Dreyfus Premier
Worldwide Growth
Fund, Inc.
SEMIANNUAL REPORT April 30, 2000
(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
Contents
THE FUND
--------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
10 Statement of Assets and Liabilities
11 Statement of Operations
12 Statement of Changes in Net Assets
15 Financial Highlights
20 Notes to Financial Statements
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 semiannual report for Dreyfus Premier Worldwide
Growth Fund, Inc., covering the six-month period from November 1, 1999 through
April 30, 2000. 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, it had become apparent that global economic
growth was substantially stronger than many analysts had expected. In fact, many
global markets had already rebounded sharply from 1998's currency and credit
crises in emerging market countries. The rally continued through the final two
months of 1999 and into the first quarter of 2000, before peaking in early
March. In April, many markets around the world experienced heightened levels of
volatility when expensively priced technology stocks began to decline sharply in
the wake of evidence that inflationary pressures were building.
We appreciate your confidence over the past six months, 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
May 15, 2000
DISCUSSION OF FUND PERFORMANCE
Fayez Sarofim, Portfolio Manager
Fayez Sarofim & Co., Sub-Investment Adviser
How did Dreyfus Premier Worldwide Growth Fund, Inc., perform relative to its
benchmark?
For the six-month period ended April 30, 2000, the fund's total return was 8.32%
for Class A shares; 7.90% for Class B shares; 7.91% for Class C shares; 8.48%
for Class R shares; and 8.14% for Class T shares.(1) During the same period, the
total return of the Morgan Stanley Capital International (MSCI) World Index, the
fund's benchmark, was 7.49%.(2)
We attribute the fund's performance primarily to a generally favorable
environment for global equities. Strong corporate earnings in Europe, Asia and
the United States provided evidence that the worldwide economic recovery
continued to advance during the period. As a result, investors directed more of
their assets into large, multinational growth equities, driving up share prices
of the kinds of equities in which the fund was invested.
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 relatively few stocks during
the course of the year, we minimize investors' tax liabilities and reduce the
fund's trading costs. During the
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
recent six-month period, the fund maintained a portfolio turnover rate of less
than 5% , well within our goal of an annual portfolio turnover rate below 15%
during normal market conditions.
What other factors influenced the fund's performance?
Most of the benchmark's rise during the reporting period was driven by the
performance of technology-related companies. Our focus on large technology
companies with well-established business models, such as Intel and Cisco
Systems, positioned the fund to participate in this sector's rise while avoiding
some of the volatility that affected technology late in the reporting period.
A wide range of global and domestic issues also affected the fund's performance.
Rising global interest rates hurt the stocks of many financial services
companies, a sector that is traditionally sensitive to interest rates. Our stock
selections in this sector outperformed the benchmark because we concentrated on
diversified financial companies, such as Deutsche Bank and Citigroup, that are
virtually insulated from the impact of rising interest rates by their
multi-faceted business models. On the other hand, our investments in
multinational consumer products companies underperformed the MSCI World Index
because of weak consumer spending in many emerging markets.
The fund' s pharmaceutical holdings suffered throughout the first half of the
reporting period due to concerns over expiring drug patents and new U.S. limits
on Medicare reimbursements. However, these stocks rebounded sharply in March and
April 2000 as the market focused on the high quality of our holdings' product
pipelines.
What is the fund's current strategy?
Much of the fund's performance results from our sector selection process, an
analysis designed to identify industries likely to enjoy long-term growth. For
example, developments in biotechnology and demographic shifts toward an aging
population in developed countries have created long-term trends favorable to the
health care industry. Trends toward growing global wealth have created
opportunities for financial
organizations with a well-established global presence and consumer products
companies with globally recognized brand names. These conditions have led us to
maintain the fund's emphasis on the health care, consumer staple and financial
services sectors, and to de-emphasize commodities and basic industries. Our
investment discipline has continued to lead us away from technology companies
with stock prices higher than we judge to be warranted by their financial
strength and growth rates.
As of April 30, 2000, 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.
May 15, 2000
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID,
AND DOES NOT TAKE INTO CONSIDERATION THE MAXIMUM INITIAL SALES CHARGE IN
THE CASE OF CLASS A AND CLASS T SHARES, OR THE APPLICABLE CONTINGENT
DEFERRED SALES CHARGE 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. -- REFLECTS THE REINVESTMENT OF
NET DIVIDENDS AND, WHERE APPLICABLE, CAPITAL GAIN DISTRIBUTIONS. THE MORGAN
STANLEY CAPITAL INTERNATIONAL (MSCI) 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 Fund
STATEMENT OF INVESTMENTS
April 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
COMMON STOCKS--97.3% Shares Value ($)
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
AUTOMOTIVE--2.9%
DaimlerChrysler 392,637 22,601,168
Ford Motor 500,000 27,343,750
49,944,918
BANKING--3.9%
Bank of America 168,424 8,252,776
Chase Manhattan 210,000 15,133,125
Deutsche Bank, ADR 250,000 16,812,500
Union Bank of Switzerland 110,010 26,969,493
67,167,894
BASIC MATERIALS--1.1%
Air Liquide, ADR 750,000 19,687,500
BUILDING & CONSTRUCTION--2.3%
Sony, ADR 172,000 38,807,500
CAPITAL GOODS--7.8%
Emerson Electric 175,000 9,603,125
General Electric 260,000 40,885,000
Honeywell International 300,000 16,800,000
Norsk Hydro, ADR 150,000 5,550,000
Philips Electronics, ADR 184,000 8,211,000
Vodafone Airtouch 11,792,920 53,915,084
134,964,209
COMMUNICATIONS--5.7%
Bell Atlantic 170,000 10,072,500
BellSouth 500,000 24,343,750
Embratel Participacoes, ADR 30,000 675,000
SBC Communications 500,000 21,906,250
Tele Celular Sul Participacoes, ADR 3,000 115,875
Tele Centro Oeste Celular Participacoes, ADR 10,000 115,000
Tele Centro Sul Participacoes, ADR 6,000 382,500
Tele Leste Celular Participacoes, ADR 600 24,600
Tele Nordeste Celular Participacoes, ADR 1,500 78,000
Tele Norte Celular Participacoes, ADR 600 27,412
Tele Norte Leste Participacoes, ADR 30,000 534,375
Tele Sudeste Celular Participacoes, ADR 6,000 256,500
Telecom Italia, ADR 200,000 28,575,000
Telecomunicacoes Brasileiras, ADR 75,000 8,864,063
Telecomunicacoes de Sao Paulo, ADR 30,000 757,500
COMMON STOCKS (CONTINUED) Shares Value ($)
-------------------------------------------------------------------------------------------------------------------
COMMUNICATIONS (CONTINUED)
Telemig Celular Participacoes, ADR 1,500 87,750
Telesp Celular Participacoes, ADR 12,000 529,500
97,345,575
COMPUTERS--12.2%
Cisco Systems 1,080,000 (a) 74,874,375
EMC 150,000 (a) 20,840,625
Hewlett-Packard 310,000 41,850,000
International Business Machines 310,000 34,603,750
Microsoft 540,000 (a) 37,665,000
209,833,750
ELECTRONICS--7.9%
Intel 1,075,000 136,323,438
ENERGY--5.4%
BP Amoco, ADR 620,000 31,620,000
Chevron 35,000 2,979,375
Elf Aquitaine, ADS 140,000 12,495,000
Exxon Mobil 159,604 12,399,236
Royal Dutch Petroleum, ADR 325,000 18,646,875
Total, Cl. B, ADS 190,594 14,413,671
92,554,157
FINANCE-MISC.--5.5%
American Express 150,000 22,509,375
Associates First Capital, Cl. A 400,938 8,895,812
Citigroup 475,000 28,232,812
Hertz, Cl. A 60,000 1,871,250
Merrill Lynch 100,000 10,193,750
Societe Eurafrance 31,726 13,848,780
Zurich Allied 20,000 8,506,441
94,058,220
FOOD & DRUGS--1.0%
Walgreen 640,000 18,000,000
FOOD, BEVERAGE & TOBACCO--7.6%
Coca-Cola 475,000 22,354,687
Diageo, ADS 775,000 26,350,000
Groupe Danone, ADR 325,000 14,584,375
Hennessy Louis, ADS 275,055 24,273,604
Nestle, ADR 240,000 21,180,000
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
-------------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO (CONTINUED)
PepsiCo 250,000 9,171,875
Philip Morris 625,000 13,671,875
131,586,416
HEALTH CARE--11.3%
Abbott Laboratories 325,000 12,492,187
American Home Products 200,000 11,237,500
Bristol-Myers Squibb 375,000 19,664,063
Johnson & Johnson 325,000 26,812,500
Merck 475,000 33,012,500
Pfizer 1,425,000 60,028,125
Roche Holdings, ADS 300,000 31,387,500
194,634,375
HOUSEHOLD PRODUCTS-MISC.--3.6%
Estee Lauder, Cl. A 80,000 3,530,000
Gillette 300,000 11,100,000
L'Oreal, ADR 250,000 34,000,000
Procter & Gamble 210,000 12,521,250
61,151,250
INSURANCE--6.0%
Assicurazioni Generali 750,000 21,286,780
Axa 275,361 40,842,408
Berkshire Hathaway, Cl. A 325 (a) 19,272,500
Berkshire Hathaway, Cl. B 28 (a) 53,652
Marsh & McLennan 220,000 21,683,750
103,139,090
MEDIA/ENTERTAINMENT--3.3%
McDonald's 350,000 13,343,750
Seagram 480,000 25,920,000
Tricon Global Restaurants 50,000 (a) 1,706,250
Viacom, Cl. B 300,000 16,312,500
57,282,500
PUBLISHING--3.5%
McGraw-Hill Cos. 300,000 15,750,000
News Corp, ADR 12,000 617,250
Pearson 1,300,288 44,630,518
60,997,768
COMMON STOCKS (CONTINUED) Shares Value ($)
----------------------------------------------------------------------------------------------------------------
RETAIL--1.0%
Wal-Mart Stores 300,000 16,612,500
TEXTILES-APPARREL--2.9%
Christian Dior 200,000 47,561,620
Polo Ralph Lauren, Cl. A 150,000 (a) 2,437,500
49,999,120
TRANSPORTATION--.1%
United Parcel Service, Cl. B 16,400 1,090,600
UTILITIES--2.3%
Veba 200,000 9,885,178
Vivendi 301,875 (a) 29,868,334
39,753,512
TOTAL COMMON STOCKS
(cost $1,238,485,294) 1,674,934,292
-----------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS--1.9%
--------------------------------------------------------------------------------
PUBLISHING;
News Corp, ADR, Cum., $.4428
(cost $16,614,114) 750,000 33,000,000
-------------------------------------------------------------------------------------------------------------------
Principal
CORPORATE BONDS--.0% Amount ($) Value ($)
-------------------------------------------------------------------------------------------------------------------
Zurich International,
2%,3/1/2001
(cost $4,807) 5,000 2,864
-------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS--1.4%
--------------------------------------------------------------------------------
U.S. TREASURY BILLS;
5.61%, 7/13/2000
(cost $24,586,122) 24,869,000 24,585,991
-------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $1,279,690,337) 100.6% 1,732,523,147
LIABILITIES, LESS CASH AND RECEIVABLES (.6%) (10,195,867)
NET ASSETS 100.0% 1,722,327,280
(A) NON-INCOME PRODUCING.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2000 (Unaudited)
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 1,279,690,337 1,732,523,14
Cash 2,447,801
Dividends and interest receivable 2,733,443
Receivable for shares of Common Stock subscribed 2,266,817
Prepaid expenses 88,997
1,740,060,205
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 2,447,079
Payable for shares of Common Stock redeemed 14,946,711
Accrued expenses 339,135
17,732,925
--------------------------------------------------------------------------------
NET ASSETS ($) 1,722,327,28
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 1,278,087,42
Accumulated investment (loss) (8,713,137)
Accumulated net realized gain (loss) on investments and
foreign currency transactions 208,387
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions 452,744,603
--------------------------------------------------------------------------------
NET ASSETS ($) 1,722,327,280
NET ASSET VALUE PER SHARE
<TABLE>
<CAPTION>
Class A Class B Class C Class R Class T
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Assets ($) 471,366,045 1,022,155,408 217,798,130 10,454,532 553,165
Shares Outstanding 12,359,404 27,711,074 5,955,746 275,120 14,550
------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE
PER SHARE ($) 38.14 36.89 36.57 38.00 38.02
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
STATEMENT OF OPERATIONS
Six Months Ended April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INCOME:
Cash dividends (net of $685,489 foreign taxes withheld at source) 9,501,601
Interest 436,298
TOTAL INCOME 9,937,899
EXPENSES:
Investment advisory fee--Note 3(a) 6,299,496
Distribution fees--Note 3(b) 4,521,037
Shareholder servicing costs--Note 3(c) 3,142,747
Custodian fees 129,745
Prospectus and shareholders' reports 87,708
Registration fees 70,135
Professional fees 21,489
Loan commitment fees--Note 2 12,290
Directors' fees and expenses--Note 3(d) 11,592
Miscellaneous 16,158
TOTAL EXPENSES 14,312,397
INVESTMENT (LOSS) (4,374,498)
--------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments and foreign
currency transactions 252,243
Net unrealized appreciation (depreciation) on investments
and foreign currency transactions 131,840,422
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 132,092,665
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 127,718,167
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
April 30, 2000 Year Ended
(Unaudited) October 31, 1999(a)
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment (loss) (4,374,498) (3,423,786)
Net realized gain (loss) on investments 252,243 5,049,950
Net unrealized appreication (depreciation)
on investments 131,840,422 174,229,391
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS 127,718,167 175,855,555
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Class A shares -- (683,131)
Class C shares -- (19,085)
Class R shares -- (7,604)
Net realized gain on investments:
Class A shares (1,347,830) (709,920)
Class B shares (3,044,170) (2,081,046)
Class C shares (649,869) (337,167)
Class R shares (28,032) (5,069)
Class T shares (21) --
TOTAL DIVIDENDS (5,069,922) (3,843,022)
--------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold:
Class A shares 548,215,290 694,002,621
Class B shares 110,012,105 377,208,515
Class C shares 36,958,619 124,098,920
Class R shares 2,172,211 9,058,035
Class T shares 563,702 1,000
(A) FROM SEPTEMBER 30, 1999 (COMMENCEMENT OF INITIAL OFFERING) TO OCTOBER 31,
1999 FOR CLASS T SHARES.
SEE NOTES TO FINANCIAL STATEMENTS.
Six Months Ended
April 30, 2000 Year Ended
(Unaudited) October 31, 1999(a)
--------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS:
Dividends reinvested:
Class A shares 1,150,945 1,193,132
Class B shares 2,285,354 1,556,997
Class C shares 358,895 191,269
Class R shares 28,032 12,664
Class T shares 21 --
Cost of shares redeemed:
Class A shares (554,235,488) (488,435,413)
Class B shares (98,467,826) (93,862,744)
Class C shares (31,416,779) (26,901,140)
Class R shares (1,415,167) (1,917,567)
Class T shares (19,764) --
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS 16,190,150 596,206,289
TOTAL INCREASE (DECREASE) IN NET ASSETS 138,838,395 768,218,822
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 1,583,488,885 815,270,063
END OF PERIOD 1,722,327,280 1,583,488,885
(A) FROM SEPTEMBER 30, 1999 (COMMENCEMENT OF INITIAL OFFERING) TO OCTOBER 31,
1999 FOR CLASS T SHARES.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
Six Months Ended
April 30, 2000 Year Ended
(Unaudited) October 31, 1999(a)
--------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
CLASS A (B)
Shares sold 14,620,031 20,389,735
Shares issued for dividends reinvested 32,384 37,543
Shares redeemed (14,764,619) (14,325,635)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (112,204) 6,101,643
CLASS B (B)
Shares sold 3,035,506 11,528,347
Shares issued for dividends reinvested 66,282 50,129
Shares redeemed (2,720,882) (2,846,158)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 380,906 8,732,318
CLASS C
Shares sold 1,028,617 3,834,873
Shares issued for dividends reinvested 10,500 6,214
Shares redeemed (873,605) (819,871)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 165,512 3,021,216
CLASS R
Shares sold 57,921 271,115
Shares issued for dividends reinvested 792 402
Shares redeemed (38,223) (57,925)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 20,490 213,592
CLASS T
Shares sold 15,054 30
Shares issued for dividends reinvested 1 --
Shares redeemed (535) --
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 14,520 30
(A) FROM SEPTEMBER 30, 1999 (COMMENCEMENT OF INITIAL OFFERING) TO OCTOBER 31,
1999 FOR CLASS T SHARES.
(B) DURING THE PERIOD ENDED APRIL 30, 2000, 283,696 CLASS B SHARES REPRESENTING
$10,286,518 WERE AUTOMATICALLY CONVERTED TO 274,833 CLASS A SHARES AND
DURING THE PERIOD ENDED OCTOBER 31, 1999, 374,532 CLASS B SHARES
REPRESENTING $12,438,263 WERE AUTOMATICALLY CONVERTED TO 374,726 CLASS A
SHARES.
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the
fiscal periods indicated. All information (except portfolio turnover rate)
reflects financial results for a single fund share.Total return shows how much
your investment in the fund would have increased (or decreased) during each
period, assuming you had reinvested all dividends and distributions. These
figures have been derived from the fund's financial statements.
<TABLE>
<CAPTION>
Six Months Ended
April 30, 2000 Year Ended October 31,
---------------------------------------------------
CLASS A SHARES (Unaudited) 1999 1998 1997 1996 1995
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value,
beginning of period 35.32 29.95 24.46 19.89 16.41 14.03
Investment Operations:
Investment income--net .00(a,b) .09(a) .09 .11 .13 .20
Net realized and unrealized
gain (loss) on investments 2.93 5.49 5.43 4.69 3.50 2.39
Total from Investment Operations 2.93 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) (.11) (.01) (.08) (.01) --
Total Distributions (.11) (.21) (.03) (.23) (.15) (.21)
Net asset value, end of period 38.14 35.32 29.95 24.46 19.89 16.41
----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) (C) 8.32(d) 18.70 22.56 24.39 22.24 18.77
----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .58(d) 1.18 1.20 1.19 1.25 1.22
Ratio of net investment income
to average net assets .01(d) .27 .51 .66 .98 1.59
Decrease reflected in above
expense ratios due to
undertakings by The Dreyfus
Corporation -- -- -- .03 .12 .53
Portfolio Turnover Rate 1.07(d) 2.42 5.33 1.20 1.24 1.16
----------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 471,366 440,513 190,800 108,188 42,098 18,822
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) AMOUNT REPRESENTS LESS THAN $.01.
(C) EXCLUSIVE OF SALES CHARGE.
(D) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
Six Months Ended
April 30, 2000 Year Ended October 31,
---------------------------------------------------
CLASS B SHARES (Unaudited) 1999 1998 1997 1996 1995
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value,
beginning of period 34.29 29.20 24.01 19.58 16.22 13.89
Investment Operations:
Investment income (loss)--net (.13)(a) (.15)(a) (.04) (.04)(a) .04 .12
Net realized and unrealized
gain (loss) on investments 2.84 5.35 5.24 4.60 3.42 2.34
Total from Investment Operations 2.71 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) (.11) (.01) (.08) (.01) --
Total Distributions (.11) (.11) (.01) (.13) (.10) (.13)
Net asset value, end of period 36.89 34.29 29.20 24.01 19.58 16.22
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%)(B) 7.90(c) 17.87 21.66 23.47 21.29 17.88
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .96(c) 1.92 1.95 2.00 2.00 1.98
Ratio of net investment income
(loss) to average net assets (.37)(c) (.46) (.24) (.17) .24 .84
Decrease reflected in above
expense ratios due to
undertakings by The Dreyfus
Corporation -- -- -- .03 .12 .46
Portfolio Turnover Rate 1.07(c) 2.42 5.33 1.20 1.24 1.16
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 1,022,155 937,195 543,079 264,375 74,833 32,555
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) EXCLUSIVE OF SALES CHARGE.
(C) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended
April 30, 2000 Year Ended October 31,
---------------------------------------------------
CLASS C SHARES (Unaudited) 1999 1998 1997 1996 1995
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value,
beginning of period 33.99 28.95 23.80 19.51 16.22 15.56
Investment Operations:
Investment income (loss)--net (.13)(b) (.14)(b) (.01) (.06)(b) .14 (.01)
Net realized and unrealized
gain (loss) on investments 2.82 5.30 5.17 4.57 3.29 .67
Total from Investment Operations 2.69 5.16 5.16 4.51 3.43 .66
Distributions:
Dividends from investment
income--net -- (.01) -- (.14) (.13) --
Dividends from net realized gain
on investments (.11) (.11) (.01) (.08) (.01) --
Total Distributions (.11) (.12) (.01) (.22) (.14) --
Net asset value, end of period 36.57 33.99 28.95 23.80 19.51 16.22
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) (C) 7.91(d) 17.87 21.69 23.36 21.23 4.71(d)
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .94(d) 1.90 1.91 1.99 2.04 1.56(d)
Ratio of net investment income
(loss) to average net assets (.36)(d) (.44) (.21) (.24) .19 (.63)(d)
Decrease reflected in above
expense ratios due to
undertakings by The Dreyfus
Corporation -- -- -- .03 .11 .73(d)
Portfolio Turnover Rate 1.07(d) 2.42 5.33 1.20 1.24 1.16
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 217,798 196,832 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>
The Fund
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
Six Months Ended
April 30, 2000 Year Ended October 31,
---------------------------------------------------
CLASS R SHARES (Unaudited) 1999 1998 1997 1996(a
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value, beginning of period 35.14 29.77 24.30 19.74 18.03
Investment Operations:
Investment income--net .06(b) .12(b) .20 .22 .03
Net realized and unrealized gain (loss)
on investments 2.91 5.52 5.35 4.60 1.69
Total from Investment Operations 2.97 5.64 5.55 4.82 1.72
Distributions:
Dividends from investment income--net -- (.16) (.07) (.18) --
Dividends from net realized gain
on investments (.11) (.11) (.01) (.08) (.01)
Total Distributions (.11) (.27) (.08) (.26) (.01)
Net asset value, end of period 38.00 35.14 29.77 24.30 19.74
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 8.48(c) 19.03 22.89 24.71 9.51(c)
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .43(c) .93 .93 .95 .75(c)
Ratio of net investment income to average
net assets .16(c) .35 .78 .87 .48(c)
Decrease reflected in above expense
ratios due to undertakings by
The Dreyfus Corporation -- -- -- .04 .07(c)
Portfolio Turnover Rate 1.07(c) 2.42 5.33 1.20 1.24
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 10,455 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>
Six Months Ended
April 30, 2000 Year Ended
CLASS T SHARES (Unaudited) October 31,
1999(a)
--------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 35.30 33.49
Investment Operations:
Investment (loss)--net (.04)(b) (.02)(b)
Net realized and unrealized gain (loss) on investments 2.87 1.83
Total from Investment Operations 2.83 1.81
Distributions:
Dividends from net realized gain on investments (.11) --
Net asset value, end of period 38.02 35.30
--------------------------------------------------------------------------------
TOTAL RETURN (%)(C) 8.14(d) 5.29(d)
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .77(d) .13(d)
Ratio of net investment (loss) to average net assets (.11)(d) (.06)(d)
Portfolio Turnover Rate 1.07(d) 2.42
--------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 553 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) EXCLUSIVE OF SALES CHARGE.
(D) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus Premier Worldwide Growth Fund, Inc. (the "fund") is registered under the
Investment Company Act of 1940, as amended (the "Act"), as a diversified
open-end management investment company. The fund's investment objective is to
provide investors with long-term capital growth consistent with the preservation
of capital. The Dreyfus Corporation ("Dreyfus") serves as the fund's investment
adviser. Fayez Sarofim & Co. ("Sarofim") serves as the fund's sub-investment
adviser. Dreyfus is a direct subsidiary of Mellon Bank, N.A., which is a wholly-
owned subsidiary of Mellon Financial Corporation.
Effective March 22, 2000, Dreyfus Service Corporation ("DSC"), a wholly-owned
subsidiary of the Manager, became the distributor of the fund's shares. Prior to
March 22, 2000, Premier Mutual Fund Services, Inc. was the distributor. 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 B shares automatically convert to Class A shares after six
years) , 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 received net
earnings credits of $5,539 during the period ended April 30, 2000 based on
available cash balances left on deposit. Income earned under this arrangement is
included in interest income.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
(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.
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 April
30, 2000, 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 AVERAGE
TOTAL NET ASSETS 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%
DSC retained $22,849 during the period ended April 30, 2000 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 the average daily net assets of Class T shares. During the period
ended April 30, 2000, Class B, Class C and Class T shares were charged
$3,729,389, $791,345 and $303 respectively, pursuant to the Plan, of which
$841,298, $179,084 and $134, for Class B, Class C and Class T shares,
respectively, were paid to DSC.
(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 April 30, 2000, Class A, Class B, Class C and
Class T shares were charged $580,414, $1,243,130, $263,782 and $303,
respectively, pursuant to the Shareholder Services Plan, of which $131,021,
$280,433, $59,695 and $134 for Class A, Class B, Class C and Class T shares,
respectively, were paid to DSC.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
Dreyfus, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the fund. During the period
ended April 30, 2000, the fund was charged $539,189 pursuant to the transfer
agency agreement.
(D) Each Board member also serves as a Board member of other funds within the
Dreyfus complex (collectively, the "Fund Group"). Effective April 13, 2000, each
Board member receives an annual fee of $50,000 and a fee of $6,500 for each
meeting held in person and $500 for telephone meetings. These fees are allocated
among the funds in the Fund Group. The Chairman of the Board receives an
additional 25% of such compensation. Prior to April 13, 2000, each Board member
who was not an "affiliated person" as defined in the Act received from the fund
an annual fee of $2,500 and an attendance fee of $250 per meeting. The Chairman
of the Board received an additional 25% of such compensation. Subject to the
fund' s Director Emeritus Program Guidelines, Emeritus Board members, if any,
receive 50% of the fund's annual retainer fee and per meeting fee paid at the
time the Board member achieved emeritus status.
(E) During the period ended April 30, 2000, the fund incurred total brokerage
commissions of $37,020 of which $7,270 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 April 30, 2000, amounted to
$35,941,814 and $17,782,474, respectively.
At April 30, 2000, accumulated net unrealized appreciation on investments was
$452,832,810, consisting of $522,846,413 gross unrealized appreciation and
$70,013,603 gross unrealized depreciation.
At April 30, 2000, 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).
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
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
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) 2000 Dreyfus Service Corporation 070SA004
