Dreyfus
BASIC New Jersey Municipal Money Market Portfolio
SEMIANNUAL REPORT February 29, 2000
(reg.tm)
The views expressed herein are current to the date of this report. These views
and the composition of the 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 portfolio could be adversely affected if the computer systems used by
Dreyfus and the portfolio's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. Dreyfus has
taken steps designed to avoid year 2000-related problems in its systems and to
monitor the readiness of other service providers. In addition, issuers of
securities in which the portfolio invests may be adversely affected by year
2000-related problems. This could have an impact on the value of the portfolio's
investments and its share price.
Contents
THE FUND
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2 Letter from the President
3 Discussion of Performance
6 Statement of Investments
10 Statement of Assets and Liabilities
11 Statement of Operations
12 Statement of Changes in Net Assets
13 Financial Highlights
14 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
The Portfolio
Dreyfus BASIC
New Jersey Municipal
Money Market Portfolio
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus BASIC New Jersey
Municipal Money Market Portfolio, covering the six-month period from September
1, 1999 through February 29, 2000. 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, Jill Shaffro.
When the reporting period began, it became apparent that international and
domestic economies were growing faster than analysts expected, giving rise to
concerns that long-dormant inflationary pressures might re-emerge. Consumers
continued to spend heavily, unemployment levels reached new lows and the stock
market continued to climb.
Because unsustainable economic growth may trigger unwanted inflationary
pressures, the Federal Reserve Board raised key short-term interest rates twice
more during the reporting period. In total, the Federal Reserve Board raised
short-term interest rates by 1.00 percentage point since late June 1999, before
the current reporting period began. In this environment, yields on tax-exempt
money market securities rose.
We appreciate your confidence over the past six months, and we look forward to
your continued participation in Dreyfus BASIC New Jersey Municipal Money Market
Portfolio.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
March 23, 2000
DISCUSSION OF PERFORMANCE
Jill Shaffro, Portfolio Manager
How did Dreyfus BASIC New Jersey Municipal Money Market Portfolio perform during
the period?
For the six-month period that began on September 1, 1999 and ended February 29,
2000, the portfolio produced an annualized tax-exempt yield of 2.97%. Taking
into account the effects of compounding, the portfolio provided an annualized
effective yield of 3.02%.(1)
What is the portfolio's investment approach?
The portfolio seeks a high level of federal and New Jersey state tax-exempt
income while maintaining a stable $1.00 share price. We are especially vigilant
in our efforts to preserve capital.
In pursuing this objective, we employ two primary strategies. First, we attempt
to add value by constructing a diverse portfolio of high quality, tax-exempt
money market instruments from New Jersey issuers. Second, we actively manage the
portfolio' s average maturity in anticipation of interest-rate trends and
supply-and-demand changes in New Jersey's short-term municipal marketplace.
For example, if we expect an increase in short-term supply, we may decrease the
average maturity of the portfolio, which would enable us to purchase new
securities with higher yields. Yields tend to rise when there is an increase in
new-issue supply competing for investor interest. New securities are generally
issued with maturities in the one-year range, which will lengthen the
portfolio' s average maturity. If we anticipate limited new-issue supply, we may
extend the portfolio's average maturity to maintain current yields for as long
as practical. At other times, we try to maintain an average maturity that
reflects our view of short-term interest-rate trends and future
supply-and-demand considerations.
The Portfolio
DISCUSSION OF PERFORMANCE (CONTINUED)
What other factors influenced the portfolio's performance?
The portfolio was influenced by robust U.S. economic growth and rising interest
rates throughout the six-month reporting period.
By the time the reporting period began on September 1, 1999, it was clear that
economic growth in the United States and overseas was stronger than many
analysts had expected. In the U.S., consumer confidence had reached a 30-year
high, oil prices had bounced back from the previous year's lows, and employment
was strong with hourly wages rising. These economic forces raised concerns among
fixed-income investors that long-dormant inflationary pressures might re-emerge.
In response, the Federal Reserve Board increased short-term interest rates twice
during the summer of 1999, before the start of the six-month reporting period.
The Fed then implemented two additional rate hikes in November and February,
during the reporting period, for a total increase of 1.00 percentage point since
last summer.
Although these interest-rate increases caused short-term tax-exempt yields to
rise throughout the reporting period, tax-exempt money market yields did not
rise as much as comparable taxable yields. That's because New Jersey and many of
its municipalities enjoyed higher tax revenues during this period of economic
prosperity. As a result, many municipalities had less need to borrow to satisfy
their short-term obligations.
What is the portfolio's current strategy?
We have continued to manage the portfolio's average maturity according to our
supply-and-demand expectations. Accordingly, we adopted a relatively long
average maturity last fall to maintain competitive yields during a time of
little new issuance. We later allowed the portfolio's average maturity to
decline naturally as existing holdings matured, enabling us to capture then
prevailing higher yields during the fourth quarter of 1999, when issuance
increased. We again extended the average maturity toward the end of the year to
take advantage of market weakness in advance of potential Year 2000 concerns,
which ultimately proved unfounded. We ended the reporting period with a weighted
average maturity that was slightly longer than neutral. This position was
designed to maintain competitive yields through March, typically a low-issuance
month.
Our security selection strategy continued to focus on very high quality, liquid
money market instruments from an array of New Jersey issuers. Some of the most
frequently used instruments included Variable Rate Demand Notes (VRDNs), which
feature adjustable yields, short maturities, and afford the portfolio a high
degree of liquidity and credit quality. Toward the end of the reporting period,
we modestly reduced our holdings of VRDNs in favor of tax-exempt commercial
paper with maturities in the three- to nine-month range, which helped us extend
the portfolio' s average weighted maturity. For example, in September we
purchased commercial paper issued by New Jersey's transportation authority,
which helped us extend the portfolio' s average weighted maturity. These
securities offered a high level of liquidity, strong credit characteristics and
competitive yields. Of course, portfolio composition will change over time.
March 23, 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 PORTFOLIO IS NOT INSURED OR GUARANTEED BY THE
FDIC OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE PORTFOLIO SEEKS TO PRESERVE
THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY
INVESTING IN THE PORTFOLIO.
The Portfolio
STATEMENT OF INVESTMENTS
February 29, 2000 (Unaudited)
STATEMENT OF INVESTMENTS
<TABLE>
Principal
TAX EXEMPT INVESTMENTS--96.7% Amount ($) Value ($)
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<S> <C> <C>
NEW JERSEY--94.3%
Atlantic County Improvement Authority, Revenue, VRDN
(Aces Pooled Government Loan Program)
3.60% (LOC; Kredietbank) 4,000,000 (a) 4,000,000
Burlington County, BAN:
3.50%, 6/9/2000 1,000,000 1,000,819
4.50%, Series A, 2/8/2001 1,000,000 1,003,610
Essex County Improvement Authority, BAN 3.50%, 3/31/2000 5,000,000 5,001,389
Freehold Township, BAN 4.25%, 11/10/2000 2,450,000 2,457,026
Hudson County Improvement Authority, VRDN
(Essential Purpose Pooled Government)
3.90% (LOC; First Union National Bank of North Carolina) 4,700,000 (a) 4,700,000
Jersey City, BAN 4.75%, 1/12/2001 2,000,000 2,009,475
Lumbertown Township 5.15%, 12/1/2000 (Insured; FGIC) 195,000 196,559
Middlesex County, BAN 4.50%, 1/19/2001 3,000,000 3,013,272
Monmouth County, Refunding 4.50%, Series B, 8/1/2000 865,000 867,095
Monmouth County Improvement Authority, Revenue, VRDN
(Aces Pooled Government Loan Program)
3.65% (LOC; The Bank of New York) 5,350,000 (a) 5,350,000
Morristown, BAN 3.50%, 5/3/2000 4,900,000 4,902,441
New Jersey Economic Development Authority:
Revenue (Saint Barnabas Project) 4.40%,
Series A, 7/1/2000 (Insured; MBIA) 2,000,000 2,003,230
VRDN:
Dock Facility Revenue, Refunding (Bayonne/Imtt Project)
3.75%, Series A (LOC; Bank One Corp.) 2,000,000 (a) 2,000,000
EDR, Refunding (Airis Newark LLC Project)
3.90% ( Insured; AMBAC and Liquidity
Facility; Kredietbank) 3,900,000 (a) 3,900,000
Industrial and EDR (Merck and Co.) 4.10%, Series A and B 1,700,000 (a) 1,700,000
Natural Gas Facilities Revenue, Refunding (New Jersey
Natural Gas Co.) 3.80%, Series A (Insured; AMBAC
and Liquidity Facility; The Bank of New York) 3,000,000 (a) 3,000,000
Revenue (U.S. Golf Association Project)
3.75%(LOC; PNC Bank) 2,400,000 (a) 2,400,000
Thermal Energy Facilities, Revenue
(Thermal Energy Limited Partnership)
3.70% (LOC; Bank One Corp.) 3,000,000 (a) 3,000,000
New Jersey Educational Facilities Authority, Revenue,
Refunding, VRDN (College of New Jersey) 3.70%, Series A
(Insured; AMBAC and Liquidity Facility: Bank of Nova Scotia
and Toronto-Dominion Bank) 5,000,000 (a) 5,000,000
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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NEW JERSEY (CONTINUED)
New Jersey Health Care Facilities Financing Authority, Revenue:
Refunding (Saint Peters Medical Center) 4.20%, Series F,
7/1/2000 (Insured; MBIA) 125,000 124,946
(Society of the Valley Hospital) 6.60%, Series C,
7/1/2000 (Insured; MBIA) 570,000 574,556
VRDN (Hospital Capital Asset Financing):
3.70%, Series A (LOC; Chase Manhattan Bank) 2,500,000 (a) 2,500,000
3.70%. Series D (LOC; Chase Manhattan Bank) 3,000,000 (a) 3,000,000
New Jersey Housing and Mortgage Finance Agency,
Revenue (Home Buyer)
4.45%, Series Q, 4/1/2000 (Insured; MBIA) 585,000 585,000
New Jersey Sports and Exposition Authority,
State Contract, VRDN
3.90%, Series C
(Insured; MBIA and Liquidity Facility; Credit Suisse) 4,000,000 (a) 4,000,000
New Jersey Transportation Authority, CP, Series 2000-A
3.60%, 3/7/2000
(Liquidity Facility: Bank of Nova Scotia, Commerzbank
and Toronto-Dominion Bank) 3,000,000 3,000,000
3.60%, 4/5/2000 (Liquidity Facility; Bank of Nova Scotia,
Commerzbank and Toronto-Dominion Bank) 2,200,000 2,200,000
New Jersey Turnpike Authority, Turnpike Revenue,
Refunding, VRDN
3.55%, Series D (Insured; FGIC and SBPA; Societe Generale) 1,900,000 (a) 1,900,000
Passaic Valley Water Commision, Revenue
(Water Supply System Project)
4.50%, 11/14/2000 (Liquidity Facility; PNC Bank) 1,000,000 1,004,616
Port Authority of New York and New Jersey,
Special Obligation Revenue, VRDN
(Versatile Structure Obligation):
3.75%, Series 2 (LOC; Morgan Guaranty Trust Co.) 3,000,000 (a) 3,000,000
3.75%, Series 3 (Liquidity Facility;
Morgan Guaranty Trust Co.) 4,000,000 (a) 4,000,000
3.75%, Series 5 (Liquidity Facility; Bayerische Landesbank) 2,000,000 (a) 2,000,000
3.85%, Series 4 (LOC; Landesbank Hessen) 5,000,000 (a) 5,000,000
3.85%, Series 6 (Liquidity Facility; Bank of Nova Scotia) 5,000,000 (a) 5,000,000
Rahway, BAN 4.15%, 12/20/2000 4,376,000 4,383,776
Salem County 5.375%, 12/1/2000 (Insured; FGIC) 265,000 267,555
Salem County Pollution Control Financing Authority,
PCR, Refunding, VRDN
(Public Service Electric and Gas) (BPA; Union Bank of
Switzerland and Insured; MBIA) 5,700,000 (a) 5,700,000
The Portfolio
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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NEW JERSEY (CONTINUED)
Somerset County Industrial Pollution Control Financing
Authority, Revenue, Refunding, VRDN
(American Cyanamid) 3.70% (LOC; American Home Products) 4,000,000 (a) 4,000,000
South Brunswick Township, Board of Education
6.40%, 8/1/2000 (Insured; FGIC) 200,000 201,757
Trenton, BAN 3.50%, 5/19/2000 2,700,000 2,701,680
Vineland, BAN 4.25%, 5/17/2000 5,000,000 5,003,611
U.S. RELATED--2.4%
Puerto Rico Commonwealth Government Development Bank,
CP 3.70%, 4/11/2000 3,000,000 3,000,000
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TOTAL INVESTMENTS (cost $120,652,413) 96.7% 120,652,413
CASH AND RECEIVABLES (NET) 3.3% 4,159,307
NET ASSETS 100.0% 124,811,720
Summary of Abbreviations
AMBAC American Municipal Bond
Assurance Corporation
BAN Bond Anticipation Notes
BPA Bond Purchase Agreement
CP Commercial Paper
EDR Economic Development Revenue
FGIC Financial Guaranty Insurance
Company
LOC Letter of Credit
MBIA Municipal Bond Investors
Assurance Insurance Corporation
PCR Pollution Control Revenue
SBPA Standby Bond Purchase
Agreement
VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
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F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 75.1
AAA/AA( b) AAA/AA( b) AAA/AA( b) 12.8
Not Rated (c) Not Rated (c) Not Rated (c) 12.1
100.0
(A) SECURITIES PAYABLE ON DEMAND. VARIABLE RATE INTEREST -SUBJECT TO PERIODIC
CHANGE.
(B) NOTES WHICH ARE NOT F, MIG OR SP RATED ARE REPRESENTED BY BOND RATINGS OF
THE ISSUERS.
(C) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE
RATED SECURITIES IN WHICH THE PORTFOLIO MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Portfolio
STATEMENT OF ASSETS AND LIABILITIES
February 29, 2000 (Unaudited)
Cost Value
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ASSETS ($):
Investments in securities--See Statement of
Investments 120,652,413 120,652,413
Cash 3,407,791
Interest receivable 913,066
Prepaid expenses 6,078
124,979,348
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 30,771
Payable for investment securities purchased 125,821
Accrued expenses and other liabilities 11,036
167,628
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NET ASSETS ($) 124,811,720
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 124,815,599
Accumulated net realized gain (loss) on investments (3,879)
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NET ASSETS ($) 124,811,720
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SHARES OUTSTANDING
(1 billion shares of $.001 par value Common Stock authorized) 124,815,599
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS
Six Months Ended February 29, 2000 (Unaudited)
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INVESTMENT INCOME ($):
INTEREST INCOME 1,981,351
EXPENSES:
Management fee--Note 2(a) 287,846
Shareholder servicing costs--Note 2(b) 41,571
Custodian fees 6,492
Professional fees 5,670
Registration fees 5,330
Prospectus and shareholders' reports 3,923
Directors' fees and expenses--Note 2(c) 1,242
Miscellaneous 2,943
TOTAL EXPENSES 355,017
Less--reduction in management fee due to
undertaking--Note 2(a) (95,381)
NET EXPENSES 259,636
INVESTMENT INCOME--NET, representing net increase in net assets
resulting from operations 1,721,715
SEE NOTES TO FINANCIAL STATEMENTS.
The Portfolio
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
February 29, 2000 Year Ended
(Unaudited) August 31, 1999
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OPERATIONS ($):
Investment income--net 1,721,715 2,997,718
Net realized gain (loss) from investments -- (400)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 1,721,715 2,997,318
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DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (1,721,715) (2,997,718)
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CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 63,458,644 69,013,860
Dividends reinvested 1,659,473 2,911,992
Cost of shares redeemed (52,252,739) (78,601,601)
INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL STOCK TRANSACTIONS 12,865,378 (6,675,749)
TOTAL INCREASE (DECREASE) IN NET ASSETS 12,865,378 (6,676,149)
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NET ASSETS ($):
Beginning of Period 111,946,342 118,622,491
END OF PERIOD 124,811,720 111,946,342
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the portfolio would have
increased (or decreased) during each period, assuming you had reinvested all
dividends and distributions. These figures have been derived from the
portfolio's financial statements.
<TABLE>
Six Months Ended
February 29, 2000 Year Ended August 31,
--------------------------------------------
(Unaudited) 1999 1998 1997 1996(a)
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<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .015 .026 .030 .031 .025
Distributions:
Dividends from investment income--net (.015) (.026) (.030) (.031) (.025)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
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TOTAL RETURN (%) 2.99(b) 2.62 3.01 3.17 3.38(b)
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .45(b) .45 .45 .36 .06(b)
Ratio of net investment income
to average net assets 2.98(b) 2.59 2.97 3.12 3.25(b)
Decrease reflected in above expense ratios
due to undertakings by
The Dreyfus Corporation .17(b) .20 .19 .27 .68(b)
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Net Assets, end of period ($ x 1,000) 124,812 111,946 118,622 136,553 100,248
(A) FROM DECEMBER 1, 1995 (COMMENCEMENT OF OPERATIONS) TO AUGUST 31, 1996.
(B) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Portfolio
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1--Significant Accounting Policies:
Dreyfus BASIC New Jersey Municipal Money Market Portfolio (the "portfolio") is a
separate non-diversified series of Dreyfus BASIC Municipal Fund, Inc. (the
" fund") which is registered under the Investment Company Act of 1940 as amended
(the "Act" ), as an open-end management investment company and operates as a
series company currently offering four series including the portfolio. The
portfolio's investment objective is to provide investors with as high a level of
current income exempt from Federal and New Jersey income tax as is consistent
with the preservation of capital and maintenance of liquidity. The Dreyfus
Corporation (the "Manager" ) serves as the portfolio'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 portfolio' s shares, which are sold to the public
without a sales charge.
The fund accounts separately for the assets, liabilities and operations of each
series. Expenses directly attributable to each series are charged to that
series' operations; expenses which are applicable to all series are allocated
among them on a pro rata basis.
It is the portfolio's policy to maintain a continuous net asset value per share
of $1.00; the portfolio has adopted certain investment, portfolio valuation and
dividend and distribution policies to enable it to do so. There is no assurance,
however, that the portfolio will be able to maintain a stable net asset value
per share of $1.00.
The portfolio' 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 portfolio's investments.
(b) Securities transactions and investment income: Securities transactions are
recorded on a trade date basis. Interest income, adjusted for amortization of
premiums and original issue discounts on investments, is earned from settlement
date and recognized on the accrual basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Cost of investments
represents amortized cost. Under the terms of the custody agreement, the
portfolio received net earnings of $3,276 during the period ended February 29,
2000 based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
The portfolio follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations held
by the portfolio.
(c) Dividends to shareholders: It is the policy of the portfolio 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 portfolio 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 portfolio not to
distribute such gain.
(d) Federal income taxes: It is the policy of the portfolio to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Code, and to make
distributions of income and net realized capital gain sufficient to relieve it
from substantially all Federal income and excise taxes.
The portfolio has an unused capital loss carryover of $3,479 available for
Federal income tax purposes to be applied against future net securities profits,
if any, realized subsequent to August 31, 1999. This
The Portfolio
amount is calculated based on Federal income tax regulations which may differ
from financial reporting in accordance with generally accepted accounting
principles. If not applied, $352 of carryover expires in fiscal 2006 and $3,127
expires in fiscal 2007.
At February 29, 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 portfolio's average
daily net assets and is payable monthly. The Manager has undertaken, until such
time as it gives shareholders at least 90 days' notice to the contrary, to
reduce the management fee paid by the portfolio, to the extent that the
portfolio' s aggregate expenses, exclusive of taxes, brokerage, interest on
borrowings, commitment fees and extraordinary expenses, exceed an annual rate of
.45 of 1% of the value of the portfolio's average daily net assets. The
reduction in management fee, pursuant to the undertaking, amounted to $95,381
during the period ended February 29, 2000.
(b) Under the Shareholder Services Plan, the portfolio 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 portfolio'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 portfolio and providing reports and other information,
and services related to the maintenance of shareholder accounts. During the
period ended February 29, 2000, the portfolio was charged $34,054 pursuant to
the Shareholder Services Plan.
The portfolio 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 portfolio. During the
period ended February 29, 2000, the portfolio was charged $4,157 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 $1,000 and an attendance fee of $250 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
NOTE 3--Subsequent Event:
At a meeting of the fund's Board of Directors held on January 19, 2000, the
Board approved the termination of the portfolio's Distribution Agreement with
Premier Mutual Fund Services, Inc., and approved a new. Distribution Agreement
with Dreyfus Service Corporation. The new Distribution Agreement with Dreyfus
Service Corporation became effective on March 22, 2000.
The Portfolio
For More Information
Dreyfus BASIC New Jersey Municipal Money
Market Portfolio
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 127SA002
