<PAGE>
Dreyfus
General Municipal
Money Market
Fund, Inc.
Annual Report
November 30, 1997
<PAGE>
General Municipal Money Market Fund, Inc.
- ------------------------------------------------------------------------------
Letter to Shareholders
Dear Shareholder:
We are pleased to report the performance for General Municipal Money Market
Fund, Inc. for the 12-month reporting period ended November 30, 1997 as shown in
the following table:
Yield Effective Yield*
----- ----------------
Class A Shares.................... 3.09% 3.13%
Class B Shares.................... 2.82% 2.86%
Money Market Overview
The U.S. economy continued to grow solidly during recent months, although
there were signs of a slowdown ahead as the period drew to a close. Growth in
the Gross Domestic Product (GDP) remained strong during the second quarter of
1997, at 3.3%, and fall data seemed to indicate more of the same for the third
quarter. Construction of new homes and apartments unexpectedly rose in October,
while retailing results improved and product orders stayed strong. Job gains
were also healthy, and the unemployment rate dipped to a 24-year low. Weakness
began to emerge, however, with a sharp widening in the September trade gap,
probably representing the first sign that Asia's financial turmoil is slowing
U.S. growth. Recent orders for big-ticket durables also suggested some economic
deceleration, as did a drop in November's National Association of Purchasing
Manager's factory index, which has declined three of the last four months.
Although strong economic growth and tightening employment conditions have
kept market participants on edge about the potential for rising inflation, the
actual inflation picture has improved. The highly reliable, broadly based core
GDP chain weight price index was up only 1.6% over the past four quarters, and
has been demonstrating a clear decelerating trend. In fact, the Federal Reserve
Board's Open Market Committee left the Federal Funds target rate unchanged at
its November meeting, and has not raised it since last March. Short-term rates
have responded accordingly and remained in a trading range throughout most of
the period.
Market Environment/Portfolio Focus
While the Federal Reserve Board remained quiet over the summer months, market
technicals (i.e. supply/demand) played a major role in the short-term municipal
market. Supply of one-year notes dissipated as many securities matured in late
June and July. This increase in investable assets marketwide placed temporary
downward pressure on yields. In the weeks to follow, issuers returned to the
market with their summer financings alleviating the supply and demand imbalance.
During this period, your Fund selectively purchased high-quality municipal notes
which allowed your Fund to diversify and extend out on the one-year yield curve.
Since that time, the market for one-year paper has remained in a trading range.
With the relatively flat yield curve environment that existed, we did not need
to extend your Fund's average maturity significantly in order to capture and
lock in attractive rates.
As year-end approaches, we expect to see a temporary rise in short-term rates
as a result of corporate "window dressing." In addition, dealers generally price
securities at attractive levels in order to keep their year-end inventory to a
minimum. This situation tends to reverse itself in early January as investors
return to the marketplace and demand for short-term municipals increases. As a
result, over year-end we expect to see some volatility in short-term yields but
then the market should stabilize. During this period we will attempt to minimize
the volatility in rates for your Fund by purchasing commercial paper or short
notes which mature beyond January. As always, new investments will continue to
meet the high credit quality standards which we require and to provide a
significant level of liquidity, commensurate with the needs of your Fund.
<PAGE>
Included in this report is a series of detailed statements about your Fund's
holdings and its financial condition. We hope you find them informative. Please
know that we greatly appreciate your continued confidence in the Fund and in The
Dreyfus Corporation.
Very truly yours,
/s/ Richard J. Moynihan
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 18, 1997
New York, N.Y.
* Effective yield takes into account the effect of compounding and is based upon
dividends declared daily and reinvested monthly.
<PAGE>
<TABLE>
<CAPTION>
General Municipal Money Market Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Investments November 30, 1997
Principal
Tax-Exempt Investments--100.0% Amount Value
- ------------------------------------------------------------------------------ ------------- -------------
<S> <C> <C>
Alaska--2.9%
Alaska Housing Finance Corporation, VRDN
3.95%, Series A (BPA: Credit Suisse and Westdeutsche Landesbank) (a)........ $ 15,200,000 $ 15,200,000
Arizona--6.2%
Arizona Educational Loan Marketing Corporation, Educational Loan Revenue, VRDN
4%, Series A (BPA; State Street Bank and Insured; MBIA) (a)................. 10,675,000 10,675,000
Glendale Industrial Development Authority, HR, VRDN
(West Valley Camelback) 3.90% (LOC; Northwest Bank Corp.) (a,b)............. 8,100,000 8,100,000
Pima County Industrial Development Authority, Industrial Revenue, VRDN
(Tucson Electric) 3.85% (LOC; Barclays Bank) (a,b).......................... 14,100,000 14,100,000
California--5.8%
California Higher Education Loan Authority, Student Loan Revenue:
Refunding 3.95%, Series A, 5/1/98 (LOC; National Westminster Bank) (b)...... 10,000,000 10,000,000
3.95%, 6/1/98 (LOC; Student Loan Marketing Association) (b)................. 4,500,000 4,500,000
California Housing Finance Agency, Home Mortgage Revenue
3.95%, Series J, 8/3/98 (Insured; FGIC)..................................... 8,000,000 8,000,000
Los Angeles County, TRAN 4.50%, Series A, 6/30/98.............................. 8,000,000 8,028,937
Connecticut--6.7%
State of Connecticut Development Authority, PCR, Refunding VRDN
(Connecticut Light and Power Co. Project)
3.85%, Series A (LOC; Deutsche Bank) (a,b).................................. 28,700,000 28,700,000
State of Connecticut Special Assessment Unemployment Compensation Advance Fund, Revenue
(Connecticut Unemployment) 3.90%, 7/1/98 (Insured and Liquidity Facility; FGIC) 7,000,000 7,000,000
Delaware--.1%
Delaware Economic Development Authority, IDR, VRDN (Orient Chemical Corp. Project)
4.225% (LOC; Sumitomo Bank) (a,b)........................................... 480,000 480,000
District of Columbia--1.9%
District of Columbia Housing Finance Agency, SFMR
4.15%, Series A, 7/1/98 (LOC; Assured Management Corp.) (b)................. 10,000,000 10,000,000
Florida--3.6%
Brevard County School Board, RAN 4.25%, 5/8/98................................. 10,000,000 10,014,545
Broward County School District, RAN 4.50%, 4/22/98............................. 8,900,000 8,919,987
Georgia--3.4%
Burke County Development Authority, PCR, Refunding (Oglethorpe Power Corp.):
3.60%, Series A, 12/1/97 (Insured; AMBAC)................................... 5,000,000 5,000,000
VRDN 3.80%, Series A (BPA; Credit Locale de France and Insured; FGIC) (a)... 7,900,000 7,900,000
Savannah Economic Development Authority, Exempt Facility Revenue, VRDN
(Home Depot Project) 4%, Series B (LOC; Sun Trust Bank) (a,b)............... 5,000,000 5,000,000
Hawaii--1.6%
Honolulu City and County, MFHR, VRDN (Halekua Gardens Project)
4.35%, Series A (LOC; Bank of Tokyo-Mitsubishi) (a,b)....................... 8,250,000 8,250,000
Idaho--.9%
State of Idaho, TAN 4.625%, 6/30/98............................................ 5,000,000 5,020,723
</TABLE>
<PAGE>
General Municipal Money Market Fund, Inc.
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Statement of Investments (continued) November 30, 1997
Principal
Tax-Exempt Investments (continued) Amount Value
- ------------------------------------------------------------------------------ ------------- -------------
<S> <C> <C>
Illinois--5.0%
Illinois Health Facilities Authority, Revenue, VRDN:
(Rehab Institute of Chicago Project) 3.90% (LOC; Bank of America) (a,b)..... $ 13,500,000 $ 13,500,000
(Resurrection Health Care Systems)
3.85% (LOC: Comerica Bank, First Chicago Bank Corp. and LaSalle National Bank) (a,b) 9,000,000 9,000,000
Southwestern Development Authority, Environmental Improvement Revenue, VRDN
(Shell Oil Co.-Wood River Project) 4.05% (Corp. Guaranty; Shell Oil Co.) (a) 4,050,000 4,050,000
Kentucky--.5%
Boone County, IDR, VRDN (Curtin Matheson Scientific Project)
4.15% (LOC; Toronto-Dominion Bank) (a,b).................................... 2,500,000 2,500,000
Louisiana--3.9%
Saint Charles Parish, PCR, VRDN (Shell Oil Co.-Norco Project)
4.05% (Corp. Guaranty; Shell Oil Co.) (a)................................... 8,000,000 8,000,000
West Baton Rouge Parish Industrial District Number 3, Revenue, VRDN
(Dow Chemical Co. Project) 4.15% (Corp. Guaranty; Dow Chemical Co.) (a)..... 12,500,000 12,500,000
Massachusetts--.6%
City of Springfield, BAN 4.40%, 6/26/98........................................ 3,000,000 3,007,353
Michigan--5.4%
Detroit City School District, State School Aids Notes 4.50%, 5/1/98............ 5,000,000 5,012,021
Macomb Township Economic Development Corporation, LOR, VRDN (ACR Industries Project)
4% (LOC; Comerica Bank) (a,b)............................................... 600,000 600,000
Michigan Municipal Bond Authority, Revenue, Notes 4.50%, Series B, 7/2/98...... 5,000,000 5,017,682
Michigan Strategic Fund, VRDN:
LOR, Refunding (Detroit Edison Co.) 3.90%, Series CC (LOC; Barclays Bank) (a,b) 7,300,000 7,300,000
PCR, Refunding (Consumers Power Project)
3.90%, Series A (LOC; Union Bank of Switzerland) (a,b)................... 7,000,000 7,000,000
SWDR (Grayling Generating Project) 4% (LOC; Barclays Bank) (a,b)............ 3,800,000 3,800,000
Missouri--1.9%
Missouri Health and Educational Facilities Authority, Health Facilities Revenue, VRDN
(Deaconess Long Term Care) 3.95%, Series A (LOC; Bank One) (a,b)............ 9,900,000 9,900,000
Nevada--2.4%
Clark County, IDR, VRDN (Nevada Cogeneration Project)
4% (LOC; Canadian Imperial Bank of Commerce) (a,b).......................... 7,200,000 7,200,000
Washoe County, Water Facilities Revenue, VRDN (Sierra Pacific Power Co. Project)
4.10% (LOC; Union Bank of Switzerland) (a,b)................................ 5,400,000 5,400,000
New Mexico--1.3%
State of New Mexico, TRAN 4.50%, Series A, 6/30/98............................. 7,000,000 7,026,177
New York--4.6%
City of New York, VRDN 3.85%, Subseries E-3 (LOC; Morgan Guaranty Trust Co.) (a,b) 3,000,000 3,000,000
New York State Energy, Research and Development Authority, PCR, VRDN
(Niagara Mohawk Power) 4.10%, Series A (LOC; Morgan Guaranty Trust Co.) (a,b) 3,500,000 3,500,000
New York State Housing Finance Agency, Housing Revenue, VRDN (Normandie Court II)
3.90%, Series A (LOC; Fleet Bank) (a,b)..................................... 4,100,000 4,100,000
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
3.75% (Insured and Liquidity Facility; FGIC) (a)............................ 14,000,000 14,000,000
</TABLE>
<PAGE>
General Municipal Money Market Fund, Inc.
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Statement of Investments (continued) November 30, 1997
Principal
Tax-Exempt Investments (continued) Amount Value
- ------------------------------------------------------------------------------ ------------- -------------
<S> <C> <C>
Principal Ohio--5.2%
Cincinnati City School District, BAN 4.32%, 9/18/98............................ $ 7,830,000 $ 7,852,083
Ohio Air Quality Development Authority, PCR, CP (Cleveland Electric)
3.75%, Series B, 2/11/98 (Insured and Liquidity Facility; FGIC)............. 14,725,000 14,725,000
Ohio Housing Finance Agency, Mortgage Revenue
3.65%, Series A-2, 3/2/98 (LOC; AIG Funding, Inc.) (b)...................... 5,000,000 5,000,000
Pennsylvania--5.7%
Allegheny County Hospital Development Authority, Health Care Revenue, VRDN
(Health Center Presbyterian)
3.85%, Series B (BPA; PNC Bank and Insured; MBIA) (a)....................... 6,100,000 6,100,000
City of Philadelphia, TRAN 4.50%, Series A, 6/30/98............................ 5,000,000 5,013,892
Schuylkill County Industrial Development Authority, RRR, Refunding, VRDN
(Northeastern Power Project)
4%, Series B (LOC; Credit Locale de France) (a,b)........................... 19,000,000 19,000,000
Rhode Island--.9%
Rhode Island Housing and Mortgage Financing Corporation, Revenue
(Homeownership Opportunity) 3.70%, Series 22-B, 12/2/97 (Insured; FGIC)..... 4,900,000 4,900,000
Tennessee--2.2%
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 (BPA; Kredietbank and Insured; AMBAC) (a)................. 4,470,000 4,470,000
3.90%, Series A-3 (BPA; Kredietbank and Insured; AMBAC) (a)................. 4,360,000 4,360,000
Texas--18.5%
Brazos River Authority, PCR, Refunding, VRDN (Texas Utilities Electric Co.):
4.10%, Series B (LOC; Union Bank of Switzerland) (a,b)...................... 9,400,000 9,400,000
4.10%, Series C (BPA; The Bank of New York and Insured; MBIA) (a)........... 14,245,000 14,245,000
4.10%, Series B (Insured; AMBAC) (a)........................................ 12,000,000 12,000,000
Brazos River Harbor Naval District, VRDN:
Brazoria County Revenue (BASF Corp. Project) 4% (Corp. Guaranty; BASF Corp.) (a) 16,600,000 16,600,000
Harbor Revenue (Dow Chemical Co. Project)
4.15%, Series A (Corp. Guaranty; Dow Chemical Co.) (a)................... 12,800,000 12,800,000
Dallas County, Permanent Improvement
3.95%, Series C, 6/15/98 (BPA; Union Bank of Switzerland)................... 4,220,000 4,220,000
Greater East Texas Higher Education Authority Inc., Student Loan Revenue
3.95%, Series B, 9/1/98 (LOC; Student Loan Marketing Association) (b)....... 5,000,000 5,000,000
Gulf Coast Industrial Development Authority, Marine Terminal Revenue, VRDN
(Amoco Oil Co. Project)
4.10% (LOC; Amoco Credit Corp.) (a,b)...................................... 11,300,000 11,300,000
Panhandle-Plains Higher Education Authority, Student Loan Revenue, Refunding, VRDN
3.90%, Series A (LOC; Student Loan Marketing Association) (a,b)............. 12,700,000 12,700,000
Utah--1.9%
Intermountain Power Agency, Power Supply Revenue, CP
3.75%, 2/24/98 (Liquidity Facility: Bank of America and Bank of Nova Scotia) 10,200,000 10,200,000
</TABLE>
<PAGE>
General Municipal Money Market Fund, Inc.
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Statement of Investments (continued) November 30, 1997
Principal
Tax-Exempt Investments (continued) Amount Value
- ------------------------------------------------------------------------------ ------------- -------------
<S> <C> <C>
Virginia--5.6%
Peninsula Ports Authority, Revenue, Refunding, VRDN (Zelgler Coal)
4.10% (LOC; Bank of America) (a,b).......................................... $ 25,000,000 $ 25,000,000
Richmond Redevelopment and Housing Authority, MFHR (Richmeade LP Project)
4.75%, 12/26/97............................................................. 4,800,000 4,800,000
West Virginia--1.3%
Marion County, County Community Solid Waste Disposal Facility Revenue, VRDN
(Granttown Project) 4.05%, Series B (LOC; National Westminster Bank) (a,b).. 3,700,000 3,700,000
Pendleton County, IDR, VRDN (Greer Steel Project) 4.10% (LOC; PNC Bank) (a,b).. 3,415,000 3,415,000
------------
TOTAL INVESTMENTS (cost $530,103,400).......................................... $530,103,400
============
</TABLE>
<TABLE>
<CAPTION>
Summary of Abbreviations
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation MFHR Multi-Family Housing Revenue
BAN Bond Anticipation Notes PCR Pollution Control Revenue
BPA Bond Purchase Agreement RAN Revenue Anticipation Notes
CP Commercial Paper RRR Resources Recovery Revenue
FGIC Financial Guaranty Insurance Company SFMR Single Family Mortgage Revenue
HR Hospital Revenue SWDR Solid Waste Disposal Revenue
IDR Industrial Development Revenue TAN Tax Anticipation Notes
LOC Letter of Credit TRAN Tax and Revenue Anticipation Notes
LOR Limited Obligation Revenue VRDN Variable Rate Demand Notes
MBIA Municipal Bond Investors Assurance
Insurance Corporation
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
- ------------------------------------------------------------------------------------------------------------
Fitch (c) or Moody's or Standard & Poor's Percentage of Value
- ------- -------- ---------------- -------------------
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 94.0%
AAA/AA (e) Aaa/Aa, A1 (e) AAA/AA (e) 2.5
Not Rated (f) Not Rated (f) Not Rated (f) 3.5
-----
100.0%
=====
<FN>
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, 1997, 49.1% of the Fund's net
assets are backed by letters of credit issued by corporations, domestic
banks,foreign banks and government agencies.
(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 Manager to be of comparable quality to those
rated securities in which the Fund may invest.
</TABLE>
See notes to financial statements.
<PAGE>
General Municipal Money Market Fund, Inc.
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Statement of Assets and Liabilities November 30, 1997
Cost Value
------------ -------------
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments $530,103,400 $530,103,400
Cash............................................. 2,646,767
Interest receivable.............................. 3,633,941
Prepaid expenses................................. 58,808
------------
536,442,916
------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.... 231,209
Due to Distributor............................... 6,911
Accrued expenses................................. 138,883
------------
377,003
------------
NET ASSETS..................................................................... $536,065,913
============
REPRESENTED BY: Paid-in capital.................................. $536,058,277
Accumulated net realized gain (loss) on investments 7,636
------------
NET ASSETS..................................................................... $536,065,913
============
NET ASSET VALUE PER SHARE
-------------------------
Class A Class B
------------ ------------
Net Assets..................................................................... $273,057,716 $263,008,197
Shares Outstanding............................................................. 273,339,031 263,000,520
NET ASSET VALUE PER SHARE...................................................... $1.00 $1.00
===== =====
</TABLE>
See notes to financial statements.
<PAGE>
General Municipal Money Market Fund, Inc.
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Statement of Operations Year Ended November 30, 1997
<S> <C> <C> <C>
INVESTMENT INCOME
INCOME Interest Income............................ $15,977,888
EXPENSES: Management fee--Note 2(a)................... $2,127,041
Shareholder servicing costs--Note 2(c)...... 648,576
Distribution fees (Class B)--Note 2(b)...... 335,468
Registration fees.......................... 197,924
Professional fees.......................... 48,952
Custodian fees............................. 43,617
Directors' fees and expenses--Note 2(d)..... 37,023
Prospectus and shareholders' reports....... 6,354
Miscellaneous.............................. 11,098
----------
Total Expenses........................... 3,456,053
Less--reduction in shareholder servicing costs due to
undertaking--Note 2(c).................... (261,396)
----------
Net Expenses............................. 3,194,657
-----------
INVESTMENT INCOME--NET.................................................... 12,783,231
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 1(b):
Net realized gain (loss) on investments.... $ 26,716
Net unrealized appreciation (depreciation)
on investments........................... (8,845)
----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS................... 17,871
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS..................... $12,801,102
===========
</TABLE>
See notes to financial statements.
<PAGE>
General Municipal Money Market Fund, Inc.
- ------------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Year Ended Year Ended
November 30, 1997 November 30, 1996
----------------- -----------------
OPERATIONS:
<S> <C> <C>
Investment income--net.................................................. $ 12,783,231 $ 9,142,775
Net realized gain (loss) on investments................................ 26,716 (6,076)
Net unrealized appreciation (depreciation) on investments.............. (8,845) 8,845
-------------- --------------
Net Increase (Decrease) in Net Assets Resulting from Operations.. 12,801,102 9,145,544
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares...................................................... (7,970,586) (8,758,784)
Class B shares...................................................... (4,812,645) (383,991)
-------------- --------------
Total Dividends.................................................. (12,783,231) (9,142,775)
-------------- --------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares...................................................... 1,212,808,595 2,093,318,275
Class B shares...................................................... 1,069,980,511 73,759,615
Dividends reinvested:
Class A shares...................................................... 7,678,759 8,186,756
Class B shares...................................................... 4,696,878 265,333
Cost of shares redeemed:
Class A shares...................................................... (1,204,301,450) (2,139,025,002)
Class B shares...................................................... (829,168,072) (59,557,960)
-------------- --------------
Increase (Decrease) in Net Assets from Capital Stock Transactions 261,695,221 (23,052,983)
-------------- --------------
Total Increase (Decrease) in Net Assets....................... 261,713,092 (23,050,214)
NET ASSETS:
Beginning of Period.................................................... 274,352,821 297,403,035
-------------- --------------
End of Period.......................................................... $ 536,065,913 $ 274,352,821
============== ==============
</TABLE>
See notes to financial statements.
<PAGE>
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,
--------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA: 1997 1996 1995 1994 1993
----- ----- ----- ----- -----
Net asset value, beginning of period.................... $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- -----
Investment Operations:
Investment income--net................................... .031 .029 .034 .023 .021
----- ----- ----- ----- -----
Distributions:
Dividends from investment income--net.................... (.031) (.029) (.034) (.023) (.021)
----- ----- ----- ----- -----
Net asset value, end of period......................... $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== =====
TOTAL INVESTMENT RETURN.................................... 3.14% 2.97% 3.41% 2.27% 2.10%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................. .62% .66% .66% .64% .63%
Ratio of net investment income to average net assets.... 3.09% 2.93% 3.35% 2.22% 2.08%
Net Assets, end of period (000's Omitted)............... $273,058 $256,862 $294,379 $294,711 $352,147
</TABLE>
See notes to financial statements.
<PAGE>
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.
<TABLE>
<CAPTION>
Class B Shares
------------------------------
Year Ended November 30,
------------------------------
<S> <C> <C> <C>
PER SHARE DATA: 1997 1996 1995(1)
----- ----- -----
Net asset value, beginning of period...................................... $1.00 $1.00 $1.00
----- ----- -----
Investment Operations:
Investment income--net..................................................... .028 .027 .020
----- ----- -----
Distributions:
Dividends from investment income--net...................................... (.028) (.027) (.020)
----- ----- -----
Net asset value, end of period............................................ $1.00 $1.00 $1.00
===== ===== =====
TOTAL INVESTMENT RETURN...................................................... 2.86% 2.70% 3.01%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................................... .95% .85% 1.10%(2)
Ratio of net investment income to average net assets...................... 2.87% 2.65% 2.83%(2)
Decrease reflected in above expense ratios due to undertakings by the Manager .16% .29% .09%(2)
Net Assets, end of period (000's Omitted)................................. $263,008 $17,491 $3,024
<FN>
- --------------
(1) From March 31, 1995 (commencement of initial offering) to November 30, 1995.
(2) Annualized.
</TABLE>
See notes to financial statements.
<PAGE>
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") is the distributor of
the Fund's shares, which are sold to the public without a sales load. The Fund
is authorized to issue 16 billion 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 A shares and Class
B shares are identical except for the services offered to and the expenses borne
by each class and certain voting rights. Class B shares are subject to a
Distribution Plan adopted pursuant to Rule 12b-1 under the Act and, in addition,
Class B shares are charged directly for sub-accounting services provided by
Service Agents (a securities dealer, financial institution or other industry
professional) at an annual rate of .05% of the value of the average daily net
assets of Class B shares.
It is the Fund's policy to maintain a continuous net asset value per share of
$1.00; the Fund has adopted certain investment, portfolio valuation and dividend
and distribution policies to enable it to do so. There is no assurance, however,
that the Fund will be able to maintain a stable net asset value per share of
$1.00.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: Investments in securities 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, if any,
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.
At November 30, 1997, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
<PAGE>
General Municipal Money Market Fund, Inc.
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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
1 1/2% of the value of the Fund's average net assets, the Fund may deduct from
payments to be made to the Manager, or the Manager will bear such excess
expense. During the period ended November 30, 1997, there was no expense
reimbursement pursuant to the Agreement.
(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, 1997, the Fund was charged
$335,468 pursuant to the Class B Distribution Plan.
(c) Under the 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, 1997, the Fund was charged $74,764 pursuant to the Class A
Shareholder Services Plan.
Under the 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 in respect of their services. The Distributor
determines the amounts to be paid to Service Agents.
The Manager had undertaken from December 1, 1996 through June 30, 1997, that
if the aggregate expenses of Class B of the Fund, exclusive of taxes, brokerage,
interest on borrowings and extraordinary expenses, exceeded specified annual
percentages 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, 1997, the Fund was
charged $419,335 pursuant to the Class B Shareholder Services Plan, of which
$261,396 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. During the period
ended November 30, 1997, the Fund was charged $161,750 pursuant to the transfer
agency agreement.
(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.
<PAGE>
General Municipal Money Market Fund, Inc.
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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, 1997, 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 and financial highlights. Our procedures included confirmation of
securities owned as of November 30, 1997 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, 1997, 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
New York, New York
January 8, 1998
<PAGE>
General Municipal Money Market Fund, Inc.
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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, 1997 as "exempt-interest dividends" (not generally subject to regular
Federal income tax).
<PAGE>
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. 918/697AR9711
