DREYFUS ONE HUNDRED PERCENT U S TREASURY SHORT TERM FUND LP, 497, 1995-05-03

DREYFUS ONE HUNDRED PERCENT U S TREASURY SHORT TERM FUND LP
497, 1995-05-03

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FOR USE BY BANKS ONLY
May 1, 1995
DREYFUS 100% U.S. TREASURY FUNDS
Dreyfus 100% U.S. Treasury Money Market Fund
Dreyfus 100% U.S. Treasury Short Term Fund
Dreyfus 100% U.S. Treasury Intermediate Term Fund
Dreyfus 100% U.S. Treasury Long Term Fund
Supplement to Combined Prospectus
Dated May 1, 1995
All mutual fund shares involve certain investment risks, including
the possible loss of principal.
USTF/s050195IST

- ----------------------------------------------------------------------------
COMBINED PROSPECTUS May 1, 1995
Dreyfus 100% U.S. Treasury Funds
- ----------------------------------------------------------------------------
Each of Dreyfus 100% U.S. Treasury Money Market Fund, Dreyfus 100%
U.S. Treasury Short Term Fund, Dreyfus 100% U.S. Treasury Intermediate Term
Fund and Dreyfus 100% U.S. Treasury Long Term Fund (each, a "Fund" and
collectively, the "Funds") is an open-end, diversified, management investment
company known as a no-load mutual fund. The goal of each Fund is to provide
you with as high a level of current income as is consistent with the
preservation of capital and, for the money market fund only, with the maintena
nce of liquidity. Each Fund pursues its objective by investing in obligations
of the U.S. Treasury that provide interest income exempt from state and local
taxes in each state. The Funds differ in average portfolio maturity and
quality, which in turn affects their level of income and degree of share
price fluctuation.
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND (the "MONEY MARKET FUND") is a
money market fund that seeks to maintain a stable share price of $1.00.
AN INVESTMENT IN THE MONEY MARKET FUND IS NEITHER INSURED NOR
GUARANTEED BY THE U.S. GOVERNMENT. THERE CAN BE NO ASSURANCE THAT THE MONEY
MARKET FUND WILL BE ABLE TO MAINTAIN A STABLE NET ASSET VALUE OF $1.00 PER
SHARE.
DREYFUS 100% U.S. TREASURY SHORT TERM FUND (the "SHORT TERM FUND") seeks to
provide you with a higher level of current income than the MONEY MARKET FUND,
and greater price stability than the INTERMEDIATE TERM FUND. The
dollar-weighted average maturity of its portfolio is expected to range
between two and three years.
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND (the "INTERMEDIATE TERM
FUND") seeks to provide you with a higher level of current income than the
SHORT TERM FUND, and greater price stability than the LONG TERM FUND. The
dollar-weighted average maturity of its portfolio is expected to range
between three and seven years.
DREYFUS 100% U.S. TREASURY LONG TERM FUND (the "LONG TERM FUND") seeks to
provide you with a higher level of current income than the INTERMEDIATE TERM
FUND. Its price per share should be expected to fluctuate more than the
INTERMEDIATE TERM FUND'S price per share. The dollar-weighted average maturity
of its portfolio is expected to exceed ten years.
EACH FUND IS A SEPARATE MASSACHUSETTS BUSINESS TRUST WITH A
SEPARATE PORTFOLIO. THE OPERATIONS AND RESULTS OF ONE FUND ARE UNRELATED TO
THOSE OF EACH OTHER FUND. THIS COMBINED PROSPECTUS HAS BEEN PREPARED FOR YOUR
CONVENIENCE TO PROVIDE YOU THE OPPORTUNITY TO CONSIDER FOUR INVESTMENT
CHOICES IN ONE DOCUMENT.
The Dreyfus Corporation professionally manages each Fund's
portfolio.
This Prospectus sets forth concisely information about each Fund
that you should know before investing. It should be read and retained for
future reference.

The Statement of Additional Information, dated May 1, 1995, which
may be revised from time to time, provides a further discussion of certain
areas in this Prospectus and other matters which may be of interest to some
shareholders. It has been filed with the Securities and Exchange Commission
and is incorporated herein by reference. For a free copy, write to the Fund
at 144 Glenn Curtiss Boulevard, Uniondale, New York 11556-0144, or call
1-800-645-6561. When telephoning, ask for Operator 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.
- ----------------------------------------------------------------------------
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.
- -----------------------------------------------------------------------------
(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................. 6
Description of the Funds.......................... 7
Management of the Funds........................... 9
How to Buy Shares................................. 10
Shareholder Services.............................. 12
How to Redeem Shares.............................. 15
Shareholder Services Plan......................... 17
Dividends, Distributions and Taxes................ 17
General Information............................... 19

[This Page Intentionally Left Blank]
Page 3

ANNUAL FUND OPERATING EXPENSES
(as a percentage of average daily net assets)
<TABLE>
<CAPTION>

MONEY SHORT INTERM. LONG
MARKET TERM TERM TERM
FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
Management Fees ........................................... .50% .60% .60% .60%
Other Expenses............................................. .21% .34% .29% .38%
Total Fund Operating Expenses.............................. .71% .94% .89% .98%
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 $ 10 $ 9 $ 10
3 YEARS $23 $ 30 $ 28 $ 31
5 YEARS $40 $ 52 $ 49 $ 54
10 YEARS $88 $115 $110 $120
</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%.
- -------------------------------------------------------------------------

The purpose of the foregoing table is to assist you in
understanding the various costs and expenses borne by each Fund, and
therefore indirectly by investors, the payment of which will reduce
investors' return on an annual basis. The information in the foregoing table
does not reflect any fee waivers or expense reimbursement arrangements that
may be in effect. You can purchase 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.
Financial Highlights
Contained below is per share operating performance data for a share
of beneficial interest outstanding, total investment return, ratios to
average net assets and other supplemental data for each year indicated. This
information has been derived from the Fund's financial statements.
<TABLE>
<CAPTION>

MONEY MARKET FUND YEAR ENDED DECEMBER 31,
-------------------------------------------------------------------------------
PER SHARE DATA: 1987(1) 1988 1989 1990 1991 1992 1993 1994
------- ----- ----- ---- ---- ---- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year... $1.0000 $1.0001 $1.0002 $1.0004 $1.0000 $1.0001 $1.0001 $1.0002
------- ------ ------- ------ ------ ------- ------- ------
INVESTMENT OPERATIONS:
Investment income - net.......... .0473 .0667 .0792 .0762 .0603 .0358 .0253 .0334
Net realized and unrealized
gain (loss) on investments... .0001 (.0002) -- -- .0001 -- .0001 --
------- ------ ------- ------- ------ ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS.. .0474 .0665 .0792 .0762 .0604 .0358 .0254 .0334
DISTRIBUTIONS:
Dividends from investment income - net.. (.0473) (.0664) (.0790) (.0766) (.0603) (.0358) (.0253) (.0333)
------- ------ ------- ------- ------ ------- ------- -------
Net asset value, end of year...... $1.0001 $1.0002 $1.0004 $1.0000 $1.0001 $1.0001 $1.0002 $1.0003
======= ======= ======= ======= ======== ====== ====== =======
TOTAL INVESTMENT RETURN............. 6.31%(2) 6.85% 8.19% 7.93% 6.20% 3.64% 2.56% 3.38%
RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to average net assets... .22%(2) .25% .73% .09% .14% .35% .65% .71%
Ratio of net investment income
to average net assets... 6.28%(2) 6.74% 7.94% 7.65% 5.86% 3.62% 2.53% 3.29%
Decrease reflected in above expense ratios
due to 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) From March 27, 1987 (commencement of operations) to December 31, 1987.
(2) Annualized.
</TABLE>

Page 4
<TABLE>
<CAPTION>

SHORT TERM FUND (1)
YEAR ENDED DECEMBER 31,
--------------------------------------------------------------------------------
PER SHARE DATA: 1987(2) 1988 1989 1990 1991 1992 1993 1994
------- ----- ----- ---- ---- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year... $14.50 $15.03 $14.96 $15.62 $15.40 $16.18 $15.91 $15.75
------- ------ ------- ------- ------ ------- ------- -------
INVESTMENT OPERATIONS:
Investment income - net......... .38 1.20 1.19 1.14 1.13 1.35 1.25 1.15
Net realized and unrealized
gain (loss) on investments...... .53 (.07) .66 (.22) .78 (.27) (.16) (1.20)
------- ------ ------- ------- ------ ------- ------- ------
TOTAL FROM INVESTMENT OPERATIONS.... .91 1.13 1.85 .92 1.91 1.08 1.09 (.05)
------- ------ ------- ------- ------ ------- ------- ------
DISTRIBUTIONS:
Dividends from investment income - net... (.38) (1.20) (1.19) (1.14) (1.13) (1.35) (1.25) (1.15)
------- ------ ------- ------- ------ ------- ------- ------
Net asset value, end of year..... $15.03 $14.96 $15.62 $15.40 $16.18 $15.91 $15.75 $14.55
======= ======= ====== ====== ======= ======= ======= =======
TOTAL INVESTMENT RETURN............ 20.12%(3) 7.89% 12.83% 6.24% 12.92% 7.01% 7.03% (.33%)
RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to average net assets... -- -- -- -- -- .03% .11% .35%
Ratio of net investment income
to average net assets..... 8.15%(3) 7.75% 7.84% 7.50% 8.60% 8.34% 7.82% 7.61%
Decrease reflected in above expense ratios due to undertakings
by The Dreyfus Corporation (limited to the expense limitation
provision of the management agreement)... 1.50%(3) 1.50% 1.50% 1.50% 1.50% 1.09% .85% .59%
Portfolio Turnover Rate.......... -- -- -- -- 59.59% 137.93% 322.62% 499.11%
Net Assets, end of year (000's Omitted)... $161 $368 $258 $239 $29,183 $144,058 $188,300 $172,556
(1) On October 1, 1991, the Fund's investment objective and certain of
its fundamental policies and investment restrictions were changed. See
"Information About the Funds" in the Statement of Additional Information.
(2) From September 10, 1987 (commencement of operations) to December 31, 1987.
(3) Annualized.
</TABLE>

INTERMEDIATE TERM FUND(1)
YEAR ENDED DECEMBER 31,
--------------------------------------------------------------------------------
PER SHARE DATA: 1987(2) 1988 1989 1990 1991 1992 1993 1994
------- ----- ----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year... $13.50 $12.66 $12.22 $12.59 $12.48 $13.22 $13.12 $13.60
------- ------ ------- ------- ------ ------- ------- ------
INVESTMENT OPERATIONS:
Investment income - net......... .99 1.16 1.14 1.13 1.06 1.00 .95 .91
Net realized and unrealized
gain (loss) on investments..... (.84) (.44) .37 (.11) .74 (.10) .48 (1.44)
------- ------ ------- ------- ------ ------- ------- ------
TOTAL FROM INVESTMENT OPERATIONS... .15 .72 1.51 1.02 1.80 .90 1.43 (.53)
------- ------ ------- ------- ------ ------- ------- ------
DISTRIBUTIONS:
Dividends from investment income - net... (.99) (1.16) (1.14) (1.13) (1.06) (1.00) (.95) (.91)
------- ------ ------- ------- ------ ------- ------- ------
Net asset value, end of year..... $12.66 $12.22 $12.59 $12.48 $13.22 $13.12 $13.60 $12.16
====== ====== ======= ======= ====== ====== ======= ======
TOTAL INVESTMENT RETURN............ 1.62%(3) 5.80% 12.87% 8.60% 15.23% 7.17% 11.05% (3.97%)
RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to average net assets... -- .47% .80% .80% .62% .52% .73% .89
Ratio of net investment income to
average net assets..... 9.93%(3) 9.18% 9.16% 9.15% 8.44% 7.68% 6.92% 7.15%
Decrease reflected in above expense
ratios due to under takings by
The Dreyfus Corporation...... 1.36%(3) .74% .34% .20% .33% .38% .13% --
Portfolio Turnover Rate.......... 4.82%(4) 20.54% 5.59% 4.43% 21.78% 115.78% 333.76% 696.65%
Net Assets, end of year (000's Omitted)... $40,725 $62,025 $60,960 $71,232 $183,288 $231,094 $254,278 $185,261
- ------------------
(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 5
<TABLE>
<CAPTION>

LONG TERM FUND (1)
YEAR ENDED DECEMBER 31,
--------------------------------------------------------------------------------

PER SHARE DATA: 1987(2) 1988 1989 1990 1991 1992 1993 1994
------- ----- ----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year... $14.50 $12.89 $12.74 $13.56 $13.26 $14.42 $14.37 $15.68
------- ------ ------- ------- ------ ------- ------- ------
INVESTMENT OPERATIONS:
Investment income - net........... .95 1.17 1.17 1.17 1.14 1.08 1.03 1.01
Net realized and unrealized
gain (loss) on investments..... (1.61) (.15) .82 (.30) 1.16 (.05) 1.31 (2.42)
------- ------ ------- ------- ------ ------- ------- ------
TOTAL FROM INVESTMENT OPERATIONS... (.66) 1.02 1.99 .87 2.30 1.03 2.34 (1.41)
------- ------ ------- ------- ------ ------- ------- ------
DISTRIBUTIONS:
Dividends from investment income - net.... (.95) (1.17) (1.17) (1.17) (1.14) (1.08) (1.03) (1.01)
------- ------ ------- ------- ------ ------- ------- ------
Net asset value, end of year....... $12.89 $12.74 $13.56 $13.26 $14.42 $14.37 $15.68 $13.26
====== ======= ====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN.............. (5.81)%(3) 8.18% 16.22% 7.02% 18.28% 7.55% 16.59% (9.18%)
RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to
average net assets......... -- -- -- -- .25% .56% .78% .98%
Ratio of net investment
income to average net assets...... 9.49% 9.04% 8.79% 9.05% 8.34% 7.63% 6.65% 7.08%
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% 1.28% .72% .39% .09% --
Portfolio Turnover Rate............ 1.58%(4) 19.21% 40.08% 30.68% 21.01% 97.46% 420.68% 1,213.04%
Net Assets, end of year (000's Omitted).. $6,334 $9,760 $24,242 $42,525 $217,422 $238,839 $215,157 $123,403
- -----------
(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>

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 LO
NG TERM FUND (collectively, the "TERM
page 6
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 T
ERM 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 T
ERM FUND has operated.
Total return is computed on a per share basis and assumes the
reinvestment of dividends and distributions. Total return generally is
expressed as a percentage rate which is calculated by combining the income
and principal changes for a specified period and dividing by the net asset
value per share at the beginning of the period. Advertisements may include
the percentage rate of total return or may include the value of a
hypothetical investment at the end of the period which assumes the
application of the percentage rate of total return.
ALL FUNDS - Performance will vary from time to time and past results are not
necessarily representative of future results. You should remember that
performance is a function of portfolio management in selecting the type and
quality of portfolio securities and is affected by operating expenses.
Performance information, such as that described above, may not provide a
basis for comparison with other investments or other investment companies
using a different method of calculating performance.
Comparative performance information may be used from time to time
in advertising or marketing a Fund's shares, including data from Lipper
Analytical Services, Inc., Bank Rate Monitortrademark, N. Palm Beach, Fla.
33408, IBC/Donoghue's Money Fund Report Registration 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 - The goal of each Fund is to provide you with as high
a level of current income as is consistent with the preservation of capital
and, for the MONEY MARKET FUND only, with the maintenance of liquidity. Each
Fund's investment objective cannot be changed without approval by the holders
of a majority (as defined in the Investment Company Act of 1940 (the "Act"))
of its outstanding voting shares. There can be no assurance that a Fund's
investment objective will be achieved.
MANAGEMENT POLICIES - Each Fund invests only in U.S. Treasury securities the
interest from which would not subject shareholders to state or local income
tax. Each Fund passes through to you state and local income tax exemptions
afforded to owners of such U.S. Treasury securities in each state. Such
interest income, however, will not be exempt from Federal tax. Furthermore,
capital gains realized by a Fund will not be exempt
Page 7
from Federal taxes or, generally, from state and local taxes. Under normal
market conditions, the dollar-weighted average maturity of the SHORT TERM
FUND'S portfolio is expected to range between two and three years; the
dollar-weighted average maturity of the INTERMEDIATE TERM FUND'S portfolio is
expected to range between three and seven years; and the dollar-weighted
average maturity of the LONG TERM FUND'S portfolio is expected to be greater
than ten years. For defensive purposes in an effort to preserve capital during
periods of rapidly changing interest rates, each TERM FUND'S assets may be
invested temporarily so that its dollar-weighted average portfolio maturity
may be less than that stated above.
Each Fund invests in U.S. Treasury securities, including Treasury
Bills, Treasury Notes and Treasury Bonds. Treasury Bills have initial
maturities of one year or less; Treasury Notes have initial maturities of one
to ten years; and Treasury Bonds generally have initial maturities of greater
than ten years. Although the interest income from obligations in which the
Fund invests is specifically exempted from state and local income taxes by
Federal statute, it is possible that a state or local taxing authority in the
future may seek to tax a shareholder on a portion of the interest income of
an obligation held by the Fund.

The MONEY MARKET FUND seeks to maintain a net asset value of $1.00
per share for purchases and redemptions. To do so, the MONEY MARKET FUND uses
the amortized cost method of valuing its securities pursuant to Rule 2a-7
under the Act, certain requirements of which are summarized as follows. In
accordance with Rule 2a-7, the MONEY MARKET FUND will maintain a
dollar-weighted average portfolio maturity of 90 days or less, purchase only
instruments having remaining maturities of 13 months or less and invest only
in U.S. dollar denominated securities. For further information regarding the
amortized cost method of valuing securities, see "Determination of Net Asset
Value" in the Statement of Additional Information. There can be no assurance
that the MONEY MARKET FUND will be able to maintain a stable net asset value
of $1.00 per share.

As a fundamental policy, each TERM FUND is permitted to borrow to
the extent permitted under the Act, which currently limits borrowing to no
more than 331/3% of the value of a Fund's total assets. Each TERM FUND,
however, and as a fundamental policy, the MONEY MARKET FUND currently intends
to borrow money from banks only for temporary or emergency (not leveraging)
purposes, in an amount up to 15% of the value of its total assets (including
the amount borrowed) valued at the lesser of cost or market, less liabilities
(not including the amount borrowed) at the time the borrowing is made. While
borrowings exceed 5% of the value of a Fund's total assets, such Fund will
not make any additional investments. A fundamental policy cannot be changed,
as to a Fund, without approval by the holders of a majority (as defined in
the Act) of the Fund's outstanding voting shares. See "Investment Objective
and Management Policies - Investment Restrictions" in the Statement of
Additional Information.

INVESTMENT CONSIDERATIONS - The value of the portfolio securities held by a
Fund will vary inversely to changes in prevailing interest rates. Thus, if
interest rates have increased from the time a security was purchased, such
security, if sold, might be sold at a price less than its cost. Similarly, if
interest rates have declined from the time a security was purchased, such
security, if sold, might be sold at a price greater than its cost. In either
instance, if the security was purchased at face value and held to maturity,
no gain or loss would be realized.

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.

U.S. Treasury securities purchased by a Fund frequently are offered
on a when-issued basis, which means that the price is fixed at the time of
commitment, but delivery and payment ordinarily take place a number of days
after the date of the commitment to purchase. A Fund will make commitments to
purchase such securities only with the intention of actually acquiring the
securities, but 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.

Page 8
U.S. Treasury securities purchased on a when-issued basis and other
U.S. Treasury securities held by a Fund are subject to changes in value (both
generally changing in the same way, i.e., appreciating when interest rates
decline and depreciating when interest rates rise) based upon changes, real
or anticipated, in the level of interest rates. U.S. Treasury securities
purchased on a when-issued basis may expose a Fund to risk because they may
experience such fluctuations prior to their actual delivery. Purchasing U.S.
Treasury securities on a when-issued basis can involve the additional risk
that the yield available in the market when the delivery takes place actually
may be higher than that obtained in the transaction itself. A segregated
account of the Fund consisting of cash or U.S. Treasury securities at least
equal at all times to the amount of the when-issued commitments will be
established and maintained at the Fund's custodian bank. Purchasing U.S.
Treasury securities on a when-issued basis when a Fund is fully or almost
fully invested may result in greater potential fluctuation in the value of
such Fund's net assets and its net asset value per share.

The TERM FUNDS may invest in zero coupon U.S. Treasury securities,
which are U.S. Treasury obligations that have been stripped of their
unmatured interest coupons, the coupons themselves and receipts of
certificates representing interests in such stripped debt obligations 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.

The MONEY MARKET FUND seeks to maintain a stable net asset value of
$1.00 per share, while the net asset value per share of each TERM FUND
generally will not be stable and should fluctuate based on changes in the
value of its portfolio securities. The SHORT TERM FUND'S price per share
should fluctuate less than that of the INTERMEDIATE TERM FUND which should
fluctuate less than that of the LONG TERM FUND.
Management of the Funds

The Dreyfus Corporation, located at 200 Park Avenue, New York, New
York 10166, was formed in 1947 and serves as each Fund's investment adviser.
The Dreyfus Corporation is a wholly-owned subsidiary of Mellon Bank, N.A.,
which is a wholly-owned subsidiary of Mellon Bank Corporation ("Mellon"). As
of March 31, 1995, The Dreyfus Corporation managed or administered
approximately $72 billion in assets for approximately 1.9 million shareholder
accounts nationwide.

The Dreyfus Corporation supervises and assists in the overall
management of each Fund's affairs under a separate Management Agreement with
each Fund, subject to the overall authority of the Fund's Trustees in
accordance with Massachusetts law. The primary portfolio manager of each TERM
FUND is Gerald Thunelius. Mr. Thunelius has held that position since 1991,
and has been employed by The Dreyfus Corporation 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 as well
as for other funds advised by The Dreyfus Corporation through a professional
staff of portfolio managers and securities analysts.

Mellon is a publicly owned multibank holding company incorporated
under Pennsylvania law in 1971 and registered under the Federal Bank Holding
Company Act of 1956, as amended. Mellon provides a comprehensive range of
financial products and services in domestic and selected international
markets. Mellon is among the twenty-five largest bank holding companies in
the United States based on total assets. Mellon's principal wholly-owned
subsidiaries are Mellon Bank, N.A., Mellon Bank (DE) National Association,
Mellon Bank (MD), The Boston Company, Inc., AFCOCredit Corporation and a
number of companies known as Mellon Financial Services Corporations. Through
its subsidiaries, including The Dreyfus Corporation, Mellon managed $193
billion in assets as of December 31, 1994, including approximately $70
billion in mutual fund assets. As of December 31, 1994, Mellon, through
various subsidiaries,
Page 9
provided non-investment services, such as custodial or administration
services, for approximately $654 billion in assets including approximately
$74 billion in mutual fund assets.

For the fiscal year ended December 31, 1994, the MONEY MARKET FUND
paid The Dreyfus Corporation a monthly management fee at the annual rate of
.50% of the value of its average daily net assets. For the fiscal year ended
December 31, 1994, the INTERMEDIATE TERM FUND and LONG TERM FUND each paid
The Dreyfus Corporation a monthly management fee at the annual rate of .60%
of the value of its average daily net assets. For the fiscal year ended
December 31, 1994, the Short Term Fund, which has agreed to pay The Dreyfus
Corporation a monthly fee at the annual rate of .60% of the value of its
average daily net assets, paid The Dreyfus Corporation a monthly fee at the
effective annual rate of .01% 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 at the time such amounts are waived or assumed, as the case may
be. A Fund will not pay The Dreyfus Corporation at a later time for any
amounts it may waive, nor will a Fund reimburse The Dreyfus Corporation for
any amounts it may assume.
The Dreyfus Corporation may pay the Fund's distributor for
shareholder services from The Dreyfus Corporation's own assets, including
past profits but not including the management fee paid by each Fund. The
Fund's distributor may use part or all of such payments to pay securities
dealers or others in respect of these services.

Each Fund's distributor is Premier Mutual Fund Services, Inc. (the
"Distributor"), located at One Exchange Place, Boston, Massachusetts 02109.
The Distributor is a wholly-owned subsidiary of 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 Shareholder Services Group, Inc., a subsidiary of First Data
Corporation, P.O. Box 9671, Providence, Rhode Island 02940-9671, is the
Transfer and Dividend Disbursing Agent (the "Transfer Agent") for each Fund.
The Bank of New York, 90 Washington Street, New York, New York 10286, is the
Custodian for each Fund.

How to Buy Shares
Fund shares are sold without a sales charge. You may be charged a
nominal fee if you effect transactions in shares of a Fund through a
securities dealer, bank or other financial institution. Share certificates
are issued only upon your written request. No certificates are issued for
fractional shares. Each Fund reserves the right to reject any purchase order.
The minimum initial investment for each Fund is $2,500, or $1,000
if you are a client of a securities dealer, bank or other financial
institution which has made an aggregate minimum initial purchase for its
customers of $2,500. Subsequent investments must be at least $100. The
initial investment must be accompanied by the Account Application. For
full-time or part-time employees of The Dreyfus Corporation or any of its
affiliates or subsidiaries, directors of The Dreyfus Corporation, Board
members of a fund advised by The Dreyfus Corporation, including members of
each Fund's Board, or the spouse or minor child of any of the foregoing, the
minimum initial investment is $1,000. For full-time or part-time employees of
The Dreyfus Corporation or any of its affiliates or subsidiaries who elect of
have a portion of their pay directly deposited into their Fund account, the
minimum initial investment is $50. Each Fund reserves the right to offer Fund
shares without regard to minimum purchase requirements to employees
participating in certain qualified or non-qualified employee benefit plans or
other programs where contributions or account information can be transmitted
in a manner and form acceptable to such Fund. Each Fund reserves the right to
vary further the initial and subsequent investment minimum requirements at
any time.
Page 10
You may purchase Fund shares by check or wire, or through the
Dreyfus TELETRANSFER Privilege described below. Checks should be made payable
to "The Dreyfus Family of Funds." Payments to open new accounts which are
mailed should be sent to The Dreyfus Family of Funds, P.O. Box 9387,
Providence, Rhode Island 02940-9387, together with your Account Application.
For subsequent investments, your Fund account number should appear on the
check and an investment slip should be enclosed and sent to The Dreyfus
Family of Funds, P.O. Box 105, Newark, New Jersey 07101-0105. Neither initial
nor subsequent investments should be made by third party check. Purchase
orders may be delivered in person only to a Dreyfus Financial Center. THESE
ORDERS WILL BE FORWARDED TO THE RELEVANT FUND AND WILL BE PROCESSED ONLY UPON
RECEIPT THEREBY. For the location of the nearest Dreyfus Financial Center,
please call one of the telephone numbers listed under "General Information."
Wire payments may be made if your bank account is in a commercial
bank that is a member of the Federal Reserve System or any other bank having
a correspondent bank in New York City. Immediately available funds may be
transmitted by wire to The Bank of New York (DDA #8900119497/Dreyfus 100%
U.S. Treasury Money Market Fund; or DDA #8900119543/Dreyfus 100% U.S.
Treasury Short Term Fund; or DDA #8900119500/Dreyfus 100% U.S. Treasury
Intermediate Term Fund; or DDA #8900119519/Dreyfus 100% U.S. Treasury Long
Term Fund) for purchase of Fund shares in your name. The wire must include
your Fund account number (for new accounts, your Taxpayer Identification
Number ("TIN") should be included instead), account registration and dealer
number, if applicable. If your initial purchase of Fund shares is by wire,
please call 1-800-645-6561 after completing your wire payment to obtain your
Fund account number. Please include your Fund account number on the Fund's
Account Application and promptly mail the Account Application to the Fund, as
no redemptions will be permitted until the Account Application is received.
You may obtain further information about remitting funds in this manner from
your bank. All payments should be made in U.S. dollars and, to avoid fees and
delays, should be drawn only on U.S. banks. A charge will be imposed if any
check used for investment in your account does not clear. Each Fund makes
available to certain large institutions the ability to issue purchase
instructions through compatible computer facilities.
Subsequent investments also may be made by electronic transfer of
funds from an account maintained in a bank or other domestic financial
institution that is an Automated Clearing House member. You must direct the
institution to transmit immediately available funds through the Automated
Clearing House to The Bank of New York with instructions to credit your Fund
account. The instructions must specify your Fund account registration and
your Fund account number PRECEDED BY THE DIGITS "1111."
The Distributor may pay dealers a fee of up to .5% of the amount
invested through such dealers in Fund shares by employees participating in
qualified or non-qualified employee benefit plans or other programs where
(i)the employers or affiliated employers maintaining such plans or programs
have a minimum of 250 employees eligible for participation in such plans or
programs, or (ii) such plan's or program's aggregate investment in the
Dreyfus Family of Funds or certain other products made available by the
Distributor to such plans or programs exceeds one million dollars. All
present holdings of shares of funds in the Dreyfus Family of Funds by such
employee benefit plans or programs will be aggregated to determine the fee
payable with respect to each such purchase of Fund shares. The Distributor
reserves the right to cease paying these fees at any time. The Distributor
will pay such fees from its own funds, other than amounts received from the
Fund, including past profits or any other source available to it.

Fund shares are sold on a continuous basis at the net asset value
per share next determined after an order in proper form is received by the
Transfer Agent 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 dividing the value of
the Fund's net assets (i.e., the value of its assets less liabilities) by the
total number of its shares outstanding. Each TERM FUND'S portfolio securities
are valued at the average of the most recent bid
Page 11
and asked prices. Expenses and fees of each Fund, including the management
fee (reduced by the expense limitation, if any), are accrued daily and taken
into account for the purpose of determining such Fund's net asset value. See
"Determination of Net Asset Value" in the Statement of Additional Information.

Federal regulations require that you provide a certified TIN upon
opening or reopening an account. See "Dividends, Distributions and Taxes" and
the Account Application for further information concerning this requirement.
Failure to furnish a certified TIN to the Fund could subject you to a $50
penalty imposed by the Internal Revenue Service (the "IRS").
DREYFUS TELETRANSFER PRIVILEGE - You may purchase Fund shares (minimum $500,
maximum $150,000 per day) by telephone if you have checked the appropriate
box and supplied the necessary information on the Fund's Account Application
or have filed a Shareholder Services Form with the Transfer Agent. The
proceeds will be transferred between the bank account designated in one of
these documents and your Fund account. Only a bank account maintained in a
domestic financial institution which is an Automated Clearing House member
may be so designated. Each Fund may modify or terminate this Privilege at any
time or charge a service fee upon notice to shareholders. No such fee
currently is contemplated.

If you have selected the Dreyfus TELETRANSFER Privilege, you may
request a Dreyfus TELETRANSFER purchase of Fund shares by telephoning
1-800-221-4060 or, if you are calling from overseas, call 1-401-455-3306.

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 exchanged must have
a current value of at least the minimum initial investment required for the
fund into which the exchange is being made. The ability to issue exchange
instructions by telephone is given to all Fund shareholders automatically,
unless you check the applicable "NO"box on the Account Application,
indicating that you specifically refuse this Privilege. The Telephone
Exchange Privilege may be established for an existing account by written
request, signed by all shareholders on the account, or by a separate signed
Shareholder Services Form, also available by calling 1-800-645-6561. If you
have established the Telephone Exchange Privilege, you may telephone exchange
instructions by calling 1-800-221-4060 or, if you are calling from overseas,
call 1-401-455-3306. See "How to Redeem Fund Shares _ Procedures." Upon an
exchange into a new account, the following shareholder services and
privileges, as applicable and where available, will be automatically carried
over to the fund 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 of the fund from
which you are exchanging were: (a) purchased with a sales load, (b) acquired
by a previous exchange from shares purchased with a sales load, or (c)
acquired through reinvest
Page 12
ment of dividends or distributions paid with respect to the foregoing
categories of shares. To qualify, at the time of your exchange you must notify
the Transfer Agent. Any such qualification is subject to confirmation of your
holdings through a check of appropriate records. No fees currently are charged
shareholders directly in connection with exchanges, although each Fund
reserves the right, upon not less than 60 days' written notice, to charge
shareholders a nominal fee in accordance with rules promulgated by the
Securities and Exchange Commission. Each Fund reserves the right to reject
any exchange request in whole or in part. The availability of Fund Exchanges
may be modified or terminated at any time upon notice to shareholders.
The exchange of shares of one fund for shares of another is treated
for Federal income tax purposes as a sale of the shares given in exchange by
the shareholder and, therefore, an exchanging shareholder may realize a
taxable gain or loss.
DREYFUS AUTO-EXCHANGE PRIVILEGE - Dreyfus Auto-Exchange Privilege enables
you to invest regularly (on a semi-monthly, monthly, quarterly or annual
basis), in exchange for shares of a Fund, in shares of other funds in the
Dreyfus Family of Funds in which you are currently an investor. The amount
you designate, which can be expressed either in terms of a specific dollar or
share amount ($100 minimum), will be exchanged automatically on the first
and/or fifteenth of the month according to the schedule you have selected.
Shares will be exchanged at the then-current net asset value; however, a
sales load may be charged with respect to exchanges into funds sold with a
sales load. See "Shareholder Services" in the Statement of Additional
Information. The right to exercise this Privilege may be modified or
cancelled by your Fund or the Transfer Agent. You may modify or cancel your
exercise of this Privilege at any time by writing to The Dreyfus Family of
Funds, P.O. Box 9671, Providence, Rhode Island 02940-9671. Each Fund may
charge a service fee for the use of this Privilege. No such fee currently is
contemplated. The exchange of shares of one fund for shares of another is
treated for Federal income tax purposes as a sale of the shares given in
exchange by the shareholder and, therefore, an exchanging shareholder may
realize a taxable gain or loss. For more information concerning this
Privilege and the funds in the Dreyfus Family of Funds eligible to
participate in this Privilege, or to obtain a Dreyfus Auto-Exchange
Authorization Form, please call toll free 1-800-645-6561.
DREYFUS-AUTOMATIC ASSET BUILDER - Dreyfus-Automatic Asset Builder permits
you to purchase Fund shares (minimum of $100 and maximum of $150,000 per
transaction) at regular intervals selected by you. Fund shares are purchased
by transferring funds from the bank account designated by you. At your
option, the bank account designated by you will be debited in the specified
amount, and Fund shares will be purchased, once a month, on either the first
or fifteenth day, or twice a month, on both days. Only an account maintained
at a domestic financial institution which is an Automated Clearing House
member may be so designated. To establish a Dreyfus-Automatic Asset Builder
account, you must file an authorization form with the Transfer Agent. You may
obtain the necessary authorization form by calling 1-800-645-6561. You may
cancel your participation in this Privilege or change the amount of purchase
at any time by mailing written notification to The Dreyfus Family of Funds,
P.O. Box 9671, Providence, Rhode Island 02940-9671, and the notification will
be effective three business days following receipt. Each Fund may modify or
terminate this Privilege at any time or charge a service fee. No such fee
currently is contemplated.
DREYFUS GOVERNMENT DIRECT DEPOSIT PRIVILEGE - Dreyfus Government Direct
Deposit Privilege enables you to purchase Fund shares (minimum of $100 and
maximum of $50,000 per transaction) by having Federal salary, Social
Security, or certain veterans', military or other payments from the Federal
government automatically deposited into your Fund account. You may deposit as
much of such payments as you elect. To enroll in Dreyfus Government Direct
Deposit, you must file with the Transfer Agent a completed Direct Deposit
Sign-Up Form for each type of payment that you desire to include in this
Privilege. The appropriate form may be obtained by calling 1-800-645-6561.
Death or legal incapacity will terminate your participation in this
Privilege. You may elect at any time to terminate your participation by
notifying in writing the appropriate Federal agency. Further, your Fund may
terminate your participation upon 30 days' notice to you.
Page 13
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 acc
ount. Only an account maintained at a domestic financial institution which is
an Automated Clearing House member may be so designated. Banks may charge a
fee for this service.
For more information concerning these privileges, or to request a
Dividend Options Form, please call toll free 1-800-645-6561. You may cancel
these privileges by mailing written notification to The Dreyfus Family of
Funds, P.O. Box 9671, Providence, Rhode Island 02940-9671. Enrollment in or
cancellation of these privileges is effective three business days following
receipt. These privileges are available only for existing accounts and may
not be used to open new accounts. Minimum subsequent investments do not apply
for Dreyfus Dividend Sweep. The Funds may modify or terminate these
privileges at any time or charge a service fee. No such fee currently is
contemplated. Shares held under Keogh Plans, IRAs or other retirement plans
are not eligible for Dreyfus Dividend Sweep.
DREYFUS PAYROLL SAVINGS PLAN - Dreyfus Payroll Savings Plan permits you to
purchase Fund shares (minimum of $100 per transaction) automatically on a
regular basis. Depending upon your employer's direct deposit program, you may
have part or all of your paycheck transferred to your existing Dreyfus
account electronically through the Automated Clearing House system at each
pay period. To establish a Dreyfus Payroll Savings Plan account, you must
file an authorization form with your employer's payroll department. Your
employer must complete the reverse side of the form and return it to The
Dreyfus Family of Funds, P.O. Box 9671, Providence, Rhode Island 02940-9671.
You may obtain the necessary authorization form by calling 1-800-645-6561.
You may change the amount of purchase or cancel the authorization only by
written notification to your employer. It is the sole responsibility of your
employer, not the Distributor, The Dreyfus Corporation, the Fund, the
Transfer Agent or any other person, to arrange for transactions under the
Dreyfus Payroll Savings Plan. Each Fund may modify or terminate this
Privilege at any time or charge a service fee. No such fee currently is
contemplated.
AUTOMATIC WITHDRAWAL PLAN - The Automatic Withdrawal Plan permits you to
request withdrawal of a specified dollar amount (minimum of $50) on either a
monthly or quarterly basis if you have a $5,000 minimum account. An
application for the Automatic Withdrawal Plan can be obtained by calling
1-800-645-6561. There is a service charge of 50cents for each withdrawal
check. The Automatic Withdrawal Plan may be ended at any time by you, your
Fund or the Transfer Agent. Shares for which certificates have been issued
may not be redeemed through the Plan.
RETIREMENT PLANS - Each Fund offers a variety of pension and profit-sharing
plans, including Keogh Plans, IRAs, SEP-IRAs, IRA "Rollover Accounts," 401(k)
Salary Reduction Plans and 403(b)(7) Plans. Plan support services also are
available. You can obtain details on the various plans by calling the
following numbers toll free: for Keogh Plans, please call 1-800-358-5566; for
IRAs and IRA "Rollover Accounts," please call 1-800-645-6561; for SEP-IRAs
401(k) Salary Reduction Plans and 403(b)(7) Plans, please call 1-800-322-7880.
Page 14
How to Redeem Shares
GENERAL - You may request redemption of your shares at any time. Redemption
requests should be transmitted to the Transfer Agent as described below. When
a request is received in proper form, your Fund will redeem the shares at the
next determined net asset value.
No Fund imposes a charge when shares are redeemed. Securities
dealers, banks or other financial institutions may charge a nominal fee for
effecting redemptions of Fund shares. Any certificates representing Fund
shares being redeemed must be submitted with the redemption request. The
value of the shares redeemed may be more or less than their original cost,
depending upon the respective Fund's then-current net asset value.
Each Fund ordinarily will make payment for all shares redeemed
within seven days after receipt by the Transfer Agent of a redemption request
in proper form, except as provided by the rules of the Securities and
Exchange Commission. HOWEVER, IF YOU HAVE PURCHASED FUND SHARES BY CHECK, BY
DREYFUS TELETRANSFER PRIVILEGE OR THROUGH DREYFUS-AUTOMATIC ASSET BUILDER AND
SUBSEQUENTLY SUBMIT A WRITTEN REDEMPTION REQUEST TO THE TRANSFER AGENT, THE
REDEMPTION PROCEEDS WILL BE TRANSMITTED TO YOU PROMPTLY UPON BANK CLEARANCE
OF YOUR PURCHASE CHECK, DREYFUS TELETRANSFER PURCHASE OR DREYFUS-AUTOMATIC
ASSET BUILDER ORDER, WHICH MAY TAKE UP TO EIGHT BUSINESS DAYS OR MORE. IN
ADDITION, NO FUND WILL HONOR REDEMPTION CHECKS UNDER THE CHECK REDEMPTION
PRIVILEGE, AND THE FUNDS WILL REJECT REQUESTS TO REDEEM SHARES BY WIRE OR
TELEPHONE OR PURSUANT TO THE DREYFUS TELETRANSFER PRIVILEGE, FOR A PERIOD OF
EIGHT BUSINESS DAYS AFTER RECEIPT BY THE TRANSFER AGENT OF THE PURCHASE
CHECK, THE DREYFUS TELETRANSFER PURCHASE OR THE DREYFUS-AUTOMATIC ASSET
BUILDER ORDER AGAINST WHICH SUCH REDEMPTION IS REQUESTED. THESE PROCEDURES
WILL NOT APPLY IF YOUR SHARES WERE PURCHASED BY WIRE PAYMENT, OR IF YOU
OTHERWISE HAVE A SUFFICIENT COLLECTED BALANCE IN YOUR ACCOUNT TO COVER THE
REDEMPTION REQUEST. PRIOR TO THE TIME ANY REDEMPTION IS EFFECTIVE, DIVIDENDS
ON SUCH SHARES WILL ACCRUE AND BE PAYABLE, AND YOU WILL BE ENTITLED TO
EXERCISE ALL OTHER RIGHTS OF BENEFICIAL OWNERSHIP. Fund shares will not be
redeemed until the Transfer Agent has received your Account Application.
Each Fund reserves the right to redeem your account at its option
upon not less than 30 days' written notice if your account's net asset value
is $500 or less and remains so during the notice period.
PROCEDURES - You may redeem Fund shares by using the regular redemption
procedure through the Transfer Agent, the Check Redemption Privilege, the
Wire Redemption Privilege, the Telephone Redemption Privilege, or the Dreyfus
TELETRANSFER Privilege. Each Fund makes available to certain large
institutions the ability to issue redemption instructions through compatible
computer facilities.
You may redeem Fund shares by telephone if you have checked the
appropriate box on the Fund's Account Application or have filed a Shareholder
Services Form with the Transfer Agent. If you select a telephone redemption
privilege or telephone exchange privilege (which is granted automatically
unless you refuse it), you authorize the Transfer Agent to act on telephone
instructions from any person representing himself or herself to be you and
reasonably believed by the Transfer Agent to be genuine. Each Fund will
require the Transfer Agent to employ reasonable procedures, such as requiring
a form of personal identification, to confirm that instructions are genuine
and, if the Transfer Agent does not follow such procedures, such Fund or the
Transfer Agent may be liable for any losses due to 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
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.
Page 15
REGULAR REDEMPTION - Under the regular redemption procedure, you may redeem
shares by written request mailed to The Dreyfus Family of Funds, P.O. Box
9671, Providence, Rhode Island 02940-9671. Redemption requests may be
delivered in person only to a Dreyfus Financial Center. THESE REQUESTS WILL
BE FORWARDED TO THE RELEVANT FUND AND WILL BE PROCESSED ONLY UPON RECEIPT
THEREBY. For the location of the nearest Dreyfus Financial Center, please
call one of the telephone numbers listed under "General Information."
Redemption requests must be signed by each shareholder, including each holder
of a joint account, and each signature must be guaranteed. The Transfer Agent
has adopted standards and procedures pursuant to which signature guarantees
in proper form generally will be accepted from domestic banks, brokers,
dealers, credit unions, national securities exchanges, registered securities
associations, clearing agencies and savings associations, as well as from
participants in the New York Stock Exchange Medallion Signature Program, the
Securities Transfer Agent Medallion Program ("STAMP"), and the Stock
Exchanges Medallion Program. If you have any questions with respect to
signature-guarantees, please call one of the telephone numbers listed under
"General Information."
Redemption proceeds of at least $1,000 will be wired to any member
bank of the Federal Reserve System in accordance with a written
signature-guaranteed request.
CHECK REDEMPTION PRIVILEGE - You may request on the Account Application,
Shareholder Services Form or by later written request that your Fund provide
Redemption Checks drawn on the Fund's account. Redemption Checks may be made
payable to the order of any person in the amount of $500 or more. Potential
fluctuations in the net asset value of the shares of the TERM FUNDS should be
considered in determining the amount of the check. Redemption Checks should
not be used to close an account. Redemption Checks are free, but the Transfer
Agent will impose a fee for stopping payment of a Redemption Check at your
request or if the Transfer Agent cannot honor the Redemption Check because of
insufficient funds or other valid reason. You should date your Redemption
Checks with the current date when you write them. Please do not postdate your
Redemption Checks. If you do, the Transfer Agent will honor, upon
presentment, even if presented before the date of the check, all postdated
Redemption Checks which are dated within six months of presentment for
payment, if they are otherwise in good order. Shares for which certificates
have been issued may not be redeemed by Redemption Check. Shares held under
Keogh Plans, IRAs or other retirement plans are not eligible for this
Privilege. This Privilege may be modified or terminated at any time by a Fund
or the Transfer Agent upon notice to shareholders.
TELEPHONE REDEMPTION PRIVILEGE - You may redeem Fund shares (maximum
$150,000 per day) by telephone if you have checked the appropriate box on the
Fund's Account Application or have filed a Shareholder Services Form with the
Transfer Agent. The redemption proceeds will be paid by check and mailed to
your address. You may telephone redemption instructions by calling
1-800-221-4060 or, if you are calling from overseas, call 1-401-455-3306.
Each Fund reserves the right to refuse any request made by telephone,
including requests made shortly after a change of address, and may limit the
amount involved or the number of telephone redemptions. This Privilege may be
modified or terminated at any time by the Transfer Agent or each Fund. Shares
held under Keogh Plans, IRAs or other retirement plans, and shares for which
certificates have been issued, are not eligible for this Privilege.
WIRE REDEMPTION PRIVILEGE - You may request by wire or telephone that
redemption proceeds (minimum $1,000) be wired to your account at a bank which
is a member of the Federal Reserve System, or a correspondent bank if your
bank is not a member. To establish the Wire Redemption Privilege, you must
check the appropriate box and supply the necessary information on the Fund's
Account Application or file a Shareholder Services Form with the Transfer
Agent. You may direct that redemption proceeds be paid by check (maximum
$150,000 per day) made out to the owners of record and mailed to your
address. Redemption proceeds of less than $1,000 will be paid automatically
by check. Holders of jointly registered Fund or bank accounts may have
redemption proceeds of not more than $250,000 wired within any 30-day period.
You may telephone redemption requests by calling 1-800-221-4060 or, if you are
Page 16
calling from overseas, call 1-401-455-3306. Each Fund reserves the right
to refuse any redemption request, including requests made shortly after a
change of address, and may limit the amount involved or the number of such
requests. This Privilege may be modified or terminated at any time by the
Transfer Agent or each Fund. The Funds' Statement of Additional Information
sets forth instructions for transmitting redemption requests by wire. Shares
held under Keogh Plans, IRAs or other retirement plans, and shares for which
certificates have been issued, are not eligible for this Privilege.
DREYFUS TELETRANSFER PRIVILEGE - You may redeem Fund shares (minimum $500
per day) by telephone if you have checked the appropriate box and supplied
the necessary information on the Fund's Account Application or have filed a Sh
areholder Services Form with the Transfer Agent. The proceeds will be
transferred between your Fund account and the bank account designated in one
of these documents. Only a bank account maintained in a domestic financial
institution which is an Automated Clearing House member may be so designated.
Redemption proceeds will be on deposit in your account at an Automated
Clearing House member bank ordinarily two days after receipt of the
redemption request or, at your request, paid by check (maximum $150,000 per
day) and mailed to your address. Holders of jointly registered Fund or bank
accounts may redeem through the Dreyfus TELETRANSFER Privilege for transfer
to their bank account not more than $250,000 within any 30-day period. Each
Fund reserves the right to refuse any request made by telephone, including
requests made shortly after a change of address, and may limit the amount
involved or the number of such requests. Each Fund may modify or terminate
this Privilege at any time or charge a service fee upon notice to
shareholders. No such fee currently is contemplated.
If you have selected the Dreyfus TELETRANSFER Privilege, you may
request a Dreyfus TELETRANSFER redemption of Fund shares by telephoning
1-800-221-4060 or, if you are calling from overseas, call 1-401-455-3306.
Shares held under Keogh Plans, IRAs or other retirement plans, and shares
issued in certificate form, are not eligible for this Privilege.

Shareholder Services Plan
Each Fund has adopted a Shareholder Services Plan pursuant to which
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.
Dividends usually are paid on the last business day of each month, and are
automatically reinvested in additional Fund shares at net asset value or, at
your option, paid in cash. Each Fund's earnings for Saturdays, Sundays and
holidays are declared as dividends on the following business day. If you
redeem all shares in your account at any time during the month, all dividends
to which you are entitled will be paid to you along with the proceeds of the
redemption. Distributions from net realized securities gains, if any,
generally are declared and paid once a year, but a Fund may make
distributions on a more frequent basis to comply with the distribution
requirements of the Internal Revenue Code of 1986, as amended (the "Code"),
in all events in a manner consistent with the provisions of the Act. No Fund
will make distributions from net realized securities gains unless capital
loss carryovers, if any, have been utilized or have expired. You may choose
whether to receive distributions in cash or to reinvest in additional shares
at net asset value. All expenses are accrued daily and deducted before
declaration of dividends to investors.
Each Fund intends to invest only in U.S. Treasury securities that
provide interest income exempt from state and local income taxes. Dividends
derived from net investment income attributable to interest from
Page 17
direct obligations of the United States and paid by each Fund to an individual
shareholder currently are not subject to state personal income tax. Dividends
derived from net investment income attributable to interest from other
securities may be subject to state personal income tax. Dividends paid by
each Fund may be subject to state and local corporate income and/or franchise
taxes. In certain jurisdictions, shareholders of each Fund may be subject to
state and/or local taxes with respect to ownership of Fund shares or
distributions from each Fund. Investors also should be aware that state
and/or local taxes other than those described above may be imposed on
dividends, distributions or shares of each Fund.
Dividends derived from net investment income, together with
distributions from net realized short-term securities gains and all or a
portion of any gains realized from the sale or other disposition of certain
market discount bonds, paid by a Fund are taxable as ordinary income for
Federal income tax purposes whether or not reinvested. No dividend paid by a
Fund will qualify for the dividends received deduction allowable to certain
U.S. corporations. Distributions from net realized long-term securities gains
of each Fund, if any, generally are taxable as long-term capital gains for
Federal income tax purposes if the beneficial holder of the Fund shares is a
citizen or resident of the United States, regardless of how long the
shareholder has held shares in such Fund and whether such distributions are
received in cash or reinvested in Fund shares. The Code provides that the net
capital gains of an individual generally will not be subject to Federal
income tax at a rate in excess of 28%.
Dividends derived from net investment income, together with
distributions from net realized short-term securities gains and all or a
portion of any gains realized from the sale or other disposition of certain
market discount bonds, paid by a Fund to a foreign investor generally are
subject to U.S. nonresident withholding taxes at the rate of 30%, unless the
foreign investor claims the benefits of a lower rate specified in a tax
treaty. Distributions from net realized long-term securities gains paid by a
Fund to a foreign investor, as well as the proceeds of any redemptions from a
foreign investor's account, regardless of the extent to which gain or loss
may be realized, will not be subject to U.S. nonresident withholding tax.
However, such distributions may be subject to backup withholding, as
described below, unless the foreign investor certifies his non-U.S. residency
status.
Each Fund intends to provide its shareholders with an annual
statement which sets forth the percentage of dividends and distributions paid
by the Fund that is attributable to interest income exempt from state and
local income taxes. You also will receive periodic summaries of your account
which will include information as to dividends and distributions from
securities gains, if any, paid during the year. No dividend will qualify for
the dividends received deduction allowable to certain U.S. corporations.
Federal regulations generally require each Fund to withhold
("backup withholding") and remit to the U.S. Treasury 31% of dividends,
distributions from net realized securities gains of the Fund and the proceeds
of any redemption, regardless of the extent to which gain or loss may be
realized, paid to a shareholder if such shareholder fails to certify either
that the TIN furnished in connection with opening an account is correct or
that such shareholder has not received notice from the IRS of being subject
to backup withholding as a result of a failure to properly report taxable
dividend or interest income on a Federal income tax return. Furthermore, the
IRS may notify a Fund to institute backup withholding if the IRS determines a
shareholder's TIN is incorrect or if a shareholder has failed to properly
report taxable dividend and interest income on a Federal income tax return.
A TIN is either the Social Security number or employer
identification number of the record owner of the account. Any tax withheld as
a result of backup withholding does not constitute an additional tax imposed
on the record owner of the account, and may be claimed as a credit on the
record owner's Federal income tax return.

Management of each Fund believes that the Fund has qualified for
the fiscal year ended December 31, 1994 as a "regulated investment company"
under the Code. Each Fund intends to continue to so qualify if such
qualification is in the best interests of its shareholders. Such
qualification relieves the Fund of any liability for Federal income tax to
the extent its earnings are distributed in accordance with applicable
Page 18
provisions of the Code. Each Fund is subject to a non-deductible 4% excise
tax, measured with respect to certain undistributed amounts of taxable
investment income and capital gain.

You should consult you tax adviser regarding questions as to
Federal, state or local taxes.
General Information
Each Fund was organized as an unincorporated business trust under
the laws of the Commonwealth of Massachusetts pursuant to an Agreement and
Declaration of Trust (the "Trust Agreement") dated May 14, 1993. Each Fund is
authorized to issue an unlimited number of shares of beneficial interest, par
value $.001 per share. Each share has one vote.
On December 31, 1993, all of the assets and liabilities of each
Fund's corresponding predecessor fund _ namely, Dreyfus 100% U.S. Treasury
Money Market Fund, L.P., Dreyfus 100% U.S. Treasury Short Term Fund, L.P.,
Dreyfus 100% U.S. Treasury Intermediate Term Fund, L.P. and Dreyfus 100% U.S.
Treasury Long Term Fund, L.P. (each, a "Partnership") _ were transferred to
the relevant Fund in exchange for shares of beneficial interest of such Fund
pursuant to a proposal approved at a Meeting of Partners of each Partnership
held on December 29, 1993.
Under Massachusetts law, shareholders could, under certain
circumstances, be held personally liable for the obligations of the Fund of
which they are shareholders. However, each Trust Agreement disclaims
shareholder liability for acts or obligations of the relevant Fund and
requires that notice of such disclaimer be given in each agreement,
obligation or instrument entered into or executed by the Fund or a Trustee.
Each Trust Agreement provides for indemnification from the respective Fund's
property for all losses and expenses of any shareholder held personally
liable for the obligations of the Fund. Thus, the risk of a shareholder
incurring financial loss on account of a shareholder liability is limited to
circumstances in which the Fund itself would be unable to meet its
obligations, a possibility which management believes is remote. Upon payment
of any liability incurred by a Fund, the shareholder paying such liability
will be entitled to reimbursement from the general assets of such Fund. Each
Fund's Trustees intend to conduct the operations of such Fund in a way so as
to avoid, as far as possible, ultimate liability of the shareholders for
liabilities of the Fund. As discussed under "Management of the Funds" in the
Fund's Statement of Additional Information, each Fund ordinarily will not
hold shareholder meetings; however, shareholders under certain circumstances
may have the right to call a meeting of shareholders for the purpose of
voting to remove Trustees.
Although each Fund is offering only its own shares, it is possible
that a Fund might become liable for any misstatement in this Prospectus about
another Fund. Each Fund's Trustees have considered this factor in approving
the use of this single combined Prospectus.
The Transfer Agent maintains a record of your ownership and sends
confirmations and statements of account. Each Fund sends annual and
semi-annual financial statements to all its shareholders.

Shareholder inquiries may be made by writing to the Funds at 144
Glenn Curtiss Boulevard, Uniondale, New York 11556-0144, or by calling toll
free 1-800-645-6561. In New York City, call 1-718-895-1206; outside the U.S.
and Canada, call 516-794-5452.

NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE
ANY REPRESENTATIONS OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS AND IN EACH
FUND'S OFFICIAL SALES LITERATURE IN CONNECTION WITH THE OFFER OF SUCH FUND'S
SHARES, AND, IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATIONS MUST
NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE FUNDS. THIS PROSPECTUS
DOES NOT CONSTITUTE AN OFFER IN ANY STATE IN WHICH, OR TO ANY PERSON TO WHOM,
SUCH OFFERING MAY NOT LAWFULLY BE MADE.
Page 19
DREYFUS
100% U.S. Treasury
Funds
Prospectus
(LION LOGO)
Registration Mark

Copy Rights 1995 Dreyfus Service Corporation
USTFp4050195

COMBINED PART B
(STATEMENT OF ADDITIONAL INFORMATION)
FOR
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
DREYFUS 100% U.S. TREASURY LONG TERM FUND
MAY 1, 1995

This Statement of Additional Information, which is not a prospectus,
supplements and should be read in conjunction with the current combined
Prospectus of Dreyfus 100% U.S. Treasury Money Market Fund (the "Money
Market Fund"), Dreyfus 100% U.S. Treasury Short Term Fund (the "Short Term
Fund"), Dreyfus 100% U.S. Treasury Intermediate Term Fund (the
"Intermediate Term Fund") and Dreyfus 100% U.S. Treasury Long Term Fund
(the "Long Term Fund," and together with the Short Term Fund and
Intermediate Term Fund, the "Term Funds") (collectively, the "Funds"),
dated May 1, 1995, as it may be revised from time to time. To obtain a
copy of the Funds' combined Prospectus, please write to the Funds at 144
Glenn Curtiss Boulevard, Uniondale, New York 11556-0144, or call the
following numbers:

Call Toll Free 1-800-645-6561
In New York City -- Call 1-718-895-1206
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-3
Management Agreements. . . . . . . . . . . . . . . . . . . . . . . . .B-9
Shareholder Services Plan. . . . . . . . . . . . . . . . . . . . . . .B-12
Purchase of Shares . . . . . . . . . . . . . . . . . . . . . . . . . .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-20
Information About the Funds. . . . . . . . . . . . . . . . . . . . . .B-22
Custodian, Transfer and Dividend Disbursing Agent,
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 section in the Prospectus entitled "Description of the Funds."

Investment Restrictions. Each Fund has adopted investment restrictions
numbered 1 through 5 as fundamental policies. In addition, the Money
Market Fund 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 "Act")) of such Fund's outstanding voting shares.
Investment restrictions numbered 6 and 7, with respect to each Fund, and
investment restriction number 10, with respect to the Term Funds only, are
not fundamental policies and may be changed by vote of a majority of the
Trustees at any time. No Fund may:

1. Sell securities short or purchase securities on margin or write or
purchase put or call options or combinations thereof.

2. Underwrite the securities of other issuers or purchase securities
subject to restrictions on disposition under the Securities Act of 1933 (so
called "restricted securities").

3. Make loans to others except through the purchase of debt
obligations referred to in the Prospectus.

4. Issue any senior security (as such term is defined in Section
18(f) of the Act), except to the extent permitted under the Act.

5. Purchase or sell real estate, real estate investment trust
securities, commodities, or oil and gas interests.

6. Purchase securities other than those believed at the time of
purchase to provide the holder thereof with interest income exempt from
state and local income taxes.

7. Invest in securities of other investment companies, except as they
may be acquired as part of a merger, consolidation or acquisition of
assets.

The following investment restriction number 8, 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 investment.

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 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

Trustees and officers of the Funds, together with information as to
their principal business occupations during at least the last five years,
are shown below. Each Trustee who is deemed to be an "interested person"
of the Funds, as defined in the Act, is indicated by an asterisk.

Trustees of each Fund

GORDON J. DAVIS, Trustee. Since October 1994, Mr. Davis has been
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. Mr. Davis is also
a Board member of 25 other funds in the Dreyfus Family of Funds. He
is 53 years old and his address is 241 Central Park West, New York,
New York 10024.

*JOSEPH S. DiMARTINO, Chairman of the Board. Since January 1995, Mr.
DiMartino has served as Chairman of the Board for 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 Dreyfus and Executive Vice President and a director of
Dreyfus Service Corporation, a wholly-owned subsidiary of Dreyfus and
until August 1994, the Funds' distributor. From August 1994 to
December 31, 1994, he was a director of Mellon Bank Corporation. Mr.
DiMartino is a director and former Treasurer of The Muscular Dystrophy
Association; a trustee of Bucknell University; Chairman of the Board
of Directors of the Noel Group, Inc.; a director of HealthPlan
Corporation; a director of Belding Heminway Company, Inc.; and a
director of Curtis Industries, Inc. Mr DiMartino is also a Board
member of 93 other funds in the Dreyfus Family of Funds. He is 51
years old and his address is 200 Park Avenue, New York, New York
10166.

*DAVID P. FELDMAN, Trustee. Chairman and Chief Executive Officer of AT&T
Investment Management Corporation. He is also a trustee of Corporate
Property Investors, a real estate investment company. Mr. Feldman is
also a Board member of 27 other funds in the Dreyfus Family of Funds.
He is 55 years old and his address is One Oak Way, Berkeley Heights,
New Jersey 07922.

LYNN MARTIN, Trustee. Holder of the Davee Chair at the J.L. Kellogg
Graduate School of Management, Northwestern University. During the
Spring Semester 1993, she was a Visiting Fellow at the Institute of
Policy, Kennedy School of Government, Harvard University. Ms. Martin
also is a consultant to the international accounting firm of Deloitte
& Touche, and chairwoman of its Council on the Advancement of Women.
From January 1991 through January 1993, she served as Secretary of the
United States Department of Labor. From 1981 to 1991, she was United
States Congresswoman for the State of Illinois. She also is a
director of Harcourt General Corporation, a publishing, insurance, and
retailing company, Ameritech Corporation, a telecommunications and
information company, and Ryder Systems, Incorporated, a transportation
company. Ms. Martin is also a Board member of 11 other funds in the
Dreyfus Family of Funds. She is 55 years old and her address is 3750
Lake Shore Drive, Chicago, Illinois 60613.

EUGENE McCARTHY, Trustee. Writer and columnist; former Senator from
Minnesota from 1958-1970. He is also a director of Harcourt Brace
Jovanovich, Inc. Mr. McCarthy is also a Board member of 11 other
funds in the Dreyfus Family of Funds. He is 78 years old and his
address is 271 Hawlin Road, Woodville, Virginia 22749.

DANIEL ROSE, Trustee. President and Chief Executive Officer of Rose
Associates, Inc., a New York based real estate development and
management firm. In July 1994, Mr. Rose received a Presidential
appointment to serve as a director of the Baltic-American Enterprise
Fund which will make equity investments and loans, and provide
technical business assistance to new business concerns in the Baltic
states. He is also Chairman of the Housing Committee of the Real
Estate Board of New York, Inc. and a trustee of Corporate Property
Investors, a real estate investment company. Mr. Rose is also a Board
member of 21 other funds in the Dreyfus Family of Funds. He is 65
years old and his address is 380 Madison Avenue, New York, New York
10017.

SANDER VANOCUR, Trustee. President of Old Owl Communications, a full-
service communications firm. Since November 1989, Mr. Vanocur has
served as a Director of the Damon Runyon-Walter Winchell Cancer
Research Fund. From June 1986 to December 1991, he was a Senior
Correspondent of ABC News and, from October 1986, he was Anchor of the
ABC News program "Business World," a weekly business program on the
ABC television network. Mr. Vanocur is also a Board member of 21
other funds in the Dreyfus Family of Funds. He is 67 years old and
his address is 2928 P Street, N.W., Washington, D.C. 20007.

ANNE WEXLER, Trustee. Chairman of the Wexler Group, consultants
specializing in government relations and public affairs. She is also
a director of American Cyanamid Company, Alumax, The Continental
Corporation, Comcast Corporation, The New England Electric System and
NOVA 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. Ms. Wexler is also a
Board member of 16 other funds in the Dreyfus Family of Funds. She is
65 years old and her address is c/o The Wexler Group, 1317 F Street,
N.W., Suite 600, Washington, D.C. 20004.

REX WILDER, Trustee. Financial Consultant. Mr. Wilder is also a Board
member of 11 other funds in the Dreyfus Family of Funds. He is 74
years old and his address is 290 Riverside Drive, New York, New York
10025.

For so long as the respective Shareholder Services Plan described in
the section captioned "Shareholder Services Plan" remains in effect, each
Fund's Trustees who are not "interested persons" of such Fund, as defined
in the Act, will be selected and nominated by the Trustees who are not
"interested persons" of such Fund.

The Trustees, with the exception of Joseph S. DiMartino and Anne
Wexler, were elected at a meeting of shareholders held on August 3, 1994.
No further meetings of shareholders of a Fund will be held for the purpose
of electing Trustees unless and until such time as less than a majority of
the Trustees holding office have been elected by shareholders, at which
time the Trustees then in office will call a shareholders' meeting for the
election of Trustees of such Fund. Under the Act, shareholders of record
of not less than two-thirds of the outstanding shares of the Fund may
remove a Trustee through a declaration in writing or by vote cast in person
or by proxy at a meeting called for that purpose. The Trustees are
required to call a meeting of shareholders for the purpose of voting upon
the question of removal of any such Trustee when requested in writing to do
so by the shareholders of record of not less than 10% of the Fund's
outstanding shares.

Each Fund typically pays its Trustees an annual retainer and a per
meeting fee and reimburses them for their expenses. The Chairman of the
Board receives an additional 25% of such compensation. For the fiscal year
ended December 31, 1994, the aggregate amount of compensation paid to each
Trustee by the Funds and all other funds in the Dreyfus Family of Funds for
which such person is a Board member were as follows:

Money Market Fund

(5)
(3) Total
(2) Pension or (4) Compensation from
(1) Aggregate Retirement Benefits Estimated Annual Fund and Fund
Name of Board Compensation from Accrued as Part of Benefits Upon Complex Paid to
Member Fund* Fund's Expenses Retirement Board Member
- ----------------- ------------------ --------------------- ----------------- ----------------
<S> <C> <C> <C> <C>

Gordon J. Davis $ 6,500 none none $ 29,602

Joseph S. DiMartino** $ 8,125 none none $445,000

David P. Feldman $ 6,500 none none $ 85,631

Lynn Martin $ 6,000 none none $ 26,852

Eugene McCarthy $ 6,500 none none $ 29,403

Daniel Rose $ 6,500 none none $ 62,006

Sander Vanocur $ 6,500 none none $ 62,006

Anne Wexler $ 2,177 none none $ 26,329

Rex Wilder $ 6,500 none none $ 29,403

</TABLE>

Short Term Fund

(5)
(3) Total
(2) Pension or (4) Compensation from
(1) Aggregate Retirement Benefits Estimated Annual Fund and Fund
Name of Board Compensation from Accrued as Part of Benefits Upon Complex Paid to
Member Fund* Fund's Expenses Retirement Board Member
- ----------------- ------------------ -------------------- ---------------- -----------------
<S> <C> <C> <C> <C>

Gordon J. Davis $ 3,500 none none $ 29,602

Joseph S. DiMartino** $ 3,500 none none $445,000

David P. Feldman $ 3,500 none none $ 85,631

Lynn Martin $ 3,250 none none $ 26,852

Eugene McCarthy $ 3,500 none none $ 29,403

Daniel Rose $ 3,500 none none $ 62,006

Sander Vanocur $ 3,500 none none $ 62,006

Anne Wexler $ 1,181 none none $ 26,329

Rex Wilder $ 3,500 none none $ 29,403

</TABLE>

Intermediate Term Fund

Gordon J. Davis $ 3,500 none none $ 29,602

Joseph S. DiMartino** $ 3,500 none none $445,000

David P. Feldman $ 3,500 none none $ 85,631

Lynn Martin $ 3,250 none none $ 26,852

Eugene McCarthy $ 3,500 none none $ 29,403

Daniel Rose $ 3,500 none none $ 62,006

Sander Vanocur $ 3,500 none none $ 62,006

Anne Wexler $ 1,181 none none $ 26,329

Rex Wilder $ 3,500 none none $ 29,403

</TABLE>

Long Term Fund

(5)
(3) Total
(2) Pension or (4) Compensation from
(1) Aggregate Retirement Benefits Estimated Annual Fund and Fund
Name of Board Compensation from Accrued as Part of Benefits Upon Complex Paid to
Member Fund* Fund's Expenses Retirement Board Member
- ----------------- ----------------- ------------------- ----------------- -------------------
<S> <C> <C> <C> <C>

Gordon J. Davis $ 3,500 none none $ 29,602

Joseph S. DiMartino** $ 3,500 none none $445,000

David P. Feldman $ 3,500 none none $ 85,631

Lynn Martin $ 3,250 none none $ 26,852

Eugene McCarthy $ 3,500 none none $ 29,403

Daniel Rose $ 3,500 none none $ 62,006

Sander Vanocur $ 3,500 none none $ 62,006

Anne Wexler $ 1,181 none none $ 26,329

Rex Wilder $ 3,500 none none $ 29,403

________________________

* Amount does not include reimbursed expenses for attending Board meetings, which amounted to $455, $425, $473 and
$552 for the Money Market Fund, Short Term Fund, Intermediate Term Fund and Long Term Fund, respectively,
for all Trustees as a group.
** Estimated amounts for the fiscal year ending December 31, 1995.

</TABLE>

Officers of the Funds

MARIE E. CONNOLLY, President and Treasurer. President and Chief Operating
Officer of the Distributor and an officer of other investment
companies advised or administered by the Manager. From December 1991
to July 1994, she was President and Chief Compliance Officer of Funds
Distributor, Inc., a wholly-owned subsidiary of The Boston Company,
Inc. Prior to December 1991, she served as Vice President and
Controller, and later as Senior Vice President, of The Boston Company
Advisors, Inc. She is 37 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, and prior to August 1990, he was employed
as an Associate at Sidley & Austin. He is 30 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 30 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 33 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 32 years old.

JOHN J. PYBURN, Assistant Treasurer. Vice President of the Distributor and
an officer of other investment companies advised or administered by
the Manager. From 1984 to July 1994, he was Assistant Vice President
in the Mutual Fund Accounting Department of the Manager. He is 59
years old.

PAUL FURCINITO, Assistant Secretary. Assistant Vice President of the
Distributor and an officer of other investment companies advised or
administered by the Manager. From January 1992 to July 1994, he was a
Senior Legal Product Manager and, from January 1990 to January 1992, a
mutual fund accountant, for The Boston Company Advisors, Inc. He is
28 years old.

RUTH D. LEIBERT, Assistant Secretary. Assistant Vice President of the
Distributor of an officer of other investment companies advised or
administered by the Manager. From March 1992 to July 1994, she was a
Compliance Officer for The Managers Funds, a registered investment
company. From March 1990 until September 1991, she was Development
Director of The Rockland Center for the Arts. She is 50 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 February 8, 1995.

MANAGEMENT AGREEMENTS

The following information supplements and should be read in
conjunction with the section in the Prospectus entitled "Management of the
Funds."

The Manager provides management services pursuant to a separate
Management Agreement (the "Agreement") with each Fund dated August 24,
1994. As to each Fund, the Agreement is subject to annual approval by (i)
the Board of Trustees or (ii) vote of a majority (as defined in the Act) of
such Fund's outstanding voting securities, provided that in either event
the continuance also is approved by a majority of the Trustees who are not
"interested persons" (as defined in the Act) of such Fund or the Manager,
by vote cast in person at a meeting called for the purpose of voting such
approval. Each Agreement was approved by the respective Fund's
shareholders on August 3, 1994, and was last approved by the Board of
Trustees, including a majority of the Trustees who are not "interested
persons" of any party to this Agreement, at a meeting held on May 31, 1994.
As to each Fund, the Agreement is terminable without penalty, on 60 days'
notice, by the Board of Trustees or by vote of the holders of a majority of
such Fund's shares, or, on not less than 90 days' notice, by the Manager.
The Agreement will terminate automatically, as to the relevant Fund, in the
event of its assignment (as defined in the Act).

The following persons are officers and/or directors of the Manager:
Howard Stein, Chairman of the Board and Chief Executive Officer; W. Keith
Smith, Vice Chairman of the Board; Robert E. Riley, President, Chief
Operating Officer and a director; Lawrence S. Kash, Vice Chairman--
Distribution and a director; Philip L. Toia, Vice Chairman--Operations and
Administration; Paul H. Snyder, Vice President and Chief Financial Officer;
Daniel C. Maclean, Vice President and General Counsel; Barbara E. Casey,
Vice President--Retirement Services; Henry D. Gottmann, Vice President--
Retail; Elie M. Genadry, Vice President--Wholesale; Mark N. Jacobs, Vice
President--Fund Legal and Compliance; Jeffrey N. Nachman, Vice President--
Mutual Fund Administration; Diane M. Coffey, Vice President--Corporate
Communications; Katherine C. Wickham, Vice President--Human Resources;
William F. Glavin, Jr., Vice President--Product Management; Andrew S.
Wasser, Vice President--Information Services; Maurice Bendrihem,
Controller; Elvira Oslapas, Assistant Secretary; and Mandell L. Berman,
Frank V. Cahouet, Alvin E. Friedman, Lawrence M. Greene, Julian M. Smerling
and David B. Truman, Directors.

The Manager manages each Fund's portfolio of investments in accordance
with the stated policies of such Fund, subject to the approval of the
Fund's Board of Trustees. The Manager is responsible for investment
decisions, and provides each Fund with portfolio managers who are
authorized by the Trustees to execute purchases and sales of securities.
The Term Funds' portfolio managers are Gerald E. Thunelius and Garitt Kono.
The Money Market Fund's portfolio managers are Patricia A. Larkin, Robert
P. Fort, Garitt Kono and Bernard W. Kiernan. The Manager also maintains a
research department with a professional staff of portfolio managers and
securities analysts who provide research services for each Fund as well as
for other funds advised by the Manager. All purchases and sales are
reported for the Trustees' review at the meeting subsequent to such
transactions.

Expenses. All expenses incurred in the operation of a Fund are borne
by such Fund, except to the extent specifically assumed by the Manager.
The expenses borne by each Fund include: organizational costs, taxes,
interest, brokerage fees and commissions, if any, fees of Trustees who are
not officers, directors, employees or holders of 5% or more of the
outstanding voting securities of the Manager, Securities and Exchange
Commission fees, state Blue Sky qualification fees, advisory fees, charges
of custodians, transfer and dividend disbursing agents' fees, certain
insurance premiums, industry association fees, outside auditing and legal
expenses, costs of independent pricing services, costs of maintaining such
Fund's existence, costs attributable to investor services (including,
without limitation, telephone and personnel expenses), costs of
shareholders' reports and meetings, costs of preparing and printing
prospectuses and statements of additional information for regulatory
purposes and for distribution to existing shareholders, and any
extraordinary expenses.

The Manager maintains office facilities on behalf of each Fund, and
furnishes statistical and research data, clerical help, accounting, data
processing, bookkeeping and internal auditing and certain other required
services to each Fund. The Manager also may make such advertising and
promotional expenditures, using its own resources, as it from time to time
deems appropriate.

As compensation for the Manager's services, the Money Market Fund
has agreed to pay the Manager a monthly management fee at the annual rate
of .50 of 1% of the value of such Fund's average daily net assets and each
Term Fund has agreed to pay the Manager a monthly management fee at the
annual rate of .60 of 1% of the value of such Fund's average daily net
assets. The net management fees paid by each Fund for the fiscal years
ended December 31, 1992, 1993 and 1994 were as follows:

Money Market Fund

1992 1993 1994
<S> <C> <C> <C>

Management $ 18,242,508 $ 12,120,931 $ 8,214,107
fee payable

Reduction due $ 10,022,320 $ 491,694 $ 0
to undertakings

Net management $ 8,220,188 $ 11,629,237 $ 8,214,107
fee paid
</TABLE>

Short Term Fund
<TABLE>
<CAPTION>

1992 1993 1994
<S> <C> <C> <C>

Management $ 560,111 $1,083,143 $ 1,107,463
fee payable

Reduction due $ 560,111 $1,083,143 $ 1,086,277
to undertakings

Net management $ 0 $ 0 $ 21,186
fee paid
</TABLE>

Intermediate Term Fund
<TABLE>
<CAPTION>

1992 1993 1994
<S> <C> <C> <C>

Management $1,265,304 $1,532,029 $ 1,303,036
fee payable

Reduction due $ 810,825 $ 338,749 $ 0
to undertakings

Net management $ 454,479 $1,193,280 $ 1,303,036
fee paid
</TABLE>

Long Term Fund
<TABLE>
<CAPTION>

1992 1993 1994
<S> <C> <C> <C>

Management $1,347,671 $1,386,690 $ 943,453
fee payable

Reduction due $ 867,059 $ 215,417 $ 0
to undertakings

Net management $ 480,612 $1,171,273 $ 943,453
fee paid
</TABLE>

The Manager has agreed that if, in any fiscal year, the aggregate
expenses of a Fund, exclusive of taxes, brokerage fees, interest on
borrowings and (with the prior written consent of the necessary state
securities commissions) extraordinary expenses, but including the
management fee, exceed the expense limitation of any state having
jurisdiction over the Fund, such Fund may deduct from the payment to be
made to the Manager under the Agreement, or the Manager will bear, such
excess expense to the extent required by state law. Such deduction or
payment, if any, will be estimated daily, and reconciled and effected or
paid, as the case may be, on a monthly basis.

The aggregate of the fees payable to the Manager is not subject to
reduction as the value of a Fund's respective net assets increases.

SHAREHOLDER SERVICES PLAN

The following information supplements and should be read in
conjunction with the section in the Prospectus entitled "Shareholder
Services Plan."

Each Fund has adopted a Shareholder Services Plan (the "Plan")
pursuant to which each Fund reimburses Dreyfus Service Corporation for
certain allocated expenses of providing personal services and/or
maintaining shareholder accounts. The services provided may include
personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder
accounts.

A quarterly report of the amounts expended under the Plan, and the
purposes for which such expenditures were incurred, must be made to the
relevant Fund's Trustees for their review. In addition, the Plan provides
that material amendments of the Plan must be approved by the relevant
Fund's Board of Trustees, and by the Trustees who are not "interested
persons" (as defined in the Act) of such Fund or the Manager and have no
direct or indirect financial interest in the operation of the Plan, by vote
cast in person at a meeting called for the purpose of considering such
amendments. The Plan is subject to annual approval by such vote of the
Trustees cast in person at a meeting called for the purpose of voting on
the Plan. The Plan is terminable at any time by vote of a majority of the
Trustees who are not "interested persons" and have no direct or indirect
financial interest in the operation of the Plan.

For the fiscal year ended December 31, 1994, the fees payable pursuant
to the Plan by the Money Market Fund, Short Term Fund, Intermediate Term
Fund and Long Term Fund amounted to $1,560,279, $281,184, $232,360 and
$245,077, respectively.

PURCHASE OF SHARES

The following information supplements and should be read in
conjunction with the section in the Prospectus entitled "How to Buy
Shares."

The Distributor. The Distributor serves as each Fund's distributor
pursuant to separate agreements each of which is renewable annually. The
Distributor also acts as distributor for other funds in the Dreyfus Family
of Funds and for certain other investment companies. In some states, banks
or other institutions effecting transactions in Fund shares may be required
to register as dealers pursuant to state law.

Dreyfus TeleTransfer Privilege. Dreyfus TeleTransfer purchase orders
may be made between the hours of 8:00 A.M. and 4:00 P.M., New York time, on
any business day that The Shareholder Services Group, Inc., each Fund's
transfer and dividend disbursing agent (the "Transfer Agent"), and the New
York Stock Exchange are open. Such purchases will be credited to the
investor's particular Fund account on the next bank business day. To
qualify to use Dreyfus TeleTransfer, the initial payment for purchase of
Fund shares must be drawn on, and redemption proceeds paid to, the same
bank and account as are designated on the Account Application or
Shareholder Services Form on file. If the proceeds of a particular
redemption are to be wired to an account at any other bank, the request
must be in writing and signature-guaranteed. See "Redemption of
Shares--Dreyfus TeleTransfer
Privilege."

REDEMPTION OF SHARES

The following information supplements and should be read in
conjunction with the section in the Prospectus entitled "How to Redeem
Shares."

Check Redemption Privilege. An investor may indicate on the Account
Application or by later written request that the Fund provide Redemption
Checks ("Checks") drawn on the Fund's account. Checks will be sent only to
the registered owner(s) of the account and only to the address of record.
The Account Application or later written request must be manually signed by
the registered owner(s). Checks may be made payable to the order of any
person in the amount of $500 or more. Dividends are earned until the Check
clears. After clearance, a copy of the Check will be returned to the
investor. Investors generally will be subject to the same rules and
regulations that apply to checking accounts, although election of this
Privilege creates only a shareholder-transfer agent relationship with the
Transfer Agent.

If the amount of the Check is greater than the value of the shares in
an investor's account, the Check will be returned marked insufficient
funds. Checks should not be used to close an account.

Wire Redemption Privilege. By using this Privilege, the investor
authorizes the Transfer Agent to act on wire or telephone redemption
instructions from any person representing himself or herself to be the
investor and reasonably believed by the Transfer Agent to be genuine.
Ordinarily, the Fund will initiate payment for shares redeemed pursuant to
this Privilege on the next business day after receipt by the Transfer Agent
of a redemption request in proper form. Redemption proceeds will be
transferred by Federal Reserve wire only to the commercial bank account
specified by the investor on the Account Application or Shareholder
Services Form. Redemption proceeds, if wired, must be in the amount of
$1,000 or more and will be wired to the investor's account at the bank of
record designated in the investor's file at the Transfer Agent, if the
investor's bank is a member of the Federal Reserve System, or to a
correspondent bank if the investor's bank is not a member. Fees ordinarily
are imposed by such bank and are borne by the investor. Immediate
notification by the correspondent bank to the investor's bank is necessary
to avoid a delay in crediting the funds to the investor's bank account.

Investors with access to telegraphic equipment may wire redemption
requests to the Transfer Agent by employing the following transmittal code
that may be used for domestic or overseas transmissions:

Transfer Agent's
Transmittal Code Answer Back Sign
--------------------- ----------------------

144295 144295 TSSG PREP

Investors who do not have direct access to telegraphic equipment may
have the wire transmitted by contacting a TRT Cables operator at 1-800-654-
7171, toll free. Investors should advise the operator that the above
transmittal code must be used and should inform the operator of the
Transfer Agent's answer back sign.

To change the commercial bank or account designated to receive wire
redemption proceeds, a written request must be sent to the Transfer Agent.
This request must be signed by each investor, with each signature
guaranteed as described below under "Share Certificates; Signatures."

Dreyfus TeleTransfer Privilege. Investors should be aware that if
they have selected the Dreyfus TeleTransfer Privilege, any request for a
wire redemption will be effected as a Dreyfus TeleTransfer transaction
through the Automated Clearing House ("ACH") system unless more prompt
transmittal specifically is requested. Redemption proceeds will be on
deposit in the investor's account at an ACH member bank ordinarily two
business days after receipt of the redemption request. See "Purchase of
Shares--Dreyfus TeleTransfer Privilege."

Share Certificates; Signatures. Any certificates representing Fund
shares to be redeemed must be submitted with the redemption request.
Written redemption requests must be signed by each investor, including each
owner of a joint account, and each signature must be guaranteed.
Signatures on endorsed certificates submitted for redemption also must be
guaranteed. The Transfer Agent has adopted standards and procedures
pursuant to which signature guarantees in proper form generally will be
accepted from domestic banks, brokers, dealers, credit unions, national
securities exchanges, registered securities associations, clearing agencies
and savings associations, as well as from participants in the New York
Stock Exchange Medallion Signature program, the Securities Transfer Agents
Medallion Program ("STAMP"), and the Stock Exchanges Medallion Program.
Guarantees must be signed by an authorized signatory of the guarantor and
"Signature-Guaranteed" must appear with the signature. The Transfer Agent
may request additional documentation from corporations, executors,
administrators, trustees or guardians, and may accept other suitable
verification arrangements from foreign investors, such as consular
verification. For more information with respect to signature-guarantees,
please call one of the telephone numbers listed on the cover.

Redemption Commitment. The Funds have committed to pay in cash all
redemption requests by any investor of record, limited in amount during any
90-day period to the lesser of $250,000 or 1% of the value of each
respective Fund's net assets at the beginning of such period. Such
commitment is irrevocable without the prior approval of the Securities and
Exchange Commission. In the case of requests for redemption in excess of
such amount, the Trustees reserve the right to make payments in whole or in
part in securities or other assets of such Fund in case of an emergency or
any time a cash distribution would impair the liquidity of such Fund to the
detriment of the existing investors. In such event, the securities would
be valued in the same manner as such Fund's portfolio is valued. If the
recipient sold such securities, brokerage charges would be incurred.

Suspension of Redemption. As to each Fund, the right of redemption
may be suspended or the date of payment postponed (a) during any period
when the New York Stock Exchange is closed (other than customary weekend
and holiday closings), (b) when trading in the markets such Fund ordinarily
utilizes is restricted, or when an emergency exists as determined by the
Securities and Exchange Commission so that disposal of such Fund's
investments or determination of its net asset value is not reasonably
practicable, or (c) for such other periods as the Securities and Exchange
Commission by order may permit to protect such Fund's investors.

DETERMINATION OF NET ASSET VALUE

The following information supplements and should be read in
conjunction with the section in the Prospectus entitled "How to Buy
Shares."

Amortized Cost Pricing. The information contained in this section is
applicable only to the Money Market Fund. The valuation of the Money
Market Fund's portfolio securities is based upon their amortized cost,
which does not take into account unrealized capital gains or losses. This
involves valuing an instrument at its cost, and thereafter assuming a
constant amortization to maturity of any discount or premium, regardless of
the impact of fluctuating interest rates on the market value of the
instrument. While this method provides certainty in valuation, it may
result in periods during which value, as determined by amortized cost, is
higher or lower than the price the Fund would receive if it sold the
instrument.

The Trustees have established, as a particular responsibility within
the overall duty of care owed to the Money Market Fund's investors,
procedures reasonably designed to stabilize the Fund's price per share as
computed for the purpose of sales and redemptions at $1.00. Such
procedures include review of the Fund's portfolio holdings by the Trustees,
at such intervals as they deem appropriate, to determine whether the Fund's
net asset value calculated by using available market quotations or market
equivalents deviates from $1.00 per share based on amortized cost. In such
review, investments for which market quotations are readily available will
be valued at the most recent bid price or yield equivalent for such
securities or for securities of comparable maturity, quality and type, as
obtained from one or more of the major market makers for the securities to
be valued. Other investments and assets will be valued at fair value as
determined by the Trustees.

The extent of any deviation between the Money Market Fund's net asset
value based upon available market quotations or market equivalents and
$1.00 per share based on amortized cost will be examined by the Trustees.
If such deviation exceeds 1/2 of 1%, the Trustees will consider promptly
what action, if any, will be initiated. In the event the Trustees
determine that a deviation exists which may result in material dilution or
other unfair results to investors or existing investors, they have agreed
to take such corrective action as they regard as necessary and appropriate
including: selling portfolio instruments prior to maturity to realize
capital gains or losses or to shorten average portfolio maturity; paying
distributions from capital or capital gains; redeeming shares in kind; or
establishing a net asset value per share by using available market
quotations or market equivalents.

New York Stock Exchange Closings. The holidays (as observed) on which
the New York Stock Exchange is closed currently are: New Year's Day,
Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor Day,
Thanksgiving and Christmas.

SHAREHOLDER SERVICES

The following information supplements and should be read in
conjunction with the section in the Prospectus entitled "Shareholder
Services."

Fund Exchanges. Shares of funds purchased by exchange will be
purchased on the basis of relative net asset value per share as follows:

A. Exchanges for shares of funds that are offered without a sales
load will be made without a sales load.

B. Shares of funds purchased without a sales load may be exchanged
for shares of other funds sold with a sales load, and the
applicable sales load will be deducted.

C. Shares of funds purchased with a sales load may be exchanged
without a sales load for shares of other funds sold without a sales
load.

D. Shares of funds purchased with a sales load, shares of funds
acquired by a previous exchange from shares purchased with a sales
load, and additional shares acquired through reinvestment of
dividends or distributions of any such funds (collectively referred
to herein as "Purchased Shares") may be exchanged for shares of
other funds sold with a sales load (referred to herein as "Offered
Shares"), provided that, if the sales load applicable to the
Offered Shares exceeds the maximum sales load that could have been
imposed in connection with the Purchased Shares (at the time the
Purchased Shares were acquired), without giving effect to any
reduced loads, the difference will be deducted.

To accomplish an exchange under item D above, investors must notify
the Transfer Agent of their prior ownership of fund shares and their
account number.

To request an exchange, an investor must give exchange instructions to
the Transfer Agent in writing or by telephone. The ability to issue
exchange instructions by telephone is given to all Fund shareholders
automatically, unless the investor checks the applicable "NO" box on the
Account Application, indicating that the investor specifically refuses this
privilege. By using the Telephone Exchange Privilege, the investor
authorizes the Transfer Agent to act on telephonic instructions from any
person representing himself or herself to be the investor and reasonably
believed by the Transfer Agent to be genuine. Telephone exchanges may be
subject to limitations as to the amount involved or number of telephone
exchanges permitted. Shares issued in certificate form are not eligible
for telephone exchange.

To establish a Personal Retirement Plan by exchange, shares of the
fund being exchanged must have a value of at least the minimum initial
investment required for the fund into which the exchange is being made.
For Dreyfus-sponsored Keogh Plans, IRAs and IRAs set up under a Simplified
Employee Pension Plan ("SEP-IRAs"), with only one participant, the minimum
initial investment is $750. To exchange shares held in Corporate Plans,
403(b)(7) Plans and SEP-IRAs with more than one participant, the minimum
initial investment is $100 if the plan has at least $2,500 invested among
the funds in the Dreyfus Family of Funds. To exchange shares held in
Personal Retirements Plans, the shares exchanged must have a current value
of at least $100.

Dreyfus Auto Exchange Privilege. Dreyfus Auto-Exchange permits an
investor to purchase, in exchange for shares of a Fund, shares of another
fund in the Dreyfus Family of Funds. This Privilege is available only for
existing accounts. Shares will be exchanged on the basis of relative net
asset value as described above under "Fund Exchanges." Enrollment in or
modification or cancellation of this Privilege is effective three business
days following notification by the investor. An investor will be notified
if his account falls below the amount designated to be exchanged under this
Privilege. In this case, an investor's account will fall to zero unless
additional investments are made in excess of the designated amount prior to
the next Auto-Exchange transaction. Shares held under IRA and other
retirement plans are eligible for this Privilege. Exchanges of IRA shares
may be made between IRA accounts and from regular accounts to IRA accounts,
but not from IRA accounts to regular accounts. With respect to all other
retirement accounts, exchanges may be made only among those accounts.

Fund Exchanges and the Dreyfus Auto-Exchange Privilege are available
to shareholders resident in any state in which shares of the fund being
acquired may legally be sold. Shares may be exchanged only between
accounts having identical names and other identifying designations.

Shareholder Services Forms and prospectuses of the other funds may be
obtained by calling 1-800-645-6561. The Fund reserves the right to reject
any exchange request in whole or in part. The Fund Exchanges service or
the Dreyfus Auto-Exchange Privilege may be modified or terminated at any
time upon notice to shareholders.

Dreyfus Automatic Withdrawal Plan. The Automatic Withdrawal Plan
permits an investor with a $5,000 minimum account to request withdrawal of
a specified dollar amount (minimum of $50) on either a monthly or quarterly
basis. Withdrawal payments are the proceeds from sales of Fund shares, not
the yield on the shares. If withdrawal payments exceed reinvested
distributions, the investor's shares will be reduced and eventually may be
depleted. There is a service charge of $.50 for each withdrawal check.
Automatic Withdrawal may be terminated at any time by the investor, the
Fund or the Transfer Agent. Shares for which certificates have been issued
may not be redeemed through the Automatic Withdrawal Plan.

Dreyfus Dividend Sweep. Dreyfus Dividend Sweep allows investors to
invest on the payment date their dividends or dividends and capital gain
distributions, if any, in shares of another fund in the Dreyfus Family of
Funds of which the investor is a shareholder. Shares of other funds
purchased pursuant to this privilege will be purchased on the basis of
relative net asset value per share as follows:

A. Dividends and distributions paid by a fund may be invested without
imposition of a sales load in shares of other funds that are
offered without a sales load.

B. Dividends and distributions paid by a fund which does not charge a
sales load may be invested in shares of other funds sold with a
sales load, and the applicable load will be deducted.

C. Dividends and distributions paid by a fund which charges a sales
load may be invested in shares of other funds sold with a sales
load (referred to herein as "Offered Shares"), provided that, if
the sales load applicable to the Offered Shares exceeds the maximum
sales load charged by the fund from which dividends or
distributions are being swept, without giving effect to any reduced
loads, the difference will be deducted.

D. Dividends and distributions paid by a fund may be invested in
shares of other funds that impose a contingent deferred sales
charge ("CDSC") and the applicable CDSC, if any, will be imposed
upon redemption of such shares.

PORTFOLIO TRANSACTIONS

Portfolio securities ordinarily are purchased from government
securities dealers or market makers for the securities. Usually no
brokerage commissions are paid by the Funds for such purchases and, to
date, no brokerage commissions have been paid by any Fund.

Transactions are allocated to various dealers by each Fund's portfolio
managers in their best judgment. The primary consideration is prompt and
effective execution of orders at the most favorable price. Subject to that
primary consideration, dealers may be selected for research, statistical or
other services to enable the Manager to supplement its own research and
analysis with the views and information of other securities firms and may
be selected based upon their sales of Fund shares.

Research services furnished by brokers through which a Fund effects
securities transactions may be used by the Manager in advising other funds
it advises and, conversely, research services furnished to the Manager by
brokers in connection with other funds the Manager advises may be used by
the Manager in advising a Fund. Although it is not possible to place a
dollar value on these services, it is the opinion of the Manager that the
receipt and study of such services from brokers should not reduce the
overall expenses of its research department.

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 these securities at a lower price. This practice
caused a significant increase in the Term Funds portfolio turnover rate.
The portfolio turnover rate for the fiscal years ended December 31, 1993
and 1994 were as follows: for the Short Term Fund, 322.62% and 499.11%,
respectively; for the Intermediate Term Fund, 333.76% and 696.65%,
respectively; and for the Long Term Fund, 420.68% and 1,213.04%,
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, 1994 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 Code, however, allows a
Fund to net certain offsetting positions, making it easier for each Fund to
satisfy the 30% test. The term "regulated investment company" does not
imply the supervision of management or investment practices or policies by
any government agency.

Ordinarily, gains and losses realized from portfolio transactions will
be treated as capital gain or loss. However, all or a portion of any gains
realized from the sale or other disposition of certain market discount
bonds will be treated as ordinary income under Section 1276 of the Code.

The Code provides that if a shareholder holds shares of a Fund for six
months or less and has received a capital gain dividend with respect to
such shares, any loss incurred on the sale of such shares will be treated
as long-term capital loss to the extent of the capital gain dividend
received. In addition, any dividend or distribution paid shortly after an
investor's purchase may have the effect of reducing the aggregate net asset
value of shares below the cost of the investment. Such a distribution
would be a return on investment in an economic sense although taxable as
stated in "Dividends, Distributions and Taxes" in the Prospectus.

YIELD AND PERFORMANCE INFORMATION

The following information supplements and should be read in
conjunction with the section in the Prospectus entitled "Yield and
Performance Information."

Money Market Fund. For the seven-day period ended December 31, 1994,
the Money Market Fund's yield was 4.62% and effective yield was 4.73%. See
"Management of the Funds" in the Prospectus. Yield is computed in
accordance with a standardized method which involves determining the net
change in the value of a hypothetical pre-existing Fund account having a
balance of one share at the beginning of a seven calendar day period for
which yield is to be quoted, dividing the net change by the value of the
account at the beginning of the period to obtain the base period return,
and annualizing the results (i.e., multiplying the base period return by
365/7). The net change in the value of the account reflects the value of
additional shares purchased with 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 Intermediate Term Fund's current yield for the 30-day
period ended December 31, 1994 was 6.78%. The Short Term Fund's current
yield for the 30-day period ended December 31, 1994 was 6.90%. The Short
Term Fund's 30-day yield net of absorbed expenses for that period was
6.40%. The Long Term Fund's current yield for the 30-day period ended
December 31, 1994 was 7.09%. Although the Long Term Fund's yield may
generally be higher than comparable short- or intermediate-term income
funds, its price per share may fluctuate more than those funds. See
"Management of the Funds" in the Prospectus. Current yield is computed
pursuant to a formula which operates as follows: The amount of a Fund's
expenses accrued for the 30-day period (net of reimbursements) is
subtracted from the amount of the dividends and interest earned (computed
in accordance with regulatory requirements) by the Fund during the period.
That result is then divided by the product of: (a) the average daily
number of shares outstanding during the period that were entitled to
receive 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 Intermediate Term Fund's average annual total return for the 1, 5
and 7.767 year periods ended December 31, 1994 was -3.97, 7.42% and 7.30%,
respectively. The Short Term Fund's average annual total return for 1, 5
and 7.310 year periods ended December 31, 1994 was -.33%, 6.49% and 8.13%,
respectively. The Short Term Fund's average annual total return for the
3.252 year period beginning with the effectiveness of the Short Term Fund's
current investment objective, fundamental policies and investment
restrictions on October 1, 1991 through December 31, 1994 was 5.53%. The
Long Term Fund's average annual total return for the 1, 5 and 7.767 year
periods ended December 31, 1994 was -9.18%, 7.59% and 7.32%, respectively.
Average annual total return is calculated by determining the ending
redeemable value of an investment purchased with a hypothetical $1,000
payment made at the beginning of the period (assuming the reinvestment of
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 Intermediate Term Fund's total return for the period March 27,
1987 (commencement of operations) through December 31, 1994 was 72.91%.
The Short Term Fund's total return for the period September 10, 1987
(commencement of operations) through December 31, 1994 and the period
October 1, 1991 through December 31, 1994, was 77.08% and 19.13%,
respectively. The Long Term Fund's total return for the period March 27,
1987 (commencement of operations) through December 31, 1994 was 73.16%.
Total return is calculated by subtracting the amount of the Fund's net
asset value per share at the beginning of a stated period from the net
asset value per share at the end of the period (after giving effect to the
reinvestment of 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. From time to time, advertising materials for each Fund may
also refer to statistical or other information concerning trends related to
investment companies, as compiled by industry associations such as the
Investment Company Institute or Morningstar ratings and related analyses
supporting the ratings. In addition, advertising materials for each Fund
may occasionally include information about other similar Dreyfus funds.

From time to time, each Fund may use hypothetical tax equivalent
yields or charts in its advertising. These hypothetical yields or charts
will be used for illustrative purposes only and are not indicative of the
Fund's past or future performance.

INFORMATION ABOUT THE FUNDS

The following information supplements and should be read in
conjunction with the section in the Prospectus entitled "General
Information."

Each Fund share has one vote and, when issued and paid for in
accordance with the terms of the offering, is fully paid and non-
assessable. Fund shares are of one class and have equal rights as to
dividends and in liquidation. Fund shares have no preemptive, subscription
or conversion rights and are freely transferable.

Each Fund sends annual 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.

CUSTODIAN, TRANSFER AND DIVIDEND DISBURSING AGENT,
COUNSEL AND INDEPENDENT AUDITORS

The Bank of New York, 90 Washington Street, New York, New York 10286,
is each Fund's custodian. The Shareholder Services Group, Inc., a
subsidiary of First Data Corporation, P.O. Box 9671, Providence, Rhode
Island 02940-9671, is each Fund's transfer and dividend disbursing agent.
Neither The Bank of New York nor The Shareholder Services Group, Inc. has
any part in determining the investment policies of any Fund or which
securities are to be purchased or sold by a Fund.

Stroock & Stroock & Lavan, 7 Hanover Square, New York, New York
10004-2696, as counsel for each Fund, has rendered its opinion as to
certain legal matters regarding the due authorization and valid issuance of
the shares of beneficial interest being sold pursuant to the Funds'
combined Prospectus.

Ernst & Young LLP, 787 Seventh Avenue, New York, New York 10019,
independent auditors, have been selected as auditors of each Fund.

DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1994

ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
U.S. TREASURY BILLS--62.3% PURCHASE AMOUNT VALUE
----------- ------------- ------------
<S> <C> <C> <C>
1/12/95.................................................... 3.51% $ 20,242,000 $ 20,221,057
1/19/95.................................................... 5.59 101,000,000 100,749,551
1/26/95.................................................... 5.04 19,736,000 19,667,746
2/2/95..................................................... 5.13 24,247,000 24,137,995
2/9/95..................................................... 5.32 51,015,000 50,724,658
2/23/95.................................................... 5.35 75,000,000 74,414,792
3/2/95..................................................... 5.68 9,824,000 9,732,227
3/9/95..................................................... 5.68 235,074,000 232,623,772
3/16/95.................................................... 5.51 151,170,000 149,477,659
3/23/95.................................................... 5.57 101,917,000 100,658,305
3/30/95.................................................... 5.57 16,201,000 15,983,618
4/6/95..................................................... 5.84 60,000,000 59,090,375
5/18/95.................................................... 5.95 14,352,000 14,036,245
6/1/95..................................................... 5.07 30,000,000 29,392,225
6/8/95..................................................... 6.34 2,605,000 2,534,801
------------
TOTAL U.S. TREASURY BILLS
(cost $903,445,026)........................................ $ 903,445,026
===============
U.S. TREASURY NOTES--36.8%
4.25%, 1/31/95............................................. 4.54 % $158,942,000 $ 158,892,264
7.75%, 2/15/95............................................. 5.29 150,000,000 150,403,268
3.875%, 2/28/95............................................ 5.06 95,000,000 94,819,845
3.875%, 3/31/95............................................ 5.65 109,850,000 109,353,199
5.875%, 5/15/95............................................ 6.44 20,308,000 20,262,251
-------------
TOTAL U.S. TREASURY NOTES
(cost $533,730,827)........................................ $ 533,730,827
===============
TOTAL INVESTMENTS
(cost $1,437,175,853)............................ 99.1% $1,437,175,853
===== ==============
CASH AND RECEIVABLES (NET)........................... .9% $ 13,562,664
===== ==============
NET ASSETS........................................... 100.0% $1,450,738,517
===== ==============

See notes to financial statements.
</TABLE>

DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1994
ASSETS:
<S> <C> <C>
Investments in securities, at value_Note 1(a)........................... $1,437,175,853
Cash.................................................................... 2,400,171
Receivable for investment securities sold............................... 100,687,409
Interest receivable..................................................... 12,015,044
Prepaid expenses........................................................ 217,997
--------------
1,552,496,474
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 614,072
Payable for investment securities purchased............................. 100,749,551
Accrued expenses........................................................ 394,334 101,757,957
-------------- ------------
NET ASSETS ................................................................ $1,450,738,517
==============
REPRESENTED BY:
Paid-in capital......................................................... $1,450,564,321
Accumulated undistributed investment income_net......................... 184,280
Accumulated net realized (loss) on investments.......................... (10,084)
----------------
NET ASSETS at value applicable to 1,450,275,605 shares outstanding
(unlimited number of $.001 par value shares of Beneficial
Interest authorized).................................................... $1,450,738,517
==============
NET ASSET VALUE, offering and redemption price per share
($1,450,738,517 / 1,450,275,605 shares)................................. $1.00
=====

See notes to financial statements.
</TABLE>

DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1994
INVESTMENT INCOME:
<S> <C> <C>
INTEREST INCOME......................................................... $65,666,642
EXPENSES:
Management fee_Note 2(a).............................................. $8,214,107
Shareholder servicing costs_Note 2(b)................................. 2,867,717
Prospectus and shareholders' reports.................................. 209,909
Custodian fees........................................................ 111,256
Professional fees..................................................... 84,845
Registration fees..................................................... 53,092
Trustees' fees and expenses_Note 2(c)................................. 48,954
Miscellaneous......................................................... 94,433
------------
TOTAL EXPENSES.................................................... 11,684,313
-------------
INVESTMENT INCOME--NET...................................................... 53,982,329
NET REALIZED (LOSS) ON INVESTMENTS--Note 1(b)............................... (10,084)
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $53,972,245
===========

See notes to financial statements.
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31,
-----------------------------------
1993 1994
---------------- ----------------
OPERATIONS:
Investment income_net................................................... $ 61,432,606 $ 53,982,329
Net realized gain (loss) on investments................................. 42,916 (10,084)
---------------- ----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 61,475,522 53,972,245
---------------- ----------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income_net................................................... (61,432,606) (53,798,049)
---------------- ----------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................... 2,699,422,256 1,651,231,223
Dividends reinvested.................................................... 58,068,259 51,035,988
Cost of shares redeemed................................................. (3,864,644,720) (2,169,632,380)
---------------- ----------------
(DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS........ (1,107,154,205) (467,365,169)
---------------- ----------------
TOTAL (DECREASE) IN NET ASSETS.................................... (1,107,111,289) (467,190,973)
NET ASSETS:
Beginning of year....................................................... 3,025,040,779 1,917,929,490
---------------- ----------------
End of year (including undistributed investment income-net;
$184,280 in 1994)..................................................... $1,917,929,490 $1,450,738,517
=============== ===============

See notes to financial statements.
</TABLE>

DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
FINANCIAL HIGHLIGHTS

Reference is made to page 4 of the Prospectus dated May 1, 1995.

DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a diversified open-end management investment company. Dreyfus Service
Corporation, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares, which are sold to the public without a sales charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
Effective on January 1, 1994, the Fund was reorganized as a Massachusetts
business trust under the name Dreyfus 100% U.S. Treasury Money Market Fund.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value of $1.00.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Trustees to represent the fair
value of the Fund's investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income is recognized on the accrual basis. Cost of investments represents
amortized cost.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To
the extent that the net realized capital gain can be offset by capital loss
carryovers, if any, it is the policy of the Fund not to distribute such gain.
On January 3, 1995, the Fund declared a cash dividend of approximately
$.000127065 per share from undistributed investment income-net which includes
investment income-net for Saturday, December 31, 1994.
Prior to January 1, 1994 the Fund was a limited partnership and was not
required to distribute realized capital gains to avoid Federal income and
excise taxes. Prior years' gains and losses had been allocated to
shareholders and not paid, in accordance with the limited partnership
structure. This resulted in a difference between financial reporting purposes
versus Federal Income tax purposes, with respect to the treatment of such
allocated gains and losses. The Fund has therefore reclassified $288,716 from
accumulated net realized loss on investments to paid-in-capital. This amount
represented the cumulative effect of such differences. Results of operations
and net assets were not effected by this reclassification.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
At December 31, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .50 of 1% of the average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, interest on borrowings, brokerage
commissions and extraordinary expenses, exceed the expense limitation of any
state having jurisdiction over the Fund for any full year. The most stringent
state expense limitation applicable to the Fund presently requires
reimbursement of expenses in any full year that such expenses (exclusive of
certain expenses as described above) exceed 2 1/2% of the first $30 million,
2% of the next $70 million and 1 1/2% of the excess over $100 million of the
average value of the Fund's net assets in accordance with California "blue
sky" regulations. There was no expense reimbursement for the year ended
December 31, 1994.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation an amount not to exceed an annual rate of .25 of
1% of the value of the Fund's average daily net assets for servicing
shareholder accounts. The services provided may include personal services
relating to shareholder accounts, such as answering shareholder inquiries
regarding the Fund and providing reports and other information, and services
related to the maintenance of shareholder accounts. During the year ended
December 31, 1994, the Fund was charged an aggregate of $1,560,279 pursuant
to the Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and trustees of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives an annual fee of $4,500 and an attendance fee of $500 per meeting.

DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS 100% U.S. TREASURY MONEY MARKET FUND
We have audited the accompanying statement of assets and liabilities of
Dreyfus 100% U.S. Treasury Money Market Fund, including the statement of
investments, as of December 31, 1994, and the related statement of operations
for the year then ended, the statement of changes in net assets for each of
the two years in the period then ended, and financial highlights for each of
the years indicated therein. These financial statements and financial
highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 1994 by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus 100% U.S. Treasury Money Market Fund at December 31,
1994, the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended, and the
financial highlights for each of the indicated years, in conformity with
generally accepted accounting principles.

(Logo Signature)
New York, New York
February 1, 1995

DREYFUS 100% U.S. TREASURY SHORT TERM FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1994
PRINCIPAL
BONDS AND NOTES--83.5% AMOUNT VALUE
-------------- ------------
<S> <S> <S>
U.S. TREASURY BONDS--6.0%
11 1/2%, 11/15/1995..................................................... $10,000,000 $10,368,750
------------
U.S. TREASURY NOTES--77.5%
11 1/4%, 5/15/1995...................................................... 10,000,000 10,175,000
9 1/4%, 1/15/1996....................................................... 15,000,000 15,276,570
9 3/8%, 4/15/1996....................................................... 20,000,000 20,450,000
7 1/2%, 12/31/1996...................................................... 15,000,000 14,947,260
8 1/2%, 4/15/1997....................................................... 15,000,000 15,225,000
7 3/8%, 11/15/1997...................................................... 30,000,000 29,685,930
7 7/8%, 1/15/1998....................................................... 28,000,000 28,043,764
------------
133,803,524
------------
TOTAL BONDS AND NOTES
(cost $149,007,664)..................................................... $144,172,274
============
SHORT-TERM INVESTMENTS--23.9%
U.S. TREASURY BILLS:
4.71%, 1/19/1995........................................................ $17,895,000 $17,842,926
3.58%, 1/26/1995........................................................ 23,468,000 23,388,443
------------
TOTAL SHORT-TERM INVESTMENTS
(cost $41,262,557)...................................................... $ 41,231,369
============
TOTAL INVESTMENTS
(cost $190,270,221)..................................................... 107.4% $185,403,643
====== ============
LIABILITIES, LESS CASH AND RECEIVABLES ..................................... (7.4%) $ (12,847,674)
====== ============
NET ASSETS ........................................................... 100.0% $172,555,969
====== ============

See notes to financial statements.
</TABLE>

DREYFUS 100% U.S. TREASURY SHORT TERM FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1994
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $190,270,221)_see statement..................................... $185,403,643
Cash.................................................................... 722,757
Interest receivable..................................................... 2,917,210
Receivable for shares of Beneficial Interest subscribed................. 32,600
Prepaid expenses........................................................ 3,199
------------
189,079,409
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 14,832
Payable for investment securities purchased............................. 14,980,950
Payable for shares of Beneficial Interest redeemed...................... 1,428,070
Accrued expenses ....................................................... 99,588 16,523,440
------------- ------------
NET ASSETS ................................................................ $172,555,969
============
REPRESENTED BY:
Paid-in capital......................................................... $191,014,933
Accumulated undistributed investment income_net......................... 33,214
Accumulated net realized (loss) on investments.......................... (13,625,600)
Accumulated gross unrealized (depreciation) on investments.............. (4,866,578)
--------------
NET ASSETS at value applicable to 11,855,516 shares outstanding
(unlimited number of $.001 par value shares of Beneficial
Interest authorized).................................................... $172,555,969
============
NET ASSET VALUE, offering and redemption price per share
($172,555,969 / 11,855,516 shares)...................................... $14.55
======

See notes to financial statements.
</TABLE>

DREYFUS 100% U.S. TREASURY SHORT TERM FUND
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1994
INVESTMENT INCOME:
<S> <C> <C>
INTEREST INCOME......................................................... $ 14,692,059
EXPENSES:
Management fee_Note 2(a).............................................. $ 1,107,463
Shareholder servicing costs_Note 2(b)................................. 437,882
Registration fees..................................................... 40,863
Auditing fees......................................................... 40,031
Prospectus and shareholders' reports.................................. 28,488
Trustees' fees and expenses_Note 2(c)................................. 26,918
Custodian fees........................................................ 23,462
Legal fees............................................................ 16,144
Miscellaneous......................................................... 6,066
--------------
1,727,317
Less_reduction in management fee
due to undertakings_Note 2(a)..................................... 1,086,277
--------------
TOTAL EXPENSES.................................................. 641,040
--------------
INVESTMENT INCOME--NET.......................................... 14,051,019
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments_Note 3............................... $(13,625,600)
Net unrealized (depreciation) on investments............................ (1,006,227)
--------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (14,631,827)
--------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $ (580,808)
===============

See notes to financial statements.
</TABLE>

DREYFUS 100% U.S. TREASURY SHORT TERM FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31,
--------------------------------
1993 1994
-------------- --------------
OPERATIONS:
<S> <C> <C>
Investment income_net................................................... $ 14,115,850 $ 14,051,019
Net realized gain (loss) on investments................................. 56,537 (13,625,600)
Net unrealized (depreciation) on investments for the year............... (2,514,719) (1,006,227)
-------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....... 11,657,668 (580,808)
-------------- ------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income_net................................................... (14,115,850) (14,017,805)
-------------- ------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold........................................... 160,026,733 138,150,896
Dividends reinvested.................................................... 11,481,759 10,359,891
Cost of shares redeemed................................................. (124,808,796) (149,655,822)
-------------- -----------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 46,699,696 (1,145,035)
-------------- ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................... 44,241,514 (15,743,648)
NET ASSETS:
Beginning of year....................................................... 144,058,103 188,299,617
-------------- ------------
End of year (including undistributed investment income_net;
$33,214 in 1994)...................................................... $188,299,617 $172,555,969
============ =============
SHARES SHARES
-------------- ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................. 9,984,860 9,091,012
Shares issued for dividends reinvested.................................. 717,765 686,796
Shares redeemed......................................................... (7,800,266) (9,881,489)
-------------- ------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING......................... 2,902,359 (103,681)
============ =============

See notes to financial statements.
</TABLE>

DREYFUS 100% U.S. TREASURY SHORT TERM FUND
FINANCIAL HIGHLIGHTS

Reference is made to page 5 of the Prospectus dated May 1, 1995.

DREYFUS 100% U.S. TREASURY SHORT TERM FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a diversified open-end management investment company. Dreyfus Service
Corporation, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares, which are sold to the public without a sales charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
Effective January 1, 1994, the Fund was reorganized as a Massachusetts
business trust under the name Dreyfus 100% U.S. Treasury Short Term Fund.
(A) PORTFOLIO VALUATION: The Fund's investments are valued at the mean
between quoted bid and asked prices.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income, including, where applicable, amortization of discount on investments,
is recognized on the accrual basis.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income--net. Such dividends are paid monthly.
Dividends from net realized capital gain are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
Prior to January 1, 1994 the Fund was a limited partnership and was not
required to distribute realized capital gains to avoid Federal income and
excise taxes. Prior years' gains and losses had been allocated to
shareholders and not paid, in accordance with the limited partnership
structure. This resulted in a difference between financial reporting purposes
versus Federal Income tax purposes, with respect to the treatment of such
allocated gains and losses. The Fund has therefore reclassified $414,104 from
accumulated net realized loss on investments to paid-in-capital. This amount
represented the cumulative effect of such differences. Results of operations
and net assets were not effected by this reclassification.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately
$10,865,000 available for Federal income tax purposes to be applied against
future net securities profit, if any realized subsequent to December 31,
1994. The carryover does not include net realized securities losses from
November 1, 1994 through December 31, 1994 which are treated, for Federal
income tax purposes, as arising in fiscal 1995. If not applied, the carryover
expires in fiscal 2002.
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .60 of 1% of the average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, interest on borrowings, brokerage and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund. The most stringent state expense limitation
applicable to the Fund presently requires reimbursement of expenses in any
full year that such expenses (exclusive of distribution expenses and certain
expenses as described above) exceed 21/2% of the first $30 million, 2% of the
next $70 million and 11/2% of the excess over $100 million of the average
value of the Fund's net assets in accordance with California "blue sky"
regulations. However, the Manager had undertaken from January 1, 1994 through
January 30, 1995 to reduce the management fee paid by, and reimburse such
excess expenses of the Fund, to the extent that the Fund's aggregate expenses
(excluding certain expenses, as described above) exceeded specified annual
percentages of the Fund's average daily net assets. The reduction in the
management fee pursuant to the undertakings, amounted to $1,086,277 for the
year ended December 31, 1994.
The Manager has currently undertaken from January 31, 1995 through March
31, 1995, or until such time as the net assets of the Fund exceed $250
million, regardless of whether they remain at that level, to waive receipt of
the management fee payable to it by the Fund in excess of an annual rate of
.20 of 1% of the average daily value of the Fund's net assets.
The undertaking may be modified by the Manager from time to time,
provided that the resulting expense reimbursement would not be less than the
amount required pursuant to the agreement.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation an amount not to exceed an annual rate of .25 of
1% of the value of the Fund's average daily net assets for servicing
shareholder accounts. The services provided may include personal services
relating to shareholder accounts, such as answering shareholder inquiries
regarding the Fund and providing reports and other information, and services
related to the maintenance of shareholder accounts. During the year ended
December 31, 1994, the Fund was charged an aggregate of $281,184 pursuant to
the Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and trustees of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives an annual fee of $2,500 and an attendance fee of $250 per meeting.
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
other than short-term securities, during the year ended December 31, 1994,
amounted to $816,953,546 and $860,107,051, respectively.
At December 31, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS 100% U.S. TREASURY SHORT TERM FUND
We have audited the accompanying statement of assets and liabilities of
Dreyfus 100% U.S. Treasury Short Term Fund, including the statement of
investments, as of December 31, 1994, and the related statement of operations
for the year then ended, the statement of changes in net assets for each of
the two years in the period then ended, and financial highlights for each of
the years indicated therein. These financial statements and financial
highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 1994 by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus 100% U.S. Treasury Short Term Fund at December 31, 1994,
the results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and the financial
highlights for each of the indicated years, in conformity with generally
accepted accounting principles.

(Logo Signature)
New York, New York
February 3, 1995

DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1994
PRINCIPAL
BONDS AND NOTES--97.5% AMOUNT VALUE
-------------- --------------
<S> <C> <C>
U.S. TREASURY BONDS--2.8%
11 1/2%, 11/15/1995..................................................... $ 5,000,000 $ 5,184,375
--------------
U.S. TREASURY NOTES--93.3%
9 3/8%, 4/15/1996....................................................... 35,000,000 35,787,500
7 3/8%, 11/15/1997...................................................... 15,700,000 15,535,637
7 7/8%, 1/15/1998....................................................... 50,000,000 50,078,150
9 1/4%, 8/15/1998....................................................... 30,000,000 31,303,140
7 7/8%, 11/15/2004...................................................... 40,000,000 40,118,760
--------------
172,823,187
--------------
U.S. TREASURY PRINCIPAL STRIPS--1.4%
Zero Coupon, 8/15/2020.................................................. 20,000,000 2,678,020
--------------
TOTAL BONDS AND NOTES
(cost $183,827,991)..................................................... $180,685,582
==============
SHORT-TERM INVESTMENTS--.2%
U.S. TREASURY BILLS;
4.68%, 2/23/1995
(cost $414,130)......................................................... $ 417,000 $ 413,810
==============
TOTAL INVESTMENTS
(cost $184,242,121)..................................................... 97.7% $181,099,392
===== ==============
CASH AND RECEIVABLES (NET).................................................. 2.3% $ 4,161,852
===== ==============
NET ASSETS ........................................................... 100.0% $185,261,244
===== ==============

See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>

DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1994
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $184,242,121)_see statement..................................... $181,099,392
Cash.................................................................... 271,275
Interest receivable..................................................... 4,204,209
Receivable for shares of Beneficial Interest subscribed................. 260,512
Prepaid expenses........................................................ 5,976
--------------
185,841,364
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $106,888
Payable for shares of Beneficial Interest redeemed...................... 396,199
Accrued expenses........................................................ 77,033 580,120
---------- --------------
NET ASSETS ................................................................ $185,261,244
==============
REPRESENTED BY:
Paid-in capital......................................................... $211,301,742
Accumulated undistributed investment income_net......................... 37,032
Accumulated net realized (loss) on investments.......................... (22,934,801)
Accumulated gross unrealized (depreciation) on investments.............. (3,142,729)
--------------
NET ASSETS at value applicable to 15,233,664 shares outstanding
(unlimited number of $.001 par value shares of Beneficial Interest authorized). $185,261,244
==============
NET ASSET VALUE, offering and redemption price per share
($185,261,244 / 15,233,664 shares)...................................... $12.16
=======

See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>

DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1994
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 17,448,105
EXPENSES:
Management fee_Note 2(a).............................................. $ 1,303,036
Shareholder servicing costs_Note 2(b)................................. 434,512
Registration fees..................................................... 52,111
Professional fees..................................................... 51,305
Custodian fees........................................................ 28,848
Trustees' fees and expenses_Note 2(c)................................. 26,346
Prospectus and shareholders' reports.................................. 17,268
Miscellaneous......................................................... 8,566
--------------
TOTAL EXPENSES.................................................. 1,921,992
--------------
INVESTMENT INCOME--NET.......................................... 15,526,113
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments_Note 3............................... $(22,934,801)
Net unrealized (depreciation) on investments............................ (1,818,187)
--------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (24,752,988)
--------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $ (9,226,875)
==============

See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>

DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31,
--------------------------------
1993 1994
-------------- --------------
<S> <C> <C>
OPERATIONS:
Investment income_net................................................... $ 17,657,792 $ 15,526,113
Net realized gain (loss) on investments................................. 10,720,440 (22,934,801)
Net unrealized (depreciation) on investments for the year............... (2,070,853) (1,818,187)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....... 26,307,379 (9,226,875)
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income_net................................................... (17,657,792) (15,489,081)
-------------- --------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold........................................... 107,880,822 78,885,329
Dividends reinvested.................................................... 13,032,233 10,958,399
Cost of shares redeemed................................................. (106,378,451) (134,144,305)
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 14,534,604 (44,300,577)
-------------- --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................... 23,184,191 (69,016,533)
NET ASSETS:
Beginning of year....................................................... 231,093,586 254,277,777
-------------- --------------
End of year (including undistributed
investment income-net; $37,032 in 1994)............................... $254,277,777 $185,261,244
============== ==============
SHARES SHARES
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................. 7,916,574 6,189,726
Shares issued for dividends reinvested.................................. 952,231 859,540
Shares redeemed......................................................... (7,780,359) (10,516,990)
-------------- --------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING......................... 1,088,446 (3,467,724)
============== ==============

See notes to financial statements..
</TABLE>

DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
FINANCIAL HIGHLIGHTS

Reference is made to page 5 of the Prospectus dated May 1, 1995.

DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a diversified open-end management investment company. Dreyfus Service
Corporation, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares, which are sold to the public without a sales charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
Effective January 1, 1994, the Fund was reorganized as a Massachusetts
business trust under the name Dreyfus 100% U.S. Treasury Intermediate Term
Fund.
(A) PORTFOLIO VALUATION: The Fund's investments are valued at the mean
between quoted bid and asked prices.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income including, where applicable, amortization of discount on investments,
is recognized on the accrual basis.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income--net. Such dividends are paid monthly.
Dividends from net realized capital gain are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers it is the policy of the Fund not to distribute such gain.
Prior to January 1, 1994 the Fund was a limited partnership and was not
required to distribute realized capital gains to avoid Federal income and
excise taxes. Prior years' gains and losses had been allocated to
shareholders and not paid, in accordance with the limited partnership
structure. This resulted in a difference between financial reporting purposes
versus Federal Income tax purposes, with respect to the treatment of such
allocated gains and losses. The Fund has therefore reclassified $15,578,459
from accumulated net realized loss on investments to paid-in-capital. This
amount represented the cumulative effect of such differences. Results of
operations and net assets were not effected by this reclassification.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately
$19,007,000 available for Federal income tax purposes to be applied against
future net securities profits, if any realized subsequent to December 31,
1994. The carryover does not include net realized securities losses from
November 1, 1994 through December 31, 1994 which are treated, for Federal
income tax purposes, as arising in fiscal 1995. If not applied, the carryover
expires in fiscal 2002.
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .60 of 1% of the average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund for any full year. The most stringent state
expense limitation applicable to the Fund presently requires reimbursement of
expenses in any full year that such expenses (exclusive of distribution
expenses and certain expenses as described above) exceed 2 1/2% of the first
$30 million, 2% of the next $70 million and 1 1/2% of the excess over $100
million of the average value of the Fund's net assets in accordance with
California "blue sky" regulations. There was no expense reimbursement for the
year ended December 31, 1994.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
the Dreyfus Service Corporation an amount not to exceed an annual rate of .25
of 1% of the value of the Fund's average daily net assets for servicing
shareholder accounts. The services provided may include personal services
relating to shareholder accounts, such as answering shareholder inquiries
regarding the Fund and providing reports and other information, and services
related to the maintenance of shareholder accounts. During the year ended
December 31, 1994, the Fund was charged an aggregate of $232,360 pursuant to
the Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and trustees of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives an annual fee of $2,500 and an attendance fee of $250 per meeting.
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
other than short-term securities, during the year ended December 31, 1994,
amounted to $1,382,803,048 and $1,432,494,714, respectively.
At December 31, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).

DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS 100% U.S. TREASURY INTERMEDIATE TERM FUND
We have audited the accompanying statement of assets and liabilities of
Dreyfus 100% U.S. Treasury Intermediate Term Fund, including the statement of
investments, as of December 31, 1994, and the related statement of operations
for the year then ended, the statement of changes in net assets for each of
the two years in the period then ended, and financial highlights for each of
the years indicated therein. These financial statements and financial
highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 1994 by correspondence with the custodian.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus 100% U.S. Treasury Intermediate Term Fund at December 31,
1994, the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended, and the
financial highlights for each of the indicated years, in conformity with
generally accepted accounting principles.

(Ernst & Young LLP Signature Logo)

New York, New York
February 1, 1995

DREYFUS 100% U.S. TREASURY LONG TERM FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1994
PRINCIPAL
BONDS AND NOTES--98.3% AMOUNT VALUE
-------------- ------------
<S> <C> <C>
U.S. TREASURY BONDS--47.5%
11 1/2%, 11/15/1995..................................................... $ 8,300,000 $ 8,606,063
13 3/4%, 8/15/2004...................................................... 10,000,000 13,900,000
12%, 8/15/2013.......................................................... 20,000,000 26,600,000
7 1/2%, 11/15/2024...................................................... 10,000,000 9,567,190
--------------
58,673,253
--------------
U.S. TREASURY NOTES--42.1%
11 1/4%, 5/15/1995...................................................... 10,000,000 10,175,000
9 1/4%, 8/15/1998....................................................... 40,000,000 41,737,520
--------------
51,912,520
--------------
U.S TREASURY PRINCIPAL STRIPS--8.7%
Zero Coupon, 8/15/2020.................................................. 80,000,000 10,712,080
--------------
TOTAL INVESTMENTS
(cost $124,754,629)..................................................... 98.3% $121,297,853
===== ============
CASH AND RECEIVABLES (NET).................................................. 1.7% $ 2,105,239
===== ============
NET ASSETS ........................................................... 100.0% $123,403,092
===== ============

</TABLE>

See notes to financial statements.

DREYFUS 100% U.S. TREASURY LONG TERM FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1994
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $124,754,629)_see statement..................................... $121,297,853
Cash.................................................................... 322,224
Interest receivable..................................................... 3,190,803
Prepaid expenses........................................................ 20,927
--------------
124,831,807
LIABILITIES:
Due to the Dreyfus Corporation.......................................... $ 64,255
Payable for shares of Beneficial Interest redeemed...................... 1,240,586
Accrued expenses........................................................ 123,874 1,428,715
------------ ------------
NET ASSETS ................................................................ $123,403,092
============
REPRESENTED BY:
Paid-in capital......................................................... $152,384,542
Accumulated undistributed investment income_net......................... 26,688
Accumulated net realized (loss) on investments.......................... (25,551,362)
Accumulated gross unrealized (depreciation) on investments.............. (3,456,776)
--------------
NET ASSETS at value applicable to 9,306,740 shares outstanding
(unlimited number of $.001 par value shares
of Beneficial Interest authorized)...................................... $123,403,092
============
NET ASSET VALUE, offering and redemption price per share
($123,403,092 / 9,306,740 shares)....................................... $13.26
======

</TABLE>

See notes to financial statements.

DREYFUS 100% U.S. TREASURY LONG TERM FUND
STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 1994
INVESTMENT INCOME:
<S> <C> <C>
INTEREST INCOME......................................................... $ 12,669,049
EXPENSES:
Management fee_Note 2(a).............................................. $ 943,453
Shareholder servicing costs_Note 2(b)................................. 414,823
Professional fees..................................................... 59,693
Registration fees..................................................... 45,420
Trustees' fees and expenses_Note 2(c)................................. 27,091
Custodian fees........................................................ 24,439
Prospectus and shareholders' reports.................................. 16,760
Miscellaneous......................................................... 7,754
--------------
TOTAL EXPENSES.................................................... 1,539,433
--------------
INVESTMENT INCOME--NET............................................ 11,129,616
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments_Note 3............................... $(25,551,362)
Net unrealized (depreciation) on investments............................ (2,076,853)
--------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS................. (27,628,215)
--------------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $(16,498,599)
=============

See notes to financial statements.
</TABLE>

DREYFUS 100% U.S. TREASURY LONG TERM FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31,
--------------------------------
1993 1994
------------- ------------
<S> <C> <C>
OPERATIONS:
Investment income_net................................................... $ 15,373,726 $ 11,129,616
Net realized gain (loss) on investments................................. 29,126,051 (25,551,362)
Net unrealized (depreciation) on investments for the year............... (8,315,913) (2,076,853)
-------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS....... 36,183,864 (16,498,599)
-------------- ------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income_net................................................... (15,373,726) (11,102,928)
-------------- ------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold........................................... 127,243,848 58,191,635
Dividends reinvested.................................................... 10,410,993 7,256,324
Cost of shares redeemed................................................. (182,146,642) (129,600,253)
-------------- ------------
(DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS........ (44,491,801) (64,152,294)
-------------- ------------
TOTAL (DECREASE) IN NET ASSETS.................................... (23,681,663) (91,753,821)
NET ASSETS:
Beginning of year....................................................... 238,838,576 215,156,913
-------------- ------------
End of year (including undistributed investment income_net;
$26,688 in 1994)...................................................... $215,156,913 $123,403,092
============ ============
SHARES SHARES
-------------- ------------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................. 8,260,006 4,079,099
Shares issued for dividends reinvested.................................. 673,696 510,169
Shares redeemed......................................................... (11,829,217) (9,008,124)
-------------- ------------
NET (DECREASE) IN SHARES OUTSTANDING.................................. (2,895,515) (4,418,856)
============ ============

See notes to financial statements.

</TABLE>

DREYFUS 100% U.S. TREASURY LONG TERM FUND
FINANCIAL HIGHLIGHTS

Reference is made to page 6 of the Prospectus dated May 1, 1995.

DREYFUS 100% U.S. TREASURY LONG TERM FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a diversified open-end management investment company. Dreyfus Service
Corporation, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares, which are sold to the public without a sales charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
Effective on January 1, 1994, the Fund was reorganized as a Massachusetts
business trust under the name Dreyfus 100% U.S. Treasury Long Term Fund.
(A) PORTFOLIO VALUATION: The Fund's investments are valued at the mean
between the quoted bid and asked prices.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Interest
income including, where applicable, amortization of discount on investments,
is recognized on the accrual basis.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income--net. Such dividends are paid monthly.
Dividends from net realized capital gain are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, if any, it is the policy of the Fund not to distribute such gain.

Prior to January 1, 1994 the Fund was a limited partnership and was not
required to distribute realized capital gains to avoid Federal income and
excise taxes. Prior years' gains and losses had been allocated to
shareholders and not paid, in accordance with the limited partnership
structure. This resulted in a difference between financial reporting purposes
versus Federal Income tax purposes, with respect to the treatment of such
allocated gains and losses. The Fund has therefore reclassified $37,332,976
from accumulated net realized loss on investments to paid-in-capital. This
amount represented the cumulative effect of such differences. Results of
operations and net assets were not effected by this reclassification.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately
$22,995,000 available for Federal income tax purposes to be applied against
future net securities profits, if any, realized subsequent to December 31,
1994. The carryover does not include net realized securities losses from
November 1, 1994 through December 31, 1994 which are treated, for Federal
income tax purposes, as arising in fiscal 1995. If not applied, the carryover
expires in fiscal 2002.
DREYFUS 100% U.S. TREASURY LONG TERM FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .60 of 1% of the average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund for any full year. The most stringent state
expense limitation applicable to the Fund presently requires reimbursement of
expenses in any full year that such expenses (exclusive of certain expenses
as described above) exceed 2 1/2% of the first $30 million, 2% of the next
$70 million and 1 1/2% of the excess over $100 million of the average value
of the Fund's net assets in accordance with California "blue sky"
regulations. There was no expense reimbursement for the year ended December
31, 1994.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation an amount not to exceed an annual rate of .25 of
1% of the value of the Fund's average daily net assets for servicing
shareholder accounts. The services provided may include personal services
relating to shareholder accounts, such as answering shareholder inquiries
regarding the Fund and providing reports and other information, and services
related to the maintenance of shareholder accounts. During the year ended
December 31, 1994, the Fund was charged an aggregate of $245,077 pursuant to
the Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and trustees of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives an annual fee of $2,500 and an attendance fee of $250 per meeting.
NOTE 3--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
other than short-term securities, during the year ended December 31, 1994,
amounted to $1,816,491,019 and $1,899,069,533, respectively.
At December 31, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).

DREYFUS 100% U.S. TREASURY LONG TERM FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS 100% U.S. TREASURY LONG TERM FUND
We have audited the accompanying statement of assets and liabilities of
Dreyfus 100% U.S. Treasury Long Term Fund, including the statement of
investments, as of December 31, 1994, and the related statement of operations
for the year then ended, the statement of changes in net assets for each of
the two years in the period then ended, and financial highlights for each of
the years indicated therein. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 1994 by correspondence with the custodian.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus 100% U.S. Treasury Long Term Fund at December 31, 1994,
the results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and the financial
highlights for each of the indicated years, in conformity with generally
accepted accounting principles.

(Logo Signature)
New York, New York
February 6, 1995