0000897569-16-000014.txt : 20160725 0000897569-16-000014.hdr.sgml : 20160725 20160106152235 ACCESSION NUMBER: 0000897569-16-000014 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20151031 FILED AS OF DATE: 20160106 DATE AS OF CHANGE: 20160629 EFFECTIVENESS DATE: 20160106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS PREMIER WORLDWIDE GROWTH FUND INC CENTRAL INDEX KEY: 0000897569 IRS NUMBER: 133712071 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-07512 FILM NUMBER: 161326603 BUSINESS ADDRESS: STREET 1: C/O DREYFUS FUND STREET 2: 200 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129226805 MAIL ADDRESS: STREET 1: C/O DREYFUS CORP STREET 2: 200 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS PREMIER GROWTH FUND INC DATE OF NAME CHANGE: 19970227 FORMER COMPANY: FORMER CONFORMED NAME: PREMIER GROWTH FUND INC DATE OF NAME CHANGE: 19930714 0000897569 S000000096 DREYFUS WORLDWIDE GROWTH FUND C000000155 Class A PGROX C000000157 Class C PGRCX C000000158 Class I DPWRX C000130308 Class Y DPRIX N-CSR 1 lp1-070.htm ANNUAL REPORT lp1-070.htm - Generated by SEC Publisher for SEC Filing

 

 

 

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

811-07512

 

 

 

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)

 

 

 

 

 

Bennett A. MacDougall, 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:

10/31/15

 

             

 

 


 

 

FORM N-CSR

Item 1.                         Reports to Stockholders.

 


 

Dreyfus Worldwide Growth Fund

     

 

ANNUAL REPORT
October 31, 2015

   
 

 

 

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

FOR MORE INFORMATION

 

Back Cover

 

       
 


Dreyfus Worldwide Growth Fund

 

The Fund

A LETTER FROM THE PRESIDENT

Dear Shareholder:

We are pleased to present this annual report for Dreyfus Worldwide Growth Fund, covering the 12-month period from November 1, 2014, through October 31, 2015. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

Financial markets proved volatile over the reporting period amid choppy U.S. and global economic growth. U.S. stocks advanced over the final months of 2014 and the spring of 2015, with some broad measures of market performance setting new record highs. Those gains were largely erased over the summer when global economic instability undermined investor sentiment, but a renewed rally in October enabled most broad stock indices to end the reporting period in positive territory. In contrast, international stocks generally lost a degree of value, with developed markets faring far better than emerging markets amid falling commodity prices and depreciating currency values. U.S. bonds generally produced modestly positive total returns, with municipal bonds and longer term U.S. government securities faring better, on average, than corporate-backed bonds.

We expect market volatility to persist over the near term until investors see greater clarity regarding short-term U.S. interest rates and global economic conditions. Our investment strategists and portfolio managers are monitoring developments carefully, keeping a close watch on credit spreads, currency values, commodity prices, corporate profits, economic trends in the emerging markets, and other developments that could influence investor sentiment. Over the longer term, we remain confident that markets are likely to benefit as investors increasingly recognize that inflation is likely to stay low, economic growth expectations are stabilizing, and monetary policies remain accommodative in most regions of the world. In our view, investors will continue to be well served under these circumstances by a long-term perspective and a disciplined investment approach.

Thank you for your continued confidence and support.

Sincerely,

J. Charles Cardona
President
The Dreyfus Corporation
November 16, 2015

2

 

DISCUSSION OF FUND PERFORMANCE

For the period of November 1, 2014, through October 31, 2015, as provided by Fayez Sarofim, Portfolio Manager of Fayez Sarofim & Co., Sub-Investment Adviser

Fund and Market Performance Overview

For the 12-month period ended October 31, 2015, Dreyfus Worldwide Growth Fund’s Class A shares produced a total return of 1.49%, Class C shares returned 0.73%, Class I shares returned 1.76%, and Class Y shares returned 1.84%.1 For the same period, the fund’s benchmark, the Morgan Stanley Capital International World Index (the “Index”), produced a 1.77% total return.2

Modest gains from global stocks for the reporting period masked heightened volatility stemming from shifting economic sentiment. The fund’s Class I and Class Y shares performed roughly in line with the benchmark, as successful sector and country allocations were balanced by some stock selection shortfalls.

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 what we consider to be sustained patterns of profitability, strong balance sheets, expanding global presence, and above-average earnings growth potential. The fund pursues a “buy-and-hold” investment strategy in which 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

Economic Concerns Sparked Market Turmoil

Global equities advanced despite a series of short-lived sell-offs early in the reporting period, weakness in late spring during the flare-up of the Greek debt crisis, and a sharp decline in late August amid concerns about an economic slowdown in China. Diverging monetary policy prescriptions and growth prospects across the world’s major economies added to global uncertainty. The Federal Reserve Board (the “Fed”) prepared for upcoming short-term interest rate hikes, while most other major central banks stepped up monetary easing measures. Consequently, market volatility increased.

Oil prices remained under pressure, and commodity-dependent countries such as Australia, Norway, and Canada were among the Index’s weakest performers. Meanwhile, companies in the United States, Japan, and the core eurozone economies generally outperformed market averages. The consumer discretionary, information technology, and consumer staples sectors ranked among the strongest industry groups, while the energy and materials sectors were among the weakest.

Fund Strategies Produced Mixed Results

Our sector allocation and country allocation strategies generally supported the fund’s relative results during the reporting period. Most notably, avoiding direct investments in Australia, maintaining underweighted representation in the United Kingdom, and our positioning in the eurozone proved constructive. The resulting gains were only partially offset by the lack

3

 

DISCUSSION OF FUND PERFORMANCE (continued)

of exposure to Japan. Modestly underweighted exposure to U.S. companies had an essentially neutral impact on performance.

From a market sector perspective, a substantially overweighted allocation to the traditionally stable consumer staples sector supported relative performance. Value also was added by underweighted exposure to and strong stock selections within the lagging financials sector, where Eurazeo, ACE, BlackRock, and GAM Holding fared well. Similarly, limited and correctly focused representation in the weak materials sector proved advantageous. Relative results were also supported by favorable stock selections in the consumer discretionary sector, with notable strength in Christian Dior, LVMH Moet Hennessy Louis Vuitton, and Hermes International, as well as by a void in the utilities sector.

Disappointments during the reporting period included stock selections in the health care, industrials, and information technology sectors. Although an overweighted allocation to the energy sector pressured returns, a focus on major integrated oil companies helped reduce the drag on relative results. The largest positive contributors to the fund’s results included Christian Dior, Apple, L’Oreal, Walgreens Boots Alliance, Altria Group, McDonald’s, and Novo Nordisk. The largest detractors from returns were Chevron, Canadian Pacific Railway, Exxon Mobil, Roche Holding, Imperial Oil, Procter & Gamble, and International Business Machines.

Positioned for Uneven Growth across Regions

We currently expect the global economy to grow sluggishly over the foreseeable future, paced by a maturing but sustainable business cycle in the United States, strengthening trends in the eurozone and Japan, an extended slowdown in China, and uneven progress among other emerging and developing markets. Inflation is forecast to stay low but seems poised to rise from suppressed levels as the impact of declining commodity prices begins to fade. Market volatility is likely to remain elevated as the Fed begins to raise rates and China continues to reduce its dependence on export-driven growth and to stimulate domestic demand.

Against this backdrop, we expect the quality metrics of the fund’s holdings to have added appeal for investors. With their strong balance sheets, stable cash flows, and well-established competitive advantages, global industry leaders can continue to pursue growth initiatives as operating conditions become more difficult. Furthermore, their geographically diversified operations and capital allocation acumen can help restrain risk as policies and prospects across regions diverge.

November 16, 2015

Please note, the position in any security highlighted with italicized typeface was sold during the reporting period.

Equity funds are subject generally to market, market sector, market liquidity, issuer, and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund’s prospectus.

1 Total return includes reinvestment of dividends and any capital gains paid, and does not take into consideration the maximum initial sales charge in the case of Class A shares or the applicable contingent deferred sales charge imposed on redemptions in the case of 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.

4

 

2 SOURCE: Lipper Inc. – Reflects monthly reinvestment of dividends and, where applicable, capital gain distributions. The Morgan Stanley Capital International World Index is designed to measure global equity performance of developed markets. The index includes 24 MSCI national developed market indices.

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), the fund can be expected to be less tax efficient than during periods of more stable market conditions and asset flows.

5

 

FUND PERFORMANCE

Comparison of change in value of $10,000 investment in Dreyfus Worldwide Growth Fund Class A shares, Class C shares, Class I shares and Class Y shares and the Morgan Stanley Capital International World Index

        † Source: Lipper Inc.
†† The total return figures presented for Class Y shares of the fund reflect the performance of the fund’s Class A shares for the period prior to 7/1/13 (the inception date for Class Y shares), not reflecting the applicable sales charges for Class A shares.

Past performance is not predictive of future performance.

The above graph compares a $10,000 investment made in each of the Class A, Class C, Class I and Class Y shares of Dreyfus Worldwide Growth Fund on 10/31/05 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.

The fund’s performance shown in the line graph above takes into account the maximum initial sales charge on Class A shares and all other applicable fees and expenses on all classes. The Index is a free float-adjusted, market capitalization-weighted index designed to measure equity market performance in global developed markets. Investors cannot invest directly in any index. 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 10/31/15

 

Inception

     

 

Date

1 Year

  5 Years

 10 Years

Class A shares

       

with maximum sales charge (5.75%)

7/15/93

-4.36%

8.22%

 

6.37%

 

without sales charge

7/15/93

1.49%

9.51%

 

7.00%

 

Class C shares

       

with applicable redemption charge

6/21/95

-0.24%

8.70%

 

6.22%

 

without redemption

6/21/95

0.73%

8.70%

 

6.22%

 

Class I shares

3/4/96

1.76%

9.79%

 

7.27%

 

Class Y shares

7/1/13

1.84%

9.86%

††

7.17%

††

Morgan Stanley Capital International World Index

 

1.77%

9.15%

 

5.79%

 

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. In addition to the performance of Class A shares shown with and without a maximum sales charge, the fund’s performance shown in the table takes into account all other applicable fees and expenses on all classes.

       † The maximum contingent deferred sales charge for Class C shares is 1% for shares redeemed within one year of the date of purchase.
†† The total return performance figures presented for Class Y shares of the fund reflect the performance of the fund’s Class A shares for the period prior to 7/1/13 (the inception date for Class Y shares), not reflecting the applicable sales charges for Class A shares.

7

 

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

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 Worldwide Growth Fund from May 1, 2015 to October 31, 2015. 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 October 31, 2015

               

 

 

 

 

Class A

Class C

Class I

Class Y

Expenses paid per $1,000

 

$5.79

 

$9.47

 

$4.45

 

$4.05

Ending value (after expenses)

 

$980.80

 

$977.30

 

$982.20

 

$982.60

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 October 31, 2015

               

 

 

 

 

Class A

Class C

Class I

Class Y

Expenses paid per $1,000

 

$5.90

$9.65

 

$4.53

 

$4.13

Ending value (after expenses)

 

$1,019.36

$1,015.63

 

$1,020.72

 

$1,021.12

 Expenses are equal to the fund’s annualized expense ratio of 1.16% for Class A, 1.90% for Class C, .89% for Class I and .81% for Class Y, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

8

 

STATEMENT OF INVESTMENTS

October 31, 2015

           

Common Stocks - 99.6%

 

Shares

 

Value ($)

 

Consumer Durables & Apparel - 7.8%

         

Christian Dior

 

230,000

 

45,297,895

 

Hermes International

 

13,801

 

5,317,008

 
       

50,614,903

 

Consumer Services - 1.6%

         

McDonald's

 

92,850

 

10,422,413

 

Diversified Financials - 5.5%

         

BlackRock

 

32,500

 

11,439,025

 

Eurazeo

 

95,006

 

6,694,654

 

JPMorgan Chase & Co.

 

105,000

 

6,746,250

 

State Street

 

50,000

 

3,450,000

 

Visa, Cl. A

 

91,800

 

7,121,844

 
       

35,451,773

 

Energy - 10.4%

         

Canadian Natural Resources

 

70,000

 

1,625,400

 

Chevron

 

254,700

 

23,147,136

 

ConocoPhillips

 

25,000

 

1,333,750

 

Exxon Mobil

 

340,608

 

28,181,906

 

Imperial Oil

 

159,900

a

5,316,675

 

Statoil, ADR

 

114,368

a

1,848,187

 

Total, ADR

 

117,400

a

5,662,202

 
       

67,115,256

 

Food & Staples Retailing - 7.3%

         

Coca-Cola

 

509,600

 

21,581,560

 

PepsiCo

 

106,075

 

10,839,804

 

Walgreens Boots Alliance

 

176,900

 

14,979,892

 
       

47,401,256

 

Food, Beverage & Tobacco - 21.8%

         

Altria Group

 

262,400

 

15,867,328

 

Anheuser-Busch

 

25,000

 

2,988,300

 

British American Tobacco, ADR

 

80,000

 

9,448,000

 

Danone, ADR

 

662,300

a

9,199,347

 

Diageo, ADR

 

161,600

 

18,596,928

 

Nestle, ADR

 

374,600

 

28,552,012

 

Philip Morris International

 

531,950

 

47,024,380

 

SABMiller

 

150,000

 

9,237,991

 
       

140,914,286

 

Health Care Equipment & Services - 1.3%

         

Abbott Laboratories

 

190,200

 

8,520,960

 

9

 

STATEMENT OF INVESTMENTS (continued)

           

Common Stocks - 99.6% (continued)

 

Shares

 

Value ($)

 

Household & Personal Products - 7.0%

         

L'Oreal, ADR

 

878,600

 

32,042,542

 

Procter & Gamble

 

174,700

 

13,343,586

 
       

45,386,128

 

Insurance - 1.5%

         

ACE

 

65,000

 

7,380,100

 

Zurich Insurance Group

 

10,100

b

2,669,968

 
       

10,050,068

 

Materials - 3.4%

         

Air Liquide, ADR

 

838,893

 

21,777,662

 

Media - 3.7%

         

Comcast, Cl. A

 

143,900

 

9,011,018

 

Twenty-First Century Fox, Cl. A

 

341,300

 

10,474,497

 

Walt Disney

 

40,000

 

4,549,600

 
       

24,035,115

 

Pharmaceuticals, Biotechnology & Life Sciences - 12.7%

         

AbbVie

 

190,200

 

11,326,410

 

Celgene

 

5,000

b

613,550

 

Gilead Sciences

 

53,000

 

5,730,890

 

Johnson & Johnson

 

65,675

 

6,635,145

 

Novartis, ADR

 

65,600

a

5,932,208

 

Novo Nordisk, ADR

 

274,900

 

14,619,182

 

Roche Holding, ADR

 

1,096,400

 

37,178,924

 
       

82,036,309

 

Retailing - .5%

         

LVMH Moet Hennessy Louis Vuitton

 

15,775

 

2,942,048

 

Semiconductors & Semiconductor Equipment - 2.8%

         

ASML Holding

 

74,000

a

6,866,460

 

Texas Instruments

 

199,900

 

11,338,328

 
       

18,204,788

 

Software & Services - 3.5%

         

Facebook, Cl. A

 

85,000

b

8,667,450

 

International Business Machines

 

70,700

 

9,903,656

 

Oracle

 

99,900

 

3,880,116

 
       

22,451,222

 

Technology Hardware & Equipment - 6.4%

         

Apple

 

314,460

 

37,577,970

 

QUALCOMM

 

65,000

 

3,862,300

 
       

41,440,270

 

Transportation - 2.4%

         

Canadian Pacific Railway

 

80,000

 

11,240,000

 

10

 

           

Common Stocks - 99.6% (continued)

 

Shares

 

Value ($)

 

Transportation - 2.4% (continued)

         

Union Pacific

 

45,000

 

4,020,750

 
       

15,260,750

 

Total Common Stocks (cost $270,504,493)

     

644,025,207

 

Other Investment - .3%

         

Registered Investment Company;

         

Dreyfus Institutional Preferred Plus Money Market Fund
(cost $2,157,823)

 

2,157,823

c

2,157,823

 

Investment of Cash Collateral for Securities Loaned - 3.0%

         

Registered Investment Company;

         

Dreyfus Institutional Cash Advantage Fund
(cost $19,547,726)

 

19,547,726

c

19,547,726

 

Total Investments (cost $292,210,042)

 

102.9%

 

665,730,756

 

Liabilities, Less Cash and Receivables

 

(2.9%)

 

(18,944,288)

 

Net Assets

 

100.0%

 

646,786,468

 

ADR—American Depository Receipt

       a Security, or portion thereof, on loan. At October 31, 2015, the value of the fund’s securities on loan was $18,463,097 and the value of the collateral held by the fund was $19,547,726.
b Non-income producing security.
c Investment in affiliated money market mutual fund.

   

Portfolio Summary (Unaudited)

Value (%)

Food, Beverage & Tobacco

21.8

Pharmaceuticals, Biotechnology & Life Sciences

12.7

Energy

10.4

Consumer Durables & Apparel

7.8

Food & Staples Retailing

7.3

Household & Personal Products

7.0

Technology Hardware & Equipment

6.4

Diversified Financials

5.5

Media

3.7

Software & Services

3.5

Materials

3.4

Money Market Investments

3.3

Semiconductors & Semiconductor Equipment

2.8

Transportation

2.4

Consumer Services

1.6

Insurance

1.5

Health Care Equipment & Services

1.3

Retailing

.5

 

102.9

 Based on net assets.

See notes to financial statements.

11

 

STATEMENT OF ASSETS AND LIABILITIES
October 31, 2015

             

 

 

 

 

 

 

 

 

 

 

Cost

 

Value

 

Assets ($):

 

 

 

 

Investments in securities—See Statement of Investments
(including securities on loan, valued at $18,463,097)—Note 1(c):

 

 

 

 

Unaffiliated issuers

 

270,504,493

 

644,025,207

 

Affiliated issuers

 

21,705,549

 

21,705,549

 

Cash

 

 

 

 

196,155

 

Dividends and securities lending income receivable

 

 

 

 

899,055

 

Receivable for investment securities sold

 

 

 

 

696,338

 

Receivable for shares of Common Stock subscribed

 

 

 

 

181,764

 

Prepaid expenses

 

 

 

 

20,288

 

 

 

 

 

 

667,724,356

 

Liabilities ($):

 

 

 

 

Due to The Dreyfus Corporation and affiliates—Note 3(c)

 

 

 

 

619,474

 

Liability for securities on loan—Note 1(c)

 

 

 

 

19,547,726

 

Payable for shares of Common Stock redeemed

 

 

 

 

589,615

 

Accrued expenses

 

 

 

 

181,073

 

 

 

 

 

 

20,937,888

 

Net Assets ($)

 

 

646,786,468

 

Composition of Net Assets ($):

 

 

 

 

Paid-in capital

 

 

 

 

234,766,517

 

Accumulated distributions in excess of investment income—net

 

 

 

 

(599,703)

 

Accumulated net realized gain (loss) on investments

 

 

 

 

39,100,013

 

Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions

 

 

 

 

373,519,641

 

Net Assets ($)

 

 

646,786,468

 

 

           

Net Asset Value Per Share

Class A

Class C

Class I

Class Y

 

Net Assets ($)

436,506,617

63,848,291

141,850,228

4,581,332

 

Shares Outstanding

8,078,896

1,304,796

2,603,770

84,036

 

Net Asset Value Per Share ($)

54.03

48.93

54.48

54.52

 

See notes to financial statements.

12

 

STATEMENT OF OPERATIONS
Year Ended October 31, 2015

             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Income ($):

 

 

 

 

Income:

 

 

 

 

Cash dividends (net of $1,000,767 foreign taxes withheld at source):

 

 

 

 

Unaffiliated issuers

 

 

18,414,957

 

Affiliated issuers

 

 

1,751

 

Income from securities lending—Note 1(c)

 

 

57,009

 

Total Income

 

 

18,473,717

 

Expenses:

 

 

 

 

Management fee—Note 3(a)

 

 

5,023,628

 

Shareholder servicing costs—Note 3(c)

 

 

2,021,722

 

Distribution fees—Note 3(b)

 

 

511,851

 

Professional fees

 

 

97,475

 

Custodian fees—Note 3(c)

 

 

95,831

 

Registration fees

 

 

71,725

 

Prospectus and shareholders’ reports

 

 

51,396

 

Directors’ fees and expenses—Note 3(d)

 

 

30,034

 

Loan commitment fees—Note 2

 

 

7,494

 

Miscellaneous

 

 

31,729

 

Total Expenses

 

 

7,942,885

 

Less—reduction in fees due to earnings credits—Note 3(c)

 

 

(524)

 

Net Expenses

 

 

7,942,361

 

Investment Income—Net

 

 

10,531,356

 

Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):

 

 

Net realized gain (loss) on investments and foreign currency transactions

39,109,311

 

Net unrealized appreciation (depreciation) on investments
and foreign currency transactions

 

 

(40,190,458)

 

Net Realized and Unrealized Gain (Loss) on Investments

 

 

(1,081,147)

 

Net Increase in Net Assets Resulting from Operations

 

9,450,209

 

See notes to financial statements.

13

 

STATEMENT OF CHANGES IN NET ASSETS

                   
                   

 

 

 

 

Year Ended October 31,

 

 

 

 

2015

 

 

 

2014

 

Operations ($):

 

 

 

 

 

 

 

 

Investment income—net

 

 

10,531,356

 

 

 

9,701,292

 

Net realized gain (loss) on investments

 

39,109,311

 

 

 

14,838,007

 

Net unrealized appreciation (depreciation)
on investments

 

(40,190,458)

 

 

 

32,030,050

 

Net Increase (Decrease) in Net Assets
Resulting from Operations

9,450,209

 

 

 

56,569,349

 

Dividends to Shareholders from ($):

 

 

 

 

 

 

 

 

Investment income—net:

 

 

 

 

 

 

 

 

Class A

 

 

(7,527,028)

 

 

 

(7,510,121)

 

Class C

 

 

(752,511)

 

 

 

(680,691)

 

Class I

 

 

(2,645,976)

 

 

 

(2,142,078)

 

Class Y

 

 

(48,884)

 

 

 

(3,646)

 

Net realized gain on investments:

 

 

 

 

 

 

 

 

Class A

 

 

(10,016,046)

 

 

 

-

 

Class C

 

 

(1,656,727)

 

 

 

-

 

Class I

 

 

(2,966,472)

 

 

 

-

 

Class Y

 

 

(2,975)

 

 

 

-

 

Total Dividends

 

 

(25,616,619)

 

 

 

(10,336,536)

 

Capital Stock Transactions ($):

 

 

 

 

 

 

 

 

Net proceeds from shares sold:

 

 

 

 

 

 

 

 

Class A

 

 

29,958,480

 

 

 

43,455,250

 

Class C

 

 

4,788,892

 

 

 

7,413,493

 

Class I

 

 

37,529,422

 

 

 

47,025,698

 

Class Y

 

 

5,664,400

 

 

 

651,660

 

Dividends reinvested:

 

 

 

 

 

 

 

 

Class A

 

 

15,635,009

 

 

 

6,685,718

 

Class C

 

 

1,786,639

 

 

 

498,450

 

Class I

 

 

5,218,560

 

 

 

1,995,137

 

Class Y

 

 

50,781

 

 

 

644

 

Cost of shares redeemed:

 

 

 

 

 

 

 

 

Class A

 

 

(76,438,931)

 

 

 

(95,690,628)

 

Class C

 

 

(12,480,135)

 

 

 

(11,412,002)

 

Class I

 

 

(34,612,174)

 

 

 

(31,545,851)

 

Class Y

 

 

(1,204,502)

 

 

 

(490,880)

 

Increase (Decrease) in Net Assets
from Capital Stock Transactions

(24,103,559)

 

 

 

(31,413,311)

 

Total Increase (Decrease) in Net Assets

(40,269,969)

 

 

 

14,819,502

 

Net Assets ($):

 

 

 

 

 

 

 

 

Beginning of Period

 

 

687,056,437

 

 

 

672,236,935

 

End of Period

 

 

646,786,468

 

 

 

687,056,437

 

Distributions in excess of investment income—net

(599,703)

 

 

 

(165,024)

 

14

 

                   
                   

 

 

 

 

      Year Ended October 31,

 

 

 

 

2015

 

 

 

2014

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

Class A

 

 

 

 

 

 

 

 

Shares sold

 

 

558,637

 

 

 

813,954

 

Shares issued for dividends reinvested

 

 

294,695

 

 

 

125,623

 

Shares redeemed

 

 

(1,423,485)

 

 

 

(1,787,736)

 

Net Increase (Decrease) in Shares Outstanding

(570,153)

 

 

 

(848,159)

 

Class C

 

 

 

 

 

 

 

 

Shares sold

 

 

97,511

 

 

 

151,966

 

Shares issued for dividends reinvested

 

 

37,206

 

 

 

10,223

 

Shares redeemed

 

 

(254,307)

 

 

 

(234,150)

 

Net Increase (Decrease) in Shares Outstanding

(119,590)

 

 

 

(71,961)

 

Class Ia

 

 

 

 

 

 

 

 

Shares sold

 

 

690,475

 

 

 

871,787

 

Shares issued for dividends reinvested

 

 

97,481

 

 

 

37,185

 

Shares redeemed

 

 

(633,879)

 

 

 

(586,784)

 

Net Increase (Decrease) in Shares Outstanding

154,077

 

 

 

322,188

 

Class Ya

 

 

 

 

 

 

 

 

Shares sold

 

 

102,755

 

 

 

11,437

 

Shares issued for dividends reinvested

 

 

918

 

 

 

12

 

Shares redeemed

 

 

(22,161)

 

 

 

(8,945)

 

Net Increase (Decrease) in Shares Outstanding

81,512

 

 

 

2,504

 

                   

a   During the period ended October 31, 2014, 11,441 Class I shares representing $651,660 were exchanged for 11,437 Class Y shares.

 

See notes to financial statements.

15

 

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

 

2015

2014

2013

2012

2011

Per Share Data ($):

           

Net asset value, beginning of period

 

55.33

51.69

45.09

42.06

40.31

Investment Operations:

           

Investment income—neta

 

.86

.78

.73

.66

.70

Net realized and unrealized
gain (loss) on investments

 

(.09)

3.68

6.77

4.32

2.71

Total from Investment Operations

 

.77

4.46

7.50

4.98

3.41

Distributions:

           

Dividends from investment income—net

 

(.89)

(.82)

(.70)

(.86)

(.79)

Dividends from net realized
gain on investments

 

(1.18)

(.20)

(1.09)

(.87)

Total Distributions

 

(2.07)

(.82)

(.90)

(1.95)

(1.66)

Net asset value, end of period

 

54.03

55.33

51.69

45.09

42.06

Total Return (%)b

 

1.49

8.69

16.81

12.42

8.72

Ratios/Supplemental Data (%):

           

Ratio of total expenses to average net assets

 

1.17

1.17

1.18

1.22

1.24

Ratio of net expenses to average net assets

 

1.17

1.17

1.18

1.22

1.24

Ratio of net investment income
to average net assets

 

1.59

1.45

1.52

1.52

1.70

Portfolio Turnover Rate

 

5.38

2.01

2.97

2.41

7.85

Net Assets, end of period ($ x 1,000)

 

436,507

478,579

490,921

427,373

417,814

       a Based on average shares outstanding.
b  Exclusive of sales charge.

See notes to financial statements.

16

 

             
       
 

Year Ended October 31,

Class C Shares

 

2015

2014

2013

2012

2011

Per Share Data ($):

           

Net asset value, beginning of period

 

50.33

47.09

41.18

38.47

37.01

Investment Operations:

           

Investment income—neta

 

.42

.35

.34

.29

.37

Net realized and unrealized
gain (loss) on investments

 

(.10)

3.36

6.16

3.97

2.49

Total from Investment Operations

 

.32

3.71

6.50

4.26

2.86

Distributions:

           

Dividends from investment income—neta

 

(.54)

(.47)

(.39)

(.46)

(.53)

Dividends from net realized
gain on investments

 

(1.18)

(.20)

(1.09)

(.87)

Total Distributions

 

(1.72)

(.47)

(.59)

(1.55)

(1.40)

Net asset value, end of period

 

48.93

50.33

47.09

41.18

38.47

Total Return (%)b

 

.73

7.91

15.92

11.57

7.93

Ratios/Supplemental Data (%):

           

Ratio of total expenses to average net assets

 

1.91

1.91

1.93

1.97

1.97

Ratio of net expenses to average net assets

 

1.91

1.91

1.93

1.97

1.97

Ratio of net investment income
to average net assets

 

.86

.71

.77

.74

.97

Portfolio Turnover Rate

 

5.38

2.01

2.97

2.41

7.85

Net Assets, end of period ($ x 1,000)

 

63,848

71,683

70,468

63,136

51,866

        a Based on average shares outstanding.
b Exclusive of sales charge.

See notes to financial statements.

17

 

FINANCIAL HIGHLIGHTS (continued)

                   
             
 

Year Ended October 31,

Class I Shares

 

2015

2014

2013

2012

2011

Per Share Data ($):

           

Net asset value, beginning of period

 

55.78

52.10

45.44

42.47

40.71

Investment Operations:

           

Investment income—neta

 

1.01

.92

.86

.71

.65

Net realized and unrealized
gain (loss) on investments

 

(.09)

3.71

6.81

4.41

2.89

Total from Investment Operations

 

.92

4.63

7.67

5.12

3.54

Distributions:

           

Dividends from investment income—net

 

(1.04)

(.95)

(.81)

(1.06)

(.91)

Dividends from net realized
gain on investments

 

(1.18)

(.20)

(1.09)

(.87)

Total Distributions

 

(2.22)

(.95)

(1.01)

(2.15)

(1.78)

Net asset value, end of period

 

54.48

55.78

52.10

45.44

42.47

Total Return (%)

 

1.76

8.98

17.10

12.70

9.01

Ratios/Supplemental Data (%):

           

Ratio of total expenses to average net assets

 

.90

.91

.92

.97

1.02

Ratio of net expenses to average net assets

 

.90

.91

.92

.97

1.02

Ratio of net investment income
to average net assets

 

1.85

1.69

1.77

1.57

1.70

Portfolio Turnover Rate

 

5.38

2.01

2.97

2.41

7.85

Net Assets, end of period ($ x 1,000)

 

141,850

136,654

110,847

91,478

22,214

a Based on average shares outstanding.

See notes to financial statements.

18

 

                     
             
       

Year Ended October 31,

 

Class Y Shares

     

2015

2014

2013

a

Per Share Data ($):

           

Net asset value, beginning of period

     

55.81

52.11

48.38

 

Investment Operations:

           

Investment income—netb

     

.97

.92

.18

 

Net realized and unrealized
gain (loss) on investments

     

(.01)

3.77

3.88

 

Total from Investment Operations

     

.96

4.69

4.06

 

Distributions:

           

Dividends from investment income—net

     

(1.07)

(.99)

(.33)

 

Dividends from net realized
gain on investments

     

(1.18)

 

Total Distributions

     

(2.25)

(.99)

(.33)

 

Net asset value, end of period

     

54.52

55.81

52.11

 

Total Return (%)

     

1.84

9.10

8.41

c

Ratios/Supplemental Data (%):

           

Ratio of total expenses to average net assets

     

.84

.85

.79

d

Ratio of net expenses to average net assets

     

.84

.85

.79

d

Ratio of net investment income
to average net assets

     

1.74

1.51

1.10

d

Portfolio Turnover Rate

     

5.38

2.01

2.97

 

Net Assets, end of period ($ x 1,000)

     

4,581

141

1

 

       a  From the close of business on July 1, 2013 (commencement of initial offering) to October 31, 2013.
b Based on average shares outstanding.
c Not annualized.
d Annualized.

See notes to financial statements.

19

 

NOTES TO FINANCIAL STATEMENTS

NOTE 1—Significant Accounting Policies:

Dreyfus Worldwide Growth Fund (the “fund”) is the sole series of Dreyfus Premier Worldwide Growth Fund, Inc. (the “Company”), which 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 seek long-term capital appreciation consistent with the preservation of capital. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser. Fayez Sarofim & Co. (“Sarofim & Co.”) serves as the fund’s sub-investment adviser.

MBSC Securities 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 C, Class I and Class Y. Class A shares generally are subject to a sales charge imposed at the time of purchase. Class C shares are subject to a contingent deferred sales charge (“CDSC”) imposed on Class C shares redeemed within one year of purchase. Class I and Class Y shares are sold at net asset value per share generally to institutional investors. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs, 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.

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The Company 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: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

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. For open short positions, asked prices are used for valuation purposes. Bid price is used when no asked price is available. Registered investment companies that are not traded on an exchange are valued at their net asset value. All of the preceding securities are generally categorized within Level 1 of the fair value hierarchy.

21

 

NOTES TO FINANCIAL STATEMENTS (continued)

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. These securities are generally categorized within Level 2 of the fair value hierarchy.

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 ADRs and financial futures. Utilizing these techniques may result in transfers between Level 1 and Level 2 of the fair value hierarchy.

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 net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Company’s Board of Directors (the “Board”). Certain factors may be considered when fair valuing investments 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. These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.

Investments denominated in foreign currencies are translated to U.S. dollars at the prevailing rates of exchange.

The following is a summary of the inputs used as of October 31, 2015 in valuing the fund’s investments:

22

 

         
 

Level 1 -Unadjusted
Quoted Prices

Level 2 - Other Significant
Observable Inputs

Level 3 -Significant
 Unobservable Inputs

Total

Assets ($)

     

Investments in Securities:

     

Equity Securities - Domestic Common Stocks

358,971,614

-

-

358,971,614

Equity Securities - Foreign Common Stocks

285,053,593

-

-

285,053,593

Mutual Funds

21,705,549

-

-

21,705,549

 See Statement of Investments for additional detailed categorizations.

At October 31, 2014, $65,847,067 of exchange traded foreign equity securities were classified within Level 2 of the fair value hierarchy pursuant to the fund’s fair valuation procedures.

(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 the 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 of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, 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 resulting from changes in exchange rates. Foreign currency gains and losses on foreign currency transactions are also 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 gains and losses 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.

23

 

NOTES TO FINANCIAL STATEMENTS (continued)

Pursuant to a securities lending agreement with The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, the fund may lend securities to qualified institutions. It is the fund’s policy that, at origination, all loans are secured by collateral of at least 102% of the value of U.S. securities loaned and 105% of the value of foreign securities loaned. Collateral equivalent to at least 100% of the market value of securities on loan is maintained at all times. Collateral is either in the form of cash, which can be invested in certain money market mutual funds managed by Dreyfus, or U.S. Government and Agency securities. The fund is entitled to receive all dividends, interest and distributions on securities loaned, in addition to income earned as a result of the lending transaction. Should a borrower fail to return the securities in a timely manner, The Bank of New York Mellon is required to replace the securities for the benefit of the fund or credit the fund with the market value of the unreturned securities and is subrogated to the fund’s rights against the borrower and the collateral. During the period ended October 31, 2015, The Bank of New York Mellon earned $14,043 from lending portfolio securities, pursuant to the securities lending agreement.

(d) Affiliated issuers: Investments in other investment companies advised by Dreyfus are defined as “affiliated” under the Act. Investments in affiliated investment companies during the period ended October 31, 2015 were as follows:

           

Affiliated Investment Company

Value
10/31/2014 ($)

Purchases ($)

Sales ($)

Value
10/31/2015 ($)

Net
Assets (%)

Dreyfus Institutional Preferred Plus Money Market Fund

2,224,000

53,909,972

53,976,149

2,157,823

.3

Dreyfus Institutional Cash Advantage Fund

7,841,193

255,749,058

244,042,525

19,547,726

3.0

Total

10,065,193

309,659,030

298,018,674

21,705,549

3.3

(e) Dividends to shareholders: Dividends are recorded on the ex-dividend date. Dividends from investment income-net are normally declared and paid quarterly. Dividends from net realized capital gains, 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 Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by

24

 

capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

(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.

As of and during the period ended October 31, 2015, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended October 31, 2015, the fund did not incur any interest or penalties.

Each tax year in the four-year period ended October 31, 2015 remains subject to examination by the Internal Revenue Service and state taxing authorities.

At October 31, 2015, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $1,307,103, undistributed capital gains $39,090,629 and unrealized appreciation $371,622,219.

The tax character of distributions paid to shareholders during the fiscal periods ended October 31, 2015 and October 31, 2014 were as follows: ordinary income $10,974,399 and $10,336,536, and long-term capital gains $14,642,220 and $0, respectively.

During the period ended October 31, 2015, as a result of permanent book to tax differences, primarily due to the tax treatment for foreign currency gains and losses, the fund increased accumulated undistributed investment income-net by $8,364 and decreased accumulated undistributed net realized gain (loss) on investments by the same amount. Net assets and net asset value per share were not affected by this reclassification.

NOTE 2—Bank Lines of Credit:

The fund participates with other Dreyfus-managed funds in a $480 million unsecured credit facility led by Citibank, N.A. and a $300 million unsecured credit facility provided by The Bank of New York Mellon (each, a “Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions. Prior to October 7, 2015, the unsecured credit facility with Citibank, N.A. was $430 million. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for each Facility. Interest is charged to the fund based on

25

 

NOTES TO FINANCIAL STATEMENTS (continued)

rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended October 31, 2015, the fund did not borrow under the Facilities.

NOTE 3—Management Fee, Sub-Investment Advisory Fee, Administration Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement with Dreyfus, the management 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 & Co. , Dreyfus pays Sarofim & Co. a fee at an annual rate of .2175% of the value of the fund’s average daily net assets which is payable monthly.

During the period ended October 31, 2015, the Distributor retained $16,783 from commissions earned on sales of the fund’s Class A shares and $2,826 from CDSCs on redemptions of the fund’s Class C shares.

(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares pay the Distributor for distributing its shares at an annual rate of .75%% of the value of its average daily net assets. During the period ended October 31, 2015, Class C shares were charged $511,851 pursuant to the Distribution Plan.

(c) Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at an annual rate of .25% 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 (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended October 31, 2015, Class A and Class C shares were charged $1,146,519 and $170,617, respectively, pursuant to the Shareholder Services Plan.

The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer

26

 

agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended October 31, 2015, the fund was charged $189,519 for transfer agency services and $9,431 for cash management services. These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were partially offset by earnings credits of $524.

The fund compensates The Bank of New York Mellon under a custody agreement for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended October 31, 2015, the fund was charged $95,831 pursuant to the custody agreement.

During the period ended October 31, 2015, the fund was charged $11,159 for services performed by the Chief Compliance Officer and his staff.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $405,995, Distribution Plan fees $40,284, Shareholder Services Plan fees $104,866, custodian fees $37,459, Chief Compliance Officer fees $882 and transfer agency fees $29,988.

(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.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended October 31, 2015, amounted to $35,757,991 and $75,263,977, respectively.

At October 31, 2015, the cost of investments for federal income tax purposes was $294,107,464; accordingly, accumulated net unrealized appreciation on investments was $371,623,292, consisting of $381,567,482 gross unrealized appreciation and $9,944,190 gross unrealized depreciation.

27

 

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

Shareholders and Board of Directors
Dreyfus Worldwide Growth Fund

We have audited the accompanying statement of assets and liabilities, including the statement of investments, of Dreyfus Worldwide Growth Fund (the sole series comprising Dreyfus Premier Worldwide Growth Fund, Inc.) as of October 31, 2015 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 the financial highlights for each of the periods 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 the standards of the Public Company Accounting Oversight Board (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. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2015 by correspondence with the custodian and others. 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 Worldwide Growth Fund at October 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the indicated periods, in conformity with U.S. generally accepted accounting principles.

New York, New York
December 29, 2015

28

 

IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund hereby reports 94.02% of the ordinary dividends paid during the fiscal year ended October 31, 2015 as qualifying for the corporate dividends received deduction. Also, certain dividends paid by the fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Of the distributions paid during the fiscal year, $10,974,399 represents the maximum amount that may be considered qualified dividend income. Shareholders will receive notification in early 2016 of the percentage applicable to the preparation of their 2015 income tax returns. The fund also hereby reports $1.1753 per share as a long-term capital gain distribution paid on December 16, 2014.

29

 

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited)

At a meeting of the fund’s Board of Directors held on July 21, 2015 the Board considered the renewal of the fund’s Management Agreement, pursuant to which Dreyfus provides the fund with investment advisory and administrative services (the “Agreement”), and the Sub-Investment Advisory Agreement (together, the “Agreements”), pursuant to which Fayez Sarofim & Co. (the “Subadviser”) provides day-to-day management of the fund’s investments. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of Dreyfus and the Subadviser. In considering the renewal of the Agreements, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board considered information provided to them at the meeting and in previous presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to funds in the Dreyfus fund complex. Dreyfus provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the Dreyfus fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or Dreyfus) and Dreyfus’ corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.

The Board also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered Dreyfus’ extensive administrative, accounting, and compliance infrastructures, as well as Dreyfus’ supervisory activities over the Subadviser. The Board also considered portfolio management’s brokerage policies and practices (including policies and practices regarding soft dollars) and the standards applied in seeking best execution.

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Lipper, Inc. (“Lipper”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended May 31, 2015 and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable

30

 

funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Lipper as of the date of its analysis. Dreyfus previously had furnished the Board with a description of the methodology Lipper used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to the fund and comparison funds. They also noted that performance generally should be considered over longer periods of time, although it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect disproportionately long-term performance. The Board discussed the results of the comparisons and noted that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods (ranking lowest in the Performance Group in the one-year period), except that the fund’s performance was at the Performance Group median and above the Performance Universe median in the five-year period. The Board noted that the fund’s performance was closer to the Performance Group and Performance Universe medians in the longer-term periods when it was below median than the shorter-term periods. Dreyfus also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index and noted that the fund’s performance was above the index in five of the ten calendar years.

The Board discussed with representatives of Dreyfus and the Subadviser the investment strategy employed in the management of the fund’s assets and how that strategy affected the fund’s relative performance. They discussed, among other matters, plans for increased management focus on ways to improve the fund’s performance. The Board members noted that the Subadviser is an experienced manager with a long-term “buy-and-hold” investment approach to investing in high quality, “mega-cap” companies. The Subadviser’s considerable reputation, based on following this investment approach, was noted.

The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board noted that the fund’s contractual management fee was the lowest in the Expense Group and the fund’s actual management fee (lowest in the Expense Group) and total expenses (lowest in the Expense Group) were below the Expense Group and Expense Universe medians.

Dreyfus representatives reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by Dreyfus that are in the same Lipper category as the fund and (2) paid to Dreyfus or the Subadviser or its affiliates for advising any separate accounts and/or other types of client portfolios that are

31

 

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

considered to have similar investment strategies and policies as the fund (the “Similar Clients”), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness and reasonableness of the fund’s management fee.

The Board considered the fee to the Subadviser in relation to the fee paid to Dreyfus by the fund and the respective services provided by the Subadviser and Dreyfus. The Board also noted the Subadviser’s fee is paid by Dreyfus (out of its fee from the fund) and not the fund.

Analysis of Profitability and Economies of Scale. Dreyfus representatives reviewed the expenses allocated and profit received by Dreyfus and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to Dreyfus and its affiliates for managing the funds in the Dreyfus fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus. The Board also had been provided with information prepared by an independent consulting firm regarding Dreyfus’ approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

The Board considered on the advice of its counsel the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements bear a reasonable relationship to the mix of services provided by Dreyfus and the Subadviser, including the nature, extent and quality of such services, and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Since Dreyfus, and not the fund, pays the Subadviser pursuant to the Sub-Investment Advisory Agreement, the Board did not consider the Subadviser’s profitability to be relevant to its deliberations. Dreyfus representatives noted that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that Dreyfus may have realized any economies of scale would be less. Dreyfus representatives also noted that, as a result of shared and allocated costs among funds in the Dreyfus fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board also considered potential benefits to Dreyfus and the Subadviser from acting as investment adviser and sub-investment adviser, respectively, and noted the soft dollar arrangements in effect for trading the fund’s investments.

32

 

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

· The Board concluded that the nature, extent and quality of the services provided by Dreyfus and the Subadviser are adequate and appropriate.

· The Board noted Dreyfus’ efforts to improve fund performance and agreed to closely monitor performance.

· The Board concluded that the fees paid to Dreyfus and the Subadviser were not so disproportionately large that they could not have been the result of an arm’s-length bargaining.

· The Board determined that the economies of scale which may accrue to Dreyfus and its affiliates in connection with the management of the fund had been adequately considered by Dreyfus in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with Dreyfus and its affiliates and the Subadviser, of the fund and the services provided to the fund by Dreyfus and the Subadviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreements, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for this fund had the benefit of a number of years of reviews of prior or similar agreements during which lengthy discussions took place between the Board and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on their consideration of the same or similar arrangements in prior years. The Board determined to renew the Agreement.

33

 

BOARD MEMBERS INFORMATION (Unaudited)

INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (72)

Chairman of the Board (1995)

Principal Occupation During Past 5 Years:

· Corporate Director and Trustee (1995-present)

Other Public Company Board Memberships During Past 5 Years:

· CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small and medium size companies, Director (1997-present)

· The Newark Group, a provider of a national market of paper recovery facilities, paperboard mills and paperboard converting plants, Director (2000-2010)

No. of Portfolios for which Board Member Serves: 140

———————

Francine J. Bovich (64)

Board Member (2012)

Principal Occupation During Past 5 Years:

· Trustee, The Bradley Trusts, private trust funds (2011-present)

· Managing Director, Morgan Stanley Investment Management (1993-2010)

Other Public Company Board Memberships During Past 5 Years:

· Annaly Capital Management, Inc., Board Member (May 2014-present)

No. of Portfolios for which Board Member Serves: 79

———————

Peggy C. Davis (72)

Board Member (1990)

Principal Occupation During Past 5 Years:

· Shad Professor of Law, New York University School of Law (1983-present)

No. of Portfolios for which Board Member Serves: 51

———————

Diane Dunst (76)

Board Member (2007)

Principal Occupation During Past 5 Years:

· President of Huntting House Antiques (1999-present)

No. of Portfolios for which Board Member Serves: 14

———————

34

 

Nathan Leventhal (72)

Board Member (1989)

Principal Occupation During Past 5 Years:

· President Emeritus of Lincoln Center for the Performing Arts (2001-present)

· Chairman of the Avery Fisher Artist Program (1997-2014)

· Commissioner, NYC Planning Commission (2007-2011)

Other Public Company Board Memberships During Past 5 Years:

· Movado Group, Inc., Director (2003-present)

No. of Portfolios for which Board Member Serves: 50

———————

Robin A. Melvin (52)

Board Member (2012)

Principal Occupation During Past 5 Years:

· Co-chairman, Illinois Mentoring Partnership, non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois (2014-present; board member since 2013)

· Director, Boisi Family Foundation, a private family foundation that supports youth-serving organizations that promote the self sufficiency of youth from disadvantaged circumstances (1995-2012)

No. of Portfolios for which Board Member Serves: 111

———————

Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80. The address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166. Additional information about the Board Member 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-DREYFUS.

Clifford L. Alexander, Jr., Emeritus Board Member
Ernest Kafka, Emeritus Board Member
Jay I. Meltzer, Emeritus Board Member
Daniel Rose, Emeritus Board Member
Sander Vanocur, Emeritus Board Member

35

 

OFFICERS OF THE FUND (Unaudited)

BRADLEY J. SKAPYAK, President since January 2010.

Chief Operating Officer and a director of the Manager since June 2009, Chairman of Dreyfus Transfer, Inc., an affiliate of the Manager and the transfer agent of the funds, since May 2011 and Executive Vice President of the Distributor since June 2007. From April 2003 to June 2009, Mr. Skapyak was the head of the Investment Accounting and Support Department of the Manager. He is an officer of 66 investment companies (comprised of 140 portfolios) managed by the Manager. He is 56 years old and has been an employee of the Manager since February 1988.

BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015

Chief Legal Officer of the Manager since June 2015; from June 2005 to June 2015, Director and Associate General Counsel of Deutsche Bank – Asset & Wealth Management Division, and Chief Legal Officer of Deutsche Investment Management Americas Inc. He is an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since June 2015.

JANETTE E. FARRAGHER, Vice President and Secretary since December 2011.

Assistant General Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. She is 52 years old and has been an employee of the Manager since February 1984.

JAMES BITETTO, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon and Secretary of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since December 1996.

JONI LACKS CHARATAN, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. She is 59 years old and has been an employee of the Manager since October 1988.

JOSEPH M. CHIOFFI, Vice President and Assistant Secretary since August 2005.

Managing Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 53 years old and has been an employee of the Manager since June 2000.

JOHN B. HAMMALIAN, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 52 years old and has been an employee of the Manager since February 1991.

MAUREEN E. KANE, Vice President and Assistant Secretary since April 2015.

Managing Counsel of BNY Mellon since July 2014; from October 2004 until July 2014, General Counsel, and from May 2009 until July 2014, Chief Compliance Officer of Century Capital Management. She is an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. She is 53 years old and has been an employee of the Manager since July 2014.

SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.

Senior Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager; from August 2005 to March 2013, Associate General Counsel of Third Avenue Management. She is 40 years old and has been an employee of the Manager since March 2013.

JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.

Senior Managing Counsel of BNY Mellon, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since October 1990.

JAMES WINDELS, Treasurer since November 2001.

Director – Mutual Fund Accounting of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 57 years old and has been an employee of the Manager since April 1985.

36

 

RICHARD CASSARO, Assistant Treasurer since January 2008.

Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 56 years old and has been an employee of the Manager since September 1982.

GAVIN C. REILLY, Assistant Treasurer since December 2005.

Tax Manager of the Investment Accounting and Support Department of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since April 1991.

ROBERT S. ROBOL, Assistant Treasurer since December 2002.

Senior Accounting Manager – Fixed Income Funds of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 51 years old and has been an employee of the Manager since October 1988.

ROBERT SALVIOLO, Assistant Treasurer since July 2007.

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since June 1989.

ROBERT SVAGNA, Assistant Treasurer since December 2002.

Senior Accounting Manager – Equity Funds of the Manager, and an officer of 67 investment companies (comprised of 165 portfolios) managed by the Manager. He is 48 years old and has been an employee of the Manager since November 1990.

JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.

Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (67 investment companies, comprised of 165 portfolios). He is 58 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.

37

 

NOTES

38

 

NOTES

39

 

NOTES

40

 

NOTES

41

 

For More Information

Dreyfus Worldwide Growth Fund
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
909 Fannin Street
Houston, TX 77010

Custodian
The Bank of New York Mellon
225 Liberty Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166

Distributor
MBSC Securities Corporation
200 Park Avenue
New York, NY 10166

   

Ticker Symbols:

Class A: PGROX          Class C: PGRCX          Class I: DPWRX          Class Y: DPRIX

Telephone Call your financial representative or 1-800-DREYFUS

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

E-mail Send your request to info@dreyfus.com

Internet Information can be viewed online or downloaded at www.dreyfus.com

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 www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (phone 1-800-SEC-0330 for information).

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 most recent 12-month period ended June 30 is available at www.dreyfus.com and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.

   

© 2015 MBSC Securities Corporation
0070AR1015

 


 

 

 

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.  There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.

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.

 

(a)  Audit Fees.  The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $43,428 in 2014 and $44,513 in 2015.

 

(b)  Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $12,120 in 2014 and $6,273 in 2015. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.

 

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2014 and $0 in 2015.

 

(c)  Tax Fees.  The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $5,759 in 2014 and $3,507 in 2015. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2014 and $0 in 2015.

 

 


 

 

(d)  All Other Fees.  The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $1,575 in 2014 and $1,426 in 2015. These services consisted of a review of the Registrant's anti-money laundering program.

 

The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2014 and $0 in 2015.

 

(e)(1) Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services.  Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence.  Pre-approvals pursuant to the Policy are considered annually.

(e)(2) Note: None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

 

(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal account's full-time, permanent employees.

Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $26,822,186 in 2014 and $19,591,507 in 2015.

 

Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.

 

Item 5.             Audit Committee of Listed Registrants.

                        Not applicable.  [CLOSED-END FUNDS ONLY]

Item 6.             Investments.

(a)                    Not applicable.

Item 7.             Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

                        Not applicable.  [CLOSED-END FUNDS ONLY]

Item 8.             Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.  [CLOSED-END FUNDS ONLY, beginning with reports for periods ended on and after December 31, 2005]

 


 

 

Item 9.             Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

                        Not applicable.  [CLOSED-END FUNDS ONLY]

Item 10.           Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures applicable to Item 10.

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)   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.

(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/ Bradley J. Skapyak

            Bradley J. Skapyak,

            President

 

Date:    December 22, 2015

 

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/ Bradley J. Skapyak

            Bradley J. Skapyak,

            President

 

Date:    December 22, 2015

 

By:       /s/ James Windels

            James Windels,

            Treasurer

 

Date:    December 22, 2015

 

 

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)

 

EX-99.CODE ETH 2 codeofethics.htm CODE OF ETHICS codeofethics.htm - Generated by SEC Publisher for SEC Filing

 

Exhibit (a)(1)

THE DREYFUS FAMILY OF FUNDS

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE

AND SENIOR FINANCIAL OFFICERS

 

1.      Covered Officers/Purpose of the Code

This code of ethics (the "Code") for the investment companies within the complex (each, a "Fund") applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller, or other persons performing similar functions, each of whom is listed on Exhibit A (the "Covered Officers"), for the purpose of promoting:

·           honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

·           full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the Fund;

·           compliance with applicable laws and governmental rules and regulations;

·           the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

·           accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

2.      Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund.  For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act"), and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and the Fund's investment adviser (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these programs and procedures, and the circumstances they cover fall outside of the parameters of the Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the Adviser of which the Covered Officers are also officers or employees.  As a result, the Code recognizes that the Covered Officers, in the ordinary course of their duties (whether formally for the Fund or for the Adviser, or for both), will be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers also may be officers or employees of one or more other investment companies covered by this or other codes of ethics.

 


 

 

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act.  Covered Officers should keep in mind that the Code cannot enumerate every possible scenario.  The overarching principle of the Code is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must:

·           not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

·           not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; and

·           not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith.

3.      Disclosure and Compliance

·           Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund within his area of responsibility;

·           each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board members and auditors, and to governmental regulators and self-regulatory organizations;

·           each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

·           it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

4.      Reporting and Accountability

Each Covered Officer must:

 


 

 

·           upon adoption of the Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

·           annually thereafter affirm to the Board that he has complied with the requirements of the Code; and

·           notify the Adviser's General Counsel (the "General Counsel") promptly if he knows of any violation of the Code.  Failure to do so is itself a violation of the Code.

The General Counsel is responsible for applying the Code to specific situations in which questions are presented under it and has the authority to interpret the Code in any particular situation. However, waivers sought by any Covered Officer will be considered by the Fund's Board.

The Fund will follow these procedures in investigating and enforcing the Code:

·           the General Counsel will take all appropriate action to investigate any potential violations reported to him;

·           if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;

·           any matter that the General Counsel believes is a violation will be reported to the Board;

·           if the Board concurs that a violation has occurred, it will consider appropriate action, which may include: review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or its board; or dismissal of the Covered Officer;

·           the Board will be responsible for granting waivers, as appropriate; and

·           any waivers of or amendments to the Code, to the extent required, will be disclosed as provided by SEC rules.

5.      Other Policies and Procedures

The Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. The Fund's, its principal underwriter's and the Adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and the Adviser's additional policies and procedures, including its Code of Conduct, are separate requirements applying to the Covered Officers and others, and are not part of the Code.

6.      Amendments

The Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Fund's Board, including a majority of independent Board members.

 

 


 

 

7.      Confidentiality

All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the appropriate Funds and their counsel, the appropriate Boards (or Committees) and their counsel and the Adviser.

8.      Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

                                                                                                Dated as of:  July 1, 2003

 


 

 

Exhibit A

Persons Covered by the Code of Ethics

 

 

Bradley J. Skapyak

President

(Principal Executive Officer)

 

 

 

 

James Windels

 

Treasurer

(Principal Financial and Accounting Officer)

 

 

Revised as of January 1, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EX-99.CERT 3 exhibit302-070.htm CERTIFICATION REQUIRED BY RULE 30A-2 exhibit302-070.htm - Generated by SEC Publisher for SEC Filing

 

[EX-99.CERT]—Exhibit  (a)(2)

 

SECTION 302 CERTIFICATION

 

I, Bradley J. Skapyak, certify that:

1.  I have reviewed this report on Form N-CSR of Dreyfus Premier Worldwide Growth Fund, Inc.;

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.  The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5.  The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:       /s/Bradley J. Skapyak

            Bradley J. Skapyak,

            President

Date:    December 22, 2015

 


 

 

SECTION 302 CERTIFICATION

I, James Windels, certify that:

1.  I have reviewed this report on Form N-CSR of Dreyfus Premier Worldwide Growth Fund, Inc.;

2.  Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.  Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.  The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5.  The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:       /s/ James Windels

            James Windels,

            Treasurer

Date:    December 22, 2015

 

 

EX-99.906 CERT 4 exhibit906-070.htm CERTIFICATION REQUIRED BYSECTION 906 exhibit906-070.htm - Generated by SEC Publisher for SEC Filing

 

 [EX-99.906CERT]

Exhibit (b)

 

 

SECTION 906 CERTIFICATIONS

            In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

            (1)        the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

 

            (2)        the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak,

            President

 

Date:    December 22, 2015

 

 

By:       /s/ James Windels

            James Windels,

            Treasurer

 

Date:    December 22, 2015

 

 

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

 

 

 

GRAPHIC 6 x16010413473500.jpg begin 644 x16010413473500.jpg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�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x16010413473501.jpg begin 644 x16010413473501.jpg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end GRAPHIC 8 x16010413473502.jpg begin 644 x16010413473502.jpg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end GRAPHIC 9 x16010413473503.jpg begin 644 x16010413473503.jpg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end GRAPHIC 10 x16010413473600.jpg begin 644 x16010413473600.jpg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end GRAPHIC 11 x16010413473601.jpg begin 644 x16010413473601.jpg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end COVER 12 filename12.htm cover-070.htm - Generated by SEC Publisher for SEC Filing  

 

 

 

 

 

 

 

January 6, 2016

 

 

 

Securities and Exchange Commission

Office of Filings and Information Services

100 F Street, N.E.

Washington, D.C. 20549

 

Re:       Dreyfus Premier Worldwide Growth Fund, Inc.

                        - Dreyfus Worldwide Growth Fund

            File No.:  811-07512

            CIK No.: 0000897569

 

Dear Sir or Madam:

 

Transmitted for filing is Form N-CSR for the above-referenced Registrant for the annual period ended October 31, 2015.

 

Please direct any questions or comments to the attention of the undersigned at (212) 922-8216.

 

Very truly yours,

 

                                                           

/s/ Isaac Tamakloe

Isaac Tamakloe

Paralegal

 

 

IT/

Enclosures