Dreyfus
Premier International
Value Fund
ANNUAL REPORT October 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 Fund Performance
8 Statement of Investments
13 Statement of Assets and Liabilities
14 Statement of Operations
15 Statement of Changes in Net Assets
18 Financial Highlights
23 Notes to Financial Statements
30 Report of Independent Auditors
31 Important Tax Information
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus Premier
International Value Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this annual report for Dreyfus Premier International
Value Fund, covering the 12-month period from November 1, 1999 through October
31, 2000. Inside, you' ll find valuable information about how the fund was
managed during the reporting period, including a discussion with the fund's
portfolio manager, Sandor Cseh.
The MSCI Europe, Australasia, Far East Index, a popular measure of international
stock market performance, fell almost 3% over the 12-month reporting period in
an investment environment marked by dramatic price fluctuations. International
stocks were adversely influenced by slowing economic growth in the U.S. and
Europe. Additionally, the moderating effects of the Federal Reserve Board's
interest-rate hikes during 2000 to prevent domestic inflationary pressures from
reemerging also affected global economies along with higher energy prices and a
weak euro.
Since some global equities in general provided returns well above their
historical averages during the second half of the 1990s, some investors may have
developed unrealistic expectations in equities. Recent volatility has reminded
investors of both the risks of investing and the importance of fundamental
research and investment selection.
For more information about the economy and financial markets, including
international markets, we encourage you to visit the Market Commentary section
of our website at www.dreyfus.com. Or, to speak with a customer service
representative, call us at 1-800-782-6620.
Thank you for investing in Dreyfus Premier International Value Fund.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
November 15, 2000
DISCUSSION OF FUND PERFORMANCE
Sandor Cseh, Senior Portfolio Manager
How did Dreyfus Premier International Value Fund perform relative to its
benchmark?
For the 12-month period ended October 31, 2000, the fund produced a total return
of -0.69% for Class A shares, -1.42% for Class B and Class C shares, and -0.39%
for Class R shares. From their inception on March 1, 2000 through October 31,
2000, the fund' s Class T shares produced a total return of -1.15%.(1) This
compares with a -2.90% return for the fund's benchmark, the Morgan Stanley
Capital International Europe, Australasia, Far East (MSCI EAFE) Index, for the
same period.(2)
We attribute the fund' s relative performance to the value investing style's
return to favor among investors during the second half of the reporting period,
as well as to our successful market, industry group and stock selection
strategies. However, as the value style of investing was out of favor during the
first half of the period, the fund's overall performance was only slightly
higher than that of its benchmark.
What is the fund's investment approach?
The fund invests in an internationally diversified portfolio of value stocks --
stocks selling at what we think are attractive prices relative to their
perceived intrinsic worth based on historical measures. These measures typically
include price-to-earnings, price-to-book value and price-to-cash-flow ratios.
Discrepancies from historical norms are often the result of short-term factors
that affect market perception -- a stock falls out of general market favor,
creating what we perceive to be a buying opportunity. The fund purchases the
security at the depressed price, seeking to profit when perceptions change and
the stock price rises to its perceived value.
When putting the value approach to work, the fund employs a two-step process.
First, we decide how much to invest in each of the countries represented on the
MSCI EAFE Index. We make a baseline deter The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
mination by the size of a country' s gross domestic product and the
capitalization of its stock market compared to the world as a whole. We can
invest more or less than this proportion, based on the outlook for a country's
economy and the specific number of value opportunities that we see in a
particular country's market.
Second, we select individual securities using a process that blends quantitative
and qualitative analysis. After an initial computer screen eliminates
approximately 90% of purchase candidates, analysts perform extensive fundamental
research and conduct on-site visits to determine which securities we will buy
for the portfolio.
What other factors influenced the fund's performance?
In an increasingly interconnected global market, stocks exhibited a strong
tendency toward convergence; that is, similar stocks moved in a similar fashion,
regardless of the overall direction of their home markets. For the first five
months of the fund's fiscal year, growth stocks significantly outperformed value
stocks in both U.S. and international markets. When U.S. technology stocks fell
sharply in March and April amid concerns regarding higher interest rates and
high valuations, international growth stocks declined as well. Following this
sharp market correction, value stocks, in which the fund invests, returned to
favor among investors in the U.S. and international markets as well.
In addition, overall economic and market conditions in the international markets
were somewhat disappointing. After an initial advance, European markets stalled,
due largely to higher energy prices. The long-expected economic recovery in
Japan has not yet arrived. But perhaps the most significant factor affecting
fund performance was the strength of the U.S. dollar -- over the reporting
period the euro lost approximately 20% of its value relative to the U.S. dollar;
the British pound lost nearly 12% while the Japanese yen declined by roughly 4%.
The fund, as a matter of investment policy, does not hedge its exposure to
currency movements. As a result, stock price gains measured in local currency
terms were, to a large extent, offset by the U.S. dollar's rapid rise
What is the fund's current strategy?
Although we recently made some adjustments to our country allocations, we remain
relatively close to our "neutral" benchmark. During the reporting period, we
reduced our exposure to Japan and continental Europe. After initially reducing
our holdings in the United Kingdom, we recently increased our exposure to U.K.
stocks and added investments in the Republic of Ireland. Our exposure to the
emerging markets of Latin America, Eastern Europe and Southeast Asia remains
small.
Portfolio changes by industry group were more significant. After the sharp rise
in technology stocks in 1999 and early 2000, we gradually cut our exposure to
this sector. Many of the stocks in the technology and telecommunications sectors
reached levels that were difficult to justify even with their bullish
fundamentals. As a result, we used the proceeds from the sales of those issues
to purchase stocks that, in our view, offered better value opportunities.
Accordingly, we have increased the fund's exposure to the financial services,
pharmaceutical and energy sectors.
November 15, 2000
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID,
AND DOES NOT TAKE INTO CONSIDERATION THE MAXIMUM INITIAL SALES CHARGE IN THE
CASE OF CLASS A AND CLASS T SHARES, OR THE APPLICABLE CONTINGENT DEFERRED SALES
CHARGES IMPOSED ON REDEMPTIONS IN THE CASE OF CLASS B AND CLASS C SHARES. HAD
THESE CHARGES BEEN REFLECTED, RETURNS WOULD HAVE BEEN LOWER. PAST PERFORMANCE IS
NO GUARANTEE OF FUTURE RESULTS. SHARE PRICES AND INVESTMENT RETURN FLUCTUATE
SUCH THAT UPON REDEMPTION, FUND SHARES MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST.
(2) SOURCE: LIPPER INC. -- REFLECTS NET REINVESTMENT OF DIVIDENDS AND, WHERE
APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. THE MORGAN STANLEY CAPITAL INTERNATIONAL
EUROPE, AUSTRALASIA, FAR EAST (MSCI EAFE) INDEX IS AN UNMANAGED INDEX COMPOSED
OF A SAMPLE OF COMPANIES REPRESENTATIVE OF THE MARKET STRUCTURE OF EUROPEAN AND
PACIFIC BASIN COUNTRIES.
The Fund
FUND PERFORMANCE
Comparison of change in value of $10,000 investment in Dreyfus Premier
International Value Fund Class A shares, Class B shares, Class C shares and
Class R shares and the Morgan Stanley Capital International Europe, Australasia,
Far East (EAFE((reg.tm))) Index
((+)) SOURCE: LIPPER INC.
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
THE ABOVE GRAPH COMPARES A $10,000 INVESTMENT MADE IN EACH OF THE CLASS A, CLASS
B, CLASS C AND CLASS R SHARES OF DREYFUS PREMIER INTERNATIONAL VALUE FUND ON
3/31/98 (INCEPTION DATE) TO A $10,000 INVESTMENT MADE IN THE MORGAN STANLEY
CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA, FAR EAST (EAFE(reg.tm)) INDEX ON THAT
DATE. ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS ARE REINVESTED. PERFORMANCE
FOR CLASS T SHARES WILL VARY FROM THE PERFORMANCE OF CLASS A, CLASS B, CLASS C
AND CLASS R SHARES SHOWN ABOVE DUE TO DIFFERENCES IN CHARGES AND EXPENSES.
THE FUND'S PERFORMANCE SHOWN IN THE LINE GRAPH TAKES INTO ACCOUNT THE MAXIMUM
INITIAL SALES CHARGE ON CLASS A SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES
CHARGE ON CLASS B AND CLASS C SHARES AND ALL OTHER APPLICABLE FEES AND EXPENSES
ON ALL CLASSES. THE MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA,
FAR EAST (EAFE(reg.tm)) INDEX IS AN UNMANAGED INDEX COMPOSED OF A SAMPLE OF
COMPANIES REPRESENTATIVE OF THE MARKET STRUCTURE OF EUROPEAN AND PACIFIC BASIN
COUNTRIES AND INCLUDES NET DIVIDENDS REINVESTED. THE INDEX DOES NOT TAKE INTO
ACCOUNT CHARGES, FEES AND OTHER EXPENSES. ALSO, UNLIKE THE FUND, WHICH INVESTS
PRINCIPALLY IN "VALUE" STOCKS, THE INDEX IS NOT STYLE SPECIFIC. THESE FACTORS
CAN CONTRIBUTE TO THE FUND UNDERPERFORMING THE INDEX. FURTHER INFORMATION
RELATING TO FUND PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IF APPLICABLE,
IS CONTAINED IN THE FINANCIAL HIGHLIGHTS SECTION OF THE PROSPECTUS AND ELSEWHERE
IN THIS REPORT.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Average Annual Total Returns AS OF 10/31/00
Inception From
Date 1 Year Inception
------------------------------------------------------------------------------------------------------------------------------------
CLASS A SHARES
WITH SALES CHARGE (5.75%) 3/31/98 (6.38%) 2.19%
WITHOUT SALES CHARGE 3/31/98 (0.69%) 4.54%
CLASS B SHARES
WITH REDEMPTION((+)) 3/31/98 (5.11%) 2.63%
WITHOUT REDEMPTION 3/31/98 (1.42%) 3.73%
CLASS C SHARES
WITH REDEMPTION((+)(+)) 3/31/98 (2.34%) 3.75%
WITHOUT REDEMPTION 3/31/98 (1.42%) 3.75%
CLASS R SHARES 3/31/98 (0.39%) 4.82%
------------------------------------------------------------------------------------------------------------------------------------
Actual Aggregate Total Returns AS OF 10/31/00
Inception From
Date 1 Year Inception
------------------------------------------------------------------------------------------------------------------------------------
CLASS T SHARES
WITH SALES CHARGE (4.5%) 3/1/00 -- (5.63%)
WITHOUT SALES CHARGE 3/1/00 -- (1.15%)
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
((+)) THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE FOR CLASS B SHARES IS 4% AND
IS REDUCED TO 0% AFTER SIX YEARS, AT WHICH TIME CLASS B SHARES CONVERT TO CLASS
A SHARES.
((+)(+)) THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE FOR CLASS C SHARES IS 1%
FOR SHARES REDEEMED WITHIN ONE YEAR OF THE DATE OF PURCHASE.
</TABLE>
The Fund
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF INVESTMENTS
STATEMENT OF INVESTMENTS
October 31, 2000
COMMON STOCKS--95.2% Shares Value ($)
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AUSTRALIA--1.7%
Australia & New Zealand Banking 11,385 84,817
Goodman Fielder 36,182 23,645
National Australia Bank 450 6,305
114,767
AUSTRIA--.6%
Bank Austria 750 40,598
BELGIUM--1.3%
Dexia 573 86,165
Dexia (Strips) 473 4
86,169
BRAZIL--.7%
Petroleo Brasileiro, ADR 1,000 26,688
Telecomunicacoes Brasileiras, ADS 304 22,268
48,956
CAYMAN ISLANDS--.1%
ASAT Holdings, ADR 1,000 6,625
DENMARK--.4%
Jyske Bank 1,250 23,813
FINLAND--.4%
Kesko, Cl. B 3,200 26,764
FRANCE--9.9%
Air France 1,830 32,631
Air Liquide 856 101,247
Alstom 1,650 36,286
Assurances Generales de France 1,275 69,828
BNP Paribas 950 81,955
Bongrain 880 23,911
Compagnie de Saint-Gobain 350 46,331
Compagnie Generale des Etablissements Michelin, Cl. B 2,256 65,321
Societe Generale, Cl. A 910 51,693
Suez Lyonnaise des Eaux 150 22,900
Total Fina Elf, ADR 1,374 98,413
Usinor 3,400 37,097
667,613
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
GERMANY--7.8%
Bayer 2,200 95,456
Deutsche Bank 1,161 95,623
Deutsche Lufthansa 2,800 55,395
E.ON 2,144 109,046
MG Technologies 2,000 21,397
Merck KGaA 2,400 91,601
Volkswagen 1,180 59,014
527,532
GREECE--1.0%
Hellenic Telecommunication Organization, ADS 7,600 66,500
HONG KONG--1.5%
Hongkong Electric 30,887 101,985
INDIA--.2%
Videsh Sanchar Nigam, ADS 1,900 (a) 14,013
IRELAND--1.1%
Bank of Ireland 9,149 70,537
ITALY--5.4%
Banca Popolare di Bergamo Credito Varesino 2,600 44,595
ENI 21,000 113,049
Finmeccanica 57,200 (b) 66,150
San Paolo-IMI 3,100 50,144
Telecom Italia 16,690 91,094
365,032
JAPAN--22.0%
Aiful 450 35,477
Canon 3,000 119,081
Credit Saison 5,700 120,704
Dai-Tokyo Fire & Marine Insurance 11,000 32,168
Fuji Machine Manufacturing 1,000 27,318
Honda Motor 1,000 34,560
KATOKICHI 1,000 28,877
Mabuchi Motor 800 85,511
Marubeni 27,000 (b) 63,116
Matsumotokiyoshi 1,300 102,965
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
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JAPAN (CONTINUED)
Minebea 8,000 79,938
Mitsubishi Heavy Industries 6,000 23,321
NAMCO 1,400 36,192
NIPPON TELEGRAPH AND TELEPHONE 2 18,206
Nippon Express 18,000 108,081
Nishimatsu Construction 8,000 25,301
Rinnai 3,600 73,759
Rohm 300 75,657
SANKYO COMPANY 3,000 66,141
SHOHKOH FUND & CO. 250 20,534
Sekisui Chemical 6,000 17,326
77 Bank 8,000 59,257
Shin-Etsu Chemical 1,000 41,069
TDK 1,000 100,839
Yamanouchi Pharmaceutical 2,000 90,572
1,485,970
MEXICO--.4%
Telefonos de Mexico, ADR 500 26,969
NETHERLANDS--7.1%
ABN AMRO 4,337 100,534
Akzo Nobel 1,250 56,943
Buhrmann 1,026 28,052
Fortis 3,000 91,703
Hunter Douglas 1,959 56,222
Stork 3,271 36,662
Vedior 2,422 36,092
Wolters Kluwer 3,116 70,166
476,374
NEW ZEALAND--.6%
Telecom Corporation of New Zealand 18,347 40,981
NORWAY--.2%
Norsk Hydro 400 15,888
PHILIPPINES--.2%
Manila Electric 12,720 10,445
PORTUGAL--.9%
Portugal Telecom 7,000 62,409
COMMON STOCKS (CONTINUED) Shares Value ($)
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SINGAPORE--2.6%
NatSteel Electronics 12,000 31,176
Oversea -Chinese Banking 13,000 82,954
United Overseas Bank 8,560 63,400
177,530
SOUTH KOREA--.9%
Korea Electric Power, ADR 2,400 29,250
Pohang Iron & Steel, ADR 2,100 33,206
62,456
SPAIN--3.6%
Banco Bilbao Vizcaya Argentaria 1,200 15,997
Banco Popular Espanol 1,900 56,868
Endesa 6,590 107,435
Repsol-YPF, ADS 4,100 65,344
245,644
SWEDEN--1.6%
Autoliv 2,950 64,631
Investor 3,200 42,257
106,888
SWITZERLAND--6.6%
Barry Callebaut 371 51,390
Clariant 180 54,873
Forbo Holding 75 29,164
Novartis 60 91,021
Sulzer 75 (b) 48,440
Swisscom 110 27,934
UBS 660 91,422
Zurich Financial Services 100 48,398
442,642
UNITED KINGDOM--16.4%
BAE SYSTEMS 16,050 91,036
BOC 3,784 52,630
Barclays 2,908 83,083
Bunzl 18,777 107,320
Enterprise Oil 6,400 50,534
Morgan Crucible 17,607 69,129
PowerGen 8,688 67,216
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
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UNITED KINGDOM (CONTINUED)
Rexam 18,100 61,100
Rio Tinto 3,855 62,274
Royal & Sun Alliance Insurance 16,522 117,411
Royal Bank of Scotland 2,858 64,056
Safeway 13,510 56,077
Scottish & Southern Electric 5,700 47,319
Unilever 16,500 111,458
Wolseley 11,918 65,787
1,106,430
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TOTAL INVESTMENTS (cost $6,640,043) 95.2% 6,421,530
CASH AND RECEIVABLES (NET) 4.8% 323,401
NET ASSETS 100.0% 6,744,931
(A) SECURITY EXEMPT FROM REGISTRATION UNDER RULE 144A OF THE SECURITIES ACT OF
1933. THIS SECURITY MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM REGISTRATION,
NORMALLY TO QUALIFIED INSTITUTIONAL BUYERS. AT OCTOBER 31, 2000, THIS SECURITY
AMOUNTED TO$14,013 OR APPROXIMATELY .2% OF NET ASSETS.
(B) NON-INCOME PRODUCING.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2000
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of Investments 6,640,043 6,421,530
Cash 158,766
Cash denominated in foreign currencies 138,046 128,543
Receivable for investment securities sold 36,236
Dividends receivable 20,994
Net unrealized appreciation on forward
currency exchange contracts--Note 4(a) 120
Prepaid expenses 25,566
Due from The Dreyfus Corporation and affiliates 2,029
6,793,784
--------------------------------------------------------------------------------
LIABILITIES ($):
Payable for investment securities purchased 6,433
Payable for shares of Beneficial Interest redeemed 7,077
Accrued expenses 35,343
48,853
--------------------------------------------------------------------------------
NET ASSETS ($) 6,744,931
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 6,451,305
Accumulated net realized gain (loss) on investments and
foreign currency transactions 522,429
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions (228,803)
--------------------------------------------------------------------------------
NET ASSETS ($) 6,744,931
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE PER SHARE
Class A Class B Class C Class R Class T
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Net Assets ($) 4,121,084 798,970 677,124 1,146,764 988.70
Shares Outstanding 317,918 62,506 52,928 88,212 76.570
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE
PER SHARE ($) 12.96 12.78 12.79 13.00 12.91
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
STATEMENT OF OPERATIONS
Year Ended October 31, 2000
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INCOME:
Cash dividends (net of $24,288 foreign taxes withheld at source) 157,526
Interest 832
TOTAL INCOME 158,358
EXPENSES:
Management fee-Note 3(a) 70,579
Registration fees 42,388
Custodian fees 25,850
Prospectus and shareholders' reports 21,207
Auditing fees 19,024
Shareholder servicing costs-Note 3(c) 18,432
Distribution fees-Note 3(b) 11,723
Trustees' fees and expenses-Note 3(d) 1,892
Legal fees 767
Loan commitment fees-Note 2 66
Miscellaneous 19,912
TOTAL EXPENSES 231,840
Less--expense reimbursement from The Dreyfus Corporation
due to undertaking--Note 3(a) (81,908)
NET EXPENSES 149,932
INVESTMENT INCOME--NET 8,426
--------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments and foreign currency
transactions 521,545
Net realized gain (loss) on forward currency exchange contracts (8,526)
NET REALIZED GAIN (LOSS) 513,019
Net unrealized appreciation (depreciation) on investments and
foreign currency transactions (565,779)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (52,760)
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (44,334)
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Year Ended October 31,
--------------------------------
2000(a) 1999
-------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 8,426 9,182
Net realized gain (loss) on investments 513,019 439,824
Net unrealized appreciation (depreciation)
on investments (565,779) 858,600
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (44,334) 1,307,606
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DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Class A shares (10,221) (19,976)
Class B shares -- (858)
Class C shares -- (720)
Class R shares (5,316) (10,045)
Net realized gain on investments:
Class A shares (266,622) (13,698)
Class B shares (63,647) (2,058)
Class C shares (38,555) (1,920)
Class R shares (74,667) (5,358)
TOTAL DIVIDENDS (459,028) (54,633)
-------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($):
Net proceeds from shares sold:
Class A shares 5,035,675 106,274
Class B shares 119,238 382,720
Class C shares 171,633 28,662
Class R shares 77,220 840,540
Class T shares 1,000 --
The Fund
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
Year Ended October 31,
-------------------------------
2000(a) 1999
-------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($) (CONTINUED):
Dividends reinvested:
Class A shares 276,454 33,571
Class B shares 53,213 2,809
Class C shares 38,413 2,640
Class R shares 40,457 5,520
Cost of shares redeemed:
Class A shares (4,999,733) (7,946)
Class B shares (266,100) (39,350)
Class C shares (68,895) (3,128)
Class R shares (1,002) (434,300)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS 477,573 918,012
TOTAL INCREASE (DECREASE) IN NET ASSETS (25,789) 2,170,985
--------------------------------------------------------------------------------
NET ASSETS ($)
Beginning of Period 6,770,720 4,599,735
END OF PERIOD 6,744,931 6,770,720
(A) FROM MARCH 1, 2000 (COMMENCEMENT OF INITIAL OFFERING) TO OCTOBER 31, 2000
FOR CLASS T SHARES.
SEE NOTES TO FINANCIAL STATEMENTS.
Year Ended October 31,
-------------------------------
2000(a) 1999
--------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
CLASS A (B)
Shares sold 377,459 7,938
Shares issued for dividends reinvested 20,786 2,884
Shares redeemed (374,412) (609)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 23,833 10,213
--------------------------------------------------------------------------------
CLASS B( B)
Shares sold 8,896 28,995
Shares issued for dividends reinvested 4,028 242
Shares redeemed (19,697) (2,836)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (6,773) 26,401
--------------------------------------------------------------------------------
CLASS C
Shares sold 12,977 2,190
Shares issued for dividends reinvested 2,906 227
Shares redeemed (5,113) (259)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 10,770 2,158
--------------------------------------------------------------------------------
CLASS R
Shares sold 5,622 71,654
Shares issued for dividends reinvested 3,040 474
Shares redeemed (77) (32,501)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 8,585 39,627
-------------------------------------------------------------------------------
CLASS T
SHARES SOLD 77 --
A FROM MARCH 1, 2000 (COMMENCEMENT OF INITIAL OFFERING) TO OCTOBER 31, 2000 FOR
CLASS T SHARES.
B DURING THE PERIOD ENDED OCTOBER 31, 2000, 763 CLASS B SHARES REPRESENTING
$10,062 WERE AUTOMATICALLY CONVERTED TO 754 CLASS A SHARES.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
<TABLE>
<CAPTION>
<S> <C> <C> <C>
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the
fiscal periods indicated. All information (except portfolio turnover rate)
reflects financial results for a single fund share. Total return shows how much
your investment in the fund would have increased (or decreased) during each
period, assuming you had reinvested all dividends and distributions. These
figures have been derived from the fund's financial statements.
Year Ended October 31,
--------------------------------------------
CLASS A SHARES 2000 1999 1998(a)
------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 13.98 11.32 12.50
Investment Operations:
Investment income--net .03(b) .03(b) .05
Net realized and unrealized gain (loss)
on investments (.10) 2.75 (1.23)
Total from Investment Operations (.07) 2.78 (1.18)
Distributions:
Dividends from investment income-net (.04) (.07) --
Dividends from net realized gain on investments (.91) (.05) --
Total Distributions (.95) (.12) --
Net asset value, end of period 12.96 13.98 11.32
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%)( C) (.69) 24.75 (9.44)(d)
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 2.00 2.00 1.19(d)
Ratio of net investment income
to average net assets .24 .22 .39(d)
Decrease reflected in above expense ratios
due to undertaking by The Dreyfus Corporation 1.16 1.31 .92(d)
Portfolio Turnover Rate 42.16 41.73 17.71(d)
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 4,121 4,110 3,213
(A) FROM MARCH 31, 1998 (COMMENCEMENT OF OPERATIONS) TO OCTOBER 31, 1998.
(B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
C EXCLUSIVE OF SALES CHARGE.
(D) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
Year Ended October 31,
----------------------------------------
CLASS B SHARES 2000 1999 1998(a)
------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 13.86 11.27 12.50
Investment Operations:
Investment (loss) (.07)(b) (.08)(b) (.01)
Net realized and unrealized gain (loss)
on investments (.10) 2.74 (1.22)
Total from Investment Operations (.17) 2.66 (1.23)
Distributions:
Dividends from investment income-net -- (.02) --
Dividends from net realized gain on investments (.91) (.05) --
Total Distributions (.91) (.07) --
Net asset value, end of period 12.78 13.86 11.27
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%)( C) (1.42) 23.70 (9.84)(d)
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 2.75 2.75 1.64(d)
Ratio of investment (loss)
to average net assets (.52) (.60) (.07)(d)
Decrease reflected in above expense ratios
due to undertaking by The Dreyfus Corporation 1.14 1.27 .92(d)
Portfolio Turnover Rate 42.16 41.73 17.71(d)
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 799 960 483
(A) FROM MARCH 31, 1998 (COMMENCEMENT OF OPERATIONS) TO OCTOBER 31, 1998.
(B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(C) EXCLUSIVE OF SALES CHARGE.
(D) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS (CONTINUED)
Year Ended October 31,
---------------------------------------
CLASS C SHARES 2000 1999 1998(a)
------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 13.87 11.27 12.50
Investment Operations:
Investment (loss) (.06)(b) (.07)(b) (.01)
Net realized and unrealized gain (loss)
on investments (.11) 2.74 (1.22)
Total from Investment Operations (.17) 2.67 (1.23)
Distributions:
Dividends from investment income-net -- (.02) --
Dividends from net realized gain on investments (.91) (.05) --
Total Distributions (.91) (.07) --
Net asset value, end of period 12.79 13.87 11.27
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) (C) (1.42) 23.77 (9.84)(d)
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 2.75 2.75 1.64(d)
Ratio of investment (loss)
to average net assets (.47) (.55) (.06)(d)
Decrease reflected in above expense ratios
due to undertaking by The Dreyfus Corporation 1.17 1.31 .92(d)
Portfolio Turnover Rate 42.16 41.73 17.71(d)
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 677 585 451
(A) FROM MARCH 31, 1998 (COMMENCEMENT OF OPERATIONS) TO OCTOBER 31, 1998.
(B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(C) EXCLUSIVE OF SALES CHARGE.
(D) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
Year Ended October 31,
---------------------------------------
CLASS R SHARES 2000 1999 1998(a)
------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 14.01 11.33 12.50
Investment Operations:
Investment income--net .07(b) .08(b) .06
Net realized and unrealized gain (loss)
on investments (.10) 2.74 (1.23)
Total from Investment Operations (.03) 2.82 (1.17)
Distributions:
Dividends from investment income-net (.07) (.09) --
Dividends from net realized gain on investments (.91) (.05) --
Total Distributions (.98) (.14) --
Net asset value, end of period 13.00 14.01 11.33
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) (.39) 25.12 (9.36)(c)
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 1.75 1.75 1.04(c)
Ratio of net investment income
to average net assets .48 .62 .53(c)
Decrease reflected in above expense ratios
due to undertaking by The Dreyfus Corporation 1.16 1.32 .92(c)
Portfolio Turnover Rate 42.16 41.73 17.71(c)
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 1,147 1,116 453
(A) FROM MARCH 31, 1998 (COMMENCEMENT OF OPERATIONS) TO OCTOBER 31, 1998.
(B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(C) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
FINANCIAL HIGHLIGHTS (CONTINUED)
Year Ended
CLASS T SHARES October 31, 2000(a)
--------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 13.06
Investment Operations:
Investment income--net .05(b)
Net realized and unrealized gain (loss) on investments (.20)
Total from Investment Operations (.15)
Net asset value, end of period 12.91
--------------------------------------------------------------------------------
TOTAL RETURN (%) (C) (1.15)(d)
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 1.51(d)
Ratio of net investment income to average net assets .35(d)
Decrease reflected in above expense ratio
due to undertaking by The Dreyfus Corporation .85(d)
Portfolio Turnover Rate 42.16
--------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 1
(A) FROM MARCH 1, 2000 (COMMENCEMENT OF INITIAL OFFERING) TO OCTOBER 31, 2000.
(B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(C) EXCLUSIVE OF SALES CHARGE.
(D) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
NOTE 1--Significant Accounting Policies:
Dreyfus Premier International Value Fund (the "fund") is a separate diversified
series of Dreyfus Premier Value Equity Funds (the "Company") which is registered
under the Investment Company Act of 1940, as amended (the "Act"), as an open-end
management investment company and operates a series company, currently offering
two series, including the fund. The fund's investment objective is long-term
capital growth. 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
On November 3, 1999, the Board of Trustees approved the addition of Class T
shares, which became effective March 1, 2000.
Effective March 22, 2000, Dreyfus Service Corporation ("DSC), a wholly-owned
subsidiary of the Manager, became the distributor of the fund's shares. Prior to
March 22, 2000, Premier Mutual Fund Services, Inc. was the distributor. The fund
is authorized to issue an unlimited number of $.001 par value shares of
Beneficial Interest in the following classes of shares: Class A, Class B, Class
C, Class R and Class T shares. Class A and Class T 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 B shares automatically convert to Class
A shares after six years), 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
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
As of October 31, 2000, MBC Investment Corp., an indirect subsidiary of Mellon
Financial Corporation, held the following shares:
Class A 302,999 Class C 43,005
Class B 43,015 Class R 43,448
The Company accounts separately for the assets, liabilities and operations of
each series. Expenses directly attributable to each series are charged to that
series' operations; expenses which are applicable to all series are allocated
among them on a pro rata basis.
The fund' s financial statements are prepared in accordance with accounting
principles generally accepted in the United States, 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, cur
rency gains or losses realized on securities transactions and 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. Under the terms of the custody agreement, the fund received net
earnings credits of $127 during the period ended October 31, 2000 based on
available cash balances left on deposit. Income earned under this arrangement is
included in interest income.
(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 of 1986, as amended (the "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 Code,
and to make distributions of taxable income sufficient to relieve it from
substantially all Federal income and excise taxes.
During the period ended October 31, 2000, as a result of permanent book to tax
differences, the fund increased accumulated investment loss The Fun
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
on investments by $2,214 and increased accumulated net realized gain (loss) on
investments by $11,241 and decreased paid-in capital by $13,455. Net assets were
not affected by this reclassification.
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
October 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 1% of the value of the fund's average daily net
assets and is payable monthly. The Manager had undertaken from November 1, 1999
through October 31, 2001, to reimburse such excess expenses of the fund to the
extent that the fund's aggregate annual expenses, excluding 12b-1 distribution
plan fees, shareholder service plan fees, taxes, brokerage, interest on
borrowings and extraordinary expenses, exceeded an annual rate of 1.75% of the
value of the fund' s average daily net assets. The expense reimbursement,
pursuant to the undertaking, amounted to $81,908 during the period ended October
31, 2000.
DSC retained $97 during the period ended October 31, 2000 from commissions
earned on sales of fund's shares.
(b) Under the Distribution Plan (the "Plan") adopted pursuant to Rule 12b-1
under the Act, Class B and Class C shares pay the distributor for distributing
their shares at an annual rate of .75 of 1% of th
value of the average daily net assets of Class B and Class C shares and .25 of
1% of the value of the average daily net assets of Class T shares. During the
period ended October 31, 2000, Class B, Class C and Class T shares were charged
$6,694, $5,027 and $2, respectively, pursuant to the Plan, of which $4,343,
$3,472 and $2 for Class B, Class C and Class T shares, respectively, were paid
to DSC.
(c) Under the Shareholder Services Plan, Class A, Class B, Class C and Class T
shares pay the distributor at an annual rate of .25 of 1% of the value of their
average daily net assets 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 October 31, 2000, Class A, Class B, Class C and
Class T shares were charged $10,786, $2,231, $1,675 an $2, respectively,
pursuant to the Shareholder Services Plan of which $7,288, $1,448, $1,157 and $2
for Class A, Class B, Class C and Class T shares, respectively, were paid to
DSC.
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 October 31, 2000, the fund was charged $1,161 pursuant to the transfer
agency agreement.
(d) Each Board member also serves as a Board member of other funds within the
Dreyfus complex (collectively, the "Fund Group"). Effective August 2, 2000, each
Board member who is not an "affiliated person" as defined in the Act receives an
annual fee of $25,000 and an attendance fee of $4,000 for each meeting attended
and $500 for telephone meet The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
ings. These fees are allocated among the funds in the Fund Group. The Chairman
of the Board receives an additional 25% of such compensation. Prior to August 2,
2000, each Board member who was not an "affiliated person" as defined in the Act
received from the Company an annual fee of $1,000 and an attendance fee of $250
per meeting. The Chairman of the Board received an additional 25% of such
compensation. Subject to the Company's Emeritus Program Guidelines, Emeritus
Board members, if any, receive 50% of the annual retainer fee and per meeting
fee paid at the time the Board member achieves emeritus status.
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 October 31, 2000, amounted to $2,841,491 and $2,938,875,
respectively.
The fund enters into forward currency exchange contracts in order to hedge its
exposure to changes in foreign currency exchange rates on its foreign portfolio
holdings and to settle foreign currency transactions. When executing forward
currency exchange contracts, the fund is obligated to buy or sell a foreign
currency at a specified rate on a certain date in the future. With respect to
sales of forward currency exchange contracts, the fund would incur a loss if the
value of the contract increases between the date the forward contract is opened
and the date the forward contract is closed. The fund realizes a gain if the
value of the contract decreases between those dates. With respect to purchases
of forward currency exchange contracts, the fund would incur a loss if the value
of the contract decreases between the date the forward contract is opened and
the date the forward contract is closed. The fund realizes a gain if the value
of the contract increases between
those dates. The fund is also exposed to credit risk associated with counter
party nonperformance on these forward currency exchange contracts which is
typically limited to the unrealized gain on each open contract. The following
summarizes open forward currency exchange contracts at October 31, 2000:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Foreign
Currency Unrealized
Forward Currency Exchange Contracts Amounts Cost ($) Value ($) Appreciation ($)
------------------------------------------------------------------------------------------------------------------------------------
PURCHASES:
Australian Dollars, expiring 11/1/2000 16,165 8,331 8,451 120
(b) At October 31, 2000, accumulated net unrealized depreciation on investments
and forward currency exchange contracts was $218,393, consisting of $552,179
gross unrealized appreciation and $770,572 gross unrealized depreciation.
</TABLE>
At October 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
REPORT OF INDEPENDENT AUDITORS
Shareholders and Board of Trustees Dreyfus Premier International Value Fund
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Dreyfus Premier International Value Fund (one
of the Series constituting Dreyfus Premier Value Equity Funds) as of October 31,
2000, and the related statement of operations for the year then ended, the
statement of changes in net assets for each of the two years in the period then
ended, and financial highlights for each of the periods indicated therein. These
financial statements and financial highlights are the responsibility of the
Fund' s management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of October 31, 2000 by correspondence with
the custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Dreyfus Premier International Value Fund, at October 31, 2000, the results of
its operations for the year then ended, the changes in its net assets for each
of the two years in the period then ended, and the financial highlights for each
of the indicated periods, in conformity with accounting principles generally
accepted in the United States.
/s/Ernst & Young, LLP
New York, New York
December 11, 2000
IMPORTANT TAX INFORMATION (Unaudited)
In accordance with Federal tax law, the fund elects to provide each shareholder
with their portion of the fund's foreign taxes paid and the income sourced from
foreign countries. Accordingly, the fund hereby makes the following designations
regarding its fiscal year ended October 31, 2000:
-- the total amount of foreign taxes paid to foreign countries was $24,288
-- the total amount of income sourced from foreign countries was $81,575
As required by Federal tax law rules, shareholders will receive notification of
their proportionate share of foreign taxes paid and foreign sourced income for
the 2000 calendar year with Form 1099-DIVwhich will be mailed by January 31,
2001.
For Federal tax purposes, the fund hereby designates $.5260 per share as a
long-term capital gain distribution paid on December 10, 1999.
The fund also designates .11% of the ordinary dividends paid during the fiscal
year ended October 31, 2000 as qualifying for the corporate dividends received
deduction. Shareholders will receive notification in January 2001 of the
percentage applicable to the preparation of their 2000 income tax returns.
The Fund
Notes
For More Information
Dreyfus Premier International Value Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
100 Church Street
New York, NY 10286
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 your financial representative or 1-800-554-4611
BY MAIL Write to: The Dreyfus Premier Family of Funds 144 Glenn Curtiss
Boulevard Uniondale, NY 11556-0144
(c) 2000 Dreyfus Service Corporation 173AR0010
