000 53,582,865
2/8/96................................................... 5.58 209,294,000 208,089,171
2/15/96.................................................. 5.62 4,190,000 4,161,377
2/22/96.................................................. 5.42 11,291,000 11,203,746
3/7/96................................................... 5.13 61,173,000 60,603,573
3/14/96.................................................. 5.25 23,644,000 23,395,725
4/11/96.................................................. 5.48 45,143,000 44,468,232
4/18/96.................................................. 5.45 25,000,000 24,602,500
6/13/96.................................................. 5.34 50,000,000 48,815,555
6/20/96.................................................. 5.23 26,807,000 26,157,944
7/25/96.................................................. 5.82 34,000,000 32,927,341
_______-
TOTAL U.S. TREASURY BILLS (cost $716,214,727)................ $ 716,214,727
========
U.S. TREASURY NOTES-43.3%
9.25%, 1/16/96........................................... 5.57% $ 55,000,000 $55,075,195
4%, 1/31/96.............................................. 5.51 50,000,000 49,933,174
7.5%, 1/31/96............................................ 5.54 25,000,000 25,034,751
4.625%, 2/15/96.......................................... 5.48 50,000,000 49,937,855
8.875%, 2/15/96.......................................... 5.63 50,000,000 50,185,335
4.625%, 2/29/96.......................................... 5.48 130,000,000 129,807,767
5.5%, 4/30/96............................................ 5.36 15,000,000 14,995,586
7.625%, 4/30/96.......................................... 5.26 25,000,000 25,164,696
5.875%, 5/31/96.......................................... 5.25 75,000,000 75,157,412
6.5%, 9/30/96............................................ 5.11 25,000,000 25,218,479
6.875%, 10/31/96......................................... 5.25 65,700,000 66,497,301
________
TOTAL U.S. TREASURY NOTES (cost $567,007,551)................ $ 567,007,551
========
TOTAL INVESTMENTS (cost $1,283,222,278).......... 97.9% $1,283,222,278
==== ========
CASH AND RECEIVABLES (NET)....................... 2.1% $ 27,468,661
==== ========
NET ASSETS....................................... 100.0% $1,310,690,939
==== ========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1995
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $1,283,222,278
Cash.................................................................... 17,689,625
Interest receivable..................................................... 10,581,449
Prepaid expenses and other assets....................................... 130,790
________
1,311,624,142
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $678,758
Accrued expenses........................................................ 254,445 933,203
_____ ________
NET ASSETS ................................................................ $1,310,690,939
========
REPRESENTED BY:
Paid-in capital......................................................... $1,310,361,119
Accumulated undistributed investment income-net......................... 342,679
Accumulated net realized (loss) on investments.......................... (12,859)
________
NET ASSETS at value applicable to 1,310,072,403 shares outstanding
(unlimited number of $.001 par value shares of Beneficial Interest authorized) $1,310,690,939
========
NET ASSETS VALUE, offering and redemption price per share
($1,310,690,939 / 1,310,072,403 shares)................................. $1.00
========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1995
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $78,633,310
EXPENSES:
Management fee-Note 2(a).............................................. $6,796,056
Shareholder servicing costs-Note 2(b)................................. 2,198,946
Prospectus and shareholders' reports.................................. 143,039
Custodian fees........................................................ 99,374
Trustees' fees and expenses-Note 2(c)................................. 66,008
Professional fees..................................................... 58,385
Registration fees..................................................... 46,860
Miscellaneous......................................................... 23,897
_____
TOTAL EXPENSES.................................................... 9,432,565
______
INVESTMENT INCOME-NET....................................................... 69,200,745
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b)................................ (2,775)
______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $69,197,970
========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31,
____________________________________
1994 1995
_________ _________
<S> <C> <C>
OPERATIONS:
Investment income-net................................................ $ 53,982,329 $ 69,200,745
Net realized (loss) on investments................................... (10,084) (2,775)
________ ________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............... 53,972,245 69,197,970
________ ________
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net................................................ (53,798,049) (69,042,346)
________ ________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................ 1,651,231,223 2,069,487,084
Dividends reinvested................................................. 51,035,988 65,120,351
Cost of shares redeemed.............................................. (2,169,632,380) (2,274,810,637)
________ ________
(DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS..... (467,365,169) (140,203,202)
________ ________
TOTAL (DECREASE) IN NET ASSETS................................. (467,190,973) (140,047,578)
NET ASSETS:
Beginning of year.................................................... 1,917,929,490 1,450,738,517
________ ________
End of year (including undistributed investment income-net:
$184,280 in 1994 and $342,679 in 1995)............................. $ 1,450,738,517 $ 1,310,690,939
======== ========
See notes to financial statements.
</TABLE>
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
Reference is made to page 5 of the Fund's Prospectus dated May 1, 1996.
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. Premier Mutual Fund
Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares, which are sold to the public without a sales charge. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc., the parent company of which is Boston Institutional Group,
Inc. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank N.A.
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, if any, are normally declared and
paid annually, but the Fund may make distributions on a more frequent basis
to comply with the distribution requirements of the Internal Revenue Code. To
the extent that the net realized capital gain can be offset by capital loss
carryovers, if any, it is the policy of the Fund not to distribute such gain.
On January 2, 1996, the Fund declared a cash dividend of approximately
$.0003 per share from undistributed investment income-net which includes
investment income-net for Saturday, December 30, 1995 and Sunday, December
31, 1995.
(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, 1995, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
The Fund has an unused capital loss carryover of approximately $12,900
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to December 31, 1995. If not
applied, the carryover expires in fiscal 2003.
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 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. There was no expense reimbursement for the year ended
December 31, 1995.
Effective December 1, 1995, the Fund compensates Dreyfus Transfer, Inc.,
a wholly-owned subsidiary of the Manager, under a transfer agency agreement
for providing personnel and facilities to perform transfer agency services
for the Fund. Such compensation amounted to $53,508 for the period from
December 1, 1995 through December 31, 1995.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for certain allocated expenses of providing personal
services and/or maintaining shareholder accounts. The services provided may
include personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
During the year ended December 31, 1995, the Fund was charged an aggregate of
$1,176,947 pursuant to the Shareholder Services Plan.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $4,500 and an attendance fee of $500
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
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, 1995, 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, 1995 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 Money Market Fund at December 31,
1995, 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 and Young LLP signature logo]
New York, New York
January 31, 1996
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1995
PRINCIPAL
BONDS AND NOTES-91.2% AMOUNT VALUE
_______ _______
<S> <C> <C>
U.S. TREASURY BONDS-12.8%
11 3/4%, 2/15/2001...................................................... $13,000,000 $16,690,778
15 3/4%, 11/15/2001..................................................... 5,000,000 7,564,845
__________
24,255,623
__________
U.S. TREASURY NOTES-75.8%
9 1/4%, 1/15/1996....................................................... 1,000,000 1,001,563
7 7/8%, 2/15/1996....................................................... 14,500,000 14,545,312
7 3/8%, 5/15/1996....................................................... 9,500,000 9,573,473
6 5/8%, 3/31/1997....................................................... 10,000,000 10,170,310
8 1/2%, 4/15/1997....................................................... 9,700,000 10,094,063
7 3/8%, 11/15/1997...................................................... 6,000,000 6,227,814
5 3/8%, 11/30/1997...................................................... 10,000,000 10,034,380
5 3/8%, 5/31/1998....................................................... 6,000,000 6,020,628
5 1/4%, 7/31/1998....................................................... 10,250,000 10,254,807
9 1/4%, 8/15/1998....................................................... 15,500,000 17,003,981
7 7/8%, 11/15/1999...................................................... 14,500,000 15,768,750
7 3/4%, 11/30/1999...................................................... 5,000,000 5,420,315
7 3/4%, 12/31/1999...................................................... 20,000,000 21,712,500
6 1/8%, 7/31/2000....................................................... 5,000,000 5,151,565
__________
142,979,461
__________
U.S. TREASURY PRINCIPAL STRIPS-2.6%
Zero Coupon, 2/15/1996.................................................. 5,000,000 4,969,490
__________
TOTAL BONDS AND NOTES
(cost $171,076,771)..................................................... $172,204,574
============
SHORT-TERM INVESTMENTS-6.8%
U.S. TREASURY BILLS:
5.27%, 1/25/1996........................................................ $12,303,000 $12,263,384
4.76%, 2/8/1996......................................................... 360,000 358,110
5.28%, 5/2/1996......................................................... 158,000 155,297
__________
TOTAL SHORT-TERM INVESTMENTS
(cost $12,773,118)...................................................... $ 12,776,791
============
TOTAL INVESTMENTS
(cost $183,849,889)..................................................... 98.0% $184,981,365
====== ============
CASH AND RECEIVABLES (NET).................................................. 2.0% $ 3,744,729
====== ============
NET ASSETS ........................................................... 100.0% $188,726,094
====== ============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1995
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $183,849,889)-see statement..................................... $184,981,365
Cash.................................................................... 389,785
Interest receivable..................................................... 3,575,012
Receivable for shares of Beneficial Interest subscribed................. 303,538
_____________
189,249,700
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $ 64,654
Payable for shares of Beneficial Interest redeemed...................... 389,596
Accrued expenses........................................................ 69,356 523,606
______ ____________
NET ASSETS ................................................................ $188,726,094
============
REPRESENTED BY:
Paid-in capital......................................................... $200,397,348
Accumulated undistributed investment income-net......................... 66,144
Accumulated net realized (loss) on investments.......................... (12,868,874)
Accumulated net unrealized appreciation on investments-Note 3........... 1,131,476
_____________
NET ASSETS at value applicable to 12,466,824 shares outstanding
(unlimited number of $.001 par value shares of Beneficial
Interest authorized).................................................... $188,726,094
============
NET ASSET VALUE, offering and redemption price per share
($188,726,094 / 12,466,824 shares)...................................... $15.14
=======
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1995
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $13,597,366
EXPENSES:
Management fee-Note 2(a).............................................. $1,080,895
Shareholder servicing costs-Note 2(b)................................. 466,063
Registration fees..................................................... 43,261
Trustees' fees and expenses-Note 2(c)................................. 37,265
Professional fees..................................................... 33,619
Custodian fees........................................................ 24,039
Miscellaneous......................................................... 6,187
___________
TOTAL EXPENSES.................................................... 1,691,329
Less-reduction in management fee
due to undertakings-Note 2(a)..................................... 518,325
___________
NET EXPENSES...................................................... 1,173,004
____________
INVESTMENT INCOME-NET............................................. 12,424,362
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments-Note 3................................. $ 756,726
Net unrealized appreciation on investments.............................. 5,998,054
___________
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................... 6,754,780
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $19,179,142
============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31,
________________________________________
1994 1995
________________ _____________
<S> <C> <C>
OPERATIONS:
Investment income-net.................................................. $ 14,051,019 $12,424,362
Net realized gain (loss) on investments................................ (13,625,600) 756,726
Net unrealized appreciation (depreciation) on investments
for the year......................................................... (1,006,227) 5,998,054
________________ _____________
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...... (580,808) 19,179,142
________________ _____________
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net.................................................. (14,017,805) (12,391,432)
________________ _____________
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold.......................................... 138,150,896 82,806,129
Dividends reinvested................................................... 10,359,891 8,752,599
Cost of shares redeemed................................................ (149,655,822) (82,176,313)
________________ _____________
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL
INTEREST TRANSACTIONS............................................ (1,145,035) 9,382,415
________________ _____________
TOTAL INCREASE (DECREASE) IN NET ASSETS.......................... (15,743,648) 16,170,125
NET ASSETS:
Beginning of year...................................................... 188,299,617 172,555,969
________________ _____________
End of year (including undistributed investment income-net:
$33,214 in 1994 and $66,144 in 1995)................................. $ 172,555,969 $ 188,726,094
============== =============
SHARES SHARES
________________ _____________
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................ 9,091,012 5,545,332
Shares issued for dividends reinvested................................. 686,796 586,742
Shares redeemed........................................................ (9,881,489) (5,520,766)
________________ _____________
NET INCREASE (DECREASE) IN SHARES OUTSTANDING........................ (103,681) 611,308
============== =============
See notes to financial statements.
</TABLE>
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
FINANCIAL HIGHLIGHTS
Reference is made to page 5 of the Fund's Prospectus dated May 1, 1996.
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. Premier Mutual Fund
Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares, which are sold to the public without a sales charge. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc., the parent company of which is Boston Institutional Group,
Inc. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
(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.
(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
$12,869,000 available for Federal income tax purposes to be applied against
future net securities profits, if any, realized subsequent to December 31,
1995. If not applied, $10,865,000 of the carryover expires in fiscal 2002 and
$2,004,000 of the carryover expires in fiscal 2003.
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. 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 21\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. However, the
Manager
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
had undertaken from January 1, 1995 through July 9, 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 Manager has currently undertaken from July 10, 1995
through December 31, 1996 to reduce the management fee paid by the Fund, to
the extent that the Fund's aggregate expenses (exclusive of certain expenses
as described above) exceed an annual rate of .70 of 1% of the average daily
value of the Fund's net assets. The reduction in the management fee pursuant
to the undertakings, amounted to $518,325 for the year ended December 31,
1995.
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.
Effective December 1, 1995, the Fund compensates Dreyfus Transfer, Inc.,
a wholly-owned subsidiary of the Manager, under a transfer agency agreement
for providing personnel and facilities to perform transfer agency services
for the Fund. Such compensation amounted to $9,736 for the period from
December 1, 1995 through December 31, 1995.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for certain allocated expenses of providing personal
services and/or maintaining shareholder accounts. The services provided may
include personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
During the year ended December 31, 1995, the Fund was charged an aggregate of
$291,653 pursuant to the Shareholder Services Plan.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $250
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the year ended December 31, 1995,
amounted to $683,641,238 and $672,625,158, respectively.
At December 31, 1995, accumulated net unrealized appreciation on
investments was $1,131,476, consisting of $1,260,392 gross unrealized
appreciation and $128,916 gross unrealized depreciation.
At December 31, 1995, 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).
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, 1995, 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, 1995 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 Short Term Fund at December 31, 1995,
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 signature logo]
New York, New York
January 31, 1996
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1995
PRINCIPAL
BONDS AND NOTES-90.3% AMOUNT VALUE
_______ _______
<S> <C> <C>
U.S. TREASURY BONDS-14.3%
15 3/4%, 11/15/2001..................................................... $5,000,000 $7,564,845
12 1/2%, 8/15/2014...................................................... 12,800,000 20,684,006
____________
28,248,851
____________
U.S. TREASURY NOTES-76.0%
9 1/4%, 1/15/1996....................................................... 2,000,000 2,003,126
9 1/8%, 5/15/1999....................................................... 35,600,000 39,738,500
7 3/4%, 11/30/1999...................................................... 29,500,000 31,979,859
7 3/4%, 12/31/1999...................................................... 69,900,000 75,885,187
____________
149,606,672
____________
TOTAL BONDS AND NOTES
(cost $175,460,492)...................................................... $177,855,523
=============
SHORT-TERM INVESTMENTS-7.5%
U.S. TREASURY BILLS:
5.26%, 1/25/1996........................................................ $11,646,000 $11,608,500
4.81%, 2/8/1996......................................................... 1,513,000 1,505,057
5%, 3/7/1996............................................................ 76,000 75,301
5.22%, 5/9/1996......................................................... 1,001,000 982,912
5.13%, 6/13/1996........................................................ 712,000 695,759
____________
TOTAL SHORT-TERM INVESTMENTS
(cost $14,863,429)....................................................... $14,867,529
=============
TOTAL INVESTMENTS
(cost $190,323,921)...................................................... 97.8% $192,723,052
======= =============
CASH AND RECEIVABLES (NET).................................................. 2.2% $4,247,044
======= =============
NET ASSETS ........................................................... 100.0% $196,970,096
======= =============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1995
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $190,323,921)-see statement..................................... $192,723,052
Cash.................................................................... 380,241
Interest receivable..................................................... 4,134,340
Receivable for shares of Beneficial Interest subscribed................. 206,078
Prepaid expenses........................................................ 3,176
____________
197,446,887
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $80,211
Payable for shares of Beneficial Interest redeemed...................... 332,749
Accrued expenses........................................................ 63,831 476,791
_______ __________
NET ASSETS ................................................................ $196,970,096
=============
REPRESENTED BY:
Paid-in capital......................................................... $209,031,225
Accumulated undistributed investment income-net......................... 69,718
Accumulated net realized (loss) on investments.......................... (14,529,978)
Accumulated net unrealized appreciation on investments-Note 3........... 2,399,131
____________
NET ASSETS at value applicable to 14,999,098 shares outstanding
(unlimited number of $.001 par value shares of Beneficial Interest authorized) $196,970,096
=============
NET ASSET VALUE, offering and redemption price per share
($196,970,096 / 14,999,098 shares)...................................... $13.13
=======
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1995
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $14,516,028
EXPENSES:
Management fee-Note 2(a).............................................. $1,107,741
Shareholder servicing costs-Note 2(b)................................. 346,648
Professional fees..................................................... 37,692
Trustees' fees and expenses-Note 2(c)................................. 37,641
Registration fees..................................................... 30,570
Custodian fees........................................................ 23,717
Miscellaneous......................................................... 3,648
___________
TOTAL EXPENSES.................................................... 1,587,657
Less-reduction in management fee due to undertaking-Note 2(a)......... 38,036
___________
NET EXPENSES...................................................... 1,549,621
___________
INVESTMENT INCOME-NET............................................. 12,966,407
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments-Note 3................................. $8,404,823
Net unrealized appreciation on investments.............................. 5,541,860
___________
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................... 13,946,683
____________-
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $26,913,090
=============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31,
_______________________________________
1994 1995
________________ ____________
<S> <C> <C>
OPERATIONS:
Investment income-net.................................................. $ 15,526,113 $12,966,407
Net realized gain (loss) on investments................................ (22,934,801) 8,404,823
Net unrealized appreciation (depreciation) on investments for the year. (1,818,187) 5,541,860
________________ ____________
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...... (9,226,875) 26,913,090
________________ ____________
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net.................................................. (15,489,081) (12,933,721)
________________ ____________
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold.......................................... 78,885,329 47,025,259
Dividends reinvested................................................... 10,958,399 8,800,668
Cost of shares redeemed................................................ (134,144,305) (58,096,444)
________________ ____________
(DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS....... (44,300,577) (2,270,517)
________________ ____________
TOTAL INCREASE (DECREASE) IN NET ASSETS.......................... (69,016,533) 11,708,852
NET ASSETS:
Beginning of year...................................................... 254,277,777 185,261,244
________________ ____________
End of year (including undistributed investment
income-net: $37,032 in 1994 and $69,718 in 1995)..................... $ 185,261,244 $ 196,970,096
============== ==============
SHARES SHARES
________________ ____________
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................ 6,189,726 3,690,380
Shares issued for dividends reinvested................................. 859,540 689,567
Shares redeemed........................................................ (10,516,990) (4,614,513)
________________ ____________
NET (DECREASE) IN SHARES OUTSTANDING................................. (3,467,724) (234,566)
============== ==============
See notes to financial statements.
</TABLE>
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
FINANCIAL HIGHLIGHTS
Reference is made to page 6 of the Fund's Prospectus dated May 1, 1996.
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. Premier Mutual Fund
Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares, which are sold to the public without a sales charge. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc., the parent company of which is Boston Institutional Group,
Inc. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
(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.
(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
$14,530,000 available for Federal income tax purposes to be applied against
future net securities profits, if any, realized subsequent to December 31,
1995. If not applied, the carryover expires in fiscal 2002.
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 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. The
Manager has currently undertaken from September 1, 1995 through June 30, 1996
to reduce the Management
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
fee paid by, or reimburse such excess expenses of the Fund, to the extent
that the Fund's aggregate expenses (exclusive of certain expenses as
described above) exceed an annual rate of .80 of 1% of the average daily
value of the Fund's net assets. The reduction in management fee, pursuant to
the undertaking, amounted to $38,036 for the year ended December 31, 1995.
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.
Effective December 1, 1995, the Fund compensates Dreyfus Transfer, Inc.,
a wholly-owned subsidiary of the Manager, under a transfer agency agreement
for providing personnel and facilities to perform transfer agency services
for the Fund. Such compensation amounted to $9,849 for the period from
December 1, 1995 through December 31, 1995.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for certain allocated expenses of providing personal
services and/or maintaining shareholder accounts. The services provided may
include personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
During the year ended December 31, 1995, the Fund was charged an aggregate of
$153,913 pursuant to the Shareholder Services Plan.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $250
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the year ended December 31, 1995,
amounted to $858,330,253 and $872,211,685, respectively.
At December 31, 1995, accumulated net unrealized appreciation on
investments was $2,399,131, consisting of $2,413,609 gross unrealized
appreciation and $14,478 gross unrealized depreciation.
At December 31, 1995, 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).
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, 1995, 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, 1995 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,
1995, 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 signature logo]
New York, New York
February 5, 1996
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1995
PRINCIPAL
BONDS AND NOTES-94.6% AMOUNT VALUE
_______ _______
<S> <C> <C>
U.S. TREASURY BONDS-62.9%
10 3/4%, 5/15/2003...................................................... $ 10,000,000 $ 13,120,310
11 1/8%, 8/15/2003...................................................... 10,000,000 13,424,220
11 5/8%, 11/15/2004..................................................... 1,500,000 2,123,907
12 3/4%, 11/15/2010..................................................... 5,000,000 7,624,220
12 1/2%, 8/15/2014...................................................... 15,750,000 25,451,023
10 5/8%, 8/15/2015...................................................... 6,400,000 9,800,998
9 1/4%, 2/15/2016....................................................... 8,000,000 10,998,752
6 7/8%, 8/15/2025....................................................... 8,500,000 9,587,737
_______
92,131,167
_______
U.S. TREASURY NOTES-29.8%
9 1/8%, 5/15/1999....................................................... 5,000,000 5,581,250
7 3/4%, 11/30/1999...................................................... 1,050,000 1,138,266
7 3/4%, 12/31/1999...................................................... 15,000,000 16,284,375
8 7/8%, 5/15/2000....................................................... 13,700,000 15,558,063
5 3/4%, 10/31/2000...................................................... 5,000,000 5,075,780
_______
43,637,734
_______
U.S. TREASURY COUPON STRIPS-1.9%
Zero Coupon, 2/15/2017.................................................. 10,000,000 2,700,950
_______
TOTAL BONDS AND NOTES
(cost $134,931,498)..................................................... $138,469,851
=======
SHORT-TERM INVESTMENTS-3.0%
U.S. TREASURY BILLS:
4.70%, 2/8/1996......................................................... $ 439,000 $ 436,695
4.91%, 5/23/1996........................................................ 3,920,000 3,841,914
5.13%, 6/13/1996........................................................ 174,000 170,031
_______
TOTAL SHORT-TERM INVESTMENTS
(cost $4,450,301)....................................................... $ 4,448,640
========
TOTAL INVESTMENTS
(cost $139,381,799)..................................................... 97.6% $142,918,491
=== ========
CASH AND RECEIVABLES (NET).................................................. 2.4% $3,526,793
=== ========
NET ASSETS.................................................................. 100.0% $146,445,284
=== ========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1995
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $139,381,799)-see statement..................................... $142,918,491
Cash.................................................................... 621,116
Interest receivable..................................................... 3,020,998
Receivable for shares of Beneficial Interest subscribed................. 27,388
Prepaid expenses........................................................ 8,990
_______
146,596,983
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $51,544
Payable for shares of Beneficial Interest redeemed...................... 35,880
Accrued expenses........................................................ 64,275 151,699
_____ _____
NET ASSETS.................................................................. $146,445,284
========
REPRESENTED BY:
Paid-in capital......................................................... $154,648,915
Accumulated undistributed investment income-net......................... 51,396
Accumulated net realized (loss) on investments.......................... (11,791,719)
Accumulated net unrealized appreciation on investments-Note 3........... 3,536,692
_______
NET ASSETS at value applicable to 9,444,332 shares outstanding
(unlimited number of $.001 par value shares
of Beneficial Interest authorized)...................................... $146,445,284
========
NET ASSET VALUE, offering and redemption price per share
($146,445,284 / 9,444,332 shares)....................................... $15.51
========
See notes to financial statements.
</TABLE>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1995
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $10,107,829
EXPENSES:
Management fee-Note 2(a).............................................. $ 802,498
Shareholder servicing costs-Note 2(b)................................. 292,445
Registration fees..................................................... 39,683
Trustees' fees and expenses-Note 2(c)................................. 37,214
Professional fees..................................................... 34,914
Custodian fees........................................................ 19,622
Miscellaneous......................................................... 4,853
______
TOTAL EXPENSES.................................................... 1,231,229
Less-reduction in management fee due to undertaking-Note 2(a)......... 68,081
______
NET EXPENSES...................................................... 1,163,148
______
INVESTMENT INCOME-NET............................................. 8,944,681
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments-Note 3................................. $13,759,643
Net unrealized appreciation on investments.............................. 6,993,468
______
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................... 20,753,111
______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $29,697,792
========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31,
______________________________________
1994 1995
________ ________
<S> <C> <C>
OPERATIONS:
Investment income-net................................................ $ 11,129,616 $ 8,944,681
Net realized gain (loss) on investments.............................. (25,551,362) 13,759,643
Net unrealized appreciation (depreciation) on investments for the year (2,076,853) 6,993,468
_______ _______
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.... (16,498,599) 29,697,792
_______ _______
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net................................................ (11,102,928) (8,919,973)
_______ _______
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold........................................ 58,191,635 49,291,316
Dividends reinvested................................................. 7,256,324 5,584,615
Cost of shares redeemed.............................................. .(129,600,253) (52,611,558)
_______ _______
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS............................... (64,152,294) 2,264,373
_______ _______
TOTAL INCREASE (DECREASE) IN NET ASSETS........................ (91,753,821) 23,042,192
NET ASSETS:
Beginning of year.................................................... 215,156,913 123,403,092
_______ _______
End of year (including undistributed investment income-net:
$26,688 in 1994 and $51,396 in 1995)............................... $ 123,403,092 $146,445,284
======= =======
SHARES SHARES
_______ _______
CAPITAL SHARE TRANSACTIONS:
Shares sold.......................................................... 4,079,099 3,428,990
Shares issued for dividends reinvested............................... 510,169 386,344
Shares redeemed...................................................... (9,008,124) (3,677,742)
_______ _______
NET INCREASE (DECREASE) IN SHARES OUTSTANDING...................... (4,418,856) 137,592
======= =======
See notes to financial statements.
</TABLE>
DREYFUS 100% U.S. TREASURY LONG TERM FUND
FINANCIAL HIGHLIGHTS
Reference is made to page 6 of the Fund's Prospectus dated May 1, 1996.
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. Premier Mutual Fund
Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares which are sold to the public without a sales charge. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc., the parent company of which is Boston Institutional Group,
Inc. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
(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, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately
$11,792,000 available for Federal income tax purposes to be applied against
future net securities profits, if any, realized subsequent to December 31,
1995. If not applied, the carryover expires in fiscal 2002.
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 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. The
Manager has undertaken from September 1, 1995 through June 30, 1996 to reduce
the management fee paid by,
DREYFUS 100% U.S. TREASURY LONG TERM FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
or reimburse such excess expenses of the Fund, to the extent that the Fund's
aggregate expenses (exclusive of certain expenses as described above) exceed
an annual rate of .80 of 1% of the average daily value of the Fund's net
assets. The reduction in management fee, pursuant to the undertaking,
amounted to $68,081 for the year ended December 31, 1995.
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.
Effective December 1, 1995, the Fund compensates Dreyfus Transfer, Inc.,
a wholly-owned subsidiary of the Manager, under a transfer agency agreement
for providing personnel and facilities to perform transfer agency services
for the Fund. Such compensation amounted to $7,323 for the period from
December 1, 1995 through December 31, 1995.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for certain allocated expenses of providing personal
services and/or maintaining shareholder accounts. The services provided may
include personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
During the year ended December 31, 1995, the Fund was charged an aggregate of
$154,788 pursuant to the Shareholder Services Plan.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $250
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 3-SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the year ended December 31, 1995,
amounted to $827,153,842 and $812,985,939 respectively.
At December 31, 1995, accumulated net unrealized appreciation on
investments was $3,536,692, consisting of $3,538,450 gross unrealized
appreciation and $1,758 gross unrealized depreciation.
At December 31, 1995, 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).
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, 1995, 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, 1995 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, 1995,
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 and Young LLP signature logo]
New York, New York
February 5, 1996
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 eight years in the period ended December 31,
1995.
Included in Part B of the Registration Statement:
Statement of Investments--December 31, 1995
Statement of Assets and Liabilities--December 31, 1995
Statement of Operations--year ended December 31, 1995
Statement of Changes in Net Assets--for each of the
years ended December 31, 1994 and 1995
Notes to Financial Statements
Report of Ernst & Young LLP, Independent Auditors, dated
February 5, 1996
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 is incorporated by reference to Exhibit (5)
of Post-Effective Amendment No. 13 to the Registration Statement
on Form N-1A, filed on February 28, 1995.
(6) Distribution Agreement is incorporated by reference to Exhibit (6)
of Post-Effective Amendment No. 13 to the Registration Statement
on Form N-1A, filed on February 28, 1995.
(8) Custody Agreement.
(9) Shareholder Services Plan is incorporated by reference to Exhibit
(9) of Post-Effective Amendment No. 13 to the Registration
Statement on Form N-1A, filed on February 28, 1995.
(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.
(17) Financial Data Schedule.
Item 24. Financial Statements and Exhibits. - List (continued)
_______ _____________________________________________________
Other Exhibits
______________
(a) Powers of Attorney of the Trustees and Officers are
incorporated by reference to Other Exhibit (a) of Post-
Effective Amendment No. 13 to the Registration Statement
on Form N-1A, filed on February 28, 1995.
(b) Certificate of Secretary is incorporated by reference to
Other Exhibit (b) of Post-Effective Amendment No. 13 to
the Registration Statement on Form N-1A, filed on
February 28, 1995.
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 April 1, 1996
______________ _____________________________
Beneficial Interest
(Par value $.001) 6,819
Item 27. Indemnification
_______ _______________
Reference is made to Article EIGHT of the Registrant's Agreement
and Declaration of Trust previously filed as Exhibit 1 to Post
Effective Amendment No. 10 to the Registration Statement on Form
N-1A on October 19, 1993. The application of these provisions is
limited by Article 10 of the Registrant's By-Laws previously filed
as Exhibit 2 to Post-Effective Amendment No. 10 to the Registration
Statement on Form N-1A on October 19, 1993 and by the following
undertaking set forth in the rules promulgated by the Securities
and Exchange Commission: Insofar as indemnification for
liabilities arising under the Securities Act of 1933 may be
permitted to trustees, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public
policy as expressed in such Act and is, therefore, unenforceable.
Item 27. Indemnification (continued)
_______ _______________
In the event that a claim for indemnification against such
liabilities (other than the payment by the registrant of expenses
incurred or paid by a trustee, officer or controlling person of the
registrant in the successful defense of any action, suit or
proceeding) is asserted by such trustee, officer of controlling
person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in such Act and will be
governed by the final adjudication of such issue.
Reference is made to the Distribution Agreement filed as Exhibit
(6) of Post-Effective Amendment No. 13 to the Registration
Statement on Form N-1A, filed on February 28, 1995.
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, is a
registered broker-dealer. Dreyfus Management, Inc., another
wholly-owned subsidiary, provides investment management services
to various pension plans, institutions and individuals.
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:
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****;
Mellon Bank, N.A.****
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
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*****;
Vice Chairman of the Board:
Mellon Bank Corporation****;
Mellon Bank, N.A.****;
Director:
Dentsply International, Inc.
570 West College Avenue
York, Pennsylvania 17405
CHRISTOPHER M. CONDRON Vice Chairman:
President, Chief Mellon Bank Corporation****;
Operating Officer The Boston Company*****;
and a Director Deputy Director:
Mellon Trust****;
Chief Executive Officer:
The Boston Company Asset Management,
Inc.*****;
President:
Boston Safe Deposit and Trust
Company*****
STEPHEN E. CANTER Director:
Vice Chairman and The Dreyfus Trust Company++;
Chief Investment Officer, Formerly, Chairman and Chief Executive
Officer:
and a Director Kleinwort Benson Investment Management
Americas Inc.*
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*****;
Laurel Capital Advisors****;
Boston Group Holdings, Inc.;
Executive Vice President:
Mellon Bank, N.A.****;
Boston Safe Deposit and Trust
Company*****;
PHILIP L. TOIA Chairman of the Board and Trust Investment
Vice Chairman-Operations Officer:
and Administration The Dreyfus Trust Company++;
and a Director Chairman of the Board and Chief Operating
Officer:
Major Trading Corporation*;
Chairman and Director:
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, Rhode Island 02903
Director:
Dreyfus Precious Metals, Inc.*;
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, Inc.***;
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
WILLIAM T. SANDALLS, JR. Director:
Senior Vice President and Dreyfus Partnership Management, Inc.*;
Chief Financial Officer Seven Six Seven Agency, Inc.*;
President and Director:
Lion Management, Inc.*;
Executive Vice President and Director:
Dreyfus Service Organization, Inc.*;
Vice President, Chief Financial Officer and
Director:
Dreyfus Acquisition Corporation*;
Vice President and Director:
The Dreyfus Consumer Credit Corporation*;
The Truepenny Corporation*;
Treasurer, Financial Officer and Director:
The Dreyfus Trust Company++;
Treasurer and Director:
Dreyfus Management, Inc.*;
Dreyfus Personal Management, Inc.*;
Dreyfus Service Corporation*;
Major Trading Corporation*;
Formerly, President and Director:
Sandalls & Co., Inc.
BARBARA E. CASEY President:
Vice President- Dreyfus Retirement Services Division;
Dreyfus Retirement Executive Vice President:
Services Boston Safe Deposit & Trust Co.*****
Dreyfus Service Corporation*
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++
MARY BETH LEIBIG None
Vice President-
Human Resources
JEFFREY N. NACHMAN President and Director:
Vice President-Mutual Fund Dreyfus Transfer, Inc.
Accounting One American Express Plaza
Providence, Rhode Island 02903
WILLIAM F. GLAVIN, JR. Executive Vice President:
Vice President-Corporate Dreyfus Service Corporation*;
Development Senior Vice President:
The Boston Company Advisors, Inc.
53 State Street
Exchange Place
Boston, Massachusetts 02109
MARK N. JACOBS Vice President, Secretary and Director:
Vice President- Lion Management, Inc.*;
General Counsel Secretary:
and Secretary The Dreyfus Consumer Credit Corporation*;
Dreyfus Management, Inc.*;
Assistant Secretary:
Dreyfus Service Organization, Inc.***;
Major Trading Corporation*;
The Truepenny Corporation*
ANDREW S. WASSER Vice President:
Vice President-Information Mellon Bank Corporation****
Services
MAURICE BENDRIHEM Treasurer:
Controller Dreyfus Partnership Management, Inc.*;
Dreyfus Precious Metals, Inc.*;
Dreyfus Service Organization, Inc.***;
Seven Six Seven Agency, Inc.*;
The Truepenny Corporation*;
Controller:
Dreyfus Acquisition Corporation*;
Dreyfus Service Corporation*;
The Dreyfus Trust Company++;
The Dreyfus Consumer Credit Corporation*;
Formerly, Vice President-Financial Planning,
Administration and Tax:
Showtime/The Movie Channel, Inc.
1633 Broadway
New York, New York 10019
ELVIRA OSLAPAS Assistant Secretary:
Assistant Secretary Dreyfus Service Corporation*;
Dreyfus Management, Inc.*;
Dreyfus Acquisition Corporation, Inc.*;
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 131 Second Street,
Lewes, Delaware 19958.
**** The address of the business so indicated is One Mellon Bank Center,
Pittsburgh, Pennsylvania 15258.
***** The address of the business so indicated is One Boston Place,
Boston, Massachusetts 02108.
+ 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.
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 GNMA Fund
7) Dreyfus BASIC Money Market Fund, Inc.
8) Dreyfus BASIC Municipal Fund, Inc.
9) Dreyfus BASIC U.S. Government Money Market Fund
10) Dreyfus California Intermediate Municipal Bond Fund
11) Dreyfus California Tax Exempt Bond Fund, Inc.
12) Dreyfus California Tax Exempt Money Market Fund
13) Dreyfus Capital Value Fund, Inc.
14) Dreyfus Cash Management
15) Dreyfus Cash Management Plus, Inc.
16) Dreyfus Connecticut Intermediate Municipal Bond Fund
17) Dreyfus Connecticut Municipal Money Market Fund, Inc.
18) Dreyfus Edison Electric Index Fund, Inc.
19) Dreyfus Florida Intermediate Municipal Bond Fund
20) Dreyfus Florida Municipal Money Market Fund
21) The Dreyfus Fund Incorporated
22) Dreyfus Global Bond Fund, Inc.
23) Dreyfus Global Growth Fund
24) Dreyfus GNMA Fund, Inc.
25) Dreyfus Government Cash Management
26) Dreyfus Growth and Income Fund, Inc.
27) Dreyfus Growth and Value Funds, Inc.
28) Dreyfus Growth Opportunity Fund, Inc.
29) Dreyfus Institutional Money Market Fund
30) Dreyfus Institutional Short Term Treasury Fund
31) Dreyfus Insured Municipal Bond Fund, Inc.
32) Dreyfus Intermediate Municipal Bond Fund, Inc.
33) Dreyfus International Equity Fund, Inc.
34) The Dreyfus/Laurel Funds, Inc.
35) The Dreyfus/Laurel Funds Trust
36) The Dreyfus/Laurel Tax-Free Municipal Funds
37) The Dreyfus/Laurel Investment Series
38) Dreyfus Life and Annuity Index Fund, Inc.
39) Dreyfus LifeTime Portfolios, Inc.
40) Dreyfus Liquid Assets, Inc.
41) Dreyfus Massachusetts Intermediate Municipal Bond Fund
42) Dreyfus Massachusetts Municipal Money Market Fund
43) Dreyfus Massachusetts Tax Exempt Bond Fund
44) Dreyfus Michigan Municipal Money Market Fund, Inc.
45) Dreyfus Money Market Instruments, Inc.
46) Dreyfus Municipal Bond Fund, Inc.
47) Dreyfus Municipal Cash Management Plus
48) Dreyfus Municipal Money Market Fund, Inc.
49) Dreyfus New Jersey Intermediate Municipal Bond Fund
50) Dreyfus New Jersey Municipal Bond Fund, Inc.
51) Dreyfus New Jersey Municipal Money Market Fund, Inc.
52) Dreyfus New Leaders Fund, Inc.
53) Dreyfus New York Insured Tax Exempt Bond Fund
54) Dreyfus New York Municipal Cash Management
55) Dreyfus New York Tax Exempt Bond Fund, Inc.
56) Dreyfus New York Tax Exempt Intermediate Bond Fund
57) Dreyfus New York Tax Exempt Money Market Fund
58) Dreyfus Ohio Municipal Money Market Fund, Inc.
59) Dreyfus 100% U.S. Treasury Intermediate Term Fund
60) Dreyfus 100% U.S. Treasury Long Term Fund
61) Dreyfus 100% U.S. Treasury Money Market Fund
62) Dreyfus 100% U.S. Treasury Short Term Fund
63) Dreyfus Pennsylvania Intermediate Municipal Bond Fund
64) Dreyfus Pennsylvania Municipal Money Market Fund
65) Dreyfus Short-Intermediate Government Fund
66) Dreyfus Short-Intermediate Municipal Bond Fund
67) Dreyfus Investment Grade Bond Funds, Inc.
68) The Dreyfus Socially Responsible Growth Fund, Inc.
69) Dreyfus Strategic Income
70) Dreyfus Strategic Investing
71) Dreyfus Tax Exempt Cash Management
72) The Dreyfus Third Century Fund, Inc.
73) Dreyfus Treasury Cash Management
74) Dreyfus Treasury Prime Cash Management
75) Dreyfus Variable Investment Fund
76) Dreyfus-Wilshire Target Funds, Inc.
77) Dreyfus Worldwide Dollar Money Market Fund, Inc.
78) General California Municipal Bond Fund, Inc.
79) General California Municipal Money Market Fund
80) General Government Securities Money Market Fund, Inc.
81) General Money Market Fund, Inc.
82) General Municipal Bond Fund, Inc.
83) General Municipal Money Market Fund, Inc.
84) General New York Municipal Bond Fund, Inc.
85) General New York Municipal Money Market Fund
86) Pacifica Funds Trust -
Pacifica Prime Money Market Fund
Pacifica Treasury Money Market Fund
87) Peoples Index Fund, Inc.
88) Peoples S&P MidCap Index Fund, Inc.
89) Premier Insured Municipal Bond Fund
90) Premier California Municipal Bond Fund
91) Premier Equity Funds, Inc.
92) Premier Global Investing, Inc.
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
98) Premier Strategic Growth Fund
(b)
Positions and
Name and principal Positions and offices with offices with
business address the Distributor Registrant
__________________ ___________________________ _____________
Marie E. Connolly+ Director, President, Chief President and
Executive Officer and Compliance Treasurer
Officer
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
Paul Prescott+ Vice President None
Elizabeth Bachman++ Assistant Vice President Vice President
and Assistant
Secretary
Mary Nelson+ Assistant Treasurer None
John J. Pyburn++ Assistant Treasurer Assistant
Treasurer
Jean M. O'Leary+ Assistant Secretary and None
Assistant Clerk
John W. Gomez+ Director None
William J. Nutt+ Director None
________________________________
+ Principal business address is One Exchange Place, Boston, Massachusetts
02109.
++ Principal business address is 200 Park Avenue, New York, New York 10166.
Item 30. Location of Accounts and Records
________________________________
1. First Data Investor Services Group, Inc.,
a subsidiary of First Data Corporation
P.O. Box 9671
Providence, Rhode Island 02940-9671
2. Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, Pennsylvania 15258
3. Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, Rhode Island 02940-9671
4. 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 purpose of voting upon
the question of removal of a trustee or trustees 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.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements of effectiveness of this Amendment to the Registration
Statement pursuant to Rule 485(b) under the Securities Act of 1933 and 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 15th day of April, 1996.
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.
Signatures Title Date
___________________________ ______________________________ ___________
/s/ Marie E. Connolly* President and Treasurer 4/15/96
______________________________ (Principal Executive, Accounting
Marie E. Connolly and Financial Officer)
/s/ Joseph S. DiMartino* Chairman of the Board 4/15/96
______________________________ of Trustees
Joseph S. DiMartino
/s/ Gordon J. Davis* Trustee 4/15/96
______________________________
Gordon J. Davis
/s/ David P. Feldman* Trustee 4/15/96
______________________________
David P. Feldman
/s/ Lynn Martin* Trustee 4/15/96
______________________________
Lynn Martin
/s/ Daniel Rose* Trustee 4/15/96
______________________________
Daniel Rose
/s/ Sander Vanocur* Trustee 4/15/96
______________________________
Sander Vanocur
/s/ Anne Wexler* Trustee 4/15/96
______________________________
Anne Wexler
/s/ Rex Wilder* Trustee 4/15/96
______________________________
Rex Wilder
*BY: /s/ Eric B. Fischman
_____________________
Eric B. Fischman,
Attorney-in-Fact
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
Post-Effective Amendment No. 15 to the
Registration Statement on Form N-1A under
the Securities Act of 1933 and
the Investment Company Act of 1940
EXHIBITS
INDEX TO EXHIBITS
(8) Custody Agreement
(11) Consent of Independent Auditors
(17) Financial Data Schedule
CUSTODY AGREEMENT
AGREEMENT dated as of April 1996, between DREYFUS 100% U.S. TREASURY
INTERMEDIATE TERM FUND, a business trust organized under the laws of the
State of Massachusetts (the "Fund"), having its principal office and place
of business at 200 Park Avenue, New York, New York 10166, and MELLON BANK,
N.A. (the "Custodian"), a national banking organization with its principal
place of business at One Mellon Bank Center, Pittsburgh, PA 15258.
W I T N E S S E T H:
That for and in consideration of the mutual promises hereinafter set
forth, the Fund and the Custodian agree as follows:
1. Definitions.
Whenever used in this Agreement or in any Schedules to this
Agreement, the following words and phrases, unless the context otherwise
requires, shall have the following meanings:
(a) "Affiliated Person" shall have the meaning of the term within
Section 2(a)3 of the 1940 Act.
(b) "Authorized Person" shall mean those persons duly authorized by
the Board of Trustees of the Fund to give Oral Instructions and Written
Instructions on behalf of the Fund and listed in the certification annexed
hereto as Appendix A or such other certification as may be received by the
Custodian from time to time.
(c) "Book-Entry System" shall mean the Federal Reserve/Treasury
book-entry system for United States and federal agency Securities, its
successor or successors and its nominee or nominees, in which the Custodian
is hereby specifically authorized and instructed on a continuous and on-going
basis to deposit all Securities eligible for deposit therein, and to utilize
the Book-Entry System to the extent possible in connection with its
performance hereunder.
(d) "Business Day" shall mean each day on which the Fund is required
to determine its net asset value, and any other day on which the Securities
and Exchange Commission may require the Fund to be open for business.
(e) "Certificate" shall mean any notice, instruction or other
instrument in writing, authorized or required by this Agreement to be given
to the Custodian, which is actually received by the Custodian and signed on
behalf of the Fund by any two Authorized Persons or any two officers thereof.
(f) "Master Trust Agreement" shall mean the Master Trust Agreement
of the Fund dated May 14, 1993 as the same may be amended from time to time.
(g) "Depository" shall mean The Depository Trust Company ("DTC"),
a clearing agency registered with the Securities and Exchange Commission
under Section 17(a) of the Securities Exchange Act of 1934, as amended, its
successor or successors and its nominee or nominees, in which the Custodian
is hereby specifically authorized and instructed on a continuous and on-going
basis to deposit all Securities eligible for deposit therein, and to utilize
the Book-Entry System to the extent possible in connection with its
performance hereunder. The term "Depository" shall further mean and include
any other person to be named in a Certificate authorized to act as a
depository under the 1940 Act, its successor or successors and its nominee
or nominees.
(h) "Money Market Security" shall be deemed to include, without
limitation, debt obligations issued or guaranteed as to interest and
principal by the government of the United States or agencies or
instrumentalities thereof ("U.S. government securities"), commercial paper,
bank certificates of deposit, bankers' acceptances and short-term corporate
obligations, where the purchase or sale of such securities normally requires
settlement in federal funds on the same day as such purchase or sale, and
repurchase and reverse repurchase agreements with respect to any of the
foregoing types of securities and bank time deposits.
(i) "Oral Instructions" shall mean verbal instructions actually
received by the Custodian from a person reasonably believed by the Custodian
to be an Authorized Person.
(j) "Prospectus" shall mean the Fund's current prospectus and
statement of additional information relating to the registration of the
Fund's Shares under the Securities Act of 1933, as amended.
(k) "Shares" shall mean all or any part of each class of Beneficial
Interest of the Fund listed in the Certificate annexed hereto as Appendix B,
as it may be amended from time to time, which from time to time are
authorized and/or issued by the Fund.
(l) "Security" or "Securities" shall be deemed to include bonds,
debentures, notes, stocks, shares, evidences of indebtedness, and other
securities, commodities interests and investments from time to time owned
by the Fund.
(m) "Transfer Agent" shall mean the person which performs the
transfer agent, dividend disbursing agent and shareholder servicing agent
functions for the Fund.
(n) "Written Instructions" shall mean a written communication
actually received by the Custodian from a person reasonably believed by the
Custodian to be an Authorized Person by any system, including, without
limitation, electronic transmissions, facsimile and telex, whereby the
receiver of such communication is able to verify by codes or otherwise with a
reasonable degree of certainty the authenticity of the sender of such
communication.
(o) The "1940 Act" refers to the Investment Company Act of 1940, and
the Rules and Regulations thereunder, all as amended from time to time.
2. Appointment of Custodian.
(a) The Fund hereby constitutes and appoints the Custodian as
custodian of all the Securities and monies at the time owned by or in the
possession of the Fund during the period of this Agreement.
(b) The Custodian hereby accepts appointment as such custodian and
agrees to perform the duties thereof as hereinafter set forth.
3. Compensation.
(a) The Fund will compensate the Custodian for its services rendered
under this Agreement in accordance with the fees set forth in the Fee
Schedule annexed hereto as Schedule A and incorporated herein. Such Fee
Schedule does not include out-of-pocket disbursements of the Custodian for
which the Custodian shall be entitled to bill separately. Out-of-pocket
disbursements shall consist of the items specified in the Schedule of Out-of-
pocket charges annexed hereto as Schedule B and incorporated herein, which
schedule may be modified by the Custodian upon not less than thirty days
prior written notice to the Fund.
(b) Any compensation agreed to hereunder may be adjusted from time
to time by attaching to Schedule A of this Agreement a revised Fee Schedule,
dated and signed by an Authorized Officer or authorized representative of
each party hereto.
(c) The Custodian will bill the Fund as soon as practicable after
the end of each calendar month, and said billings will be detailed in
accordance with Schedule A, as amended from time to time. The Fund will
promptly pay to the Custodian the amount of such billing. The Custodian may
charge against any monies held on behalf of the Fund pursuant to this
Agreement such compensation and disbursements incurred by the Custodian in
the performance of its duties pursuant to this Agreement. The Custodian
shall also be entitled to charge against any money held on behalf of the Fund
pursuant to this Agreement the amount of any loss, damage, liability or
expense incurred with respect to the Fund, including counsel fees, for which
it shall be entitled to reimbursement under the provisions of this Agreement.
4. Custody of Cash and Securities.
(a) Receipt and Holding of Assets.
The Fund will deliver or cause to be delivered to the Custodian or
its permitted Sub-Custodians all Securities and monies owned by it at any
time during the period of this Agreement. The Custodian will not be
responsible for such Securities and monies until actually received by it.
The Fund shall instruct the Custodian from time to time in its sole
discretion, by means of Written Instructions, or, in connection with the
purchase or sale of Money Market Securities, by means of Oral Instructions
confirmed in writing in accordance with Section 11(h) hereof or Written
Instructions, as to the manner in which and in what amounts Securities and
monies are to be deposited on behalf of the Fund in the Book-Entry System or
the Depository. Securities and monies of the Fund deposited in the Book-
Entry System or the Depository will be represented in accounts which include
only assets held by the Custodian for customers, including but not limited to
accounts for which the Custodian acts in a fiduciary or representative
capacity.
(b) Accounts and Disbursements. The Custodian shall establish and
maintain a separate account for the Fund and shall credit to the separate
account all monies received by it for the account of such Fund and shall
disburse the same only:
1. In payment for Securities purchased for the Fund, as provided
in Section 5 hereof;
2. In payment of dividends or distributions with respect to the
Shares, as provided in Section 7 hereof;
3. In payment of original issue or other taxes with respect to
the Shares, as provided in Section 8 hereof;
4. In payment for Shares which have been redeemed by the Fund,
as provided in Section 8 hereof;
5. Pursuant to a Certificate setting forth the name and address
of the person to whom the payment is to be made, the amount to be paid and
the purpose for which payment is to be made, provided that in the event of
disbursements pursuant to this Sub-section 4(b)(5), the Fund shall indemnify
and hold the Custodian harmless from any claims or losses arising out of such
disbursements in reliance on such Certificate; or
6. In payment of fees and in reimbursement of the expenses and
liabilities of the Custodian attributable to the Fund, as provided in
Sections 3 and 11(i).
(c) Confirmation and Statements. Promptly after the close of business
on each day, the Custodian shall furnish the Fund with confirmations and a
summary of all transfers to or from the account of the Fund during said day.
Where securities purchased by the Fund are in a fungible bulk of securities
registered in the name of the Custodian (or its nominee) or shown on the
Custodian's account on the books of the Depository or the Book-Entry System,
the Custodian shall by book entry or otherwise identify the quantity of those
securities belonging to the Fund. At least monthly, the Custodian shall
furnish the Fund with a detailed statement of the Securities and monies held
for the Fund under this Agreement.
(d) Registration of Securities and Physical Separation. All
Securities held for the Fund which are issued or issuable only in bearer
form, except such Securities as are held in the Book-Entry System, shall be
held by the Custodian in that form; all other Securities held for the Fund
may be registered in the name of the Fund, in the name of the Custodian, in
the name of any duly appointed registered nominee of the Custodian as the
Custodian may from time to time determine, or in the name of the Book-Entry
System or the Depository or their successor or successors, or their nominee
or nominees. The Fund reserves the right to instruct the Custodian as to the
method of registration and safekeeping of the Securities. The Fund agrees
to furnish to the Custodian appropriate instruments to enable the Custodian
to hold or deliver in proper form for transfer, or to register in the name
of its registered nominee or in the name of the Book-Entry System or the
Depository, any Securities which it may hold for the account of the Fund and
which may from time to time be registered in the name of the Fund. The
Custodian shall hold all such Securities specifically allocated to the Fund
which are not held in the Book-Entry System or the Depository in a separate
account for the Fund in the name of the Fund physically segregated at all
times from those of any other person or persons.
(e) Segregated Accounts. Upon receipt of a Certificate the Custodian
will establish segregated accounts on behalf of the Fund to hold liquid or
other assets as it shall be directed by a Certificate and shall increase or
decrease the assets in such segregated accounts only as it shall be directed
by subsequent Certificate.
(f) Collection of Income and Other Matters Affecting Securities.
Unless otherwise instructed to the contrary by a Certificate, the Custodian
by itself, or through the use of the Book-Entry System or the Depository with
respect to Securities therein deposited, shall with respect to all Securities
held for the Fund in accordance with this Agreement:
1. Collect all income due or payable;
2. Present for payment and collect the amount payable upon all
Securities which may mature or be called, redeemed, retired or otherwise
become payable. Notwithstanding the foregoing, the Custodian only shall have
such responsibility to the Fund for Securities which are called if either (i)
the Custodian received a written notice of such call; or (ii) notice of such
call appears in one or more of the publications listed in Appendix C annexed
hereto, which may be amended at any time by the Custodian upon five (5)
Business Days prior notification to the Fund;
3. Surrender Securities in temporary form for definitive
Securities;
4. Execute any necessary declarations or certificates of
ownership under the Federal income tax laws or the laws or regulations of any
other taxing authority now or hereafter in effect; and
5. Hold directly, or through the Book-Entry System or the
Depository with respect to Securities therein deposited, for the account of
the Fund all rights and similar Securities issued with respect to any
Securities held by the Custodian hereunder for the Fund.
(g) Delivery of Securities and Evidence of Authority. Upon receipt of
a Certificate, the Custodian, directly or through the use of the Book-Entry
System or the Depository, shall:
1. Execute and deliver or cause to be executed and delivered
to such persons as may be designated in such Certificate, proxies, consents,
authorizations, and any other instruments whereby the authority of the Fund
as owner of any Securities may be exercised;
2. Deliver or cause to be delivered any Securities held for
the Fund in exchange for other Securities or cash issued or paid in
connection with the liquidation, reorganization, refinancing, merger,
consolidation or recapitalization of any corporation, or the exercise of any
conversion privilege;
3. Deliver or cause to be delivered any Securities held for
the Fund to any protective committee, reorganization committee or other
person in connection with the reorganization, refinancing, merger,
consolidation or recapitalization or sale of assets of any corporation, and
receive and hold under the terms of this Agreement in the separate account
for the Fund such certificates of deposit, interim receipts or other
instruments or documents as may be issued to it to evidence such delivery;
4. Make or cause to be made such transfers or exchanges of the
assets specifically allocated to the separate account of the Fund and take
such other steps as shall be stated in a Certificate to be for the purpose
of effectuating any duly authorized plan of liquidation, reorganization,
merger, consolidation or recapitalization of the Fund;
5. Deliver Securities upon the receipt of payment in
connection with any repurchase agreement related to such Securities entered
into by the Fund;
6. Deliver Securities owned by the Fund to the issuer thereof
or its agent when such Securities are called or otherwise become payable.
Notwithstanding the foregoing, the Custodian shall have no responsibility for
monitoring or ascertaining any call, redemption or retirement dates with
respect to put bonds which are owned by the Fund and held by the Custodian
or its nominees. Nor shall the Custodian have any responsibility or
liability to the Fund for any loss by the Fund for any missed payments or
other defaults resulting therefrom; unless the Custodian received timely
notification from the Fund specifying the time, place and manner for the
presentment of any such put bond owned by the Fund and held by the Custodian
or its nominee. The Custodian shall not be responsible and assumes no
liability to the Fund for the accuracy or completeness of any notification
the Custodian may furnish to the Fund with respect to put bonds
7. Deliver Securities for delivery in connection with any
loans of Securities made by the Fund but only against receipt of adequate
collateral as agreed upon from time to time by the Custodian and the Fund
which may be in the form of cash or U.S. government securities or a letter
of credit;
8. Deliver Securities for delivery as security in connection
with any borrowings by the Fund requiring a pledge of Fund assets, but only
against receipt of amounts borrowed;
9. Deliver Securities upon receipt of a Certificate from the
Fund for delivery to the Transfer Agent or to the holders of Shares in
connection with distributions in kind, as may be described from time to time
in the Fund's Prospectus, in satisfaction of requests by holders of Shares
for repurchase or redemption;
10. Deliver Securities as collateral in connection with short
sales by the Fund of common stock for which the Fund owns the stock or owns
preferred stocks or debt securities convertible or exchangeable, without
payment or further consideration, into shares of the common stock sold short;
11. Deliver Securities for any purpose expressly permitted by
and in accordance with procedures described in the Fund's Prospectus; and
12. Deliver Securities for any other proper business purpose,
but only upon receipt of, in addition to Written Instructions, a certified
copy of a resolution of the Board of Trustees signed by an Authorized Person
and certified by the Secretary of the Fund, specifying the Securities to be
delivered, setting forth the purpose for which such delivery is to be made,
declaring such purpose to be a proper business purpose, and naming the person
or persons to whom delivery of such Securities shall be made.
(h) Endorsement and Collection of Checks, Etc. The Custodian is
hereby authorized to endorse and collect all checks, drafts or other orders
for the payment of money received by the Custodian for the account of the
Fund.
5. Purchase and Sale of Investments of the Fund.
(a) Promptly after each purchase of Securities for the Fund, the Fund
shall deliver to the Custodian (i) with respect to each purchase of
Securities which are not Money Market Securities, a Certificate; and (ii)
with respect to each purchase of Money Market Securities, either a Written
Instruction or Oral Instruction, in either case specifying with respect to
each purchase: (1) the name of the issuer and the title of the Securities;
(2) the number of shares or the principal amount purchased and accrued
interest, if any; (3) the date of purchase and settlement; (4) the purchase
price per unit; (5) the total amount payable upon such purchase; (6) the name
of the person from whom or the broker through whom the purchase was made, if
any; and (7) whether or not such purchase is to be settled through the Book-
Entry System or the Depository. The Custodian shall receive the Securities
purchased by or for the Fund and upon receipt of Securities shall pay out of
the monies held for the account of the Fund the total amount payable upon
such purchase, provided that the same conforms to the total amount payable
as set forth in such Certificate, Written or Oral Instruction.
(b) Promptly after each sale of Securities of the Fund, the Fund shall
deliver to the Custodian (i) with respect to each sale of Securities which
are not Money Market Securities, a Certificate, and (ii) with respect to each
sale of Money Market Securities, either Written Instruction or Oral
Instructions, in either case specifying with respect to such sale: (1) the
name of the issuer and the title of the Securities; (2) the number of shares
or principal amount sold, and accrued interest, if any; (3) the date of sale;
(4) the sale price per unit; (5) the total amount payable to the Fund upon
such sale; (6) the name of the broker through whom or the person to whom the
sale was made; and (7) whether or not such sale is to be settled through the
Book-Entry System or the Depository. The Custodian shall deliver or cause
to be delivered the Securities to the broker or other person designated by
the Fund upon receipt of the total amount payable to the Fund upon such sale,
provided that the same conforms to the total amount payable to the Fund as
set forth in such Certificate, Written or Oral Instruction. Subject to the
foregoing, the Custodian may accept payment in such form as shall be
satisfactory to it, and may deliver Securities and arrange for payment in
accordance with the customs prevailing among dealers in Securities.
6. Lending of Securities.
If the Fund is permitted by the terms of the Master Trust
Agreement and as disclosed in its Prospectus to lend securities, within 24
hours after each loan of Securities, the Fund shall deliver to the Custodian
a Certificate specifying with respect to each such loan: (a) the name of the
issuer and the title of the Securities; (b) the number of shares or the
principal amount loaned; (c) the date of loan and delivery; (d) the total
amount to be delivered to the Custodian, and specifically allocated against
the loan of the Securities, including the amount of cash collateral and the
premium, if any, separately identified; and (e) the name of the broker,
dealer or financial institution to which the loan was made.
Promptly after each termination of a loan of Securities, the
Fund shall deliver to the Custodian a Certificate specifying with respect to
each such loan termination and return of Securities: (a) the name of the
issuer and the title of the Securities to be returned; (b) the number of
shares or the principal amount to be returned; (c) the date of termination;
(d) the total amount to be delivered by the Custodian (including the cash
collateral for such Securities minus any offsetting credits as described in
said Certificate); and (e) the name of the broker, dealer or financial
institution from which the Securities will be returned. The Custodian shall
receive all Securities returned from the broker, dealer or financial
institution to which such Securities were loaned and upon receipt thereof
shall pay the total amount payable upon such return of Securities as set
forth in the Certificate. Securities returned to the Custodian shall be held
as they were prior to such loan.
7. Payment of Dividends or Distributions.
(a) The Fund shall furnish to the Custodian a Certificate specifying
the date of payment of any dividend or distribution, and the total amount
payable to the Transfer Agent on the payment date.
(b) Upon the payment date specified in such Certificate, the Custodian
shall pay out the total amount payable to the Transfer Agent of the Fund.
8. Sale and Redemption of Shares of the Fund.
(a) Whenever the Fund shall sell any Shares, or whenever any shares
are redeemed, the Fund shall deliver or cause to be delivered to the
Custodian a Written Instruction from the Transfer Agent duly specifying:
1. The net amount of money to be received by the Custodian,
where the sale of such Shares exceeds redemption; and
2. The net amount of money to be paid for such Shares, where
redemptions exceed purchases.
The Custodian understands and agrees that Written Instructions
may be furnished subsequent to the purchase of Shares and that the
information contained therein will be derived from the sales of Shares as
reported to the Fund by the Transfer Agent.
(b) Upon receipt of money from the Transfer Agent, the Custodian shall
credit such money to the separate account of the Fund.
(c) Upon issuance of any Shares in accordance with the foregoing
provisions of this Section 8, the Custodian shall pay all original issue or
other taxes required to be paid in connection with such issuance upon the
receipt of a Written Instruction specifying the amount to be paid.
(d) Upon receipt from the Transfer Agent of Written Instructions
setting forth the net amount of money to be paid for Shares received by the
Transfer Agent for redemption, the Custodian shall make payment to the
Transfer Agent of such net amount.
9. Indebtedness.
(a) The Fund will cause to be delivered to the Custodian by any bank
(excluding the Custodian) from which the Fund borrows money for investment
or for temporary administrative or emergency purposes using Securities as
collateral for such borrowings, a notice or undertaking in the form currently
employed by any such bank setting forth the amount which such bank will loan
to the Fund against delivery of a stated amount of collateral. The Fund
shall promptly deliver to the Custodian a Certificate stating with respect
to each such borrowing: (1) the name of the bank; (2) the amount and terms
of the borrowing, which may be set forth by incorporating by reference an
attached promissory note, duly endorsed by the Fund, or other loan agreement;
(3) the time and date, if known, on which the loan is to be entered into (the
"borrowing date"); (4) the date on which the loan becomes due and payable;
(5) the total amount payable to the Fund on the borrowing date; (6) the
market value of Securities to be delivered as collateral for such loan,
including the name of the issuer, the title and the number of shares or the
principal amount of any particular Securities; and (7) a statement that such
loan is in conformance with the 1940 Act and the Fund's Prospectus.
(b) Upon receipt of the Certificate referred to in subparagraph (a)
above, the Custodian shall deliver on the borrowing date the specified
collateral and the executed promissory note, if any, against delivery by the
lending bank of the total amount of the loan payable, provided that the same
conforms to the total amount payable as set forth in the Certificate. The
Custodian may, at the option of the lending bank, keep such collateral in its
possession, but such collateral shall be subject to all rights therein given
the lending bank by virtue of any promissory note or loan agreement. The
Custodian shall deliver as additional collateral in the manner directed by
the Fund from time to time such Securities as may be specified in the
Certificate to collateralize further any transaction described in this
Section 9. The Fund shall cause all Securities released from collateral
status to be returned directly to the Custodian, and the Custodian shall
receive from time to time such return of collateral as may be tendered to it.
In the event that the Fund fails to specify in the Certificate all of the
information required by this Section 9, the Custodian shall not be under any
obligation to deliver any Securities. Collateral returned to the Custodian
shall be held hereunder as it was prior to being used as collateral.
10. Persons Having Access to Assets of the Fund.
(a) No trustee or agent of the Fund, and no officer, director,
employee or agent of the Fund's investment adviser, of any sub-investment
adviser of the Fund, or of the Fund's administrator, shall have physical
access to the assets of the Fund held by the Custodian or be authorized or
permitted to withdraw any investments of the Fund, nor shall the Custodian
deliver any assets of the Fund to any such person. No officer, director,
employee or agent of the Custodian who holds any similar position with the
Fund's investment adviser, with any sub-investment adviser of the Fund or
with the Fund's administrator shall have access to the assets of the Fund.
(b) Nothing in this Section 10 shall prohibit any duly authorized
officer, employee or agent of the Fund, or any duly authorized officer,
director, employee or agent of the investment adviser, of any sub-investment
adviser of the Fund or of the Fund's administrator, from giving Oral
Instructions or Written Instructions to the Custodian or executing a
Certificate so long as it does not result in delivery of or access to assets
of the Fund prohibited by paragraph (a) of this Section 10.
11. Concerning the Custodian.
(a) Standard of Conduct. Notwithstanding any other provision of this
Agreement, neither the Custodian nor its nominee shall be liable for any loss
or damage, including counsel fees, resulting from its action or omission to
act or otherwise, except for any such loss or damage arising out of the
negligence, misfeasance or willful misconduct of the Custodian or any of its
employees, Sub-Custodians or agents. The Custodian may, with respect to
questions of law, apply for and obtain the advice and opinion of counsel to
the Fund or of its own counsel, at the expense of the Fund, and shall be
fully protected with respect to anything done or omitted by it in good faith
in conformity with such advice or opinion. The Custodian shall not be liable
to the Fund for any loss or damage resulting from the use of the Book-Entry
System or the Depository, except to the extent such loss or damage arises by
reason of any negligence, misfeasance or willful misconduct on the part of
the Custodian or any of its employees or agents.
(b) Limit of Duties. Without limiting the generality of the
foregoing, the Custodian shall be under no duty or obligation to inquire
into, and shall not be liable for:
1. The validity of the issue of any Securities purchased by
the Fund, the legality of the purchase thereof, or the propriety of the
amount paid therefor;
2. The legality of the sale of any Securities by the Fund or
the propriety of the amount for which the same are sold;
3. The legality of the issue or sale of any Shares, or the
sufficiency of the amount to be received therefor;
4. The legality of the redemption of any Shares, or the
propriety of the amount to be paid therefor;
5. The legality of the declaration or payment of any
distribution of the Fund;
6. The legality of any borrowing for temporary or emergency
administrative purposes.
(c) No Liability Until Receipt. The Custodian shall not be liable
for, or considered to be the Custodian of, any money, whether or not
represented by any check, draft, or other instrument for the payment of
money, received by it on behalf of the Fund until the Custodian actually
receives and collects such money directly or by the final crediting of the
account representing the Fund's interest in the Book-Entry System or the
Depository.
(d) Amounts Due from Transfer Agent. The Custodian shall not be under
any duty or obligation to take action to effect collection of any amount due
to the Fund from the Transfer Agent nor to take any action to effect payment
or distribution by the Transfer Agent of any amount paid by the Custodian to
the Transfer Agent in accordance with this Agreement.
(e) Collection Where Payment Refused. The Custodian shall not be
under any duty or obligation to take action to effect collection of any
amount, if the Securities upon which such amount is payable are in default,
or if payment is refused after due demand or presentation, unless and until
(a) it shall be directed to take such action by a Certificate and (b) it
shall be assured to its satisfaction of reimbursement of its costs and
expenses in connection with any such action.
(f) Appointment of Agents and Sub-Custodians. The Custodian may
appoint one or more banking institutions, including but not limited to
banking institutions located in foreign countries, to act as Depository or
Depositories or as Sub-Custodian or as Sub-Custodians of Securities and
monies at any time owned by the Fund. The Custodian shall use reasonable
care in selecting a Depository and/or Sub-Custodian located in a country
other than the United States ("Foreign Sub-Custodian"), which selection shall
be in accordance with the requirements of Rule 17f-5 under the 1940 Act, and
shall oversee the maintenance of any Securities or monies of the Fund by any
Foreign Sub-Custodian. In addition, the Custodian shall hold the Fund
harmless from, and indemnify the Fund against, any loss, action, claim,
demand, expense and proceeding, including counsel fees, that occurs as a
result of the failure of any Foreign Sub-Custodian or Depository to exercise
reasonable care with respect to the safekeeping of Securities and monies of
the Fund. Notwithstanding the generality of the foregoing, however, the
Custodian shall not be liable for any losses resulting from the general risk
of investing or holding Securities and monies in a particular country,
including, but not limited to, losses resulting from nationalization,
expropriation, devaluation, revaluation, confiscation, seizure, cancellation,
destruction or similar action by any governmental authority, de facto or de
jure; or enactment, promulgation, imposition or enforcement by any such
governmental authority of currency restrictions, exchange controls, taxes,
levies or other charges affecting the Fund's property; or acts of war,
terrorism, insurrection or revolution; or any other similar act or event
beyond the Custodian's control.
(g) No Duty to Ascertain Authority. The Custodian shall not be under
any duty or obligation to ascertain whether any Securities at any time
delivered to or held by it for the Fund are such as may properly be held by
the Fund under the provisions of the Master Trust Agreement and the
Prospectus.
(h) Reliance on Certificates and Instructions. The Custodian shall be
entitled to rely upon any Certificate, notice or other instrument in writing
received by the Custodian and reasonably believed by the Custodian to be
genuine and to be signed by an officer or Authorized Person of the Fund. The
Custodian shall be entitled to rely upon any Written Instructions or Oral
Instructions actually received by the Custodian pursuant to the applicable
Sections of this Agreement and reasonably believed by the Custodian to be
genuine and to be given by an Authorized Person. The Fund agrees to forward
to the Custodian Written Instructions from an Authorized Person confirming
such Oral Instructions in such manner so that such Written Instructions are
received by the Custodian, whether by hand delivery, telex or otherwise, by
the close of business on the same day that such Oral Instructions are given
to the Custodian. The Fund agrees that the fact that such confirming
instructions are not received by the Custodian shall in no way affect the
validity of the transactions or enforceability of the transactions hereby
authorized by the Fund. The Fund agrees that the Custodian shall incur no
liability to the Fund in acting upon Oral Instructions given to the Custodian
hereunder concerning such transactions provided such instructions reasonably
appear to have been received from a duly Authorized Person.
(i) Overdraft Facility and Security for Payment. In the event that
the Custodian is directed by Written Instruction (or Oral Instructions
confirmed in writing in accordance with Section 11(h) hereof) to make any
payment or transfer of monies on behalf of the Fund for which there would be,
at the close of business on the date of such payment or transfer,
insufficient monies held by the Custodian on behalf of the Fund, the
Custodian may, in its sole discretion, provide an overdraft (an "Overdraft")
to the Fund in an amount sufficient to allow the completion of such payment
or transfer. Any Overdraft provided hereunder: (a) shall be payable on the
next Business Day, unless otherwise agreed by the Fund and the Custodian; and
(b) shall accrue interest from the date of the Overdraft to the date of
payment in full by the Fund at a rate agreed upon in writing, from time to
time, by the Custodian and the Fund. The Custodian and the Fund acknowledge
that the purpose of such Overdraft is to temporarily finance the purchase of
Securities for prompt delivery in accordance with the terms hereof, to meet
unanticipated or unusual redemption, to allow the settlement of foreign
exchange contracts or to meet other emergency expenses not reasonably
foreseeable by the Fund. The Custodian shall promptly notify the Fund in
writing (an "Overdraft Notice") of any Overdraft by facsimile transmission
or in such other manner as the Fund and the Custodian may agree in writing.
To secure payment of any Overdraft, the Fund hereby grants to the Custodian
a continuing security interest in and right of setoff against the Securities
and cash in the Fund's account from time to time in the full amount of such
Overdraft. Should the Fund fail to pay promptly any amounts owed hereunder,
the Custodian shall be entitled to use available cash in the Fund's account
and to liquidate Securities in the account as is necessary to meet the Fund's
obligations under the Overdraft. In any such case, and without limiting the
foregoing, the Custodian shall be entitled to take such other actions(s) or
exercise such other options, powers and rights as the Custodian now or
hereafter has as a secured creditor under the Massachusetts Uniform
Commercial Code or any other applicable law.
(j) Inspection of Books and Records. The books and records of the
Custodian shall be open to inspection and audit at reasonable times by
officers and auditors employed by the Fund and by the appropriate employees
of the Securities and Exchange Commission.
The Custodian shall provide the Fund with any report obtained by
the Custodian on the system of internal accounting control of the Book-Entry
System or the Depository and with such reports on its own systems of internal
accounting control as the Fund may reasonably request from time to time.
12. Term and Termination.
(a) This Agreement shall become effective on the date first set
forth above (the "Effective Date") and shall continue in effect thereafter
until such time as this Agreement may be terminated in accordance with the
provisions hereof.
(b) Either of the parties hereto may terminate this Agreement by
giving to the other party a notice in writing specifying the date of such
termination, which shall be not less than 60 days after the date of receipt
of such notice. In the event such notice is given by the Fund, it shall be
accompanied by a certified vote of the Board of Trustees of the Fund,
electing to terminate this Agreement and designating a successor custodian
or custodians, which shall be a person qualified to so act under the 1940
Act.
In the event such notice is given by the Custodian, the Fund
shall, on or before the termination date, deliver to the Custodian a
certified vote of the Board of Trustees of the Fund, designating a successor
custodian or custodians. In the absence of such designation by the Fund, the
Custodian may designate a successor custodian, which shall be a person
qualified to so act under the 1940 Act. If the Fund fails to designate a
successor custodian, the Fund shall upon the date specified in the notice of
termination of this Agreement and upon the delivery by the Custodian of all
Securities (other than Securities held in the Book-Entry System which cannot
be delivered to the Fund) and monies then owned by the Fund, be deemed to be
its own custodian and the Custodian shall thereby be relieved of all duties
and responsibilities pursuant to this Agreement, other than the duty with
respect to Securities held in the Book-Entry System which cannot be delivered
to the Fund.
(c) Upon the date set forth in such notice under paragraph (b)
of this Section 12, this Agreement shall terminate to the extent specified in
such notice, and the Custodian shall upon receipt of a notice of acceptance
by the successor custodian on that date deliver directly to the successor
custodian all Securities and monies then held by the Custodian on behalf of
the Fund, after deducting all fees, expenses and other amounts for the
payment or reimbursement of which it shall then be entitled.
13. Limitation of Liability.
The Fund and the Custodian agree that the obligations of the Fund
under this Agreement shall not be binding upon any of the Trustees,
shareholders, nominees, officers, employees or agents, whether past, present
or future, of the Fund, individually, but are binding only upon the assets
and property of the Fund, as provided in the Master Trust Agreement. The
execution and delivery of this Agreement have been authorized by the Trustees
of the Fund, and signed by an authorized officer of the Fund, acting as such,
and neither such authorization by such Trustees nor such execution and
delivery by such officer shall be deemed to have been made by any of them or
any shareholder of the Fund individually or to impose any liability on any
of them or any shareholder of the Fund personally, but shall bind only the
assets and property of the Fund as provided in the Master Trust Agreement.
14. Miscellaneous.
(a) Annexed hereto as Appendix A is a certification signed by the
Secretary of the Fund setting forth the names and the signatures of the
present Authorized Persons. The Fund agrees to furnish to the Custodian a
new certification in similar form in the event that any such present
Authorized Person ceases to be such an Authorized Person or in the event that
other or additional Authorized Persons are elected or appointed. Until such
new certification shall be received, the Custodian shall be fully protected
in acting under the provisions of this Agreement upon Oral Instructions or
signatures of the present Authorized Persons as set forth in the last
delivered certification.
(b) Annexed hereto as Appendix B is a certification signed by the
Secretary of the Fund setting forth the names and the signatures of the
present officers of the Fund. The Fund agrees to furnish to the Custodian
a new certification in similar form in the event any such present officer
ceases to be an officer of the Fund or in the event that other or additional
officers are elected or appointed. Until such new certification shall be
received, the Custodian shall be fully protected in acting under the
provisions of this Agreement upon the signature of an officer as set forth
in the last delivered certification.
(c) Any notice or other instrument in writing, authorized or
required by this Agreement to be given to the Custodian, shall be
sufficiently given if addressed to the Custodian and mailed or delivered to
it at its offices at One Mellon Bank Center, Pittsburgh, PA 15258 or at such
other place as the Custodian may from time to time designate in writing.
(d) Any notice or other instrument in writing, authorized or
required by this Agreement to be given to the Fund, shall be sufficiently
given if addressed to the Fund and mailed or delivered to it at its offices
at 200 Park Avenue, New York, New York 10166 or at such other place as the
Fund may from time to time designate in writing.
(e) This Agreement may not be amended or modified in any manner
except by a written agreement executed by both parties with the same
formality as this Agreement, (i) authorized, or ratified and approved by a
vote of the Board of Trustees of the Fund, including a majority of the
members of the Board of Trustees of the Fund who are not "interested persons"
of the Fund (as defined in the 1940 Act), or (ii) authorized, or ratified and
approved by such other procedures as may be permitted or required by the 1940
Act.
(f) This Agreement shall extend to and shall be binding upon the
parties hereto, and their respective successors and assigns; provided,
however, that this Agreement shall not be assignable by the Fund without the
written consent of the Custodian, or by the Custodian without the written
consent of the Fund authorized or approved by a vote of the Board of Trustees
of the Fund. Nothing in this Agreement shall give or be construed to give
or confer upon any third party any rights hereunder.
(g) The Fund represents that a copy of the Master Trust Agreement
is on file with the Secretary of the State of Massachusetts.
(h) This Agreement shall be construed in accordance with the laws
of the Commonwealth of Massachusetts.
(i) The captions of the Agreement are included for convenience
of reference only and in no way define or delimit any of the provisions
hereof or otherwise affect their construction or effect.
(j) This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original, but such counterparts shall,
together, constitute only one instrument.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be executed by their respective representatives duly authorized as of the
day and year first above written.
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
By:
Name: Eric B. Fischman
Title: Vice President
MELLON BANK, N.A.
By:
Name:
Title:
APPENDIX A
I, Eric B. Fischman, the Assistant Secretary, of Dreyfus 100% U.S.
Treasury Intermediate Term Fund, a business trust organized under the laws
of the State of Massachusetts
(the "Fund"), do hereby certify that:
The following individuals have been duly authorized as Authorized
Persons to give Oral Instructions and Written Instructions on behalf of the
Fund and the specimen signatures set forth opposite their respective names
are their true and correct signatures:
Name Signature
Paul Casti ____________________________
William Maeder ____________________________
William McDowell ____________________________
Lisa Waldman ____________________________
Matt Plastina ____________________________
__________________________
Assistant Secretary
Dated:
APPENDIX B
Dreyfus 100% U.S. Treasury Intermediate Term Fund
I, Eric B. Fischman, Vice President and Assistant Secretary of
Dreyfus 100% U.S. Treasury Intermediate Term Fund, a business trust organized
and existing under the laws of the State of Massachusetts (the "Fund"), do
hereby certify that the only series of shares of the Fund issued and/or
authorized by the Fund as of the date of this Custody Agreement are shares of
Beneficial Interest, $.001 par value.
APPENDIX C
The following are designated publications for purposes of Section
4(f)2:
The Bond Buyer
Depository Trust Company Notices
Financial Daily Card Service
New York Times
Standard & Poor's Called Bond Record
Wall Street Journal
SCHEDULE A
MELLON BANK, N.A.
CUSTODY FEE SCHEDULE
A. Domestic Safekeeping
B. PLUS $5/security holding charge per month
C. PLUS Transaction charges:
DTC eligible $
Non-DTC eligible $
Fed Book Entry $
Physical - Gov't. $
Commercial Paper $
SCHEDULE B
The Fund will pay to the Custodian as soon as possible after the end
of each month all out-of-pocket expenses reasonably incurred in connection
with the assets of the Fund.
CONSENT OF INDEPENDENT AUDITORS
We consent to the reference to our firm under the captions "Condensed
Financial Information" and "Transfer and Dividend Disbursing Agent,
Custodian, Counsel and Independent Auditors" and to the use of our report
dated February 5, 1996, in this Registration Statement (Form N-1A No. 33-00824)
of Dreyfus 100% U.S. Treasury Intermediate Term Fund.
ERNST & YOUNG LLP
New York, New York
April 10, 1996
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<NAME> DREYFUS 100% US TREASURY INTERMEDIATE TERM FUND
<MULTIPLIER> 1000
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<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 190324
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<RECEIVABLES> 4341
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<NET-CHANGE-FROM-OPS> 26913
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12934
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3690
<NUMBER-OF-SHARES-REDEEMED> (4615)
<SHARES-REINVESTED> 690
<NET-CHANGE-IN-ASSETS> 11709
<ACCUMULATED-NII-PRIOR> 37
<ACCUMULATED-GAINS-PRIOR> (22935)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1108
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1588
<AVERAGE-NET-ASSETS> 184624
<PER-SHARE-NAV-BEGIN> 12.16
<PER-SHARE-NII> .89
<PER-SHARE-GAIN-APPREC> .97
<PER-SHARE-DIVIDEND> (.89)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.13
<EXPENSE-RATIO> .008
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
