Dreyfus
Institutional Short
Term Treasury Fund
SEMIANNUAL REPORT
March 31, 2000
(reg.tm)
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
Contents
THE FUND
--------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
7 Statement of Assets and Liabilities
8 Statement of Operations
9 Statement of Changes in Net Assets
11 Financial Highlights
13 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus Institutional
Short Term Treasury Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus Institutional Short
Term Treasury Fund, covering the six-month period from October 1, 1999 through
March 31, 2000. Inside, you'll find valuable information about how the fund was
managed during the reporting period, including a discussion with Gerald E.
Thunelius, portfolio manager and a member of the Dreyfus Taxable Fixed Income
Team that manages the fund.
Tighter monetary policy represented the most significant influence on the bond
market over the past six months. This was primarily a result of efforts by the
Federal Reserve Board to forestall a potential re-emergence of inflationary
pressures. The Federal Reserve raised short-term interest rates three times
during the reporting period, following two interest-rate hikes implemented in
the months before the reporting period began. Since June 1999, the Federal
Reserve Board has raised short-term interest rates a total of 125 basis points.
Higher interest rates led to some additional erosion of bond prices, especially
during the fourth quarter of 1999. During the first quarter of 2000, however,
some bonds began to rally, led higher by long-term U.S. Treasury securities
which rose primarily because of reduced supply amid robust demand from domestic
and foreign investors.
We appreciate your confidence over the past six months, and we look forward to
your continued participation in Dreyfus Institutional Short Term Treasury Fund.
Sincerely,
/s/ Stephen E. Canter
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
April 12, 2000
DISCUSSION OF FUND PERFORMANCE
Gerald E. Thunelius, Portfolio Manager Dreyfus Taxable Fixed Income Team
How did Dreyfus Institutional Short Term Treasury Fund perform relative to its
benchmark?
For the six-month period ended March 31, 2000, the fund produced a total return
of 1.77% for Institutional shares and a total return of 1.65% for Investor
shares.(1) This compares with the total return provided by the fund's benchmark,
the Merrill Lynch Governments, U.S. Treasury, Short-Term (1-3 Years) Index,
which produced a 1.86% total return for the same period.(2)
We attribute the fund's performance to rising interest rates and the low yields
provided by short-term U.S. Treasury securities compared to other types of
bonds. We attribute the fund's relative underperformance to its conservative
investment policies, which limit the portfolio's maximum average weighted
maturity to two years. In contrast, our benchmark includes Treasury securities
with maturities of as much as three years, which tend to provide incrementally
higher returns, especially during market rallies.
What is the fund's investment approach?
The fund seeks to provide a high level of current income with minimum
fluctuation of principal. To pursue this goal, the fund purchases only U.S.
Treasury securities, and may enter into repurchase agreements collateralized by
such securities. To help minimize fluctuations of principal, the fund will limit
the remaining maturities of the Treasury securities it purchases to three years
or less and its repurchase agreements to those that mature the next business
day. The portfolio's dollar-weighted average maturity does not exceed two years.
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
What other factors influenced the fund's performance?
Despite a rally among long-term U.S. Treasury bonds during the first quarter of
2000, the portfolio's performance was adversely affected by a difficult
investment environment during the reporting period.
When the reporting period began on October 1, 1999, investors had become
concerned that strong economic growth might rekindle long-dormant inflationary
pressures. In an attempt to forestall a reacceleration of inflation, the Federal
Reserve Board raised short-term interest rates three times during the reporting
period -- in November, February and March -- causing most bond prices to fall.
These interest-rate hikes followed two previous increases implemented in June
and August, before the current reporting period began, for a total increase of
125 basis points since last summer. A more restrictive monetary policy produced
higher yields and lower prices for most sectors of the U.S. fixed-income
marketplace, including short-term U.S. Treasury securities.
However, some U.S. Treasury securities responded differently to these influences
than most other bonds. Their own unique supply-and-demand influences helped
longer term Treasury securities to perform better on a total return basis than
higher yielding securities of comparable maturity, including corporate bonds and
U.S. government agency securities. That's because the U.S. Treasury announced
that it intended to begin buying back longer term, higher yielding bonds,
effectively reducing the supply of U.S. Treasury bonds amid robust demand from
domestic and foreign investors.
The long bond rallied strongly on this news while shorter term notes and bills
continued to decline, causing the U.S. Treasury yield curve to invert -- an
unusual condition in which short- and intermediate-term securities provide
higher yields than long-term securities.
What is the fund's current strategy?
We have continued to maintain a defensive strategy for the fund in a rising
interest-rate environment. The fund's average duration remained near 1.35 years
throughout the six-month reporting period, well below the fund's two-year
maximum. This relatively short duration helped boost performance by giving us
greater flexibility when yields of short-term U.S. Treasury bills and notes
rose.
Toward the end of the reporting period, we deployed some assets to
inflation-indexed U.S. Treasury securities, known as TIPS. Because these
securities' principal adjusts with the rate of inflation, they tend to perform
particularly well in strong economic environments such as the one that currently
prevails.
April 12, 2000
(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) SOURCE: BLOOMBERG L.P. -- REFLECTS THE REINVESTMENT OF DIVIDENDS AND, WHERE
APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. THE MERRILL LYNCH GOVERNMENTS, U.S.
TREASURY, SHORT-TERM (1-3 YEARS) 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
$1 BILLION.
The Fund
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS
March 31, 2000 (Unaudited)
Principal
BONDS AND NOTES--105.4% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY INFLATION PROTECTION SECURITIES-12.9%
<S> <C> <C>
3.625%, 7/15/2002 5,000,000 (a) 5,254,031
U.S. TREASURY NOTES--81.8%
5.5%, 7/31/2001 2,500,000 2,470,300
5.5%, 8/31/2001 5,000,000 4,936,050
5.75%, 6/30/2001 3,000,000 2,975,310
5.875%, 10/31/2001 3,000,000 2,972,610
5.875%, 11/30/2001 4,000,000 3,960,840
6%, 7/31/2002 1,000,000 990,310
6.125%, 12/31/2001 2,000,000 1,987,900
6.375%, 1/31/2002 2,000,000 1,995,180
6.5%, 2/28/2002 7,000,000 7,000,630
6.5%, 5/31/2002 4,000,000 4,001,120
33,290,250
U.S. TREASURY PRINCIPAL STRIPS--10.7%
Zero Coupon, 5/15/2002 5,000,000 4,368,250
TOTAL BONDS AND NOTES
(cost $43,171,289) 42,912,531
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SHORT-TERM INVESTMENTS--3.9%
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REPURCHASE AGREEMENTS;
UBS Securities, 6.1%
dated 3/31/2000, due 4/3/2000 in the amount of $1,610,818
(fully collateralized by $1,650,000 U.S. Treasury Bills,
4/18/2000 , value $1,642,575)
(cost $1,610,000) 1,610,000 1,610,000
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $44,781,289) 109.3% 44,522,531
LIABILITIES, LESS CASH AND RECEIVABLES (9.3%) (3,800,863)
NET ASSETS 100.0% 40,721,668
(a) PRINCIPAL AMOUNT FOR ACCRUAL PURPOSES IS PERIODICALLY ADJUSTED BASED ON CHANGES TO THE CONSUMER PRICE INDEX.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
STATEMENT OF ASSETS AND LIABILITIES
March 31, 2000 (Unaudited)
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments--Note 1(b) 44,781,289 44,522,531
Receivable for investment securities sold 4,002,431
Interest receivable 485,558
Receivable for shares of Beneficial Interest subscribed 83,000
49,093,520
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 6,897
Due to Distributor 2,447
Cash overdraft due to Custodian 54,839
Payable for investment securities purchased 8,089,679
Payable for shares of Beneficial Interest redeemed 217,990
8,371,852
--------------------------------------------------------------------------------
NET ASSETS ($) 40,721,668
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 44,812,098
Accumulated net realized gain (loss) on investments (3,831,672)
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 (258,758)
--------------------------------------------------------------------------------
NET ASSETS ($) 40,721,668
NET ASSET VALUE PER SHARE
Institutional Shares Investor Shares
--------------------------------------------------------------------------------
Net Assets ($) 29,184,295 11,537,373
Shares Outstanding 15,047,135 5,914,861
--------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE ($) 1.94 1.95
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Six Months Ended March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 1,222,320
EXPENSES:
Management fee--Note 3(a) 42,364
Distribution fees (Investor Shares)--Note 3(b) 15,122
Loan commitment fees--Note 2 262
TOTAL EXPENSES 57,748
INVESTMENT INCOME--NET 1,164,572
--------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments (415,231)
Net unrealized appreciation (depreciation) on investments (125,718)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (540,949)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 623,623
SEE NOTES TO FINANCIAL STATEMENTS
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
March 31, 2000 Year Ended
(Unaudited) September 30, 1999
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 1,164,572 3,461,211
Net realized gain (loss) on investments (415,231) (605,246)
Net unrealized appreciation (depreciation)
on investments (125,718) (1,016,374)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 623,623 1,839,591
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Institutional Shares (843,466) (2,848,674)
Investor Shares (321,106) (612,537)
TOTAL DIVIDENDS (1,164,572) (3,461,211)
--------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($):
Net proceeds from shares sold:
Institutional Shares 2,814,370 11,174,934
Investor Shares 2,154,139 10,873,127
Dividends reinvested:
Institutional Shares 494,728 1,537,269
Investor Shares 286,554 474,861
Cost of shares redeemed:
Institutional Shares (5,601,616) (44,681,614)
Investor Shares (5,388,562) (6,713,129)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS (5,240,387) (27,334,552)
TOTAL INCREASE (DECREASE) IN NET ASSETS (5,781,336) (28,956,172)
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 46,503,004 75,459,176
END OF PERIOD 40,721,668 46,503,004
The Fund
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
Six Months Ended
March 31, 2000 Year Ended
(Unaudited) September 30, 1999
--------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
INSTITUTIONAL SHARES
Shares sold 1,447,859 5,642,770
Shares issued for dividends reinvested 254,400 775,200
Shares redeemed (2,880,410) (22,600,748)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (1,178,151) (16,182,778)
INVESTOR SHARES
Shares sold 1,100,211 5,446,533
Shares issued for dividends reinvested 146,438 238,378
Shares redeemed (2,746,510) (3,357,193)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (1,499,861) 2,327,718
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the
fiscal periods indicated. All information (except portfolio turnover rate)
reflects financial results for a single fund share. 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
March 31, 2000 Year Ended September 30,
-----------------------------------------
INSTITUTIONAL SHARES (Unaudited) 1999 1998 1997(a) 1996 1995
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PER SHARE DATA ($):
Net asset value, beginning
<S> <C> <C> <C> <C> <C> <C>
of period 1.96 2.01 1.98 1.98 1.99 1.96
Investment Operations:
Investment income--net .05 .11 .12 .12 .13 .13
Net realized and
unrealized gain (loss)
on investments (.02) (.05) .03 -- (.01) .03
Total from Investment
Operations .03 .06 .15 .12 .12 .16
Distributions:
Dividends from investment
income--net (.05) (.11) (.12) (.12) (.13) (.13)
Net asset value,
end of period 1.94 1.96 2.01 1.98 1.98 1.99
-----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 3.53(b) 2.92 7.56 6.23 6.03 8.45
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .20(b) .20 .20 .20 .20 .20
Ratio of net investment
income to average
net assets 5.56(b) 5.39 5.81 6.04 6.40 6.48
Portfolio Turnover Rate 476.08(c) 823.06 756.50 952.81 694.24 1,926.32
----------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($x1,000) 29,184 31,860 65,163 118,102 170,290 160,748
(a) EFFECTIVE FEBRUARY 2, 1997, CLASS A SHARES WERE REDESIGNATED AS INSTITUTIONAL SHARES.
(b) ANNUALIZED.
(c) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS (continued)
Six Months Ended
March 31, 2000 Year Ended September 30,
-----------------------------------------
INVESTOR SHARES (Unaudited) 1999 1998 1997(a) 1996 1995
-----------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning
of period 1.97 2.02 1.99 1.99 2.00 1.97
Investment Operations:
Investment income--net .05 .10 .11 .12 .12 .13
Net realized and
unrealized gain (loss)
on investments (.02) (.05) .03 - (.01) .03
Total from Investment Operations .03 .05 .14 .12 .11 .16
Distributions:
Dividends from investment
income--net (.05) (.10) (.11) (.12) (.12) (.13)
Net asset value, end of period 1.95 1.97 2.02 1.99 1.99 2.00
----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 3.29(b) 2.68 7.30 5.97 5.76 8.17
----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .45(b) .45 .45 .45 .45 .45
Ratio of net investment
income to average
net assets 5.29(b) 5.16 5.57 5.83 6.13 6.35
Portfolio Turnover Rate 476.08(c) 823.06 756.50 952.81 694.24 1,926.32
----------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($x1,000) 11,537 14,643 10,296 35,296 24,490 5,964
(a) EFFECTIVE FEBRUARY 2, 1997, CLASS B SHARES WERE REDESIGNATED AS INVESTOR SHARES.
(b) ANNUALIZED.
(c) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus Institutional Short Term Treasury 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 a high level of current income with minimum fluctuation
of principal value. The Dreyfus Corporation (the "Manager") serves as the fund's
investment adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
("Mellon"), which is a wholly-owned subsidiary of Mellon Financial Corporation.
Effective March 22, 2000, Dreyfus Service Corporation ("DSC"), became the
distributor of the fund's shares, which are sold without a sales charge. Prior
to March 22, 2000, Premier Mutual Fund Services, Inc., was the distributor of
the fund's shares. The fund is authorized to issue an unlimited number of $.001
par value shares in the following classes of shares: Institutional Shares and
Investor Shares. Investor Shares are subject to a Service Plan adopted pursuant
to Rule 12b-1 under the Act. Other differences between the classes include the
services offered to and the expenses borne by each class and certain voting
rights.
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
are
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
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.
(b) Securities transactions and investment income: Securities transactions are
recorded on a trade date basis. Interest income, including, where applicable,
amortization of discount on investments, is recognized on the accrual basis.
Realized gain and loss from securities transactions are recorded on the
identified cost basis. Under the terms of the custody agreement, the fund
receives net earnings credits based on available cash balances left on deposit.
The fund may enter into repurchase agreements with financial institutions,
deemed to be creditworthy by the fund's Manager, subject to the seller's
agreement to repurchase and the fund's agreement to resell such securities at a
mutually agreed upon price. Securities purchased subject to repurchase
agreements are deposited with the fund's custodian and, pursuant to the terms of
the repurchase agreement, must have an aggregate market value greater than or
equal to the repurchase price plus accrued interest at all times. If the value
of the underlying securities falls below the value of the repurchase price plus
accrued interest, the fund will require the seller to deposit additional
collateral by the next business day. If the request for additional collateral is
not met, or the seller defaults on its repurchase obligation, the fund maintains
the right to sell the underlying securities at market value and may claim any
resulting loss against the seller.
(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, as amended (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 $2,370,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to September 30, 1999. This
amount is calculated based on Federal income tax regulations which may differ
from financial reporting in accordance with generally accepted accounting
principles. If not applied, $266,000 of the carryover expires in fiscal 2003,
$49,000 expires in fiscal 2004 and $2,055,000 expires in fiscal 2005.
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $500 million
redemption credit facility (the "Facility") to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the fund at rates based on prevailing
market rates in effect at the time of borrowings. During the period ended March
31, 2000, the fund did not borrow under the Facility.
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 .20 of 1% of the value of the fund's average
daily net assets and is payable monthly.
Unless the Manager gives the fund's investors 90 days notice to the contrary,
the Manager, and not the fund, will be liable for fund
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
expenses, exclusive of taxes, brokerage fees, interest on borrowings, commitment
fees and extraordinary expenses, other than the following expenses, which will
be borne by the fund: the management fee, and with respect to the fund's
Investor Shares, Rule 12b-1 Service Plan expenses.
The Manager 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.
The Manager compensates Mellon under a custody agreement for providing custodial
services for the fund.
(b) Under the Investor Shares Service Plan (the "Plan") adopted pursuant to Rule
12b-1 under the Act, the fund (a) reimburses the Distributor for distributing
the fund's Investor Shares and (b) pays the Manager, DSC, and any affiliate of
either of them (collectively, "Dreyfus") for advertising and marketing relating
to the fund's Investor Shares and for providing certain services relating to
Investor Shares 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 ("Servicing"), at an
aggregate annual rate of .25 of 1% of the value of the average daily net assets
of Investor Shares. Both the Distributor and Dreyfus may pay one or more Service
Agents (a securities dealer, financial institution or other industry
professional) a fee in respect of the fund's Investor Shares owned by
shareholders with whom the Service Agent has a Servicing relationship or for
whom the Service Agent is the dealer or holder of record. Both the Distributor
and Dreyfus determine the amounts, if any, to be paid to Service Agents under
the Plan and the basis on which such payments are made. The fees payable under
the Plan are payable without regard to actual expenses incurred. During the
period ended March 31, 2000, the fund was charged $15,122 for Investor Shares
pursuant to the Plan, of which $826 was charged by DSC.
(c) Each trustee receives an annual fee of $1,000 and an attendance fee of $250
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended March 31, 2000, amounted to
$186,944,526 and $182,362,144, respectively.
At March 31, 2000, accumulated net unrealized depreciation on investments was
$258,758, consisting of $17,968 gross unrealized appreciation and $276,726 gross
unrealized depreciation.
At March 31, 2000, 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
For More Information
Dreyfus
Institutional Short Term
Treasury 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
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
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) 2000 Dreyfus Service Corporation 721SA003
