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,
1996, your Fund's Class A shares produced an annualized yield of 2.93% and
Class B shares produced an annualized yield of 2.65%. For investors in the
highest Federal income tax bracket, this equates to a taxable equivalent
yield of 4.85% for Class A shares and 4.39% for Class B shares.* Income
dividends of approximately $.029 per share were paid during the period for
Class A shares and approximately $.027 for Class B shares. Assuming the
reinvestment of these dividends and accounting for the effect of compounding,
annualized effective yields of 2.97% and 2.69% were achieved for Class A
shares and Class B shares, respectively.** These dividends were exempt from
Federal personal income taxes.***
ECONOMIC AND MARKET ENVIRONMENT
The closing months of the period continued to show the economy
downshifting to lower gear although the stage may be set for acceleration
early in 1997. Real gross domestic product (GDP) rose 2.2% in the third
quarter of 1996, down from 4.88% in the second, with forecasts calling for 2%
growth in the fourth quarter. October industrial production fell 0.5%, more
than expected, while a sharp dip in the length of the workweek in private
employment and in orders reported by purchasers evinced waning economic
strength. Housing indicators have also been edging lower of late, while
retail sales rose only modestly in November. The good news for investors
continued with November's election outcome, as reinforcement of the status
quo postponed the prospect of action on controversial measures like taxes,
the deficit, and health care reform - action that could spell market
volatility. On the other hand, analysts point to growing consumer confidence,
hearty income gains and a rebound in auto production schedules, as factors
that could jump-start the economy in 1997.
Meanwhile, inflation data suggested a continuation in the benign backdrop
we have seen for many months. The core Consumer Price Index (CPI) rose only
0.2% in October, while price increases in producer goods remained virtually
absent. Indeed, the Federal Reserve Board (the "Fed") took no action at its
meeting in November, while its widely watched beige book survey of Federal
Reserve banks around the country supported the view that monetary policy
could remain on its present course for now. Although the market had not been
convinced of this optimistic scenario in September - expecting an
interest-rate hike that never came - most participants seemed to have adopted
the positive inflation outlook by the end of the period. The inflation
picture still bears watching, however, as some economists contend that the
risk of inflation may increase with a pickup in the economy. Some suggest the
Fed may choose to tighten rates slightly in early 1997 in anticipation of a
stronger economy.
PORTFOLIO OVERVIEW
There are times in the municipal money market when the execution of
portfolio strategy is hindered to some degree by a lack of available supply.
Oftentimes, the attempt to extend a fund's average maturity could be thwarted
by a dearth of high quality, short-term investments. These supply conditions
can change substantially and often during the course of one calendar year.
One example of a seasonal period of available supply is during the summer
months when many issuers look to the municipal note market to meet their
short-term financing needs. This year, the increased supply coincided well
with our efforts to increase your Fund's average maturity in anticipation of
a decline in note yields. While there were other times during the period when
the lack of note supply postponed our strategy, we were able to lock in some
attractive rates in the six-month to one-year range. This extension is
designed to potentially benefit your Fund's performance in early 1997 as
yields on much shorter instruments historically have dropped significantly in
the first few weeks of the year. We will continue to monitor the market to
adjust our strategy to any unexpected changes as we seek out high quality
issues that provide an appropriate balance between both income and liquidity
guidelines.
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,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 15, 1996
New York, N.Y.
* The taxable equivalent yield quoted is for investors in the highest
Federal tax bracket of 39.6%.
**Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
*** A portion of the Fund's income may be treated as a preference item for
some investors for the purposes of the Federal Alternative Minimum Tax (AMT).
Income may be subject to state and local taxes.
<TABLE>
<CAPTION>
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS NOVEMBER 30, 1996
Principal
Tax Exempt Investments-100.0% Amount Value
_______ ______
<S> <C> <C>
Arizona-12.4%
Arizona Educational Loan Marketing Corporation, Educational Loan Revenue,
VRDN
3.65%, Series A (BPA; Fuji Bank and Insured; MBIA) (a).................... $ 10,675,000 $ 10,675,000
Glendale Industrial Development Authority, HR, VRDN
(West Valley Camelback) 3.55% (LOC; Norwest Corp.) (a,b).................. 8,300,000 8,300,000
Pima County Industrial Development Authority, Industrial Revenue, VRDN
(Tuscon Electric) 3.60% (LOC; Barclays Bank) (a,b)........................ 14,100,000 14,100,000
California-8.9%
California Housing Finance Agency, Home Mortgage Revenue
4%, Series J, 7/24/97 (Insured; FGIC)..................................... 5,600,000 5,600,000
California School Reserve Program Authority, Revenue
4.75%, Series A, 7/2/97 (Insured; MBIA)................................... 8,000,000 8,040,447
Los Angeles County, TRAN 4.50%, Series A, 6/30/97 (LOC: Credit Suisse,
Morgan Guaranty Trust Co., Union Bank of Switzerland and Westdeutsche Landesbank) (b) 10,000,000 10,030,346
Connecticut-2.6%
State of Connecticut Special Assessment Unemployment Compensation Advance
Fund, Revenue
(Connecticut Unemployment) 3.90%, 7/1/97 (Insured and Liquidity; FGIC).... 7,000,000 7,000,000
Delaware-.6%
Delaware Economic Development Authority, IDR, VRDN (Orient Chemical Corp.
Project)
3.825% (LOC; Sumitomo Bank) (a,b)......................................... 1,480,000 1,480,000
Georgia-9.2%
Burke County Development Authority, PCR, Refunding, VRDN (Oglethorpe Power
Corp.)
3.50%, Series A (BPA; Credit Locale de France and Insured; FGIC) (a)...... 9,400,000 9,400,000
Fulton County, TAN 4%, 12/31/96............................................. 10,000,000 10,003,595
Savannah Economic Development Authority, Exempt Facility Revenue, VRDN
(Home Depot Project) 3.60% (LOC; Trust Co. Bank) (a,b).................... 5,000,000 5,000,000
Hawaii-3.2%
Honolulu City and County, MFHR, VRDN (Halekua Gardens Project)
3.70%, Series A (LOC; Bank of Tokyo) (a,b)................................ 8,471,000 8,471,000
Illinois-1.4%
Illinois Health Facilities Authority, Revenue, VRDN
(Resurrection Health Care Systems) 4.10% (LOC: Comerica Bank,
First Chicago NBD Bank, Lasalle National Bank and National Bank of Detroit) (a,b) 3,600,000 3,600,000
Indiana-4.0%
Indiana Bond Bank, Notes (Reassessment Assistance Program):
4.125%, Series A, 1/30/97................................................. 4,990,000 4,992,970
4.50%, Series B, 1/30/97.................................................. 5,655,000 5,660,416
Kentucky-.9%
Boone County, IDR, VRDN (Curtin Matheson Scientific Project)
3.75% (LOC; Barclays Bank) (a,b).......................................... 2,500,000 2,500,000
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1996
Principal
Tax Exempt Investments (continued) Amount Value
_______ ______
Louisiana-4.7%
West Baton Rouge Parish Industrial District Number 3, Revenue, VRDN
(Dow Chemical Co. Project) 4.20% (Corp. Guaranty; Dow Chemical Co.) (a)... $ 12,500,000 $12,500,000
Michigan-5.8%
Macomb Township Economic Development Corporation, LOR, VRDN (ACR Industries
Project)
3.60% (LOC; Comerica Bank) (a,b).......................................... 700,000 700,000
Michigan Housing Development Authority, Rental Housing Revenue, Refunding,
VRDN
3.65%, Series C (LOC; Credit Suisse) (a,b)................................ 11,000,000 11,000,000
Michigan Strategic Fund, SWDR, VRDN (Grayling Generating Project)
3.75% (LOC; Barclays Bank) (a,b).......................................... 3,800,000 3,800,000
Minnesota-1.9%
Minnesota Housing Finance Agency, SFMR:
3.25%, Series M, 12/12/96 (LOC; Societe Generale) (b)..................... 4,650,000 4,650,000
3.60%, Series O, 12/12/96 (LOC; Societe Generale) (b)..................... 435,000 435,000
New York-1.6%
New York State Housing Finance Agency, Housing Revenue, VRDN (Normandie Court
II)
3.45%, Series A (LOC; Fleet Bank) (a,b)................................... 4,200,000 4,200,000
Ohio-10.0%
Brecksville-Broadview Heights City School District, Notes 3.90%, 1/17/97.... 4,000,000 4,001,736
Cincinnati City School District, Notes 4.37%, 9/18/97....................... 7,830,000 7,852,159
Ohio Air Quality Development Authority, PCR, CP (Cleveland Electric)
3.55%, Series B, 12/20/96................................................. 14,725,000 14,725,000
Tennessee-8.3%
Morristown Industrial Development Board, IDR, VRDN (Camvac International Inc.
Project)
3.825% (LOC; Bankers Trust) (a,b)......................................... 3,000,000 3,000,000
Sevier County Public Building Authority, Local Government Public Improvement,
VRDN:
3.40%, Series A-2 (BPA; Kredietbank and Insured; AMBAC) (a)............... 4,700,000 4,700,000
3.40%, Series A-3 (BPA; Kredietbank and Insured; AMBAC) (a)............... 4,500,000 4,500,000
Tennessee Housing Development Agency, Revenue, Refunding (Homeownership
Program-Issue 3)
3.85%, 5/29/97 (Escrowed In; U.S. Treasuries Securities).................. 10,000,000 9,990,345
Texas-21.7%
Brazos River Harbor Naval District, Harbor Revenue, VRDN (Dow Chemical Co.
Project)
4.20%, Series A (Corp. Guaranty; Dow Chemical Co.) (a).................... 13,800,000 13,800,000
Dallas County, Permanent Improvement
3.75%, Series C, 6/17/97 (LOC; Union Bank of Switzerland) (b)............. 4,640,000 4,640,000
Greater East Texas Higher Education Authority Inc., Student Loan Revenue
4.15%, Series B, 9/1/97 (LOC; Student Loan Marketing Association) (b)..... 5,000,000 5,000,000
Panhandle-Plains Higher Education Authority, Student Loan Revenue, Refunding,
VRDN
3.55%, Series A (LOC; Student Loan Marketing Association) (a,b)........... 12,700,000 12,700,000
San Antonio Housing Finance Corporation, MFHR, VRDN (Sunrise Apartments
Project)
3.55% (LOC; Swiss Bank Corp.) (a,b)....................................... 5,000,000 5,000,000
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1996
Principal
Tax Exempt Investments (continued) Amount Value
_______ ______
Texas (continued)
State of Texas, TRAN 4.75%, 8/29/97......................................... $ 8,000,000 $ 8,045,683
Texas A & M University, University Financing Systems Revenues, CP
3.60%, Series B, 12/13/96................................................. 8,700,000 8,700,000
Virginia-1.4%
Pendleton County, IDR, VRDN (Greer Steel Project)
3.75% (LOC; Pittsburgh National Bank) (a,b)............................... 3,715,000 3,715,000
West Virginia-1.4%
Marion County, Community Solid Waste Disposal Facility Revenue, VRDN
(Granttown Project) 3.60%, Series B (LOC; National Westminster Bank) (a,b) 3,800,000 3,800,000
______
TOTAL INVESTMENTS (cost $266,299,852)....................................... $266,308,697
=======
</TABLE>
<TABLE>
<CAPTION>
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
Summary of Abbreviations
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
BPA Bond Purchase Agreement Insurance Corporation
CP Commercial Paper MFHR Multi-Family Housing Revenue
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
HR Hospital Revenue SFMR Single Family Mortgage Revenue
IDR Industrial Development Revenue SWDR Solid Waste Disposal Revenue
LOC Letter of Credit TAN Tax Anticipation Notes
LOR Limited Obligation Revenue TRAN Tax and Revenue Anticipation Notes
VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
Fitch (c) or Moody's or Standard & Poor's Percentage of Value
- --------- -------- ----------------- --------------
<S> <C> <S> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 92.7%
AAA/AA (e) Aaa/Aa, A1 (e) AAA/AA (e) 4.4
Not Rated (f) Not Rated (f) Not Rated (f) 2.9
___
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, 1996, 42.3% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks, government agencies and corporations.
(c) Fitch currently provides creditworthiness information for a limited
number 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.
(f) Securities which, while not rated by Fitch, Moody's and Standard &
Poor's 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, 1996
Cost Value
_______ _______
<S> <C> <C>
ASSETS: Investments in securities-See Statement of Investments $266,299,852 $266,308,697
Cash....................................... 5,861,845
Interest receivable........................ 2,310,916
Prepaid expenses........................... 70,033
_______
274,551,491
_______
LIABILITIES: Due to The Dreyfus Corporation and affiliates 90,307
Due to Distributor......................... 7,351
Accrued expenses........................... 101,012
_______
198,670
_______
NET ASSETS.................................................................. $274,352,821
=======
REPRESENTED BY: Paid-in capital............................ $274,363,056
Accumulated net realized gain (loss) on investments (19,080)
Accumulated gross unrealized appreciation (depreciation)
.............................. on investments 8,845
_______
NET ASSETS.................................................................. $274,352,821
=======
NET ASSET VALUE PER SHARE
________________-
Class A Class B
_______ _______
Net Assets.................................................................. $256,861,624 $ 17,491,197
Shares Outstanding.......................................................... 257,153,129 17,491,202
NET ASSET VALUE PER SHARE................................................... $1.00 $1.00
=== ===
See notes to financial statements.
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF OPERATIONS YEAR ENDED NOVEMBER 30, 1996
INVESTMENT INCOME
INCOME Interest Income............................ $11,232,789
EXPENSES: Management fee-Note 2(a)................... $1,566,276
Shareholder servicing costs-Note 2(c)...... 277,263
Registration fees.......................... 129,400
Professional fees.......................... 41,902
Custodian fees............................. 32,711
Directors' fees and expenses-Note 2(d)..... 32,091
Distribution fees (Class B)-Note 2(b)...... 29,002
Prospectus and shareholders' reports....... 11,656
Miscellaneous.............................. 11,194
_____
Total Expenses....................... 2,131,495
Less-reduction in shareholder servicing costs due to
undertaking-Note 2(c).................. (41,481)
_____
Net Expenses......................... 2,090,014
______
INVESTMENT INCOME-NET....................................................... 9,142,775
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS-Note 1(b):
Net realized gain (loss) on investments.... $ (6,076)
Net unrealized appreciation (depreciation) on investments 8,845
_____
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS...................... 2,769
______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 9,145,544
======
See notes to financial statements.
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
November 30, 1996 November 30, 1995
_________ _________
OPERATIONS:
Investment income-net......................................... $ 9,142,775 $ 9,688,956
Net realized gain (loss) on investments....................... (6,076) (10,219)
Net unrealized appreciation (depreciation) on investments..... 8,845 --
________ ________
Net Increase (Decrease) in Net Assets Resulting from Operations 9,145,544 9,678,737
________ ________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Class A shares.............................................. (8,758,784) (9,661,080)
Class B shares.............................................. (383,991) (27,876)
________ ________
Total Dividends......................................... (9,142,775) (9,688,956)
________ ________
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares.............................................. 2,093,318,275 2,123,635,457
Class B shares.............................................. 73,759,615 13,057,352
Dividends reinvested:
Class A shares.............................................. 8,186,756 8,659,640
Class B shares.............................................. 265,333 2,503
Cost of shares redeemed:
Class A shares.............................................. (2,139,025,002) (2,132,616,921)
Class B shares.............................................. (59,557,960) (10,035,642)
________ ________
Increase (Decrease) in Net Assets from Capital Stock Transactions (23,052,983) 2,702,389
________ ________
Total Increase (Decrease) in Net Assets............... (23,050,214) 2,692,170
NET ASSETS:
Beginning of Period........................................... 297,403,035 294,710,865
________ ________
End of Period................................................. $ 274,352,821 $ 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
____________________________________________________________
Year Ended November 30,
____________________________________________________________
PER SHARE DATA: 1996 1995 1994 1993 1992
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---- ---- ---- ---- ----
Investment Operations:
Investment income-net........................ .029 .034 .023 .021 .027
---- ---- ---- ---- ----
Distributions:
Dividends from investment income-net......... (.029) (.034) (.023) (.021) (.027)
---- ---- ---- ---- ----
Net asset value, end of period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN.......................... 2.97% 3.41% 2.27% 2.10% 2.74%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... .66% .66% .64% .63% .64%
Ratio of net investment income
to average net assets...................... 2.93% 3.35% 2.22% 2.08% 2.71%
Net Assets, end of period (000's Omitted).... $256,862 $294,379 $294,711 $352,147 $397,912
See notes to financial statements.
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
FINANCIAL HIGHLIGHTS (CONTINUED)
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 B Shares
____________________________
Year Ended November 30,
____________________________
PER SHARE DATA: 1996 1995(1)
___ ___
Net asset value, beginning of period.................................... $ 1.00 $ 1.00
___ ___
Investment Operations:
Investment income-net................................................... .027 .020
___ ___
Distributions:
Dividends from investment income-net.................................... (.027) (.020)
___ ___
Net asset value, end of period.......................................... $ 1.00 $ 1.00
==== ====
TOTAL INVESTMENT RETURN..................................................... 2.70% 3.01%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................................. .85% 1.10%(2)
Ratio of net investment income
to average net assets................................................. 2.65% 2.83%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager.................................... .29% .09%(2)
Net Assets, end of period (000's Omitted)............................... $17,491 $3,024
(1) From March 31, 1995 (commencement of operations) 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:
General Municipal 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 maximize
current income exempt from Federal income tax to the extent 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. The Fund is authorized to issue 16 billion of $.01 par value
Common Stock. The Fund is currently authorized to issue two classes of
shares: Class A (15 billion shares authorized) and Class B (1 billion shares
authorized). 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 char
ged 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.
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. 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. Cost of investments represents amortized cost.
(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.
The Fund has an unused capital loss carryover of approximately $19,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to November 30, 1996. If not
applied, $2,800 of the carryover expires in fiscal 1998, $10,200 expires in
fiscal 2003 and $6,000 expires in fiscal 2004.
As a result of the expiration of a prior year capital loss carryover,
$281,275 was reclassified from accumulated net realized loss to additional
paid-in capital.
At November 30, 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).
GENERAL MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 on borrowings and extraordinary
expenses, exceed 11\2% of the average value of the Fund's 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 for the period
ended November 30, 1996.
(B) Under the Distribution Plan with respect to Class B ("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 the Fund's
Class B shares at an aggregate annual rate of .20 of 1% of the value of the
average daily net assets of Class B. During the period ended November 30,
1996, $29,002 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 period ended November 30, 1996, the Fund was charged an
aggregate of $82,464 pursuant to the Class A Shareholder Services Plan.
Pursuant to the Fund's Shareholder Services Plan, with respect to Class B
("Class B Shareholder Services Plan"), 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 (a securities dealer,
financial institution or other industry professional) in respect of their
services. The Distributor determines the amounts to be paid to Service
Agents.
The Manager has undertaken through March 31, 1997, that if the aggregate
expenses of Class B of the Fund, (exclusive of certain expenses as described
above) exceed .85 of 1% 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. During the period
ended November 30, 1996, $43,503 was charged to the Fund pursuant to the
Class B Shareholder Services Plan, of which $41,481 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 $64,987 during the period ended November 30, 1996.
(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, 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 November 30, 1996 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, 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 & YOUNG LLP signature logo]
New York, New York
January 6, 1997
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, 1996 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.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 918/697AR9611
[Dreyfus logo]
General Municipal
Money Market
Fund, Inc.
Annual Report
November 30, 1996
