Dreyfus Premier
International
Growth Fund
Investing in stocks of foreign companies for capital growth
PROSPECTUS March 1, 2000
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.
<PAGE>
The Fund
Dreyfus Premier International Growth Fund
---------------------------------
Ticker Symbols CLASS A: DRGLX
CLASS B: DGLBX
CLASS C: DIGCX
CLASS R: DIGRX
CLASS T: N/A
Contents
The Fund
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Goal/Approach INSIDE COVER
Main Risks 1
Past Performance 2
Expenses 3
Management 4
Financial Highlights 5
Your Investment
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Account Policies 7
Distributions and Taxes 10
Services for Fund Investors 11
Instructions for Regular Accounts 12
Instructions for IRAs 13
For More Information
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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 capital growth. To pursue its goal, the fund invests primarily in
the stocks of foreign companies. The fund's stock investments may include common
stocks, preferred stocks and convertible securities.
In choosing stocks, the fund uses a "bottom-up" approach, focusing on individual
stock selection rather than macroeconomic factors, to build a portfolio of
companies with the potential to provide superior earnings growth over time. The
fund looks for companies that have some or all of the following characteristics
* growth that is faster than its peers
* growth that is faster than the market as a whole and sustainable over the
long term
* strong management
* leading market positions and growing brand identities
* financial, marketing and operating strength
The fund typically sells a stock when its growth forecast is reduced, its
valuation target is reached, or the original investment rationale no longer
applies.
Concepts to understand
FOREIGN COMPANY: a company organized under the laws of a foreign country or for
which the principal trading market is in a foreign country; or a company
organized in the U.S. with a majority of its assets or business outside the U.S
GROWTH COMPANY: a company of any capitalization whose earnings are expected to
grow faster than the overall market. Often, growth stocks have relatively high
price-to-earnings and price-to-book ratios, and tend to be more volatile than
value stocks.
MAIN RISKS
The value of your investment in the fund will go up and down, which means that
your investment could lose money. The fund's performance will be influenced by
political, social and economic factors affecting investments in companies in
foreign countries. Special risks associated with investments in foreign
companies include exposure to currency fluctuations, less liquidity, less
developed or efficient trading markets, a lack of comprehensive company
information, political instability and differing auditing and legal standards.
Each of these risks could result in more volatility for the fund.
The fund expects to invest primarily in the stocks of companies located in
developed countries. However, the fund may invest in the stocks of companies
located in emerging markets. These countries generally have economic structures
that are less diverse and less 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 companies
located in emerging markets are often subject to rapid and large changes in
price.
Because the stock prices of growth companies are based in part on future
expectations, these stocks may fall sharply if investors believe the prospects
for a stock, industry or the economy in general are weak. In addition, growth
stocks typically lack the dividend yield that could cushion stock prices in
market downturns.
The fund may invest a substantial portion of its assets in companies located in
a particular country or geographic region. Less diversification among countries
or regions generally results in greater risk, and could cause the fund's
performance to be more vulnerable to political, social and economic factors
affecting a particular country or region.
Under adverse market conditions, the fund could invest some or all of its assets
in the securities of U.S. issuers or money market securities. Although the fund
would do this to avoid losses, it could reduce the benefit from any upswing in
the market. During such periods, the fund may not achieve its investment
objective.
Other potential risks
The fund, at times, may 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 are used primarily to
hedge the fund's portfolio but 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.
The fund can buy securities with borrowed money (a form of leverage), which
could have the effect of magnifying the fund's gains or losses.
The Fund 1
<PAGE 1>
PAST PERFORMANCE
The bar chart and table below show some of the risks of investing in the fund.
The bar chart shows the changes in the fund's Class A performance from year to
year. Sales loads are not reflected in the chart; if they were, the returns
shown would have been lower. The table compares the fund's average annual total
return over time to that of the Morgan Stanley Capital International (MSCI)
Europe, Australasia, Far East (EAFE((reg.tm))) Index, a broad measure of the
stock market performance of certain European and Pacific Basin countries, and
the MSCI World Ex. U.S. Index, a broad measure of global stock market
performance, excluding the U.S. Of course, past performance is no guarantee of
future results. Past performance information for Class T shares for a full
calendar year is not available as of the date of this prospectus.
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Year-by-year total return AS OF 12/31 EACH YEAR (%)
23.90 -5.49 12.38 11.87 11.16 0.94 50.86
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
CLASS A SHARES
BEST QUARTER: Q4 '99 +40.13%
WORST QUARTER: Q3 '98 -22.03%
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Average annual total return AS OF 12/31/99
<TABLE>
Inception date 1 Year 5 Years Since inception
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<S> <C> <C> <C> <C>
CLASS A (1/31/92) 42.17% 14.94% 12.69%
CLASS B (1/15/93) 45.65% 15.18% 13.26%
CLASS C (9/5/95) 48.68% -- 15.95%
CLASS R (9/5/95) 51.07% -- 17.05%
MSCI EAFE((reg.tm)) 26.96% 12.83% 11.36%*
MSCI WORLD
INDEX EX. U.S. 27.93% 13.09% 11.39%*
* BASED ON LIFE OF CLASS A. FOR COMPARATIVE PURPOSES, THE VALUE OF EACH INDEX
ON 1/31/92 IS USED AS ITS BEGINNING VALUE. MSCI WORLD INDEX (EX. U.S.) HAS
BEEN SELECTED AS THE FUND'S NEW PRIMARY BENCHMARK BECAUSE IT PROVIDES A
BROADER MEASURE OF GLOBAL STOCK MARKET PERFORMANCE THAN THE FUND'S FORMER
BENCHMARK, THE MSCI EAFE((reg.tm)) INDEX.
</TABLE>
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.
2
<PAGE 2>
EXPENSES
As an investor, you pay certain fees and expenses in connection with the fund,
which are described in the tables below.
<TABLE>
Fee table
CLASS A CLASS B CLASS C CLASS R CLASS T
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<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*
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ANNUAL FUND OPERATING EXPENSES (EXPENSES PAID FROM FUND ASSETS)
% OF AVERAGE DAILY NET ASSETS
Management fees .75 .75 .75 .75 .75
Rule 12b-1 fee NONE .75 .75 NONE .25
Shareholder services fee .25 .25 .25 NONE .25
Other expenses .42 .43 .47 .49 .42**
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TOTAL 1.42 2.18 2.22 1.24 1.67
* 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.
** "OTHER EXPENSES" FOR CLASS T SHARES ARE ESTIMATED FOR THE CURRENT FISCAL
YEAR BASED ON THE OTHER EXPENSES FOR CLASS A SHARES FOR THE FUND'S LAST
FISCAL YEAR.
</TABLE>
<TABLE>
Expense example
1 Year 3 Years 5 Years 10 Years
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<S> <C> <C> <C> <C>
CLASS A $711 $998 $1,307 $2,179
CLASS B
WITH REDEMPTION $621 $982 $1,369 $ 2,144***
WITHOUT REDEMPTION $221 $682 $1,169 $ 2,144***
CLASS C
WITH REDEMPTION $325 $694 $1,190 $2,554
WITHOUT REDEMPTION $225 $694 $1,190 $2,554
CLASS R $126 $393 $681 $1,500
CLASS T $612 $953 $1,317 $2,337
*** ASSUMES CONVERSION OF CLASS B TO CLASS A AT END OF THE SIXTH YEAR FOLLOWING
THE DATE OF PURCHASE.
</TABLE>
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.
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, C and 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: the 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; these expenses for Class T
shares are based on other expenses for Class A for the past fiscal year.
The Fund 3
<PAGE 3>
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 $127
billion in over 160 mutual fund portfolios. For the past fiscal year, the fund
paid Dreyfus a management fee at the annual rate of 0.75% of the fund's average
daily net assets. Dreyfus is the primary mutual fund business of Mellon
Financial Corporation, a global financial services company with approximately
$2.5 trillion of assets under management, administration or custody, including
approximately $450 billion under management. Mellon provides wealth management,
global investment services and a comprehensive array of banking services for
individuals, businesses and institutions. Mellon is headquartered in Pittsburgh,
Pennsylvania.
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.
Douglas A. Loeffler is the fund's primary portfolio manager. He has held this
position since his employment by Dreyfus in February 1999 and has been employed
by Founders Asset Management LLC ("Founders"), an affiliate of Dreyfus, since
1995. Before joining Founders, Mr. Loeffler spent seven years with Scudder,
Stevens & Clark as an international equities analyst and as a quantitative
analyst.
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 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 has taken steps designed to avoid year 2000-related problems in its
systems and to monitor the readiness of other service providers. 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.
4
<PAGE 4>
FINANCIAL HIGHLIGHTS
The following tables describe the performance of Classes A, B, C and R for the
fiscal periods indicated. "Total return" shows how much your investment in the
fund would have increased (or decreased) during each period, assuming you had
reinvested all dividends and distributions. These figures have been
independently audited by Ernst & Young LLP, whose report, along with the fund's
financial statements, is included in the annual report. Since Class T shares are
new, financial highlights information is not available for that class as of the
date of this prospectus.
<TABLE>
YEAR ENDED OCTOBER 31,
CLASS A 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C>
PER-SHARE DATA ($)
Net asset value, beginning of period 13.33 16.45 16.59 16.10 15.78
Investment operations: Investment income (loss) -- net .00(1,2) .26 .00(2) .14 .24
Net realized and unrealized gain (loss)
on investments 2.76 (.86) 2.24 1.44 .47
Total from investment operations 2.76 (.60) 2.24 1.58 .71
Distributions: Dividends from investment income -- net (.02) -- (.17) (.25) (.15)
Dividends from net realized gain on investments -- (2.52) (2.21) (.84) (.24)
Total distributions (.02) (2.52) (2.38) (1.09) (.39)
Net asset value, end of period 16.07 13.33 16.45 16.59 16.10
Total return (%)(3) 20.74 (4.50) 15.00 10.21 4.72
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RATIOS/SUPPLEMENTAL DATA
Ratio of operating expenses to average net assets (%) 1.42 1.27 1.30 1.31 1.31
Ratio of interest expense to average net assets (%) -- .08 -- -- .01
Ratio of net investment income (loss) to average net assets (%) (.01) .55 .00(4) .76 1.38
Portfolio turnover rate (%) 221.94 193.76 161.62 176.17 229.90
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Net assets, end of period ($ x 1,000) 58,908 41,637 59,030 66,907 68,584
(1) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(2) AMOUNT REPRESENTS LESS THAN $.01 PER SHARE. (3) EXCLUSIVE OF SALES CHARGE. (4) AMOUNT REPRESENTS LESS THAN .01%.
YEAR ENDED OCTOBER 31,
CLASS B 1999 1998 1997 1996 1995
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PER-SHARE DATA ($)
Net asset value, beginning of period 13.00 16.22 16.37 15.90 15.59
Investment operations: Investment income (loss) -- net (.06)(1) (.03)(1) (.14) .00(2) .10
Net realized and unrealized gain (loss)
on investments 2.65 (.67) 2.24 1.44 .49
Total from investment operations 2.59 (.70) 2.10 1.44 .59
Distributions: Dividends from investment income -- net -- -- (.04) (.13) (.04)
Dividends from net realized gain on investments -- (2.52) (2.21) (.84) (.24)
Total distributions -- (2.52) (2.25) (.97) (.28)
Net asset value, end of period 15.59 13.00 16.22 16.37 15.90
Total return (%)(3) 19.83 (5.22) 14.14 9.36 3.96
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RATIOS/SUPPLEMENTAL DATA
Ratio of operating expenses to average net assets (%) 2.18 2.04 2.05 2.06 2.06
Ratio of interest expense to average net assets (%) -- .08 -- -- .01
Ratio of net investment income (loss) to average net assets (%) (.41) (.20) (.76) .01 .62
Portfolio turnover rate (%) 221.94 193.76 161.62 176.17 229.90
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Net assets, end of period ($ x 1,000) 24,853 51,873 66,781 71,983 72,215
(1) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(2) AMOUNT REPRESENTS LESS THAN $.01 PER SHARE. (3) EXCLUSIVE OF SALES CHARGE.
The Fund 5
<PAGE 5>
FINANCIAL HIGHLIGHTS (CONTINUED)
YEAR ENDED OCTOBER 31,
CLASS C 1999 1998 1997 1996 1995(1)
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PER-SHARE DATA ($)
Net asset value, beginning of period 12.66 15.87 16.20 15.90 15.85
Investment operations: Investment income (loss) -- net (.14)(2) (.03)(2) (.12)(2) .28 (.01)
Net realized and unrealized gain (loss)
on investments 2.64 (.66) 2.18 1.14 .06
Total from investment operations 2.50 (.69) 2.06 1.42 .05
Distributions: Dividends from investment income -- net -- -- (.18) (.28) --
Dividends from net realized gain on investments -- (2.52) (2.21) (.84) --
Total distributions -- (2.52) (2.39) (1.12) --
Net asset value, end of period 15.16 12.66 15.87 16.20 15.90
Total return (%)(3) 19.75 (5.34) 14.17 9.36 .32(4)
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RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets (%) 2.22 2.04 2.10 1.90 .35(4)
Ratio of interest expense to average net assets (%) -- .08 .01 -- --
Ratio of net investment income (loss) to average net assets (%) (.97) (.19) (.73) (.19) (.09)(4)
Portfolio turnover rate (%) 221.94 193.76 161.62 176.17 229.90
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Net assets, end of period ($ x 1,000) 966 397 291 53 1
(1) FROM SEPTEMBER 5, 1995 (COMMENCEMENT OF INITIAL OFFERING) TO OCTOBER 31, 1995.
(2) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END. (3) EXCLUSIVE OF SALES CHARGE. (4) NOT ANNUALIZED.
YEAR ENDED OCTOBER 31,
CLASS R 1999 1998 1997 1996 1995(1)
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PER-SHARE DATA ($)
Net asset value, beginning of period 13.32 16.43 16.59 16.11 16.04
Investment operations: Investment income -- net .02(2) .33 .17 .26 .01
Net realized and unrealized gain (loss)
on investments 2.77 (.92) 2.10 1.35 .06
Total from investment operations 2.79 (.59) 2.27 1.61 .07
Distributions: Dividends from investment income -- net (.06) -- (.22) (.29) --
Dividends from net realized gain on investments -- (2.52) (2.21) (.84) --
Total distributions (.06) (2.52) (2.43) (1.13) --
Net asset value, end of period 16.05 13.32 16.43 16.59 16.11
Total return (%) 21.04 (4.44) 15.21 10.45 .44(3)
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RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets (%) 1.24 1.08 1.09 .87 .18(3)
Ratio of interest expense to average net assets (%) -- .08 .01 -- --
Ratio of net investment income to average net assets (%) .15 .70 .21 .94 .08(3)
Portfolio turnover rate (%) 221.94 193.76 161.62 176.17 229.90
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Net assets, end of period ($ x 1,000) 92 45 80 4 1
(1) FROM SEPTEMBER 5, 1995 (COMMENCEMENT OF INITIAL OFFERING) TO OCTOBER 31, 1995.
(2) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END. (3) NOT ANNUALIZED.
</TABLE>
6
<PAGE 6>
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 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 institu- tions on behalf of their
clients (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 shares you own in the fund,
any other Dreyfus Premier fund, or any fund advised by Founders, sold with a
sales load, 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.
Your Investment 7
<PAGE 7>
ACCOUNT POLICIES (CONTINUED)
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 A has lower expenses
than Class T, if you invest $1 million or more in the fund you should consider
buying Class A shares. Shareholders beneficially owning shares on November 30,
1996 may be eligible for lower sales loads.
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Sales charges
<TABLE>
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
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<S> <C> <C> <C> <C>
Class Class Class Class
A T A T
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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.
</TABLE>
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CLASS B -- CHARGED WHEN YOU SELL SHARES
CDSC as a % of your initial
Years since purchase investment or your redemption
was made (whichever is less)
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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.
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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.
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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.
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Minimum investments
Initial Additional
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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
A and 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.
8
<PAGE 8>
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 your financial
representative or 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.
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).
Written sell orders
Some circumstances require written sell orders along with signature guarantees.
These include:
* amounts of $10,000 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.
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 and 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.
Your Investment 9
<PAGE 9>
DISTRIBUTIONS AND TAXES
THE FUND USUALLY 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.
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 at left 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.
10
<PAGE 10>
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((reg.tm)) from a designated bank account.
DREYFUS PAYROLL For making automatic investments
SAVINGS PLAN through a payroll deduction.
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
the fund into another Dreyfus fund
or certain Founders-advised funds
(not available for IRAs).
- --------------------------------------------------------------------------------
For exchanging shares
DREYFUS AUTO- For making regular exchanges
EXCHANGE PRIVILEGE from the fund into another
Dreyfus fund or certain
Founders-advised funds.
- --------------------------------------------------------------------------------
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.
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
or Founders-advised fund. You can also exchange Class T shares into Class A
shares of certain Dreyfus Premier fixed-income funds. 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 will
also be sent a yearly statement detailing the tax characteristics of any
dividends and distributions you have received.
Your Investment 11
<PAGE 11>
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# 8900202955
* 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# 8900202955
* 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 9).
Mail your request to: T
he 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.
12
<PAGE 12>
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 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# 8900202955
* 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 9).
Mail 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.
Your Investment 13
<PAGE 13>
NOTES
[Application p1]
[Application p2]
NOTES
For More Information
Dreyfus Premier International Growth 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:
Annual/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 year.
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.
(c) 2000 Dreyfus Service Corporation
092P0300
