Dreyfus
Worldwide Dollar
Money Market Fund, Inc.
SEMIANNUAL REPORT
April 30, 1999
(R) [Dreyfus Logo]
<PAGE>
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.
<PAGE>
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
FOR MORE INFORMATION
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Back Cover
<PAGE>
Dreyfus Worldwide Dollar The Fund
Money Market Fund, Inc.
LETTER FROM THE PRESIDENT
- -------------------------
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus Worldwide Dollar
Money Market Fund, Inc., covering the six-month period from November 1, 1998
through April 30, 1999. Inside, you'll find valuable information about how the
Fund was managed during the reporting period, including a discussion with the
Fund's senior portfolio manager, Patricia A. Larkin.
Yields on money market securities generally declined over the reporting period
in response to the Federal Reserve Board's decision in the fall of 1998 to ease
monetary policy. While the U.S. economy has continued to grow, the Federal
Reserve was concerned about persistent economic weakness abroad. Their adoption
of lower short-term interest rates was intended to stimulate not just domestic
economic growth, but the economies of other nations as well.
Despite lower nominal interest rates for most money market funds, very low
inflation continued to support above-average real returns, which are nominal
yields less the rate of inflation.
We appreciate your confidence over the past six months, 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
May 13, 1999
2
<PAGE>
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 six-month period ended April 30, 1999, Dreyfus Worldwide Dollar Money
Market Fund, Inc. produced an annualized yield of 4.44% which, taking into
account the effect of compounding, created an annualized effective yield of
4.53%.(1) The Fund provided a total return of 2.23%(2) compared to the Lipper
Money Market Funds category average total return of 2.16%(3) for the same
period. We attribute the Fund's yield to the fact that the Fund owned
longer-term securities, which enabled it to lock in higher returns in an
environment characterized by declining interest rates.
What is the Fund's investment approach?
There are many factors we consider in managing Dreyfus Worldwide Dollar Money
Market Fund, Inc. including those noted below. We closely monitor the outlook
for growth and inflation. We also follow overseas developments for any influence
they may have on the domestic economy. The posture of the Federal Reserve is
also a key determinant in our decision as to how best to structure the
portfolio.
Generally, we actively manage the average maturity of the Fund in an effort to
take advantage of expected changes in interest rates based upon our economic
outlook. For example, if we feel that interest rates will fall, we typically
will lengthen our average maturity in order to lock in today's higher rates.
Conversely, in a rising rate environment, we typically will shorten our
maturities in order to be able to reinvest at higher rates in the future.
The Fund 3
<PAGE>
DISCUSSION OF FUND PERFORMANCE (continued)
In terms of investments, the Fund will only buy securities that are rated in one
of the two highest rating categories or are of comparable credit quality. This
policy permits the Fund to provide competitive returns while ensuring that the
liquid nature of the portfolio is maintained.
What other factors influenced the Fund's performance?
Last fall, the Open Market Committee of the Federal Reserve Board cut short-term
interest rates three times in an attempt to provide liquidity and improve
investor confidence in the wake of Asian market turmoil. Since that time,
despite some concern that the economy might show signs of growing too quickly,
the Fed has held interest rates steady. The relatively longer average maturity
of our Fund benefited from stable rates and the Fed's accommodative stance
during the reporting period.
4
<PAGE>
What is the Fund's current strategy?
During the reporting period the domestic economy continued to exhibit strength.
Inflation appeared to be under control. International markets seemed to have
regained stability and in some cases, even strength. Since we believed that an
immediate increase in interest rates appeared unlikely at the end of the
reporting period, we continued our strategy of maintaining a somewhat longer
average maturity.
May 13, 1999
1 Annualized effective yield is based upon dividends declared daily and
reinvested monthly. 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 $1.00 per share, it is possible
to lose money by investing in the Fund.
2 Total return includes reinvestment of dividends.
3 Source: Lipper Analytical Services, Inc.
The Fund 5
<PAGE>
STATEMENT OF INVESTMENTS
April 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
Principal
Negotiable Bank Certificates of Deposit--39.7% Amount ($) Value ($)
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
Abbey National Treasury Services (Yankee)
5.20%, 12/9/99 25,000,000 25,000,000
ABN-AMRO Bank Chicago
4.94%, 4/24/00 a 50,000,000 49,971,236
Bankers Trust Co. (Yankee)
4.89%, 7/23/99 a 10,000,000 9,998,598
Bank of Scotland
5.17%, 4/6/00 20,000,000 20,003,600
Barclays Bank (Yankee)
4.94%, 4/10/00 a 50,000,000 49,976,499
Commerzbank AG (Yankee)
5.00%-5.33%, 2/1/00-4/7/00 65,000,000 64,983,140
Credit Agricole Indosuez S.A. (Yankee)
4.87%-5.80%, 5/21/99-5/26/99 a 45,000,000 44,998,308
Deutsche Bank AG (Yankee)
4.95%-5.66%, 8/23/99-4/10/00 a 75,000,000 74,977,963
Istituto Bancario San Paolo Di Torino (Yankee)
5.15%-5.75%, 7/20/99-5/16/00 35,000,000 34,993,849
Michigan National Bank
5.17%-5.21%, 3/16/00-3/27/00 15,000,000 14,998,719
Morgan Guaranty Trust Co.
5.00%, 12/10/99 10,000,000 10,000,000
Rabobank Nederland N.V. (Yankee)
5.16%, 3/24/00 10,000,000 9,998,205
Royal Bank of Canada (Yankee)
4.94%-5.02%, 1/24/00-4/27/00 a 65,500,000 65,470,891
Societe Generale (Yankee)
5.04%-5.77% , 5/28/99-2/4/00 70,000,000 69,989,182
SwedBank (Yankee)
5.00%, 1/19/00 20,000,000 20,001,391
Toronto-Dominion Bank (Yankee)
4.94%-5.66%, 8/16/99-4/10/00 a 50,000,000 49,983,591
Total Negotiable Bank Certificates of Deposit
(cost $615,345,172) 615,345,172
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Commercial Paper--23.2%
- ---------------------------------------------------------------------------------------------
BHF Finance (DE) Inc.
4.93%, 5/21/99 50,000,000 49,864,722
Bavaria TRR Corp
4.90%, 7/16/99 42,000,000 41,570,853
Den Norske Bank ASA
5.00%, 8/26/99 25,000,000 24,603,500
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
Principal
Commercial Paper (continued) Amount ($) Value ($)
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
FINOVA Capital Corp.
5.05%-5.35%, 5/5/99-10/14/99 25,000,000 24,654,592
Goldman Sachs Group L.P.
5.19%, 5/28/99 10,000,000 9,962,125
Heller Financial Inc.
5.26%, 5/5/99 30,000,000 29,982,833
Hertz Corp.
4.92%-5.07%, 6/18/99-7/13/99 35,000,000 34,706,533
Lehman Brothers Holdings Inc.
5.40%, 8/5/99 25,000,000 24,649,333
Spintab AB
5.03%-5.15%, 6/18/99-7/9/99 75,000,000 74,392,979
SwedBank Inc.
4.94%, 8/9/99 25,000,000 24,665,278
Tafco
4.85%, 5/21/99 20,000,000 19,946,333
Total Commercial Paper
(cost $358,999,081) 358,999,081
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Corporate Notes--8.7%
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CIT Group Holdings Inc.
4.88%-4.96%, 9/29/99-10/20/99 a 75,000,000 74,992,686
Heller Financial Inc.
5.39%, 8/1/99 14,170,000 14,294,915
Key Bank N.A.
4.87%, 9/23/99 a 25,000,000 24,998,061
Wells Fargo & Co.
5.26%, 4/3/00 20,000,000 19,998,103
Total Corporate Notes
(cost $134,283,765) 134,283,765
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Promissory Notes--2.6%
- ---------------------------------------------------------------------------------------------
Goldman Sachs Group L.P.
5.04%-5.06%, 10/1/99-10/25/99 b,c
(cost $40,000,000) 40,000,000 40,000,000
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Short-Term Bank Notes--13.9%
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Abbey National Treasury Services
5.80%, 6/11/99 30,000,000 29,997,419
Key Bank N.A.
5.10%, 3/24/00 11,000,000 10,999,127
Lasalle National Bank
5.15%-5.70%, 7/16/99-2/22/00 50,000,000 49,991,775
</TABLE>
The Fund 7
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited) (continued)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
Principal
Short-Term Bank Notes (continued) Amount ($) Value ($)
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
NationsBank N.A.
4.87%-4.95%, 8/3/99-4/5/00 a 75,000,000 74,985,825
PNC Bank N.A.
4.82%, 5/21/99 a 50,000,000 49,997,951
Total Short-Term Bank Notes
(cost $215,972,097) 215,972,097
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Time Deposits--9.8%
- ---------------------------------------------------------------------------------------------
Canadian Imperial Bank of Commerce (Grand Cayman)
4.94%, 5/3/99 70,000,000 70,000,000
Republic National Bank of New York (London)
4.88%, 5/3/99 31,209,000 31,209,000
Westdeutsche Landesbank Girozentrale (Grand Cayman)
4.94%, 5/3/99 50,000,000 50,000,000
Total Time Deposits
(cost $151,209,000) 151,209,000
- ---------------------------------------------------------------------------------------------
Total Investments
(cost $1,515,809,115) 97.9% 1,515,809,115
Cash and Receiveables (net) 2.1% 33,223,053
Net Assets 100.0% 1,549,032,168
<FN>
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
1/4/99-4/28/99 at a cost of par value. At April 30, 1999, the aggregate value of
these securities was $40,000,000 representing approximately 2.6% of net assets
and they are valued at amortized cost.
See notes to financial statements.
</FN>
</TABLE>
8
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
Six Months Ended April 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
Cost Value
- --------------------------------------------------------------------------------------------
<S> <C> <C>
Assets ($):
Investments in securities--See Statement of Investments 1,515,809,115 1,515,809,115
Cash 19,601,433
Interest receivable 14,204,975
Prepaid expenses 420,087
1,550,035,610
- --------------------------------------------------------------------------------------------
Liabilities ($):
Due to The Dreyfus Corporation and affiliates 484,162
Accrued expenses 519,280
1,003,442
- --------------------------------------------------------------------------------------------
Net Assets ($) 1,549,032,168
- --------------------------------------------------------------------------------------------
Composition of Net Assets ($):
Paid-in capital 1,549,328,946
Accumulated net realized gain (loss) on investments (296,778)
Net Assets ($) 1,549,032,168
- --------------------------------------------------------------------------------------------
Shares Outstanding
(25 billion shares of $.001 par value Common Stock authorized) 1,549,328,946
- --------------------------------------------------------------------------------------------
Net Asset Value, offering and redemption price per share ($) 1.00
</TABLE>
See notes to financial statements.
The Fund 9
<PAGE>
STATEMENT OF OPERATIONS
Six Months Ended April 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
Investment Income ($)
- --------------------------------------------------------------------------------------------
<S> <C>
Income
Interest Income 40,238,035
Expenses:
Management Fee--Note 2(a) 3,876,541
Shareholder servicing costs--Note 2(b) 2,521,386
Prospectus and shareholders' reports 138,590
Professional fees 63,641
Registration fees 44,910
Directors' fees and expenses--Note 2(c) 39,023
Custodian fees 37,088
Miscellaneous 1,350
Total Expenses 6,722,529
Less--reduction in management fee due to
undertaking--Note 2(a) (901,419)
Net Expenses 5,821,110
Investment Income--Net, representing net increase in net assets
resulting from operations 34,416,925
</TABLE>
See notes to financial statements.
10
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
Six Months Ended
April 30, 1999 Year Ended
(Unaudited) October 31, 1998
- --------------------------------------------------------------------------------------------
<S> <C> <C>
Operations ($):
Investment income--net 34,416,925 81,049,341
Net realized gain (loss) from investments -- 7,275
Net Increase (Decrease) in Net Assets
Resulting from Operations 34,416,925 81,056,616
- --------------------------------------------------------------------------------------------
Dividends to Shareholders From ($):
Investment income--net (34,617,013) (80,849,253)
- --------------------------------------------------------------------------------------------
Capital Stock Transactions ($1.00 per share) ($):
Net proceeds from shares sold 1,244,242,590 2,927,984,458
Dividends reinvested 33,254,638 78,111,440
Cost of shares redeemed (1,299,600,744) (3,102,802,757)
Increase (Decrease) in Net Assets from
Capital Stock Transactions (22,103,516) (96,706,859)
Total Increase (Decrease) in Net Assets (22,303,604) (96,499,496)
- --------------------------------------------------------------------------------------------
Net Assets ($):
Beginning of period 1,571,335,772 1,667,835,268
End of period 1,549,032,168 1,571,335,772
Undistributed investment income--net -- 200,088
</TABLE>
See notes to financial statements.
The Fund 11
<PAGE>
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Certain information reflects financial results for a single Fund share. Total
return shows how much your investment in the Fund would have increased (or
decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the Fund's financial
statements.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
Six Months Ended
April 30, 1999 Year Ended October 31,
-----------------------------------------------------
(Unaudited) 1998 1997 1996 1995 1994
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Data ($):
Net asset value,
beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .022 .049 .049 .049 .052 .031
Distributions:
Dividends from
investment income--net (.022) (.049) (.049) (.049) (.052) (.031)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------
Total Return (%) 4.50* 5.05 5.02 4.96 5.33 3.17
- ------------------------------------------------------------------------------------------------
Ratios/Supplemental Data (%):
Ratio of expenses to
average net assets .75* .75 .75 .81 .86 .84
Ratio of net investment income
to average net assets 4.44* 4.95 4.90 4.86 5.20 3.07
Decrease reflected in above
expense ratios due to
undertakings by the Manager .12* .18 .14 .05 -- --
- ------------------------------------------------------------------------------------------------
Net Assets,
end of period ($ x 1,000) 1,549,032 1,571,336 1,667,835 1,941,601 2,105,361 2,469,367
</TABLE>
* Annualized.
See notes to financial statements.
12
<PAGE>
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, 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 are normally declared
The Fund 13
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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.
(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 April 30, 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 April 30, 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
$901,419 during the period ended April 30, 1999.
14
<PAGE>
(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, 1999, the Fund was charged $1,283,761 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, 1999, the Fund was charged $873,345 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 15
<PAGE>
NOTES
<PAGE>
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
90 Washington 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
Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
(C) 1999, Dreyfus Service Corporation 762SA994
