PRESIDENT'S LETTER
Dear Shareholder:
We are pleased to send you this report covering the activities of the
Dreyfus Worldwide Dollar Money Market Fund for the 6-month period ended
April 30, 1994. During this time, your Fund produced an annualized yield
of 2.67%. After taking into account the effect of compounding, this was
equivalent to an annualized effective yield of 2.71%.*
In the last calendar quarter of 1993, it became apparent the U.S.
economy was heading out of recession and the pace of economic activity
was accelerating. Such indicators as industrial purchasing orders,
manufacturing activity and gross domestic product were all pointing
upwards. This exerted some pressure on interest rates without, as yet,
rekindling a dangerous amount of inflation.
Then, in early February, came the preemptive strike against inflation
by the Federal Reserve Board, raising the Federal Funds rate by one
quarter percentage point. The Federal Reserve Board repeated this action
on three more occasions bringing the Federal Funds rate to its current
level of 4.25% and the closely watched Discount Rate to 3.50%.
Of course, no one can be sure how far the Fed intends to carry its
preemptive action. Thus, it would be logical to expect, or at least be
prepared for, further increases in short-term interest rates.
More than likely, the Federal Reserve Board will not take actions that
are so drastic as to derail the current economic recovery. We are
keeping these considerations in mind in our day-to-day management of
your Fund's portfolio, and purchasing securities with relatively short
maturities in order to reduce the average maturity of the Fund. We
believe this should position the Fund for the current higher short-term
interest rate environment.
We thank you for the opportunity of serving your investment needs, and
will continue to exert our best efforts to earn rewarding returns on
your cash assets.
Sincerely,
Joseph S. DiMartino
President
May 19, 1994
New York, N.Y.
*Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<TABLE>
<CAPTION>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS APRIL 30, 1994 (UNAUDITED)
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--26.1% PRINCIPAL
AMOUNT VALUE
------------ --------------
<S> <C> <C>
Banque Indosuez (London)
3.63%, 1/31/95......................................................... $ 15,000,000 $ 15,001,065
Dai-Ichi Kangyo Bank Ltd. (London)
3.83%, 6/9/94.......................................................... 40,000,000 40,000,289
Dai-Ichi Kangyo Bank Ltd. (Yankee)
3.83%-4.02%, 6/13/94-7/5/94............................................ 80,000,000 79,994,658
Industrial Bank of Japan Ltd. (Yankee)
3.65%-4.16%, 7/22/94-2/3/95............................................ 105,000,000 105,000,000
Mitsubishi Bank Ltd. (Yankee)
3.36%-3.74%, 7/22/94-9/23/94........................................... 150,000,000 150,000,917
NationsBank of North Carolina NA (London)
3.55%, 10/17/94........................................................ 50,000,000 50,000,000
Norinchukin Bank (London)
3.61%-3.79%, 8/9/94-1/30/95............................................ 70,000,000 70,004,439
Sanwa Bank Ltd. (Yankee)
3.95%, 7/14/94......................................................... 10,000,000 9,986,285
Societe Generale (Yankee)
3.58%, 10/26/94........................................................ 20,000,000 20,001,840
Sumitomo Bank Ltd. (Yankee)
3.66%-4.18%, 7/14/94-8/8/94............................................ 70,000,000 69,978,648
SwedBank (Yankee)
3.87%-4.09%, 8/11/94-1/5/95............................................ 145,000,000 145,000,000
--------------
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT (cost $754,968,141)........ $ 754,968,141
==============
COMMERCIAL PAPER__25.3%
Bankers Trust New York Corp.
3.48%-3.56%, 8/12/94-9/2/94............................................ $ 90,000,000 $ 89,014,422
Bear Stearns Companies Inc.
3.40%, 6/20/94......................................................... 15,000,000 14,930,833
Credito Italiano (Delaware) Inc.
3.63%, 7/25/94......................................................... 25,000,000 24,789,271
General Motors Acceptance Corp.
3.64%-3.80%, 6/10/94-6/30/94........................................... 145,000,000 144,210,850
ITT Financial Corp.
4.17%-4.19%, 7/19/94-7/25/94........................................... 100,000,000 99,073,490
Internationale Nederlanden (U.S.) Funding Corp.
3.50%, 8/12/94......................................................... 75,000,000 74,268,271
Lehman Brothers Holdings Inc.
4.11%, 8/5/94.......................................................... 25,000,000 24,730,000
Nordbanken N.A. Inc.
3.84%-4.07%, 6/16/94-8/4/94............................................ 135,000,000 133,975,292
PaineWebber Group Inc.
4.16%, 8/4/94.......................................................... 25,000,000 24,729,514
Spintab AB
3.44%-3.50%, 5/17/94-6/10/94........................................... 59,000,000 58,832,362
SwedBank Inc.
3.59%-3.80%, 8/24/94-11/1/94........................................... 45,000,000 44,374,208
--------------
TOTAL COMMERCIAL PAPER (cost $732,928,513)............................... $ 732,928,513
==============
Comerica Bank
3.35%-3.38%, 9/14/94-9/30/94........................................... $ 35,000,000 $ 34,980,462
FCC National Bank (Delaware)
3.70%, 3/14/95......................................................... 50,000,000 49,978,168
Huntington National Bank
3.70%, 1/10/95......................................................... 25,000,000 25,005,879
NationsBank of North Carolina NA
3.50%-3.70%, 8/2/94-8/18/94............................................ 65,000,000 65,012,320
Northern Trust Co.
3.63%, 12/30/94........................................................ 10,000,000 9,990,701
PNC Bank
3.55%-3.90%, 7/15/94-1/20/95........................................... 150,000,000 150,078,089
--------------
TOTAL BANK NOTES (cost $335,045,619)..................................... $ 335,045,619
==============
CORPORATE NOTES--10.4%
Bear Stearns Companies Inc.
3.90%, 9/13/94-9/20/94 (a)............................................. $130,000,000 $ 130,000,000
General Electric Capital Corp.
3.55%, 1/19/95......................................................... 20,000,000 19,990,633
Lehman Brothers Holdings Inc.
4.33%, 5/19/94 (a)..................................................... 100,000,000 100,000,000
Merrill Lynch & Co. Inc.
3.86%-4.33%, 9/30/94-1/12/95 (a)....................................... 40,000,000 40,000,000
Westdeutsche Landesbank Girozentrale
3.70%, 1/11/95......................................................... 10,000,000 9,992,455
--------------
TOTAL CORPORATE NOTES (cost $299,983,088)................................ $ 299,983,088
==============
PROMISSORY NOTES--5.0%
Goldman Sachs Group L.P.
3.56%-4.00%, 7/6/94-10/21/94 (b,c)
(cost $145,000,000).................................................... $145,000,000 $ 145,000,000
==============
U.S. GOVERNMENT AGENCIES--7.4%
Federal National Mortgage Association,
Consolidated Systemwide, Floating Rate Notes
3.84%-3.89%, 2/14/97-2/18/97 (a)....................................... $200,000,000 $ 200,000,000
Federal National Mortgage Association,
Discount Notes
3.55%, 10/20/94........................................................ 15,000,000 14,752,750
--------------
TOTAL U.S. GOVERNMENT AGENCIES (cost $214,752,750)....................... $ 214,752,750
==============
TIME DEPOSITS--5.7%
Bayerische Vereinsbank AG (Grand Cayman)
3.56%, 5/2/94.......................................................... $113,602,000 $ 113,602,000
Berliner Handels-und Frankfurter Bank (Grand Cayman)
3.63%, 5/2/94.......................................................... 50,000,000 50,000,000
--------------
TOTAL TIME DEPOSITS (cost $163,602,000).................................. $ 163,602,000
==============
Daiwa Securities America Inc., 3.55%
dated 4/29/94, due 5/2/94 in the amount of
$200,059,167 (fully collateralized by $206,475,000
U.S. Treasury Bills due 10/6/94 to 10/20/94, value
$202,242,263).......................................................... $200,000,000 $ 200,000,000
Yamaichi International (America) Inc., 3.55%
dated 4/29/94, due 5/2/94 in the amount of
$50,014,792 (fully collateralized by $51,365,000
U.S. Treasury Bills due 9/15/94 to 11/17/94, value
$50,530,875)........................................................... 50,000,000 50,000,000
--------------
TOTAL REPURCHASE AGREEMENTS (cost $250,000,000).......................... $ 250,000,000
==============
TOTAL INVESTMENTS (cost $2,896,280,111).................... 100.1% $2,896,280,111
====== ==============
LIABILITIES, LESS CASH AND RECEIVABLES.................... (.1%) $ (3,559,530)
====== ==============
NET ASSETS................................................ 100.0% $2,892,720,581
====== ==============
NOTES TO STATEMENT OF INVESTMENTS:
(a) Variable interest rate _ subject to periodic change.
(b) These notes were acquired for investment, and not with the intent to
distribute or sell.
(c) Securities restricted as to public resale. Investments in restricted
securities with an aggregate market value of $145,000,000,
represent approximately 5.0% of net assets.
See independent accountants' review report and notes to financial
statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES APRIL 30, 1994 (UNAUDITED)
ASSETS:
<S> <C> <C>
Investments in securities, at value--Note 1(a,b)....................... $2,896,280,111
Cash................................................................... 7,182,685
Interest receivable.................................................... 16,659,137
Prepaid expenses....................................................... 655,295
--------------
2,920,777,228
LIABILITIES:
Due to The Dreyfus Corporation......................................... $ 1,209,556
Payable for investment securities purchased............................ 25,000,000
Accrued expenses....................................................... 1,847,091 28,056,647
----------- --------------
NET ASSETS............................................................... $2,892,720,581
==============
REPRESENTED BY:
Paid-in capital........................................................ $2,892,481,507
Accumulated undistributed investment income--net--Note 1(c)............. 232,714
Accumulated undistributed net realized gain on investments............. 6,360
--------------
NET ASSETS at value applicable to 2,892,481,507 outstanding shares
of Common Stock, equivalent to $1.00 per share
(25 billion shares of $.001 par value authorized)...................... $2,892,720,581
==============
STATEMENT OF OPERATIONS SIX MONTHS ENDED APRIL 30, 1994 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME........................................................ $ 54,453,050
EXPENSES:
Management fee--Note 2(a)............................................ $ 7,755,053
Shareholder servicing costs--Note 2(b)............................... 4,780,404
Prospectus and shareholders' reports................................. 159,539
Custodian fees....................................................... 135,955
Professional fees.................................................... 58,953
Registration fees.................................................... 26,230
Directors' fees and expenses--Note 2(c).............................. 19,853
Miscellaneous........................................................ 26,911
-----------
TOTAL EXPENSES..................................................... 12,962,898
--------------
INVESTMENT INCOME--NET.................................................... 41,490,152
NET REALIZED GAIN ON INVESTMENTS......................................... 6,360
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS..................... $ 41,496,512
==============
See independent accountants' review report and notes to financial
statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
OCTOBER 31, APRIL 30, 1994
1993 (UNAUDITED)
-------------- --------------
OPERATIONS:
<S> <C> <C>
Investment income--net............................................... $ 126,735,004 $ 41,490,152
Net realized gain on investments..................................... 11,727 6,360
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............... 126,746,731 41,496,512
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net................................................ (126,758,138) (41,737,708)
Net realized gain on investments..................................... (46,039) (11,727)
-------------- --------------
TOTAL DIVIDENDS.................................................... (126,804,177) (41,749,435)
-------------- --------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................ 4,453,968,130 1,889,261,605
Dividends reinvested................................................. 120,997,333 39,980,053
Cost of shares redeemed.............................................. (7,295,533,320) (2,474,344,050)
-------------- --------------
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS........... (2,720,567,857) (545,102,392)
-------------- --------------
TOTAL (DECREASE) IN NET ASSETS................................... (2,720,625,303) (545,355,315)
NET ASSETS:
Beginning of period.................................................. 6,158,701,199 3,438,075,896
-------------- --------------
End of period (including undistributed investment income--net:
$480,270 in 1993 and $232,714 in 1994)............................. $3,438,075,896 $2,892,720,581
============== ==============
See independent accountants' review report and notes to financial
statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This
information has been derived from information provided in the Fund's
financial statements.
YEAR ENDED OCTOBER 31, SIX MONTHS ENDED
-------------------------------------------------- APRIL 30, 1994
PER SHARE DATA: 1989(1) 1990 1991 1992 1993 (UNAUDITED)
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period............ $1.0000 $1.0000 $1.0000 $1.0000 $1.0001 $1.0001
------- ------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income--net.......................... .0668 .0848 .0668 .0414 .0272 .0133
Net realized gain (loss) on investments......... -- -- -- -- (.0001) --
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS.............. .0668 .0848 .0668 .0414 .0271 .0133
------- ------- ------- ------- ------- -------
DISTRIBUTIONS:
Dividends from investment income--net........... (.0668) (.0848) (.0668) (.0413) (.0271) (.0133)
Dividends from net realized gain on investments. -- -- -- -- -- --
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS.......................... (.0668) (.0848) (.0668) (.0413) (.0271) (.0133)
------- ------- ------- ------- ------- -------
Net asset value, end of period................. $1.0000 $1.0000 $1.0000 $1.0001 $1.0001 $1.0001
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN.......................... 10.00%(2) 8.81% 6.88% 4.21% 2.75% 2.70%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets........ -- .01% .23% .47% .77% .84%(2)
Ratio of net investment income to average
net assets................................... 9.43%(2) 8.44% 6.69% 4.21% 2.76% 2.67%(2)
Decrease reflected in above expense ratios due to
undertakings by the Manager.................. .82%(2) .71% .43% .21% .02% --
Net Assets, end of period (000's Omitted)...... $3,581,879 $9,336,655 $8,610,297 $6,158,701 $3,438,076 $2,892,721
- - -----------------
(1) From February 23, 1989 (commencement of operations) to
October 31, 1989.
(2) Annualized.
See independent accountants' review report and notes to financial
statements.
</TABLE>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940
("Act") as a diversified open-end management investment company. Dreyfus
Service Corporation ("Distributor") acts as the exclusive distributor of
the Fund's shares, which are sold to the public without a sales charge.
The Distributor is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager").
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio
valuation and dividend and distribution policies to enable it to do so.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost,
which has been determined by the Fund's Board of Directors to represent
the fair value of the Fund's investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Realized gain and loss
from securities transactions are recorded on the identified cost basis.
Interest income is recognized on the accrual basis. Cost of investments
represents amortized cost.
The Fund may enter into repurchase agreements with financial
institutions, deemed to be creditworthy by the Fund's Manager, subject
to the seller's agreement to repurchase and the Fund's agreement to
resell such securities at a mutually agreed upon price. Securities
purchased subject to repurchase agreements are deposited with the Fund's
custodian and, pursuant to the terms of the repurchase agreement, must
have an aggregate market value greater than or equal to the repurchase
price plus accrued interest at all times. If the value of the underlying
securities falls below the value of the repurchase price plus accrued
interest, the Fund will require the seller to deposit additional
collateral by the next business day. If the request for additional
collateral is not met, or the seller defaults on its repurchase
obligation, the Fund maintains the right to sell the underlying
securities at market value and may claim any resulting loss against the
seller.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income--net. Such dividends are paid
monthly. Dividends from net realized capital gain 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. To the extent that net realized capital gain can
be offset by capital loss carryovers, if any, it is the policy of the
Fund not to distribute such gain.
On May 2, 1994, the Fund declared a cash dividend of approximately
$.00024 per share from undistributed investment income--net which
includes investment income--net for Saturday, April 30, 1994.
(D) 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 provisions
available to certain investment companies, as defined in applicable
sections of the Internal Revenue Code, and to make distributions of
taxable income sufficient to relieve it from all, or substantially all,
Federal income taxes.
At April 30, 1994, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .50 of 1% of the
average daily value of the Fund's net assets and is payable monthly. The
Agreement provides for an expense reimbursement from the Manager should
the Fund's aggregate expenses, exclusive of taxes, brokerage, interest
on borrowings and extraordinary expenses, exceed the expense limitation
of any state having jurisdiction over the Fund for any full fiscal year.
The most stringent state expense limitation applicable to the Fund
presently requires reimbursement of expenses in any full fiscal year
that such expenses (exclusive of certain expenses as described above)
exceed 2-1/2/1% of the first $30 million, 2% of the next $70 million and
1-1/2% of the excess over $100 million of the average value of the
Fund's net assets in accordance with California "blue sky" regulations.
There was no expense reimbursement for the six months ended April 30,
1994.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund
reimburses the Distributor an amount not to exceed an annual rate of .25
of 1% of the value of the Fund's average daily net assets for servicing
shareholder accounts. 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. During the six months ended April 30, 1994, the Fund was
charged an aggregate of $1,528,686 pursuant to the Shareholder Services
Plan.
(C) Certain officers and directors of the Fund are "affiliated
persons," as defined in the Act, of the Manager and/or the Distributor.
Each director who is not an "affiliated person" receives an annual fee
of $4,500 and an attendance fee of $500 per meeting.
(D) On December 5, 1993, the Manager entered into an Agreement and
Plan of Merger (the "Merger Agreement") providing for the merger of the
Manager with a subsidiary of Mellon Bank Corporation ("Mellon").
Following the merger, it is planned that the Manager will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a
number of contingencies, including receipt of certain regulatory
approvals and approvals of the stockholders of the Manager and of
Mellon. The merger is expected to occur in mid-1994, but could occur
later.
As a result of regulatory requirements and the terms of the Merger
Agreement, the Manager will seek various approvals from the Fund's board
and shareholders before completion of the merger. Shareholder approval
will be solicited by a proxy statement.
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
REVIEW REPORT OF ERNST & YOUNG, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
We have reviewed the accompanying statement of assets and liabilities
of Dreyfus Worldwide Dollar Money Market Fund, Inc., including the
statement of investments, as of April 30, 1994, and the related
statements of operations and changes in net assets and financial
highlights for the six month period ended April 30, 1994. These
financial statements and financial highlights are the responsibility of
the Fund's management.
We conducted our review in accordance with standards established by
the American Institute of Certified Public Accountants. A review of
interim financial information consists principally of applying
analytical procedures to financial data, and making inquiries of persons
responsible for financial and accounting matters. It is substantially
less in scope than an audit conducted in accordance with generally
accepted auditing standards, which will be performed for the full year
with the objective of expressing an opinion regarding the financial
statements and financial highlights taken as a whole. Accordingly, we do
not express such an opinion.
Based on our review, we are not aware of any material modifications
that should be made to the interim financial statements and financial
highlights referred to above for them to be in conformity with generally
accepted accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year
ended October 31, 1993 and financial highlights for each of the five
years in the period ended October 31, 1993 and in our report dated
December 8, 1993, we expressed an unqualified opinion on such statement
of changes in net assets and financial highlights.
Ernst & Young
New York, New York
June 3, 1994
DREYFUS WORLDWIDE DOLLAR
MONEY MARKET FUND, INC.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
DISTRIBUTOR
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 762SA944
(Dreyfus Lion Logo)
Worldwide Dollar
Money Market
Fund, Inc.
Semi-Annual
Report
April 30, 1994
