YEAR 2000 ISSUES (UNAUDITED)
The fund could be adversely affected if the computer systems used by The
Dreyfus Corporation and the fund' s other service providers do not properly
process and calculate date-related information from and after January 1, 2000.
The Dreyfus Corporation is working to avoid Year 2000-related problems in its
systems and to obtain assurances from other service providers that they are
taking similar steps. In addition, issuers of securities in which the fund
invests may be adversely affected by Year 2000-related problems. This could have
an impact on the value of the fund's investments and its share price.
GENERAL MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for General Municipal Money Market
Fund for the 12-month period ended November 30, 1998 as shown in the following
table:
<TABLE>
<CAPTION>
YIELD EFFECTIVE YIELD*
_______ _____________
<S> <C> <C>
Class A Shares . . . . . . . . . . . . . . . . . . . . 2.98% 3.02%
Class B Shares . . . . . . . . . . . . . . . . . . . . 2.61% 2.64%
</TABLE>
ECONOMY
During 1998, the main regions of the world had very different economic
fundamentals. The U.S. entered the year with a strong economy near full
employment, with unemployment only slightly above 4%. The tight labor market led
the Federal Reserve Board to contemplate a rise in interest rates early in the
year. The U.S. economy cooled enough over the months that the Fed decided to
stand pat. Evidence of economic cooling continued to accumulate and worries
about the world economy intensified. Financial stresses pushed the Fed to ease
beginning in September. After many years of subpar economic growth, continental
Europe moved into a sustained economic expansion. The overall European economy
benefited as interest rates in peripheral countries such as Spain and Italy
fell, approaching the lower level established by Germany, on the eve of currency
unification. Unlike the U.S., Europe has substantial excess capacity of
productive plants and labor. In Asia, weak economies were pervasive as a result
of the Asian financial crisis. The Latin American economies weakened as the
financial stresses spread throughout that region.
A main influence on the U.S. economy this year was the foreign financial
crisis and cooling of the world economy. The positive effects hit first. Actual
inflation and expected inflation dropped, causing a decline in long-term
Treasury bond yields and mortgage rates. This caused a boom in housing. The drop
in inflation helped the consumer sector as more of the growth in consumer income
was left over after inflation to buy goods and services. Consumers benefited
from a combination of good growth in real income, a strong labor market and past
increases in the prices of assets they owned.
The negative effect of Asian weakness was felt in the industrial sector more
than the consumer sector. Corporate profits weakened, especially in sectors
affected by the Asian crisis such as world-traded commodities (oil, metals and
paper) and exports. One result of the industrial weakness was to cool off a U.S.
economy that had been growing rapidly.
The major change in the economic outlook over recent months has been a
downward shift in expectations for world economic growth. A credit crunch
developed in emerging countries and former communist countries, sharply reducing
the economic outlook for Asia and Latin America as well as for
commodity-exporting countries throughout the world. The effect on Europe and the
U.S. has been to lower expectations of profit growth and drive down bond yields.
Monetary policy has begun to ease in Europe as well as the U.S.
Evidence of a weaker world economy accumulated as the financial stresses
continued. A worsened financial crisis occurred between the Russian default in
mid-August and the fallout from the Long-Term Capital Management hedge fund
crisis through early October. However, proactive steps were taken to stabilize
the Japanese banks, design a support package for Brazil and ease monetary
policy. There appears to be a shift in the priorities of key policymakers from
fighting potential inflation to restimulating future world economic growth.
MARKET ENVIRONMENT/PORTFOLIO OVERVIEW
The manner in which the Federal Reserve eased this past quarter was a gradual
process. For three successive months, beginning in September, the Fed reduced
the target rate for Fed Funds a total of 75 basis points. The Fed also lowered
the Discount Rate by 25 basis points each, in November and December. The Fed's
actions provided even greater strength to an already strong short-term municipal
money market. Prior to these rate cuts, the short-term market had already felt
the effects of the diminished supply of eligible new issuance over the summer
months. This year's summer calendar of municipal notes (consisting mainly of
California paper) was drastically reduced by a combination of factors. Due to
the strength of local and state economies, several issuers reduced the amount of
short-term borrowing needed. Additionally, many issuers came to market with
securities with maturities beyond the 13-month maximum restriction allowable for
tax-exempt money funds. Other issues were converted to a shortened synthetic
structure, thus eliminating the ability to extend out into the one-year range.
This reduction in supply resulted in lower yields for most one-year paper, both
national and state specific.
We extended your Fund's average maturity beyond 65 days during the summer
months, just prior to the market strengthening. Your Fund benefited from our
purchase of securities in the one-year range at yields significantly higher than
what is currently available in the market. As the summer progressed, yields
began to drop as they reflected the diminished supply of one-year notes. During
this period we utilized the commercial paper market to maintain the Fund's
average maturity. As year-end approaches, we will continue to search for those
longer-term investment opportunities which will lock in higher rates while
providing an attractive return to the tax-exempt investor. As always, we will
structure the portfolio in an attempt to maximize current yield while
maintaining our commitment to high quality tax-exempt investments.
Very truly yours,
[Richard J. Moynihan signature]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 15, 1998
New York, N.Y.
* Effective yield takes into account the effect of compounding and is based upon
dividends declared daily and reinvested monthly.
<TABLE>
<CAPTION>
GENERAL MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS NOVEMBER 30, 1998
Principal
Tax Exempt Investments--99.6% Amount Value
- ------------------------------------------------------- ____________ _____________
<S> <C> <C>
Alabama--.7%
McIntosh, IDB, EIR, Refunding, VRDN (CIBC Speciality)
3.35%, Series E (Corp. Guaranty; CIBC Specialty) (a) . . . . . . . . . . . . . . . . . $ 4,400,000 $ 4,400,000
Alaska--2.3%
Alaska Housing Finance Corporation, VRDN
3.20%, Series A (BPA: Credit Suisse and Westdeutsche Landesbank) (a) . . . . . . . . . 15,200,000 15,200,000
Arizona--5.0%
Arizona Educational Loan Marketing Corporation, Educational Loan Revenue, VRDN
3.25%, Series A (BPA; Fuji Bank and Insured; MBIA) (a) . . . . . . . . . . . . . . . . 10,675,000 10,675,000
Glendale Industrial Development Authority, HR, VRDN
(West Valley Camelback) 3.15% (LOC; Northwest Bank Corp.) (a) . . . . . . . . . . . . . 7,800,000 7,800,000
Pima County Industrial Development Authority, Industrial Revenue, VRDN
(Tucson Electric) 3.15% (LOC; Toronto-Dominion Bank) (a) . . . . . . . . . . . . . . . 14,100,000 14,100,000
California--1.2 %
California Higher Education Loan Authority, Student Loan Revenue, Refunding
3.80%, Series A, 5/1/99 (LOC; National Westminster Bank) . . . . . . . . . . . . . . . 8,000,000 8,000,000
Connecticut--3.2%
State of Connecticut, Revenue:
Special Assessment Unemployment Compensation Advance Fund
(Connecticut Unemployment)
3.60%, 7/1/99 (Insured; FGIC and Liquidity Facility; FGIC) . . . . . . . . . . . . 7,000,000 7,000,000
Special Tax Obligation, VRDN (Transportation Infrastructure-1):
3.10% (LOC; Commerzbank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,100,000 13,100,000
3.20% (LOC; Commerzbank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 800,000 800,000
District of Columbia--.8%
District of Columbia Housing Finance Agency, SFMR
3.75%, Series B, 9/30/99 (LOC: Canadian Imperial Bank of Commerce,
Morgan Guaranty Trust Co. and Societe Generale) . . . . . . . . . . . . . . . . . . . . 5,000,000 5,026,260
Florida--4.1%
Florida Housing Financing Agency:
Multi-Family, Refunding (Iowa Lakes Project)
3.85%, Series D, 4/1/99 (LOC; Continental Casualty) . . . . . . . . . . . . . . . . 4,655,000 4,655,000
(Wood Forest II Project)
3.15%, Series BBB, 12/1/99 (LOC; Continental Casualty) . . . . . . . . . . . . . . 6,000,000 6,000,000
Miami-Dade County School Board, COP, Refunding
4%, Series C, 5/1/99 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . . . . 5,560,000 5,582,689
Miami-Dade County School District, TAN 4%, 6/30/99 . . . . . . . . . . . . . . . . . . . . 10,450,000 10,470,407
Georgia--3.5%
Burke County Development Authority, PCR, Refunding (Oglethorpe Power Corp.):
CP 3.05%, Series A, 3/10/99 (Insured; AMBAC and Liquidity Facility;
Rabobank Netherland) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,000,000
VRDN 3.05%, Series A (BPA; Credit Locale de France and Insured; FGIC) (a) . . . . . . . 7,900,000 7,900,000
GENERAL MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998
Principal
Tax Exempt Investments (continued) Amount Value
- ------------------------------------------------------- ____________ _____________
Georgia (continued)
Savannah Economic Development Authority, Exempt Facility Revenue, VRDN
(Home Depot Project) 3.25%, Series B (LOC; Sun Trust Bank) (a) . . . . . . . . . . . . $ 5,000,000 $ 5,000,000
Idaho--.8%
State of Idaho, TAN 4.50%, 6/30/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,025,100
Illinois--9.5%
City of Chicago 3.55%, 2/4/99 (LOC; Morgan Guaranty Trust Co.) . . . . . . . . . . . . . . 10,000,000 10,000,000
Chicago Midway Airport, Revenue, VRDN (Second Lien)
3.40%, Series A (Insured; MBIA and Liquidity Facility; FNB Chicago) . . . . . . . . . . 17,800,000 17,800,000
Illinois Health Facilities Authority, Revenue, VRDN:
(Rehab Institute of Chicago Project) 3.15% (LOC; Bank of America) (a) . . . . . . . . . 13,500,000 13,500,000
(Resurrection Health Care System) 3.35% (a) . . . . . . . . . . . . . . . . . . . . . . 11,000,000 11,000,000
Southwestern Development Authority, EIR, VRDN
(Shell Oil Co.-Wood River Project) 3.45% (Corp. Guaranty; Shell Oil Co.) (a) . . . . . 10,300,000 10,300,000
Indiana--2.1%
City of Indianapolis, RRR, VRDN (Ogden Martin Systems)
3.35% (LOC; Westdeutsche Landesbank) (a) . . . . . . . . . . . . . . . . . . . . . . . 8,000,000 8,000,000
Indianapolis Local Public Improvement Bond Bank
4.25%, Series A , 1/11/99 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . 5,500,000 5,503,628
Iowa--.5%
Iowa Finance Authority, SWDR, VRDN (Cedar River Paper Co. Project)
3.35% (LOC; Bank of Nova Scotia) (a) . . . . . . . . . . . . . . . . . . . . . . . . . 3,300,000 3,300,000
Kentucky--.4%
Boone County, IDR, VRDN (Curtin Matheson Scientific Project)
3.35% (LOC; Toronto-Dominion Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,500,000
Louisiana--3.5%
Ascension Parish, Revenue, VRDN
(B.A.S.F. Corp. Project) 3.35% (LOC; B.A.S.F. Corp.) . . . . . . . . . . . . . . . . . 10,800,000 10,800,000
West Baton Rouge Parish Industrial District Number 3, Revenue, VRDN
(Dow Chemical Co. Project) 3.55% (Corp. Guaranty; Dow Chemical Co.) (a) . . . . . . . . 12,500,000 12,500,000
Maryland--1.0%
Baltimore County, PCR, CP (Baltimore Gas and Electric)
3.50% (LOC; Toronto-Dominion Bank) (a,b) . . . . . . . . . . . . . . . . . . . . . . . 6,600,000 6,600,000
Massachusetts--4.2%
City of Springfield, BAN:
3.625%, 3/2/99 (LOC; Fleet Bank) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,006,557
4%, 6/25/99 (LOC; Fleet Bank) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,910,000 3,916,373
4%, 7/15/99 (LOC; Fleet Bank) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000,000 13,027,114
Montachusett Regional Vocational Technical School District, BAN 4%, 7/23/99. . . . . . . . 5,660,000 5,670,404
GENERAL MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998
Principal
Tax Exempt Investments (continued) Amount Value
- ------------------------------------------------------- ____________ _____________
Michigan--2.9%
Macomb Township Economic Development Corporation, LOR, VRDN (ACR Industries
Project)
3.30% (LOC; Comerica Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 550,000 $ 550,000
Michigan Strategic Fund, SWDR, VRDN (Grayling Generating Project)
3.15% (LOC; Barclays Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,800,000 3,800,000
Midland County Economic Development Corporation, LOR, VRDN
(Dow Chemical Co. Project) 3.35%, Series A (LOC; Dow Chemical Co.) (a) . . . . . . . . 15,100,000 15,100,000
Minnesota--2.2%
Cohasset, Revenue, Refunding, VRDN (Minnesota Power and Light Co. Project)
3.25%, Series A (LOC: ABN-Amro Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . 7,600,000 7,600,000
Minneapolis and St. Paul Housing and Redevelopment Authority, Health Care
System Revenue,
Refunding, VRDN (Children's Health Care Project)
3.30%, Series B (Insured: FSA and Norwest Bank and LOC; Norwest Corp.) (a) . . . . . . 6,800,000 6,800,000
Missouri--2.4%
Missouri Health and Educational Facilities Authority, Health Facilities Revenue,
VRDN
(Deaconess Long Term Care) :
3.25%, Series A (LOC; Bank One) (a) . . . . . . . . . . . . . . . . . . . . . . . . 9,500,000 9,500,000
3.30%, Series A (LOC; Bank One) (a) . . . . . . . . . . . . . . . . . . . . . . . . 200,000 200,000
Independence Industrial Development Authority, IDR, Revenue, Refunding, VRDN
(Grooves and Graceland) 3.25%, Series A (LOC; Credit Locale de France) (a) . . . . . . 6,300,000 6,300,000
Nevada--1.9%
Clark County, IDR, VRDN (Nevada Cogeneration Project)
3.45% (LOC; Canadian Imperial Bank of Commerce) (a) . . . . . . . . . . . . . . . . . . 7,200,000 7,200,000
Washoe County, Water Facilities Revenue, VRDN (Sierra Pacific Power Co. Project
3.45% (LOC; Union Bank of Switzerland) (a) . . . . . . . . . . . . . . . . . . . . . . 5,400,000 5,400,000
New Mexico--1.5%
State of New Mexico, TRAN 4.25%, 6/30/99. . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,036,271
New York--6.3%
Long Island Power Authority, Electric System Revenue:
CP 3.375%, Sub-Series 1, 12/9/98
(LOC: Bayerische Landesbank and Westdeutsche Landesbank) . . . . . . . . . . . . . 12,000,0000 12,000,000
VRDN 3.15%, Sub-Series 7 (Insured; MBIA and LOC; Credit Suisse) (a) . . . . . . . . . . 5,000,000 5,000,000
State of New York, CP 3.10%, 2/19/99 (LOC; Westdeutsche Landesbank). . . . . . . . . . . . 10,000,000 10,000,000
New York State Energy Resource and Development Authority, PCR, VRDN
(Niagara Mohawk Power) 3.75%, Series A (LOC; Toronto-Dominion Bank) (a) . . . . . . . . 5,850,000 5,850,000
New York State Housing Finance Agency, Housing Revenue, VRDN (Normandie Court
II)
3%, Series A (LOC; Fleet Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,000,000
New York State Local Government Assistance Corporation, VRDN
2.90%, Series A (Liquidity; Union Bank of Switzerland and LOC: Credit Suisse
and Union Bank of Switzerland) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,000
GENERAL MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998
Principal
Tax Exempt Investments (continued) Amount Value
- ------------------------------------------------------- ____________ _____________
North Carolina--1.0%
Craven County Industrial Facilities and Pollution Control Financing Authority,
VRDN
(Craven Wood Energy) 3.45%, Series C (LOC; ABN-Amro Bank) (a) . . . . . . . . . . . . . $ 6,900,000 $ 6,900,000
Ohio--7.5%
Cincinnati City School District:
BAN 4%, 9/16/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,830,000 7,859,902
TAN 4.08%, 12/31/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,001,908
Greene County, Certificates of Indebtedness, GO Notes 3.75%, 5/6/99 . . . . . . . . . . . 8,000,000 8,000,651
Montgomery County, Revenue, Refunding, CP (Miami Valley Hospital)
3.60%, Series A, 12/14/98 (LOC; Morgan Guaranty Trust Co.) . . . . . . . . . . . . . . 8,000,000 8,000,000
Ohio Air Quality Development Authority, PCR, CP
3%, Series B, 3/12/99 (Insured and Liquidity; FGIC) . . . . . . . . . . . . . . . . . . 14,725,000 14,725,000
Ohio Housing Finance Agency, Mortgage Revenue
3.85%, Series A-2, 3/1/99 (LOC; Trinity Funding Corp.) . . . . . . . . . . . . . . . . 5,670,000 5,670,000
Oregon--1.0%
Klamath Falls, Electric Revenue, (Salt Cave Hydroelectric)
3.80%, Series C, 5/3/99 (Escrowed in; U.S. Treasury Bills) . . . . . . . . . . . . . . 7,000,000 7,000,000
Pennsylvania--3.8%
City of Philadelphia, TRAN 4.25%, Series A, 6/30/99. . . . . . . . . . . . . . . . . . . . 5,000,000 5,017,129
Philadelphia School District, TRAN 4.25%, Series A, 6/3/99 . . . . . . . . . . . . . . . . 20,000,000 20,065,167
South Carolina--.7%
South Carolina Housing Finance and Development Authority, Mortgage Revenue
3.60%, Series A, 7/1/99 (Escrowed in; U.S. Treasury Bills) . . . . . . . . . . . . . . 4,485,000 4,485,000
Tennessee--2.3%
Sevier County, Public Building Authority, VRDN (Local Government Public
Improvement):
3.15%, Series III-C-2 (Insured; AMBAC and Liquidity Facility; Landesbank-Hessen) (a) . 10,200,000 10,200,000
3.15%, Series III-C-3 (Insured; AMBAC and Liquidity Facility; Landesbank-Hessen) (a) . 4,800,000 4,800,000
Texas--15.6%
Brazos River Authority, PCR, Refunding, VRDN (Texas Utilities Electric Co.):
3.35%, Series A (BPA; The Bank of New York) (a) . . . . . . . . . . . . . . . . . . . . 4,000,000 4,000,000
3.45%, Series C (BPA; The Bank of New York and Insured; MBIA) (a) . . . . . . . . . . . 14,245,000 14,245,000
3.45%, Series C (BPA; The Bank of New York and Insured; AMBAC) (a) . . . . . . . . . . 13,700,000 13,700,000
3.80%, Series B (Insured; AMBAC) (a) . . . . . . . . . . . . . . . . . . . . . . . . . 12,000,000 12,000,000
Brazos River Harbor Naval District, Harbor Revenue, VRDN:
(B.A.S.F. Corp.) 3.35% (Corp. Guaranty; B.A.S.F. Corp.) (a) . . . . . . . . . . . . . . 16,500,000 16,500,000
(Dow Chemical Co. Project) 3.55% Series A (Corp. Guaranty; Dow Chemical Corp.) (a) . . 12,800,000 12,800,000
Gulf Coast Industrial Development Authority, Marine Terminal Revenue, VRDN
(Amoco Oil Co. Project) 3.45% (LOC; Amoco Credit Corp.) (a) . . . . . . . . . . . . . 11,300,000 11,300,000
Harris County Industrial Development Corporation, PCR, Refunding, VRDN (Exxon
Corp. Project)
3.40% (LOC; Exxon Corp.) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,500,000 5,500,000
Panhandle-Plains Higher Education Authority, Student Loan Revenue, Refunding,
VRDN
3.15%, Series A (LOC; Student Loan Marketing Association) (a) . . . . . . . . . . . . . 12,700,000 12,700,000
GENERAL MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998
Principal
Tax Exempt Investments (continued) Amount Value
- ------------------------------------------------------- ____________ _____________
Virginia--6.7%
Peninsula Ports Authority, Revenue, Refunding, VRDN (Zelgler Coal)
3.50% (LOC; Bank of America) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 34,000,000 $ 34,000,000
Richmond Industrial Development Authority, Revenue, VRDN (Cogentrix of Richmond
Project)
3.70%, Series A (LOC; Banque Paribas) (a) . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,000,000
West Virginia--1.0%
Marion County, County Community Solid Waste Disposal Facility Revenue, VRDN
(Granttown Project) 3.25%, Series B (LOC; National Westminster Bank) (a) . . . . . . . 3,700,000 3,700,000
Pendleton County, IDR, VRDN (Greer Steel Project) 3.45% (LOC; PNC Bank) (a). . . . . . . . 3,015,000 3,015,000
_____________
TOTAL INVESTMENTS (cost $655,679,560). . . . . . . . . . . . . . . . . . . . . . . . . . . 99.6% $655,679,560
======= =============
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4% $ 2,354,423
======= =============
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $658,033,983
======= =============
</TABLE>
<TABLE>
<CAPTION>
Summary of Abbreviations
- -----------------------------------------------------------------------------
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
BAN Bond Anticipation Notes LOR Limited Obligation Revenue
BPA Bond Purchase Agreement MBIA Municipal Bond Investors Assurance
COP Certificate of Participation Insurance Corporation
CP Commercial Paper PCR Pollution Control Revenue
EIR Environment Improvement Revenue RRR Resources Recovery Revenue
FGIC Financial Guaranty Insurance Company SFMR Single Family Mortgage Revenue
FSA Financial Security Assurance SWDR Solid Waste Disposal Revenue
GO General Obligation TAN Tax Anticipation Notes
HR Hospital Revenue TRAN Tax and Revenue Anticipation Notes
IDB Industrial Development Board VRDN Variable Rate Demand Notes
IDR Industrial Development Revenue
Summary of Combined Ratings (Unaudited)
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value
_______ ________ __________________ ____________________
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 92.6%
AAA/AA (b) Aaa/Aa, A1 (b) AAA/AA (b) 2.1
Not Rated (c) Not Rated (c) Not Rated (c) 5.3
_______
100.0%
=======
Notes to Statement of Investments:
</TABLE>
- -----------------------------------------------------------------------------
(a) Securities payable on demand. Variable interest rate--subject to periodic
change.
(b) Notes which are not F, MIG or SP rated are represented by bond ratings of
the issuers.
(c) 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.
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
GENERAL MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1998
Cost Value
____________ ___________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $655,679,560 $655,679,560
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 4,729,071
Interest receivable . . . . . . . . . . . . . . . . . . . 3,892,914
Prepaid expenses . . . . . . . . . . . . . . . . . . . . 38,919
_____________
664,340,464
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 224,116
Due to Distributor . . . . . . . . . . . . . . . . . . . 4,517
Payable for investment securities purchased . . . . . . . 6,000,000
Accrued expenses . . . . . . . . . . . . . . . . . . . . 77,848
_____________
6,306,481
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $658,033,983
==============
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $658,053,905
Accumulated net realized gain (loss) on investments . . . (19,922)
-------------
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $658,033,983
===============
NET ASSET VALUE PER SHARE
--------------------------------------------------
Class A Class B
______________ ______________
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $280,397,634 $377,636,349
Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280,692,273 377,642,906
NET ASSET VALUE PER SHARE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.00 $1.00
===== =====
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
GENERAL MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS YEAR ENDED NOVEMBER 30, 1998
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . $21,671,949
EXPENSES: Management fee--Note 2(a) . . . . . . . . . . . . $ 3,038,316
Shareholder servicing costs--Note 2(c) . . . . . 1,151,244
Distribution fees (Class B)--Note 2(b) . . . . . 646,579
Registration fees . . . . . . . . . . . . . . . . 103,954
Professional fees . . . . . . . . . . . . . . . . 53,283
Custodian fees . . . . . . . . . . . . . . . . . 48,212
Directors' fees and expenses--Note 2(d) . . . . . 33,133
Prospectus and shareholders' reports . . . . . . 20,790
Miscellaneous . . . . . . . . . . . . . . . . . . 14,774
_____________
Total Expenses . . . . . . . . . . . . . . . . 5,110,285
Less--reduction in shareholder servicing costs due to
undertaking--Note 2(c) . . . . . . . . . . . . (282,750)
_____________
Net Expenses . . . . . . . . . . . . . . . . . 4,827,535
_____________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,844,414
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 1(b) . . . . . . . . . . . . . . . . (17,137)
_____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . $16,827,277
=============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
GENERAL MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
November 30, 1998 November 30, 1997
_________________ _________________
<S> <C> <C>
OPERATIONS
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,844,414 $ 12,783,231
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . (17,137) 26,716
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . . --- (8,845)
_______________ _______________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . 16,827,277 12,801,102
_______________ _______________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,462,642) (7,970,586)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,381,772) (4,812,645)
Net realized gain on investments:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,225) ----
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,196) ----
_______________ _______________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,854,835) (12,783,231)
_______________ _______________
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,327,446,611 1,212,808,595
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,660,435,145 1,069,980,511
Dividends reinvested:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,202,286 7,678,759
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,193,899 4,696,878
Cost of shares redeemed:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,328,295,655) (1,204,301,450)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,553,986,658) (829,168,072)
_______________ _______________
Increase (Decrease) in Net Assets from Captial Stock Transactions . . . 121,995,628 261,695,221
_______________ _______________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . 121,968,070 261,713,092
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 536,065,913 274,352,821
_______________ _______________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 658,033,983 $ 536,065,913
================ ================
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
GENERAL MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
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: 1998 1997 1996 1995 1994
______ ______ ______ ______ ______
<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 . . . . . . . . . . . . . . . . .. .030 .031 .029 .034 .023
______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . . . . . . . . (.030) (.031) (.029) (.034) (.023)
______ ______ ______ ______ ______
Net asset value, end of period . . . . . . . . . . . . . $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . . . . . 3.02% 3.14% 2.97% 3.41% 2.27%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . .. .60% .62% .66% .66% .64%
Ratio of net investment income
to average net assets . . . . . . . . . . . . . . . . 2.98% 3.09% 2.93% 3.35% 2.22%
Net Assets, end of period (000's Omitted) . . . . . . . $280,398 $273,058 $256,862 $294,379 $294,711
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
GENERAL MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (CONTINUED)
Contained below is per share operating performance data for a share of Capital
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,
____________________________________________
PER SHARE DATA: 1998 1997 1996 1995(1)
_____ _____ _____ ______
<S> <C> <C> <C> <C>
Net asset value, beginning of period . . . . . . . . . . . . . . . $1.00 $1.00 $1.00 $1.00
_____ _____ _____ _____
Investment Operations:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . .026 .028 .027 .020
_____ _____ _____ _____
Distributions:
Dividends from investment income--net . . . . . . . . . . . . . . . (.026) (.028) (.027) (.020)
_____ _____ _____ _____
Net asset value, end of period . . . . . . . . . . . . . . . . . . $1.00 $1.00 $1.00 $1.00
===== ===== ===== =====
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . . . . . . . . . . 2.64% 2.86% 2.70% 3.01%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . . . . . . .96% .95% .85% 1.10%(2)
Ratio of net investment income to average net assets . . . . . . . 2.59% 2.87% 2.65% 2.83%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager . . . . . . . . . . . . . . .09% .16% .29% .09%(2)
Net Assets, end of period (000's Omitted) . . . . . . . . . . . . . $377,636 $263,008 $17,491 $3,024
- ------------
(1) From March 31, 1995 (commencement of initial offering) to November 30,
1995.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
GENERAL MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
General Municipal Money Market Fund (the "Fund") is a separate diversified
series of General Municipal Money Market Funds, Inc. (the "Company") which is
registered under the Investment Company Act of 1940, as amended (the "Act") as
an open-end management investment company and operates as a series company,
currently offering two series, including the Fund. 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 (the "Manager" ) serves as the Fund's
investment adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
Effective April 30, 1998, the Fund's name was changed from "General Municipal
Money Market Fund, Inc." to "General Municipal Money Market Fund".
Premier Mutual Fund Services, Inc. (the "Distributor") is the distributor of
the Fund's shares, which are sold to the public without a sales load. The Fund
is authorized to issue 16 billion shares of $.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.
The Company accounts separately for the assets, liabilities and operations of
each fund. Expenses directly attributable to each fund are charged to that
fund's operations; expenses which are applicable to all funds are allocated
among them on a pro rata basis.
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. Under the terms of the custody agreement, the Fund
received net earnings credits of $30,865 during the period ended November 30,
1998 based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
(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 of 1986, as
amended (the "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.
GENERAL MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(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 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 $17,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to November 30, 1998. If not
applied, the carryover expires in fiscal 2006.
At November 30, 1998, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager, the
management fee is computed at the annual rate of .50 of 1% of the value of the
Fund's average daily net assets and is payable monthly. The Agreement provides
that if in any full fiscal year the aggregate expenses of the Fund, exclusive of
taxes, brokerage, interest on borrowings and extraordinary expenses, exceed
1 1/2% 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. During the period ended November 30, 1998, 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, Class B shares directly
bear 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, Class B shares reimburse the Distributor for
payments made to third parties for distributing their shares at an annual rate
of .20 of 1% of the value of the average daily net assets of Class B. During the
period ended November 30, 1998, Class B shares were charged $646,579 pursuant to
the Distribution Plan.
(C) Under the Shareholder Services Plan with respect to Class A ("Class A
Shareholder Services Plan"), Class A shares reimburse 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 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 Class A shares and providing reports and other information,
and services related to the maintenance of shareholder accounts. During the
period ended November 30, 1998, Class A shares were charged $84,018 pursuant to
the Class A Shareholder Services Plan.
Under the Shareholder Services Plan with respect to Class B ("Class B
Shareholder Services Plan") Class B shares pay 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 Class B shares 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, 1997 through November 30, 1998,
that if the aggregate expenses of Class B shares, exclusive of taxes, brokerage,
interest on borrowings and extraordinary expenses, exceeded .98 of 1% of the
average daily net assets of Class B, the Manager will reimburse the expenses of
the Fund under the Class B.
GENERAL MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Shareholder Services Plan to the extent of any excess expense and up to the
full fee payable under such Plan. During the period ended November 30, 1998,
Class B shares were charged $969,868 of which $282,750 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, 1998, the Fund was charged $49,647 pursuant to the transfer
agency agreement.
(D) Each director who is not an "affiliated person" as defined in the Act
receives from the Company 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
- -----------------------------------------------------------------------------
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF DIRECTORS
GENERAL MUNICIPAL MONEY MARKET FUND
We have audited the accompanying statement of assets and liabilities,
including the statement of investments, of General Municipal Money Market Fund
(one of the Series constituting General Municipal Money Market Funds, Inc.) as
of November 30, 1998, 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, 1998 by correspondence with the custodian
and brokers. 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 at November 30, 1998, 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 5, 1999
GENERAL MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
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, 1998 as "exempt-interest dividends" (not generally subject to regular
Federal income tax).
[This page intentionally left blank.]
(reg.tm)
(reg.tm)
GENERAL MUNICIPAL
MONEY MARKET FUND
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. 918/697AR9811
General Municipal
Money Market
Fund
Annual Report
November 30, 1998
YEAR 2000 ISSUES (UNAUDITED)
The fund could be adversely affected if the computer systems used by The
Dreyfus Corporation and the fund' s other service providers do not properly
process and calculate date-related information from and after January 1, 2000.
The Dreyfus Corporation is working to avoid Year 2000-related problems in its
systems and to obtain assurances from other service providers that they are
taking similar steps. In addition, issuers of securities in which the fund
invests may be adversely affected by Year 2000-related problems. This could have
an impact on the value of the fund's investments and its share price.
GENERAL MINNESOTA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for General Minnesota Municipal Money
Market Fund from the Fund's inception June 1, 1998 through November 30, 1998 as
shown in the following table:
<TABLE>
<CAPTION>
ANNUALIZED
ANNUALIZED YIELD EFFECTIVE YIELD*
______________ _____________
<S> <C> <C>
Class A Shares . . . . . . . . . . . . . . . . . . . . 2.80% 2.84%
Class B Shares . . . . . . . . . . . . . . . . . . . . 2.65% 2.68%
</TABLE>
ECONOMIC REVIEW
During 1998, the main regions of the world had very different economic
fundamentals. The U.S. entered the year with a strong economy near full
employment, with unemployment only slightly above 4%. The tight labor market led
the Federal Reserve Board to contemplate a rise in interest rates early in the
year. The U.S. economy cooled enough over the months that the Fed decided to
stand pat. Evidence of economic cooling continued to accumulate and worries
about the world economy intensified. Financial stresses pushed the Fed to ease
beginning in September. After many years of subpar economic growth, continental
Europe moved into a sustained economic expansion. The overall European economy
benefited as interest rates in peripheral countries such as Spain and Italy
fell, approaching the lower level established by Germany, on the eve of currency
unification. Unlike the U.S., Europe has substantial excess capacity of
productive plants and labor. In Asia, weak economies were pervasive as a result
of the Asian financial crisis. The Latin American economies weakened as the
financial stresses spread throughout that region.
A main influence on the U.S. economy this year was the foreign financial
crisis and cooling of the world economy. The positive effects hit first. Actual
inflation and expected inflation dropped, causing a decline in long-term
Treasury bond yields and mortgage rates. This caused a boom in housing. The drop
in inflation helped the consumer sector as more of the growth in consumer income
was left over after inflation to buy goods and services. Consumers benefited
from a combination of good growth in real income, a strong labor market and past
increases in the prices of assets they owned.
The negative effect of Asian weakness was felt in the industrial sector more
than the consumer sector. Corporate profits weakened, especially in sectors
affected by the Asian crisis such as world-traded commodities (oil, metals and
paper) and exports. One result of the industrial weakness was to cool off a U.S.
economy that had been growing rapidly.
The major change in the economic outlook over recent months has been a
downward shift in expectations for world economic growth. A credit crunch
developed in emerging countries and former communist countries, sharply reducing
the economic outlook for Asia and Latin America as well as for
commodity-exporting countries throughout the world. The effect on Europe and the
U.S. has been to lower expectations of profit growth and drive down bond yields.
Monetary policy has begun to ease in Europe as well as the U.S.
Evidence of a weaker world economy accumulated as the financial stresses
continued. A worsened financial crisis occurred between the Russian default in
mid-August and the fallout from the Long-Term Capital Management hedge fund
crisis through early October. However, proactive steps were taken to stabilize
the Japanese banks, design a support package for Brazil and ease monetary
policy. There appears to be a shift in the priorities of key policymakers from
fighting potential inflation to restimulating future world economic growth.
MARKET ENVIRONMENT/PORTFOLIO OVERVIEW
The manner in which the Federal Reserve eased this past quarter was a gradual
process. For three successive months, beginning in September, the Fed reduced
the target rate for Fed Funds a total of 75 basis points. The Fed also lowered
the Discount Rate by 25 basis points each, in November and December. The Fed's
actions provided even greater strength to an already strong short-term municipal
money market. Prior to these rate cuts, the short-term market had already felt
the effects of the diminished supply of eligible new issuance over the summer
months. This year's summer calendar of municipal notes (consisting mainly of
California paper) was drastically reduced by a combination of factors. Due to
the strength of local and state economies, several issuers reduced the amount of
short-term borrowing needed. Additionally, many issuers came to market with
securities with maturities beyond the 13-month maximum restriction allowable for
tax-exempt money funds. Other issues were converted to a shortened synthetic
structure, thus eliminating the ability to extend out into the one-year range.
This reduction in supply resulted in lower yields for most one-year paper, both
national and state specific.
We extended your Fund's average maturity to the 50-day and over range in early
summer, just prior to the market strengthening. Your Fund benefited from our
purchase of securities in the one-year range at yields significantly higher than
what is currently available in the market. As the year progressed, due to the
scarcity of Minnesota exempt paper and aggressive levels in the one-year range,
we utilized the variable rate demand note market in order to meet our investment
needs. As a result, this shortened your Fund's average maturity to the 40+ day
range. As year-end approaches, we will continue to search for those longer
investment opportunities which will "lock in" higher rates while providing an
attractive return to the Minnesota tax-exempt investor. As always, we will
structure the portfolio in an attempt to maximize current yield while
maintaining our commitment to high quality tax-exempt investments.
Very truly yours
[Richard J. Moynihan signature]
Richard J. Moynihan
Director, Municipal Portfolio Manager
The Dreyfus Corporation
December 15, 1998
New York, N.Y.
* Annualized effective yield takes into account the effect of compounding and is
based upon dividends declared daily and reinvested monthly.
<TABLE>
<CAPTION>
GENERAL MINNESOTA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS NOVEMBER 30, 1998
Principal
Tax Exempt Investments--101.3% Amount Value
- ------------------------------------------------------- _____________ ______________
<S> <C> <C>
Becker, PCR, Refunding, CP (Northern State Power Co.)
3.35%, Series B, 2/17/99 (LOC; Northern State Power Co.) . . . . . . . . . . . . . . . $ 2,000,000 $ 2,000,000
Beltrami County, Environmental Control Revenue, VRDN (Northwood Panelboard Co.
Project)
3.35% (LOC; Union Bank of Switzerland) (a) . . . . . . . . . . . . . . . . . . . . . . 2,700,000 2,700,000
Burnsville, Refunding 3.90%, Series B, 2/1/99. . . . . . . . . . . . . . . . . . . . . . . 100,000 100,027
Cloquet, Industrial Facilities Revenue, VRDN (Potlatch Corp. Project)
3.20%, Series C (LOC; Credit Suisse) (a) . . . . . . . . . . . . . . . . . . . . . . . 2,700,000 2,700,000
Cohasset, Revenue, Refunding, VRDN (Minnesota Power and Light Co. Project)
3.25%, Series A (LOC; ABN-Amro Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . 700,000 700,000
Duluth, Tax Increment Revenue, VRDN (Lake Superior Paper)
3.15% (LOC; Wachovia Bank of Georgia) (a) . . . . . . . . . . . . . . . . . . . . . . . 1,400,000 1,400,000
Eden Prairie, Commercial Development Revenue, Refunding, VRDN (Lakeview Business
Center)
3.30% (LOC; Firstar Bank of Milwaukee) (a) . . . . . . . . . . . . . . . . . . . . . . 1,400,000 1,400,000
Golden Valley, IDR, VRDN (Unicare Homes Project)
3.35% (LOC; Banque Paribas) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,000,000
Hennepin County, G.O. Notes 4%, Series B, 12/1/99. . . . . . . . . . . . . . . . . . . . . 600,000 605,862
Minneapolis, G.O. Notes:
3.20%, Series C, 12/1/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,000 300,000
4.375%, Series A, 12/1/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280,000 280,000
Minneapolis Community Development Agency, PCR, VRDN
(Northern State Power Co. Project) 3.30% (LOC; Northern State Power Co.) (a) . . . . . 500,000 500,000
Minnesota Public Facilities Water Authority, PCR 6.70%, Series A, 3/1/99 . . . . . . . . . 1,000,000 1,007,159
Minnesota School District 3.625%, Series B, 8/27/99. . . . . . . . . . . . . . . . . . . . 500,000 500,000
Minnesota Higher Education Coordinating Board, Revenue, VRDN
3.35% (LOC; Norwest Bank of Minnesota) (a) . . . . . . . . . . . . . . . . . . . . . . 2,700,000 2,700,000
Minnesota Housing Finance Agency, Single Family Mortgage 3.70%, Series H, 8/9/99 . . . . . 500,000 500,000
Minnesota Higher Education Facilities Authority, Revenue:
Refunding (Macalester College) 4.50%, Series U2, 3/1/99 (LOC; Macalester College) . . . 490,000 490,940
VRDN:
(Bethel College) 3.05%, Series 4-S (LOC; Allied Irish Banks) (a) . . . . . . . . . 1,400,000 1,400,000
(Macalester College) 3.15%, Series 3-Z (LOC; Macalester College) (a) . . . . . . . 900,000 900,000
Olmstead County, COP, VRDN (Human Services Campus Infrastructure Project)
3.15% (LOC; Toronto-Dominion Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . 1,350,000 1,350,000
Red Wing, PCR, VRDN (Northern State Power Co. Project)
3.30% (LOC; Northern State Power Co.) (a) . . . . . . . . . . . . . . . . . . . . . . . 200,000 200,000
St. Cloud, Health Care Facilites Revenue, VRDN (St. Cloud Hospital)
3.10%, Series A (LOC; Rabobank Nederland) (a) . . . . . . . . . . . . . . . . . . . . . 1,400,000 1,400,000
St. Paul Housing and Redevelopment Authority, Revenue, VRDN:
(District Cooling) 3.50%, Series L (LOC; Credit Locale de France) (a) . . . . . . . . . 1,000,000 1,000,000
(Science Museum of Minnesota) 3.30%, Series B (LOC; First Bank of Milwaukee) (a) . . . 1,400,000 1,400,000
GENERAL MINNESOTA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (continued) NOVEMBER 30, 1998
Principal
Tax Exempt Investments (continued) Amount Value
- ------------------------------------------------------- _____________ ______________
State of Minnesota:
G.O. Notes 4.75%, 5/1/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,000,000 $ 2,008,441
Prerefunded 6.60%, 8/1/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,019,365
_____________
TOTAL INVESTMENTS (cost $29,561,794) . . . . . . . . . . . . . . . . . . . . . . . . . . . 101.3% $ 29,561,794
======= =============
LIABILITIES, LESS CASH AND RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . . . (1.3%) $ (387,971)
======= ==============
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $ 29,173,823
======= ==============
</TABLE>
<TABLE>
<CAPTION>
Summary of Abbreviations
- -----------------------------------------------------------------------------
<S> <C> <C> <C>
COP Certificate of Participation LOC Letter of Credit
CP Commercial Paper PCR Pollution Control Revenue
GO General Obligation VRDN Variable Rate Demand Notes
IDR Industrial Development Revenue
Summary of Combined Ratings (Unaudited)
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value
_______ ________ __________________ ____________________
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 79.7%
AAA/AAA (b) Aaa/Aa (b) AAA/AA (b) 20.3
_______
100.0%
_______
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a) Securities payable on demand. Variable interest rate--subject to periodic
change.
(b) Notes which are not F, MIG, or SP rated are represented by bond ratings of
the issuers.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
GENERAL MINNESOTA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1998
Cost Value
____________ ___________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $29,561,794 $29,561,794
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 99,448
Interest receivable . . . . . . . . . . . . . . . . . . . 140,371
Prepaid expenses . . . . . . . . . . . . . . . . . . . . 31,610
____________
29,833,223
============
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 172
Due to Distributor . . . . . . . . . . . . . . . . . . . 11,789
Payable for investment securities purchased . . . . . . . 605,862
Accrued expenses . . . . . . . . . . . . . . . . . . . . 41,577
____________
659,400
____________
NET ASSETS at value, represented by paid-in capital. . . . . . . . . . . . . . . . . . . . $29,173,823
============
NET ASSET VALUE PER SHARE
--------------------
Class A Class B
_____________ ______________
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,014,128 $28,159,695
Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,014,128 28,159,695
NET ASSET VALUE PER SHARE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.00 $1.00
===== =====
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
GENERAL MINNESOTA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS
FROM JUNE 1, 1998 (COMMENCEMENT OF OPERATIONS) TO NOVEMBER 30, 1998
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . $452,018
EXPENSES: Management fee--Note 2(a) . . . . . . . . . . . . $ 65,816
Legal fees . . . . . . . . . . . . . . . . . . . 41,350
Shareholder servicing costs--Note 2(c) . . . . . 38,008
Distribution fees (Class B)--Note 2(b) . . . . . 25,313
Auditing fees . . . . . . . . . . . . . . . . . . 20,700
Registration fees . . . . . . . . . . . . . . . . 16,627
Prospectus and shareholders' reports . . . . . . 6,594
Directors' fees and expenses--Note 2(d) . . . . . 510
Custodian fees . . . . . . . . . . . . . . . . . 391
Miscellaneous . . . . . . . . . . . . . . . . . . 2,448
_____________
Total Expenses . . . . . . . . . . . . . . . . 217,757
Less--reimbursement of expenses and shareholder
servicing costs from the Manager due to
undertakings--Note 2(a,c) . . . . . . . . . . (113,213)
_____________
Net Expenses . . . . . . . . . . . . . . . . . 104,544
__________
INVESTMENT INCOME--NET, representing net increase in net assets from operations. . . . . . . $347,474
==========
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
GENERAL MINNESOTA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
FROM JUNE 1, 1998 (COMMENCEMENT OF OPERATIONS) TO NOVEMBER 30, 1998
OPERATIONS:
<S> <C> <C>
Investment income--net, representing net increase in net assets resulting from operations . . . . . . . . . . $ 347,474
____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (14,199)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (333,275)
____________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (347,474)
____________
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,810,839
Dividends reinvested:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,128
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 326,009
Cost of shares redeemed:
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,977,153)
____________
Increase (Decrease) in Net Assets from Capital Stock Transactions . . . . . . . . . . . . . . . . . . 29,173,823
____________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,173,823
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . --
____________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $29,173,823
============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
GENERAL MINNESOTA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
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 the period from June 1, 1998 (commencement of
operations) to November 30, 1998. This information has been derived from the
Fund's financial statements.
<TABLE>
<CAPTION>
Class A Class B
PER SHARE DATA: Shares Shares
_______ _______
<S> <C> <C>
Net asset value, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . $1.00 $1.00
_______ _______
Investment Operations:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .014 .013
_______ _______
Distributions:
Dividends from investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . (.014) (.013)
_______ _______
Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.00 $1.00
===== =====
TOTAL INVESTMENT RETURN* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.81% 2.67%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets* . . . . . . . . . . . . . . . . . . . . . . . .65% .80%
Ratio of net investment income to average net assets* . . . . . . . . . . . . . . . . . 2.80% 2.63%
Decrease reflected in above expense ratios
due to undertakings by the Manager* . . . . . . . . . . . . . . . . . . . . . . . . .76% .87%
Net Assets, end of period (000's Omitted)* . . . . . . . . . . . . . . . . . . . . . . $1,014 $28,160
- ------------
* Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
GENERAL MINNESOTA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
General Minnesota Municipal Money Market Fund (the "Fund") is a separate
non-diversified series of General Municipal Money Market Funds, Inc. (the
" Company") which is registered under the Investment Company Act of 1940, as
amended (the "Act") as an open-end management investment company and operates as
a series company, currently offering two series, including the Fund. The Fund's
investment objective is to maximize current income exempt from Federal and State
of Minnesota income taxes to the extent consistent with the preservation of
capital and the maintenance of liquidity. The Dreyfus Corporation (the
" Manager") serves as the Fund's investment adviser. The Manager is a direct
subsidiary of Mellon Bank, N.A.
At November 30, 1998, MBC Investment Corp., an indirect subsidiary of Mellon
Bank Corporation, held the following shares:
Class A . . . . . . . . . . . . . . . . . .1,014,128
Class B . . . . . . . . . . . . . . . . . .1,013,358
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 4 billion shares of $.01 par value Common Stock. The Fund
is currently authorized to issue two classes of shares: Class A (2 billion
shares authorized) and Class B (2 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.
The Company accounts separately for the assets, liabilities and operations of
each fund. Expenses directly attributable to each fund are charged to that
fund' s operations; expenses which are applicable to all funds are allocated
among them on a pro rata basis.
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. Under the terms of the custody agreement, the Fund
received net earnings credits of $1,826 during the period ended November 30,
1998 based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
GENERAL MINNESOTA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations held
by the Fund.
(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, if any, are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to comply
with the distribution requirements of the Internal Revenue Code of 1986, as
amended (the "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 qualify as a
regulated investment company, which can distribute tax exempt dividends, by
complying with the applicable provisions of the 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, 1998, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager, the
management fee is computed at the annual rate of .50 of 1% of the value of the
Fund's average daily net assets and is payable monthly. The Agreement provides
that if in any full fiscal year the aggregate expenses of the Fund, exclusive of
taxes, brokerage, interest on borrowings and extraordinary expenses, exceed
1 1/2% 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. The Manager had undertaken from June 1, 1998 through November
30, 1998 to reduce the management fee paid by the Fund, to the extent that
the Fund's aggregate annual expenses (exclusive of certain expenses as
described above) exceeded an annual rate of .65 of 1% of the value of the
Fund's average daily net assets. The expense reimbursement pursuant to the
undertaking, amounted to $75,244 during the period ended November 30, 1998.
(B) Under the Distribution Plan with respect to Class B ("Class B Distribution
Plan"), adopted pursuant to Rule 12b-1 under the Act, Class B shares directly
bear 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, Class B shares reimburse the Distributor for
payments made to third parties for distributing their shares at an annual rate
of .20 of 1% of the value of the average daily net assets of Class B. During the
period ended November 30, 1998, Class B shares were charged $25,313 pursuant to
the Distribution Plan.
(C) Under the Shareholder Services Plan with respect to Class A ("Class A
Shareholder Services Plan" ), Class A shares reimburse 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 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 Class A shares and providing reports and other information,
and services related to the maintenance of shareholder accounts.
GENERAL MINNESOTA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Under the Shareholder Services Plan with respect to Class B ("Class B
Shareholder Services Plan") Class B shares pay 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 Class B shares 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 June 1, 1998 through November 30, 1998, that
if the aggregate expenses of Class B shares, exclusive of taxes, brokerage,
interest on borrowings and extraordinary expenses, exceeded .80 of 1% of the
average daily net assets of Class B, the Manager will reimburse the expenses of
the Fund under the Class B Shareholder Services Plan to the extent of any excess
expense and up to the full fee payable under such Plan. During the period ended
November 30, 1998, Class B shares were charged $37,969 all of which 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, 1998, the Fund was charged $39 pursuant to the transfer
agency agreement.
(D) Each director who is not an "affiliated person" as defined in the Act
receives from the Company 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 MINNESOTA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF DIRECTORS
GENERAL MINNESOTA MUNICIPAL MONEY MARKET FUND
We have audited the accompanying statement of assets and liabilities,
including the statement of investments, of General Minnesota Municipal Money
Market Fund (one of the Series constituting General Municipal Money Market
Funds, Inc.) as of November 30, 1998, and the related statements of operations
and changes in net assets and financial highlights for the period from June 1,
1998 (commencement of operations) to November 30, 1998. 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 audit.
We conducted our audit 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, 1998 by correspondence with the custodian
and brokers. 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 audit provides 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 Minnesota Municipal Money Market Fund at November 30, 1998, and the
results of its operations, the changes in its net assets and the financial
highlights for the period from June 1, 1998 to November 30, 1998, in conformity
with generally accepted accounting principles.
[ERNST & YOUNG LLP SIGNATURE LOGO]
New York, New York
January 5, 1999
GENERAL MINNESOTA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
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, 1998 as "exempt-interest dividends" (not generally subject to regular
Federal and, for individuals who are Minnesota residents, Minnesota personal
income taxes).
[reg.tm logo]
(reg.tm)
GENERAL MINNESOTA MUNICIPAL
MONEY MARKET FUND
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. 917/706AR9811
General Minnesota
Municipal Money
Market Fund
Annual Report
November 30, 1998
