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Dreyfus Worldwide Growth Fund

ANNUAL REPORT
October 31, 2016
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The views expressed in this report reflect those of the portfolio


manager(s) 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

A Letter from the


Chief Executive Officer 2
Discussion of Fund Performance 3
Fund Performance 5
Understanding Your Funds Expenses 7
Comparing Your Funds Expenses
With Those of Other Funds 7
Statement of Investments 8
Statement of Assets and Liabilities 12
Statement of Operations 13
Statement of Changes in Net Assets 14
Financial Highlights 16
Notes to Financial Statements 20
Report of Independent Registered
Public Accounting Firm 29
Important Tax Information 30
Information About the Renewal
of the Funds Management and
Sub-Investment Advisory Agreements 31
Board Members Information 35
Officers of the Fund 37

F O R M O R E I N F O R M AT I O N

Back Cover
Dreyfus Worldwide Growth
Fund The Fund
A LETTER FROM THE CHIEF EXECUTIVE OFFICER

Dear Shareholder:
We are pleased to present this annual report for Dreyfus Worldwide Growth Fund,
covering the 12-month period from November 1, 2015 through October 31, 2016. 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.
Stocks and bonds generally advanced over the reporting period in the midst of
heightened market volatility stemming from various global economic developments.
Toward the end of 2015, investor sentiment deteriorated amid sluggish global economic
growth, falling commodity prices, and the first increase in short-term U.S. interest rates
in nearly a decade. These worries sparked sharp stock market declines in January 2016,
but equities began to rally in February when U.S. monetary policymakers refrained from
additional rate hikes, other central banks eased their monetary policies further, and
commodity prices began to rebound. Stocks generally continued to climb through the
summer, driving several broad measures of U.S. stock market performance to record
highs in July and August before moderating as a result of uncertainty regarding U.S.
elections and potential rate hikes. In the bond market, yields of high-quality sovereign
bonds generally moved lower and their prices increased in response to robust investor
demand for current income in a low interest rate environment.
The outcome of the U.S. presidential election and ongoing global economic headwinds
suggest that uncertainty will persist in the financial markets over the foreseeable future.
Some asset classes and industry groups may benefit from a changing economic and
political landscape, while others probably will face challenges. Consequently, selectivity
could become a more important determinant of investment success. As always, we
encourage you to discuss the implications of our observations with your financial
advisor.
Thank you for your continued confidence and support.
Sincerely,

Mark D. Santero
Chief Executive Officer
The Dreyfus Corporation
November 15, 2016
2
DISCUSSION OF FUND PERFORMANCE

For the period from November 1, 2015 through October 31, 2016, as provided by Fayez Sarofim, Portfolio
Manager of Fayez Sarofim & Co., Sub-Investment Adviser
Market and Fund Performance Overview
For the 12-month period ended October 31, 2016, Dreyfus Worldwide Growth Funds Class
A shares produced a total return of 0.20%, Class C shares returned -0.54%, Class I shares
returned 0.47%, and Class Y shares returned 0.56%.1 For the same period, the funds
benchmark, the Morgan Stanley Capital International World Index (the Index), produced a
1.18% total return.2
Global equities posted mildly positive total returns, on average, over the reporting period, as
rallies during the spring and summer generally offset previous losses. The fund produced
lower returns than the Index, mainly due to security selection shortfalls in the health care
and consumer discretionary sectors, as well as relatively light exposure to utilities and
industrials stocks.
The Funds 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
companys 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
funds trading costs.3
Global Stocks Advanced Despite Headwinds
The Index pressed higher over the reporting period on its way to recording a low single-digit
gain despite sharp sell-offs in January and June and a series of downward revisions to global
growth estimates. Political risks weighed on global equity performance throughout as the
surprise outcome of the U.K. Brexit referendum, skepticism over an OPEC production cut,
and uncertainty leading up to the U.S. presidential election fueled spikes in volatility.
Unprecedented central bank intervention added to the uncertainty, with the Federal Reserve
Board preparing markets for a rate hike while the European Central Bank and the Bank of
Japan considered further unconventional easing measures. Developed markets outperformed
emerging markets during the first half of the reporting period, but a combination of stable
commodity prices and a range-bound U.S. dollar saw leadership shift to emerging-markets
equities over the summer. The materials and information technology sectors were the
strongest segments of the Index for the full reporting period. The health care, financials, and
consumer discretionary sectors were the only three segments of the Index to register losses.
Fund Strategies Produced Mixed Results
The funds relative positioning within the United States and limited exposure to U.K.-based
equities proved constructive, but these benefits were largely undercut by overweighted

3
DISCUSSION OF FUND PERFORMANCE (continued)

positions in Switzerland and France. The net effect of our stock selection strategy was
negative, but the impact was entirely offset by favorable economic sector allocations.
Factors that detracted from the funds performance compared to its benchmark included
weakness among pharmaceutical and biotechnology holdings in the health care sector.
Limited and selectively focused representation in the top-performing materials sector and an
underweighted allocation to industrials stocks also weighed on relative returns. Positions that
detracted most from the funds relative performance included Novo Nordisk, Roche
Holding, Air Liquide, Gilead Sciences, and Apple.
On the other hand, a substantially overweighted allocation to the consumer staples sector
was a primary factor supporting relative performance. An underweighted allocation to the
weak financials sector was likewise advantageous, augmented by selective positioning within
the banking and insurance industries. Our strategic emphasis on the energy sector, including
the avoidance of relatively volatile oilfield services and equipment stocks, also added a
degree of value. The largest positive contributors to the funds return for the reporting
period were Philip Morris International, Facebook, Chevron, Texas Instruments, and Altria
Group.
Maintaining a Focus on Quality Companies
The global investment backdrop is expected to improve modestly as U.S. election risks
recede and worldwide economic prospects gradually improve, but the stock market appears
likely to remain constrained by later-cycle dynamics and mediocre growth. Historically, in
environments in which stability and growth are scarce, markets have rewarded high-quality
companies with strong and improving operating metrics. The funds disciplined investment
approach emphasizes multinational industry leaders with stable earnings streams, disciplined
cost controls and compelling valuations. These companies are better able to sustain free cash
flow and increase dividends in periods of rising wage inflation, a characteristic we believe will
have added appeal as expectations of slow growth become more ingrained.
November 15, 2016
Equities 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 funds 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.
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. Investors cannot invest directly in any index.
3 Achieving tax efficiency is not a part of the funds 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.

4
FUND PERFORMANCE

Dreyfus Worldwide Growth


19,500 Fund (Class A shares)
Dreyfus Worldwide Growth
Fund (Class C shares)
Dreyfus Worldwide Growth
17,000 Fund (Class I shares) $17,125
Dreyfus Worldwide Growth $17,011
Fund (Class Y shares) $15,723
Morgan Stanley Capital $15,498
14,500 International World Index $14,650
Dollars

12,000

9,500

7,000

06 07 08 09 10 11 12 13 14 15 16

Years Ended 10/31


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 funds 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 10/31/06 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 funds 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.

5
FUND PERFORMANCE (continued)

Average Annual Total Returns as of 10/31/16

Inception
Date 1 Year 5 Years 10 Years
Class A shares
with maximum sales charge (5.75%) 7/15/93 -5.57% 6.46% 4.63%
without sales charge 7/15/93 0.20% 7.74% 5.25%
Class C shares
with applicable redemption charge 6/21/95 -1.46% 6.94% 4.48%
without redemption 6/21/95 -0.54% 6.94% 4.48%
Class I shares 3/4/96 0.47% 8.02% 5.53%
Class Y shares 7/1/13 0.56% 8.16% 5.46%
Morgan Stanley Capital International
World Index 1.18% 9.03% 3.89%
Past performance is not predictive of future performance. The funds 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 funds 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 funds 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.

6
UNDERSTANDING YOUR FUNDS 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 funds prospectus or talk to your financial adviser.
Review your funds expenses
The table below shows the expenses you would have paid on a $1,000 investment in
Dreyfus Worldwide Growth Fund from May 1, 2016 to October 31, 2016. 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, 2016

Class A Class C Class I Class Y


Expenses paid per $1,000 $ 6.01 $ 9.73 $ 4.65 $ 4.35
Ending value (after expenses) $ 1,008.70 $ 1,005.00 $ 1,010.20 $ 1,010.50

COMPARING YOUR FUNDS EXPENSES


WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SECs 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 funds 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, 2016

Class A Class C Class I Class Y


Expenses paid per $1,000 $ 6.04 $ 9.78 $ 4.67 $ 4.37
Ending value (after expenses) $ 1,019.15 $ 1,015.43 $ 1,020.51 $ 1,020.81
Expenses are equal to the funds annualized expense ratio of 1.19% for Class A, 1.93% for Class C, .92% for Class I and .86%
for Class Y, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

7
STATEMENT OF INVESTMENTS
October 31, 2016

Common Stocks - 99.6% Shares Value ($)


Banks - 1.2%
JPMorgan Chase & Co. 104,900 7,265,374
Consumer Durables & Apparel - 8.9%
Christian Dior 225,600 43,525,111
Hermes International 13,801 5,591,909
LVMH Moet Hennessy Louis Vuitton 15,775 2,866,844
51,983,864
Consumer Services - 1.7%
McDonald's 89,250 10,046,873
Diversified Financials - 3.5%
BlackRock 32,500 11,090,300
Eurazeo 99,756 5,741,486
State Street 50,000 3,510,500
20,342,286
Energy - 9.0%
Chevron 168,750 17,676,562
ConocoPhillips 25,000 1,086,250
Exxon Mobil 269,658 22,467,905
Imperial Oil 156,950 a 5,097,736
Statoil, ADR 48,918 a 794,428
Total, ADR 117,150 a 5,592,741
52,715,622
Food & Staples Retailing - 3.8%
Danone, ADR 648,650 9,022,722
Walgreens Boots Alliance 158,650 13,125,115
22,147,837
Food, Beverage & Tobacco - 24.9%
Altria Group 254,200 16,807,704
Anheuser-Busch InBev 51,000 5,853,285
British American Tobacco, ADR 79,800 a 9,168,222
Coca-Cola 485,800 20,597,920
Diageo, ADR 109,250 a 11,747,653
Nestle, ADR 362,300 26,317,472
PepsiCo 105,825 11,344,440
Philip Morris International 455,050 43,885,022
145,721,718
Health Care Equipment & Services - 1.3%
Abbott Laboratories 189,100 7,420,284
8
Common Stocks - 99.6% (continued) Shares Value ($)
Household & Personal Products - 6.1%
L'Oreal, ADR 781,550 27,995,121
Procter & Gamble 87,800 7,621,040
35,616,161
Insurance - 2.3%
Chubb 84,900 10,782,300
Zurich Insurance Group 10,100 b 2,642,504
13,424,804
Materials - 1.4%
Air Liquide, ADR 410,543 8,334,023
Media - 4.0%
Comcast, Cl. A 143,800 8,889,716
Twenty-First Century Fox, Cl. A 336,000 8,826,720
Walt Disney 59,900 5,552,131
23,268,567
Pharmaceuticals, Biotechnology & Life Sciences - 10.7%
AbbVie 188,100 10,492,218
Celgene 5,000 b 510,900
Gilead Sciences 52,700 3,880,301
Johnson & Johnson 55,575 6,446,144
Novartis, ADR 65,500 4,651,810
Novo Nordisk, ADR 273,200 9,709,528
Roche Holding, ADR 953,750 27,348,781
63,039,682
Semiconductors & Semiconductor Equipment - 3.7%
ASML Holding 73,900 a 7,805,318
Texas Instruments 199,450 14,131,032
21,936,350
Software & Services - 8.8%
Alphabet, Cl. C 12,900 b 10,120,566
Facebook, Cl. A 148,000 b 19,386,520
Microsoft 170,000 10,186,400
Oracle 99,800 3,834,316
Visa, Cl. A 96,800 7,986,968
51,514,770
Technology Hardware & Equipment - 5.7%
Apple 294,660 33,455,696
Transportation - 2.6%
Canadian Pacific Railway 79,900 11,422,504

9
STATEMENT OF INVESTMENTS (continued)

Common Stocks - 99.6% (continued) Shares Value ($)


Transportation - 2.6% (continued)
Union Pacific 44,900 3,959,282
15,381,786
Total Common Stocks (cost $255,301,062) 583,615,697
Other Investment - .2%
Registered Investment Company;
Dreyfus Institutional Preferred Government Plus Money Market Fund
(cost $1,154,753) 1,154,753 c 1,154,753
Investment of Cash Collateral for Securities Loaned - 5.9%
Registered Investment Company;
Dreyfus Institutional Preferred Money Market Fund, Hamilton Shares
(cost $34,678,128) 34,678,128 c 34,678,128
Total Investments (cost $291,133,943) 105.7% 619,448,578
Liabilities, Less Cash and Receivables (5.7%) (33,547,004)
Net Assets 100.0% 585,901,574
ADRAmerican Depository Receipt
a Security, or portion thereof, on loan. At October 31, 2016, the value of the funds securities on loan was $33,984,228 and the value
of the collateral held by the fund was $34,678,128.
b Non-income producing security.
c Investment in affiliated money market mutual fund.

10
Portfolio Summary (Unaudited) Value (%)
Food, Beverage & Tobacco 24.9
Pharmaceuticals, Biotechnology & Life Sciences 10.7
Energy 9.0
Consumer Durables & Apparel 8.9
Software & Services 8.8
Household & Personal Products 6.1
Money Market Investments 6.1
Technology Hardware & Equipment 5.7
Media 4.0
Food & Staples Retailing 3.8
Semiconductors & Semiconductor Equipment 3.7
Diversified Financials 3.5
Transportation 2.6
Insurance 2.3
Consumer Services 1.7
Materials 1.4
Health Care Equipment & Services 1.3
Banks 1.2
105.7

Based on net assets.


See notes to financial statements.

11
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2016

Cost Value
Assets ($):
Investments in securitiesSee Statement of Investments
(including securities on loan, valued at $33,984,228)Note 1(c):
Unaffiliated issuers 255,301,062 583,615,697
Affiliated issuers 35,832,881 35,832,881
Cash 302,461
Receivable for investment securities sold 1,130,987
Dividends and securities lending income receivable 641,033
Receivable for shares of Common Stock subscribed 418,879
Prepaid expenses 35,642
621,977,580
Liabilities ($):
Due to The Dreyfus Corporation and affiliatesNote 3(c) 583,231
Liability for securities on loanNote 1(c) 34,678,128
Payable for shares of Common Stock redeemed 633,574
Accrued expenses 181,073
36,076,006
Net Assets ($) 585,901,574
Composition of Net Assets ($):
Paid-in capital 221,208,320
Accumulated distributions in excess of investment incomenet (426,386)
Accumulated net realized gain (loss) on investments 36,805,665
Accumulated net unrealized appreciation (depreciation)
on investments and foreign currency transactions 328,313,975
Net Assets ($) 585,901,574

Net Asset Value Per Share Class A Class C Class I Class Y


Net Assets ($) 385,324,373 51,905,567 120,149,619 28,522,015
Shares Outstanding 7,704,245 1,156,040 2,381,009 564,862
Net Asset Value Per Share ($) 50.01 44.90 50.46 50.49

See notes to financial statements.

12
STATEMENT OF OPERATIONS
Year Ended October 31, 2016

Investment Income ($):


Income:
Cash dividends (net of $819,180 foreign taxes withheld at source):
Unaffiliated issuers 15,319,777
Affiliated issuers 5,920
Income from securities lendingNote 1(c) 88,841
Total Income 15,414,538
Expenses:
Management feeNote 3(a) 4,494,327
Shareholder servicing costsNote 3(c) 1,812,968
Distribution feesNote 3(b) 433,179
Professional fees 126,794
Custodian feesNote 3(c) 87,856
Prospectus and shareholders reports 77,130
Registration fees 76,985
Directors fees and expensesNote 3(d) 31,970
Loan commitment feesNote 2 9,442
Interest expenseNote 2 998
Miscellaneous 25,026
Total Expenses 7,176,675
Lessreduction in fees due to earnings creditsNote 3(c) (4,487)
Net Expenses 7,172,188
Investment IncomeNet 8,242,350
Realized and Unrealized Gain (Loss) on InvestmentsNote 4 ($):
Net realized gain (loss) on investments and foreign currency transactions 36,801,359
Net unrealized appreciation (depreciation) on investments
and foreign currency transactions (45,205,666)
Net Realized and Unrealized Gain (Loss) on Investments (8,404,307)
Net (Decrease) in Net Assets Resulting from Operations (161,957)

See notes to financial statements.

13
STATEMENT OF CHANGES IN NET ASSETS

Year Ended October 31,


2016 2015
Operations ($):
Investment incomenet 8,242,350 10,531,356
Net realized gain (loss) on investments 36,801,359 39,109,311
Net unrealized appreciation (depreciation)
on investments (45,205,666) (40,190,458)
Net Increase (Decrease) in Net Assets
Resulting from Operations (161,957) 9,450,209
Dividends to Shareholders from ($):
Investment incomenet:
Class A (5,395,935) (7,527,028)
Class C (444,306) (752,511)
Class I (2,087,073) (2,645,976)
Class Y (145,665) (48,884)
Net realized gain on investments:
Class A (26,585,904) (10,016,046)
Class C (4,283,419) (1,656,727)
Class I (7,872,340) (2,966,472)
Class Y (350,098) (2,975)
Total Dividends (47,164,740) (25,616,619)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A 21,942,453 29,958,480
Class C 2,946,124 4,788,892
Class I 32,590,602 37,529,422
Class Y 27,481,875 5,664,400
Dividends reinvested:
Class A 28,523,227 15,635,009
Class C 3,459,458 1,786,639
Class I 9,086,439 5,218,560
Class Y 494,478 50,781
Cost of shares redeemed:
Class A (69,379,986) (76,438,931)
Class C (13,200,652) (12,480,135)
Class I (54,109,829) (34,612,174)
Class Y (3,392,386) (1,204,502)
Increase (Decrease) in Net Assets
from Capital Stock Transactions (13,558,197) (24,103,559)
Total Increase (Decrease) in Net Assets (60,884,894) (40,269,969)
Net Assets ($):
Beginning of Period 646,786,468 687,056,437
End of Period 585,901,574 646,786,468
Distributions in excess of investment incomenet (426,386) (599,703)

14
Year Ended October 31,
2016 2015
Capital Share Transactions (Shares):
Class A
Shares sold 438,317 558,637
Shares issued for dividends reinvested 578,881 294,695
Shares redeemed (1,391,849) (1,423,485)
Net Increase (Decrease) in Shares Outstanding (374,651) (570,153)
Class Ca
Shares sold 65,686 97,511
Shares issued for dividends reinvested 78,185 37,206
Shares redeemed (292,627) (254,307)
Net Increase (Decrease) in Shares Outstanding (148,756) (119,590)
Class Ia
Shares sold 656,935 690,475
Shares issued for dividends reinvested 182,671 97,481
Shares redeemed (1,062,367) (633,879)
Net Increase (Decrease) in Shares Outstanding (222,761) 154,077
Class Ya
Shares sold 537,633 102,755
Shares issued for dividends reinvested 9,905 918
Shares redeemed (66,712) (22,161)
Net Increase (Decrease) in Shares Outstanding 480,826 81,512
a During the period ended October 31, 2016, 195,624 Class I shares representing $10,025,717 were exchanged for 195,471
Class Y shares and 5,704 Class C shares representing $254,040 were exchanged for 5,091 Class I 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 funds financial statements.

Year Ended October 31,


Class A Shares 2016 2015 2014 2013 2012
Per Share Data ($):
Net asset value, beginning of period 54.03 55.33 51.69 45.09 42.06
Investment Operations:
Investment incomeneta .69 .86 .78 .73 .66
Net realized and unrealized
gain (loss) on investments (.68) (.09) 3.68 6.77 4.32
Total from Investment Operations .01 .77 4.46 7.50 4.98
Distributions:
Dividends from
investment incomenet (.68) (.89) (.82) (.70) (.86)
Dividends from net realized
gain on investments (3.35) (1.18) (.20) (1.09)
Total Distributions (4.03) (2.07) (.82) (.90) (1.95)
Net asset value, end of period 50.01 54.03 55.33 51.69 45.09
Total Return (%)b .20 1.49 8.69 16.81 12.42
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets 1.19 1.17 1.17 1.18 1.22
Ratio of net expenses
to average net assets 1.19 1.17 1.17 1.18 1.22
Ratio of net investment income
to average net assets 1.39 1.59 1.45 1.52 1.52
Portfolio Turnover Rate 5.51 5.38 2.01 2.97 2.41
Net Assets, end of period ($ x 1,000) 385,324 436,507 478,579 490,921 427,373

a Based on average shares outstanding.


b Exclusive of sales charge.
See notes to financial statements.

16
Year Ended October 31,
Class C Shares 2016 2015 2014 2013 2012
Per Share Data ($):
Net asset value, beginning of period 48.93 50.33 47.09 41.18 38.47
Investment Operations:
Investment incomeneta .30 .42 .35 .34 .29
Net realized and unrealized
gain (loss) on investments (.63) (.10) 3.36 6.16 3.97
Total from Investment Operations (.33) .32 3.71 6.50 4.26
Distributions:
Dividends from
investment incomeneta (.35) (.54) (.47) (.39) (.46)
Dividends from net realized
gain on investments (3.35) (1.18) (.20) (1.09)
Total Distributions (3.70) (1.72) (.47) (.59) (1.55)
Net asset value, end of period 44.90 48.93 50.33 47.09 41.18
Total Return (%)b (.54) .73 7.91 15.92 11.57
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets 1.93 1.91 1.91 1.93 1.97
Ratio of net expenses
to average net assets 1.93 1.91 1.91 1.93 1.97
Ratio of net investment income
to average net assets .66 .86 .71 .77 .74
Portfolio Turnover Rate 5.51 5.38 2.01 2.97 2.41
Net Assets, end of period ($ x 1,000) 51,906 63,848 71,683 70,468 63,136
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 2016 2015 2014 2013 2012
Per Share Data ($):
Net asset value, beginning of period 54.48 55.78 52.10 45.44 42.47
Investment Operations:
Investment incomeneta .84 1.01 .92 .86 .71
Net realized and unrealized
gain (loss) on investments (.69) (.09) 3.71 6.81 4.41
Total from Investment Operations .15 .92 4.63 7.67 5.12
Distributions:
Dividends from
investment incomenet (.82) (1.04) (.95) (.81) (1.06)
Dividends from net realized
gain on investments (3.35) (1.18) (.20) (1.09)
Total Distributions (4.17) (2.22) (.95) (1.01) (2.15)
Net asset value, end of period 50.46 54.48 55.78 52.10 45.44
Total Return (%) .47 1.76 8.98 17.10 12.70
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets .92 .90 .91 .92 .97
Ratio of net expenses
to average net assets .92 .90 .91 .92 .97
Ratio of net investment income
to average net assets 1.66 1.85 1.69 1.77 1.57
Portfolio Turnover Rate 5.51 5.38 2.01 2.97 2.41
Net Assets, end of period ($ x 1,000) 120,150 141,850 136,654 110,847 91,478
a Based on average shares outstanding.
See notes to financial statements.

18
Year Ended October 31,
Class Y Shares 2016 2015 2014 2013a
Per Share Data ($):
Net asset value, beginning of period 54.52 55.81 52.11 48.38
Investment Operations:
Investment incomenetb .69 .97 .92 .18
Net realized and unrealized
gain (loss) on investments (.51) (.01) 3.77 3.88
Total from Investment Operations .18 .96 4.69 4.06
Distributions:
Dividends from investment incomenet (.86) (1.07) (.99) (.33)
Dividends from net realized
gain on investments (3.35) (1.18)
Total Distributions (4.21) (2.25) (.99) (.33)
Net asset value, end of period 50.49 54.52 55.81 52.11
Total Return (%) .56 1.84 9.10 8.41c
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets .86 .84 .85 .79d
Ratio of net expenses
to average net assets .86 .84 .85 .79d
Ratio of net investment income
to average net assets 1.41 1.74 1.51 1.10d
Portfolio Turnover Rate 5.51 5.38 2.01 2.97
Net Assets, end of period ($ x 1,000) 28,522 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 1Significant 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
funds 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 funds
investment adviser. Fayez Sarofim & Co. (Sarofim & Co.) serves as the
funds sub-investment adviser.
MBSC Securities Corporation (the Distributor), a wholly-owned
subsidiary of Dreyfus, is the distributor of the funds 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 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 funds 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 funds 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 funds investments
relating to fair value measurements. These inputs are summarized in the
three broad levels listed below:
Level 1unadjusted quoted prices in active markets for identical
investments.
Level 2other significant observable inputs (including quoted prices
for similar investments, interest rates, prepayment speeds, credit risk,
etc.).
Level 3significant unobservable inputs (including the funds 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 funds 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 Companys
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, 2016 in
valuing the funds investments:

22
Level 3 -
Level 1 - Level 2 - Other Significant
Unadjusted Significant Unobservable
Quoted Prices Observable Inputs Inputs Total
Assets ($)
Investments in Securities:
Equity Securities -
Domestic
Common
Stocks 352,386,499 352,386,499
Equity Securities -
Foreign
Common
Stocks 231,229,198 231,229,198
Mutual Funds 35,832,881 35,832,881

See Statement of Investments for additional detailed categorizations.


At October 31, 2016, there were no transfers between levels of the fair
value hierarchy.
(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 funds 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.
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 funds policy that, at
23
NOTES TO FINANCIAL STATEMENTS (continued)

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 funds rights against the
borrower and the collateral. Additionally, the contractual maturity of
security lending transactions are on an overnight and continuous basis.
During the period ended October 31, 2016, The Bank of New York
Mellon earned $18,805 from lending portfolio securities, pursuant to the
securities lending agreement.
(d) Affiliated issuers: Investments in other investment companies
advised by Dreyfus are defined as affiliated under the Act. Investments
in affiliated investment companies during the period ended October 31,
2016 were as follows:
Affiliated
Investment Value Value Net
Company 10/31/2015 ($) Purchases ($) Sales ($) 10/31/2016 ($) Assets (%)
Dreyfus
Institutional
Cash
Advantage
Fund,
Institutional
Shares 19,547,726 252,951,482 272,499,208
Dreyfus
Institutional
Preferred
Government
Plus Money
Market Fund 2,157,823 65,499,060 66,502,130 1,154,753 .2

24
Affiliated
Investment Value Value Net
Company 10/31/2015 ($) Purchases ($) Sales ($) 10/31/2016 ($) Assets (%)
Dreyfus
Institutional
Preferred
Money
Market Fund,
Hamilton
Shares 59,408,507 24,730,379 34,678,128 5.9
Total 21,705,549 377,859,049 363,731,717 35,832,881 6.1
During the period ended October 31, 2016, Dreyfus Institutional Cash Advantage Fund was acquired by
Dreyfus Institutional Preferred Money Market Fund.
Formerly Dreyfus Institutional Preferred Plus Money Market Fund.

(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
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, 2016, 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, 2016, the fund did not incur any interest or penalties.
Each tax year in the four-year period ended October 31, 2016 remains
subject to examination by the Internal Revenue Service and state taxing
authorities.
At October 31, 2016, the components of accumulated earnings on a tax
basis were as follows: undistributed ordinary income $1,716,664,
undistributed capital gains $36,560,031 and unrealized appreciation
$326,416,559.

25
NOTES TO FINANCIAL STATEMENTS (continued)

The tax character of distributions paid to shareholders during the fiscal


periods ended October 31, 2016 and October 31, 2015 were as follows:
ordinary income $8,072,979 and $10,974,399, and long-term capital gains
$39,091,761 and $14,642,220, respectively.
During the period ended October 31, 2016, as a result of permanent book
to tax differences, primarily due to the tax treatment for foreign currency
gains and losses and dividend reclassification, the fund increased
accumulated undistributed investment income-net by $3,946 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 2Bank Lines of Credit:
The fund participates with other Dreyfus-managed funds in a $810 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 5,
2016, the unsecured credit facility with Citibank, N.A. was $555 million
and prior to January 11, 2016, the unsecured credit facility with Citibank,
N.A. was $480 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 rates determined pursuant to the terms of
the respective Facility at the time of borrowing.
The average amount of borrowings outstanding under the Facilities during
the period ended October 31, 2016 was approximately $76,000 with a
related weighted average annualized interest rate of 1.31%.
NOTE 3Management 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 funds
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 funds average daily net assets which is payable
monthly.
During the period ended October 31, 2016, the Distributor retained
$10,552 from commissions earned on sales of the funds Class A shares
and $9,727 from CDSCs on redemptions of the funds Class C shares.

26
(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, 2016, Class C shares were charged $433,179
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, 2016, Class A and Class C shares were charged $1,003,431 and
$144,393, 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
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, 2016, the fund was
charged $174,864 for transfer agency services and $10,961 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 $4,487.
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, 2016, the fund was charged $87,856
pursuant to the custody agreement.
During the period ended October 31, 2016, the fund was charged $9,804
for services performed by the Chief Compliance Officer and his staff.

27
NOTES TO FINANCIAL STATEMENTS (continued)

The components of Due to The Dreyfus Corporation and affiliates in


the Statement of Assets and Liabilities consist of: management fees
$377,096, Distribution Plan fees $33,721, Shareholder Services Plan fees
$93,998, custodian fees $43,894, Chief Compliance Officer fees $5,688 and
transfer agency fees $28,834.
(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 4Securities Transactions:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended October 31, 2016,
amounted to $32,968,326 and $84,553,387, respectively.
At October 31, 2016, the cost of investments for federal income tax
purposes was $293,031,359; accordingly, accumulated net unrealized
appreciation on investments was $326,417,219, consisting of $333,783,086
gross unrealized appreciation and $7,365,867 gross unrealized depreciation.

28
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, 2016 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 Funds 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 Funds 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 Funds 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, 2016 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, 2016, 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, 2016

29
IMPORTANT TAX INFORMATION (Unaudited)

For federal tax purposes, the fund hereby reports 99.18% of the ordinary dividends paid
during the fiscal year ended October 31, 2016 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, $8,072,979
represents the maximum amount that may be considered qualified dividend income.
Shareholders will receive notification in early 2017 of the percentage applicable to the
preparation of their 2016 income tax returns. The fund also hereby reports $3.3480 per
share as a long-term capital gain distribution paid on December 30, 2015.

30
INFORMATION ABOUT THE RENEWAL OF THE FUNDS
MANAGEMENT AND SUB-INVESTMENT ADVISORY
AGREEMENTS (Unaudited)

At a meeting of the funds Board of Directors held on July 19, 2016, the Board
considered the renewal of the funds 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 funds 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 funds 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 funds 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 managements brokerage policies and practices (including
policies and practices regarding soft dollars) and the standards applied in seeking best
execution.
Comparative Analysis of the Funds Performance and Management Fee and Expense
Ratio. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc.
(Broadridge), an independent provider of investment company data, which included
information comparing (1) the funds 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, 2016, and (2) the funds
actual and contractual management fees and total expenses with those of a group of
31
INFORMATION ABOUT THE RENEWAL OF THE FUNDS MANAGEMENT AND SUB-
INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

comparable 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 Broadridge as of the date of its analysis. Dreyfus previously had
furnished the Board with a description of the methodology Broadridge 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 funds total return performance was at or above the
Performance Group median for all periods except the three- and four-year periods, and
above the Performance Universe median for the one-, five- and ten-year periods.
Dreyfus also provided a comparison of the funds calendar year total returns to the
returns of the funds benchmark index, and it was noted that the funds returns were
above the returns of the index in five of the ten calendar years shown.
The Board discussed with representatives of Dreyfus and the Subadviser the investment
strategy employed in the management of the funds assets and how that strategy affected
the funds performance. They discussed, among other matters, plans for increased
management focus on ways to improve the funds 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
Subadvisers 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 funds contractual management fee was
the lowest in the Expense Group, and the funds actual management fee and total
expenses were the lowest in the Expense Group and below the Expense Universe
median.
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
Broadridge 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 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
32
the fee information provided for the Similar Clients to evaluate the appropriateness of
the funds 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 Subadvisers 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, considered in relation to the
mix of services provided by Dreyfus and the Subadviser, including the nature, extent
and quality of such services, supported the renewal of the Agreements 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 Subadvisers 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 funds 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 funds 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 funds
investments.
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

33
INFORMATION ABOUT THE RENEWAL OF THE FUNDS MANAGEMENT AND SUB-
INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

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 the funds improved performance and agreed to closely
monitor performance.
The Board concluded that the fees paid to Dreyfus and the Subadviser
supported the renewal of the Agreements in light of the considerations
described above.
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 Boards 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 Boards conclusions may be based, in part, on their consideration of the same or
similar arrangements in prior years. The Board determined to renew the Agreements.

34
BOARD MEMBERS INFORMATION (Unaudited)
INDEPENDENT BOARD MEMBERS

Joseph S. DiMartino (73)


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)
No. of Portfolios for which Board Member Serves: 135

Francine J. Bovich (65)
Board Member (2012)
Principal Occupation During Past 5 Years:
Trustee, The Bradley Trusts, private trust funds (2011-present)
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: 76

Peggy C. Davis (73)
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: 49

Diane Dunst (77)
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

35
BOARD MEMBERS INFORMATION (Unaudited) (continued)
INDEPENDENT BOARD MEMBERS (continued)

Nathan Leventhal (73)


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: 48

Robin A. Melvin (53)
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; served as a 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: 107

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 funds 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

36
OFFICERS OF THE FUND (Unaudited)

BRADLEY J. SKAPYAK, President since JOSEPH M. CHIOFFI, Vice President and


January 2010. Assistant Secretary since August 2005.
Chief Operating Officer and a director of the Managing Counsel of BNY Mellon, and an officer
Manager since June 2009, Chairman of Dreyfus of 65 investment companies (comprised of 160
Transfer, Inc., an affiliate of the Manager and the portfolios) managed by the Manager. He is 54 years
transfer agent of the funds, since May 2011 and old and has been an employee of the Manager since
Executive Vice President of the Distributor since June 2000.
June 2007. From April 2003 to June 2009, Mr.
Skapyak was the head of the Investment MAUREEN E. KANE, Vice President and
Accounting and Support Department of the Assistant Secretary since April 2015.
Manager. He is an officer of 64 investment Managing Counsel of BNY Mellon since July 2014;
companies (comprised of 135 portfolios) managed from October 2004 until July 2014, General
by the Manager. He is 57 years old and has been an Counsel, and from May 2009 until July 2014, Chief
employee of the Manager since February 1988. Compliance Officer of Century Capital
Management. She is an officer of 65 investment
BENNETT A. MACDOUGALL, Chief Legal companies (comprised of 160 portfolios) managed
Officer since October 2015. by the Manager. She is 54 years old and has been
Chief Legal Officer of the Manager since June an employee of the Manager since July 2014.
2015; from June 2005 to June 2015, he served in
various capacities with Deutsche Bank Asset & SARAH S. KELLEHER, Vice President and
Wealth Management Division, including as Assistant Secretary since April 2014.
Director and Associate General Counsel, and Chief Senior Counsel of BNY Mellon, and an officer of
Legal Officer of Deutsche Investment 65 investment companies (comprised of 160
Management Americas Inc. from June 2012 to May portfolios) managed by the Manager; from August
2015. He is an officer of 65 investment companies 2005 to March 2013, Associate General Counsel of
(comprised of 160 portfolios) managed by the Third Avenue Management. She is 41 years old and
Manager. He is 45 years old and has been an has been an employee of the Manager since March
employee of the Manager since June 2015. 2013.

JANETTE E. FARRAGHER, Vice President JEFF PRUSNOFSKY, Vice President and


and Secretary since December 2011. Assistant Secretary since August 2005.
Assistant General Counsel of BNY Mellon, and an Senior Managing Counsel of BNY Mellon, and an
officer of 65 investment companies (comprised of officer of 65 investment companies (comprised of
160 portfolios) managed by the Manager. She is 53 160 portfolios) managed by the Manager. He is 51
years old and has been an employee of the Manager years old and has been an employee of the Manager
since February 1984. since October 1990.

JAMES BITETTO, Vice President and JAMES WINDELS, Treasurer since


Assistant Secretary since August 2005. November 2001.
Managing Counsel of BNY Mellon and Secretary Director Mutual Fund Accounting of the
of the Manager, and an officer of 65 investment Manager, and an officer of 65 investment
companies (comprised of 160 portfolios) managed companies (comprised of 160 portfolios) managed
by the Manager. He is 50 years old and has been an by the Manager. He is 58 years old and has been an
employee of the Manager since December 1996. employee of the Manager since April 1985.

JONI LACKS CHARATAN, Vice President RICHARD CASSARO, Assistant Treasurer


and Assistant Secretary since August 2005. since January 2008.
Managing Counsel of BNY Mellon, and an officer Senior Accounting Manager Money Market,
of 65 investment companies (comprised of 160 Municipal Bond and Equity Funds of the Manager,
portfolios) managed by the Manager. She is 60 and an officer of 65 investment companies
years old and has been an employee of the Manager (comprised of 160 portfolios) managed by the
since October 1988. Manager. He is 57 years old and has been an
employee of the Manager since September 1982.

37
OFFICERS OF THE FUND (Unaudited) (continued)

GAVIN C. REILLY, Assistant Treasurer CARIDAD M. CAROSELLA, Anti-Money


since December 2005. Laundering Compliance Officer since
Tax Manager of the Investment Accounting and January 2016
Support Department of the Manager, and an Anti-Money Laundering Compliance Officer of the
officer of 65 investment companies (comprised of Dreyfus Family of Funds and BNY Mellon Funds
160 portfolios) managed by the Manager. He is 48 Trust since January 2016; from May 2015 to
years old and has been an employee of the Manager December 2015, Interim Anti-Money Laundering
since April 1991. Compliance Officer of the Dreyfus Family of
Funds and BNY Mellon Funds Trust and the
ROBERT S. ROBOL, Assistant Treasurer Distributor; from January 2012 to May 2015, AML
since December 2002. Surveillance Officer of the Distributor and from
Senior Accounting Manager of the Manager, and 2007 to December 2011, Financial Processing
an officer of 65 investment companies (comprised Manager of the Distributor. She is an officer of 60
of 160 portfolios) managed by the Manager. He is investment companies (comprised of 155
52 years old and has been an employee of the portfolios) managed by the Manager. She is 48
Manager since October 1988. years old and has been an employee of the
ROBERT SALVIOLO, Assistant Treasurer Distributor since 1997.
since July 2007.
Senior Accounting Manager Equity Funds of the
Manager, and an officer of 65 investment
companies (comprised of 160 portfolios) managed
by the Manager. He is 49 years old and has been an
employee of the Manager since June 1989.
ROBERT SVAGNA, Assistant Treasurer
since December 2002.
Senior Accounting Manager Fixed Income and
Equity Funds of the Manager, and an officer of 65
investment companies (comprised of 160
portfolios) managed by the Manager. He is 49 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 (65 investment
companies, comprised of 160 portfolios). He is 59
years old and has served in various capacities with
the Manager since 1980, including manager of the
firms Fund Accounting Department from 1997
through October 2001.

38
NOTES

39
NOTES

40
NOTES

41
For More Information
Dreyfus Worldwide Growth Fund Custodian
200 Park Avenue The Bank of New York Mellon
New York, NY 10166 225 Liberty Street
Investment Adviser New York, NY 10286
The Dreyfus Corporation Transfer Agent &
200 Park Avenue Dividend Disbursing Agent
New York, NY 10166 Dreyfus Transfer, Inc.
Sub-Investment Adviser 200 Park Avenue
New York, NY 10166
Fayez Sarofim & Co.
Two Houston Center Distributor
Suite 2907 MBSC Securities Corporation
909 Fannin Street 200 Park Avenue
Houston, TX 77010 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
funds Forms N-Q are available on the SECs website at www.sec.gov and may be reviewed
and copied at the SECs 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 SECs website at www.sec.gov and without charge, upon request, by calling 1-
800-DREYFUS.

2016 MBSC Securities Corporation


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