DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for Dreyfus Worldwide Dollar
Money Market Fund for the six-month fiscal period ended April 30, 1997. The
Fund produced an annualized yield of 4.81% and, after taking into account the
effect of compounding, the annualized effective yield was 4.92%.*
ECONOMIC REVIEW
The Federal Reserve Board (the "Fed") decision in March to tighten
monetary policy appears to have been justified by the reported 5.6% growth in
first quarter Gross Domestic Product ("GDP") and by the drop to 4.9% in
April's unemployment rate. At present, economic debate is divided between a)
those who believe that moderating second quarter economic data should keep
Federal Reserve policy on hold, and b) those who believe the economy is
fundamentally too strong, warranting higher rates. Views on the potential
inflationary risks clearly distinguish these camps. Current market interest
rates are range-bound until the policy outlook becomes clearer. We believe
that some tightening is likely in coming months, and this should temper
overall growth in order to sustain the present business cycle.
It has been almost a decade since the growth rate has reached the level
of the first quarter's 5.6% GDP. Virtually every major economic sector
contributed positively to growth. Early evidence for the second quarter
revealed rising new orders, which portends continued strength in exports and
capital spending. Real disposable income grew 3.8% in the last year, which,
if sustained, should support the upward cycle in consumer spending. By
contrast, retail spending weakened in April and the housing sector slowed.
April's unemployment rate of 4.9% confirmed a tight labor market, and
this has heightened fears of future inflation; however, if inflation should
stay subdued, then the risk from the combination of slowed economic growth
and a tightening labor market is to corporate profits. Corporate profits have
been surprisingly resilient and we expect overall profits to post modest
gains in 1997.
The economy is now embarked on the seventh year of this business cycle.
Economic growth is proving stronger than seen since the late 1980s, while
inflation is still subdued. More Fed tightening would indicate a willingness
to err on the side of caution and would thus help sustain the expansion.
THE MONEY MARKET
The last quarter of 1996 and first quarter of 1997 saw little change in
money markets, a welcome breather from the volatility of the spring, summer
and early fall of 1996. However, the environment began to change as the year
drew to a close. Signs of growing strength in the economy caused renewed
concern that the Fed might need to raise the Federal Funds rate. This became
especially worrisome after Fed Chairman Alan Greenspan cautioned against
"irrational exuberance" in the equity markets.
The Money Market yield curve continued to steepen after the March 25th
decision by the Fed's Open Market Committee to raise interest rates, until
data indicating slower second quarter growth eased market fears of multiple
Fed tightenings.
PORTFOLIO STRATEGY
In this environment, we have shortened average maturities in the
portfolio to give us added flexibility, and have kept a cash reserve
available so that we can act on market opportunities as they come along. In
this way, we hope to continue bringing you highly competitive yields from
this Fund that has the ability to seek returns from dollar-denominated
instruments abroad.
Once again, we would like to express our appreciation for your confidence
in the Dreyfus Worldwide Dollar Money Market Fund, Inc.
Sincerely,
[Patricia A. Larkin signature logo]
Patricia A. Larkin
Portfolio Manager
May 14, 1997
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
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DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS APRIL 30, 1997 (UNAUDITED)
Principal
Negotiable Bank Certificates of Deposit_39.1% Amount Value
____________ ____________
<S> <C> <C>
Bankers Trust Co.
5.89%, 1/9/98........................................................... $ 25,000,000 $ 24,977,648
Bank Of Tokyo-Mitsubishi (Yankee)
5.96%-6.02%, 10/17/97-11/3/97........................................... 60,000,000 60,000,000
Bayerische Hypotheken-und Wechsel-Bank AG (London)
5.78%, 1/9/98........................................................... 25,000,000 25,004,363
Caisse Nationale de Credit Agricole (Yankee)
5.75%, 12/8/97.......................................................... 50,000,000 50,000,000
Dai-Ichi Kangyo Bank Ltd. (Yankee)
5.80%-5.83%, 6/27/97-10/15/97........................................... 85,000,000 85,000,390
Deutsche Bank AG (Yankee)
5.40%, 8/21/97.......................................................... 50,000,000 50,000,000
Fuji Bank Ltd. (Yankee)
5.65%-5.82%, 5/27/97-6/30/97............................................ 35,000,000 35,000,000
Industrial Bank of Japan Ltd. (Yankee)
5.62%-5.81%, 5/9/97-7/7/97.............................................. 70,000,000 70,000,000
Morgan Guaranty Trust Co.
5.51%, 9/18/97.......................................................... 20,000,000 20,025,627
Sanwa Bank Ltd. (Yankee)
5.49%, 5/19/97.......................................................... 15,000,000 15,000,142
Societe Generale (Yankee)
5.80%-6.03%, 7/21/97-10/7/97............................................ 100,000,000 99,984,531
Sumitomo Bank Ltd. (Yankee)
5.65%-6.02%, 5/27/97-10/17/97........................................... 86,000,000 86,000,000
SwedBank (Yankee)
5.49%-5.61%, 7/8/97-11/14/97............................................ 90,000,000 90,000,000
______________
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $710,992,701)..................................................... $ 710,992,701
================
Bankers' Acceptances_.5%
Fuji Bank Ltd. (Yankee)
5.71%, 6/13/97
(cost $9,932,753)....................................................... $ 10,000,000 $ 9,932,753
================
Commercial Paper_27.0%
BHF Finance (DE) Inc.
5.68%, 7/1/97........................................................... $ 40,000,000 $ 39,620,444
Bankers Trust New York Corp.
5.69%, 10/17/97......................................................... 50,000,000 50,000,000
General Motors Acceptance Corp.
5.47%-5.55%, 5/1/97-7/21/97............................................. 90,000,000 89,514,000
Lehman Brothers Holdings Inc.
5.63%-6.06%, 5/28/97-12/19/97........................................... 75,000,000 73,051,722
Dreyfus Worldwide Dollar Money Market Fund, Inc.
Statement of Investments (continued) April 30, 1997 (Unaudited)
Principal
Commercial Paper (continued) Amount Value
____________ ____________
Merrill Lynch & Co. Inc.
5.65%, 6/2/97........................................................... $ 20,000,000 $ 19,900,444
Sanwa Business Credit Corp.
5.62%, 5/23/97-5/29/97.................................................. 85,000,000 84,663,047
Spintab AB
5.40%-5.64%, 5/7/97-5/27/97............................................. 85,000,000 84,790,075
Woolwich Building Society
5.41%, 8/20/97.......................................................... 50,000,000 49,187,542
______________
TOTAL COMMERCIAL PAPER (cost $490,727,274).................................. $ 490,727,274
==============
Corporate Notes_18.0%
Bear Stearns Companies Inc.
5.79%-5.83%, 1/13/98-1/26/98 (a)........................................ $ 65,000,000 $ 65,000,000
Heller Financial Inc.
5.80%, 4/15/98 (a)...................................................... 85,000,000 85,000,000
Key Bank N.A. Cleveland
5.67%, 2/18/98 (a)...................................................... 50,000,000 49,980,594
Lehman Brothers Holdings Inc.
5.53%, 8/29/97.......................................................... 7,500,000 7,562,491
Merrill Lynch & Co. Inc.
5.72%-5.75%, 5/13/97-7/2/97 (a)......................................... 70,000,000 69,999,682
PNC Bank N.A.
5.68%, 2/18/98 (a)...................................................... 50,000,000 49,976,713
______________
TOTAL CORPORATE NOTES (cost $327,519,480)................................... $ 327,519,480
==============
Promissory Notes_4.8%
Goldman Sachs Group L.P.
5.61%-6.00%, 5/5/97-10/20/97 (b,c)
(cost $87,000,000)...................................................... $ 87,000,000 $ 87,000,000
==============
Short-Term Bank Notes_1.4%
Bank Of America Illinois
5.58%, 11/19/97
(cost $24,993,362)...................................................... $ 25,000,000 $ 24,993,362
==============
U.S. Government Agencies_1.3%
Federal Home Loan Banks, Discount Notes
5.28%, 5/1/97........................................................... $ 4,010,000 $ 4,010,000
Federal Home Loan Banks, Floating Rate Notes
5.65%, 1/26/98 (a)...................................................... 20,000,000 20,015,478
______________
TOTAL U.S. GOVERNMENT AGENCIES (cost $24,025,478)........................... $ 24,025,478
==============
Dreyfus Worldwide Dollar Money Market Fund, Inc.
Statement of Investments (continued) April 30, 1997 (Unaudited)
Principal
Time Deposits_8.1% Amount Value
______________ ______________
Berliner Handels-und Frankforter Bank (Grand Cayman)
5.72%, 5/1/97........................................................... $ 27,000,000 $ 27,000,000
First Union National Bank of North Carolina (Nassau)
5.75, 5/1/97............................................................ 43,516,000 43,516,000
Republic National Bank of New York (London)
5.75%, 5/1/97........................................................... 75,000,000 75,000,000
______________
TOTAL TIME DEPOSITS (cost $145,516,000)..................................... $ 145,516,000
==============
TOTAL INVESTMENTS
(cost $1,820,707,048)........................................ 100.2% $1,820,707,048
========= ==================
LIABILITIES, LESS CASH AND RECEIVABLES............................ (.2%) $ (3,307,165)
========= ==================
NET ASSETS........................................................ 100.0% $1,817,399,883
========= ==================
Notes to Statement of Investments:
(a) Varible 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 2/7/97-4/21/97 at a cost of par value. At April 30, 1997,
the aggregate value of these securities was $87,000,000 representing
approximately 4.8% of net assets and they are valued at amortised cost.
SEE NOTES TO FINANCIAL STATEMENTS.
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DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES APRIL 30, 1997 (UNAUDITED)
Cost Value
_______________ ______________
<S> <C> <C> <C>
ASSETS: Investments in securities_See Statement of Investments $1,820,707,048 $1,820,707,048
Cash....................................... 7,237,588
Interest receivable........................ 15,636,349
Prepaid expenses and other assets.......... 287,109
_______________
1,843,868,094
_______________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 1,262,183
Payable for investment securities purchased 25,000,000
Accrued expenses........................... 206,028
_______________
26,468,211
_______________
NET ASSETS.................................................................. $1,817,399,883
================
REPRESENTED BY: Paid-in capital............................ $1,817,704,400
Accumulated net realized gain (loss) on investments (304,517)
_______________
NET ASSETS.................................................................. $1,817,399,883
================
SHARES OUTSTANDING
(25 billion shares of $.001 par value Common Stock authorized).............. 1,817,704,400
NET ASSET VALUE, offering and redemption price per share.................... $1.00
========
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED APRIL 30, 1997 (UNAUDITED)
INVESTMENT INCOME
INCOME Interest Income................................ $52,931,582
EXPENSES: Management fee_Note 2(a)....................... $ 4,752,795
Shareholder servicing costs_Note 2(b).......... 3,376,145
Prospectus and shareholders' reports........... 107,920
Registration fees.............................. 74,895
Custodian fees................................. 59,084
Professional fees.............................. 33,215
Directors' fees and expenses_Note 2(c)......... 34,178
_____________
........Total Expenses 8,438,232
Less_reduction in management fee due to
........... undertaking_Note 2(a) (1,311,077)
_____________
.........Net Expenses 7,127,155
_____________
INVESTMENT INCOME_NET....................................................... 45,804,427
NET REALIZED GAIN (LOSS) ON INVESTMENTS_Note 1(b)........................... (79,326)
_____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $45,725,101
==============
SEE NOTES TO FINANCIAL STATEMENTS.
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DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
April 30, 1997 Year Ended
(Unaudited) October 31, 1996
__________________ __________________
<S> <C> <C>
OPERATIONS:
Investment income_net............................................... $ 45,804,427 $ 98,668,436
Net realized gain (loss) on investments............................. (79,326) (142,118)
__________________ __________________
Net Increase (Decrease) in Net Assets Resulting from Operations... 45,725,101 98,526,318
__________________ __________________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income_net............................................... (45,804,427) (98,668,436)
__________________ __________________
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold....................................... 2,303,012,561 4,041,516,935
Dividends reinvested................................................ 43,369,667 94,196,812
Cost of shares redeemed............................................. (2,470,503,592) (4,299,332,288)
__________________ __________________
Increase (Decrease) in Net Assets from Capital Stock Transactions. (124,121,364) (163,618,541)
__________________ __________________
Total Increase (Decrease) in Net Assets....................... (124,200,690) (163,760,659)
NET ASSETS:
Beginning of Period............................................ 1,941,600,573 2,105,361,232
__________________ __________________
End of Period....................................................... $ 1,817,399,883 $ 1,941,600,573
================== ==================
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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<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.
Six Months Ended
April 30, 1997 Year Ended October 31,
________________________________________________________
PER SHARE DATA: (Unaudited) 1996 1995 1994 1993 1992
____________ ______ ______ ______ ______ ______
<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................. .024 .049 .052 .031 .027 .041
________ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income_net.. (.024) (.049) (.052) (.031) (.027) (.041)
________ ______ ______ ______ ______ ______
Net asset value, end of period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======= ======= ======= ======== ========
TOTAL INVESTMENT RETURN................... 4.86%* 4.96% 5.33% 3.17% 2.75% 4.21%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .75%* .81% .86% .84% .77% .47%
Ratio of net investment income
to average net assets............... 4.82%* 4.86% 5.20% 3.07% 2.76% 4.21%
Decrease reflected in above expense ratios
due to undertakings by the Manager.. .14%* .05% -- -- .02% .21%
Net Assets, end of period (000's Omitted) $1,817,400 $1,941,601 $2,105,361 $2,469,367 $3,438,076 $6,158,701
* Annualized.
SEE 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. is 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 per share of $1.00.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
(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 $225,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to October 31, 1996. If not
applied, $83,000 of the carryover expires in fiscal 2003 and $142,000 expires
in fiscal 2004.
At April 30, 1997, 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 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 Manager has undertaken
from November 1, 1996 through October 31, 1997, to reduce the management fee
paid by the Fund, to the extent that the Fund's aggregate expenses, exclusive
of taxes, brokerage, interest on borrowings and extraordinary expenses,
exceed an annual rate of .75 of 1% of the value of the Fund's average daily
net assets. The reduction in management fee, pursuant to the undertaking,
amounted to $1,311,077 during the period ended April 30, 1997.
Dreyfus Worldwide Dollar Money Market Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(B) Under the 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 period ended April 30, 1997,
the Fund was charged an aggregate of $1,740,275 pursuant to the Shareholder
Services Plan.
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 $1,206,290 during the period ended April 30, 1997.
(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 lion "d" logo]
Registration Mark
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.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. DWWSA974
[Dreyfus logo]
Registration Mark
Worldwide Dollar
Money Market
Fund, Inc.
Semi-Annual
Report
April 30, 1997
