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: 10/31
Date of reporting period: 10/31/03
FORM N-CSR
Item 1. Reports to Stockholders.
Dreyfus Premier Worldwide Growth
Fund, Inc.
ANNUAL REPORT October 31, 2003
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 Fund Performance
8 Statement of Investments
11 Statement of Assets and Liabilities
12 Statement of Operations
13 Statement of Changes in Net Assets
15 Financial Highlights
20 Notes to Financial Statements
26 Report of Independent Auditors
27 Board Members Information
29 Officers of the Fund
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus Premier Worldwide Growth Fund, Inc.
LETTER FROM THE CHAIRMAN
Dear Shareholder:
This annual report for Dreyfus Premier Worldwide Growth Fund, Inc. covers the
12-month period from November 1, 2002, through October 31, 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.
Recent estimates of greater than expected U.S. Gross Domestic Product
annualized growth during the third quarter of 2003 suggest that the economy has
started to turn the corner. Tax cuts and low mortgage rates have put cash in
consumers' pockets, and corporations have begun to increase spending and
investment. As U.S. growth has strengthened, so have the prospects for many
international economies. As a result, stock markets throughout the world rallied
over the reporting period, posting gains in virtually every geographical region
and capitalization range.
We have seen strong quarters before, only to be disappointed when growth
proved unsustainable. Based on recent data, we are cautiously optimistic about
the current economic environment. As always, we urge you to speak regularly with
your financial advisor, who may be in the best position to suggest investments
that are right for your current needs, future 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
November 17, 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 12-month period ended October 31, 2003, the fund produced total
returns of 16.13% for Class A shares, 15.21% for Class B shares, 15.25% for
Class C shares, 16.31% for Class R shares and 15.83% for Class T shares.(1) For
the same period, the fund's benchmark, the Morgan Stanley Capital International
World Index ("MSCI World Index"), provided a 23.71% total return.(2)
After three years of declines, stock markets in the United States, Europe
and Japan began to rally during the second and third quarters of 2003 as
investors looked forward to a stronger global economy. However, smaller, more
speculative stocks led the rally, and the high-quality, multinational companies
in which the fund invests generally lagged, detracting from the fund's
performance relative to the MSCI World 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 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 sell relatively few
stocks during the course of the year, which may help to reduce investors' tax
liabilities and the fund's trading costs.(3) During the reporting period, the
fund' s portfolio turnover rate was 1.08% .(4)
The Fund 3
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
WHAT OTHER FACTORS INFLUENCED THE FUND'S PERFORMANCE?
The reporting period began amid persistent global economic weakness as rising
geopolitical tensions and lackluster corporate earnings took their toll on stock
prices in most markets. Despite the ongoing efforts of various nations' central
banks to stimulate renewed growth, particularly the U.S. Federal Reserve Board,
most industrialized economies failed to gain momentum through the first quarter
of 2003.
However, when the allied coalition entered Iraq in late March, a veil of
economic uncertainty appeared to be lifted, and investors became more optimistic
about business conditions in most parts of the world. As investors' appetite for
risk increased, they turned to many of the lower-quality companies that had not
been performing well during the bear market. Among higher-quality stocks,
investors generally favored those with economically-sensitive businesses such as
companies in the technology and basic materials sectors.
In this economic environment, the fund's emphasis on companies with consistent
and predictable earnings growth fell out of favor. For example, consumer staples
stocks, which represented the fund' s greatest area of concentration and had
performed relatively strongly during the bear market, generally declined during
the reporting period as investors turned their attention to other areas such as
technology, consumer cyclicals and financial services.
The fund suffered additional underperformance due to its ownership of large
pharmaceutical companies. Holdings such as Merck and Johnson & Johnson were hurt
by concerns regarding potential government regulation and price controls, and
imports of lower-cost drugs from Canada. We believe that these concerns are
likely to be temporary, and we have maintained our positions in drug companies
that, in our view, should benefit from long-term demographic trends.
Furthermore, while the fund's financial services holdings such as U.S. banking
giant Citigroup and Germany' s Deutsche Bank gained value, the fund' s
underweighted position relative to the MSCI World Index in the financial
services sector also contributed to its lagging relative performance.
The fund's performance received positive contributions from a number of its
holdings. U.S. technology leader Intel approximately doubled in value
4
during the reporting period, and European luxury goods purveyors Christian
Dior and LVMH Moet Hennessy Louis Vuitton benefited from rising consumer
confidence in an improving economic environment. The fund also benefited by
reducing its exposure to certain areas, such as the telecommunications group,
where competitive pressures have intensified. Because of these pressures, we
sold the fund' s holdings of Telebras, Telefonica des Espana, and SBC
Communications and Bell South.
WHAT IS THE FUND'S CURRENT STRATEGY?
While we agree with the consensus view that the global economy is recovering, we
believe that overall growth is likely to be more moderate than many investors
apparently expect. Accordingly, we have maintained our focus on large Europe-
and U.S.-based multinational companies with records of steady growth, dominant
market positions and strong balance sheets. In our judgment, investments such as
these are likely to reward investors over the long term. Historically,
lower-quality stocks typically have led the market during the early stages of
economic recoveries, and higher-quality stocks have tended to do better later in
the economic cycle. Therefore, we believe that the fund remains well-positioned
for the long term.
November 17, 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
FUND PERFORMANCE
Exhibit A
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 10/31/93 TO A $10,000
INVESTMENT MADE IN THE MORGAN STANLEY CAPITAL INTERNATIONAL WORLD INDEX (THE
"INDEX") ON THAT DATE. 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 ALL OTHER APPLICABLE FEES AND
EXPENSES. THE INDEX IS AN UNMANAGED INDEX OF GLOBAL STOCK MARKET PERFORMANCE,
INCLUDING THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND AND THE FAR EAST 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.
6
Average Annual Total Returns AS OF 10/31/03
Inception From
Date 1 Year 5 Years 10 Years Inception
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CLASS A SHARES
WITH MAXIMUM SALES CHARGE (5.75%) 9.46% (1.13)% 8.30%
WITHOUT SALES CHARGE 16.13% 0.05% 8.95%
CLASS B SHARES
WITH APPLICABLE REDEMPTION CHARGE ((+)) 11.21% (1.08)% 8.47%
WITHOUT REDEMPTION 15.21% (0.68)% 8.47%
CLASS C SHARES
WITH APPLICABLE REDEMPTION CHARGE ((+)(+)) 6/21/95 14.25% (0.66)% -- 7.59%
WITHOUT REDEMPTION 6/21/95 15.25% (0.66)% -- 7.59%
CLASS R SHARES 3/4/96 16.31% 0.35% -- 7.24%
CLASS T SHARES
WITH APPLICABLE SALES CHARGE (4.5%) 9/30/99 10.60% -- -- (4.14)%
WITHOUT SALES CHARGE 9/30/99 15.83% -- -- (3.05)%
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. THE FUND'S PERFORMANCE
SHOWN IN THE GRAPH AND TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES THAT A
SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES.
PERFORMANCE FOR CLASS B SHARES ASSUMES THE CONVERSION OF CLASS B SHARES TO CLASS
A SHARES AT THE END OF THE SIXTH YEAR FOLLOWING THE DATE OF PURCHASE.
((+)) THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE FOR CLASS B SHARES IS 4%.
AFTER SIX YEARS 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 7
STATEMENT OF INVESTMENTS
October 31, 2003
COMMON STOCKS--98.0% Shares Value ($)
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BANKING--.6%
Fannie Mae 78,625 5,636,626
BASIC MATERIALS--1.3%
L'Air Liquide, ADR 425,925 12,628,242
CAPITAL GOODS--4.1%
Emerson Electric 135,100 7,666,925
General Electric 771,072 22,368,799
Norsk Hydro, ADR 142,400 8,017,120
38,052,844
CONSUMER DURABLES & APPAREL--4.5%
Christian Dior 706,800 39,194,197
SONY, ADR 96,600 3,400,320
42,594,517
CONSUMER STAPLES--4.4%
Wal-Mart Stores 320,022 18,865,297
Walgreen 636,000 22,145,520
41,010,817
DIVERSIFIED FINANCIALS--10.1%
American Express 342,850 16,089,951
Citigroup 603,284 28,595,662
Deutsche Bank 132,300 8,665,650
Eurazeo 316,123 20,065,092
J.P. Morgan Chase & Co. 299,100 10,737,690
UBS 173,000 10,572,365
94,726,410
ENERGY--11.5%
BP, ADR 530,000 22,461,400
ChevronTexaco 180,400 13,403,720
Exxon Mobil 1,009,508 36,927,803
Royal Dutch Petroleum, ADR 300,300 13,327,314
Total, ADR 280,158 21,871,935
107,992,172
FOOD, BEVERAGE & TOBACCO--16.6%
Altria Group 900,200 41,859,300
Anheuser-Busch Cos. 25,000 1,231,500
Coca-Cola 458,100 21,255,840
Diageo, ADR 403,500 19,291,335
Groupe Danone, ADR 644,700 19,347,447
8
COMMON STOCKS (CONTINUED) Shares Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO (CONTINUED)
LVMH Moet Hennessy Louis Vuitton 226,175 15,559,831
Nestle, ADR 474,600 26,020,795
PepsiCo 241,675 11,556,898
156,122,946
HEALTH CARE--16.5%
Abbott Laboratories 311,300 13,267,606
Eli Lilly & Co. 213,700 14,236,694
Johnson & Johnson 533,525 26,852,313
Medco Health Solutions 51,204 1,699,973
Merck & Co. 424,582 18,787,754
Novartis, ADR 150,000 5,755,500
Pfizer 1,388,754 43,884,626
Roche, ADR 373,400 30,786,841
155,271,307
HOTELS, RESTAURANTS & LEISURE--.9%
McDonald's 341,800 8,548,418
HOUSEHOLD & PERSONAL PRODUCTS--5.2%
Estee Lauder Cos., Cl. A 47,500 1,776,025
L'Oreal, ADR 1,880,000 27,870,041
Procter & Gamble 199,400 19,599,026
49,245,092
INSURANCE--4.8%
American International Group 28,000 1,703,240
Assicurazioni Generali 661,900 15,165,823
Berkshire Hathaway, Cl. A 95 (a) 7,391,950
Marsh & McLennan Cos. 397,600 16,997,400
Zurich Financial Services 31,500 (a) 4,014,384
45,272,797
MEDIA--4.6%
McGraw-Hill Cos. 264,900 17,735,055
Pearson 1,586,944 16,401,431
Time Warner 395,215 (a) 6,042,837
Viacom, Cl. B 81,227 3,238,521
43,417,844
RETAIL--.0%
Home Depot 4,505 167,000
The Fund 9
STATEMENT OF INVESTMENTS (CONTINUED)
COMMON STOCKS (CONTINUED) Shares Value ($)
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TECHNOLOGY--12.1%
Intel 2,033,941 67,221,750
International Business Machines 219,625 19,652,045
Microsoft 1,025,600 26,819,440
113,693,235
TRANSPORTATION--.8%
United Parcel Service, Cl. B 104,800 7,600,096
TOTAL COMMON STOCKS
(cost $791,357,434) 921,980,363
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PREFERRED STOCKS--2.0%
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MEDIA;
News Corporation, ADR
(cost $13,417,134) 627,200 18,502,400
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OTHER INVESTMENTS--.1%
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REGISTERED INVESTMENT COMPANIES:
Dreyfus Institutional Cash Advantage Fund 253,666 (b) 253,666
Dreyfus Institutional Cash Advantage Plus Fund 253,667 (b) 253,667
Dreyfus Institutional Preferred Plus Money Market Fund 253,667 (b) 253,667
TOTAL OTHER INVESTMENTS
(cost $761,000) 761,000
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TOTAL INVESTMENTS (cost $805,535,568) 100.1% 941,243,763
LIABILITIES, LESS CASH AND RECEIVABLES (.1%) (932,025)
NET ASSETS 100.0% 940,311,738
(A) NON-INCOME PRODUCING.
(B) INVESTMENTS IN AFFILIATED MONEY MARKET MUTUAL FUNDS--SEE NOTE 3(E).
SEE NOTES TO FINANCIAL STATEMENTS.
10
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2003
Cost Value
- --------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 805,535,568 941,243,763
Dividends receivable 986,570
Receivable for investment securities sold 620,605
Receivable for shares of Common Stock subscribed 283,365
Prepaid expenses 85,606
943,219,909
- --------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 1,315,034
Cash overdraft due to Custodian 290,638
Payable for shares of Common Stock redeemed 954,715
Accrued expenses 347,784
2,908,171
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NET ASSETS ($) 940,311,738
- --------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 945,283,910
Accumulated undistributed investment income--net 1,198,039
Accumulated net realized gain (loss) on investments (141,889,111)
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions 135,718,900
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NET ASSETS ($) 940,311,738
NET ASSET VALUE PER SHARE
Class A Class B Class C Class R Class T
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Net Assets ($) 390,243,200 432,448,070 110,960,133 3,256,998 3,403,337
Shares Outstanding 13,126,740 15,427,071 3,989,157 108,737 115,715
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NET ASSET VALUE
PER SHARE ($) 29.73 28.03 27.82 29.95 29.41
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund 11
STATEMENT OF OPERATIONS
Year Ended October 31, 2003
- --------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INCOME:
CASH DIVIDENDS (net of $971,494 foreign taxes withheld at source) 18,714,589
EXPENSES:
Investment advisory fee--Note 3(a) 6,797,436
Shareholder servicing costs--Note 3(c) 4,300,852
Distribution fees--Note 3(b) 4,232,854
Custodian fees 200,345
Prospectus and shareholders' reports 133,323
Registration fees 98,060
Professional fees 54,178
Directors' fees and expenses--Note 3(d) 22,215
Interest expense--Note 2 15,993
Loan commitment fees--Note 2 6,516
Miscellaneous 27,203
TOTAL EXPENSES 15,888,975
INVESTMENT INCOME--NET 2,825,614
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REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 4 ($):
Net realized gain (loss) on investments and foreign currency
transactions (28,233,277)
Net unrealized appreciation (depreciation) on investments
and foreign currency transactions 155,757,617
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 127,524,340
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 130,349,954
SEE NOTES TO FINANCIAL STATEMENTS.
12
STATEMENT OF CHANGES IN NET ASSETS
Year Ended October 31,
-----------------------------------
2003 2002
- --------------------------------------------------------------------------------
OPERATIONS ($):
Investment income (loss)--net 2,825,614 (1,676,056)
Net realized gain (loss) on investments (28,233,277) (73,893,341)
Net unrealized appreciation (depreciation)
on investments 155,757,617 (56,427,316)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 130,349,954 (131,996,713)
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CAPITAL STOCK TRANSACTIONS ($):
Net proceeds from shares sold:
Class A shares 404,340,914 3,030,087,704
Class B shares 16,866,319 35,916,666
Class C shares 7,629,695 18,296,405
Class R shares 5,081,127 6,597,811
Class T shares 3,928,024 5,356,950
Cost of shares redeemed:
Class A shares (388,101,708) (3,074,134,915)
Class B shares (155,427,794) (163,445,194)
Class C shares (28,149,055) (45,186,807)
Class R shares (5,370,598) (9,592,262)
Class T shares (3,574,855) (5,224,628)
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS (142,777,931) (201,328,270)
TOTAL INCREASE (DECREASE) IN NET ASSETS (12,427,977) (333,324,983)
- --------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 952,739,715 1,286,064,698
END OF PERIOD 940,311,738 952,739,715
Undistributed investment income--net 1,198,039 --
The Fund 13
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
Year Ended October 31,
-----------------------------------
2003 2002
- --------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
CLASS A (A)
Shares sold 15,538,884 100,873,568
Shares redeemed (14,939,231) (102,365,124)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 599,653 (1,491,556)
- --------------------------------------------------------------------------------
CLASS B (A)
Shares sold 670,615 1,287,137
Shares redeemed (6,207,248) (6,129,282)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (5,536,633) (4,842,145)
- --------------------------------------------------------------------------------
CLASS C
Shares sold 305,860 664,979
Shares redeemed (1,140,897) (1,696,579)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (835,037) (1,031,600)
- --------------------------------------------------------------------------------
CLASS R
Shares sold 190,918 218,212
Shares redeemed (198,902) (334,756)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING (7,984) (116,544)
- --------------------------------------------------------------------------------
CLASS T
Shares sold 142,880 179,650
Shares redeemed (130,471) (177,123)
NET INCREASE (DECREASE) IN SHARES OUTSTANDING 12,409 2,527
(A) DURING THE PERIOD ENDED OCTOBER 31, 2003, 2,686,258 CLASS B SHARES
REPRESENTING $67,652,188 WERE AUTOMATICALLY CONVERTED TO 2,542,208 CLASS A
SHARES AND DURING THE PERIOD ENDED OCTOBER 31, 2002, 1,042,543 CLASS B
SHARES REPRESENTING $28,225,617 WERE AUTOMATICALLY CONVERTED TO 993,489
CLASS A SHARES
SEE NOTES TO FINANCIAL STATEMENTS.
14
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the
fiscal periods indicated. All information (except portfolio turnover rate)
reflects financial results for a single fund share. Total return shows how much
your investment in the fund would have increased (or decreased) during each
period, assuming you had reinvested all dividends and distributions. These
figures have been derived from the fund's financial statements.
Year Ended October 31,
-------------------------------------------------------------------
CLASS A SHARES 2003 2002 2001 2000 1999
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 25.60 28.84 37.88 35.32 29.95
Investment Operations:
Investment income--net(a) .21 .10 .10 .10 .09
Net realized and unrealized
gain (loss) on investments 3.92 (3.34) (9.14) 2.57 5.49
Total from Investment Operations 4.13 (3.24) (9.04) 2.67 5.58
Distributions:
Dividends from investment income--net -- -- -- -- (.10)
Dividends from net realized gain
on investments -- -- -- (.11) (.11)
Total Distributions -- -- -- (.11) (.21)
Net asset value, end of period 29.73 25.60 28.84 37.88 35.32
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TOTAL RETURN (%) (B) 16.13 (11.24) (23.86) 7.58 18.70
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 1.27 1.32 1.15 1.16 1.18
Ratio of net investment income
to average net assets .79 .34 .30 .25 .27
Portfolio Turnover Rate 1.08 1.58 7.26 7.10 2.42
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Net Assets, end of period ($ x 1,000) 390,243 320,717 404,329 496,781 440,513
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) EXCLUSIVE OF SALES CHARGE.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund 15
FINANCIAL HIGHLIGHTS (CONTINUED)
Year Ended October 31,
-------------------------------------------------------------------
CLASS B SHARES 2003 2002 2001 2000 1999
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 24.33 27.59 36.50 34.29 29.20
Investment Operations:
Investment income (loss)--net (a) .00(b) (.11) (.15) (.19) (.15)
Net realized and unrealized
gain (loss) on investments 3.70 (3.15) (8.76) 2.51 5.35
Total from Investment Operations 3.70 (3.26) (8.91) 2.32 5.20
Distributions:
Dividends from net realized
gain on investments -- -- -- (.11) (.11)
Net asset value, end of period 28.03 24.33 27.59 36.50 34.29
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) (C) 15.21 (11.82) (24.41) 6.76 17.87
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 2.05 2.03 1.92 1.92 1.92
Ratio of net investment income
(loss) to average net assets .02 (.39) (.46) (.51) (.46)
Portfolio Turnover Rate 1.08 1.58 7.26 7.10 2.42
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 432,448 509,980 711,893 1,020,578 937,195
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) AMOUNT REPRESENTS LESS THAN $.01 PER SHARE.
(C) EXCLUSIVE OF SALES CHARGE.
SEE NOTES TO FINANCIAL STATEMENTS.
16
Year Ended October 31,
-------------------------------------------------------------------
CLASS C SHARES 2003 2002 2001 2000 1999
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 24.13 27.36 36.19 33.99 28.95
Investment Operations:
Investment income (loss)--net(a) .01 (.10) (.13) (.18) (.14)
Net realized and unrealized
gain (loss) on investments 3.68 (3.13) (8.70) 2.49 5.30
Total from Investment Operations 3.69 (3.23) (8.83) 2.31 5.16
Distributions:
Dividends from investment income--net -- -- -- -- (.01)
Dividends from net realized
gain on investments -- -- -- (.11) (.11)
Total Distributions -- -- -- (.11) (.12)
Net asset value, end of period 27.82 24.13 27.36 36.19 33.99
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) (B) 15.25 (11.80 (24.40) 6.79 17.87
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 2.02 2.01 1.89 1.90 1.90
Ratio of net investment income
(loss) to average net assets .04 (.37) (.42) (.49) (.44)
Portfolio Turnover Rate 1.08 1.58 7.26 7.10 2.42
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 110,960 116,415 160,220 223,671 196,832
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
(B) EXCLUSIVE OF SALES CHARGE.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund 17
FINANCIAL HIGHLIGHTS (CONTINUED)
Year Ended October 31,
-------------------------------------------------------------------
CLASS R SHARES 2003 2002 2001 2000 1999
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 25.75 28.88 37.81 35.14 29.77
Investment Operations:
Investment income--net(a) .29 .24 .20 .21 .12
Net realized and unrealized
gain (loss) on investments 3.91 (3.37) (9.13) 2.57 5.52
Total from Investment Operations 4.20 (3.13) (8.93) 2.78 5.64
Distributions:
Dividends from investment income--net -- -- -- -- (.16)
Dividends from net realized
gain on investments -- -- -- (.11) (.11)
Total Distributions -- -- -- (.11) (.27)
Net asset value, end of period 29.95 25.75 28.88 37.81 35.14
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 16.31 (10.84) (23.62) 7.94 19.03
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .96 .93 .85 .86 .93
Ratio of net investment income
to average net assets 1.10 .82 .61 .55 .35
Portfolio Turnover Rate 1.08 1.58 7.26 7.10 2.42
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 3,257 3,005 6,736 8,844 8,948
(A) BASED ON AVERAGE SHARES OUTSTANDING AT EACH MONTH END.
SEE NOTES TO FINANCIAL STATEMENTS.
18
Year Ended October 31,
-------------------------------------------------------------------
CLASS T SHARES 2003 2002 2001 2000 1999(a)
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 25.39 28.63 37.70 35.30 33.49
Investment Operations:
Investment income (loss)--net(b) .13 .06 .02 (.07) (.02)
Net realized and unrealized
gain (loss) on investments 3.89 (3.30) (9.09) 2.58 1.83
Total from Investment Operations 4.02 (3.24) (9.07) 2.51 1.81
Distributions:
Dividends from net realized
gain on investments -- -- -- (.11) --
Net asset value, end of period 29.41 25.39 28.63 37.70 35.30
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) (C) 15.83 (11.32) (24.06) 7.26 5.29(d)
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 1.50 1.50 1.42 1.52 .13(d)
Ratio of net investment income
(loss) to average net assets .51 .20 .05 (.20) (.06)(d)
Portfolio Turnover Rate 1.08 1.58 7.26 7.10 2.42
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 3,403 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 19
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 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
20
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 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
The Fund 21
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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, it is the policy of the fund not to
distribute such gain. Income and capital gain distributions are determined in
accordance with income tax regulations, which may differ from accounting
principles generally accepted in the United States.
(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.
At October 31, 2003, the components of accumulated earnings on a tax basis
were as follows: undistributed ordinary income $8,199,657, accumulated capital
losses $141,889,111 and unrealized appreciation $128,717,282.
The accumulated capital loss carryover is available to be applied against
future net securities profits, if any, realized subsequent to October 31, 2003.
If not applied, $19,175,924 of the carryover expires in fiscal 2008, $20,020,619
expires in fiscal 2009, $74,142,382 expires in fiscal 2010 and $28,550,186
expires in fiscal 2011.
During the period ended October 31, 2003, as a result of permanent book to
tax differences, the fund decreased accumulated undistributed investment
income-net by $1,627,575, decreased accumulated net realized gain (loss) on
investments by $316,908 and increased paid-in capital by $1,944,483. Net assets
were not affected by this reclassification.
NOTE 2--BANK LINE OF CREDIT:
The fund participates with other Dreyfus-managed funds in a $350 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
22
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 October 31, 2003, was approximately $982,100, with a
related weighted average annualized interest rate of 1.63%.
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%
During the period ended October 31, 2003, the Distributor retained $80,879
and $2,250 from commissions earned on sales of the fund's Class A and T shares,
respectively, and $1,317,174 and $8,698 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
October 31, 2003, Class B, Class C
The Fund 23
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
and Class T shares were charged $3,413,025, $812,728 and $7,101, respectively,
pursuant to the Plan.
(C) Under the Shareholder Services Plan, Class A, Class B, Class C and
Class T shares pay the Distributor, at an annual rate of .25 of 1% of the value
of their average daily net assets for the provision of certain services. The
services provided may include personal services relating to shareholder
accounts, such as answering shareholder inquiries regarding the fund and
providing reports and other information, and services related to the maintenance
of shareholder accounts. The Distributor may make payments to Service Agents (a
securities dealer, financial institution or other industry professional) in
respect of these services. The Distributor determines the amounts to be paid to
Service Agents. During the period ended October 31, 2003, Class A, Class B,
Class C and Class T shares were charged $841,400, $1,137,675, $270,909 and
$7,101, respectively, pursuant to the Shareholder Services Plan.
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
Dreyfus, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the fund. During the period
ended October 31, 2003, the fund was charged $1,146,621, pursuant to the
transfer agency agreement.
(D) Each Board member also serves as a Board member of other funds within
the Dreyfus complex. Annual retainer fees and attendance fees are allocated to
each fund based on net assets.
(E) Pursuant to an exemptive order from the Securities and Exchange
Commission, the fund may invest its 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. The fund derived $27,800 in income from
these investments, which is included in dividend income in the fund's Statement
of Operations.
24
NOTE 4--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended October 31, 2003,
amounted to $9,705,689 and $148,056,687, respectively.
At October 31, 2003, the cost of investments for federal income tax purposes was
$812,537,186; accordingly, accumulated net unrealized appreciation on
investments was $128,706,577, consisting of $205,950,593 gross unrealized
appreciation and $77,244,016 gross unrealized depreciation.
The Fund 25
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, 2003 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, 2003 by correspondence with
the custodian and others. 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, 2003, the results of
Fits 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.
[ERNST & YOUNG LLP SIGNATURE LOGO]
New York, New York
December 10, 2003
26
BOARD MEMBERS INFORMATION (Unaudited)
JOSEPH S. DIMARTINO (60)
CHAIRMAN OF THE BOARD (1995)
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:
* Corporate Director and Trustee
OTHER BOARD MEMBERSHIPS AND AFFILIATIONS:
* The Muscular Dystrophy Association, Director
* Levcor International, Inc., an apparel fabric processor, Director
* Century Business Services, Inc., a provider of outsourcing functions for small
and medium size companies, Director
* The Newark Group, a provider of a national market of paper recovery
facilities, paperboard mills and paperboard converting plants, Director
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 191
--------------
CLIFFORD L. ALEXANDER, JR. (70)
BOARD MEMBER (1993)
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:
* President of Alexander & Associates, Inc., a management consulting firm
(January 1981-present)
* Chairman of the Board of Moody's Corporation (October 2000-October 2003)
* Chairman of the Board and Chief Executive Officer of The Dun and Bradstreet
Corporation (October 1999-September 2000)
OTHER BOARD MEMBERSHIPS AND AFFILIATIONS:
* Wyeth (formerly, American Home Products Corporation), a global leader in
pharmaceuticals, consumer healthcare products and animal health products,
Director
* Mutual of America Life Insurance Company, Director
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 70
--------------
PEGGY C. DAVIS (60)
BOARD MEMBER (1993)
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:
* Shad Professor of Law, New York University School of Law (1983-present)
* She writes and teaches in the fields of evidence, constitutional theory,
family law, social sciences and the law, legal process and professional
methodology and training
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 26
The Fund
BOARD MEMBERS INFORMATION (Unaudited) (CONTINUED)
ERNEST KAFKA (70)
BOARD MEMBER (1993)
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:
* Physician engaged in private practice specializing in the psychoanalysis of
adults and adolescents (1962-present)
* Instructor, The New York Psychoanalytic Institute (1981-present)
* Associate Clinical Professor of Psychiatry at Cornell Medical School
(1987-2002)
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 26
--------------
NATHAN LEVENTHAL (60)
BOARD MEMBER (1993)
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:
* Chairman of the Avery-Fisher Artist Program (November 1997-present)
* President of Lincoln Center for the Performing Arts, Inc. (March 1984-December
2000)
OTHER BOARD MEMBERSHIPS AND AFFILIATIONS:
* Movado Group, Inc., Director
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 26
--------------
ONCE ELECTED ALL BOARD MEMBERS SERVE FOR AN INDEFINITE TERM. ADDITIONAL
INFORMATION ABOUT THE BOARD MEMBERS, INCLUDING THEIR ADDRESS IS AVAILABLE IN THE
FUND' S STATEMENT OF ADDITIONAL INFORMATION WHICH CAN BE OBTAINED FROM DREYFUS
FREE OF CHARGE BY CALLING THIS TOLL FREE NUMBER: 1-800-554-4611.
SAUL B. KLAMAN, EMERITUS BOARD MEMBER
28
OFFICERS OF THE FUND (Unaudited)
STEPHEN E. CANTER, PRESIDENT SINCE MARCH 2000.
Chairman of the Board, Chief Executive Officer and Chief Operating Officer
of Dreyfus, and an officer of 95 investment companies (comprised of 189
portfolios) managed by Dreyfus. Mr. Canter also is a Board member and, where
applicable, an Executive Committee Member of the other investment management
subsidiaries of Mellon Financial Corporation, each of which is an affiliate of
Dreyfus. He is 58 years old and has been an employee of Dreyfus since May 1995.
STEPHEN R. BYERS, EXECUTIVE VICE PRESIDENT SINCE NOVEMBER 2002.
Chief Investment Officer, Vice Chairman and a Director of Dreyfus, and an
officer of 95 investment companies (comprised of 189 portfolios) managed by
Dreyfus. Mr. Byers also is an officer, director or an Executive Committee Member
of certain other investment management subsidiaries of Mellon Financial
Corporation, each of which is an affiliate of Dreyfus. He is 50 years old and
has been an employee of Dreyfus since January 2000. Prior to joining Dreyfus, he
served as an Executive Vice President-Capital Markets, Chief Financial Officer
and Treasurer at Gruntal & Co., L.L.C.
MARK N. JACOBS, VICE PRESIDENT SINCE MARCH 2000.
Executive Vice President, Secretary and General Counsel of Dreyfus, and an
officer of 96 investment companies (comprised of 205 portfolios) managed by
Dreyfus. He is 57 years old and has been an employee of Dreyfus since June 1977.
STEVEN F. NEWMAN, SECRETARY SINCE MARCH 2000.
Associate General Counsel and Assistant Secretary of Dreyfus, and an
officer of 96 investment companies (comprised of 205 portfolios) managed by
Dreyfus. He is 54 years old and has been an employee of Dreyfus since July 1980.
JANETTE E. FARRAGHER, ASSISTANT SECRETARY SINCE MARCH 2000.
Associate General Counsel of Dreyfus, and an officer of 15 investment
companies (comprised of 26 portfolios) managed by Dreyfus. She is 40 years old
and has been an employee of Dreyfus since February 1984.
MICHAEL A. ROSENBERG, ASSISTANT SECRETARY SINCE MARCH 2000.
Associate General Counsel of Dreyfus, and an officer of 93 investment
companies (comprised of 198 portfolios) managed by Dreyfus. He is 43 years old
and has been an employee of Dreyfus since October 1991.
JAMES WINDELS, TREASURER SINCE NOVEMBER 2001.
Director - Mutual Fund Accounting of Dreyfus, and an officer of 96
investment companies (comprised of 205 portfolios) managed by Dreyfus. He is 45
years old and has been an employee of Dreyfus since April 1985.
The Fund 29
OFFICERS OF THE FUND (Unaudited) (CONTINUED)
RICHARD CASSARO, ASSISTANT TREASURER SINCE AUGUST 2003.
Senior Accounting Manager -- Equity Funds of Dreyfus, and an officer of 25
investment companies (comprised of 105 portfolios) managed by Dreyfus. He is 44
years old and has been an employee of Dreyfus since September 1982.
ROBERT SVAGNA, ASSISTANT TREASURER SINCE DECEMBER 2002.
Senior Accounting Manager - Equity Funds of Dreyfus, and an officer of 25
investment companies (comprised of 105 portfolios) managed by Dreyfus. He is 36
years old and has been an employee of Dreyfus since November 1990.
KENNETH J. SANDGREN, ASSISTANT TREASURER SINCE NOVEMBER 2001.
Mutual Funds Tax Director of Dreyfus, and an officer of 96 investment
companies (comprised of 205 portfolios) managed by Dreyfus. He is 49 years old
and has been an employee of Dreyfus since June 1993.
WILLIAM GERMENIS, ANTI-MONEY LAUNDERING COMPLIANCE OFFICER SINCE SEPTEMBER 2002
Vice President and Anti-Money Laundering Compliance Officer of the
Distributor, and the Anti-Money Laundering Compliance Officer of 91 investment
companies (comprised of 200 portfolios) managed by Dreyfus. He is 33 years old
and has been an employee of the Distributor since October 1998. Prior to joining
the Distributor, he was a Vice President of Compliance Data Center, Inc.
30
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
A description of the policies and procedures that the fund uses to determine how
to vote proxies relating to portfolio securities is available, without charge,
by calling the telephone number listed above, or by visiting the SEC's website
at http://www.sec.gov
(c) 2003 Dreyfus Service Corporation 070AR1003
EXHIBIT A:
Dreyfus Dreyfus
Premier Premier Morgan
Worldwide Worldwide Stanley
Growth Growth Capital
Fund, Inc. Fund, Inc.International
PERIOD (Class A (Class B World
shares) shares) Index *
10/31/93 9,422 10,000 10,000
10/31/94 10,007 10,547 10,765
10/31/95 11,886 12,433 11,786
10/31/96 14,529 15,079 13,707
10/31/97 18,072 18,618 16,005
10/31/98 22,150 22,652 18,448
10/31/99 26,293 26,699 23,043
10/31/00 28,286 28,724 23,294
10/31/01 21,536 21,869 17,352
10/31/02 19,116 19,412 14,775
10/31/03 22,200 22,544 18,278
* Source: Lipper Inc.
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to the
Registrant's principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar functions.
Item 3. Audit Committee Financial Expert.
The Registrant's Board has determined that Joseph S. DiMartino, a member
of the Audit Committee of the Board, is an audit committee financial expert as
defined by the Securities and Exchange Commission (the "SEC"). Mr. DiMartino is
"independent" as defined by the SEC for purposes of audit committee financial
expert determinations.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
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) The Registrant's principal executive and principal financial officers
have concluded, based on their evaluation of the Registrant's disclosure
controls and procedures as of a date within 90 days of the filing date of this
report, that the Registrant's disclosure controls and procedures are reasonably
designed to ensure that information required to be disclosed by the Registrant
on Form N-CSR is recorded, processed, summarized and reported within the
required time periods and that information required to be disclosed by the
Registrant in the reports that it files or submits on Form N-CSR is accumulated
and communicated to the Registrant's management, including its principal
executive and principal financial officers, as appropriate to allow timely
decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over
financial reporting that occurred during the Registrant's most recently ended
fiscal half-year that has materially affected, or is reasonably likely to
materially affect, the Registrant's internal control over financial reporting.
Item 10. Exhibits.
(a)(1) Code of ethics referred to in Item 2.
(a)(2) Certifications of principal executive and principal financial officers as
required by Rule 30a-2(a) under the Investment Company Act of 1940.
(b) Certification of principal executive and principal financial officers as
required by Rule 30a-2(b) 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: December 19, 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: December 19, 2003
By: /S/ JAMES WINDELS
James Windels
Chief Financial Officer
Date: December 19, 2003
EXHIBIT INDEX
(a)(1) Code of ethics referred to in Item 2.
(a)(2) Certifications of principal executive and principal financial
officers as required by Rule 30a-2(a) under the Investment Company Act of
1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers
as required by Rule 30a-2(b) under the Investment Company Act of 1940.
(EX-99.906CERT)