Dreyfus
Worldwide Dollar
Money Market Fund, Inc.
ANNUAL REPORT
October 31, 1999
(reg.tm)
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured
* Not Bank-Guaranteed
* May Lose Value
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments and its share price.
Contents
THE FUND
- --------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
9 Statement of Assets and Liabilities
10 Statement of Operations
11 Statement of Changes in Net Assets
12 Financial Highlights
13 Notes to Financial Statements
16 Report of Independent Auditors
FOR MORE INFORMATION
- ---------------------------------------------------------------------------
Back Cover
The Fund
Dreyfus
Worldwide Dollar
Money Markey Fund, Inc.
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this annual report for Dreyfus Worldwide Dollar Money
Market Fund, Inc., covering the 12-month period from November 1, 1998 through
October 31, 1999. Inside, you'll find valuable information about how the fund
was managed during the reporting period, including a discussion with the fund's
portfolio manager, Patricia A. Larkin.
When the reporting period began, the U.S. financial markets were experiencing
the aftermath of a sharp correction caused primarily by the spread of the global
financial crisis. The Federal Reserve Board responded to the crisis last fall by
reducing the federal funds rate, which also reduced money market yields.
The Fed's strategy apparently was effective, and the U.S. economy remained
strong through the remainder of the reporting period. Investors had become
concerned that strong economic growth in the United States might rekindle
dormant inflationary pressures. As a result, after remaining relatively steady
during the first quarter of 1999, yields on money market securities rose during
the second and third quarters in response to expectations that the Federal
Reserve Board might raise short-term interest rates. In fact, the Federal
Reserve Board raised rates twice during the summer of 1999 in an attempt to
forestall a potential resurgence of inflationary pressures. This increase
effectively reversed most of last fall's interest-rate cuts, and led to higher
yields on most money market securities.
We appreciate your confidence over the past year, and we look forward to your
continued participation in Dreyfus Worldwide Dollar Money Market Fund, Inc.
Sincerely,
/s/ Stephen E. Canter
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
November 15, 1999
DISCUSSION OF FUND PERFORMANCE
Patricia A. Larkin, Senior Portfolio Manager
How did Dreyfus Worldwide Dollar Money Market Fund, Inc. perform during the
period?
For the 12-month period ended October 31, 1999, the fund produced a yield of
4.44%, which, taking into account the effect of compounding, created an
effective yield of 4.54%.(1) The fund provided a total return of 4.52% compared
to the Lipper Money Market Funds category average total return of 4.41%.(2)
What factors influenced the fund's performance?
For the U.S. economy, expectations of slower economic growth and subdued
inflation, largely a result of the Asian financial crisis, marked the beginning
of the reporting period. The Federal Reserve Board, in an attempt to cushion the
U.S. economy from negative overseas events, lowered short-term interest rates
three times from 5.50% to 4.75%.
Global markets remained unsettled as 1999 began. But while uncertainty about
Japanese economic reform continued and the Russian economy remained troubled,
the general atmosphere of crisis lifted. The focus of monetary policy makers
shifted back to the domestic economy. As concern over the impact of offshore
events faded, the Fed began to voice concern over inflationary pressures.
The performance of the U.S. economy in the first quarter of 1999 was much
stronger than expected. Even though Gross Domestic Product ("GDP") grew at a
rate of 4.3%, inflation was benign. Despite a tight labor market, there was no
evidence of advancing wage pressure. Many economic analysts believed that
advances in technology might make it possible for the economy to grow faster
than previously thought possible without igniting inflation. Despite concern
that imbalances in the economy might eventually derail the nine-year economic
expansion, the U.S. economy continued to grow and the Fed held steady on rates.
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
A surprisingly large jump in the Consumer Price Index in May pushed policy
makers closer to a rate hike. Although the Fed did not immediately raise
interest rates, it did announce a significant shift, adopting a "bias" towards
tightening -- that is, raising short-term rates. With that shift in bias came a
resulting shift in market psychology. Market participants began to anticipate a
move by the Fed to higher rates.
That move came in June, when at its Open Market Committee meeting, the Fed
raised short-term rates by 1/4% to 5%. At the same time, however, it announced
that it was shifting its bias back to neutral -- indicating no intention of an
immediate further rate increase. The market hoped that this pre-emptive strike
to head off the threat of inflation would signal an end to Fed tightening.
Such hopes would be short-lived, however, as strong economic growth with rising
wages and benefits renewed inflationary concern. At its August Open Market
Committee meeting, the Fed raised short-term interest rates by an additional
1/4% to 5.25%, signaling its added resolve by raising the discount rate to
4.75%. Although second-quarter GDP growth dropped to a seemingly more
sustainable, less inflationary 1.9%, the effects of the two short-term rate
hikes have yet to fully impact the performance of the economy.
As the fund's fiscal year ended, the economy continued to send confusing
signals. Third-quarter GDP growth accelerated back to a rapid 4.8%, yet key
indicators, such as employment costs, job creation and inflation, were at lower
levels than would be expected given strong economic growth. Market consensus had
been that a third, modest rate hike before the end of 1999 was "all but a
given." But as the fund's reporting period ended, economic indicators, such as
employment costs and new home sales, seemed to show that previous Fed actions
may have begun to have their desired effect, and that further rate increases
might be put off.
What is the fund's current strategy?
The shift in market psychology towards rising rates had a negative impact on
money market performance. The yield curve (the relation-
ship between short- and long-term interest rates) steepened during the period,
such that longer term interest rates became relatively more attractive than
shorter term rates. Financial and industrial issuers, as well as the U.S.
Treasury, responded to this perceptional shift by borrowing in advance of
anticipated rate increases. The stock market showed increased volatility, and
such volatility often spilled over into the bond and money markets. The decline
of the dollar also adversely impacted the performance of dollar-denominated
fixed-income securities. During the reporting period, there were also occasional
"flights to quality" when credit concerns, largely instigated by problems in
overseas markets, led investors to seek out bonds and money market instruments
of only the highest quality issuers.
In this environment, your fund has taken on a somewhat defensive trading
strategy, shortening the average maturity of our money market holdings and
building a liquidity cushion. This higher level of cash should both aid in
protecting the fund from potential future volatility, as well as position the
fund to benefit should interest rates rise in the near future.
November 15, 1999
(1) EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND REINVESTED
MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS
FLUCTUATE. AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE
FDIC OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO PRESERVE
THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
(2) SOURCE: LIPPER ANALYTICAL SERVICES, INC.
The Fund
STATEMENT OF INVESTMENTS
October 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Principal
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--49.4% Amount ($) Value ($)
- -----------------------------------------------------------------------------------------------------------------------------------
Abbey National Treasury Services (Yankee)
<S> <C> <C> <C>
5.20%, 12/9/1999 25,000,000 25,000,000
ABN-AMRO Bank Chicago (Yankee)
5.44%, 4/24/2000 50,000,000 (a) 49,985,979
Bank Austria AG (Yankee)
5.42%, 5/22/2000 30,000,000 29,991,183
Bank of Scotland
5.17%, 4/6/2000 20,000,000 20,001,657
Barclays Bank (Yankee)
5.44%, 4/10/2000 50,000,000 (a) 49,989,033
Cariplo Finance Inc.(London)
5.40%, 11/24/1999 50,000,000 50,000,315
Commerzbank AG (Yankee)
5.00%-5.33%, 2/1/2000-4/7/2000 65,000,000 64,993,524
Deutsche Bank AG (Yankee)
5.02%-5.45%, 1/6/2000-4/10/2000 50,000,000 (a) 49,991,905
Istituto Bancario San Paolo DiTorino (Yankee)
5.15%, 5/16/2000 10,000,000 9,998,434
Merita Bank LTD (Yankee)
5.29%-5.41%, 11/19/1999-11/23/1999 70,000,000 70,000,453
Michigan National Bank
5.17%-5.21%, 3/16/2000-3/27/2000 15,000,000 14,999,447
Morgan Guaranty Trust Co.
5.00%, 12/10/1999 10,000,000 10,000,000
Rabobank Nederland N.V. (Yankee)
5.16%, 3/24/2000 10,000,000 9,999,212
Royal Bank of Canada (Yankee)
5.02%-5.44%, 1/24/2000-4/27/2000 65,500,000 (a) 65,486,469
Skandinaviska Enskildabanken AB (London)
5.42%, 11/29/1999 25,000,000 25,000,288
Societe Generale (Yankee)
5.04%-5.10%, 1/14/2000-2/4/2000 55,000,000 54,996,702
Swedbank (Yankee)
5.00%, 1/19/2000 20,000,000 20,000,418
Toronto-Dominion Bank (Yankee)
5.44%, 4/10/2000 25,000,000 (a) 24,994,350
Union Bank of California N.A.
5.28%, 11/8/1999 50,000,000 50,000,000
Union Bank of Switzerland (Yankee)
5.60%, 6/14/2000 25,000,000 24,999,741
- -----------------------------------------------------------------------------------------------------------------------------------
Principal
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT (CONTINUED) Amount ($) Value ($)
- -----------------------------------------------------------------------------------------------------------------------------------
Westdeutsche Landesbank Girozentrale (London)
5.04%, 11/18/1999 35,000,000 34,999,920
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $755,429,030) 755,429,030
- -----------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER--30.0%
- -----------------------------------------------------------------------------------------------------------------------------------
Akzo Nobel Inc.
5.40%, 11/2/1999 44,000,000 43,993,461
Atlantis One Funding Corp.
6.11%, 1/26/2000 50,000,000 49,283,333
Donaldson, Lufkin & Jenrette Securities Inc.
5.53%, 12/15/1999 25,000,000 24,833,167
FINOVA Capital Corp.
5.55%, 2/4/2000 50,000,000 50,000,000
General Electric Capital Corp.
6.08%, 1/27/2000 50,000,000 49,278,625
Internationale Nederlanden (U.S) Funding Corp.
5.38%, 11/19/1999 50,000,000 49,867,250
Lehman Brothers Holdings Inc.
6.20%, 3/8/2000 25,000,000 24,465,778
Morgan (J.P.) & Co. Inc.
5.29%-5.61%, 11/15/1999-3/13/2000 60,000,000 59,073,638
Nordbanken N.A. Inc.
6.05%, 2/11/2000 25,000,000 24,579,958
Spintab AB
5.41%, 11/23/1999 33,447,000 33,337,851
Swedbank Inc.
6.11%, 2/28/2000 50,000,000 49,011,639
TOTAL COMMERICIAL PAPER
(cost $457,724,700) 457,724,700
- -----------------------------------------------------------------------------------------------------------------------------------
CORPORATE NOTES--6.2%
- -----------------------------------------------------------------------------------------------------------------------------------
Heller Financial Inc.
6.15%, 4/13/2000 35,000,000 (a) 35,040,854
Lehman Brothers Holdings Inc.
5.68%, 3/8/2000 40,000,000 (a) 39,993,708
Wells Fargo & Co.
5.21%, 4/3/2000 20,000,000 19,999,136
TOTAL CORPORATE NOTES
(cost $95,033,698) 95,033,698
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
- -----------------------------------------------------------------------------------------------------------------------------------
Principal
PROMISSORY NOTES--3.7% Amount ($) Value ($)
- -----------------------------------------------------------------------------------------------------------------------------------
Goldman Sachs Group LP.
5.20%-6.25%, 1/24/2000-2/2/2000
(cost $57,000,000) 57,000,000 (b,c) 57,000,000
- -----------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM BANK NOTES--4.0%
- -----------------------------------------------------------------------------------------------------------------------------------
Key Bank N.A.
5.10%, 3/24/2000 11,000,000 10,999,617
Lasalle National Bank
5.15%, 2/22/2000 25,000,000 24,997,336
Nationsbank N.A.
5.45%, 4/5/2000 25,000,000 (a) 24,995,800
TOTAL SHORT-TERM BANK NOTES
(cost $60,992,753) 60,992,753
- -----------------------------------------------------------------------------------------------------------------------------------
TIME DEPOSITS--5.1%
- -----------------------------------------------------------------------------------------------------------------------------------
Dresdner Bank AG (Grand Cayman)
5.34%, 11/1/1999 50,000,000 50,000,000
Republic National Bank of New York (London)
5.06%, 11/1/1999 27,969,000 27,969,000
TOTAL TIME DEPOSITS
(cost $77,969,000) 77,969,000
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS
(cost $1,504,149,181) 98.4% 1,504,149,181
CASH AND RECEIVABLES (NET) 1.6% 23,881,236
NET ASSETS 100.0% 1,528,030,417
(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
BETWEEN 5/5/1999 AND 10/25/1999 AT A COST OF PAR VALUE. AT OCTOBER 31,1999,
THE AGGREGATE VALUE OF THESE SECURITIES WAS $57,000,000 REPRESENTING
APPROXIMATELY 3.7% OF NET ASSETS AND THEY ARE VALUED AT AMORTIZED COST.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF ASSETS AND LIABILITIES
October 31, 1999
Cost Value
- -------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 1,504,149,181 1,504,149,181
Cash 6,748,922
Interest receivable 17,991,206
Prepaid expenses 149,947
1,529,039,256
- -------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 689,399
Accrued expenses 319,440
1,008,839
- -------------------------------------------------------------------------------
NET ASSETS ($) 1,528,030,417
- -------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 1,527,933,100
Accumulated undistributed net investment income 394,095
Accumulated net realized gain (loss) on investments (296,778)
- -------------------------------------------------------------------------------
NET ASSETS ($) 1,528,030,417
- -------------------------------------------------------------------------------
SHARES OUTSTANDING
(25 billion shares of $.001 par value Common Stock authorized) 1,527,933,100
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Year Ended October 31, 1999
- -------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 80,906,411
EXPENSES:
Management fee--Note 2(a) 7,774,708
Shareholder servicing costs--Note 2(b) 5,255,224
Prospectus and shareholders' reports 231,518
Custodian fees 115,287
Registration fees 109,268
Professional fees 99,488
Directors' fees and expenses--Note 2(c) 67,023
TOTAL EXPENSES 13,652,516
Less--reduction in management fee due to undertaking--Note 2(a) (1,923,496)
NET EXPENSES 11,729,020
INVESTMENT INCOME--NET, REPRESENTING NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 69,177,391
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
- -------------------------------------------------------------------------------
Year Ended October 31,
--------------------------------
1999 1998
- -------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 69,177,391 81,049,341
Net realized gain (loss) on investments -- 7,275
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 69,177,391 81,056,616
- -------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (68,983,384) (80,849,253)
- -------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($1.00 PER SHARE) ($):
Net proceeds from shares sold 2,658,859,271 2,927,984,458
Dividends reinvested 66,138,498 78,111,440
Cost of shares redeemed (2,768,497,131) (3,102,802,757)
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS (43,499,362) (96,706,859)
TOTAL INCREASE (DECREASE) IN NET ASSETS (43,305,355) (96,499,496)
- -------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 1,571,335,772 1,667,835,268
END OF PERIOD 1,528,030,417 1,571,335,772
Undistributed investment income--net 394,095 200,088
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased (or
decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
Year Ended October 31,
------------------------------------------------------------------
1999 1998 1997 1996 1995
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
<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 .046 .049 .049 .049 .052
Distributions:
Dividends from investment income--net (.046) (.049) (.049) (.049) (.052)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 4.52 5.05 5.02 4.96 5.33
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .75 .75 .75 .81 .86
Ratio of net investment income
to average net assets 4.45 4.95 4.90 4.86 5.20
Decrease reflected in above expense ratios
due to undertakings by the Manager .12 .18 .14 .05 --
- -----------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ X 1,000) 1,528,030 1,571,336 1,667,835 1,941,601 2,105,361
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
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., which is a wholly-owned
subsidiary of Mellon Financial Corporation. 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
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
are paid monthly. Dividends from net realized capital gain are normally declared
and paid annually, but the fund may make distributions on a more frequent basis
to comply with the distribution requirements of the Internal Revenue Code 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 1, 1999, the fund declared a cash dividend of approximately $.0002
per share from undistributed investment income-net which includes investment
income-net for Saturday, October 30, 1999, and Sunday, October 31, 1999.
(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 realized subsequent to October 31, 1999. 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, 1999, 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, 1998 through October 31, 1999 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 $1,923,496 during the period ended October 31,
1999.
(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, 1999, the fund was charged $2,928,399 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, 1999, the fund was charged $1,548,321 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.
The Fund
REPORT OF 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, 1999, 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, 1999 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, 1999, 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 3, 1999
For More Information
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
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
BY TELEPHONE
Call 1-800-645-6561
BY MAIL Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request
to [email protected]
ON THE INTERNET Information
can be viewed online or
downloaded from:
http://www.dreyfus.com
(c) 1999 Dreyfus Service Corporation 762AR9910
December 21, 1999
Office of Records
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20546
Re: Dreyfus Worldwide Dollar Money Market Fund, Inc.
File No. 811-5717
Gentlemen:
Transmitted is one (1) copy of the Annual Report to Shareholders for
the above-referenced Fund as of October 31, 1999 filed pursuant to the
provisions of Section 30 of the Investment Company Act of 1940, as amended.
Very truly yours,
Lisa R. Savitzky
LRS\
Enclosure
Copy for filing to:
National Association of Securities Dealers, Inc.
Attn: Advertising Department