Dreyfus
Premier Worldwide
Growth Fund, Inc.
ANNUAL REPORT October 31, 1999
(reg.tm)
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
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.
Contents
THE FUND
- --------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Fund Performance
8 Statement of Investments
13 Statement of Assets and Liabilities
14 Statement of Operations
15 Statement of Changes in Net Assets
18 Financial Highlights
23 Notes to Financial Statements
28 Report of Independent Auditors
29 Important Tax Information
FOR MORE INFORMATION
- ---------------------------------------------------------------------------
Back Cover
The Fund
Dreyfus Premier
Worldwide Growth Fund, Inc.
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this annual report for Dreyfus Premier Worldwide
Growth Fund, Inc., covering the 12-month period from November 1, 1998 through
October 31, 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.
When the reporting period began, much of the world was experiencing the
aftermath of a global currency and credit crisis, and many of the world's
central banks had lowered key short-term interest rates to stimulate economic
growth. This strategy appears to have been effective. Soon after 1999 began,
evidence emerged that less restrictive monetary policies had helped prevent
further economic deterioration in Japan and the emerging markets of Asia, Latin
America and Eastern Europe.
The prospect of better economic conditions and the start of banking reform and
corporate restructuring helped Japan lead the world's stock markets higher.
European markets also fared relatively well in local currency terms, but returns
were generally flat for U.S. investors after adjusting for currency-related
effects. The improving economic climate produced particularly good results for
emerging market stocks. Stocks in Southeast Asia began to recover in 1999,
showing their first signs of real strength in over a year. Latin America
provided good results after concerns about Brazil's currency devaluation abated.
Even selected markets in Eastern Europe performed well, despite ongoing
financial problems in Russia.
We appreciate your confidence over the past year, and we look forward to your
continued participation in Dreyfus Premier Worldwide Growth Fund, Inc.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
November 15, 1999
DISCUSSION OF FUND PERFORMANCE
Fayez Sarofim, Sub-Investment Adviser
How did Dreyfus Premier Worldwide Growth Fund perform relative to its benchmark
For the 12-month period ended October 31, 1999, the fund's total return was
18.70% for Class A shares, 17.87% for Class B shares, 17.87% for Class C shares
and 19.03% for Class R shares.(1) The total return of the Morgan Stanley Capital
International (" MSCI" ) World Index (net dividends reinvested), the fund's
benchmark, was 24.91% for the same time period.(2)
The public offering of the fund's Class T shares commenced on September 30,
1999. From September 30, 1999 through October 31, 1999, the fund produced a
total return of 5.29% for Class T shares.(1)
We attribute the fund's performance to the types of stocks that supported the
MSCI World Index's rise. Much of the Index's advance during the reporting period
was driven by strong performance among U.S. technology companies and Asian
markets. Since the Index is more heavily weighted toward U.S.-based technology
stocks and Asian stocks than the fund, the Index rose more rapidly.
What is the fund's investment approach?
The fund invests primarily in large, well-established, multinational growth
companies that we believe are well positioned to weather difficult economic
climates and thrive during favorable times. We focus on purchasing growth stocks
at a price we consider to be justified by a company's fundamentals. The result
is a portfolio of stocks in prominent companies selected for their sustained
patterns of profitability, strong balance sheets, expanding global presence and
above-average growth potential.
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 The Fun
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
relatively few stocks during the course of the year, we minimize investors' tax
liabilities and reduce the fund' s trading costs. During the recent 12-month
period, the fund maintained a portfolio turnover rate of 2.42%, well within our
goal of an annual portfolio turnover rate below 15% during normal market
conditions.
What other factors influenced the fund's performance?
As we mentioned earlier, a significant amount of the benchmark's strong rise was
driven by the performance of an extremely narrow group of U.S.
technology-related companies. While the fund benefited from owning significant
positions in a few of these companies -- such as technology leaders Intel,
Microsoft and Cisco Systems -- our performance relative to our benchmark
suffered because the benchmark was more heavily weighted in these stocks.
A wide range of global, domestic and company-specific issues also affected the
fund' s performance. During the first half of the period, global economic
difficulties and weak consumer spending in many foreign markets created
challenging conditions for multinational consumer products companies. During the
second half of the period, rising interest rates took a toll on
interest-rate-sensitive sectors, such as financials and health care. Stocks of
many health care and pharmaceutical companies suffered additionally during the
period due to concerns over expiring drug patents and new U.S. limits on
Medicare reimbursements. Since we allocated more of the fund's assets to health
care, consumer staples and financials than other sectors, these conditions hurt
the fund's overall performance.
What is the fund's current strategy?
Much of the fund's performance is a result of our sector selection process, an
analysis designed to identify industries which we believe will enjoy long-term
growth. During the reporting period, this process led us to maintain the fund's
emphasis on the health care, consumer staple and financial industries, and to
de-emphasize commodi
ties and basic industries. Our investment discipline also led us away from
technology companies with stock prices higher than we judged to be warranted by
their financial strength and growth rates.
While the performance of our health care and consumer staple holdings failed to
keep pace with the MSCI World Index due to the factors described above, many
holdings in these sectors performed well. The fund's top performers included
pharmaceutical companies Johnson & Johnson and Swiss-based Roche Holdings, and
consumer products companies Wal-Mart Stores and Christian Dior. Furthermore,
despite the challenging interest-rate environment, our substantial position in
financials boosted the fund's performance in that sector relative to the Index,
as did our underweighting of the troubled commodities and basic industry
sectors.
As of October 31, 1999, the long-term economic trends that have led us to
emphasize health care, financials and consumer staples appear to remain in
place. Specifically, the U.S. economy has continued to perform well. Despite
rising interest rates, inflation remained low while consumer confidence remained
high -- and the global economy demonstrated continuing signs of 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.
November 15, 1999
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID,
AND DOES NOT TAKE INTO CONSIDERATION THE MAXIMUM INITIAL SALES CHARGES IN THE
CASE OF CLASS A AND CLASS T SHARES, OR THE APPLICABLE CONTINGENT DEFERRED SALES
CHARGES IMPOSED ON REDEMPTIONS IN THE CASE OF CLASS B AND CLASS C SHARES. HAD
THESE CHARGES BEEN REFLECTED, RETURNS WOULD HAVE BEEN LOWER. PAST PERFORMANCE IS
NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE AND INVESTMENT RETURN FLUCTUATE SUCH
THAT UPON REDEMPTION FUND SHARES MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST.
(2) SOURCE: LIPPER ANALYTICAL SERVICES, INC. -- THE MORGAN STANLEY CAPITAL
INTERNATIONAL (MSCI) WORLD INDEX IS AN UNMANAGED INDEX OF GLOBAL STOCK MARKET
PERFORMANCE CONSISTING SOLELY OF EQUITY SECURITIES. INCLUDES NET DIVIDENDS
REINVESTED.
The Fund
FUND PERFORMANCE
Comparison of change in value of $10,000 investment in Dreyfus Premier Worldwide
Growth Fund, Inc. Class A shares and Class B shares with the Standard & Poor's
500 Composite Stock Price Index and the Morgan Stanley Capital International
World Index
((+)) SOURCE: LIPPER ANALYTICAL SERVICES, INC.
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
THE ABOVE GRAPH COMPARES A $10,000 INVESTMENT MADE IN CLASS A SHARES AND CLASS B
SHARES OF DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC. ON 7/15/93 (INCEPTION
DATE) TO A $10,000 INVESTMENT MADE ON THAT DATE IN THE MORGAN STANLEY CAPITAL
INTERNATIONAL WORLD INDEX AS WELL AS THE STANDARD & POOR'S 500 COMPOSITE STOCK
PRICE INDEX. FOR COMPARATIVE PURPOSES, THE VALUE OF EACH INDEX ON 6/30/93 IS
USED AS THE BEGINNING VALUE ON 7/15/93. ALL DIVIDENDS AND CAPITAL GAIN
DISTRIBUTIONS ARE REINVESTED. PERFORMANCE FOR CLASS C, CLASS R AND CLASS T
SHARES WILL VARY FROM THE PERFORMANCE OF BOTH CLASS A AND CLASS B SHARES SHOWN
ABOVE DUE TO DIFFERENCES IN CHARGES AND EXPENSES.
THIS IS THE FIRST YEAR IN WHICH COMPARATIVE PERFORMANCE IS BEING SHOWN FOR THE
MORGAN STANLEY CAPITAL INTERNATIONAL WORLD INDEX, WHICH HAS BEEN SELECTED AS THE
PRIMARY INDEX FOR COMPARING THE FUND'S PERFORMANCE BECAUSE THE FUND INVESTS
GLOBALLY. THE STANDARD & POOR'S 500 COMPOSITE STOCK PRICE INDEX WAS THE FUND'S
BENCHMARK INDEX LAST YEAR. PERFORMANCE FOR THIS INDEX WILL NOT BE PROVIDED WITH
THE NEXT ANNUAL REPORT, BUT IS PROVIDED HEREWITH PURSUANT TO APPLICABLE
REGULATIONS.
THE FUND'S PERFORMANCE SHOWN IN THE LINE GRAPH TAKES INTO ACCOUNT THE MAXIMUM
INITIAL SALES CHARGE ON CLASS A SHARES AND THE MAXIMUM CONTINGENT DEFERRED SALES
CHARGE ON CLASS B SHARES AND ALL OTHER APPLICABLE FEES AND EXPENSES. THE MORGAN
STANLEY CAPITAL INTERNATIONAL WORLD INDEX IS AN UNMANAGED INDEX OF GLOBAL STOCK
MARKET PERFORMANCE, INCLUDING THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND
AND THE FAR EAST. THE INDEX IS THE PROPERTY OF MORGAN STANLEY & CO.
INCORPORATED AND INCLUDES NET DIVIDENDS REINVESTED. THE STANDARD & POOR'S 500
COMPOSITE STOCK PRICE INDEX IS A WIDELY ACCEPTED, UNMANAGED INDEX OF U.S. STOCK
MARKET PERFORMANCE.
NEITHER OF THE FOREGOING INDICES TAKE INTO ACCOUNT CHARGES, FEES AND OTHER
EXPENSES. FURTHER INFORMATION RELATING TO FUND PERFORMANCE, INCLUDING EXPENSE
REIMBURSEMENTS, IF APPLICABLE, IS CONTAINED IN THE FINANCIAL HIGHLIGHTS SECTION
OF THE PROSPECTUS AND ELSEWHERE IN THIS REPORT.
Average Annual Total Returns AS OF 10/31/99
<TABLE>
Inception From
Date 1 Year 5 Years Inception
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS A SHARES
<S> <C> <C> <C> <C>
WITH SALES CHARGE (5.75%) 7/15/93 11.87% 19.88% 17.62%
WITHOUT SALES CHARGE 7/15/93 18.70% 21.31% 18.73%
CLASS B SHARES
WITH REDEMPTION((+)) 7/15/93 13.87% 20.22% 17.87%
WITHOUT REDEMPTION 7/15/93 17.87% 20.41% 17.87%
CLASS C SHARES
WITH REDEMPTION((+)(+)) 6/21/95 16.87% -- 20.39%
WITHOUT REDEMPTION 6/21/95 17.87% -- 20.39%
CLASS R SHARES 3/4/96 19.03% -- 20.81%
Actual Aggregate Total Returns AS OF 10/31/99
Inception From
Date 1 Year 5 Years Inception
- -----------------------------------------------------------------------------------------------------------------------------------
Class T Shares
WITH SALES CHARGE (4.5%) 9/30/99 -- -- 0.54%
WITHOUT SALES CHARGE 9/30/99 -- -- 5.29%
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
( (+)) THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE FOR CLASS B SHARES IS 4%
AND IS REDUCED TO 0% AFTER SIX YEARS.
((+)(+)) THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE FOR CLASS C SHARES IS 1%
FOR SHARES REDEEMED WITHIN ONE YEAR OF THE DATE OF PURCHASE.
The Fund
</TABLE>
<TABLE>
STATEMENT OF INVESTMENTS
October 31, 1999
COMMON STOCKS--97.1% Shares Value ($)
- -----------------------------------------------------------------------------------------------------------------------------------
AUTOMOTIVE-3.7%
<S> <C> <C>
DailmerChrysler 392,637 30,527,527
Ford Motor 500,000 27,437,500
57,965,027
BANKING-5.0%
BankAmerica 168,424 10,842,295
Chase Manhattan 210,000 18,348,750
Deutsche Bank, A.D.R. 250,000 17,937,500
Union Bank of Switzerland 110,010 32,056,133
79,184,678
BASIC MATERIALS-1.5%
Air Liquide, A.D.R. 750,000 23,156,250
BUILDING & HARDWARE-1.9%
Sony, A.D.R. 185,000 29,553,750
CAPITAL GOODS-7.0%
AlliedSignal 300,000 17,081,250
Boeing 120,000 5,527,500
Emerson Electric 175,000 10,510,937
General Electric 260,000 35,246,250
Mannesmann, A.D.R. 200,000 31,600,000
Norsk Hydro, A.D.R. 150,000 5,981,250
Philips Electronics 46,000 4,781,125
110,728,312
COMMUNICATIONS-5.3%
Bell Atlantic 170,000 11,039,375
BellSouth 500,000 22,500,000
Embratel Participacoes, A.D.R. 30,000 386,250
SBC Communications 500,000 25,468,750
Tele Celular Participacoes, A.D.R. 3,000 52,500
Tele Centro Oeste Celular Participacoes, A.D.R. 10,000 35,000
Tele Centro Participacoes, A.D.R. 6,000 358,500
Tele Leste Celular Participacoes, A.D.R. 600 18,225
Tele Nordeste Celular Participacoes, A.D.R. 1,500 38,062
Tele Norte Celular Participacoes, A.D.R. 600 16,350
Tele Norte Leste Participacoes, A.D.R. 30,000 506,250
COMMON STOCKS (CONTINUED) Shares Value ($)
- -----------------------------------------------------------------------------------------------------------------------------------
COMMUNICATIONS (CONTINUED)
Tele Sudeste Celular Participacoes, A.D.R. 6,000 120,000
Telecom Italia, A.D.R. 200,000 17,300,000
Telecomunicacoes Brasileiras, A.D.R. 105,000 (a) 4,922
Telecomunicacoes Brasileiras Holders, A.D.R 75,000 5,840,625
Telemig Celular Participacoes, A.D.R. 1,500 41,156
Telesp Celular Participacoes, A.D.R. 12,000 295,500
Telesp Participacoes, A.D.R. 30,000 485,625
84,507,090
COMPUTERS-8.2%
Cisco Systems 540,000 (a) 39,960,000
Hewlett-Packard 275,000 20,367,187
International Business Machines 200,000 19,675,000
Microsoft 540,000 (a) 49,983,750
129,985,937
ELECTRONICS-5.3%
Intel 1,075,000 83,245,313
ENERGY-5.9%
BP Amoco, A.D.R. 620,000 35,805,000
Chevron 35,000 3,195,938
Elf Aquitaine, A.D.S. 140,000 10,377,500
Exxon 120,000 8,887,500
Mobil 30,000 2,895,000
Royal Dutch Petroleum, A.D.R. 325,000 19,479,688
Total, Cl. B, A.D.S. 190,594 12,710,237
93,350,863
FINANCE-MISC.-6.4%
American Express 150,000 23,100,000
Associates First Capital, Cl. A 350,938 12,809,237
Citigroup 475,000 25,709,375
Hertz, Cl. A 60,000 2,602,500
Merrill Lynch 100,000 7,850,000
Societe Eurafrance 30,216 18,284,028
Zurich Allied 20,000 11,340,341
101,695,481
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
- -----------------------------------------------------------------------------------------------------------------------------------
FOOD & DRUGS-1.0%
Walgreen 640,000 16,120,000
FOOD, BEVERAGE & TOBACCO-8.8%
Coca-Cola 475,000 28,025,000
Diageo, A.D.S. 775,000 31,484,375
Groupe Danone, A.D.R. 310,000 15,887,500
Hennessy Louis, A.D.S. 275,055 16,640,828
Nestle, A.D.R. 240,000 23,160,000
PepsiCo 250,000 8,671,875
Philip Morris 625,000 15,742,188
139,611,766
HEALTH CARE-14.3%
Abbott Laboratories 325,000 13,121,875
American Home Products 380,000 19,855,000
Bristol-Myers Squibb 375,000 28,804,688
Johnson & Johnson 325,000 34,043,750
Merck 475,000 37,792,187
Pfizer 1,425,000 56,287,500
Roche Holdings, A.D.S. 300,000 36,037,500
225,942,500
HOUSEHOLD PRODUCTS-MISC.-4.4%
Estee Lauder, Cl. A 80,000 3,730,000
Gillette 300,000 10,856,250
L'Oreal, A.D.R. 250,000 33,250,000
Procter & Gamble 210,000 22,023,750
69,860,000
INSURANCE-6.4%
Assicurazioni Generali 750,000 24,233,423
Axa 275,361 38,927,294
Berkshire Hathaway, Cl. A 325 (a) 20,767,500
Berkshire Hathaway, Cl. B 28 (a) 58,520
Marsh & McLennan 220,000 17,393,750
101,380,487
MEDIA/ENTERTAINMENT-3.4%
Disney (Walt) 45,000 1,186,875
McDonald's 325,000 13,406,250
COMMON STOCKS (CONTINUED) Shares Value ($)
- -----------------------------------------------------------------------------------------------------------------------------------
MEDIA/ENTERTAINMENT (CONTINUED)
Seagram 480,000 23,700,000
Tricon Global Restaurants 50,000 (a) 2,009,375
Viacom, Cl. B 300,000 (a) 13,425,000
53,727,500
PUBLISHING-3.0%
McGraw-Hill Cos. 300,000 17,887,500
News Corp, A.D.R. 12,000 355,500
Pearson 1,300,288 29,223,774
47,466,774
RETAIL-1.1%
Wal-Mart Stores 300,000 17,006,250
TEXTILES-APPARREL-2.4%
Christian Dior 200,000 35,884,968
Polo Ralph Lauren, Cl. A 150,000 (a) 2,775,000
38,659,968
UTILITIES-2.1%
Veba 200,000 10,837,176
Vivendi 301,875 22,928,949
33,766,125
TOTAL COMMON STOCKS
(cost $1,220,052,355) 1,536,914,071
- -----------------------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS-1.3% Shares Value ($)
- -----------------------------------------------------------------------------------------------------------------------------------
PUBLISHING;
News Corp, A.D.S.,Cum., $.4428
(cost $16,614,114) 750,000 20,671,875
- -----------------------------------------------------------------------------------------------------------------------------------
Principal
CORPORATE BONDS--.0% Amount ($) Value ($)
- -----------------------------------------------------------------------------------------------------------------------------------
Zurich International,
2%, 3/1/2001
(cost $4,692) 5,000 3,254
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
Principal
SHORT-TERM INVESTMENTS--1.6% Amount ($) Value ($)
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY BILLS:
4.40%, 11/4/1999 183,000 182,931
4.40%, 11/12/1999 12,846,000 12,828,658
4.48%, 12/2/1999 3,921,000 3,906,571
4.42%, 12/9/1999 1,760,000 1,751,781
4.35%, 12/23/1999 7,456,000 7,408,356
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS
(cost $ 26,074,736) 26,078,297
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $1,262,745,897) 100.0% 1,583,667,497
LIABILITIES, LESS CASH AND RECEIVABLES .0% (178,612)
NET ASSETS 100.0% 1,583,488,885
(A) NON-INCOME PRODUCING.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
October 31, 1999
Cost Value
- --------------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
<S> <C> <C>
Investments 1,262,745,897 1,583,667,49
Cash 2,153,316
Receivable for shares of Common Stock subscribed 2,311,989
Dividends and interest receivable 2,079,313
Prepaid expenses 103,802
1,590,315,917
- --------------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 1,238,279
Due to Distributor 696,116
Payable for shares of Common Stock redeemed 4,287,896
Accrued expenses 604,741
6,827,032
- -------------------------------------------------------------------------------------
NET ASSETS ($) 1,583,488,885
- -------------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 1,261,897,277
Accumulated investment (loss) (4,338,639)
Accumulated net realized gain (loss) on investments and
foreign currency transactions 5,026,066
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions 320,904,181
- --------------------------------------------------------------------------------------
NET ASSETS ($) 1,583,488,885
</TABLE>
<TABLE>
NET ASSET VALUE PER SHARE
Class A Class B Class C Class R Class T
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Assets ($) 440,513,264 937,195,003 196,831,969 8,947,595 1,054
Shares Outstanding 12,471,608 27,330,168 5,790,234 254,630 29.86
NET ASSET VALUE
PER SHARE ($) 35.32 34.29 33.99 35.14 35.30
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
</TABLE>
STATEMENT OF OPERATIONS
Year Ended October 31, 1999
- -------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INCOME:
Cash dividends (net of $1,209,894 foreign taxes withheld at source) 16,668,299
Interest 1,719,128
TOTAL INCOME 18,387,427
EXPENSES:
Investment advisory fee--Note 3(a) 9,477,813
Distribution fees--Note 3(b) 7,044,333
Shareholder servicing costs--Note 3(c) 4,569,341
Registration fees 286,852
Custodian fees 206,929
Prospectus and shareholders' reports 129,798
Professional fees 44,100
Director's fees and expenses--Note 3(d) 20,111
Loan commitment fees--Note 2 6,531
Miscellaneous 25,405
TOTAL EXPENSES 21,811,213
INVESTMENT (LOSS) (3,423,786)
- -------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments and
foreign currency transactions 5,049,950
Net unrealized appreciation (depreciation) on investments and
foreign currency transactions 174,229,391
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 179,279,341
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 175,855,555
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Year Ended October 31,
----------------------------
1999 1998
- -------------------------------------------------------------------------------
OPERATIONS ($):
Investment (loss) (3,423,786) (344,980)
Net realized gain (loss) on investments 5,049,950 3,125,565
Net unrealized appreciation (depreciation)
on investments 174,229,391 89,010,488
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 175,855,555 91,791,073
- -------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Class A shares (683,131) (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 (3,843,022) (241,356)
- -------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($):
Net proceeds from shares sold:
Class A shares 694,002,621 250,413,601
Class B shares 377,208,515 273,701,814
Class C shares 124,098,920 57,703,537
Class R shares 9,058,035 641,385
Class T shares (a) 1,000 --
The Fund
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
Year Ended October 31,
-----------------------------
1999 1998
- ------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS (CONTINUED) ($):
Dividends reinvested:
Class A shares 1,193,132 97,249
Class B shares 1,556,997 91,390
Class C shares 191,269 6,189
Class R shares 12,664 2,229
Cost of shares redeemed:
Class A shares (488,435,413) (192,901,445)
Class B shares (93,862,744) (54,923,787)
Class C shares (26,901,140) (13,924,103)
Class R shares (1,917,567) (327,614)
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS 596,206,289 320,580,445
TOTAL INCREASE (DECREASE) IN NET ASSETS 768,218,822 412,130,162
- ------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 815,270,063 403,139,901
END OF PERIOD 1,583,488,885 815,270,063
A FROM SEPTEMBER 30, 1999 (COMMENCEMENT OF INITIAL OFFERING) TO OCTOBER 31,
1999.
SEE NOTES TO FINANCIAL STATEMENTS.
Year Ended October 31,
-----------------------------
1999 1998
- -------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
CLASS A (B)
Shares sold 20,389,735 8,646,917
Shares issued for dividends reinvested 37,543 3,838
Shares redeemed (14,325,635) (6,703,661)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 6,101,643 1,947,094
- -------------------------------------------------------------------------------
CLASS B (B)
Shares sold 11,528,347 9,520,449
Shares issued for dividends reinvested 50,129 3,675
Shares redeemed (2,846,158) (1,937,478)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 8,732,318 7,586,646
- -------------------------------------------------------------------------------
CLASS C
Shares sold 3,834,873 2,018,042
Shares issued for dividends reinvested 6,214 251
Shares redeemed (819,871) (503,236)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 3,021,216 1,515,057
- -------------------------------------------------------------------------------
CLASS R
Shares sold 271,115 22,298
Shares issued for dividends reinvested 402 89
Shares redeemed (57,925) (11,471)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 213,592 10,916
- -------------------------------------------------------------------------------
CLASS T (A)
SHARES SOLD 29.86 --
(A) FROM SEPTEMBER 30, 1999 (COMMENCEMENT OF INITIAL OFFERING) TO OCTOBER 31,
1999.
(B) FOR THE PERIOD ENDED OCTOBER 31, 1999, 374,532 CLASS B SHARES REPRESENTING
$12,438,263 WERE AUTOMATICALLY CONVERTED TO 364,726 CLASS A SHARES.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the
fiscal periods indicated. All information (except portfolio turnover rate)
reflects financial results for a single fund share. Total return shows how much
your investment in the fund would have increased (or decreased) during each
period, assuming you had reinvested all dividends and distributions. These
figures have been derived from the fund's financial statements.
<TABLE>
Year Ended October 31,
-------------------------------------------------------------------
CLASS A SHARES 1999 1998 1997 1996 1995
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period 29.95 24.46 19.89 16.41 14.03
Investment Operations:
Investment income--net .09(a) .09 .11 .13 .20
Net realized and unrealized gain (loss)
on investments 5.49 5.43 4.69 3.50 2.39
Total from Investment Operations 5.58 5.52 4.80 3.63 2.59
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 35.32 29.95 24.46 19.89 16.41
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%)(B) 18.70 22.56 24.39 22.24 18.77
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 1.18 1.20 1.19 1.25 1.22
Ratio of net investment income
to average net assets .27 .51 .66 .98 1.59
Decrease reflected in above expense ratios
due to undertakings by the Manager -- -- .03 .12 .53
Portfolio Turnover Rate 2.42 5.33 1.20 1.24 1.16
- -----------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ X 1,000) 440,513 190,800 108,188 42,098 18,822
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) EXCLUSIVE OF SALES CHARGE.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
Year Ended October 31,
-------------------------------------------------------------------
CLASS B SHARES 1999 1998 1997 1996 1995
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period 29.20 24.01 19.58 16.22 13.89
Investment Operations:
Investment income (loss)--net (.15)(a) (.04) (.04)(a) .04 .12
Net realized and unrealized gain (loss)
on investments 5.35 5.24 4.60 3.42 2.34
Total from Investment Operations 5.20 5.20 4.56 3.46 2.46
Distributions:
Dividends from investment income--net -- -- (.05) (.09) (.13)
Dividends from net realized gain on
investments (.11) (.01) (.08) (.01) --
Total Distributions (.11) (.01) (.13) (.10) (.13)
Net asset value, end of period 34.29 29.20 24.01 19.58 16.22
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%)(B) 17.87 21.66 23.47 21.29 17.88
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 1.92 1.95 2.00 2.00 1.98
Ratio of net investment income (loss)
to average net assets (.46) (.24) (.17) .24 .84
Decrease reflected in above expense ratios
due to undertakings by the Manager -- -- .03 .12 .46
Portfolio Turnover Rate 2.42 5.33 1.20 1.24 1.16
- -----------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ X 1,000) 937,195 543,079 264,375 74,833 32,555
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) EXCLUSIVE OF SALES CHARGE.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
The Fund
FINANCIAL HIGHLIGHTS (CONTINUED)
Year Ended October 31,
-------------------------------------------------------------------
CLASS C SHARES 1999 1998 1997 1996 1995(a)
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period 28.95 23.80 19.51 16.22 15.56
Investment Operations:
Investment income (loss)--net (.14)(b) (.01) (.06)(b) .14 (.01)
Net realized and unrealized gain (loss)
on investments 5.30 5.17 4.57 3.29 .67
Total from Investment Operations 5.16 5.16 4.51 3.43 .66
Distributions:
Dividends from investment income--net (.01) -- (.14) (.13) --
Dividends from net realized gain on
investments (.11) (.01) (.08) (.01) --
Total Distributions (.12) (.01) (.22) (.14) --
Net asset value, end of period 33.99 28.95 23.80 19.51 16.22
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%)(C) 17.87 21.69 23.36 21.23 4.71(d)
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 1.90 1.91 1.99 2.04 1.56(d)
Ratio of net investment income (loss)
to average net assets (.44) (.21) (.24) .19 (.63)(d)
Decrease reflected in above expense ratios
due to undertakings by the Manager -- -- .03 .11 .73(d)
Portfolio Turnover Rate 2.42 5.33 1.20 1.24 1.16
- -----------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ X 1,000) 196,832 80,169 29,845 1,086 48
(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 CHARGE.
(D) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
Year Ended October 31,
-----------------------------------------
CLASS R SHARES 1999 1998 1997 1996(a)
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
<S> <C> <C> <C> <C>
Net asset value, beginning of period 29.77 24.30 19.74 18.03
Investment Operations:
Investment income--net .12(b) .20 .22 .03
Net realized and unrealized gain (loss)
on investments 5.52 5.35 4.60 1.69
Total from Investment Operations 5.64 5.55 4.82 1.72
Distributions:
Dividends from investment income--net (.16) (.07) (.18) --
Dividends from net realized gain on
investments (.11) (.01) (.08) (.01)
Total Distributions (.27) (.08) (.26) (.01)
Net asset value, end of period 35.14 29.77 24.30 19.74
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 19.03 22.89 24.71 9.51(c)
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .93 .93 .95 .75(c)
Ratio of net investment income
to average net assets .35 .78 .87 .48(c)
Decrease reflected in above expense ratios
due to undertakings by the Manager -- -- .04 .07(c)
Portfolio Turnover Rate 2.42 5.33 1.20 1.24
- -----------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ X 1,000) 8,948 1,222 732 155
(A) FROM MARCH 4, 1996 (COMMENCEMENT OF INITIAL OFFERING) TO OCTOBER 31, 1996.
(B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(C) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
FINANCIAL HIGHLIGHTS (CONTINUED)
Year Ended
CLASS T SHARES October 31, 1999(a)
- --------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 33.49
Investment Operations:
Investment income (loss)--net (.02)(b)
Net realized and unrealized gain (loss) on investments 1.83
Total from Investment Operations 1.81
Net asset value, end of period 35.30
- --------------------------------------------------------------------------------
TOTAL RETURN (%) 5.29(c)
- --------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .13(c)
Ratio of net investment income to average net assets (.06)(c)
Portfolio Turnover Rate 2.42
- --------------------------------------------------------------------------------
Net Assets, end of period ($ X 1,000) 1
(A) FROM SEPTEMBER 30, 1999 (COMMENCEMENT OF INITIAL OFFERING) TO OCTOBER 31,
1999.
(B) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(C) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
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. which is a
wholly-owned subsidiary of Mellon Financial Corporation.
On July 14, 1999, the Board of Directors approved the addition of Class T
shares, which became effective September 30, 1999.
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, Class R and Class T. Class A and Class T 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 The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 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 receives net
earnings credits based on available cash balances left on deposit.
(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 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.
During the period ended October 31, 1999, the fund increased accumulated
undistributed investment income net by $274,407, accumulated net realized gain
(loss) on investments by $510,978 and decreased paid-in capital by $785,385. Net
assets were not affected by this reclassification.
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $500 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
October 31, 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.
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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%
Dreyfus Service Corporation, a wholly-owned subsidiary of Dreyfus, retained
$34,349 during the period ended October 31, 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, Class C and Class T shares pay the Distributor for
distributing their shares at the following annual rates: .75 of 1% of the value
of the average daily net assets of Class B and Class C shares and .25 of 1% of
the value of Class T shares. During the period ended October 31, 1999, Class B
and Class C shares were charged $5,887,960 and $1,156,373, respectively,
pursuant to the Plan.
(C) Under the Shareholder Services Plan, Class A, Class B, Class C and Class T
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 October 31, 1999, Class A, Classs B and Class C
shares were charged $802,301 $1,962,653 and $385,458, 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 October 31, 1999, the fund was charged $750,586 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.
(E) During the period ended October 31, 1999, the fund incurred total brokerage
commissions of $682,903 of which $21,125 was paid to Dreyfus Brokerage Services,
a wholly-owned subsidiary of Mellon Financial Corporation.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended October 31, 1999, amounted to
$637,751,842 and $29,471,540, respectively.
At October 31, 1999, accumulated net unrealized appreciation on investments was
$320,921,600, consisting of $350,728,595 gross unrealized appreciation and
$29,806,995 gross unrealized depreciation.
At October 31, 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).
The Fund
REPORT OF INDEPENDENT AUDITORS
Shareholders and Board of Directors
Dreyfus Premier Worldwide Growth Fund, Inc.
We have audited the accompanying statement of assets and liabilities of Dreyfus
Premier Worldwide Growth Fund, Inc., including the statement of investments, as
of October 31, 1999, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years in the
period then ended, and financial highlights for each of the years indicated
therein. These financial statements and financial highlights are the
responsibility of the Fund' s management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmation of
securities owned as of October 31, 1999 by correspondence with the custodian. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Dreyfus Premier Worldwide Growth Fund, Inc. at October 31, 1999, the results of
its operations for the year then ended, the changes in its net assets for each
of the two years in the period then ended, and the financial highlights for each
of the indicated years, in conformity with generally accepted accounting
principles.
New York, New York
December 8, 1999
IMPORTANT TAX INFORMATION (Unaudited)
For Federal tax purposes, the fund hereby designates $.0218 per share as
long-term capital gain distribution paid on December 7, 1998.
The Fund also designates 100% of the ordinary dividends paid during the fiscal
year ended October 31, 1999 as qualifying for the corporate dividends received
deduction. Shareholders will receive notification in January 2000 of the
percentage applicable to the preparation of their 1999 income tax returns.
The Fund
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
100 Church 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
(c) 1999 Dreyfus Service Corporation 070/628AR9910
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC. CLASS A
SHARES AND CLASS B SHARES WITH THE STANDARD & POOR'S 500
COMPOSITE STOCK PRICE INDEX AND THE MORGAN STANLEY CAPITAL
INTERNATIONAL WORLD INDEX
EXHIBIT A:
DREYFUS DREYFUS STANDARD MORGAN
PREMIER PREMIER & POOR'S STANLEY
WORLDWIDE WORLDWIDE 500 CAPITAL
GROWTH GROWTH COMPOSITE INTER-
FUND FUND STOCK NATIONAL
PERIOD (CLASS A (CLASS B PRICE WORLD
SHARES) SHARES) INDEX* INDEX *
7/15/93 9,427 10,000 10,000 10,000
10/31/93 9,962 10,536 10,470 10,755
10/31/94 10,581 11,112 10,874 11,578
10/31/95 12,567 13,099 13,745 17,055
10/31/96 15,362 15,888 17,055 14,741
10/31/97 19,108 19,616 22,529 17,214
10/31/98 23,420 23,866 27,488 19,840
10/31/99 27,800 28,175 34,543 24,784
*Source: Lipper Analytical Services, Inc.
