UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-7512
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
(Exact name of Registrant as specified in charter)
c/o The Dreyfus Corporation
200 Park Avenue
New York, New York 10166
(Address of principal executive offices) (Zip code)
Mark N. Jacobs, Esq.
200 Park Avenue
New York, New York 10166
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 922-6000
Date of fiscal year end: October 31
Date of reporting period: April 30, 2003
FORM N-CSR
ITEM 1. REPORTS TO STOCKHOLDERS.
Dreyfus Premier
Worldwide Growth
Fund, Inc.
SEMIANNUAL REPORT April 30, 2003
YOU, YOUR ADVISOR AND
DREYFUS
A MELLON FINANCIAL COMPANY
The views expressed in this report reflect those of the portfolio manager only
through the end of the period covered and do not necessarily represent the views
of Dreyfus or any other person in the Dreyfus organization. Any such views are
subject to change at any time based upon market or other conditions and Dreyfus
disclaims any responsibility to update such views. These views may not be relied
on as investment advice and, because investment decisions for a Dreyfus fund are
based on numerous factors, may not be relied on as an indication of trading
intent on behalf of any Dreyfus fund.
Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
Contents
THE FUND
- --------------------------------------------------
2 Letter from the Chairman
3 Discussion of Fund Performance
6 Statement of Investments
9 Statement of Assets and Liabilities
10 Statement of Operations
11 Statement of Changes in Net Assets
13 Financial Highlights
18 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus Premier Worldwide Growth Fund, Inc.
LETTER FROM THE CHAIRMAN
Dear Shareholder:
This semiannual report for Dreyfus Premier Worldwide Growth Fund, Inc. covers
the six-month period from November 1, 2002, through April 30, 2003. 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.
We have recently seen what we believe are encouraging signs of stability in the
U.S. financial markets. Perhaps most important, the war in Iraq ended quickly,
without disruptions in oil supplies or major incidents of terrorism. Many major
stock market indices have posted modest gains since the start of 2003,
suggesting greater investor optimism. At the same time, yield differences
between U.S. Treasury securities and corporate bonds have moved closer to
historical norms as many companies have strengthened their balance sheets.
Of course, problems and concerns remain. In international markets, Europe's
economy remains stagnant, and Asia's economy has been weakened by the spread of
SARS. Positive factors appear to outweigh negative ones, however, and we believe
that the U.S. will lead the global economy to recovery.
What are the implications for your investments? We are generally optimistic
about stocks, although security selection by region, sector and company should
remain a key factor. Your financial advisor can help you to ensure that your
portfolio reflects your investment needs, long-term goals and attitudes toward
risk.
Thank you for your continued confidence and support.
Sincerely,
/s/Stephen E. Canter
Stephen E. Canter
Chairman and Chief Executive Officer
The Dreyfus Corporation
May 15, 2003
2
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, 2003, the fund produced a 0.39% total
return for Class A shares, 0.00% for Class B shares, 0.04% for Class C shares,
0.43% for Class R shares and 0.28% for Class T shares.(1) In comparison, the
total return of the fund's benchmark, the Morgan Stanley Capital International
World Index ("MSCI World Index") was 3.62% for the same period.(2)
We attribute the global stock market's modest gains during the reporting period
to rallies in November 2002 and April 2003 that were led by more speculative
names, including a number of previously beaten-down technology stocks. The fund
underperformed its benchmark, primarily because the fund focuses on
higher-quality, blue-chip names, which tend to be less speculative and did not
rally as strongly during the reporting period. The fund's performance was also
hindered by disappointments from individual stocks in the consumer staples and
health care groups.
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 of prominent companies selected for their sustained
patterns of profitability, strong balance sheets, expanding global presence and
above-average growth potential.
The fund also pursues a buy-and-hold investment strategy, which is based on
remaining fully invested and targeting long-term growth rather than short-term
profit. In following this strategy, we typically buy and
The Fund 3
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
sell relatively few stocks during the course of the year, which may help to
reduce investors' tax liabilities and the fund's trading costs. During the
reporting period, the fund's portfolio turnover rate was 1.09%.(3,4)
What other factors influenced the fund's performance?
The fund was primarily affected by changes in investor sentiment. During most of
2002, a sluggish global economy, allegations of corporate malfeasance and
heightened tensions in the Middle East led to general pessimism among investors
and sharply lower stock prices. Shortly after the reporting period began, global
stock markets began to rally based on rising expectations that the U.S. economy
would begin to recover in 2003 and that other economies would follow. However,
the stocks that rallied most were not the blue-chip companies favored by the
fund. Instead, beaten-down cyclicals and technology stocks performed relatively
well, as many investors sought to buy them "on the cheap." As a result, the
fund' s returns began to lag the returns of its benchmark early in the reporting
period.
During the first quarter of 2003, stocks generally gave back most of the gains
they had achieved during the previous rally in late 2002 as war and terrorism
fears weighed heavily on the markets. When it became clear that the conclusion
of the war in Iraq would be quick and decisive, relatively cyclical and
speculative stocks again led the market rally in April 2003, producing modest
overall gains for the MSCI World Index during the reporting period.
In this market environment, multinational consumer staples stocks detracted from
the fund's performance. Well-known companies, such as Coca-Cola, suffered
disappointing earnings. Altria Group (formerly Philip Morris) was hurt by
litigation-related factors and market-share erosion. Large pharmaceutical
companies also performed relatively poorly due to concerns over patent
expirations and long-term pricing power.
In the consumer discretionary sector, the fund's relative performance suffered
as more cyclical retailers and media companies gained value.
4
On the other hand, the fund's financial services holdings helped performance.
Italian insurance company Assicurazioni Generali, French financial conglomerate
Eurazeo and U.S. banking giant J.P. Morgan Chase & Co. provided particularly
strong returns as business conditions improved. The fund also benefited from its
sales of telephone stocks Bell South and SBC Communications early in the
reporting period because of slow earnings growth. The most positive individual
contributor to the fund's relative performance was General Electric, which
benefited as investors became increasingly convinced that the financially
complex company was unlikely to be tarnished by accounting irregularities or
debt problems.
What is the fund's current strategy?
We continue to maintain our focus on buying and holding large, well-established
companies. In our view, the fund's holdings in the United States and Europe are
well-positioned to grow their earnings in a stronger economy as pent-up
corporate demand and better consumer confidence take center stage.
May 15, 2003
(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.
(3) ACHIEVING TAX EFFICIENCY IS NOT A PART OF THE FUND'S INVESTMENT OBJECTIVE,
AND THERE CAN BE NO GUARANTEE THAT THE FUND WILL ACHIEVE ANY PARTICULAR LEVEL OF
TAXABLE DISTRIBUTIONS IN FUTURE YEARS. IN PERIODS WHEN THE MANAGER HAS TO SELL
SIGNIFICANT AMOUNTS OF SECURITIES (E.G., DURING PERIODS OF SIGNIFICANT NET
REDEMPTIONS OR CHANGES IN INDEX COMPONENTS) FUNDS CAN BE EXPECTED TO BE LESS TAX
EFFICIENT THAN DURING PERIODS OF MORE STABLE MARKET CONDITIONS AND ASSET FLOWS.
(4) PORTFOLIO TURNOVER RATES ARE SUBJECT TO CHANGE. PORTFOLIO TURNOVER RATES
ALONE DO NOT AUTOMATICALLY RESULT IN HIGH OR LOW DISTRIBUTION LEVELS. THERE CAN
BE NO GUARANTEE THAT THE FUND WILL GENERATE ANY SPECIFIC LEVEL OF DISTRIBUTIONS
ANNUALLY.
The Fund 5
STATEMENT OF INVESTMENTS
April 30, 2003 (Unaudited)
STATEMENT OF INVESTMENTS
COMMON STOCKS--97.5% Shares Value ($)
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BANKING--1.7%
Deutsche Bank 132,300 6,813,450
UBS 173,000 8,215,904
15,029,354
BASIC MATERIALS--2.0%
L'Air Liquide, ADR 575,925 17,448,319
CAPITAL GOODS--4.5%
Emerson Electric 166,100 8,421,270
General Electric 771,072 22,708,070
Honeywell International 102,400 2,416,640
Norsk Hydro, ADR 142,400 6,044,880
39,590,860
CONSUMER DURABLES--3.4%
Christian Dior 746,800 26,645,955
SONY, ADR 116,600 2,884,684
29,530,639
ENERGY--11.6%
BP, ADR 560,000 21,582,400
ChevronTexaco 180,400 11,330,924
Exxon Mobil 1,009,508 35,534,682
Royal Dutch Petroleum, ADR 342,300 13,993,224
Total Fina Elf, ADR 300,158 19,720,380
102,161,610
FINANCE--7.8%
American Express 362,850 13,737,501
Citigroup 623,284 24,463,897
Eurazeo 316,123 16,130,988
Fannie Mae 78,625 5,691,664
J.P. Morgan Chase & Co. 299,100 8,778,585
68,802,635
FOOD & DRUGS--2.2%
Walgreen 636,000 19,626,960
FOOD, BEVERAGE & TOBACCO--14.7%
Altria Group 900,200 27,690,152
Anheuser-Busch Cos. 25,000 1,247,000
Coca-Cola 458,100 18,507,240
Diageo, ADR 403,500 17,959,785
6
COMMON STOCKS (CONTINUED) Shares Value ($)
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FOOD, BEVERAGE & TOBACCO (CONTINUED)
Groupe Danone, ADR 644,700 18,174,093
LVMH Moet Hennessy Louis Vuitton 241,175 10,540,790
Nestle 1,650 336,697
Nestle, ADR 474,600 24,291,134
PepsiCo 241,675 10,459,694
129,206,585
HEALTH CARE--17.7%
Abbott Laboratories 311,300 12,648,119
Eli Lilly & Co. 213,700 13,638,334
Johnson & Johnson 533,525 30,069,469
Merck & Co. 424,582 24,702,181
Novartis, ADR 150,000 5,922,000
Pfizer 1,388,754 42,704,186
Roche, ADR 403,400 25,550,688
155,234,977
HOTELS & RESTAURANTS--.7%
McDonald's 341,800 5,844,780
HOUSEHOLD & PERSONAL PRODUCTS--5.6%
Estee Lauder, Cl. A 47,500 1,543,750
L'Oreal, ADR 2,050,000 29,474,347
Procter & Gamble 199,400 17,916,090
48,934,187
INSURANCE--7.0%
American International Group 28,000 1,622,600
Assicurazioni Generali 711,900 16,384,736
Berkshire Hathaway, Cl. A 300 (a) 20,944,515
Marsh & McLennan Cos. 397,600 18,957,568
Zurich Financial Services 31,500 3,324,354
61,233,773
MEDIA--5.4%
AOL Time Warner 395,215 (a) 5,406,541
McGraw-Hill Cos. 284,900 16,635,311
Pearson 1,586,944 13,232,357
Viacom, Cl. B 271,227 (a) 11,773,964
47,048,173
The Fund 7
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
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RETAIL--2.1%
Home Depot 4,505 126,726
Wal-Mart Stores 320,022 18,023,639
18,150,365
TECHNOLOGY--10.2%
Intel 2,063,941 37,976,514
International Business Machines 299,625 25,438,163
Microsoft 1,025,600 26,224,592
89,639,269
TRANSPORTATION--.9%
United Parcel Service, Cl. B 124,800 7,752,576
TOTAL COMMON STOCKS
(cost $851,914,724) 855,235,062
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PREFERRED STOCKS--1.7%
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MEDIA;
News Corporation, ADR
(cost $13,417,134) 627,200 14,714,112
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OTHER INVESTMENTS--.9%
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REGULATED INVESTMENT COMPANIES:
Dreyfus Institutional Cash Advantage Fund 2,616,666 (b) 2,616,666
Dreyfus Institutional Cash Advantage Plus Fund 2,616,667 (b) 2,616,667
Dreyfus Institutional Preferred Plus Money Market Fund 2,616,667 (b) 2,616,667
TOTAL OTHER INVESTMENTS
(cost $7,850,000) 7,850,000
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TOTAL INVESTMENTS (cost $873,181,858) 100.1% 877,799,174
LIABILITIES, LESS CASH AND RECEIVABLES (.1%) (1,168,500)
NET ASSETS 100.0% 876,630,674
(A) NON-INCOME PRODUCING.
(B) INVESTMENTS IN AFFILIATED MONEY MARKET MUTUAL FUNDS--SEE NOTE 3(E).
SEE NOTES TO FINANCIAL STATEMENT.
8
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2003 (Unaudited)
Cost Value
- --------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 873,181,858 877,799,174
Cash 1,353,326
Dividends receivable 2,659,595
Receivable for shares of Common Stock subscribed 312,674
Prepaid expenses 96,606
882,221,375
- --------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 1,216,150
Payable for shares of Common Stock redeemed 3,910,311
Accrued expenses 464,240
5,590,701
- --------------------------------------------------------------------------------
NET ASSETS ($) 876,630,674
- --------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 1,010,734,533
Accumulated undistributed investment income--net 827,501
Accumulated net realized gain (loss) on investments (139,624,810)
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions 4,693,450
- --------------------------------------------------------------------------------
NET ASSETS ($) 876,630,674
NET ASSET VALUE PER SHARE
Class A Class B Class C Class R Class T
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Net Assets ($) 321,256,157 445,451,673 104,032,030 3,345,095 2,545,719
Shares Outstanding 12,499,878 18,307,260 4,309,492 129,364 99,989
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NET ASSET VALUE
PER SHARE ($) 25.70 24.33 24.14 25.86 25.46
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund 9
STATEMENT OF OPERATIONS
Six Months Ended April 30, 2003 (Unaudited)
- --------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INCOME:
CASH DIVIDENDS (net of $218,629 foreign taxes withheld at source) 8,780,216
EXPENSES:
Investment advisory fee--Note 3(a) 3,312,806
Shareholder servicing costs--Note 3(c) 2,180,797
Distribution fees--Note 3(b) 2,142,787
Custodian fees 124,156
Prospectus and shareholders' reports 72,879
Registration fees 44,220
Professional fees 29,079
Loan commitment fees--Note 2 12,610
Directors' fees and expenses--Note 3(d) 11,775
Interest expense--Note 2 11,194
Miscellaneous 10,412
TOTAL EXPENSES 7,952,715
INVESTMENT INCOME--NET 827,501
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments and foreign currency
transactions (26,285,884)
Net unrealized appreciation (depreciation) on investments
and foreign currency transactions 24,732,167
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (1,553,717)
NET (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS (726,216)
SEE NOTES TO FINANCIAL STATEMENTS.
10
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
April 30, 2003 Year Ended
(Unaudited) October 31, 2002
- --------------------------------------------------------------------------------
OPERATIONS ($):
Investment income (loss)--net 827,501 (1,676,056)
Net realized gain (loss) on investments (26,285,884) (73,893,341)
Net unrealized appreciation (depreciation)
on investments 24,732,167 (56,427,316)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS (726,216) (131,996,713)
- --------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($):
Net proceeds from shares sold:
Class A shares 234,172,296 3,030,087,704
Class B shares 8,246,101 35,916,666
Class C shares 3,849,755 18,296,405
Class R shares 2,471,503 6,597,811
Class T shares 204,217 5,356,950
Cost of shares redeemed:
Class A shares (234,988,671) (3,074,134,915)
Class B shares (70,996,868) (163,445,194)
Class C shares (15,923,084) (45,186,807)
Class R shares (2,134,097) (9,592,262)
Class T shares (283,977) (5,224,628)
INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL STOCK TRANSACTIONS (75,382,825) (201,328,270)
TOTAL INCREASE (DECREASE) IN NET ASSETS (76,109,041) (333,324,983)
- --------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 952,739,715 1,286,064,698
END OF PERIOD 876,630,674 952,739,715
Undistributed investment income--net 827,501 --
The Fund 11
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
Six Months Ended
April 30, 2003 Year Ended
(Unaudited) October 31, 2002
- --------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
CLASS A(A)
Shares sold 9,364,453 100,873,568
Shares redeemed (9,391,662) (102,365,124)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (27,209) (1,491,556)
- --------------------------------------------------------------------------------
CLASS B(A)
Shares sold 345,471 1,287,137
Shares redeemed (3,001,915) (6,129,282)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (2,656,444) (4,842,145)
- --------------------------------------------------------------------------------
CLASS C
Shares sold 162,505 664,979
Shares redeemed (677,207) (1,696,579)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (514,702) (1,031,600)
- --------------------------------------------------------------------------------
CLASS R
Shares sold 96,866 218,212
Shares redeemed (84,223) (334,756)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 12,643 (116,544)
- --------------------------------------------------------------------------------
CLASS T
Shares sold 8,171 179,650
Shares redeemed (11,488) (177,123)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (3,317) 2,527
(A) DURING THE PERIOD ENDED APRIL 30, 2003, 1,019,248 CLASS B SHARES
REPRESENTING $23,895,965 WERE AUTOMATICALLY CONVERTED TO 966,566 CLASS A
SHARES AND DURING THE PERIOD ENDED OCTOBER 31, 2002, 1,042,543 CLASS B
SHARES REPRESENTING $28,225,617 WERE AUTOMATICALLY CONVERTED TO 993,489
CLASS A SHARES
SEE NOTES TO FINANCIAL STATEMENTS.
12
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the
fiscal periods indicated. All information (except portfolio turnover rate)
reflects financial results for a single fund share. Total return shows how much
your investment in the fund would have increased (or decreased) during each
period, assuming you had reinvested all dividends and distributions. These
figures have been derived from the fund's financial statements.
Six Months Ended
April 30, 2003 Year Ended October 31,
----------------------------------------------------------------
CLASS A SHARES (Unaudited) 2002 2001 2000 1999 1998
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
beginning of period 25.60 28.84 37.88 35.32 29.95 24.46
Investment Operations:
Investment income--net .08(a) .10(a) .10(a) .10(a) .09(a) .09
Net realized and unrealized
gain (loss) on investments .02 (3.34) (9.14) 2.57 5.49 5.43
Total from Investment Operations .10 (3.24) (9.04) 2.67 5.58 5.52
Distributions:
Dividends from
investment income--net -- -- -- -- (.10) (.02)
Dividends from net realized
gain on investments -- -- -- (.11) (.11) (.01)
Total Distributions -- -- -- (.11) (.21) (.03)
Net asset value, end of period 25.70 25.60 28.84 37.88 35.32 29.95
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TOTAL RETURN (%)(B) .39(c) (11.24) (23.86) 7.58 18.70 22.56
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses
to average net assets .66(c) 1.32 1.15 1.16 1.18 1.20
Ratio of net investment income
to average net assets .33(c) .34 .30 .25 .27 .51
Portfolio Turnover Rate 1.09(c) 1.58 7.26 7.10 2.42 5.33
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Net Assets, end of period
($ x 1,000) 321,256 320,717 404,329 496,781 440,513 190,800
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) EXCLUSIVE OF SALES CHARGE.
(C) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund 13
FINANCIAL HIGHLIGHTS (CONTINUED)
Six Months Ended
April 30, 2003 Year Ended October 31,
------------------------------------------------------------------
CLASS B SHARES (Unaudited) 2002 2001 2000 1999 1998
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
beginning of period 24.33 27.59 36.50 34.29 29.20 24.01
Investment Operations:
Investment (loss)--net (.01)(a) (.11)(a) (.15)(a) (.19)(a) (.15)(a) (.04)
Net realized and unrealized
gain (loss) on investments .01 (3.15) (8.76) 2.51 5.35 5.24
Total from Investment
Operations .00 (3.26) (8.91) 2.32 5.20 5.20
Distributions:
Dividends from net realized
gain on investments -- -- -- (.11) (.11) (.01)
Net asset value, end of period 24.33 24.33 27.59 36.50 34.29 29.20
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%)(B) .00(c) (11.82) (24.41) 6.76 17.87 21.66
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses
to average net assets 1.02(c) 2.03 1.92 1.92 1.92 1.95
Ratio of net investment (loss)
to average net assets (.04)(c) (.39) (.46) (.51) (.46) (.24)
Portfolio Turnover Rate 1.09(c) 1.58 7.26 7.10 2.42 5.33
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 445,452 509,980 711,893 1,020,578 937,195 543,079
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) EXCLUSIVE OF SALES CHARGE.
(C) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
14
Six Months Ended
April 30, 2003 Year Ended October 31,
----------------------------------------------------------------
CLASS C SHARES (Unaudited) 2002 2001 2000 1999 1998
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
beginning of period 24.13 27.36 36.19 33.99 28.95 23.80
Investment Operations:
Investment (loss)--net (.01)(a) (.10)(a) (.13)(a) (.18)(a) (.14)(a) (.01)
Net realized and unrealized
gain (loss) on investments .02 (3.13) (8.70) 2.49 5.30 5.17
Total from Investment Operations .01 (3.23) (8.83) 2.31 5.16 5.16
Distributions:
Dividends from
investment income--net -- -- -- -- (.01) --
Dividends from net realized
gain on investments -- -- -- (.11) (.11) (.01)
Total Distributions -- -- -- (.11) (.12) (.01)
Net asset value, end of period 24.14 24.13 27.36 36.19 33.99 28.95
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%)(B) .04(c) (11.80) (24.40) 6.79 17.87 21.69
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses
to average net assets 1.01(c) 2.01 1.89 1.90 1.90 1.91
Ratio of net investment (loss)
to average net assets (.02)(c) (.37) (.42) (.49) (.44) (.21)
Portfolio Turnover Rate 1.09(c) 1.58 7.26 7.10 2.42 5.33
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 104,032 116,415 160,220 223,671 196,832 80,169
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) EXCLUSIVE OF SALES CHARGE.
(C) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund 15
FINANCIAL HIGHLIGHTS (CONTINUED)
Six Months Ended
April 30, 2003 Year Ended October 31,
----------------------------------------------------------------
CLASS R SHARES (Unaudited) 2002 2001 2000 1999 1998
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
beginning of period 25.75 28.88 37.81 35.14 29.77 24.30
Investment Operations:
Investment income--net .10(a) .24(a) .20(a) .21(a) .12(a) .20
Net realized and unrealized
gain (loss) on investments .01 (3.37) (9.13) 2.57 5.52 5.35
Total from Investment Operations .11 (3.13) (8.93) 2.78 5.64 5.55
Distributions:
Dividends from
investment income--net -- -- -- -- (.16) (.07)
Dividends from net realized
gain on investments -- -- -- (.11) (.11) (.01)
Total Distributions -- -- -- (.11) (.27) (.08)
Net asset value, end of period 25.86 25.75 28.88 37.81 35.14 29.77
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) .43(b) (10.84) (23.62) 7.94 19.03 22.89
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses
to average net assets .62(b) .93 .85 .86 .93 .93
Ratio of net investment income
to average net assets .38(b) .82 .61 .55 .35 .78
Portfolio Turnover Rate 1.09(b) 1.58 7.26 7.10 2.42 5.33
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 3,345 3,005 6,736 8,844 8,948 1,222
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) NOT ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
16
Six Months Ended
April 30, 2003 Year Ended October 31,
---------------------------------------------
CLASS T SHARES (Unaudited) 2002 2001 2000 1999(a)
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 25.39 28.63 37.70 35.30 33.49
Investment Operations:
Investment income (loss)--net(b) .06 .06 .02 (.07) (.02)
Net realized and unrealized
gain (loss) on investments .01 (3.30) (9.09) 2.58 1.83
Total from Investment Operations .07 (3.24 (9.07) 2.51 1.81
Distributions:
Dividends from net realized
gain on investments -- -- -- (.11) --
Net asset value, end of period 25.46 25.39 28.63 37.70 35.30
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%)(C) .28(d) (11.32) (24.06) 7.26 5.29(d)
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .76(d) 1.50 1.42 1.52 .13(d)
Ratio of net investment income (loss)
to average net assets .23(d) .20 .05 (.20) (.06)(d)
Portfolio Turnover Rate 1.09(d) 1.58 7.26 7.10 2.42
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 2,546 2,623 2,886 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 17
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 wholly-owned subsidiary of Mellon Bank, N.A, which is a
wholly-owned subsidiary of Mellon Financial Corporation.
Dreyfus Service Corporation (the "Distributor"), a wholly-owned subsidiary of
Dreyfus, is the distributor of the fund's shares. The fund is authorized to
issue 100 million shares of $.001 par value Common Stock in each of the
following classes of shares: Class A, Class B, Class C, Class R and Class T.
Class A and Class T shares are subject to a sales charge imposed at the time of
purchase, Class B shares are subject to a contingent deferred sales charge
("CDSC") imposed on Class B share redemptions made within six years of purchase
and 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. Effective April 14, 2003, the fund began pricing
securities traded on the NASDAQ stock market using the NASDAQ official closing
price. Securities not listed on an exchange or the national securities market,
or securities for which
18
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 and premium 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, if any, are normally declared and paid annually, but the fund may make
distributions on a more frequent basis
The Fund 19
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
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 $113,338,925 available for
federal income tax purposes to be applied against future net securities profits,
if any, realized subsequent to October 31, 2002. The amount of this loss which
can be utilized in subsequent years is subject to an annual limitation due to
the fund's merger with Dreyfus Global Growth Fund. If not applied, $19,175,924
of the carryover expires in fiscal 2008, $20,020,619 expires in fiscal 2009 and
$74,142,382 expires in fiscal 2010.
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 based on prevailing market rates
in effect at the time of borrowings.
The average daily amount of borrowings outstanding under the Facility during the
period ended April 30, 2003, was approximately $1,330,400, with a related
weighted average annualized interest rate of 1.70%.
NOTE 3--Investment Advisory Fee, Sub-Investment Advisory Fee and Other
Transactions With Affiliates:
20
(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%
During the period ended April 30, 2003, the Distributor retained $26,119 and
$927 from commissions earned on sales of the fund's Class A and T shares,
respectively, and $789,248 and $6,553 from contingent deferred sales charges on
redemptions of the fund's Class B and C shares, respectively.
(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
April 30, 2003, Class B, Class C and Class T shares were charged $1,740,096,
$399,573 and $3,118, respectively, pursuant to the Plan.
(c) Under the Shareholder Services Plan, Class A, Class B, Class C and Class T
shares pay the Distributor, at an annual rate of .25 of 1% of the value of their
average daily net assets for the provision of certain services. The services
provided may include personal services relating to shareholder accounts, such as
answering shareholder inquiries regarding the fund and providing reports and
other information, and services related to the maintenance of shareholder
accounts. The Distributor may make payments to Service Agents (a securities
dealer, financial institution or other industry professional) in respect of
these services. The Distributor determines the amounts to be paid to Service
Agents.
The Fund 21
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
During the period ended April 30, 2003, Class A, Class B, Class C and Class T
shares were charged $383,967, $580,032, $133,191 and $3,118, respectively,
pursuant to the Shareholder Services Plan.
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
Dreyfus, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the fund. During the period
ended April 30, 2003, the fund was charged $590,429 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"). 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 in-person meeting and $500 for
telephone meetings. These fees are allocated among the funds in the Fund Group
in proportion to each fund' s relative net assets. The Chairman of the Board
receives an additional 25% of such compensation. Subject to the fund's Emeritus
Program Guidelines, Emeritus Board members, if any, receive 50% of the annual
retainer fee and per meeting fee paid at the time the Board member achieves
emeritus status.
(e) Pursuant to an exemptive order from the Securities and Exchange Commission,
the fund may invest it' s available cash balances in affiliated money market
mutual funds as shown in the fund's Statement of Investments. Management fees
are not charged to these accounts. During the period ended April 30, 2003, the
fund derived $8,676 in income from these investments, which is included as
dividend income in the fund's Statement of Operations.
22
NOTE 4--Securities Transactions:
The aggregate amount of purchases and sales of investment securities, excluding
short-term securities, during the period ended April 30, 2003, amounted to
$9,676,271 and $89,490,488, respectively.
At April 30, 2003, accumulated net unrealized appreciation on investments was
$4,617,316, consisting of $132,140,033 gross unrealized appreciation and
$127,522,717 gross unrealized depreciation.
At April 30, 2003, 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 23
NOTES
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.
200 Park Avenue
New York, NY 10166
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) 2003 Dreyfus Service Corporation 070SA0403
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. [RESERVED]
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) Based on an evaluation of the Disclosure Controls and Procedures (as
defined in Rule 30a-2(c) under the Investment Company Act of 1940, the
"Disclosure Controls") as of a date within 90 days prior to the filing date
(the "Filing Date") of this Form N-CSR (the "Report"), the Disclosure
Controls are effectively designed to ensure that information required to be
disclosed by the Registrant in the Report is recorded, processed, summarized
and reported by the Filing Date, including ensuring that information required
to be disclosed in the Report is accumulated and communicated to the
Registrant's management, including the Registrant's principal executive
officer and principal financial officer, as appropriate to allow timely
decisions regarding required disclosure.
(b) There were no significant changes in the Registrant's internal controls
or in other factors that could significantly affect these controls subsequent
to the date of their evaluation, and there were no corrective actions with
regard to significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS.
(a) Not applicable.
(b)(1) Certifications of principal executive officer and principal
financial officer as required by Rule 30a-2 under the Investment Company Act
of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the Registrant has duly caused this Report to
be signed on its behalf by the undersigned, thereunto duly authorized.
DREYFUS PREMIER WORLDWIDE GROWTH FUND, INC.
By: /S/STEPHEN E. CANTER
Stephen E. Canter
President
Date: June 26, 2003
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this Report has been signed below by the
following persons on behalf of the Registrant and in the capacities and on the
dates indicated.
By: /S/ STEPHEN E. CANTER
Stephen E. Canter
Chief Executive Officer
Date: June 26, 2003
By: /S/ JAMES WINDELS
James Windels
Chief Financial Officer
Date: June 26, 2003
EXHIBIT INDEX
(b)(1) Certifications of principal executive officer and
principal financial officer as required by Rule 30a-2 under the
Investment Company Act of 1940.
(b)(2) Certification of principal executive officer and
principal financial officer as required by Section 906 of the
Sarbanes-Oxley Act of 2002.