<PAGE>
SEMI-ANNUAL REPORT
----------------------
DREYFUS PREMIER
WORLDWIDE GROWTH
FUND, INC.
----------------------
APRIL 30, 1998
(DREYFUS LION LOGO)
<PAGE>
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- ------------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for Dreyfus Premier Worldwide
Growth Fund, Inc. for the six-month reporting period ended April 30, 1998, as
shown in the following table:
TOTAL RETURN*
-------------
Class A Shares 24.82%
Class B Shares 24.37%
Class C Shares 24.38%
Class R Shares 24.96%
Standard & Poor's 500 Composite
Stock Price Index ("S&P 500")** 22.50%
Morgan Stanley Capital International World Index
("Morgan Stanley World Index")*** 18.86%
PORTFOLIO COMPOSITION
At the close of the period, the Fund had 2.9% of its net assets in
short-term Treasuries and industry concentrations in consumer staples,
financials and health care. In favorable market conditions and as investment
opportunities arise, we will continue to invest the short-term cash
equivalent assets.
ECONOMIC OUTLOOK
We expect average annual Gross Domestic Product (GDP) in the U.S. will
expand in a range of 2.5% to 3.0%, compared to 4.0% in 1997. Annual Consumer
Price Index (CPI) inflation should decline to 1.5% or below, historically
close to price stability. Against the backdrop of a strong dollar and a
budget surplus, we expect long-term interest rates to decline to 5.5% or
below by year end. Sound corporate management and vigilant monetary policy
have produced an environment where job creation remains healthy and the
economy can expand, while wage inflation can be held in check. A secular
increase in productivity and global competition are also responsible for the
positive backdrop for financial assets.
In our view, strong domestic demand will be tempered in the months ahead.
We see weakness and overcapacity in Asia continuing to negatively impact
pricing and employment in competitive industries. Clear price deflation in
producer prices has weakened the manufacturing sector. We also have seen
deflation in agricultural commodities and commodity products such as oil,
paper, chemicals and steel. Pricing weakness ultimately leads to margin
contraction, and it is our belief that maintaining corporate competitiveness
will result in incremental downsizing where necessary. Continued merger and
acquisition activity should also undermine job creation in affected
industries. Job security may thus become more of an issue, and consumer
confidence could moderate from record levels. Higher interest rates, stock
market volatility and inevitable shocks related to the Asian crisis may well
usher in a period of renewed caution. However, constructive fundamentals in
the U.S. economic activity, driven by services versus exports and
manufacturing, should insulate domestic growth. A discernible pickup in
demand from continental European markets is also expected to have a positive
impact.
INVESTMENT STRATEGY
Investment strategy is based on a three- to five-year economic outlook.
With an outlook for a secular trend of aging populations and moderate growth
among the industrialized countries, our investment strategy favors those
sectors which
<PAGE>
we expect will benefit as this macroeconomic scenario continues to unfold. The
current focus in the Fund is an emphasis on high quality, large
capitalization, global industry leaders in consumer staples, financial
services and health care. We attempt to identify companies that can generate
stable growth in earnings from mature markets and more rapid growth from
emerging markets due to such companies' dominant brand names, proprietary
technologies and new products. Consumption should remain stable, spurred by
increased disposable income due to low inflation and improving living
standards, and a trend of global deregulation in the private and public
sectors.
We expect U.S. corporate profits to grow at 8% in 1998, and at a
considerably higher rate in Europe. The large capitalization industry
bellwethers are likely to maintain market leadership, although there may be
periods of underperformance if markets become speculative and/or driven by
shorter term earnings expectations rather than long-term consistency and
secular growth. Uncertainty about Asia and the direction of the U.S. economy
may also cause volatility in equity markets. Our strategy seeks to identify
premier global companies, which are expected to show less volatility in their
earnings, although markets can exhibit sharp swings in prices. The holdings
in the Fund are broadly diversified in their industries and geographical
markets, and are usually the number one or two player in their respective
businesses. They represent the highest quality managements and have strong
balance sheets. These companies should provide the greatest immunity from
earnings disappointments, and thus continue to outperform in their respective
markets.
INVESTMENT HIGHLIGHTS
There were no significant changes with respect to the Fund's industry
concentrations, although we have increased the overall exposure within the
Fund's financial services sector. We believe that industry consolidation will
enable the financial services sector to more efficiently operate in global
environments. During the six-month period, the Fund's concentration in the
financial services sector, which considerably outperformed other sectors, had
the most positive impact on the Fund's results. Results were led by AXA,
Associates First Capital, Cl.A, Citicorp and Eurafrance. The focus on the
large capitalization consumer staples and health care sectors also positively
impacted results, led by shares of Pfizer, Merck, Coca-Cola, Nestle A.D.R.,
L'Oreal, Johnson & Johnson and Gillette. We continue to like these sectors,
which are benefiting from demographics, new products and dominant positions
in their industries. Individual issues which positively impacted results were
Daimler-Benz, Groupe Danone A.D.R., Christian Dior and General Electric. The
notable disappointment during this six-month reporting period was further
deterioration in NIKE's business fundamentals. We determined to eliminate the
position in NIKE, Cl.B and the proceeds were used to invest in companies
where we have greater confidence.
<PAGE>
Contributed assets to the Fund increased a wide variety of holdings
already established, while new positions were taken with the purchase of
shares of Bristol-Myers Squibb, Merrill Lynch and Microsoft. The positions in
NIKE, Cl.B, Raytheon and Sara Lee were eliminated.
Sincerely,
Fayez Sarofim
Portfolio Manager
May 20, 1998
New York, NY
* Total return includes reinvestment of dividends and any capital gains
paid, and does not take 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 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.
<PAGE>
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS APRIL 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCKS-97.2% SHARES VALUE
- ------------------------------------------------------------------------------ ----------- ------------
<S> <C> <C> <C>
AUTO/RELATED--5.0% Daimler-Benz............................. 140,000 $ 14,140,000
Ford Motor............................... 225,000 10,307,813
General Motors........................... 100,000 6,737,500
------------
31,185,313
------------
BANKING--9.3% BankAmerica............................. 140,000 11,900,000
Chase Manhattan......................... 52,000 7,205,250
Citicorp................................ 100,000 15,050,000
Deutsche Bank A.D.R..................... 150,000 11,925,000
HSBC Holdings A.D.R...................... 15,500 4,557,000
Union Bank of Switzerland............... 25,010 8,022,861
------------
58,660,111
------------
BASIC MATERIALS-2.8% Air Liquide A.D.R....................... 220,000 8,030,000
DeBeers Consolidated Mining A.D.R....... 40,000 1,030,000
Dow Chemical............................ 11,500 1,111,906
duPont (EI) de Nemours.................. 100,000 7,281,250
------------
17,453,156
------------
CAPITAL GOODS-7.0% AlliedSignal............................ 150,000 6,571,875
Boeing.................................. 110,000 5,506,875
Caterpillar............................. 100,000 5,693,750
Emerson Electric....................... 50,000 3,181,250
General Electric....................... 125,000 10,640,625
Minnesota Mining & Manufacturing....... 30,000 2,831,250
Norsk Hydro A.D.R...................... 100,000 5,000,000
Philips Electronics.................... 50,000 4,500,000
------------
43,925,625
------------
COMMUNICATIONS SERVICES-2.0% Telecom Italia A.D.S................... 170,000 12,888,125
------------
COMPUTERS-4.3% Cisco Systems.......................... 75,000 (a) 5,493,750
Compaq Computer........................ 220,000 (a) 6,173,750
Hewlett-Packard........................ 110,000 8,284,375
Microsoft.............................. 80,000 (a) 7,210,000
------------
27,161,875
------------
ELECTRONICS-2.4% Intel.................................. 180,000 14,546,250
Texas Instruments...................... 10,000 640,625
------------
15,186,875
------------
ENERGY-7.9% British Petroleum A.D.S................ 135,000 12,757,500
Chevron................................ 35,000 2,894,062
Elf Aquitaine A.D.S.................... 120,000 7,792,500
Exxon.................................. 110,000 8,023,125
</TABLE>
<PAGE>
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCKS (CONTINUED) SHARES VALUE
- ---------------------------------------------------------------------------- ----------- ------------
<S> <C> <C> <C>
ENERGY (CONTINUED) Mobil.................................. 30,000 $ 2,370,000
Royal Dutch Petroleum.................. 135,000 7,635,937
Total Cl. B, A.D.S..................... 140,594 8,259,898
------------
49,733,022
------------
FINANCIAL-5.1% Associates First Capital, Cl.A......... 98,969 7,397,942
Eurafrance............................. 14,263 8,008,795
Hertz, Cl. A........................... 50,000 2,050,000
Merrill Lynch.......................... 100,000 8,775,000
Zuerich Versicherung................... 10,000 6,089,274
------------
32,321,011
------------
FOOD & DRUGS-1.1% Walgreen............................... 210,000 7,245,000
------------
FOOD, BEVERAGE & TOBACCO-13.4% Coca-Cola.............................. 250,000 18,968,750
Diageo A.D.S........................... 180,000 8,651,250
Groupe Danone A.D.R.................... 175,000 8,093,750
Kellogg................................ 30,000 1,237,500
LVHM Moet Hennessy Louis Vuitton A.D.S. 100,050 4,102,050
Nestle A.D.R........................... 140,000 13,580,000
PepsiCo................................ 170,000 6,746,875
Philip Morris Cos...................... 350,000 13,059,375
Seagram................................ 225,000 9,604,688
Unilever N.V. A.D.R.................... 6,000 447,750
------------
84,491,988
------------
HEALTH CARE-17.9% Abbott Laboratories.................... 110,000 8,043,750
American Home Products................. 125,000 11,640,625
Bristol-Myers Squibb................... 120,000 12,705,000
Johnson & Johnson...................... 210,000 14,988,750
Merck.................................. 160,000 19,280,000
Pfizer................................. 300,000 34,143,750
Roche Holdings A.D.S................... 120,000 12,165,000
------------
112,966,875
------------
INSURANCE-4.9% AXA.................................... 145,361 17,048,736
Berkshire Hathaway, Cl. A.............. 100 6,860,000
Marsh & McLennan....................... 75,000 6,834,375
------------
30,743,111
------------
MEDIA/ENTERTAINMENT-1.3% Disney (Walt).......................... 15,000 1,864,688
McDonalds.............................. 75,000 4,640,625
Tricon Global Restaurants.............. 50,000 1,587,500
------------
8,092,813
------------
</TABLE>
<PAGE>
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
COMMON STOCKS (CONTINUED) SHARES VALUE
- ---------------------------------------------------------------------------- ----------- ------------
<S> <C> <C> <C>
PERSONAL CARE-6.4% Estee Lauder, Cl. A.................... 40,000 $ 2,657,500
Gillette............................... 110,000 12,698,125
L'Oreal A.D.R.......................... 130,000 12,382,500
Procter & Gamble....................... 150,000 12,328,125
------------
40,066,250
------------
PHOTOGRAPHY-.4% Eastman Kodak.......................... 35,000 2,526,563
------------
PUBLISHING-.4% News A.D.S............................. 12,000 327,750
Pearson................................ 125,288 1,964,349
------------
2,292,099
------------
RETAIL-.3% Wal-Mart Stores........................ 40,000 2,022,500
------------
TEXTILES-APPAREL-2.5% Christian Dior......................... 90,000 12,185,397
Polo Ralph Lauren, Cl. A............... 120,000 3,375,000
------------
15,560,397
------------
UTILITIES-2.8% Eaux (Generale Des).................... 40,000 7,429,188
Eaux (Generale Des) (Warrants)......... 25,000 (a) 36,341
Veba................................... 150,000 9,905,345
------------
17,370,874
------------
TOTAL COMMON STOCKS
(cost $443,369,663).................. $611,893,583
============
PREFERRED STOCKS-.5%
- ----------------------------------------------------------------------------
PUBLISHING; News A.D.S., Cum., $.4428
(cost $2,181,628).................... 125,000 $ 2,914,063
============
PRINCIPAL
CORPORATE BONDS-.0% AMOUNT
- ---------------------------------------------------------------------------- ------------
Zuerich International,
2%, 3/1/2001
(cost $4,284)........................ $ 5,000 $ 3,311
============
</TABLE>
<PAGE>
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
SHORT-TERM INVESTMENTS--2.9% AMOUNT VALUE
- ---------------------------------------------------------------------------- ----------- ------------
<S> <C> <C> <C>
U.S. TREASURY BILLS: 4.97%, 6/25/1998....................... $ 129,000 $ 128,067
4.93%, 7/23/1998....................... 3,860,000 3,816,922
4.88%, 7/2/1998........................ 9,651,000 9,570,511
4.95%, 7/30/1998....................... 5,062,000 5,000,598
------------
TOTAL SHORT-TERM INVESTMENTS
(cost $18,513,098)................... $ 18,516,098
============
TOTAL INVESTMENTS (cost $464,068,673)....................................... 100.6% $633,327,055
====== ============
LIABILITIES, LESS CASH AND RECEIVABLES...................................... (.6%) $ (3,858,624)
====== ============
NET ASSETS.................................................................. 100.0% $629,468,431
====== ============
<FN>
NOTES TO STATEMENT OF INVESTMENTS:
- ------------------------------------------------------------------------------------------------------------------------
(a) Non-income producing.
</FN>
</TABLE>
See notes to financial statements.
<PAGE>
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- -------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES APRIL 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Cost Value
------------ ------------
<S> <C> <C> <C>
ASSETS: Investments in securities-See Statement of Investments...... $464,068,673 $633,327,055
Receivable for shares of Common Stock subscribed............ 3,777,372
Dividends and interest receivable........................... 909,958
Prepaid expenses............................................ 61,350
------------
638,075,735
------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates............... 436,508
Due to Distributor.......................................... 408,881
Cash overdraft due to Custodian............................. 113,613
Payable for shares of Common Stock redeemed................. 4,381,046
Payable for investment securities purchased................. 3,176,038
Accrued expenses and other liabilities...................... 91,218
------------
8,607,304
------------
NET ASSETS............................................................................. $629,468,431
============
REPRESENTED BY: Paid-in capital............................................. $462,335,410
Investment (loss)........................................... (555,387)
Accumulated distributions in excess of net realized
gain (loss) on investments................................ (1,568,560)
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions.......... 169,256,968
------------
NET ASSETS............................................................................. $629,468,431
============
</TABLE>
NET ASSET VALUE PER SHARE
-------------------------
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C CLASS R
----------- ----------- ---------- ------------
<S> <C> <C> <C> <C>
Net Assets................................. $153,479,858 $419,927,422 $54,959,948 $1,101,203
Shares Outstanding......................... 5,031,417 14,068,258 1,857,269 36,378
NET ASSET VALUE PER SHARE.................. $30.50 $29.85 $29.59 $30.27
====== ====== ====== ======
</TABLE>
See notes to financial statements.
<PAGE>
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS SIX MONTHS ENDED APRIL 30, 1998 (Unaudited)
<TABLE>
<S> <C> <C> <C>
INVESTMENT INCOME
INCOME: Cash dividends (net of $121,055 foreign taxes
withheld at source)............................ $ 3,695,868
Interest........................................... 184,038
------------
TOTAL INCOME................................. $ 3,879,906
EXPENSES: Investment advisory fee-Note 3(a).................. 1,843,822
Distribution fees-Note 3(b)........................ 1,370,924
Shareholder servicing costs-Note 3(c).............. 908,423
Registration fees.................................. 70,836
Custodian fees..................................... 48,346
Prospectus and shareholders' reports............... 23,307
Professional fees.................................. 15,933
Directors' fees and expenses-Note 3(d)............. 11,187
Loan commitment fees-Note 2........................ 1,618
Miscellaneous...................................... 6,437
------------
TOTAL EXPENSES............................... 4,300,833
------------
INVESTMENT (LOSS)................................................................... (420,927)
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS-Note 4:
Net realized gain (loss) on investments and
foreign currency transactions.................. $ (1,041,334)
Net unrealized appreciation (depreciation) on
investments and foreign currency transactions.. 111,592,666
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS.............................. 110,551,332
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................................ $110,130,405
============
</TABLE>
See notes to financial statements.
<PAGE>
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
APRIL 30, 1998 YEAR ENDED
(UNAUDITED) OCTOBER 31, 1997
---------------- ----------------
<S> <C> <C>
OPERATIONS:
Investment income (loss)-net...................................... $ (420,927) $ 182,194
Net realized gain (loss) on investments........................... (1,041,334) 156,242
Net unrealized appreciation (depreciation) on investments......... 111,592,666 35,710,993
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS. 110,130,405 36,049,429
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Class A shares.................................................. (66,213) (342,239)
Class B shares.................................................. -- (194,613)
Class C shares.................................................. -- (33,288)
Class R shares.................................................. (1,945) (2,351)
Net realized gain on investments:
Class A shares.................................................. (44,143) (189,344)
Class B shares.................................................. (115,429) (358,913)
Class C shares.................................................. (13,341) (19,735)
Class R shares.................................................. (286) (1,105)
------------ ------------
TOTAL DIVIDENDS............................................. (241,357) (1,141,588)
------------ ------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class A shares.................................................. 107,908,628 70,292,457
Class B shares.................................................. 99,941,708 182,419,566
Class C shares.................................................. 19,018,816 35,288,177
Class R shares.................................................. 285,223 766,085
Dividends reinvested:
Class A shares.................................................. 97,226 477,476
Class B shares.................................................. 91,389 464,820
Class C shares.................................................. 6,189 23,764
Class R shares.................................................. 2,228 3,456
Cost of shares redeemed:
Class A shares.................................................. (91,242,204) (16,413,996)
Class B shares.................................................. (16,831,178) (15,487,817)
Class C shares.................................................. (2,727,992) (7,515,268)
Class R shares.................................................. (110,551) (260,302)
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL STOCK
TRANSACTIONS.................................................... 116,439,482 250,058,418
------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS..................... 226,328,530 284,966,259
NET ASSETS:
Beginning of Period............................................... 403,139,901 118,173,642
------------ ------------
End of Period..................................................... $629,468,431 $403,139,901
============ ============
Investment (loss)/(distributions in excess of investment
income)-net....................................................... $ (555,387) $ (66,302)
------------ ------------
</TABLE>
See notes to financial statements.
<PAGE>
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
SHARES
-----------------------------------
SIX MONTHS ENDED
APRIL 30, 1998 YEAR ENDED
(UNAUDITED) OCTOBER 31, 1997
---------------- ----------------
<S> <C> <C>
CAPITAL SHARE TRANSACTIONS:
CLASS A
-------
Shares sold............................................................ 3,948,501 2,969,234
Shares issued for dividends reinvested................................. 3,837 23,475
Shares redeemed........................................................ (3,343,792) (686,559)
--------- ---------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING....... 608,546 2,306,150
========= =========
CLASS B
-------
Shares sold............................................................ 3,672,915 7,832,925
Shares issued for dividends reinvested................................. 3,675 23,125
Shares redeemed........................................................ (619,536) (667,655)
--------- ---------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING....... 3,057,054 7,188,395
========= =========
CLASS C
-------
Shares sold............................................................ 707,034 1,527,030
Shares issued for dividends reinvested................................. 251 1,192
Shares redeemed........................................................ (103,977) (329,957)
--------- ---------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING....... 603,308 1,198,265
========= =========
CLASS R
-------
Shares sold............................................................ 10,480 33,875
Shares issued for dividends reinvested................................. 89 174
Shares redeemed........................................................ (4,313) (11,798)
--------- ---------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING....... 6,256 22,251
========= =========
</TABLE>
See notes to financial statements.
<PAGE>
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 YEAR ENDED OCTOBER 31,
APRIL 30, 1998 ----------------------------------------------
PER SHARE DATA: (UNAUDITED) 1997 1996 1995 1994 1993(1)
----------- ------ ------ ------ -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period... $24.46 $19.89 $16.41 $14.03 $13.21 $12.50
------ ------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income (loss)-net........... .03 .11 .13 .20 .16 (.01)
Net realized and unrealized gain (loss)
on investments....................... 6.04 4.69 3.50 2.39 .66 .72
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS....... 6.07 4.80 3.63 2.59 .82 .71
------ ------ ------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment income-net... (.02) (.15) (.14) (.21) -- --
Dividends from net realized gain
on investments....................... (.01) (.08) (.01) -- -- --
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS.................... (.03) (.23) (.15) (.21) -- --
------ ------ ------ ------ ------ ------
Net asset value, end of period......... $30.50 $24.46 $19.89 $16.41 $14.03 $13.21
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN(2)................. 24.82%(3) 24.39% 22.24% 18.77% 6.21% 5.68%(3)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .61%(3) 1.19% 1.25% 1.22% 1.33% .77%(3)
Ratio of net investment income (loss)
to average net assets................ .17%(3) .66% .98% 1.59% 1.49% (.12%)(3)
Decrease reflected in above expense
ratios due to undertakings by the
Manager.............................. -- .03% .12% .53% .75% .88%(3)
Portfolio Turnover Rate................ .81%(3) 1.20% 1.24% 1.16% .71% --
Average commission rate paid (4)....... $.0693 $.0879 $.0814 -- -- --
Net Assets, end of period (000's Omitted) $153,480 $108,188 $42,098 $18,822 $8,075 $3,338
<FN>
- --------------------
(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.
</FN>
</TABLE>
See notes to financial statements.
<PAGE>
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.
<TABLE>
<CAPTION>
CLASS B SHARES
-----------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 1998 ----------------------------------------------
PER SHARE DATA: (UNAUDITED) 1997 1996 1995 1994 1993(1)
----------- ------ ------ ------ -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period....... $24.01 $19.58 $16.22 $13.89 $13.17 $12.50
------ ------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income (loss)-net........... (.03) (.04)(2) .04 .12 .09 (.03)
Net realized and unrealized gain (loss)
on investments....................... 5.88 4.60 3.42 2.34 .63 .70
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS....... 5.85 4.56 3.46 2.46 .72 .67
------ ------ ------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment income-net... -- (.05) (.09) (.13) -- --
Dividends from net realized gain
on investments....................... (.01) (.08) (.01) -- -- --
------ ------ ------ ------ ------ ------
TOTAL DISTRIBUTIONS.................... (.01) (.13) (.10) (.13) -- --
------ ------ ------ ------ ------ ------
Net asset value, end of period......... $29.85 $24.01 $19.58 $16.22 $13.89 $13.17
------ ------ ------ ------ ------ ------
TOTAL INVESTMENT RETURN(3)................. 24.37%(4) 23.47% 21.29% 17.88% 5.47% 5.36%(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .96%(4) 2.00% 2.00% 1.98% 2.07% 1.14%(4)
Ratio of net investment income (loss)
to average net assets................ (.17%)(4) (.17%) .24% .84% .71% (.53%)(4)
Decrease reflected in above expense
ratios due to undertakings by the
Manager.............................. -- .03% .12% .46% .75% 1.01%(4)
Portfolio Turnover Rate................ .81%(4) 1.20% 1.24% 1.16% .71% --
Average commission rate paid (5)....... $.0693 $.0879 $.0814 -- -- --
Net Assets, end of period (000's Omitted) $419,927 $264,375 $74,833 $32,555 $10,867 $2,554
<FN>
- --------------------
(1) From July 15, 1993 (commencement of operations) to October 31, 1993.
(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.
</FN>
</TABLE>
See notes to financial statements.
<PAGE>
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.
<TABLE>
<CAPTION>
CLASS C SHARES
---------------------------------------------------
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 1998 --------------------------------
PER SHARE DATA: (UNAUDITED) 1997 1996 1995(1)
----------- ------ ------ --------
<S> <C> <C> <C> <C>
Net asset value, beginning of period...................... $23.80 $19.51 $16.22 $15.56
------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income (loss)-net.............................. (.02) (.06)(2) .14 (.01)
Net realized and unrealized gain (loss) on investments.... 5.82 4.57 3.29 .67
------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS.......................... 5.80 4.51 3.43 .66
------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment income-net...................... -- (.14) (.13) --
Dividends from net realized gain on investments........... (.01) (.08) (.01) --
------ ------ ------ ------
TOTAL DISTRIBUTIONS....................................... (.01) (.22) (.14) --
------ ------ ------ ------
Net asset value, end of period............................ $29.59 $23.80 $19.51 $16.22
====== ====== ====== ======
TOTAL INVESTMENT RETURN(3).................................... 24.38%(4) 23.36% 21.23% 4.71%(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................... .94%(4) 1.99% 2.04% 1.56%(4)
Ratio of net investment income (loss) to average net assets (.16%)(4) (.24)% .19% (.63%)(4)
Decrease reflected in above expense ratios due to
undertakings by the Manager............................. -- .03% .11% .73%(4)
Portfolio Turnover Rate................................... .81%(4) 1.20% 1.24% 1.16%
Average commission rate paid(5)........................... $.0693 $.0879 $.0814 --
Net Assets, end of period (000's Omitted)................. $54,960 $29,845 $1,086 $48
<FN>
- --------------------
(1) From June 21, 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.
</FN>
</TABLE>
See notes to financial statements.
<PAGE>
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.
<TABLE>
<CAPTION>
CLASS R SHARES
-----------------------------------------
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 1998 ----------------------
PER SHARE DATA: (UNAUDITED) 1997 1996(1)
----------- ------ ------
<S> <C> <C> <C>
Net asset value, beginning of period........................ $24.30 $19.74 $18.03
------ ------ ------
INVESTMENT OPERATIONS:
Investment income-net....................................... .08 .22 .03
Net realized and unrealized gain (loss) on investments...... 5.97 4.60 1.69
------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS............................ 6.05 4.82 1.72
------ ------ ------
DISTRIBUTIONS:
Dividends from investment income-net........................ (.07) (.18) --
Dividends from net realized gain on investments............. (.01) (.08) (.01)
------ ------ ------
TOTAL DISTRIBUTIONS......................................... (.08) (.26) (.01)
------ ------ ------
Net asset value, end of period.............................. $30.27 $24.30 $19.74
====== ====== ======
TOTAL INVESTMENT RETURN......................................... 24.96%(2) 24.71% 9.51%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets..................... .47%(2) .95% .75%(2)
Ratio of net investment income to average net assets........ .32%(2) .87% .48%(2)
Decrease reflected in above expense ratios due to
undertakings by the Manager............................... -- .04% .07%(2)
Portfolio Turnover Rate..................................... .81%(2) 1.20% 1.24%
Average commission rate paid(3)............................. $.0693 $.0879 .0814
Net Assets, end of period (000's Omitted)................... $1,101 $732 $155
<FN>
- --------------------
(1) From March 4, 1996 (commencement of initial offering) to October 31,
1996.
(2) Not annualized.
(3) The Fund is required to disclose its average commission rate paid per
share for purchases and sales of investment securities.
</FN>
</TABLE>
See notes to financial statements.
<PAGE>
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.
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 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 and 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.
<PAGE>
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 the time of borrowings. During the
period ended April 30, 1998, 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.
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 $26,943 during the period ended April 30, 1998 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, Class B and Class C shares pay the Distributor for
distributing their 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, 1998, Class B and Class C shares were charged $1,222,710 and
$148,214, respectively, pursuant to the Plan.
(C) Under the Shareholder Services Plan, Class A, Class B and Class C
shares pay 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, 1998, Class A, Class B and Class C shares were
charged $156,569, $407,570 and $49,404, respectively, pursuant to the
Shareholder Services Plan.
<PAGE>
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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. During the
period ended April 30, 1998, the Fund was charged $204,613 pursuant to the
transfer agency agreement.
(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, 1998,
amounted to $113,643,309 and $3,957,607, respectively.
At April 30, 1998, accumulated net unrealized appreciation on investments
was $169,258,382, consisting of $169,942,437 gross unrealized appreciation
and $684,055 gross unrealized depreciation.
At April 30, 1998, 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 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. 070/628SA984
INSERT TABLE FOR GRAPH IN PRESIDENT'S LETTER
