GENERAL MUNICIPAL MONEY MARKET FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the General Municipal
Money Market Fund, Inc. For its annual reporting period ended November 30,
1995, your Fund produced a yield of 3.35% for Class A shares and an
annualized yield of 2.98% for Class B shares. For investors in the highest
income tax bracket, this equates to a taxable equivalent yield of 5.55% and,
annualized, 4.93%, respectively.* Income dividends of approximately $.034 per
share and $.020 per share for Class A and Class B shares, respectively, were
paid during the period. Reinvesting these dividends and calculating the
effect of compounding resulted in an effective yield of 3.41% for Class A
shares and, annualized, 3.02% for Class B shares.** These dividends were
exempt from Federal personal income taxes, although some income may be
subject to the Federal Alternative Minimum Tax (AMT) for certain
shareholders.
THE ECONOMY
Modest economic growth and low inflation have spurred a dramatic,
year-long rally in the bond market. Short-term rates have fallen as
well. The Federal Reserve's reduction of the Fed Funds rate last summer
confirmed what investors had already suspected: that inflation, at least for
the immediate future, was under control. Now questions abound regarding the
duration of the economic recovery and the likelihood of recession.
The economic recovery of the 1990s was productivity-driven. Corporations
implemented extraordinary cost control measures that, while dramatically
improving bottom line earnings, now contribute to the slow rate of employment
growth. Job creation is a significant factor that affects consumer spending
and a major component of economic activity. The pace of new job creation,
currently at its slowest since World War II, is worrisome. Indeed, wages and
salaries grew at under 3% over the past year, barely keeping pace with
inflation. Still, surveys indicate that consumers remain optimistic, despite
indications that their spending is being affected by the slow growth in
disposable income. Recent reports on retail sales confirm this reticence in
spending. A consumer-led weakening of the economy could lead to further
Federal Reserve easing of monetary policy.
It was concern about lagging economic growth that prompted the Federal
Reserve to ease the Federal Funds rate in July. The housing market and new
home construction had been helped earlier this year by low interest rates,
though both have exhibited signs of weakness recently. Another engine of
economic growth, business capital spending, has been solid. Exports represent
another bright area of the economy. Because of the new competitiveness of
American businesses abroad, the U.S. trade deficit continues to shrink.
Through September, the trade deficit with Japan narrowed for the sixth
consecutive month. Exports, while a relatively small component of overall
economic activity in this country, provide an important support for the job
market; if U.S. products lose competitiveness in world markets, foreign
orders may go elsewhere and jobs could be lost here.
MARKET ENVIRONMENT
In addition to the impact of action taken by the Federal Reserve Board,
technical factors (i.e. supply/demand) contributed to a significant
strengthening of market conditions in late June and early July. Demand
exceeded supply during this time and short-term yields on municipal issues
dropped accordingly.
In the Fall, rates on short-term issues settled into a trading range.
However, a steady interchange of variable rate demand notes (VRDNs) between
corporate holders and municipal money market funds kept
rates on these securities attractive, which resulted in an inverted yield
curve (where rates on shorter maturities are higher than rates on longer
issues) through most of the season. We believe that this situation will
change dramatically in January as cashflows into municipal money market funds
increase demand for VRDNs and their rates drop.
THE PORTFOLIO
With the inverted yield curve, daily and weekly demand notes yielded
moderately more than both commercial paper and notes through most of the
period. But since this situation is expected to change, our investment
strategy involved an attempt to lengthen the maturity, where possible, and to
lock in rates that we felt would outperform variable rate notes early in
1996.
The commercial paper and one-year note markets provided the means for
extending maturity while attempting to maintain a competitive yield. However,
our success in achieving the desired average maturity was somewhat limited
due to a dearth of high quality issues from which to choose. As a result,
your Fund's current average maturity still leaves room to extend should we
feel a change in market or supply conditions warrants it.
The Fund's goal - to maximize current income exempt from Federal income
taxes to the extent consistent with the preservation of capital and
maintenance of liquidity - continues to guide our portfolio decisions.
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 appreciate greatly your continued confidence in the Fund
and in The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
December 15, 1995
New York, N.Y.
* Tax equivalent yield is based on the highest Federal (39.6%) income tax
bracket.
**Effective and annualized effective yields are based upon dividends declared
daily and reinvested monthly.
<TABLE>
<CAPTION>
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS NOVEMBER 30, 1995
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
_______ _______
<S> <C> <C>
ARIZONA-11.4%
Arizona Educational Loan Marketing Corporation, Educational Loan Revenue,
VRDN
4%, Series A (Insured; MBIA) (a)........................................ $ 10,675,000 $ 10,675,000
Glendale Industrial Development Authority, HR, VRDN (West Valley Camelback)
3.70% (LOC; Northwest Corp.) (a,b)...................................... 8,500,000 8,500,000
Pima County Industrial Development Authority, Industrial Revenue, VRDN
(Tuscon Electric) 3.65% (LOC; Barclays Bank) (a,b)...................... 14,100,000 14,100,000
DELAWARE-.5%
Delaware Economic Development Authority, IDR, VRDN
(Orient Chemical Corp. Project) 4.325% (LOC; Sumitomo Bank) (a,b)....... 1,480,000 1,480,000
GEORGIA-1.7%
Savannah Economic Development Authority, Exempt Facility Revenue, VRDN
(Home Depot Project) 3.85% (LOC; Trust Co. Bank) (a,b).................. 5,000,000 5,000,000
HAWAII-3.0%
Honolulu City and County, MFHR, VRDN (Halekua Gardens Project)
4.30%, Series A (LOC; Bank of Tokyo) (a,b).............................. 8,687,000 8,687,000
IDAHO-1.7%
State of Idaho, TAN 4.50%, 6/27/96.......................................... 5,000,000 5,019,261
ILLINOIS-4.1%
Illinois Health Facilities Authority, Revenue, VRDN (Resurrection Health Care
Systems)
3.90% (LOC: Comerica Bank, First Chicago Bank,
Lasalle National Bank and National Bank of Detroit) (a,b)............... 11,900,000 11,900,000
IOWA-4.5%
Iowa Finance Authority, SWDR, VRDN (Cedar River Paper Co. Project)
3.80% (LOC; Swiss Bank Corp.) (a,b)..................................... 13,000,000 13,000,000
KENTUCKY-2.6%
Boone County, IDR, VRDN (Curtin Matherson Scientific)
4.05% (LOC; Barclays Bank) (a,b)........................................ 2,500,000 2,500,000
Carroll County, Solid Waste Disposal Facilities Revenue, VRDN
(Kentucky Utilities Co. Project) 3.95%, Series A (a).................... 5,000,000 5,000,000
LOUISIANA-3.7%
Plaquemines Parish, Environmental Revenue, Refunding, VRDN
(British Petroleum Exploration and Oil) 4% (Corp. Guaranty; British Petroleum) (a) 6,400,000 6,400,000
West Baton Rouge Parish Industrial District Number 3, Revenue, VRDN
(Dow Chemical Co. Project) 4.10% (Corp. Guaranty; Dow Chemical Co.) (a). 4,500,000 4,500,000
MICHIGAN-13.3%
Macomb Township Economic Development Corporation, LOR, VRDN
(ACR Industries Project) 4.10% (LOC; Comerica Bank) (a,b)............... 800,000 800,000
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1995
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ _______
MICHIGAN (CONTINUED)
Michigan Housing Development Authority, Rental Housing Revenue, Refunding, VRDN
3.65%, Series C (LOC; Credit Suisse) (a,b).............................. $ 7,000,000 $ 7,000,000
Michigan Strategic Fund, SWDR, VRDN (Grayling Generating Project)
3.80% (LOC; Barclays Bank) (a,b)........................................ 3,800,000 3,800,000
Midland County Economic Development Corporation,
Economic Development, Limited Obligation, VRDN (Dow Chemical Co. Project)
3.80%, Series A (Corp. Guaranty; Dow Chemical Co.) (a).................. 27,200,000 27,200,000
MISSOURI-2.7%
Missouri Housing Development Commission, SFMR (Homeowner Loan)
4%, Series B, 7/1/96 (Insured; FGIC).................................... 8,000,000 8,000,000
MONTANA-3.4%
City of Forsyth, PCR, VRDN (Portland General Electric Co.)
3.95% (LOC; Banque Nationale de Paris) (a,b)............................ 10,000,000 10,000,000
NEW JERSEY-2.4%
New Jersey Turnpike Authority, Revenue, Refunding, VRDN
3.35%, Series D (LOC; Bankers Trust) (a,b).............................. 7,000,000 7,000,000
NEW YORK-10.6%
City of New York, TAN 4.50%, 2/15/96........................................ 9,780,000 9,794,828
New York City Industrial Development Agency, VRDN (Japan Airlines Co. Limited
Project)
3.95% (LOC; Morgan Guaranty Trust Co.) (a,b)............................ 6,000,000 6,000,000
New York State Housing Finance Agency, Housing Revenue, VRDN (Normandie Court
II)
4%, Series A (LOC; Fleet Bank) (a,b).................................... 15,200,000 15,200,000
OHIO-2.9%
Greene County, Certificates of Indebtedness 4.25%, 7/18/96.................. 8,275,500 8,298,027
OKLAHOMA-2.9%
Tulsa County Industrial Authority, Health Care Revenue (Laureate Psychiatric
Project)
3.75%, 12/15/95 (SBPA; William K. Warren Foundation).................... 8,335,000 8,335,000
TENNESSEE-4.2%
Morristown Industrial Development Board, IDR, VRDN
(Camvac International Inc. Project) 4.325% (LOC; Bankers Trust) (a,b)... 3,000,000 3,000,000
Sevier County Public Building Authority, Local Government Public Improvement,
VRDN:
3.90%, Series A-2 (a)................................................... 4,700,000 4,700,000
3.90%, Series A-3 (a)................................................... 4,500,000 4,500,000
TEXAS-19.6%
Brazos River Authority, PCR, Refunding, VRDN (Utility Electric Co.)
3.95%, Series C (LOC; Swiss Bank Corp.) (a,b)........................... 4,000,000 4,000,000
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1995
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ _______
TEXAS (CONTINUED)
Brazos River Harbor Naval District, Harbor Revenue, VRDN (Dow Chemical Co. Project)
4.10%, Series A (Corp. Guaranty; Dow Chemical Co.) (a).................. $ 9,700,000 $ 9,700,000
Dallas County, Permanent Improvement
3.90%, Series C, 6/15/96 (LOC; Union Bank of Switzerland) (b)........... 5,000,000 5,000,000
Greater East Texas Higher Education Authority Inc., Student Loan Revenue,
VRDN
4.05%, Series B (LOC; Student Loan Marketing Association) (a,b)......... 7,500,000 7,500,000
Gulf Coast Waste Disposal Authority, SWDR, VRDN (Amoco Oil Co. Project)
3.80% (Corp. Guaranty; Amoco Credit Corp.) (a).......................... 7,700,000 7,700,000
Harris County Health Facilities Development Corporation, HR, VRDN
(Methodist Hospital) 3.75% (Liquidity Facility; Morgan Guaranty Trust Co.) (a) 10,600,000 10,600,000
Panhandle-Plains Higher Education Authority, Student Loan Revenue, Refunding,
VRDN
3.75%, Series A (LOC; Student Loan Marketing Association) (a,b)......... 7,700,000 7,700,000
San Antonio Housing Finance Corporation, MFHR, VRDN (Sunrise Apartments
Project)
3.80% (LOC; Swiss Bank Corp.) (a,b)..................................... 5,000,000 5,000,000
VIRGINIA-1.4%
Pendleton County, IDR, VRDN (Greer Steel Project)
4.10% (LOC; Pittsburgh National Bank) (a,b)............................. 4,015,000 4,015,000
WASHINGTON-2.0%
Washington State Housing Finance Commission (Single Family Program)
4.10%, Series 95 1A-S, 6/1/96 (Insured; FGIC)........................... 5,820,000 5,820,000
WEST VIRGINIA-1.4%
Marion County, Community Solid Waste Disposal Facility Revenue, VRDN
(Granttown Project) 3.85%, Series B (LOC; National Westminster Bank) (a,b) 4,000,000 4,000,000
__________
TOTAL INVESTMENTS (cost $291,424,116)....................................... $291,424,116
============
</TABLE>
<TABLE>
<CAPTION>
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
FGIC Financial Guaranty Insurance Company MFHR Multi-Family Housing Revenue
HR Hospital Revenue PCR Pollution Control Revenue
IDR Industrial Development Revenue SBPA Standby Bond Purchase Agreement
LOC Letter of Credit SFMR Single Family Mortgage Revenue
LOR Limited Obligation Revenue SWDR Solid Waste Disposal Revenue
MBIA Municipal Bond Investors Assurance TAN Tax Anticipation Notes
Insurance Corporation VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
____- __________ ___________
<S> <C> <C>
VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 93.0%
Aaa/Aa (c) AAA/AA (c) 2.9
Not Rated (d) Not Rated (d) 4.1
______
100.0%
======
</TABLE>
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, 1995, 52.2% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks and government agencies.
(c) Notes which are not MIG or SP rated are represented by bond ratings
of the issuers.
(d) Securities which, while not rated by Moody's and Standard & Poor's,
respectively, have been determined by the Fund's Board of Directors to be
of comparable quality to those rated securities in which the Fund may
invest.
See notes to financial statements.
<TABLE>
<CAPTION>
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1995
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $291,424,116
Cash.................................................................... 4,327,556
Interest receivable..................................................... 1,796,317
Prepaid expenses........................................................ 73,303
___________
297,621,292
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $126,692
Due to Distributor...................................................... 17,231
Accrued expenses........................................................ 74,334 218,257
______ _______
NET ASSETS ................................................................ $297,403,035
=============
REPRESENTED BY:
Paid-in capital......................................................... $297,697,314
Accumulated net realized (loss) on investments.......................... (294,279)
____________
NET ASSETS at value ........................................................ $297,403,035
============
SHARES OF COMMON STOCK OUTSTANDING:
Class A Shares
(15 billion shares of $.01 par value shares authorized)............... 294,673,100
===========
Class B Shares
(1 billion shares of $.01 par value shares authorized)................ 3,024,214
=========
NET ASSETS VALUE, price per share:
Class A Shares
($294,378,815 / 294,673,100 shares)................................... $1.00
=====
Class B Shares
($3,024,220 / 3,024,214 shares)....................................... $1.00
=====
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF OPERATIONS YEAR ENDED NOVEMBER 30, 1995
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $11,606,682
EXPENSES:
Management fee-Note 2(a).............................................. $1,447,734
Shareholder servicing costs-Note 2(c)................................. 243,759
Registration fees..................................................... 92,694
Professional fees..................................................... 51,926
Directors' fees and expenses-Note 2(d)................................ 31,046
Custodian fees........................................................ 28,301
Prospectus and shareholders' reports.................................. 7,949
Distribution fees (Class B shares)-Note 2(b).......................... 4,436
Miscellaneous......................................................... 10,748
_________
TOTAL EXPENSES.................................................. 1,918,593
Less-reduction in shareholder servicing costs due to
undertakings-Note 2(c)............................................ 867
_____
NET EXPENSES.................................................... 1,917,726
_________
INVESTMENT INCOME-NET....................................................... 9,688,956
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b)................................ (10,219)
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 9,678,737
============
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED NOVEMBER 30,
________________________________
1994 1995
_________ _________
<S> <C> <C>
OPERATIONS:
Investment income-net................................................ $ 7,191,020 $ 9,688,956
Net realized gain (loss) on investments.............................. 51,495 (10,219)
Net unrealized (depreciation) on investments for the year............ (29,296) __
________ ________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........... 7,213,219 9,678,737
________ ________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Class A shares..................................................... (7,191,020) (9,661,080)
Class B shares..................................................... __ (27,876)
________ ________
TOTAL DIVIDENDS................................................ (7,191,020) (9,688,956)
________ ________
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares..................................................... 1,852,847,565 2,123,635,457
Class B shares..................................................... __ 13,057,352
Dividends reinvested:
Class A shares..................................................... 6,252,692 8,659,640
Class B shares..................................................... __ 2,503
Cost of shares redeemed:
Class A shares..................................................... (1,916,558,825) (2,132,616,921)
Class B shares..................................................... __ (10,035,642)
________ ___________
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS................................... (57,458,568) 2,702,389
____________ _________
TOTAL INCREASE (DECREASE) IN NET ASSETS...................... (57,436,369) 2,692,170
NET ASSETS:
Beginning of year.................................................... 352,147,234 294,710,865
___________ ___________
End of year.......................................................... $ 294,710,865 $ 297,403,035
=========== ===========
</TABLE>
See notes to financial statements.
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 period indicated. This
information has been derived from the Fund's financial statements.
<TABLE>
<CAPTION>
CLASS A SHARES CLASS B SHARES
___________________________________________________ _________
YEAR ENDED
YEAR ENDED NOVEMBER 30, NOVEMBER 30,
___________________________________________________
PER SHARE DATA: 1991 1992 1993 1994 1995 1995(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................. .0428 .0271 .0208 .0225 .0335 .0200
Net realized and unrealized gain (loss)
on investments...................... .0004 .0010 - (.0001) - -
____ ____ ____ ____ ____ ____
TOTAL FROM INVESTMENT OPERATIONS.... .0432 .0281 .0208 .0224 .0335 .0200
____ ____ ____ ____ ____ ____
DISTRIBUTIONS;
Dividends from investment income-net.. (.0428) (.0271) (.0208) (.0225) (.0335) (.0200)
____ ____ ____ ____ ____ ____
Net asset value, end of period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==== ==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN................... 4.36% 2.74% 2.10% 2.27% 3.41% 3.01%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .62% .64% .63% .64% .66% 1.10%(2)
Ratio of net investment income to average
net assets.......................... 4.30% 2.71% 2.08% 2.22% 3.35% 2.83%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager.. - - - - - .09%(2)
Net Assets, end of year (000's Omitted) $342,595 $397,912 $352,147 $294,711 $294,379 $3,024
(1) From March 31, 1995 (commencement of initial offering) to November 30, 1995.
(2) Annualized.
</TABLE>
See notes to financial statements.
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. 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. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc., the parent company of which is Boston Institutional Group,
Inc. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
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.
On March 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
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 as to the
services offered to and the expenses borne by each class and certain voting
rights. 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.
(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 original issue 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 applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Fund has an unused capital loss carryover of approximately $13,000
available for Federal income tax purposes to be
applied against future net securities profits, if any, realized subsequent to
November 30, 1995. If not applied, $2,800 expires in fiscal 1998 and $10,200
expires in fiscal 2003.
At November 30, 1995, 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 on borrowings 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, 1995.
Effective December 1, 1995, Dreyfus Transfer, Inc., a wholly-owned
subsidiary of the Manager, serves as the Fund's Transfer and Dividend
Disbursing Agent.
(B) Under the Distribution Plan with respect to Class B ("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 the Fund's Class B shares at an aggregate annual rate of .20% of
the value of the average daily net assets of Class B. From March 31, 1995
through November 30, 1995, $1,972 was charged to the Fund pursuant to the
Class B Distribution Plan.
(C) Pursuant to the Fund's Shareholder Services Plan with respect to
Class A ("Class A Shareholder Services Plan"), the Fund reimburses Dreyfus
Service Corporation, a wholly-owned subsidiary of the Manager, 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 November 30, 1995, the Fund was charged an
aggregate of $114,244 pursuant to the Class A Shareholder Services Plan.
Under the Shareholder Services Plan with respect to Class B ("Class B
Shareholder Services Plan"), effective March 31, 1995, the Fund pays the
Distributor, at an annual rate of .25 of 1% of the value of the average daily
net assets of Class B shares 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. The Distributor may make payments to Service Agents in respect of
their services. The Distributor determines the amounts to be paid to Service
Agents.
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Manager has undertaken, through November 30, 1996, that if the
aggregate expenses of Class B of the Fund, (excluding
certain expenses as described) 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 relating to Class B to the
extent of any excess expense and up to the full fee payable under such Plan.
From March 31, 1995 through November 30, 1995, $2,464 was charged to the Fund
pursuant to the Class B Shareholder Services Plan, of which $867 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 MUNICIPAL MONEY MARKET FUND, INC.
REPORT OF ERNST & YOUNG LLP, 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, 1995, 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, 1995 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, 1995,
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.
[Ermst and Young LLP signature logo]
New York, New York
January 5, 1996
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, 1995 as "exempt-interest dividends" (not generally subject to
regular Federal income tax).
[Dreyfus lion "d" logo]
GENERAL MUNICIPAL
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. 918/697AR9511
[Dreyfus logo]
General Municipal
Money Market
Fund, Inc.
Annual Report
November 30, 1995
