File No.33-44254
811-6490
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]
Pre-Effective Amendment No. [__]
Post-Effective Amendment No. 22 [X]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]
Amendment No. 22 [__]
(Check appropriate box or boxes.)
DREYFUS PREMIER INTERNATIONAL FUNDS, INC.
(Exact Name of Registrant as Specified in Charter)
c/o The Dreyfus Corporation
200 Park Avenue, New York, New York 10166
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, including Area Code: (212) 922-6000
Mark N. Jacobs, Esq.
200 Park Avenue
New York, New York 10166
(Name and Address of Agent for Service)
It is proposed that this filing will become effective (check appropriate
box)
immediately upon filing pursuant to paragraph (b)
----
on (date) pursuant to paragraph (b)
----
60 days after filing pursuant to paragraph (a)(1)
----
X on September 30, 1999 pursuant to paragraph (a)(1)
----
75 days after filing pursuant to paragraph (a)(2)
----
on (date) pursuant to paragraph (a)(2) of Rule 485
----
If appropriate, check the following box:
this post-effective amendment designates a new effective date for
a previously filed post-effective amendment.
----
Dreyfus Premier
European Equity
Fund
Investing in European companies for
long-term capital growth
Prospectus September 30, 1999
As with all mutual funds, the Securities and Exchange Commission has not
approved or disapproved these securities or passed upon the adequacy of this
prospectus. Any representation to the contrary is a criminal offense.
The Fund
Dreyfus Premier European Equity Fund
Ticker Symbols: not yet available
Contents
The Fund
Goal/Approach Inside cover
Main Risks 1
Past Performance 1
Expenses 2
Management 3
Financial Highlights 4
Your Investment
Account Policies 6
Distributions and Taxes 9
Services for Fund Investors 9
Instructions for Regular Accounts 11
Instructions for IRAs 12
For More Information
Information on the fund's recent strategies and holdings can be found in the
current annual/semiannual report. See back cover.
Goal/Approach
The fund seeks long-term capital growth. To achieve this goal, the fund
invests primarily in the stocks of large-capitalization European companies.
Generally, approximately 80% of the fund's investments are selected from the
universe of the 300 largest European companies. The fund may invest up to 10%
of its total assets in the stocks of non-European companies. The fund's stock
investments may include common stocks, preferred stocks and convertible
securities.
In choosing stocks, the fund establishes a global framework within which to
select investments. This involves identifying and forecasting: key trends in
global economic variables, such as gross domestic product, inflation and
interest rates; investment themes, such as the impact of new technologies and
the globalization of industries and brands; relative values of equity
securities, bonds and cash; and long-term trends in currency movements.
Within markets and sectors determined to be relatively attractive, the fund
seeks what it believes to be attractively priced companies that possess a
sustainable competitive advantage in their market or sector. The fund
generally will sell securities when themes or strategies change or when the
fund determines that the company's prospects have changed or if the fund
believes that the company's stock is fully valued by the market.
Concepts to understand
European company: a company organized under the laws of a European country or
for which the principal securities trading market is in Europe; or a company,
wherever organized, with a majority of its assets or business in Europe.
Preferred stock: stock that pays dividends at a specified rate and has
preference over common stock in the payment of dividends and the liquidation
of assets. Preferred stock ordinarily does not carry voting rights.
Convertible securities: corporate securities, usually preferred stock or
bonds, that are exchangeable for a set amount of another form of security,
usually common stock, at a prestated price.
[Page]
Main Risks
While stocks have historically been a choice of long-term investors, they do
fluctuate in price. The value of your investment in the fund will go up and
down, which means that you could lose money.
The fund's performance will be influenced by political, social and economic
factors affecting companies in European countries and throughout the world.
These risks include changes in currency exchange rates, a lack of adequate
company information, political instability, less liquidity and differing
auditing and legal standards.
The fund expects to invest primarily in the stocks of companies located in
developed European countries. However, the fund may invest in the stocks of
companies located in certain European countries which are considered to be
emerging markets. These countries generally have economic structures that are
less diverse and mature, and political systems that are less stable, than
those of developed countries. Emerging markets may be more volatile than the
markets of more mature economies, and the securities of emerging markets
issuers often are subject to rapid and large changes in price; however, these
markets may provide higher rates of return to investors.
Under adverse market conditions, the fund could invest some or all of its
assets in money market securities. Although the fund would do this only in
seeking to avoid losses, it could reduce the benefit from any upswing in the
market.
Other potential risks
The fund may, at times, invest in derivative securities, such
as options and futures, and in foreign currencies. It may also sell short,
which involves selling a security it does not own in anticipation of a
decline in the market price of the security. When employed, these practices
may be used to hedge the fund's portfolio but also may be used to increase
returns; however, such practices sometimes may reduce returns or increase
volatility. In addition, derivatives can be illiquid and highly sensitive to
changes in their underlying instrument.
A small investment in certain derivatives could have a potentially large
impact on the fund's performance.
Past Performance
Since the fund has less than one calendar year of performance, past performance
information is not included. For performance as of the end of the fiscal year,
please refer to the Statement of Additional Information (SAI).
What this fund is - and isn't
This fund is a mutual fund: a pooled investment that is professionally
managed and gives you the opportunity to participate in financial markets. It
strives to reach its stated goal, although as with all mutual funds, it
cannot offer guaranteed results.
An investment in this fund is not a bank deposit. It is not insured or
guaranteed by the FDIC or any other government agency. It is not a
complete investment program. You could lose money in this fund, but you also
have the potential to make money.
The Fund 1
[Page 1]
Expenses
As an investor, you pay certain fees and expenses in
connection with the fund, which are described in the table below.
Fee table
<TABLE>
Class A Class B Class C Class R Class T
<S> <C> <C> <C> <C> <C>
Shareholder transaction fees (fees paid from your account)
Maximum front-end sales charge on purchases
as a % of offering price 5.75 none none none 4.50
Maximum contingent deferred sales charge (CDSC)
as a % of purchase or sale price, whichever is less none* 4.00 1.00 none none*
Annual fund operating expenses (expenses paid from fund assets)
% of average daily net assets
Management fees 0.90 0.90 0.90 0.90 0.90
Rule 12b-1 fees none 0.75 0.75 none 0.25
Shareholder services fee 0.25 0.25 0.25 none 0.25
Other expenses 4.73 4.76 4.76 4.73 4.73
Total annual fund operating expenses 5.88 6.66 6.66 5.63 6.13
Fee waiver and/or expense reimbursements (3.63) (3.66) (3.66) (3.63) (3.63)
Net operating expenses** 2.25 3.00 3.00 2.00 2.50
* Shares bought without an initial sales charge as part of an investment
of $1 million or more may be charged a CDSC of 1.00% if
redeemed within one year.
** The Dreyfus Corporation has agreed, until October 31, 1999, to waive
receipt of its fees and/or assume the expenses of the fund so that fund
expenses (excluding taxes, brokerage commissions, extraordinary expenses,
interest expenses, commitment fees on offerings, shareholder services fees
and Rule 12b-1 fees) do not exceed 2.00%.
</TABLE>
Expense example
1 Year 3 Years
Class A $790 $1,919
Class B
with redemption $703 $1,939
without redemption $303 $1,639
Class C
with redemption $403 $1,639
without redemption $303 $1,639
Class R $203 $1,355
Class T $692 $1,878
This example shows what you could pay in expenses over time. It uses the
same hypothetical conditions other funds use in their prospectuses: $10,000
initial investment, 5% total return each year and no changes in expenses.
Because actual return and expenses will be different, the example is for
comparison only. The one-year number is based on net operating expenses. The
longer-term numbers are based on total fund operating expenses.
Concepts to understand
Management fee: the fee paid to Dreyfus for managing the fund's portfolio and
assisting in all aspects of its operation.
Rule 12b-1 fee: the fee paid to the fund's distributor to finance the sale
and distribution of Class B and Class C shares and to compensate it for the
sale and distribution of Class T shares. Because this fee is paid out of the
fund's assets on an ongoing basis, over time it will increase the
cost of your investment and may cost you more than paying other types of
sales charges.
Shareholder services fee: a fee paid to the fund's distributor for
shareholder account service and maintenance.
Other expenses: fees paid by the fund for miscellaneous items such as
transfer agency, custody, professional and registration fees.
2
[Page 2]
Management
The investment adviser for the fund is The Dreyfus Corporation, 200 Park
Avenue, New York, New York 10166. Founded in 1947, Dreyfus manages more than
$120 billion in over 160 mutual fund portfolios. For the past fiscal period,
the fund paid Dreyfus a management fee at the annual rate of 0.90% of the
fund's average daily net assets. Dreyfus is the primary mutual fund business
of Mellon Bank Corporation, a broad-based financial services company with a
bank at its core. With more than $389 billion of assets under management and
$1.9 trillion of assets under administration and custody, Mellon provides a
full range of banking, investment and trust products and services to
individuals, businesses and institutions. Mellon is headquartered in
Pittsburgh, Pennsylvania.
Dreyfus has engaged its affiliate, Newton Capital Management Limited, to act
as sub-investment adviser. Newton, located at 71 Queen Victoria Street,
London, EC4V 4DR, England, was formed in 1977 and, as of August 31, 1998,
together with its parent and its parent's subsidiaries, managed approximately
$20 billion in discretionary separate accounts and other investment
companies.
The Dreyfus asset management philosophy is based on the belief that
discipline and consistency are important to investment success. For each
fund, Dreyfus seeks to establish clear guidelines for portfolio management
and to be systematic in making decisions. This approach is designed to
provide each fund with a distinct, stable identity.
The fund's primary portfolio managers are Joanna Bowen and Keiran Gallagher.
Ms. Bowen joined Newton in 1993 as a European fund manager. In 1997, she was
appointed an associate director of Newton. Mr. Gallagher joined Newton in
1993 and in 1994 was appointed head of European equities and a director of
Newton.
Dreyfus has a personal securities trading policy (the "Policy") which
restricts the personal securities transactions of its employees. Its primary
purpose is to ensure that personal trading by Dreyfus employees does not
disadvantage any Dreyfus-managed fund. Dreyfus portfolio managers and other
investment personnel who comply with the Policy's preclearance and disclosure
procedures may be permitted to purchase, sell or hold certain types of
securities which also may be or are held in the fund(s) they advise.
Concepts to understand
Year 2000 issues: the fund could be adversely affected if the computer
systems used by Dreyfus and the fund's other service providers do not
properly process and calculate date-related information from and after
January 1, 2000.
Dreyfus is working to avoid year 2000-related problems in its systems and
to obtain assurances from other service providers that they are taking
similar steps. In addition, issuers of securities in which the fund invests
may be adversely affected by year 2000-related problems. This could have an
impact on the value of the fund's investments and its share price.
The Fund 3
[Page 3]
Financial Highlights
The following tables describe the performance of Classes A, B, C and R for
the fiscal period indicated. "Total return" shows how much your investment in
the fund would have increased (or decreased) during the period, assuming you
had reinvested all dividends and distributions. Since Class T shares are new,
financial highlights information is not available for that class as of the
date of this prospectus.
<TABLE>
Period Ended
April 30,
Class A 1999 1
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Per-Share Data ($)
Net asset value, beginning of period 12.50
Investment operations: Investment income (loss) - net -
Net realized and unrealized gain (loss)
on investments 1.42
Total from investment operations 1.42
Net asset value, end of period 13.92
Total return (%) 11.36 2,3
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) .88 2
Ratio of net investment income to average net assets (%) 1.41 2
Decrease reflected in above expense ratio due to actions by Dreyfus (%) (.04) 2
Portfolio turnover rate (%) 48.10 2
Net assets, end of period ($ x 1,000) 1,141
1 From December 10, 1998 (commencement of operations) to April 30, 1999.
2 Not annualized.
3 Exclusive of sales load.
</TABLE>
<TABLE>
Period Ended
April 30,
Class B 1999 1
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Per-Share Data ($)
Net asset value, beginning of period 12.50
Investment operations: Investment income (loss) - net (.04)
Net realized and unrealized gain (loss)
on investments 1.42
Total from investment operations 1.38
Net asset value, end of period 13.88
Total return (%) 11.04 2,3
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) 1.17 2
Ratio of net investment income to average net assets (%) 1.42 2
Decrease reflected in above expense ratio due to actions by Dreyfus (%) (.33) 2
Portfolio turnover rate (%) 48.10 2
Net assets, end of period ($ x 1,000) 555
1 From December 10, 1998 (commencement of operations) to April 30, 1999.
2 Not annualized.
3 Exclusive of sales load.
</TABLE>
4
[Page 4]
<TABLE>
Period Ended
April 30,
Class C 1999 1
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Per-Share Data ($)
Net asset value, beginning of period 12.50
Investment operations: Investment income (loss) - net (.04)
Net realized and unrealized gain (loss)
on investments 1.42
Total from investment operations 1.38
Net asset value, end of period 13.88
Total return (%) 11.04 2,3
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) 1.17 2
Ratio of net investment income to average net assets (%) 1.42 2
Decrease reflected in above expense ratio due to actions by Dreyfus (%) (.33) 2
Portfolio turnover rate (%) 48.10 2
Net assets, end of period ($ x 1,000) 556
1 From December 10, 1998 (commencement of operations) to April 30, 1999.
2 Not annualized.
3 Exclusive of sales load.
</TABLE>
<TABLE>
Period Ended
April 30,
Class R 1999 1
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Per-Share Data ($)
Net asset value, beginning of period 12.50
Investment operations: Investment income (loss) - net .01
Net realized and unrealized gain (loss)
on investments 1.42
Total from investment operations 1.41
Net asset value, end of period 13.93
Total return (%) 11.44 2
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) .78 2
Ratio of net investment income to average net assets (%) 1.41 2
Decrease reflected in above expense ratio due to actions by Dreyfus (%) .06 2
Portfolio turnover rate (%) 48.10 2
Net assets, end of period ($ x 1,000) 565
1 From December 10, 1998 (commencement of operations) to April 30, 1999.
2 Not annualized.
</TABLE>
The Fund 5
[Page 5]
Your Investment
Account Policies
The Dreyfus Premier Funds are designed primarily for people who are investing
through a third party, such as a bank, broker-dealer or financial adviser, or in
a 401(k) or other retirement plan. Third parties with whom you open a fund
account may impose policies, limitations and fees which are different from
those described here.
You will need to choose a share class before making your initial investment.
In making your choice, you should weigh the impact of all potential costs
over the length of your investment, including sales charges and annual fees.
For example, in some cases, it can be more economical to pay an initial sales
charge than to choose a class with no initial sales charge but higher annual
fees and a contingent deferred sales charge (CDSC).
* Class A shares may be appropriate for investors who prefer to pay the
fund's sales charge up front rather than upon the sale
of their shares, want to take advantage of the reduced sales charges
available on larger investments and/or have a longer-term investment
horizon
* Class B shares may be appropriate for investors who wish to
avoid a front-end sales charge, put 100% of their investment dollars to
work immediately and/or have a longer-term investment horizon
* Class C shares may be appropriate for investors who wish to avoid a
front-end sales charge, put 100% of their investment dollars to work
immediately and/or have a shorter-term investment horizon
* Class R shares are designed for eligible institutions on behalf of their
clients and for eligible charitable organizations (individuals may not
purchase these shares directly)
* Class T shares may be appropriate for investors who prefer to pay the
fund's sales charge up front rather than upon the sale of their shares,
want to take advantage of the reduced sales charges available on larger
investments and have a shorter-term investment horizon
Your financial representative can help you choose the share class that is
appropriate for you.
Reduced Class A and Class T sales charge
Letter of intent: lets you purchase Class A and Class T shares over a
13-month period and receive the same sales charge as if all shares had been
purchased at once.
Right of accumulation: lets you add the value of any Class A, B, C or T shares
in this fund or any other Dreyfus Premier fund sold with a sales load that you
already own to the amount of your next Class A or Class T investment for
purposes of calculating the sales charge.
Consult the Statement of Additional Information (SAI) or your financial
representative for more details.
6
[Page 6]
Share class charges
Each share class has its own fee structure. In some cases, you may not have
to pay a sales charge to buy or sell shares. Consult your financial
representative or the SAI to see if this may apply to you. Because
Class Ahas lower expenses than Class T, if you invest $1 million or more in
the fund you should consider buying Class A shares.
Sales charges
Class A and Class T - charged when you buy shares
Sales charge Sales charge
deducted as a % as a % of your
Your investment of offering price net investment
- -------------------------------------------------------------------------------
Class Class Class Class
A T A T
- -------------------------------------------------------------------------------
Up to $49,999 5.75% 4.50% 6.10% 4.70%
$50,000 - $99,999 4.50% 4.00% 4.70% 4.20%
$100,000 - $249,999 3.50% 3.00% 3.60% 3.10%
$250,000 - $499,999 2.50% 2.00% 2.60% 2.00%
$500,000 - $999,999 2.00% 1.50% 2.00% 1.50%
$1 million or more* 0.00% 0.00% 0.00% 0.00%
* A 1.00% CDSC may be charged on any shares sold within one year of purchase
(except shares bought through dividend reinvestment).
Class T shares also carry an annual Rule 12b-1 fee of 0.25% of the class's
average daily net assets.
Class B - charged when you sell shares
CDSC as a % of your initial
Time since you bought investment or your redemption
the shares you are selling (whichever is less)
Up to 2 years 4.00%
2 - 4 years 3.00%
4 - 5 years 2.00%
5 - 6 years 1.00%
More than 6 years Shares will automatically
convert to Class A
Class B shares also carry an annual Rule 12b-1 fee of 0.75%
of the class's average daily net assets.
Class C - charged when you sell shares
A 1.00% CDSC is imposed on redemptions made within the first year of
purchase. Class C shares also carry an annual Rule 12b-1 fee of 0.75% of the
class's average daily net assets.
Class R - no sales load or Rule 12b-1 fees
Buying shares
The net asset value (NAV) of each class is generally calculated as of the
close of trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m.
Eastern time) every day the exchange is open. Your order will be priced at the
next NAV calculated after your order is accepted by the fund's transfer agent
or other authorized entity. The fund's investments are valued based on market
value or, where market quotations are not readily available, based on fair
value as determined in good faith by the fund's board.
Orders to buy and sell shares received by dealers by the close of trading on
the NYSE and transmitted to the distributor or its designee by the close of
its business day (normally 5:15 p.m. Eastern time) will be based on the NAV
determined as of the close of trading on the NYSE that day.
Minimum investments
Initial Additional
- -------------------------------------------------------------------
Regular accounts $1,000 $100; $500 for
TeleTransfer investments
Traditional IRAs $750 no minimum
Spousal IRAs $750 no minimum
Roth IRAs $750 no minimum
Education IRAs $500 no minimum
after the first year
Dreyfus automatic $100 $100
investment plans
All investments must be in U.S. dollars. Third-party checks cannot be
accepted. You may be charged a fee for any check that does not clear. Maximum
TeleTransfer purchase is $150,000 per day.
Concepts to understand
Net asset value (NAV): the market value of one share, computed by dividing
the total net assets of a fund or class by its shares outstanding. The fund's
Class Aand Class T shares are offered to the public at NAV plus a sales
charge. Classes B, C and R are offered at NAV, but Classes B and C generally
are subject to higher annual operating expenses and a CDSC.
Your Investment 7
[Page 7]
Account Policies (continued)
Selling shares
You may sell (redeem) shares at any time through your financial
representative, or you can contact the fund directly. Your shares will be
sold at the next NAV calculated after your order is accepted by the fund's
transfer agent or other authorized entity. Any certificates representing fund
shares being sold must be returned with your redemption request. Your order
will be processed promptly and you will generally receive the proceeds within
a week.
To keep your CDSC as low as possible, each time you request to sell shares we
will first sell shares that are not subject to a CDSC, and then those subject
to the lowest charge. The CDSC is based on the lesser of the original
purchase cost or the current market value of the shares being sold, and is
not charged on shares you acquired by reinvesting your dividends. There are
certain instances when you may qualify to have the CDSC waived. Consult the
SAI for details.
Before selling recently purchased shares, please note that if the fund has
not yet collected payment for the shares you are selling, it may delay
sending the proceeds for up to eight business days or until it has collected
payment.
Written sell orders
Some circumstances require written sell orders along with signature
guarantees. These include:
* amounts of $1,000 or more on accounts whose address
has been changed within the last 30 days
* requests to send the proceeds to a different payee or address
Written sell orders of $100,000 or more must also be
signature guaranteed.
A signature guarantee helps protect against fraud. You can obtain one from
most banks or securities dealers, but not from a notary public. For joint
accounts, each signature must be guaranteed. Please call us to ensure that
your signature guarantee will be processed correctly.
General policies
Unless you decline telephone privileges on your application, you may be
responsible for any fraudulent telephone order as long as Dreyfus takes
reasonable measures to verify the order.
The fund reserves the right to:
* refuse any purchase or exchange request that could adversely affect the
fund or its operations, including those from any
individual or group who, in the fund's view, is likely to engage
in excessive trading (usually defined as more
than four exchanges out of the fund within a calendar year)
* refuse any purchase or exchange request in excess of 1% of the fund's
total assets
* change or discontinue its exchange privilege, or temporarily suspend
this privilege during unusual market conditions
* change its minimum investment amounts
* delay sending out redemption proceeds for up to seven days (generally
applies only in cases of very large redemptions,
excessive trading or during unusual market conditions)
The fund also reserves the right to make a "redemption in kind" - payment in
portfolio securities rather than cash - if the amount you are redeeming is
large enough to affect fund operations
(for example, if it represents more than 1% of the fund's assets).
Small account policies
To offset the relatively higher costs of servicing smaller accounts, the fund
charges regular accounts with balances below $2,000 an annual fee of $12. The
fee will be imposed during the fourth quarter of each calendar year.
The fee will be waived for: any investor whose aggregate Dreyfus mutual fund
investments total at least $25,000; IRA accounts; accounts participating
in automatic investment programs; accounts opened through a financial
institution.
If your account falls below $500, the fund may ask you to increase your
balance. If it is still below $500 after 45 days, the fund may close your
account and send you the proceeds.
8
[Page 8]
Distributions and Taxes
The fund generally pays its shareholders dividends from its net investment
income, and distributes any net capital gains it has realized once a year. Each
share class will generate a different dividend because each has different
expenses. Your distributions will be reinvested in the fund unless you instruct
the fund otherwise. There are no fees or sales charges on reinvestments.
Fund dividends and distributions are taxable to most investors (unless your
investment is in an IRA or other tax-advantaged account). The tax status of
any distribution is the same regardless of how long you have been in the fund
and whether you reinvest your distributions or take them in cash. In general,
distributions are federally taxable as follows:
Taxability of distributions
Type of Tax rate for Tax rate for
distribution 15% bracket 28% bracket or above
- ---------------------------------------------------------------------------
Income Ordinary Ordinary
dividends income rate income rate
Short-term Ordinary Ordinary
capital gains income rate income rate
Long-term
capital gains 10% 20%
Because everyone's tax situation is unique, always consult your tax
professional about federal, state and local tax consequences.
Services for fund Investors
The third party through whom you purchased fund shares may impose different
restrictions on these services and privileges offered by the fund, or may not
make them available at all. Consult your financial representative for more
information on the availability of these services and privileges.
Automatic services
Buying or selling shares automatically is easy with the services described
below. With each service, you select a schedule and amount, subject to
certain restrictions. You can set up most of these services with your
application, or by calling your financial representative or 1-800-554-4611.
For investing
Dreyfus Automatic For making automatic investments
Asset Builder
Registration Mark from a designated bank account.
Dreyfus Government For making automatic investments
Direct Deposit from your federal employment,
Privilege Social Security or other regular
federal government check.
Dreyfus Dividend For automatically reinvesting the
Sweep dividends and distributions from
one Dreyfus fund into another
(not available for IRAs).
For exchanging shares
Dreyfus Auto- For making regular exchanges
Exchange Privilege from one Dreyfus fund into
another.
For selling shares
Dreyfus Automatic For making regular withdrawals
Withdrawal Plan from most Dreyfus funds. There will
be no CDSC on Class B shares, as long as the
amounts withdrawn
do not exceed 12% annually of the account
value at the time the
shareholder elects to participate
in the plan.
Taxes on transactions
Except for tax-advantaged accounts, any sale or exchange of fund shares may
generate a tax liability. Of course, withdrawals or distributions from
tax-deferred accounts are taxable when received.
The table above also can provide a guide for potential tax liability when
selling or exchanging fund shares. "Short-term capital gains" applies to fund
shares sold or exchanged up to 12 months after buying them. "Long-term capital
gains" applies to shares sold or exchanged after 12 months.
9
[Page 9]
SERVICES FOR FUND INVESTORS (continued)
Exchange privilege
You can exchange shares worth $500 or more (no minimum for retirement
accounts) from one class of the fund into the same class of another Dreyfus
Premier fund. You can request your exchange by contacting your financial
representative. Be sure to read the current prospectus for any fund into
which you are exchanging before investing. Any new account established
through an exchange will generally have the same privileges as your original
account (as long as they are available). There is currently no fee for
exchanges, although you may be charged a sales load when exchanging into any
fund that has a higher one.
TeleTransfer privilege
To move money between your bank account and your Dreyfus fund account with a
phone call, use the TeleTransfer privilege. You can set up TeleTransfer on
your account by providing bank account information and following the
instructions on your application, or contact your financial representative.
Reinvestment privilege
Upon written request, you can reinvest up to the number of Class A, B or T
shares you redeemed within 45 days of selling them at the current share price
without any sales charge. If you paid a CDSC, it will be credited back to
your account. This privilege may be used only once.
Account statements
Every fund investor automatically receives regular account statements. You'll
also be sent a yearly statement detailing the tax characteristics of any
dividends and distributions you have received.
10
[Page 10]
Instructions for regular accounts
TO OPEN AN ACCOUNT
In Writing
Complete the application.
Mail your application and a check to:
Name of Fund
P.O. Box 6587, Providence, RI 02940-6587
Attn: Institutional Processing
By Telephone
Wire Have your bank send your
investment to The Bank of New York,
with these instructions:
* ABA# 021000018
* DDA# 8900375280
* the fund name
* the share class
* your Social Security or tax ID number
* name(s) of investor(s)
* dealer number if applicable
Call us to obtain an account number. Return your application with the
account number on the application.
Automatically
With an initial investment Indicate
on your application which automatic
service(s) you want. Return your
application with your investment.
TO ADD TO AN ACCOUNT
Fill out an investment slip, and write your account number on your check.
Mail the slip and the check to:
Name of Fund
P.O. Box 6587, Providence, RI 02940-6587
Attn: Institutional Processing
Wire Have your bank send your
investment to The Bank of New York,
with these instructions:
* ABA# 021000018
* DDA# 8900375280
* the fund name
* the share class
* your account number
* name(s) of investor(s)
* dealer number if applicable
Electronic check Same as wire, but
insert "1111" before your account number.
TeleTransfer Request TeleTransfer on your application. Call us to request
your transaction.
All services Call us or your financial
representative to request a form to add any automatic investing service (see
"Services for Fund Investors"). Complete and return the form along with any
other required materials.
TO SELL SHARES
Write a letter of instruction that includes:
* your name(s) and signature(s)
* your account number
* the fund name
* the dollar amount you want to sell
* how and where to send the proceeds
Obtain a signature guarantee or other
documentation, if required (see page 8).
Mail your request to:
The Dreyfus Family of Funds
P.O. Box 6587, Providence, RI 02940-6587
Attn: Institutional Processing
Wire Call us or your financial representative
to request your transaction. Be sure the fund has your bank account
information on file. Proceeds will be wired to your bank.
TeleTransfer Call us or your financial
representative to request your transaction.
Be sure the fund has your bank account
information on file. Proceeds will be sent to your bank by electronic check.
Check Call us or your financial representative to request your transaction.
A check will be sent to the address of record.
Automatic Withdrawal Plan Call us or your financial representative to
request a form to add the plan. Complete the form, specifying
the amount and frequency of withdrawals
you would like.
Be sure to maintain an account balance of $5,000 or more.
To open an account, make subsequent investments or to sell shares, please
contact your financial representative
or call toll free in the U.S. 1-800-554-4611.
Make checks payable to: The Dreyfus Family of Funds.
Concepts to understand
Wire transfer: for transferring money from one financial institution to
another. Wiring is the fastest way to move money, although your bank may
charge a fee to send or receive wire transfers. Wire redemptions from the
fund are subject to a $1,000 minimum.
Electronic check: for transferring money out of a bank account. Your
transaction is entered electronically, but may take up to eight business days
to clear. Electronic checks usually are available without a fee at all
Automated Clearing House (ACH) banks.
Your Investment 11
[Page 11]
Instructions for IRAs
TO OPEN AN ACCOUNT
In Writing
Complete an IRA application, making sure to specify the fund name and to
indicate the year the contribution is for.
Mail your application and a check to:
The Dreyfus Trust Company, Custodian
P.O. Box 6427, Providence, RI 02940-6427
Attn: Institutional Processing
By Telephone
Automatically
TO ADD TO AN ACCOUNT
Fill out an investment slip, and write your account number on your check.
Indicate the year the contribution is for.
Mail in the slip and the check to:
The Dreyfus Trust Company, Custodian
P.O. Box 6427, Providence, RI 02940-6427
Attn: Institutional Processing
Wire Have your bank send your
investment to The Bank of New York,
with these instructions:
* ABA# 021000018
* DDA# 8900375280
* the fund name
* the share class
* your account number
* name of investor
* the contribution year
* dealer number if applicable
Electronic check Same as wire, but
insert "1111" before your account number.
All services Call us or your financial representative to request a form to
add any automatic investing service (see "Services for Fund Investors").
Complete and return the form along with any other required materials. All
contributions will count as current year.
TO SELL SHARES
Write a letter of instruction that includes:
* your name and signature
* your account number and fund name
* the dollar amount you want to sell
* how and where to send the proceeds
* whether the distribution is qualified or premature
* whether the 10% TEFRA should be withheld
Obtain a signature guarantee or other
documentation, if required (see page 8).
Mail in your request to:
The Dreyfus Trust Company
P.O. Box 6427, Providence, RI 02940-6427
Attn: Institutional Processing
Systematic Withdrawal Plan Call us to request instructions to establish the
plan.
For information and assistance, contact your financial representative or call
toll free in the U.S. 1-800-554-4611. Make checks payable to: The Dreyfus
Trust Company, Custodian.
12
[Page 12]
[Application page 1]
[Application page 2]
NOTES
[Page]
NOTES
[Page]
NOTES
For More Information
Dreyfus Premier European Equity Fund
A Series of Dreyfus Premier International Funds, Inc.
SEC file number: 811-6490
More information on this fund is available free upon request, including the
following:
Semiannual Report
Describes the fund's performance, lists portfolio holdings and contains a
letter from the fund's
manager discussing recent market conditions,
economic trends and fund strategies that significantly affected the fund's
performance during the last fiscal period.
Statement of Additional Information (SAI)
Provides more details about the fund and its policies. A current SAI is on
file with the Securities and Exchange Commission (SEC) and is incorporated by
reference (is legally considered part of this prospectus).
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
On the Internet Text-only versions of fund documents can be viewed online or
downloaded from:
http://www.sec.gov
You can also obtain copies by visiting the SEC's Public Reference Room in
Washington, DC (phone 1-800-SEC-0330) or by sending your request and a
duplicating fee to the SEC's Public Reference Section, Washington, DC
20549-6009.
Copy Rights 1999 Dreyfus Service Corporation 223P0999
DREYFUS PREMIER INTERNATIONAL FUNDS, INC.
DREYFUS PREMIER EUROPEAN EQUITY FUND
DREYFUS PREMIER GLOBAL ALLOCATION FUND
DREYFUS PREMIER GREATER CHINA FUND
DREYFUS PREMIER INTERNATIONAL GROWTH FUND
CLASS A, CLASS B, CLASS C, CLASS R AND CLASS T SHARES
STATEMENT OF ADDITIONAL INFORMATION
SEPTEMBER 30,1999
This Statement of Additional Information, which is not a prospectus,
supplements and should be read in conjunction with the current Prospectus of
Dreyfus Premier International Growth Fund, Dreyfus Premier Greater China
Fund, Dreyfus Premier Global Allocation Fund and Dreyfus Premier European
Equity Fund, dated March 1, 1999 (each, a "Fund" and collectively, the
"Funds") of Dreyfus Premier International Funds, Inc. (the "Company"), as
each may be revised from time to time. To obtain a copy of the relevant
Fund's Prospectus, please write to the Fund at 144 Glenn Curtiss Boulevard,
Uniondale, New York 11556-0144.
The most recent Annual Report and Semi-Annual Report to Shareholders
for Dreyfus Premier International Growth Fund, Dreyfus Premier Global
Allocation Fund and Dreyfus Premier Greater China Fund are separate
documents supplied with this Statement of Additional Information, and the
financial statements, accompanying notes and report of independent auditors
appearing in the Annual Report are incorporated by reference into this
Statement of Additional Information. The Dreyfus Premier European Equity
Fund has not completed its first fiscal year.
TABLE OF CONTENTS
Page
Description of the Company And Funds B-2
Management of the Company B-20
Management Arrangements B-29
How to Buy Shares B-34
Distribution Plan and Shareholder Services Plan B-42
How to Redeem Shares B-45
Shareholder Services B-49
Determination of Net Asset Value B-54
Dividends, Distributions and Taxes B-55
Portfolio Transactions B-58
Performance Information B-59
Information About the Company and the Funds B-62
Counsel and Independent Auditors B-63
Appendix B-64
DESCRIPTION OF THE COMPANY AND FUNDS
The Company is a Maryland corporation formed on November 21, 1991.
Each Fund is a separate portfolio of the Company, an open-end management
investment company, known as a mutual fund. Each of Dreyfus Premier Global
Allocation Fund and Dreyfus Premier European Equity Fund are diversified
funds, which means that, with respect to 75% of the Fund's total assets, the
Fund will not invest more than 5% of its assets in the securities of any
single issuer. Each of Dreyfus Premier Greater China Fund and Dreyfus
Premier International Growth Fund is a non-diversified fund, which means
that the proportion of the Fund's assets that may be invested in the
securities of a single issuer is not limited by the Investment Company Act
of 1940, as amended (the "1940 Act").
The Dreyfus Corporation (the "Manager") serves as each Fund's
investment adviser. The Manager has engaged Hamon U.S. Investment Advisors
Limited ("Hamon") to serve as Dreyfus Premier Greater China Fund's sub-
investment adviser and has engaged Newton Capital Management Limited
("Newton") to serve as Dreyfus Premier European Equity Fund's sub-investment
adviser. Hamon and Newton provide day-to-day management of the respective
Fund's investments, subject to the supervision of the Manager.
Premier Mutual Fund Services, Inc. (the "Distributor") is the
distributor of each Fund's shares.
Certain Portfolio Securities
The following information supplements and should be read in conjunction
with each Fund's Prospectus, except as noted.
Depositary Receipts. (All Funds) A Fund may invest in the securities
of foreign issuers in the form of American Depositary Receipts and American
Depositary Shares (collectively, "ADRs") and Global Depositary Receipts and
Global Depositary Shares (collectively, "GDRs") and other forms of
depositary receipts. These securities may not necessarily be denominated in
the same currency as the securities into which they may be converted. ADRs
are receipts typically issued by a United States bank or trust company which
evidence ownership of underlying securities issued by a foreign corporation.
GDRs are receipts issued outside the United States typically by non-United
States banks and trust companies that evidence ownership of either foreign
or domestic securities. Generally, ADRs in registered form are designed for
use in the United States securities markets and GDRs in bearer form are
designed for use outside the United States.
These securities may be purchased through "sponsored" or "unsponsored"
facilities. A sponsored facility is established jointly by the issuer of
the underlying security and a depositary, whereas a depositary may establish
an unsponsored facility without participation by the issuer of the deposited
security. Holders of unsponsored depositary receipts generally bear all the
costs of such facilities and the depositary of an unsponsored facility
frequently is under no obligation to distribute shareholder communications
received from the issuer of the deposited security or to pass through voting
rights to the holders of such receipts in respect of the deposited
securities.
Foreign Government Obligations; Securities of Supranational Entities.
(All Funds) A Fund may invest in obligations issued or guaranteed by one or
more foreign governments or any of their political subdivisions, agencies or
instrumentalities that are determined by the Manager (or, if applicable, the
Fund's sub-investment adviser) to be of comparable quality to the other
obligations in which the Fund may invest. Such securities also include debt
obligations of supranational entities. Supranational entities include
international organizations designated or supported by governmental entities
to promote economic reconstruction or development and international banking
institutions and related government agencies. Examples include the
International Bank for Reconstruction and Development (the World Bank), the
European Coal and Steel Community, the Asian Development Bank and the
InterAmerican Development Bank.
Convertible Securities. (All Funds) Convertible securities are fixed-
income securities that may be converted at either a stated price or stated
rate into underlying shares of common stock. Convertible securities have
characteristics similar to both fixed-income and equity securities.
Convertible securities generally are subordinated to other similar but non-
convertible securities of the same issuer, although convertible bonds, as
corporate debt obligations, enjoy seniority in right of payment to all
equity securities, and convertible preferred stock is senior to common
stock, of the same issuer. Because of the subordination feature, however,
convertible securities typically have lower ratings than similar non-
convertible securities.
Although to a lesser extent than with fixed-income securities
generally, the market value of convertible securities tends to decline as
interest rates rise and, conversely, tends to increase as interest rates
decline. In addition, because of the conversion feature, the market value
of convertible securities tends to vary with fluctuations in the market
value of the underlying common stock. A unique feature of convertible
securities is that as the market price of the underlying common stock
declines, convertible securities tend to trade increasingly on a yield
basis, and so may not experience market value declines to the same extent as
the underlying common stock. When the market price of the underlying common
stock increases, the prices of the convertible securities tend to rise as a
reflection of the value of the underlying common stock. While no securities
investments are without risk, investments in convertible securities
generally entail less risk than investments in common stock of the same
issuer.
Convertible securities are investments that provide for a stable stream
of income with generally higher yields than common stocks. There can be no
assurance of current income because the issuers of the convertible
securities may default on their obligations. A convertible security, in
addition to providing fixed income, offers the potential for capital
appreciation through the conversion feature, which enables the holder to
benefit from increases in the market price of the underlying common stock.
There can be no assurance of capital appreciation, however, because
securities prices fluctuate. Convertible securities, however, generally
offer lower interest or dividend yields than non-convertible securities of
similar quality because of the potential for capital appreciation.
Warrants. (All Funds) A warrant is an instrument issued by a
corporation which gives the holder the right to subscribe to a specified
amount of the corporation's capital stock at a set price for a specified
period of time. Each Fund may invest up to 5% (2% with respect to Dreyfus
Premier International Growth Fund) of its net assets in warrants, except
that this limitation does not apply to warrants purchased by the Fund that
are sold in units with, or attached to, other securities.
Illiquid Securities. (All Funds) A Fund may invest up to 15% of the
value of its net assets in securities as to which a liquid trading market
does not exist, provided such investments are consistent with the Fund's
investment objective. These securities may include securities that are not
readily marketable, such as certain securities that are subject to legal or
contractual restrictions on resale, repurchase agreements providing for
settlement in more than seven days after notice, and certain privately
negotiated, non-exchange traded options and securities used to cover such
options. As to these securities, the Fund is subject to a risk that should
the Fund desire to sell them when a ready buyer is not available at a price
the Fund deems representative of their value, the value of the Fund's net
assets could be adversely affected.
Investment Companies. (All Funds) A Fund may invest in securities
issued by investment companies. Under the 1940 Act, the Fund's investment
in such securities, subject to certain exceptions, currently is limited to
(i) 3% of the total voting stock of any one investment company, (ii) 5% of
the Fund's total assets with respect to any one investment company and (iii)
10% of the Fund's total assets in the aggregate. Investments in the
securities of other investment companies may involve duplication of advisory
fees and certain other expenses.
Money Market Instruments. (All Funds) When the Manager (or, if
applicable, the Fund's sub-investment adviser) determines that adverse
market conditions exist, a Fund may adopt a temporary defensive position and
invest some or all of its assets in money market instruments, including U.S.
Government securities, repurchase agreements, bank obligations and
commercial paper.
Mortgage-Related Securities. (Dreyfus Premier International Growth
Fund only) Mortgage-related securities are a form of derivative security
collateralized by pools of mortgages. The mortgage-related securities which
may be purchased include those with fixed, floating or variable interest
rates, those with interest rates that change based on multiples of changes
in interest rates and those with interest rates that change inversely to
changes in interest rates, as well as stripped mortgage-backed securities.
Stripped mortgage-backed securities usually are structured with two classes
that receive different proportions of interest and principal distributions
on a pool of mortgage-backed securities or whole loans. A common type of
stripped mortgage-backed security will have one class receiving some of the
interest and most of the principal from the mortgage collateral, while the
other class will receive most of the interest and the remainder of the
principal. Although certain mortgage-related securities are guaranteed by a
third party or otherwise similarly secured, the market value of the
security, which may fluctuate, is not so secured. If a mortgage-related
security is purchased at a premium, all or part of the premium may be lost
if there is a decline in the market value of the security, whether resulting
from changes in interest rates or prepayments in the underlying mortgage
collateral.
As with other interest-bearing securities, the prices of certain of
these securities are inversely affected by changes in interest rates.
However, although the value of a mortgage-related security may decline when
interest rates rise, the converse is not necessarily true, since in periods
of declining interest rates the mortgages underlying the security are more
likely to be prepaid. For this and other reasons, a mortgage-related
security's stated maturity may be shortened by unscheduled prepayments on
the underlying mortgages and, therefore, it is not possible to predict
accurately the security's return to the Fund. Moreover, with respect to
stripped mortgage-backed securities, if the underlying mortgage securities
experience greater than anticipated prepayments of principal, the Fund may
fail to fully recoup its initial investment in these securities even if the
securities are rated in the highest rating category by a nationally
recognized statistical rating organization.
During periods of rapidly rising interest rates, prepayments of
mortgage-related securities may occur at slower than expected rates. Slower
prepayments effectively may lengthen a mortgage-related security's expected
maturity which generally would cause the value of such security to fluctuate
more widely in response to changes in interest rates. Were the prepayments
on the Fund's mortgage-related securities to decrease broadly, the Fund's
effective duration, and thus sensitivity to interest rate fluctuations,
would increase.
The U.S. Government securities that the Fund may purchase include
mortgage-related securities, such as those issued by the Government National
Mortgage Association, the Federal Mortgage Association and the Federal Home
Loan Mortgage Corporation. The Fund also may invest in collateralized
mortgage obligations structured on pools of mortgage pass-through
certificates or mortgage loans. The Fund intends to invest less than 5% of
its assets in mortgage-related securities.
Municipal Obligations. (Dreyfus Premier International Growth Fund
only) Municipal obligations are debt obligations issued by states,
territories and possessions of the United States and the District of
Columbia and their political subdivisions, agencies and instrumentalities,
or multistate agencies or authorities. Municipal obligations generally
include debt obligations issued to obtain funds for various public purposes
as well as certain industrial development bonds issued by or on behalf of
public authorities. Municipal obligations are classified as general
obligation bonds, revenue bonds and notes. General obligation bonds are
secured by the issuer's pledge of its faith, credit and taxing power for the
payment of principal and interest. Revenue bonds are payable from the
revenue derived from a particular facility or class of facilities or, in
some cases, from the proceeds of a special excise or other specific revenue
source, but not from the general taxing power. Industrial development
bonds, in most cases, are revenue bonds and generally do not carry the
pledge of the credit of the issuing municipality, but generally are
guaranteed by the corporate entity on whose behalf they are issued. Notes
are short-term instruments which are obligations of the issuing
municipalities or agencies and are sold in anticipation of a bond sale,
collection of taxes or receipt of other revenues. Municipal obligations
include municipal lease/purchase agreements which are similar to installment
purchase contracts for property or equipment issued by municipalities.
Municipal obligations bear fixed, floating or variable rates of interest.
Certain municipal obligations are subject to redemption at a date earlier
than their stated maturity pursuant to call options, which may be separated
from the related municipal obligations and purchased and sold separately.
The Fund also may acquire call options on specific municipal obligations.
The Fund generally would purchase these call options to protect the Fund
from the issuer of the related municipal obligation redeeming, or other
holder of the call option from calling away, the municipal obligation before
maturity.
While, in general, municipal obligations are tax exempt securities
having relatively low yields as compared to taxable, non-municipal
obligations of similar quality, certain issues of municipal obligations,
both taxable and non-taxable, offer yields comparable and in some cases
greater than the yields available on other permissible Fund investments.
Dividends received by shareholders on Fund shares which are attributable to
interest income received by the Fund from municipal obligations generally
will be subject to Federal income tax. The Fund will invest in municipal
obligations, the ratings of which correspond with the ratings of other
permissible Fund investments. The Fund may invest up to 25% of its assets
in municipal obligations; however, it currently intends to limit such
investments to 5% of its assets. These percentages may be varied from time
to time without shareholder approval.
Zero Coupon Securities. (Dreyfus Premier International Growth Fund and
Dreyfus Premier Global Allocation Fund) Each of these Funds may invest in
zero coupon U.S. Treasury securities, which are Treasury Notes and Bonds
that have been stripped of their unmatured interest coupons, the coupons
themselves and receipts or certificates representing interests in such
stripped debt obligations and coupons. Each of these Funds also may invest
in zero coupon securities issued by corporations and financial institutions
which constitute a proportionate ownership of the issuer's pool of
underlying U.S. Treasury securities. A zero coupon security pays no
interest to its holder during its life and is sold at a discount to its face
value at maturity. The amount of the discount fluctuates with the market
price of the security. The market prices of zero coupon securities
generally are more volatile than the market prices of securities that pay
interest periodically and are likely to respond to a greater degree to
changes in interest rates than non-zero coupon securities having similar
maturities and credit qualities. Each Fund currently intends to invest less
than 5% of its assets in zero coupon securities.
Investment Techniques
The following information supplements and should be read in conjunction
with each Fund's Prospectus, except as noted.
Foreign Currency Transactions. (All Funds) Foreign currency
transactions may be entered into for a variety of purposes, including: to
fix in U.S. dollars, between trade and settlement date, the value of a
security the Fund has agreed to buy or sell; to hedge the U.S. dollar value
of securities the Fund already owns, particularly if it expects a decrease
in the value of the currency in which the foreign security is denominated;
or to gain exposure to the foreign currency in an attempt to realize gains.
Foreign currency transactions may involve, for example, a Fund's
purchase of foreign currencies for U.S. dollars or the maintenance of short
positions in foreign currencies, which would involve the Fund agreeing to
exchange an amount of a currency it did not currently own for another
currency at a future date in anticipation of a decline in the value of the
currency sold relative to the currency the Fund contracted to receive in the
exchange. Cross currency hedging against price movements caused by exchange
rate fluctuations by entering into forward foreign currency contracts
between currencies other than the U.S. dollar is permitted. A Fund's success
in these transactions will depend principally on the ability of the Manager
(or, if applicable, the Fund's sub-investment adviser) to predict accurately
the future exchange rates between foreign currencies and the U.S. dollar.
Currency exchange rates may fluctuate significantly over short periods
of time. They generally are determined by the forces of supply and demand
in the foreign exchange markets and the relative merits of investments in
different countries, actual or perceived changes in interest rates and other
complex factors, as seen from an international perspective. Currency
exchange rates also can be affected unpredictably by intervention by U.S. or
foreign governments or central banks, or the failure to intervene, or by
currency controls or political developments in the United States or abroad.
Leverage. (All Funds) Leveraging (that is, buying securities using
borrowed money) exaggerates the effect on net asset value of any increase or
decrease in the market value of a Fund's portfolio. These borrowings will
be subject to interest costs which may or may not be recovered by
appreciation of the securities purchased; in certain cases, interest costs
may exceed the return received on the securities purchased. For borrowings
for investment purposes, the 1940 Act requires a Fund to maintain continuous
asset coverage (that is, total assets including borrowings, less liabilities
exclusive of borrowings) of 300% of the amount borrowed. If the required
coverage should decline as a result of market fluctuations or other reasons,
the Fund may be required to sell some of its portfolio holdings within three
days to reduce the amount of its borrowings and restore the 300% asset
coverage, even though it may be disadvantageous from an investment
standpoint to sell securities at that time. The Fund also may be required
to maintain minimum average balances in connection with such borrowing or
pay a commitment or other fee to maintain a line of credit; either of these
requirements would increase the cost of borrowing over the stated interest
rate.
A Fund may enter into reverse repurchase agreements with banks, brokers
or dealers. This form of borrowing involves the transfer by the Fund of an
underlying debt instrument in return for cash proceeds based on a percentage
of the value of the security. The Fund retains the right to receive
interest and principal payments on the security. At an agreed upon future
date, the Fund repurchases the security at principal plus accrued interest.
Except for these transactions, a Fund's borrowings generally will be
unsecured.
Short-Selling. (All Funds) In these transactions, a Fund sells a
security it does not own in anticipation of a decline in the market value of
the security. To complete the transaction, the Fund must borrow the
security to make delivery to the buyer. The Fund is obligated to replace
the security borrowed by purchasing it subsequently at the market price at
the time of replacement. The price at such time may be more or less than
the price at which the security was sold by the Fund, which would result in
a loss or gain, respectively.
Securities will not be sold short if, after effect is given to any such
short sale, the total market value of all securities sold short would exceed
25% of the value of the relevant Fund's net assets.
A Fund also may make short sales "against the box," in which the Fund
enters into a short sale of a security it owns. At no time will more than
15% of the value of a Fund's net assets be in deposits on short sales
against the box.
Until a Fund closes its short position or replaces the borrowed
security, the Fund will: (a) maintain a segregated account, containing
permissible liquid assets, at such a level that the amount deposited in the
account plus the amount deposited with the broker as collateral always
equals the current value of the security sold short; or (b) otherwise cover
its short position.
Derivatives. (All Funds) Each Fund may invest in, or enter into,
derivatives, such as options and futures and, with respect to Dreyfus
Premier International Growth Fund, mortgage-related securities.
Derivatives can be volatile and involve various types and degrees of
risk, depending upon the characteristics of the particular derivative and
the portfolio as a whole. Derivatives permit a Fund to increase or decrease
the level of risk, or change the character of the risk, to which its
portfolio is exposed in much the same way as the Fund can increase or
decrease the level of risk, or change the character of the risk, of its
portfolio by making investments in specific securities.
Derivatives may entail investment exposures that are greater than their
cost would suggest, meaning that a small investment in derivatives could
have a large potential impact on a Fund's performance.
If a Fund invests in derivatives at inopportune times or judges market
conditions incorrectly, such investments may lower the Fund's return or
result in a loss. A Fund also could experience losses if its derivatives
were poorly correlated with its other investments, or if the Fund were
unable to liquidate its position because of an illiquid secondary market.
The market for many derivatives is, or suddenly can become, illiquid.
Changes in liquidity may result in significant, rapid and unpredictable
changes in the prices for derivatives.
Although neither the Company nor any Fund will be a commodity pool,
certain derivatives subject the Funds to the rules of the Commodity Futures
Trading Commission which limit the extent to which a Fund can invest in such
derivatives. A Fund may invest in futures contracts and options with
respect thereto for hedging purposes without limit. However, no Fund may
invest in such contracts and options for other purposes if the sum of the
amount of initial margin deposits and premiums paid for unexpired options
with respect to such contracts, other than for bona fide hedging purposes,
exceeds 5% of the liquidation value of the Fund's assets, after taking into
account unrealized profits and unrealized losses on such contracts and
options; provided, however, that in the case of an option that is in-the-
money at the time of purchase, the in-the-money amount may be excluded in
calculating the 5% limitation.
A Fund may purchase call and put options and write (i.e., sell) covered
call and put option contracts. When required by the Securities and Exchange
Commission, the Fund will set aside permissible liquid assets in a
segregated account to cover its obligations relating to its purchase of
derivatives. To maintain this required cover, the Fund may have to sell
portfolio securities at disadvantageous prices or times since it may not be
possible to liquidate a derivative position at a reasonable price.
Derivatives may be purchased on established exchanges or through
privately negotiated transactions referred to as over-the-counter
derivatives. Exchange-traded derivatives generally are guaranteed by the
clearing agency which is the issuer or counterparty to such derivatives.
This guarantee usually is supported by a daily payment system (i.e.,
variation margin requirements) operated by the clearing agency in order to
reduce overall credit risk. As a result, unless the clearing agency
defaults, there is relatively little counterparty credit risk associated
with derivatives purchased on an exchange. By contrast, no clearing agency
guarantees over-the-counter derivatives. Therefore, each party to an over-
the-counter derivative bears the risk that the counterparty will default.
Accordingly, the Manager (or, if applicable, the Fund's sub-investment
adviser) will consider the creditworthiness of counterparties to over-the-
counter derivatives in the same manner as it would review the credit quality
of a security to be purchased by a Fund. Over-the-counter derivatives are
less liquid than exchange-traded derivatives since the other party to the
transaction may be the only investor with sufficient understanding of the
derivative to be interested in bidding for it.
Futures Transactions--In General. (All Funds) A Fund may enter into
futures contracts in U.S. domestic markets, such as the Chicago Board of
Trade and the International Monetary Market of the Chicago Mercantile
Exchange, or on exchanges located outside the United States, such as the
London International Financial Futures Exchange, the Deutsche Termine Borse,
and the Sydney Futures Exchange Limited. Foreign markets may offer
advantages such as trading opportunities or arbitrage possibilities not
available in the United States. Foreign markets, however, may have greater
risk potential than domestic markets. For example, some foreign exchanges
are principal markets so that no common clearing facility exists and an
investor may look only to the broker for performance of the contract. In
addition, any profits that a Fund might realize in trading could be
eliminated by adverse changes in the exchange rate, or the Fund could incur
losses as a result of those changes. Transactions on foreign exchanges may
include both commodities which are traded on domestic exchanges and those
which are not. Unlike trading on domestic commodity exchanges, trading on
foreign commodity exchanges is not regulated by the Commodity Futures
Trading Commission.
Engaging in these transactions involves risk of loss to a Fund which
could adversely affect the value of the Fund's net assets. Although each
Fund intends to purchase or sell futures contracts only if there is an
active market for such contracts, no assurance can be given that a liquid
market will exist for any particular contract at any particular time. Many
futures exchanges and boards of trade limit the amount of fluctuation
permitted in futures contract prices during a single trading day. Once the
daily limit has been reached in a particular contract, no trades may be made
that day at a price beyond that limit or trading may be suspended for
specified periods during the trading day. Futures contract prices could
move to the limit for several consecutive trading days with little or no
trading, thereby preventing prompt liquidation of futures positions and
potentially subjecting the Fund to substantial losses.
Successful use of futures by a Fund also is subject to the ability of
the Manager (or, if applicable, the Fund's sub-investment adviser) to
predict correctly movements in the direction of the relevant market, and, to
the extent the transaction is entered into for hedging purposes, to
ascertain the appropriate correlation between the transaction being hedged
and the price movements of the futures contract. For example, if a Fund
uses futures to hedge against the possibility of a decline in the market
value of securities held in its portfolio and the prices of such securities
instead increase, the Fund will lose part or all of the benefit of the
increased value of securities which it has hedged because it will have
offsetting losses in its futures positions. Furthermore, if in such
circumstances the Fund has insufficient cash, it may have to sell securities
to meet daily variation margin requirements. A Fund may have to sell such
securities at a time when it may be disadvantageous to do so.
Pursuant to regulations and/or published positions of the Securities
and Exchange Commission, a Fund may be required to segregate permissible
liquid assets in connection with its commodities transactions in an amount
generally equal to the value of the underlying commodity. The segregation
of such assets will have the effect of limiting the Fund's ability otherwise
to invest those assets.
Specific Futures Transactions. A Fund may purchase and sell stock index
futures contracts. A stock index future obligates a Fund to pay or receive
an amount of cash equal to a fixed dollar amount specified in the futures
contract multiplied by the difference between the settlement price of the
contract on the contract's last trading day and the value of the index based
on the stock prices of the securities that comprise it at the opening of
trading in such securities on the next business day.
A Fund may purchase and sell interest rate futures contracts. An
interest rate future obligates the Fund to purchase or sell an amount of a
specific debt security at a future date at a specific price.
Each Fund may purchase and sell currency futures. A foreign currency
future obligates the Fund to purchase or sell an amount of a specific
currency at a future date at a specific price.
Options--In General. (All Funds) A Fund may purchase and write (i.e.,
sell) call or put options with respect to specific securities. A call
option gives the purchaser of the option the right to buy, and obligates the
writer to sell, the underlying security or securities at the exercise price
at any time during the option period, or at a specific date. Conversely, a
put option gives the purchaser of the option the right to sell, and
obligates the writer to buy, the underlying security or securities at the
exercise price at any time during the option period, or at a specific date.
A covered call option written by a Fund is a call option with respect
to which the Fund owns the underlying security or otherwise covers the
transaction by segregating cash or other securities. A put option written
by a Fund is covered when, among other things, cash or liquid securities
having a value equal to or greater than the exercise price of the option are
placed in a segregated account to fulfill the obligation undertaken. The
principal reason for writing covered call and put options is to realize,
through the receipt of premiums, a greater return than would be realized on
the underlying securities alone. A Fund receives a premium from writing
covered call or put options which it retains whether or not the option is
exercised.
There is no assurance that sufficient trading interest to create a
liquid secondary market on a securities exchange will exist for any
particular option or at any particular time, and for some options no such
secondary market may exist. A liquid secondary market in an option may
cease to exist for a variety of reasons. In the past, for example, higher
than anticipated trading activity or order flow, or other unforeseen events,
at times have rendered certain of the clearing facilities inadequate and
resulted in the institution of special procedures, such as trading
rotations, restrictions on certain types of orders or trading halts or
suspensions in one or more options. There can be no assurance that similar
events, or events that may otherwise interfere with the timely execution of
customers' orders, will not recur. In such event, it might not be possible
to effect closing transactions in particular options. If, as a covered call
option writer, a Fund is unable to effect a closing purchase transaction in
a secondary market, it will not be able to sell the underlying security
until the option expires or it delivers the underlying security upon
exercise or it otherwise covers its position.
Specific Options Transactions. A Fund may purchase and sell call and put
options in respect of specific securities (or groups or "baskets" of
specific securities) or stock indices listed on national securities
exchanges or traded in the over-the-counter market. An option on a stock
index is similar to an option in respect of specific securities, except that
settlement does not occur by delivery of the securities comprising the
index. Instead, the option holder receives an amount of cash if the closing
level of the stock index upon which the option is based is greater than, in
the case of a call, or less than, in the case of a put, the exercise price
of the option. Thus, the effectiveness of purchasing or writing stock index
options will depend upon price movements in the level of the index rather
than the price of a particular stock.
A Fund may purchase and sell call and put options on foreign currency.
These options convey the right to buy or sell the underlying currency at a
price which is expected to be lower or higher than the spot price of the
currency at the time the option is exercised or expires.
A Fund may purchase cash-settlement options on interest rate swaps,
interest rate swaps denominated in foreign currency and equity index swaps
in pursuit of its investment objective. Interest rate swaps involve the
exchange by a Fund with another party of their respective commitments to pay
or receive interest (for example, an exchange of floating-rate payments for
fixed-rate payments) denominated in U.S. dollars or foreign currency.
Equity index swaps involve the exchange by a Fund with another party of cash
flows based upon the performance of an index or a portion of an index of
securities which usually includes dividends. A cash-settled option on a
swap gives the purchaser the right, but not the obligation, in return for
the premium paid, to receive an amount of cash equal to the value of the
underlying swap as of the exercise date. These options typically are
purchased in privately negotiated transactions from financial institutions,
including securities brokerage firms.
Successful use by a Fund of options will be subject to the ability of
the Manager (or, if applicable, the Fund's sub-investment adviser) to
predict correctly movements in the prices of individual stocks, the stock
market generally, foreign currencies or interest rates. To the extent such
predictions are incorrect, a Fund may incur losses.
Future Developments. (All Funds) A Fund may take advantage of
opportunities in the area of options and futures contracts and options on
futures contracts and any other Derivatives which are not presently
contemplated for use by the Fund or which are not currently available but
which may be developed, to the extent such opportunities are both consistent
with the Fund's investment objective and legally permissible for the Fund.
Before entering into such transactions or making any such investment, the
Fund will provide appropriate disclosure in its Prospectus or Statement of
Additional Information.
Forward Commitments. (All Funds) A Fund may purchase securities on a
forward commitment or when-issued basis, which means that delivery and
payment take place a number of days after the date of the commitment to
purchase. The payment obligation and the interest rate receivable on a
forward commitment or when-issued security are fixed when the Fund enters
into the commitment, but the Fund does not make payment until it receives
delivery from the counterparty. The Fund will commit to purchase such
securities only with the intention of actually acquiring the securities, but
the Fund may sell these securities before the settlement date if it is
deemed advisable. The Fund will set aside in a segregated account
permissible liquid assets at least equal at all times to the amount of the
Fund's commitments.
Securities purchased on a forward commitment or when-issued basis are
subject to changes in value (generally changing in the same way, i.e.,
appreciating when interest rates decline and depreciating when interest
rates rise) based upon the public's perception of the creditworthiness of
the issuer and changes, real or anticipated, in the level of interest rates.
Securities purchased on a forward commitment or when-issued basis may expose
a Fund to risks because they may experience such fluctuations prior to their
actual delivery. Purchasing securities on a when-issued basis can involve
the additional risk that the yield available in the market when the delivery
takes place actually may be higher than that obtained in the transaction
itself. Purchasing securities on a forward commitment or when-issued basis
when a Fund is fully or almost fully invested may result in greater
potential fluctuation in the value of the Fund's net assets and its net
asset value per share.
Lending Portfolio Securities. (All Funds, except Dreyfus Premier
Greater China Fund) Each of these Funds may lend securities from its
portfolio to brokers, dealers and other financial institutions needing to
borrow securities to complete certain transactions. In connection with such
loans, the Fund continues to be entitled to payments in amounts equal to the
dividends, interest or other distributions payable on the loaned securities
which affords the Fund an opportunity to earn interest on the amount of the
loan and at the same time to earn income on the loaned securities'
collateral. Loans of portfolio securities may not exceed 33-1/3% of the
value of the Fund's total assets, and the Fund will receive collateral
consisting of cash, U.S. Government securities or irrevocable letters of
credit which will be maintained at all times in an amount equal to at least
100% of the current market value of the loaned securities. Such loans are
terminable by the Fund at any time upon specified notice. The Fund might
experience risk of loss if the institution with which it has engaged in a
portfolio loan transaction breaches its agreement with the Fund. In
connection with its securities lending transactions, the Fund may return to
the borrower or a third party which is unaffiliated with the Fund, and which
is acting as a "placing broker," a part of the interest earned from the
investment of collateral received for securities loaned.
Investment Considerations and Risks
Foreign Securities. (All Funds) Foreign securities markets generally
are not as developed or efficient as those in the United States. Securities
of some foreign issuers are less liquid and more volatile than securities of
comparable U.S. issuers. Similarly, volume and liquidity in most foreign
securities markets are less than in the United States and, at times,
volatility of price can be greater than in the United States.
Because evidences of ownership of foreign securities usually are held
outside the United States, a Fund investing in such securities will be
subject to additional risks which include possible adverse political and
economic developments, seizure or nationalization of foreign deposits and
adoption of governmental restrictions which might adversely affect or
restrict the payment of principal and interest on the foreign securities to
investors located outside the country of the issuer, whether from currency
blockage or otherwise. Moreover, foreign securities held by a Fund may
trade on days when the Fund does not calculate its net asset value and thus
affect the Fund's net asset value on days when investors have no access to
the Fund.
Developing countries have economic structures that are generally less
diverse and mature, and political systems that are less stable, than those
of developed countries. The markets of developing countries may be more
volatile than the markets of more mature economies; however, such markets
may provide higher rates of return to investors. Many developing countries
providing investment opportunities for the Funds have experienced
substantial, and in some periods extremely high, rates of inflation for many
years. Inflation and rapid fluctuations in inflation rates have had and may
continue to have adverse effects on the economies and securities markets of
certain of these countries.
Since foreign securities often are purchased with and payable in
currencies of foreign countries, the value of these assets as measured in
U.S. dollars may be affected favorably or unfavorably by changes in currency
rates and exchange control regulations.
Lower Rated Securities. (Dreyfus Premier International Growth Fund and
Dreyfus Premier Greater China Fund) Each of these Funds may invest in
higher yielding (and, therefore, higher risk) debt securities, such as those
rated below Baa by Moody's Investors Service, Inc. ("Moody's") and below BBB
by Standard & Poor's Ratings Group ("S&P"), Fitch IBCA, Inc. ("Fitch") and
Duff & Phelps Credit Rating Co. ("Duff," and with the other rating agencies,
the "Rating Agencies") and, with respect to Dreyfus Premier International
Growth Fund, as low as Caa by Moody's or CCC by S&P, Fitch or Duff, and,
with respect to Dreyfus Premier Greater China Fund, as low as the lowest
rating assigned by the Rating Agencies (commonly known as junk bonds). They
may be subject to certain risks and to greater market fluctuations than
lower yielding investment grade securities. See "Appendix" for a general
description of the Rating Agencies' ratings. Although ratings may be useful
in evaluating the safety of interest and principal payments, they do not
evaluate the market value risk of these securities. These Funds will rely
on the Manager's (or, if applicable, the Fund's sub-investment adviser's)
judgment, analysis and experience in evaluating the creditworthiness of an
issuer.
You should be aware that the market values of many of these securities
tend to be more sensitive to economic conditions than are higher rated
securities and will fluctuate over time. These securities generally are
considered by the Rating Agencies to be, on balance, predominantly
speculative with respect to capacity to pay interest and repay principal in
accordance with the terms of the obligation and generally will involve more
credit risk than securities in the higher rating categories.
Companies that issue certain of these securities often are highly
leveraged and may not have available to them more traditional methods of
financing. Therefore, the risk associated with acquiring the securities of
such issuers generally is greater than is the case with the higher rated
securities. For example, during an economic downturn or a sustained period
of rising interest rates, highly leveraged issuers of these securities may
not have sufficient revenues to meet their interest payment obligations.
The issuer's ability to service its debt obligations also may be affected
adversely by specific corporate developments, forecasts, or the
unavailability of additional financing. The risk of loss because of default
by the issuer is significantly greater for the holders of these securities
because such securities generally are unsecured and often are subordinated
to other creditors of the issuer.
Because there is no established retail secondary market for many of
these securities, a Fund may be able to sell such securities only to a
limited number of dealers or institutional investors. To the extent a
secondary trading market for these securities does exist, it generally is
not as liquid as the secondary market for higher rated securities. The lack
of a liquid secondary market may have an adverse impact on market price and
yield and a Fund's ability to dispose of particular issues when necessary to
meet the Fund's liquidity needs or in response to a specific economic event
such as a deterioration in the creditworthiness of the issuer. The lack of
a liquid secondary market for certain securities also may make it more
difficult for a Fund to obtain accurate market quotations for purposes of
valuing the Fund's portfolio and calculating its net asset value. Adverse
publicity and investor perceptions, whether or not based on fundamental
analysis, may decrease the values and liquidity of these securities. In
such cases, judgment may play a greater role in valuation because less
reliable, objective data may be available.
These securities may be particularly susceptible to economic downturns.
It is likely that an economic recession could disrupt severely the market
for such securities and may have an adverse impact on the value of such
securities. In addition, it is likely that any such economic downturn could
adversely affect the ability of the issuers of such securities to repay
principal and pay interest thereon and increase the incidence of default for
such securities.
A Fund may acquire these securities during an initial offering. Such
securities may involve special risks because they are new issues. No Fund
has any arrangement with any persons concerning the acquisition of such
securities, and the Manager (or, if applicable, the Fund's sub-investment
adviser) will review carefully the credit and other characteristics
pertinent to such new issues.
The credit risk factors pertaining to lower rated securities also apply
to lower rated zero coupon securities in which Dreyfus Premier International
Growth Fund may invest up to 5% of its net assets. Zero coupon securities
carry an additional risk in that, unlike securities which pay interest
throughout the period to maturity, the Fund will realize no cash until the
cash payment date unless a portion of such securities are sold and, if the
issuer defaults, the Fund may obtain no return at all on its investment.
See "Dividends, Distributions and Taxes."
Simultaneous Investments. (All Funds) Investment decisions for each
Fund are made independently from those of the other investment companies
advised by the Manager. If, however, such other investment companies desire
to invest in, or dispose of, the same securities as a Fund, available
investments or opportunities for sales will be allocated equitably to each
investment company. In some cases, this procedure may adversely affect the
size of the position obtained for or disposed of by the Fund or the price
paid or received by the Fund.
Investment Restrictions
Each Fund's investment objective is a fundamental policy, which cannot
be changed without approval by the holders of a majority (as defined in the
1940 Act) of the Fund's outstanding voting shares. In addition, the Funds
have adopted certain investment restrictions as fundamental policies and
certain other investment restrictions as non-fundamental policies, as
described below.
Dreyfus Premier International Growth Fund only. The Fund has adopted
investment restrictions numbered 1 through 12 as fundamental policies, which
cannot be changed without approval by the holders of a majority (as defined
in the 1940 Act) of the Fund's outstanding voting shares. Investment
restriction number 13 is not a fundamental policy and may be changed by vote
of a majority of the Company's Board members at any time. Dreyfus Premier
International Growth Fund may not:
1. Purchase securities of any company having less than three years'
continuous operations (including operations of any predecessors) if such
purchase would cause the value of the Fund's investments in all such
companies to exceed 5% of the value of its total assets.
2. Invest in commodities, except that the Fund may invest in futures
contracts and options on futures contracts as described in the Fund's
Prospectus and this Statement of Additional Information.
3. Purchase, hold or deal in real estate, real estate investment
trust securities, real estate limited partnership interests, or oil, gas or
other mineral leases or exploration or development programs, but the Fund
may purchase and sell securities that are secured by real estate and may
purchase and sell securities issued by companies that invest or deal in real
estate.
4. Borrow money, except as described in the Fund's Prospectus and
this Statement of Additional Information. For purposes of this investment
restriction, the entry into options, futures contracts, including those
relating to indices, and options on futures contracts or indices shall not
constitute borrowing.
5. Pledge, mortgage or hypothecate its assets, except to the extent
necessary to secure permitted borrowings and to the extent related to the
deposit of assets in escrow in connection with writing covered put and call
options and the purchase of securities on a when-issued or delayed-delivery
basis and collateral and initial or variation margin arrangements with
respect to options, futures contracts, including those relating to indices,
and options on futures contracts or indices.
6. Lend any funds or other assets except through the purchase of a
portion of an issue of publicly distributed bonds, debentures or other debt
securities, or the purchase of bankers' acceptances and commercial paper of
corporations. However, the Fund may lend its portfolio securities in an
amount not to exceed 33-1/3% of the value of its total assets. Any loans of
portfolio securities will be made according to guidelines established by the
Securities and Exchange Commission and the Company's Board.
7. Act as an underwriter of securities of other issuers.
8. Purchase, sell or write puts, calls or combinations thereof,
except as described in the Fund's Prospectus and this Statement of
Additional Information.
9. Purchase warrants in excess of 2% of its net assets. For purposes
of this restriction, such warrants shall be valued at the lower of cost or
market, except that warrants acquired by the Fund in units or attached to
securities shall not be included within this 2% restriction.
10. Issue any senior security (as such term is defined in Section
18(f) of the 1940 Act), except as permitted in Investment Restriction Nos.
2, 4, 5 and 8.
11. Invest more than 25% of its assets in the securities of issuers in
any particular industry, provided that there shall be no limitation on the
purchase of obligations issued or guaranteed by the U.S. Government, its
agencies or instrumentalities.
12. Invest in the securities of a company for the purpose of
exercising management or control.
13. Enter into repurchase agreements providing for settlement in more
than seven days after notice or purchase securities which are illiquid, if,
in the aggregate, more than 15% of the value of the Fund's net assets would
be so invested.
* * *
Dreyfus Premier Greater China Fund only. The Fund has adopted
investment restrictions numbered 1 through 8 as fundamental policies, which
cannot be changed without approval by the holders of a majority (as defined
in the 1940 Act) of the Fund's outstanding voting shares. Investment
restrictions numbered 9 and 10 are not fundamental policies and may be
changed by vote of a majority of the Company's Board members at any time.
Dreyfus Premier Greater China Fund may not:
1. Invest more than 25% of the value of its total assets in the
securities of issuers in any single industry, provided that there shall be
no limitation on the purchase of obligations issued or guaranteed by the
U.S. Government, its agencies or instrumentalities.
2. Invest in commodities, except that the Fund may purchase and
sell options, forward contracts, futures contracts, including those relating
to indices, and options on futures contracts or indices.
3. Purchase, hold or deal in real estate, or oil, gas or other
mineral leases or exploration or development programs, but the Fund may
purchase and sell securities that are secured by real estate or issued by
companies that invest or deal in real estate or real estate investment
trusts.
4. Borrow money, except to the extent permitted under the 1940
Act (which currently limits borrowing to no more than 33-1/3% of the value
of the Fund's total assets). For purposes of this Investment Restriction,
the entry into options, forward contracts, futures contracts, including
those relating to indices, and options on futures contracts or indices shall
not constitute borrowing.
5. Make loans to others, except through the purchase of debt
obligations and the entry into repurchase agreements. However, the Fund may
lend its portfolio securities in an amount not to exceed 33-1/3% of the
value of its total assets. Any loans of portfolio securities will be made
according to guidelines established by the Securities and Exchange
Commission and the Company's Board.
6. Act as an underwriter of securities of other issuers, except
to the extent the Fund may be deemed an underwriter under the Securities Act
of 1933, as amended, by virtue of disposing of portfolio securities.
7. Issue any senior security (as such term is defined in Section
18(f) of the 1940 Act), except to the extent the activities permitted in
Investment Restriction Nos. 2, 4, 8 and 9 may be deemed to give rise to a
senior security.
8. Purchase securities on margin, but the Fund may make margin
deposits in connection with transactions in options, forward contracts,
futures contracts, including those relating to indices, and options on
futures contracts or indices.
9. Pledge, mortgage or hypothecate its assets, except to the
extent necessary to secure permitted borrowings and to the extent related to
the purchase of securities on a when-issued or forward commitment basis and
the deposit of assets in escrow in connection with writing covered put and
call options and collateral and initial or variation margin arrangements
with respect to options, forward contracts, futures contracts, including
those related to indices, and options on futures contracts or indices.
10. Enter into repurchase agreements providing for settlement in
more than seven days after notice or purchase securities which are illiquid,
if, in the aggregate, more than 15% of the value of the Fund's net assets
would be so invested.
* * *
Dreyfus Premier Global Allocation Fund and Dreyfus Premier European
Equity Fund. Each of these Funds has adopted investment restrictions
numbered 1 through 10 as fundamental policies, which cannot be changed, as
to a Fund, without approval by the holders of a majority (as defined in the
1940 Act) of the Fund's outstanding voting shares. Investment restrictions
numbered 11 through 13 are not fundamental policies and may be changed by
vote of a majority of the Company's Board members at any time. Neither of
these Funds may:
1. Invest more than 25% of the value of its total assets in the
securities of issuers in any single industry, provided that there shall be
no limitation on the purchase of obligations issued or guaranteed by the
U.S. Government, its agencies or instrumentalities.
2. Invest more than 5% of its assets in the obligations of any
one issuer, except that up to 25% of the value of the Fund's total assets
may be invested, and securities issued or guaranteed by the U.S. Government
or its agencies or instrumentalities may be purchased, without regard to any
such limitations.
3. Purchase the securities of any issuer if such purchase would
cause the Fund to hold more than 10% of the voting securities of such
issuer. This restriction applies only with respect to 75% of the Fund's
total assets.
4. Invest in commodities, except that the Fund may purchase and
sell options, forward contracts, futures contracts, including those relating
to indices, and options on futures contracts or indices.
5. Purchase, hold or deal in real estate, or oil, gas or other
mineral leases or exploration or development programs, but the Fund may
purchase and sell securities that are secured by real estate or issued by
companies that invest or deal in real estate or real estate investment
trusts.
6. Borrow money, except to the extent permitted under the 1940
Act (which currently limits borrowing to no more than 33-1/3% of the value
of the Fund's total assets). For purposes of this Investment Restriction,
the entry into options, forward contracts, futures contracts, including
those relating to indices, and options on futures contracts or indices shall
not constitute borrowing.
7. Make loans to others, except through the purchase of debt
obligations and the entry into repurchase agreements. However, the Fund may
lend its portfolio securities in an amount not to exceed 33-1/3% of the
value of its total assets. Any loans of portfolio securities will be made
according to guidelines established by the Securities and Exchange
Commission and the Company's Board.
8. Act as an underwriter of securities of other issuers, except
to the extent the Fund may be deemed an underwriter under the Securities Act
of 1933, as amended, by virtue of disposing of portfolio securities.
9. Issue any senior security (as such term is defined in Section
18(f) of the 1940 Act), except to the extent the activities permitted in
Investment Restriction Nos. 4, 6, 10 and 11 may be deemed to give rise to a
senior security.
10. Purchase securities on margin, but the Fund may make margin
deposits in connection with transactions in options, forward contracts,
futures contracts, including those relating to indices, and options on
futures contracts or indices.
11. Pledge, mortgage or hypothecate its assets, except to the
extent necessary to secure permitted borrowings and to the extent related to
the purchase of securities on a when-issued or forward commitment basis and
the deposit of assets in escrow in connection with writing covered put and
call options and collateral and initial or variation margin arrangements
with respect to options, forward contracts, futures contracts, including
those relating to indices, and options on futures contracts or indices.
12. Invest in the securities of a company for the purpose of
exercising management or control, but the Fund will vote the securities it
owns as a shareholder in accordance with its views.
13. Enter into repurchase agreements providing for settlement in
more than seven days after notice or purchase securities which are illiquid,
if, in the aggregate, more than 15% of the value of the Fund's net assets
would be so invested.
* * *
If a percentage restriction is adhered to at the time of investment, a
later change in percentage resulting from a change in values or assets will
not constitute a violation of such restriction.
MANAGEMENT OF THE COMPANY
The Company's Board is responsible for the management and supervision
of each Fund. The Board approves all significant agreements with those
companies that furnish services to the Fund. These companies are as
follows:
The Dreyfus Corporation Investment Adviser
Hamon U.S. Investment Advisors Sub-Investment Adviser to
Limited Dreyfus Premier Greater China
Fund
Newton Capital Management Sub-Investment Adviser to
Limited Dreyfus Premier European
Equity Fund
Premier Mutual Fund Services, Distributor
Inc.
Dreyfus Transfer, Inc. Transfer Agent
The Bank of New York Custodian
Board members and officers of the Company, together with information as
to their principal business occupations during at least the last five years,
are shown below. Each Board member who is deemed to be an "interested
person" of the Company (as defined in the 1940 Act) is indicated by an
asterisk.
Board Members of the Company
JOSEPH S. DiMARTINO, Chairman of the Board. Since January 1995, Chairman of
the Board of various funds in the Dreyfus Family of Funds. He also is
a director of The Noel Group, Inc., a venture capital company (for
which, from February 1995 until November 1997, he was Chairman of the
Board), The Muscular Dystrophy Association, HealthPlan Services
Corporation, a provider of marketing, administrative and risk
management services to health and other benefit programs, Carlyle
Industries, Inc. (formerly, Belding Heminway Company, Inc.), a button
packager and distributor, Century Business Services, Inc., a provider
of various outsourcing functions for small and medium sized companies,
and Career Blazers, Inc. (formerly, Staffing Resources, Inc.), a
temporary placement agency. For more than five years prior to January
1995, he was President, a director and, until August 1994, Chief
Operating Officer of the Manager and Executive Vice President and a
director of Dreyfus Service Corporation, a wholly-owned subsidiary of
the Manager and, until August 24, 1994, the Company's distributor.
From August 1994 until December 31, 1994, he was a director of Mellon
Bank Corporation. He is 55 years old and his address is 200 Park
Avenue, New York, New York 10166.
GORDON J. DAVIS, Board Member. Since October 1994, senior partner with the
law firm of LeBoeuf, Lamb, Greene & MacRae. From 1983 to September
1994, Mr. Davis was a senior partner with the law firm of Lord Day &
Lord, Barrett Smith. From 1978 to 1983, he was Commissioner of Parks
and Recreation for the City of New York. He also is a Director of
Consolidated Edison, a utility company, and Phoenix Home Life Insurance
Company and a member of various other corporate and not-for-profit
boards. He is 56 years old and his address is 241 Central Park West,
New York, New York 10024.
DAVID P. FELDMAN, Board Member. Director of several mutual funds in the 59
Wall Street Mutual Funds Group, and of the Jeffrey Company, a private
investment company. He was employed by AT&T from July 1961 to his
retirement in April 1997, most recently serving as Chairman and Chief
Executive Officer of AT&T Investment Management Corporation. He is 59
years old and his address is 466 Lexington Avenue, New York, New York
10017.
LYNN MARTIN, Board Member. Professor, J.L. Kellogg Graduate School of
Management, Northwestern University. During the Spring Semester 1993,
she was a Visiting Fellow at the Institute of Politics, Kennedy School
of Government, Harvard University. She also is an advisor to the
international accounting firm of Deloitte & Touche, LLP and chair of
its Council for the Advancement of Women. From January 1991 through
January 1993, Ms. Martin served as Secretary of the United States
Department of Labor. From 1981 to 1991, she served in the United
States House of Representatives as a Congresswoman from the State of
Illinois. She also is a Director of Harcourt General, Inc., Ameritech,
Ryder System, Inc., The Proctor & Gamble Co., a consumer company, and
TRW, Inc., an aerospace and automotive equipment company. She is 57
years old and her address is c/o Deloitte & Touche, LLP, Two Prudential
Plaza, 180 N. Stetson Avenue, Chicago, Illinois 60601.
DANIEL ROSE, Board Member. President and Chief Executive Officer of Rose
Associates, Inc., a New York based real estate development and
management firm. In July 1994, Mr. Rose received a Presidential
appointment to serve as a Director of the Baltic-American Enterprise
Fund, which will make equity investments and loans, and provide
technical business assistance to new business concerns in the Baltic
states. He also is Chairman of the Housing Committee of the Real
Estate Board of New York, Inc., and a trustee of Corporate Property
Investors, a real estate company. He is 67 years old and his address
is c/o Rose Associates, Inc., 200 Madison Avenue, New York, New York
10016.
*PHILIP L. TOIA, Board Member. Retired. Mr. Toia was employed by the
Manager from August 1986 through January 1997, most recently serving as
Vice Chairman, Administration and Operations. He is 64 years old and
his address is 9022 Michael Circle, Apt. 1, Naples, Florida 34113.
SANDER VANOCUR, Board Member. Since January 1992, President of Old Owl
Communications, a full-service communications firm. From May 1995 to
June 1996, Mr. Vanocur was a Professional in Residence at the Freedom
Forum in Arlington, VA, from January 1994 to May 1995, he served as
Visiting Professional Scholar at the Freedom Forum Amendment Center at
Vanderbilt University, and from November 1989 to November 1995, he was
a director of the Damon Runyon-Walter Winchell Cancer Research Fund.
From June 1977 to December 1991, he was a Senior Correspondent of ABC
News and, from October 1986 to December 1991, he was Anchor of the ABC
News program "Business World," a weekly business program on the ABC
television network. He is 69 years old and his address is 2928 P
Street, N.W., Washington, DC 20007.
ANNE WEXLER, Board Member. Chairman of the Wexler Group, consultants
specializing in government relations and public affairs. She also is a
director of Wilshire Mutual Funds Comcast Corporation, The New England
Electric System, and a member of the Council of Foreign Relations and
the National Park Foundation. She is 69 years old and her address is
c/o The Wexler Group, 1317 F Street, Suite 600, N.W., Washington, DC
20004.
REX WILDER, Board Member. Financial Consultant. He is 77 years old and his
address is 290 Riverside Drive, New York, New York 10025.
For so long as the Company's plans described in the section captioned
"Distribution Plan and Shareholder Services Plan" remain in effect, the
Board members who are not "interested persons" of the Company, as defined in
the 1940 Act, will be selected and nominated by the Board members who are
not "interested persons" of the Company.
The Company typically pays its Board members an annual retainer and a
per meeting fee and reimburses them for their expenses. The Chairman of the
Board receives an additional 25% of such compensation. Emeritus Board
members are entitled to receive an annual retainer and a per meeting fee of
one-half the amount paid to them as Board members. The aggregate amount of
compensation paid to each Board member by the Company for the fiscal year
ended October 31, 1998, and by all other funds in the Dreyfus Family of
Funds for which such person is a Board member (the number of which is set
forth in parenthesis next to each Board member's total compensation) for the
year ended December 31, 1998 was as follows:
Total Compensation
Aggregate from Company and
Name of Board Member Compensation Fund Complex Paid
from to Board Member
Company*
Gordon J. Davis $2,250 $83,500 (23)
Joseph S. DiMartino $2,813 $597,124 (99)
David P. Feldman $2,000 $129,375 (25)
Lynn Martin $2,250 $41,666 (11)
Daniel Rose $2,250 $84,593 (22)
Philip L. Toia $2,250 $30,444(11)
Sander Vanocur $2,250 $77,093 (22)
Anne Wexler $2,000 $62,034 (15)
Rex Wilder $2,250 $42,666 (11)
- ---------------------------
* Amount does not include reimbursed expenses for attending Board
meetings, which amounted to $1,649 for all Board members as a group.
Officers of the Company
MARIE E. CONNOLLY, President and Treasurer. President, Chief Executive
Officer, Chief Compliance Officer and a director of the Distributor
and Funds Distributor, Inc., the ultimate parent of which is Boston
Institutional Group, Inc., and an officer of other investment
companies advised or administered by the Manager. She is 41 years
old.
MARGARET W. CHAMBERS, Vice President and Secretary. Senior Vice President
and General Counsel of Funds Distributor, Inc., and an officer of
other investment companies advised or administered by the Manager.
From August 1996 to March 1998, she was Vice President and Assistant
General Counsel for Loomis, Sayles & Company, L.P. From January 1986
to July 1996, she was an associate with the law firm of Ropes & Gray.
She is 38 years old.
MICHAEL S. PETRUCELLI, Vice President, Assistant Secretary and Assistant
Treasurer. Senior Vice President of Funds Distributor, Inc., and an
officer of other investment companies advised or administered by the
Manager. From December 1989 through November 1996, he was employed by
GE Investments where he held various financial, business development
and compliance positions. He also served as Treasurer of the GE Funds
and as a Director of GE Investment Services. He is 37 years old.
STEPHANIE D. PIERCE, Vice President, Assistant Secretary and Assistant
Treasurer. Vice President and Client Development Manager of Funds
Distributor, Inc., and an officer of other investment companies
advised or administered by the Manager. From April 1997 to March
1998, she was employed as a Relationship Manager with Citibank, N.A.
From August 1995 to April 1997, she was an Assistant Vice President
with Hudson Valley Bank, and from September 1990 to August 1995, she
was Second Vice President with Chase Manhattan Bank. She is 30 years
old.
MARY A. NELSON, Vice President and Assistant Treasurer. Vice President of
the Distributor and Funds Distributor, Inc., and an officer of other
investment companies advised or administered by the Manager. From
September 1989 to July 1994, she was an Assistant Vice President and
Client Manager for The Boston Company, Inc. She is 34 years old.
GEORGE A. RIO, Vice President and Assistant Treasurer. Executive Vice
President and Client Service Director of Funds Distributor, Inc., and
an officer of other investment companies advised or administered by
the Manager. From June 1995 to March 1998, he was Senior Vice
President and Senior Key Account Manager for Putnam Mutual Funds.
From May 1994 to June 1995, he was Director of Business Development
for First Data Corporation. From September 1983 to May 1994, he was
Senior Vice President and Manager of Client Services and Director of
Internal Audit at The Boston Company, Inc. He is 43 years old.
JOSEPH F. TOWER, III, Vice President and Assistant Treasurer. Senior Vice
President, Treasurer, Chief Financial Officer and a director of the
Distributor and Funds Distributor, Inc., and an officer of other
investment companies advised or administered by the Manager. From
July 1988 to August 1994, he was employed by The Boston Company, Inc.
where he held various management positions in the Corporate Finance
and Treasury areas. He is 36 years old.
DOUGLAS C. CONROY, Vice President and Assistant Secretary. Assistant Vice
President of Funds Distributor, Inc., and an officer of other
investment companies advised or administered by the Manager. From
April 1993 to January 1995, he was a Senior Fund Accountant for
Investors Bank & Trust Company. He is 29 years old.
CHRISTOPHER J. KELLEY, Vice President and Assistant Secretary. Vice
President and Senior Associate General Counsel of the Distributor and
Funds Distributor, Inc., and an officer of other investment companies
advised or administered by the Manager. From April 1994 to July 1996,
he was Assistant Counsel at Forum Financial Group. From October 1992
to March 1994, he was employed by Putnam Investments in legal and
compliance capacities. He is 33 years old.
KATHLEEN K. MORRISEY, Vice President and Assistant Secretary. Manager of
Treasury Services Administration of Funds Distributor, Inc., and an
officer of other investment companies advised or administered by the
Manager. From July 1994 to November 1995, she was a Fund Accountant
for Investors Bank & Trust Company. She is 26 years old.
ELBA VASQUEZ, Vice President and Assistant Secretary. Assistant Vice
President of Funds Distributor, Inc., and an officer of other
investment companies advised or administered by the Manager. From
March 1990 to May 1996, she was employed by U.S. Trust Company of New
York, where she held various sales and marketing positions. She is 37
years old.
The address of each officer of the Company is 200 Park Avenue, New
York, New York 10166.
The Company's Board members and officers, as a group, owned less than
1% of each Fund's voting securities outstanding on _______________.
The following shareholders owned of record 5% or more of the indicated
Fund's shares outstanding on ___________:
Dreyfus Premier Greater China Fund
Class A
MBC Investments Corporation
C/O Mellon Bank
Attn: Michael Botsford
919 N Market St
Wilmington, DE 19801-3023 99.13%
Class B
MBC Investments Corporation
C/O Mellon Bank
Attn: Michael Botsford
919 N Market St
Wilmington, DE 19801-3023 89.63%
Donaldson Lufkin Jenrette
Securities Corporation Inc.
PO Box 2052
Jersey City, NJ 07303-9998 9.23%
Class C
MBC Investments Corporation
C/O Mellon Bank
Attn: Michael Botsford
919 N Market St
Wilmington, DE 19801-3023 66.91%
Painewebber for the Benefits of
Hersey Hawkins
Jennifer Hawkins JTWROS
PO Box 43973
Detroit, MI 48243-0973 33.09%
Class R
MBC Investments Corporation
C/O Mellon Bank
Attn: Michael Botsford
919 N Market St
Wilmington, DE 19801-3023 100.00%
Dreyfus Premier Global Allocation Fund
Class A
MBC Investments Corporation
C/O Mellon Bank
Attn: Michael Botsford
919 N Market St
Wilmington, DE 19801-3023 99.98%
Class B
MBC Investments Corporation
C/O Mellon Bank
Attn: Michael Botsford
919 N Market St
Wilmington, DE 19801-3023 100.00%
Class C
MBC Investments Corporation
C/O Mellon Bank
Attn: Michael Botsford
919 N Market St
Wilmington, DE 19801-3023 100.00%
Class R
MBC Investments Corporation
C/O Mellon Bank
Attn: Michael Botsford
919 N Market St
Wilmington, DE 19801-3023 100.00%
Dreyfus Premier International Growth Fund
Class A
Boston Safe Deposit & Trust Co TTEE
As Agent-Omnibus Account
1 Cabot Rd
Medford, MA 02155-5141 27.23%
Class C
Donaldson Lufkin Jenrette
Securities Corporation Inc.
PO Box 2062
Jersey City, NJ 07303-9998 16.60%
Lewco Securities Corp.
FBO A/C # H10-679776-4-01
34 Exchange Place 4th Floor
Jersey City, NJ 07311 16.20%
Merrill Lynch Pierce Fenner & Smith
For the Sole Benefit of its Customers
Attn: Fund Administration
A/C 97HT5
4800 Deer Lake Dr E Fl 3
Jacksonville, FL 32246-6484 14.85%
Lewco Securities Corp
FBO A/C # H10-679775-6-01
34 Exchange Place 4th Floor
Jersey City, NJ 07311 6.94%
Painewebber for the Benefits of
Michael Eberhard &/or Ken
Avery &/or Stephanie Aguilar
Michael Eberhard DTD 8-1-91
25550 Hawthorne Blvd #316
Torrance, CA 9050-6831 6.67%
Donald Lufkin Jenrette
Securities Corporation Inc.
PO Box 2052
Jersey City, NJ 07303-9998 6.51%
Class R
Atlantic Metal Products Inc.
401 (k) Plan
21 Fadem Rd
Springfield, NJ 07081-3115 56.37%
US Clearing Corp
FBO 102-67370-13
26 Broadway
New York, NY 10004-1798 29.07%
Dreyfus Trust Co Custodian
FBO Lorie Ann Kisiolek
Under IRA Rollover Plan
435 Fieldstone Ct
Kiel, WI 53042-1664 5.32%
MANAGEMENT ARRANGEMENTS
Investment Adviser. The Manager is a wholly-owned subsidiary of Mellon
Bank, N.A., which is a wholly-owned subsidiary of Mellon Bank Corporation
("Mellon"). Mellon is a publicly owned multibank holding company
incorporated under Pennsylvania law in 1971 and registered under the Federal
Bank Holding Company Act of 1956, as amended. Mellon provides a
comprehensive range of financial products and services in domestic and
selected international markets. Mellon is among the twenty-five largest
bank holding companies in the United States based on total assets.
The Manager provides management services pursuant to the Management
Agreement (the "Agreement") with the Company dated August 24, 1994, as
amended January 12, 1998. As to each Fund, the Agreement is subject to
annual approval by (i) the Company's Board or (ii) vote of a majority (as
defined in the 1940 Act) of the outstanding voting securities of such Fund,
provided that in either event the continuance also is approved by a
majority of the Board members who are not "interested persons" (as defined
in the 1940 Act) of the Company or the Manager, by vote cast in person at a
meeting called for the purpose of voting on such approval. With respect to
Dreyfus Premier International Growth Fund, the Agreement was approved by
the Fund's shareholders on August 3, 1994, and was last approved by the
Company's Board, including a majority of the Board members who are not
"interested persons" of any party to the Agreement, at a meeting held on
July 14, 1997. With respect to Dreyfus Premier Greater China Fund, Dreyfus
Premier Global Allocation Fund and Dreyfus Premier European Equity Fund,
the Agreement was approved by the respective Fund's initial shareholder on
May 8, 1998, June 26, 1998 and October 20, 1998, respectively, and by the
Company's Board, including a majority of the Board members who are not
"interested persons" of any party to the Agreement, at a meeting held on
January 12, 1998, June 29, 1998 and October 20, 1998, respectively. As to
each Fund, the Agreement is terminable without penalty, on 60 days' notice,
by the Company's Board or by vote of the holders of a majority of such
Fund's shares, or, on not less than 90 days' notice, by the Manager. The
Agreement will terminate automatically, as to the relevant Fund, in the
event of its assignment (as defined in the 1940 Act).
The following persons are officers and/or directors of the Manager:
Christopher M. Condron, Chairman of the Board and Chief Executive Officer;
Stephen E. Canter, President, Chief Operating Officer, Chief Investment
Officer and a director; Thomas F. Eggers, Vice Chairman-Institutional;
Lawrence S. Kash, Vice Chairman and a director; Ronald P. O'Hanley III,
Vice Chairman; J. David Officer, Vice Chairman and a director; William T.
Sandalls, Jr., Executive Vice President; Mark N. Jacobs, Vice President,
General Counsel and Secretary; Patrice M. Kozlowski, Vice President--
Corporate Communications; Mary Beth Leibig, Vice President--Human
Resources; Andrew S. Wasser, Vice President--Information Systems; Theodore
A. Schachar, Vice President; Wendy Strutt, Vice President; Richard Terres,
Vice President; William H. Maresca, Controller; James Bitetto, Assistant
Secretary; Steven F. Newman, Assistant Secretary; and Mandell L. Berman,
Burton C. Borgelt, Steven G. Elliott, Martin C. McGuinn, Richard W. Sabo
and Richard F. Syron, directors.
Sub-Investment Advisory Agreements. With respect to Dreyfus Premier
Greater China Fund, the Manager has entered into a Sub-Investment Advisory
Agreement (the "Hamon Sub-Advisory Agreement") with Hamon dated January 12,
1998. As to such Fund, the Hamon Sub-Advisory Agreement is subject to
annual approval by (i) the Company's Board or (ii) vote of a majority (as
defined in the 1940 Act) of the Fund's outstanding voting securities,
provided that in either event the continuance also is approved by a
majority of the Board members who are not "interested persons" (as defined
in the 1940 Act) of the Fund or Hamon, by vote cast in person at a meeting
called for the purpose of voting on such approval. The Hamon Sub-Advisory
Agreement is terminable without penalty, (i) by the Hamon on 60 days'
notice, (ii) by the Company's Board or by vote of the holders of a majority
of the Fund's outstanding voting securities on 60 days' notice, or (iii)
upon not less than 90 days' notice, by Hamon. The Hamon Sub-Advisory
Agreement will terminate automatically in the event of its assignment (as
defined in the 1940 Act).
The following persons are officers and/or directors of Hamon: Hugh A.
Simon, James R. F. Donald and Alfredo P. Lobo.
With respect to Dreyfus Premier European Equity Fund, the Manager has
entered into a Sub-Investment Advisory Agreement (the "Newton Sub-Advisory
Agreement") with Newton dated October 20, 1998. As to such Fund, the
Newton Sub-Advisory Agreement is subject to annual approval by (i) the
Company's Board or (ii) vote of a majority (as defined in the 1940 Act) of
the Fund's outstanding voting securities, provided that in either event the
continuance also is approved by a majority of the Board members who are not
"interested persons" (as defined in the 1940 Act) of the Fund or Newton, by
vote cast in person at a meeting called for the purpose of voting on such
approval. The Newton Sub-Advisory Agreement is terminable without penalty,
(i) by the Manager on 60 days' notice, (ii) by the Company's Board or by
vote of the holders of a majority of the Fund's outstanding voting
securities on 60 days' notice, or (iii) upon not less than 90 days' notice,
by Newton. The Newton Sub-Advisory Agreement will terminate automatically
in the event of its assignment (as defined in the 1940 Act).
The following persons are officers and/or directors of Newton: Roger
Butler, Colin Harris, Jonathan Powell, Shreekant Panday, Richard Harris,
Susan Duffy and Paul Butler.
The Manager manages each Fund's investments in accordance with the
stated policies of such Fund, subject to the approval of the Company's
Board. Hamon, with respect to Dreyfus Premier Greater China Fund, and
Newton, with respect to Dreyfus Premier European Equity Fund, provides day-
to-day management of the Fund's investments, subject to the supervision of
the Manager and the Company's Board. Each Fund's adviser is responsible
for investment decisions, and provides the Fund with portfolio managers who
are authorized by the Board to execute purchases and sales of securities.
Dreyfus Premier International Growth Fund's portfolio manager is Ronald
Chapman, Dreyfus Premier Greater China Fund's portfolio manager is Mandy
Tong, Dreyfus Premier Global Allocation Fund's portfolio manager is Charlie
Jacklin, and Dreyfus Premier European Equity Fund's portfolio managers are
Joanna Bowen and Keiran Gallagher.
The Manager, Hamon and Newton maintain research departments with
professional portfolio managers and securities analysts who provide
research services for the Funds and for other funds advised by the Manager,
Hamon or Newton.
All expenses incurred in the operation of the Company are borne by the
Company, except to the extent specifically assumed by the Manager (or, if
applicable, the Fund's sub-investment adviser). The expenses borne by the
Company include: organizational costs, taxes, interest, loan commitment
fees, distributions and interest paid on securities sold short, brokerage
fees and commissions, if any, fees of Board members who are not officers,
directors, employees or holders of 5% or more of the outstanding voting
securities of the Manager or any sub-investment adviser or any affiliates
thereof, Securities and Exchange Commission fees, state Blue Sky
qualification fees, advisory fees, charges of custodians, transfer and
dividend disbursing agents' fees, certain insurance premiums, industry
association fees, outside auditing and legal expenses, costs of maintaining
the Company's existence, costs of independent pricing services, costs
attributable to investor services (including, without limitation, telephone
and personnel expenses), costs of preparing and printing prospectuses and
statements of additional information for regulatory purposes and for
distribution to existing shareholders, costs of shareholders' reports and
corporate meetings, and any extraordinary expenses. In addition, each
Fund's Class B, Class C and Class T shares are subject to an annual
distribution fee and Class A, Class B, Class C and Class T shares are
subject to an annual service fee. See "Distribution Plan and Shareholder
Services Plan." Expenses attributable to a particular Fund are charged
against the assets of that Fund; other expenses of the Company are
allocated among the Funds on the basis determined by the Board, including,
but not limited to, proportionately in relation to the net assets of each
Fund.
The Manager maintains office facilities on behalf of the Company, and
furnishes statistical and research data, clerical help, data processing,
bookkeeping and internal auditing and certain other required services to
the Company. The Manager may pay the Distributor for shareholder services
from the Manager's own assets, including past profits but not including the
management fees paid by the Funds. The Distributor may use part or all of
such payments to pay Service Agents (as defined below) in respect of these
services. The Manager also may make such advertising and promotional
expenditures, using its own resources, as it from time to time deems
appropriate.
Under Dreyfus' personal securities trading policy (the "Policy"),
Dreyfus employees must preclear personal transactions in securities not
exempt under the Policy. In addition, Dreyfus employees must report their
personal securities transactions and holdings, which are reviewed for
compliance with the Policy. In that regard, Dreyfus portfolio managers and
other investment personnel also are subject to the oversight of Mellon's
Investment Ethics Committee. Dreyfus portfolio managers and other
investment personnel who comply with the Policy's preclearance and
disclosure procedures, and the requirements of the Committee, may be
permitted to purchase, sell or hold securities which also may be or are
held in fund(s) they manage or for which they otherwise provide investment
advice.
As compensation for the Manager's services to the Company, the Company
has agreed to pay the Manager a monthly management fee at the annual rate
of .75 of 1% of the value of Dreyfus Premier International Growth Fund's
average daily net assets, 1.00% of the value of Dreyfus Premier Global
Allocation Fund's average daily net assets, 1.25% of the value of Dreyfus
Premier Greater China Fund's average daily net assets, and .90 of 1% of the
value of Dreyfus Premier European Equity Fund's average daily net assets.
All fees and expenses are accrued daily and deducted before declaration of
distributions to shareholders. With respect to Dreyfus Premier
International Growth Fund, the management fees paid for the fiscal years
ended October 31, 1996, 1997 and 1998 amounted to $1,093,156, $1,035,613
and $914,927, respectively. With respect to Dreyfus Premier Global
Allocation Fund, the management fee paid for the fiscal year ended October
31, 1998 amounted to $65,756. With respect to Dreyfus Premier Greater China
Fund, the management fee paid for the fiscal year ended October 31, 1998
amounted to $11,677.
As compensation for Hamon's services, the Manager has agreed to pay
Hamon a monthly sub-advisory fee at the annual rate of .625 of 1% of the
value of Dreyfus Premier Greater China Fund's average daily net assets.
As compensation for Newton's services, the Manager has agreed to pay
Newton a monthly sub-advisory fee at the annual rate set forth below as a
percentage of Dreyfus Premier European Equity Fund's average daily net
assets:
Annual Fee as a
Average Daily Net Assets Percentage of the Fund's
Average Daily Net Assets
0 to $100 million .35 of 1%
$100 million to $1 billion .30 of 1%
$1 billion to $1.5 billion .26 of 1%
$1.5 billion or more .20 of 1%
Dreyfus Premier European Equity Fund has not completed its first
fiscal year.
As to each Fund, the Manager has agreed that if in any fiscal year the
aggregate expenses of the Fund, exclusive of taxes, brokerage, interest on
borrowings and (with the prior written consent of the necessary state
securities commissions) extraordinary expenses, but including the
management fee, exceed the expense limitation of any state having
jurisdiction over the Fund, the Fund may deduct from the payment to be made
to the Manager under the Agreement, or the Manager will bear, such excess
expense to the extent required by state law. Such deduction or payment, if
any, will be estimated daily, and reconciled and effected or paid, as the
case may be, on a monthly basis.
The aggregate of the fees payable to the Manager is not subject to
reduction as the value of a Fund's net assets increases.
Distributor. The Distributor, located at 60 State Street, Boston,
Massachusetts 02109, serves as each Fund's distributor on a best efforts
basis pursuant to an agreement with the Company which is renewable
annually.
With respect to Dreyfus Premier International Growth Fund, for the
fiscal years ended October 31, 1996, 1997 and 1998, the Distributor
retained $2,169, $3,150 and $2,293.43, respectively, from sales loads on
Class A shares of such Fund. For the same periods, the Distributor
retained $145,620, $216,611 and $142,298, respectively, from contingent
deferred sale charges ("CDSC") on Class B shares and $0, $30 and $780 from
the CDSC on Class C shares of Dreyfus Premier International Growth Fund.
With respect to Dreyfus Premier Greater China Fund, for the fiscal
year ended October 31, 1998, the Distributor retained: $0 from sales loads
on Class A shares of such Fund; $0 from contingent deferred sale charges
("CDSC") on Class B shares; and $0 from the CDSC on Class C shares of
Dreyfus Premier Greater China Fund.
With respect to Dreyfus Premier Global Allocation Fund, for the fiscal
year ended October 31, 1998, the Distributor retained: $ from sales loads
on Class A shares of such Fund; $0 from contingent deferred sale charges
("CDSC") on Class B shares; and $0 from the CDSC on Class C shares of
Dreyfus Premier Global Allocation Fund.
Dreyfus Premier European Equity Fund has not completed its first
fiscal year.
The Distributor may pay dealers a fee of up to 1.0% of the amount
invested through such dealers in Fund shares by employees participating in
qualified or non-qualified employee benefit plans or other programs where
(i) the employers or affiliated employers maintaining such plans or
programs have a minimum of 250 employees eligible for participation in such
plans or programs or (ii) such plan's or program's aggregate investment in
the Dreyfus Family of Funds or certain other products made available by the
Distributor to such plans or programs exceeds $1,000,000 ("Eligible Benefit
Plans"). Shares of funds in the Dreyfus Family of Funds then held by
Eligible Benefit Plans will be aggregated to determine the fee payable.
The Distributor reserves the right to cease paying these fees at any time.
The Distributor will pay such fees from its own funds, other than amounts
received from a Fund, including past profits or any other source available
to it.
The Distributor, at its expense, may provide promotional incentives to
dealers that sell shares of funds advised by the Manager which are sold
with a sales load. In some instances, those incentives may be offered only
to certain dealers who have sold or may sell significant amounts of shares.
Transfer and Dividend Disbursing Agent and Custodian. Dreyfus
Transfer, Inc. (the "Transfer Agent"), a wholly-owned subsidiary of the
Manager, P.O. Box 9671, Providence, Rhode Island 02940-9671, is the
Company's transfer and dividend disbursing agent. Under a transfer agency
agreement with the Company, the Transfer Agent arranges for the maintenance
of shareholder account records for each Fund, the handling of certain
communications between shareholders and the Fund and the payment of
dividends and distributions payable by the Fund. For these services, the
Transfer Agent receives a monthly fee computed on the basis of the number
of shareholder accounts it maintains for each Fund during the month, and is
reimbursed for certain out-of-pocket expenses.
The Bank of New York (the "Custodian"), 90 Washington Street, New
York, New York 10286, acts as custodian of each Fund's investments. The
Custodian has no part in determining the investment policies of the Funds
or which securities are to be purchased or sold by the Funds. Under a
custody agreement with the Company, the Custodian holds each Fund's
securities and keeps all necessary accounts and records. For its custody
services, the Custodian receives a monthly fee based on the market value of
each Fund's assets held in custody and receives certain securities
transactions charges. For the fiscal year ended October 31, 1998, each Fund
paid to the Transfer Agent the following:
Name of Fund Amount
Paid to Transfer Agent
Dreyfus Premier International Growth Fund $46,465
Dreyfus Premier Global Allocation Fund 85
Dreyfus Premier Greater China Fund 85
HOW TO BUY SHARES
General. Class A shares, Class B shares, Class C and Class T shares
may be purchased only by clients of certain financial institutions (which
may include banks), securities dealers ("Selected Dealers") and other
industry professionals (collectively, "Service Agents"), except that full-
time or part-time employees the Manager or any of its affiliates or
subsidiaries, directors of the Manager, Board members of a fund advised by
the Manager, including members of the Company's Board, or the spouse or
minor child of any of the foregoing may purchase Class A shares directly
through the Distributor. Subsequent purchases may be sent directly to the
Transfer Agent or your Service Agent.
Class R shares are offered only to institutional investors acting for
themselves or in a fiduciary, advisory, agency, custodial or similar
capacity for qualified or non-qualified employee benefit plans, including
pension, profit-sharing, IRAs set up under a Simplified Employee Pension
Plan ("SEP-IRAs") and other deferred compensation plans, whether established
by corporations, partnerships, non-profit entities or state and local
governments ("Retirement Plans"). The term "Retirement Plans" does not
include IRAs or IRA "Rollover Accounts." Class R shares may be purchased
for a Retirement Plan only by a custodian, trustee, investment manager or
other entity authorized to act on behalf of such Retirement Plan.
Institutions effecting transactions in Class R shares for the accounts of
their clients may charge their clients direct fees in connection with such
transactions.
When purchasing Fund shares, you must specify which Class is being
purchased. Stock certificates are issued only upon your written request.
No certificates are issued for fractional shares. The Company reserves the
right to reject any purchase order.
Service Agents may receive different levels of compensation for selling
different Classes of shares. Management understands that some Service
Agents may impose certain conditions on their clients which are different
from those described in the relevant Fund's Prospectus and this Statement of
Additional Information, and, to the extent permitted by applicable
regulatory authority, may charge their clients direct fees. You should
consult your Service Agent in this regard.
The minimum initial investment is $1,000. Subsequent investments must
be at least $100. However, the minimum initial investment is $750 for
Dreyfus-sponsored Keogh Plans, IRAs (including regular IRAs, spousal IRAs
for a non-working spouse, Roth IRAs, SEP-IRAs and rollover IRAs) and
403(b)(7) Plans with only one participant and $500 for Dreyfus-sponsored
Education IRAs, with no minimum for subsequent purchases. The initial
investment must be accompanied by the Account Application. The Company
reserves the right to offer Fund shares without regard to minimum purchase
requirements to employees participating in certain qualified or non-
qualified employee benefit plans or other programs where contributions or
account information can be transmitted in a manner and form acceptable to
the Company. The Company reserves the right to vary further the initial and
subsequent investment minimum requirements at any time.
The Internal Revenue Code of 1986, as amended (the "Code"), imposes
various limitations on the amount that may be contributed to certain
Retirement Plans. These limitations apply with respect to participants at
the plan level and, therefore, do not directly affect the amount that may be
invested in a Fund by a Retirement Plan. Participants and plan sponsors
should consult their tax advisers for details.
Fund shares also may be purchased through Dreyfus-Automatic Asset
Builderr, Dreyfus Government Direct Deposit Privilege and Dreyfus Payroll
Savings Plan described under "Shareholder Services." These services enable
you to make regularly scheduled investments and may provide you with a
convenient way to invest for long-term financial goals. You should be
aware, however, that periodic investment plans do not guarantee a profit and
will not protect an investor against loss in a declining market.
Fund shares are sold on a continuous basis. Net asset value per share
is determined as of the close of trading on the floor of the New York Stock
Exchange (currently 4:00 p.m., New York time), on each day the New York
Stock Exchange is open for business. For purposes of determining net asset
value, options and futures contracts will be valued 15 minutes after the
close of trading on the floor of the New York Stock Exchange. Net asset
value per share of each Class is computed by dividing the value of the
Fund's net assets represented by such Class (i.e., the value of its assets
less liabilities) by the total number of shares of such Class outstanding.
Each Fund's investments are valued based on market value or, where market
quotations are not readily available, based on fair value as determined in
good faith by the Company's Board. For further information regarding the
methods employed in valuing the Funds' investments, see "Determination of
Net Asset Value."
If an order is received in proper form by the Transfer Agent or other
entity authorized to receive orders on behalf of the Fund by the close of
trading on the floor of the New York Stock Exchange (currently 4:00 p.m.,
New York time) on a business day, Fund shares will be purchased at the
public offering price determined as of the close of trading on the floor of
the New York Stock Exchange on that day. Otherwise, Fund shares will be
purchased at the public offering price determined as of the close of trading
on the floor of the New York Stock Exchange on the next business day, except
where shares are purchased through a dealer as provided below.
Orders for the purchase of Fund shares received by dealers by the close
of trading on the floor of the New York Stock Exchange on any business day
and transmitted to the Distributor or its designee by the close of its
business day (normally 5:15 p.m., New York time) will be based on the public
offering price per share determined as of the close of trading on the floor
of the New York Stock Exchange on that day. Otherwise, the orders will be
based on the next determined public offering price. It is the dealer's
responsibility to transmit orders so that they will be received by the
Distributor or its designee before the close of its business day. For
certain institutions that have entered into agreements with the Distributor,
payment for the purchase of Fund shares may be transmitted, and must be
received by the Transfer Agent, within three business days after the order
is placed. If such payment is not received within three business days after
the order is placed, the order may be canceled and the institution could be
held liable for resulting fees and/or losses.
Federal regulations require that you provide a certified taxpayer
identification number ("TIN") upon opening or reopening an account. See the
Account Application for further information concerning this requirement.
Failure to furnish a certified TIN to the Fund could subject you to a $50
penalty imposed by the Internal Revenue Service.
Class A Shares. The public offering price for Class A shares is the
net asset value per share of that Class plus, except for shareholders
beneficially owning Class A shares of Dreyfus Premier International Growth
Fund on November 30, 1996, a sales load as shown below:
Total
Sales
Load
As a % of Dealers'
Amount of Transaction offering As a % of Reallowanc
price per net asset e as a %
share value per of
share offering
price
Less than $50,000 5.75 6.10 5.00
$50,000 to less than 4.50 4.70 3.75
$100,000
$100,000 to less than 3.50 3.60 2.75
$250,000
$250,000 to less than 2.50 2.60 2.25
$500,000
$500,000 to less than 2.00 2.00 1.75
$1,000,000
$1,000,000 or more -0- -0- -0-
For shareholders who beneficially owned Class A shares of Dreyfus
Premier International Growth Fund on November 30, 1996, the public offering
price for Class A shares of such Fund is the net asset value per share of
that Class plus a sales load as shown below:
Total
Sales
Load
As a % of As a % of Dealers'
Amount of Transaction offering net asset Reallowanc
price per value per e as a %
share share of
offering
price
Less than $50,000 4.50 4.70 5.00
$50,000 to less than 4.00 4.20 3.75
$100,000
$100,000 to less than 3.00 3.10 2.75
$250,000
$250,000 to less than 2.50 2.60 2.25
$500,000
$500,000 to less than 2.00 2.00 1.75
$1,000,000
$1,000,000 or more -0- -0- -0-
A CDSC of 1% will be assessed at the time of redemption of Class A
shares purchased without an initial sales charge as part of an investment of
at least $1,000,000 and redeemed within one year of purchase. The
Distributor may pay Service Agents an amount up to 1% of the net asset value
of Class A shares purchased by their clients that are subject to a CDSC.
Full-time employees of NASD member firms and full-time employees of
other financial institutions which have entered into an agreement with the
Distributor pertaining to the sale of Fund shares (or which otherwise have a
brokerage related or clearing arrangement with an NASD member firm or
financial institution with respect to the sale of such shares) may purchase
Class A shares for themselves directly or pursuant to an employee benefit
plan or other program, or for their spouses or minor children, at net asset
value, provided they have furnished the Distributor with such information as
it may request from time to time in order to verify eligibility for this
privilege. This privilege also applies to full-time employees of financial
institutions affiliated with NASD member firms whose full-time employees are
eligible to purchase Class A shares at net asset value. In addition, Class
A shares are offered at net asset value to full-time or part-time employees
of the Manager or any of its affiliates or subsidiaries, directors of the
Manager, Board members of a fund advised by the Manager, including members
of the Company's Board, or the spouse or minor child of any of the
foregoing.
Class A shares are offered at net asset value without a sales load to
employees participating in Eligible Benefit Plans. Class A shares also may
be purchased (including by exchange) at net asset value without a sales load
for Dreyfus-sponsored IRA "Rollover Accounts" with the distribution proceeds
from a qualified retirement plan or a Dreyfus-sponsored 403(b)(7) plan,
provided, at the time of such distribution, such qualified retirement plan
or Dreyfus-sponsored 403(b)(7) plan (a) met the requirements of an Eligible
Benefit Plan and all or a portion of such plan's assets were invested in
funds in the Dreyfus Premier Family of Funds or the Dreyfus Family of Funds
or certain other products made available by the Distributor to such plans,
or (b) invested all of its assets in certain funds in the Dreyfus Premier
Family of Funds or the Dreyfus Family of Funds or certain other products
made available by the Distributor to such plans.
Class A shares may be purchased at net asset value through certain
broker-dealers and other financial institutions which have entered into an
agreement with the Distributor, which includes a requirement that such
shares be sold for the benefit of clients participating in a "wrap account"
or a similar program under which such clients pay a fee to such broker-
dealer or other financial institution.
Class A shares also may be purchased at net asset value, subject to
appropriate documentation, through a broker-dealer or other financial
institution with the proceeds from the redemption of shares of a registered
open-end management investment company not managed by the Manager or its
affiliates. The purchase of Class A shares of a Fund must be made within 60
days of such redemption and the shareholder must have either (i) paid an
initial sales charge or a contingent deferred sales charge or (ii) been
obligated to pay at any time during the holding period, but did not actually
pay on redemption, a deferred sales charge with respect to such redeemed
shares.
Class A shares also may be purchased at net asset value, subject to
appropriate documentation, by (i) qualified separate accounts maintained by
an insurance company pursuant to the laws of any State or territory of the
United States, (ii) a State, county or city or instrumentality thereof,
(iii) a charitable organization (as defined in Section 501(c)(3) of the
Code) investing $50,000 or more in Fund shares, and (iv) a charitable
remainder trust (as defined in Section 501(c)(3) of the Code).
Class T Shares. The public offering price for Class T shares of
Dreyfus Premier European Equity Fund is the net asset value per share of
that Class plus a sales load as shown below:
Total
Sales
Load
As a % of As a % of Dealers'
Amount of Transaction offering net asset Reallowanc
price per value per e as a %
share share of
offering
price
Less than $50,000 4.50 4.70 4.00
$50,000 to less than 4.00 4.20 3.50
$100,000
$100,000 to less than 3.00 3.10 2.50
$250,000
$250,000 to less than 2.00 2.00 1.75
$500,000
$500,000 to less than 1.50 1.50 1.25
$1,000,000
$1,000,000 or more -0- -0- -0-
A CDSC of 1.00% will be assessed at the time of redemption of Class T
shares purchased without an initial sales charge as part of an investment of
at least $1,000,000 and redeemed within one year of purchase. The
Distributor may pay Service Agents an amount up to 1% of the net asset value
of Class T shares purchased by their clients that are subject to a CDSC.
Because the expenses associated with Class A shares will be lower than those
associated with Class T shares, purchasers investing $1,000,000 or more in
the Fund will generally find it beneficial to purchase Class A shares rather
than Class T shares.
Dealer Reallowance - Class A and Class T. The dealer reallowance provided
with respect to Class A and Class T shares may be changed from time to time
but will remain the same for all dealers. The Distributor, at its own
expense, may provide additional promotional incentives to dealers that sell
shares of funds advised by the Manager which are sold with a sales load,
such as Class A and Class T shares. In some instances, these incentives may
be offered only to certain dealers who have sold or may sell significant
amounts of such shares.
Sales Loads - Class A and Class T. The scale of sales loads applies to
purchases of Class A shares made by any "purchaser," which term includes an
individual and/or spouse purchasing securities for his, her or their own
account or for the account of any minor children, or a trustee or other
fiduciary purchasing securities for a single trust estate or a single
fiduciary account (including a pension, profit-sharing or other employee
benefit trust created pursuant to a plan qualified under Section 401 of the
Code) although more than one beneficiary is involved; or a group of
accounts established by or on behalf of the employees of an employer or
affiliated employers pursuant to an employee benefit plan or other program
(including accounts established pursuant to Sections 403(b), 408(k), and
457 of the Code); or an organized group which has been in existence for
more than six months, provided that it is not organized for the purpose of
buying redeemable securities of a registered investment company and
provided that the purchases are made through a central administration or a
single dealer, or by other means which result in economy of sales effort or
expense.
Set forth below is an example of the method of computing the offering
price of Dreyfus Premier International Growth Fund's Class A shares. The
example assumes a purchase of Class A shares of Dreyfus Premier
International Growth Fund aggregating less than $50,000 subject to the
schedule of sales charges set forth in the Fund's Prospectus at a price
based upon the net asset value of the Fund's Class A shares on October 31,
1998:
NET ASSET VALUE per Share $13.33
Per Share Sales Charge - 5.75%*
of offering price (6.10% of
net asset value per share) $0.81
Per Share Offering Price to
the Public $14.14
___________________
*Class A shares of Dreyfus Premier International Growth Fund purchased by
shareholders beneficially owning Class A shares of such Fund on November 30,
1996 are subject to a different sales load schedule as described above.
Set forth below is an example of the method of computing the offering
price of Dreyfus Premier Global Allocation Fund's Class A shares. The
example assumes a purchase of Class A shares of Dreyfus Premier Global
Allocation Fund aggregating less than $50,000 subject to the schedule of
sales charges set forth in the Fund's Prospectus at a price based upon the
net asset value of the Fund's Class A shares on October 31, 1998:
NET ASSET VALUE per Share $12.07
Per Share Sales Charge - 5.75%*
of offering price (6.10% of
net asset value per share) $0.74
Per Share Offering Price to
the Public $12.81
Set forth below is an example of the method of computing the offering
price of Dreyfus Premier Greater China Fund's Class A shares. The example
assumes a purchase of Class A shares of Dreyfus Premier Greater China Fund
aggregating less than $50,000 subject to the schedule of sales charges set
forth in the Fund's Prospectus at a price based upon the net asset value of
the Fund's Class A shares on October 31, 1998:
NET ASSET VALUE per Share $12.78
Per Share Sales Charge - 5.75%*
of offering price (6.10% of
net asset value per share) $0.78
Per Share Offering Price to
the Public $13.56
Set forth below is an example of the method of computing the offering
price of Dreyfus Premier European Equity Fund's Class A shares. The
example assumes a purchase of Class A shares of Dreyfus Premier European
Equity Fund aggregating less than $50,000 subject to the schedule of sales
charges set forth in the Fund's Prospectus at a price based upon the net
asset value of the Fund's Class A shares on ___________:
NET ASSET VALUE per Share $___
Per Share Sales Charge - 5.75%*
of offering price (6.10% of
net asset value per share) $___
Per Share Offering Price to
the Public $___
Set forth below is an example of the method of computing the offering
price of the Fund's Class T shares. Th example assumes a purchase of Class
T shares of the Fund aggregating less than $50,000 subject to the schedule
of sales charges set forth above at a price based upon the initial offering
price of $12.50:
NAV per Share $12.50
Per Share Sales Charge - 4.50% of offering price
(4.70% of net asset value per share) $ .__
Per Share Officer Price to Public $__.__
Class B Shares. The public offering price for Class B shares is the
net asset value per share of that Class. No initial sales charge is imposed
at the time of purchase. A CDSC is imposed, however, on certain redemptions
of Class B shares as described in the relevant Fund's Prospectus and in this
Statement of Additional Information under "How to Redeem Shares--Contingent
Deferred Sales Charge--Class B Shares." The Distributor compensates certain
Service Agents for selling Class B shares at the time of purchase from the
Distributor's own assets. The proceeds of the CDSC and the distribution
fee, in part, are used to defray these expenses.
Approximately six years after the date of purchase, Class B shares
automatically will convert to Class A shares, based on the relative net
asset values for shares of each such Class. Class B shares that have been
acquired through the reinvestment of dividends and distributions will be
converted on a pro rata basis together with other Class B shares, in the
proportion that a shareholder's Class B shares converting to Class A shares
bears to the total Class B shares not acquired through the reinvestment of
dividends and distributions.
Class C Shares. The public offering price for Class C shares is the
net asset value per share of that Class. No initial sales charge is imposed
at the time of purchase. A CDSC is imposed, however, on redemptions of
Class C shares made within the first year of purchase. See "Class B Shares"
above and "How to Redeem Shares."
Class R Shares. The public offering for Class R shares is the net
asset value per share of that Class.
Right of Accumulation - Class A and Class T Shares. Reduced sales
loads apply to any purchase of Class A and Class T shares, shares of other
funds in the Dreyfus Premier Family of Funds, shares of certain other funds
advised by the Manager which are sold with a sales load and shares acquired
by a previous exchange of such shares (hereinafter referred to as "Eligible
Funds"), by you and any related "purchaser" as defined above, where the
aggregate investment, including such purchase, is $50,000 or more. If, for
example, you previously purchased and still hold Class A or Class T shares,
or shares of any other Eligible Fund or combination thereof, with an
aggregate current market value of $40,000 and subsequently purchase Class A
or Class T shares or shares of an Eligible Fund having a current value of
$20,000, the sales load applicable to the subsequent purchase would be
reduced to 4.5% of the offering price in the case of Class A shares, or
4.00% of the offering price in the case of Class T shares. All present
holdings of Eligible Funds may be combined to determine the current offering
price of the aggregate investment in ascertaining the sales load applicable
to each subsequent purchase. Class A and Class T shares purchased by
shareholders beneficially owning Class A shares of Dreyfus Premier
International Growth Fund on November 30, 1996 are subject to a different
sales load schedule, as described above under "Class A Shares."
To qualify for reduced sales loads, at the time of purchase you or your
Service Agent must notify the Distributor if orders are made by wire, or the
Transfer Agent if orders are made by mail. The reduced sales load is
subject to confirmation of your holdings through a check of appropriate
records.
Dreyfus TeleTransfer Privilege. You may purchase shares by telephone
if you have checked the appropriate box and supplied the necessary
information on the Account Application or have filed a Shareholder Services
Form with the Transfer Agent. The proceeds will be transferred between the
bank account designated in one of these documents and your Fund account.
Only a bank account maintained in a domestic financial institution which is
an Automated Clearing House member may be so designated.
Dreyfus TeleTransfer purchase orders may be made at any time.
Purchase orders received by 4:00 p.m., New York time, on any business day
that the Transfer Agent and the New York Stock Exchange are open for
business will be credited to the shareholder's Fund account on the next
bank business day following such purchase order. Purchase orders made
after 4:00 p.m., New York time, on any business day the Transfer Agent and
the New York Stock Exchange are open for business, or orders made on
Saturday, Sunday or any Fund holiday (e.g., when the New York Stock
Exchange is not open for business), will be credited to the shareholder's
Fund account on the second bank business day following such purchase order.
To qualify to use Dreyfus TeleTransfer Privilege, the initial payment for
purchase of shares must be drawn on, and redemption proceeds paid to, the
same bank and account as are designated on the Account Application or
Shareholder Services Form on file. If the proceeds of a particular
redemption are to be wired to an account at any other bank, the request
must be in writing and signature-guaranteed. See "How to Redeem Shares--
Dreyfus TeleTransfer Privilege."
Reopening an Account. You may reopen an account with a minimum
investment of $100 without filing a new Account Application during the
calendar year the account is closed or during the following calendar year,
provided the information on the old Account Application is still
applicable.
DISTRIBUTION PLAN AND SHAREHOLDER SERVICES PLAN
Class B, Class C and Class T shares of each Fund are subject to a
Distribution Plan and Class A, Class B, Class C and Class T shares are
subject to a Shareholder Services Plan.
Distribution Plan. Rule 12b-1 (the "Rule") adopted by the Securities
and Exchange Commission under the 1940 Act provides, among other things,
that an investment company may bear expenses of distributing its shares
only pursuant to a plan adopted in accordance with the Rule. The Company's
Board has adopted such a plan (the "Distribution Plan") with respect to
each Fund's Class B, Class C and Class T shares, pursuant to which the Fund
pays the Distributor for distributing each such Class of shares a fee at
the annual rate of .75% of the value of the average daily net assets of
Class B and Class C shares and .25% of the value of the average daily net
assets of Class T shares. The Distributor may pay one or more Service
Agents in respect of advertising, marketing and other distribution services
for Class T shares, and determines the amounts, if any, to be paid to
Service Agents and the basis on which such payments are made. The
Company's Board believes that there is a reasonable likelihood that the
Distribution Plan will benefit each Fund and holders of its Class B, Class
C and Class T shares.
A quarterly report of the amounts expended under the Distribution
Plan, and the purposes for which such expenditures were incurred, must be
made to the Board for its review. In addition, the Distribution Plan
provides that it may not be amended to increase materially the costs which
holders of a Fund's Class B, Class C or Class T shares may bear pursuant to
the Distribution Plan without the approval of the holders of such shares
and that other material amendments of the Distribution Plan must be
approved by the Company's Board, and by the Board members who are not
"interested persons" (as defined in the 1940 Act) of the Company and have
no direct or indirect financial interest in the operation of the
Distribution Plan or in any agreements entered into in connection with the
Distribution Plan, by vote cast in person at a meeting called for the
purpose of considering such amendments. As to each Fund, the Distribution
Plan is subject to annual approval by such vote of the Board cast in person
at a meeting called for the purpose of voting on the Distribution Plan.
The Distribution Plan was last so approved by the Board at a meeting held
on October 20, 1998 and was initially approved by the Board with respect to
Class T shares at a meeting held on July 12, 1999. As to the relevant
Class of shares of a Fund, the Distribution Plan may be terminated at any
time by vote of a majority of the Board members who are not "interested
persons" and have no direct or indirect financial interest in the operation
of the Distribution Plan or in any agreements entered into in connection
with the Distribution Plan or by vote of the holders of a majority of such
Class of shares.
With respect to Dreyfus Premier International Growth Fund, for the
fiscal year ended October 31, 1998, the Fund was charged $491,973 and
$2,315, with respect to Class B shares and Class C shares, respectively,
pursuant to the Distribution Plan.
With respect to Dreyfus Premier Greater China Fund, for the fiscal
year ended October 31, 1998, the Fund was charged $745 and $690, with
respect to Class B shares and Class C shares, respectively, pursuant to the
Distribution Plan.
With respect to Dreyfus Premier Global Allocation Fund, for the fiscal
year ended October 31, 1998, the Fund was charged $17,246 and $4,928, with
respect to Class B shares and Class C shares, respectively, pursuant to the
Distribution Plan.
Dreyfus Premier European Equity Fund has not completed its first
fiscal year.
Shareholder Services Plan. The Company has adopted a Shareholder
Services Plan with respect to each Fund, pursuant to which the Fund pays
the Distributor for the provision of certain services to the holders of the
Fund's Class A, Class B, Class C and Class T shares a fee at the annual
rate of .25% of the value of the average daily net assets of each such
Class. 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 such shareholder accounts. Under the Shareholder
Services Plan, the Distributor may make payments to Service Agents in
respect of these services.
A quarterly report of the amounts expended under the Shareholder
Services Plan, and the purposes for which such expenditures were incurred,
must be made to the Board for its review. In addition, the Shareholder
Services Plan provides that material amendments must be approved by the
Company's Board, and by the Board members who are not "interested persons"
(as defined in the 1940 Act) of the Company and have no direct or indirect
financial interest in the operation of the Shareholder Services Plan or in
any agreements entered into in connection with the Shareholder Services
Plan, by vote cast in person at a meeting called for the purpose of
considering such amendments. As to each Fund, the Shareholder Services
Plan is subject to annual approval by such vote of the Board cast in person
at a meeting called for the purpose of voting on the Shareholder Services
Plan. The Shareholder Services Plan was last approved by the Board at a
meeting held on October 20, 1998 and was initially approved by the Board
with respect to Class T shares at a meeting held on July 12, 1999 . As to
the relevant Class of shares of a Fund, the Shareholder Services Plan is
terminable at any time by vote of a majority of the Board members who are
not "interested persons" and who have no direct or indirect financial
interest in the operation of the Shareholder Services Plan or in any
agreements entered into in connection with the Shareholder Services Plan.
With respect to Dreyfus Premier International Growth Fund, for the
fiscal year ended October 31, 1998, the Fund was charged $140,022, $163,991
and $772, with respect to Class A shares, Class B shares and Class C
shares, respectively, pursuant to the Shareholder Services Plan.
With respect to Dreyfus Premier Greater China Fund, for the fiscal
year ended October 31, 1998, the Fund was charged $1,626, $248 and $240,
with respect to Class A shares, Class B shares and Class C shares,
respectively, pursuant to the Shareholder Services Plan.
With respect to Dreyfus Premier Global Allocation Fund, for the fiscal
year ended October 31, 1998, the Fund was charged $5,757, $5,749 and
$1,642, with respect to Class A shares, Class B shares and Class C shares,
respectively, pursuant to the Shareholder Services Plan.
Dreyfus Premier European Equity Fund has not completed its first
fiscal year.
HOW TO REDEEM SHARES
Contingent Deferred Sales Charge--Class B Shares. A CDSC payable to
the Distributor is imposed on any redemption of Class B shares which reduces
the current net asset value of your Class B shares to an amount which is
lower than the dollar amount of all payments by you for the purchase of
Class B shares of the Fund held by you at the time of redemption. No CDSC
will be imposed to the extent that the net asset value of the Class B shares
redeemed does not exceed (i) the current net asset value of Class B shares
acquired through reinvestment of dividends or capital gain distributions,
plus (ii) increases in the net asset value of your Class B shares above the
dollar amount of all your payments for the purchase of Class B shares held
by you at the time of redemption.
If the aggregate value of Class B shares redeemed has declined below
their original cost as a result of the Fund's performance, a CDSC may be
applied to the then-current net asset value rather than the purchase price.
In circumstances where the CDSC is imposed, the amount of the charge
will depend on the number of years for the time you purchased the Class B
shares until the time of redemption of such shares. Solely for purposes of
determining the number of years from the time of any payment for the
purchase of Class B shares, all payments during a month will be aggregated
and deemed to have been made on the first day of the month.
The following table sets forth the rates of the CDSC for Class B
shares:
Year Since CDSC as a % of
Purchase Payment Amount Invested
Was Made or
Redemption
Proceeds
First 4.00
Second 4.00
Third 3.00
Fourth 3.00
Fifth 2.00
Sixth 1.00
In determining whether a CDSC is applicable to a redemption, the
calculation will be made in a manner that results in the lowest possible
rate. It will be assumed that the redemption is made first of amounts
representing shares acquired pursuant to the reinvestment of dividends and
distributions; then of amounts representing the increase in net asset value
of Class B shares above the total amount of payments for the purchase of
Class B shares made during the preceding six years; then of amounts
representing the cost of shares purchased six years prior to the redemption;
and finally, of amounts representing the cost of shares held for the longest
period of time within the applicable six-year period.
For example, assume an investor purchased 100 shares at $10 per share
for a cost of $1,000. Subsequently, the shareholder acquired five
additional shares through dividend reinvestment. During the second year
after the purchase the investor decided to redeem $500 of the investment.
Assuming at the time of the redemption the net asset value had appreciated
to $12 per share, the value of the investor's shares would be $1,260 (105
shares at $12 per share). The CDSC would not be applied to the value of the
reinvested dividend shares and the amount which represents appreciation
($260). Therefore, $240 of the $500 redemption proceeds ($500 minus $260)
would be charged at a rate of 4% (the applicable rate in the second year
after purchase) for a total CDSC of $9.60.
Contingent Deferred Sales Charge--Class C Shares. A CDSC of 1% payable
to the Distributor is imposed on any redemption of Class C shares within one
year of the date of purchase. The basis for calculating the payment of any
such CDSC will be the method used in calculating the CDSC for Class B
shares. See "Contingent Deferred Sales Charge - Class B Shares" above.
Waiver of CDSC. The CDSC applicable to Class B and Class C shares
may be waived in connection with (a) redemptions made within one year
after the death or disability, as defined in Section 72(m)(7) of the Code,
of the shareholder, (b) redemptions by employees participating in Eligible
Benefit Plans, (c) redemptions as a result of a combination of any
investment company with the Fund by merger, acquisition of assets or
otherwise, (d) a distribution following retirement under a tax-deferred
retirement plan or upon attaining age 70 1/2 in the case of an IRA or Keogh
plan or custodial account pursuant to Section 403(b) of the Code, and (e)
redemptions pursuant to the Automatic Withdrawal Plan, as described below.
If the Company's Board determines to discontinue the waiver of the CDSC,
the disclosure herein will be revised appropriately. Any Fund shares
subject to a CDSC which were purchased prior to the termination of such
waiver will have the CDSC waived as provided in the Fund's Prospectus or
this Statement of Additional Information at the time of the purchase of
such shares.
To qualify for a waiver of the CDSC, at the time of redemption you
must notify the Transfer Agent or your Service Agent must notify the
Distributor. Any such qualification is subject to confirmation of your
entitlement.
Redemption Through a Selected Dealer. If you are a customer of a
Selected Dealer, you may make redemption requests to your Selected Dealer.
If the Selected Dealer transmits the redemption request so that it is
received by the Transfer Agent prior to the close of trading on the floor of
the New York Stock Exchange (currently 4:00 p.m., New York time), the
redemption request will be effective on that day. If a redemption request
is received by the Transfer Agent after the close of trading on the floor of
the New York Stock Exchange, the redemption request will be effective on the
next business day. It is the responsibility of the Selected Dealer to
transmit a request so that it is received in a timely manner. The proceeds
of the redemption are credited to your account with the Selected Dealer.
See "How to Buy Shares" for a discussion of additional conditions or fees
that may be imposed upon redemption.
In addition, the Distributor or its designee will accept orders from
Selected Dealers with which the Distributor has sales agreements for the
repurchase of shares held by shareholders. Repurchase orders received by
dealers by the close of trading on the floor of the New York Stock Exchange
on any business day and transmitted to the Distributor or its designee prior
to the close of its business day (normally 5:15 p.m., New York time) are
effected at the price determined as of the close of trading on the floor of
the New York Stock Exchange on that day. Otherwise, the shares will be
redeemed at the next determined net asset value. It is the responsibility
of the Selected Dealer to transmit orders on a timely basis. The Selected
Dealer may charge the shareholder a fee for executing the order. This
repurchase arrangement is discretionary and may be withdrawn at any time.
Reinvestment Privilege. Upon written request, you may reinvest up to
the number of Class A, Class B or Class T shares you have redeemed, within
45 days of redemption, at the then-prevailing net asset value without a
sales load, or reinstate your account for the purpose of exercising Fund
Exchanges. Upon reinstatement, with respect to Class B shares, Class A or
Class T shares if such shares were subject to a CDSC, your account will be
credited with an amount equal to the CDSC previously paid upon redemption of
the Class A or Class B shares reinvested. The Reinvestment Privilege may be
exercised only once.
Wire Redemption Privilege. By using this Privilege, you authorize the
Transfer Agent to act on wire, telephone or letter redemption instructions
from any person representing himself or herself to be you, or a
representative of your Service Agent, and reasonably believed by the
Transfer Agent to be genuine. Ordinarily, the Company will initiate
payment for shares redeemed pursuant to this Privilege on the next business
day after receipt by the Transfer Agent of the redemption request in proper
form. Redemption proceeds ($1,000 minimum) will be transferred by Federal
Reserve wire only to the commercial bank account you have specified on the
Account Application or Shareholder Services Form, or to a correspondent
bank if your bank is not a member of the Federal Reserve System. Fees
ordinarily are imposed by such bank and borne by you. Immediate
notification by the correspondent bank to your bank is necessary to avoid a
delay in crediting the funds to your bank account.
If you have access to telegraphic equipment you may wire redemption
requests to the Transfer Agent by employing the following transmittal code
which may be used for domestic or overseas transmissions:
Transfer Agent's
Transmittal Code Answer Back Sign
144295 144295 TSSG PREP
If you do not have direct access to telegraphic equipment you may have
the wire transmitted by contacting a TRT Cables operator at 1-800-654-7171,
toll free. You should advise the operator that the above transmittal code
must be used and you should also inform the operator of the Transfer
Agent's answer back sign.
To change the commercial bank or account designated to receive
redemption proceeds, a written request must be sent to the Transfer Agent.
This request must be signed by each shareholder, with each signature
guaranteed as described below under "Stock Certificates; Signatures."
Dreyfus TeleTransfer Privilege. You may request by telephone that
redemption proceeds be transferred between your Fund account and your bank
account. Only a bank account maintained in a domestic financial
institution which is an Automated Clearing House member may be designated.
Holders of jointly registered Fund or bank accounts may redeem through the
Dreyfus TeleTransfer Privilege for transfer to their bank account not more
than $250,000 within any 30-day period. Redemption proceeds will be on
deposit in the your account at an ACH member bank ordinarily two business
days after receipt of the redemption request. You should be aware that if
you have selected the Dreyfus TeleTransfer Privilege, any request for a
wire redemption will be effected as a Dreyfus TeleTransfer transaction
through the Automated Clearing House ("ACH") system unless more prompt
transmittal specifically is requested. See "How to Buy Shares--Dreyfus
TeleTransfer Privilege."
Stock Certificates; Signatures. Any certificates representing Fund
shares to be redeemed must be submitted with the redemption request.
Written redemption requests must be signed by each shareholder, including
each holder of a joint account, and each signature must be guaranteed.
Signatures on endorsed certificates submitted for redemption also must be
guaranteed. The Transfer Agent has adopted standards and procedures
pursuant to which signature-guarantees in proper form generally will be
accepted from domestic banks, brokers, dealers, credit unions, national
securities exchanges, registered securities associations, clearing
agencies, and savings associations, as well as from participants in the New
York Stock Exchange Medallion Signature Program, the Securities Transfer
Agents Medallion Program ("STAMP") and the Stock Exchanges Medallion
Program. Guarantees must be signed by an authorized signatory of the
guarantor and "Signature-Guaranteed" must appear with the signature. The
Transfer Agent may request additional documentation from corporations,
executors, administrators, trustees or guardians, and may accept other
suitable verification arrangements from foreign investors, such as consular
verification.
Redemption Commitment. The Company has committed itself to pay in
cash all redemption requests by any shareholder of record of a Fund,
limited in amount during any 90-day period to the lesser of $250,000 or 1%
of such value of such Fund's net assets at the beginning of such period.
Such commitment is irrevocable without the prior approval of the Securities
and Exchange Commission and is a fundamental policy of the Company which
may not be changed without shareholder approval. In the case of requests
for redemption in excess of such amount, the Board reserves the right to
make payments in whole or in part in securities or other assets in case of
an emergency or any time a cash distribution would impair the liquidity of
the Fund to the detriment of the existing shareholders. In such event, the
securities would be valued in the same manner as the Fund's securities are
valued. If the recipient sold such securities, brokerage charges would be
incurred.
Suspension of Redemptions. The right of redemption may be suspended
or the date of payment postponed (a) during any period when the New York
Stock Exchange is closed (other than customary weekend and holiday
closings), (b) when trading in the markets the relevant Fund ordinarily
utilizes is restricted, or when an emergency exists as determined by the
Securities and Exchange Commission so that disposal of the Fund's
investments or determination of its net asset value is not reasonably
practicable, or (c) for such other periods as the Securities and Exchange
Commission by order may permit to protect the Fund's shareholders.
SHAREHOLDER SERVICES
Fund Exchanges. You may purchase, in exchange for shares of a Class
of a Fund, shares of the same Class of another Fund or of certain other
funds managed or administered by the Manager, to the extent such shares are
offered for sale in your state of residence. Shares of the same Class of
such funds purchased by exchange will be purchased on the basis of relative
net asset value per share as follows:
A. Exchanges for shares of funds that are offered without a
sales load will be made without a sales load.
B. Shares of funds purchased without a sales load may be
exchanged for shares of other funds sold with a sales load,
and the applicable sales load will be deducted.
C. Shares of funds purchased with a sales load may be exchanged
without a sales load for shares of other funds sold without a
sales load.
D. Shares of funds purchased with a sales load, shares of funds
acquired by a previous exchange from shares purchased with a
sales load and additional shares acquired through
reinvestment of dividends or distributions of any such funds
(collectively referred to herein as "Purchased Shares") may
be exchanged for shares of other funds sold with a sales load
(referred to herein as "Offered Shares"), provided that, if
the sales load applicable to the Offered Shares exceeds the
maximum sales load that could have been imposed in connection
with the Purchased Shares (at the time the Purchased Shares
were acquired), without giving effect to any reduced loads,
the difference will be deducted.
E. Shares of funds subject to a contingent deferred sales
charge ("CDSC") that are exchanged for shares of another fund
will be subject to the higher applicable CDSC of the two
funds, and for purposes of calculating CDSC rates and
conversion periods, if any, will be deemed to have been held
since the date the shares being exchanged were initially
purchased.
To accomplish an exchange under item D above, your Service Agent
acting on your behalf must notify the Transfer Agent of your prior
ownership of fund shares and your account number.
You also may exchange your Fund shares that are subject to a CDSC for
shares of Dreyfus Worldwide Dollar Money Market Fund, Inc. The shares so
purchased will be held in a special account created solely for this purpose
("Exchange Account"). Exchanges of shares from an Exchange Account only can
be made into certain other funds managed or administered by the Manager. No
CDSC is charged when an investor exchanges into an Exchange Account;
however, the applicable CDSC will be imposed when shares are redeemed from
an Exchange Account or other applicable Fund account. Upon redemption, the
applicable CDSC will be calculated without regard to the time such shares
were held in an Exchange Account. See "How to Redeem Shares." Redemption
proceeds for Exchange Account shares are paid by Federal wire or check only.
Exchange Account shares also are eligible for the Auto-Exchange Privilege,
Dividend Sweep and the Automatic Withdrawal Plan.
To request an exchange, your Service Agent acting on your behalf must
give exchange instructions to the Transfer Agent in writing or by telephone.
The ability to issue exchange instructions by telephone is given to all Fund
shareholders automatically, unless you check the applicable "No" box on the
Account Application, indicating that you specifically refuses this
Privilege. By using the Telephone Exchange Privilege, you authorize the
Transfer Agent to act on telephonic instructions (including over The Dreyfus
Touchr automated telephone system) from any person representing himself or
herself to be you, or a representative of your Service Agent, and reasonably
believed by the Transfer Agent to be genuine. Telephone exchanges may be
subject to limitations as to the amount involved or the number of telephone
exchanges permitted. Shares issued in certificate form are not eligible for
telephone exchange. No fees currently are charged shareholders directly in
connection with exchanges, although the Company reserves the right, upon not
less than 60 days' written notice, to charge shareholders a nominal
administrative fee in accordance with rules promulgated by the Securities
and Exchange Commission.
To establish a personal retirement plan by exchange, shares of the
fund being exchanged must have a value of at least the minimum initial
investment required for the fund into which the exchange is being made.
Exchanges of Class R shares held by a Retirement Plan may be made only
between the investor's Retirement Plan account in one fund and such
investor's Retirement Plan account in another fund.
To establish a personal retirement plan by exchange, shares of the
fund being exchanged must have a value of at least the minimum initial
investment required for shares of the fund into which the exchange is being
made.
Dreyfus Auto-Exchange Privilege. Dreyfus Auto-Exchange Privilege
permits you to purchase, in exchange for shares of a Fund, shares of the
same Class of another fund in the Dreyfus Premier Family of Funds or
certain funds in the Dreyfus Family of Funds. This Privilege is available
only for existing accounts. With respect to Class R shares held by a
Retirement Plan, exchanges may be made only between the investor's
Retirement Plan account in one fund and such investor's Retirement Plan
account in another fund. Shares will be exchanged on the basis of relative
net asset value as described above under "Fund Exchanges." Enrollment in
or modification or cancellation of this Privilege is effective three
business days following notification by the investor. You will be notified
if your account falls below the amount designated to be exchanged under
this Privilege. In this case, your account will fall to zero unless
additional investments are made in excess of the designated amount prior to
the next Dreyfus Auto-Exchange transaction. Shares held under IRA and
other retirement plans are eligible for this Privilege. Exchanges of IRA
shares may be made between IRA accounts and from regular accounts to IRA
accounts, but not from IRA accounts to regular accounts. With respect to
all other retirement accounts, exchanges may be made only among those
accounts.
Fund Exchanges and Dreyfus Auto-Exchange Privilege are available to
shareholders resident in any state in which shares of the fund being
acquired may legally be sold. Shares may be exchanged only between
accounts having identical names and other identifying designations.
Shareholder Services Forms and prospectuses of the other funds may be
obtained by calling 1-800-554-4611. The Company reserves the right to
reject any exchange request in whole or in part. The Fund Exchanges
service or the Dreyfus Auto-Exchange Privilege may be modified or
terminated at any time upon notice to shareholders.
Dreyfus-Automatic Asset Builderr. Dreyfus-Automatic Asset Builder
permits you to purchases Fund shares (minimum of $100 and maximum of
$150,000 per transaction) at regular intervals selected by you. Fund shares
are purchased by transferring funds from the bank account designated by you.
Dreyfus Government Direct Deposit Privilege. Dreyfus Government Direct
Deposit Privilege enables you to purchase Fund shares (minimum of $100 and
maximum of $50,000 per transaction) by having Federal salary, Social
Security, or certain veterans', military or other payments from the U.S.
Government automatically deposited into your fund account. You may deposit
as much of such payments as you elect.
Dreyfus Payroll Savings Plan. Dreyfus Payroll Savings Plan permits you
to purchase Fund shares (minimum of $100 per transaction) automatically on a
regular basis. Depending upon your employer's direct deposit program, you
may have part or all of your paycheck transferred to your existing Dreyfus
account electronically through the ACH system at each pay period. To
establish a Payroll Savings Plan account, you must file an authorization
form with your employer's payroll department. It is the sole responsibility
of your employer, not the Distributor, the Manager, the Company, the
Transfer Agent or any other person, to arrange for transactions under the
Dreyfus Payroll Savings Plan.
Dreyfus Dividend Options. Dreyfus Dividend Sweep allows you to invest
automatically your dividends or dividends and capital gain distributions,
if any, from a Fund in shares of the same Class of another fund in the
Dreyfus Premier Family of Funds or certain funds in the Dreyfus Family of
Funds of which you are a shareholder. Shares of the same Class of other
funds purchased pursuant to this privilege will be purchased on the basis
of relative net asset value per share as follows:
(a) Dividends and distributions paid by a fund may be invested
without imposition of a sales load in shares of other funds
that are offered without a sales load.
(b) Dividends and distributions paid by a fund which does not
charge a sales load may be invested in shares of other funds
sold with a sales load, and the applicable sales load will be
deducted.
(c) Dividends and distributions paid by a fund which charges a
sales load may be invested in shares of other funds sold with
a sales load (referred to herein as "Offered Shares"),
provided that, if the sales load applicable to the Offered
Shares exceeds the maximum sales load charged by the fund
from which dividends or distributions are being swept,
without giving effect to any reduced loads, the difference
will be deducted.
(d) Dividends and distributions paid by a fund may be invested in
the shares of other funds that impose a CDSC and the
applicable CDSC, if any, will be imposed upon redemption of
such shares.
Dreyfus Dividend ACH permits you to transfer electronically dividends
or dividends and capital gain distributions, if any, from a Fund to a
designated bank account. Only an account maintained at a domestic financial
institution which is an Automated Clearing House member may be so
designated. Banks may charge a fee for this service.
Automatic Withdrawal Plan. The Automatic Withdrawal Plan permits you
to request withdrawal of a specified dollar amount (minimum of $50) on
either a monthly or quarterly basis if you have a $5,000 minimum account.
Withdrawal payments are the proceeds from sales of Fund shares, not the
yield on the shares. If withdrawal payments exceed reinvested dividends and
distributions, your shares will be reduced and eventually may be depleted.
Automatic Withdrawal may be terminated at any time by you, the Company or
the Transfer Agent. Shares for which certificates have been issued may not
be redeemed through the Automatic Withdrawal Plan.
Certain Retirement Plans, including Dreyfus-sponsored retirement
plans, may permit certain participants to establish an automatic
withdrawal plan from such Retirement Plans. Participants should consult
their Retirement Plan sponsor and tax adviser for details. Such a
withdrawal plan is different than the Automatic Withdrawal Plan.
No CDSC with respect to Class B shares will be imposed on withdrawals
made under the Automatic Withdrawal Plan, provided that the amounts
withdrawn under the plan do not exceed on an annual basis 12% of the
account value at the time the shareholder elects to participate in the
Automatic Withdrawal Plan. Withdrawals with respect to Class B shares
under the Automatic Withdrawal Plan that exceed on an annual basis 12% of
the value of the shareholders account will be subject to a CDSC on the
amounts exceeding 12% of the initial account value. Withdrawals of Class
A and Class T shares subject to a CDSC and Class C shares under the
Automatic Withdrawal Plan will be subject to any applicable CDSC.
Purchases of additional Class A and Class T shares where the sales load is
imposed concurrently with withdrawals of Class A and Class T shares
generally are undesirable.
Letter of Intent--Class A and Class T Shares. By signing a Letter of
Intent form, which can be obtained by calling 1-800-554-4611, you become
eligible for the reduced sales load applicable to the total number of
Eligible Fund shares purchased in a 13-month period pursuant to the terms
and conditions set forth in the Letter of Intent. A minimum initial
purchase of $5,000 is required. To compute the applicable sales load, the
offering price of shares you hold (on the date of submission of the Letter
of Intent) in any Eligible Fund that may be used toward "Right of
Accumulation" benefits described above may be used as a credit toward
completion of the Letter of Intent. However, the reduced sales load will
be applied only to new purchases.
The Transfer Agent will hold in escrow 5% of the amount indicated in
the Letter of Intent for payment of a higher sales load if you do not
purchase the full amount indicated in the Letter of Intent. The escrow
will be released when you fulfill the terms of the Letter of Intent by
purchasing the specified amount. If your purchases qualify for a further
sales load reduction, the sales load will be adjusted to reflect your
total purchase at the end of 13 months. If total purchases are less than
the amount specified, you will be requested to remit an amount equal to
the difference between the sales load actually paid and the sales load
applicable to the aggregate purchases actually made. If such remittance
is not received within 20 days, the Transfer Agent, as attorney-in-fact
pursuant to the terms of the Letter of Intent, will redeem an appropriate
number of Class A or Class T shares of the Fund held in escrow to realize
the difference. Signing a Letter of Intent does not bind you to purchase,
or the Fund to sell, the full amount indicated at the sales load in effect
at the time of signing, but you must complete the intended purchase to
obtain the reduced sales load. At the time you purchase Class A or Class
T shares, you must indicate your intention to do so under a Letter of
Intent. Purchases pursuant to a Letter of Intent will be made at the then-
current net asset value plus the applicable sales load in effect at the
time such Letter of Intent was executed.
Corporate Pension/Profit-Sharing and Personal Retirement Plans. The
Company makes available to corporations a variety of prototype pension and
profit-sharing plans including a 401(k) Salary Reduction Plan. In addition,
the Company makes available Keogh Plans, IRAs (including regular IRAs,
spousal IRAs for a non-working spouse, Roth IRAs, SEP-IRAs, Rollover IRAs
and Education IRAs) and 403(b)(7) Plans. Plan support services also are
available. You can obtain details on the various plans by calling the
following numbers toll free: for Keogh Plans, please call 1-800-358-5566;
for IRAs (except SEP-IRAs), please call 1-800-554-4611; or for SEP-IRAs,
401(k) Salary Reduction Plans and 403(b)(7) Plans, please call 1-800-322-
7880.
If you wish to purchase Fund shares in conjunction with a Keogh Plan, a
403(b)(7) Plan or an IRA, including a SEP-IRA, you may request from the
Distributor forms for adoption of such plans.
The entity acting as custodian for Keogh Plans, 403(b)(7) Plans or IRAs
may charge a fee, payment of which could require the liquidation of shares.
All fees charged are described in the appropriate form.
Shares may be purchased in connection with these plans only by direct
remittance to the entity acting as custodian. Purchases for these plans may
not be made in advance of receipt of funds.
The minimum initial investment for corporate plans, Salary Reduction
Plans, 403(b)(7) Plans and SEP-IRAs with more than one participant, is
$1,000 with no minimum for subsequent purchases. The minimum initial
investment is $750 for Dreyfus-sponsored Keogh Plans, IRAs (including
regular IRAs, spousal IRAs for a non-working spouse, Roth IRAs, SEP-IRAs,
and rollover IRAs) and 403(b)(7) Plans with only one participant and $500
for Dreyfus-sponsored Education IRAs, with no minimum for subsequent
purchases.
You should read the prototype retirement plan and the appropriate form
of custodial agreement for further details on eligibility, service fees and
tax implications, and you should consult a tax adviser.
DETERMINATION OF NET ASSET VALUE
Valuation of Portfolio Securities. Portfolio securities, including
covered call options written by a Fund, are valued at the last sale price on
the securities exchange or national securities market on which such
securities primarily are traded. Securities not listed on an exchange or
national securities market, or securities in which there were no
transactions, are valued at the average of the most recent bid and asked
prices, except in the case of open short positions where the asked price is
used for valuation purposes. Bid price is used when no asked price is
available. Any assets or liabilities initially expressed in terms of
foreign currency will be translated into U.S. dollars at the midpoint of the
New York interbank market spot exchange rate as quoted on the day of such
translation by the Federal Reserve Bank of New York or if no such rate is
quoted on such date, at the exchange rate previously quoted by the Federal
Reserve Bank of New York, or at such other quoted market exchange rate as
may be determined to be appropriate by the Manager (or, if applicable, the
Fund's sub-investment adviser). Forward currency contracts will be valued
at the current cost of offsetting the contract. Because of the need to
obtain prices as of the close of trading on various exchanges throughout the
world, the calculation of net asset value does not take place
contemporaneously with the determination of prices of a majority of each
Fund's portfolio securities. Short-term investments are carried at
amortized cost, which approximates value. Expenses and fees, including the
management fee and fees pursuant to the Distribution Plan and Shareholder
Services Plan, are accrued daily and taken into account for the purpose of
determining the net asset value of the relevant Class's shares. Because of
the difference in operating expenses incurred by each Class, the per share
net asset value of each Class will differ.
Restricted securities, as well as securities or other assets for which
market quotations are not readily available, or are not valued by a pricing
service approved by the Board, are valued at fair value as determined in
good faith by the Board members. The Board will review the method of
valuation on a current basis. In making their good faith valuation of
restricted securities, the Board members generally will take the following
factors into consideration: restricted securities which are, or are
convertible into, securities of the same class of securities for which a
public market exists usually will be valued at market value less the same
percentage discount at which purchased. This discount will be revised
periodically by the Board if the Board members believe that it no longer
reflects the value of the restricted securities. Restricted securities not
of the same class as securities for which a public market exists usually
will be valued initially at cost. Any subsequent adjustment from cost will
be based upon considerations deemed relevant by the Board.
New York Stock Exchange Closings. The holidays (as observed) on which
the New York Stock Exchange is closed currently are: New Year's Day, Martin
Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day,
Independence Day, Labor Day, Thanksgiving and Christmas.
DIVIDENDS, DISTRIBUTIONS AND TAXES
Management believes that Dreyfus Premier International Growth Fund has
qualified as a "regulated investment company" under the Code for the fiscal
year ended October 31, 1998. It is expected that each of Dreyfus Premier
Greater China Fund, Dreyfus Premier Global Allocation Fund and Dreyfus
Premier European Equity Fund will qualify as a regulated investment company
under the Code. Each Fund intends to continue to so qualify as long as such
qualification is in the best interests of its shareholders. As a regulated
investment company, each Fund will pay no Federal income tax on net
investment income and net realized securities gains to the extent that such
income and gains are distributed to shareholders in accordance with
applicable provisions of the Code. To qualify as a regulated investment
company, the Fund must distribute at least 90% of its net income (consisting
of net investment income and net short-term capital gain) to its
shareholders, and meet certain asset diversification and other requirements.
If a Fund did not qualify as a regulated investment company, it would be
treated for tax purposes as an ordinary corporation subject to Federal
income tax. The term "regulated investment company" does not imply the
supervision of management or investment practices or policies by any
government agency.
If you elect to receive dividends and distributions in cash, and your
dividend or distribution check is returned to the Fund as undeliverable or
remains uncashed for six months, the Fund reserves the right to reinvest
such dividends or distributions and all future dividends and distributions
payable to you in additional Fund shares at net asset value. No interest
will accrue on amounts represented by uncashed distribution or redemption
checks.
Any dividend or distribution paid shortly after an investor's purchase
may have the effect of reducing the aggregate net asset value of the shares
below the cost of the investment. Such a dividend or distribution would be
a return on investment in an economic sense, although taxable as stated in
the Fund's Prospectus. In addition, the Code provides that if a shareholder
holds shares of a Fund for six months or less and has received a capital
gain distribution with respect to such shares, any loss incurred on the sale
of such shares will be treated as a long-term capital loss to the extent of
the capital gain distribution received.
A Fund may qualify for and may make an election permitted under
Section 853 of the Code so that shareholders may be eligible to claim a
credit or deduction on their Federal income tax returns for, and will be
required to treat as part of the amounts distributed to them, their pro rata
portion of qualified taxes paid or incurred by the Fund to foreign countries
(which taxes relate primarily to investment income). The Fund may make an
election under Section 853 of the Code, provided that more than 50% of the
value of the Fund's total assets at the close of the taxable year consists
of securities in foreign corporations, and the Fund satisfies the applicable
distribution provisions of the Code. The foreign tax credit available to
shareholders is subject to certain limitations imposed by the Code.
Ordinarily, gains and losses realized from portfolio transactions will
be treated as capital gains and losses. However, a portion of the gain or
loss realized from the disposition of foreign currencies (including foreign
currency denominated bank deposits) and non-U.S. dollar denominated
securities (including debt instruments, and certain financial futures or
forward contracts and options) may be treated as ordinary income or loss
under Section 988 of the Code. In addition, all or a portion of any gain
realized from the sale or other disposition of certain market discount bonds
will be treated as ordinary income under Section 1276 of the Code. Finally,
all or a portion of the gain realized from engaging in "conversion
transactions" may be treated as ordinary income under Section 1258 of the
Code. "Conversion transactions" are defined to include certain forward,
futures, option and straddle transactions, transactions marketed or sold to
produce capital gains, or transactions described in Treasury regulations to
be issued in the future.
Under Section 1256 of the Code, any gain or loss realized by a Fund
from certain financial futures or forward contracts and options transactions
(other than those taxed under Section 988 of the Code) will be treated as
60% long-term capital gain or loss and 40% short-term capital gain or loss.
Gain or loss will arise upon the exercise or lapse of such contracts and
options as well as from closing transactions. In addition, any such
contract or option remaining unexercised at the end of the Fund's taxable
year will be treated as sold for their then fair market value, resulting in
additional gain or loss to the Fund characterized in the manner described
above.
Offsetting positions held by a Fund involving certain futures or
forward contracts or options transactions may be considered, for tax
purposes, to constitute "straddles." Straddles are defined to include
"offsetting positions" in actively traded personal property. The tax
treatment of straddles is governed by Sections 1092 and 1258 of the Code,
which, in certain circumstances, override or modify the provisions of
Sections 988 and 1256 of the Code. As such, all or a portion of any short-
or long-term capital gain from certain straddle transactions may be
recharacterized as ordinary income.
If a Fund were treated as entering into straddles by reason of its
engaging in certain financial futures or forward contracts or options
transactions, such straddles could be characterized as "mixed straddles" if
the futures or forward contracts or options transactions comprising such
straddles were governed by Section 1256 of the Code. The Fund may make one
or more elections with respect to "mixed straddles." Depending upon which
election is made, if any, the results to the Fund may differ. If no
election is made, to the extent the straddle rules apply to positions
established by the Fund, losses realized by the Fund will be deferred to the
extent of unrealized gain in any offsetting positions. Moreover, as a
result of the straddle and conversion transaction rules, short-term capital
loss on straddle positions may be recharacterized as long-term capital loss,
and long-term capital gain on straddle positions may be treated as short-
term capital gain or ordinary income.
The Taxpayer Relief Act of 1997 included constructive sale provisions
that generally apply if the Fund either (1) holds an appreciated financial
position with respect to stock, certain debt obligations, or partnership
interests ("appreciated financial position") and then enters into a short
sale, futures or forward contract or offsetting notional principal contract
(collectively, a "Contract") with respect to the same or substantially
identical property or (2) holds an appreciated financial position that is a
Contract and then acquires property that is the same as, or substantially
identical to, the underlying property. In each instance, with certain
exceptions, the Fund generally will be taxed as if the appreciated financial
position were sold at its fair market value on the date the Fund enters into
the financial position or acquires the property, respectively. Transactions
that are identified as hedging or straddle transactions under other
provisions of the Code can be subject to the constructive sale provisions.
If a Fund invests in an entity that is classified as a "passive foreign
investment company" ("PFIC") for Federal income tax purposes, the operation
of certain provisions of the Code applying to PFICs could result in the
imposition of certain Federal income taxes on the Fund. In addition, gain
realized from the sale or other disposition of PFIC securities may be
treated as ordinary income under Section 1291 of the Code and, with respect
to PFIC securities that are marked-to-market, under Section 1296 of the
Code.
Investment by a Fund in securities issued or acquired at a discount, or
providing for deferred interest or for payment of interest in the form of
additional obligations could under special tax rules, affect the amount,
timing and character of distributions to shareholders by causing the Fund to
recognize income prior to the receipt of cash payments. For example, the
Fund could be required to accrue a portion of the discount (or deemed
discount) at which the securities were issued each year and to distribute
such income in order to maintain its qualifi-cation as a regulated
investment company. In such case, the Fund may have to dispose of
securities which it might otherwise have continued to hold in order to
generate cash to satisfy these distribution requirements.
PORTFOLIO TRANSACTIONS
The Manager supervises the placement of orders on behalf of each Fund
for the purchase or sale of portfolio securities. Allocation of brokerage
transactions, including their frequency, is made in the best judgment of the
Manager (or, if applicable, the Fund's sub-investment adviser) and in a
manner deemed fair and reasonable to shareholders. The primary
consideration is prompt execution of orders at the most favorable net price.
Subject to this consideration, the brokers selected will include those that
supplement the Manager's (and, if applicable, the Fund's sub-investment
adviser's) research facilities with statistical data, investment
information, economic facts and opinions. Information so received is in
addition to and not in lieu of services required to be performed by the
Manager (and, if applicable, the Fund's sub-investment adviser). Such
information may be useful to the Manager in serving both the Funds and other
clients which it advises and, conversely, supplemental information obtained
by the placement of business of other clients may be useful to the Manager
(and, if applicable, the Fund's sub-investment adviser) in carrying out its
obligations to the Funds.
Sales by a broker of shares of a Fund or other funds advised by the
Manager or its affiliates may be taken into consideration, and brokers also
will be selected because of their ability to handle special executions such
as are involved in large block trades or broad distributions, provided the
primary consideration is met. Large block trades, in certain cases, may
result from two or more funds advised or administered by the Manager being
engaged simultaneously in the purchase or sale of the same security.
Certain of a Fund's transactions in securities of foreign issuers may not
benefit from the negotiated commission rates available to the Funds for
transactions in securities of domestic issuers. Foreign exchange
transactions are made with banks or institutions in the interbank market at
prices reflecting a mark-up or mark-down and/or commission. When
transactions are executed in the over-the-counter market, a Fund will deal
with the primary market makers unless a more favorable price or execution
otherwise is obtainable.
Portfolio turnover may vary from year to year as well as within the
year. Dreyfus Premier International Growth Fund's portfolio turnover rates
for the fiscal years ended October 31, 1996, 1997 and 1998 were 176.17%,
161.62% and 193.76%, respectively. Dreyfus Premier Global Allocation Fund's
portfolio turnover rate for the fiscal year ended October 31, 1998 was
12.26% (not annualized). Dreyfus Premier Greater China Fund's portfolio
turnover rate for the fiscal year ended October 31, 1998 was 10.65% (not
annualized). Portfolio turnover may vary from year to year, as well as
within a year. High turnover rates are likely to result in comparatively
greater brokerage expenses. The overall reasonableness of brokerage
commissions paid is evaluated by the Manager based upon its knowledge of
available information as to the general level of commissions paid by other
institutional investors for comparable services.
For the fiscal years ended October 31, 1996, 1997 and 1998, Dreyfus
Premier International Growth Fund paid total brokerage commissions of
$1,399,545, $1,180,114 and $1,328,910, respectively, none of which was paid
to the Distributor. The above figures for brokerage commissions do not
include gross spreads and concessions on principal transactions, which,
where determinable, amounted to $302,022, $196,734 and $494,288,
respectively, none of which was paid to the Distributor.
For the fiscal year ended October 31, 1998, Dreyfus Premier Greater
China Fund paid total brokerage commissions of $4,087, none of which was
paid to the Distributor. The above figure for brokerage commissions does
not include gross spreads and concessions on principal transactions, which,
where determinable, amounted to $1,435, none of which was paid to the
Distributor.
For the fiscal year ended October 31, 1998, Dreyfus Premier Global
Allocation Fund paid total brokerage commissions of $6,501, none of which
was paid to the Distributor. The above figure for brokerage commissions
does not include gross spreads and concessions on principal transactions,
which, where determinable, amounted to $22,174, none of which was paid to
the Distributor.
Dreyfus Premier European Equity Fund has not completed its first fiscal
year.
The aggregate amount of transactions for Dreyfus Premier International
Growth Fund during the last fiscal year in securities effected on an agency
basis through a broker for, among other things, research services were
$13,138,937, and the commissions and concessions related to such
transactions were $20,100.
PERFORMANCE INFORMATION
Dreyfus Premier European Equity Fund has not completed its first fiscal
year and, therefore, no performance data have been provided for such Funds.
With respect to Dreyfus Premier International Growth Fund, the average
annual total return for Class A for the 1 and 5 year periods ended October
31, 1998 was (9.98%) and 4.76%, respectively. The average annual total
return for Class B for the 1 and 5 year periods ended October 31, 1998 was
(8.42)% and 4.94%, respectively. The average annual total return for Class
C for the 1 year period ended October 31, 1998 was (6.14%). The average
annual total return for Class R for the 1 year period ended October 31, 1998
was (4.44%). Average annual total return is calculated by determining the
ending redeemable value of an investment purchased at net asset value
(maximum offering price in the case of Class A and Class T) per share with a
hypothetical $1,000 payment made at the beginning of the period (assuming
the reinvestment of dividends and distributions), dividing by the amount of
the initial investment, taking the "n"th root of the quotient (where "n" is
the number of years in the period) and subtracting 1 from the result. A
Class' average annual total return figures calculated in accordance with
such formula assume that in the case of Class A or Class T the maximum sales
load has been deducted from the hypothetical initial investment at the time
of purchase or, in the case of Class B or Class C, the maximum applicable
CDSC has been paid upon redemption at the end of the period.
With respect to Dreyfus Premier Greater China Fund, the average annual
total return for Class A for the period May 12, 1998 (commencement of
operations) through October 31, 1998 was (7.55%). The average annual total
return for Class B for the period May 12, 1998 (commencement of operations)
through October 31, 1998 was (4.54%). The average annual total return for
Class C for the period May 12, 1998 (commencement of operations) through
October 31, 1998 was 1.80%. The average annual total return for Class R for
the period May 12, 1998 (commencement of operations) through October 31,
1998 was 5.00%.
With respect to Dreyfus Premier Global Allocation Fund, the average
annual total return for Class A for the period June 29, 1998 (commencement
of operations) through October 31, 1998 was (24.15%). The average annual
total return for Class B for the period June 29, 1998 (commencement of
operations) through October 31, 1998 was (20.57%). The average annual total
return for Class C for the period June 29, 1998 (commencement of operations)
through October 31, 1998 was (13.04%). The average annual total return for
Class R for the period June 29, 1998 (commencement of operations) through
October 31, 1998 was (9.56%).
With respect to Dreyfus Premier European Equity Fund, the aggregate
total return for Class A for the period December 10, 1998 (commencement of
operations) through April 30, 1999 was (______%). The aggregate total
return for Class B for the period December 10, 1998 (commencement of
operations) through April 30, 1999 was (_____%). The aggregate total return
for Class C for the period December 10, 1998 (commencement of operations)
through April 30, 1999 was (______%). No performance information is
provided for Class T shares since they were not offered prior to September
30, 1999.
Average annual total return is calculated by determining the ending
redeemable value of an investment purchased at net asset value (maximum
offering price in the case of Class A and Class T) per share with a
hypothetical $1,000 payment made at the beginning of the period (assuming
the reinvestment of dividends and distributions), dividing by the amount of
the initial investment, taking the "n"th root of the quotient (where "n" is
the number of years in the period) and subtracting 1 from the result. A
Class' average annual total return figures calculated in accordance with
such formula assume that in the case of Class A or Class T the maximum sales
load has been deducted from the hypothetical initial investment at the time
of purchase or, in the case of Class B or Class C, the maximum applicable
CDSC has been paid upon redemption at the end of the period.
Total return is calculated by subtracting the amount of the Fund's net
asset value (maximum offering price in the case of Class A and Class T) per
share at the beginning of a stated period from the net asset value per share
at the end of the period (after giving effect to the reinvestment of
dividends and distributions during the period and any applicable CDSC), and
dividing the result by the net asset value (maximum offering price in the
case of Class A and Class T) per share at the beginning of the period.
Total return also may be calculated based on the net asset value per share
at the beginning of the period instead of the maximum offering price per
share at the beginning of the period for Class A or Class T shares or
without giving effect to any applicable CDSC at the end of the period for
Class B or Class C shares. In such cases, the calculation would not reflect
the deduction of the sales load with respect to Class A or Class T shares or
any applicable CDSC with respect to Class B or Class C shares, which, if
reflected, would reduce the performance quoted. With respect to Dreyfus
Premier International Growth Fund, the total return for Class A for the
period January 31, 1992 (commencement of operations) through October 31,
1998, based on maximum offering price per share, was 59.75%. Based on net
asset value per share, the total return for Class A was 69.46% for this
period. The total return for Class B of such Fund for the period January
15, 1993 (commencement of initial offering of Class B shares) through
October 31, 1998, without giving effect to the maximum applicable CDSC per
share, was 47.82%. The total return for Class B, after giving effect to the
maximum applicable CDSC, was 46.86% for this period. The total return for
Class C of such Fund for the period September 5, 1995 (commencement of
initial offering of Class C shares) through October 31, 1998 was 18.55%.
The total return for Class R of such Fund for the period September 5, 1995
(commencement of initial offering Class R shares) through October 31, 1998
was 22.13%.
Comparative performance may be used from time to time in advertising a
Fund's shares, including data from Hang Seng Index, Hong Kong All Ordinaries
Index, China Affiliated Corporate Index, Taiwan Weighted Index, Shanghai and
Shenzhen B Share Indices, Morgan Stanley Capital International (MSCI) Europe
Index, MSCI Pacific Index, MSCI World Index, MSCI Emerging Markets Index,
Lipper Analytical Services, Inc., Standard & Poor's 500 Composite Stock
Price Index, the Dow Jones Industrial Average, Money Magazine, Morningstar
ratings and related analyses supporting the ratings and other industry
publications. From time to time, a Fund may compare its performance against
inflation with the performance of other instruments against inflation, such
as short-term Treasury Bills (which are direct obligations of the U.S.
Government) and FDIC-insured bank money market accounts. In addition,
advertising for a Fund may indicate that investors may consider diversifying
their investment portfolios in order to seek protection of the value of
their assets against inflation. From time to time, advertising materials
for a Fund may refer to or discuss then-current or past economic or
financial conditions, developments and/or events. A Fund's advertising
materials also may refer to the integration of the world's securities
markets, discuss the investment opportunities available worldwide and
mention the increasing importance of an investment strategy including
foreign investments. From time to time, advertising material for a Fund may
include biographical information relating to its portfolio manager and may
refer to, or include commentary by, the portfolio manager relating to
investment strategy, asset growth, current or past business, political,
economic or financial conditions and other matters of general interest to
investors.
From time to time, advertising materials may refer to studies performed
by The Dreyfus Corporation or its affiliates, such as "The Dreyfus Tax
Informed Investing Study" or The Dreyfus Gender Investment Comparison Study
(1996 & 1997)" or other such studies.
INFORMATION ABOUT THE COMPANY AND THE FUNDS
The following information supplements and should be read in conjunction
with the section in the Fund's Prospectus entitled "General Information".
Each Fund share has one vote and, when issued and paid for in
accordance with the terms of the offering, is fully paid and non-assessable.
Fund shares have no preemptive or subscription rights and are freely
transferable.
Unless otherwise required by the 1940 Act, ordinarily it will not be
necessary for the Fund to hold annual meetings of shareholders. As a
result, shareholders may not consider each year the election of Board
members or the appointment of auditors. However, the holders of at least
10% of the shares outstanding and entitled to vote may require the Company
to hold a special meeting of shareholders for purposes of removing a Board
member from office. Shareholders may remove a Board member by the
affirmative vote of a majority of the Company's outstanding voting shares.
In addition, the Board will call a meeting of shareholders for the purpose
of electing Board members if, at any time, less than a majority of the Board
members then holding office have been elected by shareholders.
The Company is a "series fund," which is a mutual fund divided into
separate portfolios, each of which is treated as a separate entity for
certain matters under the 1940 Act and for other purposes. A shareholders
of one portfolio is not deemed to be a shareholder of any other portfolio.
For certain matters shareholders vote together as a group; as to others they
vote separately by portfolio.
To date, the Board has authorized the creation of four series of
shares. All consideration received by the Company for shares of one of the
series and all assets in which such consideration is invested will belong to
that series (subject only to the rights of creditors of the Company) and
will be subject to the liabilities related thereto. The income attributable
to, and the expenses of, one series are treated separately from those of the
other series. The Company has the ability to create, from time to time, new
series without shareholder approval.
Rule 18f-2 under the 1940 Act provides that any matter required to be
submitted under the provisions of the 1940 Act or applicable state law or
otherwise to the holders of the outstanding voting securities of an
investment company, such as the Company, will not be deemed to have been
effectively acted upon unless approved by the holders of a majority of the
outstanding shares of each series affected by such matter. Rule 18f-2
further provides that a series shall be deemed to be affected by a matter
unless it is clear that the interests of each series in the matter are
identical or that the matter does not affect any interest of such series.
However, the Rule exempts the selection of independent accountants and the
election of Board members from the separate voting requirements of the Rule.
Each Fund is intended to be a long-term investment vehicle and is not
designed to provide investors with a means of speculating on short-term
market movements. A pattern of frequent purchases and exchanges can be
disruptive to efficient portfolio management and, consequently, can be
detrimental to the Fund's performance and its shareholders. Accordingly, if
the Company's management determines that an investor is following a market-
timing strategy or is otherwise engaging in excessive trading, the Company,
with or without prior notice, may temporarily or permanently terminate the
availability of Fund Exchanges, or reject in whole or part any purchase or
exchange request, with respect to such investor's account. Such investors
also may be barred from purchasing other funds in the Dreyfus Family of
Funds. Generally, an investor who makes more than four exchanges out of a
Fund during any calendar year (for calendar year 1998, beginning on January
15th) or who makes exchanges that appear to coincide with a market-timing
strategy may be deemed to be engaged in excessive trading. Accounts under
common ownership or control will be considered as one account for purposes
of determining a pattern of excessive trading. In addition, the Company may
refuse or restrict purchase or exchange requests for Fund shares by any
person or group if, in the judgment of the Company's management, the Fund
would be unable to invest the money effectively in accordance with its
investment objective and policies or could otherwise be adversely affected
or if the Fund receives or anticipates receiving simultaneous orders that
may significantly affect the Fund (e.g., amounts equal to 1% or more of the
Fund's total assets). If an exchange request is refused, the Company will
take no other action with respect to the Fund shares until it receives
further instructions from the investor. A Fund may delay forwarding
redemption proceeds for up to seven days if the investor redeeming shares is
engaged in excessive trading or if the amount of the redemption request
otherwise would be disruptive to efficient portfolio management or would
adversely affect the Fund. The Company's policy on excessive trading
applies to investors who invest in a Fund directly or through financial
intermediaries, but does not apply to the Auto-Exchange Privilege, to any
automatic investment or withdrawal privilege described herein, or to
participants in employer-sponsored retirement plans.
During times of drastic economic or market conditions, the Company may
suspend Fund Exchanges temporarily without notice and treat exchange
requests based on their separate components -- redemption orders with a
simultaneous request to purchase the other fund's shares. In such a case,
the redemption request would be processed at the Fund's next determined net
asset value but the purchase order would be effective only at the net asset
value next determined after the fund being purchased receives the proceeds
of the redemption, which may result in the purchase being delayed.
Each Fund will send annual and semi-annual financial statements to all
its shareholders.
COUNSEL AND INDEPENDENT AUDITORS
Stroock & Stroock & Lavan LLP, 180 Maiden Lane, New York, New York
10038-4982, as counsel for the Company, has rendered its opinion as to
certain legal matters regarding the due authorization and valid issuance of
the shares being sold pursuant to each Fund's Prospectus.
Ernst & Young LLP, 787 Seventh Avenue, New York, New York 10019,
independent auditors, have been selected as independent auditors of the
Company.
APPENDIX
Description of certain ratings assigned by Standard & Poor's
Ratings Group ("S&P"), Moody's Investors Service, Inc. ("Moody's"), Fitch
IBCA, Inc. ("Fitch") and Duff & Phelps Credit Rating Co. ("Duff"):
S&P
Bond Ratings
AAA
Bonds rated AAA have the highest rating assigned by S&P. Capacity
to pay interest and repay principal is extremely strong.
AA
Bonds rated AA have a very strong capacity to pay interest and
repay principal and differ from the highest rated issues only in small
degree.
A
Bonds rated A have a strong capacity to pay interest and repay
principal although they are somewhat more susceptible to the adverse effects
of changes in circumstances and economic conditions than obligations in
higher rated categories.
BBB
Bonds rated BBB are regarded as having an adequate capacity to pay
interest and repay principal. Whereas they normally exhibit adequate
protection parameters, adverse economic conditions or changing circumstances
are more likely to lead to a weakened capacity to pay interest and repay
principal for bonds in this category than for bonds in higher rated
categories.
BB
Debt rated BB has less near-term vulnerability to default than
other speculative grade debt. However, it faces major ongoing uncertainties
or exposure to adverse business, financial or economic conditions which
could lead to inadequate capacity to meet timely interest and principal
payment.
B
Debt rated B has a greater vulnerability to default but presently
has the capacity to meet interest payments and principal repayments.
Adverse business, financial or economic conditions would likely impair
capacity or willingness to pay interest and repay principal.
CCC
Debt rated CCC has a current identifiable vulnerability to
default, and is dependent upon favorable business, financial and economic
conditions to meet timely payments of principal. In the event of adverse
business, financial or economic conditions, it is not likely to have the
capacity to pay interest and repay principal.
S&P's letter ratings may be modified by the addition of a plus (+)
or minus (-) sign designation, which is used to show relative standing
within the major rating categories, except in the AAA (Prime Grade)
category.
Commercial Paper Rating
The designation A-1 by S&P indicates that the degree of safety
regarding timely payment is either overwhelming or very strong. Those
issues determined to possess overwhelming safety characteristics are denoted
with a plus sign (+) designation.
Moody's
Bond Ratings
Aaa
Bonds which are rated Aaa are judged to be of the best quality.
They carry the smallest degree of investment risk and are generally referred
to as "gilt edge." Interest payments are protected by a large or by an
exceptionally stable margin and principal is secure. While the various
protective elements are likely to change, such changes as can be visualized
are most unlikely to impair the fundamentally strong position of such
issues.
Aa
Bonds which are rated Aa are judged to be of high quality by all
standards. Together with the Aaa group they comprise what generally are
known as high grade bonds. They are rated lower than the best bonds because
margins of protection may not be as large as in Aaa securities or
fluctuation of protective elements may be of greater amplitude or there may
be other elements present which make the long-term risks appear somewhat
larger than in Aaa securities.
A
Bonds which are rated A possess many favorable investment
attributes and are to be considered as upper medium grade obligations.
Factors giving security to principal and interest are considered adequate,
but elements may be present which suggest a susceptibility to impairment
sometime in the future.
Baa
Bonds which are rated Baa are considered as medium grade
obligations, i.e., they are neither highly protected nor poorly secured.
Interest payments and principal security appear adequate for the present but
certain protective elements may be lacking or may be characteristically
unreliable over any great length of time. Such bonds lack outstanding
investment characteristics and in fact have speculative characteristics as
well.
Ba
Bonds which are rated Ba are judged to have speculative elements;
their future cannot be considered as well assured. Often the protection of
interest and principal payments may be very moderate, and therefore not well
safeguarded during both good and bad times over the future. Uncertainty of
position characterizes bonds in this class.
B
Bonds which are rated B generally lack characteristics of the
desirable investment. Assurance of interest and principal payments or of
maintenance of other terms of the contract over any long period of time may
be small.
Caa
Bonds which are rated Caa are of poor standing. Such issues may
be in default or there may be present elements of danger with respect to
principal or interest.
Moody's applies the numerical modifiers 1, 2 and 3 to show
relative standing within the major rating categories, except in the Aaa
category and in the categories below B. The modifier 1 indicates a ranking
for the security in the higher end of a rating category; the modifier 2
indicates a mid-range ranking, and the modifier 3 indicates a ranking in the
lower end of a rating category.
Commercial Paper Rating
The rating Prime-1 (P-1) is the highest commercial paper rating
assigned by Moody's. Issuers of P-1 paper must have a superior capacity for
repayment of short-term promissory obligations, and ordinarily will be
evidenced by leading market positions in well established industries, high
rates of return on funds employed, conservative capitalization structures
with moderate reliance on debt and ample asset protection, broad margins in
earnings coverage of fixed financial charges and high internal cash
generation, and well established access to a range of financial markets and
assured sources of alternate liquidity.
Bond Ratings
The ratings represent Fitch's assessment of the issuer's ability
to meet the obligations of a specific debt issue or class of debt. The
ratings take into consideration special features of the issue, its
relationship to other obligations of the issuer, the current financial
condition and operative performance of the issuer and of any guarantor, as
well as the political and economic environment that might affect the
issuer's future financial strength and credit quality.
AAA
Bonds rated AAA are considered to be investment grade and of the
highest credit quality. The obligor has an exceptionally strong ability to
pay interest and repay principal, which is unlikely to be affected by
reasonably foreseeable events.
AA
Bonds rated AA are considered to be investment grade and of very
high credit quality. The obligor's ability to pay interest and repay
principal is very strong, although not quite as strong as bonds rated AAA.
Because bonds rated in the AAA and AA categories are not significantly
vulnerable to foreseeable future developments, short-term debt of these
issuers is generally rated F-1+.
A
Bonds rated A are considered to be investment grade and of high
credit quality. The obligor's ability to pay interest and repay principal
is considered to be strong, but may be more vulnerable to adverse changes in
economic conditions and circumstances than bonds with higher ratings.
BBB
Bonds rated BBB are considered to be investment grade and of
satisfactory credit quality. The obligor's ability to pay interest and
repay principal is considered to be adequate. Adverse changes in economic
conditions and circumstances, however, are more likely to have an adverse
impact on these bonds and, therefore, impair timely payment. The likelihood
that the ratings of these bonds will fall below investment grade is higher
than for bonds with higher ratings.
BB
Bonds rated BB are considered speculative. The obligor's ability
to pay interest and repay principal may be affected over time by adverse
economic changes. However, business and financial alternatives can be
identified which could assist the obligor in satisfying its debt service
requirements.
B
Bonds rated B are considered highly speculative. While bonds in
this class are currently meeting debt service requirements, the probability
of continued timely payment of principal and interest reflects the obligor's
limited margin of safety and the need for reasonable business and economic
activity throughout the life of the issue.
CCC
Bonds rated CCC have certain identifiable characteristics, which,
if not remedied, may lead to default. The ability to meet obligations
requires an advantageous business and economic environment.
Plus (+) and minus (-) signs are used with a rating symbol to
indicate the relative position of a credit within the rating category.
Short-Term Ratings
Fitch's short-term ratings apply to debt obligations that are
payable on demand or have original maturities of up to three years,
including commercial paper, certificates of deposit, medium-term notes, and
municipal and investment notes.
Although the credit analysis is similar to Fitch's bond rating
analysis, the short-term rating places greater emphasis than bond ratings on
the existence of liquidity necessary to meet the issuer's obligations in a
timely manner.
F-1+
Exceptionally Strong Credit Quality. Issues assigned this rating
are regarded as having the strongest degree of assurance for timely payment.
F-1
Very Strong Credit Quality. Issues assigned this rating reflect
an assurance of timely payment only slightly less in degree than issues
rated F-1+.
Duff
Bond Ratings
AAA
Bonds rated AAA are considered highest credit quality. The risk
factors are negligible, being only slightly more than for risk-free U.S.
Treasury debt.
AA
Bonds rated AA are considered high credit quality. Protection
factors are strong. Risk is modest but may vary slightly from time to time
because of economic conditions.
A
Bonds rated A have protection factors which are average but
adequate. However, risk factors are more variable and greater in periods of
economic stress.
BBB
Bonds rated BBB are considered to have below average protection
factors but still considered sufficient for prudent investment.
Considerable variability in risk exists during economic cycles.
BB
Bonds rated BB are below investment grade but are deemed by Duff
as likely to meet obligations when due. Present or prospective financial
protection factors fluctuate according to industry conditions or company
fortunes. Overall quality may move up or down frequently within the
category.
B
Bonds rated B are below investment grade and possess the risk that
obligations will not be met when due. Financial protection factors will
fluctuate widely according to economic cycles, industry conditions and/or
company fortunes. Potential exists for frequent changes in quality rating
within this category or into a higher or lower quality rating grade.
CCC
Bonds rated CCC are well below investment grade securities. Such
bonds may be in default or have considerable uncertainty as to timely
payment of interest, preferred dividends and/or principal. Protection
factors are narrow and risk can be substantial with unfavorable economic or
industry conditions and/or with unfavorable company developments.
Plus (+) and minus (-) signs are used with a rating symbol (except
AAA) to indicate the relative position of a credit within the rating
category.
Commercial Paper Rating
The rating Duff-1 is the highest commercial paper rating assigned
by Duff. Paper rated Duff-1 is regarded as having very high certainty of
timely payment with excellent liquidity factors which are supported by ample
asset protection. Risk factors are minor.
DREYFUS PREMIER INTERNATIONAL FUNDS, INC.
PART C. OTHER INFORMATION
_________________________
Item 23. Exhibits
_______ __________
(a) Registrant's Articles of Incorporation and Articles of Amendment are
incorporated by reference to Exhibit (1)(a) of Post- Effective
Amendment No. 6 to the Registration Statement on Form N-1A, filed on
December 28, 1994.
(b) Registrant's By-Laws, as amended, are incorporated by reference to
Exhibit (2) of Post-Effective Amendment No. 6 to the Registration
Statement on Form N-1A, filed on December 28, 1994.
(d) Management Agreement, as amended, and Sub-Investment Advisory
Agreements, are incorporated by reference to Exhibit (4)(a) and (4)(c)
of Post-Effective Amendment No. 18 to the Registration Statement on
Form N-1A, filed on October 7, 1998 and Exhibit (5)(b) of Post-
Effective Amendment No. 17 to the Registration Statement on Form
N-1A, filed on May 5, 1998.
(e) Distribution Agreement, as revised, is incorporated by reference to
Exhibit (6)(a) of Post-Effective Amendment No. 18 to the Registration
Statement on Form N-1A, filed on October 7, 1998. Forms of
Shareholder Service Agreement are incorporated by reference to Exhibit
6(b) of Post-Effective Amendment No. 6 to the Registration Statement
on Form N-1A, filed on December 28, 1994.
(g) Amended and Restated Custody Agreement is incorporated by reference to
Exhibit 8(a) of Post-Effective Amendment No. 6 to the Registration
Statement on Form N-1A, filed on December 28, 1994.
(h) Shareholder Services Plan, as revised, is incorporated by reference to
Exhibit (8) of Post-Effective Amendment No. 18 to the Registration
Statement on Form N-1A, filed on October 7, 1998.
(i) Opinion and consent of Registrant's counsel is incorporated by
reference to Exhibit (10) of Post-Effective Amendment No. 6 to
the Registration Statement on Form N-1A, filed on December 28,
1994.
(j) Consent of Independent Auditors (not applicable).
(m) Rule 12b-1 Plan, as revised, is incorporated by reference to
Exhibit (13) of Post-Effective Amendment No. 18 to the
Registration Statement on Form N-1A, filed on October 7, 1998.
Item 23. Exhibits. - List (continued)
_______ _____________________________________________________
(o) Rule 18f-3 Plan, as revised, is incorporated by reference to Exhibit
15 of Post-Effective Amendment No. 18 to the Registration
Statement on From N-1A, filed on October 7, 1998.
Other Exhibits
______________
(a) Powers of Attorney of the Chairman of the Board is
incorporated by reference to Other Exhibits (a)
of Post-Effective Amendment No. 8 to the Registration
Statement on Form N-1A, filed on February 29, 1996.
(b) Certificate of Secretary is incorporated by reference to
Other Exhibits (b) of Post-Effective Amendment No. 11 to the
Registration Statement on Form N-1A, filed on February 26,
1997.
Item 24. Persons Controlled by or under Common Control with Registrant.
_______ ______________________________________________________________
Not Applicable
Item 25. Indemnification
_______ _______________
The Statement as to the general effect of any contract,
arrangements or statute under which a director, officer,
underwriter or affiliated person of the Registrant is insured or
indemnified in any manner against any liability which may be
incurred in such capacity, other than insurance provided by any
director, officer, affiliated person or underwriter for their own
protection, is incorporated by reference to Item 27 of Part C of Post-
Effective Amendment No. 17 to the Registration Statement on
Form N-1A, filed on May 5, 1998.
Reference is also made to the Distribution Agreement attached as
Exhibit (5)(a) of Post-Effective Amendment No. 18 to the
Registration Statement on Form N-1A, filed on October 7, 1998.
Item 26. Business and Other Connections of Investment Adviser.
_______ ____________________________________________________
The Dreyfus Corporation ("Dreyfus") and subsidiary companies
comprise a financial service organization whose business
consists primarily of providing investment management services
as the investment adviser and manager for sponsored investment
companies registered under the Investment Company Act of 1940
and as an investment adviser to institutional and individual
accounts. Dreyfus also serves as sub-investment adviser to
and/or administrator of other investment companies. Dreyfus
Service Corporation, a wholly-owned subsidiary of Dreyfus,
serves primarily as a registered broker-dealer. Dreyfus
Investment Advisors, Inc., another wholly-owned subsidiary,
provides investment management services to various pension
plans, institutions and individuals.
<TABLE>
<CAPTION>
ITEM 26. Business and Other Connections of Investment Adviser (continued)
Officers and Directors of Investment Adviser
<S> <C> <C> <C>
Name and Position
With Dreyfus Other Businesses Position Held Dates
Christopher M. Condron Franklin Portfolio Associates, LLC* Director 1/97 - Present
Chairman of the Board and
Chief Executive Officer
TBCAM Holdings, Inc.* Director 10/97 - Present
President 10/97 - 6/98
Chairman 10/97 - 6/98
The Boston Company Director 1/98 - Present
Asset Management, LLC* Chairman 1/98 - 6/98
President 1/98 - 6/98
The Boston Company President 9/95 - 1/98
Asset Management, Inc.* Chairman 4/95 - 1/98
Pareto Partners Partner Representative 11/95 - 5/97
271 Regent Street
London, England W1R 8PP
Franklin Portfolio Holdings, Inc.* Director 1/97 - Present
Certus Asset Advisors Corp.** Director 6/95 -Present
Mellon Capital Management Director 5/95 -Present
Corporation***
Mellon Bond Associates, LLP+ Executive Committee 1/98 - Present
Member
Mellon Bond Associates+ Trustee 5/95 -1/98
Mellon Equity Associates, LLP+ Executive Committee 1/98 - Present
Member
Mellon Equity Associates+ Trustee 5/95 - 1/98
Boston Safe Advisors, Inc.* Director 5/95 - Present
President 5/95 - Present
Mellon Bank, N.A. + Director 1/99 - Present
Chief Operating Officer 3/98 - Present
President 3/98 - Present
Vice Chairman 11/94 - 3/98
Mellon Bank Corporation+ Chief Operating Officer 1/99 - Present
President 1/99 - Present
Director 1/98 - Present
Vice Chairman 11/94 - 1/99
Christopher M. Condron The Boston Company, Inc.* Vice Chairman 1/94 - Present
Chairman and Chief Director 5/93 - Present
Executive Officer
(Continued) Laurel Capital Advisors, LLP+ Exec. Committee 1/98 - 8/98
Member
Laurel Capital Advisors+ Trustee 10/93 - 1/98
Boston Safe Deposit and Trust Director 5/93 -Present
Company*
The Boston Company Financial President 6/89 - Present
Strategies, Inc. * Director 6/89 - Present
Mandell L. Berman Self-Employed Real Estate Consultant, 11/74 - Present
Director 29100 Northwestern Highway Residential Builder and
Suite 370 Private Investor
Southfield, MI 48034
Burton C. Borgelt DeVlieg Bullard, Inc. Director 1/93 - Present
Director 1 Gorham Island
Westport, CT 06880
Mellon Bank Corporation+ Director 6/91 - Present
Mellon Bank, N.A. + Director 6/91 - Present
Dentsply International, Inc. Director 2/81 - Present
570 West College Avenue
York, PA
Quill Corporation Director 3/93 - Present
Lincolnshire, IL
Stephen E. Canter Dreyfus Investment Chairman of the Board 1/97 - Present
President, Chief Operating Advisors, Inc.++ Director 5/95 - Present
Officer, Chief Investment President 5/95 - Present
Officer, and Director
Newton Management Limited Director 2/99 - Present
London, England
Mellon Bond Associates, LLP+ Executive Committee 1/99 - Present
Member
Mellon Equity Associates, LLP+ Executive Committee 1/99 - Present
Member
Franklin Portfolio Associates, LLC* Director 2/99 - Present
Franklin Portfolio Holdings, Inc.* Director 2/99 - Present
The Boston Company Asset Director 2/99 - Present
Management, LLC*
TBCAM Holdings, Inc.* Director 2/99 - Present
Mellon Capital Management Director 1/99 - Present
Corporation***
Stephen E. Canter Founders Asset Management, LLC Member, Board of 12/97 - Present
President, Chief Operating 2930 East Third Ave. Managers
Officer, Chief Investment Denver, CO 80206 Acting Chief Executive 7/98 - 12/98
Officer, and Director Officer
(Continued)
The Dreyfus Trust Company+++ Director 6/ 95 - Present
Thomas F. Eggers Dreyfus Service Corporation++ Executive Vice President 4/96 - Present
Vice Chairman - Institutional Director 9/96 - Present
and Director
Founders Asset Management, LLC Member, Board of 2/99 - Present
2930 East Third Avenue Managers
Denver, CO 80206
Steven G. Elliott Mellon Bank Corporation+ Senior Vice Chairman 1/99 - Present
Director Chief Financial Officer 1/90 - Present
Vice Chairman 6/92 - 1/99
Treasurer 1/90 - 5/98
Mellon Bank, N.A.+ Senior Vice Chairman 3/98 - Present
Vice Chairman 6/92 - 3/98
Chief Financial Officer 1/90 - Present
Mellon EFT Services Corporation Director 10/98 - Present
Mellon Bank Center, 8th Floor
1735 Market Street
Philadelphia, PA 19103
Mellon Financial Services Director 1/96 - Present
Corporation #1 Vice President 1/96 - Present
Mellon Bank Center, 8th Floor
1735 Market Street
Philadelphia, PA 19103
Boston Group Holdings, Inc.* Vice President 5/93 - Present
APT Holdings Corporation Treasurer 12/87 - Present
Pike Creek Operations Center
4500 New Linden Hill Road
Wilmington, DE 19808
Allomon Corporation Director 12/87 - Present
Two Mellon Bank Center
Pittsburgh, PA 15259
Collection Services Corporation Controller 10/90 - 2/99
500 Grant Street Director 9/88 - 2/99
Pittsburgh, PA 15258 Vice President 9/88 - 2/99
Treasurer 9/88 - 2/99
Mellon Financial Company+ Principal Exec. Officer 1/88 - Present
Chief Financial Officer 8/87 - Present
Director 8/87 - Present
President 8/87 - Present
Mellon Overseas Investments Director 4/88 - Present
Corporation+ Chairman 7/89 - 11/97
President 4/88 - 11/97
Chief Executive Officer 4/88 - 11/97
Mellon International Investment Director 9/89 - 8/97
Corporation+
Steven G. Elliott Mellon Financial Services Treasurer 12/87 - Present
Director (Continued) Corporation # 5+
Mellon Financial Markets, Inc.+ Director 1/99 - Present
Mellon Financial Services Director 1/99 - Present
Corporation #17
Fort Lee, NJ
Mellon Mortgage Company Director 1/99 - Present
Houston, TX
Mellon Ventures, Inc. + Director 1/99 - Present
Lawrence S. Kash Dreyfus Investment Director 4/97 - Present
Vice Chairman Advisors, Inc.++
And Director
Dreyfus Brokerage Services, Inc. Chairman 11/97 - Present
401 North Maple Ave. Chief Executive Officer 11/97 - Present
Beverly Hills, CA
Dreyfus Service Corporation++ Director 1/95 - 2/99
President 9/96 - 3/99
Dreyfus Precious Metals, Inc.++ + Director 3/96 - 12/98
President 10/96 - 12/98
Dreyfus Service Director 12/94 - Present
Organization, Inc.++ President 1/97 - Present
Seven Six Seven Agency, Inc. ++ Director 1/97 - Present
Dreyfus Insurance Agency of Chairman 5/97 - Present
Massachusetts, Inc.++++ President 5/97 - Present
Director 5/97 - Present
The Dreyfus Trust Company+++ Chairman 1/97 - 1/99
President 2/97 - 1/99
Chief Executive Officer 2/97 - 1/99
Director 12/94 - Present
The Dreyfus Consumer Credit Chairman 5/97 - Present
Corporation++ President 5/97 - Present
Director 12/94 - Present
Founders Asset Management, LLC Member, Board of 12/97 - Present
2930 East Third Avenue Managers
Denver, CO. 80206
The Boston Company Advisors, Chairman 12/95 - Present
Inc. Chief Executive Officer 12/95 - Present
Wilmington, DE President 12/95 - Present
The Boston Company, Inc.* Director 5/93 - Present
President 5/93 - Present
Mellon Bank, N.A.+ Executive Vice President 6/92 - Present
Laurel Capital Advisors, LLP+ Chairman 1/98 - 8/98
Executive Committee 1/98 - 8/98
Member
Chief Executive Officer 1/98 - 8/98
President 1/98 - 8/98
Lawrence S. Kash Laurel Capital Advisors, Inc. + Trustee 12/91 - 1/98
Vice Chairman Chairman 9/93 - 1/98
And Director (Continued) President and CEO 12/91 - 1/98
Boston Group Holdings, Inc.* Director 5/93 - Present
President 5/93 - Present
Martin G. McGuinn Mellon Bank Corporation+ Chairman 1/99 - Present
Director Chief Executive Officer 1/99 - Present
Director 1/98 - Present
Vice Chairman 1/90 - 1/99
Mellon Bank, N. A. + Chairman 3/98 - Present
Chief Executive Officer 3/98 - Present
Director 1/98 - Present
Vice Chairman 1/90 - 3/98
Mellon Leasing Corporation+ Vice Chairman 12/96 - Present
Mellon Bank (DE) National Director 4/89 - 12/98
Association
Wilmington, DE
Mellon Bank (MD) National Director 1/96 - 4/98
Association
Rockville, Maryland
Mellon Financial Vice President 9/86 - 10/97
Corporation (MD)
Rockville, Maryland
J. David Officer Dreyfus Service Corporation++ Executive Vice President 5/98 - Present
Vice Chairman Director 3/99 - Present
And Director
Dreyfus Insurance Agency of Director 5/98 - Present
Massachusetts, Inc.++++
Seven Six Seven Agency, Inc.++ Director 10/98 - Present
Mellon Residential Funding Corp. + Director 4/97 - Present
Mellon Trust of Florida, N.A. Director 8/97 - Present
2875 Northeast 191st Street
North Miami Beach, FL 33180
Mellon Bank, NA+ Executive Vice President 7/96 - Present
The Boston Company, Inc.* Vice Chairman 1/97 - Present
Director 7/96 - Present
Mellon Preferred Capital Director 11/96 - Present
Corporation*
RECO, Inc.* President 11/96 - Present
Director 11/96 - Present
The Boston Company Financial President 8/96 - Present
Services, Inc.* Director 8/96 - Present
Boston Safe Deposit and Trust Director 7/96 - Present
Company* President 7/96 - 1/99
J. David Officer Mellon Trust of New York Director 6/96 - Present
Vice Chairman and 1301 Avenue of the Americas
Director (Continued) New York, NY 10019
Mellon Trust of California Director 6/96 - Present
400 South Hope Street
Suite 400
Los Angeles, CA 90071
Mellon Bank, N.A.+ Executive Vice President 2/94 - Present
Mellon United National Bank Director 3/98 - Present
1399 SW 1st Ave., Suite 400
Miami, Florida
Boston Group Holdings, Inc.* Director 12/97 - Present
Dreyfus Financial Services Corp. + Director 9/96 - Present
Dreyfus Investment Services Director 4/96 - Present
Corporation+
Richard W. Sabo Founders Asset Management LLC President 12/98 - Present
Director 2930 East Third Avenue Chief Executive Officer 12/98 - Present
Denver, CO. 80206
Prudential Securities Senior Vice President 07/91 - 11/98
New York, NY Regional Director 07/91 - 11/98
Richard F. Syron American Stock Exchange Chairman 4/94 - Present
Director 86 Trinity Place Chief Executive Officer 4/94 - Present
New York, NY 10006
Ronald P. O'Hanley Franklin Portfolio Holdings, Inc.* Director 3/97 - Present
Vice Chairman
TBCAM Holdings, Inc.* Chairman 6/98 - Present
Director 10/97 - Present
The Boston Company Asset Chairman 6/98 - Present
Management, LLC* Director 1/98 - 6/98
The Boston Company Asset Director 2/97 - 12/97
Management, Inc. *
Boston Safe Advisors, Inc.* Chairman 6/97 - Present
Director 2/97 - Present
Pareto Partners Partner Representative 5/97 - Present
271 Regent Street
London, England W1R 8PP
Mellon Capital Management Director 5/97 -Present
Corporation***
Certus Asset Advisors Corp.** Director 2/97 - Present
Mellon Bond Associates+ Trustee 2/97 - Present
Chairman 2/97 - Present
Mellon Equity Associates+ Trustee 2/97 - Present
Chairman 2/97 - Present
Mellon-France Corporation+ Director 3/97 - Present
Ronald P. O'Hanley Laurel Capital Advisors+ Trustee 3/97 - Present
Vice Chairman (Continued)
Mark N. Jacobs Dreyfus Investment Director 4/97 - Present
General Counsel, Advisors, Inc.++ Secretary 10/77 - 7/98
Vice President, and
Secretary The Dreyfus Trust Company+++ Director 3/96 - Present
The TruePenny Corporation++ President 10/98 - Present
Director 3/96 - Present
Dreyfus Service Director 3/97 - Present
Organization, Inc.++
William H. Maresca The Dreyfus Trust Company+++ Director 3/97 - Present
Controller
Dreyfus Service Corporation++ Chief Financial Officer 12/98 - Present
Dreyfus Consumer Credit Corp. ++ Treasurer 10/98 -Present
Dreyfus Investment Treasurer 10/98 - Present
Advisors, Inc. ++
Dreyfus-Lincoln, Inc. Vice President 10/98 - Present
4500 New Linden Hill Road
Wilmington, DE 19808
The TruePenny Corporation++ Vice President 10/98 - Present
Dreyfus Precious Metals, Inc. +++ Treasurer 10/98 - 12/98
The Trotwood Corporation++ Vice President 10/98 - Present
Trotwood Hunters Corporation++ Vice President 10/98 - Present
Trotwood Hunters Site A Corp. ++ Vice President 10/98 - Present
Dreyfus Transfer, Inc. Chief Financial Officer 5/98 - Present
One American Express Plaza,
Providence, RI 02903
Dreyfus Service Assistant Treasurer 3/93 - Present
Organization, Inc.++
Dreyfus Insurance Agency of Assistant Treasurer 5/98 - Present
Massachusetts, Inc.++++
William T. Sandalls, Jr. Dreyfus Transfer, Inc. Chairman 2/97 - Present
Executive Vice President One American Express Plaza,
Providence, RI 02903
Dreyfus Service Corporation++ Director 1/96 - Present
Executive Vice President 2/97 - Present
Chief Financial Officer 2/97-12/98
Dreyfus Investment Director 1/96 - Present
Advisors, Inc.++ Treasurer 1/96 - 10/98
William T. Sandalls, Jr. Dreyfus-Lincoln, Inc. Director 12/96 - Present
Executive Vice President 4500 New Linden Hill Road President 1/97 - Present
(Continued) Wilmington, DE 19808
Seven Six Seven Agency, Inc.++ Director 1/96 - 10/98
Treasurer 10/96 - 10/98
The Dreyfus Consumer Director 1/96 - Present
Credit Corp.++ Vice President 1/96 - Present
Treasurer 1/97 - 10/98
Dreyfus Partnership President 1/97 - 6/97
Management, Inc.++ Director 1/96 - 6/97
Dreyfus Service Organization, Director 1/96 - 6/97
Inc.++ Executive Vice President 1/96 - 6/97
Treasurer 10/96- Present
Dreyfus Insurance Agency of Director 5/97 - Present
Massachusetts, Inc.++++ Treasurer 5/97- Present
Executive Vice President 5/97 - Present
Diane P. Durnin Dreyfus Service Corporation++ Senior Vice President - 5/95 - 3/99
Vice President - Product Marketing and Advertising
Development Division
Patrice M. Kozlowski None
Vice President - Corporate
Communications
Mary Beth Leibig None
Vice President -
Human Resources
Theodore A. Schachar Dreyfus Service Corporation++ Vice President -Tax 10/96 - Present
Vice President - Tax
Dreyfus Investment Advisors, Inc.++ Vice President - Tax 10/96 - Present
Dreyfus Precious Metals, Inc. +++ Vice President - Tax 10/96 - 12/98
Dreyfus Service Organization, Inc.++ Vice President - Tax 10/96 - Present
Wendy Strutt None
Vice President
Richard Terres None
Vice President
Andrew S. Wasser Mellon Bank Corporation+ Vice President 1/95 - Present
Vice-President -
Information Systems
James Bitetto The TruePenny Corporation++ Secretary 9/98 - Present
Assistant Secretary
Dreyfus Service Corporation++ Assistant Secretary 8/98 - Present
Dreyfus Investment Assistant Secretary 7/98 - Present
Advisors, Inc.++
Dreyfus Service Assistant Secretary 7/98 - Present
Organization, Inc.++
Steven F. Newman Dreyfus Transfer, Inc. Vice President 2/97 - Present
Assistant Secretary One American Express Plaza Director 2/97 - Present
Providence, RI 02903 Secretary 2/97 - Present
Dreyfus Service Secretary 7/98 - Present
Organization, Inc.++ Assistant Secretary 5/98 - 7/98
_______________________________
* The address of the business so indicated is One Boston Place, Boston, Massachusetts, 02108.
** The address of the business so indicated is One Bush Street, Suite 450, San Francisco, California 94104.
*** The address of the business so indicated is 595 Market Street, Suite 3000, San Francisco, California 94105.
+ The address of the business so indicated is One Mellon Bank Center, Pittsburgh, Pennsylvania 15258.
++ The address of the business so indicated is 200 Park Avenue, New York, New York 10166.
+++ The address of the business so indicated is 144 Glenn Curtiss Boulevard, Uniondale, New York 11556-0144.
++++ The address of the business so indicated is 53 State Street, Boston, Massachusetts 02109.
</TABLE>
Item 27. Principal Underwriters
________ ______________________
(a) Other investment companies for which Registrant's principal
underwriter (exclusive distributor) acts as principal underwriter or
exclusive distributor:
1) Comstock Partners Funds, Inc.
2) Dreyfus A Bonds Plus, Inc.
3) Dreyfus Appreciation Fund, Inc.
4) Dreyfus Asset Allocation Fund, Inc.
5) Dreyfus Balanced Fund, Inc.
6) Dreyfus BASIC GNMA Fund
7) Dreyfus BASIC Money Market Fund, Inc.
8) Dreyfus BASIC Municipal Fund, Inc.
9) Dreyfus BASIC U.S. Government Money Market Fund
10) Dreyfus California Intermediate Municipal Bond Fund
11) Dreyfus California Tax Exempt Bond Fund, Inc.
12) Dreyfus California Tax Exempt Money Market Fund
13) Dreyfus Cash Management
14) Dreyfus Cash Management Plus, Inc.
15) Dreyfus Connecticut Intermediate Municipal Bond Fund
16) Dreyfus Connecticut Municipal Money Market Fund, Inc.
17) Dreyfus Florida Intermediate Municipal Bond Fund
18) Dreyfus Florida Municipal Money Market Fund
19) The Dreyfus Fund Incorporated
20) Dreyfus Global Bond Fund, Inc.
21) Dreyfus Global Growth Fund
22) Dreyfus GNMA Fund, Inc.
23) Dreyfus Government Cash Management Funds
24) Dreyfus Growth and Income Fund, Inc.
25) Dreyfus Growth and Value Funds, Inc.
26) Dreyfus Growth Opportunity Fund, Inc.
27) Dreyfus Debt and Equity Funds
28) Dreyfus Index Funds, Inc.
29) Dreyfus Institutional Money Market Fund
30) Dreyfus Institutional Preferred Money Market Fund
31) Dreyfus Institutional Short Term Treasury Fund
32) Dreyfus Insured Municipal Bond Fund, Inc.
33) Dreyfus Intermediate Municipal Bond Fund, Inc.
34) Dreyfus International Funds, Inc.
35) Dreyfus Investment Grade Bond Funds, Inc.
36) Dreyfus Investment Portfolios
37) The Dreyfus/Laurel Funds, Inc.
38) The Dreyfus/Laurel Funds Trust
39) The Dreyfus/Laurel Tax-Free Municipal Funds
40) Dreyfus LifeTime Portfolios, Inc.
41) Dreyfus Liquid Assets, Inc.
42) Dreyfus Massachusetts Intermediate Municipal Bond Fund
43) Dreyfus Massachusetts Municipal Money Market Fund
44) Dreyfus Massachusetts Tax Exempt Bond Fund
45) Dreyfus MidCap Index Fund
46) Dreyfus Money Market Instruments, Inc.
47) Dreyfus Municipal Bond Fund, Inc.
48) Dreyfus Municipal Cash Management Plus
49) Dreyfus Municipal Money Market Fund, Inc.
50) Dreyfus New Jersey Intermediate Municipal Bond Fund
51) Dreyfus New Jersey Municipal Bond Fund, Inc.
52) Dreyfus New Jersey Municipal Money Market Fund, Inc.
53) Dreyfus New Leaders Fund, Inc.
54) Dreyfus New York Insured Tax Exempt Bond Fund
55) Dreyfus New York Municipal Cash Management
56) Dreyfus New York Tax Exempt Bond Fund, Inc.
57) Dreyfus New York Tax Exempt Intermediate Bond Fund
58) Dreyfus New York Tax Exempt Money Market Fund
59) Dreyfus U.S. Treasury Intermediate Term Fund
60) Dreyfus U.S. Treasury Long Term Fund
61) Dreyfus 100% U.S. Treasury Money Market Fund
62) Dreyfus U.S. Treasury Short Term Fund
63) Dreyfus Pennsylvania Intermediate Municipal Bond Fund
64) Dreyfus Pennsylvania Municipal Money Market Fund
65) Dreyfus Premier California Municipal Bond Fund
66) Dreyfus Premier Equity Funds, Inc.
67) Dreyfus Premier International Funds, Inc.
68) Dreyfus Premier GNMA Fund
69) Dreyfus Premier Worldwide Growth Fund, Inc.
70) Dreyfus Premier Municipal Bond Fund
71) Dreyfus Premier New York Municipal Bond Fund
72) Dreyfus Premier State Municipal Bond Fund
73) Dreyfus Premier Value Fund
74) Dreyfus Short-Intermediate Government Fund
75) Dreyfus Short-Intermediate Municipal Bond Fund
76) The Dreyfus Socially Responsible Growth Fund, Inc.
77) Dreyfus Stock Index Fund, Inc.
78) Dreyfus Tax Exempt Cash Management
79) The Dreyfus Third Century Fund, Inc.
80) Dreyfus Treasury Cash Management
81) Dreyfus Treasury Prime Cash Management
82) Dreyfus Variable Investment Fund
83) Dreyfus Worldwide Dollar Money Market Fund, Inc.
84) Founders Funds, Inc.
85) General California Municipal Bond Fund, Inc.
86) General California Municipal Money Market Fund
87) General Government Securities Money Market Fund, Inc.
88) General Money Market Fund, Inc.
89) General Municipal Bond Fund, Inc.
90) General Municipal Money Market Funds, Inc.
91) General New York Municipal Bond Fund, Inc.
92) General New York Municipal Money Market Fund
(b)
Positions and
Name and principal Positions and offices with offices with
business address the Distributor Registrant
__________________ ___________________________ _____________
Marie E. Connolly+ Director, President, Chief President and
Executive Officer and Chief Treasurer
Compliance Officer
Joseph F. Tower, III+ Director, Senior Vice President, Vice President
Treasurer and Chief Financial and Assistant
Officer Treasurer
Mary A. Nelson+ Vice President Vice President and
Assistant Treasurer
Jean M. O'Leary+ Assistant Vice President, None Assistant
Secretary and
Assistant Clerk
William J. Nutt+ Chairman of the Board None
Stephanie D. Pierce++ Vice President Vice President,
Assistant Secretary
and Assistant
Treasurer
Patrick W. McKeon+ Vice President None
Joseph A. Vignone+ Vice President None
________________________________
+ Principal business address is 60 State Street, Boston, Massachusetts 02109.
++ Principal business address is 200 Park Avenue, New York, New York 10166.
Item 28. Location of Accounts and Records
_______ ________________________________
1. First Data Investor Services Group, Inc.,
a subsidiary of First Data Corporation
P.O. Box 9671
Providence, Rhode Island 02940-9671
2. The Bank of New York
90 Washington Street
New York, New York 10286
3. Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, Rhode Island 02940-9671
4. The Dreyfus Corporation
200 Park Avenue
New York, New York 10166
Item 29. Management Services
_______ ___________________
Not Applicable
Item 30. Undertakings
_______ ____________
None
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant has duly caused this
Amendment to the Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of New York, and State
of New York on the 16th day of July, 1999.
Dreyfus Premier International Funds, Inc.
BY: /s/Marie E. Connolly*
Marie E. Connolly, PRESIDENT
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, this Amendment to the Registration Statement
has been signed below by the following persons in the capacities and on the
date indicated.
/s/Marie E. Connolly* President and Treasurer 07/16/99
- ------------------------ (Principal Executive Officer)
Marie E. Connolly
/S/Joseph F. Tower, III* Vice President and Assistant 07/16/99
- ------------------------ Treasurer (Principal Financial
Joseph F. Tower, III and Accounting Officer)
/s/Joseph S. DiMartino* Chairman of the Board 07/16/99
- ------------------------
Joseph S. DiMartino
/s/Gordon J. Davis* Board Member 07/16/99
- ------------------------
Gordon J. Davis
/s/David P. Feldman* Board Member 07/16/99
- ------------------------
David P. Feldman
/s/Lynn Martin* Board Member 07/16/99
- ------------------------
Lynn Martin
/s/Daniel Rose* Board Member 07/16/99
- ------------------------
Daniel Rose
/s/Philip L. Toia* Board Member 07/16/99
- ------------------------
Philip L. Toia
/s/Sander Vanocur* Board Member 07/16/99
- ------------------------
Sander Vanocur
/s/Anne Wexler* Board Member 07/16/99
- ------------------------
Anne Wexler
/s/Rex Wilder* Board Member 07/16/99
- ------------------------
Rex Wilder
*BY: /s/Stephanie D. Pierce
----------------------
Stephanie D. Pierce
Attorney-in-Fact
