N-CSR 1 formncsr070.htm FORM NCSR formncsr070
    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:    4/30/06 


        FORM N-CSR 
Item 1.    Reports to Stockholders.     


Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.dreyfus.com and sign up for Dreyfus eCommunications. It’s simple and only takes a few minutes.

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    Understanding Your Fund’s Expenses 
6    Comparing Your Fund’s Expenses 
With Those of Other Funds
7    Statement of Investments 
10    Statement of Assets and Liabilities 
11    Statement of Operations 
12    Statement of Changes in Net Assets 
14    Financial Highlights 
19    Notes to Financial Statements 
FOR MORE INFORMATION

    Back Cover 


Dreyfus Premier 
Worldwide Growth Fund, Inc. 

The Fund

LETTER FROM THE CHAIRMAN

Dear Shareholder:

We are pleased to present this semiannual report for Dreyfus Premier Worldwide Growth Fund, Inc., covering the six-month period from November 1, 2005, through April 30, 2006.

International stock markets have continued to rally, boosted by continued expectations for low inflation, relatively benign monetary policies among central banks and the recovery of domestic consumption in Japan and Europe. Although stock prices have increased over the past few years, so have earnings for most international companies, keeping valuations at what we believe to be reasonable levels.

Our international portfolio managers report that they are beginning to see early signs of a potentially broader market advance, beyond merely the energy and mining sectors that have led the rally so far. In Europe, high-profile mergers and acquisitions in the financial services, pharmaceuticals and industrials sectors have supported a generally upbeat economic outlook. While Japan recently has lagged Europe, greater economic stability and liquidity have brought an end to price deflation, which may support further gains if interest rates rise only moderately as the global economic cycle matures. As always, we urge you to discuss with your financial advisor the potential implications of these possibilities on your investments.

For information about how the fund performed, as well as market perspectives, we have provided a Discussion of Fund Performance given by the fund’s portfolio manager.

Thank you for your continued confidence and support.

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, 2006, the fund produced total returns of 9.97% for Class A shares, 9.51% for Class B shares, 9.56% for Class C shares, 9.98% for Class R shares and 9.81% for Class T shares.1 In comparison, the fund’s benchmark, the Morgan Stanley Capital International World Index (“MSCI World Index”), provided a 16.01% total return.2

Despite concerns regarding resurgent energy prices and rising interest rates during the reporting period, stock prices rose due to sustained global economic growth and strong corporate earnings. However, the fund’s returns underperformed the benchmark, primarily due to weakness among large consumer staples and technology stocks, which remained out of favor among most investors.

What is the fund’s investment approach?

The fund invests primarily in large, well-established, multinational companies that we believe are well-positioned to weather difficult economic climates and thrive during favorable times.We focus on purchasing large-cap, “blue-chip” 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 earnings growth potential.

The fund also pursues a “buy-and-hold” investment strategy, which generally has resulted in an annual portfolio turnover of below 15%. 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

The Fund 3


DISCUSSION OF FUND PERFORMANCE (continued)

What other factors influenced the fund’s performance?

Returns from large-cap growth stocks remained limited by concerns regarding the potentially eroding effects of rising interest rates and high energy prices on future financial results. In addition, the fund was adversely affected by investors’ continued preference for smaller, lower-quality companies, which have benefited greatly from the low interest rates of the past few years.As interest rates have risen substantially over the past two years, we believe these companies’ earnings growth will be negatively impacted by higher borrowing and energy costs. Conversely, the large, blue-chip companies we favor generally have track records of steady earnings and dividend growth even in higher interest rate environments. What’s more, they recently have been selling at attractively low valuations compared to historical norms. Yet, blue-chip, multinational stocks have remained out of favor among investors.

The fund’s consumer staples holdings were among its greatest detractors from performance during the reporting period. U.S. pharmacy chain Walgreen declined on news of higher-than-expected expenses related to the new Medicare Part D prescription drug benefit, which eroded same-store sales growth. However, the company’s earnings have remained on track, giving it a more compelling valuation, in our judgment. Similarly, global retailer Wal-Mart Stores’ stock price was hurt by controversy surrounding its labor practices and concerns that its customers’ purchasing power might be constrained by high gasoline costs. Finally, international food and tobacco giant Altria Group paused after advancing strongly in previous reporting periods as a proposed restructuring continues to be delayed by unresolved legal matters.

The fund’s results also were hindered by weakness among its technology holdings, which are concentrated in two of the sector’s leaders: software giant Microsoft and microprocessor maker Intel. Intel was hurt by weaker-than-expected earnings reports due to competitive pressures and lackluster customer demand, and Microsoft disappointed investors when it delayed the launch of the next generation of its popular software products.While the industrial sector fared generally well due to rising demand for manufactured goods from the emerging

4

markets, such as China, the fund’s returns fell short of the benchmark due to its relatively light exposure to the sector.

Better results from the fund’s consumer discretionary holdings enabled the fund to participate to a degree in the market’s rise. The sector’s returns were led by French luxury goods purveyor Christian Dior, whose prestigious brands continued to appeal to the fashion sense of affluent consumers in Japan, Europe and the United States. Similarly, cosmetics seller L’Oreal gained value after the arrival of a new chief executive and upon posting sales gains in Europe and various emerging markets. Finally, U.S. publisher McGraw-Hill Cos. was rewarded by investors when it achieved improved revenues and earnings from its Standard & Poor’s financial data and publishing subsidiary.

What is the fund’s current strategy?

Although the reporting period proved to be a difficult time for our “buy-and-hold” approach, we remain committed to our disciplined strategy of focusing on well-established, high-quality companies that we believe are poised to benefit from long-term trends.With U.S. interest rates nearing their peak for the current cycle and the global economy entering a more mature phase, we believe that investors’ appetite for risk may wane, and sentiment may begin to shift toward leading multinational companies with track records of consistent earnings and dividend growth.

May 15, 2006
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. 

The Fund 5


U N D E R S TA N D I N G YO U R F U N D ’ S E X P E N S E S ( U n a u d i t e d )

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Premier Worldwide Growth Fund, Inc. from November 1, 2005 to April 30, 2006. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

Expenses and Value of a $1,000 Investment             
assuming actual returns for the six months ended April 30, 2006         
    Class A    Class B    Class C    Class R    Class T 






Expenses paid per $1,000     $ 6.30    $ 10.70    $ 10.18    $ 6.09    $ 7.54 
Ending value (after expenses)    $1,099.70    $1,095.10    $1,095.60    $1,099.80    $1,098.10 

COMPARING YOUR FUND’S EXPENSES WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

Expenses and Value of a $1,000 Investment assuming a hypothetical 5% annualized return for the six months ended April 30, 2006

    Class A    Class B    Class C    Class R    Class T 






Expenses paid per $1,000     $ 6.06    $ 10.29    $ 9.79    $ 5.86    $ 7.25 
Ending value (after expenses)    $1,018.79    $1,014.58    $1,015.08    $1,018.99    $1,017.60 

Expenses are equal to the fund’s annualized expense ratio of 1.21% for Class A, 2.06% for Class B, 1.96% for 
Class C, 1.17% for Class R and 1.45% for Class T; multiplied by the average account value over the period, 
multiplied by 181/365 (to reflect the one-half year period). 

6

STATEMENT OF INVESTMENTS
April 30, 2006 (Unaudited)
Common Stocks—100.0%    Shares    Value ($) 



Consumer Discretionary—18.8%         
CBS, Cl. B    40,613    1,034,413 
Christian Dior    330,000    34,992,368 
Estee Lauder Cos., Cl. A    47,500    1,763,200 
Home Depot    4,505    179,885 
L'Oreal, ADR    1,840,000    34,132,000 
McDonald's    224,800    7,771,336 
McGraw-Hill Cos.    400,800    22,308,528 
News, Cl. A    954,400    16,377,504 
Pearson    300,944    4,166,774 
Procter & Gamble    350,000    20,373,500 
Viacom, Cl. B    20,613 a    821,016 
        143,920,524 
Consumer Staples—24.3%         
Altria Group    585,000    42,798,600 
Coca-Cola    458,100    19,221,876 
Diageo, ADR    165,000    10,931,250 
Groupe Danone, ADR    980,000    25,872,000 
LVMH Moet Hennessy Louis Vuitton    122,175    12,862,648 
Nestle, ADR    326,600    24,883,653 
PepsiCo    241,675    14,075,152 
Wal-Mart Stores    300,022    13,509,991 
Walgreen    525,000    22,013,250 
        186,168,420 
Energy—18.1%         
BP, ADR    430,000    31,699,600 
Chevron    360,800    22,016,016 
ConocoPhillips    26,000    1,739,400 
Exxon Mobil    715,008    45,102,705 
Total, ADR    277,158    38,253,347 
        138,811,068 

The Fund 7


STATEMENT OF INVESTMENTS (Unaudited) (continued)

Common Stocks (continued)    Shares    Value ($) 



Financial—14.0%         
American Express    197,850    10,646,308 
Ameriprise Financial    45,970    2,254,369 
Assicurazioni Generali    239,900    8,991,964 
Citigroup    593,284    29,634,536 
Deutsche Bank    85,300    10,416,836 
Eurazeo    60,184    7,277,712 
HSBC Holdings, ADR    100,000    8,668,000 
JPMorgan Chase & Co.    284,100    12,892,458 
UBS    100,000    11,812,762 
Zurich Financial Services    20,500    4,983,786 
        107,578,731 
Health Care—9.2%         
Abbott Laboratories    200,300    8,560,822 
Eli Lilly & Co.    112,700    5,964,084 
Johnson & Johnson    225,525    13,218,020 
Novartis, ADR    143,000    8,223,930 
Pfizer    150,754    3,818,599 
Roche Holding, ADR    402,000    30,881,640 
        70,667,095 
Industrial—7.6%         
Emerson Electric    110,100    9,352,995 
General Electric    771,072    26,671,380 
Norsk Hydro, ADR    104,400    15,973,200 
United Parcel Service, Cl. B    80,000    6,485,600 
        58,483,175 
Information Technology—5.4%         
Intel    1,400,941    27,990,801 
Microsoft    550,600    13,296,990 
        41,287,791 

8

Common Stocks (continued)    Shares    Value ($) 



Materials—2.6%         
Air Liquide, ADR    431,017    18,650,106 
Yara International, ADR    92,400    1,486,716 
        20,136,822 



Total Investments (cost $457,927,083)    100.0%    767,053,626 
Liabilities, Less Cash and Receivables    (.0%)    (338,139) 
Net Assets    100.0%    766,715,487 

ADR—American Depository Receipts.
a Non-income producing security.
Portfolio Summary (Unaudited)          
 
    Value (%)        Value (%) 




Consumer Staples    24.3    Industrial    7.6 
Consumer Discretionary    18.8    Information Technology    5.4 
Energy    18.1    Materials    2.6 
Financial    14.0         
Health Care    9.2        100.0 
 
Based on net assets.             
See notes to financial statements.             

The Fund 9


STATEMENT OF ASSETS AND LIABILITIES

April 30, 2006 (Unaudited)

                Cost    Value 






Assets ($):                     
Investments in securities—See Statement of Investments    457,927,083    767,053,626 
Dividends and interest receivable                1,253,146 
Receivable for investment securities sold            1,046,498 
Receivable for shares of Common Stock subscribed            200,647 
Prepaid expenses                    56,044 
                    769,609,961 






Liabilities ($):                     
Due to The Dreyfus Corporation and affiliates—Note 3(c)            883,024 
Payable for shares of Common Stock redeemed            1,155,235 
Bank loan payable—Note 2                290,000 
Cash overdraft due to Custodian                220,571 
Accrued expenses                    345,644 
                    2,894,474 






Net Assets ($)                    766,715,487 






Composition of Net Assets ($):                 
Paid-in capital                    556,944,403 
Accumulated distributions in excess of investment income—net        (2,698,968) 
Accumulated net realized gain (loss) on investments            (96,657,241) 
Accumulated net unrealized appreciation (depreciation)             
on investments and foreign currency transactions            309,127,293 




Net Assets ($)                    766,715,487 






 
 
Net Asset Value Per Share                 
    Class A    Class B    Class C    Class R    Class T 






Net Assets ($)    551,773,524    120,611,709    89,294,097    1,112,490    3,923,667 
Shares Outstanding    14,514,747    3,334,183    2,506,063    29,012    104,260 






Net Asset Value                     
Per Share ($)    38.01    36.17    35.63    38.35    37.63 
 
See notes to financial statements.                 

10

STATEMENT OF OPERATIONS
Six Months Ended April 30, 2006 (Unaudited)
Investment Income ($):     
Income:     
Cash dividends (net of $346,408 foreign taxes withheld at source):     
Unaffiliated issuers    8,373,308 
Affiliated issuers    1,582 
Total Income    8,374,890 
Expenses:     
Investment advisory fee—Note 3(a)    2,887,217 
Shareholder servicing costs—Note 3(c)    1,616,518 
Distribution fees—Note 3(b)    843,041 
Custodian fees    61,170 
Prospectus and shareholders' reports    58,516 
Registration fees    35,155 
Professional fees    34,384 
Interest expense—Note 2    19,163 
Directors' fees and expenses—Note 3(d)    10,562 
Loan commitment fees—Note 2    3,204 
Miscellaneous    11,684 
Total Expenses    5,580,614 
Investment Income—Net    2,794,276 


Realized and Unrealized Gain (Loss) on Investments—Note 4 ($): 
Net realized gain (loss) on investments and foreign currency transactions    36,595,499 
Net unrealized appreciation (depreciation) on investments     
and foreign currency transactions    33,405,999 
Net Realized and Unrealized Gain (Loss) on Investments    70,001,498 
Net Increase in Net Assets Resulting from Operations    72,795,774 

See notes to financial statements.

The Fund 11


STATEMENT OF CHANGES IN NET ASSETS

    Six Months Ended     
    April 30, 2006    Year Ended 
    (Unaudited)    October 31, 2005 



Operations ($):         
Investment income—net    2,794,276    8,015,210 
Net realized gain (loss) on investments    36,595,499    33,189,180 
Net unrealized appreciation         
(depreciation) on investments    33,405,999    67,460,152 
Net Increase (Decrease) in Net Assets         
Resulting from Operations    72,795,774    108,664,542 



Dividends to Shareholders from ($):         
Investment income—net:         
Class A shares    (8,641,653)    (7,321,525) 
Class B shares    (668,417)    (1,025,755) 
Class C shares    (822,549)    (699,338) 
Class R shares    (18,507)    (55,103) 
Class T shares    (49,825)    (50,334) 
Total Dividends    (10,200,951)    (9,152,055) 



Capital Stock Transactions ($):         
Net proceeds from shares sold:         
Class A shares    44,165,147    157,220,944 
Class B shares    2,961,918    7,416,221 
Class C shares    4,672,735    7,462,846 
Class R shares    145,391    847,874 
Class T shares    209,284    571,798 
Dividends reinvested:         
Class A shares    7,270,834    6,146,129 
Class B shares    557,353    824,732 
Class C shares    511,766    425,256 
Class R shares    17,586    54,290 
Class T shares    48,467    49,270 
Cost of shares redeemed:         
Class A shares    (75,824,342)    (153,627,188) 
Class B shares    (48,318,819)    (179,854,616) 
Class C shares    (10,300,640)    (29,170,650) 
Class R shares    (1,186,446)    (2,263,369) 
Class T shares    (305,352)    (1,341,885) 
Increase (Decrease) in Net Assets         
from Capital Stock Transactions    (75,375,118)    (185,238,348) 
Total Increase (Decrease) in Net Assets    (12,780,295)    (85,725,861) 



Net Assets ($):         
Beginning of Period    779,495,782    865,221,643 
End of Period    766,715,487    779,495,782 
Undistributed (distributions in excess of)         
investment income—net    (2,698,968)    4,707,707 
12         


    Six Months Ended     
    April 30, 2006    Year Ended 
    (Unaudited)    October 31, 2005 



Capital Share Transactions:         
Class A a         
Shares sold    1,215,763    4,653,186 
Shares issued for dividends reinvested    200,823    188,112 
Shares redeemed    (2,081,251)    (4,509,744) 
Net Increase (Decrease) in Shares Outstanding    (664,665)    331,554 



Class B a         
Shares sold    85,761    227,554 
Shares issued for dividends reinvested    16,107    26,476 
Shares redeemed    (1,397,479)    (5,619,110) 
Net Increase (Decrease) in Shares Outstanding    (1,295,611)    (5,365,080) 



Class C         
Shares sold    137,360    234,780 
Shares issued for dividends reinvested    15,039    13,825 
Shares redeemed    (301,005)    (918,968) 
Net Increase (Decrease) in Shares Outstanding    (148,606)    (670,363) 



Class R         
Shares sold    3,593    24,871 
Shares issued for dividends reinvested    481    1,648 
Shares redeemed    (32,225)    (65,342) 
Net Increase (Decrease) in Shares Outstanding    (28,151)    (38,823) 



Class T         
Shares sold    5,790    16,865 
Shares issued for dividends reinvested    1,351    1,521 
Shares redeemed    (8,434)    (39,633) 
Net Increase (Decrease) in Shares Outstanding    (1,293)    (21,247) 

a    During the period ended April 30, 2006, 749,563 Class B shares representing $25,877,811 were automatically 
    converted to 712,499 Class A shares and during the period ended October 31, 2005, 3,084,710 Class B shares 
    representing $98,683,917 were automatically converted to 2,922,904 Class A shares. 
See notes to financial statements. 

The Fund 13


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, 2006        Year Ended October 31,     



Class A Shares    (Unaudited)    2005    2004    2003    2002    2001 







Per Share Data ($):                         
Net asset value,                         
beginning of period    35.12    31.35    29.73    25.60    28.84    37.88 
Investment Operations:                         
Investment income—net a    .17    .42    .23    .21    .10    .10 
Net realized and unrealized                         
gain (loss) on investments    3.29    3.83    1.79    3.92    (3.34)    (9.14) 
Total from                         
Investment Operations    3.46    4.25    2.02    4.13    (3.24)    (9.04) 
Distributions:                         
Dividends from investment                         
income—net    (.57)    (.48)    (.40)             
Net asset value, end of period    38.01    35.12    31.35    29.73    25.60    28.84 







Total Return (%) b    9.97c    13.63    6.85    16.13    (11.24)    (23.86) 







Ratios/Supplemental Data (%):                     
Ratio of total expenses                         
to average net assets    .60c    1.24    1.25    1.27    1.32    1.15 
Ratio of net expenses                         
to average net assets    .60c    1.24    1.25    1.27    1.32    1.15 
Ratio of net investment income                     
to average net assets    .47c    1.21    .73    .79    .34    .30 
Portfolio Turnover Rate        .52    .58    1.08    1.58    7.26 







Net Assets, end of period                         
($ x 1,000)    551,774    533,041    465,536    390,243    320,717    404,329 
 
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, 2006        Year Ended October 31,     



Class B Shares    (Unaudited)    2005    2004    2003    2002    2001 







Per Share Data ($):                         
Net asset value,                         
beginning of period    33.19    29.54    28.03    24.33    27.59    36.50 
Investment Operations:                         
Investment income (loss)—net a    .02    .17    (.03)    .00b    (.11)    (.15) 
Net realized and unrealized                         
gain (loss) on investments    3.12    3.59    1.69    3.70    (3.15)    (8.76) 
Total from                         
Investment Operations    3.14    3.76    1.66    3.70    (3.26)    (8.91) 
Distributions:                         
Dividends from investment                         
income—net    (.16)    (.11)    (.15)             
Net asset value, end of period    36.17    33.19    29.54    28.03    24.33    27.59 







Total Return (%) c    9.51d    12.73    5.96    15.21    (11.82)    (24.41) 







Ratios/Supplemental Data (%):                     
Ratio of total expenses                         
to average net assets    1.02d    2.06    2.07    2.05    2.03    1.92 
Ratio of net expenses                         
to average net assets    1.02d    2.06    2.07    2.05    2.03    1.92 
Ratio of net investment income                     
(loss) to average net assets    .06d    .53    (.10)    .02    (.39)    (.46) 
Portfolio Turnover Rate        .52    .58    1.08    1.58    7.26 







Net Assets, end of period                         
($ x 1,000)    120,612    153,641    295,281    432,448    509,980    711,893 
 
a    Based on average shares outstanding at each month end.                 
b    Amount represents less than $.01.                     
c    Exclusive of sales charge.                         
d    Not annualized.                         
See notes to financial statements.                         

The Fund 15


FINANCIAL HIGHLIGHTS (continued)
    Six Months Ended                     
        April 30, 2006        Year Ended October 31,     



Class C Shares    (Unaudited)    2005    2004    2003    2002    2001 







Per Share Data ($):                         
Net asset value,                         
beginning of period    32.82    29.30    27.82    24.13    27.36    36.19 
Investment Operations:                         
Investment income (loss)—net a    .04    .16    (.01)    .01    (.10)    (.13) 
Net realized and unrealized                         
gain (loss) on investments    3.08    3.58    1.67    3.68    (3.13)    (8.70) 
Total from                         
Investment Operations    3.12    3.74    1.66    3.69    (3.23)    (8.83) 
Distributions:                         
Dividends from investment                         
income—net    (.31)    (.22)    (.18)             
Net asset value, end of period    35.63    32.82    29.30    27.82    24.13    27.36 







Total Return (%) b    9.56c    12.77    6.07    15.25    (11.80)    (24.40) 







Ratios/Supplemental Data (%):                     
Ratio of total expenses                         
to average net assets    .97c    2.01    2.02    2.02    2.01    1.89 
Ratio of net expenses                         
to average net assets    .97c    2.01    2.02    2.02    2.01    1.89 
Ratio of net investment income                     
(loss) to average net assets    .11c    .48    (.05)    .04    (.37)    (.42) 
Portfolio Turnover Rate        .52    .58    1.08    1.58    7.26 







Net Assets, end of period                         
($ x 1,000)    89,294    87,120    97,433    110,960    116,415    160,220 
 
a    Based on average shares outstanding at each month end.                 
b    Exclusive of sales charge.                         
c    Not annualized.                         
See notes to financial statements.                         

16

    Six Months Ended                     
        April 30, 2006        Year Ended October 31,     



Class R Shares    (Unaudited)    2005    2004    2003    2002    2001 







Per Share Data ($):                         
Net asset value,                         
beginning of period    35.49    31.69    29.95    25.75    28.88    37.81 
Investment Operations:                         
Investment income—net a    .20    .59    .36    .29    .24    .20 
Net realized and unrealized                         
gain (loss) on investments    3.31    3.80    1.81    3.91    (3.37)    (9.13) 
Total from                         
Investment Operations    3.51    4.39    2.17    4.20    (3.13)    (8.93) 
Distributions:                         
Dividends from investment                         
income—net    (.65)    (.59)    (.43)             
Net asset value, end of period    38.35    35.49    31.69    29.95    25.75    28.88 







Total Return (%)    9.98b    14.01    7.28    16.31    (10.84)    (23.62) 







Ratios/Supplemental Data (%):                     
Ratio of total expenses                         
to average net assets    .58b    .91    .85    .96    .93    .85 
Ratio of net expenses                         
to average net assets    .58b    .91    .85    .96    .93    .85 
Ratio of net investment income                     
to average net assets    .60b    1.74    1.14    1.10    .82    .61 
Portfolio Turnover Rate        .52    .58    1.08    1.58    7.26 







Net Assets, end of period                         
($ x 1,000)    1,112    2,029    3,042    3,257    3,005    6,736 
 
a    Based on average shares outstanding at each month end.                 
b    Not annualized.                         
See notes to financial statements.                         

The Fund 17


FINANCIAL HIGHLIGHTS (continued)
    Six Months Ended                     
        April 30, 2006        Year Ended October 31,     



Class T Shares    (Unaudited)    2005    2004    2003    2002    2001 







Per Share Data ($):                         
Net asset value,                         
beginning of period    34.71    31.00    29.41    25.39    28.63    37.70 
Investment Operations:                         
Investment income—net a    .13    .33    .15    .13    .06    .02 
Net realized and unrealized                         
gain (loss) on investments    3.26    3.78    1.78    3.89    (3.30)    (9.09) 
Total from                         
Investment Operations    3.39    4.11    1.93    4.02    (3.24)    (9.07) 
Distributions:                         
Dividends from investment                         
income—net    (.47)    (.40)    (.34)             
Net asset value, end of period    37.63    34.71    31.00    29.41    25.39    28.63 







Total Return (%) b    9.81c    13.38    6.58    15.83    (11.32)    (24.06) 







Ratios/Supplemental Data (%):                     
Ratio of total expenses                         
to average net assets    .72c    1.49    1.49    1.50    1.50    1.42 
Ratio of net expenses                         
to average net assets    .72c    1.49    1.49    1.50    1.50    1.42 
Ratio of net investment income                     
to average net assets    .36c    .99    .49    .51    .20    .05 
Portfolio Turnover Rate        .52    .58    1.08    1.58    7.26 







Net Assets, end of period                         
($ x 1,000)    3,924    3,664    3,931    3,403    2,623    2,886 
 
a    Based on average shares outstanding at each month end.                 
b    Exclusive of sales charge.                         
c    Not annualized.                         
See notes to financial statements.                         

18

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 (the “Manager” or “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 Financial Corporation (“Mellon Financial”).

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. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

Effective March 1, 2006, Class A shares of the fund may be purchased at net asset value (“NAV”) without payment of a sales charge:

  • By qualified investors who (i) purchase Class A shares directly through the Distributor, and (ii) have, or whose spouse or minor children have, beneficially owned shares and continuously maintained an open account directly through the Distributor in a Dreyfus-managed fund, including the fund, or a Founders Asset Management LLC
    (“Founders”) managed fund since on or before February 28, 2006. Founders is a wholly-owned subsidiary of the Distributor.

The Fund 19


NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

  • With the cash proceeds from an investor’s exercise of employment- related stock options, whether invested in the fund directly or indi- rectly through an exchange from a Dreyfus-managed money mar- ket fund, provided that the proceeds are processed through an entity that has entered into an agreement with the Distributor specifically relating to processing stock options. Upon establishing the account in the fund or the Dreyfus-managed money market fund, the investor and the investor’s spouse and minor children become eligi- ble to purchase Class A shares of the fund at NAV, whether or not using the proceeds of the employment-related stock options.
  • By members of qualified affinity groups who purchase Class A shares directly through the Distributor, provided that the qualified affinity group has entered into an affinity agreement with the Distributor.

Effective March 1, 2006, Class A and Class T shares of the fund may be purchased at NAV without payment of a sales charge:

  • For Dreyfus-sponsored IRA “Rollover Accounts” with the distrib- ution proceeds from qualified and non-qualified retirement plans or a Dreyfus-sponsored 403(b)(7) plan, provided that, in the case of a qualified or non-qualified retirement plan, the rollover is processed through an entity that has entered into an agreement with the Distributor specifically relating to processing rollovers. Upon estab- lishing the Dreyfus-sponsored IRA rollover account in the fund, the shareholder becomes eligible to make subsequent purchases of Class A or Class T shares of the fund at NAV in such account.

The fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.

20

(a) Portfolio valuation: Investments in securities are valued at the last sales price on the securities exchange or national securities market on which such securities are primarily traded. Securities listed on the National Market System for which market quotations are available, are valued at the official closing price or, if there is no official closing price that day, at the last sales price. Securities not listed on an exchange or the national securities market, or securities for which there were no transactions, are valued at the average of the most recent bid and asked prices, except for open short positions, where the asked price is used for valuation purposes. Bid price is used when no asked price is available. Investments in registered investment companies are valued at their NAV. When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its NAV, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Directors. Fair valuing of securities may be determined with the assistance of a pricing service using calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADR’s and futures contracts. For other securities that are fair valued by the Board of Directors, certain factors may be considered such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. Financial futures are valued at the last sales price. Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange. Forward currency exchange contracts are valued at the forward rate.

(b) Foreign currency transactions: The fund does not isolate that portion of the results of operations resulting from changes in foreign

The Fund 21


NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 on 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, accretion of discount and amortization of premium on investments, is recognized on the accrual basis.

The fund has an arrangement with the custodian bank whereby the fund receives earnings credits from the custodian when positive cash balances are maintained, which are used to offset custody fees. For financial reporting purposes, the fund includes net earnings credits, if any, as an expense offset in the Statement of Operations.

(d) Affiliated issuers: Investments in other investment companies advised by the Manager are defined as “affiliated” in the Act.

(e) 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 to comply with the distribution requirements of the Internal Revenue

22

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 U.S. generally accepted accounting principles.

(f) 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 $133,252,740 available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to October 31, 2005. If not applied, $16,120,832 of the carryover expires in fiscal 2008, $70,665,418 expires in fiscal 2010, $28,550,186 expires in fiscal 2011 and $17,916,304 expires in fiscal 2012.

The tax character of distributions paid to shareholders during the fiscal year ended October 31, 2005 were as follows: ordinary income $9,152,055.The tax character of the current year distributions will be determined at the end of the current fiscal year.

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 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 borrowing.

The average daily amount of borrowings outstanding under the Facility during the period ended April 30, 2006, was approximately $386,500, with a related weighted average annualized interest rate of 4.96% .

The Fund 23


NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 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% 
$25 million up to $75 million    18% 
$75 million up to $200 million    22% 
$200 million up to $300 million    26% 
In excess of $300 million    275% 

During the period ended April 30, 2006, the Distributor retained $26,180 and $672 from commissions earned on sales of the fund’s Class A and Class T shares, respectively, and $174,092 and $6,244 from CDSC on redemptions of the fund’s Class B and Class 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 the value of the average daily net assets of Class B and Class C shares and .25% of the value of the average daily net assets of Class T shares. During the period ended April 30, 2006, Class B, Class C and Class T shares were charged $506,313, $331,986 and $4,742, 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 the value of their average daily net assets for the provision of certain ser-

24

vices.The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (a securities dealer, financial institution or other industry professional) in respect of these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended April 30, 2006, Class A, Class B, Class C and Class T shares were charged $676,700, $168,771, $110,662 and $4,742, 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, 2006, the fund was charged $396,319, pursuant to the transfer agency agreement.

During the period ended April 30, 2006, the fund was charged $1,926 for services performed by the Chief Compliance Officer.

The components of Due to The Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consist of: investment advisory fees $469,306, Rule 12b-1 distribution plan fees $129,256, shareholder services plan fees $155,875, chief compliance officer fees $1,284 and transfer agency per account fees $127,303.

(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. Management fees of the underlying money market mutual funds have been waived by Dreyfus.

The Fund 25


NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended April 30, 2006, amounted to $0 and $84,192,652, respectively.

At April 30, 2006, accumulated net unrealized appreciation on investments was $309,126,543, consisting of $327,150,822 gross unrealized appreciation and $18,024,279 gross unrealized depreciation.

At April 30, 2006, 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).

NOTE 5—Subsequent Event:

Effective on or about June 1, 2006, the fund will no longer offer Class B shares, except in connection with dividend reinvestment and permitted exchanges of Class B shares.

26

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 
One Wall 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 

Telephone Call your financial representative or 1-800-554-4611

Mail    The Dreyfus Premier Family of Funds 
    144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144 

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the fund voted these proxies for the 12-month period ended June 30, 2005, is available at http://www.dreyfus.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-645-6561.

© 2006 Dreyfus Service Corporation

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.    Audit Committee of Listed Registrants. 
    Not applicable. 
Item 6.    Schedule of Investments. 
    Not applicable. 
Item 7.    Disclosure of Proxy Voting Policies and Procedures for Closed-End Management 
    Investment Companies. 
    Not applicable. 
Item 8.    Portfolio Managers of Closed-End Management Investment Companies. 
    Not applicable. 
Item 9.    Purchases of Equity Securities by Closed-End Management Investment Companies and 
    Affiliated Purchasers. 
    Not applicable. 
Item 10.    Submission of Matters to a Vote of Security Holders. 

The Registrant has a Nominating Committee (the "Committee"), which is responsible for selecting and nominating persons for election or appointment by the Registrant's Board as Board members. The Committee has adopted a Nominating Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Registrant, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor East, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity, business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Registrant and its shareholders.


Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.

Item 11.    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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12.    Exhibits. 

(a)(1)    Not applicable. 
(a)(2)    Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) 
under the Investment Company Act of 1940. 
(a)(3)    Not applicable. 
(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:    June 30, 2006 

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 30, 2006 
 
By:    /s/ James Windels 
    James Windels 
    Chief Financial Officer 
 
Date:    June 30, 2006 
 
EXHIBIT INDEX
 
    (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)