Dreyfus
BASIC Money Market
Fund, Inc.
ANNUAL 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 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 Dreyfus and
the fund'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 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
16 Report of Independent Auditors
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 annual report for Dreyfus BASIC Money Market
Fund, Inc., covering the 12-month period from March 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, Thomas S. Riordan.
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 four
times during the reporting period. In total, the Federal Reserve Board raised
short-term interest rates by 1.00 percentage point since late June, 1999. In
this environment, yields on money market securities rose.
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
March 23, 2000
DISCUSSION OF FUND PERFORMANCE
Thomas S. Riordan, Portfolio Manager
How did Dreyfus BASIC Money Market Fund, Inc. perform during the period?
For the 12-month reporting period ended February 29, 2000, the fund produced an
annualized yield of 4.95%. Taking into account the effect of compounding, the
fund's annualized effective yield was 5.06%.(1)
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 at any particular point in time.
Based upon our economic outlook, we actively manage the average maturity of the
fund in an effort to take advantage of forecasted 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 bank obligations, U.S. dollar-denominated
foreign and domestic commercial paper, repurchase agreements and U.S.
dollar-denominated obligations of foreign governments. Normally, the fund
invests at least 25% of its net assets in bank obligations.
What other factors influenced the fund's performance?
The fund' s performance was primarily affected by rising interest rates during
the 12-month reporting period.
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
The performance of the U.S. economy during the first few months of 1999 was much
stronger than expected in the wake of 1998's global financial crisis. Gross
Domestic Product (GDP) grew at a rate of 4.3%, yet inflation remained benign.
Despite concerns that faster growth might rekindle long-dormant inflationary
pressures, the Federal Reserve Board held steady on rates.
In May, a surprisingly large jump in the Consumer Price Index pushed
policymakers to adopt a bias towards tightening monetary policy, which caused a
shift in market psychology. As a result, market participants began to anticipate
higher rates.
In late June, the Fed raised short-term rates 25 basis points. At the same time,
it announced that it was shifting its bias back to neutral, indicating no
intention of further rate increases in the immediate future. As the summer
progressed, strong economic growth with rising wages reinforced the Fed's
inflation concerns. At its August meeting, the Fed raised the federal funds rate
by another 25 basis points, and signaled added resolve by also raising the
discount rate.
In the third quarter, GDP growth accelerated to a rapid 4.8%, yet key indicators
of employment costs, job creation and inflation remained relatively low.
Nonetheless, the Fed implemented a third 25 basis point rate hike in November.
The Fed took no action at its December meeting in an apparent attempt to quiet
markets concerned with potential Y2K-related disruptions. In addition, the Fed
added liquidity to the banking system over year-end, leading to temporary
fluctuations of short-term interest rates. Despite this short-lived market
volatility, few significant Y2K problems were reported when the new year began.
Concerned by evidence that the economy was gaining momentum, the Fed raised
interest rates for a fourth time in early February, for a total rate increase of
100 basis points during the 12-month reporting period. Furthermore, while the
Fed maintained an officially neutral bias after its February rate hike, the Fed
indicated that its inflation-fighting resolve is undiminished. Accordingly,
fixed-income investors widely expected further short-term interest-rate
increases at subsequent Fed meetings.
What is the fund's current strategy?
In anticipation of rising interest rates, the fund adopted a somewhat defensive
strategy. Most significantly, we reduced the fund's average maturity in order to
build in a liquidity cushion. Shorter maturities were designed to help the fund
benefit from any additional interest-rate increases, as well as to protect the
fund from potential volatility.
As of February 29, 2000, the fund's average maturity remained relatively short.
However, we are prepared to extend the fund's average maturity if evidence
appears that the economy is slowing in response to the Fed's previous moves. By
extending the fund' s average maturity when the Fed is near the end of the
current series of rate hikes, we expect to be able to lock in prevailing high
yields.
In addition, we are carefully monitoring changing supply-and-demand factors. The
U.S. Treasury recently announced its intention to reduce the issuance of
one-year Treasury bills from a monthly auction schedule to a quarterly schedule.
While less supply of one-year Treasury bills may affect the fund's mix of
holdings, we currently expect to continue to find opportunities for attractive
yields and price stability among money market securities from other issuers.
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 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 $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
THE FUND.
The Fund
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS
February 29, 2000
STATEMENT OF INVESTMENTS
Principal
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--22.6% Amount ($) Value ($)
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ABN-AMRO Bank N.V. (Yankee)
<S> <C> <C>
5.94%, 4/24/2000 25,000,000 (a) 24,997,837
AllFirst Bank
5.89%, 2/9/2001 20,000,000 (a) 19,988,689
Commerzbank AG (Yankee)
5.21%-5.29%, 3/1/2000-5/12/2000 68,000,000 67,994,973
Deutsche Bank AG (Yankee)
5.95%, 4/10/2000 40,000,000 (a) 39,998,076
Istituto Bancario San Paolo DiTorino (Yankee)
5.15%-5.40%, 5/16/2000-5/25/2000 35,000,000 34,996,598
Royal Bank of Canada (Yankee)
5.94%, 4/27/2000 45,000,000 (a) 44,996,496
Societe Generale (Yankee)
5.25%-5.95%, 3/15/2000-12/18/2000 55,000,000 (a) 54,979,751
South Trust Bank N.A.
5.93%, 3/10/2000 20,000,000 20,000,000
Toronto Dominion Holdings USA Inc. (Yankee)
5.81%, 3/31/2000 75,000,000 75,000,000
Union Bank California
5.98%, 8/1/2000 50,000,000 50,000,000
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $432,952,420) 432,952,420
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COMMERCIAL PAPER--41.0%
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Abbey National North America
5.93%, 4/18/2000 50,000,000 49,610,667
Akzo Nobel Inc.
5.97%-5.98%, 3/14/2000-3/21/2000 45,000,000 44,876,361
Atlantis One Funding Corp.
5.96%-6.07%, 3/24/2000 35,000,000 34,868,453
BCI Funding Corp.
6.05%, 5/2/2000 70,000,000 69,292,339
CBA (Delaware) Finance Inc.
6.00%-6.24%, 4/6/2000-8/8/2000 65,500,000 64,064,416
Donaldson, Lufkin, & Jenrette Inc.
6.05%-6.25%, 3/3/2000-4/28/2000 85,000,000 84,601,208
Finova Capital Corp.
6.01%, 3/14/2000 20,000,000 19,957,967
General Electric Capital Corp.
5.94%-6.02%, 3/13/2000-6/16/2000 90,000,000 89,069,525
General Electric Capital Services Inc.
5.90%, 5/19/2000 35,000,000 34,559,904
Principal
COMMERCIAL PAPER (CONTINUED) Amount ($) Value ($)
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General Electric Co.
5.78%, 3/27/2000 50,000,000 49,792,361
HSBC USA Inc.
5.99%, 8/15/2000 25,000,000 24,335,479
Heller Financial, Inc.
6.10%, 5/26/2000 25,000,000 24,642,861
Internationale Nederlanden (U.S.) Funding Corp.
5.93%, 3/20/2000 25,000,000 24,923,340
Lehman Brothers Holdings Inc.
6.20%, 3/8/2000 70,000,000 69,918,197
Morgan (J.P.) & Co.
5.61%, 3/13/2000 50,000,000 49,910,167
Nordbanken N.A. Inc.
5.91%, 3/17/2000 10,000,000 9,974,267
Santander Finance (DE) Inc.
5.94%, 3/22/2000 41,000,000 40,860,685
TOTAL COMMERCIAL PAPER
(cost $785,258,197) 785,258,197
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CORPORATE NOTES--18.7%
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Bear Stearns Companies Inc.
5.95%-6.13%, 7/5/2000-1/5/2001 59,230,000 (a) 59,237,692
Finova Capital Corp.
6.14%, 8/15/2000 8,000,000 7,997,903
GTE Corp.
6.22%, 6/12/2000 85,000,000 (a) 84,984,601
Goldman Sachs Group Inc.
6.13%, 9/11/2000 30,000,000 (a) 30,000,000
Heller Financial Inc.
6.01%, 7/7/2000 25,000,000 (a) 25,014,316
Merrill Lynch & Co. Inc.
5.91%, 2/28/2001 80,000,000 (a) 79,992,044
Paine Webber Group Inc.
6.08%-6.13%, 3/3/2000-4/20/2000 70,000,000 (a) 70,000,000
TOTAL CORPORATE NOTES
(cost $357,226,556) 357,226,556
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PROMISSORY NOTES--.8%
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Goldman, Sachs & Co.
6.16%, 5/1/2000
(cost $15,000,000) 15,000,000 (b) 15,000,000
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
Principal
SHORT-TERM BANK NOTES--11.2% Amount ($) Value ($)
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AmSouth Bank
6.00%, 1/19/2001 30,000,000 (a) 29,992,312
Bank Austria AG
5.91%, 12/11/2001 45,000,000 (a) 44,975,605
Fleet National Bank
6.01%, 7/13/2001 50,000,000 (a) 49,991,213
Key Bank N.A.
5.17%-5.88%, 3/24/2000--7/24/2000 45,000,000 (a) 44,998,609
Old Kent Bank & Trust Co.
5.97%, 6/2/2000 25,000,000 (a) 24,996,324
U.S. Bank N.A.
6.31%,10/2/2000 20,000,000 (a) 19,943,155
TOTAL SHORT-TERM BANK NOTES
(cost $214,897,218) 214,897,218
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TIME DEPOSITS--5.1%
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Chase Manhattan Bank N.A. (London)
5.87%, 3/1/2000 75,000,000 75,000,000
HSBC Bank USA (London)
5.75%, 3/1/2000 21,459,000 21,459,000
TOTAL TIME DEPOSITS
(cost $96,459,000) 96,459,000
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TOTAL INVESTMENTS
(cost $1,901,793,391) 99.4% 1,901,793,391
CASH AND RECEIVABLES (NET) .6% 11,824,520
NET ASSETS 100.0% 1,913,617,911
(A) VARIABLE INTEREST RATE-SUBJECT TO PERIODIC CHANGE.
(B) THESE NOTES WERE ACQUIRED FOR INVESTMENT, NOT WITH THE INTENT TO DISTRIBUTE
OR SELL. SECURITIES RESTRICTED AS TO PUBLIC RESALE. THIS SECURITY WAS ACQUIRED
ON 11/2/1999 AT A COST OF $15,000,000. AT FEBRUARY 29,2000, THE AGGREGATE VALUE
OF THIS SECURITY IS $15,000,000, REPRESENTING APPROXIMATELY .8% OF NET ASSETS
AND IS VALUED AT AMORTIZED COST.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF ASSETS AND LIABILITIES
February 29, 2000
Cost Value
- --------------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 1,901,793,391 1,901,793,391
Interest receivable 12,731,194
Prepaid expenses 43,843
1,914,568,428
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 374,816
Cash overdraft due to Custodian 454,450
Accrued expenses 121,251
950,517
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NET ASSETS ($) 1,913,617,911
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 1,914,194,066
Accumulated net realized gain (loss) on investments (576,155)
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NET ASSETS ($) 1,913,617,911
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SHARES OUTSTANDING
(3 billion shares of $.001 par value Common Stock authorized) 1,914,194,066
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Year Ended February 29, 2000
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INVESTMENT INCOME ($):
INTEREST INCOME 100,199,694
EXPENSES:
Management fee--Note 2(a) 9,232,410
Shareholder servicing costs--Note 2(b) 1,480,973
Custodian fees 113,996
Prospectus and shareholders' reports 61,368
Professional fees 51,641
Registration fees 42,379
Directors' fees and expenses--Note 2(c) 29,355
Miscellaneous 23,613
TOTAL EXPENSES 11,035,735
Less--reduction in management fee due to
undertaking--Note 2(a) (2,714,679)
NET EXPENSES 8,321,056
INVESTMENT INCOME--NET, representing net increase in
net assets resulting from operations 91,878,638
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Year Ended
------------------------------------
February 29, February 28,
2000 1999
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OPERATIONS ($):
Investment income--net 91,878,638 91,050,300
Net realized gain (loss) from investments -- (10,215)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 91,878,638 91,040,085
- -------------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (92,344,919) (90,832,870)
- -------------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 1,964,474,102 1,895,302,928
Dividends reinvested 87,127,268 85,757,851
Cost of shares redeemed (1,975,181,335) (1,868,574,753)
INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL STOCK TRANSACTIONS 76,420,035 112,486,026
TOTAL INCREASE (DECREASE) IN NET ASSETS 75,953,754 112,693,241
- -------------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of period 1,837,664,157 1,724,970,916
END OF PERIOD 1,913,617,911 1,837,664,157
Undistributed investment income-net -- 466,281
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
<TABLE>
<CAPTION>
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.
Fiscal Year Ended February,
-------------------------------------------------------------------------
2000 1999 1998 1997 1996
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PER SHARE DATA ($):
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .050 .051 .053 .051 .058
Distributions:
Dividends from investment income--net (.050) (.051) (.053) (.051) (.058)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
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TOTAL RETURN (%) 5.10 5.19 5.38 5.19 5.97
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .45 .45 .45 .45 .31
Ratio of net investment income
to average net assets 4.98 5.08 5.28 5.08 5.82
Decrease reflected in above
expense ratios due to undertakings
by The Dreyfus Corporation .15 .13 .24 .23 .31
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Net Assets, end of period
($ x 1,000) 1,913,618 1,837,664 1,724,971 1,793,992 2,098,292
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
NOTES TO FINANCIAL STATEMENTS
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., which is a wholly-owned subsidiary
of Mellon Financial Corporation. 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 $11,698 based on available cash balances left on deposit. Income earned under
this arrangement is included in interest income.
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(c) Dividends to shareholders: It is the policy of the fund to declare dividends
daily from investment income-net. Such dividends are paid monthly. Dividends
from net realized capital gain, if any, are normally declared and paid annually,
but the fund may make distributions on a more frequent basis to comply with the
distribution requirements of the Internal Revenue Code of 1986, as amended (the
" Code" ). To the extent that net realized capital gain can be offset by capital
loss carryovers, it is the policy of the fund not to distribute such gain.
(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 29, 2000. 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 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 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 management fee,
pursuant to the undertaking, amounted to $2,714,679 during the period ended
February 29, 2000.
(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
February 29, 2000, the fund was charged $1,030,265 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 February 29, 2000, the fund was charged $299,686 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.
NOTE 3--Subsequent Event:
At a meeting of the fund's Board of Directors held on February 9, 2000, the
Board approved the termination of the fund'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 Fund
REPORT OF INDEPENDENT AUDITORS
Shareholders and Board of Directors 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 29, 2000, 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 auditing standards generally accepted
in the United States. 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 and financial highlights. Our procedures included
confirmation of securities owned as of February 29, 2000 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 29, 2000, 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 accounting principles generally accepted
in the United States.
New York, New York
April 3, 2000
The Fund
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
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 123AR002
