PRESIDENT'S LETTER
Dear Shareholder:
We are pleased to provide you with this annual report for the General
Municipal Money Market Fund, Inc. For the period ended November 30, 1993, the
yield provided by your Fund was 2.08%. After taking into account the effect of
compounding, the effective yield was 2.10%.* Dividends of approximately $.02
per share paid during the period were exempt from Federal income tax.**
Since our last report, inflation has remained at relatively low levels and
any improvement in the economy and increased credit demand growth has been
modest. Recent indicators which revealed economic strength did not appear
strong enough to result in any immediate tightening action by the Federal
Reserve Board. Economic growth, however, is projected to pick up in early 1994
and it could influence the Federal Reserve to implement a more restrictive
monetary policy. As a result, we believe short-term yields may rise, but we
expect supply and demand factors in the municipal money market to be the
overriding influence on tax exempt money market rates.
Over the past several months, many issuers returned to the marketplace
with their traditional annual financings - the most recent example being a
$1.4 billion State of New Jersey Tax Revenue Anticipation Note issue that was
well received. During times when issuances of this type outpaced demand,
yields rose on municipal notes creating opportunities for attractive purchases
for your Fund's portfolio. At those times, high-quality securities were added
to the portfolio in an effort to enhance the Fund's yield. In addition, we
expect technical factors (supply/demand) in the municipal note market to cause
rates on notes to rise temporarily in the immediate future. Traditionally,
this occurs as individuals and corporations tap their money funds to meet
seasonal needs.
We have included a current Statement of Investments and recent financial
statements for your review and look forward to serving your investment needs
in the future.
Very truly yours,
(Richard J. Moynihan Signature)
Richard J. Moynihan
President
December 1, 1993
New York, N.Y.
*Effective yield is based upon dividends declared daily and reinvested
monthly.
**Income may be subject to state and local taxes. Some income may be subject
to the Federal alternative minimum tax for certain investors.
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<CAPTION>
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS NOVEMBER 30, 1993
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
------------ ------------
ARIZONA-2.3%
<S> <C> <C>
Arizona Educational Loan Marketing, Educational Loan Revenue, VRDN
2.55% (Insured; MBIA) (a).................................................. $ 3,000,000 $ 3,000,000
Glendale Industrial Development Authority, HR, VRDN (Flexible Demand-
West Valley Camelback) 2.35% (LOC; Citibank) (a,b)......................... 5,000,000 5,000,000
CALIFORNIA-9.2%
State of California, RAN 2.20%, 12/23/93....................................... 10,000,000 9,995,396
California Higher Education Loan Authority Inc., Student Loan Revenue Bonds,
Refunding (Senior Lien-Series A-2) 2.55%,
5/1/94 (LOC; Student Loan Marketing Association)(b)........................ 7,500,000 7,500,000
California School Cash Reserve Program Authority, Notes 3.40%, 7/5/94.......... 8,000,000 8,022,962
Los Angeles County Metropolitan Transit Authority, Sales Tax Revenue, VRDN
2.10% (Insured; MBIA and SBPA; Industrial Bank of Japan) (a)............... 7,000,000 7,000,000
COLORADO-2.7%
Colorado Student Obligation Bond Authority, Student Loan Revenue, VRDN
2.55% (LOC; Sumitomo Bank) (a,b)........................................... 4,000,000 4,000,000
Denver Urban Renewal Authority, Tax Increment Revenue Bonds (Downtown
Denver Renewal) 2.90%, 3/17/94 (Collateralized In; U.S. Treasury Bills).... 5,700,000 5,700,000
CONNECTICUT-2.6%
Connecticut Special Assessment Unemployment Compensation Advance Fund, Revenue
Bonds (Connecticut Unemployment) 3%, 7/1/94 (Insured; FGIC)................ 9,000,000 9,010,117
DELAWARE-.8%
Delaware Economic Development Authority, IDR, VRDN (Orient Chemical Corp. Project)
2.80% (LOC; Sumitomo Bank) (a,b)........................................... 2,700,000 2,700,000
DISTRICT OF COLUMBIA-.8%
District of Columbia, VRDN 2.20% (LOC; Bank of Tokyo) (a,b).................... 3,000,000 3,000,000
FLORIDA-1.0%
Lee County Industrial Development Authority, IDR, VRDN (The Christian and
Missionary Alliance Foundation) 2.45% (LOC; Banque Nationale de Paris) (a,b) 3,360,000 3,360,000
HAWAII-2.6%
City and County of Honolulu, MFHR, VRDN (Hale Kua Gardens Project)
2.75% (LOC; Bank of Tokyo) (a,b)........................................... 9,086,000 9,086,000
ILLINOIS-8.9%
City of Chicago, GO, Tender Notes 2.75%, 4/5/94 (LOC: Dai-Ichi Kangyo Bank,
Industrial Bank of Japan, Mitsubishi Bank, Sanwa Bank and Sumitomo Bank) (b) 10,000,000 10,000,000
Chicago O'Hare International Airport, Revenue, VRDN (General Airport
Second Lien) 2.75% (LOC; Sanwa Bank) (a,b)................................. 2,300,000 2,300,000
Chicago Park District, GO, Notes 3.00%, 4/1/94................................. 3,000,000 3,004,374
Illinois Housing Development Authority, Residential Mortgage Revenue Bonds
2.65%, 12/1/93 (GIC; Morgan Guaranty Trust)................................ 10,000,000 10,000,000
City of West Chicago, IDR, VRDN (Acme Printing Ink Project)
2.675% (LOC; Bank of Tokyo) (a,b).......................................... 6,000,000 6,000,000
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------ ------------
INDIANA-2.3%
Indiana Bond Bank, Advanced Funding Program, Notes 3.15%, 1/18/94.............. $ 8,000,000 $ 8,004,094
IOWA-1.4%
Iowa Financial Authority, Small Business Development, MFHR, VRDN
(Village Court Association) 2.425% (LOC; Bankers Trust) (a,b).............. 5,000,000 5,000,000
KENTUCKY-1.3%
Boone County, IDR, VRDN (Curtain Matheson Scientific) 2.75%
(LOC; Barclays Bank) (a,b)................................................. 2,500,000 2,500,000
City of Georgetown, Public Project Revenue, VRDN 2.80% (LOC; Bank of Tokyo) (a,b) 2,020,000 2,020,000
LOUISIANA-5.1%
Jefferson Parish Hospital Service District Number 2, HR, VRDN
2.30% (LOC; Mitsubishi Bank) (a,b)......................................... 15,000,000 15,000,000
Saint Charles Parish, PCR, VRDN (Shell Oil Project) 2.25% (a).................. 3,000,000 3,000,000
MAINE-2.3%
State of Maine, TAN 3.50%, 6/30/94............................................. 7,000,000 7,027,779
City of Orrington, RRR, VRDN (Penobscott Energy Project) 2.80% (LOC: Bank of Nova
Scotia, Bankers Trust, Canadian Imperial Bank of Commerce, Long-Term Credit
Bank of Japan and Toronto Dominion Bank) (a,b)............................. 980,000 980,000
MASSACHUSETTES-2.3%
Massachusettes Bay Transportation Authority, Notes 2.80%, 3/1/94............... 8,000,000 8,007,695
MICHIGAN-2.0%
Macomb Township Economic Development, LOR, VRDN
(ACR Industries Project) 2.50% (LOC; Comerica Bank) (a,b).................. 1,200,000 1,200,000
Michigan Housing Development Authority, LOR, Refunding, VRDN
(Harbortown Project) 2.425% (LOC; Bankers Trust) (a,b)..................... 2,000,000 2,000,000
Michigan Strategic Fund, SWDR, VRDN
(Grayling Generating Project) 2.25% (LOC; Barclays Bank) (a,b)............. 3,800,000 3,800,000
MISSOURI-2.0%
Mexico Industrial Development Authority, Industrial Revenue, VRDN
(Optec DD USA Inc. Project) 2.675% (LOC; Industrial Bank of Japan) (a,b) 7,000,000 7,000,000
NEW YORK-7.1%
City of New York:
RAN 3.50%, Series 94B, 6/30/94............................................. 10,000,000 10,034,239
TAN 3.125%, Series A, 4/8/94............................................... 10,000,000 10,017,887
VRDN 1.90% (LOC; Landesbank Hesses Thuringer) (a,b)........................ 5,000,000 5,000,000
OHIO-4.8%
Gateway Economic Development Corp. of Greater Cleveland, Stadium Revenue, VRDN
2.60% (LOC; Fuji Bank) (a,b)............................................... 8,600,000 8,600,000
Ohio Housing Finance Agency, Single Family Mortgage Revenue Bonds
2.95%, 6/1/94 (LOC; Goldman, Sachs and Co.) (b)............................ 5,000,000 5,000,000
Summit County, BAN (Various Purpose) 2.65%, 3/10/94............................ 3,285,000 3,286,737
OKLAHOMA-2.2%
Broken Arrow Economic Development Authority, Industrial Revenue, VRDN
(Paragon Films Inc. Project) 2.80% (LOC; Fuji Bank) (a,b).................. 7,780,000 7,780,000
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------ ------------
OREGON-.6%
State of Oregon, EDR, VRDN (Toyo Tanso USA)
2.675% (LOC; Bank of Tokyo) (a,b).......................................... $ 2,200,000 $ 2,200,000
PENNSYLVANIA-5.1%
Schuylkill County Industrial Development Authority, RRR, VRDN:
(Northeast Power Co. Project) 2% (LOC; Sumitomo Bank) (a,b)................ 9,000,000 9,000,000
(Schuylkill Energy Resources) 4.50% (LOC; The Bank of New York) (a,b)...... 6,300,000 6,300,000
Upper Allegheny Joint Sanitation Authority, Electric Revenue Bonds (Allegheny
Valley) 2.85%, 7/15/94 (LOC; American International Group) (b)............. 3,000,000 3,000,000
TENNESSEE-.8%
Morristown Industrial Development Board, PCR, VRDN (Camvac International Inc.
Project) 2.675% (LOC; Bankers Trust) (a,b)................................. 3,000,000 3,000,000
TEXAS-17.5%
Brazos Higher Education Authority Inc., Student Loan Revenue Bonds
2.75%, 5/2/94 (LOC; National Australia Bank) (b)........................... 14,000,000 14,000,000
Brazos River Harbor Naval District, Harbor Revenue, VRDN (Dow Chemical Co.
Project) 2.35% (Corp. Guaranty; Dow Chemical Co.) (a)...................... 9,700,000 9,700,000
Dallas County, Revenue Bonds 2.70%, 6/15/94 (BPA; Sanwa Bank).................. 5,000,000 5,000,000
Greater East Texas Higher Education Authority Inc., Student Loan Revenue Bonds,
Refunding 2.75%, 5/1/94 (LOC; Student Loan Marketing Association) (b)...... 7,500,000 7,500,000
Gulf Coast Industrial Development Authority, Marine Terminal Revenue, VRDN
(Amoco Oil Co. Project) 2.25% (Corp. Guaranty; Amoco Credit Corp.) (a)..... 9,200,000 9,200,000
Harris County, VRDN (Toll Road Unlimited Tax-Sublien)
2.30% (SBPA; Sumitomo Bank) (a)............................................ 3,000,000 3,000,000
Harris County Industrial Development, IDR, VRDN (Nippon Pigment USA Inc.
Project) 2.80% (LOC; Industrial Bank of Japan) (a,b)....................... 5,500,000 5,500,000
San Antonio Housing Finance, MFHR, VRDN (Sunrise Apartments Project)
2.40% (LOC; Swiss Bank Corp.) (a,b)........................................ 5,000,000 5,000,000
Trinity River Industrial Development Authority, IDR, VRDN
(Toys `R' Us-Nynex Inc. Project) 2.675% (LOC; Bankers Trust) (a,b)......... 3,000,000 3,000,000
UTAH-5.9%
Intermountain Power Agency, Power Supply Revenue, CP
2.40%, 12/17/93 (LOC; Industrial Bank of Japan) (b)........................ 10,000,000 10,000,000
Salt Lake County, Notes 2.75%, 12/31/93........................................ 11,000,000 11,004,448
VIRGINIA-4.6%
Chesapeake Industrial Development Authority, IDR, VRDN (Sumitomo Machine Co.)
2.80% (LOC; Sumitomo Bank) (a,b)........................................... 4,000,000 4,000,000
Newport News Redevelopment and Housing Authority, MFHR, VRDN (Harbours Association
Project) 2.75% (Surety Bond; Fireman's Fund Mortgage Corp.) (a)............ 8,625,000 8,625,000
Pendleton County, IDR, VRDN (Greer Steel Project)
2.70% (LOC; Pittsburgh National Bank) (a,b)................................ 3,700,000 3,700,000
WEST VIRGINIA-1.1%
Marion County, Community Solid Waste Disposal Facility Revenue, VRDN
(Granttown Project) 2.55% (LOC; National Westminster Bank) (a,b)........... 4,000,000 4,000,000
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------ ------------
WYOMING-.7%
Wyoming Commerce Development Authority, Revenue Bonds (Single Family Mortgage)
2.80%, 10/27/94 (Escrowed In; U.S. Government Securities).................. $ 2,350,000 $ 2,350,000
------------
TOTAL INVESTMENTS (cost $352,987,432) $353,016,728
============
SUMMARY OF ABBREVIATIONS
BAN Bond Anticipation Notes LOR Limited Obligation Revenue
BPA Bond Purchase Agreement MBIA Municipal Bond Insurance Association
CP Commercial Paper MFHR Multi-Family Housing Revenue
EDR Economic Development Revenue PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Corporation RAN Revenue Anticipation Notes
GIC Guaranteed Investment Contract RRR Resources Recovery Revenue
GO General Obligation SBPA Standby Bond Purchase Agreeement
HR Hospital Revenue SWDR Solid Waste Disposal Revenue
IDR Industrial Development Revenue TAN Tax Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- ------- ----------------- -------------------
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 91.0%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 9.0
------
100.0%
======
NOTES TO STATEMENT OF INVESTMENTS:
(a) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest rates.
(b) Secured by letters of credit. At November 30, 1993, 56.5% of the Fund's net
assets are backed by letters of credit issued by domestic banks, foreign
banks and brokerage firms.
(c) Fitch currently provides creditworthiness information for a limited amount
of investments.
(d) P1 and A1 are the highest ratings assigned tax-exempt commercial paper by
Moody's and Standard & Poor's, respectively.
(e) Notes which are not F, MIG or SP rated are represented by bond ratings of
the issuers.
See notes to financial statements.
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<TABLE>
<CAPTION>
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1993
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $352,987,432)-see statement...................................... $353,016,728
Interest receivable........................................................ 2,117,209
Prepaid expenses........................................................... 66,431
------------
355,200,368
LIABILITIES:
Due to The Dreyfus Corporation............................................. $ 148,544
Due to Custodian........................................................... 2,843,633
Accrued expenses and other liabilities..................................... 60,957 3,053,134
------------ ------------
NET ASSETS..................................................................... $352,147,234
============
REPRESENTED BY:
Paid-in capital............................................................ $352,453,493
Accumulated net realized (loss) on investments............................. (335,555)
Accumulated gross unrealized appreciation on investments................... 29,296
------------
NET ASSETS at value applicable to 352,453,493 shares outstanding
(15 billion shares of $.01 par value Common Stock authorized).............. $352,147,234
============
NET ASSET VALUE, offering and redemption price per share
($352,147,234 / 352,453,493 shares)........................................ $1.00
=====
STATEMENT OF OPERATIONS YEAR ENDED NOVEMBER 30, 1993
INVESTMENT INCOME:
INTEREST INCOME............................................................ $ 9,930,767
EXPENSES:
Management fee-Note 2(a)............................................... $ 1,831,256
Shareholder servicing costs-Note 2(b).................................. 245,728
Registration fees...................................................... 92,803
Professional fees...................................................... 50,860
Custodian fees......................................................... 38,688
Directors' fees and expenses-Note 2(c)................................. 24,358
Prospectus and shareholders' reports................................... 21,304
Miscellaneous.......................................................... 11,463
------------
TOTAL EXPENSES 2,316,460
------------
INVESTMENT INCOME-NET.............................................. 7,614,307
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments-Note 1 (b)................................ $ 15,730
Net unrealized appreciation on investments................................. 29,296
------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS.................... 45,026
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................... $ 7,659,333
============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED NOVEMBER 30,
-------------------------------
1992 1993
-------------- --------------
OPERATIONS:
<S> <C> <C>
Investment income-net...................................................... $ 9,532,873 $ 7,614,307
Net realized gain on investments........................................... 305,730 15,730
Net unrealized appreciation on investments for the year.................... __ 29,296
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................... 9,838,603 7,659,333
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net...................................................... (9,532,873) (7,614,307)
-------------- --------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold.............................................. 1,485,619,764 2,320,677,058
Dividends reinvested....................................................... 7,963,014 6,135,940
Cost of shares redeemed.................................................... (1,438,570,961) (2,372,623,110)
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS...... 55,011,817 (45,810,112)
-------------- --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS............................ 55,317,547 (45,765,086)
NET ASSETS:
Beginning of year.......................................................... 342,594,773 397,912,320
-------------- --------------
End of year................................................................ $ 397,912,320 $ 352,147,234
============== ==============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
GENERAL MUNICIPAL 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 information provided in the Fund's financial statements.
YEAR ENDED NOVEMBER 30,
----------------------------------------------
PER SHARE DATA: 1989 1990 1991 1992 1993
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year....................... $.9977 $.9976 $.9977 $.9981 $.9991
------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income-net.................................... .0574 .0538 .0428 .0271 .0208
Net realized and unrealized gain (loss) on investments... (.0001) .0001 .0004 .0010 --
------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS....................... .0573 .0539 .0432 .0281 .0208
------ ------ ------ ------ ------
DISTRIBUTIONS;
Dividends from investment income-net..................... (.0574) (.0538) (.0428) (.0271) (.0208)
------ ------ ------ ------ ------
Net asset value, end of year............................. $.9976 $.9977 $.9981 $.9991 $.9991
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN 5.89% 5.51% 4.36% 2.74% 2.10%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.................. .64% .62% .62% .64% .63%
Ratio of net investment income to average net assets..... 5.74% 5.39% 4.30% 2.71% 2.08%
Net Assets, end of year (000's Omitted).................. $343,917 $352,320 $342,595 $397,912 $352,147
See notes to financial statements.
</TABLE>
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act") as
a diversified open-end management investment company. Dreyfus Service
Corporation ("Distributor") acts as the distributor of the Fund's shares,
which are sold to the public without a sales charge. The Distributor is a
wholly-owned subsidiary of The Dreyfus Corporation ("Manager").
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.
(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. Interest income, adjusted for amortization
of premiums and, when appropriate, discounts on investments, is earned from
settlement date and recognized on the accrual basis. Realized gain and loss
from securities transactions are recorded on the identified cost basis.
(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 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, which can distribute tax exempt
dividends, by complying with the provisions available to certain investment
companies, as defined in applicable sections of the Internal Revenue Code, and
to make distributions of income and net realized capital gain sufficient to
relieve it from all, or substantially all, Federal income taxes.
The Fund has an unused capital loss carryover of approximately $336,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to November 30, 1993. If not
applied, $333,000 expires in fiscal 1995 and $3,000 expires in fiscal 1998.
At November 30, 1993, 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 1/2 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, interest on borrowings, brokerage
commissions 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 November 30, 1993.
(B) Pursuant to the Fund's 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 servicing 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 November 30, 1993,
the Fund was charged an aggregate of $92,963 pursuant to the Shareholder
Services Plan.
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(C) Certain officers and directors of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or the Distributor. Each director
who is not an "affiliated person" receives an annual fee of $2,500 and an
attendance fee of $500 per meeting.
(D) On December 5, 1993, the Manager entered into an Agreement and Plan of
Merger providing for the merger of the Manager with a subsidiary of Mellon
Bank Corporation ("Mellon").
Upon closing of the merger, it is planned that the Manager will retain its
New York headquarters and will be a separate subsidiary within the Mellon
organization. It is expected that the Manager's management team and mutual
fund managers will remain in place, and the Dreyfus mutual funds will be
operated in the same manner as they are currently.
Following the merger, the Manager will be either a direct or indirect
subsidiary of Mellon, whose principal banking subsidiary is Mellon Bank, N.A.
Closing of this merger is subject to a number of contingencies, including the
receipt of certain regulatory approvals and the approvals of the stockholders
of the Manager and of Mellon. The merger is expected to occur in mid-1994, but
could occur significantly later.
Because the merger will constitute an "assignment" of the Fund's
Management Agreement with the Manager under the Investment Company Act of
1940, and thus a termination of such Agreement, the Manager will seek prior
approval from the Fund's Board and shareholders.
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
REPORT OF ERNST & YOUNG, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF DIRECTORS
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
We have audited the accompanying statement of assets and liabilities of
General Municipal Money Market Fund, Inc., including the statement of
investments, as of November 30, 1993, 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 November 30, 1993 by correspondence with the custodian. 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 Municipal Money Market Fund, Inc. at November 30, 1993, 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 & YOUNG
New York, New York
January 7, 1994
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during the fiscal year ended November
30, 1993 as "exempt-interest dividends" (not generally subject to regular
Federal income tax).
GENERAL MUNICIPAL
MONEY MARKET FUND, INC.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
DISTRIBUTOR
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 918AR9311
GENERAL MUNICIPAL
MONEY MARKET
FUND, INC.
ANNUAL REPORT
NOVEMBER 30, 1993
