February 20, 1998
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, 1997
A Special Meeting of Shareholders of each of 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 (collectively, the "Term
Funds") will be held on April 15, 1998 to consider changes to certain of each
Term Fund's investment management policies and restrictions. If these changes
are approved by shareholders, each Term Fund will be required to invest at
least 65% of its net assets in U.S. Treasury securities, instead of 100% of
its assets as is currently required. Each Term Fund would be permitted to
invest the remainder of its net assets in other securities issued or
guaranteed by the U.S. Government and its agencies or instrumentalities, and
enter into repurchase agreements. Each Term Fund also would be permitted to
engage in options and futures transactions and lend portfolio securities.
Dividends paid by a Term Fund attributable to income or gain derived from
certain of these securities transactions may be subject to Federal income tax
and to state and local taxes in certain states. Pursuant to the requirements
of the Investment Company Act of 1940, as amended, these changes also require
deleting the term "100%" from each Term Fund's name.
You may obtain a free copy of the Term Fund's Combined Proxy
Statement, which provides a detailed discussion of repurchase agreements,
options and futures transactions and lending portfolio securities, and their
related risks, by writing to the Term Funds at 144 Glenn Curtiss Boulevard,
Uniondale, New York 11556-0144, or calling 1-800-645-6561.
With respect to Dreyfus 100% U.S. Treasury Intermediate Term Fund
only, effective March 1, 1998, the Fund's maximum dollar-weighted average
portfolio maturity will be increased from 7 years to 10 years.
ADDITIONAL INFORMATION ABOUT PURCHASES, EXCHANGES AND REDEMPTIONS.
Each Term Fund is intended to be a long-term investment vehicle and is not
designed to provide investors with a means of speculation on short-term
market movements. A pattern of frequent purchases and exchanges can be
disruptive to efficient portfolio management and, consequently, can be
detrimental to a Term Fund's performance and its shareholders. Accordingly,
if a Term Fund's management determines that an investor is engaged in
excessive trading, the Fund, with or without prior notice, may temporarily or
permanently terminate the availability of Fund exchanges, or reject in whole
or part any purchase or exchange request, with respect to such investor's
account. Such investors also may be barred from purchasing other funds in the
Dreyfus Family of Funds. Generally, an investor who makes more than four
exchanges out of a Term Fund during any calendar year (for calendar year
1998, beginning on January 15th) or who makes exchanges that appear to
coincide with an active market-timing strategy may be deemed to be engaged in
excessive trading. Accounts under common ownership or control
(CONTINUED ON REVERSE SIDE)
will be considered as one account for purposes of determining a pattern of
excessive trading. In addition, a Term Fund may refuse or restrict purchase
or exchange requests by any person or group if, in the judgment of the Fund's
management, the Fund would be unable to invest the money effectively in
accordance with its investment objective and policies or could otherwise be
adversely affected or if the Fund receives or anticipates receiving
simultaneous orders that may significantly affect the Fund (E.G., amounts
equal to 1% or more of the Fund's total assets). If an exchange request is
refused, the Fund will take no other action with respect to the shares until
it receives further instructions from the investor. A Term Fund may delay
forwarding redemption proceeds for up to seven days if the investor redeeming
shares is engaged in excessive trading or if the amount of the redemption
request otherwise would be disruptive to efficient portfolio management or
would adversely affect the Fund. The Funds' policy on excessive trading
applies to investors who invest in the Funds directly or through financial
intermediaries, but does not apply to the Dreyfus Auto-Exchange Privilege, to
any automatic investment or withdrawal privilege described herein, or to
participants in employer-sponsored retirement plans.
During times of drastic economic or market conditions, a Term Fund
may suspend the Exchange Privilege temporarily without notice and treat
exchange requests based on their separate components _ redemption orders with
a simultaneous request to purchase the other fund's shares. In such a case,
the redemption request would be processed at the Fund's next determined net
asset value but the purchase order would be effective only at the net asset
value next determined after the fund being purchased receives the proceeds of
the redemption, which may result in the purchase being delayed.
THE FOLLOWING INFORMATION SUPERSEDES ANY CONTRARY INFORMATION
CONTAINED IN THE PROSPECTUS.
The minimum initial investment is $750 for Dreyfus-sponsored Keogh
Plans, IRAs (including regular IRAs, spousal IRAs for a non-working spouse,
Roth IRAs, SEP-IRAs and rollover IRAs) and 403(b)(7) Plans with only one
participant and $500 for Dreyfus-sponsored Education IRAs, with no minimum on
subsequent purchases.
The Telephone Redemption Privilege is granted automatically unless
you specifically refuse it by checking the applicable "No" box on the Account
Application. The Telephone Redemption Privilege may be established for an
existing account by a separate signed Shareholder Services Form or by oral
request from any of the authorized signatories on the account by calling
1-800-645-6561.
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