<PAGE>
Dreyfus
Worldwide Dollar
Money Market
Fund, Inc.
Annual Report
October 31, 1995
<PAGE>
Letter to Shareholders
- ---------------------------------------------------------------------------
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus Worldwide
Dollar Money Market Fund, Inc. For its annual reporting period ended October
31, 1995, your Fund provided a yield of 5.20%. This is equivalent to an
effective yield after compounding of 5.33%.*
THE ECONOMY
Concerns about lagging economic growth prompted the Federal Reserve Board
to ease the Federal Funds rate (the rate at which commercial banks trade
overnight reserves) in July. Both short-term and long-term interest rates
have fallen over the 12-month reporting period. To be sure, economic
indicators remain mixed and several factors are likely to influence the
Federal Reserve as it evaluates the continuing flow of economic information.
A weaker than normal economic recovery may be tolerated by the Federal
Reserve, but it does not want to run the risk of recession, especially as we
enter a Presidential election year.
During times of business uncertainty, attention often shifts to the
consumer sector of the economy, more particularly regarding the consumer's
ability to spend. Here there are some indications that consumers are being
pinched. Corporations have succeeded in paring their cost of doing business,
and with this reduction in overhead, bottom line profits have grown
dramatically. Little of this corporate prosperity, however, has spilled over
into the consumer sector of the economy. Wages and salaries grew less than 3%
over the past year, not even keeping pace with inflation. An additional
consumer concern: new job creation is running at the slowest pace of the
post-World War II era. Recent retail sales reports were the weakest since
June 1991 when the economy was in recession. Also, there is concern that the
upcoming Holiday season could be weaker than previously anticipated for
retailers, since debt-burdened consumers may spend cautiously.
Yet, there are also some signs of continued growth. Despite the above
indications of a potential slowdown in consumer spending, measures of
consumer confidence remain high. Business investment in durable equipment
when calculated as a percentage of Gross Domestic Product ("GDP") is at a
35-year high with no sign of letup. Providing additional confidence is the
fact that the four-and-a-half year recovery has been well-balanced: corporate
debt issuance has been moderate and the banking system is not overburdened.
PORTFOLIO
Your Fund was managed in this environment of declining rates during the
fiscal year ended October 31, 1995. In an attempt to maintain a higher yield
for a longer period of time, the Fund's average maturity has been extended.
The mid-November agreement between Congress and the White House on the
framework for a budget agreement could lead to another lowering of interest
rates by the Federal Reserve, assuming of course that the two parties can
negotiate a final deficit-reduction agreement.
The longer average maturities of the Fund's portfolio securities provide
shareholders with a somewhat higher income than would be the case with
shorter average maturities. Our strategy is necessarily flexible and will be
changed promptly if we detect a significant shift in the interest rate
outlook.
<PAGE>
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope
you find them informative. Please know that we appreciate greatly your
continued confidence in the Fund and in The Dreyfus Corporation.
Very truly yours,
Patricia A. Larkin
Portfolio Manager
November 15, 1995
New York, N.Y.
*Effective yield is based upon dividends declared daily and reinvested
monthly.
<PAGE>
Dreyfus Worldwide Dollar Money Market Fund, Inc.
- ------------------------------------------------------------------------
Statement of Investments October 31, 1995
<TABLE>
<CAPTION>
Principal
Negotiable Bank Certificates of Deposit--28.7% Amount Value
- ---------------------------------------------------------------------- ------------ --------------
<S> <C> <C>
Bank of Tokyo Ltd. (Yankee)
6.02%, 12/27/95.................................................... $ 5,000,000 $ 4,999,694
Bayerische Vereinsbank AG (London)
6.03%, 7/18/96..................................................... 55,000,000 55,000,000
Canadian Imperial Bank of Commerce (London)
6.04%, 8/14/96..................................................... 50,000,000 50,000,000
Commerzbank AG (London)
6%, 11/29/96....................................................... 20,000,000 20,000,000
Dai-Ichi Kangyo Bank Ltd. (Yankee)
6.21%-6.44%, 1/12/96-1/29/96....................................... 65,000,000 64,997,654
Deutsche Bank AG (London)
6.11%, 8/16/96..................................................... 50,000,000 50,000,000
Industrial Bank of Japan Ltd. (Yankee)
5.87%-6.12%, 1/8/96-2/14/96........................................ 75,000,000 75,000,000
Mitsubishi Bank Ltd. (London)
5.9%-5.95%, 11/24/95-12/27/95...................................... 33,000,000 33,000,817
Mitsubishi Bank Ltd. (Yankee)
6%-6.57%, 12/18/95-1/10/96......................................... 30,000,000 30,012,195
Sanwa Bank Ltd. (London)
6.04%, 2/20/96..................................................... 10,000,000 10,000,302
Sanwa Bank Ltd. (Yankee)
5.83%-6.03%, 11/10/95-2/15/96...................................... 86,000,000 86,000,772
Societe Generale (London)
6.08%, 8/15/96..................................................... 25,000,000 25,000,000
Sumitomo Bank Ltd. (Yankee)
5.84%-6.12%, 1/2/96-2/14/96........................................ 100,000,000 100,000,000
--------------
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $604,011,434)................................................ $ 604,011,434
--------------
--------------
Bankers' Acceptances--5.5%
- ----------------------------------------------------------------------
Bank of Tokyo Ltd. (Yankee)
5.83%-5.90%, 11/6/95-2/2/96........................................ $ 95,000,000 $ 93,949,959
Dai-Ichi Kangyo Bank Ltd. (Yankee)
5.89%, 11/6/95-11/22/95............................................ 23,000,000 22,958,169
--------------
TOTAL BANKERS' ACCEPTANCES (cost $116,908,128)......................... $ 116,908,128
--------------
--------------
Commercial Paper--25.8%
- ----------------------------------------------------------------------
American Home Products Corp.
5.80%, 11/21/95.................................................... $ 80,500,000 $ 80,241,505
Bankers Trust New York Corp.
5.81%, 3/15/96..................................................... 40,000,000 39,154,000
Bear Stearns Companies Inc.
5.77%-5.80%, 12/8/95-7/22/96....................................... 35,000,000 34,096,195
Chrysler Financial Corp.
6.04%, 11/1/95..................................................... 30,000,000 30,000,000
</TABLE>
<PAGE>
Dreyfus Worldwide Dollar Money Market Fund, Inc.
- ---------------------------------------------------------------------
Statement of Investments (continued) October 31, 1995
<TABLE>
<CAPTION>
Principal
Commercial Paper (continued) Amount Value
- ---------------------------------------------------------------------- ------------ --------------
<S> <C> <C>
Ciesco L.P.
6.23%, 11/8/95..................................................... $ 4,000,000 $ 3,995,310
Den Danske Corp. Inc.
5.75%, 11/17/95.................................................... 50,000,000 49,872,889
Ford Motor Credit Co.
6.33%, 1/9/96...................................................... 25,000,000 24,710,104
General Electric Capital Corp.
5.75%, 11/20/95.................................................... 25,000,000 24,924,528
General Motors Acceptance Corp.
5.81%, 11/22/95.................................................... 25,000,000 24,915,854
Merrill Lynch & Co. Inc.
6.19%, 2/2/96...................................................... 25,000,000 24,617,667
Mitsubishi Motor Credit of America Inc.
6.06%, 1/19/96 (a)................................................. 10,000,000 9,869,431
Spintab AB
5.84%-5.87%, 1/23/96-3/27/96....................................... 101,000,000 98,984,487
SwedBank Inc.
5.82%-5.88%, 12/13/95-1/22/96...................................... 100,000,000 99,012,875
--------------
TOTAL COMMERCIAL PAPER (cost $544,394,845)............................. $ 544,394,845
--------------
--------------
Corporate Notes--10.0%
- ----------------------------------------------------------------------
Bear Stearns Companies Inc.
5.99%-6.08%, 7/11/96-7/17/96 (b)................................... $ 60,000,000 $ 60,000,000
General Electric Capital Corp.
5.90%-6.10%, 2/9/96-5/15/96 (b).................................... 75,000,000 74,995,546
Merrill Lynch & Co. Inc.
6.10%, 4/22/96 (b)................................................. 25,000,000 24,996,465
PHH Corp.
5.95%, 6/27/96 (b)................................................. 50,000,000 49,990,574
--------------
TOTAL CORPORATE NOTES (cost $209,982,585).............................. $ 209,982,585
--------------
--------------
Promissory Notes--4.7%
- ----------------------------------------------------------------------
Goldman Sachs Group L.P.
5.91%-6.63%,1/4/96-2/27/96 (c,d)
(cost $98,000,000)................................................. $ 98,000,000 $ 98,000,000
--------------
--------------
Short-Term Bank Notes--9.8%
- ----------------------------------------------------------------------
First National Bank of Boston
6.02%, 6/7/96 (b).................................................. $ 30,000,000 $ 30,000,000
Morgan Guaranty Trust Co.
6%-6.07%, 10/3/96-10/30/96......................................... 102,000,000 102,000,000
NBD Bank, N.A.
6.42%, 4/26/96..................................................... 25,000,000 25,000,000
</TABLE>
<PAGE>
Dreyfus Worldwide Dollar Money Market Fund, Inc.
- -----------------------------------------------------------------------
Statement of Investments (continued) October 31, 1995
<TABLE>
<CAPTION>
Principal
Short-Term Bank Notes (continued) Amount Value
- ---------------------------------------------------------------------- ------------ --------------
<S> <C> <C>
PNC Bank N.A.
6.44%, 12/11/95.................................................... $ 50,000,000 $ 50,002,068
--------------
TOTAL SHORT-TERM BANK NOTES (cost $207,002,068)........................ $ 207,002,068
--------------
--------------
U.S. Government Agencies--10.5%
- ----------------------------------------------------------------------
Federal Home Loan Banks, Floating Rate Notes
5.90%, 1/26/98(b).................................................. $ 20,000,000 $ 20,046,834
Federal National Mortgage Association, Floating Rate Notes
6.21%-6.34%, 2/14/97-2/18/97(b).................................... 200,000,000 200,000,000
--------------
TOTAL U.S. GOVERNMENT AGENCIES (cost $220,046,834)..................... $ 220,046,834
--------------
--------------
Time Deposits--4.7%
- ----------------------------------------------------------------------
First Union National Bank (Nassau)
5.88%, 11/1/95..................................................... $ 49,013,000 $ 49,013,000
Fleet Bank of New York N.A. (Cayman)
5.87%, 11/1/95..................................................... 50,000,000 50,000,000
--------------
TOTAL TIME DEPOSITS (cost $99,013,000)................................. $ 99,013,000
--------------
--------------
TOTAL INVESTMENTS
(cost $2,099,358,894) ..................................... 99.7% $2,099,358,894
------ --------------
------ --------------
CASH AND RECEIVABLES (NET)..................................... .3% $ 6,002,338
------ --------------
------ --------------
NET ASSETS..................................................... 100.0% $2,105,361,232
------ --------------
------ --------------
<FN>
Notes to Statement of Investments:
- ---------------------------------------------------------------------------
(a) Backed by irrevocable letter of credit.
(b) Variable interest rate-subject to periodic change.
(c) These notes were acquired for investment, and not with the intent to
distribute or sell.
(d) Securities restricted as to public resale. These securities were acquired
from 4/10/95-9/27/95 at a cost of par value. At October 31, 1995, the
aggregate value of these securities is $98,000,000 representing approximately
4.7% of net assets and are valued at amortized cost.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Worldwide Dollar Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities October 31, 1995
<TABLE>
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)...................... $2,099,358,894
Cash............................................................... 10,991,657
Interest receivable................................................ 17,175,498
Prepaid expenses................................................... 281,845
--------------
2,127,807,894
LIABILITIES:
Due to The Dreyfus Corporation..................................... $ 889,982
Payable for investment securities purchased........................ 20,000,000
Accrued expenses................................................... 1,556,680 22,446,662
----------- --------------
NET ASSETS............................................................ $2,105,361,232
--------------
--------------
REPRESENTED BY:
Paid-in capital.................................................... $2,105,444,305
Accumulated net realized (loss) on investments..................... (83,073)
--------------
NET ASSETS at value applicable to 2,105,444,305 shares outstanding
(25 billion shares of $.001 par value authorized)................. $2,105,361,232
--------------
--------------
NET ASSET VALUE, offering and redemption price per share
($2,105,361,232 / 2,105,444,305 shares)........................... $1.00
-----
<CAPTION> -----
Statement of Operations year ended October 31, 1995
<S> <C> <C>
INVESTMENT INCOME:
Interest Income.................................................... $ 133,652,226
Expenses:
Management fee-Note 2(a)......................................... $11,033,454
Shareholder servicing costs-Note 2(b)............................ 7,312,363
Registration fees................................................ 178,237
Custodian fees................................................... 156,537
Professional fees................................................ 90,524
Directors' fees and expenses-Note 2(c)........................... 55,058
Prospectus and shareholders' reports............................. 44,219
Miscellaneous.................................................... 139,462
-----------
Total Expenses................................................. 19,009,854
----------
INVESTMENT INCOME-NET................................................. 114,642,372
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b).......................... (83,073)
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. $ 114,559,299
--------------
--------------
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus Worldwide Dollar Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended October 31,
----------------------------------
1994 1995
-------------- --------------
<S> <C> <C>
OPERATIONS:
Investment income-net............................................... $ 88,781,938 $ 114,642,372
Net realized gain (loss) on investments............................. 6,360 (83,073)
-------------- --------------
Net Increase In Net Assets Resulting From Operations................ 88,788,298 114,559,299
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net............................................... (89,262,208) (114,642,372)
Net realized gain on investments.................................... (11,727) (6,360)
-------------- --------------
Total Dividends..................................................... (89,273,935) (114,648,732)
-------------- --------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold....................................... 3,271,773,072 3,339,732,223
Dividends reinvested................................................ 85,485,478 109,658,929
Cost of shares redeemed............................................. (4,325,481,716) (3,813,307,580)
-------------- --------------
(Decrease) In Net Assets From Capital Stock Transactions.......... (968,223,166) (363,916,428)
-------------- --------------
Total (Decrease) In Net Assets.................................. (968,708,803) (364,005,861)
NET ASSETS:
Beginning of year................................................... 3,438,075,896 2,469,367,093
-------------- --------------
End of year......................................................... $2,469,367,093 $2,105,361,232
-------------- --------------
-------------- --------------
</TABLE>
See notes to financial statements.
<PAGE>
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.
<TABLE>
<CAPTION>
Year Ended October 31,
-------------------------------------------------------------
PER SHARE DATA: 1991 1992 1993 1994 1995
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year.. $1.0000 $1.0000 $1.0001 $1.0001 $1.0000
------- ------- ------- ------- -------
Investment Operations:
Investment income-net............... .0668 .0414 .0272 .0311 .0520
Net realized gain (loss) on investments - - (.0001) .0001 -
------- ------- ------- ------- -------
Total from Investment Operations.. .0668 .0414 .0271 .0312 .0520
Distributions:
Dividends from investment income-net (.0668) (.0413) (.0271) (.0313) (.0520)
Dividends from net realized gain on
investments....................... - - - - -
------- ------- ------- ------- -------
Total Distributions............... (.0668) (.0413) (.0271) (.0313) (.0520)
------- ------- ------- ------- -------
Net asset value, end of year........ $1.0000 $1.0001 $1.0001 $1.0000 $1.0000
------- ------- ------- ------- -------
------- ------- ------- ------- -------
TOTAL INVESTMENT RETURN................. 6.88% 4.21% 2.75% 3.17% 5.33%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .23% .47% .77% .84% .86%
Ratio of net investment income to average
net assets........................ 6.69% 4.21% 2.76% 3.07% 5.20%
Decrease reflected in above expense ratios
due to undertakings by the Manager .43% .21% .02% - -
Net Assets, end of year (000's Omitted) $8,610,297 $6,158,701 $3,438,076 $2,469,367 $2,105,361
</TABLE>
See notes to financial statements.
<PAGE>
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. 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. The Distributor, located at One Exchange Place, Boston,
Massachusetts 02109, is a wholly-owned subsidiary of FDI Distribution
Services, Inc., a provider of mutual fund administration services, which in
turn is a wholly-owned subsidiary of FDI Holdings, Inc., the parent company
of which is Boston Institutional Group, Inc. The Dreyfus Corporation
("Manager") serves as the Fund's investment adviser. The Manager is a direct
subsidiary of Mellon Bank, N.A.
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 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 October 31, 1995, 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
<PAGE>
Dreyfus Worldwide Dollar Money Market Fund, Inc.
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (continued)
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, 1995.
(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 year ended October 31, 1995,
the Fund was charged an aggregate of $3,292,552 pursuant to the Shareholder
Services Plan.
(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.
<PAGE>
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, 1995, 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, 1995 by correspondence
with the custodian and brokers. 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,
1995, 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
New York, New York
November 30, 1995
<PAGE>
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
First Data Investor 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. DWWAR9510
