DREYFUS PREMIER GLOBAL INVESTING INC, N-30D, 1997-07-09

DREYFUS PREMIER GLOBAL INVESTING INC
N-30D, 1997-07-09

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<PAGE>

Semi-Annual Report
- -------------------------------------------------------------------------------
Dreyfus Premier Global
- -------------------------------------------------------------------------------
Investing, Inc.
- -------------------------------------------------------------------------------

April 30, 1997

[LOGO]

<PAGE>
Dreyfus Premier Global Investing, Inc.
- -------------------------------------------------------------------------------
Letter to Shareholders

Dear Shareholder:
We are pleased to report the performance of Dreyfus Premier Global Investing,
Inc. for its six-month reporting period ended April 30, 1997 as shown in the
following table:
Total Return*
-------------
Class A shares 7.80%
Class B shares 7.39%
Class C shares 7.40%
Class R shares 7.85%

Dreyfus Premier Global Investing, Inc. outperformed both the Morgan
Stanley Capital International (MSCI) World Index, which had a total return
of 7.56%,** and the Lipper Median for Global Funds, which was 7.43% for the
period. The Fund's outperformance during the period is principally
attributable to individual stock selection in the U.S. and Europe, selected
investments in emerging markets and profitable currency hedging.

INVESTMENT APPROACH
My investment process is designed to deliver to investors a portfolio
that includes holdings in 15 to 25 markets around the world, exposure to
rapidly growing emerging markets, and active currency management. I
address this challenge by evaluating information on growth, valuation,
interest rates, liquidity, technical factors and currency in each of the
world's major markets.

The Fund is managed in a disciplined way. I search for stocks expected
to have higher earnings growth rates than the market in which they trade. I
also look for companies that have made a change in management, strategy or
business structure that will positively alter their future growth rate. Stocks
purchased generally have attractive valuations both relative to their own
history and that of the local market. Companies typically may be sold when
growth is forecast to fall below my own or consensus estimates, the valuation
target is reached or the weighting in that market is 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 risk against the
U.S. dollar over the next 12 to 18 months.

CURRENT STRATEGY

Japan
Your Fund's solid performance for the six months ending April 30, 1997
was achieved despite the fact that the Japanese market, an important
focus of investment in the Fund, fell 6.4% during the period. It is
important to note that, since the Nikkei's bottom on January 10, 1997,
the market rose 10.7% through April 30.

Japan, the world's second largest equity market after the U.S., was
the Fund's largest overweight relative to the World Index. Our research reveals
that Japanese corporate earnings, now in their third year of rapid growth,
have exceeded the expectations of many investors. Where valuation is
concerned the market has not been this cheap since the early 1980s, whether one
is considering the price-to-earnings ratio or the market's earnings yield
relative to Japanese bonds. Japan's currency appears to be benign for the
market. The Yen's nearly 50% decline from its high of mid-1995 helped boost
the profitability of many Japanese companies. Only recently have these
positives come to the attention of both local and foreign investors, causing
a number of technical indicators to turn positive for the market.

Your Fund's Japanese holdings are well diversified, consisting of more
than 40 companies. Among them are some of the producers of high technology
parts and components that form the guts of many of the computers,
servers and

<PAGE>
telecommunications equipment products; retailers that are changing the
ways Japanese consumers shop; and consumer goods manufacturers that may
benefit from the potential economic recovery in Japan.

U.S.A.

The Fund's investments in the U.S. were reduced to 24% by the end of
the reporting period. This is well below the U.S. weighting in the MSCI
Index, which is 45%. As the Fund changes its investment approach to that of
an international fund (see "Fund Changes" below), we will continue to reduce
exposure to the domestic market.

Europe
While no reliable index of all major European stocks exists, many of the
15 stock markets in Europe rose 20%-25% in local currency terms for the six
months ending April 30, 1997. However the rise of the U.S. dollar over
the period erased about half of these gains, leaving many markets up about
9%-12% in U.S. dollar terms. Your Fund's European weighting is slightly in
excess of Europe's total weighting in the MSCI World Index.

The investment characteristics of major European markets are converging
as the fiscal and monetary policies of governments are brought into line for
the anticipated introduction of a single currency in 1999. While some
"macro" differences remain, individual stock picking has been and will probably
continue to be your Fund's emphasis in Europe.

EMERGING MARKETS
During the reporting period the Fund began to reduce its exposure to
emerging markets. Among Asian emerging markets, an increasing number of these
developing economies are encountering growing pains. Thailand and Korea, in
particular, are managing a transition from manufacturing lower
value-added goods such as textiles to more complex products such as
electronics and some services. The Dreyfus International team expects
these challenges to take some time to address. Other Asian markets such
as Malaysia and the Philippines are having problems with their trade
accounts which threaten currency and stock market stability in each
country in the short term. On balance these markets have declined
meaningfully during the period your Fund has been absent from them. The Dreyfus
International team looks forward to reinvesting in some or all of these markets
in the future, should the right opportunities present themselves.

Asia, which contained the preeminent emerging markets of the last 15
years, now seems to have new competition. Latin American markets have perked up
for the first time since the Mexican currency crisis of a couple of years ago.
Brazil, the area's best performer, rose 52% for the six months ended April 30,
1997, as both local and foreign investors signalled confidence in the
massive economic reform program underway in that country. The Fund took
profits in Brazil as the market moved up to these unprecedented heights. While
the Dreyfus International team remains bullish on the longer term prospects
for the Brazilian stock market, we currently believe that the market has
priced in most of the good news in the short term.

CURRENCY
In keeping with my investment style, the currencies underlying your
Fund's stock holdings in both the Japanese Yen and a variety of European
currencies were partially hedged over the October 31,1996 - April 30, 1997
period. As the Yen and nearly all of the European currencies fell against the
dollar during the period, these currency hedges added to the returns registered
by Dreyfus Premier Global Investing over the period.

FUND CHANGES

Please note, effective August 1, 1997, Dreyfus Premier Global Investing,
Inc. will change its investment approach to that of an international
fund that invests substantially all of its assets in foreign securities,
from that of a global fund that

<PAGE>
invests a significant portion of its assets in domestic securities. With
this change in investment approach, the Fund will change its name to Dreyfus
Premier International Growth Fund, Inc.

As you may know, the Fund's investment parameters are broad enough to
permit it to operate as a global or international fund. In the past, the Fund
generally has been managed as a global fund with a significant portion of
its assets invested in the securities of U.S. issuers. Under the new
investment approach, the Fund will invest substantially all of its assets in
securities whose primary trading markets are outside the U.S. This change
has been implemented in response to feedback from the investment
community, which has expressed considerable interest in having another
Dreyfus-managed international fund.

I greatly appreciate your investment in the Fund and will continue to manage
the Fund toward its goal of long-term capital growth.

Sincerely,

Ron Chapman
Portfolio Manager
May 19, 1997
New York, N.Y.

* Total return includes reinvestment of dividends and any capital gains paid
without taking into consideration 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>
Dreyfus Premier Global Investing, Inc.
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Statement of Investments April 30, 1997 (Unaudited)

Common Stocks--89.5% Shares Value
- ------------------------------------------------------------------------------- ------------ -----------
<S> <C> <C> <C>
Canada--.8% Ranger Oil............................... 100,000 $ 1,000,000
-----------
China--1.1% China Overseas Land & Investment......... 700,000 395,365
China Resources Enterprises.............. 125,000 345,339
New World Infrastructure..............(a) 100,000 282,726
Shanhai Industrial Holdings.............. 75,000 422,153
-----------
1,445,583
-----------
France--5.2% Banque Nationale de Paris................ 37,000 1,580,816
Elf Aquitaine............................ 10,000 971,173
Generale Des Eaux........................ 11,200 1,562,388
Michelin, Cl. B.......................... 29,500 1,650,643
Thomson CSF.............................. 35,000 1,080,988
-----------
6,846,008
-----------
Germany--4.8% Adidas AG................................ 8,000 834,923
Bankgesellschaft Berlin AG............... 35,000 729,343
Continental AG........................... 37,000 815,091
Daimler Benz AG.......................... 10,000 743,567
Daimler Benz AG (rights)................. 10,000 867
GEA AG................................... 1,600 564,324
Henkel KGaA.............................. 4,000 202,139
Hoechst AG............................... 15,000 589,765
Volkswagen AG............................ 3,000 1,909,800
-----------
6,389,819
-----------
Hong Kong--2.1% Cheung Kong Holdings..................... 105,000 921,766
HSBC Holdings............................ 35,000 885,618
Hong Kong China & Gas.................... 360,000 571,649
Hysan Development........................ 140,000 386,780
-----------
2,765,813
-----------
Ireland--1.2% Bank of Ireland.......................... 155,000 1,612,643
-----------
Israel--1.2% Teva Pharmaceutical Industries, A.D.R. .. 30,000 1,522,500
-----------
Italy--2.9% Fiat SPA................................. 225,000 744,736
Parmalat Finanziaria SPA................. 970,000 1,409,619
Stet SPA................................. 350,000 1,663,216
-----------
3,817,571
-----------
Japan--25.0% Advantest................................ 14,300 793,631
Bank of Tokyo-Mitsubishi................. 75,000 1,186,727
Circle K Japan........................... 18,000 826,104
Dai Nippon Printing...................... 42,000 757,143
Daikin Industries........................ 96,000 753,459
Daiwa Securities......................... 233,000 1,549,959
Family Mart.............................. 17,600 644,257
Fuji Bank................................ 80,000 900,574

</TABLE>

<PAGE>
Dreyfus Premier Global Investing, Inc.
- -------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1997 (Unaudited)

Common Stocks (continued) Shares Value
- ------------------------------------------------------------------------------- ------------ -----------
<S> <C> <C> <C>
Japan (continued) Fuji Photo Film.......................... 35,000 $ 1,336,298
Isetan................................... 65,000 716,366
Jusco.................................... 26,000 798,236
Mabuchi Motor............................ 35,000 1,771,628
Matsushita Kotobuki Electric Industrial.. 40,000 1,275,289
Mineba................................... 180,000 1,502,007
Mitusi & Co.............................. 86,000 656,018
Mitsubishi Heavy Industries.............. 95,000 626,702
Murata................................... 18,000 663,150
NKK...................................(a) 515,000 1,110,839
Namco.................................... 45,000 1,317,798
Nichiei.................................. 14,000 1,124,143
Nitto Electric Works..................... 60,500 871,565
Pioneer.................................. 36,000 643,312
Rohm..................................... 11,000 852,082
Shisheido................................ 55,000 788,002
Showa Aluminum........................... 200,000 1,017,082
Sony..................................... 20,000 1,454,774
Sumitomo Bank............................ 83,000 947,414
Sumitomo Metal Mining.................... 155,000 1,037,156
Takefuji................................. 14,300 687,813
Tokyo Electronics........................ 23,100 891,049
Toyota Motor............................. 45,000 1,303,629
Uni Charm................................ 29,000 888,057
Ushio.................................... 60,000 703,770
Yamaha................................... 36,000 725,497
-----------
33,121,530
-----------
Malaysia--2.2% KFC Holdings Berhad...................... 263,333 1,080,910
Road Builder Holdings Berhad............. 62,500 303,869
Tenaga Nasional Berhad................... 265,000 1,225,040
YTL Berhad............................... 77,500 315,028
YTL Power Berhad (rights)................ 14,000 18,969
-----------
2,943,816
-----------
Mexico--.0% Grupo Financiero, Cl. B.................. 3,315 11,344
-----------
Netherlands--6.9% Cap Gemini NV............................ 46,000 1,503,546
Goudsmit NV.............................. 9,000 1,225,716
Groupe AB, A.D.S......................... 96,000 696,000
Heijmans NV.............................. 35,000 737,485
Philips Electronics NV................... 27,000 1,444,500
PolyGram NV.............................. 13,000 638,040
Schlumberger............................. 17,000 1,882,750
Vnu-Vernigde Nederlandse
Uitgeversbedrijven Verenigd Bezit...... 49,000 1,014,852
-----------
9,142,889
-----------
Norway--.6% Schibsted Group.......................... 45,000 778,065
-----------
</TABLE>

<PAGE>
Dreyfus Premier Global Investing, Inc.
- -------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1997 (Unaudited)

Common Stocks (continued) Shares Value
- ------------------------------------------------------------------------------- ------------ -----------
<S> <C> <C> <C>
Philippines--1.0% Ayala Land............................... 97,500 $ 70,303
Filinvest Land........................(a) 775,000 182,352
Manilla Electric, Cl. B.................. 49,000 304,971
Philippine Long Distance Telephone....... 14,000 799,620
-----------
1,357,246
-----------
Portugal--1.0% Cimpor Cimentos de Portugal.............. 60,000 1,292,626
-----------
Spain--1.4% Repsol S.A............................... 45,000 1,891,456
-----------
Sweden--3.0% Electrolux, Cl. B........................ 24,000 1,378,060
Garphyttan Industrier AB................. 120,000 1,355,093
Skandia Group Forsakrings AB............. 45,000 1,303,415
-----------
4,036,568
-----------
Switzerland--1.5% Elektrowatt AG, Cl. B.................... 2,000 716,763
Novartis AG.............................. 1,000 1,320,639
-----------
2,037,402
-----------
United Kingdom--6.4% British Sky Broadcasting Group........... 125,000 1,153,060
Grand Metropolitan....................... 190,000 1,590,797
JBA Holdings PLC......................... 70,000 931,372
Misys PLC................................ 25,000 501,991
Reuters.................................. 100,000 1,029,539
Sema Group PLC........................... 27,000 524,627
Serco Group PLC.......................... 43,000 467,471
Telewest PLC..........................(a) 150,000 216,617
Thistle Hotels........................... 300,000 876,204
Vodafone Group PLC....................... 275,000 1,229,322
-----------
8,521,000
-----------
United States--21.2% AlliedSignal............................. 18,700 1,351,075
Aluminum Company of America.............. 16,000 1,118,000
American Home Products................... 20,000 1,325,000
Applied Materials........................ 34,000 1,865,750
Cabletron Systems........................ 30,000 1,035,000
Chubb.................................... 30,000 1,732,500
Cisco Systems............................ 13,000 672,750
Consolidated Stores...................... 30,000 1,200,000
Culligan Water Technologies...........(a) 32,500 1,328,437
Deltic Timber............................ 3,300 83,737
Disney (Walt)............................ 19,000 1,558,000
Fluor.................................... 30,000 1,650,000
Host Marriott.........................(a) 75,000 1,303,125
McDonald's............................... 20,000 1,072,500
Monsanto................................. 35,000 1,496,250
Murphy Oil............................... 45,000 1,957,500
Parker-Hannifin.......................... 25,000 1,243,750
Seagate Technology....................(a) 28,000 1,284,500

</TABLE>

<PAGE>
Dreyfus Premier Global Investing, Inc.
- -------------------------------------------------------------------------------
Statement of Investments (continued) April 30, 1997 (Unaudited)

Common Stocks (continued) Shares Value
- ------------------------------------------------------------------------------- ------------ -----------
<S> <C> <C> <C>
United States (continued) Sears, Roebuck & Co...................... 28,000 $ 1,344,000
Tommy Hilfiger........................... 24,000 954,000
U.S. Surgical............................ 32,000 1,096,000
Westinghouse Electric.................... 90,000 1,530,000
------------
28,201,874
------------
TOTAL COMMON STOCKS
(cost $110,876,291).................... $118,735,753
------------
------------
Preferred Stocks--1.0%
- -----------------------------------------------------------------------------

Germany; Henkel KGaA
(cost $875,237)........................ 24,000 $ 1,304,423
------------
------------
Principal
Short-Term Investments--3.8% Amount
- ----------------------------------------------------------------------------- -----------
U.S. Treasury Bills: 5.02%, 5/1/1997.......................... $ 10,000 $ 10,000
4.97%, 5/8/1997.......................... 74,000 73,933
4.98%, 5/15/1997......................... 252,000 251,541
5.16%, 7/24/1997......................... 3,953,000 3,906,355
5.17%, 8/7/1997.......................... 798,000 786,844
------------
TOTAL SHORT-TERM INVESTMENTS
(cost $5,027,615)...................... $ 5,028,673
------------
------------
TOTAL INVESTMENTS (cost $116,779,143)........................................ 94.3% $125,068,849
------ ------------
------ ------------
CASH AND RECEIVABLES (NET)................................................... 5.7% $ 7,618,398
------ ------------
------ ------------
NET ASSETS................................................................... 100.0% $132,687,247
------ ------------
------ ------------
<FN>
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Non-income producing.

</TABLE>

See notes to financial statements.

<PAGE>
Dreyfus Premier Global Investing, Inc.
- -------------------------------------------------------------------------------
Statement of Assets and Liabilities April 30, 1977 (Unaudited)

<TABLE>
<CAPTION>
Cost Value
------------- -------------
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of
Investments................................... $116,779,143 $125,068,849
Cash............................................. 170,506
Receivable for investment securities sold........ 6,705,989
Net unrealized appreciation on forward
currency exchange contracts--Note 4(a)........ 708,054
Dividends and interest receivable................ 358,842
Receivable for shares of Common Stock subscribed. 4,165
Prepaid expenses................................. 50,150
------------
133,066,555
------------

LIABILITIES: Due to The Dreyfus Corporation and affiliates.... 87,554
Due to Distributor............................... 68,611
Payable for shares of Common Stock redeemed...... 45,902
Accrued expenses................................. 177,241
------------
379,308
------------
NET ASSETS..................................................................... $132,687,247
------------
------------
REPRESENTED BY: Paid-in capital.................................. $122,657,337
Accumulated distributions in excess of investment
income--net..................................... (936,960)
Accumulated net realized gain (loss) on investments,
forward currency exchange contracts and foreign
currency transactions.......................... 1,985,097
Accumulated net unrealized appreciation (depreciation)
on investments, forward currency exchange contracts
and foreign currency transactions.............. 8,981,773
------------
NET ASSETS..................................................................... $132,687,247
------------
------------
</TABLE>

NET ASSET VALUE PER SHARE
-------------------------

Class A Class B Class C Class R
------------ ------------ ---------- --------
<S> <C> <C> <C> <C>
Net Assets.................................. $64,277,000 $68,126,171 $223,790 $60,286
Shares Outstanding.......................... 4,168,747 4,464,701 14,992 3,919
NET ASSET VALUE PER SHARE................... $15.42 $15.26 $14.93 $15.38
------ ------ ------ ------
------ ------ ------ ------
</TABLE>

See notes to financial statements.

<PAGE>
Dreyfus Premier Global Investing, Inc.
- -------------------------------------------------------------------------------
Statement of Operations Six Months Ended April 30, 1997 (Unaudited)

INVESTMENT INCOME

<S> <C> <C> <C>
INCOME: Cash dividends (net of $79,416 foreign taxes
withheld at source)............................ $ 702,874
Interest ........................................ 125,008
----------
Total Income................................ $ 827,882

EXPENSES: Management fee--Note 3(a)......................... 511,438
Distribution fees--Note 3(b)...................... 264,867
Shareholder servicing costs--Note 3(c)............ 239,263
Custodian fees................................... 68,798
Registration fees................................ 32,067
Professional fees................................ 20,623
Prospectus and shareholders' reports............. 15,189
Directors' fees and expenses--Note 3(d)........... 11,116
Miscellaneous................................... 5,916
----------
Total Expenses.............................. 1,169,277
-----------
INVESTMENT (LOSS).............................................................. (341,395)
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:

Net realized gain (loss) on investments and
foreign currency transactions................... $ 185,046
Net realized gain (loss) on forward currency
exchange contracts:
Short transactions........................... 1,472,830
----------
Net Realized Gain (Loss).................... 1,657,876

Net unrealized appreciation (depreciation) on
investments, forward currency exchange contracts
and foreign currency transactions.............. 8,872,712
-----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS........................ 10,530,588
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.......................... $10,189,193
-----------
-----------
</TABLE>

See notes to financial statements.

<PAGE>

Dreyfus Premier Global Investing, Inc.
- -------------------------------------------------------------------------------
Statement of Changes in Net Assets

<TABLE>
<CAPTION>
Six Months Ended
April 30, 1997 Year Ended
(Unaudited) October 31, 1996
---------------- ----------------
<S> <C> <C>
OPERATIONS:
Investment income (loss)--net............................................... $ (341,395) $ 548,297
Net realized gain (loss) on investments..................................... 1,657,876 18,542,400
Net unrealized appreciation (depreciation) on investments................... 8,872,712 (5,532,025)
------------ ------------
Net Increase (Decrease) in Net Assets Resulting from Operations......... 10,189,193 13,558,672
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares............................................................ (676,359) (1,028,808)
Class B shares............................................................ (149,161) (560,967)
Class C shares............................................................ (1,011) (18)
Class R shares............................................................ (429) (19)
Net realized gain on investments:
Class A shares............................................................ (8,792,664) (3,506,346)
Class B shares............................................................ (9,418,461) (3,747,259)
Class C shares............................................................ (12,410) (53)
Class R shares............................................................ (4,409) (55)
------------ ------------
Total Dividends......................................................... (19,054,904) (8,843,525)
------------ ------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class A shares............................................................ 13,910,522 14,951,284
Class B shares............................................................ 1,454,264 3,076,414
Class C shares............................................................ 163,723 53,626
Class R shares............................................................ 55,018 2,929
Dividends reinvested:
Class A shares............................................................ 9,128,243 4,352,170
Class B shares............................................................ 9,154,420 4,154,672
Class C shares............................................................ 12,995 71
Class R shares............................................................ 4,838 75
Cost of shares redeemed:
Class A shares............................................................ (21,242,960) (23,319,202)
Class B shares............................................................ (10,034,406) (9,842,130)
Class R shares............................................................ (269) (163)
------------ ------------
Increase (Decrease) in Net Assets from Capital Stock Transactions....... 2,606,388 (6,570,254)
------------ ------------
Total Increase (Decrease) in Net Assets............................... (6,259,323) (1,855,107)

NET ASSETS:
Beginning of Period......................................................... 138,946,570 140,801,677
------------ ------------
End of Period............................................................... $132,687,247 $138,946,570
------------ ------------
------------ ------------
Undistributed investment income (distributions in excess of investment income)--net $ (936,960) $ 231,395
------------ ------------
</TABLE>
See notes to financial statements.

<PAGE>
Dreyfus Premier Global Investing, Inc.
- -------------------------------------------------------------------------------
Statement of Changes in Net Assets (continued)

Six Months Ended
April 30, 1997 Year Ended
(Unaudited) October 31, 1996
---------------- ----------------
CAPITAL SHARE TRANSACTIONS:
<S> <C> <C>
Class A
- -------
Shares sold................................................................. 899,695 915,349
Shares issued for dividends reinvested...................................... 613,045 280,062
Shares redeemed............................................................. (1,376,816) (1,421,401)
---------- ----------
Net Increase (Decrease) in Shares Outstanding............... 135,924 (255,990)
---------- ----------
---------- ----------
Class B
- -------
Shares sold................................................................. 96,260 187,874
Shares issued for dividends reinvested...................................... 619,798 269,259
Shares redeemed............................................................. (649,170) (601,474)
---------- ----------
Net Increase (Decrease) in Shares Outstanding............... 66,888 (144,341)
---------- ----------
---------- ----------
Class C
- -------
Shares sold................................................................. 10,804 3,221
Shares issued for dividends reinvested...................................... 899 5
---------- ----------
Net Increase (Decrease) in Shares Outstanding............... 11,703 3,226
---------- ----------
---------- ----------
Class R
- -------
Shares sold................................................................. 3,375 174
Shares issued for dividends reinvested...................................... 326 5
Shares redeemed............................................................. (17) (10)
---------- ----------
Net Increase (Decrease) in Shares Outstanding............... 3,684 169
---------- ----------
---------- ----------
</TABLE>

See notes to financial statements.

<PAGE>
Dreyfus 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
-------------------------------------------------------------------------------
Six Months Ended Year Ended October 31,
April 30, 1997 ---------------------------------------------------------
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993 1992(1)
--------------- ---------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $16.59 $16.10 $15.78 $15.58 $13.68 $12.50
------ ------ ------ ------ ------ ------
Investment Operations:
Investment income (loss)--net..... (.01) .14 .24 .15 .10 .05
Net realized and unrealized gain (loss)
on investments................. 1.22 1.44 .47 .71 2.01 1.13
------ ------ ------ ------ ------ ------
Total from Investment Operations. 1.21 1.58 .71 .86 2.11 1.18
------ ------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net (.17) (.25) (.15) (.08) (.09) --
Dividends from net realized gain
on investments................. (2.21) (.84) (.24) (.58) (.12) --
------ ------ ------ ------ ------ ------
Total Distributions.............. (2.38) (1.09) (.39) (.66) (.21) --
------ ------ ------ ------ ------ ------
Net asset value, end of period... $15.42 $16.59 $16.10 $15.78 $15.58 $13.68
------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN(2).......... 7.80%(3) 10.21% 4.72% 5.62% 15.66% 9.44%(3)

RATIOS/SUPPLEMENTAL DATA:
Ratio of operating expenses to
average net assets................ .66%(3) 1.31% 1.31% 1.38% 1.66% 1.76%(3)
Ratio of dividends on securities
sold short to average net assets -- -- .01% .01% .01% --
Ratio of net investment income (loss)
to average net assets.......... (.06%)(3) .76% 1.38% .95% .98% .74%(3)
Portfolio Turnover Rate.......... 64.53%(3) 176.17% 229.90% 156.98% 179.28% 208.70%(3)
Average commission rate paid(4).. $.0261 $.0269 -- -- -- --
Net Assets, end of period
(000's Omitted)................ $64,277 $66,907 $68,584 $79,017 $75,066 $35,669

<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 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 notes to financial statements.

<PAGE>
Dreyfus Premier Global Investing, Inc.
- -------------------------------------------------------------------------------
Financial Highlights (continued)

<TABLE>
<CAPTION>
Class B Shares
---------------------------------------------------------------
Six Months Ended
April 30, 1997 Year Ended October 31,
--------------------------------------------
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993(1)
--------- -------- -------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period..... $16.37 $15.90 $15.59 $15.49 $13.51
------ ------ ------ ------ ------
Investment Operations:
Investment income (loss)--net............. (.07) -- .10 .06 (.01)
Net realized and unrealized gain (loss)
on investments........................ 1.21 1.44 .49 .67 1.99
------ ------ ------ ------ ------
Total from Investment Operations......... 1.14 1.44 .59 .73 1.98
------ ------ ------ ------ ------
Distributions:
Dividends from investment income--net..... (.04) (.13) (.04) (.05) --
Dividends from net realized gain
on investments........................ (2.21) (.84) (.24) (.58) --
------ ------ ------ ------ ------
Total Distributions...................... (2.25) (.97) (.28) (.63) --
------ ------ ------ ------ ------
Net asset value, end of period........... $15.26 $16.37 $15.90 $15.59 $15.49
------ ------ ------ ------ ------
------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN(2).................. 7.39%(3) 9.36% 3.96% 4.82% 14.66%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of operating expenses
to average net assets..................... 1.03%(3) 2.06% 2.06% 2.15% 1.96%(3)
Ratio of dividends on securities
sold short to average net assets.......... -- -- .01% -- .01%(3)
Ratio of net investment income (loss)
to average net assets................. (.43%)(3) .01% .62% .23% (.18%)(3)
Portfolio Turnover Rate.................. 64.53%(3) 176.17% 229.90% 156.98% 179.28%
Average commission rate paid (4)......... $.0261 $.0269 -- -- --
Net Assets, end of period (000's Omitted) $68,126 $71,983 $72,215 $76,897 $40,897

<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 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 notes to financial statements.

<PAGE>
Dreyfus Premier Global Investing, Inc.
- -------------------------------------------------------------------------------
Financial Highlights (continued)

<TABLE>
<CAPTION>
Class C Shares
-------------------------------------------------
Six Months Ended Year Ended October 31,
April 30, 1997 ----------------------------
PER SHARE DATA: (Unaudited) 1996 1995(1)
-------------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period................... $16.20 $15.90 $15.85
------ ------ ------
Investment Operations:
Investment income (loss)--net........................... (.06)(2) .28 (.01)
Net realized and unrealized gain (loss)
on investments...................................... 1.18(2) 1.14 .06
------ ------ ------
Total from Investment Operations....................... 1.12(2) 1.42 .05
------ ------ ------
Distributions:
Dividends from investment income--net................... (.18) (.28) --
Dividends from net realized gain on investments........ (2.21) (.84) --
------ ------ ------
Total Distributions.................................... (2.39) (1.12) --
------ ------ ------
Net asset value, end of period......................... $14.93 $16.20 $15.90
------ ------ ------
------ ------ ------
TOTAL INVESTMENT RETURN(3)................................ 7.40%(4) 9.36% .32%(4)

RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................ 1.07%(4) 1.90% .35%(4)
Ratio of net investment income (loss)
to average net assets............................... (.39%)(4) (.19%) (.09%)(4)
Portfolio Turnover Rate................................ 64.53%(4) 176.17% 229.90%
Average commission rate paid(5)........................ $.0261 $.0269 --
Net Assets, end of period (000's Omitted).............. $224 $53 $1

<FN>
- --------------------
(1) From September 5, 1995 (commencement of initial offering) to October
31, 1995.
(2) Based on average shares outstanding.
(3) Exclusive of sales load.
(4) Not annualized.
(5) For fiscal years beginning 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 notes to financial statements.
<PAGE>
Dreyfus Premier Global Investing, Inc.
- -------------------------------------------------------------------------------
Financial Highlights (continued)

<TABLE>
<CAPTION>
Class R Shares
-------------------------------------------------
Six Months Ended Year Ended October 31,
April 30, 1997 ----------------------------
PER SHARE DATA: (Unaudited) 1996 1995(1)
--------------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period................... $16.59 $16.11 $16.04
------ ------ ------
Investment Operations:
Investment income--net.................................. .13 .26 .01
Net realized and unrealized gain (loss)
on investments...................................... 1.09 1.35 .06
------ ------ ------
Total from Investment Operations....................... 1.22 1.61 .07
------ ------ ------
Distributions:
Dividends from investment income--net................... (.22) (.29) --
Dividends from net realized gain on investments........ (2.21) (.84) --
------ ------ ------
Total Distributions.................................... (2.43) (1.13) --
------ ------ ------
Net asset value, end of period......................... $15.38 $16.59 $16.11
------ ------ ------
------ ------ ------
TOTAL INVESTMENT RETURN(2)................................ 7.85%(3) 10.45% .44%(3)

RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................ .58%(3) .87% .18%(3)
Ratio of net investment income to average net assets... .05%(3) .94% .08%(3)
Portfolio Turnover Rate................................ 64.53%(3) 176.17% 229.90%
Average commission rate paid(4)........................ $.0261 $.0269 --
Net Assets, end of period (000's Omitted).............. $60 $4 $1

<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 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 notes to financial statements.

<PAGE>
Dreyfus Premier Global Investing, Inc.
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1--Significant Accounting Policies:

Dreyfus 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.

The Fund's Director's approved, effective March 3, 1997, a change of the
Fund's name from "Premier Global Investing, Inc." to "Dreyfus Premier Global
Investing, Inc."

Beginning August 1, 1997, the Fund intends to invest substantially all of
its assets in the securities of foreign issuers, except when maintaining a
temporary defensive position. Currently, the Fund invests approximately 20% to
30% of its assets in the securities of domestic issuers. Concurrent with this
change in investment policy, the Fund's name will be changed to "Dreyfus Premier
International Growth Fund, Inc."

Premier Mutual Fund Services, Inc. (the "Distributor") is the distributor
of the Fund's shares. The Fund is authorized to issue 300 million of $.001 par
value Common Stock in each of the following class of shares: 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 ("CDSC") imposed on Class B share redemptions made within six years
of purchase, Class C shares are subject to a CDSC imposed on Class C shares
redeemed 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
classes include the services offered to and the expenses borne by each class and
certain voting rights.

The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.

(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

<PAGE>
Dreyfus Premier Global Investing, Inc.
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 annually, but the Fund may make
distributions on a more frequent basis to comply with the distribution
requirements of the Internal Revenue Code. This may result in distributions that
are in excess of investment income-net and net realized gain on a fiscal year
basis. 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 $10
million under a short-term unsecured line. Interest on borrowings is charged at
rates which are related to Federal Funds rates in effect from time to time. For
the period ended April 30, 1997, there were no borrowings under the line of
credit.

NOTE 3--Management Fee and Other Transactions With Affiliates:

(a) Pursuant to a management 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.

(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 period ended April 30, 1997, $264,343
was charged to the Fund for the Class B shares and $524 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, 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 period ended April 30, 1997, $82,137, $88,114 and
$175 were charged to Class A, Class B and Class C shares, respectively, by the
Distributor pursuant to the Shareholder Services Plan.

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 $19,655 for the period ended April 30, 1997.

<PAGE>

Dreyfus Premier Global Investing, Inc.
- -------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

(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 and the Director Emeritus receives 50% 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 period ended April 30, 1997, amounted to $84,397,909 and $106,583,273,
respectively.

The following summarizes open forward currency exchange contracts at April
30, 1997:

<TABLE>
<CAPTION>
Foreign Unrealized
Currency Appreciation
Forward Currency Contracts Amount Proceeds Value (Depreciation)
- -------------------------- ----------- ---------- ------- ----------------
Sales:
- ------
<S> <C> <C> <C> <C>
British Pounds, expiring 6/11/97.... 2,500,000 $4,020,000 $4,059,750 $(39,750)
Dutch Guilders, expiring 6/11/97.... 3,350,000 1,741,617 1,727,071 14,546
Dutch Guilders, expiring 7/10/97.... 3,350,000 1,794,130 1,730,729 63,401
French Francs, expiring 6/11/97..... 10,750,000 1,864,216 1,848,286 15,930
French Francs, expiring 7/10/97..... 10,750,000 1,923,008 1,851,820 71,188
German Deutsche Marks,
expiring 6/11/97.................. 1,200,000 701,960 695,612 6,348
German Deutsche Marks,
expiring 7/10/97.................. 1,200,000 723,153 697,067 26,086
Italian Lire, expiring 6/11/97...... 2,200,000,000 1,280,112 1,284,852 (4,740)
Italian Lire, expiring 7/10/97...... 2,200,000,000 1,325,141 1,283,779 41,362
Japanese Yen, expiring 5/6/97....... 1,100,000,000 9,161,246 8,668,345 492,901
Swedish Krona, expiring 6/11/97..... 3,000,000 392,157 383,441 8,716
Swedish Krona, expiring 7/10/97..... 3,000,000 395,987 383,921 12,066
--------
Total........................... $708,054
========

</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, or to gain exposure to the foreign currency in an attempt to
realize gains. 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 gain on each open
contract.

(b) At April 30, 1997, accumulated net unrealized appreciation on
investments was $8,997,760, consisting of $14,463,067 gross unrealized
appreciation and $5,465,307 gross unrealized depreciation.

At April 30, 1997, 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>
Dreyfus 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.
P.O. Box 9671
Providence, RI 02940

Printed in U.S.A. 092/633SA974