Dreyfus Premier
Worldwide Growth
Fund, Inc.
SEMIANNUAL REPORT
April 30, 1999
(R) [Dreyfus Logo]
<PAGE>
Year 2000 Issues
(Unaudited)
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments and its share price.
<PAGE>
Contents
THE FUND
- ---------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
10 Statement of Assets and Liabilities
11 Statement of Operations
12 Statement of Changes in Net Assets
14 Financial Highlights
18 Notes to Financial Statements
FOR MORE INFORMATION
- ------------------------------------------------------------
Back Cover
<PAGE>
Dreyfus Premier The Fund
Worldwide Growth Fund, Inc.
LETTER FROM THE PRESIDENT
- -------------------------
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus Premier Worldwide
Growth Fund covering the six-month period from November 1, 1998 through April
30, 1999. Inside, you'll find valuable information about how the Fund was
managed during the reporting period, including a discussion with the Fund's
portfolio manager, Fayez Sarofim, of Fayez Sarofim & Co., the Fund's
Sub-Investment Adviser.
Many regional economies showed marked improvement after many of the world's
central banks lowered key short-term interest rates to stimulate economic
growth. Less restrictive monetary policies especially helped prevent further
economic deterioration in Japan, Asia, Latin America and Eastern Europe, where
the worst of the global currency and credit crisis appears to be behind us. In
contrast, some Western European economies slowed moderately after the formation
of the European Monetary Union (EMU) and the debut of a new currency, the euro.
These economic conditions produced mixed results for international stocks. Stock
markets in Japan, Asia and Latin America began to recover over the past six
months, showing their first signs of real strength in over a year. European
markets, on the other hand, provided disparate performance. For example, while
Spain and the United Kingdom experienced higher stock prices on average, others,
such as Germany, declined.
We appreciate your confidence over the past six months, and we look forward to
your continued participation in Dreyfus Premier Worldwide Growth Fund.
Sincerely,
/s/ Stephen E. Canter
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
May 13, 1999
2
<PAGE>
DISCUSSION OF FUND PERFORMANCE
- ------------------------------
Fayez Sarofim, Portfolio Manager
Fayez Sarofim & Co., Sub-Investment Adviser
How did Dreyfus Premier Worldwide Growth Fund perform relative to its benchmark?
The Fund produced a total return of 16.55% for Class A shares, 16.12% for Class
B shares, 16.10% for Class C shares and 16.69% for Class R shares over the
six-month period ended April 30, 1999.1 In comparison, the Fund's benchmark, the
Standard & Poor's 500 Composite Stock Price Index ("S&P 500 Index"), provided a
22.31% total return.2 In addition, the Morgan Stanley Capital International
World Index (MSCI World), a more global-based index, provided a total return of
19.57% for the same time period.3
We attribute the Fund's performance to the surprisingly rapid recovery of the
global capital markets in the wake of last summer's stock market decline.
Large-cap stocks performed especially well, particularly those enjoying the
greatest exposure to the robust U.S. economy. The S&P 500 Index, which is
heavily weighted toward large U.S. growth stocks, benefited from these
conditions.
What is the Fund's investment approach?
Dreyfus Premier Worldwide Growth Fund invests primarily in large,
well-established growth companies that we believe are well positioned to weather
difficult economic climates and thrive during favorable times. Indeed, many of
the Fund's holdings--selected for their sustained patterns of profitability,
strong balance sheets, expanding global presence and above-average growth
potential--responded well to the positive economic environment that prevailed
during most of the period. Stocks of companies such as Citigroup that had lost
significant value during August and September 1998 rebounded strongly in the
autumn in response to this favorable environment as well as their own effective
management initiatives.
The Fund 3
<PAGE>
DISCUSSION OF FUND PERFORMANCE (continued)
The Fund also maintains a "buy-and-hold" investment strategy, which is based on
remaining fully invested and on targeting long-term growth rather than
short-term profit. Since we typically buy and sell relatively few stocks during
the course of the year, we minimize the investors' tax liabilities and reduce
the Fund's trading costs. During the recent six-month period, the Fund
maintained a portfolio turnover rate of 1.4% (not annualized), well within our
goal of an annual portfolio turnover rate below 15%. In addition, since we
remained fully invested we participated fully in the market's strong recovery in
late 1998.
Our investment strategy is also predicated on purchasing growth stocks at a
price we consider to be justified by a company's fundamentals. While the Fund
was invested in several leading technology companies during the period, such as
Intel and Microsoft, we avoided most high-flying Internet and technology
companies because we found their stock prices to be higher than warranted by
their financial strength and growth rates. We believed--and continue to
believe--that the risks of such investments fail to outweigh the benefits.
Consequently, the Fund held few such stocks at a time when investors bid the
prices of many up to stratospheric levels.
What other factors influenced the Fund's performance?
Much of the Fund's performance resulted from our sector selection process, an
analysis designed to identify industries likely to enjoy long-term growth. This
process led us to maintain the Fund's relatively high level of exposure to
stocks in the health care and financial industries, and, to a lesser extent, the
food and beverage industry.
The Fund's investments in leading health care companies such as U.S.-based
Johnson & Johnson and Swiss-based Roche Holdings, A.D.S. appreciated
significantly in value during most of the period. Although the stocks of many
major pharmaceutical companies declined during the final weeks of April because
of concerns over expiring drug patents and new limits on Medicare
reimbursements, most performed well overall.
4
<PAGE>
The financial sector proved a fruitful area of investment as well. Some of our
banking, insurance and other financial holdings recovered from their October
1998 lows to be among the Fund's best performers. We were particularly pleased
with the performance of Chase Manhattan and French insurance giant Axa, which
not only regained lost ground, but also went on to establish new all-time highs
during the first few months of 1999. The food and beverage sector, in which the
Fund held such companies as Coca-Cola and Groupe Danone, A.D.R., also benefited
from the strengthening global economy and improved investor confidence.
What is the Fund's current strategy?
As of April 30, the long-term economic trends that have led us to emphasize
health care, financials and consumer non-durables appear to remain in place.
Specifically, the U.S. economy has continued to perform well--inflation and
interest rates have remained low while consumer confidence has been high--and
the global economy has shown continuing signs of stabilization and improvement.
As a result, we have seen little reason to alter our asset allocation model. Nor
have we observed changes in company fundamentals that might lead us to make
significant changes among our individual holdings. Rather, we believe that the
six-month reporting period has illustrated the virtues of global diversification
among a carefully selected group of high-quality companies.
May 13, 1999
1 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.
2 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.
3 SOURCE: LIPPER ANALYTICAL SERVICES, INC. - Unlike the Fund, which may
invest in various types of securities and engage in different investment
techniques, the Morgan Stanley Capital International World Index is an
unmanaged index of global stock market performance, consisting of equity
securities.
The Fund 5
<PAGE>
STATEMENT OF INVESTMENTS
April 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
Common Stocks--96.4% Shares Value ($)
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
Automotive--5.4%
DailmerChrysler 382,637 a 37,570,171
Ford Motor 400,000 25,575,000
General Motors 100,000 8,893,750
72,038,921
Banking--4.6%
BankAmerica 158,424 11,406,528
Chase Manhattan 125,000 10,343,750
Deutsche Bank, A.D.R. 220,000 12,815,000
Union Bank of Switzerland 75,010 a 25,495,525
60,060,803
Basic Materials--1.5%
Air Liquide, A.D.R. 650,000 20,109,375
Capital Goods--7.1%
AlliedSignal 300,000 17,625,000
Boeing 120,000 4,875,000
Caterpillar 50,000 3,218,750
Emerson Electric 175,000 11,287,500
General Electric 210,000 22,155,000
Mannesmann, A.D.R. 180,000 23,580,000
Norsk Hydro, A.D.R. 150,000 6,637,500
Philips Electronics 50,000 4,268,750
93,647,500
Communications--6.9%
Bell Atlantic 170,000 9,796,250
BellSouth 500,000 22,375,000
Embratel Participacoes, A.D.R 30,000 a 487,500
SBC Communications 500,000 28,000,000
Tele Celular Participacoes, A.D.R. 3,000 59,438
Tele Centro Oeste Celular Participacoes, A.D.R. 10,000 36,250
Tele Centro Participacoes, A.D.R. 6,000 a 318,750
Tele Leste Celular Participacoes, A.D.R. 600 21,525
Tele Nordeste Celular Participacoes, A.D.R. 1,500 33,000
Tele Norte Celular Participacoes, A.D.R. 600 18,375
Tele Norte Leste Participacoes, A.D.R. 30,000 a 508,125
Tele Sudeste Celular Participacoes, A.D.R. 6,000 171,375
Telecom Italia, A.D.R. 200,000 21,237,500
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
Common Stocks (continued) Shares Value ($)
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
Communications (continued)
Telecomunicacoes Brasileiras, A.D.R. 105,000 a 8,203
Telecomunicacoes Brasileiras, Holders A.D.R. 75,000 a 6,839,062
Telemig Celular Participacoes, A.D.R. 1,500 a 40,219
Telesp Celular Participacoes, A.D.R. 12,000 300,000
Telesp Participacoes, A.D.R. 30,000 750,000
91,000,572
Computers--6.8%
Cisco Systems 260,000 a 29,656,250
Compaq Computer 220,000 4,908,750
Hewlett-Packard 210,000 16,563,750
Microsoft 480,000 a 39,030,000
90,158,750
Electronics--4.4%
Intel 950,000 58,128,125
Energy--6.7%
BP Amoco, A.D.S. 260,000 29,428,750
Chevron 35,000 3,491,250
Elf Aquitaine, A.D.S. 140,000 10,937,500
Exxon 120,000 9,967,500
Mobil 30,000 3,142,500
Royal Dutch Petroleum, A.D.R. 325,000 19,073,438
Total, Cl. B, A.D.S. 190,594 12,960,392
89,001,330
Finance--Misc--5.8%
Associates First Capital, Cl. A 350,938 15,550,940
Citigroup 300,000 22,575,000
Eurafrance 30,216 15,230,041
Hertz, Cl. A 50,000 2,984,375
Merrill Lynch 100,000 8,393,750
Zurich Allied 20,000 12,519,685
77,253,791
Food & Drugs--1.2%
Walgreen 600,000 16,125,000
Food, Beverage & Tobacco--10.1%
Coca-Cola 450,000 30,600,000
Diageo, A.D.S. 775,000 35,746,875
</TABLE>
The Fund 7
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited) (continued)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
Common Stocks (continued) Shares Value ($)
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
Food, Beverage & Tobacco (continued)
Groupe Danone, A.D.R 200,000 10,700,000
Hennessy Louis, A.D.S. 250,050 13,033,856
Nestle, A.D.R. 170,000 15,703,750
PepsiCo 220,000 8,126,250
Philip Morris 575,000 20,160,938
134,071,669
Health Care--16.0%
Abbott Laboratories 325,000 15,742,187
American Home Products 380,000 23,180,000
Bristol-Myers Squibb 375,000 23,835,938
Johnson & Johnson 325,000 31,687,500
Merck 450,000 31,612,500
Pfizer 450,000 51,778,125
Roche Holdings, A.D.S. 285,000 33,558,750
211,395,000
Household Products/Miscellaneous--4.8%
Estee Lauder, Cl.A 40,000 4,005,000
Gillette 300,000 15,656,250
L'Oreal, A.D.R 230,000 29,497,500
Procter & Gamble 150,000 14,071,875
63,230,625
Insurance--5.3%
Axa 240,361 31,102,132
Berkshire Hathaway, Cl. A 325 a 24,830,000
Berkshire Hathaway, Cl. B 28 a 69,160
Marsh & McLennan 190,000 14,546,875
70,548,167
Media/Entertainment--3.2%
Disney (Walt) 45,000 1,428,750
McDonald's 275,000 11,653,125
Seagram 460,000 26,392,500
Tricon Global Restaurants 50,000 a 3,218,750
42,693,125
Publishing--2.0%
News, A.D.S. 12,000 391,500
Pearson 1,250,288 26,594,851
26,986,351
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
Common Stocks (continued) Shares Value ($)
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
Retail--.5%
Wal-Mart Stores 150,000 6,900,000
Textiles-Apparel--1.9%
Christian Dior 170,000 22,285,609
Polo Ralph Lauren, Cl. A 150,000 a 3,337,500
25,623,109
Utilities--2.2%
Veba 200,000 10,991,382
Vivendi 75,000 17,559,209
Vivendi (Warrants) 25,000 a 55,328
28,605,919
Total Common Stocks
(cost $988,534,151) 1,277,578,132
- --------------------------------------------------------------------------------------------------
Preferred Stocks--1.6% Shares Value ($)
- --------------------------------------------------------------------------------------------------
Publishing;
News, A.D.S., Cum. $.4428
(cost $15,235,564) 700,000 21,393,750
- --------------------------------------------------------------------------------------------------
Principal
Corporate Bonds--.0% Amount ($) Value ($)
- --------------------------------------------------------------------------------------------------
Zurich International,
2%, 3/1/2001
(cost $4,537) 5,000 3,317
- --------------------------------------------------------------------------------------------------
Principal
Short-Term Investments--1.2% Amount ($) Value ($)
- --------------------------------------------------------------------------------------------------
U.S. Treasury Bills:
4.22%, 6/10/1999 10,781,000 10,728,885
4.38%, 6/17/1999 1,890,000 1,879,265
4.24%, 7/22/1999 1,366,000 1,352,278
4.39%, 7/29/1999 1,601,000 1,583,853
Total Short-Term Investments
(cost $15,546,117) 15,544,281
- --------------------------------------------------------------------------------------------------
Total Investments (cost $1,019,320,369) 99.2% 1,314,519,480
Cash and Receivables (Net) .8% 10,049,619
Net Assets 100.0% 1,324,569,099
</TABLE>
a Non-income producing.
See notes to financial statements.
The Fund 9
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
April 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
Cost Value
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
Assets ($):
Investments in securities--See Statement of Investments 1,019,320,369 1,314,519,480
Cash 7,113,119
Receivable for shares of Common Stock subscribed 7,667,108
Dividends and interest receivable 2,582,632
Prepaid expenses 113,499
1,331,995,838
- --------------------------------------------------------------------------------------------------
Liabilities ($):
Due to The Dreyfus Corporation and affiliates 910,513
Due to Distributor 865,714
Payable for investment securities purchased 4,051,750
Payable for shares of Common Stock redeemed 1,401,548
Accrued expenses 197,214
7,426,739
- --------------------------------------------------------------------------------------------------
Net Assets ($) 1,324,569,099
- --------------------------------------------------------------------------------------------------
Composition of Net Assets ($):
Paid-in capital 1,030,528,562
Accumulated distributions in excess of investment income--net (2,843,892)
Accumulated net realized gain (loss) on investments and
foreign currency transactions 1,703,739
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions 295,180,690
- --------------------------------------------------------------------------------------------------
Net Assets ($) 1,324,569,099
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
Net Asset Value Per Share
Class A Class B Class C Class R
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net Assets ($) 325,456,454 828,082,244 168,645,812 2,384,589
Shares Outstanding 9,385,031 24,508,060 5,035,759 69,218
- --------------------------------------------------------------------------------------------------
Net Asset Value Per Share ($) 34.68 33.79 33.49 34.45
</TABLE>
See notes to financial statements.
10
<PAGE>
STATEMENT OF OPERATIONS
Six Months Ended April 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
Investment Income ($)
- -------------------------------------------------------------------------------------------
<S> <C>
Income:
Cash dividends (net of $325,063 foreign taxes withheld at source) 6,754,513
Interest 865,509
Total Income 7,620,022
Expenses:
Investment advisory fee--Note 3(a) 4,013,942
Distribution fees--Note 3(b) 3,047,870
Shareholder servicing costs--Note 3(c) 1,868,967
Registration fees 144,647
Custodian fees 85,061
Prospectus and shareholders' reports 68,805
Professional fees 25,629
Directors' fees and expenses--Note 3(d) 11,425
Loan commitment fees--Note 2 3,913
Miscellaneous 4,396
Total Expenses 9,274,655
Investment (Loss) (1,654,633)
- -------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) on Investments--Note 4:
Net realized gain (loss) on investments and foreign currency transactions 2,238,601
Net unrealized appreciation (depreciation) on investments and
foreign currency transactions 148,505,900
Net Realized and Unrealized Gain (Loss) on Investments 150,744,501
Net Increase in Net Assets Resulting from Operations 149,089,868
</TABLE>
See notes to financial statements.
The Fund 11
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
Six Months Ended
April 30, 1999 Year Ended
(Unaudited) October 31, 1998
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
Operations ($):
Investment (loss) (1,654,633) (344,980)
Net realized gain (loss) on investments 2,238,601 3,125,565
Net unrealized appreciation (depreciation)
on investments 148,505,900 89,010,488
Net Increase (Decrease) in Net Assets
Resulting from Operations 149,089,868 91,791,073
- ---------------------------------------------------------------------------------------------
Dividends to Shareholders From ($):
Investment income--net:
Class A shares (683,130) (66,213)
Class C shares (19,085) --
Class R shares (7,604) (1,945)
Net realized gain on investments:
Class A shares (709,920) (44,142)
Class B shares (2,081,046) (115,429)
Class C shares (337,167) (13,341)
Class R shares (5,069) (286)
Total Dividends (3,843,021) (241,356)
- ---------------------------------------------------------------------------------------------
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A shares 222,628,673 250,413,601
Class B shares 229,155,984 273,701,814
Class C shares 81,943,039 57,703,537
Class R shares 1,676,143 641,385
Dividends reinvested:
Class A shares 1,193,098 97,249
Class B shares 1,557,002 91,390
Class C shares 191,269 6,189
Class R shares 12,664 2,229
Cost of shares redeemed:
Class A shares (123,841,330) (192,901,445)
Class B shares (40,015,158) (54,923,787)
Class C shares (9,709,992) (13,924,103)
Class R shares (739,203) (327,614)
Increase (Decrease) in Net Assets from
Capital Stock Transactions 364,052,189 320,580,445
Total Increase (Decrease) in Net Assets 509,299,036 412,130,162
- ---------------------------------------------------------------------------------------------
Net Assets ($):
Beginning of Period 815,270,063 403,139,901
End of Period 1,324,569,099 815,270,063
</TABLE>
See notes to financial statements.
12
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
Six Months Ended
April 30, 1999 Year Ended
(Unaudited) October 31, 1998
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
Capital Share Transactions:
Class A
Shares sold 6,673,835 8,646,917
Shares issued for dividends reinvested 37,542 3,838
Shares redeemed (3,696,311) (6,703,661)
Net Increase (Decrease) in Shares Outstanding 3,015,066 1,947,094
- ----------------------------------------------------------------------------------------------
Class B
Shares sold 7,092,172 9,520,449
Shares issued for dividends reinvested 50,129 3,675
Shares redeemed (1,232,091) (1,937,478)
Net Increase (Decrease) in Shares Outstanding 5,910,210 7,586,646
- ----------------------------------------------------------------------------------------------
Class C
Shares sold 2,561,792 2,018,042
Shares issued for dividends reinvested 6,214 251
Shares redeemed (301,265) (503,236)
Net Increase (Decrease) in Shares Outstanding 2,266,741 1,515,057
- ----------------------------------------------------------------------------------------------
Class R
Shares sold 51,009 22,298
Shares issued for dividends reinvested 402 89
Shares redeemed (23,231) (11,471)
Net Increase (Decrease) in Shares Outstanding 28,180 10,916
</TABLE>
See notes to financial statements.
The Fund 13
<PAGE>
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the
fiscal periods indicated. Certain information reflects financial results for a
single Fund share. "Total return" shows how much your investment in the Fund
would have increased (or decreased) during each period, assuming you had
reinvested all dividends and distributions. These figures have been
derived from the Fund's financial statements.
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
Six Months Ended
April 30, 1999 Year Ended October 31,
--------------------------------------------
Class A Shares (Unaudited) 1998 1997 1996 1995 1994
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Data ($):
Net asset value,
beginning of period 29.95 24.46 19.89 16.41 14.03 13.21
Investment Operations:
Investment income--net .01 .09 .11 .13 .20 .16
Net realized and unrealized gain
(loss) on investments 4.93 5.43 4.69 3.50 2.39 .66
Total from Investment Operations 4.94 5.52 4.80 3.63 2.59 .82
Distributions:
Dividends from investment
income--net (.10) (.02) (.15) (.14) (.21) --
Dividends from net realized
gain on investments (.11) (.01) (.08) (.01) -- --
Total Distributions (.21) (.03) (.23) (.15) (.21) --
Net asset value, end of period 34.68 29.95 24.46 19.89 16.41 14.03
- ----------------------------------------------------------------------------------------
Total Return (%)a 16.55b 22.56 24.39 22.24 18.77 6.21
- ----------------------------------------------------------------------------------------
Ratios/Supplemental Data (%):
Ratio of expenses to
average net assets .58b 1.20 1.19 1.25 1.22 1.33
Ratio of net investment income
to average net assets .13b .51 .66 .98 1.59 1.49
Decrease reflected in above
expense ratios due to
undertakings by the Manager -- -- .03 .12 .53 .75
Portfolio Turnover Rate 1.41b 5.33 1.20 1.24 1.16 .71
- -----------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 325,456 190,800 108,188 42,098 18,822 8,075
</TABLE>
a Exclusive of sales load.
b Not annualized.
See notes to financial statements.
14
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
Six Months Ended
April 30, 1999 Year Ended October 31,
--------------------------------------------
Class B Shares (Unaudited) 1998 1997 1996 1995 1994
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Data ($):
Net asset value,
beginning of period 29.20 24.01 19.58 16.22 13.89 13.17
Investment Operations:
Investment income (loss)--net (.05) (.04) (.04)a .04 .12 .09
Net realized and unrealized gain
(loss) on investments 4.75 5.24 4.60 3.42 2.34 .63
Total from Investment Operations 4.70 5.20 4.56 3.46 2.46 .72
Distributions:
Dividends from investment
income--net -- -- (.05) (.09) (.13) --
Dividends from net realized
gain on investments (.11) (.01) (.08) (.01) -- --
Total Distributions (.11) (.01) (.13) (.10) (.13) --
Net asset value, end of period 33.79 29.20 24.01 19.58 16.22 13.89
- ----------------------------------------------------------------------------------------
Total Return (%)b 16.12c 21.66 23.47 21.29 17.88 5.47
- ----------------------------------------------------------------------------------------
Ratios/Supplemental Data (%):
Ratio of expenses to
average net assets .95c 1.95 2.00 2.00 1.98 2.07
Ratio of net investment income
(loss) to average net assets (.24)c (.24) (.17) .24 .84 .71
Decrease reflected in above
expense ratios due to
undertakings by the Manager -- -- .03 .12 .46 .75
Portfolio Turnover Rate 1.41c 5.33 1.20 1.24 1.16 .71
- ----------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 828,082 543,079 264,375 74,833 32,555 10,867
</TABLE>
a Based on average shares outstanding at each month end.
b Exclusive of sales load.
c Not annualized.
See notes to financial statements.
The Fund 15
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
Six Months Ended
April 30, 1999 Year Ended October 31,
-------------------------------
Class C Shares (Unaudited) 1998 1997 1996 1995
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Per Share Data ($):
Net asset value, beginning of period 28.95 23.80 19.51 16.22 15.56
Investment Operations:
Investment income (loss)--net (.03) (.01) (.06)b .14 (.01)
Net realized and unrealized gain (loss)
on investments 4.69 5.17 4.57 3.29 .67
Total from Investment Operations 4.66 5.16 4.51 3.43 .66
Distributions:
Dividends from investment income--net (.01) -- (.14) (.13) --
Dividends from net realized gain on investments (.11) (.01) (.08) (.01) --
Total Distributions (.12) (.01) (.22) (.14) --
Net asset value, end of period 33.49 28.95 23.80 19.51 16.22
- -----------------------------------------------------------------------------------------
Total Return (%)c 16.10d 21.69 23.36 21.23 4.71d
- -----------------------------------------------------------------------------------------
Ratios/Supplemental Data (%):
Ratio of expenses to average net assets .94d 1.91 1.99 2.04 1.56d
Ratio of net investment income (loss)
to average net assets (.23)d (.21) (.24) .19 (.63)d
Decrease reflected in above expense ratios
due to undertakings by the Manager -- -- .03 .11 .73d
Portfolio Turnover Rate 1.41d 5.33 1.20 1.24 1.16
- -----------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 168,646 80,169 29,845 1,086 48
<FN>
a From June 21, 1995 (commencement of initial offering) to October 31, 1995.
b Based on average shares outstanding at each month end.
c Exclusive of sales load.
d Not annualized.
See notes to financial statements.
</FN>
</TABLE>
16
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
Six Months Ended
April 30, 1999 Year Ended October 31,
-----------------------------
Class R Shares (Unaudited) 1998 1997 1996a
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Per Share Data ($):
Net asset value, beginning of period 29.77 24.30 19.74 18.03
Investment Operations:
Investment income--net .03 .20 .22 .03
Net realized and unrealized gain (loss)
on investments 4.92 5.35 4.60 1.69
Total from Investment Operations 4.95 5.55 4.82 1.72
Distributions:
Dividends from investment income--net (.16) (.07) (.18) --
Dividends from net realized gain on investments (.11) (.01) (.08) (.01)
Total Distributions (.27) (.08) (.26) (.01)
Net asset value, end of period 34.45 29.77 24.30 19.74
- ---------------------------------------------------------------------------------------
Total Return (%) 16.69b 22.89 24.71 9.51b
- ---------------------------------------------------------------------------------------
Ratios/Supplemental Data (%):
Ratio of expenses to average net assets .45b .93 .95 .75b
Ratio of net investment income
to average net assets .26b .78 .87 .48b
Decrease reflected in above expense ratios
due to undertakings by the Manager -- -- .04 .07b
Portfolio Turnover Rate 1.41b 5.33 1.20 1.24
- ---------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 2,385 1,222 732 155
<FN>
a From March 4, 1996 (commencement of initial offering) to October 31, 1996.
b Not annualized.
See notes to financial statements.
</FN>
</TABLE>
The Fund 17
<PAGE>
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, as amended (the "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. Securities for which there are no such
valuations are valued at fair
18
<PAGE>
value as determined in good faith under the direction of the Board of
Directors. Investments denominated in foreign currencies are translated
to U.S. dollars at the prevailing rates of exchange.
(b) Foreign currency transactions: The Fund does not isolate that portion of
the results of operations resulting from changes in foreign exchange rates on
investments from the fluctuations arising from changes in market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss from investments.
Net realized foreign exchange gains or losses arise from sales and maturities of
short-term securities, sales of foreign currencies, currency gains or losses
realized on securities transactions 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. Under the terms of the custody agreement, the Fund
received net earnings credits of $1,941 during the period ended April 30,
1999 based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
(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
The Fund 19
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
comply with the distribution requirements of the Internal Revenue Code of 1986,
as amended (the "Code"). To the extent that net realized capital gain can be
offset by capital loss carryovers, if any, it is the policy of the Fund not to
distribute such gain.
(e) Federal income taxes: It is the policy of the Fund to continue to qualify as
a regulated investment company, if such qualification is in the best interests
of its shareholders, by complying with the applicable provisions of the 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 (the "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, 1999, 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 million up to $75 million .18 of 1%
$75 million up to $200 million .22 of 1%
$200 million up to $300 million .26 of 1%
In excess of $300 million .275 of 1%
20
<PAGE>
Dreyfus Service Corporation, a wholly-owned subsidiary of Dreyfus, retained
$9,508 during the period ended April 30, 1999 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, 1999,
Class B and Class C shares were charged $2,578,493 and $469,377, 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 their average
daily net assets 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, 1999, Class A, Class B and Class C
shares were charged $319,832, $859,498 and $156,459, respectively, 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. During the period
ended April 30, 1999, the Fund was charged $298,249 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.
The Fund 21
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended April 30, 1999, amounted to
$392,555,312 and $14,600,125, respectively.
At April 30, 1999, accumulated net unrealized appreciation on investments was
$295,199,111, consisting of $304,529,776 gross unrealized appreciation and
$9,330,665 gross unrealized depreciation.
At April 30, 1999, 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).
22
<PAGE>
NOTES
<PAGE>
For More Information
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
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
By telephone
Call your financial representative or
1-800-554-4611
By mail Write to:
The Dreyfus Premier
Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
(C) 1999 Dreyfus Service Corporation 070/628SA994
