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, Inc. For the 12-month reporting period ended October 31,
1997, your Fund produced a yield of 4.90%, and after taking into account the
effect of compounding, the effective yield was 5.01%.*
The Economy
The U.S. economy has registered a step-up in growth in 1997 and incoming
evidence suggests that momentum is still building. Stronger growth this year
has helped keep corporate profits buoyant despite a substantially tighter
labor market. This is because nationwide shortages of labor have so far not
generated much wage inflation. Moreover, price inflation has decelerated
markedly during the year, suppressed by the strong dollar, import competition
and continued disinflation in health care.
Although the Federal Reserve Board (the "Fed") has held a tightening bias
since mid-1996, the central bank has raised interest rates only once this
year. Expectations for further hikes have been continually postponed. They
were first dampened by the surprising drop in this year's price inflation,
and more recently by unfolding crises in foreign economies. Both events have
helped to cap short-term rates and to pull long-term interest rates lower
since the spring.
Real Gross Domestic Product (GDP) growth accelerated to about 4% this
year from 3% in 1996. Virtually all economic sectors have been strong so far.
Consumer spending has been supported by rising real incomes. Capital spending
has been very robust and incoming orders imply continued strength. Even
housing demand, which typically slows at this phase of the business cycle,
has reached new highs. Most incoming signals support sustained fast growth.
The exception is that exporters' new orders have marginally slowed in recent
months, indicating that economic turmoil overseas may be impacting this
sector. By contrast, imports have been strong and, if their growth is
sustained, could help offset the weakness in exports.
Overall corporate profits have continued to trend higher, although some
companies have been hurt by events overseas and the stronger dollar.
Domestically generated profits have typically remained solid, helped by
strong growth and contained wages.
Money Market Overview
During the past 12 months, money market rates have stayed within a
general trading range, fluctuating recently in response to pressure in the
overseas markets and a downturn in the U.S. stock market. An inverse
relationship has emerged between money market instruments and equities. The
money market has provided an ideal liquidity haven for many investors.
The last interest rate move by the Federal Reserve occurred in March
1997, when the Fed raised rates by a quarter point. For a significant period
afterwards, the economy was moving at a moderate growth pace with subdued
inflation. Later, concerns emerged regarding tight labor markets which
threatened to adversely affect the inflation outlook. Recent evidence of
faster growth in several sectors of the economy drew a stronger case for
another Fed move. If it were not for the recent difficulties occurring in the
overseas market and uncertainty over the effects on our economy, a policy
move would probably have been made. As it turned out, at its last meeting,
the Fed voted to keep the Fed Funds rate unchanged.
Against this backdrop, we have kept the average maturity of the portfolio
slightly longer than the industry average. The intention has been to improve
yields without assuming undue market risks. We believe that this strategy has
been beneficial to the Fund. The currently volatile environment requires
flexibility on our part as managers. Of course, we will make adjustments to
the portfolio strategy as required by the dynamics of the market.
Sincerely,
[Patricia A. Larkin signature logo]
Patricia A. Larkin
Senior Portfolio Manager
November 18, 1997
New York, N.Y.
* Effective yield is based upon dividends declared daily and reinvested
monthly.
<TABLE>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS OCTOBER 31, 1997
Principal
Negotiable Bank Certificates of Deposit-34.8% Amount Value
____________ ____________
<S> <C> <C>
Bankers Trust Co.
5.89%-6.13%, 1/9/98-5/12/98............................................... $ 35,000,000 $ 34,994,406
Bank of Tokyo-Mitsubishi (Yankee)
5.89%, 1/7/98............................................................. 17,000,000 17,000,000
Barclays Bank PLC (Yankee)
5.82%, 6/25/98............................................................ 16,950,000 16,955,396
Bayerische Hypotheken-und Wechsel-Bank AG (London)
5.74%-5.78%, 1/9/98-5/1/98................................................ 50,000,000 50,045,689
Bayerische Landesbank Girozentrale (Yankee)
5.87%, 7/17/98............................................................ 30,000,000 29,987,396
Caisse Nationale de Credit Agricole (Yankee)
5.75%, 12/8/97............................................................ 50,000,000 50,000,000
Credit Agricole Indosuez S.A. (Yankee)
5.90%, 10/22/98........................................................... 25,000,000 25,000,000
Dai-Ichi Kangyo Bank Ltd. (Yankee)
5.88%, 12/16/97........................................................... 5,000,000 5,000,358
Dresdner Bank AG (Yankee)
5.84%, 3/13/98............................................................ 20,000,000 20,002,378
Fuji Bank Ltd. (Yankee)
5.68%-5.75%, 11/17/97-1/20/98............................................. 52,000,000 52,000,109
Industrial Bank of Japan Ltd. (Yankee)
5.81%, 11/4/97............................................................ 25,000,000 25,000,000
Norddeutsche Landesbank Girozentrale (London)
5.83%, 6/18/98............................................................ 20,000,000 20,007,270
Sanwa Bank Ltd. (London)
5.86%, 12/18/97........................................................... 15,000,000 15,000,190
Societe Generale (Yankee)
5.77%-5.92%, 5/19/98-10/27/98............................................. 85,000,000 85,069,761
Sumitomo Bank Ltd. (Yankee)
5.67%, 4/7/98............................................................. 40,000,000 40,000,000
SwedBank (Yankee)
5.61%-5.70%, 11/14/97-7/28/98............................................. 80,000,000 80,000,000
Westdeutsche Landesbank Girozentrale (London)
5.82%, 8/3/98............................................................. 15,000,000 15,000,541
_______________
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT (cost $581,063,494)........... $ 581,063,494
===============
Commercial Paper-18.4%
American Honda Finance Corp.
5.60%, 12/11/97........................................................... $ 40,000,000 $ 39,754,222
FINOVA Capital Corp.
5.79%, 4/21/98............................................................ 20,000,000 19,465,150
</TABLE>
<TABLE>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1997
Principal
Commercial Paper (continued) Amount Value
____________ ____________
<S> <C> <C>
General Motors Acceptance Corp.
5.76%-5.92%, 11/10/97-4/20/98............................................. $ 65,000,000 $ 63,908,174
Lehman Brothers Holdings Inc.
6.00%, 11/3/97-12/19/97................................................... 85,000,000 84,613,478
Paine Webber Group Inc.
5.76%, 3/9/98............................................................. 21,000,000 20,581,867
Salomon Inc.
5.92%, 1/6/98............................................................. 80,000,000 79,156,667
_______________
TOTAL COMMERCIAL PAPER (cost $307,479,558).................................. $ 307,479,558
===============
Corporate Notes-19.5%
Bear Stearns Companies Inc.
5.76%-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 49,992,781
Merrill Lynch & Co. Inc.
5.67%-5.68%, 7/24/98-10/30/98 (a)......................................... 75,000,000 75,000,000
PNC Bank N.A.
5.68%, 2/18/98 (a)........................................................ 50,000,000 49,991,337
_______________
TOTAL CORPORATE NOTES (cost $324,984,118)................................... $ 324,984,118
===============
Promissory Notes-4.8%
Goldman Sachs Group L.P.
5.68%-5.91%, 11/3/97-6/12/98 (b,c)
(cost $80,000,000)........................................................ $ 80,000,000 $ 80,000,000
===============
Short-Term Bank Notes-6.9%
Bank of America Illinois
5.58%-6.13%, 11/19/97-4/29/98............................................. $ 40,000,000 $ 40,010,963
Bayerische Landesbank Girozentrale
5.56%, 8/14/98............................................................ 50,000,000 50,096,314
PNC Bank N.A.
5.67%, 9/2/98 (a)......................................................... 25,000,000 24,985,842
_______________
TOTAL SHORT-TERM BANK NOTES (cost $115,093,119)............................. $ 115,093,119
===============
U.S. Government Agencies-4.6%
Federal Home Loan Banks, Discount Notes
5.63%, 11/3/97............................................................ $ 56,000,000 $ 55,982,484
</TABLE>
<TABLE>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1997
Principal
U.S. Government Agencies (continued) Amount Value
____________ ____________
<S> <C> <C>
Federal Home Loan Banks, Floating Rate Notes
5.65%, 1/26/98 (a)........................................................ $ 20,000,000 $ 20,004,930
_______________
TOTAL U.S. GOVERNMENT AGENCIES (cost $75,987,414)........................... $ 75,987,414
===============
Time Deposits-12.5%
BankBoston (Nassau)
5.56%, 11/3/97............................................................ $ 78,264,000 $ 78,264,000
Berliner Handels-und Frankforter Bank (Grand Cayman)
5.60%, 11/3/97............................................................ 80,000,000 80,000,000
Westdeutsche Landesbank Girozentrale (Grand Cayman)
5.63%, 11/3/97............................................................ 50,000,000 50,000,000
_______________
TOTAL TIME DEPOSITS (cost $208,264,000)..................................... $ 208,264,000
===============
TOTAL INVESTMENTS
(cost $1,692,871,703)............................................. 101.5% $1,692,871,703
======= ================
LIABILITIES, LESS CASH AND RECEIVABLES.............................. (1.5%) $ (25,036,435)
======= ================
NET ASSETS.......................................................... 100.0% $1,667,835,268
======= ================
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 6/4/97-10/28/97 at a cost of par value. At October 31, 1997,
the aggregate value of these securities was $80,000,000 representing
approximately 4.8% of net assets and they are valued at amortized cost.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES OCTOBER 31, 1997
Cost Value
______________ ______________
<S> <C> <C>
ASSETS: Investments in securities-See Statement of Investments $1,692,871,703 $1,692,871,703
Cash....................................... 4,806,151
Interest receivable........................ 17,356,061
Prepaid expenses and other assets.......... 159,211
_______________
1,715,193,126
_______________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 1,197,044
Payable for shares of Common Stock redeemed 45,894,435
Accrued expenses........................... 266,379
_______________
47,357,858
_______________
NET ASSETS.................................................................. $1,667,835,268
===============
REPRESENTED BY: Paid-in capital............................ $1,668,139,321
Accumulated net realized gain (loss) on investments (304,053)
_______________
NET ASSETS.................................................................. $1,667,835,268
===============
SHARES OUTSTANDING
(25 billion shares of $.001 par value Common Stock authorized).............. 1,668,139,321
NET ASSET VALUE, offering and redemption price per share.................... $1.00
=====
STATEMENT OF OPERATIONS YEAR ENDED OCTOBER 31, 1997
INVESTMENT INCOME
INCOME Interest Income................................ $104,124,722
EXPENSES: Management fee-Note 2(a)....................... $ 9,208,248
Shareholder servicing costs-Note 2(b).......... 6,504,184
Prospectus and shareholders' reports........... 212,546
Registration fees.............................. 139,221
Custodian fees................................. 129,421
Professional fees.............................. 80,551
Directors' fees and expenses-Note 2(c)......... 62,794
Miscellaneous.................................. 30,567
_____________
Total Expenses....................................... 16,367,532
Less-reduction in management fee due to
undertaking-Note 2(a)........................... (2,522,347)
_____________
Net Expenses........................................... 13,845,185
_____________
INVESTMENT INCOME-NET....................................................... 90,279,537
NET REALIZED GAIN (LOSS) ON INVESTMENTS-Note 1(b)........................... (78,862)
_____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 90,200,675
=============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
October 31, 1997 October 31, 1996
________________ ________________
<S> <C> <C>
OPERATIONS:
Investment income-net................................................... $ 90,279,537 $ 98,668,436
Net realized gain (loss) on investments................................. (78,862) (142,118)
_______________ _______________
Net Increase (Decrease) in Net Assets Resulting from Operations..... 90,200,675 98,526,318
_______________ _______________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net................................................... (90,279,537) (98,668,436)
_______________ _______________
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................... 4,290,577,638 4,041,516,935
Dividends reinvested.................................................... 85,697,112 94,196,812
Cost of shares redeemed................................................. (4,649,961,193) (4,299,332,288)
_______________ _______________
Increase (Decrease) in Net Assets from Capital Stock Transactions... (273,686,443) (163,618,541)
_______________ _______________
Total Increase (Decrease) in Net Assets........................... (273,765,305) (163,760,659)
NET ASSETS:
Beginning of Period..................................................... 1,941,600,573 2,105,361,232
_______________ _______________
End of Period........................................................... $ 1,667,835,268 $ 1,941,600,573
=============== ===============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
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.
Year Ended October 31,
______________________________________________________
<S> <C> <C> <C> <C> <C>
PER SHARE DATA: 1997 1996 1995 1994 1993
______ ______ ______ ______ ______
Net asset value, beginning of period......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______ ______
Investment Operations:
Investment income-net........................ .049 .049 .052 .031 .027
______ ______ ______ ______ ______
Distributions:
Dividends from investment income-net......... (.049) (.049) (.052) (.031) (.027)
______ ______ ______ ______ ______
Net asset value, end of period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN.......................... 5.02% 4.96% 5.33% 3.17% 2.75%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... .75% .81% .86% .84% .77%
Ratio of net investment income
to average net assets...................... 4.90% 4.86% 5.20% 3.07% 2.76%
Decrease reflected in above expense ratios
due to undertakings by the Manager......... .14% .05% - - .02%
Net Assets, end of period (000's Omitted).... $1,667,835 $1,941,601 $2,105,361 $2,469,367 $3,438,076
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS
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 in securities 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 $304,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to October 31, 1997. If not
applied, $83,000 of the carryover expires in fiscal 2003, $142,000 expires in
fiscal 2004 and $79,000 expires in fiscal 2005.
At October 31, 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 had 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 $2,522,347 during the period ended October 31, 1997.
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (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 October 31,
1997, the Fund was charged $3,319,704 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. During the
period ended October 31, 1997, the Fund was charged $2,231,473 pursuant to
the transfer agency agreement.
(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.
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, 1997, 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 and financial highlights. Our procedures included
confirmation of securities owned as of October 31, 1997 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,
1997, 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 logo]
New York, New York
December 8, 1997
Registration Mark
Registration Mark
DREYFUSWORLDWIDE 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. 762AR9710
Worldwide Dollar
Money Market
Fund, Inc.
Annual Report
October 31, 1997
