<PAGE>
Semi-Annual Report
Premier Global
Investing, Inc.
April 30, 1996
<PAGE>
Premier Global Investing, Inc.
- -----------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
It is my pleasure to introduce Ronald Chapman, who took over management
of Premier Global Investing, Inc. in early 1996. He now heads International
Equity Investing for Dreyfus.
Prior to joining our staff, Ron was actively involved in international
research and portfolio management at the Northern Trust Company for the past
ten years. He was instrumental in building that organization's highly
competitive products and performance record in international equities.
Earlier in his career, Ron served as an energy industry analyst in the
investment research departments of Northern Trust and Continental Illinois
Bank.
Ron brings to Dreyfus a disciplined approach to asset allocation and
portfolio construction. We have great confidence in his ability to manage
international investments for the benefit of Dreyfus shareholders.
Sincerely,
Stephen Canter
Chief Investment Officer
The Dreyfus Corporation
<PAGE>
Premier Global Investing, Inc.
- ------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
You will be interested to know that Premier Global Investing, Inc. for
the fiscal half-year ended April 30, 1996, achieved a total return of 15.06%
for its Class A shares, 14.57% for Class B shares, 14.56% for Class C shares,
and 15.11% for Class R shares.*
By comparison, the total return for the Morgan Stanley Capital
International World Index was 13.37% for the same six-month period.**
During this period, the Fund benefited from the strong performance of
Asian housing and real estate stocks as consumers in that part of the world
continued to use their rapidly rising personal incomes to upgrade their
living quarters. Business demand for prime commercial real estate was also
strong. The Japanese market rose markedly during the period. Though the Fund
had only a few investments in the Tokyo market, this strength in Asian real
estate stocks and a number of other individual issues powered the Fund ahead
of the Morgan Stanley Capital International World Index.
STRATEGIC APPROACH
As the new manager of your Fund I would like to take this opportunity to
lay out my investment approach before explaining my current strategy for the
Fund in the latter part of this letter.
During my twelve years in the international equity management business I
have developed an investment process designed to deliver to investors a
portfolio that includes a wide variety of holdings in fifteen to twenty-five
markets around the world. This includes exposure to rapidly growing emerging
markets when they are attractive for investment, and active currency
management.
The crucial challenge for a global investor is how to judge the relative
attractiveness of various markets when there are scores to choose from. I
address this challenge by evaluating inputs on growth, valuation, interest
rates, liquidity, technical factors and currency in each of the world's major
markets. My work in these areas is driven by PC-based tools I have developed
over time. Markets and industry sectors will be overweighted, underweighted
or market weighted relative to those of the Morgan Stanley Capital
International World Index.
Markets and industry sectors are overweighted or underweighted by no more
than 70%, with two exceptions. First, the two largest markets in the world,
the U.S. and Japan, have a 50-150% weighting band. The second exception is
the asset class of emerging markets. While these markets comprise only four
percent of the World Index, Premier Global Investing currently intends to
invest up to twenty percent of its assets in this area when significant
opportunities present themselves. The reason for this policy is twofold.
First, emerging markets have the highest cyclical Gross Domestic Product and
Earnings Per Share growth rates in the world, and a global portfolio should
offer shareholders substantial exposure to this long-term opportunity.
Second, emerging markets often reach valuation extremes seldom seen in more
developed equity markets. Making a significant investment at the appropriate
time positions the Fund to benefit from these extraordinary opportunities.
In the investment process I have developed, stocks are managed in a
disciplined way. I search for stocks expected to have higher earnings growth
rates than the market in which they trade. Attractive companies often have
made a change in corporate management, strategy or business structure that
will positively alter their future growth rate. Stocks purchased also need to
have attractive valuations compared both to their own history and to that of
the local market. Companies are sold when growth is forecast to fall below my
own or consensus estimates, the valuation target is reached or the weighting
in that market reduced as a result of an asset allocation decision.
Foreign currencies are at least partially hedged, where practicable, when
I believe that a given currency has 10% or more downside potential against
the U.S. dollar over the next twelve to eighteen months.
CURRENT OUTLOOK
What does my work reveal about global investing at the moment, and what
have I done to position your Fund to seek to benefit?
<PAGE>
First, the relatively low interest rates prevailing around the world over
the last several years are finally producing (as they nearly always do) a
period of fairly strong growth. I believe that global growth will be stronger
in the latter half of 1996 and in 1997 than most investors now believe
possible. In fact, all the world's major economic engines--Japan, the U.S.A.,
Europe, and the emerging economies of Asia, Latin America and Eastern
Europe--should be growing simultaneously in the latter part of 1996 and into
1997 for the first time since the late 1980s. This conclusion has led me to
eschew many of the stable growth companies that have performed so well over
the last several years of low growth and falling interest rates. Areas such
as pharmaceuticals and European stable growth stocks have been sold in favor
of more economically sensitive equities such as Japanese retailers and
consumer electronics issues, U.S. technology stocks, and engineering
companies in Europe and Japan.
Second, while I cannot be as bullish about the Japanese market as I was
during the summer of 1995 when the major indices in Tokyo were nearly 50%
lower, Japan remains a major focus of investment in your Fund. Earnings
growth for that market's non-financial companies rose sharply in the fiscal
year ending March 31, 1996 and are set to do so again in the current year. As
a result, the price-earnings ratio on the Japanese market is dropping rapidly
against a still relatively benign interest rate environment. Other market
factors I look at, including liquidity and technical analysis, also appear to
offer further market gains. Some investments have been sold in the U.S.,
where valuations appeared high, interest rates are rising and earnings may
well disappoint, and may be redeployed in Japan.
Third, I have broadly invested in European markets to make the overall
weighting in your Fund roughly equal to the Morgan Stanley Capital
International World Index weight for Europe. There are two areas of
concentration in the European portion of Premier Global Investing, Inc. These
are, as mentioned above, economically sensitive stocks and the vast number of
European companies that are in the process of restructuring. This latter
trend has not received much attention in the popular press on this side of
the Atlantic, but in a large number of European companies, financial return
targets are being more sharply defined and, in most cases, raised,
underperforming and non-core assets are being sold, excess employment
reduced, and the needs of shareholders raised in priority. Your Fund has
investments in a significant number of these companies.
Fourth, emerging markets in Asia, Latin America and Eastern Europe began
1996 with sharp rises. Your Fund's large emerging markets investments of a
few months ago have been dramatically reduced and large profits realized.
Many are now consolidating. I believe the consolidation period will last into
the summer but that many emerging markets will end 1996 a good deal higher
than they currently stand. As investors become acclimated to a world of high
growth and, unfortunately, somewhat higher interest rates, they will also
realize that, in previous periods of strong global growth, emerging markets
performed quite well.
Lastly, trends in U.S. interest rates and growth compared to those of
Europe point toward a period of weaker European currencies. Premier Global
Investing's European currency exposure has been partially hedged as a result.
Ownership of Premier Global Investing, Inc. may offer a world of
opportunity to increase your long-term capital. I continue to manage the Fund
toward that goal.
Sincerely,
Ron Chapman
Portfolio Manager
May 14, 1996
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains
paid, 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 and Class C 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.
<PAGE>
<TABLE>
<CAPTION>
Premier Global Investing, Inc.
- -------------------------------------------------------------------------------
Statement of Investments April 30, 1996 (Unaudited)
Common Stocks-91.8% Shares Value
- ----------------------------------------------- ----------- ------------
<S> <C> <C>
Canada-1.0% Ranger Oil ...................... 200,000 $ 1,500,000
------------
France-4.5% Danone .......................... 5,000 754,735
Elf Aquitaine ................... 21,000 1,559,780
Lafarge SA ...................... 32,000 2,047,159
Michelin, Cl. B ................. 50,000 2,474,874
------------
6,836,548
------------
Germany-2.9% Continental AG .................. 90,000 1,554,155
Deutsche Bank AG ................ 30,000 1,437,031
Thyssen AG ...................... 8,000 1,449,370
------------
4,440,556
------------
Hong Kong-4.4% HSBC Holdings ................... 50,000 746,587
Hang Seng Bank .................. 70,000 710,389
Hutchison Whampoa ............... 95,000 589,513
Hysan Development ............... 320,000 1,028,028
Hysan Development (warrants) ......(a) 16,000 1,407
Sun Hung Kai Properties ........... 65,000 619,731
Swire Pacific, Cl. A ............ 135,000 1,151,877
Wharf Holdings .................. 240,000 888,923
Wing Hang Bank .................. 275,000 1,006,115
-----------
6,742,570
-----------
Indonesia-4.7% Astra International ............. 670,000 992,913
Gudang Garam .................... 318,000 2,288,016
Hanjaya Mandala Sampoerna ....... 150,000 1,659,149
Matahari Putra Prima ............ 1,097,500 2,203,957
-----------
7,144,035
-----------
Italy-1.6% Fiat SPA ........................ 450,000 1,531,412
Parmalat Finanziaria SPA ........ 850,000 936,279
-----------
2,467,691
-----------
Japan-27.2% Alpine Electronics .............. 56,000 1,098,248
Amada ........................... 201,000 2,334,539
Circle K Japan .................. 40,800 1,786,748
Credit Saison ................... 35,000 863,005
Daikin Industries ............... 196,000 2,164,509
Daiwa House Industry ............ 50,000 794,935
Daiwa Securities ................ 73,000 1,118,907
Fuji Bank ....................... 35,000 763,043
Ishikawajima-Harima Heavy ....... 340,000 1,683,168
Isuzu Motors .................... 246,000 1,402,837
Jusco ........................... 41,000 1,264,661
Kobe Steel ......................(a) 311,000 962,252
Long-Term Credit Bank of Japan .. 136,000 1,174,334
</TABLE>
<PAGE>
Premier Global Investing, Inc.
- ------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Common Stocks (continued) Shares Value
- ----------------------------------------------- ---------- -----------
<S> <C> <C>
Japan (continued) Maruzen ....................... 9,000 $ 161,938
Matsushita Electric Industrial 100,000 1,761,234
Mitsubishi Chemical ........... 174,000 950,838
Mitsubishi Heavy Industries ... 190,000 1,689,452
Mitsubishi Materials .......... 285,000 1,709,349
Mitsui & Co. .................. 176,000 1,670,525
NKK ...........................(a) 240,000 749,429
Nichiei ....................... 16,000 1,066,260
Nichii Gakkan ................. 15,400 825,419
Nippon Yakin Kogyo ............ 134,000 695,259
Nissan Motor .................. 175,000 1,472,772
Nomura Securities ............. 68,000 1,476,009
Ricoh ......................... 170,000 1,990,670
Sanyo Electric ................ 153,000 973,001
Sony .......................... 23,000 1,488,957
Sumitomo Bank ................. 38,000 810,358
Sumitomo Metal Mining ......... 170,000 1,715,537
Takashimaya ................... 120,000 1,953,542
Xebio ......................... 24,000 891,089
-----------
41,462,824
-----------
Netherlands-2.1% Koninklijke Bijenkorf Beheer .. 25,000 1,671,045
VNU-Verenigde Nederlandse
Uitgeversbedrijven
Verenigd Bezit .............. 90,000 1,513,135
-----------
3,184,180
-----------
Norway-.8% UNI-Storebrand AS, Cl. A .......(a) 250,000 1,190,223
-----------
Singapore-3.4% Cycle & Carriage ............... 70,000 846,674
Fraser & Neave ................. 67,000 743,650
Jardine Matheson Holdings ...... 100,000 800,000
Malayan Credit ................. 290,000 596,300
Overseas Union Bank ............ 147,000 1,140,021
Singapore Land ................. 52,000 369,975
Wing Tai Holdings .............. 255,000 660,406
-----------
5,157,026
-----------
Spain-.4% Cubiertas y Mzov SA ............ 9,000 575,055
-----------
Sweden-5.4% Astra AB, Ser. A ............... 30,000 1,329,502
Ericsson (LM) Telephone, Cl. B,
A.D.R. ...................... 80,000 1,630,000
Scania AB, Ser. A .............. 31,000 856,643
Scania AB, Ser. B .............. 61,000 1,681,170
Skandia Group Forsakrings AB ... 53,000 1,207,502
Svenskt Stal AB, Ser. B ........ 125,000 1,524,995
-----------
8,229,812
-----------
</TABLE>
<PAGE>
Premier Global Investing, Inc.
- -------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Common Stocks (continued) Shares Value
- ----------------------------------------------- ---------- ------------
<S> <C> <C>
Switzerland-3.0% Roche Holding AG ................ 170 $ 1,334,446
Sandoz AG ....................... 3,000 3,270,096
------------
4,604,542
------------
United Kingdom-7.8% Barclays PLC .................... 150,000 1,664,722
British Telecommunications PLC .. 450,000 2,473,333
Cookson Group PLC ............... 385,000 1,808,387
Royal Bank of Scotland Group .... 200,000 1,563,692
Telewest PLC ....................(a) 575,000 1,460,967
United Utilities PLC ............ 140,000 1,253,969
Williams Holdings ............... 300,000 1,560,676
------------
11,785,746
------------
United States-22.6% AlliedSignal .................... 25,700 1,493,812
American Home Products .......... 10,000 1,055,000
Boeing .......................... 15,000 1,231,875
CapMac Holdings ................. 55,000 1,601,875
cisco Systems ...................(a) 26,000 1,348,750
Cree Research ...................(a) 170,500 3,111,625
Culligan Water Technologies ..... 32,500 1,096,875
Digital Equipment ...............(a) 27,000 1,613,250
Ford Motor ...................... 70,000 2,511,250
Grace (W.R.) & Co. .............. 25,000 1,937,500
Landstar Systems ................(a) 40,000 1,100,000
Lyondell Petrochemical .......... 50,000 1,468,750
Metromedia International Group ..(a) 110,000 1,485,000
Olin ............................ 25,000 2,212,500
Parker-Hannifin ................. 25,000 1,056,250
Pfizer .......................... 14,000 964,250
Renal Care Group ................ 25,000 862,500
Seagate Technology ..............(a) 28,000 1,624,000
Union Carbide ................... 65,000 2,957,500
Varity ..........................(a) 25,000 1,065,625
Warner-Lambert .................. 13,000 1,452,750
Witco ........................... 35,000 1,194,375
------------
34,445,312
------------
TOTAL COMMON STOCKS
(cost $126,750,399) ........... $139,766,120
------------
------------
Preferred Stocks-1.0%
- --------------------------------------------------
Germany; Henkel KGaA
(cost $1,499,912) ............. 4,000 $ 1,532,937
------------
------------
</TABLE>
<PAGE>
Premier Global Investing, Inc.
- ------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Short-Term Investments-4.8% Amount Value
- ---------------------------------------------------- ----------- ------------
<S> <C> <C>
U.S. Treasury Bills: 4.88%, 7/5/96 ............... $6,461,000 $ 6,402,980
4.98%, 7/25/96 .............. 988,000 976,352
------------
TOTAL SHORT-TERM INVESTMENTS
(cost $7,380,482) .......... $ 7,379,332
------------
------------
TOTAL INVESTMENTS (cost $135,630,793) .................... 97.6% $148,678,389
------ ------------
------ ------------
CASH AND RECEIVABLES (NET) ............................... 2.4% $ 3,579,747
------ ------------
------ ------------
NET ASSETS ............................................... 100.0% $152,258,136
------ ------------
------ ------------
</TABLE>
Note to Statement of Investments;
- ------------------------------------------------------------------------------
(a) Non-income producing.
See independent accountants' review report and notes to financial statements.
<PAGE>
<TABLE>
Premier Global Investing, Inc.
- ------------------------------------------------------------------------------
Statement of Assets and Liabilities April 30, 1996 (Unaudited)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $135,630,793)-see statement ......................... $148,678,389
Cash ........................................................ 48,045
Receivable for investment securities sold ................... 7,092,154
Dividends and interest receivable ........................... 518,158
Net unrealized appreciation on forward currency
exchange contracts-Note 3(a) .............................. 458,193
Prepaid expenses ............................................ 30,116
------------
156,825,055
LIABILITIES:
Due to The Dreyfus Corporation .............................. $ 92,203
Due to Distributor .......................................... 78,792
Payable for investment securities purchased ................. 4,207,179
Payable for shares of Common Stock redeemed ................. 946
Accrued expenses ............................................ 187,799 4,566,919
---------- ------------
NET ASSETS .................................................... $152,258,136
------------
------------
REPRESENTED BY:
Paid-in capital ............................................. $126,810,490
Accumulated distributions in excess of investment income-net (68,734)
Accumulated net realized gain on investments and
foreign currency transactions ............................... 12,010,941
Accumulated net unrealized appreciation on investments and
foreign currency transactions ............................... 13,505,439
------------
NET ASSETS at value ........................................... $152,258,136
------------
------------
Shares of Common Stock outstanding:
Class A Shares
(300 million shares of $.001 par value authorized) ........ 4,220,359
------------
------------
Class B Shares
(300 million shares of $.001 par value authorized) ........ 4,616,568
------------
------------
Class C Shares
(300 million shares of $.001 par value authorized) ........ 377
------------
------------
Class R Shares
(300 million shares of $.001 par value authorized) ........ 87
------------
------------
NET ASSET VALUE per share:
Class A Shares ($73,081,279 / 4,220,359 shares) ............ $17.32
------
------
Class B Shares ($79,168,944 / 4,616,568 shares) ............ $17.15
------
------
Class C Shares ($6,403 / 377.316 shares) ................... $16.97
------
------
Class R Shares ($1,510 / 87.325 shares) .................... $17.29
------
------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
<TABLE>
Premier Global Investing, Inc.
- ------------------------------------------------------------------------------
Statement of Operations six months ended April 30, 1996 (Unaudited)
<S> <C> <C>
INVESTMENT INCOME:
Income:
Cash dividends (net of $65,583 foreign taxes withheld at source)...... $ 1,066,897
Interest.............................................................. 413,288
-----------
Total Income...................................................... $ 1,480,185
Expenses:
Management fee--Note 3(a).............................................. 543,163
Distribution fees--Note 3(b)........................................... 280,164
Shareholder servicing costs--Note 3(c)................................. 266,120
Custodian fees......................................................... 65,514
Registration fees...................................................... 21,393
Professional fees...................................................... 19,858
Directors' fees and expenses--Note 3(d)................................ 13,516
Prospectus and shareholders' reports................................... 11,208
Miscellaneous.......................................................... 11,081
-----------
Total Expenses..................................................... 1,232,017
-----------
INVESTMENT INCOME--NET............................................. 248,168
-----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments and foreign currency
transactions--Note 4(a)................................................ $11,370,139
Net realized (loss) on forward currency exchange contracts--Note 4(a);
Short transactions..................................................... (237,027)
Net realized gain on financial futures--Note 4(a);
Short transactions..................................................... 865,064
-----------
Net Realized Gain...................................................... 11,998,176
Net unrealized appreciation on investments, forward currency exchange
contracts and foreign currency transactions............................ 7,864,353
-----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS.................... 19,862,529
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS......................... $20,110,697
-----------
-----------
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
Premier Global Investing, Inc.
- ------------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended Six Months Ended
October 31, April 30, 1996
1995 (Unaudited)
------------ ------------
<S> <C> <C>
OPERATIONS:
Investment income--net............................................... $ 1,451,703 $ 248,168
Net realized gain on investments..................................... 7,232,789 11,998,176
Net unrealized appreciation (depreciation) on investments for
the period......................................................... (2,841,964) 7,864,353
------------ ------------
Net Increase In Net Assets Resulting From Operations............. 5,842,528 20,110,697
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A Shares..................................................... (718,624) (1,028,807)
Class B Shares..................................................... (198,110) (560,967)
Class C Shares..................................................... -- (18)
Class R Shares..................................................... -- (20)
Net realized gain on investments:
Class A Shares..................................................... (1,189,446) (3,506,346)
Class B Shares..................................................... (1,188,660) (3,747,259)
Class C Shares..................................................... -- (53)
Class R Shares..................................................... -- (55)
------------ ------------
Total Dividends.................................................. (3,294,840) (8,843,525)
------------ ------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class A Shares..................................................... 10,636,355 10,523,160
Class B Shares..................................................... 6,041,105 1,935,184
Class C Shares..................................................... 1,000 5,000
Class R Shares..................................................... 1,067 427
Dividends reinvested:
Class A Shares..................................................... 1,803,995 4,352,170
Class B Shares..................................................... 1,335,890 4,154,672
Class C Shares..................................................... -- 71
Class R Shares..................................................... -- 75
Cost of shares redeemed:
Class A Shares..................................................... (24,001,138) (15,714,577)
Class B Shares..................................................... (13,478,681) (5,066,732)
Class C Shares..................................................... -- --
Class R Shares..................................................... -- (163)
------------ ------------
Increase (Decrease) In Net Assets From Capital Stock Transactions (17,660,407) 189,287
------------ ------------
Total Increase (Decrease) In Net Assets........................ (15,112,719) 11,456,459
NET ASSETS:
Beginning of period.................................................. 155,914,396 140,801,677
------------ ------------
End of period [including undistributed investment income--net;
$1,272,910 in 1995 and distributions in excess of investment
income--net; ($68,734) in 1996]..................................... $140,801,677 $152,258,136
------------ ------------
------------ ------------
</TABLE>
<PAGE>
Premier Global Investing, Inc.
- ------------------------------------------------------------------------------
Statement of Changes in Net Assets (continued)
<TABLE>
<CAPTION>
Shares
-----------------------------------------------------------------
Class A Class B
--------------------------------- -----------------------------
Year Ended Six Months Ended Year Ended Six Months Ended
October 31, April 30, 1996 October 31, April 30, 1996
1995 (Unaudited) 1995 (Unaudited)
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Shares sold............................. 688,193 653,127 396,520 119,908
Shares issued for dividends reinvested.. 123,731 280,062 92,194 269,259
Shares redeemed......................... (1,560,618) (971,643) (879,387) (314,753)
---------- -------- -------- --------
Net Increase (Decrease)
In Shares Outstanding............... (748,694) (38,454) (390,673) 74,414
---------- -------- -------- --------
---------- -------- -------- --------
</TABLE>
<TABLE>
<CAPTION>
Shares
-----------------------------------------------------------------
Class C Class R
--------------------------------- -----------------------------
Period Ended Six Months Ended Period Ended Six Months Ended
October 31, April 30, 1996 October 31, April 30, 1996
1995* (Unaudited) 1995* (Unaudited)
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
CAPITAL SHARE TRANSACTIONS:
Shares sold............................. 63 310 66 26
Shares issued for dividends reinvested.. -- 5 -- 5
Shares redeemed......................... -- -- -- (10)
---------- -------- -------- --------
Net Increase
In Shares Outstanding............... 63 315 66 21
---------- -------- -------- --------
---------- -------- -------- --------
<FN>
*From September 5, 1995 (commencement of initial offering) to October 31, 1995.
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
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
---------------------------------------------------------------------
Year Ended October 31, Six Months Ended
-------------------------------------------------- April 30, 1996
PER SHARE DATA: 1992(1) 1993 1994 1995 (Unaudited)
------- ------ ------ ------ -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $12.50 $13.68 $15.58 $15.78 $16.10
------ ------ ------ ------ ------
Investment Operations:
Investment income--net................ .05 .10 .15 .24 .06
Net realized and unrealized gain
on investments....................... 1.13 2.01 .71 .47 2.24
------ ------ ------ ------ ------
Total from Investment
Operations...................... 1.18 2.11 .86 .71 2.30
------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net -- (.09) (.08) (.15) (.25)
Dividends from net realized gain
on investments...................... -- (.12) (.58) (.24) (.83)
------ ------ ------ ------ ------
Total Distributions................ -- (.21) (.66) (.39) (1.08)
------ ------ ------ ------ ------
Net asset value, end of period....... $13.68 $15.58 $15.78 $16.10 $17.32
------ ------ ------ ------ ------
------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN (2).............. 9.44%(3) 15.66% 5.62% 4.72% 15.06%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of operating expenses to
average net assets................ 1.76%(3) 1.66% 1.38% 1.31% .65%(3)
Ratio of dividends on securities sold
short to average net assets....... -- .01% .01% .01% --
Ratio of net investment income to
average net assets................. .74%(3) .98% .95% 1.38% .36%(3)
Portfolio Turnover Rate.............. 208.70%(3) 179.28% 156.98% 229.90% 98.60%(3)
Average commission rate paid(4)...... -- -- -- -- $.0293
Net Assets, end of period
(000's Omitted).................... $35,669 $75,066 $79,017 $68,584 $73,081
<FN>
- -------------------
(1) From January 31, 1992 (commencement of operations) to October 31, 1992.
(2) Exclusive of sales load.
(3) Not annualized.
(4) For fiscal years beginning on or after November 1, 1995, the Fund is
required to disclose its average commission rate paid per share for
purchases and sales of investment securities.
</TABLE>
<PAGE>
Premier Global Investing, Inc.
- -----------------------------------------------------------------------------
Financial Highlights (continued)
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 B Shares
-------------------------------------------------------
Year Ended October 31, Six Months Ended
----------------------------------- April 30, 1996
PER SHARE DATA: 1993(1) 1994 1995 (Unaudited)
-------- ------ ------ -----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period................. $13.51 $15.49 $15.59 $15.90
------ ------ ------ ------
Investment Operations:
Investment income (loss)--net........................ (.01) .06 .10 --
Net realized and unrealized gain on investments...... 1.99 .67 .49 2.21
------ ------ ------ ------
Total from Investment Operations................... 1.98 .73 .59 2.21
------ ------ ------ ------
Distributions:
Dividends from investment income--net................ -- (.05) (.04) (.13)
Dividends from net realized gain
on investments..................................... -- (.58) (.24) (.83)
------ ------ ------ ------
Total Distributions............................... -- (.63) (.28) (.96)
------ ------ ------ ------
Net asset value, end of period....................... $15.49 $15.59 $15.90 $17.15
------ ------ ------ ------
------ ------ ------ ------
TOTAL INVESTMENT RETURN(2)............................... 14.66%(3) 4.82% 3.96% 14.57%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of operating expenses to average net assets.... 1.96%(3) 2.15% 2.06% 1.03%(3)
Ratio of dividends on securities sold short to
average net assets................................. .01%(3) -- .01% --
Ratio of net investment income (loss) to average
net assets......................................... (.18%)(3) .23% .62% (.01%)(3)
Portfolio Turnover Rate.............................. 179.28% 156.98% 229.90% 98.60%(3)
Average commission rate paid(4)...................... -- -- -- $.0293
Net Assets, end of period (000's Omitted)............ $40,897 $76,897 $72,215 $79,169
<FN>
- -------------------
(1) From January 15, 1993 (commencement of initial offering) to October 31,
1993.
(2) Exclusive of sales load.
(3) Not annualized.
(4) For fiscal years beginning on or after November 1, 1995, the Fund is
required to disclose its average commission rate paid per share for
purchases and sales of investment securities.
</TABLE>
<PAGE>
Premier Global Investing, Inc.
- -----------------------------------------------------------------------------
Financial Highlights (Unaudited)
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 the period indicated. This
information has been derived from the Fund's financial statements.
<TABLE>
<CAPTION>
Class C Class R
------------------------------- -------------------------------
Period Ended Six Months Ended Period Ended Six Months Ended
October 31, April 30, 1996 October 31, April 30, 1996
PER SHARE DATA: 1995(1) (Unaudited) 1995(1) (Unaudited)
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period.......... $15.85 $15.90 $16.04 $16.11
------ ------ ------ ------
Investment Operations:
Investment income (loss)--net................. (.01) .32 .01 .14
Net realized and unrealized gain on
investments.................................. .06 1.87 .06 2.16
------ ------ ------ ------
Total from Investment Operations............ .05 2.19 .07 2.30
------ ------ ------ ------
Distributions:
Dividends from investment income--net -- (.29) -- (.29)
Dividends from net realized gain on
investments................................. -- (.83) -- (.83)
------ ------ ------ ------
Total Distributions....................... -- (1.12) -- (1.12)
------ ------ ------ ------
Net asset value, end of period................ $15.90 $16.97 $16.11 $17.29
------ ------ ------ ------
------ ------ ------ ------
TOTAL INVESTMENT RETURN........................... .32%(2)(3) 14.56%(2)(3) .44%(3) 15.11%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of operating expenses to average
net assets.................................. .35%(3) 1.02%(3) .18%(3) .53%(3)
Ratio of dividends on securities sold
short to average net assets................. -- -- -- --
Ratio of net investment income (loss) to
average net assets.......................... (.09)%(3) .37%(3) .08%(3) .47%(3)
Portfolio Turnover Rate....................... 229.90%(3) 98.60%(3) 229.90%(3) 98.60%(3)
Average commission rate paid(4)............... -- $.0293 -- $.0293
Net Assets, end of period
(000's Omitted)............................. $1 $6 $1 $2
<FN>
- ---------------
(1) From September 5, 1995 (commencement of initial offering) to October 31,
1995.
(2) Exclusive of sales load.
(3) Not annualized.
(4) For fiscal years beginning on or after November 1, 1995, the Fund is
required to disclose its average commission rate paid per share for
purchases and sales of investment securities.
</TABLE>
See independent accountants' review report and notes to financial statements.
<PAGE>
Premier Global Investing, Inc.
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1-Significant Accounting Policies:
Premier Global Investing, Inc. (the "Fund") is registered under the
Investment Company Act of 1940 ("Act") as a non-diversified open-end
management investment company. The Fund's investment objective is to maximize
capital growth. The Dreyfus Corporation ("Manager") serves as the Fund's
investment adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
Premier Mutual Fund Services, Inc. (the "Distributor") acts as the
distributor of the Fund's shares. The Fund offers Class A, Class B, Class C
and Class R shares. Class A shares are subject to a sales charge imposed at
the time of purchase, 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, Class C shares are subject to a contingent deferred sales
charge imposed at the time of redemption on redemptions made within one year
of purchase and Class R shares are sold at net asset value per share only to
institutional investors. Other differences between the four 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. Forward currency exchange contracts are
valued at the forward rate.
(b) Foreign currency transactions: The Fund does not isolate that portion
of the results of operations resulting from changes in foreign exchange rates
on investments from the fluctuations arising from changes in 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 and losses arise from
changes in the value of assets and liabilities other than investments in
securities, resulting from changes in exchange rates. Such gains and losses
are included with net realized and unrealized gain or loss on investments.
(c) Securities transactions and investment income: Securities
transactions are recorded on a trade date basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis. Dividend
income is recognized on the ex-dividend date and interest income, including,
where applicable, amortization of discount on investments, is recognized on
the accrual basis.
(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
<PAGE>
Premier Global Investing, Inc.
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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.
(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--Bank Line of Credit:
In accordance with an agreement with a bank, the Fund may borrow up to $5
million under a short-term unsecured line of credit. Interest on borrowings
is charged at rates which are related to Federal Funds rates in effect from
time to time.
During the six months ended April 30, 1996, there were no borrowings
under the line of credit.
NOTE 3--Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .75 of 1% of the value
of the Fund's average daily 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 (which, in the view of Stroock & Stroock & Lavan, counsel to the
Fund, also contemplates dividends and interest accrued on securities sold
short) 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 (excluding 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, 1996.
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager,
retained $26,425 during the six months ended April 30, 1996 from commissions
earned on sales of the Fund's shares.
(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the
Act, the Fund pays the Distributor for distributing the Fund's Class B and
Class C shares at an annual rate of .75 of 1% of the value of the average
daily net assets of Class B and Class C. During the six months ended April
30, 1996, $280,156 was charged to the Fund for the Class B shares and $8 was
charged to the Fund for the Class C shares.
(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, Class B and Class C shares for the provision of certain services.
The services provided may include personal services relating to shareholder
accounts, such as answering shareholder inquiries regarding the Fund and
providing reports and other information,
<PAGE>
Premier Global Investing, Inc.
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
and services related to the maintenance of shareholder accounts. The
Distributor may make payments to Service Agents (a securities dealer,
financial institution or other industry professional) in respect of these
services. The Distributor determines the amounts to be paid to Service
Agents. During the six months ended April 30, 1996, $87,665, $93,385 and $3
were charged to Class A, Class B and Class C shares, respectively, by the
Distributor pursuant to the Shareholder Services Plan.
Effective December 1, 1995, the Fund compensates Dreyfus Transfer, Inc.,
a wholly-owned subsidiary of the Manager, under a transfer agency agreement
for providing personnel and facilities to perform transfer agency services
for the Fund. Such compensation amounted to $40,204 for the period from
December 1, 1995 through April 30, 1996.
(d) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund 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 4--Securities Transactions:
(a) The aggregate amount of purchases and sales of investment securities,
excluding short-term securities and forward currency exchange contracts,
during the six months ended April 30, 1996, amounted to $131,929,519 and
$131,763,354, respectively.
The following summarizes open forward currency exchange contracts at
April 30, 1996:
<TABLE>
<CAPTION>
Foreign
Currency U.S. Dollar Unrealized
Forward Currency Sale Contracts Amounts Proceeds Value Appreciation
--------------------------------------- ------------ ----------- ----------- ------------
<S> <C> <C> <C> <C>
Dutch Guilders, expiring 6/10/96............ 4,750,000 $2,836,837 $2,781,030 $55,807
French Francs, expiring 6/24/96............. 15,858,750 3,136,000 3,075,368 60,632
French Francs, expiring 7/9/96.............. 10,193,674 2,024,000 1,978,125 45,875
German Deutschmarks, expiring 6/24/96....... 3,300,224 2,242,000 2,162,380 79,620
German Deutschmarks, expiring 7/9/96........ 3,038,000 2,063,999 1,992,393 71,606
Swedish Krona, expiring 6/10/96............. 50,000,000 7,413,998 7,361,060 52,938
Swiss Francs, expiring 6/10/96.............. 6,000,000 4,937,459 4,845,744 91,715
--------
$458,193
--------
--------
</TABLE>
The Fund enters into forward currency exchange contracts in order to
hedge its exposure to changes in foreign currency exchange rates on its
foreign portfolio holdings. 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
<PAGE>
Premier Global Investing, Inc.
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
those dates. The Fund is also exposed to credit risk associated with
counterparty 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.
The Fund may invest in financial futures contracts in order to gain
exposure to or protect against changes in the market. 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 received or made 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, 1996, there were no financial futures contracts outstanding.
(b) At April 30, 1996, accumulated net unrealized appreciation on
investments and forward currency exchange contracts was $13,505,789,
consisting of $15,923,382 gross unrealized appreciation and $2,417,593 gross
unrealized depreciation.
At April 30, 1996, 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).
<PAGE>
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, 1996, and the related statements of operations and changes in
net assets and financial highlights for the six month period ended April 30,
1996. 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, 1995 and financial highlights for each of the four years in the
period ended October 31, 1995 and in our report dated December 8, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
Ernst & Young LLP
New York, New York
June 11, 1996
<PAGE>
Premier Global Investing, Inc.
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
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 092/633SA964
