DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report for the Dreyfus Worldwide
Dollar Money Market Fund, Inc. for the 12-month period ended October 31, 1998.
During this period, your Fund produced a yield of 4.95%, and after taking into
account the effect of compounding, the effective yield was 5.06%.*
Economic Review
So far in 1998, the main regions of the world have had very different economic
fundamentals. The U.S. entered the year with a strong economy near full
employment, with unemployment only slightly above 4%. The tight labor market led
the Federal Reserve Board to contemplate a rise in interest rates early in the
year. The U.S. economy cooled enough over the months that the Fed decided to
stand pat. Evidence of economic cooling continued to accumulate and worries
about the world economy intensified. Financial stresses pushed the Fed to ease
credit in both late September and mid-October. After many years of subpar
economic growth, continental Europe moved into a sustained economic expansion.
The overall European economy benefited as interest rates in peripheral countries
such as Spain and Italy fell, approaching the lower levels established by
Germany, on the eve of currency unification. Unlike the U.S., Europe has
substantial excess capacity of productive plant and labor. In Asia, weak
economies were pervasive as a result of the Asian financial crisis. The Latin
American economies weakened as the financial stresses spread throughout that
region.
A main influence on the U.S. economy this year was the foreign financial
crisis and cooling of the world economy. The positive effects hit first. Actual
inflation and expected inflation dropped, causing a decline in long-term
Treasury bond yields and mortgage rates. This caused a boom in housing. The fall
in inflation helped the consumer sector as more of the growth in consumer income
was left over after inflation to buy goods and services. Consumers benefited
from a combination of good growth in income after inflation, a strong labor
market and past increases in the price of assets they owned.
The negative effect of Asian weakness was felt in the industrial sector more
than in the consumer sector. Corporate profits weakened, especially in sectors
affected by the Asian crisis such as world-traded commodities (oil, metals and
paper) and exports. One result of this industrial weakness was to cool off a
U.S. economy that had been growing rapidly.
The major change in the economic outlook over recent months has been a
downward shift in expectations for world economic growth. A credit crunch
developed in emerging countries and former communist countries, sharply reducing
the economic outlook for Asia and Latin America as well as for
commodity-exporting countries throughout the world. The effect on Europe and the
U.S. has been to lower expectations of profit growth and drive down bond yields
Evidence of a weaker world economy accumulated as the financial stresses
continued. A worsened financial crisis occurred between the Russian default in
mid-August and the fallout from the Long-Term Capital Management (hedge fund)
crisis through early October. However, proactive steps were taken to stabilize
the Japanese banks, design a support package for Brazil and ease monetary
policy. The prospects for world economic weakness and monetary ease in the major
countries will be powerfully influenced by whether foreign financial stresses
calm down or intensify in the coming months. There appears to be a shift in the
priorities of key policymakers from fighting potential inflation to
restimulating future world economic growth.
Market Environment/Portfolio Focus
The economic forces described above drove down interest rates in late summer
and early fall. While there has been a recent modest increase, rates have now
broken out of the narrow band that had prevailed earlier in the year.
The "flight to safety" that was prompted by economic worries around the globe
generated very high demand for U.S. Treasury securities in the longer
maturities. This drove down yields but money market rates remained strong,
causing an inverted yield curve for a while.
In recent weeks, investors appeared to become more confident with the economic
outlook. The result was an unwinding of large portions of the positions taken as
a result of the search for investment safety. Consequently, the yield curve,
which measures the relationship between long- and short-term securities,
returned to a more positive or more "normal" pattern.
At present, prices and rates in the money market are more reflective of
underlying economic forces than of investor fears of global financial turmoil.
This, of course, is constructive for investors in short-term money market
instruments.
The fact that the Federal Reserve Open Market Committee lowered interest rates
three times since late September has been a strong confidence-building factor in
the markets. Currently, the market expects the Fed to continue its bias toward
accommodation as economic conditions dictate.
Taking all this into account, we continue to maintain a somewhat longer
average maturity than the average for other funds. This is intended to position
the Fund in the event of further downward moves in market yields.
Sincerely,
[Patricia A. Larkin signature]
Patricia A. Larkin
Senior Portfolio Manager
November 16, 1998
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, 1998
Principal
Negotiable Bank Certificates of Deposit--32.5% Amount Value
- ------------------------------------------------------- ______________ _______________
<S> <C> <C>
Abbey National Treasury Services (London)
5.50%, 12/4/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,000,000 $ 10,000,045
Abbey National Treasury Services (Yankee)
5.70%, 2/25/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,000
BankBoston, N.A.
5.58%, 2/16/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,631
Bankers Trust Co.
5.14%, 7/23/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 9,995,539
Bankers Trust New York Corp.
5.53%, 1/12/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,005,168
Creditanstalt Bankverein (London)
5.50%, 12/14/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000,000 60,005,432
Creditanstalt Bankverein (Yankee)
5.77%, 4/16/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,996,733
Credit Agricole Indosuez S.A. (Yankee)
5.12%-5.80%, 5/21/99-5/26/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,000,000 44,984,871
Credit Suisse First Boston (Yankee)
5.11%, 4/14/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 50,000,000
Deutsche Bank AG (Yankee)
5.61%-5.70%, 2/26/99-8/23/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,000,000 54,983,642
Istituto Bancario San Paolo Di Torino (Yankee)
5.74%-5.75%, 7/20/99-7/28/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,989,934
Royal Bank of Canada (Yankee)
5.11%, 2/23/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,990,146
Societe Generale (Yankee)
5.77% , 5/28/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 14,994,632
SwedBank (Yankee)
5.73%, 3/26/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,995,242
Swiss Bank Corp. (Yankee)
5.74%, 3/5/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,996,338
Toronto-Dominion Bank (Yankee)
5.66%, 8/16/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,988,423
Westdeutsche Landesbank Girozentrale (Yankee)
5.04%, 4/6/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,000
_______________
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $509,926,776) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 509,926,776
_______________
Commercial Paper--28.2%
- -------------------------------------------------------
Canadian Imperial Holdings Inc.
4.88%, 4/26/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,000,000 $ 24,417,856
Corporate Asset Funding Co. Inc.
5.14%, 1/11/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,000,000 44,549,150
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Principal
Commercial Paper (continued) Amount Value
- ------------------------------------------------------- ________________ _______________
Den Danske Corp. Inc.
5.57%, 1/29/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,000,000 $ 24,663,778
Fina Oil & Chemical Co.
5.53%-5.54%, 12/3/98-12/18/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000 39,760,450
FINOVA Capital Corp.
5.34%-5.53%, 1/14/99-2/26/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,000,000 18,760,554
General Electric Capital Corp.
5.42%-5.49%, 2/23/99-3/17/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000,000 34,377,369
Heller Financial Inc.
5.49%-5.51%, 1/20/99-1/29/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 19,745,833
Hertz Corp.
5.44%, 12/4/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,753,417
Merrill Lynch & Co. Inc.
5.67%, 1/29/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000,000 39,455,122
Morgan (J.P.) & Co. Inc.
5.43%, 1/25/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,685,382
Spintab AB
5.61%, 11/17/98-11/20/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,100,000 43,982,811
Sanwa Business Credit Corp.
5.79%, 11/13/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,952,500
SwedBank Inc.
5.66%-5.73%, 12/18/98-2/5/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,000,000 54,431,666
_______________
TOTAL COMMERCIAL PAPER
(cost $443,535,888) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 443,535,888
_______________
Corporate Notes--17.2%
- -------------------------------------------------------
Bankers Trust New York Corp.
5.20%, 1/8/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,000,000 $ 39,998,546
CIT Group Holdings Inc.
5.13%-5.21%, 9/29/99-10/20/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000,000 74,984,088
Key Bank N.A.
5.12%, 9/23/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,995,641
Istituto Bancario San Poalo Di Torino
5.13%, 4/19/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,989,926
Lehman Brothers Holdings, Inc.
5.30%, 1/13/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 50,000,000
Merrill Lynch & Co. Inc.
5.12%, 4/19/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,000
Paine Webber Group Inc.
5.20%, 4/22/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Principal
Corporate Notes (continued) Amount Value
- ------------------------------------------------------- _____________ _______________
Salomon Smith Barney Holdings Inc.
5.11%, 4/19/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,000,000 $ 10,000,000
_______________
TOTAL CORPORATE NOTES
(cost $269,968,201) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 269,968,201
_______________
Promissary Notes--4.1%
- -------------------------------------------------------
Goldman Sachs Group L.P.
4.95%-5.70%, 11/10/98-4/26/99 (b,c)
(cost $65,000,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 65,000,000 $ 65,000,000
_______________
Short-Term Bank Notes--13.6%
- -------------------------------------------------------
Abbey National Treasury Services
5.80%, 6/11/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 30,000,000 $ 29,986,022
BankBoston, N.A.
5.70%, 4/15/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 25,000,000
Heller Financial Inc.
5.25%, 8/1/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,170,000 14,540,671
Lasalle National Bank
5.70%, 7/16/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,000,000 24,995,859
NationsBank N.A.
5.41%, 3/10/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 20,000,000
NationsBank, N.A.
5.12%, 8/3/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,985,308
PNC Bank N.A.
5.07%, 5/21/99 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000,000 49,979,411
_______________
TOTAL SHORT-TERM BANK NOTES
(cost $214,487,271) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 214,487,271
_______________
U.S. Government Agencies--1.6%
- -------------------------------------------------------
Federal Home Loan Banks, Discount Notes
5.40%, 11/2/98
(cost $24,996,250) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,000,000 $ 24,996,250
_______________
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) OCTOBER 31, 1998
Principal
Time Deposits--1.3% Amount Value
- ------------------------------------------------------- _____________ _______________
Berliner Handels-und Frankforter Bank (Grand Cayman)
5.38%, 11/2/98
(cost $20,021,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20,021,000 $ 20,021,000
_______________
TOTAL INVESTMENTS
(cost $1,547,935,386) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.5% $1,547,935,386
_______ _______________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5% $ 23,400,386
_______ _______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $1,571,335,772
_______ _______________
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 3/24/98-10/24/98 at a cost of par value. At October 31, 1998, the aggregate
value of these securities was $65,000,000 representing approximately 4.1% 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, 1998
Cost Value
____________ _______________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $1,547,935,386 $1,547,935,386
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 8,756,621
Interest receivable . . . . . . . . . . . . . . . . . . . 15,143,635
Prepaid expenses . . . . . . . . . . . . . . . . . . . . 421,119
_______________
1,572,256,761
_______________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 600,194
Accrued expenses . . . . . . . . . . . . . . . . . . . . 320,795
_______________
920,989
_______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,571,335,772
_______________
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $1,571,432,462
Accumulated undistributed net investment income . . . . . 200,088
Accumulated net realized gain (loss) on investments . . . (296,778)
_______________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,571,335,772
_______________
SHARES OUTSTANDING
(25 BILLION SHARES OF $.001 PAR VALUE COMMON STOCK AUTHORIZED) . . . . . . . . . . . . . . 1,571,432,462
NET ASSET VALUE, offering and redemption price per share . . . . . . . . . . . . . . . . . $1.00
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS YEAR ENDED OCTOBER 31, 1998
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . $93,319,339
EXPENSES: Management fee--Note 2(a) . . . . . . . . . . . . $ 8,178,603
Shareholder servicing costs--Note 2(b) . . . . . 6,160,548
Prospectus and shareholders' reports . . . . . . 274,528
Custodian fees . . . . . . . . . . . . . . . . . 128,061
Registration fees . . . . . . . . . . . . . . . . 96,745
Directors' fees and expenses--Note 2(c) . . . . . 58,989
Professional fees . . . . . . . . . . . . . . . . 54,549
Miscellaneous . . . . . . . . . . . . . . . . . . 221,703
____________
Total Expenses . . . . . . . . . . . . . . 15,173,726
Less--reduction in management fee due to
undertaking--Note 2(a) . . . . . . . . . . . . (2,903,728)
____________
Net Expenses . . . . . . . . . . . . . . . 12,269,998
____________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,049,341
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 1(b) . . . . . . . . . . . . . . . . 7,275
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . $81,056,616
____________
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, 1998 October 31, 1997
__________________ ___________________
<S> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 81,049,341 $ 90,279,537
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . 7,275 (78,862)
_______________ ________________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . 81,056,616 90,200,675
_______________ ________________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . (80,849,253) (90,279,537)
_______________ ________________
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . 2,928,775,298 4,290,577,638
Dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,111,440 85,697,112
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,103,593,597) (4,649,961,193)
_______________ ________________
Increase (Decrease) in Net Assets from Capital Stock Transactions . . . . (96,706,859) (273,686,443)
_______________ ________________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . (96,499,496) (273,765,305)
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,667,835,268 1,941,600,573
_______________ ________________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,571,335,772 $1,667,835,268
_______________ ________________
UNDISTRIBUTED INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . $ 200,088 --
_______________ ________________
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,
___________________________________________________________
PER SHARE DATA: 1998 1997 1996 1995 1994
______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period . . . . . . . $1.00 $1.00 $1.00 $1.00 $1.00
______ ______ ______ ______ ______
Investment Operations:
Investment income--net . . . . . . . . . . . . . . .049 .049 .049 .052 .031
______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . . . . . (.049) (.049) (.049) (.052) (.031)
______ ______ ______ ______ ______
Net asset value, end of period . . . . . . . . . . $1.00 $1.00 $1.00 $1.00 $1.00
______ ______ ______ ______ ______
______ ______ ______ ______ ______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . . 5.05% 5.02% 4.96% 5.33% 3.17%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . .75% .75% .81% .86% .84%
Ratio of net investment income
to average net assets . . . . . . . . . . . . . 4.95% 4.90% 4.86% 5.20% 3.07%
Decrease reflected in above expense ratios
due to undertakings by the Manager . . . . . . .18% .14% .05% -- --
Net Assets, end of period (000's Omitted) . . . . . $1,571,336 $1,667,835 $1,941,601 $2,105,361 $2,469,367
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Worldwide Dollar Money Market Fund, Inc. (the "Fund") is registered
under the Investment Company Act of 1940, as amended (the "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 (the "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.
Under the terms of the custody agreement, the Fund receives net earnings credits
based on available cash balances left on deposit.
(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 of 1986, as
amended (the "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.
On November 2, 1998, the Fund declared a cash dividend of approximately $.0001
per share from undistributed investment income-net which includes investment
income-net for Saturday, October 31, 1998.
(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 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 $297,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to October 31, 1998. If not
applied, $76,000 of the carryover expires in fiscal 2003, $142,000 expires in
fiscal 2004 and $79,000 expires in fiscal 2005.
At October 31, 1998, 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, 1997 through October 31, 1998 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, exceeded 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 $2,903,728 during the period ended
October 31, 1998.
(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, 1998, the Fund was charged $3,444,532 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, 1998, the Fund was charged $1,941,025 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, 1998, 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, 1998 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, 1998, 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.
New York, New York
December 3, 1998
[reg.tm logo]
(reg.tm)
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. 762AR9810
Worldwide Dollar
Money Market
Fund, Inc.
Annual Report
October 31, 1998
