Dreyfus
BASIC Money Market
Fund, Inc.
SEMIANNUAL REPORT August 31, 1999
(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
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments and its share price.
Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
9 Statement of Assets and Liabilities
10 Statement of Operations
11 Statement of Changes in Net Assets
12 Financial Highlights
13 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus BASIC Money Market Fund, Inc.
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus BASIC Money Market
Fund, Inc. covering the six-month period from March 1, 1999 through August 31,
1999. 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, Thomas Riordan.
Before the reporting period began, financial crises in overseas markets had
produced concerns among investors that economies in the U.S. and abroad might
slow. In response, the Federal Reserve Board reduced short-term interest rates
last fall in an attempt to stimulate economic growth. Its strategy apparently
worked, because signs of renewed economic strength became evident early in 1999,
fueling fears that inflationary pressures might re-emerge.
As a result, after remaining relatively steady during the first quarter of 1999,
yields on money market securities rose during the second quarter in response to
expectations that the Federal Reserve Board might raise short-term interest
rates. In fact, the Federal Reserve raised rates twice during the summer of 1999
in an attempt to forestall a potential resurgence of inflationary pressures.
This increase effectively reversed most of last fall's interest-rate cuts, and
led to higher yields on most money market securities.
We appreciate your confidence over the past year, and we look forward to your
continued participation in Dreyfus BASIC Money Market Fund, Inc.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
September 14, 1999
DISCUSSION OF FUND PERFORMANCE
Thomas Riordan, Senior Portfolio Manager
How did Dreyfus BASIC Money Market Fund, Inc. perform during the period?
For the six-month period ended August 31, 1999, Dreyfus BASIC Money Market Fund,
Inc. produced an annualized yield of 4.66% and, taking into account the effects
of compounding, an annualized effective yield of 4.76%.(1) The fund provided a
total return of 2.40% (2) compared to the Lipper Money Market Funds category
average total return of 2.13% for the same period.(3)
What is the fund's investment approach?
There are many factors we consider when managing the fund. We closely monitor
the outlook for economic growth and inflation. We follow overseas developments
for any influence they may have on the domestic economy. The posture of the
Federal Reserve Board is also a key determinant in our decision as to how best
to structure the portfolio.
Based upon our economic outlook, we actively manage the average maturity of the
fund in an effort to take advantage of expected changes in interest rates. For
example, if we believe that interest rates are likely to fall, we typically will
lengthen our average maturity in order to lock in higher prevailing rates.
Conversely, in a rising interest-rate environment, we typically will shorten our
maturities in order to keep cash available for reinvestment at higher rates in
the future.
In terms of investments, the fund is invested in a broad range of high-quality,
short-term money market instruments. These instruments can include U.S.
government securities, short-term debt obligations issued by banks, U.S.
dollar-denominated foreign and domestic commercial paper, repurchase agreements,
taxable municipal obligations and U.S. dollar-denominated obligations of foreign
governments. Normally, the fund invests at least 25% of its net assets in bank
obligations.
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
What other factors influenced the fund's performance?
When the six-month reporting period began on March 1, 1999, evidence began to
emerge that economies around the world had seen the worst of the currency and
credit crises that affected Asian, Russian and Latin American markets last
summer and fall. In the wake of that market turmoil, the Federal Reserve had
reduced short-term interest rates in an attempt to provide liquidity and
stimulate economic growth. Its strategy appears to have worked, because concerns
arose in the first quarter of 1999 that global and domestic factors may be
pushing the U.S. economy towards unsustainable growth.
Between February and May, conflicting economic signals allowed short-term rates
to remain relatively stable while longer term bond yields rose. Those signals
included signs of economic strength in the consumer sector of the economy and
relative weakness in the industrial sector. As a result, most investors saw no
compelling reason for the Federal Reserve to either increase interest rates to
dampen growth, or to reduce rates in an attempt to stimulate growth.
In June, however, it became clearer that economic growth in the world's major
industrialized nations was clearly improving. The U.S. economy continued to move
ahead briskly, evidenced by a strong rebound in manufacturing output that showed
signs of gaining momentum. Consumer confidence was at a 30-year high. Employment
was strong, with hourly wages rising. Because of concerns that overly rapid
economic growth might lead to destructive inflationary pressures, the Federal
Reserve increased interest rates twice during the summer of 1999, effectively
offsetting most of last fall's rate cuts.
These higher interest rates were generally negative for the fund's existing
holdings, but we believe they may enable us to lock in prevailing high yields if
interest rates decline due to a slowdown in the domestic economy.
What is the portfolio's current strategy?
Early in the reporting period, the portfolio benefited from our commitment to a
longer-than-average maturity. That' s because interest rates did not begin to
rise until the second quarter of 1999. Consequently, as long as interest rates
remained relatively stable, longer maturities enhanced returns by locking in
prevailing yields.
However, when it became clear that robust economic growth was likely to lead to
higher interest rates, we began to reduce the fund's average maturity in order
to keep cash available for higher yielding money market instruments. More
recently, we have once again begun to modestly extend the fund's average
maturity. That's because the market appeared to anticipate the Federal Reserve's
rate hike in late August, and interest rates were near the high end of their
expected range. By modestly extending the fund' s average maturity, we are
attempting to lock in high current yields as inflation fears abate.
September 14, 1999
(1) ANNUALIZED EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND
REINVESTED MONTHLY. AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY
THE FDIC OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO PRESERVE THE
VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY
INVESTING IN THE FUND.
(2) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS. PAST PERFORMANCE IS NO
GUARANTEE OF FUTURE RESULTS. YIELDS FLUCTUATE.
(3) SOURCE: LIPPER ANALYTICAL SERVICES, INC.
The Fund
<TABLE>
STATEMENT OF INVESTMENTS
August 31, 1999 (Unaudited)
Principal
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--21.5% Amount ($) Value ($)
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Abbey National Treasury Services (Yankee)
<S> <C> <C>
5.20%, 12/9/1999 15,000,000 15,000,000
ABN-AMRO Bank N.V. (Yankee)
5.01%-5.44%, 11/17/1999-4/24/2000 75,000,000 (a) 74,986,475
Bank Austria AG (Yankee)
5.13%, 2/18/2000 40,000,000 39,992,819
Commerzbank AG (Yankee)
5.21%-5.29%, 3/1/2000-5/12/2000 68,000,000 67,991,137
Deutsche Bank AG (Yankee)
5.14%-5.45%, 2/22/2000-4/10/2000 90,000,000 (a) 89,982,429
Istituto Bancario San Paolo DiTorino (Yankee)
5.15%-5.40%, 5/16/2000-5/25/2000 35,000,000 34,989,162
Merita Bank PLC (Yankee)
5.30%, 11/8/1999 25,000,000 25,000,000
Royal Bank of Canada (Yankee)
5.44%, 4/27/2000 45,000,000 (a) 44,985,307
Societe Generale (Yankee)
5.25%, 3/15/2000 5,000,000 4,998,708
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $397,926,037) 397,926,037
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COMMERCIAL PAPER--38.5%
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Atlantis One Funding
5.92%, 2/22/2000 54,055,000 52,552,721
BankAmerica Corp.
4.96%, 10/7/1999 25,000,000 24,879,250
Ciesco L.P.
5.36%, 10/14/1999 18,565,000 18,447,030
Den Norske Bank ASA
5.26%, 11/19/1999 50,000,000 49,432,736
Donaldson, Lufkin, & Jenrette Inc.
5.31%-5.33%, 10/18/1999-10/22/1999 30,000,000 29,782,839
Finova Capital Corp.
5.04%-6.01%, 9/22/1999-3/14/2000 80,000,000 78,977,016
General Electric Capital Corp.
4.91%-4.95%, 9/13/1999-9/14/1999 75,000,000 74,876,076
General Electric Capital Services Inc.
5.27%, 11/12/1999 50,000,000 49,483,000
Principal
COMMERCIAL PAPER (CONTINUED) Amount ($) Value ($)
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Goldman Sachs Group Inc.
5.22%, 10/29/1999 15,000,000 14,875,783
Heller Financial, Inc.
5.31%, 10/7/1999 25,000,000 24,869,000
Hertz Corp.
5.18%, 9/23/1999 50,000,000 49,843,861
Lehman Brothers Holdings, Inc.
5.38%, 9/8/1999 70,000,000 69,927,180
Morgan (J.P.) & Co.
4.98%-5.61%, 12/10/1999-3/13/2000 75,000,000 73,212,972
Paine Webber Group Inc.
5.08%, 9/20/1999 15,000,000 14,960,813
Prudential Funding Corp.
5.50%, 9/1/1999 15,000,000 15,000,000
Spintab AB
5.04%-5.27%, 9/17/1999-11/8/1999 70,000,000 69,561,042
TOTAL COMMERCIAL PAPER
(cost $710,681,319) 710,681,319
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CORPORATE NOTES--19.3%
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Bear Stearns Companies Inc.
5.19%-5.63%, 9/10/1999-9/1/2000 71,000,000 (a) 71,006,683
CIT Group Holdings, Inc.
5.38%-5.47%, 9/29/1999-11/2/1999 70,000,000 (a) 69,997,514
GTE Corporation
5.20%, 6/12/2000 85,000,000 (a) 84,957,391
Heller Financial Inc.
5.30%-5.50%, 9/8/1999-7/7/2000 60,000,000 (a) 60,034,671
Paine Webber Group Inc.
5.41%-5.49%, 3/3/2000-4/20/2000 70,000,000 (a) 70,000,000
TOTAL CORPORATE NOTES
(cost $355,996,259) 355,996,259
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PROMISSORY NOTES--2.2%
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Goldman Sachs Group L.P.
5.06%-5.09%, 10/4/1999-11/9/1999
(cost $40,000,000) 40,000,000 (b,c) 40,000,000
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
SHORT-TERM BANK NOTES--10.1% Amount ($) Value ($)
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Fleet National Bank
5.51%, 7/13/2000 50,000,000 (a) 49,979,279
Key Bank N.A.
5.17%-5.26%, 10/15/1999-3/24/2000 86,000,000 (a) 85,998,301
Old Kent Bank & Trust Co.
5.46%, 6/2/2000 25,000,000 (a) 24,989,131
Societe Generale
4.86%, 4/20/2000 25,000,000 (a) 24,992,078
TOTAL SHORT-TERM BANK NOTES
(cost $185,958,789) 185,958,789
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TIME DEPOSITS--8.5%
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Bayerische Hypo Vereinsbank (Grand Cayman)
5.56%, 9/1/1999 47,785,000 47,785,000
Chase Manhattan Bank (London)
5.56%, 9/1/1999 50,000,000 50,000,000
Societe Generale (Grand Cayman)
5.56%, 9/1/1999 60,000,000 60,000,000
TOTAL TIME DEPOSITS
(cost $157,785,000) 157,785,000
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TOTAL INVESTMENTS
(cost $1,848,347,404) 100.1% 1,848,347,404
LIABILITIES, LESS CASH AND RECEIVABLES (.1%) (2,736,804)
NET ASSETS 100.0% 1,845,610,600
(A) VARIABLE INTEREST RATE-SUBJECT TO PERIODIC CHANGE.
(B) THESE NOTES WERE ACQUIRED FOR INVESTMENT, NOT WITH THE INTENT TO DISTRIBUTE
OR SELL.
(C) SECURITIES RESTRICTED AS TO PUBLIC RESALE. THESE SECURITIES WERE ACQUIRED
FROM 1/7/1999-2/12/1999 AT A COST OF $40,000,000 FOR GOLDMAN SACHS GROUP L.P. AT
AUGUST 31,1999, THE AGGREGATE VALUE OF THESE SECURITIES IS $40,000,000 MILLION
REPRESENTING APPROXIMATELY 2.2% OF NET ASSETS AND ARE VALUED AT AMORTIZED COST.
SEE NOTES TO FINANCIAL STATEMTENTS.
</TABLE>
STATEMENT OF ASSETS AND LIABILITIES
August 31, 1999 (Unaudited)
Cost Value
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ASSETS ($):
Investments in securities--See Statement of
Investments 1,848,347,404 1,848,347,404
Cash 9,016,243
Interest receivable 13,960,092
Prepaid expenses 34,807
1,871,358,546
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 652,595
Payable for investment securities purchased 25,000,000
Accrued expenses 95,351
25,747,946
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NET ASSETS ($) 1,845,610,600
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 1,846,186,755
Accumulated net realized gain (loss) on investments (576,155)
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NET ASSETS ($) 1,845,610,600
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SHARES OUTSTANDING
(3 billion shares of $.001 par value Common Stock authorized) 1,846,186,755
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Six Months Ended August 31, 1999 (Unaudited)
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INVESTMENT INCOME ($):
INTEREST INCOME 47,555,486
EXPENSES:
Management fee--Note 2(a) 4,635,134
Shareholder servicing costs--Note 2(b) 694,911
Custodian fees 56,191
Prospectus and shareholders' reports 38,313
Professional fees 26,288
Registration fees 21,238
Directors' fees and expenses--Note 2(c) 13,297
TOTAL EXPENSES 5,485,372
Less--reduction in management fee due to
undertaking--Note 2(a) (1,339,204)
NET EXPENSES 4,146,168
INVESTMENT INCOME--NET, representing net increase in net assets
resulting from operations 43,409,318
SEE NOTES TO FINANCIAL STATEMENTS.
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STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
August 31, 1999 Year Ended
(Unaudited) February 28, 1999
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OPERATIONS ($):
Investment income--net 43,409,318 91,050,300
Net realized gain (loss) from investments -- (10,215)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 43,409,318 91,040,085
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DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (43,875,599) (90,832,870)
- --------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share) ($):
Net proceeds from shares sold 946,329,742 1,895,302,928
Dividends reinvested 41,437,229 85,757,851
Cost of shares redeemed (979,354,247) (1,868,574,753)
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS 8,412,724 112,486,026
TOTAL INCREASE (DECREASE) IN NET ASSETS 7,946,443 112,693,241
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NET ASSETS ($):
Beginning of period 1,837,664,157 1,724,970,916
END OF PERIOD 1,845,610,600 1,837,664,157
Undistributed investment income--net -- 466,281
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased (or
decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
<TABLE>
Six Months Ended
August 31, 1999 Fiscal Year Ended February,
---------------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .024 .051 .053 .051 .058 .046
Distributions:
Dividends from investment
income--net (.024) (.051) (.053) (.051) (.058) (.046)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
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TOTAL RETURN (%) 4.76(a) 5.19 5.38 5.19 5.97 4.73
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .45(a) .45 .45 .45 .31 .18
Ratio of net investment income
to average net assets 4.67(a) 5.08 5.28 5.08 5.82 4.70
Decrease reflected in above expense
ratios due to undertakings by
the Manager .14(a) .13 .24 .23 .31 .46
Net Assets, end of period
($ x 1,000) 1,845,611 1,837,664 1,724,971 1,793,992 2,098,292 1,623,242
(A) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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, as amended (the "Act"), as a diversified
open-end management investment company. The fund's investment objective is to
provide investors with as high a level of current income as is consistent with
the preservation of capital and the maintenance of liquidity. The Dreyfus
Corporation (the "Manager") serves as the fund's investment adviser. The Manager
is a direct subsidiary of Mellon Bank, N.A. Premier Mutual Fund Services, Inc.
is the distributor of the fund's shares, which are sold to the public without a
sales charge.
It is the fund's policy to maintain a continuous net asset value per share of
$1.00; the fund has adopted certain investment, portfolio valuation and dividend
and distribution policies to enable it to do so. There is no assurance, however,
that the fund will be able to maintain a stable net asset value per share of
$1.00.
The fund' s financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
(A) PORTFOLIO VALUATION: Investments in securities are valued at amortized cost,
which has been determined by the fund's Board of Directors to represent the fair
value of the fund's investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Interest income is
recognized on the accrual basis. Cost of investments represents amortized cost.
Under the terms of the custody agreement, the fund received net earnings credits
of $9,774 based on available cash balances left on deposit. Income earned under
this arrangement is included in interest income.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the fund to declare dividends
daily from investment income-net. Such dividends are paid The Fun
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
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.
(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 $576,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to February 28, 1999. If not
applied, $90,000 of the carryover expires in fiscal 2002, $126,000 expires in
fiscal 2003, $57,000 expires in fiscal 2004, $209,000 expires in fiscal 2005,
$84,000 expires in fiscal 2006 and $10,000 expires in fiscal 2007.
At August 31, 1999, the cost of investments for Federal income tax purposes was
substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
NOTE 2--Management Fee and Other Transactions With Affiliates:
(A) Pursuant to a management agreement with the Manager, the management fee is
computed at the annual rate of .50 of 1% of the value of the fund's average
daily net assets and is payable monthly. The Manager 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 taxes, brokerage, interest on borrowings
and extraordinary expenses, exceed an annual rate of .45 of 1% of the value of
the fund' s average daily net assets. The reduction in managemen
fee, pursuant to the undertaking, amounted to $1,339,204 during the period ended
August 31, 1999.
(B) Under the Shareholder Services Plan, the fund reimburses Dreyfus Service
Corporation, a wholly-owned subsidiary of the Manager, an amount not to exceed
an annual rate of .25 of 1% of the value of the fund's average daily net assets
for certain allocated expenses of providing personal services and/or maintaining
shareholder accounts. The services provided may include personal services
relating to shareholder accounts, such as answering shareholder inquiries
regarding the fund and providing reports and other information, and services
related to the maintenance of shareholder accounts. During the period ended
August 31, 1999, the fund was charged $523,654 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 August 31, 1999, the fund was charged $148,595 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 $1,500 and an attendance fee of $250 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
The Fund
NOTES
For More Information
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
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
BY TELEPHONE
Call 1-800-645-6561
BY MAIL Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request
to [email protected]
ON THE INTERNET Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 1999 Dreyfus Service Corporation 123SA998
