-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KbBAqgV9BRgzN7bBLVCfi82VxnYTkvwGgiolcQn1WxkUNHiVy4WrQQupsDZTCXO0 bmHXCUXO2HVh+f4SAZcEIw== 0000885408-03-000007.txt : 20031024 0000885408-03-000007.hdr.sgml : 20031024 20031024151910 ACCESSION NUMBER: 0000885408-03-000007 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030831 FILED AS OF DATE: 20031024 EFFECTIVENESS DATE: 20031024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DREYFUS BASIC U S GOVERNMENT MONEY MARKET FUND CENTRAL INDEX KEY: 0000885408 IRS NUMBER: 133662294 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-06606 FILM NUMBER: 03956402 BUSINESS ADDRESS: STREET 1: 200 PARK AVENUE STREET 2: C/O DREYFUS CORP CITY: NEW YORK STATE: NY ZIP: 10166 BUSINESS PHONE: 2129226130 MAIL ADDRESS: STREET 1: THE DREYFUS CORPORATION STREET 2: 200 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10166 FORMER COMPANY: FORMER CONFORMED NAME: DREYFUS INVESTORS US GOVERNMENT SECURITIES MONEY MARKET FUND DATE OF NAME CHANGE: 19600201 N-CSR 1 n-csr.txt SEMI-ANNUAL REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-6606 DREYFUS BASIC U.S. GOVERNMENT MONEY MARKET FUND (Exact name of Registrant as specified in charter) c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 (Address of principal executive offices) (Zip code) Mark N. Jacobs, Esq. 200 Park Avenue New York, New York 10166 (Name and address of agent for service) Registrant's telephone number, including (212) 922-6000 area code: Date of fiscal year end: 02/28(9) Date of reporting period: 08/31/03 FORM N-CSR ITEM 1. REPORTS TO STOCKHOLDERS. Dreyfus BASIC U.S. Government Money Market Fund SEMIANNUAL REPORT August 31, 2003 YOU, YOUR ADVISOR AND DREYFUS A MELLON FINANCIAL COMPANY(TM) The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund. Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value Contents THE FUND - -------------------------------------------------- 2 Letter from the Chairman 3 Discussion of Fund Performance 6 Statement of Investments 7 Statement of Assets and Liabilities 8 Statement of Operations 9 Statement of Changes in Net Assets 10 Financial Highlights 11 Notes to Financial Statements FOR MORE INFORMATION - --------------------------------------------------------------------------- Back Cover The Fund Dreyfus BASIC U.S. Government Money Market Fund LETTER FROM THE CHAIRMAN Dear Shareholder: This semiannual report for Dreyfus BASIC U.S. Government Money Market Fund covers the six-month period from March 1, 2003, through August 31, 2003. 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. After a prolonged period of sluggish growth, the U.S. economy has shown signs of sustainable improvement. Estimates of economic growth in 2003's second quarter recently were revised upward to 3.3%, and many economists expect another strong showing for the third quarter. At the same time, the Federal Reserve Board has reaffirmed its commitment to keeping interest rates near today's historically low levels. Therefore, we expect money market yields to remain relatively stable for the foreseeable future. We believe that it is important for investors to remember that money market funds have continued to achieve their primary objective of preserving their shareholders' capital. For emergency reserves and money earmarked for near-term needs, we believe that money market funds remain a sound investment. As always, we encourage you to talk with your financial advisor about investment challenges and opportunities as market conditions evolve. Thank you for your continued confidence and support. Sincerely, /S/STEPHEN E. CANTER Stephen E. Canter Chairman and Chief Executive Officer The Dreyfus Corporation September 15, 2003 DISCUSSION OF FUND PERFORMANCE Thomas S. Riordan, Portfolio Manager How did Dreyfus BASIC U.S. Government Money Market Fund perform during the period? For the six-month period ended August 31, 2003, the fund produced an annualized yield of 0.82% and, taking into account the effects of compounding, an annualized effective yield of 0.82%.(1) WHAT IS THE FUND'S INVESTMENT APPROACH? The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity. The fund invests only in securities issued or guaranteed as to interest and principal by the U.S. government, its agencies and instrumentalities, as well as repurchase agreements backed by such obligations. When managing the fund, we closely monitor the outlook for economic growth and inflation, follow overseas developments and consider the posture of the Federal Reserve Board (the "Fed" ) in our decisions 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. WHAT OTHER FACTORS INFLUENCED THE FUND'S PERFORMANCE? The U.S. economy continued to struggle when the reporting period began, as evidenced by the first quarter of 2003's annualized GDP growth rate of just 1.4%. Previous hopes of a more robust economic rebound faded as mounting fears of war caused consumer confidence to fall to new lows. In fact, at its March meeting, the Fed indicated that uncertainty regarding the war with Iraq was so great that it could not adequately assess prevailing economic risks. Later that month, however, investors became more optimistic as it became clearer that major combat in Iraq would be over quickly. Yields of short-term U.S. government securities began to rise at the longer end of the curve as investors' attention returned to the prospects for the U.S. economy. The Fund DISCUSSION OF FUND PERFORMANCE (CONTINUED) In May, the economy began to show signs of sustainable improvement. A key purchasing index rose significantly, suggesting better conditions in the manufacturing sector, and consumer confidence rebounded. These encouraging signs were supported by gains in the stock market, low inflation, moderating oil prices, rising productivity and pending tax cuts. However, at its meeting in early May, the Fed adopted a relatively cautious stance, saying economic risks were "weighted toward weakness for the foreseeable future." Economic indicators continued to improve in June, including stronger consumer confidence and robust existing and new home sales. It was later estimated that U.S. GDP expanded at a higher than expected 2.4% annualized rate for the second quarter of 2003. On the other hand, the unemployment rate climbed to 6.4%, its highest level in nine years, suggesting that the impending recovery might be a relatively jobless one. Because of the remote possibility that deflationary forces might derail a potential economic recovery, most investors expected the Fed to reduce interest rates further at its meeting in late June. The Fed did not disappoint them, lowering the federal funds rate another 25 basis points to 1%. However, because the Fed did not cut rates by 50 basis points as some investors had expected, money market yields rose in the wake of the Fed's announcement. In July, the ISM Manufacturing Index expanded for the first time since February 2003, rising to a point that most analysts consider to be an indicator of economic expansion. However, prices of longer-term U.S. government securities plunged amid concerns that higher mortgage rates might constrain consumer spending and stall the economic recovery, and a rising supply of U.S. Treasury securities put additional downward pressure on prices. In August, it became clearer that business investment and consumer spending were rebounding, even as inflation remained well under control. Other data released in August indicated that the pace of layoffs was stabilizing, and consumer confidence was rising. In the money markets, yields rose modestly among securities with very short maturities, but longer-term yields came under pressure following the month's positive economic news. WHAT IS THE FUND'S CURRENT STRATEGY? We believe that the Fed will most likely keep short-term interest rates at the benchmark rate of 1% for some time. In addition, the yield curve steepened during the summer after being inverted at times during the spring. Accordingly, we generally have maintained the fund's weighted average maturity toward the long end of its range. This strategy is designed to capture incrementally higher yields at the longer end of the curve should those opportunities arise. Of course, we intend to monitor economic and market trends carefully, and we may make changes to our strategies as conditions evolve. September 15, 2003 (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 $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUND. YIELD PROVIDED REFLECTS THE ABSORPTION OF FUND EXPENSES BY THE DREYFUS CORPORATION PURSUANT TO AN AGREEMENT IN WHICH SHAREHOLDERS ARE GIVEN AT LEAST 90 DAYS' NOTICE, AT WHICH TIME IT MAY BE EXTENDED, TERMINATED OR MODIFIED. HAD THESE EXPENSES NOT BEEN ABSORBED, THE FUND'S YIELD WOULD HAVE BEEN LOWER. The Fund STATEMENT OF INVESTMENTS August 31, 2003 (Unaudited)
Annualized Yield on Date of Principal U.S. GOVERNMENT AGENCIES--99.3% Purchase (%) Amount ($) Value ($) - ------------------------------------------------------------------------------------------------------------------------------------ Federal Home Loan Banks, Floating Rate Notes 9/8/2003 1.02 (a) 100,000,000 100,000,000 10/24/2003 .95 (a) 50,000,000 50,000,000 11/24/2004 1.02 (a) 100,000,000 99,975,356 Federal Home Loan Banks, Notes 9/2/2003 1.24 50,000,000 50,000,000 9/15/2003 1.37 20,000,000 20,028,374 11/14/2003 1.37 35,305,000 35,588,067 5/14/2004 1.38 21,000,000 21,000,000 7/14/2004 1.05 25,000,000 25,000,000 Federal Home Loan Mortgage Corp., Discount Notes 11/6/2003 1.08 25,000,000 24,950,729 12/1/2003 1.07 25,000,000 24,932,382 Federal Home Loan Mortgage Corp., Notes 8/9/2004 1.17 50,000,000 50,000,000 Federal National Mortgage Association, Floating Rate Notes 10/7/2004 1.03 (a) 50,000,000 49,983,481 10/28/2004 1.02 (a) 50,000,000 49,988,379 Student Loan Marketing Association, Discount Notes 9/2/2003 .84 62,376,000 62,374,544 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (cost $663,821,312) 99.3% 663,821,312 CASH AND RECEIVABLES (NET) .7% 4,573,523 NET ASSETS 100.0% 668,394,835 (A) VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE.
SEE NOTES TO FINANCIAL STATEMENTS. STATEMENT OF ASSETS AND LIABILITIES August 31, 2003 (Unaudited) Cost Value - -------------------------------------------------------------------------------- ASSETS ($): Investments in securities--See Statement of Investments 663,821,312 663,821,312 Cash 2,971,588 Interest receivable 1,894,537 Prepaid expenses 21,324 668,708,761 - -------------------------------------------------------------------------------- LIABILITIES ($): Due to The Dreyfus Corporation and affiliates 207,581 Payable for shares of Beneficial Interest redeemed 9,364 Accrued expenses and other liabilities 96,981 313,926 - -------------------------------------------------------------------------------- NET ASSETS ($) 668,394,835 - -------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS ($): Paid-in capital 668,404,863 Accumulated undistributed investment income--net 23,393 Accumulated net realized gain (loss) on investments (33,421) - -------------------------------------------------------------------------------- NET ASSETS ($) 668,394,835 - -------------------------------------------------------------------------------- SHARES OUTSTANDING (unlimited number of $.001 par value shares of Beneficial Interest authorized) 668,404,863 NET ASSET VALUE, offering and redemption price per share ($) 1.00 SEE NOTES TO FINANCIAL STATEMENTS. The Fund STATEMENT OF OPERATIONS Six Months Ended August 31, 2003 (Unaudited) - -------------------------------------------------------------------------------- INVESTMENT INCOME ($): INTEREST INCOME 4,607,832 EXPENSES: Management fee--Note 2(a) 1,791,939 Shareholder servicing costs--Note 2(b) 275,736 Custodian fees 39,415 Trustees' fees and expenses--Note 2(c) 34,183 Professional fees 27,441 Registration fees 13,087 Prospectus and shareholders' reports 7,421 Miscellaneous 6,314 TOTAL EXPENSES 2,195,536 Less--reduction in management fee due to undertaking--Note 2(a) (582,791) NET EXPENSES 1,612,745 INVESTMENT INCOME--NET 2,995,087 - -------------------------------------------------------------------------------- NET REALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($) (3,606) NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 2,991,481 SEE NOTES TO FINANCIAL STATEMENTS. STATEMENT OF CHANGES IN NET ASSETS Six Months Ended August 31, 2003 Year Ended (Unaudited) February 28, 2003 - -------------------------------------------------------------------------------- OPERATIONS ($): Investment income--net 2,995,087 12,207,061 Net realized gain (loss) from investments (3,606) (28,890) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 2,991,481 12,178,171 - -------------------------------------------------------------------------------- DIVIDENDS TO SHAREHOLDERS FROM ($): INVESTMENT INCOME--NET (2,971,694) (12,207,061) - -------------------------------------------------------------------------------- BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share): Net proceeds from shares sold 207,429,129 532,136,036 Dividends reinvested 2,861,872 11,720,947 Cost of shares redeemed (281,135,016) (689,647,405) INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS (70,844,015) (145,790,422) TOTAL INCREASE (DECREASE) IN NET ASSETS (70,824,228) (145,819,312) - -------------------------------------------------------------------------------- NET ASSETS ($): Beginning of Period 739,219,063 885,038,375 END OF PERIOD 668,394,835 739,219,063 Undistributed investment income--net 23,393 -- 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.
Six Months Ended August 31, 2003 Fiscal Year Ended February, --------------------------------------------------------------------------------------- (Unaudited) 2003 2002 2001 2000 1999 - ------------------------------------------------------------------------------------------------------------------------------------ PER SHARE DATA ($): Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00 1.00 Investment Operations: Investment income--net .004 .015 .034 .059 .048 .049 Distributions: Dividends from investment income--net (.004) (.015) (.034) (.059) (.048) (.049) Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN (%) .83(a) 1.46 3.44 6.04 4.88 5.06 - ------------------------------------------------------------------------------------------------------------------------------------ RATIOS/SUPPLEMENTAL DATA (%): Ratio of expenses to average net assets .45(a) .45 .45 .45 .45 .45 Ratio of net investment income to average net assets .83(a) 1.47 3.40 5.89 4.75 4.97 Decrease reflected in above expense ratios due to undertakings by The Dreyfus Corporation .16(a) .16 .13 .16 .17 .16 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets, end of period ($ x 1,000) 668,395 739,219 885,038 954,691 996,297 1,182,599 (A) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS. NOTES TO FINANCIAL STATEMENTS (Unaudited) NOTE 1--SIGNIFICANT ACCOUNTING POLICIES: Dreyfus BASIC U.S. Government Money Market Fund (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 wholly-owned subsidiary of Mellon Bank, N.A., which is a wholly-owned subsidiary of Mellon Financial Corporation (" Mellon" ). Dreyfus Service Corporation (the "Distributor"), a wholly-owned subsidiary of the Manager, 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 accounting principles generally accepted in the United States, 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 in accordance with Rule 2a-7 of the Act, which has been determined by the fund's Board of Trustees 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, adjusted for amortization of discount and premium on investments, is earned from settlement date and 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. The Fund NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED) The fund may enter into repurchase agreements, with financial institutions deemed to be creditworthy by the fund' s Manager, subject to the seller's agreement to repurchase and the fund's agreement to resell such securities at a mutually agreed upon price. Securities purchased subject to repurchase agreements are deposited with the fund's custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the fund maintains the right to sell the underlying securities at market value and may claim any resulting loss against the seller. (C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gain, 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. On September 2, 2003, the fund declared a cash dividend of approximately $.0001 per share from undistributed investment income-net which includes investment income-net for Saturday August 30, 2003 and for Sunday August 31, 2003. (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 $29,815 available for federal income tax purposes to be applied against future net securitie profits, if any, realized subsequent to February 28, 2003. If not applied, $496 of the carryover expires in fiscal 2007, $429 expires in fiscal 2008 and $28,890 expires in fiscal 2011. The tax character of distributions paid to shareholders during the fiscal year ended February 28, 2003 were all ordinary income. The tax character of current year distributions will be determined at the end of the current fiscal year. At August 31, 2003, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments). NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES: (A) Pursuant to a management agreement ("Agreement") with the Manager, the management fee is computed at the annual rate of .50 of 1% of the 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, if the fund's aggregate 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 fund may deduct from the payment to be made to the Manager under the Agreement, or the Manager will bear, such excess expense. The reduction in management fee, pursuant to the undertaking, amounted to $582,791 during the period ended August 31, 2003. (B) Under the Shareholder Services Plan, the fund reimburses the Distributor 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 informa The Fund NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED) tion, and services related to the maintenance of shareholder accounts. During the period ended August 31, 2003, the fund was charged $193,093 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, 2003, the fund was charged $48,410 pursuant to the transfer agency agreement. (C) Each Board member also serves as a Board member of other funds within the Dreyfus complex (collectively, the "Fund Group"). Each Board member who is not an "affiliated person" as defined in the Act receives an annual fee of $25,000, an attendance fee of $4,000 for each in-person meeting and $500 for telephone meetings. The Chairman of the Board receives an additional 25% of such compensation. Subject to the fund's Emeritus Program Guidelines, Emeritus Board members, if any, receive 50% of the annual retainer fee and per meeting fee paid at the time the Board member achieves emeritus status. These fees are allocated among the funds in the Fund Group in proportion to each fund's relative net assets. NOTES For More Information Dreyfus BASIC U.S. Government Money Market Fund 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. 200 Park Avenue New York, NY 10166 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 info@dreyfus.com ON THE INTERNET Information can be viewed online or downloaded from: http://www.dreyfus.com (c) 2003 Dreyfus Service Corporation 124SA0803 ITEM 2. CODE OF ETHICS. Not applicable. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable. ITEM 6. [RESERVED] ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. [RESERVED] ITEM 9. CONTROLS AND PROCEDURES. (a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. (b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. ITEM 10. EXHIBITS. (a)(1) Not applicable. (a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. DREYFUS BASIC U.S. GOVERNMENT MONEY MARKET FUND By: /S/STEPHEN E. CANTER Stephen E. Canter President Date: October 24, 2003 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. By: /S/STEPHEN E. CANTER Stephen E. Canter Chief Executive Officer Date: October 24, 2003 By: /S/JAMES WINDELS James Windels Chief Financial Officer Date: October 24, 2003 EXHIBIT INDEX (a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT) (b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT) XCHANGE ACT OF 1934. EX-99.99CERT 3 ncsr302cert.txt CERTIFICATION REQUIRED BY RULE 30A-2 [EX-99.CERT] Exhibit (a)(2) SECTION 302 CERTIFICATIONS I, Stephen E. Canter, certify that: 1. I have reviewed this report on Form N-CSR of DREYFUS BASIC U.S. GOVERNMENT MONEY MARKET FUND; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /S/STEPHEN E. CANTER Stephen E. Canter Chief Executive Officer Date: October 24, 2003 SECTION 302 CERTIFICATIONS I, James Windels, certify that: 1. I have reviewed this report on Form N-CSR of DREYFUS BASIC U.S. GOVERNMENT MONEY MARKET FUND; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. By: /S/JAMES WINDELS James Windels Chief Financial Officer Date: October 24, 2003 EX-99.906CERT 4 ncsr906.txt CERTIFICATION REQUIRED BY SECTION 906 [EX-99.906CERT] Exhibit (b) SECTION 906 CERTIFICATIONS In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. By: /S/STEPHEN E. CANTER Stephen E. Canter Chief Executive Officer Date: October 24, 2003 By: /S/STEPHEN E. CANTER James Windels Chief Financial Officer Date: October 24, 2003 THIS CERTIFICATE IS FURNISHED PURSUANT TO THE REQUIREMENTS OF FORM N-CSR AND SHALL NOT BE DEEMED "FILED" FOR PURPOSES OF SECTION 18 OF THE SECURITIES EXCHANGE ACT OF 1934, OR OTHERWISE SUBJECT TO THE LIABILITY OF THAT SECTION, AND SHALL NOT BE DEEMED TO BE INCORPORATED BY REFERENCE INTO ANY FILING UNDER THE SECURITIES ACT OF 1933 OR THE EXCHANGE ACT OF 1934. -----END PRIVACY-ENHANCED MESSAGE-----