<PAGE>
Annual Report
- ------------------------------------------------------------------------------
Dreyfus Premier
International
Growth Fund
- ------------------------------------------------------------------------------
October 31, 1997
[LOGO]
<PAGE>
Dreyfus Premier International Growth Fund
- ------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
We are pleased to report that Dreyfus Premier International Growth Fund
(formerly, Dreyfus Premier Global Investing, Inc.) recorded a total return of
15.00% for Class A shares, 14.14% for Class B shares, 14.17% for Class C shares
and 15.21% for Class R shares, for the fiscal year ending October 31, 1997.*
These returns compared favorably to the median total return of 9.16% for funds
in the Lipper Analytical Services, Inc. International Funds Category and the
total return of 4.63% for the Morgan Stanley Capital International EAFE(R) Index
for the same period. The Fund's performance compared less favorably to the
median total return of 16.32% for funds in the Lipper Global Funds Category and
the total return of 16.77% for the Morgan Stanley Capital International World
Index. As you may recall, on August 1, 1997, the Fund changed its investment
approach to that of an international fund investing substantially all of its
assets in foreign securities from that of a global fund that invests a
significant portion of its assets in domestic securities. As a result, the Fund
benefited relative to the Lipper International Funds category and the EAFE Index
by having a significant weighting in U.S. securities for a substantial portion
of the year.
Many factors contributed to the Fund's strong performance for the year ending
October 31, 1997. In Europe, your Fund's investments in the Netherlands, Italy
and Ireland did particularly well. A host of individual stocks contributed. As
noted in last year's Annual Shareholder's Letter, many of Dreyfus Premier
International Growth Fund's European holdings fall into three broad categories.
One is "new growth companies" that are either being spun out of larger companies
or made available to investors for the first time through initial public
offerings. In this category, German-based sportswear maker Adidas and Dutch
temporary employment and training company Unique International (formerly known
as Goudsmit, NV) performed particularly well. Second, many of the Fund's
European holdings are drivers of broad change within important industries. Major
contributions to Fund performance in this area included Swedish insurance leader
Skandia Group Forsakrings, international cellular telephone operator Vodafone
Group and U.K.-based software company JBA Holdings. Last, a fair number of
Dreyfus Premier International Growth Fund's European holdings are companies in
<PAGE>
the midst of restructuring to provide stronger financial returns. Three stocks
in this category that added to performance during the recently ended fiscal year
are the German household products maker Henkel KGaA, Dutch-based electronics
giant Philips Electronics and Swedish global appliance maker Electrolux, C1.b.
Other European stocks that contributed significantly are Telecom Italia, Elf
Aquitaine, Deutsche Bank and Banque Nationale de Paris.
In the Japanese market, where market conditions continue to be difficult,
Fund performance was enhanced by strong showings on the part of a number of
individual stocks including Tokyo Electronics, Sony and Advantest, all of which
can be classified broadly in the technology area.
Toward the end of the fiscal year under review conditions became very
difficult in emerging markets as currency turmoil interrupted the strong growth
that many of these countries have been experiencing over the last decade. The
Fund benefited from having minimal exposure to these markets, particularly in
Asia, during this time. Earlier in the year your Fund's returns were enhanced by
the strong performance of Chinese "Red Chip" stocks and selected other issues in
Hong Kong, Brazil and Mexico.
Earlier in the year under review, when the Fund had more significant holdings
in the U.S. market, a number of stocks made important contributions to
performance, particularly in the technology area. These included semiconductor
equipment maker Applied Materials, oil field technology leader Schlumberger and
satellite telephone pioneer Iridium World Communications.
Currency hedging strategies contributed positively to results during the
first nine months of the fiscal year, but these gains were lost during the last
three months as foreign currencies, particularly European ones, strengthened
against the U.S. Dollar.
Investment Approach
Although the Fund's investments no longer include a U.S. component, there is
no change in the basic investment approach to market, stock and currency
selection. Since assuming management of your Fund early in calendar 1996 I have
employed the investment style developed over my 14 years of experience in
international investment management.
My investment process is designed to deliver to investors a portfolio that
typically includes a wide variety of holdings in 15 to 25 markets around the
world, exposure to rapidly growing emerging markets when they are attractive for
investment, and active currency management. The crucial challenge for an
international investor is how to judge the relative attractiveness of various
markets when there are scores to choose from. I address this challenge by
evaluating inputs on growth, valuation, interest rates, liquidity, technical
factors and currency in each of the world's major markets. My work in these
areas is driven by PC-based tools I have developed over time. Markets and
industry sectors are overweighted, underweighted or market weighted relative to
those of the EAFE(R) Index. Dreyfus Premier International Growth Fund invests in
emerging markets when, in my opinion, significant opportunities present
themselves in this asset class.
In the investment process I have developed, stocks are managed in a
disciplined way. I search for stocks expected to have higher earnings growth
rates than the market in which they trade. Attractive companies often have made
a corporate change in management, strategy or business structure that will
positively alter their future growth rate. Generally, stocks purchased also need
to have attractive valuations both relative to their own history and that of the
local market. Companies typically are sold when growth is forecast to fall below
my own or consensus estimates, the valuation target is reached or the weighting
in that market reduced as a result of an asset allocation decision.
Foreign currencies are at least partially hedged, where practicable, when I
believe that a given currency has 10% or more downside risk against the U.S.
Dollar over the next 12 to 18 months.
<PAGE>
Current Strategy
Four broad conclusions continue to drive current strategy in the Fund. First,
I believe growth of the world economy will be significantly lower as a result of
the currency turmoil that has swept emerging markets in recent months, but there
is a silver lining in that I believe interest rates are likely to be lower also.
Second, my research on both markets and individual stocks indicates that
Continental Europe is an attractive area for investment. Third, Japan may be
nearing the end of its seven-year-long bear market, a development that warrants
close monitoring for potential opportunities. Last, emerging markets are likely
to need more time to sort out their recent difficulties before they become a
target for significant investment in your Fund. The remainder of this letter
expands on these conclusions.
Given the fact that about one half of the world's Gross Domestic Product (the
"GDP") growth has been derived from emerging markets (specifically Asian
emerging markets) during the current decade, it is reasonable to conclude that
worldwide growth may be slowed by the overcapacity, banking sector weakness and
currency devaluations in many emerging countries. Thus revenue and earnings
growth rates may slow for many companies based in developed countries such as
the U.S., Europe and Japan. Each investment in the Dreyfus Premier International
Growth Fund needs to be re-evaluated in light of this significant change. While
stock prices depend on many factors, the level and trend of earnings and
interest rates are the two most important variables. In my view the latter of
these two, interest rates, will be favorably affected by the slowdown of growth.
As things stand now, in the period ahead, one of the main strategies in your
Fund will be to focus on investments where earnings are least affected and which
have the potential to benefit from the improved interest rate outlook.
I believe Continental Europe exhibits many attractive investment
characteristics. In the context of my six-issue analytic discipline, the
Continent could see strong earnings growth in 1998 even after adjusting for the
difficulties in emerging markets. Continental Europe's economy has begun to
accelerate after several years of minimal growth and companies appear to be in
the earlier stages of the restructuring process that has produced such handsome
returns for many U.S. companies over the last decade. Continental European stock
valuations have improved markedly after the correction of the last several
months. Long term interest rates, in my opinion, are likely to be benign at
worst and I suspect may surprise many by actually falling over the coming
months. Liquidity has been very strong in Continental Europe due to the fact
that, as many Europeans move away from dependence on government retirement
schemes and take responsibility for their own savings, the mutual fund industry
has grown rapidly. Most of your Fund's European investments continue to fall
into the three areas mentioned near the beginning of this letter. Where
restructuring is concerned, the Continental European
<PAGE>
financial sector comes out of my analysis as an outstanding opportunity. As
shown above, Continental European banks produce much lower returns than their
counterparts across the channel in the U.K., where the industry is known to be
much more efficient. Many Continental European banks are now taking action to
raise returns, and your Fund is positioned to benefit from the potential
rewards from that restructuring.
The most notable thing one can say about the Japanese stock market is that it
peaked in 1990 and today stands at about 60% of that all-time high. The reasons
for the decline have been well-documented. Investors, including myself, who have
attempted to "find the bottom" have been frustrated for several years now. In
the short run, the bad news is that Japan is expected to be hardest hit by the
developing slowdown in Asian emerging countries. Our analytic work on the
Japanese market has in fact shown a pattern of deterioration over the last few
months. A ray of hope is present in that there is some evidence of deregulation
in the financial sector and a slow unwinding of the cross-shareholding system
that has made Japanese companies historically more accountable to one another
than to outside shareholders. It is certainly favorable in terms of valuation
that nearly 40% of the stocks traded in Tokyo are now priced at less than 1.0
times book value, compared to an average of just under 4.0 for the U.S. market.
But the Japanese market needs positive news to trigger a repricing of these
stocks. Until that trigger emerges your Fund's investments in Japan will remain
company-specific.
Emerging markets have fallen dramatically, particularly in U.S. Dollar terms,
since many of the currencies of these countries have eroded as well. Like Japan,
many of these markets now have at least some aspects of valuation on their side.
The next few months will witness all of the ramifications of the recent crisis
including recapitalization of banks, widespread earnings declines, forced
mergers of weak companies, and capital flight. My recent research trip to
Southeast Asia revealed all of these effects to be in their early stages. It is
possible that in a matter of months some of these countries will have in place
the building blocks of renewed prosperity. Others will require considerably more
time. I remain cautious on emerging markets, looking for selected opportunities
as they present themselves.
As manager of Dreyfus Premier International Growth Fund I look forward to
communicating with you again later this year in the Semi-Annual Shareholder's
Letter.
Sincerely,
Ron Chapman
Portfolio Manager
November 18, 1997
New York, N.Y.
* 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 shares or the applicable contingent deferred sales charge
imposed on redemptions in the case of Class B and Class C shares.
** SOURCE: LIPPER ANALYTICAL SERVICES, INC. -- The Morgan Stanley Capital
International Europe, Australasia, Far East (EAFE(R)) Index is an unmanaged
index composed of a sample of companies representative of the market structure
of European and Pacific Basin countries. The Morgan Stanley Capital
International World Index is an unmanaged index of global stock market
performance, including the United States, Canada, Europe, Australia, New
Zealand and the Far East. The returns indicated include net dividends
reinvested. The Indexes are the property of Morgan Stanley & Co. Incorporated.
<PAGE>
Dreyfus Premier International Growth Fund, Inc. October 31, 1997
- -------------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS PREMIER
INTERNATIONAL GROWTH FUND, INC. CLASS A SHARES WITH THE MORGAN STANLEY CAPITAL
INTERNATIONAL WORLD INDEX AND THE MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE,
AUSTRALASIA, FAR EAST (EAFE (R)) INDEX
Dollars
$19,148
Morgan Stanley Capital
International
World Index*
$16,728
Dreyfus Premier
International Growth
Fund (Class A Shares)
$15,414
Morgan Stanley Capital
International Europe,
Australasia, Far East
(EAFE(R)) Index*
*Source: Lipper Analytical Services, Inc.
<TABLE>
<CAPTION>
Average Annual Total Returns
- ------------------------------------------------------------------------------------------------------------------------------
Class A Shares Class B Shares
- -------------------------------------------------------------- ------------------------------------------------------------
% Return Reflecting
% Return Applicable Contingent
Reflecting % Return Deferred Sales
% Return Without Maximum Initial Assuming No Charge Upon
Period Ended 10/31/97 Sales Charge Sales Charge (5.75%) Period Ended 10/31/97 Redemption Redemption*
- --------------------- ---------------- -------------------- --------------------- ----------- ---------------------
<S> <C> <C> <C> <C> <C>
1 Year 15.00% 8.41% 1 Year 14.14% 10.18%
5 Years 10.15 8.86 From Inception (1/15/93) 9.72 9.43
From Inception (1/31/92) 10.49 9.36
</TABLE>
<TABLE>
<CAPTION>
Class C Shares Class R Shares
- ------------------------------------------------------- -------------------------------------------------------
% Return Reflecting
Applicable Contingent
% Return Deferred Sales
Assuming No Charge Upon
Period Ended 10/31/97 Redemption Redemption** Period Ended 10/31/97
- --------------------- ------------ ------------------ ---------------------
<S> <C> <C> <C> <C>
1 Year 14.17% 13.19% 1 Year 15.21%
From Inception (9/5/95) 10.98 10.98 From Inception (9/5/95) 12.03
<FN>
- ----------------
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in Class A shares of
Dreyfus Premier International Growth Fund, Inc. on 1/31/92 (Inception
Date) to a $10,000 investment made on that date in the Morgan Stanley Capital
International World Index ("MSCI World") as well as to the Morgan Stanley
Capital International Europe, Australasia, Far East (EAFE(R)) Index ("MSCI
EAFE") which are described below. All dividends and capital gain
distributions are reinvested. Performance for Class B, Class C and Class R
shares will vary from the performance of Class A 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 and all other applicable fees and
expenses. Effective 8/1/97, the Fund changed its investment approach to that
of an international fund that invests substantially all of its assets in
foreign securities, from that of a global fund that invests a significant
portion of its assets in domestic securities. Accordingly, both the MSCI
EAFE and MSCI World Indices are set forth above. The MSCI World is an unmanaged
index of global stock market performance, including the United States, Canada,
Europe, Australia, New Zealand and the Far East. The MSCI EAFE is an unmanaged
index composed of a sample of companies representative of the market
structure of European and Pacific Basin countries. Both indices are the
property of Morgan Stanley & Co. Incorporated and include net dividends
reinvested. The Indices do not take into account charges, fees and other
expenses. 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.
* The maximum contingent deferred sales charge for Class B shares is 4% and
is reduced to 0% after six years.
** The maximum contingent deferred sales charge for Class C shares is 1%
for shares redeemed within one year of the date ofpurchase.
</TABLE>
<PAGE>
<TABLE>
Dreyfus Premier International Growth Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments October 31, 1997
Common Stocks--94.0% Shares Value
- ------------------------------------------------------------------------------- -------------- ------------
<S> <C> <C> <C>
Austria--1.3% Wolford....................................... 23,000 $ 1,668,177
------------
Brazil--2.1% Compania de Saneamento
Basico do Estado de Sao Paolo............... 4,500 832,577
Telecomunicacoes Brasileiras, A.D.R........... (a) 18,000 1,827,000
------------
2,659,577
------------
Chile--1.2% Empresa Nacional Electricidad, A.D.R.......... 55,000 1,106,875
Quinenco, A.D.R............................... 24,400 356,850
------------
1,463,725
------------
China--.4% China Overseas Land & Investment.............. 350,000 121,119
China Resources Enterprises................... 60,000 164,553
Shanghai Industrial Holdings.................. 40,000 178,007
------------
463,679
------------
Denmark--1.2% Bang & Olufsun Holding, Cl. B................. 25,000 1,523,368
------------
Finland--1.2% Merita, Cl. A................................. 320,000 1,563,055
------------
France--12.2% Banque Nationale de Paris..................... 51,000 2,251,952
Bouygues Offshore, A.D.S...................... 30,000 1,420,754
Elf Aquitaine................................. 10,000 1,236,342
Generale Des Eaux............................. 19,200 2,230,818
Generale Des Eaux (Warrants).................. 11,200 5,915
Groupe AB, A.D.S.............................. (a) 96,000 714,000
LVMH Moet Hennessy............................ 6,500 1,103,011
Pechiney, Cl. A............................... 10,000 410,728
Rhone-Poulenc................................. 20,000 870,980
Rhone-Poulenc, A.D.R.......................... (a) 17,000 718,250
SGS - Thomson Microelectronics................ (a) 8,000 568,648
SGS - Thomson Microelectronics, A.D.R......... (a) 54,000 3,847,500
------------
15,378,898
------------
Germany--13.3% Adidas........................................ 10,500 1,518,519
Allianz....................................... 11,500 2,559,703
Bankgesellschaft Berlin....................... 58,000 1,428,819
Beta Systems Software......................... (a) 7,000 669,487
Daimler Benz.................................. 15,000 1,004,231
Deutsche Bank................................. 24,000 1,569,209
GEA........................................... 3,100 1,006,260
Henkel KGaA................................... 4,000 194,760
Metro......................................... 28,200 1,239,021
Prosieben Media............................... (a) 25,000 1,224,495
SAP........................................... 6,000 1,785,879
SGL Carbon.................................... 10,000 1,402,735
Volkswagen.................................... 2,000 1,181,312
------------
16,784,430
------------
</TABLE>
<PAGE>
<TABLE>
Dreyfus Premier International Growth Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments (continued) October 31, 1997
Common Stocks (continued) Shares Value
- ------------------------------------------------------------------------------- -------------- ------------
<S> <C> <C> <C>
Ireland--1.1% Bank of Ireland............................... 110,000 $ 1,391,800
------------
Italy--7.6% Aeroporti di Roma............................. (a) 175,000 1,591,642
Assicurazioni Generali........................ 45,000 1,004,725
ERG........................................... (a) 61,200 252,029
Fiat.......................................... 522,500 1,657,618
Instituto Bancario San Paolo di Torino........ 125,000 940,416
Istituto Mobiliare Italiano................... 165,000 1,493,479
Rinascente.................................... 140,000 1,037,802
Telecom Italia................................ 260,000 1,626,343
------------
9,604,054
------------
Japan--9.8% Bank of Tokyo-Mitsubishi...................... 37,000 482,755
Canon, A.D.R.................................. 22,000 533,865
Dai Nippon Printing........................... 68,000 1,356,270
Daikin Industries............................. 96,000 571,229
Daiwa Securities.............................. 133,000 804,653
Family Mart................................... 5,600 246,189
Fuji Machine Manufacturing.................... 27,000 783,096
Mitsui Fudosan................................ 80,000 904,180
Murata........................................ 32,000 1,297,764
NKK........................................... 515,000 714,742
Namco ........................................ 34,000 1,138,701
Nintendo...................................... 7,000 605,002
Shimano....................................... 33,000 671,902
Sony.......................................... 7,500 622,662
Uni Charm..................................... 29,000 976,065
Yamanouchi Pharamaceutical.................... 27,000 664,173
------------
12,373,248
------------
Mexico--1.3% Grupo Financiero Banamex Accival, Cl. B....... (a) 345,000 681,380
Grupo Financiero Bancomer A.D.R., Ser. B...... (a) 1,900,000 892,920
Grupo Financiero Inbursa...................... 3,315 11,635
------------
1,585,935
------------
Netherlands--9.8% ABN Amro Holding.............................. 70,000 1,407,559
ASM Lithography Holding A.D.R................. (a) 15,000 1,098,750
Koninklijke Pakhoed........................... 63,000 2,060,581
Nutricia Verenigde............................ 47,000 1,341,475
Ordina Beheer................................. (a) 40,000 645,924
Philips Electronics........................... 10,000 781,691
Philips Electronics, A.D.R.................... 44,000 3,448,500
Scandinavian Broadcasting..................... 16,900 430,950
Unique International.......................... 45,000 1,117,768
------------
12,333,198
------------
</TABLE>
<PAGE>
<TABLE>
Dreyfus Premier International Growth Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments (continued) October 31, 1997
Common Stocks (continued) Shares Value
- ------------------------------------------------------------------------------- -------------- ------------
<S> <C> <C> <C>
Portugal--1.2% Electricidade de Portugal..................... 88,600 $ 1,554,650
------------
Spain--5.9% Acerinox...................................... 7,500 1,118,028
Aldeasa....................................... (a) 70,000 1,447,828
Argentaria.................................... 25,000 1,385,744
Banco de Santander............................ 70,000 1,956,849
Repsol........................................ 37,000 1,548,329
------------
7,456,778
------------
Sweden--5.8% Electrolux, Cl. B............................. 34,000 2,808,419
Granges....................................... (a) 12,000 195,843
Skandia Group Forsakrings..................... 33,000 1,538,768
Svenska Handelbanken, Ser. A.................. 44,000 1,389,288
Volvo, Ser. B................................. 55,000 1,436,184
------------
7,368,502
------------
Switzerland--3.8% Ciba Specialty Chemicals...................... (a) 15,000 1,473,951
Novartis...................................... 1,000 1,567,212
Schweizerische Lebensversicherungs
-und Rentenanst............................ 2,500 1,693,703
------------
4,734,866
------------
Taiwan--.6% Taiwan Semiconductor Manufacturing, A.D.R..... 39,700 786,556
------------
United Kingdom--14.2% British Sky Broadcasting Group................ 180,000 1,274,202
Gallaher Group................................ 300,000 1,438,373
Granada Group................................. 165,000 2,269,768
Grand Metropolitan............................ 145,000 1,305,497
JBA Holdings.................................. 70,000 1,107,020
LucasVarity................................... 400,000 1,368,923
Misys......................................... 70,714 1,778,056
Powerscreen International..................... 145,000 1,694,962
Reuters Holdings.............................. 125,000 1,353,443
Sema Group.................................... 27,000 605,472
SmithKline Beecham............................ 230,000 2,174,713
Vodafone Group................................ 275,000 1,495,690
------------
17,866,119
------------
TOTAL COMMON STOCKS
(cost $117,153,349)........................ $118,560,615
============
Preferred Stocks--1.0%
- -------------------------------------------------------------------------------
Germany; Henkel KGaA
(cost $875,237)............................ 24,000 $ 1,245,073
============
</TABLE>
<PAGE>
<TABLE>
Dreyfus Premier International Growth Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments (continued) October 31, 1997
Principal
Short-Term Investments--14.0% Amount Value
- ------------------------------------------------------------------------------- -------------- ------------
<S> <C> <C> <C>
U.S. Treasury Bills: 5%, 12/4/1997................................. $ 49,000 $ 48,783
4.93%, 12/11/1997............................. 4,000 3,978
4.92%, 12/18/1997............................. 29,000 28,814
4.80%, 12/26/1997............................. 53,000 52,595
4.94%, 1/2/1998............................... 560,000 555,173
4.92%, 1/8/1998............................... 12,197,000 12,080,275
5.01%, 1/22/1998.............................. 5,062,000 5,002,319
------------
TOTAL SHORT-TERM INVESTMENTS
(cost $17,777,221)......................... $ 17,771,937
============
TOTAL INVESTMENTS (cost $135,805,807).......................................... 109.0% $137,577,625
====== ============
LIABILITIES, LESS CASH AND RECEIVABLES......................................... (9.0%) $(11,396,123)
====== ============
NET ASSETS..................................................................... 100.0% $126,181,502
====== ============
</TABLE>
Notes to Statement of Investments:
- ------------------------------------------------------------------------------
(a) Non-income producing.
See notes to financial statements.
<PAGE>
<TABLE>
Dreyfus Premier International Growth Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Assets and Liabilities October 31, 1997
Cost Value
------------ ------------
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of
Investments.................................... $135,805,807 $137,577,625
Cash............................................. 2,410,587
Receivable for investment securities sold........ 2,739,099
Dividends and interest receivable................ 260,926
Receivable for shares of Common Stock subscribed. 2,514
Prepaid expenses................................. 33,774
------------
143,024,525
------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.... 93,218
Due to Distributor............................... 74,783
Payable for investment securities purchased...... 16,486,997
Payable for shares of Common Stock redeemed...... 20,639
Accrued expenses................................. 167,386
------------
16,843,023
------------
NET ASSETS..................................................................... $126,181,502
============
REPRESENTED BY: Paid-in capital.................................. $106,729,485
Accumulated distributions in excess of
investment income--net.......................... (50,298)
Accumulated net realized gain (loss) on investments,
forward currency exchange contracts and
foreign currency transactions.................. 17,731,606
Accumulated net unrealized appreciation (depreciation)
on investments, forward currency exchange contracts and
foreign currency transactions.................. 1,770,709
------------
NET ASSETS..................................................................... $126,181,502
============
</TABLE>
<TABLE>
<CAPTION>
NET ASSET VALUE PER SHARE
--------------------------
Class A Class B Class C Class R
----------- ----------- -------- -------
<S> <C> <C> <C> <C>
Net Assets..................................... $59,029,516 $66,780,608 $291,298 $80,080
Shares Outstanding............................. 3,588,069 4,117,538 18,361 4,873
NET ASSET VALUE PER SHARE...................... $16.45 $16.22 $15.87 $16.43
====== ====== ====== ======
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
Dreyfus Premier International Growth Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Operations Year Ended October 31, 1997
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME: Cash dividends (net of $197,406 foreign taxes
withheld at source)...................... $ 1,509,581
Interest................................... 277,625
-----------
Total Income............................. $ 1,787,206
EXPENSES: Management fee--Note 3(a)................... 1,035,613
Distribution fees--Note 3(b)................ 538,209
Shareholder servicing costs--Note 3(c)...... 444,129
Custodian fees............................. 134,923
Registration fees.......................... 65,552
Professional fees.......................... 51,609
Prospectus and shareholders' reports....... 23,966
Directors' fees and expenses--Note 3(d)..... 22,496
Interest expense--Note 2.................... 5,431
Miscellaneous.............................. 11,072
-----------
Total Expenses........................... 2,333,000
-----------
INVESTMENT (LOSS)........................................................ (545,794)
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments and
foreign currency transactions............ $16,973,639
Net realized gain (loss) on forward currency
exchange contracts
Short transactions....................... 1,441,896
-----------
Net Realized Gain (Loss)................. 18,415,535
Net unrealized appreciation (depreciation) on
investments and foreign currency transactions 1,661,648
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS................... 20,077,183
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS..................... $19,531,389
===========
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Premier International Growth Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended Year Ended
October 31, 1997 October 31, 1996
---------------- ----------------
<S> <C> <C>
OPERATIONS:
Investment income (loss)--net............................................... $ (545,794) $ 548,297
Net realized gain (loss) on investments..................................... 18,415,535 18,542,400
Net unrealized appreciation (depreciation) on investments................... 1,661,648 (5,532,025)
------------ ------------
Net Increase (Decrease) in Net Assets Resulting from Operations......... 19,531,389 13,558,672
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares............................................................ (676,358) (1,028,808)
Class B shares............................................................ (149,162) (560,967)
Class C shares............................................................ (1,011) (18)
Class R shares............................................................ (429) (19)
Net realized gain on investments:
Class A shares............................................................ (8,792,664) (3,506,346)
Class B shares............................................................ (9,418,461) (3,747,259)
Class C shares............................................................ (12,410) (53)
Class R shares............................................................ (4,409) (55)
------------ ------------
Total Dividends......................................................... (19,054,904) (8,843,525)
------------ ------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class A shares............................................................ 34,193,355 14,951,284
Class B shares............................................................ 3,089,712 3,076,414
Class C shares............................................................ 225,535 53,626
Class R shares............................................................ 73,884 2,929
Dividends reinvested:.......................................................
Class A shares............................................................ 9,128,243 4,352,170
Class B shares............................................................ 9,154,420 4,154,672
Class C shares............................................................ 12,995 71
Class R shares............................................................ 4,838 75
Cost of shares redeemed:
Class A shares............................................................ (51,594,393) (23,319,202)
Class B shares............................................................ (17,522,352) (9,842,130)
Class C shares............................................................ (5,622) --
Class R shares............................................................ (2,168) (163)
------------ ------------
Increase (Decrease) in Net Assets from Capital Stock Transactions....... (13,241,553) (6,570,254)
------------ ------------
Total Increase (Decrease) in Net Assets............................... (12,765,068) (1,855,107)
NET ASSETS:
Beginning of Period......................................................... 138,946,570 140,801,677
------------ ------------
End of Period............................................................... $126,181,502 $138,946,570
============ ============
Undistributed investment income (distributions in excess of investment
income)--net................................................................ $ (50,298) $ 231,395
------------ ------------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Premier International Growth Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
Shares
------------------------------------
Year Ended Year Ended
October 31, 1997 October 31, 1996
---------------- ----------------
<S> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Class A
--------
Shares sold................................................................ 2,080,820 915,349
Shares issued for dividends reinvested..................................... 613,045 280,062
Shares redeemed............................................................ (3,138,619) (1,421,401)
----------- -----------
Net Increase (Decrease) in Shares Outstanding... (444,754) (225,990)
=========== ===========
Class B
--------
Shares sold................................................................ 193,309 187,874
Shares issued for dividends reinvested..................................... 619,798 269,259
Shares redeemed............................................................ (1,093,382) (601,474)
----------- -----------
Net Increase (Decrease) in Shares Outstanding... (280,275) (144,341)
=========== ===========
Class C
--------
Shares sold................................................................ 14,503 3,221
Shares issued for dividends reinvested..................................... 899 5
Shares redeemed............................................................ (330) --
----------- -----------
Net Increase (Decrease) in Shares Outstanding... 15,072 3,226
=========== ===========
Class R
Shares sold................................................................ 4,446 174
Shares issued for dividends reinvested..................................... 326 5
Shares redeemed............................................................ (134) (10)
----------- -----------
Net Increase (Decrease) in Shares Outstanding... 4,638 169
=========== ===========
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Premier International Growth Fund, Inc.
- ------------------------------------------------------------------------------
Financial Highlights
Contained below is per share operating performance data for a share of Common
Stock 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
--------------------------------------------
Year Ended October 31,
--------------------------------------------
PER SHARE DATA: 1997 1996 1995 1994 1993
----- ----- ----- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.................... $16.59 $16.10 $15.78 $15.58 $13.68
------ ------ ------ ------ ------
Investment Operations:
Investment income--net................................... -- .14 .24 .15 .10
Net realized and unrealized gain (loss) on investments.. 2.24 1.44 .47 .71 2.01
------- ------- ------- ------- -------
Total from Investment Operations........................ 2.24 1.58 .71 .86 2.11
------- ------- ------- ------- -------
Distributions:
Dividends from investment income--net.................... (.17) (.25) (.15) (.08) (.09)
Dividends from net realized gain on investments......... (2.21) (.84) (.24) (.58) (.12)
------ ------ ------ ------ ------
Total Distributions..................................... (2.38) (1.09) (.39) (.66) (.21)
------ ------ ------ ------ ------
Net asset value, end of period......................... $16.45 $16.59 $16.10 $15.78 $15.58
====== ====== ====== ====== =======
TOTAL INVESTMENT RETURN (1)................................ 15.00% 10.21% 4.72% 5.62% 15.66%
RATIOS/SUPPLEMENTAL DATA:
Ratio of operating expenses to average net assets....... 1.30% 1.31% 1.31% 1.38% 1.66%
Ratio of interest expense and dividends on securities
sold short to average net assets..................... -- -- .01% .01% .01%
Ratio of net investment income to average net assets.... -- .76% 1.38% .95% .98%
Portfolio Turnover Rate................................. 161.62% 176.17% 229.90% 156.98% 179.28%
Average commission rate paid(2)......................... $.0261 $.0269 -- -- --
Net Assets, end of period (000's Omitted)............... $59,030 $66,907 $68,584 $79,017 $75,066
<FN>
- -------------
(1) Exclusive of sales load.
(2) 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 International Growth Fund, Inc.
- ------------------------------------------------------------------------------
Financial Highlights (continued)
Contained below is per share operating performance data for a share of Common
Stock 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
--------------------------------------------
Year Ended October 31,
--------------------------------------------
PER SHARE DATA: 1997 1996 1995 1994 1993(1)
----- ----- ----- ---- ------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.................... $16.37 $15.90 $15.59 $15.49 $13.51
------ ------ ------ ------ ------
Investment Operations:
Investment income (loss)--net............................ (.14) -- .10 .06 (.01)
Net realized and unrealized gain (loss) on investments.. 2.24 1.44 .49 .67 1.99
------ ------ ------ ------ ------
Total from Investment Operations........................ 2.10 1.44 .59 .73 1.98
------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net.................... (.04) (.13) (.04) (.05) --
Dividends from net realized gain on investments......... (2.21) (.84) (.24) (.58) --
------ ------ ------ ------ ------
Total Distributions..................................... (2.25) (.97) (.28) (.63) --
------ ------ ------ ------ ------
Net asset value, end of period......................... $16.22 $16.37 $15.90 $15.59 $15.49
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN (2)................................ 14.14% 9.36% 3.96% 4.82% 14.66%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of operating expenses to average net assets....... 2.05% 2.06% 2.06% 2.15% 1.96%(3)
Ratio of interest expense and dividends on securities
sold short to average net assets..................... -- -- .01% -- .01%(3)
Ratio of net investment income loss to average net assets (.76%) .01% .62% .23% (.18%)(3)
Portfolio Turnover Rate................................. 161.62% 176.17% 229.90% 156.98% 179.28%
Average commission rate paid(4)......................... $.0261 $.0269 -- -- --
Net Assets, end of period (000's Omitted)............... $66,781 $71,983 $72,215 $76,897 $40,897
<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 International Growth Fund, Inc.
- ------------------------------------------------------------------------------
Financial Highlights (continued)
Contained below is per share operating performance data for a share of Common
Stock 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
------------------------------
Year Ended October 31,
------------------------------
PER SHARE DATA: 1997 1996 1995(1)
------ ------ ------
<S> <C> <C> <C>
Net asset value, beginning of period......................................... $16.20 $15.90 $15.85
------ ------ ------
Investment Operations:
Investment income (loss)--net.............................................. (.12)(2) .28 (.01)
Net realized and unrealized gain (loss) on investments.................... 2.18(2) 1.14 .06
------ ------ ------
Total from Investment Operations.......................................... 2.06 1.42 .05
------ ------ ------
Distributions:
Dividends from investment income--net...................................... (.18) (.28) --
Dividends from net realized gain on investments........................... (2.21) (.84) --
------ ------ ------
Total Distributions....................................................... (2.39) (1.12) --
------ ------ ------
Net asset value, end of period............................................ $15.87 $16.20 $15.90
====== ====== ======
TOTAL INVESTMENT RETURN(3)................................................... 14.17% 9.36% .32%(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of operating expenses to average net assets......................... 2.10% 1.90% .35%(4)
Ratio of interest expense to average net assets........................... .01% -- --
Ratio of net investment income (loss) to average net assets............... (.73%) (.19%) (.09%)(4)
Portfolio Turnover Rate................................................... 161.62% 176.17% 229.90%
Average commission rate paid (5).......................................... $.0261 $.0269 --
Net Assets, end of period (000's Omitted)................................. $291 $53 $1
<FN>
- --------------
(1) From September 5, 1995 (commencement of initial offering) to October 31, 1995.
(2) Based on average shares outstanding.
(3) Exclusive of sales load.
(4) Not annualized.
(5) 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 International Growth Fund, Inc.
- ------------------------------------------------------------------------------
Financial Highlights (continued)
Contained below is per share operating performance data for a share of Common
Stock 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
------------------------------
Year Ended October 31,
------------------------------
PER SHARE DATA: 1997 1996 1995(1)
------ ------ ------
<S> <C> <C> <C>
Net asset value, beginning of period...................................... $16.59 $16.11 $16.04
------ ------ ------
Investment Operations:
Investment income--net..................................................... .17 .26 .01
Net realized and unrealized gain (loss) on investments.................... 2.10 1.35 .06
------ ------ ------
Total from Investment Operations.......................................... 2.27 1.61 .07
------ ------ ------
Distributions:
Dividends from investment income--net..................................... (.22) (.29) --
Dividends from net realized gain on investments........................... (2.21) (.84) --
------ ------ ------
Total Distributions....................................................... (2.43) (1.13) --
------ ------ ------
Net asset value, end of period............................................ $16.43 $16.59 $16.11
====== ====== ======
TOTAL INVESTMENT RETURN(2)................................................... 15.21% 10.45% .44%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of operating expenses to average net assets......................... 1.09% .87% .18%(3)
Ratio of interest expense to average net assets........................... .01% -- --
Ratio of net investment income to average net assets..................... .21% .94% .08%(3)
Portfolio Turnover Rate................................................... 161.62% 176.17% 229.90%
Average commission rate paid (4).......................................... $.0261 $.0269 --
Net Assets, end of period (000's Omitted)................................. $80 $4 $1
<FN>
- ---------------
(1) From September 5, 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 International Growth Fund, Inc.
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
NOTE 1--Significant Accounting Policies:
Dreyfus Premier International Growth Fund, Inc. (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 to maximize
capital growth. The Dreyfus Corporation ("Manager") serves as the Fund's
investment adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
The Fund's Director's approved, effective August 1, 1997, a change of the
Fund's name from "Dreyfus Premier Global Investing, Inc." to "Dreyfus Premier
International Growth Fund, Inc."
The Fund's Director's approved, effective March 3, 1997, a change of the
Fund's name from "Premier Global Investing, Inc." to "Dreyfus Premier Global
Investing, Inc."
The Fund's Directors approved, effective August 1, 1997, a change of the
Fund's investment policy to invest substantially all of its assets in the
securities of foreign issuers, except when maintaining a temporary defensive
position. Formerly, the Fund invested approximately 20% to 30% of its assets in
the securities of domestic issuers.
Premier Mutual Fund Services, Inc. (the "Distributor") is the distributor of
the Fund's shares. The Fund is authorized to issue 300 million shares of $.001
par value Common Stock in each of the following class of shares: Class A, Class
B, Class C and Class R shares. 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 Directors. 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 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.
<PAGE>
Dreyfus Premier International Growth Fund, Inc.
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
(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.
During the year ended October 31, 1997, the Fund increased accumulated
undistributed net investment income $1,091,061 and decreased accumulated net
realized gain on investments and paid-in-surplus $1,011,150 and $79,911,
respectively. This reclassification was the result of permanent book to tax
differences, primarily from foreign currency transactions and passive foreign
investment companies. The results of operations and net assets were not affected
by the reclassification.
(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. This may result in distributions that
are in excess of investment income-net and net realized gain on a fiscal year
basis. 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:
In accordance with an agreement with a bank, the Fund may borrow up to $10
million under a short-term unsecured line. Interest on borrowings is charged at
rates which are related to Federal Funds rates in effect from time to time. At
October 31, 1997, there were no outstanding borrowings.
The average daily amount of borrowings outstanding during the period ended
October 31, 1997 was approximately $79,700 with a related weighted average
annualized interest rate of 6.81%. The maximum amount borrowed at any time
during the period ended October 31, 1997 was $6,200,000.
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 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. During the period ended October 31, 1997, the
Fund was charged $536,675 and $1,534 for Class B and Class C shares,
respectively, pursuant to the Distribution 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
<PAGE>
Dreyfus Premier International Growth Fund, Inc.
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
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,
1997, the Fund was charged $165,653, $178,892 and $511 for 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. During the period
ended October 31, 1997, the Fund was charged $84,211 pursuant to the transfer
agency agreement.
(d) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $1,000 and an attendance fee of $250 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation and the Director Emeritus receives 50% of such compensation.
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, 1997, amounted to $213,477,363 and $246,155,141,
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, or to gain exposure to the foreign currency in an attempt to
realize gains. 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. At October 31, 1997, there were no open forward currency exchange
contracts.
(b) At October 31, 1997, accumulated net unrealized appreciation on
investments was $1,771,818, consisting of $9,404,596 gross unrealized
appreciation and $7,632,778 gross unrealized depreciation.
At October 31, 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 International Growth Fund, Inc.
- ------------------------------------------------------------------------------
Report of Ernst & Young LLP, Independent Auditors
Shareholders and Board of Directors
Dreyfus Premier International Growth Fund, Inc.
We have audited the accompanying statement of assets and liabilities of
Dreyfus Premier International Growth Fund, Inc., including the statement of
investments, as of October 31, 1997, 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 years
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 and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. 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, 1997 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 Growth Fund, Inc. at October 31, 1997, 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 years, in conformity with generally accepted accounting
principles.
Ernst & Young LLP
New York, New York
December 18, 1997
<PAGE>
Dreyfus Premier International Growth Fund, Inc.
- ------------------------------------------------------------------------------
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, 1997:
--the total amount of taxes paid to foreign countries was $197,406.
--the total amount of income sourced from foreign countries was $197,406.
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 1997 calendar year with Form 1099-DIV which will be mailed by January
31, 1998.
For Federal tax purposes the Fund hereby designates $.795 per share as a
long-term capital gain distribution paid on December 20, 1996.
The Fund also designates 4.38% of the ordinary dividends paid during the
fiscal year ended October 31, 1997 as qualifying for the corporate dividends
received deduction. Shareholders will receive notification in January 1998 of
the percentage applicable to the preparation of their 1997 income tax return.
<PAGE>
Dreyfus Premier International
Growth Fund, Inc.
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
90 Washington Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 092/633AR9710
