LETTER TO SHAREHOLDERS
Dear Shareholder:
The latest fiscal year of the Dreyfus BASIC Money Market Fund, Inc.,
which ended February 28, 1995, was notable for its overall pattern of
interest rate increases. The primary influence that brought this about was,
of course, the Federal Reserve Board's campaign to head off inflation. Seven
increases in short-term rates were mandated by the central bank during the 12
months under review. Federal Reserve Board policies, however, were not the
only forces at work. Steady expansion of economic activity in the U.S., plus
revival of economies in major nations abroad, were also contributing factors.
Recently, Federal Reserve Board Chairman Alan Greenspan issued hints that
the Federal Reserve might be nearing the end of its prolonged cycle of
boosting interest rates. However, at just about the same time, the long-term
decline of the dollar on foreign exchange markets picked up speed. By early
March, the U.S. dollar had hit historic lows in trading value against the yen
and the German mark. Several developments helped to bring this about: the
high cost to the U.S. of helping Mexico to deal with its financial crisis,
the failure of Congress to pass a balanced budget amendment, and the
resulting uncertainty in Washington about plans to reduce the U.S. budget
deficit. The dollar's weakness raised questions whether the Fed might need to
help the beleaguered "greenback" by raising interest rates again. In deciding
what course to pursue, the Federal Reserve would most certainly analyze very
carefully the outlook for the American economy. During the first quarter of
1995, signs of economic growth continued, but at a somewhat slower pace than
in the fourth quarter of 1994. Offsetting the more restrained production
statistics, however, were figures showing strong gains in creation of new
jobs, and continued decline in unemployment.
On the price front, while consumer prices still showed low inflation,
price pressures were appearing at the intermediate manufacturing level.
These factors all contributed to the performance of your Fund for the
latest fiscal year. For the period March 1, 1994, through February 28, 1995,
the Dreyfus BASIC Money Market Fund provided a yield of 4.63%, with an
effective yield of 4.73% after compounding.*
We appreciate the opportunity to serve your investment needs, and wish to
thank you for your confidence in Dreyfus.
Sincerely,
(Patricia A. Larkin Signature Logo)
Patricia A. Larkin
Portfolio Manager
March 15, 1995
New York, N.Y.
*Effective yield is based upon dividends declared daily and reinvested
monthly.
<TABLE>
<CAPTION>
DREYFUS BASIC MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS FEBRUARY 28, 1995
PRINCIPAL
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--26.0% AMOUNT VALUE
---------------- ------------
<S> <C> <C>
ABN-AMRO Bank N.V. (Yankee)
6.15%, 4/5/95........................................................... $ 40,000,000 $ 40,000,761
Bank of Tokyo Ltd. (Yankee)
6.75%, 6/5/95........................................................... 20,000,000 20,000,000
Dai-Ichi Kangyo Bank Ltd. (Yankee)
6.17%-6.65%, 5/17/95-6/30/95............................................ 43,000,000 43,047,688
Fuji Bank Ltd. (Yankee)
6.35%, 4/24/95.......................................................... 25,000,000 25,000,000
Industrial Bank of Japan Ltd. (London)
5.28%, 3/1/95........................................................... 15,000,000 15,000,000
Industrial Bank of Japan Ltd. (Yankee)
6.18%-6.56%, 4/3/95-6/2/95.............................................. 58,000,000 58,000,000
Mitsubishi Bank Ltd. (London)
6.56%, 4/19/95.......................................................... 12,000,000 11,971,517
Mitsubishi Bank Ltd. (Yankee)
6.22%-6.40%, 5/23/95-6/15/95............................................ 63,000,000 63,015,777
Norinchukin Bank (Yankee)
6.17%, 5/22/95.......................................................... 15,000,000 15,000,637
Sanwa Bank Ltd. (London)
6.23%, 6/16/95.......................................................... 20,000,000 20,008,421
Sanwa Bank Ltd. (Yankee)
5.77%-6.64%, 4/21/95-6/9/95............................................. 43,000,000 43,013,041
Sumitomo Bank Ltd. (Yankee)
5.23%-6.59%, 3/7/95-6/9/95.............................................. 48,000,000 48,010,296
SwedBank (Yankee)
6.65%, 5/5/95........................................................... 20,000,000 20,000,000
--------------
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $422,068,138)..................................................... $ 422,068,138
==============
BANKERS' ACCEPTANCES--5.9%
Bank of Tokyo Ltd. (Yankee)
5.92%-6.58%, 3/9/95-6/20/95............................................. $ 52,050,000 $ 51,379,176
Dai-Ichi Kangyo Bank Ltd. (Yankee)
6.03%-6.77%, 4/3/95-5/30/95............................................. 20,000,000 19,814,661
Fuji Bank Ltd. (Yankee)
6.17%, 5/16/95.......................................................... 15,000,000 14,807,467
Mitsubishi Bank Ltd. (Yankee)
6.06%, 3/15/95.......................................................... 4,900,000 4,888,567
Sumitomo Bank Ltd. (Yankee)
5.27%, 3/6/95........................................................... 5,000,000 4,996,431
--------------
TOTAL BANKERS' ACCEPTANCES
(cost $95,886,302)...................................................... $ 95,886,302
==============
COMMERCIAL PAPER--35.1%
American Home Products Corp.
6.07%-6.82%, 3/23/95-6/9/95............................................. $ 67,000,000 $ 66,147,822
DREYFUS BASIC MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 28, 1995
PRINCIPAL
COMMERCIAL PAPER (CONTINUED) AMOUNT VALUE
---------------- -------------
Chrysler Financial Corp.
6.28%, 6/27/95.......................................................... $ 25,000,000 $ 24,496,042
Den Danske Corp. Inc.
6.00%-6.52%, 4/14/95-6/19/95............................................ 45,000,000 44,433,194
Ford Motor Credit Co.
6.12%, 5/30/95.......................................................... 25,000,000 24,623,125
General Electric Capital Corp.
5.11%-6.56%, 3/10/95-4/18/95............................................ 35,000,000 34,794,417
General Electric Capital Services Inc.
5.11%-6.56%, 3/14/95-4/14/95............................................ 90,000,000 89,378,017
General Motors Acceptance Corp.
5.86%-6.44%, 3/10/95-6/5/95............................................. 77,000,000 76,197,125
Generale Bank Inc.
6.49%, 4/20/95.......................................................... 18,500,000 18,336,840
Lehman Brothers Holdings Inc.
5.25%, 3/17/95.......................................................... 20,000,000 19,955,111
Merrill Lynch & Co. Inc.
5.73%, 4/17/95.......................................................... 25,000,000 24,818,201
NationsBank Corp.
6.00%, 4/19/95.......................................................... 25,000,000 24,800,938
NYNEX Corp.
6.28%-6.76%, 4/4/95-5/22/95............................................. 11,990,000 11,888,322
PNC Funding Corp.
5.82%, 4/3/95........................................................... 15,000,000 14,921,900
Sears Roebuck Acceptance Corp.
6.46%-6.70%, 4/6/95-6/12/95............................................. 46,000,000 45,573,640
Seventy Five State Street
6.04%, 3/24/95(a)....................................................... 10,175,000 10,136,191
Spintab AB
6.02%-6.04%, 3/15/95-3/23/95............................................ 20,000,000 19,940,878
Woolwich Building Society
6.68%, 6/12/95.......................................................... 20,000,000 19,628,056
-------------
TOTAL COMMERCIAL PAPER
(cost $570,069,819)..................................................... $ 570,069,819
=============
CORPORATE NOTES--20.7%
Abbey National Treasury Services PLC
6.26%, 4/25/95 (b,c).................................................... $ 15,000,000 $ 15,009,407
Bankers Trust New York Corp.
6.20%, 3/17/95 (b,c).................................................... 25,000,000 24,999,342
Bear Stearns Companies Inc.
6.04%-6.08%, 8/25/95-1/26/96 (c)........................................ 80,000,000 80,000,000
Chemical Banking Corp.
6.31%, 4/27/95 (c)...................................................... 24,000,000 24,006,878
First National Bank of Chicago
6.31%, 6/8/95 (c)....................................................... 25,000,000 25,002,522
Ford Motor Credit Co.
5.11%, 3/2/95........................................................... 3,500,000 3,500,317
DREYFUS BASIC MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 28, 1995
PRINCIPAL
CORPORATE NOTES (CONTINUED) AMOUNT VALUE
---------------- -------------
General Motors Acceptance Corp.
6.22%, 3/17/95.......................................................... $ 3,000,000 $ 3,001,137
Lehman Brothers Holdings Inc.
6.47%-6.75%, 6/5/95-9/18/95 (c)......................................... 55,000,000 55,000,000
Merrill Lynch & Co. Inc.
6.19%, 4/19/95-4/27/95 (c).............................................. 45,000,000 45,000,000
PHH Corp.
6.00%, 3/10/95 (c)...................................................... 60,000,000 60,000,000
-------------
- ---TOTAL CORPORATE NOTES
(cost $335,519,603)..................................................... $ 335,519,603
==============
PROMISSORY NOTES--4.7%
Goldman Sachs Group L.P.
5.19%-6.56%, 3/3/95-6/12/95 (d,e)
(cost $76,000,000)...................................................... $ 76,000,000 $ 76,000,000
==============
SHORT-TERM BANK NOTES--2.8%
FCC National Bank (Delaware)
5.98%, 3/14/95 (c)...................................................... $ 20,000,000 $ 19,999,642
First National Bank of Boston
6.31%, 6/7/95........................................................... 25,000,000 25,000,000
--------------
TOTAL SHORT-TERM BANK NOTES
(cost $44,999,642)...................................................... $ 44,999,642
==============
U.S. GOVERNMENT AGENCIES--3.2%
Federal Farm Credit Banks
Floating Rate Notes
6.25%, 5/10/95 (c)...................................................... $ 10,000,000 $ 10,000,000
Federal Home Loan Banks
Floating Rate Notes
6.58%, 1/31/97 (c)...................................................... 5,000,000 5,000,000
Federal National Mortgage Association
Floating Rate Notes
3.59%-6.67%, 4/16/95-2/14/97 (c)........................................ 34,000,000 34,000,546
Student Loan Marketing Association
Floating Rate Notes
6.06%-6.15%, 3/20/95-8/7/95 (c)......................................... 3,250,000 3,250,644
-------------
TOTAL U.S. GOVERNMENT AGENCIES
(cost $52,251,190)...................................................... $ 52,251,190
==============
TIME DEPOSITS--.1%
First Union National Bank (Nassau)
6.06%, 3/1/95
(cost $2,649,000)....................................................... $ 2,649,000 $ 2,649,000
==============
DREYFUS BASIC MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) FEBRUARY 28, 1995
PRINCIPAL
REPURCHASE AGREEMENTS--1.4% AMOUNT VALUE
---------------- -------------
Eastbridge Capital Inc., 6.10%
dated 2/28/95, due 3/1/95 in the amount of
$23,003,897 (fully collateralized by $23,505,000
U.S. Treasury Bills due 5/11/95, value
$23,236,103)
(cost $23,000,000)...................................................... $ 23,000,000 $ 23,000,000
=============
TOTAL INVESTMENTS
(cost $1,622,443,694).......................................... 99.9% $1,622,443,694
====== ==============
CASH AND RECEIVABLES (NET)......................................... .1% $ 798,071
====== ==============
NET ASSETS ................................................... 100.0% $1,623,241,765
====== ==============
NOTES TO STATEMENT OF INVESTMENTS:
(a) Backed by irrevocable letter of credit.
(b) Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At February 28,
1995, this security amounted to $15 million, or .9% of net assets.
(c) Variable interest rate - subject to periodic change.
(d) This note was acquired for investment, not with the intent to
distribute or sell.
(e) Securities restricted as to public resale. These securities were
acquired from 6/9/94 to 2/8/95 at a cost of par value. At February 28,
1995, the aggregate value of these securities is $76 million,
representing approximately 4.7% of net assets and are valued at amortized
cost.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS BASIC MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES FEBRUARY 28, 1995
<S> <C> <C>
ASSETS:
Investments in securities, at value_Note 1(a,b)......................... $1,622,443,694
Interest receivable..................................................... 9,537,576
Prepaid expenses........................................................ 99,382
-------------
1,632,080,652
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 126,834
Due to Custodian........................................................ 6,351,898
Payable for investment securities purchased............................. 1,808,458
Accrued expenses and other liabilities.................................. 551,697 8,838,887
------------- -------------
NET ASSETS ................................................................ $1,623,241,765
==============
REPRESENTED BY:
Paid-in capital......................................................... $1,623,458,000
Accumulated net realized (loss) on investments.......................... (216,235)
----------------
NET ASSETS at value applicable to 1,623,458,000 shares outstanding
(3 billion shares of $.001 par value Common Stock authorized)........... $1,623,241,765
==============
NET ASSET VALUE, offering and redemption price per share
($1,623,241,765 / 1,623,458,000 shares)................................. $1.00
=====
STATEMENT OF OPERATIONS YEAR ENDED FEBRUARY 28, 1995
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 79,707,482
EXPENSES:
Management fee_Note 2(a).............................................. $ 8,169,685
Shareholder servicing costs_Note 2(b)................................. 1,681,524
Registration fees..................................................... 211,157
Custodian fees........................................................ 127,032
Professional fees..................................................... 66,697
Prospectus and shareholders' reports.................................. 30,756
Directors' fees and expenses_Note 2(c)................................ 18,778
Miscellaneous......................................................... 70,511
-------------
10,376,140
Less_reduction in management fee due
to undertakings_Note 2(a)......................................... 7,482,518
-------------
TOTAL EXPENSES.................................................. 2,893,622
----------------
INVESTMENT INCOME--NET...................................................... 76,813,860
NET REALIZED (LOSS) ON INVESTMENTS--Note 1(b)............................... (126,050)
----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 76,687,810
==============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS BASIC MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED FEBRUARY 28,
-----------------------------------
1994 1995
---------------- ----------------
<S> <C> <C>
OPERATIONS:
Investment income_net................................................... $ 34,971,459 $ 76,813,860
Net realized gain (loss) on investments................................. 2,011 (126,050)
---------------- ----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 34,973,470 76,687,810
---------------- ----------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income_net................................................... (35,108,645) (76,813,860)
---------------- ----------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................... 1,904,044,188 2,588,359,537
Dividends reinvested.................................................... 32,950,757 71,571,677
Cost of shares redeemed................................................. (1,454,177,330) (2,253,594,949)
---------------- ----------------
INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS................ 482,817,615 406,336,265
---------------- ----------------
TOTAL INCREASE IN NET ASSETS...................................... 482,682,440 406,210,215
NET ASSETS:
Beginning of year....................................................... 734,349,110 1,217,031,550
---------------- ----------------
End of year............................................................. $1,217,031,550 $1,623,241,765
================ ================
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS BASIC MONEY MARKET FUND, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each year indicated. This information
has been derived from the Fund's financial statements.
YEAR ENDED FEBRUARY 28,
---------------------------------
PER SHARE DATA: 1993(1) 1994 1995
-------- -------- --------
<S> <C> <C> <C>
Net asset value, beginning of year.................................... $1.0000 $1.0001 $ .9999
-------- -------- --------
INVESTMENT OPERATIONS:
Investment income--net................................................ .0325 .0333 .0463
Net realized gain (loss) on investments............................... (.0001) -- --
-------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS.................................... .0324 .0333 .0463
-------- -------- --------
DISTRIBUTIONS;
Dividends from investment income--net................................. (.0323) (.0335) (.0463)
-------- -------- --------
Net asset value, end of year.......................................... $1.0001 $ .9999 $ .9999
======== ======== ========
TOTAL INVESTMENT RETURN 3.80%(2) 3.40% 4.73%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets............................... -- .10% .18%
Ratio of net investment income to average net assets.................. 3.66%(2) 3.33% 4.70%
Decrease reflected in above expense ratios due to undertakings
by the Manager...................................................... .71%(2) .55% 46%
Net Assets, end of year (000's Omitted)............................... $734,349 $1,217,032 $1,623,242
- ---------------------------------
(1) From April 24, 1992 (commencement of operations) to February 28, 1993.
(2) Annualized.
See notes to financial statements.
</TABLE>
DREYFUS BASIC MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a diversified open-end management investment company. Dreyfus Service
Corporation, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares which are sold to the public without a sales charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administation services, the parent company of which is Boston
Institutional Group, Inc.
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 of $1.00.
(A) PORTFOLIO VALUATION: Investments 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.
The Fund may enter into repurchase agreements with financial
institutions, deemed to be creditworthy by the Manager, subject to the
seller's agreement to repurchase and the Fund's agreement to resell such
securities at a mutually agreed upon price. Securities purchased subject to
repurchase agreements are deposited with the Fund's custodian and, pursuant
to the terms of the repurchase agreement, must have an aggregate market value
greater than or equal to the repurchase price plus accrued interest at all
times. If the value of the underlying securities falls below the value of the
repurchase price plus accrued interest, the Fund will require the seller to
deposit additional collateral by the next business day. If the request for
additional collateral is not met, or the seller defaults on its repurchase
obligation, the Fund maintains the right to sell the underlying securities at
market value and may claim any resulting loss against the seller.
(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 and paid
annually, but the Fund may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, if such qualification is in the
best interests of its shareholders, by complying with the applicable
provisions of the Internal Revenue Code, and to make distributions of taxable
income sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately $216,000
available for Federal income tax purposes to be applied against future net
securities profits, if any realized subsequent to February 28, 1995. If not
applied, $90,000 of the carryover expires in fiscal 2002 and $126,000 expires
in fiscal 2003.
DREYFUS BASIC MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
At February 28, 1995, 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 ("Agreement") with the Manager,
the management fee is computed at the annual rate of .50 of 1% of the average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund for any full fiscal year. The most stringent state
expense limitation applicable to the Fund presently requires reimbursement of
expenses in any full fiscal year that such expenses (excluding certain
expenses as described above) exceed 2 1/2% of the first $30 million, 2% of
the next $70 million and 1 1/2% of the excess over $100 million of the
average value of the Fund's net assets in accordance with California "blue
sky" regulations. However, the Manager had undertaken from March 1, 1994
through October 4, 1994 to waive receipt of the management fee payable to it
by the Fund, and thereafter had undertaken through October 17, 1994 to reduce
the management fee paid by the Fund, to the extent that the Fund's aggregate
expenses (excluding certain expenses as described above) exceeded specified
annual percentages of the Fund's average daily net assets. The Manager has
currently undertaken from October 18, 1994 through March 31, 1995 or until
such time as the net assets of the Fund exceed $2 billion, regardless of
whether they remain at that level, to waive receipt of the management fee
payable to it by the Fund in excess of an annual rate of .10 of 1% of the
Fund's average daily net assets. The reduction in management fee, pursuant to
the undertakings, amounted to $7,482,518 for the year ended February 28,
1995.
In addition, the Manager has undertaken through June 30, 1996, to reduce
the management fee paid by the Fund, to the extent that the Fund's aggregate
annual expenses (excluding certain expenses as described above) exceed an
annual rate of .45 of 1% of the average daily value of the Fund's net assets.
The undertaking may be modified by the Manager from time to time,
provided that the resulting expense reimbursement would not be less than the
amount required pursuant to the Agreement.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation an amount not to exceed an annual rate of .25 of
1% of the value of the Fund's average daily net assets for servicing
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 year ended
February 28, 1995, the Fund was charged an aggregate of $1,461,702 pursuant
to the Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and directors of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each director who is not an "affiliated person"
receives an annual fee of $1,500 and an attendance fee of $250 per meeting.
The Chairman of the Board receives an additional 25% of such compensation.
DREYFUS BASIC MONEY MARKET FUND, INC.
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS BASIC MONEY MARKET FUND, INC.
We have audited the accompanying statement of assets and liabilities of
Dreyfus BASIC Money Market Fund, Inc., including the statement of
investments, as of February 28, 1995, 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. Our procedures included confirmation of
securities owned as of February 28, 1995 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 BASIC Money Market Fund, Inc. at February 28, 1995, 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
April 4, 1995
(Dreyfus `D' Logo)
DREYFUS BASIC
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
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 123AR952
(Dreyfus Logo)
BASIC
Money Market
Fund, Inc.
Annual Report
February 28, 1995
(Dreyfus Lion Logo)
