Dreyfus
BASIC Money Market
Fund, Inc.
SEMIANNUAL REPORT August 31, 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
Contents
THE FUND
--------------------------------------------------
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
---------------------------------------------------------------------------
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, 2000 through August 31,
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, international and domestic economies were
growing strongly, giving rise to concerns that long-dormant inflationary
pressures might reemerge. Consumers continued to spend heavily, unemployment
levels reached new lows and the stock market, while highly volatile, generally
continued to climb.
Because robust economic growth may trigger an acceleration of inflation, the
Federal Reserve Board raised key short-term interest rates twice during the
reporting period before signs of moderation began to appear in the summer of
2000. In total, the Federal Reserve Board has raised short-term interest rates
by 1.75 percentage points since late June 1999. While these economic influences
adversely affected longer term bonds, they positively influenced money market
yields.
We appreciate your confidence over the past six months, 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 15, 2000
DISCUSSION OF FUND PERFORMANCE
Thomas S. Riordan, Portfolio Manager
How did Dreyfus BASIC Money Market Fund, Inc. perform during the period?
For the six-month period ended August 31, 2000 the fund produced an annualized
yield of 5.97%, which, taking into account the effect of compounding, created an
annualized effective yield of 6.14%.(1)
We attribute our performance to higher short-term interest rates, which were
primarily the result of the Federal Reserve Board's (the "Fed") moves toward a
more restrictive monetary policy.
What is the fund's investment approach?
When managing the fund, we closely monitor the outlook for economic growth and
inflation, follow overseas developments and consider the posture of the Fed in
our decision as to how to structure the fund. Based upon our economic outlook,
we actively manage the fund's average maturity in looking for opportunities that
may present themselves in light of possible changes in interest rates. The fund
invests in a broad range of high quality, short-term money market instruments,
including 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?
When the reporting period began, the Fed had already taken steps to relieve
inflationary pressures by increasing short-term interest rates four times, each
by 0.25 percentage points. Each interest-rate hike brought renewed debate as to
whether rates were sufficiently high to head off inflation, or whether further
tightening would be necessary.
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
When it was later revealed that gross domestic product ("GDP") growth had
quickened to 7.3% for the fourth quarter 1999, concern mounted that economic
growth was accelerating to a point that might trigger destructive levels of
inflation. Accordingly, the Fed raised interest rates by another 0.25 percentage
points in March.
For the first quarter 2000, GDP grew at a less torrid, but still strong, 5.4%.
Higher energy prices added to inflation concerns. Strong domestic demand for
goods and services continued, and overseas demand for raw materials accelerated
as well.
Through May, consumer confidence and consumer spending showed few signs of
abating in response to the Fed' s actions. Home and auto sales continued at
record paces. The tightest U.S. labor market in the past 30 years added the
threat of wage-driven inflation. These factors led the Fed to its largest rate
hike in the current cycle: a 0.50 percentage-point increase at its May meeting.
More recently, however, we have seen signs that the Fed's rate hikes may have
slowed the economy. Retail sales have declined and inflation figures appeared to
be relatively benign. As a result, the Fed chose not to raise rates further at
its June or August meetings. In addition, Fed Chairman Alan Greenspan commented
in recent testimony that economic growth was slowing, and that
technology-related productivity improvements may have allowed the economy to
grow at a relatively high rate without triggering an acceleration of inflation.
Indeed, unemployment reports, factory orders, retail spending and other recent
data echoed the Fed' s observations. What's more, the April correction in the
Nasdaq market may have had a "reverse wealth effect," causing consumer spending
to slow as investors became less confident in the stock market's returns. In our
view, such data currently reduces the odds of another rate hike before the
November presidential election.
What is the fund's current strategy?
At the start of the six-month reporting period, the fund had adopted a defensive
strategy in anticipation of rising interest rates. More recently, however, when
it became apparent that Fed policy was slowing economic growth, we extended the
fund' s average maturity to a point modestly longer than that of our peer group
average. This position was intended to lock in prevailing yields near their peak
for as long as practical.
As of August 31, 2000 the fund's average maturity remained relatively long at 65
days. We will continue to monitor the situation, including the economy and
changes in the Fed's monetary policy, and we will look to respond appropriately
with respect to the fund' s holdings and maturity stance.
September 15, 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
THE U.S. GOVERNMENT. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE
FUND.
The Fund
STATEMENT OF INVESTMENTS
<TABLE>
August 31, 2000 (Unaudited)
STATEMENT OF INVESTMENTS
Principal
NEGOTIABLE BANK CERTIFICATES OF DEPOSIT--33.2% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Allfirst Bank
6.62%, 2/9/2001 20,000,000 (a) 19,994,721
American Express Centurion Bank
6.53%, 9/20/2000 25,000,000 25,000,000
Bank of Scotland (Yankee)
6.73%, 11/30/2000 15,000,000 15,007,400
Bayerische Landesbank Girozentrale (Yankee)
6.66%, 8/7/2001 80,000,000 (a) 79,978,203
Commerzbank AG (Yankee)
7.03%, 7/17/2001 25,000,000 24,994,830
First Tennessee Bank N.A.
6.65%-6.67%, 10/16/2000-12/11/2000 80,000,000 (a) 80,000,000
Harris Trust & Savings Bank
6.53%, 9/11/2000 66,000,000 66,000,000
Landesbank Hessen-Thueringen-Girozentrale (London)
7.00%, 3/16/2001 50,000,000 50,002,585
Societe Generale (Yankee)
6.67%, 12/18/2000 25,000,000 (a) 24,993,177
Svenska Handelsbanken (Yankee)
7.00%, 7/12/2001 50,000,000 49,991,856
Union Bank of California N.A. (Yankee)
6.74%, 1/16/2001 50,000,000 50,000,000
Westdeutsche Landesbank Girozentrale (London)
7.01%, 3/16/2001 50,000,000 50,000,000
Wilmington Trust Co.
6.59%, 11/27/2000-11/28/2000 65,000,000 65,000,614
TOTAL NEGOTIABLE BANK CERTIFICATES OF DEPOSIT
(cost $600,963,386) 600,963,386
------------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER--26.2%
Associates First Capital Corp.
6.64%, 9/1/2000 29,000,000 29,000,000
Daimlerchrysler North America Holding Corp.
6.63%-6.64%, 10/11/2000-10/24/2000 75,000,000 74,338,667
Den Norske Bank ASA
6.75%, 2/14/2001 44,000,000 42,674,121
Donaldson, Lufkin & Jenrette Inc.
6.74%, 10/5/2000 21,000,000 20,868,505
General Electric Capital Corp.
6.75%, 3/7/2001 50,000,000 48,311,806
Internationale Nederlanden (U.S.) Funding Corp.
6.72%, 2/20/2001 21,250,000 20,590,069
Principal
COMMERCIAL PAPER (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
Lehman Brothers Holdings Inc.
7.40%, 2/12/2001 26,000,000 25,169,704
Moriarty LTD
6.73%, 9/11/2000 25,000,000 24,954,097
Nordbanken N.A. Inc.
6.70%-6.75%, 2/8/2001-2/20/2001 80,610,000 78,175,650
Salomon Smith Barney Holdings Inc.
6.57%, 10/27/2000 20,000,000 19,797,778
Santander Finance (DE) Inc.
6.68%-6.71%, 9/5/2000-9/15/2000 70,000,000 69,912,167
Societe Generale N.A. Inc.
6.72%, 12/21/2000 20,000,000 19,596,700
TOTAL COMMERCIAL PAPER
(cost $473,389,264) 473,389,264
------------------------------------------------------------------------------------------------------------------------------------
CORPORATE NOTES--19.6%
------------------------------------------------------------------------------------------------------------------------------------
Bear Stearns Companies Inc.
6.67%-6.88%, 9/1/2000-4/12/2001 74,000,000 (a) 74,009,901
Goldman Sachs Group Inc.
6.88%, 9/11/2000 30,000,000 (a) 30,000,000
Lehman Brothers Holdings Inc.
6.64%, 2/27/2001 40,000,000 (a) 40,059,282
Merrill Lynch & Co. Inc.
6.59%-6.66%, 2/28/2001-3/28/2001 90,000,000 (a) 89,996,066
Morgan (J.P.) & Co.
6.67%, 3/6/2001 45,000,000 (a) 44,997,707
Morgan Stanley, Dean Witter & Co.
6.67%, 3/19/2001 75,000,000 (a) 75,000,000
TOTAL CORPORATE NOTES
(cost $354,062,956) 354,062,956
------------------------------------------------------------------------------------------------------------------------------------
PROMISSORY NOTES--3.0%
Goldman, Sachs Group Inc.
6.72%-6.74%, 10/10/2000-12/11/2000
(cost $55,000,000) 55,000,000 (b) 55,000,000
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM BANK NOTES--17.1%
AmSouth Bank
6.75%, 1/19/2001 30,000,000 (a) 29,996,678
Bank Austria AG
6.64%, 12/11/2000 45,000,000 (a) 44,991,353
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
SHORT-TERM BANK NOTES (CONTINUED) Amount ($) Value ($)
---------------------------------------------------------------------------------------------------------------------------------
Bank of America N.A.
6.67%, 11/28/2000 80,000,000 80,000,000
First Union National Bank
6.69%, 6/22/2001 25,000,000 (a) 24,997,985
Key Bank N.A.
6.66%, 5/11/2001-8/1/2001 85,000,000 (a) 85,000,000
U.S. Bank N.A. Minneapolis
6.31%-6.79%, 10/2/2000-5/11/2001 45,000,000 (a) 44,991,804
TOTAL SHORT TERM BANK NOTES
(cost $309,977,820) 309,977,820
TIME DEPOSITS--.1%
HSBC Bank USA (London)
6.50%, 9/1/2000
(cost $779,000) 779,000 779,000
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS
(cost $1,794,172,426) 99.2% 1,794,172,426
CASH AND RECEIVABLES (NET) .8% 14,394,853
NET ASSETS 100.0% 1,808,567,279
(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. THESE SECURITIES WERE
ACQUIRED FROM 7/7/2000 TO 8/10/2000 AT A COST OF $55,000,000. AT AUGUST 31,
2000, THE AGGREGATE VALUE OF THESE SECURITIES IS $55,000,000, REPRESENTING
APPROXIMATELY 3.0% OF NET ASSETS AND IS VALUED AT AMORTIZED COST.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
STATEMENT OF ASSETS AND LIABILITIES
August 31, 2000 (Unaudited)
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 1,794,172,426 1,794,172,426
Cash 1,675,471
Interest receivable 13,060,284
Prepaid expenses 39,316
1,808,947,497
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 272,599
Accrued expenses 107,619
380,218
--------------------------------------------------------------------------------
NET ASSETS ($) 1,808,567,279
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 1,809,170,264
Accumulated net realized gain (loss) on investments (602,985)
--------------------------------------------------------------------------------
NET ASSETS ($) 1,808,567,279
--------------------------------------------------------------------------------
SHARES OUTSTANDING
(3 billion shares of $.001 par value Common Stock authorized) 1,809,170,264
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Six Months Ended August 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 59,625,721
EXPENSES:
Management fee--Note 2(a) 4,642,200
Shareholder servicing costs--Note 2(b) 754,745
Custodian fees 56,916
Prospectus and shareholders' reports 25,412
Professional fees 23,573
Registration fees 21,654
Directors' fees and expenses--Note 2(c) 11,047
Miscellaneous 4,434
TOTAL EXPENSES 5,539,981
Less--reduction in management fee due to
undertaking--Note 2(a) (1,360,802)
NET EXPENSES 4,179,179
INVESTMENT INCOME--NET 55,446,542
--------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 1(b) (26,830)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 55,419,712
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
August 31, 2000 Year Ended
(Unaudited) February 29, 2000
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 55,446,542 91,878,638
Net realized gain (loss) from investments (26,830) --
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 55,419,712 91,878,638
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (55,446,542) (92,344,919)
--------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 712,682,025 1,964,474,102
Dividends reinvested 52,584,222 87,127,268
Cost of shares redeemed (870,290,049) (1,975,181,335)
INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL STOCK TRANSACTIONS (105,023,802) 76,420,035
TOTAL INCREASE (DECREASE) IN NET ASSETS (105,050,632) 75,953,754
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 1,913,617,911 1,837,664,157
END OF PERIOD 1,808,567,279 1,913,617,911
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, 2000 Fiscal Year Ended February,
-------------------------------------------
(Unaudited) 2000 1999 1998 1997 1996
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value,
beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .030 .050 .051 .053 .051 .058
Distributions:
Dividends from investment
income--net (.030) (.050) (.051) (.053) (.051) (.058)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 6.05(a) 5.10 5.19 5.38 5.19 5.97
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .45(a) .45 .45 .45 .45 .31
Ratio of net investment income
to average net assets 5.97(a) 4.98 5.08 5.28 5.08 5.82
Decrease reflected in above
expense ratios due to
undertakings by The
Dreyfus Corporation .15(a) .15 .13 .24 .23 .31
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 1,808,567 1,913,618 1,837,664 1,724,971 1,793,992 2,098,292
(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., which is a wholly-owned subsidiary
of Mellon Financial Corporation. Effective March 22, 2000, Dreyfus Service
Corporation ("DSC" ), a wholly-owned subsidiary of the Manager, became the
distributor of the fund's shares, which are sold to the public without a sales
charge. Prior to March 22, 2000, Premier Mutual Fund Services, Inc. was the
distributor.
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
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
income is recognized on the accrual basis. Cost of investments represents
amortized cost. Under the terms of the custody agreement, the fund receives net
earnings credits based on available cash balances left on deposit.
(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 August 31, 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 fees, 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 $1,360,802 during the period ended
August 31, 2000.
(b) Under the Shareholder Services Plan, the fund reimburses DSC 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, 2000, the fund was charged $595,518 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, 2000, the fund was charged $162,633 pursuant to the transfer
agency agreement.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
(c) Each Board member also serves as a Board member of other funds within the
Dreyfus complex (collectively, the "Fund Group"). Effective August 2, 2000, each
Board member who is not an "affiliated person" as defined in the Act receives an
annual fee of $25,000 and an attendance fee of $4,000 for each in person meeting
and $500 for telephone meetings. These fees are allocated among the funds in the
Fund Group. The Chairman of the Board receives an additional 25% of such
compensation. Prior to August 2, 2000, each Board member who was not an
"affiliated person" as defined in the Act received from the fund an annual fee
of $1,500 and an attendance fee of $250 per meeting. The Chairman of the Board
received an additional 25% of such compensation. Subject to the fund's Emeritus
Program Guidelines, Emeritus Board members, if any, receive 50% of the fund's
annual retainer fee and per meeting fee paid at the time the Board member
achieves emeritus status.
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 123SA008
