Dreyfus
Emerging Markets
Fund
ANNUAL REPORT May 31, 2000
(reg.tm)
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
Contents
THE FUND
--------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Fund Performance
7 Statement of Investments
13 Statement of Assets and Liabilities
14 Statement of Operations
15 Statement of Changes in Net Assets
16 Financial Highlights
17 Notes to Financial Statements
23 Report of Independent Auditors
24 Important Tax Information
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus
Emerging Markets Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this annual report for Dreyfus Emerging Markets Fund,
covering the 12-month period from June 1, 1999 through May 31, 2000. Inside,
you' ll find valuable information about how the fund was managed during the
reporting period, including a discussion with the fund's portfolio manager, D.
Kirk Henry.
When the reporting period began, it became apparent that global economic growth
was substantially stronger than many analysts had expected. In fact, most global
markets had already rebounded sharply from 1998's currency and credit crises in
emerging market countries. The rally continued throughout 1999 and into the
first quarter of 2000, before peaking in early March. In April, many developed
and emerging market countries around the world experienced heightened levels of
market volatility when expensively priced technology stocks began to decline
sharply in the wake of evidence that inflationary pressures were building.
We appreciate your confidence over the past year and we look forward to your
continued participation in Dreyfus Emerging Markets Fund.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
June 15, 2000
DISCUSSION OF FUND PERFORMANCE
D. Kirk Henry, Portfolio Manager
How did Dreyfus Emerging Markets Fund perform relative to its benchmark?
For the 12-month period ended May 31, 2000, Dreyfus Emerging Markets Fund
produced a total return of 16.54%.(1) In comparison, the fund's benchmark, the
Morgan Stanley Capital International Emerging Markets Free (MSCI EMF) Index,
produced a total return of 17.75% for the same period.(2)
We attribute the fund' s modest underperfomance to a stock market environment
that favored the growth style of investing during the majority of the reporting
period. In particular, two traditional growth sectors, technology and
telecommunications, dominated the gains achieved by global stock markets,
including those of emerging market countries. As a value fund, our limited
exposure to these areas held back our performance.
What is the fund's investment approach?
We use a value-oriented and research-driven approach to security selection
within each market, investing in companies located in emerging market countries
as represented in our benchmark, the MSCI EMF Index. Countries currently
represented in the benchmark include Argentina, Brazil, Chile, China, Columbia,
the Czech Republic, Greece, Hungary, India, Indonesia, Israel, Jordan, Korea,
Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Russia, Sri Lanka,
South Africa, Taiwan, Thailand, Turkey and Venezuela.
When choosing stocks for the fund, we begin by conducting fundamental and
quantitative research that focuses on individual companies rather than broad
economic and industry trends. More specifically, we look for investment
opportunities focusing on three key factors: VALUE, or how a stock is valued
relative to its intrinsic worth; BUSINESS HEALTH,
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
or a company's overall EFFICIENCY AND PROFITABILITY as measured by its return on
assets and return on equity; and BUSINESS MOMENTUM, or the presence of a
catalyst that appears likely to trigger an increase in the stock's price.
What factors influenced the fund's performance?
During the first six months of the reporting period, stocks in many emerging
markets enjoyed robust returns as regional economies continued to rebound from
recession. The strong performance of emerging markets investments was supported
by an increase in global growth, rising commodity prices, and, perhaps most
important, stock valuations that, in our opinion, reflected very reasonably
priced stocks. In addition, a strong U.S. economy helped fuel exports from many
of these emerging market countries, which in turn helped propel their stock
prices. In such an environment, the fund's strongest gains were achieved through
its investments in South Korea, India and Brazil. Brazilian telecommunications
companies were especially strong. In fact, five of the top 10 contributors to
the fund's positive performance were in Brazil, and three of those were telecom
companies.
Toward the end of 1999, a shift in investor sentiment toward growth stocks in
the telecommunications and technology sectors resulted in increased volatility
in emerging markets. As value managers with an underweight in technology
exposure, the performance of the fund suffered during this period. However, by
mid-March, investor sentiment shifted once again, this time away from the
favored growth style of investing and toward the value style which overall
benefited the fund.
What is the fund's current strategy?
We remain optimistic with respect to emerging markets. In our view, many
companies within these regions offer significant value, especially when compared
to similar companies in the developed world. Historically, the two main drivers
of emerging market stock market performance have been increased global growth
and climbing commodity prices, two factors that have both been present during
the past year.
Recently, in the first quarter of 2000, we trimmed our exposure to several of
the fund' s telecommunications companies, believing that their valuations had
become too high. In some cases, we sold our holdings in Brazilian
telecommunications companies, taking profits from stocks that have performed
well.
We have also continued to add to our Asian holdings, including stocks from
China, South Korea, India and the Philippines. We believe that many of these
companies possess strong fundamentals and offer excellent value investment
opportunities.
June 15, 2000
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE AND INVESTMENT
RETURN FLUCTUATE SUCH THAT UPON REDEMPTION, FUND SHARES MAY BE WORTH MORE OR
LESS THAN THEIR ORIGINAL COST.
(2) SOURCE: LIPPER ANALYTICAL SERVICES, INC. -- REFLECTS REINVESTMENT OF GROSS
DIVIDENDS AND, WHERE APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. THE MORGAN STANLEY
CAPITAL INTERNATIONAL EMERGING MARKETS FREE (MSCI EMF) INDEX IS A MARKET
CAPITALIZATION-WEIGHTED INDEX COMPOSED OF COMPANIES REPRESENTATIVE OF THE MARKET
STRUCTURE OF 26 EMERGING MARKET COUNTRIES IN EUROPE, LATIN AMERICA AND THE
PACIFIC BASIN.
The Fund
FUND PERFORMANCE
Comparison of change in value of $10,000 investment in Dreyfus Emerging Markets
Fund and the Morgan Stanley Capital International Emerging Markets Free Index
--------------------------------------------------------------------------------
Average Annual Total Returns AS OF 5/31/00
<TABLE>
Inception From
Date 1 Year Inception
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
FUND 6/28/96 16.54% 5.55%
</TABLE>
((+)) SOURCE: LIPPER ANALYTICAL SERVICES, INC.
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
THE ABOVE GRAPH COMPARES A $10,000 INVESTMENT MADE IN DREYFUS EMERGING MARKETS
FUND ON 6/28/96 (INCEPTION DATE) TO A $10,000 INVESTMENT MADE IN THE MORGAN
STANLEY CAPITAL INTERNATIONAL EMERGING MARKETS FREE INDEX ON THAT DATE. FOR
COMPARATIVE PURPOSES, THE VALUE OF THE INDEX ON 6/30/96 IS USED AS THE BEGINNING
VALUE ON 6/28/96. ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS ARE REINVESTED.
THE FUND'S PERFORMANCE SHOWN IN THE LINE GRAPH TAKES INTO ACCOUNT ALL APPLICABLE
FEES AND EXPENSES. THE MORGAN STANLEY CAPITAL INTERNATIONAL EMERGING MARKETS
FREE INDEX, WHICH IS THE PROPERTY OF MORGAN STANLEY & CO. INCORPORATED, IS A
MARKET CAPITALIZATION-WEIGHTED INDEX COMPOSED OF COMPANIES REPRESENTATIVE OF THE
MARKET STRUCTURE OF 26 EMERGING MARKET COUNTRIES IN EUROPE, LATIN AMERICA, AND
THE PACIFIC BASIN. THE MSCI/EMF INDEX EXCLUDES CLOSED MARKETS AND THOSE SHARES
IN OTHERWISE FREE MARKETS WHICH ARE NOT PURCHASEABLE BY FOREIGNERS. THE INDEX
DOES NOT TAKE INTO ACCOUNT CHARGES, FEES AND OTHER EXPENSES AND INCLUDES GROSS
DIVIDENDS REINVESTED. FURTHER INFORMATION RELATING TO FUND PERFORMANCE,
INCLUDING EXPENSE REIMBURSEMENTS, IF APPLICABLE, IS CONTAINED IN THE FINANCIAL
HIGHLIGHTS SECTION OF THE PROSPECTUS AND ELSEWHERE IN THIS REPORT.
STATEMENT OF INVESTMENTS
<TABLE>
May 31, 2000
COMMON STOCKS--93.5% Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ARGENTINA--1.5%
Banco Hipotecario 173,332 1,629,484
Telecom Argentina Stet - France Telecom, ADR 71,000 1,748,375
3,377,859
BRAZIL--7.0%
Companhia Vale do Rio Doce 10,500 236,214
Companhia Vale do Rio Doce, ADS 97,600 2,519,300
Petroleo Brasileiro 10,480 2,328,889
Tele Celular Sul Participacoes, ADS 68,900 2,333,987
Tele Norte Leste Participacoes, ADS 94,189 1,848,459
Telecomunicacoes Brasileiras, ADS (PFD Block) 45,000 5,208,750
Ultrapar Participacoes, ADS 175,000 1,421,875
15,897,474
CHILE--2.8%
Administradora de Fondos de
Pensiones Provida, ADS 97,300 2,025,056
Chilectra, ADR 80,000 1,375,000
Compania de Telecomunicaciones de Chile, ADS 7,000 138,250
Cristalerias de Chile, ADS 38,900 666,163
Quinenco, ADS 211,600 2,142,450
6,346,919
CHINA--5.4%
Beijing Datang Power Generation 5,876,000 897,364
Guangdong Kelon Electrical, Cl. H 1,747,000 863,164
Guangshen Railway, Cl. H 16,383,000 1,513,790
Guangshen Railway, ADS 110,000 508,750
Huaneng Power International, ADS 116,500 1,157,719
Jiangxi Cooper, Cl. H 2,800,000 (a) 219,194
PetroChina Company, ADR 59,800 (a) 1,203,475
Qingling Motors, Cl. H 9,549,000 931,347
Shandong Huaneng Power, ADS 203,400 724,613
Shandong International Power Development, Cl. H 10,852,000 1,086,287
Shenzhen Expressway, Cl. H 10,659,000 1,162,720
Yanzhou Coal Mining, Cl. H 3,672,700 655,149
Zhejiang Expressway, Cl. H 10,573,000 1,356,869
12,280,441
CROATIA--1.2%
Pliva d.d., GDR 247,800 (b) 2,750,580
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
CZECH REPUBLIC--.0%
Komercni Banka, GDR 2 (a) 14
EGYPT--3.2%
Commercial International Bank, GDR 188,800 (a,b) 1,982,400
Misr International Bank, GDR 156,600 (a,b) 1,209,735
Paints & Chemical Industries, GDR 801,000 (a,b) 1,782,225
Suez Cement, GDR 204,270 (a,b) 2,257,184
7,231,544
GREECE--1.3%
Hellenic Telecommunications Organization 595 14,744
Hellenic Telecommunications Organization, ADS 239,055 2,883,601
2,898,345
HONG KONG--1.9%
APT Satellite, ADR 38,600 166,463
China Pharmarceutical Enterprise and Investment 14,830,000 1,636,739
Hengan International 4,560,000 1,018,249
Mandarin Oriental International 2,453,000 1,459,535
4,280,986
HUNGARY--2.7%
EGIS 22,705 984,516
MOL Magyar Olaj-es Gazipari 160,500 2,824,387
OTP Bank 27,450 1,487,336
Pick Szeged 21,504 800,344
6,096,583
INDIA--12.0%
Bajaj Auto, GDR 411,500 (b) 3,446,313
Gas Authority of India, GDR 408,800 (b) 2,279,060
Hindalco Industries, GDR 100,300 (b) 1,705,100
Hindustan Petroleum 390,000 1,111,797
ICICI, ADR 65,700 1,281,150
Indian Hotels, GDR 409,900 (b) 1,793,313
Mahanagar Telephone Nigam, GDR 483,400 (b) 4,942,765
Mahindra & Mahindra 223,000 (b) 1,193,050
Pentamedia Graphics, GDR 87,100 (b) .1,088,750
State Bank of India, GDR 338,100 (b) 2,949,923
Tata Engineering & Locomotive, GDR 582,800 (b) 1,660,980
Videsh Sanchar Nigam, GDR 240,500 (b) 3,751,800
27,204,001
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
INDONESIA--1.7%
PT Indah Kiat Pulp & Paper 7,875,500 (a) 1,274,647
PT Indosat, ADR 151,600 1,620,225
PT Indo-Rama Synthetics 1,295,000 (a) 119,769
PT Telekomunikasi Indonesia, ADR 138,800 936,900
3,951,541
ISRAEL--4.5%
ECI Telecom 95,300 2,585,013
Bank Leumi Le-Israel 1,475,837 3,222,661
Blue Square-Israel, ADS 264,350 2,610,456
Tecnomatix Technologies 60,500 (a) 1,633,500
10,051,630
LUXEMBOURG--.3%
Quilmes Industrial, ADS 71,500 706,063
MALAYSIA--2.2%
Petronas Dagangan 728,000 827,621
Petronas Gas 973,000 1,536,316
Sime Darby 1,995,000 2,583,000
4,946,937
MEXICO--10.2%
ALFA, Ser. A 630,200 1,719,630
Apasco 383,100 2,175,331
Consorcio Ara 1,280,500 (a) 1,615,772
Cintra, Ser. A 1,028,900 530,138
Controladora Comercial Mexicana, GDS 65,400 1,103,625
Desc, Ser. B 3,143,800 1,884,297
Embotelladoras Argos 321,900 381,134
Pepsi-Gemex, GDR 372,100 (a) 1,790,731
Grupo Continental, Ser. B 2,230,300 2,251,407
Kimberly Clark de Mexico, Cl. A 859,100 2,664,927
Telefonos de Mexico, ADS 130,100 6,334,245
Tubes de Acero de Mexico, ADR 37,300 503,550
22,954,787
PANAMA--1.2%
Banco Latinoamericano de Exportaciones, Cl. E 111,300 2,719,894
PHILIPPINES--4.4%
Bank of Philippine Islands 457,500 874,238
First Philippine 979,860 493,951
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
PHILIPPINES (CONTINUED)
La Tondena Distillers 2,380,400 1,674,372
Manila Electric, Cl. B 2,998,764 4,464,748
Philippine Long Distance Telephone, ADS 99,900 1,760,738
Universal Robina 5,673,600 678,438
9,946,485
POLAND--1.2%
Bank Polska Kasa Opieki Grupa Pekao 167,300 (a) 2,219,247
Polski Koncern Naftowy, GDR 62,200 (b) 583,125
2,802,372
SINGAPORE--1.8%
Del Monte Pacific 3,625,000 1,004,503
Elec & Eltek International 970,000 2,153,400
Golden Agri-Resources 5,279,000 (a) 929,509
4,087,412
SOUTH AFRICA--8.7%
ABSA 1,186,182 4,346,987
Barlow 212,585 1,173,169
Barlow, ADR 40 221
Comparex 525,200 754,782
Computer Configurations 1,298,400 (a) 1,212,882
Del Monte Royal Foods 1,030,000 680,914
Edgars Consolidated Stores 950 8,274
Iscor 286,100 641,415
Murray & Roberts 1,156,100 481,826
Nampak 730,300 1,364,399
OTK 453,800 264,129
Pretoria Portland Cement 265,643 1,756,115
Sage 256,900 716,247
Sappi 206,200 1,540,951
Sasol 348,600 2,286,994
Tiger Brands 231,700 2,197,692
Woolworths 592,900 257,886
19,684,883
SOUTH KOREA--12.6%
Cheil Jedang 37,250 1,408,212
H&CB, GDR 127,236 (b) 2,267,982
Hyundai Electronics Industries 94,490 (a) 1,472,354
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
SOUTH KOREA (CONTINUED)
Hyundai Motor 125,000 1,339,088
Kookmin Bank, GDR 188,513 (b) 1,932,258
Korea Electric Power 153,200 4,109,748
Korea Fine Chemical 84,421 1,270,613
Korea Telecom, ADR 54,400 2,012,800
Pohang Iron & Steel, ADS 164,800 3,378,400
SK 285,739 4,578,907
Samsung 251,230 2,012,954
Samsung SDI 52,000 1,979,637
Youngone 470,000 603,364
28,366,317
TAIWAN--3.3%
Asustek Computer 180,000 1,816,942
China Steel, ADR 97,700 (a,b) 1,438,633
Compal Electronics 1,130,500 2,696,908
Standard Foods Taiwan 2,196,400 (a) 1,397,256
7,349,739
THAILAND--.7%
Saha-Union 2,549,000 715,371
Thai Farmers Bank 1,167,700 (a) 886,314
1,601,685
TURKEY--1.2%
Turk Ekonomi Bankasi, GDR 180,000 (a,b) 1,881,000
Uzel Makina Sanayii, GDR 235,050 (b) 922,571
2,803,571
UNITED KINGDOM--.5%
South African Breweries 177,600 1,088,486
TOTAL COMMON STOCKS
(cost $253,458,364) 211,426,548
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PREFERRED STOCKS--3.3% Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
BRAZIL--3.1%
Banco do Estado de Sao Paulo 56,100 1,677,613
Companhia Cimento Portlans Itau 13,390 1,616,351
Companhia Energetica de Minas Gerais 175,117 2,700,026
Companhia Paranaense de Energia-Copel 64,800 522,666
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
PREFERRED STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
BRAZIL (CONTINUED)
Petroleo Brasileiro 1,900 436,818
6,953,474
THAILAND--.2%
Siam Commercial Bank 915,000 (b) 531,094
TOTAL PREFERRED STOCKS
(cost $8,321,515) 7,484,568
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Principal
SHORT-TERM INVESTMENTS--1.8% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY BILLS:
5.695%, 6/15/2000 9,000 8,983
5.65%, 7/13/2000 917,000 911,709
5.75%, 8/3/2000 418,000 414,167
5.97%, 8/17/2000 2,035,000 2,011,394
5.83%, 9/14/2000 616,000 605,935
TOTAL SHORT-TERM INVESTMENTS
(cost $3,948,153) 3,952,188
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TOTAL INVESTMENTS (cost $261,779,879) 98.6% 222,863,304
CASH AND RECEIVABLES (NET) 1.4% 3,168,097
NET ASSETS 100.0% 226,031,401
(A) NON-INCOME PRODUCING.
(B) SECURITIES EXEMPT FROM REGISTRATION UNDER RULE 144A OF THE SECURITIES
ACT OF 1933. THESE SECURITIES MAY BE RESOLD IN TRANSACTIONS EXEMPT
FROM REGISTRATION, NORMALLY TO QUALIFIED INSTITUTIONAL BUYERS. AT MAY
31, 2000, THESE SECURITIES AMOUNTED TO $43,818,747 OR APPROXIMATELY
19.4% OF NET ASSETS.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2000
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 261,779,879 222,863,304
Cash 2,889,855
Cash denominated in foreign currencies 3,842,315 3,904,293
Receivable for investment securities sold 1,824,514
Dividends receivable 1,545,536
Receivable for shares of Common Stock subscribed 86,564
Prepaid expenses 16,500
233,130,566
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 292,913
Payable for investment securities purchased 2,796,756
Payable for shares of Common Stock redeemed 3,824,343
Net unrealized (depreciation) on forward currency exchange
contracts--Note 4(a) 2,195
Accrued expenses 182,958
7,099,165
--------------------------------------------------------------------------------
NET ASSETS ($) 226,031,401
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 238,211,908
Accumulated undistributed investment income--net 2,088,114
Accumulated net realized gain (loss) on investments and
foreign currency transactions 24,594,825
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions (38,863,446)
--------------------------------------------------------------------------------
NET ASSETS ($) 226,031,401
--------------------------------------------------------------------------------
SHARES OUTSTANDING
--------------------------------------------------------------------------------
(100 million shares of $.001 par value Common Stock authorized) 16,601,664
NET ASSET VALUE, offering and redemption price per share--Note 3(d) ($)
13.61
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Year Ended May 31, 2000
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INCOME:
Cash dividends (net of $420,673 foreign taxes withheld at source) 5,219,522
Interest 496,788
TOTAL INCOME 5,716,310
EXPENSES:
Management fee--Note 3(a) 2,145,047
Shareholder servicing costs--Note 3(b) 495,006
Custodian fees 360,191
Registration fees 51,966
Professional fees 47,061
Directors' fees and expenses--Note 3(c) 34,232
Prospectus and shareholders' reports 29,351
Loan commitment fees--Note 2 1,822
Miscellaneous 4,985
TOTAL EXPENSES 3,169,661
INVESTMENT INCOME--NET 2,546,649
--------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments and foreign currency
transactions 40,922,907
Net realized gain (loss) on forward currency exchange contracts (217,238)
NET REALIZED GAIN (LOSS) 40,705,669
Net unrealized appreciation (depreciation) on investments and
foreign currency transactions (35,771,590)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 4,934,079
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 7,480,728
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Year Ended May 31,
-----------------------------------
2000 1999
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 2,546,649 938,568
Net realized gain (loss) on investments 40,705,669 (3,529,255)
Net unrealized appreciation (depreciation)
on investments (35,771,590) 10,850,462
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 7,480,728 8,259,775
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS ($):
From investment income--net (1,238,179) (549,186)
From net realized gain on investments (11,391,249) --
In excess of net realized gains on investments -- (122,041)
TOTAL DIVIDENDS (12,629,428) (671,227)
--------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($):
Net proceeds from shares sold 213,538,027 40,241,287
Dividends reinvested 10,020,271 389,280
Cost of shares redeemed (86,801,624) (28,754,128)
Redemption fee 69,298 61,154
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS 136,825,972 11,937,593
TOTAL INCREASE (DECREASE) IN NET ASSETS 131,677,272 19,526,141
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 94,354,129 74,827,988
END OF PERIOD 226,031,401 94,354,129
Undistributed investment income-net 2,088,114 779,644
--------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (SHARES):
Shares sold 14,299,234 3,739,409
Shares issued for dividends reinvested 674,312 41,501
Shares redeemed (5,888,072) (2,955,313)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 9,085,474 825,597
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS
The following table describes the performance 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 derived from the fund's financial
statements.
<TABLE>
Year Ended May 31,
---------------------------------------------------
2000 1999 1998 1997(a)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value, beginning of period 12.55 11.18 14.21 12.50
Investment Operations:
Investment income--net .22(b) .14 .04 .05
Net realized and unrealized gain (loss)
on investments 1.95 1.33 (2.62) 1.70
Total from Investment Operations 2.17 1.47 (2.58) 1.75
Distributions:
Dividends from investment income--net (.11) (.09) (.02) (.02)
Dividends from net realized gain
on investments (1.01) (.02) (.24) (.02)
Dividends in excess of net realized gain
on investments -- -- (.20) --
Total Distributions (1.12) (.11) (.46) (.04)
Redemption fee added to paid in capital .01 .01 .01 --
Net asset value, end of period 13.61 12.55 11.18 14.21
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 16.54 13.56 (18.11) 14.07(c)
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 1.85 1.88 1.94 1.85(c)
Ratio of net investment income to average
net assets 1.48 1.42 .54 .70(c)
Decrease reflected in above expense ratios
due to undertakings by The Dreyfus Corporation -- -- .00(d) .36(c)
Portfolio Turnover Rate 105.84 87.81 87.46 52.52(c)
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 226,031 94,354 74,828 50,382
(A) FROM JUNE 28, 1996 (COMMENCEMENT OF OPERATIONS) TO MAY 31, 1997.
(B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(C) NOT ANNUALIZED.
(D) AMOUNT REPRESENTS LESS THAN .01%.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
NOTE 1--Significant Accounting Policies:
Dreyfus Emerging Markets Fund (the "fund") is a separate non-diversified series
of Dreyfus International Funds, Inc. (the "Company"), which is registered under
the Investment Company Act of 1940, as amended (the "Act"), as an open-end
management investment company and operates as a series company currently
offering two series, including the fund. The fund's investment objective is
long-term capital appreciation. The Dreyfus Corporation (the "Manager") serves
as the fund's investment adviser. The Manager is a direct subsidiary of Mellon
Bank, N.A, which is a wholly-owned subsidiary of Mellon Financial Corporation.
Effective March 22, 2000, Dreyfus Service Coporation ("DSC"), a wholly-owned
subsidiary of the Manager, became the distributor of the fund's shares, which
are sold to the public without a sales charge. Prior to March 22, 2000, Premier
Mutual Fund Services, Inc., was the distributor.
The Company accounts separately for the assets, liabilities and operations of
each series. Expenses directly attributable to each series are charged to that
series' operations; expenses which are applicable to all series are allocated
among them on a pro rata basis.
The fund' s financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: Investments in securities (including options and
financial futures) are valued at the last sales price on the securities exchange
on which such securities are primarily traded or at the last sales price on the
national securities market. Securities not listed on an exchange or the national
securities market, or securities for which there were no transactions, are
valued at the average of the most recent bid and asked prices, except for open
short positions, where the asked price is used for valuation purposes. Bid price
is used when no asked price is available. Securities for which there are no such
valuations are valued at fair value as determined in good faith under the
direction of
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
the Board of Directors. Investments denominated in foreign currencies are
translated to U.S. dollars at the prevailing rates of exchange. Forward currency
exchange contracts are valued at the forward rate.
(b) Foreign currency transactions: The fund does not isolate that portion of the
results of operations resulting from changes in foreign exchange rates on
investments from the fluctuations arising from changes in the market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss from investments.
Net realized foreign exchange gains or losses arise from sales and maturities of
short-term securities, sales of foreign currencies, currency gains or losses
realized on securities transactions and the difference between the amount of
dividends, interest and foreign withholding taxes recorded on the fund's books
and the U.S. dollar equivalent of the amounts actually received or paid. Net
unrealized foreign exchange gains and losses arise from changes in the value of
assets and liabilities other than investments in securities, resulting from
changes in exchange rates. Such gains and losses are included with net realized
and unrealized gain or loss on investments.
(c) Securities transactions and investment income: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Dividend income is
recognized on the ex-dividend date and interest income, including, where
applicable, amortization of discount on investments, is recognized on the
accrual basis. Under the terms of the custody agreement, the fund receives
earnings credits net based on available cash balances left on deposit.
(d) Dividends to shareholders: Dividends are recorded on the ex-dividend date.
Dividends from investment income-net and dividends from net realized capital
gain are normally declared and paid annually, but the fund may make
distributions on a more frequent basis to comply with the distribution
requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To
the extent that net realized capital gain can be offset by capital loss
carryovers, if any, it is the policy of the fund not to distribute such gain.
(e) Federal income taxes: It is the policy of the fund to continue to qualify as
a regulated investment company, if such qualification is in the best interests
of its shareholders, by complying with the applicable provisions of the Code,
and to make distributions of taxable income sufficient to relieve it from
substantially all Federal income and excise taxes.
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $500 million
redemption credit facility (the "Facility" ) to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the fund at rates based on prevailing
market rates in effect at the time of borrowings. During the period ended May
31, 2000, the fund did not borrow under the Facility.
NOTE 3--Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement with the Manager, the management fee is
computed at the annual rate of 1.25% of the value of the fund's average daily
net assets and is payable monthly.
(b) Under the Shareholder Services Plan, the fund pays the distributor at an
annual rate of .25 of 1% of the value of the fund's average daily net assets for
the provision of certain services. The services provided may include personal
services relating to shareholder accounts, such as answering shareholder
inquiries regarding the fund and providing reports and other information, and
services related to the maintenance of shareholder accounts. The distributor may
make payments to Service Agents in respect of these services. The distributor
determines the amounts to be paid to Service Agents. During the period ended May
31, 2000, the fund was charged $429,009 pursuant to the Shareholder Services
Plan, of which $146,641 was paid to DSC.
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the
Manager, under a transfer agency agreement for provid
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
ing personnel and facilities to perform transfer agency services for the fund.
During the period ended May 31, 2000, the fund was charged $45,162 pursuant to
the transfer agency agreement.
(c) Each Board member also serves as a Board member of other funds within the
Dreyfus complex (collectively, the "Fund Group"). Effective January 1, 2000,
each Board member who is not an "affiliated person" as defined in the Act
receives an annual fee of $40,000 and an attendance fee of $6,000 for each
meeting attended in person and $500 for telephone meetings. These fees are
allocated among the funds in the Fund Group. The Chairman of the Board receives
an additional 25% of such compensation. Prior to January 1, 2000, each Board
member who was not an "affiliated person" as defined in the Act received from
the fund an annual fee of $2,500 and an attendance fee of $500 per meeting. The
Chairman of the Board received an additional 25% of such compensation. Subject
to the fund's Director Emeritus Program Guidelines, Emeritus Boards members, if
any, receive 50% of the fund's annual retainer fee and per meeting fee paid at
the time the Board member achieved emeritus status.
(d) A 1% redemption fee is charged and retained by the fund on shares redeemed
within six months following the date of issuance, including redemptions made
through the use of the fund's exchange privilege.
NOTE 4--Securities Transactions:
(a) The aggregate amount of purchases and sales of investment securities,
excluding short-term securities and forward currency exchange contracts, during
the period ended May 31, 2000, amounted to $294,309,366 and $170,599,435,
respectively.
The following summarizes open forward currency exchange contracts at May 31,
2000:
<TABLE>
Foreign
Currency Unrealized
Forward Currency Exchange Contracts Amounts Cost ($) Value ($) (Depreciation) ($)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PURCHASES:
British Pounds, expiring 6/1/00 697,976 1,046,615 1,045,917 (698)
SALES: PROCEEDS ($)
Hong Kong Dollars, expiring 6/1/00 207,291 26,601 26,602 (1)
Mexico Pesos, expiring 6/1/00 548,075 57,541 57,631 (90)
South African Rands, expiring 6/1/00 647,573 91,659 93,065 (1,406)
TOTAL (2,195)
</TABLE>
The fund enters into forward currency exchange contracts in order to hedge its
exposure to changes in foreign currency exchange rates on its foreign portfolio
holdings and to settle foreign currency transactions. When executing forward
currency exchange contracts, the fund is obligated to buy or sell a foreign
currency at a specified rate on a certain date in the future. With respect to
sales of forward currency exchange contracts, the fund would incur a loss if the
value of the contract increases between the date the forward contract is opened
and the date the forward contract is closed. The fund realizes a gain if the
value of the contract decreases between those dates. With respect to purchases
of forward currency exchange contracts, the fund would incur a loss if the value
of the contract decreases between the date the forward contract is opened and
the date the forward contract is closed. The fund realizes a gain if the value
of the contract increases between those dates. The fund is also exposed to
credit risk associated with counter party nonperformance on these forward
currency exchange contracts which is typically limited to the unrealized gain on
each open contract.
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(b) At May 31, 2000, accumulated net unrealized depreciation on investments and
forward currency exchange contracts was $38,918,770, consisting of $7,033,687
gross unrealized appreciation and $45,952,457 gross unrealized depreciation.
At May 31, 2000, the cost of investments for Federal income tax purposes was
substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
REPORT OF INDEPENDENT AUDITORS
Shareholders and Board of Directors Dreyfus Emerging Markets Fund
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Dreyfus Emerging Markets Fund (one of the
series constituting Dreyfus Emerging Funds, Inc.) as of May 31, 2000, and the
related statement of operations for the year ended, the statement of changes in
net assets for each of the two years in the period then ended, and financial
highlights for each of the years indicated therein. These financial statements
and financial highlights are the responsibility of the fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of May 31, 2000, by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Dreyfus Emerging Markets Fund as of May 31, 2000, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and the financial highlights for each of the indicated
years, in conformity with accounting principles generally accepted in the United
States.
New York, New York
July 10, 2000
The Fund
IMPORTANT TAX INFORMATION (Unaudited)
In accordance with Federal tax law, the fund elects to provide each shareholder
with their portion of the fund's foreign taxes paid and the income sourced from
foreign countries. Accordingly, the fund hereby makes the following designations
regarding its fiscal year ended May 31, 2000:
--the total amount of taxes paid to foreign countries was $420,673.
--the total amount of income sourced from foreign countries was
$5,309,080.
As required by Federal tax law rules, shareholders will receive notification of
their proportionate share of foreign taxes paid and foreign source income for
the 2000 calendar year with Form 1099-DIV which will be mailed by January 31,
2001.
For More Information
Dreyfus
Emerging Markets Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
To obtain information:
BY TELEPHONE
Call 1-800-645-6561
BY MAIL Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request
to [email protected]
ON THE INTERNET Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 2000 Dreyfus Service Corporation 327AR005
================================================================================
Dreyfus
International
Growth Fund
ANNUAL REPORT May 31, 2000
(reg.tm)
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
Contents
THE FUND
--------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Fund Performance
8 Statement of Investments
11 Statement of Assets and Liabilities
12 Statement of Operations
13 Statement of Changes in Net Assets
14 Financial Highlights
15 Notes to Financial Statements
20 Report of Independent Auditors
21 Important Tax Information
FOR MORE INFORMATION
---------------------------------------------------------------------------
Back Cover
The Fund
Dreyfus International Growth Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this annual report for Dreyfus International Growth
Fund, covering the 12-month period from June 1, 1999 through May 31, 2000.
Inside, you' ll find valuable information about how the fund was managed during
the reporting period, including a discussion with the fund's portfolio manager,
Douglas A. Loeffler, CFA.
When the reporting period began, it became apparent that global economic growth
was substantially stronger than many analysts had expected. In fact, most global
markets had already rebounded sharply from 1998's currency and credit crises in
emerging market countries. The rally continued throughout 1999 and into the
first quarter of 2000, before peaking in early March. In April, many developed
and emerging market countries around the world experienced heightened levels of
volatility when expensively priced technology stocks began to decline sharply in
the wake of evidence that inflationary pressures were building.
We appreciate your confidence over the past year and we look forward to your
continued participation in Dreyfus International Growth Fund.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
June 15, 2000
DISCUSSION OF FUND PERFORMANCE
Douglas A. Loeffler, CFA, Portfolio Manager
How did Dreyfus International Growth Fund perform relative to its benchmark?
For the 12-month period ended May 31, 2000, the fund produced a total return of
41.81% .(1) This compares with a 18.32% total return produced by the fund's new
benchmark, the Morgan Stanley Capital International (MSCI) World ex U.S. Index,
for the same period.(2) The fund's former benchmark, the Morgan Stanley Capital
International Europe, Australasia, Far East (MSCI EAFE) Index, produced a total
return of 17.14% for the same period.(3) Further discussion about this benchmark
change follows in the line-graph comparison contained in this annual report.
We attribute the fund' s strong overall performance to the exceptional global
resurgence of the growth stocks in which the fund invests, as well as to our
successful stock selection strategy. Toward the end of the period, however,
shifts in market sentiment away from growth stocks constrained fund performance.
What is the fund's investment approach?
The fund focuses on individual stock selection. We do not attempt to predict
interest rates or market movements, nor do we have country allocation models or
targets. Rather, we choose investments on a company-by-company basis, searching
to find what we believe are well-managed, well-positioned companies, wherever
they may be.
Starting with roughly 1,000 of the largest companies outside the United States,
we perform rigorous stock-by-stock analyses. Our goal is to identify companies
that we believe have achieved and can sustain growth through a dominant brand
name, growing market share, high barriers to entry or untapped market
opportunities. In our view, these factors are marks of companies whose growth
potential, in both revenues and earnings, can exceed that of global industry
peers as well as that of its local market.
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
The fund will typically hold 60-80 stocks, broadly invested across countries and
industries, representing what we believe to be the best growth ideas in the
world. We generally sell a stock when it reaches its target price or when we
determine that circumstances have changed and it will most likely not reach the
previously set target sale price.
What other factors influenced the fund's performance?
Throughout most of the reporting period, the fund benefited from renewed global
demand for growth stocks. After Y2K concerns dissipated, stock markets advanced
into the first quarter of 2000. The global advance was driven by market sectors
such as the telecommunications, media and technology industry groups, on which
the fund placed a relatively heavy investment emphasis.
The fund's performance early in the reporting period was strongly influenced by
strength in Japan's economy and financial markets. Trends toward deregulation,
consolidation and restructuring boosted the performance of telecommunication
providers and equipment manufacturers, as well as banks and other financial
companies. Europe presented mixed results early in the reporting period. After
early euphoria over the euro ebbed, stock markets there stalled.
From mid-March through the end of the reporting period, markets were marked by
rapid swings and shifts in investor sentiment. Investors grew concerned over
lofty stock prices and higher interest rates. While demand for stocks remained
high, supply grew rapidly, as firms rushed to market new shares. Supply
eventually outstripped demand, pushing prices downward.
The Japanese advance slowed sharply, and growth stocks in particular weakened. A
slower than hoped for recovery and a strong yen held back earnings growth. On
the other hand, European markets advanced, as the benefits of moving away from a
centralized economic model and towards a competitive, market-driven structure
became apparent. But weakness in the euro negatively affected the performance of
the fund's European investments in U.S. dollar terms.
What is the fund's current strategy?
We have maintained our focus during a challenging period for global growth
stocks, continuing our quest to uncover what we believe are strong growth
opportunities worldwide. In addition, we have focused intently on the price we
pay for stocks, and we have reduced our investment in stocks with no current
earnings.
Because we believe that continental Europe remains attractive, it is currently
our largest regional exposure. We have reduced investment in European financial
firms, concentrating instead on companies positioned to take advantage of
convergence in the telecommunications and entertainment industries. We have
de-emphasized investment in the United Kingdom, avoiding exposure to its weak
financial service industry.
Japan, where steps towards fundamental restructuring apparently are taking hold,
represents the largest single country in the fund. We are also taking advantage
of opportunities in emerging market countries, with particular emphasis on Latin
American stocks that have historically been closely tied to U.S. market
performance.
Within these regions, we have reduced emphasis on commodity telecommunication
providers, particularly in markets with many new entrants. In the media sector,
we have focused on company valuation and potential profitability.
June 15, 2000
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE AND INVESTMENT
RETURN FLUCTUATE SUCH THAT UPON REDEMPTION, SHARES MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST.
(2) SOURCE: LIPPER ANALYTICAL SERVICES, INC. -- REFLECTS REINVESTMENT OF NET
DIVIDENDS AND, WHERE APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. THE MORGAN STANLEY
CAPITAL INTERNATIONAL (MSCI) WORLD EX U.S. INDEX IS AN UNMANAGED INDEX OF GLOBAL
STOCK MARKET PERFORMANCE, EXCLUDING THE U.S., CONSISTING SOLELY OF EQUITY
SECURITIES.
(3) SOURCE: LIPPER ANALYTICAL SERVICES, INC. -- REFLECTS REINVESTMENT OF NET
DIVIDENDS AND, WHERE APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. THE MORGAN STANLEY
CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA, FAR EAST (MSCI EAFE) INDEX IS AN
UNMANAGED INDEX COMPOSED OF A SAMPLE OF COMPANIES REPRESENTATIVE OF THE MARKET
STRUCTURE OF EUROPEAN AND PACIFIC BASIN COUNTRIES.
The Fund
FUND PERFORMANCE
Comparison of change in value of $10,000 investment in Dreyfus International
Growth Fund with the Morgan Stanley Capital International Europe, Australasia,
Far East (EAFE((reg.tm))) Index and the Morgan Stanley Capital International
World Ex-U.S. Index
((+)) SOURCE: LIPPER ANALYTICAL SERVICES, INC.
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
THE ABOVE GRAPH COMPARES A $10,000 INVESTMENT MADE IN DREYFUS INTERNATIONAL
GROWTH FUND ON 6/29/93 (INCEPTION DATE) TO A $10,000 INVESTMENT MADE ON THAT
DATE IN THE MORGAN STANLEY CAPITAL INTERNATIONAL WORLD EX-U.S. INDEX AS WELL AS
THE MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA, FAR EAST
(EAFE((reg.tm))) INDEX. FOR COMPARATIVE PURPOSES, THE VALUE OF EACH INDEX ON
6/30/93 IS USED AS THE BEGINNING VALUE ON 6/29/93. ALL DIVIDENDS AND CAPITAL
GAIN DISTRIBUTIONS ARE REINVESTED.
THIS IS THE FIRST YEAR IN WHICH COMPARATIVE PERFORMANCE IS BEING SHOWN FOR THE
MORGAN STANLEY CAPITAL INTERNATIONAL WORLD EX-U.S. INDEX, WHICH HAS BEEN
SELECTED AS THE PRIMARY INDEX FOR COMPARING THE FUND'S PERFORMANCE BASED ON THE
FUND'S AND INDEX'S GLOBAL MARKET ORIENTATION. THE MORGAN STANLEY CAPITAL
INTERNATIONAL EUROPE, AUSTRALASIA, FAR EAST (EAFE((reg.tm))) INDEX WAS THE
FUND'S BENCHMARK INDEX LAST YEAR. PERFORMANCE FOR THIS INDEX WILL NOT BE
PROVIDED WITH THE NEXT ANNUAL REPORT, BUT IS PROVIDED HEREWITH PURSUANT TO
APPLICABLE REGULATIONS.
THE FUND'S PERFORMANCE SHOWN IN THE LINE GRAPH TAKES INTO ACCOUNT ALL APPLICABLE
FEES AND EXPENSES. THE MORGAN STANLEY CAPITAL INTERNATIONAL WORLD EX-U.S. INDEX
IS AN UNMANAGED INDEX OF GLOBAL STOCK MARKET PERFORMANCE, EXCLUDING THE U.S.,
CONSISTING SOLELY OF EQUITY SECURITIES AND INCLUDES NET DIVIDENDS REINVESTED.
THE MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA, FAR EAST
(EAFE((reg.tm))) INDEX IS AN UNMANAGED INDEX COMPOSED OF A SAMPLE OF COMPANIES
REPRESENTATIVE OF THE MARKET STRUCTURE OF EUROPEAN AND PACIFIC BASIN COUNTRIES
AND INCLUDES NET DIVIDENDS REINVESTED. NEITHER OF THE FOREGOING INDICES TAKE
INTO ACCOUNT CHARGES, FEES AND OTHER EXPENSES. FURTHER INFORMATION RELATING TO
FUND PERFORMANCE, INCLUDING EXPENSE REIMBURSEMENTS, IF APPLICABLE, IS CONTAINED
IN THE FINANCIAL HIGHLIGHTS SECTION OF THE PROSPECTUS AND ELSEWHERE IN THIS
REPORT.
<TABLE>
Average Annual Total Returns AS OF 5/31/00
Inception From
Date 1 Year 5 Years Inception
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FUND 6/29/93 41.81% 9.34% 8.53%
</TABLE>
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
The Fund
STATEMENT OF INVESTMENTS
<TABLE>
May 31, 2000
COMMON STOCKS--89.8% Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
BRAZIL--2.5%
Aracruz Celulose, ADR 43,475 728,206
Embratel Participacoes, ADR 25,950 543,328
Petroleo Brasileiro 1,575 350,000
1,621,534
CANADA--1.2%
AT&T Canada, Cl. B, ADR 20,400 (a) 795,600
DENMARK--1.9%
Novo Nordisk, Cl. B 7,700 1,280,049
FINLAND--6.6%
HPY Holding 500 16,393
Helsingin Puhelin 12,000 854,544
Nokia, ADS 25,300 1,315,600
Perlos 39,150 1,412,317
Tietoenator 20,025 786,188
4,385,042
FRANCE--11.2%
Accor 23,550 957,679
Alcatel 23,125 1,284,920
Altran Technologies 3,975 897,622
Dassault Systemes 11,775 899,204
Thomson Multimedia 6,300 (a) 658,196
Total Fina Elf 7,686 1,216,381
Vivendi 13,600 1,465,468
7,379,470
HONG KONG--1.6%
China Telecom (Hong Kong) 144,000 (a) 1,076,461
ISRAEL--1.0%
Check Point Software Technologies, ADR 3,550 (a) 666,956
ITALY--4.8%
Alleanza Assicurazioni 115,425 1,324,877
Saipem 193,050 973,177
San Paolo-IMI 60,525 895,481
3,193,535
JAPAN--19.3%
Ajinomoto 83,000 1,003,703
Don Quijote 4,184 683,419
MURATA MANUFACTURING 4,431 764,887
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
JAPAN (CONTINUED)
Mitsubishi Electric 168,000 1,649,596
NEC 56,000 1,418,840
NTT DoCoMo 33 851,415
Nippon Television Network 1,420 973,903
PIONEER 56,000 1,709,884
TOKYO GAS 340,000 833,039
TOYODA GOSEI 17,000 970,302
Taiyo Yuden 14,000 1,062,831
Takeda Chemical Industries 12,000 818,561
12,740,380
LUXEMBOURG--1.3%
Societe Europeenne des Satellites 6,150 875,908
MEXICO--2.5%
Cemex, ADR 40,500 858,094
Telefonos de Mexico, ADR 15,950 776,566
1,634,660
NETHERLANDS--8.7%
ASM Lithography, ADR 27,175 (a) 966,411
Heineken 14,050 724,725
Koninklijke (Royal) Philips Electronics, ADR 45,825 2,024,892
STMicroelectronics 15,525 929,549
TNT Post 46,050 1,115,829
5,761,406
SOUTH KOREA--2.1%
Samsung Electronics, GDR 8,550 (b) 1,378,687
SPAIN--2.9%
Altadis 84,150 1,239,281
Banco Santander Central Hispano 71,400 703,138
1,942,419
SWEDEN--6.9%
Electrolux , Cl. B 51,475 874,105
ForeningsSparbanken 80,875 1,210,717
Nordic Baltic 171,700 1,141,329
Telefonaktiebolaget LM Ericsson, Cl. B, ADR 65,250 1,337,625
4,563,776
SWITZERLAND--3.9%
Serono, Cl. B 960 844,658
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
SWITZERLAND (CONTINUED)
Swatch 700 859,343
Synthes-Stratec 2,025 (a,b) 902,887
2,606,888
UNITED KINGDOM--10.4%
BP Amoco, ADS 16,025 871,359
Cable & Wireless 79,125 1,322,042
Energis 12,725 (a) 484,338
Invensys 265,100 913,680
Marconi 77,075 929,750
Nycomed Amersham 119,625 1,033,423
Vodafone AirTouch 290,819 1,329,166
6,883,758
UNITED STATES--1.0%
NTL 11,100 (a) 655,594
TOTAL COMMON STOCKS
(cost $52,128,396) 59,442,123
------------------------------------------------------------------------------------------------------------------------------------
PREFERRED STOCK--1.0%
------------------------------------------------------------------------------------------------------------------------------------
GERMANY;
Marschollek, Lautenschlaeger
(cost $669,933) 1,425 680,965
------------------------------------------------------------------------------------------------------------------------------------
Principal
SHORT-TERM INVESTMENTS--6.4% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER:
Alcoa, 6.73%, 6/1/00 1,000,000 1,000,000
Morgan Stanley, Dean Witter, 6.78%, 6/1/2000 3,200,000 3,200,000
(cost $4,200,000) 4,200,000
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $56,998,329) 97.2% 64,323,088
CASH AND RECEIVABLES (NET) 2.8% 1,844,513
NET ASSETS 100.0% 66,167,601
(A) NON-INCOME PRODUCING.
(B) SECURITIES EXEMPT FROM REGISTRATION UNDER RULE 144A OF SECURITIES ACT
OF 1933. THESE SECURITIES MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM
REGISTRATION, NORMALLY TO QUALIFIED INSTITUTIONAL BUYERS. AT MAY 31,
2000, THESE SECURITIES AMOUNTED TO $2,281,574 OR APPROXIMATELY 3.4% OF
NET ASSETS.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2000
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of Investments 56,998,329 64,323,088
Cash 8,371,905
Receivable for investment securities sold 3,232,381
Dividends receivable 192,769
Receivable for shares of Common Stock subscribed 61,100
Prepaid expenses 11,422
76,192,665
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 89,009
Payable for investment securities purchased 1,343,777
Payable for shares of Common Stock redeemed 8,514,383
Accrued expenses 77,895
10,025,064
--------------------------------------------------------------------------------
NET ASSETS ($) 66,167,601
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 44,615,679
Accumulated net realized gain (loss) on investments and
foreign currency transactions 14,244,093
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions 7,307,829
--------------------------------------------------------------------------------
NET ASSETS ($) 66,167,601
--------------------------------------------------------------------------------
SHARES OUTSTANDING
(300 million shares of $.001 par value Common Stock authorized) 3,852,996
NET ASSET VALUE, offering and redemption price per share--Note 3(e) ($)
17.17
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Year Ended May 31, 2000
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INCOME:
Cash dividends (net of $84,197 foreign taxes withheld at source) 397,387
Interest 84,220
TOTAL INCOME 481,607
EXPENSES:
Management fee--Note 3(a) 452,872
Distribution fee--Note 3(b) 301,915
Shareholder servicing costs--Note 3(c) 222,826
Custodian fees 104,906
Professional fees 54,042
Registration fees 19,307
Prospectus and shareholders' reports--Note 3(b) 15,947
Directors' fees and expenses--Note 3(d) 12,382
Loan commitment fees--Note 2 316
Miscellaneous 9,543
TOTAL EXPENSES 1,194,056
INVESTMENT (LOSS) (712,449)
--------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments and foreign currency
transactions 16,892,328
Net unrealized appreciation (depreciation) on investments and
foreign currency transactions 4,395,105
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 21,287,433
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 20,574,984
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Year Ended May 31,
------------------------------------
2000 1999
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment income (loss)--net (712,449) 14,299
Net realized gain (loss) on investments 16,892,328 (1,790,038)
Net unrealized appreciation (depreciation)
on investments 4,395,105 (9,868,963)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 20,574,984 (11,644,702)
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
NET REALIZED GAIN ON INVESTMENTS (317,368) (1,873,154)
--------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($):
Net proceeds from shares sold 135,975,248 41,284,693
Dividends reinvested 303,148 1,783,764
Cost of shares redeemed (138,740,420) (59,105,533)
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS (2,462,024) (16,037,076)
TOTAL INCREASE (DECREASE) IN NET ASSETS 17,795,592 (29,554,932)
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 48,372,009 77,926,941
END OF PERIOD 66,167,601 48,372,009
Undistributed investment income-net -- 16,497
--------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (SHARES):
Shares sold 7,847,581 3,197,037
Shares issued for dividends reinvested 17,604 144,904
Shares redeemed (7,988,409) (4,572,974)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (123,224) (1,231,033)
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS
The following table describes the performance 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 derived from the fund's financial
statements.
<TABLE>
Year Ended May 31,
------------------------------------------------------------------
2000 1999 1998 1997 1996
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value, beginning of period 12.17 14.97 15.83 15.49 13.74
Investment Operations:
Investment income (loss)--net (.19)(a) .00(a b) (.12) (.02) .09
Net realized and unrealized
gain (loss) on investments 5.28 (2.39) 1.17 1.11 1.66
Total from Investment Operations 5.09 (2.39) 1.05 1.09 1.75
Distributions:
Dividends from investment income--net -- -- (.01) (.09) --
Dividends in excess of investment
income--net -- -- -- (.03) --
Dividends from net realized gain
on investments (.09) (.41) (1.90) (.63) --
Total Distributions (.09) (.41) (1.91) (.75) --
Net asset value, end of period 17.17 12.17 14.97 15.83 15.49
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 41.81 (16.02) 8.42 7.36 12.74
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 1.98 2.01 1.92 1.98 2.04
Ratio of interest expense and loan
commitment fees to average net assets .00(c) .00(c) .27 -- --
Ratio of net investment income (loss)
to average net assets (1.18) .02 (.70) (.18) .62
Portfolio Turnover Ra te 236.78 232.68 167.19 158.04 96.45
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 66,168 48,372 77,927 88,694 102,710
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) AMOUNT REPRESENTS LESS THAN $.01 PER SHARE.
(C) AMOUNT REPRESENTS LESS THAN .01%.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
NOTE 1--Significant Accounting Policies:
Dreyfus International Growth Fund (the "fund") is a separate non-diversified
series of Dreyfus International Funds, Inc. (the "Company") which is registered
under the Investment Company Act of 1940, as amended (the "Act"), as an open-end
management investment company and operates as a series company currently
offering two series including the fund. The fund's investment objective is to
provide investors with capital growth. The Dreyfus Corporation (the "Manager")
serves as the fund's investment adviser. The Manager is a direct subsidiary of
Mellon Bank, N.A., which is a wholly-owned subsidiary of Mellon Financial
Corporation. Effective March 22, 2000, Dreyfus Service Corporation ("DSC"), a
wholly-owned subsidiary of the Manager, became the distributor of the fund's
shares, which are sold to the public without a sales charge. Prior to March 22,
2000, Premier Mutual Fund Services, Inc. was the distributor.
The Company accounts separately for the assets, liabilities and operations of
each series. Expenses directly attributable to each series are charged to that
series' operation; expenses which are applicable to all series are allocated
among them on a pro rata basis.
The fund' s financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: Investments in securities (including options and
financial futures) are valued at the last sales price on the securities exchange
on which such securities are primarily traded or at the last sales price on the
national securities market. Securities not listed on an exchange or the national
securities market, or securities for which there were no transactions, are
valued at the average of the most recent bid and asked prices, except for open
short positions, where the asked price is used for valuation purposes. Bid price
is used when no asked price is available. Securities for which there are no such
valuations are valued at fair value as determined in good faith under the
direction of
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
the Board of Directors. Investments denominated in foreign currencies are
translated to U.S. dollars at the prevailing rates of exchange. Forward currency
exchange contracts are valued at the forward rate.
(b) Foreign currency transactions: The fund does not isolate that portion of the
results of operations resulting from changes in foreign exchange rates on
investments from the fluctuations arising from changes in the market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss from investments.
Net realized foreign exchange gains or losses arise from sales and maturities of
short-term securities, sales of foreign currencies, currency gains or losses
realized on securities transactions and the difference between the amount of
dividends, interest, and foreign withholding taxes recorded on the fund's books
and the U.S. dollar equivalent of the amounts actually received or paid. Net
unrealized foreign exchange gains and losses arise from changes in the value of
assets and liabilities other than investments in securities, resulting from
changes in exchange rates. Such gains and losses are included with net realized
and unrealized gain or loss on investments.
(c) Securities transactions and investment income: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Dividend income is
recognized on the ex-dividend date and interest income, including, where
applicable, amortization of discount on investments, is recognized on the
accrual basis. Under the terms of the custody agreement, the fund receives net
earnings credits based on available cash balances left on deposit.
(d) Dividends to shareholders: Dividends are recorded on the ex-dividend date.
Dividends from investment income-net and dividends from net realized capital
gain are normally declared and paid annually, but the fund may make
distributions on a more frequent basis to comply with the distribution
requirements of the Internal Revenue Code of 1986, as amended (the "Code"). To
the extent that net realized capital gain can be offset by capital loss
carryovers, if any, it is the policy of the fund not to distribute such gain.
During the period ended May 31, 2000, the fund increased accumulated
undistributed net investment income by $695,952 and increased accumulated net
realized gain (loss) on investments by $135,743 and decreased paid in capital by
$831,695. The results of operations and net assets were not affected by the
reclassification.
(e) Federal income taxes: It is the policy of the fund to continue to qualify as
a regulated investment company, if such qualification is in the best interests
of its shareholders, by complying with the applicable provisions of the Code,
and to make distributions of taxable income sufficient to relieve it from
substantially all Federal income and excise taxes.
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $500 million
redemption credit facility (the "Facility" ) to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the fund at rates based on prevailing
market rates in effect at the time of borrowings. During the period ended May
31, 2000, the fund did not borrow under the Facility.
NOTE 3--Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement with the Manager, the management fee is
computed at the annual rate of .75 of 1% of the value of the fund's average
daily net assets and is payable monthly.
(b) Under the Distribution Plan (the "Plan") adopted pursuant to Rule 12b-1
under the Act, the fund pays the distributor for distributing the fund's shares,
servicing shareholder accounts and for advertising and marketing relating to the
fund. The plan provides for payments to be made at an aggregate annual rate of
.50 of 1% of the value of the
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
fund's average daily net assets. The distributor may pay one or more Service
Agents (a securities dealer, financial institution or industry professional) in
respect of distribution services. Prior to March 22, 2000, Premier Mutual Fund
Service, Inc., and not DSC, received payments under the plan for distributing
fund shares and for servicing shareholder accounts. The distributor determines
the amounts, if any, to be paid to Service Agents under the Plan and the basis
on which such payments are made. The fees payable under the Plan are payable
without regard to actual expenses incurred. The Plan also separately provides
for the fund to bear the costs of preparing, printing and distributing certain
of the fund' s prospectuses and statements of additional information and costs
associated with implementing and operating the Plan, not to exceed the greater
of $100,000 or .005 of 1% of the value of the fund's average daily net assets
for any full fiscal year. During the period ended May 31, 2000, the fund was
charged $305,290 pursuant to the Plan, of which $88,435 was paid to DSC.
(c) Under the Shareholder Services Plan, the fund pays the distributor at an
annual rate of .25 of 1% of the value of the fund's average daily net assets for
the provision of certain services. The services provided may include personal
services relating to shareholder accounts, such as answering shareholder
inquiries regarding the fund and providing reports and other information, and
services related to the maintenance of shareholder accounts. The distributor may
make payments to Service Agents in respect of these services. The distributor
determines the amounts to be paid to Service Agents. During the period ended May
31, 2000, the fund was charged $150,957 pursuant to the Shareholder Services
Plan, of which $44,217 was paid to DSC.
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the
Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the fund. During the period
ended May 31, 2000, the fund was charged $51,542 pursuant to the transfer agency
agreement.
(d) Each Board member also serves as a Board member of other funds within the
Dreyfus complex (collectively, the "Fund Group"). Effective January 1, 2000,
each Board member who was not an "affiliated person" as defined in the Act
receives an annual fee of $40,000 and an attendance fee of $6,000 for each
meeting attended in person and $500 for telephone meetings. These fees are
allocated among the funds in the Fund Group. The Chairman of the Board receives
an additional 25% of such compensation. Prior to January 1, 2000, each Board
member who was not an "affiliated person" as defined in the Act received from
the fund an annual fee of $2,500 and an attendance fee of $500 per meeting. The
Chairman of the Board received an additional 25% of such compensation. Subject
to the fund's Director Emeritus Program Guidelines, Emeritus Boards members, if
any, receive 50% of the fund's annual retainer fee and per meeting fee paid at
the time the Board member achieved emeritus status.
(e) A 1% redemption fee is charged and retained by the fund on shares redeemed
within six months following the date of issuance, including on redemptions made
through the use of the fund's exchange privilege.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended May 31, 2000, amounted to
$137,599,620 and $145,140,714, respectively.
At May 31, 2000, accumulated net unrealized appreciation on investments was
$7,324,759, consisting of $9,494,249 gross unrealized appreciation and
$2,169,490 gross unrealized depreciation.
At May 31, 2000, the cost of investments for Federal income tax purposes was
substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
The Fund
REPORT OF INDEPENDENT AUDITORS
Shareholders and Board of Directors Dreyfus International Growth Fund
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of Dreyfus International Growth Fund (one of the
series constituting Dreyfus International Funds, Inc.) as of May 31, 2000, and
the related statement of operations for the year then ended, the statement of
changes in net assets for each of the two years in the period then ended, and
financial highlights for each of the years indicated therein. These financial
statements and financial highlights are the responsibility of the fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of May 31, 2000, by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Dreyfus International Growth Fund at May 31, 2000, the results of its operations
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and the financial highlights for each of the indicated
years, in conformity with accounting principles generally accepted in the United
States.
New York, New York
July 10, 2000
IMPORTANT TAX INFORMATION (Unaudited)
For Federal tax purposes the fund hereby designates $.0890 per share as a
long-term capital gain distribution paid on December 14, 1999.
The Fund
For More Information
Dreyfus International Growth Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
To obtain information:
BY TELEPHONE
Call 1-800-645-6561
BY MAIL Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request
to [email protected]
ON THE INTERNET Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 2000 Dreyfus Service Corporation 095AR005
