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 12-month period ended October 31, 1998, as shown in the
following table:
Total Return*
____________
Class A Shares 22.56%
Class B Shares 21.66%
Class C Shares 21.69%
Class R Shares 22.89%
Standard & Poor's 500 Composite
Stock Price Index (S&P 500)** 22.01%
Morgan Stanley Capital International
World Index (MSCI World) (+) 15.26%
PORTFOLIO COMPOSITION
At the close of the period, the Fund had 6.5% of its net assets in short-term
Treasuries, and industry concentrations in consumer staples, financials and
health care. We will continue to invest the short-term cash equivalent assets,
as investment opportunities arise, in favorable market conditions.
ECONOMIC REVIEW
So far in 1998, the main regions of the world have had very different economic
fundamentals. The U.S. entered the year with a strong economy near full
employment, with unemployment only slightly above 4%. The tight labor market led
the Federal Reserve Board (the "Fed") to contemplate a rise in interest rates
early in the year. The U.S. economy cooled enough over the months that the Fed
decided to stand pat. Evidence of economic cooling continued to accumulate and
worries about the world economy intensified. Financial stresses pushed the Fed
to ease credit in both late September and mid-October. After many years of
subpar economic growth, continental Europe moved into a sustained economic
expansion. The overall European economy benefited as interest rates in
peripheral countries such as Spain and Italy fell, approaching the lower levels
established by Germany, on the eve of currency unification. Unlike the U.S.,
Europe has substantial excess capacity of productive plant and labor. In Asia,
weak economies were pervasive as a result of the Asian financial crisis. The
Latin American economies weakened as the financial stresses spread throughout
that region.
A main influence on the U.S. economy this year was the foreign financial
crisis and cooling of the world economy. The positive effects hit first. Actual
inflation and expected inflation dropped, causing a decline in long-term
Treasury bond yields and mortgage rates. This caused a boom in housing. The fall
in inflation helped the consumer sector as more of the growth in consumer income
was left over after inflation to buy goods and services. Consumers benefited
from a combination of good growth in income after inflation, a strong labor
market and past increases in the price of assets they owned.
The negative effect of Asian weakness was felt in the industrial sector more
than in the consumer sector. Corporate profits weakened, especially in sectors
affected by the Asian crisis such as world-traded commodities (oil, metals and
paper) and exports. One result of this industrial weakness was to cool off a
U.S. economy that had been growing rapidly.
The major change in the economic outlook over recent months has been a
downward shift in expectations for world economic growth. A credit crunch
developed in emerging countries and former communist countries, sharply reducing
the economic outlook for Asia and Latin America as well as for
commodity-exporting countries throughout the world. The effect on Europe and the
U.S. has been to lower expectations of profit growth and drive down bond yields.
Evidence of a weaker world economy accumulated as the financial stresses
continued. A worsened financial crisis occurred between the Russian default in
mid-August and the fallout from the Long-Term Capital Management (hedge fund)
crisis through early October. However, proactive steps were taken to stabilize
the Japanese banks, design a support package for Brazil and ease monetary
policy. The prospects for world economic weakness and monetary ease in the major
countries will be powerfully influenced by whether foreign financial stresses
calm down or intensify in the coming months. There appears to be a shift in the
priorities of key policymakers from fighting potential inflation to
restimulating future world economic growth.
MARKET OVERVIEW
The 12 months ended October 31, 1998 encompassed some very different market
phases. There was stock market strength during the early part of the period.
Then small-cap indices started to erode in the spring and were joined by
large-cap indices by mid-summer. A sharp decline until the end of August was
followed by a brief rebound and then a renewed decline amid financial fears
until early October. The last few weeks of the fiscal year saw a strong rally in
response to the easing of monetary policy. Over the 12-month period, the total
return on the Standard & Poor's Stock Price Index was 22.01%. Returns on mid-cap
and small-cap stock indices tended to be weaker than on large-caps, with a
negative total return on small-cap indices.
Three key trends influenced stock market behavior during the fiscal year.
First, the Federal Reserve kept the Federal Funds rate flat at 5.5% for nearly
11 months of the fiscal year, but then eased policy twice. Second, weakness in
emerging country economies contributed to declining commodity prices and a drop
in long-term Treasury bond yields to multidecade lows. Third, expectations for
corporate profits dropped, first in the sectors sensitive to Asian developments
such as oil, basic materials and exports and then for a broader list of stocks.
The trigger for the sharp decline in stocks in August appeared to be the
Russian default in the summer of 1998. This resulted in deepening concerns about
weaker economic growth and corporate profits. There was also a global margin
call on risky assets held by hedge funds and financial institutions. This raised
the cost of debt financing for many corporations and many emerging countries.
Expectations for economic activity in emerging countries in Asia and Latin
America shifted down sharply while expectations for U.S. corporate profits
weakened somewhat. Despite the fall in Treasury bond yields, financial stocks
led the summer selloff due to concerns about financial contagion among emerging
countries and potential loan losses by financial institutions. However, in the
last few weeks of the fiscal year, these fears began to ebb and the stock market
rebounded.
The erosion of expectations about average corporate profit growth over the
last year contributed to an outperformance by a small group of super-cap growth
stocks for much of the fiscal year. Investors had more confidence in the
prospect for strong persistent earnings growth for this small group of stocks
than for the broad market. Value stocks, which often have greater cyclical
sensitivity to earnings fluctuations, lagged behind these super-growth stocks.
In addition, many of the financial stocks that fall into the value category fell
sharply following the Russian default and global margin call concerns.
The fiscal year ended October 31, 1998 was characterized by very different
performances of the various market sectors. Super-cap growth stocks did best,
followed by large-cap stocks in general with mid-cap and small-cap stocks
lagging behind. For example, the total return for the fiscal year on the Russell
1000 Index with a heavy large-cap representation was 19.71%, while the Russell
1000 Growth Index returned 24.64% and the Russell 1000 Value Index returned
14.83% . The return on the Russell Midcap Index was 4.46% while the small-cap
Russell 2000 Index return was negative 11.84%.(+)(+)
INVESTMENT HIGHLIGHTS
During the reporting period, the Fund outperformed the MSCI World Index and
compared well with the performance of the S&P 500, as investors emphasized the
highest quality, large-capitalization leaders in an uncertain market
environment. The high-quality pharmaceuticals represented in the health care
sector had the most positive impact on the Fund's performance, led by shares of
Pfizer, Merck, Johnson & Johnson, Roche Holdings A.D.S., Abbott Laboratories and
American Home Products. Consumer staples had the second most positive impact,
due to correct issue selection and emphasis, and was led by shares of L'Oreal
A.D.R, Philip Morris Cos., Nestle A.D.R., Diageo A.D.S., Walgreen, Groupe Danone
A.D.R., Procter & Gamble, Coca-Cola and McDonald's. The consumer cyclicals and
technology holdings also contributed to the Fund's performance with notable
strength in shares of Ford Motor, Chrysler, Cisco Systems, Intel and Microsoft.
We continue to see a secular upward bias in large, high-quality equities, and
during the reporting period, a wide variety of holdings in the Fund were
increased. New positions were established with the purchase of shares of Bell
Atlantic, Diageo A.D.S., Merrill Lynch, Microsoft, SBC Communications, and Union
Bank of Switzerland. The positions in DeBeers Consolidated Mining A.D.R.,
Eastman Kodak, HSBC Holdings A.D.R., Kellogg, NIKE Cl. B, Raytheon Cl. A, Sara
Lee, and Texas Instruments were eliminated.
Sincerely,
[signature logo Fayez Sarofim]
Fayez Sarofim
Portfolio Manager
November 16, 1998
New York, N.Y.
*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. -- The Morgan Stanley Capital
International World Index is an unmanaged index of global stock market
performance including the United States, Canada, Europe, Australia, New Zealand,
and the Far East. The Index is the property of Morgan Stanley & Co. Incorporated
and includes net dividends reinvested.
(+)(+) SOURCE: LIPPER ANALYTICAL SERVICES, INC. The Russell 1000 Index measures
the performance of the 1,000 largest companies in the Russell 3000 index, which
represents approximately 89% of the total market capitalization of the Russell
3000 Index. The Russell 1000 Growth Index measures the performance of those
Russell 1000 companies with higher price-to-book ratios and higher forecasted
growth values. The Russell 1000 Value Index measures the performance of those
Russell 1000 companies with lower price-to-book ratios and lower forecasted
growth values. The Russell Midcap Index consists of the bottom 800 securities in
the Russell 1000 Index as ranked by total market capitalization and is a widely
accepted measure of medium-cap stock market performance. The Russell 2000 Index
is composed of the 2,000 smallest companies in the Russell 3000 Index. The
Russell 3000 Index is composed of 3,000 of the largest U.S. Companies by market
capitalization. All indices are unmanaged and include reinvested dividends.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC. OCTOBER 31, 1998
- -----------------------------------------------------------------------------
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN DREYFUS PREMIER WORLDWIDE
GROWTH FUND, INC. CLASS A SHARES AND CLASS B SHARES AND THE STANDARD & POOR'S
500 COMPOSITE STOCK PRICE INDEX
Dollars
$27,488
Standard & Poor's 500 Composite Stock Price Index*
$23,766
Dreyfus Premier Worldwide Growth Fund (Class B Shares)
$23,420
<TABLE>
<CAPTION>
Dreyfus Premier Worldwide Growth Fund (Class A Shares)
*Source: Lipper Analytical Services, Inc.
Average Annual Total Returns
- --------------------------------------------------------------------------------
Class A Shares Class B Shares
_______________________________________________________ ____________________________________________________________
% Return Reflecting
% Return Applicable Contingent
Reflecting % Return Deferred Sales
% Return Without Maximum Initial Assuming No Charge Upon
Period Ended 10/31/98 Sales Charge Sales Charge (5.75%) Period Ended 10/31/98 Redemption Redemption*
_____________________ _______________ __________________ _____________________ ____________ __________________
<S> <C> <C> <C> <C> <C>
1 Year 22.56% 15.53% 1 Year 21.66% 17.66%
5 Years 18.64 17.24 5 Years 17.77 17.56
From Inception (7/15/93) 18.73 17.42 From Inception (7/15/93) 17.84 17.74
Class C Shares Class R Shares
_______________________________________________________ _______________________________________________________
% Return Reflecting
Applicable Contingent
% Return Deferred Sales
Assuming No Charge Upon
Period Ended 10/31/98 Redemption Redemption** Period Ended 10/31/98
_____________________ _______________ __________________ _____________________
1 Year 21.69% 20.69% 1 Year 22.89%
From Inception (6/21/95) 21.16 21.16 From Inception (3/4/96) 21.49
- --------------
</TABLE>
Past performance is not predictive of future performance.
The above graph compares a $10,000 investment made in each of the 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 in the Standard & Poor's 500
Composite Stock Price Index on that date. For comparative purposes, the value of
the 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 and Class
R shares will vary from the performance of both Class A and Class B shares shown
above due to differences in charges and expenses.
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
Standard & Poor' s 500 Composite Stock Price Index is a widely accepted,
unmanaged index of overall stock market performance, which does not 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.
*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.
<TABLE>
<CAPTION>
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
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STATEMENT OF INVESTMENTS OCTOBER 31, 1998
Common Stocks--93.0% Shares Value
- -------------------------------------------------------
____________ _______________
<S> <C> <C> <C>
Auto Related--4.0% Chrysler . . . . . . . . . . . . . . . . . . . . . . . 300,000 $ 14,437,500
Ford Motor . . . . . . . . . . . . . . . . . . . . . . 225,000 12,206,250
General Motors . . . . . . . . . . . . . . . . . . . . 100,000 6,306,250
_____________
32,950,000
_____________
Banking--4.5% BankAmerica . . . . . . . . . . . . . . . . . . . . . 158,424 9,099,479
Chase Manhattan . . . . . . . . . . . . . . . . . . . 104,000 5,908,500
Deutsche Bank A.D.R. . . . . . . . . . . . . . . . . . 185,000 11,701,250
Union Bank of Switzerland . . . . . . . . . . . . . . 35,010 9,627,102
_____________
36,336,331
_____________
Basic Materials--2.2% Air Liquide A.D.R. . . . . . . . . . . . . . . . . . . 325,000 10,968,750
Dow Chemical . . . . . . . . . . . . . . . . . . . . . 11,500 1,076,688
duPont (EI) de Nemours . . . . . . . . . . . . . . . . 100,000 5,750,000
_____________
17,795,438
_____________
Capital Goods--5.2% AlliedSignal . . . . . . . . . . . . . . . . . . . . . 170,000 6,619,375
Boeing . . . . . . . . . . . . . . . . . . . . . . . . 120,000 4,500,000
Caterpillar . . . . . . . . . . . . . . . . . . . . . 100,000 4,500,000
Emerson Electric . . . . . . . . . . . . . . . . . . . 50,000 3,300,000
General Electric . . . . . . . . . . . . . . . . . . . 135,000 11,812,500
Minnesota Mining & Manufacturing . . . . . . . . . . . 30,000 2,400,000
Norsk Hydro A.D.R. . . . . . . . . . . . . . . . . . . 150,000 6,515,625
Philips Electronics . . . . . . . . . . . . . . . . . 50,000 2,743,750
_____________
42,391,250
_____________
Communications--5.5% Bell Atlantic . . . . . . . . . . . . . . . . . . . . 170,000 9,031,250
SBC Communications . . . . . . . . . . . . . . . . . . 325,000 15,051,563
Telecom Italia A.D.S. . . . . . . . . . . . . . . . . 180,000 13,072,500
Tele Brasil-Telebras A.D.R. . . . . . . . . . . . . . 30,000 2,278,125
Tele Brasil-Telebras Holdings A.D.R. . . . . . . . . . 75,000 5,695,312
_____________
45,128,750
_____________
Computers--4.3% Cisco Systems . . . . . . . . . . . . . . . . . . . . 140,000 (a) 8,820,000
Compaq Computer . . . . . . . . . . . . . . . . . . . 220,000 6,957,500
Hewlett-Packard . . . . . . . . . . . . . . . . . . . 110,000 6,620,625
Microsoft . . . . . . . . . . . . . . . . . . . . . . 120,000 (a) 12,705,000
_____________
35,103,125
_____________
Electronics--2.2% Intel . . . . . . . . . . . . . . . . . . . . . . . . 200,000 17,837,500
_____________
Energy--7.6% British Petroleum A.D.S. . . . . . . . . . . . . . . . 205,000 18,129,688
Chevron . . . . . . . . . . . . . . . . . . . . . . . 35,000 2,852,500
Elf Aquitaine A.D.S. . . . . . . . . . . . . . . . . . 140,000 8,120,000
Exxon . . . . . . . . . . . . . . . . . . . . . . . . 120,000 8,550,000
Mobil . . . . . . . . . . . . . . . . . . . . . . . . 30,000 2,270,625
Royal Dutch Petroleum, A.D.R. . . . . . . . . . . . . 225,000 11,081,250
Total, Cl. B, A.D.S. . . . . . . . . . . . . . . . . . 190,594 11,149,749
_____________
62,153,812
_____________
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Common Stocks (continued) Shares Value
- -------------------------------------------------------
____________ _______________
Finance/Miscellaneous--4.9% Associates First Capital, Cl. A . . . . . . . . . . . 138,969 $ 9,797,315
Eurafrance . . . . . . . . . . . . . . . . . . . . . . 20,063 10,201,463
Hertz, Cl. A . . . . . . . . . . . . . . . . . . . . . 50,000 1,790,625
Merrill Lynch . . . . . . . . . . . . . . . . . . . . 100,000 5,925,000
Zurich Versicherung . . . . . . . . . . . . . . . . . 20,000 12,183,568
_____________
39,897,971
_____________
Financial--1.2% General Re . . . . . . . . . . . . . . . . . . . . . . 44,560 9,789,275
_____________
Food & Drugs--1.5% Walgreen . . . . . . . . . . . . . . . . . . . . . . . 250,000 12,171,875
_____________
Food, Beverage & Tobacco--12.9% Coca-Cola . . . . . . . . . . . . . . . . . . . . . . 300,000 20,287,500
Diageo A.D.S. . . . . . . . . . . . . . . . . . . . . 350,000 15,378,125
Groupe Danone A.D.R. . . . . . . . . . . . . . . . . . 175,000 9,209,375
LVHM Moet Hennessy Louis A.D.S. . . . . . . . . . . . 100,050 3,701,850
Nestle, A.D.R. . . . . . . . . . . . . . . . . . . . . 140,000 14,945,000
PepsiCo . . . . . . . . . . . . . . . . . . . . . . . 170,000 5,737,500
Philip Morris Cos. . . . . . . . . . . . . . . . . . . 500,000 25,562,500
Seagram . . . . . . . . . . . . . . . . . . . . . . . 275,000 9,040,625
Unilever A.D.R. . . . . . . . . . . . . . . . . . . . 16,000 1,204,000
_____________
105,066,475
_____________
Health Care--17.5% Abbott Laboratories . . . . . . . . . . . . . . . . . 220,000 10,326,250
American Home Products . . . . . . . . . . . . . . . . 325,000 15,843,750
Bristol-Myers Squibb . . . . . . . . . . . . . . . . . 150,000 16,584,375
Johnson & Johnson . . . . . . . . . . . . . . . . . . 220,000 17,930,000
Merck . . . . . . . . . . . . . . . . . . . . . . . . 160,000 21,640,000
Pfizer . . . . . . . . . . . . . . . . . . . . . . . . 375,000 40,242,188
Roche Holdings, A.D.S. . . . . . . . . . . . . . . . . 170,000 19,890,000
_____________
142,456,563
_____________
Insurance--5.6% AXA . . . . . . . . . . . . . . . . . . . . . . . . . 150,361 17,019,955
Berkshire Hathaway, Cl. A . . . . . . . . . . . . . . 170 10,965,000
Citigroup . . . . . . . . . . . . . . . . . . . . . . 250,000 11,765,625
Marsh & McLennan . . . . . . . . . . . . . . . . . . . 112,500 6,243,750
_____________
45,994,330
_____________
Media/Entertainment--1.0% Disney (Walt) . . . . . . . . . . . . . . . . . . . . 45,000 1,212,188
McDonald's . . . . . . . . . . . . . . . . . . . . . . 75,000 5,015,625
Tricon Global Restaurants . . . . . . . . . . . . . . 50,000 2,175,000
_____________
8,402,813
_____________
Personal Care--5.6% Estee Lauder, Cl. A . . . . . . . . . . . . . . . . . 40,000 2,622,500
Gillette . . . . . . . . . . . . . . . . . . . . . . . 250,000 11,234,375
L'Oreal, A.D.R. . . . . . . . . . . . . . . . . . . . 160,000 18,240,000
Procter & Gamble . . . . . . . . . . . . . . . . . . . 150,000 13,331,250
_____________
45,428,125
_____________
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Common Stocks (continued) Shares Value
- -------------------------------------------------------
____________ _______________
Publishing--1.9% News A.D.S. . . . . . . . . . . . . . . . . . . . . . 12,000 $ 327,750
Pearson . . . . . . . . . . . . . . . . . . . . . . . 850,288 14,831,642
______________
15,159,392
______________
Retail--.3% Wal-Mart Stores . . . . . . . . . . . . . . . . . . . 40,000 2,760,000
______________
Textiles-Apparel--2.0% Christian Dior . . . . . . . . . . . . . . . . . . . . 125,000 13,225,487
Polo Ralph Lauren, Cl. A . . . . . . . . . . . . . . . 150,000 3,121,875
______________
16,347,362
______________
Utilities--3.1% Veba . . . . . . . . . . . . . . . . . . . . . . . . . 200,000 11,180,274
Vivendi . . . . . . . . . . . . . . . . . . . . . . . 60,000 13,723,864
Vivendi (Warrants) . . . . . . . . . . . . . . . . . . 25,000 (a) 51,142
______________
24,955,280
______________
TOTAL COMMON STOCKS
(cost $613,100,464) . . . . . . . . . . . . . . . $758,125,667
==============
Preferred Stocks--1.5%
- -------------------------------------------------------
Publishing: News A.D.S., Cum., $.4428
(cost $10,461,099) . . . . . . . . . . . . . . . . 500,000 $ 12,093,750
==============
Principal
Corporate Bonds--.0% Amount
- -------------------------------------------------------
___________
Zurich International,
2%, 3/1/2001
(cost $4,412) . . . . . . . . . . . . . . . . . . $ 5,000 $ 3,716
==============
Short-Term Investments--6.5%
- -------------------------------------------------------
U.S. Treasury Bills: 4.89%, 11/12/98 . . . . . . . . . . . . . . . . . . . $10,331,000 $ 10,320,049
4.87%, 11/19/98 . . . . . . . . . . . . . . . . . . . 1,416,000 1,413,579
4.85%, 11/27/98 . . . . . . . . . . . . . . . . . . . 4,556,000 4,545,157
4.57%, 12/17/98 . . . . . . . . . . . . . . . . . . . 3,559,000 3,541,597
4.59%, 12/24/98 . . . . . . . . . . . . . . . . . . . 9,862,000 9,803,518
4.17%, 12/31/98 . . . . . . . . . . . . . . . . . . . 4,750,000 4,718,080
3.98%, 1/7/99 . . . . . . . . . . . . . . . . . . . . 1,488,000 1,476,751
3.87%, 1/21/99 . . . . . . . . . . . . . . . . . . . . 12,944,000 12,813,654
4.15%, 1/28/99 . . . . . . . . . . . . . . . . . . . . 4,952,000 4,901,490
______________
TOTAL SHORT-TERM INVESTMENTS
(cost $53,528,634) . . . . . . . . . . . . . . . . $ 53,533,875
==============
TOTAL INVESTMENTS (cost $677,094,609). . . . . . . . . . . . . . . . . . . . . . . . . . . 101.0% $ 823,757,008
======= ==============
LIABILITIES, LESS CASH AND RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . . (1.0%) $ (8,486,945)
======= ==============
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $ 815,270,063
======= ==============
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Non-income producing.
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES OCTOBER 31, 1998
Cost Value
_____________ ______________
ASSETS: Investments in securities--See Statement of Investments . . $677,094,609 $823,757,008
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 566,653
Receivable for shares of Common Stock subscribed . . . . 3,741,948
Dividends and interest receivable . . . . . . . . . . . . 1,137,363
Prepaid expenses . . . . . . . . . . . . . . . . . . . . 27,920
______________
829,230,892
______________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 554,876
Due to Distributor . . . . . . . . . . . . . . . . . . . 528,419
Payable for investment securities purchased . . . . . . . 11,381,581
Payable for shares of Common Stock redeemed . . . . . . . 1,321,068
Accrued expenses and other liabilities . . . . . . . . . 174,885
______________
13,960,829
______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $815,270,063
==============
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $666,476,373
Accumulated investment (loss) . . . . . . . . . . . . . . (479,440)
Accumulated net realized gain (loss) on investments . . . 2,598,340
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions . . . 146,674,790
______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $815,270,063
==============
</TABLE>
<TABLE>
<CAPTION>
NET ASSET VALUE PER SHARE
--------------------
Class A Class B Class C Class R
______________ _______________ ______________ ______________
<S> <C> <C> <C> <C>
Net Assets . . . . . . . . . . . . . . . . . . . . . . $190,799,875 $543,079,321 $80,169,065 $1,221,802
Shares Outstanding . . . . . . . . . . . . . . . . . . 6,369,965 18,597,850 2,769,018 41,038
NET ASSET VALUE PER SHARE. . . . . . . . . . . . . . . $29.95 $29.20 $28.95 $29.77
======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS YEAR ENDED OCTOBER 31, 1998
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME: Cash dividends (net of $614,063 foreign taxes
withheld at source) . . . . . . . . . . . . . $ 9,583,381
Interest . . . . . . . . . . . . . . . . . . . . 869,652
____________
Total Income . . . . . . . . . . . . . . . . . $10,453,033
EXPENSES: Investment advisory fee--Note 3(a) . . . . . . . 4,593,712
Distribution fees--Note 3(b) . . . . . . . . . . 3,459,720
Shareholder servicing costs--Note 3(c) . . . . . 2,317,772
Registration fees . . . . . . . . . . . . . . . . 170,448
Custodian fees . . . . . . . . . . . . . . . . . 114,877
Prospectus and shareholders' reports . . . . . . 69,535
Professional fees . . . . . . . . . . . . . . . . 33,809
Directors' fees and expenses--Note 3(d) . . . . . 20,145
Loan commitment fees--Note 2 . . . . . . . . . . 3,433
Miscellaneous . . . . . . . . . . . . . . . . . . 14,562
____________
Total Expenses . . . . . . . . . . . . . . . . 10,798,013
_____________
INVESTMENT (LOSS). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (344,980)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments and
foreign currency transactions . . . . . . . . $ 3,125,565
Net unrealized appreciation (depreciation)
on investments . . . . . . . . . . . . . . . . 89,010,488
____________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS . . . . . . . . . . . . . . 92,136,053
_____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . $91,791,073
=============
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
October 31, 1998 October 31, 1997
______________ _____________
OPERATIONS:
Investment income (loss)--net . . . . . . . . . . . . . . . . . . . . . . . . . . $ (344,980) $ 182,194
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . 3,125,565 156,242
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . . . 89,010,488 35,710,993
______________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . 91,791,073 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (44,142) (189,344)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (115,429) (358,913)
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,341) (19,735)
Class R shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (286) (1,105)
______________ _____________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (241,356) (1,141,588)
______________ _____________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,413,601 70,292,457
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 273,701,814 182,419,566
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,703,537 35,288,177
Class R shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 641,385 766,085
Dividends reinvested:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,249 477,476
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,390 464,820
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,189 23,764
Class R shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,229 3,456
Cost of shares redeemed:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (192,901,445) (16,413,996)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (54,923,787) (15,487,817)
Class C shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (13,924,103) (7,515,268)
Class R shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (327,614) (260,302)
______________ _____________
Increase (Decrease) in Net Assets from Capital Stock Transactions . . . . 320,580,445 250,058,418
______________ _____________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . 412,130,162 284,966,259
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 403,139,901 118,173,642
______________ _____________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $815,270,063 $403,139,901
============== =============
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
Shares
______________________________________
Year Ended Year Ended
October 31, 1998 October 31, 1997
________________ _______________
CAPITAL SHARE TRANSACTIONS:
Class A
________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,646,917 2,969,234
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . 3,838 23,475
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,703,661) (686,559)
__________ ___________
Net Increase (Decrease) in Shares Outstanding . . . . . 1,947,094 2,306,150
========== ===========
Class B
________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,520,449 7,832,925
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . 3,675 23,125
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,937,478) (667,655)
__________ ___________
Net Increase (Decrease) in Shares Outstanding . . . . . 7,586,646 7,188,395
========== ===========
Class C
________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,018,042 1,527,030
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . 251 1,192
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (503,236) (329,957)
__________ ___________
Net Increase (Decrease) in Shares Outstanding . . . . . 1,515,057 1,198,265
========== ===========
Class R
________
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,298 33,875
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . 89 174
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,471) (11,798)
__________ ___________
Net Increase (Decrease) in Shares Outstanding . . . . . 10,916 22,251
========== ===========
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- -----------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of Common
Stock outstanding, total investment return, ratios to average net assets and
other supplemental data for each period indicated. This information has been
derived from the Fund's financial statements.
Class A Shares
____________________________________________________________
Year Ended October 31,
____________________________________________________________
PER SHARE DATA: 1998 1997 1996 1995 1994
______ ______ _______ _______ _______
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period . . . . . . . . . . $24.46 $19.89 $16.41 $14.03 $13.21
______ ______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . . . . . . .09 .11 .13 .20 .16
Net realized and unrealized gain (loss) on investments . 5.43 4.69 3.50 2.39 .66
______ ______ _______ _______ _______
Total from Investment Operations . . . . . . . . . . . . 5.52 4.80 3.63 2.59 .82
______ ______ _______ _______ _______
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 . . . . . . . . . . . . . $29.95 $24.46 $19.89 $16.41 $14.03
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN* . . . . . . . . . . . . . . . . . . 22.56% 24.39% 22.24% 18.77% 6.21%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . 1.20% 1.19% 1.25% 1.22% 1.33%
Ratio of net investment income to average net assets . . .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 . . . . . . . . . . . . . . . . . 5.33% 1.20% 1.24% 1.16% .71%
Net Assets, end of period (000's Omitted) . . . . . . . . $190,800 $108,188 $42,098 $18,822 $8,075
- ---------------
* Exclusive of sales load.
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- -----------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (CONTINUED)
Contained below is per share operating performance data for a share of Common
Stock outstanding, total investment return, ratios to average net assets and
other supplemental data for each period indicated. This information has been
derived from the Fund's financial statements.
Class B Shares
____________________________________________________________
Year Ended October 31,
____________________________________________________________
PER SHARE DATA: 1998 1997 1996 1995 1994
______ ______ _______ _______ _______
Net asset value, beginning of period . . . . . . . . . . $24.01 $19.58 $16.22 $13.89 $13.17
______ ______ _______ _______ _______
Investment Operations:
Investment income (loss)--net . . . . . . . . . . . . . . (.04) (.04)(1) .04 .12 .09
Net realized and unrealized gain (loss) on investments . 5.24 4.60 3.42 2.34 .63
______ ______ _______ _______ _______
Total from Investment Operations . . . . . . . . . . . . 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 . . . . . (.01) (.08) (.01) -- --
______ ______ _______ _______ _______
Total Distributions . . . . . . . . . . . . . . . . . . . (.01) (.13) (.10) (.13) --
______ ______ _______ _______ _______
Net asset value, end of period . . . . . . . . . . . . . $29.20 $24.01 $19.58 $16.22 $13.89
______ ______ _______ _______ _______
______ ______ _______ _______ _______
TOTAL INVESTMENT RETURN(2) . . . . . . . . . . . . . . . . . 21.66% 23.47% 21.29% 17.88% 5.47%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . 1.95% 2.00% 2.00% 1.98% 2.07%
Ratio of net investment income (loss) to average
net assets . . . . . . . . . . . . . . . . . . . . . (.24%) (.17%) .24% .84% .71%
Decrease reflected in above expense ratios due to
undertakings by the Manager . . . . . . . . . . . . . -- .03% .12% .46% .75%
Portfolio Turnover Rate . . . . . . . . . . . . . . . . . 5.33% 1.20% 1.24% 1.16% .71%
Net Assets, end of period (000's Omitted) . . . . . . . . $543,079 $264,375 $74,833 $32,555 $10,867
- ---------------
(1) Based on average shares outstanding.
(2) Exclusive of sales load.
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- -----------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (CONTINUED)
Contained below is per share operating performance data for a share of Common
Stock outstanding, total investment return, ratios to average net assets and
other supplemental data for each period indicated. This information has been
derived from the Fund's financial statements.
Class C Shares
_________________________________________________
Year Ended October 31,
_________________________________________________
PER SHARE DATA: 1998 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 . . . . . . . . . . . . . . . . . . . . . (.01) (.06)(2) .14 (.01)
Net realized and unrealized gain (loss) on investments . . . . . . . . 5.17 4.57 3.29 .67
______ ______ ______ _______
Total from Investment Operations . . . . . . . . . . . . . . . . . . . 5.16 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 . . . . . . . . . . . . . . . . . . . . $28.95 $23.80 $19.51 $16.22
====== ====== ====== ======
TOTAL INVESTMENT RETURN(3) . . . . . . . . . . . . . . . . . . . . . . . . 21.69% 23.36% 21.23% 4.71%(4)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . . . . . . . . 1.91% 1.99% 2.04% 1.56%(4)
Ratio of net investment income (loss) to average net assets . . . . . . (.21%) (.24%) .19% (.63%)(4)
Decrease reflected in above expense ratios due to undertakings
by the Manager . . . . . . . . . . . . . . . . . . . . . . . . . . -- .03% .11% .73%(4)
Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . 5.33% 1.20% 1.24% 1.16%
Net Assets, end of period (000's Omitted) . . . . . . . . . . . . . . . $80,169 $29,845 $1,086 $48
- ---------------
(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.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS (CONTINUED)
Contained below is per share operating performance data for a share of Common
Stock outstanding, total investment return, ratios to average net assets and
other supplemental data for each period indicated. This information has been
derived from the Fund's financial statements.
Class R Shares
____________________________________
Year Ended October 31,
____________________________________
PER SHARE DATA: 1998 1997 1996(1)
_______ _______ _______
<S> <C> <C> <C>
Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . $24.30 $19.74 $18.03
_______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20 .22 .03
Net realized and unrealized gain (loss) on investments . . . . . . . . . . . . . . . 5.35 4.60 1.69
_______ _______ _______
Total from Investment Operations . . . . . . . . . . . . . . . . . . . . . . . . . . 5.55 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . $29.77 $24.30 $19.74
======= ======= =======
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.89% 24.71% 9.51%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . . . . . . . . . . . . . . . .93% .95% .75%(2)
Ratio of net investment income to average net assets . . . . . . . . . . . . . . . . .78% .87% .48%(2)
Decrease reflected in above expense ratios due to undertakings by the Manager . . . . -- .04% .07%(2)
Portfolio Turnover Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.33% 1.20% 1.24%
Net Assets, end of period (000's Omitted) . . . . . . . . . . . . . . . . . . . . . . $1,222 $732 $155
- ------------------
(1) From March 4, 1996 (commencement of initial offering) to October 31, 1996.
(2) Not annualized.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- -----------------------------------------------------------------------------
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. Dreyfus is a direct subsidiary of Mellon Bank, N.A. Fayez Sarofim & Co.
("Sarofim") serves as the Fund's sub-investment adviser.
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 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
<PAGE>
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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
October 31, 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 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
$43,488 during the period ended October 31, 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 October 31,
1998, Class B and Class C shares were charged $3,050,389 and $409,331,
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
<PAGE>
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
the period ended October 31, 1998, Class A, Class B and Class C shares were
charged $375,430, $1,016,796 and $136,444, 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, 1998, the Fund was charged $445,230 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 October 31, 1998,
amounted to $314,992,575 and $31,450,029, respectively.
At October 31, 1998, accumulated net unrealized appreciation on investments
was $146,662,399, consisting of $164,954,276 gross unrealized appreciation and
$18,291,877 gross unrealized depreciation.
At October 31, 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).
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
- -----------------------------------------------------------------------------
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
We have audited the accompanying statement of assets and liabilities,
including the statement of investments, of Dreyfus Premier Worldwide Growth
Fund, Inc., as of October 31, 1998, 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, 1998 by correspondence with the custodian and
brokers. 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, 1998, 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 4, 1998
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
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IMPORTANT TAX INFORMATION (UNAUDITED)
For Federal tax purposes, the Fund hereby designates $.009 per share as
long-term capital gain distribution paid on December 11, 1997.
The Fund also designates 100% of the ordinary dividends paid during the fiscal
year ended October 31, 1998 as qualifying for the corporate dividends received
deduction. Shareholders will receive notification in January 1999 of the
percentage applicable to the preparation of their 1998 income tax return.
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. 070/628AR9810
Annual Report
- -------------------------------------------------------------------------------
DREYFUS PREMIER
WORLDWIDE
GROWTH FUND, INC.
- -------------------------------------------------------------------------------
October 31, 1998
[logo] (reg.tm)
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC. CLASS A
SHARES AND CLASS B SHARES AND THE STANDARD & POOR'S 500
COMPOSITE STOCK PRICE INDEX
EXHIBIT A:
STANDARD
DREYFUS PREMIER DREYFUS PREMIER & POOR'S
WORLDWIDE WORLDWIDE 500 COMPOSITE
PERIOD GROWTH FUND GROWTH FUND STOCK PRICE
(CLASS A SHARES) (CLASS B SHARES) INDEX*
7/15/93 9,427 10,000 10,000
10/31/93 9,962 10,536 10,470
10/31/94 10,581 11,112 10,874
10/31/95 12,567 13,099 13,745
10/31/96 15,362 15,888 17,055
10/31/97 19,108 19,616 22,529
10/31/98 23,420 23,766 27,488
*Source: Lipper Analytical Services, Inc.
January 12, 1999
Office of Records
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Dreyfus Premier Worldwide Growth Fund, Inc.
Class A, B, C and R
File No. 811-7512
Gentlemen:
Transmitted for filing is one (1) copy of the Annual Report to
Shareholders for the above-referenced fund as of October 31, 1998 filed
pursuant to the provisions of Section 30 of the Investment Company Act of
1940, as amended.
Very truly yours,
James Bitetto
JB:kwm
Enclosure
Copy for filing to:
National Association of Securities Dealers, Inc.
Attn: Advertising Department
