N-Q 1 form124.htm FORM N-Q form124
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
 
 
FORM N-Q 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT 
INVESTMENT COMPANY 
 
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) 
 
Michael A. Rosenberg, Esq. 
200 Park Avenue 
New York, New York 10166 
(Name and address of agent for service) 

Registrant's telephone number, including area code: (212) 922-6000

Date of fiscal year end:    2/28 
Date of reporting period:    5/31/08 

FORM N-Q

Item 1. Schedule of Investments.

STATEMENT OF INVESTMENTS 
Dreyfus Basic U.S. Government Money Market Fund 
May 31, 2008 (Unaudited) 

    Annualized         
    Yield on Date    Principal     
U.S. Government Agencies--83.9%    of Purchase (%)    Amount ($)    Value ($) 
Federal Farm Credit Bank:             
9/15/09    2.05    50,000,000 a    49,996,899 
3/12/10    2.20    25,000,000 a    24,960,145 
Federal Home Loan Bank System:             
8/29/08    2.11    2,787,000    2,772,600 
2/27/09    2.58    15,000,000    15,004,232 
3/5/09    2.55    10,000,000    10,001,214 
5/7/09    2.35    14,995,000    15,014,415 
5/19/09    2.50    20,000,000    20,002,874 
6/18/08    4.23    25,000,000    24,951,125 
7/16/08    3.42    25,000,000    24,895,000 
8/15/08    2.13    40,000,000    39,823,333 
9/18/09    2.14    15,000,000 a    15,001,917 
Federal Home Loan Mortgage Corp.:             
6/13/08    3.88    25,000,000    24,968,167 
7/1/08    4.31    29,637,000    29,533,518 
1/12/09    2.14    20,000,000    20,355,057 
Federal National Mortgage Association:             
6/2/08    2.25    25,000,000 a    25,000,000 
8/20/08    2.11    15,000,000    14,930,333 
Total U.S. Government Agencies             
(cost $357,210,829)            357,210,829 
 
Repurchase Agreements--16.0%             
Barclays Financial LLC             
dated 5/30/08, due 6/2/08 in the amount of         
$38,007,347 (fully collateralized by $38,929,891         
Government National Mortgage Association, 4.50%, due         
5/20/38, value $38,760,001)    2.32    38,000,000    38,000,000 
UBS Securities LLC             
dated 5/30/08, due 6/2/08 in the amount of         
$30,005,625 (fully collateralized by $30,195,000         
Federal National Mortgage Association, 4.65%-5%, due         
10/9/09-10/15/10, value $30,601,174)    2.25    30,000,000    30,000,000 
Total Repurchase Agreements             
(cost $68,000,000)            68,000,000 
Total Investments (cost $425,210,829)        99.9%    425,210,829 
Cash and Receivables (Net)        .1%    605,367 
Net Assets        100.0%    425,816,196 

a    Variable rate security--interest rate subject to periodic change. 

At May 31, 2008, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard No. 157 (FAS 157), Fair Value Measurements.

These inputs are summarized in the three broad levels listed below.

Level 1 - quoted prices in active markets for identical securities. 
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, 
credit risk, etc.) 
Level 3 - significant unobservable inputs (including fund's own assumption in determining the fair value of investments). 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those 
securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment 
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained 
from a quoted price in an active market, such securities are reflected as Level 2. 

The following is a summary of the inputs used as of May 31, 2008 in valuing the fund's assets carried at fair value:

Valuation Inputs    Investments in Securities ($)        Other Financial Instruments* ($)     
Level 1 - Quoted Prices        0        0 
Level 2 - Other Significant Observable Inputs        425,210,829        0 
Level 3 - Significant Unobservable Inputs        0        0 
Total        425,210,829        0 

*Other financial instruments are derivative instruments not reflected in the Statement of Investments, such as futures, forward currency 
exchange contracts and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument. 

Item 2. 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-Q 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-Q 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 quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

FORM N-Q

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/ J. David Officer 
    J. David Officer 
    President 
 
Date:    July 23, 2008 

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/ J. David Officer 
    J. David Officer 
    President
 
Date:    July 23, 2008 
 
By:    /s/ James Windels 
    James Windels 
    Treasurer
 
Date:    July 23, 2008 

EXHIBIT INDEX

(a) 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)