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
(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
(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 Jan