PRESIDENT'S LETTER
Dear Shareholder:
As has been widely discussed in the financial press, stocks of companies
in the emerging economies of Asia and Latin America have lost ground this
year.
In the last quarter of 1993, these markets as represented by Hong Kong,
Singapore and Mexico City gained approximately 20% to 30%. At their highest
levels, some equity markets in Southeast Asia saw even higher increases.
Since January, the emerging markets have given back substantial portions
of those gains.
FACTORS IN THE DECLINE
The historic run-up of the Southeast Asian markets last year led to an
overbought condition that brought about the substantial selling. These
markets were also affected by rising interest rates in the U.S. as well as by
price declines in most global markets.
Anticipating that this might occur, we actively traded the portfolio and
also lightened holdings in Hong Kong and other Pacific Rim securities in
recent months. Therefore the retreat of Southeast Asian stock values did not
affect our portfolio as much as would otherwise have been the case.
The securities markets in Latin America were also bid up sharply in 1993,
but have since suffered due to political and economic uncertainties. At the
peak, the Fund held about 15% of its assets in Latin American securities.
That has now been cut back to approximately 4.8%, with the sharpest
reductions occurring in Mexican stocks. Currently, the Mexican political
picture appears unstable, which is bound to affect security valuations.
A SHIFT TO ESTABLISHED COUNTRIES
A sizable portion of assets have been switched from the emerging
countries to Western Europe, particularly Germany, where we believe an
economic recovery is in the offing. We particularly like the outlook for
cyclical industries in Europe.
The Fund has also gone back into Japan, after a period when we were, for
all practical purposes, out of the Japanese market. As of April 30,
approximately 15% of the Fund's holdings were in Japanese securities,
compared to only 1-1/2% at the start of the calendar year.
The component of the portfolio invested in U.S. stocks has remained at
approximately 20%, though of course there have been changes in individual
portfolio stocks.
While we are optimistic about recovery prospects in Europe and Japan, we
believe it is wise to keep a large cash reserve. Therefore, approximately 30%
of net assets are being held in cash equivalents, a reduction from the
approximately 47% of six months ago. The difference is accounted for
primarily by the new investments in Europe and Japan.
In managing your money, we keep a very close watch on all the political
and economic factors that affect global investments. We will not hesitate to
change the present geographic allocations when we believe that would benefit
our shareholders.
We would like to take this opportunity to thank you for your
participation in the Fund. We look forward to serving your investing needs.
Sincerely,
(Signature Logo)
Howard Stein
President
May 13, 1994
New York, N.Y.
<TABLE>
PERFORMANCE
TOTAL RETURN FOR THE SIX MONTHS ENDED APRIL 30, 1994
<S> <C> <C>
Premier Global Investing - Class A (1) 3.75%
Premier Global Investing - Class B (2) 3.34%
Standard & Poor's 500 Composite Stock Price Index (3) (2.31%)
Morgan Stanley Capital International World Index (4) 2.57%
</TABLE>
(1) Total return represents the change during the period in a
hypothetical account with dividends reinvested, without taking
into account the maximum initial sales charge.
(2) Total return represents the change during the period in a
hypothetical account with dividends reinvested, without taking
into account the applicable contingent deferred sales charge imposed on
redemptions.
(3) SOURCE: LIPPER ANALYTICAL SERVICES, INC. - Reflects the reinvestment
of income dividends and, where applicable, capital
gain distributions. The Standard & Poor's 500 Composite Stock Price Index
is a widely accepted unmanaged index of stock market performance.
(4) SOURCE: LIPPER ANALYTICAL SERVICES, INC. - 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.
PREMIER GLOBAL INVESTING
ASSET ALLOCATION AS OF APRIL 30, 1994
DIVERSIFICATION OF FOREIGN INVESTMENTS AS OF APRIL 30, 1994
Exhibit A
Exhibit B
(Foreign Securities equal 51.1% of Total Net Assets)
<TABLE>
FIVE LARGEST SECTORS
AS OF OCTOBER 31, 1993 AS OF APRIL 30, 1994
<S> <C> <C> <C> <C>
Banking................... 6.8% Banking.................... 6.4%
Telecommunications........ 4.2 Chemicals.................. 6.3
Oil & Gas Exploration/Production 4.1 Auto........................ 5.5
Media/Entertainment....... 3.3 Retail..................... 4.3
Retail.................... 2.6 Electrical Equipment....... 3.5
</TABLE>
<TABLE>
TEN LARGEST HOLDINGS AS OF APRIL 30, 1994
<S> <C> <C>
Bayerische Motoren Werke A.G.................................... 1.8%
BBC Brown Boveri A.G. Ser. A.................................... 1.7
TDK............................................................. 1.5
Roche Holding A.G. ............................................. 1.5
Hitachi......................................................... 1.4
Boeing.......................................................... 1.4
Chase Manhattan................................................. 1.3
Yamato Transport................................................ 1.3
Pennzoil........................................................ 1.2
Nippondenso..................................................... 1.2
</TABLE>
All percentages shown above are based on Total Net Assets.
<TABLE>
<CAPTION>
PREMIER GLOBAL INVESTING
STATEMENT OF INVESTMENTS APRIL 30, 1994 (UNAUDITED)
COMMON STOCKS--69.9% SHARES VALUE
------------- -------------
<S> <C> <C> <C> <C>
AEROSPACE--1.4% Boeing.............................. 45,000 $ 2,025,000
-------------
AGRICULTURE--.5% Eridania Beghin-Say S.A............. 5,000 816,840
-------------
AUTO--5.5% Bayerische Motoren Werke A.G........ 5,000 2,723,700
Compania Interamericana de Automobiles S.A. 48,726 667,546
Peugeot S.A......................... 10,000 1,610,290
Suzuki Motor........................ 120,000 1,596,840
Toyota Motor..................... 75,000 1,471,200
-------------
8,069,576
-------------
AUTO PARTS--3.1% Aisin Seiki......................... 90,000 1,073,430
Lucas Industries PLC................ 320,000 1,005,120
Kwik-Fit Holdings PLC............... 275,000 717,750
Nippondenso......................... 90,000 1,712,160
-------------
4,508,460
-------------
BANKING--6.4% Banco de Galicia y Buenos Aires S.A., A.D.R 15,000 455,626
Banco Frances del Rio de la Plata S.A. 68,184 604,792
Chase Manhattan..................... 55,000 1,870,000
Compagnie Financiere de Suez........ 19,000 1,117,504
Hang Seng Bank...................... 110,000 733,480
Malayan Banking Berhad.............. 294,500 1,660,685
Overseas Union Bank................. 264,000 1,341,648
Overseas Union Bank (Rights)........ 240,000 102,000
Public Bank Berhad.................. 808,000 1,621,656
-------------
9,507,391
-------------
CAPITAL EQUIPMENT--.9% Mitsubishi Heavy Industries 190,000 1,264,260
-------------
CHEMICALS--6.3% Cabot............................... 14,000 745,500
Ecolab.............................. 60,000 1,327,500
Grace (W.R.) & Co................... 37,500 1,528,125
Hoechst A.G. ....................... 7,500 1,652,812
Lubrizol............................ 37,500 1,354,688
OM Group............................ 59,900 1,198,000
Sociedad Quimica Minera de Chile
S.A., A.D.R. Ser. B ................ 48,000 1,512,000
-------------
9,318,625
-------------
CONGLOMERATES--1.5% Commercial del Plata................ 100,000 550,000
Jardine Matheson Holdings........ 250,000 1,634,500
-------------
2,184,500
-------------
CONSUMER STAPLES--.8% Kimberly Clark de Mexico, Cl. A.... 62,000 1,166,034
-------------
ELECTRICAL EQUIPMENT--3.5% BBC Brown Boveri A.G., Ser. A...... 2,675 2,462,709
Leader Universal Holdings........... 98,000 475,692
Kyosan Electric Manufacturing.... 65,000 634,335
Sumitomo Electric Industries..... 110,000 1,561,340
-------------
5,134,076
-------------
PREMIER GLOBAL INVESTING
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1994 (UNAUDITED)
COMMON STOCKS (CONTINUED) SHARES VALUE
------------- -------------
ELECTRONICS--2.9% Hitachi............................. 225,000 $ 2,129,175
TDK................................. 48,000 2,166,960
-------------
4,296,135
-------------
ENGINEERING--.9% United Engineers.................... 320,000 1,398,080
United Engineers (Rights)........... 80,000 1,680
-------------
1,399,760
-------------
FINANCIAL--1.7% Credit Saison....................... 34,000 888,114
New Japan Securities................ (a) 200,000 1,553,400
-------------
2,441,514
-------------
FOODS AND BEVERAGES--.7% Cracker Barrel Old Country Store... 35,000 971,250
-------------
FOREST AND PAPER PRODUCTS--2.7% Fletcher Forestry......... 65,000 93,795
Maderas y Sinteticos S.A., A.D.R. .. 50,000 1,175,000
Mayr-Melnhof Karton A.G............. (b) 15,000 958,245
Repola.............................. 50,000 891,550
Willamette Industries............... 20,000 915,000
-------------
4,033,590
-------------
GOLD--1.7%. Anglo-American, S.A. A.D.R ........ 33,000 1,625,250
Ashanti Goldfields.................. (b) 20,000 447,500
Homestake Mining................. 25,000 475,000
-------------
2,547,750
-------------
HEALTH SERVICES--2.0% Coastal Healthcare Group............ (a) 27,000 880,875
Community Psychiatric Centers....... 105,000 1,522,500
Ornda Healthcorp.................... (a) 36,000 621,000
-------------
3,024,375
-------------
HOMEBUILDING--.7% City Developments................... 169,600 856,480
Straits Steamship Land.............. 75,600 195,501
-------------
1,051,981
-------------
INSURANCE-PROPERTY & CASUALTY--.7% Gryphon Holdings....... (a) 75,000 1,050,000
-------------
MACHINERY--1.5% Deutsche Babcock, A.G............... 6,600 1,066,217
Mannesmann A.G...................... 3,900 1,114,117
-------------
2,180,334
-------------
MEDIA/ENTERTAINMENT--1.9% Berjaya Leisure................ 550,000 620,400
Magnum Berhad....................... 247,500 582,367
Resorts World Berhad................ 211,000 1,181,811
Television Broadcast................ (a) 120,000 447,480
-------------
2,832,058
-------------
METALS--.9% Pechiney S.A........................ 19,000 1,374,232
-------------
OFFSHORE DRILLING--.5% Dual Drilling....................... 78,000 750,750
-------------
OIL & GAS EXPLORATION--1.5% Parker & Parsley Petroleum... 20,000 520,000
Pennzoil............................ 35,000 1,723,750
-------------
2,243,750
-------------
PREMIER GLOBAL INVESTING
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1994 (UNAUDITED)
COMMON STOCKS (CONTINUED) SHARES VALUE
------------- -------------
PHARMACEUTICALS--1.5% Roche Holding A.G................... 450 $ 2,158,150
-------------
RETAIL--4.3% Autobacs Seven...................... 300 38,443
Canon............................... 50,000 813,200
Carrefour Supermarche S.A........... 1,900 1,407,395
Castorama Dubois Investissements S.A. 9,000 1,319,715
Sears Roebuck de Mexico S.A., Cl. B 72,500 957,797
Seven-Eleven Japan.................. 7,700 574,559
Talbots............................. 34,600 1,189,375
-------------
6,300,484
-------------
STEEL--2.1% Birmingham Steel.................... 55,000 1,622,500
British Steel PLC................... 470,000 1,091,340
Linkful International Holdings...... 2,381,000 457,152
-------------
3,170,992
-------------
TELECOMMUNICATION
EQUIPMENT--1.6% Oki Electric Industry............... (a) 140,000 841,820
Ericsson (L.M.), Telephone, Cl. B, A.D.R. 35,000 1,583,750
-------------
2,425,570
-------------
TELECOMMUNICATIONS--2.9% Cable & Wireless PLC.............. 124,000 848,656
DDI................................. 12 884,771
NEXTEL Communications, Cl. A........ (a) 38,000 1,349,000
Technology Resources, CL. A......... (a) 139,000 467,179
Vodafone Group PLC.................. 96,000 791,808
-------------
4,341,414
-------------
TIRE & RUBBER GOODS--2.5% Bridgestone..................... 43,000 644,269
Continental A.G..................... 7,500 1,314,090
Michelin S.A., Cie Generale des
Etablissements...................... (a) 37,000 1,673,584
-------------
3,631,943
-------------
TOYS--1.0% Bandai #3 (Warrants)................ 100 187,500
Mattel.............................. 50,000 1,256,250
-------------
1,443,750
-------------
TRANSPORTATION--2.4% Sembawang Shipyard.................. 100,000 804,100
Jurong Shipyard..................... 89,000 853,065
Yamato Transport.................... 150,000 1,863,000
-------------
3,520,165
-------------
UTILITIES--.9% Iberdrola S.A....................... 183,000 1,318,698
-------------
WASTE MANAGEMENT--.5% Thermo Electron..................... (a) 20,000 757,500
-------------
TOTAL COMMON STOCKS
(cost $96,175,886) $103,260,907
============
PREMIER GLOBAL INVESTING
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1994 (UNAUDITED)
CALL OPTIONS --.3%
CONTRACTS
SUBJECT TO
CALL VALUE
------------- -------------
Deutscher Aktienindex,
June '94 @ $1,335......................................(c,g) 48 $ 274,959
NOTIONAL
AMOUNT
-------------
French Franc Interest
Rate Swap, July '95 ................................(d,e,g) $ 32,385,750 204,030
G7 Option Swap, February '95..........................(f,g) 100,000,000 100
-------------
TOTAL CALL OPTIONS (cost $877,066) $ 479,089
=============
SHORT-TERM INVESTMENTS--29.7%
PRINCIPAL
AMOUNT
- - -------------
U.S. TREASURY BILLS: 3.275%, 5/5/1994................. $ 20,130,000 $ 20,122,674
3.382%, 5/19/1994................ 16,304,000 16,276,433
3.396%, 5/26/1994................ 7,150,000 7,133,133
3.55%, 6/2/1994.................. 142,000 141,552
3.56%, 7/21/1994................. 225,000 223,198
=============
TOTAL SHORT-TERM INVESTMENTS
(cost $43,896,990).............. $ 43,896,990
=============
TOTAL INVESTMENTS (cost $140,949,942)....................................... 99.9% $147,636,986
====== ============
CASH AND RECEIVABLES (NET).................................................. .1% $ 116,675
====== ============
NET ASSETS.................................................................. 100.0% $147,753,661
====== ============
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Non-income producing.
(b) Security 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 April 30,
1994, these securities amounted to $1,405,745 or 1.0% of net assets.
(c) Strike price converted to U.S. Dollars at the prevailing rate of
exchange.
(d) Denominated in French Francs.
(e) Based on a fixed rate of 6.39% versus PIBOR, (Paris Interbank
Offering Rate).
(f) Based on a fixed rate of 6.42% versus a basket of currencies.
(g) Securities restricted as to public resale. Investments in restricted
securities, with an aggregate value of $479,089, represents approximately
.3% of net assets:
<TABLE>
ACQUISITION PURCHASE PERCENTAGE OF
DATE PRICE NET ASSETS VALUATION*
------------ --------- --------------- ------------
<S> <C> <C> <C> <C>
Deutscher Aktienindex, June '94 @ $1,335 4/6/94 $ 45.422 .2% fair value
French Franc Interest Rate Swap, July '95 7/28/93 .002 .1 fair value
G7 Option Swap, February '95 2/14/94 .002 .0 fair value
</TABLE>
* The valuation of these securities has been determined in good faith under
the direction of the Board of Directors.
See independent accountants' review report and notes to financial statements.
<TABLE>
PREMIER GLOBAL INVESTING
STATEMENT OF PUT OPTIONS WRITTEN APRIL 30, 1994 (UNAUDITED)
MARKET VALUE
NUMBER OF COVERED
CONTRACTS BY CONTRACTS
------------ --------------
<S> <C> <C>
Deutscher Aktienindex, June '94 @ $1,335
(premiums received $218,027).............. 48 $122,601
========
</TABLE>
NOTE TO STATEMENT OF PUT OPTIONS WRITTEN;
Security restricted as to public resale. Investments in restricted
securities, with an aggregate market value of $122,601 represents
approximately .1% of net assets; strike price converted to U.S. Dollars at
the prevailing rate of exchange.
<TABLE>
ACQUISITION PURCHASE PERCENTAGE OF
DATE PRICE NET ASSETS VALUATION*
------------ --------- --------------- ------------
<S> <C> <C> <C> <C>
Deutscher Aktienindex, June '94 @ $1,335 4/6/94 $ 45.422 .1% fair value
</TABLE>
* The valuation of this security has been determined in good faith under the
direction of the Board of Directors.
<TABLE>
STATEMENT OF FINANCIAL FUTURES APRIL 30, 1994 (UNAUDITED)
FINANCIAL FUTURES SOLD SHORT
- - --------------------------------
MARKET VALUE UNREALIZED
NUMBER OF COVERED (DEPRECIATION)
CONTRACTS BY CONTRACTS EXPIRATION AT 4/30/94
------------ --------------- ------------ ----------------
<S> <C> <C> <C> <C>
French Franc......................... 94 $ (8,295,500) June '94 $(302,800)
Japanese Yen......................... 152 $(18,753,000) June '94 (515,675)
Swiss Franc.......................... 32 $ (2,855,200) June '94 (94,975)
----------
$(913,450)
==========
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
PREMIER GLOBAL INVESTING
STATEMENT OF ASSETS AND LIABILITIES APRIL 30, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $140,949,942)-see statement..................................... $147,636,986
Cash.................................................................... 353,629
Receivable for investment securities sold............................... 640,294
Dividends and interest receivable....................................... 204,110
Receivable for subscriptions to Common Stock............................ 53,287
Prepaid expenses........................................................ 83,840
-------------
148,972,146
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $161,273
Payable for investment securities purchased............................. 214,449
Outstanding put options written, at value
(premiums received $218,027)_see statement............................ 122,601
Payable for shares of Common Stock redeemed............................. 470,618
Payable for futures variation margin_Note 3(a).......................... 38,900
Accrued expenses........................................................ 210,644 1,218,485
-------- -------------
NET ASSETS ................................................................ $147,753,661
============
REPRESENTED BY:
Paid-in capital......................................................... $138,561,373
Accumulated undistributed investment income_net......................... 165,189
Accumulated undistributed net realized gain on investments.............. 3,158,080
Accumulated net unrealized appreciation on investments
[including ($913,450) net unrealized (depreciation) on financial
futures]_Note 3(b).................................................... 5,869,019
-------------
NET ASSETS at value......................................................... $147,753,661
============
Shares of Common Stock outstanding:
Class A Shares
(300 million shares of $.001 par value authorized).................... 4,964,247
============
Class B Shares
(300 million shares of $.001 par value authorized).................... 4,606,580
============
NET ASSET VALUE per share:
Class A Shares ($76,946,274 / 4,964,247 shares)......................... $15.50
======
Class B Shares ($70,807,387 / 4,606,580 shares)......................... $15.37
======
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
PREMIER GLOBAL INVESTING
STATEMENT OF OPERATIONS SIX MONTHS ENDED APRIL 30, 1994 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest.............................................................. $ 672,437
Cash dividends (net of $60,868 foreign taxes withheld at source)...... 838,984
----------
TOTAL INCOME...................................................... $ 1,511,421
EXPENSES:
Management fee--Note 2(a)............................................. 500,799
Shareholder servicing costs_Note 2(c)................................. 279,188
Distribution fees (Class B shares)_Note 2(b).......................... 211,177
Custodian fees........................................................ 75,795
Registration fees..................................................... 38,199
Prospectus and shareholders' reports.................................. 34,516
Professional fees..................................................... 25,776
Directors' fees and expenses_Note 2(d)................................ 9,350
Dividends on securities sold short.................................... 6,720
Miscellaneous......................................................... 10,594
----------
TOTAL EXPENSES.................................................... 1,192,114
----------
INVESTMENT INCOME--NET............................................ 319,307
----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain (loss) on investments--Note 3(a):
Long transactions (including options transactions).................... $4,102,706
Short sale transactions............................................... (83,706)
Net realized (loss) on forward currency exchange contracts_Note 3(a);
Short transactions.................................................... (18,467)
Net realized (loss) on financial futures_Note 3(a):
Long transactions..................................................... (121,280)
Short transactions.................................................... (238,790)
----------
NET REALIZED GAIN..................................................... 3,640,463
Net unrealized (depreciation) on investments and securities
sold short [including ($961,075) net unrealized (depreciation)
on financial futures]................................................. (493,714)
----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................... 3,146,749
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $3,466,056
==========
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
PREMIER GLOBAL INVESTING
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
OCTOBER 31, APRIL 30, 1994
1993 (UNAUDITED)
-------------- -------------------
<S> <C> <C>
OPERATIONS:
Investment income--net............................................... $ 494,711 $ 319,307
Net realized gain on investments..................................... 4,301,653 3,640,463
Net unrealized appreciation (depreciation) on investments for the period 6,349,196 (493,714)
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........... 11,145,560 3,466,056
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares..................................................... (262,079) (360,444)
Class B shares..................................................... ___ (147,982)
Net realized gain on investments:
Class A shares..................................................... (349,439) (2,787,429)
Class B shares..................................................... ___ (1,716,592)
-------------- --------------
TOTAL DIVIDENDS................................................ (611,518) (5,012,447)
-------------- --------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class A shares..................................................... 42,121,565 19,716,382
Class B shares..................................................... 38,860,345 31,155,497
Dividends reinvested:
Class A shares..................................................... 568,838 2,760,815
Class B shares..................................................... ___ 1,812,914
Cost of shares redeemed:
Class A shares..................................................... (11,183,307) (20,092,395)
Class B shares..................................................... (607,841) (2,015,422)
-------------- --------------
INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS......... 69,759,600 33,337,791
-------------- --------------
TOTAL INCREASE IN NET ASSETS................................. 80,293,642 31,791,400
NET ASSETS:
Beginning of period.................................................. 35,668,619 115,962,261
-------------- --------------
End of period (including undistributed investment income_net:
$354,308 in 1993 and $165,189 in 1994)............................. $115,962,261 $147,753,661
=========== ============
</TABLE>
<TABLE>
SHARES
-------------------------------------------------------------------------------
CLASS A CLASS B
------------------------------------- -------------------------------------
YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED
OCTOBER 31, APRIL 30, 1994 OCTOBER 31, APRIL 30, 1994
1993 (UNAUDITED) 1993* (UNAUDITED)
-------------- --------------- -------------- -------------------
<S> <C> <C> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Shares sold...................... 2,945,764 1,241,557 2,681,279 1,976,468
Shares issued for dividends reinvested 42,261 180,445 ___ 119,192
Shares redeemed.................. (777,789) (1,275,197) (41,297) (129,062)
-------------- -------------- -------------- --------------
NET INCREASE IN SHARES
OUTSTANDING.............. 2,210,236 146,805 2,639,982 1,966,598
============= ============= =========== ===============
</TABLE>
* From January 15, 1993 (commencement of initial offering) to October 31,
1993.
See independent accountants' review report and notes to financial statements.
PREMIER GLOBAL INVESTING
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This
information has been derived from information provided in the Fund's
financial statements.
<TABLE>
CLASS A SHARES CLASS B SHARES
-------------------------------------------------------------------------
YEAR ENDED OCTOBER 31, SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED
---------------------- APRIL 30, 1994 OCTOBER 31, APRIL 30, 1994
PER SHARE DATA: 1992(1) 1993 (UNAUDITED) 1993(2) (UNAUDITED)
------ ------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period................ $12.50 $13.68 $15.58 $13.51 $15.49
------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income (loss)--net .05 .10 .06 (.01) .09
Net realized and unrealized gain
on investments........... 1.13 2.01 .52 1.99 .42
------ ------ ------ ------ ------
TOTAL FROM INVESTMENT
OPERATIONS........... 1.18 2.11 .58 1.98 .51
------ ------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment
income_net............... -_ (.09) (.08) -_ (.05)
Dividends from net realized gain
on investments........... -_ (.12) (.58) -_ (.58)
------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS...... -_ (.21) (.66) -_ (.63)
------ ------ ------ ------ ------
Net asset value, end of period $13.68 $15.58 $15.50 $15.49 $15.37
===== ===== ====== ====== =======
TOTAL INVESTMENT RETURN (3) 9.44%(4) 15.66% 3.75%(4) 14.66%(4) 3.34%(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of operating expenses to
average net assets....... 1.76%(4) 1.66% .71%(4) 1.96%(4) 1.10%(4)
Ratio of dividends on securities
sold short to average net assets -_ .01% .01%(4) .01%(4) .01%(4)
Ratio of net investment income
(loss) to average net assets .74%(4) .98% .39%(4) (.18%)(4) .03%(4)
Portfolio Turnover Rate.... 208.70%(4) 179.28% 88.68%(4) 179.28% 88.68%(4)
Net Assets, end of period
(000's Omitted).......... $35,669 $75,066 $76,946 $40,897 $70,807
(1) From January 31, 1992 (commencement of operations) to October 31, 1992.
(2) From January 15, 1993 (commencement of initial offering) to October 31, 1993.
(3) Exclusive of sales load.
(4) Not annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
PREMIER GLOBAL INVESTING
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. Dreyfus Service
Corporation ("Distributor") acts as the distributor of the Fund's shares. The
Distributor is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager").
The Fund is incorporated under the name Dreyfus Global Investing, Inc.
and began operating under the name Premier Global Investing on October 4,
1993.
The Fund offers both Class A and Class B shares. Class A shares are
subject to a sales charge imposed at the time of purchase and Class B shares
are subject to a contingent deferred sales charge imposed at the time of
redemption on redemptions made within six years of purchase. Other
differences between the two Classes include the services offered to and the
expenses borne by each Class and certain voting rights.
(A) PORTFOLIO VALUATION: Investments in securities (including options and
financial futures) are valued at the last sales price on the securities
exchange on which such securities are primarily traded or at the last sales
price on the national securities market. Securities not listed on an exchange
or the national securities market, or securities for which there were no
transactions, are valued at the average of the most recent bid and asked
prices, except for open short positions, where the asked price is used for
valuation purposes. Bid price is used when no asked price is available.
Securities for which there are no such valuations are valued at fair value as
determined in good faith under the direction of the Board of Directors.
Short-term investments are carried at amortized cost, which approximates
value. Investments denominated in foreign currencies are translated to U.S.
dollars at the prevailing rates of exchange.
(B) 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.
(C) 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. 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.
(D) 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 provisions available
to certain investment companies, as defined in applicable sections of the
Internal Revenue Code, and to make distributions of taxable income sufficient
to relieve it from all, or substantially all, Federal income taxes.
NOTE 2--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
further provides for an expense reimbursement from the Manager should the Fund
's aggregate expenses, exclusive of taxes, brokerage, interest on borrowings
and extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund, the Fund may deduct from the fee to be paid to
the Manager or the Manager will bear, such excess expense 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 fiscal
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
April 30, 1994.
PREMIER GLOBAL INVESTING
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
The Distributor retained $155,988 during the six months ended April 30,
1994 from commissions earned on sales of the Fund's Class A shares.
The Distributor retained $47,700 during the six months ended April 30,
1994 from contingent deferred sales charges imposed upon redemptions of the
Fund's Class B shares.
(B) Under the Distribution Plan ("Class B Distribution Plan") adopted
pursuant to Rule 12b-1 under the Act, the Fund pays the Distributor, at an
annual rate of .75 of 1% of the value of the Fund's Class B shares average
daily net assets, for costs and expenses in connection with advertising,
marketing and distributing the Fund's Class B shares. The Distributor may
make payments to one or more Service Agents (a securities dealer, financial
institution, or other industry professional) based on the value of the Fund's
Class B shares owned by clients of the Service Agent. During the six months
ended April 30, 1994, $211,177 was charged to the Fund pursuant to the Class
B Distribution Plan.
(C) Under the Shareholder Services Plan, the Fund pays the Distributor,
at an annual rate of .25 of 1% of the value of the average daily net assets
of Class A and Class B shares for servicing shareholder accounts. 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. For the six months ended April 30,
1994, $96,541 and $70,392 were charged to the Class A and Class B shares,
respectively, pursuant to the Shareholder Services Plan.
(D) Certain officers and directors of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or the Distributor. Each director
who is not an "affiliated person" receives an annual fee of $1,000 and an
attendance fee of $250 per meeting.
(E) On December 5, 1993, the Manager entered into an Agreement and Plan
of Merger (the "Merger Agreement") providing for the merger of the Manager
with a subsidiary of Mellon Bank Corporation ("Mellon").
Following the merger, it is planned that the Manager will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a number
of contingencies, including receipt of certain regulatory approvals and
approvals of the stockholders of the Manager and of Mellon. The merger is
expected to occur in mid-1994, but could occur later.
As a result of regulatory requirements and the terms of the Merger
Agreement, the Manager will seek various approvals from the Fund's board and
shareholders before completion of the merger. Shareholder approval will be
solicited by a proxy statement.
NOTE 3--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 options transactions during the six months ended April 30,
1994:
<TABLE>
PURCHASES SALES
---------------- ----------------
<S> <C> <C>
Long transactions................................................. $117,802,278 $80,787,610
Short sale transactions........................................... 10,670,211 8,537,755
---------------- ----------------
TOTAL........................................................... $128,472,489 $89,325,365
================ ================
</TABLE>
PREMIER GLOBAL INVESTING
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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. At April 30, 1994, there were no securities sold short outstanding.
In addition, the following table summarizes the Fund's put options
written transactions for the six months ended April 30, 1994:
<TABLE>
NUMBER OF PREMIUMS
OPTIONS WRITTEN: CONTRACTS RECEIVED
------------- ------------
<S> <C> <C>
Contracts outstanding October 31, 1993............................ _ $ _
Contracts written................................................. 48 218,027
------------- ------------
Contracts outstanding April 30, 1994.............................. 48 $218,027
============= ============
</TABLE>
As a writer of put options, the Fund receives a premium at the outset and
then bears the market risk of unfavorable changes
in the price of the financial instrument underlying the option. Generally,
the Fund would incur a gain if the price of the underlying financial
instrument increases between the date the option is written and the date on
which the option is terminated. Generally, the Fund would realize a loss, to
the extent of the premiums, if the price of the financial instrument declines
between those dates.
The Fund is engaged in trading restricted options, which are not exchange
traded. The Fund's exposure to credit risk associated with counter party
nonperformance on these investments is typically limited to the unrealized
gains inherent in such investments 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 (see the Statement of Financial Futures). 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 change. Contracts open at April 30,
1994 and their related unrealized market (depreciation) are set forth in the
Statement of Financial Futures.
(B) At April 30, 1994, accumulated net unrealized appreciation on
investments was $5,869,019, consisting of $9,281,587 gross unrealized
appreciation and $3,412,568 gross unrealized depreciation.
At April 30, 1994, 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).
PREMIER GLOBAL INVESTING
REVIEW REPORT OF ERNST & YOUNG, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
PREMIER GLOBAL INVESTING
We have reviewed the accompanying statement of assets and liabilities of
Premier Global Investing, including the statements of investments, put
options written and financial futures, as of April 30, 1994, and the related
statements of operations and changes in net assets and financial highlights
for the six month period ended April 30, 1994. 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
October 31, 1993 and financial highlights for each of the two years in the
period ended October 31, 1993 and in our report dated December 8, 1993, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
New York, New York
June 3, 1994
SEMI-ANNUAL REPORT
PREMIER GLOBAL
INVESTING
APRIL 30, 1994
PREMIER GLOBAL INVESTING
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
DISTRIBUTOR
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 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. 092/633SA944
Premier Global Investing
Asset Allocation as of April 30, 1994
|------------------------------------------------------|
|Common Stocks 69.9 % |
|Call Options 0.3 % |
|Cash Equivalents 29.8 % |
|------------------------------------------------------|
Premier Global Investing
Diversification of Foreign Investments as of April 30, 1994
|-------------------------------------------------------|
|Japan 14.8 % |
|France 6.3 % |
|Germany 5.3 % |
|Malaysia 4.3 % |
|Singapore 3.9 % |
|Switzerland 3.2 % |
|United Kingdom 3.0 % |
|Hong Kong 2.2 % |
|Chile 1.8 % |
|Argentina 1.5 % |
|Mexico 1.4 % |
|Sweden 1.1 % |
|Spain 0.9 % |
|Austria 0.7 % |
|Finland 0.6 % |
|New Zealand 0.1 % |
|-------------------------------------------------------|
(Foreign Securities equal 51.1% of Total Net Assets)
