LETTER TO SHAREHOLDERS
Dear Shareholder:
Dreyfus Worldwide Dollar Money Market Fund, Inc. operated during the past
12 months in an environment of rising interest rates. For the fiscal year
that ended October 31, 1994, the Fund's yield was 3.11%. After taking into
account the effect of compounding, this was equivalent to an annualized
effective yield of 3.15%.* The latest three-month period produced an
annualized yield of 3.87%, or an annualized effective yield of 3.94%.
In order to take best advantage of escalating interest rates, we reduced
the average maturity length of the Fund's holdings from 89 days when the
fiscal year began to about 51 days when it ended.
As we currently see the economic outlook, still higher interest rates
appear to be in the offing. You may be assured that we will manage the
portfolio to make sure that our shareholders get the benefit of this trend.
In mid-November, the Federal Reserve Board acted for the sixth time since
last February to try to head off inflation. In this latest step, the Federal
Reserve raised both the Federal Funds rate target and the discount rate by
3/4 of a percentage point.
With most economic indicators still signalling continued strength in
business activity, it is quite possible that the Federal Reserve may have to
act again, either in December or January, to cool off price and wage
pressures. In that event, we would expect still higher interest rates which,
of course, would produce still higher yields for short-term investments such
as those purchased by money market funds.
Assuming the U.S. economy continues to expand, prices for raw materials
and finished goods are likely to be pushed upwards. At the same time, an
expansionary business environment would create more demand for credit.
Simultaneously, economic expansion is going forward in Western Europe and in
the Far East. We can also expect to see new credit demands to support
business expansion in the emerging economies of Asia, Latin America and the
former Soviet Union.
In our view, these pressures on the credit supply are bound to affect
short-term rates as time goes on. Hence, we believe that assets kept in money
market funds will continue to be rewarding for the foreseeable future.
We thank you for your confidence in Dreyfus and will continue using our
best efforts to earn you good returns on your cash-equivalent investments.
Sincerely,
(logo signature)
For The Dreyfus Corporation
Joseph S. DiMartino
President
November 18, 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 OCTOBER 31, 1994
PRINCIPAL
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT-37.3% AMOUNT VALUE
-------------- -------------
<S> <C> <C>
ABN-AMRO Bank N.V. (Yankee)
5.40%, 1/19/95.................................................... $ 15,000,000 $ 14,993,298
Bank of Tokyo Ltd. (Yankee)
5.25%-5.52%, 1/5/95-2/15/95....................................... 75,000,000 75,000,000
Banque Indosuez (London)
3.63%-4.97%, 12/19/94-1/31/95..................................... 40,000,000 40,000,352
Commerzbank AG (Yankee)
5.14%, 1/6/95..................................................... 50,000,000 49,996,213
Dai-Ichi Kangyo Bank Ltd. (London)
4.83%, 12/12/94................................................... 27,000,000 26,998,566
Dai-Ichi Kangyo Bank Ltd. (Yankee)
4.75%-5.03%, 11/15/94-12/28/94.................................... 80,000,000 79,997,744
Industrial Bank of Japan Ltd. (London)
4.90%-5.54%, 12/6/94-1/24/95...................................... 40,000,000 39,999,968
Industrial Bank of Japan Ltd. (Yankee)
3.75%-4.94%, 12/15/94-2/3/95...................................... 75,000,000 75,000,000
Mitsubishi Bank Ltd. (Yankee)
4.90%-5.22%, 11/30/94-12/30/94.................................... 50,000,000 50,000,000
Norinchukin Bank (London)
3.65%-4.94%, 12/15/94-1/30/95..................................... 75,000,000 74,998,096
Norinchukin Bank (Yankee)
4.96%, 12/19/94................................................... 25,000,000 24,999,843
Sanwa Bank Ltd. (Yankee)
5.12%-5.52%, 1/23/95-3/20/95...................................... 65,000,000 65,000,000
Societe Generale (Yankee)
4.98%-5.17%, 12/29/94-1/12/95..................................... 70,000,000 70,001,676
Sumitomo Bank Ltd. (London)
5.19%-5.30%, 1/20/95-2/15/95...................................... 75,000,000 74,989,151
Sumitomo Bank Ltd. (Yankee)
4.92%-5.05%, 12/12/94-1/5/95...................................... 50,000,000 50,000,000
SwedBank (Yankee)
3.88%-5.02%, 12/13/94-1/5/95...................................... 110,000,000 110,000,000
---------------
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT (cost $921,974,907)..... $ 921,974,907
===============
BANKERS' ACCEPTANCES-2.5%
Bank of Tokyo Ltd. (Yankee)
4.99%-5.45%, 12/16/94-1/27/95..................................... $ 34,200,000 $ 33,922,786
Dai-Ichi Kangyo Bank Ltd. (Yankee)
4.85%-4.99%, 12/15/94-12/20/94.................................... 13,000,000 12,918,613
Industrial Bank of Japan Ltd. (Yankee)
5.07%, 1/17/95.................................................... 5,050,000 4,996,533
Sanwa Bank Ltd. (Yankee)
4.85%, 12/21/94................................................... 10,100,000 10,033,649
---------------
TOTAL BANKERS' ACCEPTANCES (cost $61,871,581)......................... $ 61,871,581
===============
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1994
PRINCIPAL
COMMERCIAL PAPER-34.7% AMOUNT VALUE
-------------- -------------
CS First Boston Inc.
5.08%, 12/23/94................................................... $ 25,000,000 $ 24,820,708
Central Hispano North American Capital Corp.
4.78%, 12/13/94................................................... 25,000,000 24,864,083
Den Danske Corp. Inc.
4.96%, 12/28/94................................................... 25,000,000 24,806,833
Ford Motor Credit Co.
4.88%, 11/22/94................................................... 75,000,000 74,790,000
General Electric Capital Corp.
5.12%, 1/26/95.................................................... 25,000,000 24,700,792
General Electric Capital Services Inc.
4.81%-5.16%, 12/7/94-1/24/95...................................... 55,000,000 54,530,400
General Motors Acceptance Corp.
4.93%-5.00%, 11/3/94-12/20/94..................................... 130,000,000 129,549,553
Generale Bank Inc.
5.23%, 1/13/95.................................................... 25,000,000 24,739,431
ITT Financial Corp.
4.96%, 11/21/94................................................... 25,000,000 24,931,944
Lehman Brothers Holdings Inc.
5.03%-5.21%, 12/21/94-1/11/95..................................... 129,000,000 127,804,435
Merrill Lynch & Co. Inc.
5.10%-5.21%, 1/10/95-1/17/95...................................... 50,000,000 49,486,326
NYNEX Corp.
5.13%-5.60%, 1/17/95-2/28/95...................................... 60,000,000 59,182,860
PaineWebber Group Inc.
5.13%, 1/5/95..................................................... 30,000,000 29,728,083
Repsol International Finance B.V.
5.02%, 12/13/94................................................... 25,000,000 24,856,500
Salomon Inc.
5.37%, 12/27/94................................................... 5,000,000 4,958,778
Sears Roebuck Acceptance Corp.
5.45%, 1/25/95-1/26/95............................................ 120,000,000 118,473,021
SwedBank Inc.
3.59%, 11/1/94.................................................... 15,000,000 15,000,000
Woolwich Building Society
5.00%, 12/23/94................................................... 20,000,000 19,857,867
---------------
TOTAL COMMERCIAL PAPER (cost $857,081,614)............................ $ 857,081,614
===============
CORPORATE NOTES-1.8%
General Electric Capital Corp.
3.54%, 1/19/95.................................................... $ 20,000,000 $ 19,997,186
Merrill Lynch & Co. Inc.
5.33%, 1/12/95 (a)................................................ 15,000,000 15,000,000
Westdeutsche Landesbank Girozentrale
3.75%, 1/11/95 ................................................... 10,000,000 9,997,899
---------------
TOTAL CORPORATE NOTES (cost $44,995,085).............................. $ 44,995,085
===============
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1994
PRINCIPAL
PROMISSORY NOTES-2.0% AMOUNT VALUE
-------------- -------------
Goldman Sachs Group L.P.
5.68%, 2/21/95
(cost $50,000,000) (b,c).......................................... $ 50,000,000 $ 50,000,000
===============
SHORT-TERM BANK NOTES-4.1%
FCC National Bank (Delaware)
5.29%, 3/14/95 (a)................................................ $ 50,000,000 $ 49,990,840
Huntington National Bank
3.67%, 1/10/95.................................................... 25,000,000 25,001,620
Northern Trust Co.
3.71%, 12/30/94................................................... 10,000,000 9,997,742
PNC Bank N.A.
3.69%, 1/20/95.................................................... 15,000,000 14,995,496
---------------
TOTAL SHORT-TERM BANK NOTES (cost $99,985,698)........................ $ 99,985,698
===============
U.S. GOVERNMENT AGENCY-8.1%
Federal National Mortgage Association,
Consolidated Systemwide, Floating Rate Notes
5.23%-5.34%, 2/14/97-2/18/97 (a)
TOTAL U.S. GOVERNMENT AGENCIES (cost $200,000,000).................... $ 200,000,000 $ 200,000,000
===============
TIME DEPOSITS-8.4%
Fleet Bank of New York (Grand Cayman)
4.81%, 11/1/94.................................................... $ 90,000,000 $ 90,000,000
Republic National Bank of New York (London)
4.75%, 11/1/94.................................................... 26,815,000 26,815,000
Society National Bank (Grand Cayman)
4.81%, 11/1/94.................................................... 90,000,000 90,000,000
---------------
TOTAL TIME DEPOSITS (cost $206,815,000)............................... $ 206,815,000
===============
TOTAL INVESTMENTS (cost $2,442,723,885).................... 98.9% $2,442,723,885
===== ==============
CASH AND RECEIVABLES (NET)................................. 1.1% $ 26,643,208
===== ==============
NET ASSETS .......................................... 100.0% $2,469,367,093
===== ==============
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Variable interest rate-subject to periodic change.
(b) This note was acquired for investment, and not with the intent to
distribute or sell.
(c) Security restricted as to public resale. This security was acquired
on 10/24/94 at a cost of par value. At October 31, 1994, the aggregate
value of this security is $50 million representing approximately 2.0% of
net assets and are valued at amortized cost.
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES OCTOBER 31, 1994
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $2,442,723,885
Cash.................................................................... 11,815,927
Interest receivable..................................................... 16,914,493
Prepaid expenses........................................................ 557,471
--------------
2,472,011,776
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $1,054,563
Accrued expenses........................................................ 1,590,120 2,644,683
----------- -------------
NET ASSETS ................................................................ $2,469,367,093
==============
REPRESENTED BY:
Paid-in capital........................................................ $2,469,360,733
Accumulated undistributed net realized gain on investments.............. 6,360
--------------
NET ASSETS at value applicable to 2,469,360,733 shares outstanding
(25 billion shares of $.001 par value authorized)....................... $2,469,367,093
==============
NET ASSET VALUE, offering and redemption price per share
($2,469,367,093 / 2,469,360,733 shares)................................. $1.00
=====
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF OPERATIONS OCTOBER 31, 1994
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $113,035,606
EXPENSES:
Management fee-Note 2(a)............................................. $14,461,203
Shareholder servicing costs-Note 2(b)................................. 8,856,221
Prospectus and shareholders' reports.................................. 353,320
Custodian fees........................................................ 230,864
Professional fees..................................................... 97,926
Registration fees..................................................... 77,455
Directors' fees and expenses-Note 2(c)................................ 39,688
Miscellaneous......................................................... 136,991
----------
TOTAL EXPENSES.................................................... 24,253,668
------------
INVESTMENT INCOME-NET...................................................... 88,781,938
NET REALIZED GAIN ON INVESTMENTS-Note 1(b)................................. 6,360
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 88,788,298
==============
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED OCTOBER 31,
--------------------------------
1993 1994
-------------- -------------
<S> <C> <C>
OPERATIONS:
Investment income-net................................................... $ 126,735,004 $ 88,781,938
Net realized gain on investments........................................ 11,727 6,360
-------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 126,746,731 88,788,298
-------------- -------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net................................................... (126,758,138) (89,262,208)
Net realized gain on investments........................................ (46,039) (11,727)
-------------- -------------
TOTAL DIVIDENDS....................................................... (126,804,177) (89,273,935)
-------------- -------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................... 4,453,968,130 3,271,773,072
Dividends reinvested.................................................... 120,997,333 85,485,478
Cost of shares redeemed................................................. (7,295,533,320) (4,325,481,716)
-------------- -------------
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS.............. (2,720,567,857) (968,223,166)
-------------- -------------
TOTAL (DECREASE) IN NET ASSETS.................................... (2,720,625,303) (968,708,803)
NET ASSETS:
Beginning of year....................................................... 6,158,701,199 3,438,075,896
-------------- -------------
End of year (including undistributed investment income-net;
$480,270 in 1993)..................................................... $3,438,075,896 $2,469,367,093
============== ==============
</TABLE>
See notes to financial statements.
<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 year indicated. This information
has been derived from the Fund's financial statements.
YEAR ENDED OCTOBER 31,
---------------------------------------------------------
PER SHARE DATA: 1990 1991 1992 1993 1994
------- ------- ------- ------ -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year........... $1.0000 $1.0000 $1.0000 $1.0001 $1.0001
------- ------- ------- ------ -------
INVESTMENT OPERATIONS:
Investment income-net....................... .0848 .0668 .0414 .0272 .0311
Net realized gain (loss) on investments...... -- -- -- (.0001) .0001
------- ------- ------- ------ -------
TOTAL FROM INVESTMENT OPERATIONS........... .0848 .0668 .0414 .0271 .0312
------- ------- ------- ------ -------
DISTRIBUTIONS:
Dividends from investment income-net........ (.0848) (.0668) (.0413) (.0271) (.0313)
Dividends from net realized gain on investments -- -- -- -- --
------- ------- ------- ------ -------
TOTAL DISTRIBUTIONS........................ (.0848) (.0668) (.0413) (.0271) (.0313)
------- ------- ------- ------ -------
Net asset value, end of year................. $1.0000 $1.0000 $1.0001 $1.0001 $1.0000
======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN 8.81% 6.88% 4.21% 2.75% 3.17%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... .01% .23% .47% .77% .84%
Ratio of net investment income to average net assets 8.44% 6.69% 4.21% 2.76% 3.07%
Decrease reflected in above expense ratios due to
undertakings by the Manager................ .71% .43% .21% .02% --
Net Assets, end of year (000's Omitted)...... $9,336,655 $8,610,297 $6,158,701 $3,438,076 $2,469,367
See notes to financial statements.
</TABLE>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS
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, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares, which are sold to the public without a sales charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a subsidiary of
Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
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. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value of $1.00.
(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.
(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 gains 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 gains can be offset by capital loss
carryovers, if any, it is the policy of the Fund not to distribute such gain.
(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 applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
At October 31, 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% 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 year ended
October 31, 1994.
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation 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 year ended
October 31, 1994, the Fund was charged an aggregate of $3,090,528 pursuant to
the Shareholder Services Plan.
(C) Prior to August 24, 1994 certain officers and directors of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each director who is not an "affiliated person"
receives an annual fee of $4,500 and an attendance fee of $500 per meeting.
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
We have audited the accompanying statement of assets and liabilities of
Dreyfus Worldwide Dollar Money Market Fund, Inc., including the statement of
investments, as of October 31, 1994, and the related statement of operations
for the year then ended, the statement of changes in net assets for each of
the two years in the period then ended, and financial highlights for each of
the years indicated therein. These financial statements and financial
highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of October 31, 1994 by correspondence with the custodian.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus Worldwide Dollar Money Market Fund, Inc. at October 31,
1994, 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 years, in conformity with
generally accepted accounting principles.
Ernst & Young LLP Signature
New York, New York
December 5, 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
CUSTODIAN
The Bank of New York
90 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. DWWAR9410
Worldwide Dollar
Money Market
Fund, Inc.
Annual Report
October 31, 1994
