Dreyfus U.S. Treasury
Short Term Fund
SEMIANNUAL REPORT June 30, 1999
(reg.tm)
<PAGE>
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments and its share price.
<PAGE>
Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
8 Statement of Assets and Liabilities
9 Statement of Operations
10 Statement of Changes in Net Assets
11 Financial Highlights
12 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
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The Fund
Dreyfus U.S. Treasury Short Term Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus U.S. Treasury Short
Term Fund, covering the six-month period from January 1, 1999 through June 30,
1999. Inside, you' ll find valuable information about how the fund was managed
during the reporting period, including a discussion with Gerald Thunelius,
portfolio manager and a member of the Dreyfus Taxable Fixed Income Team.
The past six months have produced mixed results for fixed-income investors.
That' s because economic growth has been stronger than many analysts expected,
fueling fears that inflation pressures may re-emerge. Overseas economies that
had been in recession -- including Japan and the rest of Asia -- appear to have
begun to gain strength. The U.S. economy, which is now in its eighth year of
expansion, has also grown more robustly than expected. In response, the Federal
Reserve raised short-term interest rates modestly on June 30.
In this economic climate, U.S. Treasury securities declined, giving back all of
the gains they achieved during their remarkable rally last summer and fall.
Prices of other types of bonds fell less sharply or remained relatively
unchanged when investors shifted assets back into market sectors they had
previously avoided. Accordingly, many corporate bonds, mortgage-backed
securities, asset-backed securities and U.S. dollar-denominated foreign bonds
provided higher returns than U.S. Treasuries over the first half of 1999.
We appreciate your confidence over the past six months, and we look forward to
your continued participation in Dreyfus U.S. Treasury Short Term Fund.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
July 15, 1999
<PAGE 2>
DISCUSSION OF FUND PERFORMANCE
Gerald Thunelius, Portfolio Manager Dreyfus Taxable Fixed Income Team
How did Dreyfus U.S. Treasury Short Term Fund perform relative to its
benchmark?
For the six-month period ended June 30, 1999, Dreyfus U.S. Treasury Short Term
Fund produced a total return of 0.42%,(1) including share price changes and
dividend income generated, compared to the Merrill Lynch Governments, U.S.
Treasury Short-Term Index, the fund's benchmark, which had a return of 1.17%.(2)
During the period, the fund paid a dividend of approximately $0.422 per share,
representing an annualized distribution rate per share of 5.91%.(3)
We attribute our performance to a generally unfavorable market environment for
U.S. Treasury securities over the past six months. As global economies began to
show signs of improvement from the financial crisis that occurred before the
reporting period began, investors became more inclined to move away from the
" safe haven" provided by U.S. Treasuries. Instead, they seemed to prefer
investing in securities that carried greater risks but also had the ability to
earn higher yields.
What is the fund's investment approach?
As a U.S. Treasury fund, our goal is to provide shareholders with current income
through an investment vehicle that is composed primarily of U.S. Treasury bills,
notes and other securities that are issued or guaranteed by the United States
government, its agencies or instrumentalities. The fund may also enter into
repurchase agreements with securities dealers that are backed by U.S.
Treasuries.
Because U.S. Treasury bills and notes are backed by the full faith and credit of
the U.S. government, they are considered to rank among the
highest-credit-quality investments available. By investing in these obligations,
the fund seeks to maintain a high degree of credit safety for the portfolio. Of
course, the market value of the fund' s portfolio The Fun
<PAGE 3>
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
securities and the value of fund shares are not insured or guaranteed by the
U.S. government. The fund generally maintains an average dollar-weighted
maturity of between two and three years.
What other factors influenced the fund's performance?
When the Federal Reserve Board cut key short-term interest rates last fall, just
before the six-month reporting period began, they were concerned about economic
weakness in overseas markets. Many fixed-income investors had flocked to the
safe haven of U.S. Treasury securities because of these economic concerns.
The Federal Reserve Board's strategy was apparently successful: evidence emerged
in the first quarter of 1999 that troubled economies in Japan and Southeast Asia
had begun to recover. Because investors were reassured that the worst was over,
they shifted their assets away from U.S. Treasuries and into riskier securities
that offered higher potential returns. This exodus caused U.S. Treasury
securities to substantially underperform other types of fixed-income securities
A continuation of robust U.S. economic growth during the second quarter of 1999
caused additional deterioration of Treasury securities prices when investors
became concerned that the Federal Reserve might reverse course and raise key
short-term interest rates to fight inflation. By the time the Federal Reserve
actually implemented modestly higher interest rates on June 30, investors had
already translated their expectations into lower prices on U.S. Treasury
securities.
What is the fund's current strategy?
To earn as much yield as possible from our holdings, we purchased off-the-run
(" OTR") Treasuries, which are Treasury securities that were issued prior to the
most recent auction process. The benefit to owning OTR Treasuries is that they
tend to produce higher yields because
<PAGE 4>
they are often considered slightly less liquid than recent issues.
U.S. agency securities provided somewhat better returns than U.S. Treasuries,
partly because they were the recipients of some of the assets that were moving
away from Treasuries. Toward the end of the six-month period, we decreased our
Treasury exposure, choosing instead to redeploy those assets into agency
securities that offered higher returns. As of June 30, 1999, approximately 15%
of the portfolio's assets were allocated to agency bonds.
Another contributor to positive performance was the fund's investments in the
Treasury Inflation Protection Securities market. We bought these bonds when they
were selling at what we believed were inexpensive prices relative to
conventional Treasury securities. In an environment characterized by growing
fears of inflation, triggered by improving global economies and a rise in
commodity prices, these bonds provided positive returns for the portfolio
Finally, we maintained a neutral average duration -- which is a measure of
sensitivity to interest rates -- because we do not believe that investors are
currently being adequately compensated for taking on the risks of longer-term
securities.
July 15, 1999
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE, YIELD AND
INVESTMENT RETURN FLUCTUATE SUCH THAT UPON REDEMPTION, FUND SHARES MAY BE WORTH
MORE OR LESS THAN THEIR ORIGINAL COST.
(2) THE MERRILL LYNCH GOVERNMENTS, U.S. TREASURY, SHORT-TERM INDEX IS AN
UNMANAGED PERFORMANCE BENCHMARK FOR TREASURY SECURITIES WITH MATURITIES OF 1-3
YEARS; ISSUES IN THE INDEX MUST HAVE PAR AMOUNTS OUTSTANDING GREATER THAN OR
EQUAL TO $1 BILLION.
(3) DISTRIBUTION RATE PER SHARE IS BASED UPON DIVIDENDS PER SHARE PAID FROM NET
INVESTMENT INCOME DURING THE PERIOD (ANNUALIZED), DIVIDED BY THE NET ASSET VALUE
PER SHARE AT THE END OF THE PERIOD.
The Fund
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<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS
June 30, 1999 (Unaudited)
Principal
BONDS AND NOTES--70.1% Amount ($) Value ($)
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<S> <C> <C>
U.S. GOVERNMENT AGENCIES--14.7%
Federal Home Loan Banks,
Medium-Term Notes, 5.86%, 4/28/2003 10,000,000 9,938,300
Federal National Mortgage Association,
Medium-Term Notes, 6.94%, 9/5/2007 5,000,000 5,012,250
Tennessee Valley Authority,
Valley Indexed Principal Securities,
3.375%, 1/15/2007 8,000,000 (a) 7,811,191
U.S. Government Gtd. Development,
Participation Ctfs.
(Gtd. By U.S. Small Business Administration):
Ser. 1997-20, Cl. E, 7.3%, 5/1/2017 713,773 724,554
Ser. 1998-20, Cl. E, 6.3%, 5/1/2018 186,644 180,243
Ser. 1998-20, Cl. J, 5.5%, 10/1/2018 235,191 217,124
Ser. 1998-20, Cl. L, 5.8%, 12/1/2018 1,476,176 1,388,964
25,272,626
U.S. TREASURY BONDS--34.0%
10.75%, 2/15/2003 35,000,000 40,560,450
10.75%, 5/15/2003 5,000,000 5,842,950
11.75%, 2/15/2001 5,000,000 5,485,900
13.125%, 5/15/2001 5,850,000 6,634,660
58,523,960
U.S. TREASURY NOTES--21.4%
5.25%, 5/15/2004 18,900,000 18,596,277
6.125%, 12/31/2001 10,000,000 10,111,400
7.75%, 1/13/2000 8,000,000 8,122,400
36,830,077
TOTAL BONDS AND NOTES
(cost $125,031,522 ) 120,626,663
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Principal
SHORT-TERM INVESTMENTS--31.5% Amount ($) Value ($)
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U.S. TREASURY BILLS:
4.56%, 7/1/1999 1,100,000 1,100,000
4.22%, 7/22/1999 11,025,000 10,998,628
4.45%, 8/5/1999 225,000 224,156
4.29%, 8/19/1999 41,820,000 41,570,669
4.5%, 8/26/1999 196,000 194,671
4.47%, 9/16/1999 131,000 129,717
(cost $54,221,813 ) 54,217,841
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TOTAL INVESTMENTS (cost $179,253,335) 101.6% 174,844,504
LIABILITIES, LESS CASH AND RECEIVABLES (1.6%) (2,672,171)
NET ASSETS 100.0% 172,172,333
(A) VARIABLE RATE SECURITY-BASE INTEREST RATE SHOWN-ADJUSTMENT TO INTEREST RATE LINKED TO THE CONSUMER PRICE INDEX.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
<PAGE 7>
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1999 (Unaudited)
Cost Value
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<S> <C> <C>
ASSETS ($):
Investments in securities--See Statement of
Investments 179,253,335 174,844,504
Receivable for investment securities sold 4,902,106
Interest receivable 2,867,670
Receivable for shares of Beneficial Interest subscribed 1,200
Prepaid expenses and other assets 21,430
182,636,910
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 79,425
Cash overdraft due to Custodian 376,070
Payable for investment securities purchased 9,871,078
Payable for shares of Beneficial Interest redeemed 65,266
Accrued expenses 72,738
10,464,577
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NET ASSETS ($) 172,172,333
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 193,215,263
Accumulated net realized gain (loss) on investments (16,634,099)
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 (4,408,831)
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NET ASSETS ($) 172,172,333
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SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest authorized)
11,938,258
NET ASSET VALUE, offering and redemption price per share ($) 14.42
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
Six Months Ended June 30, 1999 (Unaudited)
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<S> <C>
INVESTMENT INCOME ($):
INTEREST INCOME 5,880,562
EXPENSES:
Management fee--Note 3(a) 531,381
Shareholder servicing costs--Note 3(b) 233,624
Professional fees 26,180
Trustees' fees and expenses--Note 3(c) 19,006
Registration fees 10,554
Custodian fees--Note 3(b) 10,481
Prospectus and shareholders' reports 4,360
Miscellaneous 2,363
TOTAL EXPENSES 837,949
Less--reduction in management fee due to
undertaking-Note 3(a) (129,441)
NET EXPENSES 708,508
INVESTMENT INCOME--NET 5,172,054
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REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments (1,178,944)
Net unrealized appreciation (depreciation) on investments (3,224,502)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (4,403,446)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 768,608
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
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<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
June 30, 1999 Year Ended
(Unaudited) December 31, 1998
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<S> <C> <C>
OPERATIONS ($):
Investment income--net 5,172,054 11,139,837
Net realized gain (loss) on investments (1,178,944) 832,747
Net unrealized appreciation (depreciation)
on investments (3,224,502) (808,441)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 768,608 11,164,143
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DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net (5,172,054) (11,139,837)
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BENEFICIAL INTEREST ($):
Net proceeds from shares sold 26,209,293 62,426,365
Dividends reinvested 4,224,227 8,943,065
Cost of shares redeemed (39,765,911) (80,883,327)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS (9,332,391) (9,513,897)
TOTAL INCREASE (DECREASE) IN NET ASSETS (13,735,837) (9,489,591)
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NET ASSETS ($):
Beginning of Period 185,908,170 195,397,761
END OF PERIOD 172,172,333 185,908,170
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CAPITAL SHARE TRANSACTIONS (SHARES):
Shares sold 1,791,831 4,201,259
Shares issued for dividends reinvested 289,869 604,417
Shares redeemed (2,719,310) (5,463,061)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (637,610) (657,385)
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<PAGE 10>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased
(or decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
Six Months Ended
June 30, 1999 Year Ended December 31,
--------------------------------------------
(Unaudited) 1998 1997 1996 1995 1994
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<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value,
beginning of period 14.78 14.77 14.82 15.14 14.55 15.75
Investment Operations:
Investment income--net .42 .87 .93 .90 1.03 1.15
Net realized and unrealized
gain (loss) on investments (.36) .01 (.05) (.32) .59 (1.20)
Total from Investment Operations .06 .88 .88 .58 1.62 (.05)
Distributions:
Dividends from investment
income--net (.42) (.87) (.93) (.90) (1.03) (1.15)
Net asset value, end of period 14.42 14.78 14.77 14.82 15.14 14.55
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TOTAL RETURN (%) .85(a) 6.14 6.12 4.07 11.38 (.33)
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .80(a) .79 .70 .70 .65 .35
Ratio of net investment income
to average net assets 5.84(a) 5.91 6.29 6.04 6.90 7.61
Decrease reflected in above
expense ratios due to
undertakings by the Manager .15(a) .14 .31 .27 .29 .59
Portfolio Turnover Rate 433.19(b) 773.31 563.77 539.38 480.44 499.11
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Net Assets, end of period
($ x 1,000) 172,172 185,908 195,398 187,826 188,726 172,556
(A) ANNUALIZED.
(B) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
<PAGE 11>
NOTES TO FINANCIAL STATEMENTS
NOTE 1--Significant Accounting Policies:
Dreyfus U.S. Treasury Short Term Fund (the "fund") is registered under the
Investment Company Act of 1940, as amended (the "Act"), as a diversified
open-end management investment company. The fund's investment objective is to
provide investors with as high a level of current income as is consistent with
the preservation of capital. The Dreyfus Corporation (the "Manager") serves as
the fund' s investment adviser. The Manager is a direct subsidiary of Mellon
Bank, N.A. ("Mellon"). Premier Mutual Fund Services, Inc. is the distributor of
the fund' s shares, which are sold to the public without a sales charge
The fund' s financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
(A) PORTFOLIO VALUATION: Investments in securities (excluding short-term
investments other than U.S. Treasury Bills) are valued each business day by an
independent pricing service (" Service" ) approved by the Board of Trustees.
Investments for which quoted bid prices are readily available and are
representative of the bid side of the market in the judgment of the Service are
valued at the mean between the quoted bid prices (as obtained by the Service
from dealers in such securities) and asked prices (as calculated by the Service
based upon its evaluation of the market for such securities). Other investments
(which constitute a majority of the portfolio securities) are carried at fair
value as determined by the Service, based on methods which include consideration
of: yields or prices of securities of comparable quality, coupon, maturity and
type; indications as to values from dealers; and general market conditions.
Short-term investments, excluding U.S. Treasury Bills, are carried at amortized
cost, which approximates value.
<PAGE 12>
(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. Under the terms of the custody agreement, the
fund receives net earnings credits based on available cash balances left on
deposit.
(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 of 1986, (the "Code"). To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the fund to continue to qualify as
a regulated investment company, if such qualification is in the best interests
of its shareholders, by complying with the applicable provisions of the Code,
and to make distributions of taxable income sufficient to relieve it from
substantially all Federal income and excise taxes.
The fund has an unused capital loss carryover of approximately $14,987,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to December 31, 1998. The
carryover does not include net realized securities losses from November 1, 1998
through December 31, 1998 which are treated, for Federal income tax purposes, as
arising in fiscal 1999. If not applied, $9,564,000 of the carryover expires in
fiscal 2002, $2,004,000 expires in fiscal 2003, $2,702,000 expires in fiscal
2004 and $717,000 expires in fiscal 2005.
The Fund
<PAGE 13>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $100 million
unsecured line of credit primarily to be utilized for temporary or emergency
purposes, including the financing of redemptions. Interest is charged to the
fund at rates which are related to the Federal Funds rate in effect at the time
of borrowing. During the period ended June 30, 1999, the fund did not borrow
under the line of credit.
NOTE 3--Management Fee and Other Transactions With Affiliates:
(A) Pursuant to a management agreement with the Manager, the management fee is
computed at the annual rate of .60 of 1% of the value of the fund's average
daily net assets and is payable monthly. The Manager had undertaken from January
1, 1999 through June 30, 1999 to reduce the management fee paid by the fund, to
the extent that the fund's aggregate expenses, exclusive of taxes, brokerage,
interest on borrowings and extraordinary expenses, exceeded an annual rate of
. 80 of 1% of the value of the fund's average daily net assets. The reduction in
management fee, pursuant to the undertaking, amounted to $129,441 during the
period ended June 30, 1999.
(B) Under the Shareholder Services Plan, the fund reimburses Dreyfus Service
Corporation, a wholly-owned subsidiary of the Manager, an amount not to exceed
an annual rate of .25 of 1% of the value of the fund's average daily net assets
for certain allocated expenses of providing personal services and/or maintaining
shareholder accounts. The services provided may include personal services
relating to shareholder accounts, such as answering shareholder inquiries
regarding the fund and providing reports and other information, and services
related to the maintenance of shareholder accounts. During the period ended June
30, 1999, the fund was charged $143,916 pursuant to the Shareholder Services
Plan.
<PAGE 14>
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the
Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the fund. During the period
ended June 30, 1999, the fund was charged $40,220 pursuant to the transfer
agency agreement.
The fund compensates Mellon under a custody agreement for providing custodial
services for the fund. During the period ended June 30, 1999, the fund was
charged $10,481 pursuant to the custody agreement.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives from the fund an annual fee of $2,500 and an attendance fee of $250 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation and the trustee Emeritus receives 50% of such compensation.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales (including paydowns) of investment
securities, excluding short-term securities, during the period ended June 30,
1999, amounted to $612,803,301 and $645,633,732, respectively.
At June 30, 1999, accumulated net unrealized depreciation on investments was
$4,408,831, consisting of $141,413 gross unrealized appreciation and $4,550,244
gross unrealized depreciation.
At June 30, 1999, the cost of investments for Federal income tax purposes was
substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
The Fund
<PAGE 15>
NOTES
<PAGE 16>
For More Information
Dreyfus U.S. Treasury Short Term Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
Mellon Bank, N.A.
One Mellon Bank Center
Pittsburgh, PA 15258
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
BY TELEPHONE Call 1-800-645-6561
BY MAIL Write to: The Dreyfus Family of Funds 144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request to [email protected]
ON THE INTERNET Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 1999 Dreyfus Service Corporation 081SA996
