<PAGE>
Semi-Annual Report
- -------------------------------------------------------------------------------
Dreyfus
- -------------------------------------------------------------------------------
Premier Value Fund
- -------------------------------------------------------------------------------
April 30, 1997
[LOGO]
<PAGE>
Dreyfus Premier Value Fund
- -------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
One of my most enjoyable duties as portfolio manager of the Dreyfus Premier
Value Fund is writing this letter to you, the shareholders. The performance for
Dreyfus Premier Value Fund for its six-month reporting period ended April 30,
1997 is shown in the following table:
Total Return*
-------------
Class A 13.43%
Class B 13.04%
Class C 12.92%
Class R 13.55%
Standard & Poor's Composite
Stock Price Index** 14.71%
Standard & Poor's Barra Value Index*** 11.80%
Beating the performance of the major indices during this period was extremely
difficult given the stock market's overwhelming focus on the very largest
companies. Indeed, the largest multinational companies are prospering, but
economic strength is benefiting many companies, and one of my current portfolio
management goals is to diversify the Fund's economic exposure, not to
concentrate it in just a narrow part of the economy. Regardless, the performance
results of the Fund were very close to those of the Standard & Poor's 500 Index
and better than the Standard & Poor's Barra Value Index, for the six-month
period. We are generally pleased with these results, especially since the Fund
does not attempt to replicate these indices and, therefore, has a different and,
we believe, ultimately lower risk profile.
ECONOMIC REVIEW
The Federal Reserve Board (the "Fed") decision in March to tighten credit
already has been vindicated by the reported 5.6% rise in first quarter real
Gross Domestic Product and by the drop to 4.9% in April's unemployment rate. The
economic debate is now splintered into 1) those who believe that softer incoming
economic data for the second quarter can keep Fed policy on hold, and 2) those
who believe the economy is fundamentally too strong, warranting higher rates
irrespective of short-term economic fluctuations. Views on the risk of inflation
clearly distinguish these camps. To date, a strong dollar has helped mute price
inflation, preventing a follow-through from rising wages. Market interest rates
are likewise treading water until the policy outlook becomes clearer. We believe
that some tightening is likely in coming months and this should temper overall
growth to sustain a long business cycle.
First quarter real GDP grew an annualized 5.6% on the quarter and by 4.0%
since the first quarter of 1996, both growth rates unseen since 1987/88.
Virtually every major economic sector contributed positively to growth. In the
early evidence for the second quarter, rising new orders portend continued
strength in exports and capital spending. By contrast, retail spending weakened
in April and the housing sector slowed. However, real disposable income grew
3.8% in the last year, a pace which, if sustained, should support the upward
cycle in consumer spending, while mortgage rates have not yet risen
substantially.
Alongside the recent evidence of slowing consumer demand is the report of the
drop in unemployment in April. With this, the labor market is becoming extremely
tight. This is raising fears of future inflation even though actual inflation
remains modest and despite signs of a slower second quarter economy. Hence, bond
yields remain near their recent highs, largely ignoring the bullish news of a
Washington agreement to balance the Federal budget. Short-term rates likewise
contain built-in expectations for another Fed rate hike in coming weeks.
<PAGE>
If inflation should stay subdued, then the larger risk from the combination
of slower economic growth and a tightening labor market is to corporate profits.
Through the first quarter, however, profits continued to surprise on the upside,
and we expect overall profits to post modest gains in 1997.
The economy is now embarked on the seventh year for this business cycle.
Economic growth is proving stronger than seen since the late 1980s while
inflation is still subdued. More Fed tightening would indicate a willingness to
err on the side of caution and would thus help sustain the expansion.
MARKET OVERVIEW
The six-month fiscal period ended April 30, 1997 was one of the most volatile
in recent stock market history. While the underlying U.S. economy continued to
grow with little inflation, investor concerns over the outlook for interest
rates and for corporate profits caused major shifts in market sentiment, and
hence in prices.
Early in the half-year period, the dominant market trend was strong, despite
nervousness about the solidity of economic growth and the possible reactions of
the Fed. The trend picked up steam during the winter, with the Dow Jones
Industrial Average (DJIA)**** breaking the 7000 mark in mid-February, and then
hitting a new high of 7085.16 in mid-March. However, on March 25 the Fed, in a
widely anticipated move, increased its overnight lending rate by one quarter of
a percentage point, seeking to cool off the economy and the "irrational
exuberance" (as Fed Chairman Alan Greenspan termed it) in the equity markets,
the markets promptly obliged. Between mid-March and mid-April the DJIA dropped
9.8%.
By then, however, a stream of strong quarterly profit reports began issuing
from major corporations, and the latest Government numbers on inflation appeared
reassuring. Moreover, underlying economic expansion continued, but at a pace
that appeared sustainable. The market's reaction was to resume the upward trend
of earlier in the year, breaking the 7000 level once again on April 30.
Clearly one of the engines currently driving the market is the profit
outlook. According to two companies that monitor profit reports, I.B.E.S. and
First Call, overall first-quarter corporate profits ran about 3.7% above
forecasts. This reflects results from most of the companies in the Standard &
Poor's 500 Index. At the same time, increases in wages and compensation during
that same period were modest.
Big, heavily capitalized and well-established companies were the chief
beneficiaries. For the six months under review, the blue chip DJIA gained
17.42%, the Standard & Poor's 500 rose 14.71%, the Nasdaq was up only 3.23% and
the Russell 2000 Index of small-cap stocks only 1.61%. The mid- and small-cap
stocks enjoyed a revival along with the general market in late April and the
first few days of May. Remember, of course, that past performance is no
guarantee of future results.
The latest trend could, of course, be affected by a Fed decision to raise
interest rates once again. However, there is no denying the resilience
displayed by the equity markets, especially the larger issues, in the closing
days of the Fund's latest fiscal period.
TEAM EFFORT
Managing your investment assets is certainly a team effort. In our last
shareholders letter I described our research effort and the significant part our
team of analysts plays in selecting investments for your Fund. The effort
employed to manage your assets is much broader, and this letter will review some
of the other hard work involved on your behalf.
Your Dreyfus Premier Value Fund is managed in a disciplined manner. It is a
stock fund, and you should realize that, owning this Fund, you will always have
stock market exposure. We believe that, except in unique circumstances, the
<PAGE>
decision to diversify into other asset classes should not be made by a manager
of a stock mutual fund of this kind. Rather it is more properly the investor's
job to allocate his or her investment portfolio among the various asset classes
as appropriate.
Your Fund selects companies traditionally labeled "value" stocks. All
investment managers look for companies which are growing; a value manager looks
for these growing companies, but is price sensitive, and does not want to pay
much for them. Further, your Fund often buys and sells stocks based on the level
of interest rates, in a disciplined process designed to both protect your assets
in a potentially negative stock market environment, and to allow market
participation in a potentially positive stock market environment. Your Fund
Managers follow specific internally created buy and sell criteria to maintain
this disciplined process. An extensive team of research analysts as well as
proprietary computer models are employed in this process. Finally, for your
Fund, my experience provides the final determination about whether to buy or
sell a security, and build the structure of the portfolio of investments.
Trading is another area where we attempt to add value. Dreyfus has dedicated
security traders who focus on implementing the investment decisions of the
portfolio manager. This team of traders works hard to achieve the best prices
possible when the securities in your Fund are bought or sold. Both the
experience of these traders and the portfolio manager's guidelines are part of
this process. Additionally, the traders provide a flow of timely information to
the analysts and portfolio manager. The accounting team at Dreyfus also works
hard to make sure that, among other duties, security trades settle properly,
that available cash is properly calculated, and that the Fund's share price is
calculated accurately on a daily basis.
Managing your assets is a team effort at The Dreyfus Corporation.
PORTFOLIO FOCUS
Investment results during this semi-annual period benefited from holdings
such as Reebok International, Micron Technology, Intel, Seagate Technology,
Tosco, NationsBank, BankAmerica, McKesson, Xerox, Ciba Specialty Chemicals AG,
Pier 1 Imports, CNF Transportation, El Paso Natural Gas, and Telebras, the
Brazilian telephone company. Relative performance results were penalized by
holdings including Storage Technology, Amdahl, Olin, General Signal, and CSX
Corp.
It is both an honor and a pleasure to be managing your investment assets.
Sincerely,
Timothy M. Ghriskey
Portfolio Manager
May 16, 1997
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains paid.
** SOURCE: LIPPER ANALYTICAL SERVICES, INC.--Reflects the reinvestment of
income dividends and, where applicable, capital gain distributions. The
Standard & Poor's 500 Composite Stock Price Index is a widely accepted
unmanaged index of U.S. stock market performance.
*** The Standard & Poor's Barra Value Index is a capitalization-weighted
index of all the stocks in the Standard & Poor's 500 Composite Stock
Price Index that have low price-to-book ratios. It is designed so that
approximately 50% of the S&P 500's market capitalization is in the Value
Index.
**** SOURCE: LIPPER ANALYTICAL SERVICES, INC.--Reflects the reinvestment of
income dividends and, where applicable, capital gain distributions. The Dow
Jones Industrial Average is a widely accepted unmanaged index of stock
market performance.
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Premier Value Fund
- -------------------------------------------------------------------------------
Statement of Investments April 30, 1997 (Unaudited)
Common Stocks--91.4% Shares Value
- ----------------------------------------------------------------------------- --------- -----------
<S> <C> <C> <C>
Consumer Durables--2.1% General Motors........................... 89,600 $ 5,185,600
------------
Consumer Non-durables--11.7% First Brands............................. 209,000 5,303,375
Fruit of The Loom, Cl. A................. 114,400(a) 4,118,400
Kimberly-Clark........................... 98,000 5,022,500
NIKE, Cl. B.............................. 89,000 5,006,250
Philip Morris Cos........................ 120,000 4,725,000
Warnaco Group, Cl. A..................... 162,500 4,631,250
------------
28,806,775
------------
Consumer Services--2.0% La Quinta Inns........................... 228,300 4,994,063
------------
Electronic Technology--16.7% Amdahl................................... 540,000(a) 4,623,750
Cabletron Systems........................ 170,000(a) 5,865,000
Compaq Computer.......................... 65,700(a) 5,609,138
Intel.................................... 36,000 5,512,500
International Business Machines.......... 36,000 5,787,000
Novell................................... 530,000(a) 4,008,125
Seagate Technology....................... 107,000(a) 4,908,625
Storage Technology....................... 131,400(a) 4,615,425
------------
40,929,563
------------
Energy Minerals--5.9% Mobil.................................... 37,000 4,810,000
Phillips Petroleum....................... 119,000 4,685,625
Tosco.................................... 168,000 4,977,000
------------
14,472,625
------------
Finance--11.6% Allstate................................. 81,000 5,305,500
BankAmerica.............................. 45,000 5,259,375
Chase Manhattan.......................... 53,000 4,909,125
Equitable Cos............................ 85,000 2,486,250
NationsBank.............................. 88,000 5,313,000
Travelers Group.......................... 95,000 5,260,625
------------
28,533,875
------------
Health Services--4.1% Allegiance............................... 208,800 4,619,700
McKesson................................. 77,000 5,572,875
------------
10,192,575
------------
Health Technology--3.7% Forest Labs.............................. 136,500(a) 4,658,063
INAMED................................... 26,250(b) 69,726
Watson Pharmaceuticals................... 122,800(a) 4,390,100
------------
9,117,889
------------
Industrial Services--2.1% Cooper Cameron........................... 71,500(a) 5,094,375
------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Premier Value Fund
- ------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1997 (Unaudited)
Common Stocks (continued) Shares Value
- ----------------------------------------------------------------------------- ---------- ------------
<S> <C> <C> <C>
Non-Energy Minerals--2.0% Aluminum Co. of America.................. 71,000 $ 4,961,125
------------
Process Industries--3.7% Ciba Specialty Chemicals AG.............. 23,900 2,064,128
Olin..................................... 123,000 5,058,375
Temple-Inland............................ 33,700 1,870,350
------------
8,992,853
------------
Producer Manufacturing--8.8% General Signal........................... 125,000 4,906,250
Ingersoll-Rand........................... 35,000 1,719,375
Masco.................................... 137,000 5,171,750
Raychem.................................. 71,800 4,631,100
Xerox.................................... 85,500 5,258,250
------------
21,686,725
------------
Retail Trade--4.2% Federated Department Stores.............. 142,000(a) 4,828,000
Pier 1 Imports........................... 279,000 5,510,250
------------
10,338,250
------------
Technology Services--.6% Toolex Alpha, N.V........................ 192,900(a) 1,398,525
------------
Transportation--4.2% CNF Transportation....................... 181,000 5,384,750
CSX...................................... 107,000 4,988,875
------------
10,373,625
------------
Utilities--8.0% Coastal.................................. 102,000 4,845,000
El Paso Natural Gas...................... 88,579 5,148,654
Hong Kong Telecom, A.D.R................. 289,000 4,949,125
Tenaga Nasional Berhad................... 1,020,000 4,715,259
------------
19,658,038
------------
TOTAL COMMON STOCKS
(cost $209,613,034).................... $224,736,481
============
Convertible Preferred Stocks--2.1%
- -------------------------------------------------------------------------------
Energy Minerals; Petroleo Brasileiro S/A- Petrobras
(cost $4,356,331)...................... 24,000 $ 5,044,672
============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Premier Value Fund
- -------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1997 (Unaudited)
Principal
Convertible Notes--2.1% Amount Value
- --------------------------------------------------------------------------- ---------- ------------
<S> <C> <C> <C>
Health Technology; INAMED, 11%, 3/31/1999
(cost $5,250,000)...................... $5,250,000(b) $ 5,250,000
============
Short-Term Investments--1.1%
- -----------------------------------------------------------------------------
U.S. Treasury Bills: 5.20%, 5/1/1997.......................... $ 471,000 $ 471,000
5.44%, 7/24/1997......................... 2,201,000 2,175,028
------------
TOTAL SHORT-TERM INVESTMENTS
(cost $2,645,474)...................... $ 2,646,028
============
TOTAL INVESTMENTS (cost $221,864,839)........................................ 96.7% $237,677,181
====== ============
CASH AND RECEIVABLES (NET)................................................... 3.3% $ 8,117,545
====== ============
NET ASSETS................................................................... 100.0% $245,794,726
====== ============
<FN>
Notes to Statement of Investments:
- -------------------------------------------------------------------------------
(a) Non-income producing.
(b) Securities restricted as to public resale. Investments in restricted
securities with an aggregate value of $5,319,726, represent approximately
2.16% of net assets:
</TABLE>
<TABLE>
<CAPTION>
Acquisition Purchase Percentage of
Date Price Net Assets Valuation*
----------- -------- ------------- ----------
Security
- --------
<S> <C> <C> <C> <C>
INAMED, Conv. Notes, 11%, 3/31/1999 1/23/96 $100 2.13% cost
INAMED 1/27/97 $8 .03% 85% of market
value
<FN>
* The valuation of these securities has been determined in good faith under the
direction of the Board of Trustees.
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Premier Value Fund
- -------------------------------------------------------------------------------
Statement of Assets and Liabilities April 30, 1997 (Unaudited)
Cost Value
------------ -----------
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments $221,864,839 $237,677,181
Receivable for investment securities sold........ 17,212,153
Dividends and interest receivable................ 302,952
Receivable for shares of Beneficial Interest subscribed 122,571
Net unrealized appreciation on forward currency
exchange contracts--Note 4(a)................... 3,177
Prepaid expenses................................. 32,405
------------
255,350,439
------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.... 198,906
Due to Distributor............................... 78,296
Cash overdraft due to Custodian.................. 251,320
Payable for investment securities purchased...... 8,835,572
Payable for shares of Beneficial Interest redeemed 111,861
Accrued expenses................................. 79,758
------------
9,555,713
------------
NET ASSETS..................................................................... $245,794,726
============
REPRESENTED BY: Paid-in capital.................................. $202,937,779
Accumulated distributions in excess of investment income-net (596,715)
Accumulated net realized gain (loss) on investments
and foreign currency transactions.............. 27,639,941
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions 15,813,721
------------
NET ASSETS..................................................................... $245,794,726
============
</TABLE>
NET ASSET VALUE PER SHARE
-------------------------
<TABLE>
<CAPTION>
Class A Class B Class C Class R
------------ ----------- -------- -------
<S> <C> <C> <C> <C>
Net Assets.................................. $198,867,298 $46,746,396 $176,964 $4,068
Shares Outstanding.......................... 9,195,172 2,208,121 8,367 188.36
NET ASSET VALUE PER SHARE................... $21.63 $21.17 $21.15 $21.60
====== ====== ====== ======
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Dreyfus Premier Value Fund
- -------------------------------------------------------------------------------
Statement of Operations Six Months Ended April 30, 1997 (Unaudited)
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME: Cash dividends (net of $36,123 foreign taxes
withheld at source)............................ $ 2,148,395
Interest ........................................ 467,483
-----------
Total Income................................... $ 2,615,878
EXPENSES: Management fee--Note 3(a)......................... 981,611
Shareholder servicing costs--Note 3(c)............ 483,156
Distribution fees--Note 3(b)...................... 175,334
Custodian fees--Note 3(c)........................ 31,128
Registration fees............................... 29,295
Professional fees............................... 28,908
Trustees' fees and expenses--Note 3(d)........... 22,764
Prospectus and shareholders' reports............ 7,787
Loan commitment fees--Note 2..................... 1,686
Miscellaneous................................... 3,527
-----------
Total Expenses................................. 1,765,196
-----------
INVESTMENT INCOME--NET.......................................................... 850,682
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments
and foreign currency transactions............. $26,199,353
Net realized gain (loss) on forward currency
exchange contracts............................. 255,093
-----------
Net Realized Gain (Loss)....................... 26,454,446
Net unrealized appreciation (depreciation) on investments
and foreign currency transactions.............. 5,469,420
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS........................ 31,923,866
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......................... $32,774,548
===========
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Premier Value Fund
- -------------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Ended
April 30, 1997 Year Ended
(Unaudited) October 31, 1996
---------------- ----------------
<S> <C> <C>
OPERATIONS:
Investment income--net....................................................... $ 850,682 $ 2,115,028
Net realized gain (loss) on investments..................................... 26,454,446 38,098,022
Net unrealized appreciation (depreciation) on investments................... 5,469,420 (1,714,535)
------------ ------------
Net Increase (Decrease) in Net Assets Resulting from Operations......... 32,774,548 38,498,515
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares............................................................ (1,829,336) (2,945,686)
Class B shares............................................................ (49,504) (305,675)
Class C shares............................................................ -- (13)
Class R shares............................................................ (41) (17)
Net realized gain on investments:
Class A shares............................................................ (31,464,545) (19,971,560)
Class B shares............................................................ (6,811,697) (4,213,094)
Class C shares............................................................ (1,027) (98)
Class R shares............................................................ (570) (97)
------------ ------------
Total Dividends......................................................... (40,156,720) (27,436,240)
------------ ------------
BENEFICIAL INTEREST TRANSACTIONS:
Net proceeds from shares sold:
Class A shares............................................................ 35,918,842 38,025,441
Class B shares............................................................ 1,724,189 2,898,434
Class C shares............................................................ 191,933 86,841
Class R shares............................................................ 163 2,568
Dividends reinvested:
Class A shares............................................................ 31,602,859 21,775,972
Class B shares............................................................ 6,593,102 4,346,451
Class C shares............................................................ 855 112
Class R shares............................................................ 611 114
Cost of shares redeemed:
Class A shares............................................................ (69,844,113) (70,390,630)
Class B shares............................................................ (4,541,083) (9,328,259)
Class C shares............................................................ (19,868) (82,714)
Class R shares............................................................ (272) --
------------ ------------
Increase (Decrease) in Net Assets from Beneficial Interest Transactions. 1,627,218 (12,665,670)
------------ ------------
Total Increase (Decrease) in Net Assets............................... (5,754,954) (1,603,395)
NET ASSETS:
Beginning of Period......................................................... 251,549,680 253,153,075
------------ ------------
End of Period............................................................... $245,794,726 $251,549,680
============ ============
Undistributed investment income (distributions in excess of investment income)-net $ (596,715) $ 431,484
------------ ------------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Premier Value Fund
- -------------------------------------------------------------------------------
Statement of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
Shares
----------------------------------
Six Months Ended
April 30, 1997 Year Ended
(Unaudited) October 31, 1996
---------------- ----------------
CAPITAL SHARE TRANSACTIONS:
<S> <C> <C>
Class A
-------
Shares sold................................................................. 1,614,757 1,745,408
Shares issued for dividends reinvested...................................... 1,525,971 1,060,690
Shares redeemed............................................................. (3,196,800) (3,224,068)
---------- ----------
Net Increase (Decrease) in Shares Outstanding... (56,072) (417,970)
========== ==========
Class B
-------
Shares sold................................................................. 80,960 134,633
Shares issued for dividends reinvested...................................... 324,304 214,958
Shares redeemed............................................................. (210,982) (431,380)
---------- ----------
Net Increase (Decrease) in Shares Outstanding... 194,282 (81,789)
========== ==========
Class C
-------
Shares sold................................................................. 8,881 4,041
Shares issued for dividends reinvested...................................... 42 6
Shares redeemed............................................................. (833) (3,817)
---------- ----------
Net Increase (Decrease) in Shares Outstanding... 8,090 230
========== ==========
Class R
-------
Shares sold................................................................. 7 112
Shares issued for dividends reinvested...................................... 30 6
Shares redeemed............................................................. (13) --
---------- ----------
Net Increase (Decrease) in Shares Outstanding... 24 118
========== ==========
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Premier Value Fund
- -------------------------------------------------------------------------------
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 period indicated. This information
has been derived from the Fund's financial statements.
<TABLE>
<CAPTION>
Class A Shares
-----------------------------------------------------------------
Six Months Ended Year Ended October 31,
April 30, 1997 ----------------------------------------------
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993 1992
----------------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period....... $22.42 $21.59 $19.83 $23.77 $19.90 $22.12
------ ------ ------ ------ ------ ------
Investment Operations:
Investment income--net...................... .09 .22 .31 .01 .03 .06
Net realized and unrealized gain (loss)
on investments.......................... 2.76 3.01 2.04 (1.54) 3.89 (.46)
------ ------ ------ ------ ------ ------
Total from Investment Operations........... 2.85 3.23 2.35 (1.53) 3.92 (.40)
------ ------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net....... (.20) (.31) (.05) -- (.05) (.14)
Dividends in excess of investment income--net -- -- -- (.12) -- --
Dividends from net realized gain on investments (3.44) (2.09) (.54) (2.29) -- (1.68)
------ ------ ------ ------ ------ ------
Total Distributions........................ (3.64) (2.40) (.59) (2.41) (.05) (1.82)
------ ------ ------ ------ ------ ------
Net asset value, end of period............. $21.63 $22.42 $21.59 $19.83 $23.77 $19.90
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN(1).................... 13.43%(2) 15.95% 12.43% (6.92%) 19.71% (2.04%)
RATIOS/SUPPLEMENTAL DATA:
Ratio of operating expenses to average net assets .60%(2) 1.19% 1.22% 1.29% 1.27% 1.30%
Ratio of interest expense, loan commitment fees
and dividends on securities sold short to
average net assets...................... -- -- .05% .25% .47% .38%
Ratio of net investment income
to average net assets................... .39%(2) .94% 1.51% .04% .16% .22%
Portfolio Turnover Rate.................... 69.97%(2) 147.64% 244.82% 199.13% 237.14% 204.73%
Average commission rate paid(3)............ $.0608 $.1029 -- -- -- --
Net Assets, end of period (000's Omitted).. $198,867 $207,388 $208,786 $239,407 $276,022 $243,148
<FN>
- -------------------------------
(1) Exclusive of sales load.
(2) Not annualized.
(3) For fiscal years beginning November 1, 1995, the Fund is required to
disclose its average commission rate paid per share for purchases and
sales of investment securities.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Premier Value Fund
- -------------------------------------------------------------------------------
Financial Highlights (continued)
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 period indicated. This information
has been derived from the Fund's financial statements.
<TABLE>
<CAPTION>
Class B Shares
------------------------------------------------------
Six Months Ended Year Ended October 31,
April 30, 1997 ------------------------------------
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993(1)
-------------- ------ ------ ------ -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.............. $21.92 $21.17 $19.58 $23.62 $21.38
------ ------ ------ ------ ------
Investment income (loss)--net...................... .02 .04 .14 (.04) (.07)
Net realized and unrealized gain (loss)
on investments................................. 2.70 2.96 2.02 (1.62) 2.31
------ ------ ------ ------ ------
Total from Investment Operations.................. 2.72 3.00 2.16 (1.66) 2.24
------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net.............. (.03) (.16) (.03) -- --
Dividends in excess of investment income--net...... -- -- -- (.09) --
Dividends from net realized gain on investments... (3.44) (2.09) (.54) (2.29) --
------ ------ ------ ------ ------
Total Distributions............................... (3.47) (2.25) (.57) (2.38) --
------ ------ ------ ------ ------
Net asset value, end of period.................... $21.17 $21.92 $21.17 $19.58 $23.62
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN(2)........................... 13.04%(3) 15.05% 11.50% (7.58%) 10.48%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of operating expenses to average net assets. .98%(3) 1.94% 1.97% 1.84% 1.65%(3)
Ratio of interest expense, loan commitment fees
and dividends on securities sold short to
average net assets............................. -- -- .05% .24% .44%(3)
Ratio of net investment income (loss)
to average net assets.......................... .02%(3) .19% .71% (.61%) (.69%)(3)
Portfolio Turnover Rate........................... 69.97%(3) 147.64% 244.82% 199.13% 237.14%
Average commission rate paid(4)................... $.0608 $.1029 -- -- --
Net Assets, end of period (000's Omitted)......... $46,746 $44,152 $44,365 $40,864 $25,833
<FN>
- ------------------------
(1) From January 15, 1993 (commencement of initial offering) to October 31,
1993.
(2) Exclusive of sales load.
(3) Not annualized.
(4) For fiscal years beginning November 1, 1995, the Fund is required to
disclose its average commission rate paid per share for purchases and
sales of investment securities.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Premier Value Fund
- -------------------------------------------------------------------------------
Financial Highlights (continued)
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 period indicated. This information
has been derived from the Fund's financial statements.
<TABLE>
<CAPTION>
Class C Shares
------------------------------------------------
Six Months Ended Year Ended October 31,
April 30, 1997 -----------------------
PER SHARE DATA: (Unaudited) 1996 1995(1)
--------------- ------ -------
<S> <C> <C> <C>
Net asset value, beginning of period................... $21.90 $21.16 $21.21
------ ------ ------
Investment Operations:
Investment income (loss)--net........................... .25 .06 (.04)
Net realized and unrealized gain (loss)
on investments...................................... 2.44 3.05 (.01)
------ ------ ------
Total from Investment Operations....................... 2.69 3.11 (.05)
------ ------ ------
Distributions:
Dividends from investment income--net................... -- (.28) --
Dividends from net realized gain on investments........ (3.44) (2.09) --
------ ------ ------
Total Distributions.................................... (3.44) (2.37) --
------ ------ ------
Net asset value, end of period......................... $21.15 $21.90 $21.16
====== ====== ======
TOTAL INVESTMENT RETURN(2)................................ 12.92%(3) 15.74% (.24%)(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................ 1.06%(3) 1.94% .36%(3)
Ratio of net investment income (loss)
to average net assets............................... -- (.51%) (.18%)(3)
Portfolio Turnover Rate................................ 69.97%(3) 147.64% 244.82%
Average commission rate paid(4)........................ $.0608 $.1029 --
Net Assets, end of period (000's Omitted).............. $177 $6 $1
<FN>
- -------------------------
(1) From September 1, 1995 (commencement of initial offering) to October 31,
1995.
(2) Exclusive of sales load.
(3) Not annualized.
(4) For fiscal years beginning November 1, 1995, the Fund is required to
disclose its average commission rate paid per share for purchases and
sales of investment securities.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Premier Value Fund
- -------------------------------------------------------------------------------
Financial Highlights (continued)
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 period indicated. This information
has been derived from the Fund's financial statements.
<TABLE>
<CAPTION>
Class R Shares
------------------------------------------------
Six Months Ended Year Ended October 31,
April 30, 1997 ------------------------
PER SHARE DATA: (Unaudited) 1996 1995(1)
--------------- ------ -------
<S> <C> <C> <C>
Net asset value, beginning of period................... $22.42 $21.60 $21.61
------ ------ ------
Investment Operations:
Investment income--net.................................. .13 .40 --
Net realized and unrealized gain (loss)
on investments...................................... 2.74 2.87 (.01)
------ ------ ------
Total from Investment Operations....................... 2.87 3.27 (.01)
------ ------ ------
Distributions:
Dividends from investment income--net................... (.25) (.36) --
Dividends from net realized gain on investments........ (3.44) (2.09) --
------ ------ ------
Total Distributions..................................... (3.69) (2.45) --
------ ------ ------
Net asset value, end of period......................... $21.60 $22.42 $21.60
====== ====== ======
TOTAL INVESTMENT RETURN................................... 13.55%(2) 16.17% (.05%)(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................ .49%(2) .97% .17%(2)
Ratio of net investment income
to average net assets............................... .50%(2) 1.07% --
Portfolio Turnover Rate................................ 69.97%(2) 147.64% 244.82%
Average commission rate paid(3)........................ $.0608 $.1029 --
Net Assets, end of period (000's Omitted).............. $4 $4 $1
<FN>
- -----------------------
(1) From September 1, 1995 (commencement of initial offering) to October 31,
1995.
(2) Not annualized.
(3) For fiscal years beginning November 1, 1995, the Fund is required to
disclose its average commission rate paid per share for purchases and
sales of investment securities.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Premier Value Fund
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus Premier Value Fund (the "Fund") is registered under the Investment
Company Act of 1940 ("Act") as a non-diversified open-end management investment
company. The Fund's investment objective is capital growth. The Dreyfus
Corporation ("Manager") serves as the Fund's investment adviser. The Manager is
a direct subsidiary of Mellon Bank, N.A. ("Mellon").
Effective March 3, 1997, the Fund's name was changed from "Premier Value
Fund" to "Dreyfus Premier Value Fund."
Premier Mutual Fund Services, Inc. (the "Distributor") is 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: Class A, Class B, Class C
and Class R. Class A shares are subject to a sales charge imposed at the time
of purchase, Class B shares are subject to a contingent deferred sales charge
("CDSC") imposed on Class B share redemptions made within six years of
purchase, Class C shares are subject to a CDSC imposed on Class C shares
redeemed within one year of purchase and Class R shares are sold at net asset
value per share only to institutional investors. 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 (including options and
financial futures) are valued at the last sales price on the securities exchange
on which such securities are primarily traded or at the last sales price on the
national securities market. Securities not listed on an exchange or the national
securities market, or securities for which there were no transactions, are
valued at the average of the most recent bid and asked prices, except for open
short positions, where the asked price is used for valuation purposes. Bid price
is used when no asked price is available. Securities for which there are no such
valuations are valued at fair value as determined in good faith under the
direction of the Board of Trustees. Investments denominated in foreign
currencies are translated to U.S. dollars at the prevailing rates of exchange.
Forward currency exchange contracts are valued at the forward rate.
(b) Foreign currency transactions: The Fund does not isolate that portion
of the results of operations resulting from changes in foreign exchange rates on
investments from the fluctuations arising from changes in market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss from investments.
Net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, sales of foreign currencies, currency gains
or losses realized on securities transactions, the difference between the
amounts of dividends, interest and foreign withholding taxes recorded on the
Fund's books, and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in the
value of assets and liabilities other than investments in securities, resulting
from changes in exchange rates. Such gains and losses are included with net
realized and unrealized gain or loss on investments.
(c) 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. Dividend income is
recognized on the ex-dividend date and interest income, including, where
applicable, amortization of discount on investments, is recognized on the
accrual basis.
<PAGE>
Dreyfus Premier Value Fund
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(d) Dividends to shareholders: Dividends are recorded on the ex-dividend
date. Dividends from investment income-net and 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.
(e) 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.
NOTE 2--Bank Line of Credit:
The Fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility ("Facility") primarily 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. For the period ended April 30,
1997, 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 .75 of 1% of the value of the Fund's average
daily net assets and is payable monthly.
(b) Under the Distribution Plan (the "Plan") adopted pursuant to Rule 12b-1
under the Act, the Fund pays the Distributor for distributing the Fund's Class B
and Class C shares at an annual rate of .75 of 1% of the value of the average
daily net assets of Class B and Class C shares, respectively. During the period
ended April 30, 1997, $175,039 and $295 were charged to the Class B and Class C
shares, respectively, by the Distributor pursuant to the Plan.
(c) Under the Shareholder Services Plan, the Fund pays the Distributor at
an annual rate of .25 of 1% of the value of the average daily net assets of
Class A, Class B and Class C shares for the provision of certain services. 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. The Distributor may make payments to Service Agents (a
securities dealer, financial institution or other industry professional) in
respect of these services. The Distributor determines the amounts to be paid to
Service Agents. During the period ended April 30, 1997, $268,754, $58,347 and
$98 were charged to the Class A, Class B and Class C shares, respectively, by
the Distributor pursuant to the Shareholder Services Plan.
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. Such compensation
amounted to $88,898 during the period ended April 30, 1997.
The Fund compensates Mellon under a custody agreement to provide custodial
services for the Fund. During the period ended April 30, 1997, $31,128 was
charged by Mellon pursuant to the custody agreement.
(d) 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
$500 per meeting. The Chairman of the Board receives an additional 25% of
such compensation.
<PAGE>
Dreyfus Premier Value Fund
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 4--Securities Transactions:
(a) The aggregate amount of purchases and sales of investment securities,
excluding short-term securities and forward currency exchange contracts, during
the period ended April 30, 1997 amounted to $177,983,230 and $218,221,721,
respectively.
In addition, the following summarizes open forward currency exchange
contracts at April 30, 1997:
<TABLE>
<CAPTION>
Forward Currency Contracts
- --------------------------
Foreign
Currency Unrealized
Sales: Amount Proceeds Value Appreciation
- ----- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
Swiss Francs, expiring 6/16/97................... 2,341,021 $1,603,000 $1,599,823 $3,177
======
</TABLE>
The Fund enters into forward currency exchange contracts in order to hedge
its exposure to changes in foreign currency exchange rates on its foreign
portfolio holdings. When executing forward currency exchange contracts, the Fund
is obligated to buy or sell a foreign currency at a specified rate on a certain
date in the future. With respect to sales of forward currency exchange
contracts, the Fund would incur a loss if the value of the contract increases
between the date the forward contract is opened and the date the forward
contract is closed. The Fund realizes a gain if the value of the contract
decreases between those dates. With respect to purchases of forward currency
exchange contracts, the Fund would incur a loss if the value of the contract
decreases between the date the forward contract is opened and the date the
forward contract is closed. The Fund realizes a gain if the value of the
contract increases between those dates. The Fund is also exposed to credit risk
associated with counter party nonperformance on these forward currency exchange
contracts which is typically limited to the unrealized gains on each open
contract.
(b) At April 30, 1997, accumulated net unrealized appreciation on
investments and forward currency exchange contracts was $15,815,519, consisting
of $26,122,189 gross unrealized appreciation and $10,306,670 gross unrealized
depreciation.
At April 30, 1997, 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).
<PAGE>
Dreyfus Premier Value 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
Printed in U.S.A. 037/632SA974
