GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the General Government
Securities Money Market Fund, Inc. For its annual reporting period ended
January 31, 1996, your Fund produced a yield of 5.22% per share for Class A
shares and an annualized yield of 4.95% for Class B shares from inception on
March 31, 1995. Reinvesting these dividends and calculating the effect of
compounding resulted in an effective yield of 5.35% for Class A shares and an
annualized effective yield of 5.07% for Class B shares.
THE ECONOMY
On January 31, the last day of the Fund's reporting period, the Federal
Reserve Board lowered the Federal Funds rate from 5.50% to 5.25%, which
prompted banks to lower the Prime Rate from 8.50% to 8.25%. This was the
second move for these key rates in a two-month time span. The Federal Reserve
also reduced the Discount Rate from 5.25% to 5.00%. The reduction in interest
rates was a continuation of an easing in monetary policy that has prevailed
since last July.
Economic activity over the course of the period had fundamentally
declined. The period between the July and December rate cuts, however,
revealed a strengthening in some areas such as raw materials, finished goods,
employment and income, which subsequently abated. Later, regional business
activity showed a moderate growth trend, particularly in the Northeast where
performance was adversely affected by weather-related circumstances. In the
retail sector, disappointing sales left businesses with excess inventories
contributing to one of the worst holiday seasons in recent years. Other
sectors, including manufacturing and consumer confidence, also turned down.
The Consumer Price Index remained well under control.
Concern arose over prolonged sluggishness that could threaten long-term
sustainable growth. Actions were taken by the Federal Reserve to accelerate
the rate of growth without sparking inflation. It is possible that if more
signs of weakness emerge to undermine economic expansion, short-term interest
rates will continue to decline. However, in early February, concerns about
inflation tempered the outlook.
MARKET ENVIRONMENT/PORTFOLIO ACTIVITY
The gradual moderation in economic expansion and reduction of
inflationary pressures were fundamental backdrops to a positive market
environment. Solid technical factors, led by a stable dollar, increased the
participation of foreign investors. Overall domestic demand also helped the
market absorb the supply of Treasury securities and contributed to positive
market psychology throughout the period.
Concerns over Washington's ability to formulate a balanced budget
amendment and to resolve debt ceiling limit issues affected the market
periodically throughout the reporting period. However, should low level
long-term interest rates continue, they could have a favorable effect on the
value of short-term government securities.
Portfolio activity for your Fund centered on extending the average
maturity and seeking to enhance yield through spread evaluations and market
timing.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we greatly appreciate your continued confidence in the Fund
and in The Dreyfus Corporation.
Very truly yours,
[Patricia A. Larkin signature logo]
Patricia A. Larkin
Senior Portfolio Manager
February 15, 1996
New York, N.Y.
* Effective and annualized effective yields are based upon dividends
declared daily and reinvested monthly.
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GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS JANUARY 31, 1996
ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
U.S. TREASURY BILLS-6.4% PURCHASE AMOUNT VALUE
______ _______ _______
<S> <C> <C> <C>
8/22/96
(cost $33,918,461)....................................... 5.80% $ 35,000,000 $ 33,918,461
=======
U.S. GOVERNMENT AGENCIES-90.1%
Federal Farm Credit Banks, Floating Rate Notes
9/3/96..................................................... 5.88 (a) $ 50,000,000 $ 50,000,000
9/16/96.................................................... 5.68 (a) 25,000,000 24,998,274
11/7/96.................................................... 5.58 (a) 15,000,000 14,988,931
7/25/97.................................................... 5.58 (a) 15,000,000 14,991,518
9/15/97.................................................... 5.63 (a) 15,000,000 14,988,618
Federal Home Loan Banks, Discount Notes
2/1/96..................................................... 5.75 30,000,000 30,000,000
3/22/96.................................................... 6.50 15,000,000 14,872,708
11/7/96.................................................... 5.46 15,000,000 14,997,753
11/20/96................................................... 5.47 10,000,000 9,990,484
Federal Home Loan Banks, Floating Rate Notes
5/6/96..................................................... 5.82 (a) 20,000,000 19,997,817
1/26/98.................................................... 5.74 (a) 4,000,000 4,007,073
Federal National Mortgage Association, Discount Notes
4/18/96.................................................... 5.24 15,140,000 14,972,257
4/19/96.................................................... 5.77 25,000,000 24,701,542
7/12/96.................................................... 5.11 25,000,000 24,438,625
9/18/96.................................................... 5.31 20,000,000 19,347,056
Federal National Mortgage Association, Floating Rate Notes
6/3/96..................................................... 5.67 (a) 15,000,000 14,997,817
10/4/96.................................................... 5.95 (a) 25,000,000 25,000,000
12/16/96................................................... 5.56 (a) 10,000,000 9,991,533
1/13/97.................................................... 5.68 (a) 15,000,000 15,000,000
6/20/97.................................................... 5.71 (a) 20,000,000 19,997,420
7/25/97.................................................... 5.62 (a) 20,000,000 20,000,000
8/18/97.................................................... 5.63 (a) 30,000,000 29,993,056
1/21/98.................................................... 5.61 (a) 10,000,000 9,989,827
Student Loan Marketing Association, Floating Rate Notes
3/20/96.................................................... 5.42 (b) 17,500,000 17,500,000
12/20/96................................................... 5.28 (b) 18,000,000 17,999,996
_______
TOTAL U.S. GOVERNMENT AGENCIES (cost $477,762,305)............. $477,762,305
=======
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1996
ANNUALIZED
YIELD ON
DATE OF PRINCIPAL
REPURCHASE AGREEMENTS-3.1% PURCHASE AMOUNT VALUE
______ _______ _______
First Interstate Bank of California
dated 1/31/96, due 2/1/96 in the amount of
$1,789,273 (fully collateralized by
$1,771,000 U.S. Treasury Notes 7.375%,
due 5/15/96, value $1,810,416)............................. 5.50% $ 1,789,000 $ 1,789,000
Lehman Government Securities, Inc.
dated 1/31/96, due 2/1/96 in the amount of
$10,001,639 (fully collateralized by
$10,145,000 U.S. Treasury Notes 6.125%,
due 7/31/96, value $10,197,432)............................ 5.90 10,000,000 10,000,000
SBC Capital Markets
dated 1/31/96, due 2/1/96 in the amount of
$4,500,688 (fully collateralized by
$4,740,000 U.S. Treasury Bills,
due 9/19/96, value $4,569,760)............................. 5.50 4,500,000 4,500,000
______-
TOTAL REPURCHASE AGREEMENTS (cost $16,289,000)................. $ 16,289,000
=======
TOTAL INVESTMENTS (cost $527,969,766).............. 99.6% $527,969,766
==== =======
CASH AND RECEIVABLES (NET)......................... . .4% $ 2,142,416
==== =======
NET ASSETS......................................... 100.0% $530,112,182
==== =======
NOTES TO STATEMENT OF INVESTMENTS:
(a) The interest rate, which will change periodically, is based on the
bank's prime rate.
(b) Variable interest rate-subject to change approximately every 7 to 30
days.
See notes to financial statements.
</TABLE>
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<CAPTION>
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 1996
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a,b)......................... $527,969,766
Interest receivable..................................................... 2,706,553
Prepaid expenses and other assets....................................... 60,671
_______
530,736,990
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $255,342
Due to Distributor...................................................... 88,111
Due to Custodian........................................................ 70,209
Accrued expenses and other liabilities.................................. 211,146 624,808
______ _____
NET ASSETS.................................................................. $530,112,182
=======
REPRESENTED BY:
Paid-in capital......................................................... $530,126,596
Accumulated net realized (loss) on investments.......................... (14,414)
_______
NET ASSETS at value......................................................... $530,112,182
=======
Shares of Common Stock Outstanding:
Class A Shares
(15 billion shares of $.01 par value shares authorized)............... 530,068,468
=======
Class B Shares
(1 billion shares of $.01 par value shares authorized)................ 58,128
=======
NET ASSET VALUE per share:
Class A Shares
($530,054,054 / 530,068,468 shares)................................... $1.00
=======
Class B Shares
($58,128 / 58,128 shares)............................................. $1.00
=======
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
STATEMENT OF OPERATIONS YEAR ENDED JANUARY 31, 1996
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $31,797,634
EXPENSES:
Management fee-Note 2(a).............................................. $2,622,700
Distribution fees (Class A & B Shares)-Note 2(b)...................... 1,049,080
Shareholder servicing costs-Note 2(c)................................. 371,882
Custodian fees........................................................ 134,955
Registration fees..................................................... 95,108
Professional fees..................................................... 56,602
Prospectus and shareholders' reports.................................. 36,368
Directors' fees and expenses-Note 2(d)................................ 33,543
Miscellaneous......................................................... 5,157
_____
TOTAL EXPENSES.................................................... 4,405,395
Less-reduction in shareholder servicing costs
due to undertaking-Note 2(c)...................................... 43
_____
NET EXPENSES...................................................... 4,405,352
______
INVESTMENT INCOME-NET....................................................... 27,392,282
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b)................................ (9,720)
______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $27,382,562
=======
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED JANUARY 31,
______________________________________
1995 1996
________ ________
<S> <C> <C>
OPERATIONS:
Investment income-net................................................ $ 20,068,028 $ 27,392,282
Net realized (loss) on investments................................... (4,571) (9,720)
________ ________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........... 20,063,457 27,382,562
________ ________
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net:
Class A shares..................................................... (20,068,028) (27,390,125)
Class B shares..................................................... __ (2,157)
________ ________
TOTAL DIVIDENDS................................................ (20,068,028) (27,392,282)
________ ________
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares..................................................... 4,356,251,849 4,619,394,913
Class B shares..................................................... __ 97,286
Dividends reinvested:
Class A shares..................................................... 19,433,620 26,433,785
Class B shares..................................................... __ 2,087
Cost of shares redeemed:
Class A shares..................................................... (4,399,218,939) (4,629,110,398)
Class B shares..................................................... __ (41,245)
________ ________
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS................................... (23,533,470) 16,776,428
________ ________
TOTAL INCREASE (DECREASE) IN NET ASSETS...................... (23,538,041) 16,766,708
NET ASSETS:
Beginning of year.................................................... 536,883,515 513,345,474
________ ________
End of year.......................................................... $ 513,345,474 $530,112,182
======== ========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each year indicated. This information
has been derived from the Fund's financial statements.
CLASS A SHARES CLASS B SHARES
__________________________________________________ __________________
YEAR ENDED
YEAR ENDED JANUARY 31, JANUARY 31,
__________________________________________________
PER SHARE DATA: 1992 1993 1994 1995 1996 1996(1)
____ ____ ____ ___ ____ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
____ ____ ____ ____ ____ ____
INVESTMENT OPERATIONS;
Investment income-net................. .053 .033 .027 .038 .052 .042
____ ____ ____ ____ ____ ____
DISTRIBUTIONS;
Dividends from investment income-net.. (.053) (.033) (.027) (.038) (.052) (.042)
____ ____ ____ ____ ____ ____
Net asset value, end of year.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==== ==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN................... 5.46% 3.36% 2.69% 3.90% 5.35% 5.04%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .82% .82% .81% .83% .84% 1.00%(2)
Ratio of net investment income to
average net assets.................. 5.27% 3.28% 2.66% 3.82% 5.22% 5.01%(2)
Decrease reflected in above expense ratios
due to undertaking by the Manager... - - - - - .10%(2)
Net Assets, end of year (000's Omitted) $609,015 $725,419 $536,884 $513,345 $530,054 $58
(1) From March 31, 1995 (commencement of initial offering) to January 31, 1996.
(2) Annualized.
See notes to financial statements.
</TABLE>
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
General Government Securities Money Market Fund, Inc. (the "Fund") is
registered under the Investment Company Act of 1940 ("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 ("Manager") serves as the Fund's investment adviser. The
Manager is a direct subsidiary of Mellon Bank, N.A.
Premier Mutual Fund Services, Inc. (the "Distributor") acts as the
distributor of the Fund's shares, which are sold to the public without a
sales load. On May 26, 1994, the Fund's Board of Directors approved an
amendment to the Fund's Charter to provide for the issuance of additional
shares of the Fund. The amendment was approved by Fund shareholders on August
3, 1994. Pursuant to the amendment, the Fund's existing authorized shares
were classified as Class A shares and one billion newly authorized shares of
the Common Stock of the Fund, par value $.01 per share, were classified as
Class B shares. The Fund began offering both Class A and Class B shares on
March 31, 1995. Class A shares and Class B shares are identical except for
the services offered to and the expenses borne by each class and certain
voting rights. Class A shares are subject to a Service Plan adopted pursuant
to Rule 12b-1 under the Act, Class B shares are subject to a Distribution
Plan adopted pursuant to Rule 12b-1 under the Act and, in addition, Class B
shares are charged directly for sub-accounting services provided by service
agents at an annual rate of .05% of the value of the average daily net assets
of Class B shares.
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 of $1.00.
(A) PORTFOLIO VALUATION: Investments 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.
The Fund may enter into repurchase agreements with financial
institutions, deemed to be creditworthy by the 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 custodians 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.
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends from investment income-net on each business day. 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. 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 Internal Revenue 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 $20,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to January 31, 1996. If not
applied, the carryover expires in fiscal 2004.
At January 31, 1996, 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 average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, brokerage, interest and extraordinary
expenses, exceed 1 1\2% of the average value of the Fund's net assets for any
full fiscal year. There was no expense reimbursement for the year ended
January 31, 1996, pursuant to the Agreement.
Effective December 1, 1995, 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. Such compensation amounted to $11,715 for the period from
December 1, 1995 through January 31, 1996.
(B) Under the Service Plan (the "Plan") with respect to Class A shares
only, adopted pursuant to Rule 12b-1 under the Act, the Fund directly bears
the costs of preparing, printing and distributing prospectuses and statements
of additional information and implementing and of operating the Plan. In
addition, the Fund reimburses (a) the Distributor for payments made for
distributing Class A shares and servicing shareholder accounts ("Servicing")
and (b) the Manager, Dreyfus Service Corporation, a wholly-owned subsidiary
of the Manager, and their affiliates (collectively "Dreyfus") for payments
made for Servicing, at an aggregate annual rate of up to .20 of 1% of the
value of the Fund's average daily net assets of Class A. Both the Distributor
and Dreyfus may pay Service Agents (a securities dealer, financial
institution or other industry professional) a fee in respect of Class A
shares owned by shareholders with whom the Service Agent has a Servicing
relationship or for whom the Service Agent is the dealer or
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
holder of record. Both the Distributor and Dreyfus determine the amounts to
be paid to Service Agents to which it will make payments and the basis on
which such payments are made. During the year ended January 31, 1996,
$1,048,994 was charged to the Fund pursuant to the Plan.
Under the Distribution Plan with respect to Class B shares ("Class B
Distribution Plan"), adopted pursuant to Rule 12b-1 under the Act, effective
March 31, 1995, the Fund directly bears the costs of preparing, printing and
distributing prospectuses and statements of additional information and of
implementing and operating the Class B Distribution Plan. In addition, the
Fund reimburses the Distributor for payments made to third parties for
distributing Class B shares at an aggregate annual rate of up to .20 of 1% of
the value of the average daily net assets of Class B. For the period March
31, 1995 through January 31, 1996, $86 was charged to the Fund pursuant to
the Class B Distribution Plan.
(C) Under the Fund's Shareholder Services Plan with respect to Class A
("Class A Shareholder Services Plan"), the Fund reimburses Dreyfus Service
Corporation an amount not to exceed an annual rate of .25 of 1% of the value
of the Fund's average daily net assets of Class A 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 year ended January 31, 1996,
the Fund was charged an aggregate of $229,788 pursuant to the Class A
Shareholder Services Plan.
Under the Fund's Shareholder Services Plan with respect to Class B
("Class B Shareholder Services Plan"), effective March 31, 1995, the Fund
pays the Distributor for the provision of certain services to the holders of
Class B shares a fee at an annual rate of .25 of 1% of the value of the
average daily net assets of Class B. 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.
The Distributor may make payments to Service Agents in respect of these
services. The Distributor determines the amounts to be paid to Service Agents.
The Manager has undertaken, through January 31, 1997, that if the
aggregate expenses of Class B of the Fund (excluding certain expenses as
described above) exceed 1% of the value of the average daily net assets of
Class B, the Manager will reimburse the expenses of the Fund under the Class
B Shareholder Services Plan to the extent of any excess expense and up to the
full fee payable under the Class B Shareholder Services Plan. For the period
March 31, 1995 through January 31, 1996, $108 was charged to the Fund
pursuant to the Class B Shareholder Services Plan, of which $43 was
reimbursed by the Manager.
(D) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $500
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF DIRECTORS
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
We have audited the accompanying statement of assets and liabilities of
General Government Securities Money Market Fund, Inc., including the
statement of investments, as of January 31, 1996, 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 generally accepted auditing
standards. 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. Our procedures included confirmation of
securities owned as of January 31, 1996 by correspondence with the custodians
and others. 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 General Government Securities Money Market Fund, Inc., at January
31, 1996, 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
generally accepted accounting principles.
[Ernst and Young LLP signature logo]
New York, New York
March 6, 1996
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
IMPORTANT TAX INFORMATION (UNAUDITED)
For State individual income tax purposes, the Fund hereby designates
49.46% of the ordinary income dividends paid during the fiscal year ended
January 31, 1996 as attributable to interest income from direct obligations
of the United States government. Such dividends are currently exempt from
taxation for individual income tax purposes in most states, including New
York, California and the District of Columbia.
GENERAL GOVERNMENT SECURITIES
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
90 WASHINGTON STREET
NEW YORK, NY 10286
Transfer Agent &
Dividend Disbursing Agent
DREYFUS TRANSFER, INC.
ONE AMERICAN EXPRESS PLAZA
PROVIDENCE, RI 02903
FURTHER INFORMATION IS CONTAINED
IN THE PROSPECTUS, WHICH MUST
PRECEDE OR ACCOMPANY THIS REPORT.
PRINTED IN U.S.A. 975/698AR961
GENERAL
GOVERNMENT
SECURITIES
MONEY MARKET
FUND, INC.
ANNUAL REPORT
January 31, 1996
