Dreyfus
Worldwide Dollar
Money Market Fund, Inc.
SEMIANNUAL REPORT
April 30, 2000
(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
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
---------------------------------------------------------------------------
Back Cover
The Fund
Dreyfus
Worldwide Dollar
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, 1999
through April 30, 2000. 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.
When the reporting period began, international and domestic economies were
growing faster than most analysts expected, giving rise to concerns that
long-dormant inflationary pressures might reemerge. Consumers continued to spend
heavily, unemployment levels reached new lows and the stock market, while highly
volatile, continued to climb.
Because unsustainable economic growth may trigger unwanted inflationary
pressures, the Federal Reserve Board raised key short-term interest rates three
times during the reporting period. In total, the Federal Reserve Board has
raised short-term interest rates by 1.25 percentage points since late June 1999.
While these economic influences adversely affected longer term bonds, they
positively influenced money market yields.
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 15, 2000
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, 2000, the fund produced an annualized
yield of 5.08%, which, taking into account the effect of compounding, produced
an annualized effective yield of 5.20%.(1)
What factors influenced the fund's performance?
At the beginning of the reporting period, the money market continued to digest
the mixed signals the economy had sent through the third quarter of 1999. Gross
domestic product (GDP) growth had accelerated to a rapid 4.8%, but key
indicators of employment cost, job creation and inflation were lower than would
be expected, given such strong economic expansion. The Open Market Committee of
the Federal Reserve Board (the "Fed") had tightened short-term interest rates
twice in 1999 in an attempt to head off inflation before implementing its third
and final increase for the year of 0.25 percentage points at its November
meeting.
In an apparent attempt to quiet markets concerned with potential Y2K
disruptions, the Fed opted to avoid taking any actions at its December meeting.
In addition, the Fed added liquidity to the banking system over year-end,
leading to temporary fluctuations in short-term interest rates. Despite this
short-lived volatility, very few significant Y2K problems were reported. Once
the new year began the Fed and the market turned their focus back to the
fundamental issue of the impact of growth on inflation.
During the last quarter of 1999, GDP growth had quickened to a stunning 7.3%.
The Fed grew concerned that growth was accelerating past a limit that could be
sustained without triggering destructive levels of inflation. As a result, the
Fed raised interest rates for the fourth time in this cycle of tightening in
early February, and a fifth time in
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
March. Although the Fed's stance towards the likelihood of future rate increases
was officially neutral, Chairman Alan Greenspan indicated his view that
inflation remained a threat. The market generally took this statement as a sign
that the Fed would continue to tighten interest rates until growth was reigned
in to manageable levels.
First quarter 2000 figures showed GDP growth at a less torrid, but still strong
5.4%. Continuing indications that prices were moving higher added to the money
markets' concerns. Greater than expected domestic demand for goods and services
continued. Even in the face of the gradualist rate hikes, consumer confidence
and consumer demand showed few signs of abating: home and auto sales continued
at record paces. The tightest labor market the U.S. has seen in the past 30
years added the threat of wage-driven inflationary pressure.
In our increasingly interknit global economy, events overseas have an
ever-increasing effect on the domestic economy. Following the Asian economic
crisis of 1998, demand outside the U.S. weakened. Such weakness doubtlessly
enabled the U.S. economy to grow at an unusually fast pace without setting off
commodity inflation. As overseas economies recovered, their demand for raw
materials picked up as well, competing with U.S. demand and putting upward
pressure on prices.
What is the fund's current strategy?
In anticipation of rising interest rates early in the six-month reporting
period, the fund adopted a somewhat defensive strategy. Most significantly, we
reduced the fund's average maturity in order to build in a liquidity cushion.
Shorter maturities were designed to help the fund benefit from any additional
interest-rate increases, as well as to protect the fund from potential
volatility.
As of April 30, 2000, the fund's average maturity remained relatively short;
however, we are prepared to extend the fund's average maturity if and when
evidence appears that the economy is slowing in response to the Fed's previous
moves. By extending the fund's average maturity when we believe that the Fed is
near the end of the current series of rate hikes, we expect to be able to lock
in prevailing high yields.
May 15, 2000
(1) ANNUALIZED 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
THE U.S. GOVERNMENT. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE
FUND.
The Fund
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF INVESTMENTS
April 30, 2000 (Unaudited)
Principal
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--29.5% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
Bank Austria AG (Yankee)
5.42%, 5/22/2000 30,000,000 29,999,088
Bayerische Hypo-und Vereinsbank AG (London)
6.02%, 5/22/2000 50,000,000 49,999,166
CARIPLO (London)
6.06%, 6/9/2000 50,000,000 50,000,267
Deutsche Bank AG (London)
6.08%, 6/13/2000 30,000,000 30,000,353
Halifax PLC (London)
6.01%, 11/16/2000 25,000,000 25,001,302
Istituto Bancario San Paolo DiTorino (Yankee)
5.15%, 5/16/2000 10,000,000 9,999,881
Merita Bank PLC (Yankee)
6.23%-6.60%, 8/4/2000-1/24/2001 60,000,000 59,991,280
National Westminster Bank PLC (Yankee)
6.04%, 5/16/2000 50,000,000 50,000,258
Societe Generale (Yankee)
6.20%-6.60%, 7/6/2000-1/16/2001 60,000,000 59,996,954
Unicredito Italiano SPA (London)
6.17%, 7/26/2000 50,000,000 50,001,157
Union Bank of Switzerland (Yankee)
5.60%, 6/14/2000 25,000,000 24,999,950
TOTAL NEGOTIABLE BANK CERTIFICATE OF DEPOSIT
(cost $439,989,656) 439,989,656
------------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER--33.3%
--------------------------------------------------------------------------------
Associates First Capital Corp.
6.04%, 5/1/2000 50,000,000 50,000,000
Associates Corp. Of North America
6.04%, 5/1/2000 50,000,000 50,000,000
Donaldson, Lufkin & Jenrette Inc.
6.10%, 5/8/2000 35,000,000 34,959,099
Ford Motor Credit Corp.
6.11%, 5/25/2000 60,000,000 59,758,400
General Electric Capital Corp.
6.22%, 7/3/2000 50,000,000 49,464,500
Hertz Corp.
6.11%, 5/26/2000 30,000,000 29,874,167
Internationale Nederlanden (U.S) Funding Corp.
6.24%, 8/3/2000 65,000,000 63,973,181
Morgan Stanley Dean Witter & Co.
6.04%, 6/5/2000-6/6/2000 70,000,000 69,591,764
Principal
COMMERCIAL PAPER (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
Paine Webber Group Inc.
6.23%, 7/17/2000 25,000,000 24,673,686
Prudential Funding Corp.
6.03%-6.14%, 5/1/2000-5/22/2000 65,000,000 64,857,433
TOTAL COMMERCIAL PAPER
(cost $497,152,230) 497,152,230
------------------------------------------------------------------------------------------------------------------------------------
CORPORATE NOTES--12.5%
--------------------------------------------------------------------------------
Bear Stearns Cos. Inc.
5.97%-6.53%, 11/15/2000-1/16/2001 65,000,000 65,000,000
Heller Financial Inc.
6.03%-6.16%, 8/25/2000-9/25/2000 21,000,000 (a) 21,022,839
Lehman Brothers Holdings Inc.
6.19%, 2/27/2001 50,000,000 (a) 50,125,022
Merrill Lynch & Co. Inc.
6.16%, 2/28/2001 50,000,000 (a) 49,995,861
TOTAL CORPORATE NOTES
(cost $186,143,722) 186,143,722
------------------------------------------------------------------------------------------------------------------------------------
PROMISSORY NOTES--3.0%
--------------------------------------------------------------------------------
Goldman Sachs Group L.P.
6.10%-6.10%, 5/3/2000-5/10/2000
(cost $45,000,000) 45,000,000 (b) 45,000,000
------------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--2.5%
--------------------------------------------------------------------------------
Bear Stearns Cos. Inc.
dated 4/28/2000, 5.71% due 5/1/2000 in the amount of
$37,885,018 (fully collateralized by U.S. Treasury Notes
4.625% to 4.875%, due from 12/31/2000 to 3/31/2001,
and U.S. Treasury Bills due 8/15/2000, value $38,333,972)
(cost $37,867,000) 37,867,000 37,867,000
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM BANK NOTES--13.1%
--------------------------------------------------------------------------------
Bank One N.A.
6.26%, 8/15/2000 25,000,000 25,000,000
Comercia Bank
6.15%, 4/25/2001 50,000,000 (a) 49,985,247
First Union National Bank
6.18%, 2/26/2001 50,000,000 (a) 50,000,000
National City Bank
6.18%, 2/22/2001 50,000,000 (a) 49,980,237
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
SHORT-TERM BANK NOTES (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
Union Bank California
6.00%, 8/11/2000 20,000,000 20,000,000
TOTAL SHORT-TERM BANK NOTES
(cost $194,965,484) 194,965,484
------------------------------------------------------------------------------------------------------------------------------------
TIME DEPOSITS--3.8%
--------------------------------------------------------------------------------
State Street Bank & Trust Co.
5.87%, 5/1/2000
(cost $57,396,000) 57,396,000 57,396,000
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS
(cost $1,458,514,092) 97.7% 1,458,514,092
CASH AND RECEIVABLES (NET) 2.3% 34,344,556
NET ASSETS 100.0% 1,492,858,648
(a) VARIABLE INTEREST RATE-SUBJECT TO PERIODIC CHANGE.
(b) THESE NOTES WERE ACQUIRED FOR INVESTMENT, AND NOT WITH THE INTENT TO
DISTRIBUTE OR SELL. SECURITIES RESTRICTED AS TO PUBLIC RESALE. THESE
SECURITIES WERE ACQUIRED BETWEEN 11/5/1999 AND 2/10/2000 AT A COST OF PAR
VALUE. AT APRIL 30, 2000, THE AGGREGATE VALUE OF THESE SECURITIES WAS
$45,000,000 REPRESENTING APPROXIMATELY 3.0% OF NET ASSETS AND THEY ARE
VALUED AT AMORTIZED COST.
SEE NOTES TO FINANCIAL STATEMENT.
</TABLE>
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2000 (Unaudited)
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 1,458,514,092 1,458,514,092
Cash 21,811,501
Interest receivable 13,272,874
Prepaid expenses 133,331
1,493,731,798
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 632,217
Accrued expenses 240,933
873,150
--------------------------------------------------------------------------------
NET ASSETS ($) 1,492,858,648
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 1,492,723,540
Accumulated undistributed net investment income 431,952
Accumulated net realized gain (loss) on investments (296,844)
--------------------------------------------------------------------------------
NET ASSETS ($) 1,492,858,648
--------------------------------------------------------------------------------
SHARES OUTSTANDING
(25 billion shares of $.001 par value Common Stock authorized) 1,492,723,540
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Six Months Ended April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 44,068,681
EXPENSES:
Management fee--Note 2(a) 3,761,699
Shareholder servicing costs--Note 2(b) 2,493,797
Prospectus and shareholders' reports 82,167
Custodian fees 64,873
Directors' fees and expenses--Note 2(c) 33,576
Professional fees 21,336
Registration fees 11,616
TOTAL EXPENSES 6,469,064
Less--reduction in management fee due to
undertaking--Note 2(a) (825,916)
NET EXPENSES 5,643,148
INVESTMENT INCOME--NET 38,425,533
--------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($) (66)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 38,425,467
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
April 30, 2000 Year Ended
(Unaudited) October 31, 1999
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 38,425,533 69,177,391
Net realized gain (loss) from investments (66) --
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 38,425,467 69,177,391
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (38,387,676) (68,983,384)
--------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 2,142,753,895 2,658,859,271
Dividends reinvested 36,385,223 66,138,498
Cost of shares redeemed (2,214,348,678) (2,768,497,131)
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS (35,209,560) (43,499,362)
TOTAL INCREASE (DECREASE) IN NET ASSETS (35,171,769) (43,305,355)
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 1,528,030,417 1,571,335,772
END OF PERIOD 1,492,858,648 1,528,030,417
Undistributed investment income--net 431,952 394,095
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
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.
Six Months Ended
April 30, 2000 Year Ended October 31,
--------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .025 .046 .049 .049 .049 .052
Distributions:
Dividends from investment
income--net (.025) (.046) (.049) (.049) (.049) (.052)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 5.13(a) 4.52 5.05 5.02 4.96 5.33
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .75(a) .75 .75 .75 .81 .86
Ratio of net investment
income to average
net assets 5.09(a) 4.45 4.95 4.90 4.86 5.20
Decrease reflected in
above expense ratios
due to undertakings by
The Dreyfus Corporation .11(a) .12 .18 .14 .05 --
Net Assets, end of period
($ x 1,000) 1,492,859 1,528,030 1,571,336 1,667,835 1,941,601 2,105,361
(a) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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., which is a wholly-owned
subsidiary of the Mellon Financial Corporation. Effective March 22, 2000,
Dreyfus Service Corporation ("DSC"), a wholly-owned subsidiary of the Manager,
became the distributor of the fund's shares, which are sold to the public
without a sales charge. Prior to March 22, 2000, Premier Mutual Fund Services,
Inc. was the distributor.
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.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
(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 May 1, 2000, the fund declared a cash dividend of approximately $.0003 per
share from undistributed investment income-net which included investment
income-net for Saturday, April 29, 2000, and Sunday, April 30, 2000.
(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 April 30, 2000, 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, 1999 through April 30,
2000 to reduce the management fee paid by the fund, to the extent that the
fund's aggregate expenses, exclusive of taxes, brokerage fees, 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 $825,916 during the period ended
April 30, 2000.
(b) Under the Shareholder Services Plan, the fund reimburses DSC 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, 2000, the fund was charged $1,458,186 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, 2000, the fund was charged $758,775 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
NOTES
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
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
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) 2000 Dreyfus Service Corporation 762SA004
