DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to inform you that Dreyfus Worldwide Dollar Money Market
Fund, Inc. provided an annualized yield of 4.91% for its latest semi-annual
fiscal period, the six months ended April 30, 1996. Taking into account the
effect of compounding, the annualized effective yield was 5.03%.*
During this period, the money market was affected by volatility both in
the general U.S. economy and in the money markets.
ECONOMIC REVIEW
Several key U.S. economic indicators have rebounded in recent months,
implying that the economic slowdown that began in early 1995 may be ending.
However, overall corporate profit growth is slowing this year. The shift to
somewhat faster economic growth is promoting inflation fears and raising bond
yields. Higher bond yields have caused the yield curve to steepen, a
condition that usually favors continued economic growth. Hence, although this
is the sixth expansion year for this business cycle, we believe that it will
prove a long cycle.
The U.S. economy grew 2.1% in 1995, and sequential economic shocks since
September threatened to keep it slow in 1996 too. But the underlying trend of
the economy proved resilient and real Gross Domestic Product rebounded 2.8%
in the first quarter. In recent months, steady job creation has supported
faster growth in real consumer incomes and spending. Home sales are at high
levels, and capital spending remains robust. Moreover, inventories are now
quite lean. Lean inventories when demand is rising typically stimulate a
period of somewhat faster economic growth, though this may not translate into
continued fast growth of profits.
An imbalance caused by rising demand and low inventories has begun to
affect reported inflation. This symptom is currently most pronounced in the
oil sector, but the strength in overall consumer demand is reigniting fears
of yet higher future inflation. Thus, bond yields have risen substantially
since January. By contrast, short-term market rates have risen only
marginally, held stable by the steadiness of the Federal Funds rate.
Surviving the midcycle growth slowdown that prevailed in 1995 raises the
odds that economic expansion can be sustained. A key concern going forward is
whether faster growth will reignite inflation. Higher inflation, if it
occurs, would justify a tighter monetary policy by the Federal Reserve Board.
THE MONEY MARKET
The money market has undergone a sea change in the past six months. As
the latest fiscal half-year began, interest rates were declining, propelled
by Federal Reserve Board moves to ease credit and by some doubts about the
vigor of the economy.
Toward the end of the reporting period, however, that environment changed
markedly. In February, the Federal Reserve took no further action to loosen
credit. Then came a series of economic reports that indicated that the
economy was picking up speed. Some commodity prices, notably grains and
gasoline, rose sharply. Next were a series of Labor Department reports
indicating a tightening of the labor market. Will this be followed by upward
pressure on wages, and then on consumer price levels?
Without any action by the Federal Reserve, the credit markets themselves
pushed up interest rates, particularly for long-term debt. As this letter is
written, 30-year Treasury bonds command more than 7%
yields. Short-term rates, represented by the money market, have not climbed
as much, but inevitably they have increased somewhat. Thus money market
investments have become more attractive.
With so many cross currents at work, we will not venture to predict the
course of short-term yields for the immediate future. The markets clearly
don't expect the Federal Reserve to resume its series of cuts in short-term
rates. However, the reverse - an increase in rates - must, in our opinion,
now be considered a distinct possibility.
PORTFOLIO STRATEGY
In this atmosphere, we intend to continue a flexible policy that will
permit us to adjust to whatever trend appears to be dominating the markets.
We view the markets as very fluid at present, with sudden changes of
direction possible at any time. Thus we intend to remain vigilant and ready
to make changes in strategy as the situation may require. With such a
posture, we intend as always to continue providing you with competitive
returns on your cash assets.
Very truly yours,
[Patricia A. Larkin signature logo]
Patricia A. Larkin
Senior Portfolio Manager
May 10, 1996
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, 1996 (UNAUDITED)
PRINCIPAL
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT-23.6% AMOUNT VALUE
________ ________
<S> <C> <C>
Bank of Tokyo Ltd. (London)
5.31%, 5/7/96........................................................... $ 50,000,000 $ 49,999,980
Bayerische Vereinsbank AG (Yankee)
5.20%-5.38%, 1/29/97-2/24/97............................................ 99,000,000 99,000,000
Canadian Imperial Bank of Commerce (Yankee)
5.91%, 5/9/97........................................................... 60,000,000 60,000,000
Dai-Ichi Kangyo Bank Ltd. (London)
5.30%-5.56%, 5/8/96-5/20/96............................................. 57,000,000 57,000,527
Industrial Bank of Japan Ltd. (Yankee)
5.50%-5.70%, 8/23/96-1/7/97............................................. 27,000,000 27,000,000
Mitsubishi Bank Ltd. (London)
5.44%, 5/1/96........................................................... 30,000,000 30,000,000
Sanwa Bank Ltd. (London)
5.30%-5.56%, 5/7/96-5/8/96.............................................. 37,000,000 36,999,047
Sanwa Bank Ltd. (Yankee)
5.51%, 7/8/96........................................................... 6,000,000 5,997,700
Sumitomo Bank Ltd. (London)
5.27%, 5/2/96........................................................... 25,000,000 25,000,053
Sumitomo Bank Ltd. (Yankee)
5.48%-5.59%, 7/11/96-10/29/96........................................... 50,000,000 50,008,916
SwedBank (Yankee)
5.30%, 6/26/96.......................................................... 25,000,000 25,000,000
Union Bank of California, N.A.
5.05%, 7/22/96.......................................................... 25,000,000 25,000,000
_______
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $491,006,223)..................................................... $ 491,006,223
=======
BANKERS' ACCEPTANCES-4.1%
Dai-Ichi Kangyo Bank Ltd. (Yankee)
5.52%, 10/21/96......................................................... $ 5,000,000 $ 4,870,971
Industrial Bank of Japan Ltd. (Yankee)
5.50%-5.61%, 9/16/96-9/23/96............................................ 74,700,000 73,120,859
Sanwa Bank Ltd. (Yankee)
5.50%, 7/16/96.......................................................... 7,000,000 6,920,200
_______
TOTAL BANKERS' ACCEPTANCES (cost $84,912,030)............................... $ 84,912,030
=======
COMMERCIAL PAPER-12.3%
Bankers Trust New York Corp.
5.42%, 7/8/96........................................................... $ 50,000,000 $ 49,501,806
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1996 (UNAUDITED)
PRINCIPAL
COMMERCIAL PAPER (CONTINUED) AMOUNT VALUE
________ ________
Bear Stearns Companies Inc.
5.80%, 7/22/96.......................................................... $ 20,000,000 $ 19,746,711
Den Danske Corp. Inc.
5.51%, 6/14/96.......................................................... 25,000,000 24,836,222
General Motors Acceptance Corp.
5.42%-5.59%, 6/13/96-12/27/96........................................... 49,000,000 48,245,731
Lehman Brothers Holdings Inc.
5.53%, 9/16/96.......................................................... 15,000,000 14,690,650
Spintab AB
5.45%, 7/17/96.......................................................... 25,000,000 24,713,389
UBS Finance (Delaware) Inc.
5.35%, 5/1/96........................................................... 75,000,000 75,000,000
_______
TOTAL COMMERCIAL PAPER (cost $256,734,509).................................. $ 256,734,509
=======
CORPORATE NOTES-18.2%
Abbey National PLC
5.22%, 3/17/97.......................................................... $ 100,000,000 $ 99,907,162
Bear Stearns Companies Inc.
5.40%-5.58%, 7/11/96-11/18/96 (a) ...................................... 65,000,000 65,000,000
General Electric Capital Corp.
5.40%, 5/15/96 (a) ..................................................... 30,000,000 30,000,000
Lehman Brothers Holdings Inc.
4.94%-5.75%, 1/6/97-3/17/97............................................. 83,500,000 83,934,082
Merrill Lynch & Co. Inc.
5.47%, 5/13/97 (a) ..................................................... 50,000,000 49,990,017
PHH Corp.
5.45%, 6/27/96 (a) ..................................................... 50,000,000 49,997,752
_______
TOTAL CORPORATE NOTES (cost $378,829,013)................................... $ 378,829,013
=======
PROMISSORY NOTES-4.3%
Goldman Sachs Group L.P.
5.55%-5.60%, 5/9/96-11/27/96 (b,c)
(cost $89,000,000)...................................................... $ 89,000,000 $ 89,000,000
=======
SHORT-TERM BANK NOTES-11.1%
Comerica Bank
5.36%, 2/14/97 (a) ..................................................... $ 50,000,000 $ 49,972,983
First National Bank of Boston
5.35%-5.52%, 6/7/96-12/4/96 (a) ........................................ 80,000,000 79,999,753
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) APRIL 30, 1996 (UNAUDITED)
PRINCIPAL
SHORT-TERM BANK NOTES (CONTINUED) AMOUNT VALUE
________ ________
Morgan Guaranty Trust Co.
5.50%, 1/8/97........................................................... $ 75,000,000 $ 75,000,000
PNC Bank N.A.
5.39%, 7/29/96 (a) ..................................................... 25,000,000 24,998,917
_______
TOTAL SHORT-TERM BANK NOTES (cost $229,971,653)............................. $ 229,971,653
=======
U.S. GOVERNMENT AGENCIES-17.8%
Federal Home Loan Banks , Floating Rate Notes
5.41%, 1/26/98 (a)...................................................... $ 20,000,000 $ 20,036,401
Federal National Mortgage Association, Floating Rate Notes
5.32%-5.85%, 12/16/96-2/18/97 (a)....................................... 350,000,000 349,969,608
_______
TOTAL U.S. GOVERNMENT AGENCIES (cost $370,006,009).......................... $ 370,006,009
=======
TIME DEPOSITS-7.8%
Berliner Handels-und Frankforter Bank (Grand Cayman)
5.37%, 5/1/96........................................................... $ 87,619,000 $87,619,000
First Union National Bank of North Carolina (Nassau)
5.34%, 5/1/96........................................................... 75,000,000 75,000,000
_______
TOTAL TIME DEPOSITS (cost $162,619,000)..................................... $ 162,619,000
=======
TOTAL INVESTMENTS
(cost $2,063,078,437).......................................... 99.2% $2,063,078,437
==== =======
CASH AND RECEIVABLES (NET)....................................... .8% $ 17,169,376
==== =======
NET ASSETS .............................................. ..... 100.0% $2,080,247,813
==== =======
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. These securities were
acquired from 1/10/96-4/23/96 at a cost of par value. At April 30, 1996,
the aggregate value of these securities is $89,000,000 representing
approximately 4.3% of net assets and are valued at amortized cost.
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, 1996 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $2,063,078,437
Cash.................................................................... 6,713,191
Interest receivable..................................................... 12,317,643
Prepaid expenses........................................................ 419,622
_______
2,082,528,893
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $1,260,232
Accrued expenses........................................................ 1,020,848 2,281,080
_____ _______
NET ASSETS.................................................................. $2,080,247,813
=======
REPRESENTED BY:
Paid-in capital......................................................... $2,080,473,226
Accumulated net realized (loss) on investments.......................... (225,413)
_______
NET ASSETS at value applicable to 2,080,473,226 outstanding shares
of Common Stock, equivalent to $1.00 per share
(25 billion shares of $.001 par value authorized)....................... $2,080,247,813
=======
STATEMENT OF OPERATIONS SIX MONTHS ENDED APRIL 30, 1996 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 59,478,765
EXPENSES:
Management fee-Note 2(a).............................................. $5,147,305
Shareholder servicing costs-Note 2(b)................................. 3,235,682
Custodian fees........................................................ 88,605
Prospectus and shareholders' reports.................................. 87,080
Registration fees..................................................... 60,576
Professional fees..................................................... 49,459
Directors' fees and expenses-Note 2(c)................................ 36,321
_____
TOTAL EXPENSES.................................................. 8,705,028
_______
INVESTMENT INCOME-NET....................................................... 50,773,737
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b)................................ (142,340)
_______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 50,631,397
=======
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, 1996
1995 (UNAUDITED)
_________ __________
<S> <C> <C>
OPERATIONS:
Investment income-net............................................. $ 114,642,372 $ 50,773,737
Net realized (loss) on investments................................ (83,073) (142,340)
________ _______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ 114,559,299 50,631,397
________ _______
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net............................................. (114,642,372) (50,773,737)
Net realized gain on investments.................................. (6,360) -
________ _______
TOTAL DIVIDENDS................................................. (114,648,732) (50,773,737)
________ _______
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold..................................... 3,339,732,223 1,922,464,404
Dividends reinvested.............................................. 109,658,929 48,456,351
Cost of shares redeemed........................................... (3,813,307,580) (1,995,891,834)
________ _______
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS........ (363,916,428) (24,971,079)
________ _______
TOTAL (DECREASE) IN NET ASSETS.............................. (364,005,861) (25,113,419)
NET ASSETS:
Beginning of period............................................... 2,469,367,093 2,105,361,232
________ _______
End of period..................................................... $ 2,105,361,232 $ 2,080,247,813
======== =======
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 the Fund's financial statements.
SIX MONTHS ENDED
YEAR ENDED OCTOBER 31, APRIL 30, 1996
__________________________________________________
PER SHARE DATA: 1991 1992 1993 1994 1995 (UNAUDITED)
____ ____ ____ ____ ____ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
____ ____ ____ ____ ____ ____
INVESTMENT OPERATIONS;
Investment income-net................. .067 .041 .027 .031 .052 .025
____ ____ ____ ____ ____ ____
DISTRIBUTIONS;
Dividends from investment income-net.. (.067) (.041) (.027) (.031) (.052) (.025)
____ ____ ____ ____ ____ ____
Net asset value, end of period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==== ==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN................... 6.88% 4.21% 2.75% 3.17% 5.33% 4.97%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .23% .47% .77% .84% .86% .84%*
Ratio of net investment income to
average net assets.................. 6.69% 4.21% 2.76% 3.07% 5.20% 4.92%*
Decrease reflected in above expense ratios
due to undertakings by the Manager.. .43% .21% .02% - - -
Net Assets, end of period (000's Omitted) $8,610,297 $6,158,701 $3,438,076 $2,469,367 $2,105,361 $2,080,248
* 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:
Dreyfus Worldwide Dollar Money Market Fund, Inc. (the "Fund") is
registered under the Investment Company Act of 1940 ("Act") as a diversified
open-end management investment company. The Fund's investment objective is to
provide investors with as high a level of current income as is consistent
with the preservation of capital and the maintenance of liquidity. The
Dreyfus Corporation ("Manager") serves as the Fund's investment adviser. The
Manager is a direct subsidiary of Mellon Bank, N.A. Premier Mutual Fund
Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares, which are sold to the public without a sales charge.
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 gain, if any, are normally declared and
paid annually, but the Fund may make distributions on a more frequent basis
to comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
(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.
The Fund has an unused capital loss carryover of approximately $83,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to October 31, 1995. If not
applied, the carryover expires in fiscal 2003.
At April 30, 1996, 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 value
of the Fund's average daily 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
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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 six months ended April 30, 1996.
The Manager has undertaken from June 1, 1995 through October 31, 1997, to
reduce the management fee paid by the Fund, to the extent that the Fund's
aggregate expenses (exclusive of certain expenses as described above), exceed
an annual rate of .75 of 1% of the value of the Fund's average daily net
assets.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for certain allocated expenses of providing personal
services and/or maintaining 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, 1996, the Fund was charged an aggregate
of $1,312,222 pursuant to the Shareholder Services Plan.
Effective December 1, 1995, the Fund compensates Dreyfus Transfer, Inc.,
a wholly-owned subsidiary of the Manager, under a transfer agency agreement
for providing personnel and facilities to perform transfer agency services
for the Fund. Such compensation amounted to $991,424 for the period from
December 1, 1995 through April 30, 1996.
(C) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $4,500 and an attendance fee of $500
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
REVIEW REPORT OF ERNST & YOUNG LLP, 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, 1996, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended April 30, 1996. 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, 1995 and financial highlights for each of the five years in the
period ended October 31, 1995 and in our report dated November 30, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst and Young LLP signature logo]
New York, New York
May 29, 1996
[Dreyfus lion "d" logo]
DREYFUS WORLDWIDE DOLLAR
MONEY MARKET FUND, INC.
200 Park Avenue
New York, NY 10166
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
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. DWWSA964
[Dreyfus logo]
Worldwide Dollar
Money Market
Fund, Inc.
Semi-Annual Report
April 30, 1996
