| 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- 3207 |
| General Money Market Fund, 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) |
| Michael A. Rosenberg, 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: | | 11/30/07 |
FORM N-CSR
| Item 1. | | Reports to Stockholders. |
Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.dreyfus.com and sign up for Dreyfus eCommunications. It’s simple and only takes a few minutes.
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 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 |
| 12 | | Statement of Assets and Liabilities |
| 13 | | Statement of Operations |
| 14 | | Statement of Changes in Net Assets |
| 15 | | Financial Highlights |
| 17 | | Notes to Financial Statements |
| 24 | | Report of Independent Registered |
| | | Public Accounting Firm |
| 25 | | Important Tax Information |
| 26 | | Information About the Review and Approval |
| | | of the Fund’s Management Agreement |
| 30 | | Board Members Information |
| 33 | | Officers of the Fund |
| | | FOR MORE INFORMATION |
| |
|
| | | Back Cover |
The Fund
| General Money |
| Market Fund, Inc. |
A LETTER FROM THE CEO
Dear Shareholder:
We are pleased to present this annual report for General Money Market Fund, Inc., covering the 12-month period from December 1, 2006, through November 30, 2007.
The past few months have been filled with greater swings in security valuations than we’ve seen in several years, as the economic cycle matured and a credit crisis stemming from the sub-prime mortgage sector of the taxable bond market has affected virtually all areas of the financial markets, including, to some extent, money market funds.A high degree of leverage within parts of the financial system made these price fluctuations more intense than they otherwise might have been. In the ensuing “flight to quality” among investors, “liquid asset” investments such as money market funds realized tremendous inflows of assets from investors affected by the heightened volatility and from those simply awaiting a clearer picture by the Fed on the direction of the U.S. economy.
Although we expect slower financial conditions in 2008, lower short-term interest rates from the Fed may help forestall a technical recession. As was widely anticipated, at its December 11 meeting the Fed took action and lowered its overnight rate to 4.25% . Despite this recent rate cut, investors will continue to closely monitor the credit markets and signals by the Fed on the state of the U.S economy in 2008. During times like these, it is a good time to review your portfolio with your financial advisor, who can help you consider whether to reposition your investments for a changing market environment.
For information about how the fund performed during the reporting period, as well as market perspectives, we have provided a Discussion of Fund Performance given by the fund’s Portfolio Manager.
Thank you for your continued confidence and support.
| | Thomas F. Eggers
Chief Executive Officer
The Dreyfus Corporation
December 17, 2007
|
DISCUSSION OF FUND PERFORMANCE
For the period of December 1, 2006, through November 30, 2007, as provided by Bernard W. Kiernan, Jr., Senior Portfolio Manager
Fund and Market Performance Overview
Although money market yields remained relatively stable over the first half of the reporting period, a credit crisis in U.S. fixed-income markets and slowing economic growth prompted the Federal Reserve Board (the “Fed”) to reduce short-term interest rates over the reporting period’s second half.
For the 12-month period ended November 30, 2007, General Money Market Fund produced yields of 4.54% for Class A shares and 4.31% for Class B shares.Taking into account the effects of compounding, the fund’s Class A and B shares produced effective yields of 4.64% and 4.40%, respectively.1
The Fund’s Investment Approach
The fund seeks as high a level of current income as is consistent with the preservation of capital.To pursue this goal, the fund invests in a diversified portfolio of high-quality, short-term debt securities. These include securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, certificates of deposit, time deposits, bankers’ acceptances and other short-term securities issued by domestic or foreign banks or their subsidiaries or branches, repurchase agreements, including tri-party repurchase agreements, asset-backed securities, domestic and dollar-denominated foreign commercial paper and other short-term corporate obligations, including those with floating or variable rates of interest, and dollar-denominated obligations issued or guaranteed by one or more foreign governments or any of their political subdivisions or agencies.Normally,the fund invests at least 25% of its net assets in domestic or dollar-denominated foreign bank obligations.
The Fund 3
DISCUSSION OF FUND PERFORMANCE (continued)
A Worsening Credit Crisis Prompted Fed Intervention
The U.S. economy showed signs of a moderate slowdown at the end of 2006 as housing markets softened. Inflationary pressures were relatively mild, and the Fed appeared comfortable maintaining a target of 5.25% for the overnight federal funds rate.
In the spring, however, the core personal consumption price index rose, suggesting that inflation could be a more persistent problem than expected. By June, signs of stronger economic growth caused the Fed to state that it was not yet convinced of the sustainability of lower inflationary pressures. It later was announced that the U.S. GDP grew at an annualized rate of 3.8% in the second quarter of 2007, lending credence to the Fed’s inflation-fighting bias.
The summer of 2007 proved to be a difficult time for the financial markets, as intensifying housing and lending concerns sparked a sharp repricing of risk in July, as a result of rising delinquencies and defaults from the sub-prime mortgage sector. Sales of existing homes and new single-family homes dropped significantly.Tightness in the credit markets created turmoil in other areas, including the inter-bank lending market and the commercial paper and syndicated loan markets.
Although the Fed refrained from adjusting monetary policy at its meeting in early August, it reduced the discount rate by 50 basis points on August 17.The Fed followed up in September with an additional reduction of 50 basis points in the discount rate and a reduction of 50 basis points in the federal funds rate to ease conditions in the money markets and prevent a spillover into the broader economy. These moves appeared to be warranted, as fallout from the sub-prime mortgage crisis included billions in subprime-related asset write-downs by financial institutions, a sharp increase in foreclosure filings and a surge in canceled home sales contracts.
In October, the economy continued to show signs of weakness, including reports of a tepid September increase in consumer spending of 0.3% as crude oil prices rose above $95 per barrel. Yet, the Commerce Department estimated that U.S. GDP grew at a stronger-than-expected 4.9% annualized rate in the third quarter. Nonetheless,
the Fed again cut the federal funds rate, this time by 25 basis points, with the Fed stating that it expected slower economic growth due to the intensification of the housing correction, but that it regarded the risks of recession and inflation as balanced.
November witnessed further deterioration in the financial markets as recession concerns intensified amid additional announcements of write-downs among major banks and brokerage firms. In addition, it was announced that sales of existing homes fell in October to its lowest level since recordkeeping began eight years earlier, with the median home price sliding 5.1% over the previous 12 months.
Caution Remains Warranted in Uncertain Markets
As the credit crisis unfolded and the Fed cut interest rates,yield differences widened along the market’s maturity range, creating more attractive opportunities among longer-dated money market instruments. Meanwhile, demand for money market instruments surged as investors shifted assets from riskier investments to money market funds. In this environment, we increased the fund’s weighted average maturity toward a position we considered slightly longer than industry averages.
At its meeting on December 11, after the reporting period’s end the Fed reduced the federal funds rate by another 25 basis points to 4.25% in a move that was widely expected by investors. The likelihood of additional rate cuts in 2008 probably will depend on incoming data, which the Fed and other market participants are monitoring closely.
December 17, 2007
| | | 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. |
| 1 | | Effective yield is based upon dividends declared daily and reinvested monthly. Past performance is |
| | | no guarantee of future results.Yields fluctuate.Yields provided for the fund’s Class B shares reflect |
| | | the absorption of certain fund expenses by The Dreyfus Corporation pursuant to an undertaking |
| | | in effect that may be extended, terminated or modified at any time. Had these expenses not been |
| | | absorbed, the fund’s Class B shares would have produced an annualized yield of 4.30% and an |
| | | annualized effective yield of 4.39%. |
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 Money Market Fund, Inc. from June 1, 2007 to November 30, 2007. 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 November 30, 2007 | | |
| | | Class A | | Class B |
| |
| |
|
| Expenses paid per $1,000 † | | $ 4.01 | | $ 5.17 |
| Ending value (after expenses) | | $1,022.90 | | $1,021.70 |
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 November 30, 2007 |
| | | Class A | | Class B |
| |
| |
|
| Expenses paid per $1,000 † | | $ 4.00 | | $ 5.16 |
| Ending value (after expenses) | | $1,021.11 | | $1,019.95 |
† Expenses are equal to the fund’s annualized expense ratio of .79% for Class A and 1.02% for Class B multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
STATEMENT OF INVESTMENTS
November 30, 2007
|
| | | Principal | | |
| Negotiable Bank Certificates of Deposit—41.7% | | Amount ($) | | Value ($) |
| |
| |
|
| Allied Irish Banks PLC (Yankee) | | | | |
| 4.90%, 5/29/08 | | 200,000,000 | | 200,009,758 |
| American Express Company | | | | |
| 4.85%, 5/22/08 | | 163,000,000 | | 163,000,000 |
| Banca Monte dei Paschi di Siena SpA (London) | | | | |
| 5.10%—5.80%, 12/13/07—2/22/08 | | 300,000,000 | | 300,002,594 |
| Bank of Ireland (Yankee) | | | | |
| 4.85%, 5/23/08 | | 150,000,000 a | | 150,000,000 |
| Bank of Nova Scotia (Yankee) | | | | |
| 4.75%, 12/24/07 | | 200,000,000 | | 200,000,000 |
| Bank of Scotland (London) | | | | |
| 5.10%, 12/17/07 | | 25,000,000 | | 25,000,000 |
| Bank of Scotland PLC (Yankee) | | | | |
| 4.73%—5.05%, 2/22/08—4/30/08 | | 300,000,000 | | 300,000,000 |
| Bank of Tokyo-Mitsubishi Ltd. (Yankee) | | | | |
| 4.77%, 4/30/08 | | 300,000,000 | | 300,000,000 |
| Barclays Bank PLC (Yankee) | | | | |
| 5.08%, 3/19/08 | | 280,000,000 | | 280,000,000 |
| Bayerische Hypo-und Vereinsbank AG (Yankee) | | | | |
| 5.07%, 3/25/08 | | 50,000,000 | | 50,000,000 |
| DEPFA BANK PLC (Yankee) | | | | |
| 5.05%, 1/25/08 | | 175,000,000 a | | 175,000,000 |
| HBOS Treasury Services PLC (London) | | | | |
| 5.80%, 12/11/07 | | 150,000,000 | | 150,000,000 |
| Mizuho Corporate Bank (Yankee) | | | | |
| 4.88%, 1/2/08 | | 200,000,000 | | 200,000,000 |
| Natixis (Yankee) | | | | |
| 4.58%—5.19%, 12/3/07—2/19/08 | | 450,000,000 b | | 449,983,524 |
| Regions Bank | | | | |
| 4.65%, 5/9/08 | | 38,000,000 | | 38,000,000 |
| Royal Bank of Scotland PLC (Yankee) | | | | |
| 5.20%—5.68%, 12/14/07—1/10/08 | | 250,000,000 | | 250,000,000 |
| Skandinaviska Enskilda Banken AB (Yankee) | | | | |
| 5.02%—5.20%, 1/7/08—4/18/08 | | 265,000,000 | | 265,000,000 |
| Societe Generale (Yankee) | | | | |
| 5.20%, 1/4/08 | | 100,000,000 | | 100,000,000 |
| Swedbank (ForeningsSparbanken AB) (Yankee) | | | | |
| 5.12%, 4/7/08 | | 80,000,000 | | 80,000,000 |
| UBS AG (Yankee) | | | | |
| 5.06%—5.50%, 3/12/08—3/19/08 | | 455,000,000 | | 455,000,000 |
The Fund 7
STATEMENT OF INVESTMENTS (continued)
|
| | | Principal | | |
| Negotiable Bank Certificates of Deposit (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| UniCredito Italiano SpA (London) (Yankee) | | | | |
| 5.24%—5.34%, 12/4/07—12/21/07 | | 100,000,000 | | 100,000,000 |
| Total Negotiable Bank Certificates of Deposit | | | | |
| (cost $4,230,995,876) | | | | 4,230,995,876 |
| |
| |
|
| |
| Commercial Paper—37.2% | | | | |
| |
| |
|
| Allied Irish Banks N.A. Inc. | | | | |
| 4.81%—5.63%, 12/11/07—5/21/08 | | 56,000,000 | | 55,537,217 |
| Amsterdam Funding Corp. | | | | |
| 5.13%—5.14%, 12/14/07—1/9/08 | | 135,000,000 a | | 134,385,335 |
| ASB Finance Ltd. | | | | |
| 4.80%—5.34%, 12/5/07—5/7/08 | | 350,000,000 a | | 345,868,097 |
| Atlantis One Funding Corp. | | | | |
| 5.29%, 1/4/08 | | 425,000,000 a | | 422,904,750 |
| Bank of Ireland | | | | |
| 4.80%, 2/6/08 | | 300,000,000 a | | 297,353,500 |
| Barclays U.S. Funding Corp. | | | | |
| 5.16%, 4/3/08 | | 168,000,000 | | 165,089,307 |
| Canadian Imperial Bank of Commerce | | | | |
| 4.80%, 4/9/08 | | 400,000,000 | | 393,203,889 |
| Cancara Asset Securitisation Ltd. | | | | |
| 5.27%, 12/20/07 | | 23,000,000 a | | 22,936,878 |
| Citigroup Funding Inc. | | | | |
| 5.34%, 1/22/08 | | 140,000,000 | | 138,947,433 |
| CRC Funding LLC | | | | |
| 5.20%, 1/25/08—1/28/08 | | 210,530,000 a | | 208,814,695 |
| Dexia Delaware LLC | | | | |
| 5.08%, 12/7/07 | | 100,000,000 | | 99,916,000 |
| FCAR Owner Trust, Ser. II | | | | |
| 5.34%, 1/18/08 | | 300,000,000 | | 297,918,000 |
| JPMorgan Chase & Co. | | | | |
| 5.04%—5.15%, 2/4/08—4/1/08 | | 313,000,000 | | 309,303,862 |
| Old Line Funding LLC | | | | |
| 5.14%, 12/13/07 | | 17,726,000 a | | 17,695,866 |
| Santander Central Hispano Finance (Delaware) Inc. | | | | |
| 5.51%—5.70%, 12/13/07—3/14/08 | | 146,000,000 | | 144,256,557 |
| | | Principal | | |
| Commercial Paper (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Skandinaviska Enskilda Banken AB | | | | |
| 4.74%, 4/25/08 | | 30,000,000 | | 29,437,292 |
| Societe Generale N.A. Inc. | | | | |
| 5.11%—5.85%, 12/7/07—12/17/07 | | 350,000,000 | | 349,599,305 |
| Solitaire Funding Ltd. | | | | |
| 5.63%, 12/18/07 | | 100,000,000 a | | 99,737,917 |
| Swedbank (ForeningsSparbanken AB) | | | | |
| 5.22%, 1/4/08 | | 75,000,000 | | 74,635,208 |
| Toronto-Dominion Holdings USA Inc. | | | | |
| 4.85%, 5/27/08 | | 87,000,000 | | 84,965,312 |
| Windmill Funding Corp. | | | | |
| 5.14%, 12/4/07—12/5/07 | | 74,100,000 a | | 74,062,841 |
| Total Commercial Paper | | | | |
| (cost $3,766,569,261) | | | | 3,766,569,261 |
| |
| |
|
| |
| Corporate Notes—11.4% | | | | |
| |
| |
|
| Calyon | | | | |
| 4.55%, 3/10/08 | | 230,000,000 b | | 229,988,387 |
| Commonwealth Bank of Australia | | | | |
| 4.81%, 12/24/07 | | 45,000,000 b | | 45,000,000 |
| Fifth Third Bancorp | | | | |
| 4.79%, 12/25/07 | | 100,000,000 b | | 100,000,000 |
| Harrier Finance Funding Ltd. | | | | |
| 4.57%, 2/27/08 | | 195,000,000 a,b | | 194,996,474 |
| M&I Marshall & Ilsley Bank Milwaukee, WI | | |
| 4.84%, 2/15/08 | | 70,000,000 b | | 69,998,364 |
| Morgan Stanley | | | | |
| 4.81%, 12/4/07 | | 100,000,000 b | | 100,000,000 |
| Royal Bank of Scotland PLC | | | | |
| 4.78%, 12/21/07 | | 210,000,000 b | | 210,000,000 |
| Wells Fargo & Co. | | | | |
| 4.74%, 12/4/07 | | 100,000,000 b | | 100,000,000 |
| Westpac Banking Corp. | | | | |
| 4.65%, 12/17/07 | | 100,000,000 b | | 100,000,000 |
| Total Corporate Notes | | | | |
| (cost $1,149,983,225) | | | | 1,149,983,225 |
The Fund 9
STATEMENT OF INVESTMENTS (continued)
|
| | | Principal | | |
| Promissory Note—2.0% | | Amount ($) | | Value ($) |
| |
| |
|
| Goldman Sachs Group Inc. | | | | |
| 5.07%, 6/17/08 | | | | |
| (cost $200,000,000) | | 200,000,000 c | | 200,000,000 |
| |
| |
|
| |
| |
| Time Deposits—2.3% | | | | |
| |
| |
|
| Key Bank U.S.A., N.A. (Grand Cayman) | | | | |
| 4.63%, 12/3/07 | | 145,000,000 | | 145,000,000 |
| Regions Bank (Grand Cayman) | | | | |
| 4.69%, 12/3/07 | | 90,000,000 | | 90,000,000 |
| Total Time Deposits | | | | |
| (cost $235,000,000) | | | | 235,000,000 |
| |
| |
|
| |
| |
| Repurchase Agreements—5.0% | | | | |
| |
| |
|
| Bear Stearns Cos. Inc. | | | | |
| 4.80%, dated 11/30/07, due 12/3/07 in the amount of | | |
| $225,090,000 (fully collateralized by $9,518,497 | | |
| Federal Home Loan Mortgage Corp., 6%, due 11/1/37, | | |
| value $9,649,068 and $706,720,000 Federal National | | |
| Mortgage Association, 6%-7%, due 12/1/13-11/1/37, | | |
| value $219,851,674) | | 225,000,000 | | 225,000,000 |
| Credit Suisse (USA) Inc. | | | | |
| 4.84%, dated 11/30/07, due 12/3/07 in the amount of | | |
| $30,012,094 (fully collateralized by $30,935,000 | | |
| Federal Home Loan Bank, 0%, due 2/29/08, | | |
| value $30,603,996) | | 30,000,000 | | 30,000,000 |
| Deutsche Bank Securities | | | | |
| 4.81%, dated 11/30/07, due 12/3/07 in the amount of | | |
| $60,024,038 (fully collateralized by $386,849,035 | | |
| Corporate Bonds, 0%-11.468%, due 8/15/11-8/25/47, | | |
| value $61,800,001) | | 60,000,000 | | 60,000,000 |
| Greenwich Capital Markets | | | | |
| 4.79%, dated 11/30/07, due 12/3/07 in the amount of | | |
| $20,007,979 (fully collateralized by $20,025,000 | | |
| Federal National Mortgage Association, 6%, due | | |
| 10/1/37, value $20,401,482) | | 20,000,000 | | 20,000,000 |
| Merrill Lynch & Co. Inc. | | | | |
| 4.84%, dated 11/30/07, due 12/3/07 in the amount of | | |
| $130,052,406 (fully collateralized by $152,084,000 | | |
| Corporate Bonds, 6.35%-8.90%, due 8/1/11-1/15/32, | | |
| value $136,502,171) | | 130,000,000 | | 130,000,000 |
| | | Principal | | |
| Repurchase Agreements (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| UBS Securities LLC | | | | |
| 4.79%, dated 11/30/07, due 12/3/07 in the amount of | | |
| $40,015,958 (fully collateralized by $29,143,000 | | |
| Corporate Bonds, 2.50%-7%, due 1/15/11-10/1/23, | | |
| value $41,204,581) | | 40,000,000 | | 40,000,000 |
| Total Repurchase Agreements | | | | |
| (cost $505,000,000) | | | | 505,000,000 |
| |
| |
|
| |
| Total Investments (cost $10,087,548,362) | | 99.6% | | 10,087,548,362 |
| Cash and Receivables (Net) | | .4% | | 42,660,339 |
| Net Assets | | 100.0% | | 10,130,208,701 |
| a 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 November 30, 2007, these |
| securities amounted to $2,143,756,353 or 21.2% of net assets. |
| b Variable rate security—interest rate subject to periodic change. |
| c This note was acquired for investment, and not with the intent to distribute or sell. Securities restricted as to public |
| resale.This security was acquired on 9/21/2007 at a cost of $200,000,000. At November 30, 2007, the aggregate |
| value of this security was $200,000,000 representing 2.0% of net assets and is valued at amortized cost. |
| Portfolio Summary (Unaudited) † | | | | |
| |
| | | Value (%) | | | | Value (%) |
| |
| |
| |
|
| Banking | | 81.3 | | Asset-Backed/Single Seller | | 2.9 |
| Asset-Backed/Multi-Seller Programs | | 5.5 | | Asset-Backed/Structured | | |
| Repurchase Agreements | | 5.0 | | Investment Vehicles | | 1.9 |
| Brokerage Firms | | 3.0 | | | | 99.6 |
| |
| † Based on net assets. | | | | | | |
| See notes to financial statements. | | | | | | |
The Fund 11
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2007
|
| | | Cost | | Value |
| |
| |
|
| Assets ($): | | | | |
| Investments in securities—See Statement of | | |
| Investments—Note 1(b) | | 10,087,548,362 | | 10,087,548,362 |
| Cash | | | | 13,789,442 |
| Interest receivable | | | | 37,121,600 |
| Prepaid expenses | | | | 513,247 |
| | | | | 10,138,972,651 |
| |
| |
|
| Liabilities ($): | | | | |
| Due to The Dreyfus Corporation and affiliates—Note 2(c) | | 8,273,906 |
| Payable for shares of Common Stock redeemed | | 160,639 |
| Accrued expenses | | | | 329,405 |
| | | | | 8,763,950 |
| |
| |
|
| Net Assets ($) | | | | 10,130,208,701 |
| |
| |
|
| Composition of Net Assets ($): | | | | |
| Paid-in capital | | | | 10,132,312,947 |
| Accumulated net realized gain (loss) on investments | | (2,104,246) |
| |
|
| Net Assets ($) | | | | 10,130,208,701 |
| |
| |
|
| |
| |
| Net Asset Value Per Share | | | | |
| | | Class A | | Class B |
| |
| |
|
| Net Assets ($) | | 1,039,268,100 | | 9,090,940,601 |
| Shares Outstanding | | 1,039,684,905 | | 9,092,628,042 |
| |
| |
|
| Net Asset Value Per Share ($) | | 1.00 | | 1.00 |
See notes to financial statements.
STATEMENT OF OPERATIONS
Year Ended November 30, 2007
|
| Investment Income ($): | | |
| Interest Income | | 532,998,955 |
| Expenses: | | |
| Management fee—Note 2(a) | | 49,987,097 |
| Shareholder servicing costs—Note 2(c) | | 28,599,229 |
| Distribution, service and prospectus fees—Note 2(b) | | 20,158,187 |
| Registration fees | | 773,900 |
| Directors’ fees and expenses—Note 2(d) | | 553,005 |
| Shareholders’ reports | | 342,720 |
| Custodian fees—Note 2(c) | | 301,388 |
| Professional fees | | 65,016 |
| Miscellaneous | | 184,590 |
| Total Expenses | | 100,965,132 |
| Less—reduction in shareholder servicing costs | | |
| due to undertaking—Note 2(c) | | (1,395,763) |
| Net Expenses | | 99,569,369 |
| Investment Income—Net, representing net increase | | |
| in net assets resulting from operations | | 433,429,586 |
See notes to financial statements.
|
The Fund 13
STATEMENT OF CHANGES IN NET ASSETS
| | | Year Ended November 30, |
| |
|
| | | 2007 | | 2006a |
| |
| |
|
| Operations ($): | | | | |
| Investment Income-Net, representing | | | | |
| net increase in net assets | | | | |
| resulting from operations | | 433,429,586 | | 359,591,425 |
| |
| |
|
| Dividends to Shareholders from ($): | | | | |
| Investment income—net: | | | | |
| Class A Shares | | (39,706,887) | | (41,307,338) |
| Class B Shares | | (393,722,699) | | (318,284,081) |
| Class X Shares | | — | | (6) |
| Total Dividends | | (433,429,586) | | (359,591,425) |
| |
| |
|
| Capital Stock Transactions ($1.00 per share): | | |
| Net proceeds from shares sold: | | | | |
| Class A Shares | | 4,523,463,194 | | 6,846,350,102 |
| Class B Shares | | 26,317,753,586 | | 24,732,416,062 |
| Dividends reinvested: | | | | |
| Class A Shares | | 38,595,101 | | 40,838,679 |
| Class B Shares | | 392,935,531 | | 317,075,038 |
| Class X Shares | | — | | 3 |
| Cost of shares redeemed: | | | | |
| Class A Shares | | (4,545,362,298) | | (6,958,647,316) |
| Class B Shares | | (26,109,692,097) | | (24,075,912,494) |
| Class X Shares | | — | | (1,004) |
| Increase (Decrease) in Net Assets | | | | |
| from Capital Stock Transactions | | 617,693,017 | | 902,119,070 |
| Total Increase (Decrease) in Net Assets | | 617,693,017 | | 902,119,070 |
| |
| |
|
| Net Assets ($): | | | | |
| Beginning of Period | | 9,512,515,684 | | 8,610,396,614 |
| End of Period | | 10,130,208,701 | | 9,512,515,684 |
| |
| a Effective January 31, 2006, Class X shares are no longer offered by the fund. | | |
| See notes to financial statements. | | | | |
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.
| | | | | Year Ended November 30, | | |
| |
| |
| |
|
| Class A Shares | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 |
| |
| |
| |
| |
| |
|
| Per Share Data ($): | | | | | | | | | | |
| Net asset value, beginning of period | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
| Investment Operations: | | | | | | | | | | |
| Investment income—net | | .045 | | .042 | | .023 | | .006 | | .006 |
| Distributions: | | | | | | | | | | |
| Dividends from | | | | | | | | | | |
| investment income—net | | (.045) | | (.042) | | (.023) | | (.006) | | (.006) |
| Net asset value, end of period | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
| |
| |
| |
| |
| |
|
| Total Return (%) | | 4.64 | | 4.28 | | 2.32 | | .56 | | .56 |
| |
| |
| |
| |
| |
|
| Ratios/Supplemental Data (%): | | | | | | | | | | |
| Ratio of total expenses | | | | | | | | | | |
| to average net assets | | .79 | | .78 | | .79 | | .78 | | .77 |
| Ratio of net expenses | | | | | | | | | | |
| to average net assets | | .79 | | .78 | | .79 | | .78 | | .77 |
| Ratio of net investment income | | | | | | | | | | |
| to average net assets | | 4.54 | | 4.18 | | 2.28 | | .55 | | .57 |
| |
| |
| |
| |
| |
|
| Net Assets, end of period | | | | | | | | | | |
| ($ x 1,000) | | 1,039,268 | | 1,022,572 | | 1,094,031 | | 1,153,901 | | 1,277,956 |
See notes to financial statements.
|
The Fund 15
FINANCIAL HIGHLIGHTS (continued)
|
| | | | | Year Ended November 30, | | |
| |
| |
| |
|
| Class B Shares | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 |
| |
| |
| |
| |
| |
|
| Per Share Data ($): | | | | | | | | | | |
| Net asset value, beginning of period | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
| Investment Operations: | | | | | | | | | | |
| Investment income—net | | .043 | | .040 | | .021 | | .003 | | .003 |
| Distributions: | | | | | | | | | | |
| Dividends from | | | | | | | | | | |
| investment income—net | | (.043) | | (.040) | | (.021) | | (.003) | | (.003) |
| Net asset value, end of period | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
| |
| |
| |
| |
| |
|
| Total Return (%) | | 4.40 | | 4.05 | | 2.09 | | .34 | | .33 |
| |
| |
| |
| |
| |
|
| Ratios/Supplemental Data (%): | | | | | | | | | | |
| Ratio of total expenses | | | | | | | | | | |
| to average net assets | | 1.03 | | 1.02 | | 1.03 | | 1.03 | | 1.01 |
| Ratio of net expenses | | | | | | | | | | |
| to average net assets | | 1.02 | | 1.01 | | 1.01 | | 1.00 | | 1.00 |
| Ratio of net investment | | | | | | | | | | |
| income to average net assets | | 4.32 | | 3.98 | | 2.06 | | .32 | | .33 |
| |
| |
| |
| |
| |
|
| Net Assets, end of period | | | | | | | | | | |
| ($ x 1,000) | | 9,090,941 | | 8,489,944 | | 7,516,365 | | 4,956,821 | | 5,633,657 |
See notes to financial statements.
|
NOTES TO FINANCIAL STATEMENTS
NOTE 1—Significant Accounting Policies:
General Money Market Fund, Inc. (the “fund”) 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 provide investors with as high a level of current income as is consistent with the preservation of capital.The Dreyfus Corporation (the “Manager” or “Dreyfus”) serves as the fund’s investment adviser.
On July 1,2007,Mellon Financial Corporation (“Mellon Financial”) and The Bank of New York Company, Inc. merged, forming The Bank of New York Mellon Corporation (“BNY Mellon”). As part of this transaction, Dreyfus became a wholly-owned subsidiary of BNY Mellon.
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 25.5 billion shares of $.001 par value Common Stock.The fund currently offers two classes of shares: Class A (12 billion shares authorized) and Class B (13.5 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 A shares are subject to a Service Plan adopted pursuant to Rule 12b-1 under the Act, 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 November 30, 2007, sub-accounting service fees amounted to $4,561,647 for Class B shares and are included in shareholder servicing costs. 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 17
NOTES TO FINANCIAL STATEMENTS (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 fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fund 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 fund’s Board of Directors to represent the fair value of the fund’s investments.
The Financial Accounting Standards Board (“FASB”) released Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements. The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Management does not believe that the application of this standard will have a material impact on the financial statements of the fund.
(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 the 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.
The fund has an arrangement with the custodian bank whereby the fund receives earnings credits from the custodian when positive cash balances are maintained, which are used to offset custody fees. For financial reporting purposes, the fund includes net earnings credits, if any, as an expense offset in the Statement of Operations.
The fund may enter into repurchase agreements with financial institutions deemed to be creditworthy by the Manager, subject to the seller’s agreement to repurchase and the fund’s agreement to resell such securities at a mutually agreed upon price. Securities purchased subject to repurchase agreements are deposited with the fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the fund maintains the right to sell the underlying securities at market value and may claim any resulting loss against the seller.
(c) Dividends to shareholders: It is the policy of the fund to declare dividends from investment income-net on each business day; 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, if such qualification is in the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable income sufficient to relieve it from substantially all federal income and excise taxes.
The Fund 19
NOTES TO FINANCIAL STATEMENTS (continued)
|
The FASB released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year.Adoption of FIN 48 is required for fiscal years beginning after December 15,2006 and is to be applied to all open tax years as of the effective date. Management does not believe that the application of this standard will have a material impact on the financial statements of the fund.
At November 30, 2007, the components of accumulated earnings on a tax basis were substantially the same as for financial reporting purposes.
The fund has an unused capital loss carryover of $2,104,246 available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to November 30, 2007. If not applied, $3,739 of the carryover expires in fiscal 2008, $10,418 expires in fiscal 2011, $256,218 expires in fiscal 2012 and $1,833,871 expires in fiscal 2013.
The tax characters of distributions paid to shareholders during the fiscal periods ended November 30, 2007 and November 30, 2006, were all ordinary income.
At November 30, 2007, 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 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, interest on borrowings and extraordinary expenses, exceed 1 1 / 2% of the value of the fund’s average net assets, the fund may deduct from payments to be made to the Manager, or the Manager will bear, such excess expense. During the period ended November 30, 2007, there was no expense reimbursement pursuant to the Agreement.
(b) Under the Service Plan with respect to Class A (the “Plan”), adopted pursuant to Rule 12b-1 under the Act, Class A shares bear directly the cost of preparing, printing and distributing prospectuses and statements of additional information and implementing and operating the 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 A. In addition, Class A shares pay the Distributor for distributing their shares, servicing shareholder accounts (“Servicing”) and advertising and marketing relating to Class A shares at an aggregate annual rate of .20% of the value of the average daily net assets of Class A.The Distributor may pay one or more Service Agents a fee in respect of Class A shares owned by shareholders with whom the Service Agent has a Servicing relationship or for whom the Service Agent is the dealer or holder of record.The schedule of such fees and the basis upon which such fees will be paid shall be determined from time to time by the Distributor. If a holder of Class A shares ceases to be a client of a Service Agent, but continues to hold Class A shares, the Distributor will be permitted to act as a Service Agent in respect of such fund shareholders and receive payments under the Plan for Servicing.The fees payable for Servicing are payable without regard to actual expenses incurred. During the period ended November 30, 2007, Class A shares were charged $1,762,490 pursuant to the Plan.
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 bear directly the costs of preparing, printing and distributing prospectuses and statements of additional information and of
The Fund 21
NOTES TO FINANCIAL STATEMENTS (continued)
|
implementing and operating the Class B 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. In addition, Class B shares reimburse the Distributor for payments made to third parties for distributing Class B shares at an annual rate not to exceed .20% of the value of the average daily net assets of Class B. During the period ended November 30, 2007, Class B shares were charged $18,395,697 pursuant to the Class B 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 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, 2007, Class A shares were charged $345,282 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 these services. The Distributor determines the amounts to be paid to Service Agents.
The Manager had undertaken from December 1, 2006 through May 1, 2007 to reduce the expenses of Class B shares if the aggregate expenses of Class B shares, exclusive of taxes, brokerage fees, interest on borrowings and extraordinary expenses, exceed an annual rate of 1.01% of the value of the average daily net assets of Class B shares.The Manager has
currently undertaken from May 2, 2007 through November 30, 2007 to reduce the expenses of Class B if the aggregate expenses of Class B, exclusive of expenses as described above, exceed an annual rate of 1.02% of the value of the average daily net assets of Class B shares. Such expense limitations are voluntary, temporary and may be terminated at any time. During the period ended November 30, 2007, Class B shares were charged $22,808,237 pursuant to the Shareholder Services Plan,of which $1,395,763 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, 2007, the fund was charged $341,302 pursuant to the transfer agency agreement.
Effective July 1 2007, the fund’s custodian, The Bank of New York, became an affiliate of the Manager. Under the fund’s pre-existing custody agreement with The Bank of New York, the fund was charged $124,989 for providing custodial services for the fund for the five months ended November 30, 2007. Prior to becoming an affiliate,The Bank of New York was paid $176,399 for custody services to the fund for the seven months ended June 30, 2007.
During the period ended November 30, 2007, the fund was charged $4,740 for services performed by the Chief Compliance Officer.
The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $4,166,871, Rule 12b-1 distribution fees $1,671,066, shareholder services plan fees $2,243,728, custody fees $251,011, chief compliance officer fees $3,214 and transfer agency per account fees $51,316, which are offset against an expense reimbursement currently in effect in the amount of $113,300.
(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.
The Fund 23
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Shareholders and Board of Directors
General Money Market Fund, Inc.
|
We have audited the accompanying statement of assets and liabilities of General Money Market Fund, Inc., including the statement of investments, as of November 30, 2007, 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 the standards of the Public Company Accounting Oversight Board (United States).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.We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances,but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.Accordingly, we express no such opinion.An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2007 by correspondence with the custodian. 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 Money Market Fund, Inc. at November 30, 2007, 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 U.S. generally accepted accounting principles.
New York, New York
January 18, 2008
|
IMPORTANT TAX INFORMATION (Unaudited)
For federal tax purposes the fund hereby designates 84.81% of ordinary income dividends paid during the fiscal year ended November 30, 2007 as qualifying interest related dividends.
The Fund 25
INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited)
At a meeting of the Board of Directors held on July 24, 2007, the Board considered the re-approval for an annual period of the fund’s Management Agreement, pursuant to which the Manager provides the fund with investment advisory and administrative services. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Manager.
Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board members received a presentation from representatives of the Manager regarding services provided to the fund and other funds in the Dreyfus fund complex, and discussed the nature, extent, and quality of the services provided to the fund pursuant to its Management Agreement.The Manager’s representatives reviewed the fund’s distribution of accounts and the relationships the Manager has with various intermediaries and the different needs of each.The Board noted that the fund’s shares are sold primarily through institutional channels and often serve as a “sweep vehicle” for use by third party broker-dealers for their customers. The Manager’s representatives noted the diversity of distribution of the fund as well as among the funds in the Dreyfus fund complex generally, and the Manager’s corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services in each distribution channel, including those of the fund.The Board also reviewed the number of shareholder accounts in the fund, as well as the fund’s asset size.
The Board members also considered the Manager’s research and portfolio management capabilities and that the Manager also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board members also considered the Manager’s extensive administrative, accounting, and compliance infrastructure.
Comparative Analysis of the Fund’s Performance, Management Fee and Expense Ratio. The Board members reviewed reports prepared by Lipper, Inc. an independent provider of investment company data, com-
paring the fund’s performance to a group of comparable funds (the “Performance Group”) and to a broader group of funds (the “Performance Universe”) selected by Lipper.The Board had been provided with a description of the methodology Lipper used to select the Performance Group and Performance Universe, as well as the Expense Group and Expense Universe (discussed below). The Board members noted that the fund’s performance for various periods ended May 31, 2007 was slightly lower than the Performance Group median for each reported time period except the ten-year period, when it was equal to the median.The Board members noted that the fund’s performance was equal to or higher than the Performance Universe median for each reported time period.The Board members discussed with representatives of the Manager the reasons for the fund’s under-performance compared to the Performance Group medians during the applicable periods and the Manager’s efforts to improve performance.The Board members noted the fund’s close proximity to the Performance Group medians when the fund underperformed compared to those medians. The Board members also received a presentation from the fund’s primary portfolio manager during which he discussed the fund’s investment strategy and the factors that affected fund performance.
The Board members also discussed the fund’s management fee and expense ratio as compared to a comparable group of funds (the “Expense Group”) that was composed of the same funds included in the Performance Group and a broader group of funds (the “Expense Universe”), each selected and provided by Lipper. The Board noted that the fund’s management fee was higher than the Expense Group and Expense Universe medians and that the fund’s total expense ratio was slightly higher than the Expense Group median and lower than the Expense Universe median.
Representatives of the Manager reviewed with the Board members the fees paid to the Manager or its affiliates by mutual funds managed by the Manager or its affiliates with similar investment objectives, policies, and strategies, and included in the same Lipper category, as the fund (the “Similar Funds”).The Board members considered the rele-
The Fund 27
INFORMATION ABOUT THE REVIEW AND APPROVAL OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited) (continued)
vance of the fee information provided for the Similar Funds to evaluate the appropriateness and reasonableness of the fund’s management fees. Representatives of the Manager informed the Board members that there were no separate accounts or wrap fee accounts managed by the Manager or its affiliates with similar investment objectives, policies, and strategies as the fund.
Analysis of Profitability and Economies of Scale.The Manager’s representatives reviewed the dollar amount of expenses allocated and profit received by the Manager and the method used to determine such expenses and profit.The Board previously had been provided with information prepared by an independent consulting firm regarding the Manager’s approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus mutual fund complex.The Board members also had been informed that the methodology had also been reviewed by an independent registered public accounting firm which, like the consultant, found the methodology to be reasonable.The consulting firm also analyzed where any economies of scale might emerge in connection with the management of a fund.The Board members evaluated the profitability analysis in light of the relevant circumstances for the fund, and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders.The Board members also considered potential benefits to the Manager and its affiliates from acting as investment adviser to the fund and noted that there were no soft dollar arrangements with respect to trading the fund’s portfolio.
It was noted that the Board members should consider the Manager’s profitability with respect to the fund as part of their evaluation of whether the fee under the Management Agreement bears a reasonable relationship to the mix of services provided by the Manager, including the nature, extent, and quality of such services. The Board members also discussed the profitability percentages determined by appropriate court cases to be reasonable given the services rendered to investment companies. It was noted that the profitability percentage for managing the fund was not unreasonable given the services provided.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to continuation of the fund’s Management Agreement. Based on the discussions and considerations as described above, the Board made the following conclusions and determinations.
- The Board concluded that the nature,extent,and quality of the services provided by the Manager to the fund are adequate and appropriate.
- The Board was satisfied with the Manager’s efforts to improve per- formance as discussed at the meeting, and noted the fund’s close proximity to the Performance Group medians when the fund underperformed compared to those medians.
- The Board concluded that the fee paid to the Manager by the fund was reasonable in light of the services provided, comparative perfor- mance and expense and management fee information, costs of the services provided and profits to be realized and benefits derived or to be derived by the Manager from its relationship with the fund.
- The Board determined that the economies of scale which may accrue to the Manager and its affiliates in connection with the man- agement of the fund had been adequately considered by the Manager in connection with the management fee rate charged to the fund and that, to the extent in the future it were to be deter- mined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
The Board members considered these conclusions and determinations, along with the information received on a routine and regular basis throughout the year, and, without any one factor being dispositive, the Board determined that re-approval of the fund’s Management Agreement was in the best interests of the fund and its shareholders.
The Fund 29
BOARD MEMBERS INFORMATION (Unaudited)
| | Joseph S. DiMartino (64)
Chairman of the Board (1995)
|
| | Principal Occupation During Past 5 Years:
• Corporate Director and Trustee
|
| | Other Board Memberships and Affiliations:
|
- The Muscular Dystrophy Association, Director
- Century Business Services, Inc., a provider of outsourcing functions for small and medium size companies, Director
- The Newark Group, a provider of a national market of paper recovery facilities, paperboard mills and paperboard converting plants, Director
- Sunair Services Corporation, a provider of certain outdoor-related services to homes and businesses, Director
No. of Portfolios for which Board Member Serves: 164
| ——————— |
| Clifford L. Alexander, Jr. (74) |
| Board Member (1981) |
| | Principal Occupation During Past 5 Years:
|
- President of Alexander & Associates, Inc., a management consulting firm (January 1981-present)
- Chairman of the Board of Moody’s Corporation (October 2000-October 2003)
Other Board Memberships and Affiliations:
• Mutual of America Life Insurance Company, Director
| No. of Portfolios for which Board Member Serves: 51 |
| ——————— |
| David W. Burke (71) |
| Board Member (2007) |
| | Principal Occupation During Past 5 Years:
• Corporate Director and Trustee
|
| | Other Board Memberships and Affiliations:
• John F. Kennedy Library Foundation, Director
|
| No. of Portfolios for which Board Member Serves: 86 |
| ——————— |
| Peggy C. Davis (64) |
| Board Member (1990) |
| | Principal Occupation During Past 5 Years:
|
- Shad Professor of Law, New York University School of Law (1983-present)
- Writer and teacher in the fields of evidence, constitutional theory, family law, social sciences and the law, legal process and professional methodology and training
| | No. of Portfolios for which Board Member Serves: 63
|
Diane Dunst (68)
Board Member (2007)
|
Principal Occupation During Past 5 Years:
• President, Huntting House Antiques
No. of Portfolios for which Board Member Serves: 23
| | | ——————— |
| Ernest Kafka (74) | | |
| Board Member (1981) | | |
Principal Occupation During Past 5 Years:
- Physician engaged in private practice specializing in the psychoanalysis of adults and adolescents (1962-present)
- Instructor,The New York Psychoanalytic Institute (1981-present)
- Associate Clinical Professor of Psychiatry at Cornell Medical School (1987-2002)
No. of Portfolios for which Board Member Serves: 23
| | | ——————— |
| Nathan Leventhal (64) | | |
| Board Member (1989) | | |
Principal Occupation During Past 5 Years:
- Commissioner, NYC Planning Commission (March 2007-present)
- Chairman of the Avery-Fisher Artist Program (November 1997-present)
Other Board Memberships and Affiliations:
- Movado Group, Inc., Director
- Mayor’s Committee on Appointments, Chairman
| No. of Portfolios for which Board Member Serves: 23 |
| ——————— |
| Jay I. Meltzer (79) |
| Board Member (2007) |
Principal Occupation During Past 5 Years:
- Physician, Internist and Specialist in Clinical Hypertension
- Clinical Professor of Medicine at Columbia University & College of Physicians and Surgeons
- Faculty Associate, Center for Bioethics, Columbia
No. of Portfolios for which Board Member Serves: 23
The Fund 31
BOARD MEMBERS INFORMATION (Unaudited) (continued)
Daniel Rose (78)
Board Member (2007)
|
Principal Occupation During Past 5 Years:
|
- Chairman and Chief Executive Officer of Rose Associates, Inc., a New York based real estate development and management firm
Other Board Memberships and Affiliations:
|
- Baltic-American Enterprise Fund,Vice Chairman and Director
- Harlem Educational Activities Fund, Inc., Chairman
- Housing Committee of the Real Estate Board of New York, Inc., Director
No. of Portfolios for which Board Member Serves: 33
|
| | | ——————— |
| Warren B. Rudman (77) | | |
| Board Member (2007) | | |
Principal Occupation During Past 5 Years:
|
- Of Counsel to (from January 1993 to December 31, 2003, Partner in) the law firm Paul, Weiss, Rifkind,Wharton & Garrison LLP
Other Board Memberships and Affiliations:
|
- Collins & Aikman Corporation, Director
- Boston Scientific, Director
- Stonebridge International LLC, Co-Chairman
No. of Portfolios for which Board Member Serves: 33
|
| | | ——————— |
| Sander Vanocur (79) | | |
| Board Member (2007) | | |
Principal Occupation During Past 5 Years:
• President, Old Owl Communications
|
| No. of Portfolios for which Board Member Serves: 33 |
| ——————— |
Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80.The address of the Board Members and Officers is in c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166.Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-554-4611.
Saul B. Klaman, Emeritus Board Member
NOTES
| 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 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 1-202-551-8090.
Information regarding how the fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2007, is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-645-6561.
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.
| Item 3. | | Audit Committee Financial Expert. |
The Registrant's Board has determined that Joseph S. DiMartino, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. DiMartino is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.
| Item 4. | | Principal Accountant Fees and Services |
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $33,265 in 2006 and $33,265 in 2007.
(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $0 in 2006 and $0 in 2007.
The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2006 and $0 in 2007.
Note: For the second paragraph in each of (b) through (d) of this Item 4, certain of such services were not pre-approved prior to May 6, 2003, when such services were required to be pre-approved. On and after May 6, 2003, 100% of all services provided by the Auditor were pre-approved as required. For comparative purposes, the fees shown assume that all such services were pre-approved, including services that were not pre-approved prior to the compliance date of the pre-approval requirement.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $3,347 in 2006 and $2,541 in 2007. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or
-2-
administrative developments, (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies (as applicable).
The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates which required pre-approval by the Audit Committee were $0 in 2006 and $0 in 2007.
(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $2,021 in 2006 and $0 in 2007. These services consisted of a review of the Registrant's anti-money laundering program.
The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee were $0 in 2006 and $0 in 2007.
Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.
Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $375,571 in 2006 and $1,890,737 in 2007.
Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates which were not pre-approved (not requiring pre-approval) is compatible with maintaining the Auditor's independence.
| Item 5. | | Audit Committee of Listed Registrants. |
| | | Not applicable. | | [CLOSED-END FUNDS ONLY] |
| Item 6. | | Schedule of Investments. |
| | | Not applicable. | | |
| Item 7. | | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management |
| | | Investment Companies. |
| | | Not applicable. | | [CLOSED-END FUNDS ONLY] |
| Item 8. | | Portfolio Managers of Closed-End Management Investment Companies. |
| | | Not applicable. | | [CLOSED-END FUNDS ONLY, beginning with reports for periods ended |
| | | | | on and after December 31, 2005] |
| 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. |
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The Registrant has a Nominating Committee (the "Committee"), which is responsible for selecting and nominating persons for election or appointment by the Registrant's Board as Board members. The Committee has adopted a Nominating Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Registrant, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor East, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity, business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Registrant and its shareholders.
Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.
| 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.
(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.
(a)(1) Code of ethics referred to in Item 2.
(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.
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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 Money Market Fund, Inc.
| By: | | /s/ J. David Officer |
| | | J. David Officer |
| | | President |
| |
| Date: | | January 24, 2008 |
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/ J. David Officer |
| | | J. David Officer |
| | | President |
| |
| Date: | | January 24, 2008 |
| By: | | /s/ James Windels |
| | | James Windels |
| | | Treasurer |
| |
| Date: | | January 24, 2008 |
EXHIBIT INDEX
(a)(1) Code of ethics referred to in Item 2.
(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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Exhibit (a)(1)
| | THE DREYFUS FAMILY OF FUNDS
CODE OF ETHICS FOR PRINCIPAL EXECUTIVE
AND SENIOR FINANCIAL OFFICERS
|
1. Covered Officers/Purpose of the Code
This code of ethics (the "Code") for the investment companies within the complex (each, a "Fund") applies to each Fund's Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller, or other persons performing similar functions, each of whom is listed on Exhibit A (the "Covered Officers"), for the purpose of promoting:
- honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
- full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (the "SEC") and in other public communications made by the Fund;
- compliance with applicable laws and governmental rules and regulations;
- the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
- accountability for adherence to the Code.
Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.
2. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest
Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.
Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act"), and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and the Fund's investment adviser (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these programs and procedures, and the circumstances they cover fall outside of the parameters of the Code.
Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the Adviser of
which the Covered Officers are also officers or employees. As a result, the Code recognizes that the Covered Officers, in the ordinary course of their duties (whether formally for the Fund or for the Adviser, or for both), will be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers also may be officers or employees of one or more other investment companies covered by this or other codes of ethics.
Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. Covered Officers should keep in mind that the Code cannot enumerate every possible scenario. The overarching principle of the Code is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.
| | Each Covered Officer must:
|
- not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;
- not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; and
- not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith.
3. Disclosure and Compliance
- Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund within his area of responsibility;
- each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's Board members and auditors, and to governmental regulators and self-regulatory organizations;
- each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and
- it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.
4. Reporting and Accountability
Each Covered Officer must:
|
- upon adoption of the Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;
- annually thereafter affirm to the Board that he has complied with the requirements of the Code; and
- notify the Adviser's General Counsel (the "General Counsel") promptly if he knows of any violation of the Code. Failure to do so is itself a violation of the Code.
The General Counsel is responsible for applying the Code to specific situations in which questions are presented under it and has the authority to interpret the Code in any particular situation. However, waivers sought by any Covered Officer will be considered by the Fund's Board.
The Fund will follow these procedures in investigating and enforcing the Code:
- the General Counsel will take all appropriate action to investigate any potential violations reported to him;
- if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;
- any matter that the General Counsel believes is a violation will be reported to the Board;
- if the Board concurs that a violation has occurred, it will consider appropriate action, which may include: review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser or its board; or dismissal of the Covered Officer;
- the Board will be responsible for granting waivers, as appropriate; and
- any waivers of or amendments to the Code, to the extent required, will be disclosed as provided by SEC rules.
5. Other Policies and Procedures
|
The Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. The Fund's, its principal underwriter's and the Adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and the Adviser's additional policies and procedures, including its Code of Conduct, are separate requirements applying to the Covered Officers and others, and are not part of the Code.
6. Amendments
The Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Fund's Board, including a majority of independent Board members.
7. Confidentiality
All reports and records prepared or maintained pursuant to the Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or the Code, such matters shall not be disclosed to anyone other than the appropriate Funds and their counsel, the appropriate Boards (or Committees) and their counsel and the Adviser.
The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.
| | Dated as of: July 1, 2003
|
| Exhibit A | | | | |
| Persons Covered by the Code of Ethics | | |
| J. David Officer | | President | | (Principal Executive Officer) |
| | | | | (Principal Financial and |
| James Windels | | Treasurer | | Accounting Officer) |
| Revised as of December 29, 2006 | | |
