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 six-month period ended April
30, 1998. Your Fund produced an annualized yield of 4.99%, and after taking
into account the effect of compounding, the annualized effective yield was
5.11%.*
Economic Review
Although real Gross Domestic Product (GDP) sustained a growth trend
approaching 4% into the first quarter, recent evidence suggests a shift to
somewhat slower economic growth in coming months. Aggregate profit margins
already have begun to narrow in some sectors. The conflicting pressures of a
softening economy dampened by the Asian financial crisis and a tightening
labor market have kept the Federal Reserve Board in neutral, although a bias
towards higher rates was reinstated at the March 1998 FOMC meeting. Market
interest rates have likewise stayed within a narrow range in recent months.
While manufacturing has turned appreciably sluggish since year end,
this was overshadowed in the first quarter by a strong rebound in domestic
demand. The industrial sector has been slowed by the strong dollar and by
weak exports. However, with Asian economies still in turmoil, competition
from Asian-made imports has emerged slowly. The first quarter rebound in
domestic demand was fueled primarily by strong housing market conditions and
rising real household incomes.
Rising real wages that have been such a boon to consumers in recent
months may take a toll on corporate profit margins. The first sign of profit
pressure was seen last year as the dollar strengthened. This year, profit
margins have eroded further due to weak exports and falling prices in some
sectors. Accelerating wage growth alongside limited pricing power may also
prove a harbinger of profit margin erosion. Hence, a shift to slower economic
growth that coexists with rising wage pressures creates a further risk to
overall profit growth.
The above pressures have kept Fed policy unchanged until now. However,
it appears that policymakers are more concerned about wage growth than about
economic strains, as evidenced by a recent shift towards a tightening bias.
Although long-term bond yields were below year-ago levels at the end of
April, substantially lower yields have proven difficult to attain in the
absence of lower short-term rates. This too could restrain the economic
growth rate.
The Market Environment
For the past six months expectations for short-term interest rates have
fluctuated between the need for an increase in the Federal Funds rate in
order to cool off an over-heating economy and for an ease in order to offset
the Asian-crisis-triggered slowdown. Money markets are currently in a trading
range and likely to remain there until a clear trend develops.
As the economy continues into its seventh year of expansion, the
short-term money markets are also on the lookout for signs that the economic
cycle is coming to an end. With unemployment at historic lows, the market is
on alert for a labor shortage-inspired pickup in inflation. To date, there
has been no evidence of such an occurrence.
Another development that gives many market participants concern is the
increasing talk of an "asset bubble." The short-term market is apprehensive
that Federal Reserve chairman Alan Greenspan, concerned over the effects of
the dramatic rise in stock prices, will raise short-term rates in an attempt
to head off the speculative excesses that might derail the economy.
With economic releases providing an often contradictory picture of the
economy, the financial markets are especially sensitive to comments from
Federal Reserve members. Recent speeches suggest that the Fed is concerned
about the possiblity of re-emerging inflationary pressures, yet is prepared
to wait until a more definitive picture develops before altering monetary
policy.
Portfolio Focus
In this market environment we continue to maintain an average maturity
somewhat longer than the industry average. We feel that this strategy has
been beneficial to the Fund, and we currently intend to maintain that posture
as long as we believe it corresponds with market conditions. Of course, we
will look to adapt our approach should new factors in the market cause us to
believe that such action is desirable.
Sincerely,
[ Patricia A. Larkin signature logo]
Patricia A. Larkin
Senior Portfolio Manager
May 18, 1998
New York, N.Y.
*Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<TABLE>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS APRIL 30, 1998 (UNAUDITED)
Principal
Negotiable Bank Certificates of Deposit-30.8% Amount Value
_______________ ______________
<S> <C> <C>
Abbey National Treasury Services (Yankee)
5.70%-5.72%, 1/27/99-2/25/99.............................................. $ 35,000,000 $ 35,000,000
Bankers Trust Co.
5.53%-6.13%, 5/12/98-1/12/99.............................................. 35,000,000 35,018,403
Barclays Bank PLC (Yankee)
5.82%, 6/25/98............................................................ 16,950,000 16,951,257
Bayerische Hypotheken-und Wechsel-Bank AG (London)
5.74%, 5/1/98............................................................. 25,000,000 25,000,000
Bayerische Landesbank Girozentrale (Yankee)
5.87%, 7/17/98............................................................ 30,000,000 29,996,238
Creditanstalt Bankverein (Yankee)
5.77%, 4/16/99............................................................ 15,000,000 14,993,111
Credit Suisse First Boston (Yankee)
5.61%, 4/14/99 (a)........................................................ 50,000,000 50,000,000
Deutsche Bank AG (Yankee)
5.61%-5.70%, 2/26/99-3/22/99.............................................. 30,000,000 29,986,686
Norddeutsche Landesbank Girozentrale (London)
5.83%, 6/18/98............................................................ 20,000,000 20,001,524
Royal Bank of Canada
5.61%, 2/23/99 (a)........................................................ 50,000,000 49,974,241
Societe Generale (Yankee)
5.77%-5.92%, 5/19/98-10/27/98............................................. 85,000,000 85,018,270
SwedBank (Yankee)
5.70%-5.73%, 7/28/98-3/26/99.............................................. 50,000,000 49,989,204
Swiss Bank Corp. (Yankee)
5.74, 3/5/99.............................................................. 25,000,000 24,990,904
Westdeutsche Landesbank Girozentrale (London)
5.82%, 8/3/98............................................................. 15,000,000 15,000,185
Westdeutsche Landesbank Girozentrale (Yankee)
5.69%, 1/25/99............................................................ 10,000,000 10,000,000
_______________
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $491,920,023)....................................................... $ 491,920,023
===============
Commercial Paper-28.8%
Den Danske Corp. Inc.
5.69%, 5/15/98............................................................ $ 20,000,000 $ 19,956,989
Den Norske Bank ASA
5.53%-5.55%, 6/22/98-8/19/98.............................................. 75,000,000 74,197,500
Donaldson Lufkin & Jenrette Inc.
5.61%-5.69%, 5/11/98-7/28/98.............................................. 60,000,000 59,298,889
FINOVA Capital Corp.
5.60%, 7/21/98............................................................ 10,000,000 9,875,800
Dreyfus Worldwide Dollar Money Market Fund, Inc.
Statement of Investments (continued) April 30, 1998 (Unaudited)
Principal
Commercial Paper (continued) Amount Value
_______________ _______________
General Electric Capital Corp.
5.53%, 6/16/98............................................................ $ 25,000,000 $ 24,826,542
General Motors Acceptance Corp.
5.86%, 8/18/98............................................................ 15,000,000 14,743,850
Lehman Brothers Holdings Inc.
5.90%, 9/18/98............................................................ 20,000,000 19,560,555
Paine Webber Group Inc.
5.71%, 9/8/98............................................................. 21,000,000 20,579,125
Salomon Smith Barney Holdings Inc.
5.52%, 8/3/98............................................................. 65,000,000 64,088,592
Spintab AB
5.55%-5.63%, 5/11/98-8/17/98.............................................. 75,000,000 74,244,733
SwedBank Inc.
5.73%, 12/15/98........................................................... 30,000,000 28,955,000
UBS Finance (DE) Inc.
5.55%, 5/1/98............................................................. 50,000,000 50,000,000
_______________
TOTAL COMMERCIAL PAPER
(cost $460,327,575)....................................................... $ 460,327,575
===============
Corporate Notes-16.0%
Bankers Trust Co.
5.70%, 1/8/99 (a)......................................................... $ 40,000,000 $ 39,994,612
Lehman Brothers Holdings, Inc.
5.71%-5.80%, 1/13/99-3/22/99 (a).......................................... 60,000,000 60,000,000
Merrill Lynch & Co. Inc.
5.62%-5.68%, 7/24/98-4/19/99 (a).......................................... 80,000,000 80,000,000
Paine Webber Group Inc.
5.70%, 4/22/99 (a)........................................................ 15,000,000 15,000,000
Salomon Smith Barney Holdings Inc.
5.61%, 4/19/99 (a)........................................................ 10,000,000 10,000,000
San Poalo U.S. Financial Co.
5.63%, 4/19/99 (a)........................................................ 50,000,000 49,978,959
_______________
TOTAL CORPORATE NOTES
(cost $254,973,571)....................................................... $ 254,973,571
===============
Promissory Notes-4.5%
Goldman Sachs Group L.P.
5.52%-5.86%, 6/12/98-12/18/98 (b,c)
(cost $73,000,000)........................................................ $ 73,000,000 $ 73,000,000
===============
</TABLE>
<TABLE>
Dreyfus Worldwide Dollar Money Market Fund, Inc.
Statement of Investments (continued) April 30, 1998 (Unaudited)
Principal
Short-Term Bank Notes-9.4% Amount Value
_______________ _______________
<S> <C> <C>
BankBoston N.A.
5.70%-5.81%, 9/8/98-4/15/99............................................... $ 75,000,000 $ 75,000,000
Bayerische Landesbank Girozentrale
7.29%, 8/14/98............................................................ 50,000,000 50,035,360
PNC Bank N.A.
5.67%, 9/2/98 (a)......................................................... 25,000,000 24,994,244
_______________
TOTAL SHORT-TERM BANK NOTES
(cost $150,029,604)....................................................... $ 150,029,604
===============
Time Deposits-10.2%
Berliner Handels-und Frankforter Bank (Grand Cayman)
5.50%, 5/1/98............................................................. $ 75,000,000 $ 75,000,000
Fleet Bank of Massachusetts (Grand Cayman)
5.38%, 5/1/98............................................................. 12,416,000 12,416,000
Huntington National Bank (Grand Cayman)
5.50%, 5/1/98............................................................. 75,000,000 75,000,000
_______________
TOTAL TIME DEPOSITS
(cost $162,416,000)....................................................... $ 162,416,000
===============
TOTAL INVESTMENTS
(cost $1,592,666,773)............................................ 99.7% $ 1,592,666,773
======= ===============
CASH AND RECEIVABLES (NET)......................................... .3% $ 5,394,543
======= ===============
NET ASSETS......................................................... 100.0% $ 1,598,061,316
======= ===============
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 9/18/97-3/24/98 at a cost of par value. At April 30, 1998,
the aggregate value of these securities was $73,000,000 representing
approximately 4.6% 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 APRIL 30, 1998 (UNAUDITED)
Cost Value
_______________ _______________
<S> <C> <C>
ASSETS: Investments in securities-See Statement
of Investments............................. $1,592,666,773 $1,592,666,773
Cash....................................... 6,180,230
Interest receivable........................ 16,473,111
Prepaid expenses and other assets.......... 587,277
_______________
1,615,907,391
_______________
LIABILITIES: Due to The Dreyfus Corporation and
affiliates................................. 846,215
Payable for shares of Common Stock
redeemed................................... 16,602,709
Accrued expenses........................... 397,151
_______________
17,846,075
_______________
NET ASSETS.................................................................. $1,598,061,316
===============
REPRESENTED BY: Paid-in capital............................ $1,598,402,988
Accumulated net realized gain (loss) on
investments................................ (341,672)
_______________
NET ASSETS.................................................................. $1,598,061,316
===============
SHARES OUTSTANDING
(25 billion shares of $.001 par value Common Stock authorized).............. 1,598,402,988
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 SIX MONTHS ENDED APRIL 30, 1998 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income................................ $47,622,433
EXPENSES: Management fee-Note 2(a)....................... $ 4,142,580
Shareholder servicing costs-Note 2(b).......... 3,290,293
Custodian fees................................. 68,435
Registration fees.............................. 64,434
Prospectus and shareholders' reports........... 48,290
Directors' fees and expenses-Note 2(c)......... 31,975
Professional fees.............................. 24,670
Miscellaneous.................................. 45,138
____________
Total Expenses 7,715,815
Less-reduction in management fee due to
undertaking-Note 2(a)....................... (1,479,094)
____________
Net Expenses................................ 6,236,721
____________
INVESTMENT INCOME-NET....................................................... 41,385,712
NET REALIZED GAIN (LOSS) ON INVESTMENTS-Note 1(b)........................... (37,619)
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $41,348,093
============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS WORLDWIDE DOLLAR MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
April 30, 1998 Year Ended
(Unaudited) October 31, 1997
________________ _________________
<S> <C> <C>
OPERATIONS:
Investment income-net.................................................... $ 41,385,712 $ 90,279,537
Net realized gain (loss) on investments.................................. (37,619) (78,862)
________________ _________________
Net Increase (Decrease) in Net Assets Resulting from
Operations......................................................... 41,348,093 90,200,675
________________ _________________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net.................................................... (41,385,712) (90,279,537)
________________ _________________
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold............................................ 1,532,720,372 4,290,577,638
Dividends reinvested..................................................... 40,229,566 85,697,112
Cost of shares redeemed.................................................. (1,642,686,271) (4,649,961,193)
________________ _________________
Increase (Decrease) in Net Assets from Capital Stock
Transactions..................................................... (69,736,333) (273,686,443)
________________ _________________
Total Increase (Decrease) in Net Assets............................ (69,773,952) (273,765,305)
NET ASSETS:
Beginning of Period...................................................... 1,667,835,268 1,941,600,573
________________ _________________
End of Period............................................................ $1,598,061,316 $1,667,835,268
================ =================
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.
Six Months Ended
April 30, 1998 Year Ended October 31,
_____________________________________________________________
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993
___________ ______ ______ ______ ______ ______
<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................. .025 .049 .049 .052 .031 .027
______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income-net.. (.025) (.049) (.049) (.052) (.031) (.027)
______ ______ ______ ______ ______ ______
Net asset value, end of period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN................... 5.04%* 5.02% 4.96% 5.33% 3.17% 2.75%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net
assets.................................... .75%* .75% .81% .86% .84% .77%
Ratio of net investment income
to average net assets............... 5.00%* 4.90% 4.86% 5.20% 3.07% 2.76%
Decrease reflected in above expense ratios
due to undertakings by the Manager.. .18%* .14% .05% -- -- .02%
Net Assets, end of period
(000's Omitted)....................... $1,598,061 $1,667,835 $1,941,601 $2,105,361 $2,469,367 $3,438,076
* 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 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 April 30, 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 April 30, 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, 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 $1,479,094
during the period ended April 30, 1998.
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, 1998, the Fund was charged $1,856,096 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 April 30, 1998, the Fund was charged $1,010,787 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.
Registration Mark
[Dreyfus lion "d" logo]
DREYFUS WORLDWIDE DOLLAR
MONEY MARKET FUND, INC.
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 762SA984
Registration Mark
[Dreyfus logo]
Worldwide Dollar
Money Market
Fund, Inc.
Semi-Annual
Report
April 30, 1998
