DREYFUS BASIC MONEY MARKET FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
It is a pleasure to provide you with this semi-annual report on the
Dreyfus BASIC Money Market Fund, Inc. For the six months ended August 31,
1996, your Fund produced an annualized yield of 5.05%. After calculating the
effect of compound interest, this equals an annualized effective yield of
5.17%.*
ECONOMIC REVIEW
The robust pace of the U.S. economy in the first half of 1996 was broken
only temporarily by July's sluggishness. Somewhat faster growth is again
evident. However, above-trend economic expansion this year has raised fears
of higher future inflation, even while reported inflation remains tame. These
inflation fears pushed bond yields higher and built expectations for a
Federal Reserve Board ("the Fed") tightening.
This year's economic strength is due to robust domestic demand that has
kept inventories lean. Real Gross Domestic Product grew 3.4% in the first
half, driven largely by consumer spending and housing investment. Industrial
output likewise surged, although producers bent on meeting demand have been
unable to also rebuild inventory. Support for sustained consumer spending
growth is coming from new jobs, wage increases, low summer utility bills and
a fall hike in the minimum wage. In addition, new orders for exports and
capital goods--both sluggish sectors this summer--have recently reaccelerated.
This leaves homebuilding as one major sector where slower activity is
becoming apparent. Corporate profits are not sharing this year's prosperity
as profit growth is now decelerating.
Core consumer price inflation remains moderate. However, rising food and
energy prices have begun to pull the overall inflation rate higher, and wage
increases have accelerated in this year's tight labor market. Hence, reports
of a faster economic pace have boosted fears of inflation acceleration ahead.
In response, bond yields have risen substantially this year, and short-term
market rates have also surged on expectations of a Federal Reserve tightening
in coming months. So far, long-term rates have risen more than short-term
rates, forcing the yield curve to steepen. A steep yield curve is usually
supportive of sustained growth in the real economy.
The debate about whether the economy might slow without a move by the Fed
to raise interest rates is being resolved by incoming evidence of renewed
growth following July's brief slowdown. The Fed's hopes for a growth slowdown
towards 2% in the second half have not yet materialized.
THE MONEY MARKET AND THE PORTFOLIO
In the past six months, money market interest rates have edged upward,
though not on a dramatic scale. The background for this was a strengthening
economy, as described in the previous section of this letter. The main
impetus for the rise in interest rates, however, was the effort of market
participants to stay ahead of any boost in interest rates that might be
initiated by the Federal Reserve.
On several occasions during the spring and summer, strong employment
numbers, and decreases in the unemployment rates, spooked the fixed-income
markets. Efforts to outguess the Fed had the effect of pumping up short-term
rates. This was the case even though the Fed's Open Market Committee, after
its last cut in rates in January 1996, held seven meetings and each time
decided to take no overt action to increase rates. In effect, the market was
doing the job for them.
As summer turned into fall, the economy continued strong, but with some
soft spots that helped to keep consumer and industrial prices within bounds.
Hence, the money market reflected the underlying strength in the economy, but
did not generate interest rates that might inhibit continued growth.
You may be assured that we watch these fluctuations in the money market
intently. We have kept average maturities somewhat longer than the industry
average. Thus, we have not shifted to a truly defensive posture. In our view,
this strategy has been rewarding to our investors. If there should be an
unexpected downdraft in the market, we are in position to become defensive,
should the situation require it.
Sincerely,
[Patricia A. Larkin signature logo]
Patricia A. Larkin
Senior Portfolio Manager
September 12, 1996
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<TABLE>
<CAPTION>
DREYFUS BASIC MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS AUGUST 31, 1996 (UNAUDITED)
PRINCIPAL
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT-34.3% AMOUNT VALUE
________ ________
<S> <C> <C>
Bank of Tokyo Ltd. (Yankee)
5.27%, 9/5/96........................................................... $ 44,000,000 $ 44,000,000
Bank of Tokyo-Mitsubishi (Yankee)
5.65%-5.75%, 1/16/97-2/13/97............................................ 44,000,000 44,000,000
Bayerische Vereinsbank AG (Yankee)
5.38%, 1/29/97-2/24/97.................................................. 65,000,000 65,000,000
Berliner Handels-und Frankforter Bank (Yankee)
5.32%, 2/5/97........................................................... 50,000,000 50,000,000
Canadian Imperial Bank of Commerce (Yankee)
5.91%, 5/9/97........................................................... 80,000,000 80,000,000
Dai-Ichi Kangyo Bank Ltd. (Yankee)
5.43%, 11/20/96......................................................... 5,000,000 5,000,000
Fuji Bank Ltd. (Yankee)
5.55%-5.73%, 10/11/96-11/14/96.......................................... 52,000,000 52,008,409
Industrial Bank of Japan Ltd. (Yankee)
5.50%-5.70%, 9/16/96-2/14/97............................................ 45,000,000 45,000,000
Sanwa Bank Ltd. (London)
5.52%-5.70%, 10/15/96-11/13/96.......................................... 82,000,000 82,001,202
Societe Generale (Yankee)
6.03%, 7/21/97.......................................................... 50,000,000 49,992,724
Sumitomo Bank Ltd. (Yankee)
5.46%-5.75%, 10/3/96-2/24/97............................................ 70,000,000 70,000,216
SwedBank (Yankee)
5.50%, 9/24/96.......................................................... 35,000,000 35,000,220
Union Bank California, N.A.
5.75%, 2/3/97........................................................... 50,000,000 50,000,000
_______
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $672,002,771)..................................................... $ 672,002,771
=======
BANKERS' ACCEPTANCES-1.5%
Fuji Bank Ltd. (Yankee)
5.55%, 10/22/96-11/20/96................................................ $ 15,000,000 $ 14,861,447
Industrial Bank of Japan Ltd. (Yankee)
5.49%, 9/16/96.......................................................... 5,000,000 4,988,854
Sanwa Bank Ltd. (Yankee)
5.30%, 9/3/96........................................................... 10,000,000 9,997,133
_______
TOTAL BANKERS' ACCEPTANCES
(cost $29,847,434)...................................................... $ 29,847,434
=======
DREYFUS BASIC MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) AUGUST 31, 1996 (UNAUDITED)
PRINCIPAL
COMMERCIAL PAPER-16.4% AMOUNT VALUE
________ ________
Corporate Asset Funding Co. Inc.
5.49%, 10/4/96.......................................................... $ 50,000,000 $ 49,752,042
General Motors Acceptance Corp.
5.88%, 1/21/97.......................................................... 50,000,000 48,881,750
Lehman Brothers Holdings Inc.
5.60%, 10/17/96......................................................... 5,000,000 4,964,861
Merrill Lynch & Co. Inc.
5.66%-5.81%, 1/2/97-2/12/97............................................. 65,000,000 63,629,196
NationsBank Corp.
5.61%, 11/15/96......................................................... 75,000,000 74,143,750
Salomon Inc.
5.45%, 9/6/96........................................................... 50,000,000 49,962,292
Sears Roebuck Acceptance Corp.
5.76%, 1/28/97.......................................................... 20,000,000 19,536,444
UBS Finance (DE) Inc.
5.30%, 9/3/96........................................................... 10,000,000 9,997,056
_______
TOTAL COMMERCIAL PAPER
(cost $320,867,391)..................................................... $ 320,867,391
=======
CORPORATE NOTES-13.6%
Abbey National PLC
5.22%, 3/17/97(a)....................................................... $ 50,000,000 $ 49,971,423
Bear Stearns Companies Inc.
5.40%-5.52%, 11/18/96-7/8/97(a)......................................... 95,000,000 95,000,000
General Motors Acceptance Corp.
5.49%-5.67%, 3/13/97-4/15/97(a)......................................... 46,210,000 46,713,095
Lehman Brothers Holdings Inc.
5.50%, 1/6/97(a)........................................................ 50,000,000 50,000,000
Merrill Lynch & Co. Inc.
5.38%-5.47%, 2/13/97-5/13/97(a)......................................... 25,000,000 24,997,310
_______
TOTAL CORPORATE NOTES
(cost $266,681,828)..................................................... $ 266,681,828
=======
DREYFUS BASIC MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) AUGUST 31, 1996 (UNAUDITED)
PRINCIPAL
PROMISSORY NOTES-4.9% AMOUNT VALUE
________ ________
Goldman Sachs Group L.P.
5.30%-5.75%, 9/25/96-2/10/97(b,c)
(cost $96,000,000)...................................................... $ 96,000,000 $ 96,000,000
=======
SHORT-TERM BANK NOTES-9.1%
Banc One Milwaukee
5.37%, 2/6/97(a)........................................................ $ 48,000,000 $ 47,991,995
Bank of America NT & SA
5.08%, 1/24/97.......................................................... 50,000,000 50,004,783
Comerica Bank
5.36%, 2/14/97(a)....................................................... 50,000,000 49,984,482
Society National Bank
5.37%, 2/14/97(a)....................................................... 30,000,000 29,983,915
_______
TOTAL SHORT-TERM BANK NOTES
(cost $177,965,175)..................................................... $ 177,965,175
=======
U.S. GOVERNMENT AGENCIES-16.9%
Federal Farm Credit Banks,
Floating Rate Notes
5.34%, 11/25/96(a)...................................................... $ 50,000,000 $ 49,992,247
Federal Home Loan Banks,
Floating Rate Notes
5.83%, 1/31/97(a)....................................................... 5,000,000 5,000,000
Federal National Mortgage Association,
Floating Rate Notes
5.34%-5.72%, 9/27/96-1/21/98(a)......................................... 275,000,000 274,887,411
_______
TOTAL U.S. GOVERNMENT AGENCIES
(cost $329,879,658)..................................................... $ 329,879,658
=======
DREYFUS BASIC MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) AUGUST 31, 1996 (UNAUDITED)
PRINCIPAL
TIME DEPOSITS-1.7% AMOUNT VALUE
________ ________
Berliner Handels-und Frankforter Bank (Cayman)
5.31%, 9/3/96........................................................... $ 9,850,000 $ 9,850,000
First National Bank of Boston (Cayman)
5.31%, 9/3/96........................................................... 23,000,000 23,000,000
_______
TOTAL TIME DEPOSITS
(cost $32,850,000)...................................................... $ 32,850,000
=======
TOTAL INVESTMENTS
(cost $1,926,094,257).......................................... 98.4% $1,926,094,257
==== =======
CASH AND RECEIVABLES (NET)......................................... 1.6% $ 31,340,726
==== =======
NET ASSETS ................................................... 100.0% $1,957,434,983
==== =======
NOTES TO STATEMENT OF INVESTMENTS:
(a) Variable interest rate - subject to periodic change.
(b) Securities restricted as to public resale. These securities were
acquired from 1/29/96 to 7/17/96 at a cost of par value. At August 31, 1996,
the aggregate value of these securities is $96,000,000 representing
approximately 4.9% of net assets and are valued at amortized cost.
(c) These notes were acquired for investment, not with the intent to
distribute or sell.
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS BASIC MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES AUGUST 31, 1996 (UNAUDITED)
<S>
ASSETS: <C> <C>
Investments in securities, at value-Note 1(a)........................... $1,926,094,257
Cash........................................................................ 12,508,797
Interest receivable..................................................... 19,407,074
Prepaid expenses........................................................ 302,674
_______
1,958,312,802
LIABILITIES:
Due to The Dreyfus Corporation and affiliates........................... $743,374
Accrued expenses and other liabilities.................................. 134,445 877,819
____ _______
NET ASSETS.................................................................. $1,957,434,983
=======
REPRESENTED BY:
Paid-in capital......................................................... $1,957,645,738
Accumulated undistributed investment income-net......................... 271,474
Accumulated net realized (loss) on investments.......................... (482,229)
_______
NET ASSETS at value applicable to 1,957,645,738 shares outstanding
(3 billion shares of $.001 par value Common Stock authorized)........... $1,957,434,983
=======
NET ASSET VALUE, offering and redemption price per share
($1,957,434,983 / 1,957,645,738 shares)................................. $1.00
=======
See independent accountants' review report and notes to financial statements.
DREYFUS BASIC MONEY MARKET FUND, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED AUGUST 31, 1996 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $55,903,199
EXPENSES:
Management fee-Note 2(a).............................................. $5,078,181
Shareholder servicing costs-Note 2(b)................................. 1,564,653
Custodian fees........................................................ 72,090
Professional fees..................................................... 32,365
Registration fees..................................................... 23,455
Prospectus and shareholders' reports.................................. 22,947
Directors' fees and expenses-Note 2(c)................................ 9,859
Miscellaneous......................................................... 25,673
_____
TOTAL EXPENSES.................................................. 6,829,223
Less-reduction in management fee due to undertaking-Note 2(a)......... 2,268,805
_____
NET EXPENSES.................................................... 4,560,418
______
INVESTMENT INCOME-NET....................................................... 51,342,781
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b)................................ (134,909)
______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $51,207,872
======
See independent accountants' review report and notes to financial statements.
DREYFUS BASIC MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
FEBRUARY 29, AUGUST 31, 1996
1996 (UNAUDITED)
_________ _________
OPERATIONS:
Investment income-net............................................. $ 113,449,165 $ 51,342,781
Net realized (loss) on investments................................ (131,085) (134,909)
_________ _________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ 113,318,080 51,207,872
_________ _________
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net............................................. (113,449,165) (51,071,307)
_________ _________
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold..................................... 2,618,953,833 936,339,934
Dividends reinvested.............................................. 106,821,314 47,892,376
Cost of shares redeemed........................................... (2,250,593,463) (1,125,226,256)
_________ _________
INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS 475,181,684 (140,993,946)
_________ _________
TOTAL INCREASE (DECREASE) IN NET ASSETS..................... 475,050,599 (140,857,381)
NET ASSETS:
Beginning of period............................................... 1,623,241,765 2,098,292,364
_________ _________
End of period (including undistributed investment income-net;
$271,474 on August 31, 1996).................................... $ 2,098,292,364 $ 1,957,434,983
========= =========
</TABLE>
See independent accountants' review report and notes to financial statements.
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 period indicated. This
information has been derived from the Fund's financial statements.
<TABLE>
<CAPTION>
SIX MONTHS ENDED
FISCAL YEAR ENDED FEBRUARY, AUGUST 31, 1996
________________________________________
PER SHARE DATA: 1993(1) 1994 1995 1996 (UNAUDITED)
---- ---- ---- ---- ------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---- ---- ---- ---- ------
INVESTMENT OPERATIONS;
Investment income-net................. .032 .033 .046 .058 .025
---- ---- ---- ---- ------
DISTRIBUTIONS;
Dividends from investment income-net.. (.032) (.033) (.046) (.058) (.025)
---- ---- ---- ---- ------
Net asset value, end of period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN................... 3.80%(2) 3.40% 4.73% 5.97% 5.08%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets - .10% .18% .31% .45%(2)
Ratio of net investment income to
average net assets.................. 3.66%(2) 3.33% 4.70% 5.82% 5.08%(2)
Decrease reflected in above expense ratios due
to undertakings by the Manager...... .71%(2) .55% .46% .31% .22%(2)
Net Assets, end of period (000's Omitted) $734,349 $1,217,032 $1,623,242 $2,098,292 $1,957,435
______________________________________
(1) From April 24, 1992 (commencement of operations) to February 28, 1993.
(2) Annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
DREYFUS BASIC MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus BASIC Money Market Fund, Inc. (the "Fund") is registered under
the Investment Company Act of 1940 ("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 ("Manager") serves as the Fund's investment adviser. The Manager
is a direct subsidiary of Mellon Bank, N.A. Premier Mutual Fund Services,
Inc. acts as 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 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.
(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. 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 September 3, 1996, the Fund declared a cash dividend of approximately
$.0001 per share from undistributed investment income-net which includes
investment income-net for Saturday, August 31, 1996.
(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 $273,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to February 29, 1996. The
carryover does not include net realized securities losses from November 1,
1995 through February 29, 1996, which are treated, for Federal income tax
purposes, as arising in fiscal 1997. If not applied, $90,000 of the carryover
expires in fiscal 2002, $126,000 expires in fiscal 2003 and $57,000 expires
in fiscal 2004.
At August 31, 1996, 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)
DREYFUS BASIC MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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 value
of the Fund's average daily net assets and is payable monthly. The Agreement
provides that if in any full fiscal year the aggregate expenses of the Fund,
exclusive of taxes, brokerage, interest on borrowings and extraordinary
expenses, exceed the expense limitation of any state having jurisdiction over
the Fund, the Fund may deduct from payments to be made to the Manager, or the
Manager will bear the amount of such excess to the extent required by state
law. The most stringent state expense limitation applicable to the Fund
presently requires reimbursement of expenses in any full fiscal year that
such expenses (exclusive of 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 value of the Fund's average net assets in accordance
with California "blue sky" regulations. 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 Fund, to the extent that the Fund's
aggregate annual expenses (exclusive of certain expenses as described above)
exceed an annual rate of .45 of 1% of the value of the Fund's average daily
net assets. The reduction in management fee, pursuant to the undertaking,
amounted to $2,268,805 during the six months ended August 31, 1996.
(B) Pursuant to the Fund's 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 six months ended August 31, 1996, the Fund was charged an
aggregate of $1,337,003 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. Such
compensation amounted to $115,237 during the six months ended August 31,
1996.
(C) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund 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.
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS BASIC MONEY MARKET FUND, INC.
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus BASIC Money Market Fund, Inc., including the statement of
investments, as of August 31, 1996, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended August 31, 1996. These financial statements and financial highlights
are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
February 29, 1996 and financial highlights for each of the four years in the
period ended February 29, 1996 and in our report dated March 29, 1996, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst and Young LLP signature logo]
New York, New York
October 3, 1996
[Dreyfus lion "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
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 123SA968
[Dreyfus logo]
BASIC
Money Market
Fund, Inc.
Semi-Annual
Report
August 31, 1996
