Dreyfus Premier
Worldwide Growth
Fund, Inc.
ANNUAL REPORT October 31, 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 Fund Performance
8 Statement of Investments
12 Statement of Assets and Liabilities
13 Statement of Operations
14 Statement of Changes in Net Assets
17 Financial Highlights
22 Notes to Financial Statements
28 Report of Independent Auditors
29 Important Tax Information
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus Premier Worldwide Growth Fund, Inc.
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this annual report for Dreyfus Premier Worldwide
Growth Fund, Inc., covering the 12-month period from November 1, 1999 through
October 31, 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.
An investment environment marked by dramatic price fluctuations in many equity
markets characterized the 12-month reporting period. International stocks were
adversely influenced by slowing economic growth in the U.S. and Europe.
Additionally, the moderating effects of the Federal Reserve Board' s
interest-rate hikes during 2000 to prevent domestic inflationary pressures from
reemerging also affected global economies along with higher energy prices and a
weak euro.
Since some global equities in general provided returns well above their
historical averages during the second half of the 1990s, some investors may have
developed unrealistic expectations in equities. Recent volatility has reminded
investors of both the risks of investing and the importance of fundamental
research and investment selection.
For more information about the economy and financial markets, including
international markets, we encourage you to visit the Market Commentary section
of our website at www.dreyfus.com. Or, to speak with a customer service
representative, call us at 1-800-782-6620.
Thank you for investing in Dreyfus Premier Worldwide Growth Fund, Inc.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
November 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 12-month period ended October 31, 2000, the fund produced total returns
of 7.58% for Class A shares; 6.76% for Class B shares; 6.79% for Class C shares;
7.94% for Class R shares; and 7.26% 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 1.09%.(2)
We attribute the fund's performance to a generally favorable environment for our
disciplined, long-term investment approach. During the first half of the period,
strong corporate earnings in Europe, Asia and the United States drove up share
prices of many of the equities in which the fund invests. During the second half
of the period, when richly valued technology stocks suffered sharp declines, the
fund succeeded in maintaining its first-half gains much better than the MSCI
World Index because we held fewer technology stocks than the Index.
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. In following this strategy we
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
typically buy and sell relatively few stocks during the course of the year,
which helps to minimize investors' tax liabilities and reduce the fund's trading
costs. During the 12-month reporting period, the fund's portfolio turnover rate
was 7.10% , well within our goal of an annual portfolio turnover rate below 15%
during normal market conditions.
What other factors influenced the fund's performance?
During the first half of the period, most of the MSCI World Index's rise was
driven by the performance of technology-related companies. Our focus on large,
U.S.-based 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 later in the
reporting period.
In March and April 2000, many investors began to perceive technology stocks as
overvalued. As a result, technology stock values declined abruptly, and market
strength shifted to other sectors, such as financial services and
pharmaceuticals. Our financial services stock selections performed better than
average because we concentrated on fee-based brokerage and merchant banking
firms, such as Deutsche Bank and Citigroup, that are relatively insulated from
the impact of rising interest rates by their business models. Our pharmaceutical
holdings also performed well, aided by the consistency of their earnings and the
high quality of their product pipelines.
Weakness in some global currencies and in emerging market consumer spending
limited the performance of our investments in multinational consumer products
companies. Nevertheless, these investments generally contributed to the fund's
positive performance, with some holdings, such as Philip Morris and PepsiCo,
rising sharply during the period.
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. This
process has currently led us to maintain the fund's emphasis on the health care,
consumer staple and financial services
industries, 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 October 31, 2000, the long-term economic trends that have led us to
emphasize health care, financial services and consumer staples appear to remain
in place. Encouraged by the U.S. economy's lasting strength, we continue to
favor U.S.-based stocks, with approximately 59% of the fund' s portfolio
allocated domestically. Most of our remaining holdings are concentrated in
Europe, where we see indications of accelerating growth. Generally, we have seen
little reason to alter our asset allocation model, nor have we observed changes
in company fundamentals that might lead us to make significant changes among our
individual holdings.
November 15, 2000
(1) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS AND ANY CAPITAL GAINS PAID,
AND DOES NOT TAKE INTO CONSIDERATION THE MAXIMUM INITIAL SALES CHARGES IN THE
CASE OF CLASS A AND CLASS T SHARES, OR THE APPLICABLE CONTINGENT DEFERRED SALES
CHARGES IMPOSED ON REDEMPTIONS IN THE CASE OF CLASS B AND CLASS C SHARES. HAD
THESE CHARGES BEEN REFLECTED, RETURNS WOULD HAVE BEEN LOWER. PAST PERFORMANCE IS
NO GUARANTEE OF FUTURE RESULTS. SHARE PRICE AND INVESTMENT RETURN FLUCTUATE SUCH
THAT UPON REDEMPTION, FUND SHARES MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST.
(2) SOURCE: LIPPER INC. -- REFLECTS 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
FUND PERFORMANCE
Comparison of change in value of $10,000 investment in Dreyfus Premier Worldwide
Growth Fund, Inc. Class A shares and Class B shares and the Morgan Stanley
Capital International World Index
((+)) SOURCE: LIPPER INC.
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
THE ABOVE GRAPH COMPARES A $10,000 INVESTMENT MADE IN CLASS A SHARES AND CLASS B
SHARES OF DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC. ON 7/15/93 (INCEPTION
DATE) TO A $10,000 INVESTMENT MADE ON THAT DATE IN THE MORGAN STANLEY CAPITAL
INTERNATIONAL WORLD INDEX. 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, CLASS R AND CLASS T
SHARES WILL VARY FROM THE PERFORMANCE OF BOTH CLASS A AND CLASS B SHARES SHOWN
ABOVE DUE TO DIFFERENCES IN CHARGES AND EXPENSES.
THE FUND'S PERFORMANCE SHOWN IN THE LINE GRAPH TAKES INTO ACCOUNT THE MAXIMUM
INITIAL SALES CHARGE ON CLASS A SHARES AND THE MAXIMUM CONTINGENT DEFERRED
SALES CHARGE ON CLASS B SHARES AND ALL OTHER APPLICABLE FEES AND EXPENSES. THE
MORGAN STANLEY CAPITAL INTERNATIONAL WORLD INDEX IS AN UNMANAGED INDEX OF GLOBAL
STOCK MARKET PERFORMANCE, INCLUDING THE UNITED STATES, CANADA, AUSTRALIA, NEW
ZEALAND AND THE FAR EAST. THE INDEX IS THE PROPERTY OF MORGAN STANLEY & CO.
INCORPORATED AND INCLUDES NET DIVIDENDS REINVESTED.
THE INDEX 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.
<TABLE>
<CAPTION>
Average Annual Total Returns AS OF 10/31/00
Inception From
Date 1 Year 5 Years Inception
------------------------------------------------------------------------------------------------------------------------------------
CLASS A SHARES
<S> <C> <C> <C> <C>
WITH SALES CHARGE (5.75%) 7/15/93 1.41% 17.54% 16.19%
WITHOUT SALES CHARGE 7/15/93 7.58% 18.93% 17.14%
CLASS B SHARES
WITH REDEMPTION((+)) 7/15/93 2.76% 17.84% 16.41%
WITHOUT REDEMPTION 7/15/93 6.76% 18.05% 16.41%
CLASS C SHARES
WITH REDEMPTION((+)(+)) 6/21/95 5.79% 18.03% 17.69%
WITHOUT REDEMPTION 6/21/95 6.79% 18.03% 17.69%
CLASS R SHARES 3/4/96 7.94% -- 17.93%
CLASS T SHARES
WITH SALES CHARGE (4.5%) 9/30/99 2.44% -- 7.16%
WITHOUT SALES CHARGE 9/30/99 7.26% -- 11.80%
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE.
((+)) THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE FOR CLASS B SHARES IS 4% AND
IS REDUCED TO 0% AFTER SIX YEARS, AT WHICH TIME CLASS B SHARES CONVERT TO CLASS
A SHARES.
((+)(+)) THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE FOR CLASS C SHARES IS 1%
FOR SHARES REDEEMED WITHIN ONE YEAR OF THE DATE OF PURCHASE.
The Fund
STATEMENT OF INVESTMENTS
October 31, 2000
STATEMENT OF INVESTMENTS
COMMON STOCKS--95.3% Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
AUTOMOTIVE--.8%
Ford Motor 500,000 13,062,500
BANKING--4.2%
Bank of America 168,424 8,094,879
Chase Manhattan 315,000 14,332,500
Deutsche Bank, ADR 250,000 20,500,000
Union Bank of Switzerland 220,020 30,476,736
73,404,115
BASIC MATERIALS--1.1%
Air Liquide, ADR 825,000 19,387,500
BUILDING & CONSTRUCTION--1.6%
Sony, ADR 344,000 28,552,000
CAPITAL GOODS--4.8%
Emerson Electric 175,000 12,851,563
General Electric 780,000 42,753,750
Honeywell International 300,000 16,143,750
Norsk Hydro, ADR 150,000 5,915,625
Philips Electronics, ADR 178,480 7,128,045
84,792,733
COMMUNICATIONS--5.6%
BellSouth 500,000 24,156,250
Brasil Telecom Participacoes, ADR 6,000 325,125
Embratel Participacoes, ADR 30,000 485,625
SBC Communications 500,000 28,843,750
Tele Celular Sul Participacoes, ADR 3,000 75,562
Tele Centro Oeste Celular Participacoes, ADR 10,000 101,250
Tele Leste Celular Participacoes, ADR 600 23,137
Tele Nordeste Celular Participacoes, ADR 1,500 61,875
Tele Norte Celular Participacoes, ADR 600 20,775
Tele Norte Leste Participacoes, ADR 42,293 935,733
Telecom Italia, ADR 200,000 23,500,000
Telecomunicacoes Brasileiras, ADR 75,000 5,493,750
Telefonica de Espana, ADS 60,677 3,515,474
Telemig Celular Participacoes, ADR 1,500 78,750
Telesp Celular Participacoes, ADR 12,000 379,500
Verizon Communications 170,000 9,828,125
97,824,681
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
COMPUTERS--10.4%
Cisco Systems 1,080,000 (a) 58,185,000
EMC 300,000 (a) 26,718,750
Hewlett-Packard 620,000 28,791,250
International Business Machines 310,000 30,535,000
Microsoft 550,000 (a) 37,881,250
182,111,250
ELECTRONICS--5.8%
Agilent Technologies 118,234 (a) 5,475,712
Intel 2,150,000 96,750,000
102,225,712
ENERGY--7.6%
BP Amoco, ADS 700,000 35,656,250
Chevron 125,000 10,265,625
Exxon Mobil 309,604 27,612,807
Royal Dutch Petroleum, ADR 525,000 31,171,875
Total, Cl. B, ADS 402,258 28,811,729
133,518,286
FINANCE--5.3%
American Express 450,000 27,000,000
Citigroup 633,333 33,329,149
Merrill Lynch 200,000 14,000,000
Societe Eurafrance 31,726 19,085,960
93,415,109
FOOD & DRUGS--1.7%
Walgreen 670,000 30,568,750
FOOD, BEVERAGE & TOBACCO--9.4%
Coca-Cola 475,000 28,678,125
Diageo, ADR 825,000 31,040,625
Groupe Danone, ADR 700,000 19,740,000
LVHM Moet Hennessy Louis, ADS 1,375,275 20,801,034
Nestle, ADR 240,000 24,877,500
PepsiCo 250,000 12,109,375
Philip Morris 725,000 26,553,125
163,799,784
HEALTH CARE--12.0%
Abbott Laboratories 325,000 17,164,063
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (CONTINUED)
Bristol-Myers Squibb 375,000 22,851,562
Johnson & Johnson 325,000 29,940,625
Merck 475,000 42,720,313
Pfizer 1,425,000 61,542,188
Roche Holdings, ADR 400,000 36,512,500
210,731,251
HOUSEHOLD PRODUCTS-MISC.--3.9%
Estee Lauder, Cl.A 80,000 3,715,000
Gillette 300,000 10,462,500
L'Oreal, ADR 2,500,000 38,125,000
Procter & Gamble 210,000 15,001,875
67,304,375
INSURANCE--6.9%
Assicurazioni Generali 750,000 24,676,969
Axa 275,361 36,474,208
Berkshire Hathaway, Cl. A 325 (a) 20,702,500
Berkshire Hathaway, Cl. B 28 (a) 58,884
Marsh & McLennan 220,000 28,765,000
Zurich Financial Service 20,000 9,679,572
120,357,133
MEDIA/ENTERTAINMENT--4.0%
McDonald's 360,000 11,160,000
Seagram 480,000 27,420,000
Time Warner 200,000 15,182,000
Viacom, Cl. B 300,000 (a) 17,062,500
70,824,500
PUBLISHING--3.7%
McGraw-Hill Cos. 300,000 19,256,250
News Corp, ADR 12,000 516,000
Pearson 1,665,400 44,613,255
64,385,505
RETAIL--.9%
Wal-Mart Stores 325,000 14,746,875
TELECOMMUNICATIONS--1.0%
Vodafone Group 4,317,972 17,938,730
COMMON STOCKS (CONTINUED) Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
TEXTILES-APPAREL--2.3%
Christian Dior 800,000 40,688,872
TRANSPORTATION--.5%
United Parcel Service, Cl. B 131,400 7,982,550
UTILITIES--1.8%
E.On 200,000 10,172,218
Vivendi 301,875 21,710,479
31,882,697
TOTAL COMMON STOCKS
(cost $1,240,775,867) 1,669,504,908
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PREFERRED STOCKS-1.5% Shares Value ($)
------------------------------------------------------------------------------------------------------------------------------------
PUBLISHING;
News Corp, ADR
(cost $16,614,114) 750,000 27,140,625
------------------------------------------------------------------------------------------------------------------------------------
Principal
CORPORATE BONDS-.0% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
Zurich International,
2%, 3/1/2001
(cost $4,923) 5,000 2,766
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS-3.1%
------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY BILLS:
6.03%, 11/2/2000 48,000 47,992
6%, 11/24/2000 166,000 165,368
6.06%, 11/30/2000 376,000 374,210
6.28%, 12/21/2000 7,387,000 7,321,921
6.04%, 12/28/2000 8,692,000 8,606,905
6.07%, 1/11/2001 3,744,000 3,698,735
6.14%, 1/18/2001 33,875,000 33,423,446
TOTAL SHORT-TERM INVESTMENTS
(cost $53,642,262) 53,638,577
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TOTAL INVESTMENTS (cost $1,311,037,166) 99.9% 1,750,286,876
CASH AND RECEIVABLES (NET) .1% 2,137,537
NET ASSETS 100.0% 1,752,424,413
(A) NON-INCOME PRODUCING.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2000
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 1,311,037,166 1,750,286,876
Cash 698,064
Dividends and interest receivable 2,862,027
Receivable for shares of Common Stock subscribed 2,823,482
Prepaid expenses 54,537
1,756,724,986
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 2,350,172
Payable for shares of Common Stock redeemed 1,453,149
Accrued expenses 497,252
4,300,573
--------------------------------------------------------------------------------
NET ASSETS ($) 1,752,424,413
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 1,316,362,663
Accumulated net realized gain (loss) on investments and
foreign currency transactions (3,055,092)
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions 439,116,842
--------------------------------------------------------------------------------
NET ASSETS ($) 1,752,424,413
<TABLE>
<CAPTION>
NET ASSET VALUE PER SHARE
Class A Class B Class C Class R Class T
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Assets ($) 496,781,263 1,020,578,480 223,670,542 8,844,414 2,549,714
Shares Outstanding 13,113,078 27,958,907 6,179,825 233,936 67,630
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE
PER SHARE ($) 37.88 36.50 36.19 37.81 37.70
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
STATEMENT OF OPERATIONS
Year Ended October 31, 2000
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INCOME:
Cash dividends (net of $1,998,025 foreign taxes withheld at source) 22,825,584
Interest 1,455,940
TOTAL INCOME 24,281,524
EXPENSES:
Investment advisory fee-Note 3(a) 12,934,243
Distribution fees-Note 3(b) 9,266,878
Shareholder servicing costs-Note 3(c) 6,401,437
Custodian fees 276,698
Prospectus and shareholders' reports 173,181
Registration fees 124,767
Professional fees 47,218
Directors' fees and expenses-Note 3(d) 36,134
Loan commitment fees-Note 2 20,716
Miscellaneous 25,506
TOTAL EXPENSES 29,306,778
INVESTMENT (LOSS) (5,025,254)
--------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS-NOTE 4 ($):
Net realized gain (loss) on investments and foreign currency
transactions (3,192,426)
Net unrealized appreciation (depreciation) on investments
and foreign currency transactions 118,256,519
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 115,064,093
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 110,038,839
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS
Year Ended October 31,
------------------------------------
2000 1999(a)
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment (loss)--net (5,025,254) (3,423,786)
Net realized gain (loss) on investments (3,192,426) 5,049,950
Net unrealized appreciation (depreciation)
on investments 118,256,519 174,229,391
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 110,038,839 175,855,555
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
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 (1,347,831) (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 (5,069,923) (3,843,022)
--------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($):
Net proceeds from shares sold:
Class A shares 1,365,768,682 694,002,621
Class B shares 184,793,114 377,208,515
Class C shares 66,130,507 124,098,920
Class R shares 3,665,437 9,058,035
Class T shares 2,662,844 1,000
Year Ended October 31,
------------------------------------
2000 1999(a)
--------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS (CONTINUED) ($):
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 (1,342,036,088) (488,435,413)
Class B shares (163,934,955) (93,862,744)
Class C shares (52,344,371) (26,901,140)
Class R shares (4,507,272) (1,917,567)
Class T shares (54,533) --
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS 63,966,612 596,206,289
TOTAL INCREASE (DECREASE) IN NET ASSETS 168,935,528 768,218,822
--------------------------------------------------------------------------------
NET ASSETS ($)
Beginning of Period 1,583,488,885 815,270,063
END OF PERIOD 1,752,424,413 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)
Year Ended October 31,
------------------------------------
2000 1999(a)
--------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
CLASS A (B)
Shares sold 35,739,577 20,389,735
Shares issued for dividends reinvested 32,384 37,543
Shares redeemed (35,130,491) (14,325,635)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 641,470 6,101,643
--------------------------------------------------------------------------------
CLASS B( B)
Shares sold 5,043,911 11,528,347
Shares issued for dividends reinvested 66,282 50,129
Shares redeemed (4,481,454) (2,846,158)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 628,739 8,732,318
--------------------------------------------------------------------------------
CLASS C
Shares sold 1,817,576 3,834,873
Shares issued for dividends reinvested 10,500 6,214
Shares redeemed (1,438,482) (819,871)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 389,594 3,021,216
--------------------------------------------------------------------------------
CLASS R
Shares sold 96,507 271,115
Shares issued for dividends reinvested 793 402
Shares redeemed (117,994) (57,925)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (20,694) 213,592
--------------------------------------------------------------------------------
CLASS T
Shares sold 69,039 30
Shares issued for dividends reinvested 1 --
Shares redeemed (1,440) --
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 67,600 30
(A) FROM SEPTEMBER 30, 1999 (COMMENCEMENT OF INITIAL OFFERING) TO OCTOBER 31,
1999 FOR CLASS T SHARES.
(B) DURING THE PERIOD ENDED OCTOBER 31, 2000, 522,982 CLASS B SHARES
REPRESENTING $19,244,676 WERE AUTOMATICALLY CONVERTED TO 505,715 CLASS A SHARES
AND DURING THE PERIOD ENDED OCTOBER 31, 1999, 374,532 CLASS B SHARES
REPRESENTING $12,438,263 WERE AUTOMATICALLY CONVERTED TO 374,726 CLASS A SHARES
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the
fiscal periods indicated. All information (except portfolio turnover rate)
reflects financial results for a single fund share. Total return shows how much
your investment in the fund would have increased (or decreased) during each
period, assuming you had reinvested all dividends and distributions. These
figures have been derived from the fund's financial statements.
Year Ended October 31,
-------------------------------------------------------------------
CLASS A SHARES 2000 1999 1998 1997 1996
------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period 35.32 29.95 24.46 19.89 16.41
Investment Operations:
Investment income--net .10(a) .09(a) .09 .11 .13
Net realized and unrealized gain (loss)
on investments 2.57 5.49 5.43 4.69 3.50
Total from Investment Operations 2.67 5.58 5.52 4.80 3.63
Distributions:
Dividends from investment income-net -- (.10) (.02) (.15) (.14)
Dividends from net realized gain
on investments (.11) (.11) (.01) (.08) (.01)
Total Distributions (.11) (.21) (.03) (.23) (.15)
Net asset value, end of period 37.88 35.32 29.95 24.46 19.89
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) (B) 7.58 18.70 22.56 24.39 22.24
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 1.16 1.18 1.20 1.19 1.25
Ratio of net investment income
to average net assets .25 .27 .51 .66 .98
Decrease reflected in above expense ratios
due to undertakings by
The Dreyfus Corporation -- -- -- .03 .12
Portfolio Turnover Rate 7.10 2.42 5.33 1.20 1.24
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 496,781 440,513 190,800 108,188 42,098
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) EXCLUSIVE OF SALES CHARGE.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS (CONTINUED)
Year Ended October 31,
-------------------------------------------------------------------
CLASS B SHARES 2000 1999 1998 1997 1996
------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 34.29 29.20 24.01 19.58 16.22
Investment Operations:
Investment income (loss)--net (.19)(a) (.15)(a) (.04) (.04)(a) .04
Net realized and unrealized gain (loss)
on investments 2.51 5.35 5.24 4.60 3.42
Total from Investment Operations 2.32 5.20 5.20 4.56 3.46
Distributions:
Dividends from investment income-net -- -- -- (.05) (.09)
Dividends from net realized gain
on investments (.11) (.11) (.01) (.08) (.01)
Total Distributions (.11) (.11) (.01) (.13) (.10)
Net asset value, end of period 36.50 34.29 29.20 24.01 19.58
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) (B) 6.76 17.87 21.66 23.47 21.29
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 1.92 1.92 1.95 2.00 2.00
Ratio of net investment income (loss)
to average net assets (.51) (.46) (.24) (.17) .24
Decrease reflected in above expense ratios
due to undertakings by
The Dreyfus Corporation -- -- -- .03 .12
Portfolio Turnover Rate 7.10 2.42 5.33 1.20 1.24
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 1,020,578 937,195 543,079 264,375 74,833
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) EXCLUSIVE OF SALES CHARGE.
SEE NOTES TO FINANCIAL STATEMENTS.
Year Ended October 31,
-------------------------------------------------------------------
CLASS C SHARES 2000 1999 1998 1997 1996
------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 33.99 28.95 23.80 19.51 16.22
Investment Operations:
Investment income (loss)--net (.18)(a) (.14)(a) (.01) (.06)(a) .14
Net realized and unrealized gain (loss)
on investments 2.49 5.30 5.17 4.57 3.29
Total from Investment Operations 2.31 5.16 5.16 4.51 3.43
Distributions:
Dividends from investment income-net - (.01) -- (.14) (.13)
Dividends from net realized gain
on investments (.11) (.11) (.01) (.08) (.01)
Total Distributions (.11) (.12) (.01) (.22) (.14)
Net asset value, end of period 36.19 33.99 28.95 23.80 19.51
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) (B) 6.79 17.87 21.69 23.36 21.23
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 1.90 1.90 1.91 1.99 2.04
Ratio of net investment income (loss)
to average net assets (.49) (.44) (.21) (.24) .19
Decrease reflected in above expense ratios
due to undertakings by
The Dreyfus Corporation -- -- -- .03 .11
Portfolio Turnover Rate 7.10 2.42 5.33 1.20 1.24
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 223,671 196,832 80,169 29,845 1,086
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) EXCLUSIVE OF SALES CHARGE.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS (CONTINUED)
Year Ended October 31,
-------------------------------------------------------------------
CLASS R SHARES 2000 1999 1998 1997 1996(a)
------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 35.14 29.77 24.30 19.74 18.03
Investment Operations:
Investment income--net .21(b) .12(b) .20 .22 .03
Net realized and unrealized gain (loss)
on investments 2.57 5.52 5.35 4.60 1.69
Total from Investment Operations 2.78 5.64 5.55 4.82 1.72
Distributions:
Dividends from investment income-net -- (.16) (.07) (.18) --
Dividends from net realized gain
on investments (.11) (.11) (.01) (.08) (.01)
Total Distributions (.11) (.27) (.08) (.26) (.01)
Net asset value, end of period 37.81 35.14 29.77 24.30 19.74
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 7.94 19.03 22.89 24.71 9.51(c)
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .86 .93 .93 .95 .75(c)
Ratio of net investment income
to average net assets .55 .35 .78 .87 .48(c)
Decrease reflected in above expense ratios
due to undertakings by
The Dreyfus Corporation -- -- -- .04 .07(c)
Portfolio Turnover Rate 7.10 2.42 5.33 1.20 1.24
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 8,844 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.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
Year Ended October 31,
---------------------
CLASS T SHARES 2000 1999(a)
--------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 35.30 33.49
Investment Operations:
Investment (loss)--net (.07)(b) (.02)(b)
Net realized and unrealized gain (loss) on investments 2.58 1.83
Total from Investment Operations 2.51 1.81
Distributions:
Dividends from net realized gain on investments (.11) --
Net asset value, end of period 37.70 35.30
--------------------------------------------------------------------------------
TOTAL RETURN (%)(C) 7.26 5.29(d)
--------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 1.52 .13(d)
Ratio of net investment (loss) to average net assets (.20) (.06)(d)
Portfolio Turnover Rate 7.10 2.42
--------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 2,550 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
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, is 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 accounting
principles generally accepted in the United States, 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,
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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, 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.
The fund has an unused capital loss carryover of approximately $3,055,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to October 31, 2000. If not
applied, the carryover expires in fiscal 2008.
During the period ended October 31, 2000, as a result of permanent book to tax
differences, the fund increased accumulated undistributed investment income net
by $9,363,893, accumulated net realized gain (loss) on investments by $181,191
and decreased paid-in capital by $9,545,084. Net assets were not affected by
this reclassification.
NOTE 2--Bank Line of Credit:
The fund participates with other Dreyfus-managed funds in a $500 million
redemption credit facility (the "Facility" ) to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the fund at rates based on prevailing
market rates in effect at the time of borrowings. During the period ended
October 31, 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
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%
DSC retained $16,798 during the period ended October 31, 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 an annual rate of .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
October 31, 2000, Class B, Class C and Class T shares were charged $7,632,548,
$1,632,261 and $2,069, respectively, pursuant to the Plan, of which $5,184,464,
$1,113,585 and $1,964, for Class B, Class C and Class T shares, respectively,
were paid to DSC.
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(c) Under the Shareholder Services Plan, Class A, Class B, Class C and Class T
shares pay the distributor, at an annual rate of .25 of 1% of the value of their
average daily net assets for the provision of certain services. The services
provided may include personal services relating to shareholder accounts, such as
answering shareholder inquiries regarding the fund and providing reports and
other information, and services related to the maintenance of shareholder
accounts. The distributor may make payments to Service Agents (a securities
dealer, financial institution or other industry professional) in respect of
these services. The distributor determines the amounts to be paid to Service
Agents. During the period ended October 31, 2000, Class A, Class B, Class C and
Class T shares were charged $1,196,895, $2,544,183, $544,087 and $2,069,
respectively, pursuant to the Shareholder Services Plan, of which $816,136,
$1,728,155, $371,195, and $1,964 for Class A, Class B, Class C and Class T
shares, respectively, were paid to DSC.
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, 2000, the fund was charged $1,099,184 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 who is not an "affiliated person" as defined in the Act receives an
annual fee of $50,000 and an attendance fee of $6,500 for each meeting attended
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 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
achieves emeritus status.
(e) During the period ended October 31, 2000, the fund incurred total brokerage
commissions of $215,758 of which $11,070 was paid to Dreyfus Brokerage Services,
a wholly-owned subsidiary of Mellon Financial Corporation.
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended October 31, 2000, amounted to
$143,884,448 and $120,180,520, respectively.
At October 31, 2000, accumulated net unrealized appreciation on investments was
$439,249,710, consisting of $471,447,172 gross unrealized appreciation and
$32,197,462 gross unrealized depreciation.
At October 31, 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).
The Fund
REPORT OF INDEPENDENT AUDITORS
Shareholders and Board of Directors Dreyfus Premier Worldwide Growth Fund, Inc.
We have audited the accompanying statement of assets and liabilities of Dreyfus
Premier Worldwide Growth Fund, Inc., including the statement of investments, as
of October 31, 2000 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 auditing standards generally accepted
in the United States. 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, 2000 by correspondence with
the custodian. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Dreyfus Premier Worldwide Growth Fund, Inc. at October 31, 2000, 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 accounting principles generally
accepted in the United States.
New York, New York
December 6, 2000
IMPORTANT TAX INFORMATION (Unaudited)
For Federal tax purposes, the fund hereby designates $.1110 per share as
long-term capital gain distribution paid on November 30, 1999.
The Fund
For More Information
Dreyfus Premier Worldwide Growth Fund, Inc.
200 Park Avenue
New York, NY 10166
Investment Adviser
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Sub-Investment Adviser
Fayez Sarofim & Co.
Two Houston Center,
Suite 2907
Houston, TX 77010
Custodian
The Bank of New York
100 Church Street
New York, NY 10286
Transfer Agent & Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
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 070AR0010
