DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance of Dreyfus Premier Worldwide
Growth Fund, Inc. for its six-month reporting period ended April 30, 1997 as
shown in the following table:
<TABLE>
<CAPTION>
Total Return*
____________
<S> <C>
Class A 13.43%
Class A shares 14.27%
Class B shares 13.85%
Class C shares 13.77%
Class R shares 14.39%
Standard & Poor's 500 Composite Stock Price Index ("S&P 500")** 14.71%
Morgan Stanley Capital International World Index ("Morgan Stanley World Index")*** 7.56%
</TABLE>
ECONOMIC OUTLOOK
On balance, we view the trend of global economic and political conditions
as extremely favorable for equity investments. Politically, we see
governments around the world pursuing policies designed to attract capital by
reducing trade barriers, eliminating currency restrictions, lowering tax
rates, and pursuing sound monetary policies. The fiscal debates center around
how fast and how much spending should be reduced rather than whether spending
should be reduced.
Economically, the inexorable pace of the globalization of the world
economy is bringing to bear low cost supplies of all the basic factors of
production: labor, natural resources, and capital. Ample supplies of these
basic building blocks of economic growth, coupled with the technological
revolution which is affecting many aspects of our everyday lives, set the
stage for what we believe will be a period of prosperity and rising standards
of living for most of the world's consumers. Indeed, we forecast that the
number of people worldwide earning over $5,000 per year will almost double in
the next ten years. These favorable trends must be kept clearly in mind
through the periods of doubt and correction which inevitably punctuate any
long-term trend.
INVESTMENT STRATEGY
In short, we envision the next five years as a period of moderate
aggregate economic growth, relatively low inflation, and rapid structural
change. We believe that the correct strategy in such an environment is to
emphasize large capitalization companies which are global leaders in the
production and distribution of branded and proprietary products and services.
Our focus is on the highest quality companies we can find which are
well-positioned to achieve consistent earnings growth due to dominant global
positioning and to rapidly expanding sales in international markets. While
there will certainly be periodic cycles of outperformance in other areas of
the global marketplace, we believe that the economic trends of globalization,
technological innovation, and industry consolidation favor well-managed
global (as opposed to local) organizations. We believe that these dominant
corporations possess the quality of predictable earnings growth, which in a
period of rapid structural change will be increasingly appreciated and valued
by global investors.
INVESTMENT HIGHLIGHTS
Because the evidence on the economy's direction is inconclusive and
uneven, markets will remain volatile and event-driven. Earnings
disappointments have caused individual issues to correct sharply, while those
companies reporting above-consensus or on-target earnings, and which appear
positioned to continue to do so, have received rising valuations. Our
research has focused on identifying companies which should continue to
benefit from above-average earnings growth, and thus provide competitive
returns.
During the six-month reporting period, the Fund's concentration in the
consumer staples sector of the S&P 500, which considerably outperformed the
other industry groups, had the most positive impact on its total return.
Results were led by notable appreciation in Coca-Cola, Philip Morris, Procter
& Gamble and Nestle A.D.R. The focus on the large capitalization
pharmaceutical companies resulted in the second strongest performance by the
health care sector, which was led by Johnson & Johnson, Merck and Pfizer. The
Fund also benefitted from its strength in the S&P 500 industry groups of
semiconductors, electrical equipment, and banks, which also outperformed, led
by shares of Intel, Compaq, Philips Electronics N.V., General Electric,
Citicorp and Deutsche Bank, respectively.
New inflows of assets to the Fund increased a wide variety of holdings
already established, while new positions were taken with the purchase of
shares of Boeing, Christian Dior, Groupe Danone ADR, Hertz and Nike. The
positions in Electronic Data Systems, International Paper and Motorola were
eliminated.
At the close of the period, the Fund had 4.8% of its net assets in
short-term Treasuries, and industry concentrations in consumer staples,
health care and financials. We will continue to invest the short-term cash
equivalent assets as investment opportunities arise.
We appreciate your investment in Dreyfus Premier Worldwide Growth Fund,
Inc. and we will continue to seek rewarding returns on your behalf.
Sincerely,
[Fayez Sarofim signature logo]
Fayez Sarofim
Portfolio Manager
May 21, 1997
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. _ Reflects the reinvestment of
income dividends and, where applicable, capital gain distributions. The
Standard & Poor's 500 Composite Stock Price Index is a widely accepted
unmanaged index of U.S. stock market performance.
*** 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.
<TABLE>
<CAPTION>
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
STATEMENT OF INVESTMENTS APRIL 30, 1997 (UNAUDITED)
Common Stocks_93.7% Shares Value
_______ _______
<S> <C> <C> <C> <C>
Auto/Related_1.3% Ford Motor............................ 80,000 $ 2,780,000
_______
Banking_7.4% Chase Manhattan........................ 35,000 3,241,875
Citicorp............................... 40,000 4,505,000
Deutsche Bank A.D.R.................... 90,000 4,741,875
HSBC Holdings A.D.R.................... 5,500 1,386,000
Union Bank of Switzerland.............. 12,010 2,290,925
_______
16,165,675
_______
Basic Materials_4.4% Air Liquide A.D.R...................... 100,000 3,006,250
Debeers Consolidated Mining A.D.R...... 40,000 1,439,375
Dow Chemical........................... 11,500 976,063
duPont (EI) de Nemours................. 30,000 3,183,750
International Flavors & Fragrances..... 20,000 842,501
_______
9,447,939
_______
Capital Goods_8.7% AlliedSignal........................... 30,000 2,167,500
Boeing................................. 25,000 2,465,625
Caterpillar............................ 16,000 1,424,000
Emerson Electric....................... 30,000 1,522,500
General Electric....................... 40,000 4,435,000
Minnesota Mining & Manufacturing....... 20,000 1,740,000
Norsk Hydro A.S........................ 60,000 2,940,000
Philips Electronics, N.V............... 40,000 2,140,000
_______
18,834,625
_______
Computers_2.6% Compaq Computer........................ 35,000 (a) 2,988,125
Hewlett-Packard........................ 50,000 2,625,000
_______
5,613,125
_______
Electronics_4.4% Intel.................................. 60,000 9,187,500
Texas Instruments...................... 5,000 446,250
_______
9,633,750
_______
Energy_8.9% British Petroleum A.D.S................ 30,000 4,128,750
Chevron................................ 25,000 1,712,500
Elf Aquitaine A.D.S.................... 50,000 2,431,250
Exxon.......... 60,000 3,397,500
Mobil.......... 15,000 1,950,000
Royal Dutch Petroleum.................. 20,000 3,605,000
Total, Cl. B A.D.S..................... 50,594 2,105,975
_______
19,330,975
_______
Financial_1.9% Associates First Capital,Cl. A......... 4,200 215,250
Eurafrance............................. 7,263 3,142,979
Zuerich Versicherung................... 2,500 822,849
_______
4,181,078
_______
Food & Drugs_1.1% Walgreen............................... 50,000 2,300,000
_______
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1997 (UNAUDITED)
Common Stocks (continued) Shares Value
_______ _______
Food, Beverage
& Tobacco_15.6% Coca-Cola.............................. 125,000 $ 7,953,125
Groupe Danone A.D.R.................... 100,000 2,987,500
Guiness PLC A.D.R...................... 80,000 3,330,000
Kellogg................................ 15,000 1,046,250
LVMH Moet Hennessy Louis Vuitton A.D.S. 60,050 2,912,425
Nestle A.D.R........................... 75,000 4,551,563
PepsiCo................................ 70,000 2,441,250
Philip Morris Cos...................... 180,000 7,087,500
Sara Lee............................... 5,000 210,000
Seagram................................ 30,000 1,147,500
Unilever N.V........................... 1,500 294,375
_______
33,961,488
_______
Health Care_15.1% Abbott Laboratories.................... 50,000 3,050,000
American Home Products................. 65,000 4,306,250
Johnson & Johnson...................... 110,000 6,737,500
Merck.................................. 75,000 6,787,500
Pfizer................................. 75,000 7,200,000
Roche Holdings A.D.S................... 55,000 4,654,375
_______
32,735,625
_______
Insurance_4.4% AXA.................................... 55,361 3,411,142
Berkshire Hathaway, Cl. A.............. 100 3,800,000
Marsh & McLennan....................... 20,000 2,410,000
_______
9,621,142
_______
Leisure Time_.8% Eastman Kodak.......................... 20,000 1,670,000
_______
Media/Entertainment_1.9% Disney (Walt).......................... 15,000 1,230,000
McDonalds.............................. 55,000 2,949,375
_______
4,179,375
_______
Personal Care_7.1% Estee Lauder, Cl. A.................... 40,000 1,830,000
Gillette............................... 50,000 4,250,000
L'Oreal A.D.R.......................... 60,000 4,252,500
Procter & Gamble....................... 40,000 5,030,000
_______
15,362,500
_______
Publishing_.8% News A.D.S............................. 12,000 222,000
Pearson PLC............................ 125,288 1,440,326
_______
1,662,326
_______
Retail_.5% Wal-Mart Stores....................... 40,000 1,130,000
_______
Services_.2% Hertz, Cl. A.......................... 12,000 348,000
_______
Textiles-Apparrel_3.6% Christian Doir........................ 30,000 4,452,642
NIKE, Cl. B........................... 60,000 3,375,000
_______
7,827,642
_______
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1997 (UNAUDITED)
Common Stocks (continued) Shares Value
_______ _______
Utilities_3.0% Eaux (Generale Des).................. 25,000 $ 3,487,475
Veba................................. 60,000 3,094,536
_______
6,582,011
_______
TOTAL COMMON STOCKS
(cost $161,249,717)................ $203,367,276
=======
Preferred Stocks_.8%
Publishing; News A.D.S., Cum., $.4428
(cost $2,181,628)................... 125,000 $ 1,890,625
=======
Principal
Corporate Bonds_.0% Amount
_______
Zuerich International,
2%, 3/1/2001
(cost $4,032)....................... $ 5,000 $ 3,371
=======
Short-Term Investments_4.8%
U.S. Treasury Bills: 5.26%, 5/15/1997....................... 68,000 $ 67,876
5.05%, 5/22/1997....................... $ 601,000 599,347
5.30%, 5/29/1997....................... 648,000 645,576
5.40%, 7/24/1997....................... 7,930,000 7,836,426
5.08%, 8/7/1997........................ 588,000 579,780
5.07%, 8/14/1997....................... 650,000 640,166
TOTAL SHORT-TERM INVESTMENTS
(cost $10,366,874)................... $ 10,369,171
=======
TOTAL INVESTMENTS (cost $173,802,251)....................................... 99.3% $215,630,443
==== =======
CASH AND RECEIVABLES (NET).................................................. .7% $ 1,438,259
==== =======
NET ASSETS.................................................................. 100.0% $217,068,702
==== =======
Notes to Statement of Investments:
(a) Non-income producing.
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES APRIL 30, 1997 (UANUDITED)
Cost Value
-------- --------
ASSETS: Investments in securities_See Statement of Investments $173,802,251 $215,630,443
Cash....................................... 1,108,170
Receivable for shares of Common Stock subscribed 2,663,780
Receivable for investment securities sold.. 573,319
Dividends and interest receivable.......... 305,521
Prepaid expenses........................... 33,863
_______
220,315,096
_______
LIABILITIES: Due to The Dreyfus Corporation and affiliates 109,666
Due to Distributor......................... 125,465
Payable for investment securities purchased 2,845,026
Payable for shares of Common Stock redeemed 85,949
Accrued expenses and other liabilities..... 80,288
_______
3,246,394
_______
NET ASSETS.................................................................. $217,068,702
========
REPRESENTED BY: Paid-in capital............................ $175,792,698
Accumulated distributions in excess of
investment income_net.................... (201,828)
Accumulated net realized gain (loss) on investments (350,016)
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions 41,827,848
_______
NET ASSETS.................................................................. $217,068,702
========
NET ASSET VALUE PER SHARE
________________________________
Class A Class B Class C Class R
_______ _______ _______ _______
Net Assets................................. $66,150,967 $140,990,348 $9,527,478 $399,909
Shares Outstanding......................... 2,944,143 6,368,449 434,022 17,938
NET ASSET VALUE PER SHARE.................. $22.47 $22.14 $21.95 $22.29
==== ==== ==== ====
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED APRIL 30, 1997 (UNAUDITED)
INVESTMENT INCOME
INCOME: Cash dividends (net of $63,381 foreign taxes
withheld at source).................... $ 1,287,273
Interest................................... 208,506
______-
Total Income......................... $ 1,495,779
EXPENSES: Investment advisory fee_Note 3(a).......... 618,971
Distribution fees_Note 3(b)................ 416,441
Shareholder servicing costs_Note 3(c)...... 299,627
Registration fees.......................... 90,930
Professional fees.......................... 26,297
Custodian fees............................. 16,652
Directors' fees and expenses_Note 3(d)..... 11,256
Prospectus and shareholders' reports....... 2,290
Loan commitment fees_Note 2................ 1,052
Miscellaneous.............................. 15,029
______
Total Expenses....................... 1,498,545
Less_reduction in investment advisory fee due to
undertaking_Note 3(a).................. (49,434)
______
Net Expenses......................... 1,449,111
______
INVESTMENT INCOME_NET....................................................... 46,668
______
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS_Note 4:
Net realized gain (loss) on investments and
foreign currency transactions.......... $ 160,253
Net unrealized appreciation (depreciation) on investments 19,874,539
______
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS...................... 20,034,792
______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $20,081,460
=======
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
April 30, 1997 Year Ended
(Unaudited) October 31, 1996
________ _________
OPERATIONS:
Investment income_net.................................................. $ 46,668 $ 430,856
Net realized gain (loss) on investments................................ 160,253 149,286
Net unrealized appreciation (depreciation) on investments.............. 19,874,539 15,559,521
_______ _______
Net Increase (Decrease) in Net Assets Resulting from Operations.. 20,081,460 16,139,663
_______ _______
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income_net:
Class A shares....................................................... (342,239) (186,456)
Class B shares....................................................... (194,613) (189,905)
Class C shares....................................................... (33,288) (837)
Class R shares....................................................... (2,351) --
Net realized gain on investments:
Class A shares....................................................... (189,344) (9,137)
Class B shares....................................................... (358,913) (16,193)
Class C shares....................................................... (19,735) (162)
Class R shares....................................................... (1,105) (12)
_______ _______
Total Dividends.................................................. (1,141,588) (402,702)
_______ _______
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class A shares....................................................... 21,276,898 23,283,402
Class B shares....................................................... 59,609,146 43,175,407
Class C shares....................................................... 11,839,406 1,090,692
Class R shares....................................................... 428,285 164,554
Dividends reinvested:
Class A shares....................................................... 477,476 176,387
Class B shares....................................................... 464,626 169,618
Class C shares....................................................... 23,764 495
Class R shares....................................................... 3,501 12
Cost of shares redeemed:
Class A shares....................................................... (3,953,337) (5,991,442)
Class B shares....................................................... (5,971,140) (10,896,083)
Class C shares....................................................... (4,019,872) (145,253)
Class R shares....................................................... (223,565) (16,060)
_______ _______
Increase (Decrease) in Net Assets from Capital Stock Transactions 79,955,188 51,011,729
_______ _______
Total Increase (Decrease) in Net Assets........................ 98,895,060 66,748,690
NET ASSETS:
Beginning of Period.................................................... 118,173,642 51,424,952
_______ _______
End of Period.......................................................... $217,068,702 $118,173,642
======= =======
Undistributed investment income (distributions in excess of
investment income)_net $ (201,828) $ 323,995
_______ _______
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
Shares
-------------------------------------
Six Months Ended
April 30, 1997 Year Ended
(Unaudited) October 31, 1996
--------- ------------
CAPITAL SHARE TRANSACTIONS:
Class A
-------
Shares sold............................................................ 987,955 1,286,569
Shares issued for dividends reinvested................................. 23,475 10,197
Shares redeemed........................................................ (184,008) (327,228)
_______ _______
Net Increase (Decrease) in Shares Outstanding 827,422 969,538
======= =======
Class B
-------
Shares sold............................................................ 2,802,084 2,405,562
Shares issued for dividends reinvested................................. 23,116 9,872
Shares redeemed........................................................ (279,560) (599,714)
_______ _______
Net Increase (Decrease) in Shares Outstanding 2,545,640 1,815,720
======= =======
Class C
-------
Shares sold............................................................ 562,991 60,822
Shares issued for dividends reinvested................................. 1,192 28
Shares redeemed........................................................ (185,857) (8,094)
_______ _______
Net Increase (Decrease) in Shares Outstanding 378,326 52,756
======= =======
Class R *
---------
Shares sold............................................................ 20,209 8,710
Shares issued for dividends reinvested................................. 174 1
Shares redeemed........................................................ (10,316) (840)
_______ _______
Net Increase (Decrease) in Shares Outstanding 10,067 7,871
======= =======
* From March 4, 1996 (commencement of initial offering) to October 31, 1996.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, 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
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......... $19.89 $16.41 $14.03 $13.21 $12.50
---- ---- ---- ---- ----
Investment Operations:
Investment income (loss)_net................. .05 .13 .20 .16 (.01)
Net realized and unrealized gain (loss)
on investments............................. 2.76 3.50 2.39 .66 .72
---- ---- ---- ---- ----
Total from Investment Operations............. 2.81 3.63 2.59 .82 .71
---- ---- ---- ---- ----
Distributions:
Dividends from investment income_net......... (.08) (.14) (.21) -- --
Dividends from net realized gain on investments (.15) (.01) -- -- --
---- ---- ---- ---- ----
Total Distributions.......................... (.23) (.15) (.21) -- --
---- ---- ---- ---- ----
Net asset value, end of period............... $22.47 $19.89 $16.41 $14.03 $13.21
==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN(2)....................... 14.27%(3) 22.24% 18.77% 6.21% 5.68%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... .62%(3) 1.25% 1.22% 1.33% .77%(3)
Ratio of net investment income (loss) to average net assets .28%(3) .98% 1.59% 1.49% (.12%)(3)
Decrease reflected in above expense ratios
due to undertakings by the Manager......... .03%(3) .12% .53% .75% .88%(3)
Portfolio Turnover Rate...................... 1.17%(3) 1.24% 1.16% .71% --
Average commission rate paid (4)............. $.0964 $.0814 -- -- --
Net Assets, end of period (000's Omitted).... $66,151 $42,098 $18,822 $8,075 $3,338
(1) From July 15, 1993 (commencement of operations) 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.
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, 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.
Class B Shares
------------------------------------------------------------
Six Months Ended
April 30, 1997 Year Ended October 31,
------------------------------------------
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993(1)
------ ---- ---- ---- ----
Net asset value, beginning of period......... $19.58 $16.22 $13.89 $13.17 $12.50
---- ---- ---- ---- ----
Investment Operations:
Investment income (loss)_net................. (.01) .04 .12 .09 (.03)
Net realized and unrealized gain (loss)
on investments............................. 2.70 3.42 2.34 .63 .70
---- ---- ---- ---- ----
Total from Investment Operations............. 2.69 3.46 2.46 .72 .67
---- ---- ---- ---- ----
Distributions:
Dividends from investment income_net......... (.05) (.09) (.13) -- --
Dividends from net realized gain on investments (.08) (.01) -- -- --
---- ---- ---- ---- ----
Total Distributions.......................... (.13) (.10) (.13) -- --
---- ---- ---- ---- ----
Net asset value, end of period............... $22.14 $19.58 $16.22 $13.89 $13.17
==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN(2)....................... 13.85%(3) 21.29% 17.88% 5.47% 5.36%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... 1.00%(3) 2.00% 1.98% 2.07% 1.14%(3)
Ratio of net investment income (loss) to average net assets (.10%)(3) .24% .84% .71% (.53%)(3)
Decrease reflected in above expense ratios
due to undertakings by the Manager......... .03%(3) .12% .46% .75% 1.01%(3)
Portfolio Turnover Rate...................... 1.17%(3) 1.24% 1.16% .71% --
Average commission rate paid (4)............. $.0964 $.0814 -- -- --
Net Assets, end of period (000's Omitted).... $140,990 $74,833 $32,555 $10,867 $2,554
(1) From July 15, 1993 (commencement of operations) 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.
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, 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.
Class C Shares
--------------------------------------------------
Six Months Ended
April 30, 1997 Year Ended October 31,
----------------------
PER SHARE DATA: (Unaudited) 1996 1995(1)
------------ ---- ----
Net asset value, beginning of period....................... $19.51 $16.22 $15.56
---- ---- ----
Investment Operations:
Investment income (loss)_net............................... .05 .14 (.01)
Net realized and unrealized gain (loss)
on investments........................................... 2.61 3.29 .67
---- ---- ----
Total from Investment Operations........................... 2.66 3.43 .66
---- ---- ----
Distributions:
Dividends from investment income_net....................... (.14) (.13) --
Dividends from net realized gain on investments............ (.08) (.01) --
---- ---- ----
Total Distributions........................................ (.22) (.14) --
---- ---- ----
Net asset value, end of period............................. $21.95 $19.51 $16.22
==== ==== ====
TOTAL INVESTMENT RETURN(2)..................................... 13.77%(3) 21.23% 4.71%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.................... .95%(3) 2.04% 1.56%(3)
Ratio of net investment income (loss) to average net assets (.07%)(3) .19% (.63%)(3)
Decrease reflected in above expense ratios
due to undertakings by the Manager....................... .04%(3) .11% .73%(3)
Portfolio Turnover Rate.................................... 1.17%(3) 1.24% 1.16%(3)
Average commision rate paid (4)............................ $.0964 $.0814 --
Net Assets, end of period (000's Omitted).................. $9,527 $1,086 $48
(1) From June 21, 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.
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, 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.
Class R Shares
-------------------------------
Six Months Ended Year Ended
April 30, 1997 October 31,
PER SHARE DATA: (Unaudited) 1996(1)
---------- --------
Net asset value, beginning of period.................................... $19.74 $18.03
------ ------
Investment Operations:
Investment income_net................................................... .12 .03
Net realized and unrealized gain (loss)
on investments........................................................ 2.69 1.69
---- ----
Total from Investment Operations........................................ 2.81 1.72
---- ----
Distributions:
Dividends from investment income_net.................................... (.18) --
Dividends from net realized gain on investments......................... (.08) (.01)
---- ----
Total Distributions..................................................... (.26) (.01)
---- ----
Net asset value, end of period.......................................... $22.29 $19.74
==== ====
TOTAL INVESTMENT RETURN..................................................... 14.39%(2) 9.51%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................................. .44%(2) .75%(2)
Ratio of net investment income to average net assets.................... .45%(2) .48%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager.................................... .03%(2) .07%(2)
Portfolio Turnover Rate................................................. 1.17%(2) 1.24%
Avergae commision rate paid (3)......................................... $.0964 $.0814
Net Assets, end of period (000's Omitted)............................... $400 $155
(1) From March 4, 1996 (commencement of initial offering) to October 31, 1996.
(2) Not annualized.
(3) 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.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1_SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Premier Worldwide Growth Fund, Inc. (the "Fund") is registered
under the Investment Company Act of 1940 ("Act") as a diversified open-end
management investment company. The Fund's investment objective is to provide
investors with long-term capital growth consistent with the preservation of
capital. The Dreyfus Corporation ("Dreyfus") serves as the Fund's investment
adviser. Fayez Sarofim & Co. ("Sarofim") serves as the Fund's sub-investment
adviser. Dreyfus is a direct subsidiary of Mellon Bank, N.A.
On April 9, 1997, the Fund's Directors approved a change of the Fund's
name, effective April 10, 1997, from Premier Growth Fund, Inc. to Dreyfus
Premier Worldwide Growth Fund, Inc.
Premier Mutual Fund Services, Inc. (the "Distributor") is the distributor
of the Fund's shares. The Fund is authorized to issue 100 million shares of
$.001 par value Common Stock in each of the following classes of shares:
Class A, Class B, Class C and Class R. 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. Bid price is used when no asked price is available. Investments
denominated in foreign currencies are translated to U.S. dollars at the
prevailing rates of exchange.
(b) Foreign currency transactions: The Fund does not isolate that portion
of the results of operations resulting from changes in foreign exchange rates
on investments from the fluctuations arising from changes in market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss from investments.
Net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, sales of foreign currencies, currency
gains or losses realized on securities transactions, the difference between
the amounts of dividends, interest and foreign withholding taxes recorded on
the Fund's books, and the U.S. dollar equivalent of the amounts actually
received or paid. Net unrealized foreign exchange gains 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 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.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(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:
The Fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility ("Facility") to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the Fund has agreed to pay commitment fees on its pro rata portion
of the Facility. Interest is charged to the Fund at rates based on prevailing
market rates in effect at time of borrowings. For the period ended April 30,
1997, the Fund did not borrow under the Facility.
NOTE 3_INVESTMENT ADVISORY FEE, SUB-INVESTMENT ADVISORY FEE AND OTHER
TRANSACTIONS WITH AFFILIATES:
(a) Pursuant to an Investment Advisory Agreement with Dreyfus, the
investment advisory 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.
However, Dreyfus has undertaken from November 1, 1996 through October 31,
1997, to reduce the management fee paid by the Fund, to the extent that the
Fund's aggregate annual expenses (excluding 12b-1 Distribution Plan fees,
interest, taxes, brokerage and extraordinary expenses) exceed an annual rate
of 1.25% of the value of the Fund's average daily net assets. The reduction
in investment advisory fee, pursuant to the undertaking, amounted to $49,434
during the period ended April 30, 1997.
Pursuant to a Sub-Investment Advisory Agreement between Dreyfus and
Sarofim, Dreyfus has agreed to pay Sarofim a monthly sub-investment advisory
fee, computed at the following annual rates:
Annual Fee as a Percentage of
Total Net Assets Average Daily Net Assets
---------------- -----------------------------
0 to $25 million...................... .11 of 1%
$25 up to $75 million................. .18 of 1%
$75 up to $200 million................ .22 of 1%
$200 up to $300 million............... .26 of 1%
In excess of $300 million............. .275 of 1%
Dreyfus Service Corporation, a wholly-owned subsidiary of Dreyfus,
retained $7,759 during the period ended April 30, 1997 from commissions
earned on sales of the Fund's shares.
(b) Under a Distribution Plan (the "Plan") adopted pursuant to Rule 12b-1
under the Act, the Fund pays the Distributor for distributing the Fund's
Class B 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 shares. During the period
ended April 30, 1997, $392,443 was charged to the Fund for the Class B shares
and $23,998 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
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
period ended April 30, 1997, $67,080, $130,815 and $7,999 were charged to
Class A, B and C shares, respectively, by the Distributor pursuant to the
Shareholder Services Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
Dreyfus, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. Such
compensation amounted to $61,115 during the period ended April 30, 1997.
(d) Each director who is not an "affiliated person," as defined in the
Act receives from the Fund an annual fee of $1,500 and an attendance fee of
$250 per meeting. The Chairman of the Board receives an additional 25% of
such compensation.
NOTE 4_SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended April 30, 1997,
amounted to $72,156,475 and $1,874,125, respectively.
At April 30, 1997, accumulated net unrealized appreciation on investments
was $41,828,192, consisting of $42,679,002 gross unrealized appreciation and
$850,810 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).
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DREYFUS PREMIER WORLDWIDE
GROWTH FUND, INC.
200 Park Avenue
New York, NY 10166
INVESTMENT ADVISER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
SUB-INVESTMENT ADVISER
Fayez Sarofim & Co.
Two Houston Center,
Suite 2907
Houston, TX 77010
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. 070/628SA974
Semi-Annual Report
Dreyfus Premier
Worldwide Growth
Fund, Inc
April 30, 1997
Registration Mark
[Dreyfus lion/2hres logo]
