LETTER TO SHAREHOLDERS
Dear Shareholder:
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 was to divert funds that had been flowing to
emerging markets into the major developed markets, and in particular into the
U.S. market. The second key effect was to restrain worldwide growth,
beginning with a decline in exports from developed markets to those in
emerging nations. The slowing U.S. economy alleviated fears of further U.S.
interest rate increases and sparked a 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 substantially
underweighted the Japanese and European markets, which were poor performers
for most of the period.
For the six-month period ending April 30, 1995, the total return for your
Fund was -0.68% for Class A shares and -1.08% for Class B shares,* compared
to 4.56% for the Morgan Stanley Capital International World Index and -2.92%
for the Lipper Global Fund Index.**
INCREASING OUR U.S. HOLDINGS
In October 1994, the Fund was about 19% invested in the U.S. In
anticipation of a slowing American economy we began increasing our U.S.
weighting in December, becoming more aggressive after the Mexican debacle. We
focused our investments in the financial, health care, energy and late cycle
cyclical sectors. We also took several large positions in restructuring
situations, for example DuPont (E.I.) 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 the
market. 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 nearly .5% of performance to the portfolio. At the end
of April we had over 40% 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, further
reducing our emerging market positions. The ensuing general sell-off in these
markets was indiscriminate and produced opportunities for us to repurchase
quality companies at attractive prices. These actions limited our losses from
these holdings during the period. We currently have nearly 10% in Hong Kong
and Southeast Asia, and a small position in Argentina.
WHAT MORE COULD HAPPEN TO JAPAN?
Although in late 1994 we were still underweighted in the Japanese market,
we began increasing our positions there at the end of last year in
anticipation of a recovery in their economy. Then early this year
earthquakes, political turmoil, rising crime, a trade war, a huge currency
rally, and the Barings futures overhang all hit the Japanese market. It isn't
surprising that the anemic recovery evidenced last year has faltered. The
Japanese consumer, whose spending generates 60% of Gross Domestic Product, is
worried about the political environment, continued asset deflation and job
security as corporate Japan begins to adjust to an increasingly competitive
environment. Furthermore, the 20% appreciation of the yen against the dollar
has stifled exports, which were a key source of economic growth. As mentioned
earlier, we were underweighted in Japan and have further reduced our
positions, focusing on sectors where there may be secular improvements. Our
portfolio consists of financial 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.
THE SAME THEMES IN EUROPE
We continue to be slightly underweighted in Europe, with the portfolio
focused on companies that appear 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 AB, Ser. A, one of our
largest positions, appears to have the best fundamental growth story of our
pharmaceutical holdings. The company has a strong drug portfolio that should
generate earnings growth of 15% for the next five years.
You will notice that the cash and equivalents 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)
Portfolio Manager
The Dreyfus Corporation
May 25, 1995
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 in the case of Class A shares or the applicable
contingent deferred sales charge imposed on redemptions in the case of Class
B shares.
**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 unmanaged index of
global stock market performance, consisting of equity securities. The Lipper
Global Fund Index is a nonweighted index of the 30 largest global mutual
funds.
<TABLE>
<CAPTION>
PREMIER GLOBAL INVESTING, INC.
STATEMENT OF INVESTMENTS APRIL 30, 1995 (UNAUDITED)
COMMON STOCKS-78.8% SHARES VALUE
-------------- --------------
<S> <C> <C> <C>
ARGENTINA-1.2% Banco de Galicia y Buenos Aires S.A., A.D.S 52,500 $ 846,562
Banco Frances del Rio de la Plata S.A.. 45,000 826,875
--------------
1,673,437
--------------
FRANCE-2.4% Castorama Dubois Investissements S.A .. 12,000 1,983,350
Union des Assurance de Paris S.A....... 55,000 1,491,980
-------------
3,475,330
--------------
HONG KONG-4.9% Cheung Kong Holdings................... 350,000 1,473,779
Hutchison Whampoa...................... 675,000 2,929,476
Sun Hung Kai Properties................ 420,000 2,679,928
--------------
7,083,183
--------------
ISRAEL-.4% Teva Pharmaceutical Industries, A.D.R 18,000 616,500
--------------
JAPAN-10.9% Asahi Bank............................. 125,000 1,602,945
DDI.................................... 200 1,757,302
Hitachi................................ 100,000 1,015,198
Japan Gasoline......................... 99,000 1,563,405
Maruichi Steel Tube.................... 50,000 1,021,135
Mitsubishi Heavy Industries............ 165,000 1,195,084
Nippon Telegraph & Telephone........... 200 1,764,427
Nissan Motor........................... 180,000 1,312,277
Odakyu Electric Railway................ 200,000 1,669,437
Sanwa Bank............................. 75,000 1,620,755
Toda Construction...................... 115,000 1,228,924
--------------
15,750,889
--------------
MALAYSIA-.1% Leader Universal Holdings Berhad, Cl. A 65,333 204,909
--------------
MEXICO-.5% Panamerican Beverages, Cl. A........... 30,000 780,000
--------------
NETHERLANDS-3.5% Royal Dutch Petroleum ................. 20,000 2,480,000
Schlumberger........................... 40,000 2,515,000
--------------
4,995,000
--------------
SINGAPORE-3.9% DBS Land............................... 825,000 2,272,597
Jardine Matheson Holdings.............. 250,000 1,987,500
Overseas Union Bank.................... 224,000 1,293,544
--------------
5,553,641
--------------
SWEDEN-3.7% Astra AB, Ser. A ...................... 105,000 3,057,903
Svedala Industri....................... 85,000 2,241,912
--------------
5,299,815
--------------
SWITZERLAND-1.4% BBC Brown Boveri A.G., Ser. A.......(a) 2,000 1,979,003
--------------
UNITED KINGDOM-5.9% Commercial Union PLC................... 225,000 2,018,359
Glaxo PLC, A.D.R....................... 110,000 2,598,750
PREMIER GLOBAL INVESTING, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1995 (UNAUDITED)
COMMON STOCKS (CONTINUED) SHARES VALUE
------------ ------------
UNITED KINGDOM (CONTINUED) Kwik-Fit Holdings PLC.................. 250,000 $ 614,003
Lucas Industries PLC................... 320,000 986,915
Smithkline Beecham PLC, A.D.R.......... 60,000 2,332,500
--------------
8,550,527
--------------
UNITED STATES-40.0% Abbott Laboratories.................... 50,000 1,968,750
Allergan............................... 45,000 1,220,625
Allied-Signal.......................... 35,000 1,386,875
Amerada Hess........................... 13,000 658,125
American Home Products................. 40,000 3,085,000
Anadigics.............................. 5,000 66,875
Boeing................................. 40,000 2,200,000
CBI Industries......................... 35,000 866,250
Citicorp............................... 40,000 1,855,000
Comerica............................... 40,000 1,150,000
Dow Chemical........................... 20,000 1,390,000
Dual Drilling...................... (a) 78,000 682,500
du Pont (E.I.) de Nemours.............. 45,000 2,964,375
Exxon.................................. 15,000 1,044,375
FMC.................................(a) 40,000 2,455,000
First Interstate Bancorp............... 30,000 2,306,250
Grace (W.R.) & Co...................... 35,000 1,876,875
Illinois Central, Ser. A............... 25,000 878,125
Johnson & Johnson...................... 36,000 2,340,000
Lubrizol............................... 50,000 1,743,750
Mattel................................. 87,500 2,078,125
McKesson............................... 38,000 1,505,750
Monsanto............................... 17,500 1,456,875
Novell..............................(a) 150,000 3,262,500
OM Group............................... 25,000 596,875
Occidental Petroleum................... 75,000 1,725,000
Pacific Telesis Group.................. 30,000 926,250
Parker & Parsley Petroleum............. 50,000 1,068,750
Pfizer................................. 20,000 1,732,500
Premark International.................. 25,000 1,206,250
Shawmut National....................... 60,000 1,590,000
TRINOVA................................ 35,000 1,216,250
Talbots................................ 30,000 911,250
Texaco................................. 40,000 2,735,000
Thermo Electron.....................(a) 15,000 808,125
Tyco International..................... 15,000 787,500
Witco.................................. 65,000 1,860,625
--------------
57,606,375
--------------
TOTAL COMMON STOCKS
(cost $106,716,192).................. $113,568,609
==============
PREMIER GLOBAL INVESTING, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1995 (UNAUDITED)
PREFERRED STOCKS-1.5% SHARES VALUE
----------- -----------
GERMANY: Jungheinrich A.G. (non-voting)
(cost $2,142,407).................... 10,282 $ 2,260,188
===============
PRINCIPAL
SHORT-TERM INVESTMENTS-16.8% AMOUNT
--------------
U.S. TREASURY BILLS: 5.68%, 5/11/95......................... $....2,310,000 $ 2,305,750
5.01%, 6/1/95.......................... 20,025,000 19,921,070
6.37%, 7/6/95.......................... 1,050,000 1,038,817
6.25%, 7/20/95......................... 960,000 947,626
--------------
TOTAL SHORT-TERM INVESTMENTS
(cost $24,220,662)................... $ 24,213,263
=============
TOTAL INVESTMENTS (cost $133,079,261)....................................... 97.1% $ 140,042,060
========== =============
CASH AND RECEIVABLES (NET)...... ........................................... 2.9% $ 4,115,977
========== =============
NET ASSETS.................................................................. 100.0% $ 144,158,037
========== =============
</TABLE>
NOTE TO STATEMENT OF INVESTMENTS;
(a) Non-income producing.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
PREMIER GLOBAL INVESTING, INC.
STATEMENT OF ASSETS AND LIABILITIES APRIL 30, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $133,079,261)-see statement..................................... $140,042,060
Cash.................................................................... 325,164
Receivable for investment securities sold............................... 4,671,259
Dividends and interest receivable....................................... 316,778
Receivable for subscriptions to Common Stock............................ 33,804
Prepaid expenses........................................................ 45,311
------------
145,434,376
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 88,775
Due to Distributor...................................................... 45,286
Payable for investment securities purchased............................. 822,751
Payable for shares of Common Stock redeemed............................. 75,171
Net unrealized (depreciation) on forward currency exchange contracts-Note 3 (a) 44,018
Accrued expenses........................................................ 200,338 1,276,339
----------- -------------
NET ASSETS ................................................................ $144,158,037
=============
REPRESENTED BY:
Paid-in capital......................................................... $137,547,246
Accumulated undistributed investment income-net......................... 729,943
Accumulated net realized (loss) on investments and foreign currency transactions (1,047,286)
Accumulated net unrealized appreciation on investments and
foreign currency transactions......................................... 6,928,134
------------
NET ASSETS at value......................................................... $144,158,037
=============
Shares of Common Stock outstanding:
Class A Shares
(300 million shares of $.001 par value authorized).................... 4,629,845
============
Class B Shares
(300 million shares of $.001 par value authorized).................... 4,856,742
============
NET ASSET VALUE per share:
Class A Shares ($70,681,237 / 4,629,845 shares)......................... $15.27
======
Class B Shares ($73,476,800 / 4,856,742 shares)......................... $15.13
======
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
PREMIER GLOBAL INVESTING, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED APRIL 30, 1995 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest.............................................................. $ 1,477,836
Cash dividends (net of $38,146 foreign taxes withheld at source)...... 644,830
-----------
TOTAL INCOME...................................................... $ 2,122,666
EXPENSES:
Management fee-Note 2(a).............................................. 543,721
Distribution fees (Class B shares)-Note 2(b).......................... 274,358
Shareholder servicing costs-Note 2(c)................................. 253,387
Custodian fees........................................................ 52,004
Professional fees..................................................... 26,223
Registration fees..................................................... 25,369
Shareholders' reports................................................. 12,128
Directors' fees and expenses-Note 2(d)................................ 9,009
Dividends on securities sold short.................................... 7,500
Miscellaneous......................................................... 10,231
-----------
TOTAL EXPENSES.................................................... 1,213,930
-----------
INVESTMENT INCOME-NET............................................. 908,736
-----------
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized gain on investments-Note 3(a):
Long transactions (including options transactions and
foreign currency transactions).................................... $ 387,782
Short sale transactions............................................... 36,304
Net realized (loss) on forward currency exchange contracts-Note 3(a);
Short transactions.................................................... (106,042)
Net realized (loss) on financial futures-Note 3(a):
Long transactions..................................................... (52,225)
Short transactions.................................................... (1,346,794)
-----------
NET REALIZED LOSS..................................................... (1,080,975)
Net unrealized (depreciation) on investments, securities sold short and foreign
currency transactions [including $349,538 net unrealized appreciation on
financial futures and ($65,343) net unrealized (depreciation) on options written] (1,554,916)
-----------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS..................... (2,635,891)
-----------
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................... $(1,727,155)
===========
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
PREMIER GLOBAL INVESTING, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
OCTOBER 31, APRIL 30, 1995
1994 (UNAUDITED)
-------------- ----------------
<S> <C> <C>
OPERATIONS:
Investment income-net.................................................. $ 892,059 $ 908,736
Net realized gain (loss) on investments................................ 2,894,178 (1,080,975)
Net unrealized appreciation (depreciation) on investments for the period 2,120,318 (1,554,916)
-------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.. 5,906,555 (1,727,155)
-------------- ----------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Class A shares....................................................... (360,444) (718,624)
Class B shares....................................................... (147,982) (198,110)
Net realized gain on investments:
Class A shares....................................................... (2,787,429) (1,189,446)
Class B shares....................................................... (1,716,592) (1,188,660)
-------------- ----------------
TOTAL DIVIDENDS.................................................. (5,012,447) (3,294,840)
-------------- ---------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class A shares....................................................... 28,481,082 5,416,934
Class B shares....................................................... 38,967,304 4,195,120
Dividends reinvested:
Class A shares....................................................... 2,760,814 1,803,995
Class B shares....................................................... 1,812,914 1,335,890
Cost of shares redeemed:
Class A shares....................................................... (28,186,931) (12,836,879)
Class B shares....................................................... (4,777,156) (6,649,424
-------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS 39,058,027 (6,734,364)
-------------- ---------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................ 39,952,135 (11,756,359)
NET ASSETS:
Beginning of period.................................................... 115,962,261 155,914,396
-------------- ---------------
End of period (including undistributed investment income-net:
$737,941 in 1994 and $729,943 in 1995)............................... $155,914,396 $144,158,037
============= ==============
</TABLE>
<TABLE>
<CAPTION>
SHARES
-------------------------------------------------------------------------
CLASS A CLASS B
------------------------------------ ----------------------------------
YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED
OCTOBER 31, APRIL 30, 1995 OCTOBER 31, APRIL 30, 1995
1994 (UNAUDITED) 1994 (UNAUDITED)
---------------- ------------------- ----------------- ---------------
<S> <C> <C> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Shares sold......................... 1,803,615 361,268 2,481,600 280,570
Shares issued for dividends reinveste 180,445 123,731 119,192 92,194
Shares redeemed..................... (1,793,995) (862,661) (307,947) (448,849)
---------------- ------------------- ----------------- ---------------
CAPITAL SHARE TRANSACTIONS:
IN SHARES OUTSTANDING......... 190,065 (377,662) 2,292,845 (76,085)
------------ ------------------- -------------- -------------
</TABLE>
See independent accountants' review report and notes to financial statements.
PREMIER GLOBAL INVESTING, INC.
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 the Fund's financial statements.
<TABLE>
<CAPTION>
CLASS A SHARES CLASS B SHARES
-------------------------------------- ---------------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
YEAR ENDED OCTOBER 31, APRIL 30, 1995 YEAR ENDED OCTOBER 31, APRIL 30, 1995
----------------------- -----------------------
PER SHARE DATA: 1992(1) 1993 1994 (UNAUDITED) 1993(2) 1994 (UNAUDITED)
------- ------ ------- ----------------- -------- --------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.50 $13.68 $15.58 $15.78 $13.51 $15.49 $15.59
------- ------ ------- ----------------- --------- -------- --------------
INVESTMENT OPERATIONS:
Investment income (loss)-net.......... . .05 .10 .15 .13 (.01) .06 .07
Net realized and unrealized gain (loss)
on investments............ 1.13 2.01 .71 (.25) 1.99 .67 (.25)
-------- ------ ------- --------------- --------- -------- --------------
TOTAL FROM INVESTMENT OPERATIONS......... 1.18 2.11 .86 (.12) 1.98 .73 (.18)
------- ------ ------- ----------------- ----------- -------- -------------
DISTRIBUTIONS:
Dividends from investment income-net.. -- (.09) (.08) (.15) -- (.05) (.04)
Dividends from net realized gain on
investments -- (.12) (.58) (.24) -- (.58) (.24)
------- ------- ------- ----------------- ----------- -------- --------------
TOTAL DISTRIBUTIONS............. -- (.21) (.66) (.39) -- (.63) (.28)
------- ------- ------- ----------------- ----------- -------- --------------
Net asset value, end of period.... $13.68 $15.58 $15.78 $15.27 $15.49 $15.59 $15.13
======== ======== ======= ================= ========== ========= ==============
TOTAL INVESTMENT RETURN (3)............... 9.44%(4) 15.66% 5.62% (.68%)(4) 14.66%(4) 4.82% (1.08%)(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of operating expenses to
average net assets 1.76%(4) 1.66% 1.38% .63%(4) 1.96%(4) 2.15% 1.00%(4)
Ratio of dividends on securities sold
short to
average net assets............... -- .01% .01% .01%(4) .01%(4) -- .01%(4)
Ratio of net investment income (loss) to
average net assets............... .74%(4) .98% .95% .81%(4) (.18%)(4) .23% .44%(4)
Portfolio Turnover Rate............ 208.70%(4) 179.28% 156 .98% 109.06%(4) 179.28% 156.98% 109.06%(4)
Net Assets, end of period
(000's Omitted)..................... $35,669 $75,066 $79,017 $70,681 $40,897 $76,897 $73,477
- ------------------------------
(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, INC.
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. Premier Mutual Fund
Services, Inc. (the "Distributor") is engaged as the Fund's distributor. 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. The Dreyfus Corporation ("Manager") serves as the Fund's investment
advisor. The Manager is a direct subsidiary of Mellon Bank, N.A.
On January 23, 1995, the Fund's directors approved a change of the Fund's
name, effective February 28, 1995, from "Dreyfus Global Investing, Inc." to
"Premier Global Investing, Inc."
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.
Investments denominated in foreign currencies are translated to U.S. dollars
at the prevailing rates of exchange.
(B) FOREIGN CURRENCY TRANSACTIONS: The Fund does not isolate that portion
of the results of operations resulting from changes in foreign exchange rates
on investments from the fluctuations arising from changes in market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss from investments.
Net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, sales of foreign currencies, currency
gains or losses realized on securities transactions, 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 or losses arise from
changes in the value of assets and liabilities other than investments in
securities at fiscal year end, resulting from changes in exchange rate.
(C) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Dividend
income is recognized on the ex-dividend date and interest income, including,
where applicable, amortization of discount on investments, is recognized on
the accrual basis.
(D) DIVIDENDS TO SHAREHOLDERS: Dividends are recorded on the ex-dividend
date. Dividends from investment income-net and dividends from net realized
capital gain are normally declared and paid annually, but the Fund may make
distributions on a more frequent basis to comply with the distribution
PREMIER GLOBAL INVESTING, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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.
(E) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise 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, 1995.
The Dreyfus Service Corporation retained $151,131 during the six months
ended April 30, 1995 from commissions earned on sales of the Fund's shares.
(B) Under a Distribution Plan (the "Plan") adopted pursuant to Rule 12b-1
under the Act, the Fund pays the Distributor for distributing the Fund's
Class B shares at an annual rate of .75 of 1% of the value of the average
daily net assets of Class B shares. During the six months ended April 30,
1995, $274,358 was charged to the Fund pursuant to the 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,
1995, $89,788 and $91,452 were charged to Class A and Class B shares,
respectively, by the Distributor pursuant to the Shareholder Services Plan.
(D) Each director who is not an "affiliated person," as defined in the
Act, receives an annual fee of $1,000 and an attendance fee of $250 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
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, options transactions and forward currency transactions during the
six months ended April 30, 1995:
<TABLE>
<CAPTION>
PREMIER GLOBAL INVESTING, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
PURCHASES SALES
--------------- ----------------
<S> <C> <C>
Long transactions................................................ $109,672,482 $100,221,936
Short sale transactions.......................................... 5,271,275 3,637,235
--------------- ----------------
TOTAL.......................................................... $114,943,757 $103,859,171
=============== ===============
</TABLE>
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, 1995, there were no securities sold short outstanding.
In addition, the following summarizes open forward currency exchange
contracts at April 30, 1995:
<TABLE>
<CAPTION>
U.S. DOLLAR UNREALIZED
FORWARD CURRENCY SALE CONTRACTS PROCEEDS VALUE (DEPRECIATION)
----------- -------------- ---------------
<S> <C> <C> <C>
Swedish Krona, expiring 7/28/95.............. $4,562,044 $4,606,062 $(44,018)
===============
</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 is typically limited to the unrealized gains on such contracts that
are recognized in the statement of assets and liabilities.
In addition, the following table summarizes the Fund's call options
written transactions for the six months ended April 30, 1995:
<TABLE>
<CAPTION>
OPTIONS TERMINATED
----------------------------
NET
NUMBER OF PREMIUMS REALIZED
CONTRACTS RECEIVED COST GAIN
------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
OPTIONS WRITTEN:
Contracts outstanding October 31, 1994...... 30 $186,249
Contracts written........................... -- --
----------- ------------
30 186,249
Contracts Terminated;
Closed.................................... 30 186,249 $110,304 $ 75,945
------------ ------------ ------------ ----------
TOTAL CONTRACTS TERMINATED............ 30 186,249 $110,304 $ 75,945
------------ ------------ ------------ ----------
Contracts outstanding April 30, 1995....... -- $ -
============ ============
</TABLE>
PREMIER GLOBAL INVESTING, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
As a writer of call 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, to
the extent of the premiums, if the price of the underlying financial instrument
decreases between the date the option is written and the date on which the
option is terminated. Generally, the Fund would realize a loss, if the price of
the financial instrument increases between those dates.
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. Generally,
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. At April 30, 1995, there were no financial futures contracts
outstanding.
(B) At April 30, 1995, accumulated net unrealized appreciation on
investments was $6,918,780, consisting of $7,908,640 gross unrealized
appreciation and $989,860 gross unrealized depreciation, excluding foreign
currency transactions.
At April 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).
PREMIER GLOBAL INVESTING, INC.
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
PREMIER GLOBAL INVESTING, INC.
We have reviewed the accompanying statement of assets and liabilities of
Premier Global Investing, Inc., including the statements of investments, as
of April 30, 1995, and the related statements of operations and changes in
net assets and financial highlights for the six month period ended April 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 October
31, 1994 and financial highlights for each of the three years in the period
ended October 31, 1994 and in our report dated December 6, 1994, we expressed
an unqualified opinion on such statement of changes in net assets and
financial highlights.
(Ernest & Young LLP Signature Logo)
New York, New York
June 8, 1995
PREMIER GLOBAL INVESTING
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. 092SA954
Semi-Annual Report
PREMIER GLOBAL
INVESTING, INC.
April 30, 1995
(Dreyfus Logo)
