UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number

811-3481

 

 

 

General Municipal Money Market Funds, Inc.

 

 

(Exact name of Registrant as specified in charter)

 

 

 

 

 

 

c/o The Dreyfus Corporation

200 Park Avenue

New York, New York 10166

 

 

(Address of principal executive offices) (Zip code)

 

 

 

 

 

Janette E. Farragher, Esq.

200 Park Avenue

New York, New York 10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code:

(212) 922-6000

 

 

Date of fiscal year end:

 

11/30

 

Date of reporting period:

5/31/12

 

             

 

1

 


 

 

 

FORM N-CSR

Item 1.      Reports to Stockholders.

                   

2

 


 

General Municipal

Money Market Fund

SEMIANNUAL REPORT May 31, 2012




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The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value



  Contents  
 
  THE FUND  
2   A Letter from the Chairman and CEO  
3   Discussion of Fund Performance  
6   Understanding Your Fund’s Expenses  
6   Comparing Your Fund’s Expenses  
With Those of Other Funds
7   Statement of Investments  
20   Statement of Assets and Liabilities  
21   Statement of Operations  
22   Statement of Changes in Net Assets  
23   Financial Highlights  
25   Notes to Financial Statements  
 
FOR MORE INFORMATION

  Back Cover  

 



General Municipal
Money Market Fund

The Fund


A LETTER FROM THE CHAIRMAN AND CEO

Dear Shareholder:

We present to you this semiannual report for General Municipal Money Market Fund, covering the six-month period from December 1, 2011, through May 31, 2012. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.

U.S. financial markets generally rebounded for most of the reporting period before weakening again in the spring of 2012 due to a resurgent sovereign debt crisis in Europe and disappointing economic data in the United States.These developments created a “risk-on/risk-off” investment climate in which market sentiment shifted rapidly between optimism and caution. In contrast, yields of money market instruments remained stable near historical lows, as an aggressively accommodative monetary policy from the Federal Reserve Board prevented yields from rising or falling appreciably in light of changing economic news.

Despite recently troubling headlines, we believe that U.S. economic trends remain favorable, as evidenced by signs of strength in some of the domestic economy’s more economically sensitive areas. On the other hand, net exports may prove to be a slight drag on domestic growth since the economy in the United States is stronger than in many of its trading partners. On the whole, we expect near-trend growth in the U.S. economy for the remainder of 2012.

As always, we encourage you to discuss our observations with your financial advisor.

Thank you for your continued confidence and support.


Jonathan R. Baum
Chairman and Chief Executive Officer
The Dreyfus Corporation
June 15, 2012

2




DISCUSSION OF FUND PERFORMANCE

For the period of December 1, 2011, through May 31, 2012, as provided by Colleen Meehan, Senior Portfolio Manager

Fund and Market Performance Overview

For the six-month period ended May 31, 2012, General Municipal Money Market Fund’s Class A and Class B shares produced annualized yields of 0.00% and 0.00%, respectively.Taking into account the effects of compounding, the fund’s Class A and Class B shares produced annualized effective yields of 0.00% and 0.00%, respectively. 1

The U.S. economic recovery proved erratic during the reporting period, but yields of tax-exempt money market instruments remained stable near zero percent as the Federal Reserve Board (the “Fed”) left short-term interest rates unchanged at historically low levels.

The Fund’s Investment Approach

The fund seeks to maximize current income exempt from federal personal income tax, to the extent consistent with the preservation of capital and the maintenance of liquidity.

In pursuing this objective, we employ two primary strategies. First, we normally attempt to add value by investing substantially all of the fund’s net assets in high-quality short-term municipal obligations throughout the United States and its territories that provide income exempt from federal personal income tax. Second, we actively manage the fund’s average maturity based on our anticipation of supply-and-demand changes in the short-term municipal marketplace and interest-rate cycles while anticipating liquidity needs.

For example, if we expect an increase in short-term supply, we may decrease the average maturity of the fund, which could enable us to take advantage of opportunities when short-term supply increases. Generally, yields tend to rise when there is an increase in new-issue supply competing for investor interest. New securities are generally issued with maturities in the one-year range, which in turn may lengthen the fund’s average maturity if purchased. If we anticipate limited new-issue supply, we may then look to extend the fund’s average maturity to maintain

The Fund 3



DISCUSSION OF FUND PERFORMANCE (continued)

then-current yields for as long as we believe practical.At other times, we try to maintain an average maturity that reflects our view of short-term interest-rate trends and future supply-and-demand considerations.

Economic Sentiment Shifted, but Yields Remained Low

Most U.S. financial markets were in the midst of a rally at the start of the reporting period, as investors responded positively to U.S. employment gains and what seemed to be credible measures by European policymakers to address the region’s sovereign debt crisis. However, new developments in the spring of 2012 called the sustainability of these positive influences into question. The U.S. labor market’s rebound slowed as the public sector shed jobs and the private sector’s employment gains proved more anemic than expected. Austerity measures designed to relieve fiscal pressures in Europe encountered resistance in some countries, threatening proposed bailouts and the region’s economic prospects.

Despite the changing economic outlook, the Fed maintained the policy stance it first established in December 2008, leaving the overnight federal funds rate in a range between 0% and 0.25%, and municipal money market yields remained near zero percent.

Demand for municipal money market instruments proved robust during the reporting period. Narrow yield differences along the market’s maturity range and attractive after-tax yields compared to taxable money market instruments attracted individual investors as well as institutions that typically participate in taxable and longer term bond markets. Consequently, yields of variable-rate demand notes (VRDNs) remained in a relatively narrow trading range. Meanwhile, the supply of newly issued tax-exempt money market instruments remained relatively steady as highly rated banks filled a gap left by struggling European financial institutions in issuing the letters of credit that typically backVRDNs.

Variable rate demand note issues previously backed by European bank Letters of credit have been successfully remarketed with new letters of credits provided by tier one banks.

The current low rate environment and flat yield curve has provided municipal issuers with the opportunity to fix out their debt taking advantage of the decreased costs of funding.

4



From a credit-quality perspective, state general funds have achieved several consecutive quarters of growth in personal income tax and sales tax revenues, and many states and municipalities have reduced spending to balance their budgets.

A Credit-Conscious Investment Posture

We continued to maintain a careful and well-researched approach to credit selection.We emphasized general obligation bonds; essential service revenue bonds issued by water, sewer and electric enterprises; and certain local credits from issuers with strong financial positions and stable tax bases.We generally shied away from instruments issued by localities that depend heavily on state aid, and we maintained the fund’s weighted average maturity in a range that was roughly in line with industry averages.

Outlook Clouded by Economic Uncertainty

We are cautiously optimistic regarding the prospects for economic growth over the remainder of 2012. Strains in global financial markets have continued to pose significant challenges, but the Fed expects a moderate pace of economic growth and a gradually declining unemployment rate. In addition, the Fed has signaled repeatedly that it is prepared to maintain short-term interest rates near current levels through late 2014. With money market yields likely to remain near historical lows for some time to come, we believe that the prudent course continues to be an emphasis on preservation of capital and liquidity.

June 15, 2012

An investment in the fund is not insured or guaranteed by the FDIC or any other government agency.Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

Short-term municipal securities holdings involve credit and liquidity risks and risk of principal loss.

1 Annualized effective yield is based upon dividends declared daily and reinvested monthly. Past
performance is no guarantee of future results.Yields fluctuate. Income may be subject to state and
local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for
certain investors.Yields provided for the fund’s Class A and Class B shares reflect the absorption
of certain fund expenses by The Dreyfus Corporation pursuant to a voluntary undertaking that
may be extended, terminated or modified at any time. Had these expenses not been absorbed, fund
yields for Class A and Class B would have been lower.

The Fund 5



UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in General Municipal Money Market Fund from December 1, 2011 to May 31, 2012. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.

Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended May 31, 2012

    Class A     Class B  
Expenses paid per $1,000   $ 1.05   $ 1.05  
Ending value (after expenses)   $ 1,000.00   $ 1,000.00  

 

COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.

Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended May 31, 2012

    Class A     Class B  
Expenses paid per $1,000   $ 1.06   $ 1.06  
Ending value (after expenses)   $ 1,023.95   $ 1,023.95  

 

Expenses are equal to the fund’s annualized expense ratio of .21% for Class A and .21% for Class B, multiplied by
the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

6



STATEMENT OF INVESTMENTS          
May 31, 2012 (Unaudited)            
 
 
 
 
Short-Term   Coupon   Maturity   Principal      
Investments—104.1%   Rate (%)   Date   Amount ($)     Value ($)  
Alabama—4.5%            
Columbia Industrial Development            
Board, PCR, Refunding (Alabama            
Power Company Project)   0.19   6/1/12   1,300,000   a   1,300,000  
Mobile Industrial Development            
Board, PCR (Alabama Power            
Company Barry Plant Project)   0.20   6/1/12   12,000,000   a   12,000,000  
Tuscaloosa County Industrial            
Development Authority, Gulf            
Opportunity Zone Revenue (Hunt            
Refining Project) (LOC;            
JPMorgan Chase Bank)   0.25   6/7/12   20,000,000   a   20,000,000  
California—6.3%            
California Pollution Control            
Financing Authority, SWDR            
(Marin Sanitary Service            
Project) (LOC; Comerica Bank)   0.28   6/7/12   6,355,000   a   6,355,000  
California Pollution Control            
Financing Authority, SWDR            
(Napa Recycling and Waste            
Services, LLC Project) (LOC;            
Union Bank NA)   0.27   6/7/12   3,900,000   a   3,900,000  
California Statewide Communities            
Development Authority, Revenue            
(Kaiser Permanente)   0.17   6/7/12   16,900,000   a   16,900,000  
California Statewide Communities            
Development Authority,            
Revenue, CP (Kaiser Permanente)   0.25   10/18/12   5,000,000     5,000,000  
California Statewide Communities            
Development Authority,            
Revenue, CP (Kaiser Permanente)   0.25   12/13/12   14,000,000     14,000,000  
Colorado—8.0%            
Branch Banking and Trust Municipal            
Trust Co. (Series 2027) (City            
and County of Denver, Airport            
System Revenue) (Liquidity            
Facility; Branch Banking and            
Trust Co. and LOC; Branch            
Banking and Trust Co.)   0.19   6/7/12   10,150,000   a,b,c   10,150,000  

 

The Fund 7



STATEMENT OF INVESTMENTS (Unaudited) (continued)

Short-Term   Coupon   Maturity   Principal      
Investments (continued)   Rate (%)   Date   Amount ($)     Value ($)  
Colorado (continued)            
Colorado,            
Education Loan Program            
Revenue, TRAN   2.00   6/29/12   7,000,000     7,009,998  
Colorado Housing and Finance            
Authority, SFMR (Liquidity            
Facility; FHLB)   0.19   6/7/12   12,500,000   a   12,500,000  
Colorado Housing and Finance            
Authority, SFMR (Liquidity            
Facility; Royal Bank of Canada)   0.19   6/7/12   9,010,000   a   9,010,000  
Denver City and County,            
Airport Revenue, CP (Liquidity            
Facility; Barclays Bank PLC)   0.21   8/9/12   10,000,000     10,000,000  
Southern Ute Indian Tribe of the            
Southern Ute Indian            
Reservation, Revenue   0.19   6/7/12   9,765,000   a   9,765,000  
Delaware—1.2%            
Delaware Health Facilities            
Authority, Revenue (Christiana            
Care Health Services)   0.16   6/7/12   8,525,000   a   8,525,000  
Florida—4.8%            
Branch Banking and Trust Municipal            
Trust Co. (Series 2057)            
(Miami-Dade County, Aviation            
Revenue (Miami International            
Airport)) (Liquidity Facility;            
Branch Banking and Trust Co.            
and LOC; Branch Banking            
and Trust Co.)   0.18   6/7/12   10,085,000   a,b,c   10,085,000  
Collier County Health Facilities            
Authority, Revenue, CP            
(Cleveland Clinic Health System)   0.18   8/2/12   6,905,000     6,905,000  
Florida Housing Finance            
Agency, Housing Revenue            
(Caribbean Key Apartments            
Project) (LOC; FNMA)   0.21   6/7/12   10,350,000   a   10,350,000  
Florida Local Government Finance            
Commission, Pooled Loan            
Program Revenue, CP (LOC;            
Wells Fargo Bank)   0.25   6/4/12   2,000,000     2,000,000  

 

8



Short-Term   Coupon   Maturity   Principal      
Investments (continued)   Rate (%)   Date   Amount ($)     Value ($)  
Florida (continued)            
Liberty County,            
IDR (Georgia-Pacific            
Corporation Project) (LOC;            
Bank of Nova Scotia)   0.19   6/7/12   6,000,000   a   6,000,000  
Georgia—1.6%            
Cherokee County School System,            
GO Notes   5.00   8/1/12   1,745,000     1,758,631  
Cobb County,            
GO Notes, TAN   1.50   11/30/12   5,000,000     5,032,729  
Georgia Municipal Gas Authority,            
Gas Revenue, Refunding (Gas            
Portfolio III Project)   2.00   11/13/12   5,000,000     5,036,869  
Illinois—3.9%            
Illinois Educational Facilities            
Authority, Revenue (Saint            
Xavier University Project)            
(LOC; Bank of America)   0.21   6/7/12   9,005,000   a   9,005,000  
Illinois Educational Facilities            
Authority, Revenue, CP (Pooled            
Finance Program) (LOC;            
Northern Trust Company)   0.20   7/12/12   20,000,000     20,000,000  
Indiana—1.5%            
Indiana Bond Bank,            
Advance Funding Program Notes   1.25   1/3/13   2,300,000     2,312,152  
Indiana Finance Authority,            
Revenue, Refunding (Trinity            
Health Credit Group)   0.15   6/7/12   8,700,000   a   8,700,000  
Kentucky—.3%            
Kentucky Rural Water Finance            
Corporation, Public Projects            
Revenue, Refunding (Flexible            
Term Program)   1.25   2/1/13   2,300,000     2,311,470  
Louisiana—6.4%            
Ascension Parish,            
CP (BASF SE)   0.39   8/17/12   5,000,000     5,000,000  
Ascension Parish,            
Revenue (BASF            
Corporation Project)   0.33   6/7/12   10,000,000   a   10,000,000  

 

The Fund 9



STATEMENT OF INVESTMENTS (Unaudited) (continued)

Short-Term   Coupon   Maturity   Principal      
Investments (continued)   Rate (%)   Date   Amount ($)     Value ($)  
Louisiana (continued)            
Louisiana Local Government            
Environmental Facilities and            
Community Development            
Authority, Revenue (Nicholls            
State University Student            
Housing/Nicholls State            
University Facilities            
Corporation Project) (Insured;            
Assured Guaranty Municipal            
Corp. and LOC; FHLB)   0.33   6/7/12   10,000,000   a   10,000,000  
Louisiana Public Facilities            
Authority, Revenue (Air            
Products and Chemicals Project)   0.17   6/7/12   21,000,000   a   21,000,000  
Louisiana Public Facilities            
Authority, Revenue (Blood            
Center Properties, Inc.            
Project) (LOC; JPMorgan            
Chase Bank)   0.29   6/7/12   1,100,000   a   1,100,000  
Maryland—3.2%            
Maryland Economic Development            
Corporation, Revenue (CWI            
Limited Partnership Facility)            
(LOC; M&T Trust)   0.30   6/7/12   3,370,000   a   3,370,000  
Maryland Industrial Development            
Financing Authority, Revenue            
(Mercy High School Facility)            
(LOC; M&T Trust)   0.30   6/7/12   2,670,000   a   2,670,000  
Maryland Stadium Authority,            
Sports Facilities LR,            
Refunding (Football Stadium            
Issue) (Liquidity Facility;            
Sumitomo Mitsui Banking Corp.)   0.17   6/7/12   17,700,000   a   17,700,000  
Massachusetts—.7%            
Worcester,            
GO Notes, BAN   1.00   11/8/12   5,000,000     5,013,700  
Michigan—8.8%            
Board of Trustees of the Michigan            
State University, CP   0.13   6/5/12   5,000,000     5,000,000  

 

10



Short-Term   Coupon   Maturity   Principal      
Investments (continued)   Rate (%)   Date   Amount ($)     Value ($)  
Michigan (continued)            
Michigan Finance Authority,            
Unemployment Obligation            
Assessment Revenue            
(LOC; Citibank NA)   0.20   6/7/12   23,000,000   a   23,000,000  
Michigan Strategic Fund,            
LOR (Extruded Aluminum            
Corporation Project)            
(LOC; Comerica Bank)   0.28   6/7/12   7,705,000   a   7,705,000  
Oakland County Economic            
Development Corporation,            
LOR (Three M Tool and            
Machine, Inc. Project)            
(LOC; Comerica Bank)   0.28   6/7/12   7,675,000   a   7,675,000  
University of Michigan,            
General Revenue, CP   0.14   7/10/12   10,000,000     10,000,000  
University of Michigan Regents,            
HR   0.12   6/7/12   11,365,000   a   11,365,000  
Minnesota—1.2%            
Minnesota Rural Water            
Finance Authority,            
Public Projects            
Construction Notes   1.25   3/1/13   3,500,000     3,522,173  
Rochester,            
Health Care Facilities            
Revenue, CP (Mayo Clinic)            
(Liquidity Facility; Wells            
Fargo Bank)   0.21   7/16/12   5,000,000     5,000,000  
Mississippi—2.4%            
Mississippi Business Finance            
Corporation, Revenue,            
Refunding (Renaissance at            
Colony Park, LLC Refunding            
Project) (LOC; FHLB)   0.18   6/7/12   9,500,000   a   9,500,000  
Perry County,            
PCR, Refunding            
(Leaf River Forest            
Products, Inc. Project)            
(LOC; Bank of Nova Scotia)   0.17   6/7/12   8,430,000   a   8,430,000  

 

The Fund 11



STATEMENT OF INVESTMENTS (Unaudited) (continued)

Short-Term   Coupon   Maturity   Principal      
Investments (continued)   Rate (%)   Date   Amount ($)     Value ($)  
Missouri—.9%            
Platte County Industrial            
Development Authority, IDR            
(Complete Home Concepts            
Project) (LOC; U.S. Bank NA)   0.20   6/7/12   6,800,000   a   6,800,000  
Nebraska—.4%            
Lancaster County Hospital            
Authority Number 1, HR,            
Refunding (BryanLGH Medical            
Center) (LOC; U.S. Bank NA)   0.19   6/7/12   3,000,000   a   3,000,000  
Nevada—3.3%            
Clark County,            
Airport System Subordinate            
Lien Revenue (LOC; Royal Bank            
of Canada)   0.16   6/7/12   8,105,000   a   8,105,000  
Las Vegas Valley Water District,            
CP (Liquidity Facility;            
JPMorgan Chase Bank)   0.17   7/19/12   10,000,000     10,000,000  
Las Vegas Valley Water District,            
CP (LOC; Wells Fargo Bank)   0.24   7/9/12   6,000,000     6,000,000  
New Hampshire—3.7%            
New Hampshire Health and Education            
Facilities Authority, Revenue            
(The Derryfield School Issue)            
(LOC; RBS Citizens NA)   0.21   6/7/12   6,970,000   a   6,970,000  
New Hampshire Health and Education            
Facilities Authority, Revenue            
(University System of New            
Hampshire Issue) (Liquidity            
Facility; Wells Fargo Bank)   0.20   6/1/12   20,000,000   a   20,000,000  
New Jersey—.8%            
Woodbridge Township Board of            
Education, Temporary Notes   1.00   2/6/13   5,600,000     5,619,025  
New York—3.5%            
Harborfields Central School            
District of Greenlawn, GO            
Notes, TAN   1.00   6/22/12   5,000,000     5,001,743  
Metropolitan Transportation            
Authority, Transportation            
Revenue, CP (LOC; Citibank NA)   0.24   6/4/12   4,000,000     4,000,000  

 

12



Short-Term   Coupon   Maturity   Principal      
Investments (continued)   Rate (%)   Date   Amount ($)     Value ($)  
New York (continued)            
Monroe County Industrial            
Development Agency, Revenue            
(HDF-RWC Project 1,            
LLC—Robert Weslayan            
College Project)            
(LOC; M&T Trust)   0.24   6/7/12   2,600,000   a   2,600,000  
Nassau County Industrial            
Development Agency,            
IDR (The Jade Corporation            
Project) (LOC; M&T Bank)   0.26   6/7/12   4,400,000   a   4,400,000  
Nassau County Interim Finance            
Authority, Sales Tax Secured            
Revenue (Liquidity Facility;            
Bank of America)   0.29   6/7/12   2,185,000   a   2,185,000  
Riverhead Industrial Development            
Agency, Civic Facility Revenue            
(Central Suffolk Hospital            
Project) (LOC; HSBC            
Bank USA)   0.21   6/7/12   7,500,000   a   7,500,000  
North Carolina—1.5%            
Charlotte,            
GO Notes, Refunding   5.00   6/1/12   1,000,000     1,000,000  
Wells Fargo Stage Trust (Series            
147C) (Charlotte Housing            
Authority, Capital Fund            
Program Revenue (Strawn and            
Parktowne Rehabilitation            
Project)) (Liquidity Facility;            
Wells Fargo Bank and LOC;            
Wells Fargo Bank)   0.20   6/7/12   10,260,000   a,b,c   10,260,000  
Ohio—2.9%            
Akron,            
GO Notes, BAN            
(Various Purpose)   1.13   11/15/12   2,000,000     2,004,753  
Ohio Housing Finance Agency,            
Residential Mortgage            
Revenue (Mortgage-Backed            
Securities Program)            
(Liquidity Facility; Citibank            
NA and LOC; GNMA)   0.27   6/7/12   15,000,000   a   15,000,000  

 

The Fund 13



STATEMENT OF INVESTMENTS (Unaudited) (continued)

Short-Term   Coupon   Maturity   Principal      
Investments (continued)   Rate (%)   Date   Amount ($)     Value ($)  
Ohio (continued)            
Stark County Port Authority,            
Revenue (Community Action            
Agency Project) (LOC; JPMorgan            
Chase Bank)   0.26   6/7/12   290,000   a   290,000  
Union Township,            
GO Notes, BAN (Various Purpose)   1.13   9/12/12   4,000,000     4,005,305  
Pennsylvania—4.7%            
Allegheny County,            
GO Notes, TRAN   2.00   7/16/12   9,400,000     9,420,659  
Horizon Hospital System Authority,            
Senior Health and Housing            
Facilities Revenue (Saint Paul            
Homes Project) (LOC; M&T Trust)   0.23   6/7/12   5,400,000   a   5,400,000  
Pittsburgh and Allegheny County            
Sports and Exhibition            
Authority, Commonwealth LR            
(Insured; Assured Guaranty            
Municipal Corp. and Liquidity            
Facility; PNC Bank NA)   0.47   6/7/12   9,795,000   a   9,795,000  
Pittsburgh Water and Sewer            
Authority, Water and Sewer            
System First Lien Revenue            
(Insured; Assured Guaranty            
Municipal Corp. and Liquidity            
Facility; PNC Bank NA)   0.40   6/7/12   10,000,000   a   10,000,000  
Tennessee—7.6%            
Blount County Public Building            
Authority, Local Government            
Public Improvement Revenue            
(Liquidity Facility; Branch            
Banking and Trust Co.)   0.19   6/7/12   15,450,000   a   15,450,000  
Blount County Public Building            
Authority, Local Government            
Public Improvement Revenue            
(LOC; Branch Banking            
and Trust Co.)   0.19   6/7/12   9,715,000   a   9,715,000  
Clarksville Public Building Authority,            
Pooled Financing Revenue            
(Tennessee Municipal Bond            
Fund) (LOC; Bank of America)   0.29   6/1/12   18,500,000   a   18,500,000  

 

14



Short-Term   Coupon   Maturity   Principal      
Investments (continued)   Rate (%)   Date   Amount ($)     Value ($)  
Tennessee (continued)            
Industrial Development Board of            
Blount County and the Cities            
of Alcoa and Maryville, Local            
Government Public Improvement            
Revenue (Maryville Civic Arts            
Center Project) (LOC; Branch            
Banking and Trust Co.)   0.19   6/7/12   2,000,000   a   2,000,000  
Sevier County Public Building            
Authority, Local Government            
Public Improvement Revenue            
(LOC; Bank of America)   0.28   6/7/12   10,000,000   a   10,000,000  
Texas—17.8%            
Brazos County Health Facilities            
Development Corporation,            
Revenue (Franciscan Services            
Corporation Obligated Group)            
(P-FLOATS Series MT-635)            
(Liquidity Facility; Bank of            
America and LOC;            
Bank of America)   0.44   6/7/12   5,000,000   a,b,c   5,000,000  
Dallas,            
Waterworks and Sewer System            
Revenue, CP (Liquidity Facility:            
California State Teachers            
Retirement System and State            
Street Bank and Trust Co.)   0.20   6/6/12   3,500,000     3,500,000  
El Paso Independent School            
District, Unlimited Tax School            
Building Bonds (Liquidity            
Facility; JPMorgan Chase Bank            
and LOC; Permanent School Fund            
Guarantee Program)   0.20   6/6/12   10,000,000     10,000,000  
Gulf Coast Waste Disposal            
Authority, SWDR            
(Air Products Project)   0.19   6/7/12   5,000,000   a   5,000,000  
Hunt Memorial Hospital District,            
Revenue (Insured; Assured            
Guaranty Municipal Corp. and            
Liquidity Facility; JPMorgan            
Chase Bank)   0.49   6/7/12   4,230,000   a   4,230,000  

 

The Fund 15



STATEMENT OF INVESTMENTS (Unaudited) (continued)

Short-Term   Coupon   Maturity   Principal      
Investments (continued)   Rate (%)   Date   Amount ($)     Value ($)  
Texas (continued)            
Jefferson County Industrial            
Development Corporation,            
Hurricane Ike Disaster Area            
Revenue (Jefferson Refinery,            
L.L.C. Project) (LOC; Branch            
Banking and Trust Co.)   0.45   6/28/12   1,700,000     1,700,000  
Jefferson County Industrial            
Development Corporation,            
Hurricane Ike Disaster Area            
Revenue (Jefferson Refinery,            
L.L.C. Project) (LOC; Branch            
Banking and Trust Co.)   0.45   6/28/12   14,700,000     14,700,000  
North Texas Higher Education            
Authority, Inc., Student Loan            
Revenue (LOC: Bank of America            
and Lloyds TSB Bank LLC)   0.31   6/7/12   16,000,000   a   16,000,000  
Port of Port Arthur Navigation            
District, Revenue, CP (BASF SE)   0.39   8/17/12   5,000,000     5,000,000  
RBC Municipal Products Inc. Trust            
(Series E-14) (Houston,            
Combined Utility System First            
Lien Revenue, Refunding)            
(Liquidity Facility; Royal            
Bank of Canada and LOC; Royal            
Bank of Canada)   0.18   6/7/12   21,000,000   a,b,c   21,000,000  
San Antonio,            
Electric and Gas Systems            
Junior Lien Revenue (Liquidity            
Facility; Royal Bank of Canada)   0.19   6/7/12   8,500,000   a   8,500,000  
Tarrant County Cultural Education            
Facilities Finance            
Corporation, Revenue (Texas            
Health Resources System)   0.16   6/7/12   10,000,000   a   10,000,000  
Tarrant County Health Facilities            
Development Corporation, HR            
(Cook Children’s Medical            
Center Project)   0.16   6/7/12   15,000,000   a   15,000,000  

 

16



Short-Term   Coupon   Maturity   Principal        
Investments (continued)   Rate (%)   Date   Amount ($)     Value ($)  
Texas (continued)                
Texas Department of Housing and                
Community Affairs, Multifamily                
Housing Mortgage Revenue,                
Refunding (Red Hills Villas)                
(Liquidity Facility; FNMA                
and LOC; FNMA)   0.25   6/7/12   4,815,000   a   4,815,000  
Texas Transportation Commission,                
State Highway Fund First Tier                
Revenue (P-FLOATS Series                
MT-715) (Liquidity Facility;                
Bank of America)   0.24   6/7/12   6,000,000   a,b,c   6,000,000  
Virginia—.5%                
University of Virginia,                
Revenue, CP   0.21   7/9/12   4,000,000     4,000,000  
Washington—.7%                
Port of Tacoma,                
Revenue, CP (Liquidity                
Facility; Bank of America)   0.40   6/6/12   5,000,000     5,000,000  
West Virginia—.4%                
Ritchie County,                
IDR (Simonton Building                
Products, Inc.) (LOC;                
PNC Bank NA)   0.25   6/7/12   2,800,000   a   2,800,000  
Wisconsin—.6%                
Milwaukee,                
GO Cash Flow Promissory Notes   1.25   12/4/12   4,500,000     4,524,589  
 
Total Investments (cost $764,753,796)       104.1 %     764,753,796  
Liabilities, Less Cash and Receivables       (4.1 %)     (30,383,624 )  
Net Assets       100.0 %     734,370,172  

 

a Variable rate demand note—rate shown is the interest rate in effect at May 31, 2012. Maturity date represents the
next demand date, or the ultimate maturity date if earlier.
b Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers.At May 31, 2012, these securities
amounted to $62,495,000 or 8.5% of net assets.
c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity
that, in turn, owns the underlying municipal security.The special purpose entity permits the fund to own interests in
underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g.,
enhanced liquidity, yields linked to short-term rates).

The Fund 17



STATEMENT OF INVESTMENTS (Unaudited) (continued)

Summary of Abbreviations      
 
ABAG   Association of Bay Area   ACA   American Capital Access  
  Governments      
AGC   ACE Guaranty Corporation   AGIC   Asset Guaranty Insurance Company  
AMBAC   American Municipal Bond   ARRN   Adjustable Rate  
  Assurance Corporation     Receipt Notes  
BAN   Bond Anticipation Notes   BPA   Bond Purchase Agreement  
CIFG   CDC Ixis Financial Guaranty   COP   Certificate of Participation  
CP   Commercial Paper   DRIVERS   Derivative Inverse  
      Tax-Exempt Receipts  
EDR   Economic Development   EIR   Environmental Improvement  
  Revenue     Revenue  
FGIC   Financial Guaranty   FHA   Federal Housing  
  Insurance Company     Administration  
FHLB   Federal Home   FHLMC   Federal Home Loan Mortgage  
  Loan Bank     Corporation  
FNMA   Federal National   GAN   Grant Anticipation Notes  
  Mortgage Association      
GIC   Guaranteed Investment   GNMA   Government National Mortgage  
  Contract     Association  
GO   General Obligation   HR   Hospital Revenue  
IDB   Industrial Development Board   IDC   Industrial Development Corporation  
IDR   Industrial Development   LIFERS   Long Inverse Floating  
  Revenue     Exempt Receipts  
LOC   Letter of Credit   LOR   Limited Obligation Revenue  
LR   Lease Revenue   MERLOTS   Municipal Exempt Receipt  
      Liquidity Option Tender  
MFHR   Multi-Family Housing Revenue   MFMR   Multi-Family Mortgage Revenue  
PCR   Pollution Control Revenue   PILOT   Payment in Lieu of Taxes  
P-FLOATS   Puttable Floating Option   PUTTERS   Puttable Tax-Exempt Receipts  
  Tax-Exempt Receipts      
RAC   Revenue Anticipation Certificates   RAN   Revenue Anticipation Notes  
RAW   Revenue Anticipation Warrants   ROCS   Reset Options Certificates  
RRR   Resources Recovery Revenue   SAAN   State Aid Anticipation Notes  
SBPA   Standby Bond Purchase Agreement   SFHR   Single Family Housing Revenue  
SFMR   Single Family Mortgage Revenue   SONYMA   State of New York Mortgage Agency  
SPEARS   Short Puttable Exempt   SWDR   Solid Waste Disposal Revenue  
  Adjustable Receipts      
TAN   Tax Anticipation Notes   TAW   Tax Anticipation Warrants  
TRAN   Tax and Revenue Anticipation Notes   XLCA   XL Capital Assurance  

 

18



Summary of Combined Ratings (Unaudited)    
 
Fitch   or   Moody’s   or   Standard & Poor’s   Value (%)  
F1 +,F1     VMIG1,MIG1,P1     SP1+,SP1,A1+,A1   94.1  
AAA,AA,A d     Aaa,Aa,A d     AAA,AA,A d   2.7  
Not Rated e     Not Rated e     Not Rated e   3.2  
            100.0  

 

Based on total investments.
d Notes which are not F, MIG and SP rated are represented by bond ratings of the issuers.
e 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.

The Fund 19



STATEMENT OF ASSETS AND LIABILITIES

May 31, 2012 (Unaudited)

  Cost   Value  
Assets ($):      
Investments in securities—See Statement of Investments   764,753,796   764,753,796  
Interest receivable     591,494  
Prepaid expenses     66,433  
    765,411,723  
Liabilities ($):      
Due to The Dreyfus Corporation and affiliates—Note 2(c)     151,390  
Cash overdraft due to Custodian     1,420,508  
Payable for investment securities purchased     29,415,106  
Payable for shares of Common Stock redeemed     4,193  
Accrued expenses     50,354  
    31,041,551  
Net Assets ($)     734,370,172  
Composition of Net Assets ($):      
Paid-in capital     734,373,054  
Accumulated net realized gain (loss) on investments     (2,882 )  
Net Assets ($)     734,370,172  
 
 
Net Asset Value Per Share      
  Class A   Class B  
Net Assets ($)   60,698,135   673,672,037  
Shares Outstanding   60,720,283   673,936,831  
Net Asset Value Per Share ($)   1.00   1.00  
 
See notes to financial statements.      

 

20



STATEMENT OF OPERATIONS

Six Months Ended May 31, 2012 (Unaudited)

Investment Income ($):    
Interest Income   778,887  
Expenses:    
Management fee—Note 2(a)   1,894,305  
Shareholder servicing costs—Note 1 and 2(c)   1,073,898  
Distribution and prospectus fees—Note 2(b)   704,820  
Professional fees   39,324  
Registration fees   36,752  
Custodian fees—Note 2(c)   33,028  
Directors’ fees and expenses—Note 2(d)   28,115  
Prospectus and shareholders’ reports   13,524  
Miscellaneous   21,222  
Total Expenses   3,844,988  
Less—reduction in expenses due to undertaking—Note 2(a)   (3,066,206 )  
Less—reduction in fees due to earnings credits—Note 2(c)   (35 )  
Net Expenses   778,747  
Investment Income—Net   140  
Net Realized Gain (Loss) on Investments—Note 1(b) ($)   186  
Net Increase in Net Assets Resulting from Operations   326  
 
See notes to financial statements.    

 

The Fund 21



STATEMENT OF CHANGES IN NET ASSETS

  Six Months Ended    
  May 31, 2012   Year Ended  
  (Unaudited)   November 30, 2011  
Operations ($):      
Investment income—net   140   241  
Net realized gain (loss) on investments   186    
Net Increase (Decrease) in Net Assets      
Resulting from Operations   326   241  
Dividends to Shareholders from ($):      
Investment income—net:      
Class A Shares   (13 )   (14 )  
Class B Shares   (127 )   (227 )  
Total Dividends   (140 )   (241 )  
Capital Stock Transactions ($1.00 per share):      
Net proceeds from shares sold:      
Class A Shares   85,153,783   163,663,892  
Class B Shares   655,803,728   1,380,199,126  
Dividends reinvested:      
Class A Shares   7   14  
Class B Shares   127   224  
Cost of shares redeemed:      
Class A Shares   (81,305,668 )   (170,861,489 )  
Class B Shares   (633,078,410 )   (1,343,707,836 )  
Increase (Decrease) in Net Assets      
from Capital Stock Transactions   26,573,567   29,293,931  
Total Increase (Decrease) in Net Assets   26,573,753   29,293,931  
Net Assets ($):      
Beginning of Period   707,796,419   678,502,488  
End of Period   734,370,172   707,796,419  
 
See notes to financial statements.      

 

22



FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information reflects financial results for a single fund share. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund’s financial statements.

Six Months Ended                
  May 31, 2012       Year Ended November 30,    
Class A Shares   (Unaudited)   2011   2010   2009   2008   2007  
Per Share Data ($):                  
Net asset value,                  
beginning of period   1.00   1.00   1.00   1.00   1.00   1.00  
Investment Operations:                  
Investment income—net   .000 a   .000 a   .000 a   .004   .022   .031  
Distributions:                  
Dividends from                  
investment income—net   (.000 ) a   (.000) a (.000) a   (.004 )   (.022 )   (.031 )  
Net asset value, end of period   1.00   1.00   1.00   1.00   1.00   1.00  
Total Return (%)   .00 b,c   .00 b   .00 b   .37   2.22   3.13  
Ratios/Supplemental Data (%):                
Ratio of total expenses                  
to average net assets   .63 c   .63   .61   .62   .59   .62  
Ratio of net expenses                  
to average net assets   .21 c   .27   .37   .59   .58   .62  
Ratio of net investment income                  
to average net assets   .00 b,c   .00 b   .00 b   .37   2.12   3.09  
Net Assets, end of period                  
($ x 1,000)   60,698   56,850   64,035   138,454   151,633   100,344  

 

a Amount represents less than $.001 per share.
b Amount represents less than .01%.
c Annualized.

See notes to financial statements.

The Fund 23



FINANCIAL HIGHLIGHTS (continued)

Six Months Ended                
  May 31, 2012       Year Ended November 30,    
Class B Shares   (Unaudited)   2011   2010   2009   2008   2007  
Per Share Data ($):                  
Net asset value,                  
beginning of period   1.00   1.00   1.00   1.00   1.00   1.00  
Investment Operations:                  
Investment income—net   .000 a   .000 a   .000 a   .001   .018   .027  
Distributions:                  
Dividends from                  
investment income—net   (.000 ) a   (.000) a (.000) a   (.001 )   (.018 )   (.027 )  
Net asset value, end of period   1.00   1.00   1.00   1.00   1.00   1.00  
Total Return (%)   .00 b,c   .00 b   .00 b   .07   1.80   2.76  
Ratios/Supplemental Data (%):                
Ratio of total expenses                  
to average net assets   1.05 c   1.05   1.05   1.08   1.05   1.05  
Ratio of net expenses                  
to average net assets   .21 c   .27   .37   .90   .99   1.00  
Ratio of net investment income                  
to average net assets   .00 b,c   .00 b   .00 b   .08   1.77   2.72  
Net Assets, end of period                  
($ x 1,000)   673,672 650,946   614,467   661,738   773,940   792,283  

 

a Amount represents less than $.001 per share.
b Amount represents less than .01%.
c Annualized.

See notes to financial statements.

24



NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

General Municipal Money Market Fund (the “fund”) is the sole 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 a diversified open-end management investment company. The fund’s investment objective is to maximize current income exempt from federal personal income taxes, to the extent consistent with the preservation of capital and the maintenance of liquidity.The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.

MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares.The fund is authorized to issue 20.5 billion shares of $.001 par value Common Stock. The fund is currently authorized to issue two classes of shares: Class A (15 billion shares authorized) and Class B (5.5 billion shares authorized). Class A and Class B shares are identical except for the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Class B shares are subject to a Distribution Plan adopted pursuant to Rule 12b-1 under the Act and Class A and Class B shares are subject to a Shareholder Services Plan. 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. During the period ended May 31, 2012, sub-accounting service fees amounted to $173,643 for Class B shares and are included in Shareholder servicing costs in the Statement of Operations. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

The Fund 25



NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions.Actual results could differ from those estimates.

The Company enters into contracts that contain a variety of indemnifications.The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.

(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the Board of Directors to represent the fair value of the fund’s investments.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value.This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not

26



orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements.These inputs are summarized in the three broad levels listed below:

Level 1 —unadjusted quoted prices in active markets for identical investments.

Level 2 —other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3 —significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected within Level 2 of the fair value hierarchy.

The following is a summary of the inputs used as of May 31, 2012 in valuing the fund’s investments:

  Short-Term  
Valuation Inputs   Investments ($)  
Level 1—Unadjusted Quoted Prices    
Level 2—Other Significant Observable Inputs   764,753,796  
Level 3—Significant Unobservable Inputs    
Total   764,753,796  
† See Statement of Investments for additional detailed categorizations.    

 

In May 2011, FASB issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common FairValue Measurement and Disclosure Requirements in GAAP and International Financial Reporting Standards (“IFRS”)” (“ASU 2011-04”). ASU 2011-04

The Fund 27



NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

includes common requirements for measurement of and disclosure about fair value between GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements.The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Realized gains and losses 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 gains, 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 gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains.

(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

28



Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended May 31, 2012, the fund did not have any liabilities for any uncertain tax positions.The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period, the fund did not incur any interest or penalties.

Each of the tax years in the three-year period ended November 30, 2011 remains subject to examination by the Internal Revenue Service and state taxing authorities.

Under the Regulated Investment Company Modernization Act of 2010 (the “2010 Act”), the fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under previous statute.The 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (“pre-enactment losses”).As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.

The fund has an unused capital loss carryover of $3,068 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to November 30, 2011. If not applied, the carryover expires in fiscal 2018.

The tax character of distributions paid to shareholders during the fiscal year ended November 30, 2011 was all tax exempt income. The tax character of current year distributions will be determined at the end of the current fiscal year.

The Fund 29



NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

At May 31, 2012, the cost of investment 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 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 fees, commissions, interest on borrowings and extraordinary expenses, exceed 1 1 / 2 % of the value of the fund’s average daily 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 May 31, 2012, there was no expense reimbursement pursuant to the Agreement.

The Manager has undertaken to waive receipt of the management fee and/or reimburse operating expenses in order to facilitate a daily yield at or above a certain level which may change from time to time.This undertaking is voluntary and not contractual, and may be terminated at any time. The reduction in expenses, pursuant to the undertaking, amounted to $133,890 for Class A and $2,932,316 for Class B shares during the period ended May 31, 2012.

(b) Under the Distribution Plan with respect to Class B (“Distribution Plan”), adopted pursuant to Rule 12b-1 under the Act, Class B shares bear directly the cost of preparing, printing and distributing prospectuses and statements of additional information and of implementing and operating the Distribution Plan, such aggregate amount not to exceed in any fiscal year of the fund the greater of $100,000 or .005% of the average daily net assets of Class B shares. In addition, Class B

30



shares reimburse the Distributor for payments made to third parties for distributing their shares at an annual rate not to exceed .20% of the value of the average daily net assets of Class B shares. During the period ended May 31, 2012, Class B shares were charged $704,820, 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 the Distributor an amount not to exceed an annual rate of .25% of the value of the average daily net assets of Class A shares 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 May 31, 2012, Class A shares were charged $16,579 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 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. During the period ended May 31, 2012, Class B shares were charged $868,213 pursuant to the Class B Shareholder Services Plan.

The Fund 31



NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 and cash management services for the fund. During the period ended May 31, 2012, the fund was charged $10,411 pursuant to the transfer agency agreement, which is included in Shareholder servicing costs in the Statement of Operations.

The fund compensates The Bank of NewYork Mellon under a custody agreement for providing custodial services for the fund. During the period ended May 31, 2012, the fund was charged $33,028 pursuant to the custody agreement.

The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.

Prior to May 29, 2012, the fund compensated The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, under a cash management agreement for performing cash management services related to fund subscriptions and redemptions. During the period ended May 31, 2012, the fund was charged $838 pursuant to the cash management agreement, which is included in Shareholder servicing costs in the Statement of Operations.These fees were partially offset by earnings credits of $35.

During the period ended May 31, 2012, the fund was charged $3,183 for services performed by the Chief Compliance Officer and his staff.

The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $318,835, Rule 12b-1 distribution plan fees $117,133, shareholder services plan fees $175,699, custodian fees $16,545, chief compliance officer fees $2,652 and transfer agency per account fees $5,034, which are offset against an expense reimbursement currently in effect in the amount of $484,508.

32



(d) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 3—Securities Transactions:

The fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board of Directors.The procedures have been designed to ensure that any purchase or sale of securities by the fund from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Directors and/or common officers, complies with Rule 17a-7 of the Act. During the period ended May 31, 2012, the fund engaged in purchases and sales of securities pursuant to Rule 17a-7 of the Act amounting to $327,315,000 and $158,380,000, respectively.

The Fund 33



For More Information


Telephone 1-800-DREYFUS

Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144 E-mail Send your request to info@dreyfus.com Internet Information can be viewed online or downloaded at: http://www.dreyfus.com

The fund will disclose daily, on www.dreyfus.com, the fund’s complete schedule of holdings as of the end of the previous business day.  The schedule of holdings will remain on the website until the fund files its Form N-Q or Form N-CSR for the period that includes the date of the posted holdings.

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Information regarding how the fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.


© 2012 MBSC Securities Corporation  

 

 

 

Item 2.      Code of Ethics.

                  Not applicable.

Item 3.      Audit Committee Financial Expert.

                  Not applicable.

Item 4.      Principal Accountant Fees and Services.

                  Not applicable.

Item 5.      Audit Committee of Listed Registrants.

                  Not applicable.

Item 6.      Investments.

(a)              Not applicable.

Item 7.      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management      Investment Companies.

                  Not applicable.

Item 8.      Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.      Purchases of Equity Securities by Closed-End Management Investment Companies and        Affiliated Purchasers.

                  Not applicable.  [CLOSED END FUNDS ONLY]

Item 10.    Submission of Matters to a Vote of Security Holders.

                  There have been no material changes to the procedures applicable to Item 10.

Item 11.    Controls and Procedures.

(a)        The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

3

 


 

 

(b)        There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12.    Exhibits.

(a)(1)   Not applicable.

(a)(2)   Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(3)   Not applicable.

(b)        Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.

4

 


 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

General Municipal Money Market Funds, Inc.

By: /s/ Bradley J. Skapyak

Bradley J. Skapyak,

President

 

Date:

July 24, 2012

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By: /s/ Bradley J. Skapyak

Bradley J. Skapyak,

President

 

Date:

July 24, 2012

 

By: /s/ James Windels

James Windels,

Treasurer

 

Date:

July 24, 2012

 

 

5

 


 

 

EXHIBIT INDEX

(a)(2)   Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.  (EX-99.CERT)

(b)        Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.  (EX-99.906CERT)

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