DREYFUS GLOBAL GROWTH, L.P. (A Strategic Fund)
LETTER TO INVESTORS
Dear Investor:
During the past six months, there have been several major shifts in the
global market environment. The Mexican peso devaluation and the ensuing
collapse of many emerging markets were the most significant events of this
period. An immediate effect of this was to divert funds that had been flowing
into emerging markets into the major developed markets, and in particular
into the U.S. market. The second key effect of this was to slow down
worldwide growth, beginning with a reduction in developed market exports to
emerging markets. The slowing U.S. economy alleviated fears of further U.S.
interest-rate increases and sparked a massive rally in the bond and equity
markets.
As discussed below, your Fund was positioned with a market weighting in
the U.S. and little exposure to emerging markets. We were substantially
underweighted in the Japanese and European markets, which were poor
performers for most of the period.
For the six-month period ended June 30, 1995, the total return for your
Fund was 6.73%*, based upon net asset value per share compared to 9.14% for
the Morgan Stanley Capital International World Index** and 8.38% for the
Lipper Global Flexible Portfolio Fund Index.***
INCREASING THE U.S.
In January 1995, the Fund was about 19% invested in the U.S.,
approximately half a market weighting. In anticipation of a slowing economy
we began increasing our weighting in December, becoming more aggressive after
the Mexican debacle. We focused our investments in the financial, health
care, energy, and cyclical sectors including aerospace and chemicals. We also
took several large positions in restructuring situations, for example duPont
(EI) De Nemours, Grace (W.R.), Royal Dutch Petroleum, and Texaco. Our stock
selection reflected our view that defensive, interest-rate sensitive, and
special situation stocks would outperform. We were correct in this view and
the U.S. portfolio was very profitable for the Fund during this period. For
example, Shawmut National, a regional bank, added over .65% to the Fund's
performance. For most of the past six months, we have had over 50% of the
Fund invested in U.S. stocks or foreign companies with significant U.S.
earnings exposure.
EMERGING MARKETS
In the past, the Fund has had major investments in the emerging markets
of Asia and Latin America. Happily, when the Mexican peso devalued and the
Latin American markets collapsed, we had less than 10% invested in developing
markets, and nothing in Mexico. We took defensive action quickly, selling
nearly every emerging market position. The ensuing sell-off was
indiscriminate and produced opportunities for us to repurchase quality
companies at attractive prices. These actions limited our losses from these
markets during the period. We currently have nearly 20% in Asia and a small
position in Latin America. Our Asian positions are primarily in real estate
and banks, which is a continuation of our interest-rate theme.
WHAT MORE COULD HAPPEN TO JAPAN?
In anticipation of an economic recovery in Japan we began increasing our
positions there at the end of last year. Earthquakes, political turmoil,
rising crime, a trade war, a huge currency rally, and the
Barings futures overhang all hit the Japanese market this year. It isn't
surprising, then, that the anemic recovery evidenced last year has faltered.
The Japanese consumer, whose spending generates 60% of Gross Domestic Product
(GDP), is worried about the political environment, continued asset deflation,
and job security as corporate Japan begins to adjust to an increasingly
competitive environment. The 20% appreciation of the yen against the dollar
has stifled exports, which were a key source of economic growth. We were
underweighted in Japan and have further reduced our positions, focusing on
sectors where there may be secular improvements. Our portfolio has focused on
financials and telecommunications stocks where government policy changes have
improved the earnings outlook. In spite of our cautious stance on Japan
during the period, these positions cost the portfolio 1.7% in performance.
SAME THEMES IN EUROPE
We continue to be slightly underweighted in Europe with the portfolio
focused on companies that we believe to be competitive in a global market or
where structural changes may enhance profitability for the next cycle. One
area where we made money this period is Sweden. Astra, our largest European
position, appears to have the best fundamental growth story of our
pharmaceutical holdings. The company has a strong drug portfolio that we
believe may generate earnings growth of 15% for the next five years.
You will notice that the cash position of the Fund has been significantly
reduced from previous periods. This reflects the compelling values available
in global growth stocks, particularly in the U.S. market.
Sincerely,
[Kelly McDermott signature logo]
Kelly McDermott
Portfolio Manager
July 18, 1995
New York, N.Y.
* Total return represents the change during the period in a hypothetical
account with distributions reinvested.
**SOURCE: LIPPER ANALYTICAL SERVICES, INC. _ Unlike the Fund which may
invest in various types of securities and engage in different investment
techniques, the Morgan Stanley Capital International World Index is an
arithmetical average weighted by market value of the performance of some
1,400 securities listed on the stock exchanges of the U.S.A., Europe, Canada,
Australia, New Zealand and the Far East. The index is unmanaged and includes
net dividends reinvested.
*** SOURCE: LIPPER ANALYTICAL SERVICES, INC. _ The Lipper Global Flexible
Portfolio Fund Index measures performance of funds which allocate their
investments across various asset classes, including both domestic and foreign
stocks, bonds and money market instruments, with a focus on total return. At
least 25% of the portfolios are invested in securities traded outside the
United States.
<TABLE>
<CAPTION>
DREYFUS GLOBAL GROWTH, L.P. (A Strategic Fund)
STATEMENT OF INVESTMENTS JUNE 30, 1995 (UNAUDITED)
COMMON STOCKS-90.2% SHARES VALUE
_______ _______
<S> <C> <C> <C>
ARGENTINA-.4% Banco De Galicia y Buenos Aires, A.D.S. 20,000 $ 315,000
Banco Frances del Rio de la Plata S.A., A.D.S. 10,000 180,000
_______
495,000
_______
CHILE-.3%.. Empresas Telex-Chile S.A., A.D.S. 25,000 337,500
_______
FRANCE-3.2% Castorama Dubois Investissements S.A. 11,500 1,910,331
Union Des Assurance de Paris S.A................ 70,540 1,853,860
_______
3,764,191
_______
GERMANY-1.5%.....Mannesmann A.G 6,000 1,834,962
_______
HONG KONG-9.9%...Cheung Kong Holdings 325,000 1,608,724
HSBC Holdings.......................... 175,000 2,244,750
Hutchison Whampoa...................... 675,000 3,262,682
Jardine Matheson Holdings.............. 250,000 1,837,500
Sun Hung Kai Properties................ 375,000 2,774,636
_______
11,728,292
_______
INDONESIA-2.7%.. Matahari Putra Prima 500,000 797,036
Matahari Putra Prima (Rights).......... 250,000 241,356
PT Astra International................. 530,000 940,054
PT Hanjaya Mandala Sampoerna........... 150,000 1,178,716
_______
3,157,162
_______
ISRAEL-1.2% Teva Pharmaceuticals Industries, A.D.R. 38,000 1,425,000
_______
JAPAN-2.3%.......Asahi Bank 125,000 1,335,596
Sanwa Bank............................. 75,000 1,416,765
_______
2,752,361
_______
MALAYSIA-5.1% Leader Universal Holdings Berhad 82,666 294,994
Malayan Banking Berhad................. 300,000 2,374,897
Renong Berhad.......................... 875,000 1,629,409
United Engineers Berhad................ 275,000 1,748,359
_______
6,047,659
_______
MEXICO-.8%.......Panamerican Beverages, `A' 30,000 900,000
_______
NETHERLANDS-2.9%..Schlumberger 35,000 2,174,375
Vendex International................. (a) 25,000 662,145
Vendex International............... (a,b) 25,000 662,145
_______
3,498,665
_______
SINGAPORE-3.3%.....DBS Land 725,000 2,273,085
Overseas Union Bank.................... 263,000 1,656,693
_______
3,929,778
_______
DREYFUS GLOBAL GROWTH, L.P. (A Strategic Fund)
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
COMMON STOCKS (CONTINUED) SHARES VALUE
------- -------
SWEDEN-4.7%.......Astra AB, Ser. A 105,000 $ 3,242,435
Svedala Indurtri....................... 85,000 2,291,609
_______
5,534,044
_______
SWITZERLAND-5.6% BBC Brown Boveri A.G., Ser. A. 2,500 2,594,688
Nestle S.A............................. 1,500 1,565,955
Roche Holdings......................... 390 2,519,635
_______
6,680,278
_______
UNITED KINGDOM-6.8% Glaxo Wellcome PLC, A.D.R. 105,000 2,559,375
Lonrho PLC............................. 565,000 1,332,067
Lucas Industries PLC................... 480,000 1,441,346
SmithKline Beecham PLC, A.D.S................... 60,000 2,715,000
_______
8,047,788
_______
U.S.A.-39.5%............AlliedSignal 55,800 2,483,100
American Home Products................. 35,000 2,708,125
Bank of New York....................... 30,000 1,211,250
Boeing................................. 35,000 2,191,875
CBI Industries......................... 35,000 879,375
Century Telephone Enterprises.......... 35,000 993,125
Citicorp............................... 30,000 1,736,250
Corning................................ 30,000 982,500
Dow Chemical........................... 25,000 1,796,875
Dual Drilling........................ (a) 90,000 888,750
du Pont (EI) De Nemours................ 25,000 1,718,750
FMC.................................. (a) 25,000 1,681,250
First Interstate Bancorp............... 30,000 2,407,500
First Union ........................... 62,000 2,805,500
Grace. (W.R.) 12,500 767,188
Johnson & Johnson...................... 40,000 2,705,000
Mattel................................. 87,500 2,275,000
McKesson............................... 32,000 1,496,000
Merck.................................. 48,000 2,352,000
Nalco Chemical......................... 25,000 909,375
Novell............................... (a) 140,000 2,791,250
Parker & Parsley Petroleum............. 70,000 1,373,750
Shawmut National....................... 60,000 1,912,500
Thermo Electron........................ 22,500 905,625
Time Warner............................ 18,000 740,250
Viacom, Cl. B........................ (a) 50,000 2,318,750
Witco.................................. 60,000 1,935,000
_______
46,965,913
TOTAL COMMON STOCKS
(cost $99,375,920)................... $107,098,593
===========
DREYFUS GLOBAL GROWTH, L.P. (A Strategic Fund)
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995 (UNAUDITED)
PREFERRED STOCK-1.8% SHARES VALUE
_______ _______
GERMANY;......Jungheinrich A.G. (non-voting)
(cost $2,142,005).................... 10,282 $2,083,939
_______
PRINCIPAL
SHORT-TERM INVESTMENTS-6.0% AMOUNT
--------
U.S. TREASURY BILLS:......... 6.37%, 7/6/1995 (c) $ 145,000 $ 144,894
5.20%, 7/27/1995....................... 7,000 6,975
5.36%, 8/24/1995..................... (c) 1,144,000 1,134,745
6%, 9/7/1995........................... 1,719,000 1,701,397
5.38%, 9/21/1995....................... 4,154,000 4,102,573
_______
TOTAL SHORT-TERM INVESTMENTS
(cost $7,091,106).................... $ 7,090,584
===========
TOTAL INVESTMENTS (cost $108,609,031)....................................... 98.0% $116,273,116
===== =============
CASH AND RECEIVABLES (NET).................................................. 2.0% $ 2,376,776
===== =============
NET ASSETS.................................................................. 100.0% $118,649,892
===== =============
NOTES TO STATEMENT OF INVESTMENTS:
(a) Non-income producing.
(b) Security exempt from registration under 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At June 30,
1995, this security amounted to .6% of net assets.
(c) Partially held by brokers and custodian as collateral for open short
positions.
STATEMENT OF SECURITIES SOLD SHORT JUNE 30, 1995 (UNAUDITED)
COMMON STOCKS SHARES VALUE
------- -------
Caremark International (proceeds $1,214,680)................................ 59,200 $ 1,184,000
===========
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS GLOBAL GROWTH, L.P. (A Strategic Fund)
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $108,609,031)-see statement..................................... $116,273,116
Cash.................................................................... 1,636,626
Receivable for investment securities sold............................... 3,231,035
Receivable from brokers for proceeds on securities sold short........... 1,214,680
Dividends and interest receivable....................................... 252,450
Prepaid expenses........................................................ 29,461
_______
122,637,368
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 96,867
Due to Distributor...................................................... 2,554
Payable for investment securities purchased............................. 2,416,233
Securities sold short, at value
(proceeds $1,214,680)-see statement................................... 1,184,000
Payable for shares of Partnership Interest redeemed..................... 84,603
Net unrealized (depreciation) on forward currency
exchange contracts-Note 4(a).......................................... 66,712
Accrued expenses........................................................ 136,507 3,987,476
-------------- ----------
NET ASSETS.................................................................. $118,649,892
=============
REPRESENTED BY:
Paid-in capital......................................................... $ 85,168,203
Accumulated undistributed investment income-net......................... 6,955,042
Accumulated undistributed net realized gain on investments.............. 18,894,057
Accumulated net unrealized appreciation on investments including foreign
currency transactions................................................. 7,632,590
_______
NET ASSETS at value applicable to 3,369,380 outstanding shares of
Partnership Interest, equivalent to $35.21 per share
(unlimited number of Limited Partnership Interest)...................... $118,649,892
=============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS GLOBAL GROWTH, L.P. (A Strategic Fund)
STATEMENT OF OPERATIONS SIX MONTHS ENDED JUNE 30, 1995 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INCOME:
Cash dividends (net of $14,480 foreign taxes withheld at source)...... $ 1,144,039
Interest.............................................................. 691,348
-----------
TOTAL INCOME...................................................... $ 1,835,387
EXPENSES:
Management fee-Note 3(a).............................................. 464,762
Investor servicing costs-Note 3(b).................................... 287,383
Custodian fees........................................................ 58,857
Professional fees..................................................... 41,410
Managing General Partners' fees and expenses-Note 3(c)................ 18,446
Registration fees..................................................... 18,341
Prospectus and investors' reports-Note 3(b)........................... 15,166
Dividends on securities sold short.................................... 7,500
Miscellaneous......................................................... 3,243
-----------
TOTAL EXPENSES.................................................... 915,108
-----------
INVESTMENT INCOME-NET............................................. 920,279
-----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments-Note 4(a):
Long transactions..................................................... $ 2,665,469
Short sale transactions............................................... 18,157
Net realized gain on foreign currency transactions-Note 4(a)............ (1,111)
Net realized (loss) on forward currency exchange contracts-Note 4(a);
Short transactions.................................................... (99,862)
Net realized (loss) on financial futures-Note 4(a):
Long transactions..................................................... (52,036)
Short transactions.................................................... (1,786,615)
-----------
NET REALIZED GAIN..................................................... 744,002
Net unrealized appreciation:
Investments, securities sold short and foreign currency exchange contracts
(including $22,619 net unrealized appreciation on financial futures).. 6,318,447
Translation of assets and liabilities in foreign currencies........... 4,537
-----------
TOTAL UNREALIZED APPRECIATION..................................... 6,322,984
-----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................... 7,066,986
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 7,987,265
===========
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS GLOBAL GROWTH, L.P. (A Strategic Fund)
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
DECEMBER 31, JUNE 30, 1995
1994 (UNAUDITED)
-------- ----------
<S> <C> <C>
OPERATIONS:
Investment income-net.................................................. $ 863,127 $ 920,279
Net realized gain on investments....................................... 8,286,334 744,002
Net unrealized appreciation (depreciation) on investments for the period (21,018,855) 6,322,984
------- ----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...... (11,869,394) 7,987,265
------- ----------
PARTNERSHIP INTEREST TRANSACTIONS:
Net proceeds from shares sold.......................................... 24,675,601 1,279,158
Cost of shares redeemed................................................ (38,121,994) (24,683,628)
-------- ----------
(DECREASE) IN NET ASSETS FROM PARTNERSHIP INTEREST TRANSACTIONS...... (13,446,393) (23,404,470)
------- ----------
TOTAL (DECREASE) IN NET ASSETS................................... (25,315,787) (15,417,205)
NET ASSETS:
Beginning of period.................................................... 159,382,884 134,067,097
------- ----------
End of period (including undistributed investment income-net:
$6,034,763 in 1994 and $6,955,042 in 1995)........................... $134,067,097 $118,649,892
============ ============
SHARES SHARES
-------- ----------
CAPITAL SHARE TRANSACTIONS:
Shares sold............................................................ 701,283 38,161
Shares redeemed........................................................ (1,107,058) (732,543)
------- ----------
NET (DECREASE) IN SHARES OUTSTANDING................................. (405,775) (694,382)
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS GLOBAL GROWTH, L.P. (A Strategic Fund)
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Partnership Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
SIX MONTHS ENDED
YEAR ENDED DECEMBER 31, JUNE 30, 1995
--------------------------
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED)
---- ---- ---- ---- ---- ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $24.18 $25.58 $30.06 $29.24 $35.66 $32.99
---- ---- ---- ---- ---- ------
INVESTMENT OPERATIONS:
Investment income-net (1)(2).......... .94 .67 .50 .30 .22 .39
Net realized and unrealized gain (loss)
on investments (1).................. .46 3.81 (1.32) 6.12 (2.89) 1.83
---- ---- ---- ---- ---- ------
TOTAL FROM INVESTMENT OPERATIONS.... 1.40 4.48 (.82) 6.42 (2.67) 2.22
---- ---- ---- ---- ---- ------
Net asset value, end of period........ $25.58 $30.06 $29.24 $35.66 $32.99 $35.21
===== ====== ====== ===== ===== =====
TOTAL INVESTMENT RETURN (3)............... 5.79% 17.51% (2.73%) 21.96% (7.49%) 6.73%(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of operating expenses to
average net assets.................. 1.50%(5) 1.50%(5) 1.50%(5) 1.37% 1.40% .73%(4)
Ratio of interest expense and dividends on
securities sold short to average net assets .28% .12% .11% .13% -- .01%(4)
Ratio of net investment income to
average net assets.................. 3.73% 2.39% 1.67% .96% .57% .74%(4)
Portfolio Turnover Rate............... 565.67% 419.67% 439.07% 186.97% 147.28% 123.39%(4)
Net Assets, end of period (000's Omitted) $25,337 $54,469 $111,364 $159,383 $134,067 $118,650
(1) Per share data for 1990 has been restated for comparative purposes.
(2) Based on an average of shares outstanding at each month end.
(3) Exclusive of sales load.
(4) Not annualized.
(5) Net of expenses reimbursed.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS GLOBAL GROWTH, L.P. (A Strategic Fund)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a non-diversified open-end management investment company. The Dreyfus
Corporation ("Manager") serves as the Fund's investment adviser. Premier
Mutual Fund Services, Inc. (the "Distributor") acts as the distributor of the
Fund's shares. The Distributor, located at One Exchange Place, Boston,
Massachusetts 02109, is a wholly-owned subsidiary of FDI Distribution
Services, Inc., a provider of mutual fund administration services, which in
turn is a wholly-owned subsidiary of FDI Holdings, Inc., the parent company
of which is Boston Institutional Group, Inc. As of June 30, 1995, Dreyfus
Partnership Management Inc. held 44,415 shares. Dreyfus Service Corporation
and Dreyfus Partnership Management, Inc. are wholly-owned subsidiaries of the
Manager. The Manager is a direct subsidiary of Mellon Bank, N.A.
(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 Managing General
Partners. 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 offsetting rate.
(B) FOREIGN CURRENCY TRANSACTIONS: The Fund does not isolate that portion
of the results of operations resulting form changes in foreign exchange rates
on investmens form the fluctuations arising from change in market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss form investments.
Net realized foreign exchange gains or losses arise form sales and
maturities of short-term securities, sales of foreign currencies, currency
gains or losses realized on securities transactions, the difference between
the amounts of dividends, interest and foreign withholding taxes recorded on
the Fund's books, and the U.S. dollar equivalent of the amounts actually
received or paid. Net unrealized foreign exchange gains and losses arise from
changes in the value of assets and liabilities other than invesments in
securities at period end, resulting from changes in exchange rates.
(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 discounts on investments, is recognized on
the accrual basis.
(D) DISTRIBUTIONS TO INVESTORS: Distributions from investment income-net
and distributions from net realized capital gains may be allocated and paid
annually after the end of the year in which earned.
(E) INCOME TAXES: As a partnership, the Fund itself will not be subject
to Federal, State and City income taxes. Instead, each investor will be
allocated, and subject to tax on, his distributive share of the
DREYFUS GLOBAL GROWTH, L.P. (A Strategic Fund)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
Fund's income. Therefore, no income tax provision is required.
NOTE 2-BANK LINE OF CREDIT:
In accordance with an agreement with a bank, the Fund may borrow up to $4
million under a short-term unsecured line of credit. Interest on borrowings
is charged at rates which are related to the Federal Funds rates in effect
from time to time.
There were no borrowings during the six months ended June 30, 1995.
NOTE 3-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .75 of 1% of the average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, brokerage, interest on borrowings
(which, in the view of Stroock & Stroock & Lavan, counsel to the Fund, also
contemplates dividends on securities sold short) and extraordinary expenses,
exceed the expense limitation of any state having jurisdiction over the Fund,
the Fund may deduct from payments to be made to the Manager, or the Manager
will bear the amount of such excess to the extent required by state law. The
most stringent state expense limitation applicable to the Fund presently
requires reimbursement of expenses in any full year that such expenses
(exclusive of distribution expenses and certain expenses as described above)
exceed 2 1/2 % of the first $30 million, 2% of the next $70 million and 1
1/2% of the excess over $100 million of the average value of the Fund's net
assets in accordance with California "blue sky" regulations. There was no
expense reimbursement for the six months ended June 30, 1995.
Dreyfus Service Corporation retained $3,330 during the six months ended
June 30, 1995 from commissions earned on sales of Fund shares.
(B) Under the Service Plan (the "Plan") adopted pursuant to rule 12b-1
under the Act, the Fund (a) reimburses the Distributor for payments to
certain Service Agents (a securities dealer, financial institution or other
industry professional) for distributing the Fund's shares and servicing
investor accounts and (b) pays the Manager, Dreyfus Service Corporation or
any affiliate (collectively "Dreyfus") for advertising and marketing relating
to the Fund and servicing investor accounts, at an aggregate annual rate of
.25 of 1% of the value of the Fund's average daily net assets. Each of the
Distributor and Dreyfus may pay Service Agents a fee in respect of the Fund's
shares owned by investors with whom the Service Agent has a servicing
relationship or for whom the Service Agent is the dealer or holder of record.
Each of the Distributor and Dreyfus determine the amounts to be paid to
Service Agents to which it will make payments and the basis on which such
payments are made. 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 Fund's average daily net assets for any full
year. During the six months ended June 30, 1995, $160,110 was charged to the
Fund pursuant to the Plan.
(C) Each Managing General Partner who is not an "affiliated person" as
defined in the Act receives from the Fund an annual fee of $2,500 and an
attendance fee of $250 per meeting. The Chairman of
DREYFUS GLOBAL GROWTH, L.P. (A Strategic Fund)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
the Board receives an additional 25% of such compensation.
NOTE 4-SECURITIES TRANSACTIONS:
(A) The following summarizes the aggregate amount of purchases and sales
of investment securities and securities sold short, excluding short-term
securities and forward currency exchange contracts, during the six months
ended June 30, 1995:
PURCHASES SALES
--------- --------
Long transactions................. $140,165,263 $124,538,660
Short sale transactions........... 4,309,235 4,053,772
---------- ---------
TOTAL........................... $144,474,498 $128,592,432
========== =========
The Fund is engaged in short-selling which obligates the Fund to replace
the security borrowed by purchasing the security at current market value. The
Fund would incur a loss if the price of the security increases between the
date of the short sale and the date on which the Fund replaces the borrowed
security. The Fund would realize a gain if the price of the security declines
between those dates. Until the Fund replaces the borrowed security, the Fund
will maintain daily, a segregated account with a broker and custodian, of
cash and/or U.S. Government securities sufficient to cover its short
position. Securities sold short at June 30, 1995, and their related market
values and proceeds are set forth in the Statement of Securities Sold Short.
In addition, the following summarizes open foward currency exchange
contracts at June 30, 1995:
<TABLE>
<CAPTION>
U.S. DOLLAR
VALUE UNREALIZED
FORWARD CURRENCY SALE CONTRACTS PROCEEDS 6/30/95 (DEPRECIATION)
---------- ------------ -------------
<S> <C> <C> <C>
Swedish Krona, expiring 7/28/95............................ $4,308,597 $4,375,309 $ (66,712)
========== ============ ==============
</TABLE>
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 typically limited to the unrealized gains on such
contracts that are recognized in the statement of assets and liabilities.
The Fund is engaged in trading financial futures contracts. The Fund is
exposed to market risk as a result of changes in the value of the underlying
financial instruments. Investments in financial futures require the Fund to
"mark to market" on a daily basis, which reflects the change in the market
value of the contract at the close of each day's trading. Accordingly,
variation margin payments are made or received to reflect daily unrealized
gains or losses. When the contracts are closed, the Fund recognizes a
realized gain or loss. These investments require initial margin deposits with
a custodian, which consist of cash or cash equivalents, up to approximately
10% of the contract amount. The amount of these deposits is determined by the
exchange or Board of Trade on which the contract is traded and is subject to
DREYFUS GLOBAL GROWTH, L.P. (A Strategic Fund)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
change. There were no financial futures contracts outstanding for the six
months ended June 30, 1995.
(B) At June 30, 1995, accumulated net unrealized appreciation on
investments was $7,628,052, consisting of $9,435,657 gross unrealized
appreciation and $1,807,604 gross unrealized depreciation excluding foreign
currency transactions.
At June 30, 1995, 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).
DREYFUS GLOBAL GROWTH, L.P. (A Strategic Fund)
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
INVESTORS AND MANAGING GENERAL PARTNERS
DREYFUS GLOBAL GROWTH, L.P. (A STRATEGIC FUND)
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus Global Growth, L.P. (A Strategic Fund), including the statements of
investment and securities sold short as of June 30, 1995, and the related
statements of operations and changes in net assets and financial highlights
for the six month period ended June 30, 1995. These financial statements and
financial highlights are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
December 31, 1994 and financial highlights for each of the five years in the
period ended December 31, 1994 and in our report dated February 6, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst and Young LLP signature logo]
New York, New York
August 4, 1995
[Dreyfus lion "d" logo]
DREYFUS GLOBAL GROWTH, L.P.
(A STRATEGIC 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
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 033SA956
[Dreyfus lion logo]
Global
Growth, L.P.
(A Strategic Fund)
Semi-Annual
Report
June 30, 1995
