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.092AR9310
Annual Report
PREMIER GLOBAL
INVESTING
OCTOBER 31, 1993
(DREYFUS LION LOGO)
President's Letter
Dear Shareholder:
It is a pleasure to report that Premier Global Investing, Class "A"
shares, achieved a total return of 15.66% for the fiscal year ended October
31, 1993.* This was somewhat above the total return of 14.91% for the
Standard & Poor's 500 Composite Stock Price Index,** though less than the
return of 27.01% registered by the Morgan Stanley Capital International
World Index for the same period.+
During the year under review, the Fund did particularly well with its
positions in Japanese securities and holdings in the Singapore-Malaysia
area.
Premier Global Investing moved strongly into Japanese stocks early in
the calendar year at favorable prices, and then sold most of these holdings in
the third quarter. At the end of the fiscal year, Japanese stocks
represented less than 5% of the portfolio, due to the poor economic outlook
and market sentiment in Tokyo.
In Europe, the Fund profited from exposure to bonds, particularly those
of Germany and Italy, for a good part of the year. As of the end of the
fiscal year, the Fund does not own any European bonds, which reflects our
opinion that most of the major moves in European interest rates have already
occurred.
On October 31, the Fund's percentage of U.S. stocks amounted to roughly
half the weighting of U.S. stocks in the Morgan Stanley Capital
International World Index. This is due to our feeling that U.S. stocks are
fully priced in relation to earnings and other factors.
Some of the Fund's largest U.S. holdings have been in natural gas
companies. We still have important investments in that industry, but have
consolidated our holdings to fewer companies.
Also in the U.S. market we are looking for opportunities in health care
companies.
At the end of the fiscal year, the Fund was still in a defensive
position with a high cash position. We believe that many markets are
overpriced, but we remain on the alert for good buying opportunities.
In managing the Fund, we take a long-term view, expecting results over a
period of years rather than months. We urge our investors to adopt the same
long-term outlook regarding their investment in Premier Global Investing.
Shareholders will be interested to know that Ms. Fiona Biggs resigned
in mid-October as President and Portfolio Manager of the Fund to devote more
time to her family. We are very pleased that Ms. Biggs will now serve as a
member of the Fund's Board of Directors. For the present, the undersigned
is overseeing the strategy of the Fund, assisted by a team led by
International Sector Manager Kelly McDermott, who joined Dreyfus in June,
1992. She has been in the international equity field for more than 6 years,
including previous experience at Morgan Stanley & Co., Inc.
Sincerely,
Howard Stein
President
November 17, 1993
New York, N.Y.
*
Total return represents the change during the period in a hypothetical
account with dividends reinvested, without taking into account the maximum
initial sales charge.
**
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.
+
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 October 31, 1993
(SEE EXHIBIT A)
Past performance is not predictive of future performance.
The above illustration compares a $10,000 investment made in Class A shares of
Premier Global Investing on 1/31/92 (Inception date) to a $10,000 investment
made in the Morgan Stanley Capital International World Index on that date.
All dividends and capital gain distributions are reinvested.
The Fund's performances takes into account the maximum initial sales charge on
Class A shares and all other applicable fees and expenses. The Morgan Stanley
Capital International World Index is a widely accepted, unmanaged index of
global stock market performance, including the United States. Canada, Europe,
Australia, New Zealand and the Far East, which does not take into account
charges, fees and other expenses. Further information relating to Fund
performance is contained in the Condensed Financial Information section of the
Prospectus and elsewhere in this report.
*Source: Lipper Analytical Services, Inc.
President's Letter
Dear Shareholder:
It is a pleasure to report that Premier Global Investing, Class "B"
shares, achieved a total return of 14.66% from inception of this Class on
January 15, 1993, through the end of the fiscal year October 31, 1993.* This
compares to 9.42% for the Standard & Poor's 500 Composite Stock Price Index
during the same period.** For the period from January 31, 1993 through
October 31, 1993, the Morgan Stanley Capital International World Index
achieved a total return of 23.47%; Premier Global Investing's total return
for the same period was 14.66%.+
During the period under review, the Fund did particularly well with its
positions in Japanese securities and holdings in the Singapore-Malaysia
area.
Premier Global Investing moved strongly into Japanese stocks early in
the calendar year at favorable prices, and then sold most of these holdings in
the third quarter. At the end of the fiscal year, Japanese stocks
represented less than 5% of the portfolio, due to the poor economic outlook
and market sentiment in Tokyo.
In Europe, the Fund profited from exposure to bonds, particularly those
of Germany and Italy, for a good part of the year. As of the end of the
fiscal year, the Fund does not own any European bonds, which reflects our
opinion that most of the major moves in European interest rates have already
occurred.
On October 31, the Fund's percentage of U.S. stocks amounted to roughly
half the weighting of U.S. stocks in the Morgan Stanley Capital
International World Index. This is due to our feeling that U.S. stocks are
fully priced in relation to earnings and other factors.
Some of the Fund's largest U.S. holdings have been in natural gas
companies. We still have important investments in that industry, but have
consolidated our holdings to fewer companies.
Also in the U.S. market we are looking for opportunities in health care
companies.
At the end of the fiscal year, the Fund was still in a defensive
position with a high cash position. We believe that many markets are
overpriced, but we remain on the alert for good buying opportunities.
In managing the Fund, we take a long-term view, expecting results over a
period of years rather than months. We urge our investors to adopt the same
long-term outlook regarding their investment in Premier Global Investing.
Shareholders will be interested to know that Ms. Fiona Biggs resigned
in mid-October as President and Portfolio Manager of the Fund to devote more
time to her family. We are very pleased that Ms. Biggs will now serve as a
member of the Fund's Board of Directors. For the present, the undersigned
is overseeing the strategy of the Fund, assisted by a team led by
International Sector Manager Kelly McDermott, who joined Dreyfus in June,
1992. She has been in the international equity field for more than 6 years,
including previous experience at Morgan Stanley & Co., Inc.
Sincerely,
Howard Stein
President
November 17, 1993
New York, N.Y.
* 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.
** SOURCE: MICROPAL-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.
+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 October 31, 1993
(SEE EXHIBIT B)
Past performance is not predictive of future performance.
The above illustration compares a $10,000 investment made in Class B shares of
Premier Global Investing on 1/15/93 (Inception date of Class B shares) to a
$10,000 investment made in the Morgan Stanley Capital International World
Index on that date. For comparative purposes the value of the Index on 12/31/92
is used as the beginning value on 1/15/93. All dividends and capital gain
distributions are reinvested.
The Fund's performance takes into account the contingent deferred sales charge
on Class B shares and all other applicable fees and expenses. The Morgan
Stanley Capital International World Index is a widely accepted, unmanaged index
of global stock market performance, including the United States, Canada, Europe,
Australia, New Zealand and the Far East, which does not take into account
charges, fees and other expenses. Further information relating to Fund
performance is contained in the Condensed Financial Information section of the
Prospectus and elsewhere in this report.
*Source Lipper Analytical Services, Inc.
(SEE EXHIBIT C)
Asset Allocation*
Common Stocks........................... 52.6%
Call Options............................ 0.8
Cash Equivalents........................ 46.6
100.0%
Ten Largest Holdings*
Homestake Mining........................ 1.3%
S. Megga International Holdings......... 1.2
Bic..................................... 1.1
Pennzoil................................ 1.1
Allianz Holding AG...................... 1.0
Charter Medical......................... 1.0
Resorts World Berhad.................... 1.0
Finance One............................. 1.0
Compagnie Financiero de Suez............ 1.0
Hutchison Whampoa....................... 1.0
*As a percentage of Total Net Assets.
<TABLE>
Premier Global Investing
Statement of Investment October 31, 1993
Common Stocks-52.6%
SHARES VALUE
<S> <C> <C>
Aerospace & Defense-.6% CSF, Thomson.. 24,000 $ 664,104
---------
Agriculture-.6% Eridania Beghin-Say S.A... 5,000 732,430
-------
Aluminum-.4% Alcan Aluminium.. 25,000 512,500
-------
Automotive & Other Durable Goods-1.1%
Compania Interamericana de Automobiles S.A... 14,000 451,024
Detroit Diesel.. 2,000 70,000
Lucas Industries PLC.. 320,000 800,640
-------
1,321,664
---------
Banking-6.8% Banco Bilbao-Vizcaya S.A., A.D.S... 35,000 896,875
Banco De Galicia Y Buenos Aires S.A., A.D.R... 27,000 870,750
Banco Frances del Rio de la Plata S.A... 56,112 538,956
Banque Nationale de Paris, A.D.R...(a) 8,000 392,000
Compagnie Financiero de Suez.. 19,000 1,124,553
Grupo Financiero Banamex Accival S.A., Cl. B.. 90,000 475,020
Grupo Financiero Bancomer, Cl. B... 270,000 323,190
Malayan Banking Berhad.. 63,000 435,897
ONBAN Corp.. 9,900 348,975
Overseas Union Bank.. 120,000 605,280
Public Bank Berhad .. 120,000 123,840
Standard Chartered PLC.. 54,000 845,424
Warburg, S.G., Group PLC.. 64,800 886,464
-------
7,867,224
---------
Basic Industries-.2% Iwasaki Electric.. 24,000 125,208
Meiden Engineering.. 2,400 50,969
------
176,177
-------
Building Materials-1.3% Pilkington PLC.. 340,000 735,080
Tarmac PLC.. 368,000 746,304
-------
1,481,384
---------
Capital Goods-.3% Max.. 13,000 289,289
-------
Chemicals-1.1% Cabot.. 14,000 803,250
OM Group.. 25,000 425,000
-------
1,228,250
---------
Computer Software/Services-.8%
Capcom.. 10,000 852,260
Cornerstone Imaging.. 4,100 60,475
------
912,735
-------
Conglomerates-1.5% Commercial Del Plata.. 100,000 645,300
Hutchison Whampoa.. 298,100 1,122,346
---------
1,767,646
---------
Consumer Growth Staples-1.2% S. Megga International Holdings.. 3,408,400 1,376,994
---------
Consumer Non-Durables-1.1% Bic.. 6,390 1,320,206
---------
Country Fund-.3% R.O.C. Taiwan.. 35,000 336,875
-------
Distribution-.6% Canon Sales.. 7,000 193,907
Grainger (W.W.).. 8,000 437,000
-------
630,907
-------
Premier Global Investing
Statement of Investments October 31, 1993
Common Stocks-52.6% (continued)
SHARES VALUES
Electronics-.2% Varitronix International.. 150,000 $ 189,150
-------
Electrical Equipment-.4% Leader Universal Holdings.. 98,000 498,036
-------
Engineering/Construction-2.0% Deutsche Babcock AG..(b) 6,600 858,297
Toshiba Engineering & Construction.. 58,000 685,502
United Engineers Malaysia Berhad.. 160,000 756,800
------
2,300,599
---------
Finance-2.2% Credit Saison.. 34,000 901,000
Finance One.. 105,000 1,133,370
Quadrum Financial A.D.S... 24,000 546,000
-------
2,580,370
---------
Forest and Paper Products-1.4%
Fletcher Challenge.. 260,000 592,280
Maderas Y Sinteticos Sociedad, A.D.R... 17,000 306,000
Repola OY.. 50,000 741,850
-------
1,640,130
---------
Gas Gathering-.7% Aquila Gas Pipeline.. 56,500 847,500
-------
Gold Mining-1.3% Homestake Mining.. 80,000 1,540,000
---------
Health Services-1.7% American Health Care Management..(b) 60,000 382,500
Charter Medical..(b) 47,500 1,193,438
Community Psychiatric Centers.. 30,000 420,000
-------
1,995,938
---------
Homebuilding/Construction-1.6%
City Developments.. 169,600 748,614
Land & General Holdings Berhad.. 59,000 191,455
Straits Steamship.. 75,600 171,612
Wimpey, George, PLC.. 270,000 691,470
-------
1,803,151
----------
Insurance-2.4% Allianz Holding AG.. 710 1,205,207
National Mutual Asia.. 1,476,000 1,059,768
Swiss-Partner Re.. 24,000 552,000
-------
2,816,975
---------
Insurance-Property & Casualty-.2%
Paul Revere.. 11,000 275,000
-------
Investment Companies-.4% Brierley Investments.. 700,000 497,700
-------
Machinery/Diversified-.7% Mannesmann AG.. 3,900 789,270
Mannesmann AG (Rights).. 3,900 20,966
------
810,236
-------
Media/Entertainment-3.3% Boyd Gaming.. 41,000 825,125
Broadcasting Partners, Cl. A.. 1,200 20,400
International Cabletel.. 20,750 599,156
Iwerks Entertainment.. 4,000 137,000
Magnum Berhad.. 247,500 609,592
Resorts World Berhad.. 211,000 1,154,803
Television Broadcasts.. 120,000 437,880
-------
3,783,956
---------
Premier Global Investing
Statement of Investments (continued)October 31, 1993
Common Stocks-52.6% (continued)
SHARES VALUE
Medical Equipment-.3% Vision-Sciences.. 35,000 $ 367,500
-------
Offshore Drilling-.9% Arethusa Off-Shore.. 50,000 700,000
Dual Drilling.. 28,000 392,000
-------
1,092,000
---------
Oil & Gas Exploration/Production-4.1%
Conwest Exploration .. 55,000 927,410
Home Oil..(b) 65,000 1,027,813
Lasmo PLC.. 200,000 427,800
Parker & Parsley Petroleum.. 20,000 617,500
Pennzoil.. 22,000 1,259,500
Pogo Producing..(b) 16,000 292,000
Unit..(b) 45,000 174,375
-------
4,726,398
---------
Oil Service-1.6% Baker Hughes.. 33,000 742,500
Baroid.. 58,000 478,500
Tidewater.. 30,000 682,500
-------
1,903,500
---------
Real Estate-.1% Chelsea GCA Realty.. 5,000 147,500
-------
Restaurants-.4% HomeTown Buffet.. 15,000 420,000
Pollo Tropical.. 2,000 37,000
--------
457,000
--------
Retail-2.6% Aoyama Trading.. 7,000 524,195
Autobacs Seven.. 3,700 450,971
Farmacias Benavides S.A., Cl. B.. 150,000 680,550
Sears Roebuck de Mexico S.A., Cl. B.. 58,500 760,558
Seven-Eleven Japan.. 7,000 591,416
-------
3,007,690
--------
Steel-.8% British Steel PLC.. 470,000 900,990
-------
Telecommunications-4.2% Cable & Wireless PLC.. 124,000 917,848
DDI.. 17 993,629
Technology Resources Cl. A.. 250,000 791,750
Telefonica de Argentina S.A., Cl. B.. 100,000 527,300
Telefonos De Mexico S.A., A.D.R... 16,000 876,000
Vodafone Group PLC.. 96,000 785,952
-------
4,892,479
--------
Transportation-1.2% Sembawang Shipyard.. 71,000 590,933
Singapore Airlines .. 95,000 742,710
-------
1,333,643
---------
TOTAL COMMON STOCKS (cost $54,963,426).. $ 61,025,826
-----------
-----------
</TABLE>
Premier Global Investing
<TABLE>
Statement of Investments (continued)October 31, 1993
Call Options-.8%
Notional Value
Amount
<S> <C> <C>
French Franc Interest Rate Swap, July '95..(c,d,f) $30,482,642 $506,012
Contracts
Subject to
Call
Standard & Poor's 500 Index; December '93 @ 455.85.. (f) 29,531 394,972
--------
TOTAL CALL OPTIONS (cost $648,901).. $900,984
-------
-------
</TABLE>
<TABLE>
Short-Term Investments-47.2%
Principal
Amount
<S> <C> <C>
U.S. Treasury Bills-47.2% 2.987%, 11/18/1993.. $3,415,000 $3,410,181
3.009%, 11/26/1993.. 12,091,000 12,065,739
2.95%, 12/09/1993.. 1,373,000 1,368,725
2.92%, 12/16/1993.. 11,480,000 11,438,103
2.89%, 12/23/1993..(e) 10,910,000 10,864,457
2.948%, 1/06/1994.. 12,445,000 12,377,730
3.03%, 1/20/1994..(e) 3,270,000 3,247,976
---------
TOTAL SHORT-TERM INVESTMENTS (cost $54,772,911).. $54,772,911
-----------
-----------
TOTAL INVESTMENTS (cost $110,385,238)... 100.6% $116,699,721
LIABILITIES, LESS CASH AND RECEIVABLES.. (.6)% $(737,460)
-------------
-------------
NET ASSETS.............................. 100.0% $115,962,261
============ ------------
</TABLE>
Notes to Statement of Investments:
(a)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 October 31,
1993, this security amounted to $392,000 or .34% of net assets.
(b)Non-income producing.
(c)Denominated in French Francs.
(d)Based on a fixed rate of 6.39% versus PIBOR, (Paris Interbank Offering
Rate).
(e)Partially held by the custodian in a segregated account as collateral for
open financial futures positions.
(f)Securities restricted as to public resale. Investments in restricted
securities with an aggregate value of $900,984 represents approximately .78%
of net assets:
<TABLE>
Acquisition Purchase Percentage of Valuation*
Date Price Net Assets
<S> <C> <C> <C> <C>
French Franc Interest Rate Swap,
July '95 7/28/93 $ .002 .44% $ .003
Standard & Poor's 500 Index December
'93 @ 455.85 8/19/93 8.43 .34 13.375
</TABLE>
*The valuation of this security has been determined in good faith under the
direction of the Board of Directors.
See notes to financial statements.
Premier Global Investing
Statement of Financial Futures October 31, 1993
<TABLE>
Number of Market Value Expiration Unrealized
Contracts Covered Appreciation
by Contracts at 10/31/93
<S> <C> <C> <C> <C>
Financial Futures Sold Short
Japanese Yen............................ 40 ($4,613,500) Dec. '93 $47,625
</TABLE>
Statement of Securities Sold Short October 31, 1993
Principal Value
Amount
Bonds
U.S. Treasury 5.75%, 8/15/2003
(proceeds $2,048,750)................... $2,000,000 $2,048,125
See notes to financial statements.
Premier Global Investing
Statement of Assets and Liabilities October 31, 1993
ASSETS:
Investments in securities, at value
(cost $110,385,238)-see statement....... $116,699,721
Cash.................................... 774,896
Receivable from broker for proceeds
on securities sold short................ 2,048,750
Receivable for investment securities
sold.................................... 1,404,632
Receivable for subscriptions to
Common Stock............................ 127,959
Dividends and interest receivable....... 85,248
Receivable for futures variation
margin-Note 3(a)........................ 80,315
Prepaid expenses........................ 72,797
-----------
121,294,318
LIABILITIES:
Due to The Dreyfus Corporation.......... $ 119,501
Payable for investment securities
purchased............................... 2,973,120
Securities sold short, at value
(proceeds $2,048,750)-see statement..... 2,048,125
Payable for shares of Common Stock
redeemed................................ 16,791
Accrued expenses........................ 174,520 5,332,057
--------- ------------
NET ASSETS.............................. $115,962,261
============
REPRESENTED BY:
Paid-in capital......................... $105,223,582
Accumulated undistributed investment
income-net.............................. 354,308
Accumulated undistributed net realized
gain on investments..................... 4,021,638
Accumulated net unrealized appreciation
on investments (including $47,625
net unrealized appreciation on
financial futures)-Note 3(b)............ 6,362,733
------------
NET ASSETS at value..................... $115,962,261
============
Shares of Common Stock outstanding:
Class A Shares (300 million shares
of $.001 par value authorized).......... 4,817,442
=========
Class B Shares (300 million shares
of $.001 par value authorized).......... 2,639,982
=========
NET ASSET VALUE per share:
Class A Shares ($75,065,687/4,817,442
shares)................................. $15.58
======
Class B Shares ($40,896,574/2,639,982
shares)................................. $15.49
======
See notes to financial statements.
Premier Global Investing
Statement of Operations year ended October 31, 1993
INVESTMENT INCOME:
Income:
Interest................................ $1,458,808
Cash dividends (net of $31,945
foreign taxes withheld at source)....... 287,888
----------
Total Income............................ $1,746,696
Expenses:
Management fee-Note 2(a)................ 511,327
Shareholder servicing costs-Note
2(b,c).................................. 267,723
Prospectus and shareholders' reports-Note
2(b)................................... 137,646
Distribution fees (Class B shares)-Note
2(b).................................... 107,752
Professional fees....................... 70,100
Custodian fees.......................... 61,519
Registration fees....................... 58,995
Directors' fees and expenses-Note
2(d).................................... 14,972
Dividends on securities sold short...... 1,925
Miscellaneous........................... 20,026
-------
Total Expenses.......................... 1,251,985
---------
INVESTMENT INCOME-NET................... 494,711
---------
REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Net realized gain (loss) on investments
- -Note 3(a):
Long transactions (including options
transactions)........................... $4,044,369
Short sale transactions................. (38,870)
Net realized gain on financial
futures-Note 3(a):
Long transactions....................... 52,460
Short transactions...................... 243,694
-----------
Net Realized Gain....................... 4,301,653
Net unrealized appreciation on
investments and securities sold
short [including ($216,303) net
unrealized (depreciation) on financial
futures]................................ 6,349,196
----------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS.......................... 10,650,849
----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS......................... $11,145,560
===========
See notes to financial statements.
Premier Global Investing
Statement of Changes in Net Assets
Year Ended October 31,
----------------------
1992(1) 1993
------- ----
OPERATIONS:
Investment income-net................... $121,676 $494,711
Net realized gain on investments........ 69,424 4,301,653
Net unrealized appreciation on
investments for the year................ 13,537 6,349,196
---------- ----------
Net Increase In Net Assets Resulting
From Operations......................... 204,637 11,145,560
---------- ----------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Class A shares.......................... - (262,079)
Class B shares.......................... - -
Net realized gain on investments:
Class A shares.......................... - (349,439)
Class B shares.......................... - -
---------- ----------
Total Dividends......................... - (611,518)
---------- ----------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class A shares.......................... 37,627,576 42,121,565
Class B shares.......................... - 38,860,345
Dividends reinvested:
Class A shares.......................... - 568,838
Class B shares.......................... - -
Cost of shares redeemed:
Class A shares.......................... (2,263,594) (11,183,307)
Class B shares.......................... - (607,841)
---------- ----------
Increase In Net Assets From Capital
Stock Transactions...................... 35,363,982 69,759,600
---------- ----------
Total Increase In Net Assets............ 35,568,619 80,293,642
NET ASSETS:
Beginning of year....................... 100,000 35,668,619
---------- ----------
End of year (including undistributed
investment income-net: $121,676
in 1992 and $354,308 in 1993)........... $35,668,619 $115,962,261
========== ==========
<TABLE>
Shares
------
Class A Class B
------- -------
Year Ended October 31, Year Ended
---------------------- October 31, 1993(2)
-------------------
1992(1) 1993
------- ----
<S> <C> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Shares sold............................. 2,765,133 2,945,764 2,681,279
Shares issued for dividends reinvested.. - 42,261 -
Shares redeemed......................... (165,927) (777,789) (41,297)
---------- ---------- ----------
Net Increase In Shares Outstanding...... 2,599,206 2,210,236 2,639,982
========== ========== ==========
(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.
</TABLE>
See 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 year 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, Year Ended
---------------------- October 31,
1993(2)
------------
1992(1) 1993
------- ----
<S> <C> <C> <C>
PER SHARE DATA:
Net asset value, beginning of year...... $12.50 $13.68 $13.51
------ ------ -------
Investment Operations:
Investment income (loss)-net............ .05 .10 (.01)
Net realized and unrealized gain
on investments.......................... 1.13 2.01 1.99
------ ------ -------
Total from Investment Operations........ 1.18 2.11 1.98
------ ------ -------
Distributions:
Dividends from investment income-net.... - (.09) -
Dividends from net realized gain
on investments.......................... - (.12) -
------ ------- -------
Total Distributions..................... - (.21) -
------ ------- -------
Net asset value, end of year............ $13.68 $15.58 $15.49
====== ======= =======
TOTAL INVESTMENT RETURN(3) 9.44%(4) 15.66% 14.66%(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets.................................. 1.76%(4) 1.66% 1.96%(4)
Ratio of dividends on securities
sold short to average net assets........ - .01% .01% (4)
Ratio of net investment income
(loss) to average net assets............ .74%(4) .98% (.18%)(4)
Portfolio Turnover Rate................. 208.70%(4) 179.28% 179.28%
Net Assets, end of year (000's
Omitted)................................ $35,669 $75,066 $40,897
(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 charge.
(4)Not annualized.
</TABLE>
See notes to financial statements.
Premier Global Investing
NOTES TO FINANCIAL STATEMENTS
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.
On November 9, 1992 the Fund's Board of Directors classified the Fund's
existing shares into Class A shares and authorized 300 million $.001 par
value Class B shares. The Fund began offering both Class A and Class B
shares on January 15, 1993. 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 traded 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.
Premier Global Investing
NOTES TO FINANCIAL STATEMENTS (continued)
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 Dreyfus, or Dreyfus 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 year ended October 31, 1993.
The Distributor retained $521,435 during the year ended October 31,
1993 from commissions earned on sales of the Fund's Class A shares.
The Distributor retained $13,873 during the period ended October 31,
1993 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, effective January 15, 1993, 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.
Prior to January 15, 1993, the Fund's Service Plan ("prior Service
Plan") provided that 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 costs and expenses
in connection with advertising, marketing and distributing the Fund's shares
and for servicing shareholder accounts. The Distributor made payments to
one or more Service Agents based on the value of the Fund's shares owned by
clients of the Service Agent. The prior Service Plan also provided 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 fiscal year.
During the period ended October 31, 1993, $30,278 was charged to the
Fund pursuant to the prior Service Plan and $107,752 was charged pursuant to
the Class B Distribution Plan.
(c) Under the Shareholder Services Plan, effective January 15, 1993,
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
period ended October 31, 1993, $114,462 and $35,917 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.
Premier Global Investing
NOTES TO FINANCIAL STATEMENTS (continued)
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 year ended
October 31, 1993:
Purchases Sales
--------- -----
Long transactions....................... $91,630,381 $48,787,085
Short sale transactions................. 626,425 2,636,305
---------- ----------
Total................................... $92,256,806 $51,423,390
=========== ===========
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 October 31, 1993 and
their related market values and proceeds are set forth in the Statement of
Securities Sold Short.
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). Typically,
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.
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.
(b) At October 31, 1993, accumulated net unrealized appreciation on
investments was $6,362,733, consisting of $7,623,905 gross unrealized
appreciation and $1,261,172 gross unrealized depreciation.
At October 31, 1993, 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
Report of Ernst & Young, Independent Auditors
Shareholders and Board of Directors
Premier Global Investing
We have audited the accompanying statement of assets and liabilities of
Premier Global Investing, including the statements of investments, financial
futures and securities sold short, as of October 31, 1993, 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 generally accepted auditing
standards. 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. Our procedures included confirmation of
securities owned as of October 31, 1993 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 Premier Global Investing at October 31, 1993, 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 generally accepted
accounting principles.
Ernst & Young
New York, New York
December 8, 1993
Premier Global Investing
Important Tax Information (Unaudited)
For Federal Tax purposes the Fund hereby designates $.075 per share as a
long-term capital gain distribution of the $.21 per share paid on December
17, 1992.
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
PREMIER GLOBAL INVESTING CLASS A SHARES AND THE MORGAN
STANLEY CAPITAL INTERNATIONAL WORLD INDEX
EXHIBIT A:
_____________________________________________________
| | | MORGAN STANLEY |
| | PREMIER | CAPITAL |
| PERIOD |GLOBAL INVESTING,| INTERNATIONAL |
| | CLASS A | WORLD INDEX* |
|-----------|-----------------|----------------------|
| 1/31/92 | 9,549 | 10,000 |
| 2/29/92 | 10,351 | 9,824 |
| 3/31/92 | 10,504 | 9,358 |
| 4/30/92 | 10,428 | 9,486 |
| 5/31/92 | 10,443 | 9,860 |
| 6/30/92 | 10,405 | 9,527 |
| 7/31/92 | 10,435 | 9,548 |
| 8/31/92 | 10,481 | 9,777 |
| 9/30/92 | 10,489 | 9,684 |
| 10/31/92 | 10,451 | 9,419 |
| 11/30/92 | 10,466 | 9,585 |
| 12/31/92 | 10,474 | 9,659 |
| 1/31/93 | 10,482 | 9,688 |
| 2/28/93 | 10,629 | 9,915 |
| 3/31/93 | 10,862 | 10,487 |
| 4/30/93 | 11,219 | 10,971 |
| 5/31/93 | 11,343 | 11,221 |
| 6/30/93 | 11,180 | 11,123 |
| 7/31/93 | 11,297 | 11,349 |
| 8/31/93 | 11,793 | 11,866 |
| 9/30/93 | 11,762 | 11,645 |
| 10/31/93 | 12,088 | 11,963 |
|----------------------------------------------------|
|--------------------------------------------------------------|
| PREMIER GLOBAL INVESTING, CLASS A |
|--------------------------------------------------------------|
| AVERAGE ANNUAL TOTAL RETURNS ENDED ON 10/31/93 |
| REFLECTS MAXIMUM SALES CHARGE |
|-----------|--------------------------------------------------|
| | SINCE INCEPTION |
| 1 YEAR | (1/31/92) |
|-----------|--------------------------------------------------|
| 10.50%| 11.44% |
|--------------------------------------------------------------|
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
PREMIER GLOBAL INVESTING CLASS B SHARES AND THE
MORGAN STANLEY CAPITAL INTERNATIONAL WORLD INDEX
EXHIBIT A:
_____________________________________________________
| | | MORGAN STANLEY |
| | PREMIER | CAPITAL |
| PERIOD |GLOBAL INVESTING,| INTERNATIONAL |
| | CLASS B | WORLD INDEX* |
|-----------|-----------------|----------------------|
| 1/15/93 | 10,000 | 10,000 |
| 1/31/93 | 10,000 | 10,030 |
| 2/28/93 | 10,141 | 10,265 |
| 3/31/93 | 10,348 | 10,857 |
| 4/30/93 | 10,681 | 11,357 |
| 5/31/93 | 10,799 | 11,616 |
| 6/30/93 | 10,637 | 11,515 |
| 7/31/93 | 10,740 | 11,749 |
| 8/31/93 | 11,199 | 12,285 |
| 9/30/93 | 11,162 | 12,055 |
| 10/31/93 | 11,066 | 12,385 |
|----------------------------------------------------|
|--------------------------------------------------------------|
| PREMIER GLOBAL INVESTING, CLASS B |
|--------------------------------------------------------------|
| ACTUAL AGGREGATE TOTAL RETURN |
| FROM 1/15/93 TO 10/31/93 |
| REFLECTS CONTINGENT DEFERRED SALES CHARGE |
|--------------------------------------------------------------|
| 10.66%
|--------------------------------------------------------------|
Premier Global Investing October 31, 1993
Broad Sector Allocation *
|--------------------------------------------------------------|
|Cash Equivalents 46.6 % |
|Financial 12.1 % |
|Other 8.4 % |
|Energy 7.3 % |
|Consumer Growth Staples 6.9 % |
|Technology 6.2 % |
|Basic Industries 5.2 % |
|Consumer Cyclical 4.3 % |
|Capital Goods 3.0 % |
|--------------------------------------------------------------|
Sector allocations in the pie chart are broader groupings than are
listed in the Report's Statement of Investments.
Portfolio composition is subject to change at any time.
Premier Global Investing October 31, 1993
Diversification of Foreign Investments*
|---------------------------------------------------------------|
|United Kingdom 6.7 % |
|Japan 4.9 % |
|France 4.1 % |
|Malaysia 3.9 % |
|Hong Kong 3.6 % |
|Mexico 2.7 % |
|Argentina 2.6 % |
|Germany 2.5 % |
|Singapore 2.5 % |
|Finland 1.6 % |
|Canada 1.2 % |
|New Zealand 0.9 % |
|Spain 0.8 % |
|Chile 0.3 % |
|---------------------------------------------------------------|
(Foreign Securities equal 38.3% of Total Net Assets)
