GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for General Government
Securities Money Market Fund, Inc. for the six-month reporting period ended
July 31, 1997, as shown in the following chart:
<TABLE>
ANNUALIZED
ANNUALIZED YIELD EFFECTIVE YIELD*
----------------- ----------------
<S> <C> <C>
Class A Shares.................................... 4.71% 4.82%
Class B Shares.................................... 4.57% 4.67%
</TABLE>
Economic Review
For 18 months, the economy has maintained a growth pace exceeding the
long-term trends and marred only by a brief slowdown
in mid-1996 and again this spring. An early look at the summer months
indicates that a brisker growth pace has now resumed in many regions. So far,
the strong economy has failed to lift either wages or prices significantly.
However, economic resources are nearing full deployment, fueling the debate
on how fast the economy can grow without ultimately boosting inflation. The
benign inflation profile has fostered an equally benign policy environment:
soaring tax receipts have virtually balanced the Federal budget, and the
Federal Reserve Board (the "Fed") has left interest rate policy unchanged
since March. Market interest rates have stayed range-bound for the past 18
months.
After rising 3.1% in the four quarters from year-end 1995 to year-end
1996, real Gross Domestic Product grew a further 3.5% in the first half of
1997. Indeed, demand from final users in the U.S. has expanded at a steady
3.5% annualized pace over these six quarters, and virtually all major
economic sectors are currently participating. This demand, helped by a strong
dollar, is now drawing in imports. While rapid import growth can help foreign
economic growth and thus indirectly boosts U.S. exports, it also raises the
prospect of a deteriorating trade balance.
The economy's growth rate is impressive, given the absence of reported
inflation, yet it is the level of economic activity which fosters the key
debate. The unemployment rate has recently held below 5% for several months,
and could drop further if present growth trends are sustained. Industrial
capacity utilization is likewise tightening. Views on the need for the Fed to
raise interest rates differ between those who believe that inflation pressure
points are merely lower than in the past and those who believe the forces of
the changed economic structure will be anti-inflationary on a sustained
basis.
Market forces will no doubt be the determining factors. The Fed will
surely be guided by how profits, interest rates and labor costs play out in
the economy. An overriding factor in the equation is the policy bias of the
central bank which, for more than a year, has clearly favored tightening of
credit when called for by the economic situation.
The Money Market
Two factors dominated the money market in the past six months - the
outlook on the economy and the course of interest rates. For most of the
period, both performance of the economy and future expectations were very
positive. Solid growth continued, with little inflation evident in either
prices or wages. However, the Federal Reserve Board Open Market Committee,
which sets interest rate targets, became concerned about inflationary
pressures, particularly as reflected in the securities markets. This led the
Fed to raise interest rates modestly in March.
Whether due to the Fed's preventive action or not, interest rates
simmered down in the ensuing four months, as the economy appeared headed for
a slowdown. Signs of potential excessive strength did not roil the market
until early August, when the money market once again began anticipating
higher interest rates.
Portfolio Strategy
To deal with the environment that prevailed until July 31, 1997, we
stayed with our current strategy of maintaining slightly longer average
maturities than the industry average for money market funds. The rationale
for this strategy is to seek better yields for our investors. So far, this
approach has been rewarding. We remain vigilant, however, for any signs of
underlying change in the economic and market environment. You may rest
assured that, as we go forward, portfolio strategy will be adapted to
prevailing market conditions in order to bring you competitive yields.
As your Fund enters the second half of its fiscal year, we would like
to take this opportunity to thank you for the confidence you have shown in
the Dreyfus organization.
Sincerely,
[Patricia A. Larkin signature logo]
Patricia A. Larkin
Senior Portfolio Manager
August 18, 1997
New York, N.Y.
* Annualized effective yield takes into account the effect of compounding
and is based upon dividends declared daily and reinvested monthly.
<TABLE>
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS
JULY 31, 1997 (UNAUDITED)
Annualized
Yield on
Date of Principal
Purchase Amount Value
U.S. Treasury Notes-2.9% --------- ---------- ------
- ----------------------
<S> <C> <C> <C>
5.375% 11/30/97
(cost $24,986,549)....................................... 5.36% $ 25,000,000 $ 24,986,549
============
U.S. Government Agencies-95.9%
- -----------------------------------------
Federal Farm Credit Banks, Consolidated Systemwide Medium Term Notes
9/15/97.................................................... 5.63% (a) $ 15,000,000 $ 14,999,135
Federal Home Loan Banks, Discount Notes
8/1/97..................................................... 5.75 115,000,000 115,000,000
8/5/97..................................................... 6.12 19,590,000 19,590,000
8/21/97.................................................... 5.50 30,000,000 29,909,666
9/30/97.................................................... 5.43 20,000,000 19,825,332
10/3/97.................................................... 5.71 25,000,000 24,757,188
12/5/97.................................................... 5.49 3,590,000 3,524,536
1/13/98.................................................... 5.95 11,500,000 11,200,090
1/21/98.................................................... 5.71 8,200,000 8,200,000
3/17/98.................................................... 5.74 25,000,000 25,000,000
3/27/98.................................................... 6.04 14,250,000 13,713,013
Federal Home Loan Banks, Floating Rate Notes
1/22/98.................................................... 5.60 (a) 25,000,000 24,990,680
1/26/98.................................................... 5.74 (a) 4,000,000 4,001,737
7/31/98.................................................... 5.73 (a) 25,000,000 24,987,534
Federal Home Loan Mortgage Corp., Discount Notes
1/2/98..................................................... 5.58 17,900,000 17,484,596
Federal National Mortgage Association, Discount Notes
9/12/97.................................................... 5.56 20,000,000 19,876,567
10/20/97................................................... 5.74 43,000,000 42,465,689
11/6/97.................................................... 5.52 10,000,000 9,859,081
11/14/97................................................... 5.43 14,000,000 13,789,708
12/4/97.................................................... 5.46 15,000,000 14,730,208
12/15/97................................................... 5.58 25,000,000 24,487,167
Federal National Mortgage Association, Floating Rate Notes
8/18/97.................................................... 5.63 (a) 30,000,000 29,999,791
9/15/97.................................................... 5.54 (a) 50,000,000 49,998,176
11/21/97................................................... 5.61 (a) 45,000,000 44,993,317
1/21/98.................................................... 5.61 (a) 10,000,000 9,997,555
4/15/98.................................................... 5.63 (a) 100,000,000 99,992,958
6/18/98.................................................... 5.80 (a) 25,000,000 24,989,494
Student Loan Marketing Association, Floating Rate Notes 9/18/97 5.32 (a) 25,000,000 25,000,000
10/16/97................................................... 5.37 (a) 25,000,000 25,000,000
5/15/98.................................................... 6.00 (a) 25,000,000 25,004,932
-------------
TOTAL U.S. GOVERNMENT AGENCIES (cost $817,368,150)............. $817,368,150
=============
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED)
JULY 31, 1997 (UNAUDITED)
Annualized
Yield on
Date of Principal
Repurchase Agreements-.7% Purchase Amount Value
- -------------------------- --------------- ---------- ----------
Goldman, Sachs & Co.
dated 7/31/97, due 8/1/97 in the amount of
$6,301,032 (fully collateralized by
$6,265,000 U.S. Treasury Notes 8.875%, due
11/15/97, value $6,436,160)
(cost $6,300,000).......................................... 5.90% $ 6,300,000 $ 6,300,000
============
TOTAL INVESTMENTS (cost $848,654,699)................. 99.5% $848,654,699
==== =============
CASH AND RECEIVABLES (NET)............................ .5% $ 3,851,741
==== ============
NET ASSETS........................................... 100.0% $852,506,440
==== =============
Notes to Statement of Investments:
(a) The interest rate, which will change periodically, is based on the bank's prime rate.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1997 (UNAUDITED)
Cost Value
-------- ---------
<S> <C> <C>
ASSETS: Investments in securities-See Statement of $848,654,699 $848,654,699
Investments-Note 1(b)..................
Cash....................................... 372,412
Interest receivable........................ 4,142,503
Prepaid expenses........................... 120,234
----------
853,289,848
-------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates 441,546
Due to Distributor......................... 60,757
Accrued expenses........................... 281,105
-------------
783,408
------------
NET ASSETS.................................................................. $852,506,440
============
REPRESENTED BY: Paid-in capital............................ $852,651,077
Accumulated net realized gain (loss) on
investments................................ (144,637)
------------
NET ASSETS.................................................................. $852,506,440
=============
NET ASSET VALUE PER SHARE
-------------------------
Class A Class B
------- -------
Net Assets.................................................................. $526,356,968 $326,149,472
Shares Outstanding.......................................................... 526,477,802 326,173,275
NET ASSET VALUE PER SHARE................................................... $1.00 $1.00
=== ===
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JULY 31, 1997 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME
INCOME Interest Income............................ $20,736,998
EXPENSES: Management fee-Note 2(a)................... $ 1,861,836
Distribution fees-Note 2(b)................ 744,734
Shareholder servicing costs-Note 2(c)...... 573,407
Registration fees.......................... 93,985
Custodian fees............................. 70,706
Professional fees.......................... 23,519
Directors' fees and expenses-Note 2(d)..... 14,825
Prospectus and shareholders' reports....... 4,375
-------
Total Expenses....................... 3,387,387
Less-reduction in shareholder servicing
costs due to undertaking-Note 2(c)........ (96,859)
-------
Net Expenses......................... 3,290,528
---------
INVESTMENT INCOME-NET....................................................... 17,446,470
NET REALIZED GAIN (LOSS) ON INVESTMENTS-Note 1(b)........................... (62,904)
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $17,383,566
===========
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
July 31, 1997 Year Ended
(Unaudited) January 31, 1997
--------------- -----------------
<S> <C> <C>
OPERATIONS:
Investment income-net.................................................. $ 17,446,470 $ 27,816,414
Net realized gain (loss) on investments................................ (62,904) (67,319)
----------- -----------
Net Increase (Decrease) in Net Assets Resulting from Operations.... 17,383,566 27,749,095
----------- -----------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Class A shares....................................................... (12,210,187) (24,381,410)
Class B shares....................................................... (5,236,283) (3,435,004)
----------- ----------
Total Dividends.................................................... (17,446,470) (27,816,414)
----------- -----------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares....................................................... 2,184,887,043 4,365,059,146
Class B shares....................................................... 671,801,500 318,478,705
Dividends reinvested:
Class A shares....................................................... 11,983,031 23,642,113
Class B shares....................................................... 5,159,894 3,417,531
Cost of shares redeemed:
Class A shares....................................................... (2,190,326,039) (4,398,835,960)
Class B shares....................................................... (440,971,905) (231,770,578)
----------- -----------
Increase (Decrease) in Net Assets from Capital Stock Transactions.. 242,533,524 79,990,957
----------- -----------
Total Increase (Decrease) in Net Assets.......................... 242,470,620 79,923,638
NET ASSETS:
Beginning of Period.................................................... 610,035,820 530,112,182
End of Period.......................................................... $ 852,506,440 $ 610,035,820
========= =========
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
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 period indicated. This
information has been derived from the Fund's financial statements.
Class A Shares
-----------------------------------------------------------------------
Six Months Ended
July 31, 1997 Year Ended January 31,
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993
---------------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- ------- ---------
Investment Operations:
Investment income-net................. .023 .047 .052 .038 .027 .033
-------- -------- -------- -------- ------- ---------
Distributions:
Dividends from investment income-net.. (.023) (.047) (.052) (.038) (.027) (.033)
-------- -------- -------- -------- ------- ---------
Net asset value, end of period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==== ==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN................... 4.76%* 4.75% 5.35% 3.90% 2.69% 3.36%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .83%* .82% .84% .83% .81% .82%
Ratio of net investment income
to average net assets............... 4.71%* 4.65% 5.22% 3.82% 2.66% 3.28%
Net Assets, end of period (000's Omitted) $526,357 $519,861 $530,054 $513,345 $536,884 $725,419
*Annualized.
Class B Shares
----------------------------------------------------------------
Six Months Ended
July 31, 1997 Year Ended January 31,
PER SHARE DATA: (Unaudited) 1997 1996(1)
------------------- ------ ---------
Net asset value, beginning of period.. $ 1.00 $ 1.00 $ 1.00
------ ------ --------
Investment Operations:
Investment income-net................. .023 .045 .042
------ ------ --------
Distributions:
Dividends from investment income-net.. (.023) (.045) (.042)
------ ------ --------
Net asset value, end of period........ $ 1.00 $ 1.00 $ 1.00
=== ==== ====
TOTAL INVESTMENT RETURN................... 4.62%(2) 4.58% 5.04%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets 1.00%(2) 1.00% 1.00%(2)
Ratio of net investment income
to average net assets............... 4.54%(2) 4.48% 5.01%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager.. .09%(2) .08% .10%(2)
Net Assets, end of period (000's Omitted) $326,149 $90,175 $58
----------------------
(1) From March 31, 1995 (commencement of operations) to January 31,
1996.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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") is the distributor
of the Fund's shares, which are sold to the public without a sales load. The
Fund is authorized to issue 16 billion shares of $.001 par value Common
Stock. The Fund currently offers two classes of shares: Class A (15 billion
shares authorized) and Class B (1 billion shares authorized). 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 (a securities dealer,
financial institution or other industry professional) 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 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 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 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 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.
(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
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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 $83,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to January 31, 1997. The
carryover does not include net realized securities losses from November 1,
1996 through January 31, 1997 which are treated, for Federal income tax
purposes, as arising in fiscal 1998. If not applied, $20,000 of the carryover
expires in fiscal 2004 and $63,000 expires in fiscal 2005.
At July 31, 1997, 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 Agreement
provides that if in any full fiscal year the aggregate expenses of the Fund,
exclusive of taxes, brokerage, interest and extraordinary expenses, exceed
1 1\2% of the average net assets, the Fund may deduct from payments to be made
to the Manager, or the Manager will bear such excess expense. There was no
expense reimbursement during the period ended July 31, 1997 pursuant to the
Agreement.
(B) Under the Service Plan with respect to Class A shares (the "Plan"),
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 of the
Distributor and Dreyfus may pay Service Agents 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 holder of record.
The schedule of such fees and the basis upon which such fees will be paid
shall be determined from time to time by the Fund's Board of Directors. If a
holder of Class A shares ceases to be a client of a Service Agent, but
continues to hold Class A shares, Dreyfus will be permitted to act as a
Service Agent in respect of such Fund shareholders and receive payments under
the Service Plan for Servicing. The fees payable for Servicing are payable
without regard to actual expenses incurred. During the period ended July 31,
1997, $518,038 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, 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. During the period ended July 31, 1997,
$226,696 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
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
the maintenance of shareholder accounts. During the period ended July 31,
1997, the Fund was charged an aggregate of $129,510 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"), 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, 1998, that if the
aggregate expenses of Class B of the Fund (exclusive of taxes, brokerage,
interest and extraordinary expenses) 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. During the period ended July 31, 1997, $283,371 was charged to the Fund
pursuant to the Class B Shareholder Services Plan, of which $96,859 was
reimbursed by the Manager.
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 $33,946 during the period ended July 31, 1997.
(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.
Registration Mark
[Dreyfus lion "d" logo]
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.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 975/698SA977
Registration Mark
[Dreyfus logo]
General Government
Securities
Money Market
Fund, Inc.
Semi-Annual
Report
July 31, 1997
