General Government Securities Money Market Funds NCSRS Certified semi-annual shareholder report (management investment company)

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			811-3456

	General Government Securities 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

FORM N-CSR

Item 1. Reports to Stockholders.

General Government

Securities 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
10	Statement of Assets and Liabilities
11	Statement of Operations
12	Statement of Changes in Net Assets
13	Financial Highlights
15	Notes to Financial Statements
	FOR MORE INFORMATION
	Back Cover

General Government Securities
Money Market Fund

The Fund

A LETTER FROM THE CHAIRMAN AND CEO

Dear Shareholder:

We present to you this semiannual report for General Government Securities 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

DISCUSSION OF FUND PERFORMANCE

For the period of December 1, 2011, through May 31, 2012, as provided by Bernard W. Kiernan, Jr., Senior Portfolio Manager

Fund and Market Performance Overview

For the six-month period ended May 31, 2012, General Government Securities Money Market Fund’s Class A shares produced an annualized yield of 0.00%, and its Class B shares produced an annualized yield of 0.00%. 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

Yields of money market instruments remained near historical lows during the reporting period amid erratic economic growth, as the Federal Reserve Board (the “Fed”) left short-term interest rates unchanged in a range between 0% and 0.25%.

The Fund’s Investment Approach

The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity.

To pursue this goal, the fund invests in securities issued or guaranteed as to principal and interest by the U.S. government or its agencies or instrumentalities, and repurchase agreements (including tri-party repurchase agreements).The securities in which the fund invests include those backed by the full faith and credit of the U.S. government and those that are neither insured nor guaranteed by the U.S. government.

Economic Rebound Sputtered in the Spring

The reporting period began in the wake of heightened volatility in financial markets throughout the world, as investors responded nervously to an ongoing sovereign debt crisis in Europe and an unprecedented downgrade of one agency’s credit rating on long-term U.S. debt securities.


The Fund	3

DISCUSSION OF FUND PERFORMANCE (continued)

Fortunately, investors’ worst fears failed to materialize, as the U.S. unemployment rate declined from 9.0% to 8.6% and manufacturing activity accelerated in the weeks just prior to the start of the reporting period. December 2011 witnessed more economic improvement, including an unemployment rate of 8.5%, while consumer confidence climbed to an eight-month high. It later was estimated that the U.S. economy grew at a respectable 3.0% annualized rate during the fourth quarter of 2011.

The upward trend in economic data persisted in January 2012. Most notably, the unemployment rate fell to 8.3% amid a net gain of 243,000 jobs. Even the long-depressed housing market showed signs of life when it was announced that existing home sales posted a 5% gain in December 2011. In February, new reports suggested that the U.S. economy continued to gain traction, with the private sector adding another 233,000 jobs and the unemployment rate holding steady. What’s more, retail and food service sales climbed 1.1% in February, according to the U.S. Department of Commerce, which many saw as a promising sign for a domestic economy fueled mainly by consumers.

The recovery appeared to continue in March. Despite a decrease to 120,000 new jobs created during the month, the unemployment rate inched lower to 8.2%, its lowest reading in more than three years. The manufacturing and service sectors expanded for the 32nd and 27th consecutive months, respectively. However, gasoline prices surged higher during March, contributing to a modest decline in consumer confidence.

The expansion of the U.S. economy appeared to moderate in April amid mixed data. Only 77,000 jobs were added to the labor force during the month, but the unemployment rate dipped slightly to 8.1%. Manufacturing activity continued to increase, while the service sector posted relatively sluggish growth. It later was estimated that U.S. GDP growth slowed to a 2.2% annualized rate over the first quarter of 2011,

primarily due to significant cuts in government spending. May brought more disappointing news, including another subpar month of job creation and an uptick in the unemployment rate to 8.2%.While manufacturing activity continued to expand, it did so at a slower rate. Meanwhile, a resurgent debt crisis in Europe dominated the headlines when austerity measures encountered resistance in some countries, threatening the region’s economic prospects.

Rates Likely to Stay Low

As has been the case for the past several years, yields of money market instruments remained near zero percent throughout the reporting period. In addition, yield differences along the market’s maturity spectrum remained relatively narrow, so it made little sense to incur the additional risks that longer-dated securities typically entail. Therefore, we continued to maintain the fund’s weighted average maturity in a range that was roughly in line with industry averages.

Despite recent swings in the economic outlook, the Fed has repeatedly reiterated its intention to keep short-term interest rates near historical lows at least through late 2014. Consequently, we intend to maintain the fund’s focus on quality 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.


1	Annualized 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
	A and 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, fund yields 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 Government Securities 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^†	$	.55	$	.60
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^†	$	.56	$	.61
Ending value (after expenses)	$	1,024.45	$	1,024.40

† Expenses are equal to the fund’s annualized expense ratio of .11% for Class A shares and .12% for Class B shares,

multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

May 31, 2012 (Unaudited)


	Annualized
	Yield on
	Date of	Principal
U.S. Government Agencies—55.7%	Purchase (%)	Amount ($)		Value ($)
Federal Home Loan Bank:
6/29/12	0.11	100,000,000		100,010,738
8/16/12	0.11	75,000,000		75,019,826
9/5/12	0.15	100,000,000		99,961,333
10/4/12	0.34	50,000,000	^a	49,994,810
11/21/12	0.16	100,000,000		100,684,028
4/16/13	0.23	67,100,000		67,103,845
5/21/13	0.25	25,000,000		24,994,964
11/8/13	0.29	50,000,000	^a	49,964,235
Federal Home Loan Mortgage Corp.:
7/24/12	0.13	150,000,000	^b	149,971,292
7/27/12	0.14	25,000,000	^b	25,037,639
11/26/12	0.17	75,770,000	^b	75,895,698
Federal National Mortgage Association:
7/12/12	0.06	75,000,000	^b	74,994,875
12/3/12	0.38	50,000,000	^a,b	49,994,897
2/1/13	0.32	10,000,000	^a,b	10,005,391
Total U.S. Government Agencies
(cost $953,633,571)				953,633,571


U.S. Treasury Notes—8.8%
6/15/12
(cost $150,103,654)	0.07	150,000,000		150,103,654


Repurchase Agreements—35.4%
Barclays Capital, Inc.
dated 5/31/12, due 6/1/12 in the amount of
$26,000,130 (fully collateralized by
$26,519,300 U.S. Treasury Notes, 0.25%,
due 3/31/14, value $26,520,007)	0.18	26,000,000		26,000,000
Credit Suisse Securities LLC
dated 5/31/12, due 6/1/12 in the amount of
$60,000,300 (fully collateralized by
$136,155,000 U.S. Treasury Strips,
due 5/15/40, value $61,200,312)	0.18	60,000,000		60,000,000


The Fund	7

STATEMENT OF INVESTMENTS (Unaudited) (continued)


	Annualized
	Yield on
	Date of	Principal
Repurchase Agreements (continued)	Purchase (%)	Amount ($)	Value ($)
Deutsche Bank Securities Inc.
dated 5/31/12, due 6/1/12 in the amount
of $90,000,500 (fully collateralized by
$91,400,200 U.S. Treasury Notes, 1.125%,
due 5/31/19, value $91,800,076)	0.20	90,000,000	90,000,000
Deutsche Bank Securities Inc.
dated 5/31/12, due 6/1/12 in the amount
of $100,000,583 (fully collateralized by
$58,652,207 Federal Home Loan Mortgage
Corp., 4%-4.50%, due 6/12/13-1/15/14,
value $63,259,669 and $44,906,000
Resolution Funding Corp. Strips,
due 10/15/20, value $38,740,855)	0.21	100,000,000	100,000,000
HSBC USA Inc.
dated 5/31/12, due 6/1/12 in the amount
of $105,000,525 (fully collateralized by
$100,837,100 U.S. Treasury Notes,
1%-2.25%, due 12/31/15-9/30/16,
value $107,105,281)	0.18	105,000,000	105,000,000
Merrill Lynch & Co. Inc.
dated 5/31/12, due 6/1/12 in the amount
of $70,000,350 (fully collateralized by
$71,629,300 U.S. Treasury Notes, 0.625%,
due 5/31/17, value $71,400,086)	0.18	70,000,000	70,000,000
RBS Securities, Inc.
dated 5/31/12, due 6/1/12 in the amount
of $80,000,400 (fully collateralized by
$77,361,000 Federal Home Loan Mortgage
Corp., 0.625%-4.75%, due 10/28/13-1/19/16,
value $81,603,054)	0.18	80,000,000	80,000,000


	Annualized
	Yield on
	Date of	Principal
Repurchase Agreements (continued)	Purchase (%)	Amount ($)	Value ($)
RBS Securities, Inc.
dated 5/31/12, due 6/1/12 in the amount
of $75,000,396 (fully collateralized by
$76,267,000 Federal Home Loan
Mortgage Corp., 0.375%-0.75%,
due 10/18/13-11/25/14,
value $76,502,351)	0.19	75,000,000	75,000,000
Total Repurchase Agreements
(cost $606,000,000)			606,000,000

Total Investments (cost $1,709,737,225)		99.9%	1,709,737,225

Cash and Receivables (Net)		.1%	2,092,307

Net Assets		100.0%	1,711,829,532

a Variable rate security—interest rate subject to periodic change.

b The Federal Housing Finance Agency (“FHFA”) placed Federal Home Loan Mortgage Corporation and Federal

National Mortgage Association into conservatorship with FHFA as the conservator.As such, the FHFA oversees the

continuing affairs of these companies.


Portfolio Summary (Unaudited)^†
	Value (%)		Value (%)
U.S. Government Agencies	55.7	U.S. Treasury Notes	8.8
Repurchase Agreements	35.4		99.9
† Based on net assets.
See notes to financial statements.


The Fund	9

STATEMENT OF ASSETS AND LIABILITIES

May 31, 2012 (Unaudited)


	Cost	Value
Assets ($):
Investments in securities—See Statement of
investments (including repurchase agreements
of 606,000,000)—Note 1(b)	1,709,737,225	1,709,737,225
Cash		609,723
Interest receivable		1,711,704
Prepaid expenses		75,962
		1,712,134,614
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 2(c)		211,910
Payable for shares of Common Stock redeemed		24,275
Accrued expenses		68,897
		305,082
Net Assets ($)		1,711,829,532
Composition of Net Assets ($):
Paid-in capital		1,711,898,090
Accumulated net realized gain (loss) on investments		(68,558)
Net Assets ($)		1,711,829,532


Net Asset Value Per Share
	Class A	Class B
Net Assets ($)	177,678,934	1,534,150,598
Shares Outstanding	177,683,917	1,534,229,939
Net Asset Value Per Share ($)	1.00	1.00

See notes to financial statements.

STATEMENT OF OPERATIONS

Six Months Ended May 31, 2012 (Unaudited)


Investment Income ($):
Interest Income	1,034,043
Expenses:
Management fee—Note 2(a)	4,403,104
Shareholder servicing costs—Note 1 and Note 2(c)	2,402,516
Distribution fees, service and prospectus fees—Note 2(b)	1,788,756
Directors’ fees and expenses—Note 2(d)	73,204
Custodian fees—Note 2(c)	62,107
Professional fees	34,168
Shareholders’ reports	29,485
Registration fees	28,998
Miscellaneous	13,678
Total Expenses	8,836,016
Less—reduction in expenses due to undertaking—Note 2(a)	(7,774,582)
Less—reduction in shareholder servicing
costs due to undertaking—Note 2(c)	(27,430)
Less—reduction in fees due to earnings credits—Note 2(c)	(266)
Net Expenses	1,033,738
Investment Income—Net, representing net increase
in net assets resulting from operations	305

See notes to financial statements.


The Fund	11

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended
	May 31, 2012	Year Ended
	(Unaudited)	November 30, 2011
Operations ($):
Investment income—net	305	552
Net realized gain (loss) on investments	—	40,153
Net Increase (Decrease) in Net Assets
Resulting from Operations	305	40,705
Dividends to Shareholders from ($):
Investment income—net:
Class A Shares	(25)	(27)
Class B Shares	(280)	(525)
Total Dividends	(305)	(552)
Capital Stock Transactions ($1.00 per share):
Net proceeds from shares sold:
Class A Shares	227,167,545	612,873,180
Class B Shares	1,528,006,258	3,083,495,061
Dividends reinvested:
Class A Shares	25	27
Class B Shares	280	523
Cost of shares redeemed:
Class A Shares	(256,870,626)	(476,863,065)
Class B Shares	(1,558,983,040)	(3,004,967,479)
Increase (Decrease) in Net Assets
from Capital Stock Transactions	(60,679,558)	214,538,247
Total Increase (Decrease) in Net Assets	(60,679,558)	214,578,400
Net Assets ($):
Beginning of Period	1,772,509,090	1,557,930,690
End of Period	1,711,829,532	1,772,509,090

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.


Six Months Ended
	May 31, 2012			Year Ended November 30,
Class A Shares	(Unaudited)	2011		2010		2009	2008	2007
Per Share Data ($):
Net asset value,
beginning of period	1.00	1.00		1.00		1.00	1.00	1.00
Investment Operations:
Investment income—net	.000^a	.000	^a	.000	^a	.000^a	.020	.043
Distributions:
Dividends from
investment income—net	(.000)^a	(.000)^a(.000)^a				(.000)^a	(.020)	(.043)
Net asset value, end of period	1.00	1.00		1.00		1.00	1.00	1.00
Total Return (%)	.00^b,c	.00	^b	.00	^b	.04	2.01	4.44
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	.76^c	.79		.82		.81	.81	.78
Ratio of net expenses
to average net assets	.11^c	.12		.25		.52	.81	.78
Ratio of net investment income
to average net assets	.00^b,c	.00	^b	.00	^b	.04	1.84	4.45
Net Assets, end of period
($ x 1,000)	177,679	207,382		71,370		95,080	121,137	66,357


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

See notes to financial statements.


The Fund	13

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 ($):
Net asset value,
beginning of period	1.00		1.00		1.00		1.00		1.00		1.00
Investment Operations:
Investment income—net	.000	^a	.000	^a	.000	^a	.000	^a	.018		.042
Distributions:
Dividends from
investment income—net	(.000	)^a	(.000	)^a	(.000	)^a	(.000	)^a	(.018	)	(.042	)
Net asset value,
end of period	1.00		1.00		1.00		1.00		1.00		1.00
Total Return (%)	.00	^b,c	.00	^b	.00	^b	.01		1.79		4.25
Ratios/Supplemental
Data (%):
Ratio of total expenses
to average net assets	1.03	^c	1.04		1.04		1.05		1.04		1.04
Ratio of net expenses
to average net assets	.12	^c	.14		.25		.56		1.02		1.01
Ratio of net investment
income to average
net assets	.00	^b,c	.00	^b	.00	^b	.01		1.67		4.16
Net Assets, end of period
($ x 1,000)	1,534,151		1,565,127		1,486,561		1,701,151		2,172,308		1,426,190


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

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

General Government Securities Money Market Fund (the “fund”) is a separate diversified series of General Government Securities Money Market Funds, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company, currently offering two series, including the fund.The fund’s investment objective is to seek as high a level of current income as is 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.

The Company’s Board of Directors approved on December 8, 2011 to reclassify five billion authorized but unissued shares of Class A Common Stock of the fund, as additional authorized shares of Class B Common Stock of General Treasury Prime Money Market Fund.

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 11 billion shares of $.001 par value Common Stock.The fund currently offers two classes of shares: Class A (5 billion shares authorized) and Class B (6 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 May 31, 2012, sub-accounting service fees


The Fund	15

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

amounted to $392,509 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.

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 Company accounts separately for the assets, liabilities and operations of each series. Expenses directly attributable to each series are charged to that series’ operations; expenses which are applicable to all series are allocated among them on a pro rata basis.

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 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 Fund	17

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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	1,709,737,225
Level 3—Significant Unobservable Inputs	—
Total	1,709,737,225
† 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 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 is 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 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 terms of 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 its 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.

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.


The Fund	19

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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 $68,558 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 2013.

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

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 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 commissions, interest expense, commitment fees on borrowings and extraordinary expenses, exceed 1¹/₂% 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 $615,565 for Class A and $7,159,017 for Class B shares during the period ended May 31, 2012.

(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 costs of preparing, printing and distributing prospectuses and statements of additional information and of 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 Class A 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


The Fund	21

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Servicing are payable without regard to actual expenses incurred. During the period ended May 31, 2012, Class A shares were charged $194,164 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 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 aggregate annual rate not to exceed .20% of the value of the average daily net assets of Class B. During the period ended May 31, 2012, Class B shares were charged $1,594,592 pursuant to the Class B Distribution Plan.

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, 2011 through May 31, 2012, 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, exceeded an annual rate of 1.03% 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 May 31, 2012, Class B shares were charged $1,962,546 pursuant to the Class B Shareholder Services Plan, of which $27,430 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 and cash management services for the fund. During the period ended May 31, 2012, the fund was charged $17,568 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 $62,107 pursuant to the custody agreement. These fees were partially offset by earnings credits of $186.

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.


The Fund	23

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

Prior to May 29, 2012, the fund compensated The Bank of NewYork 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 $1,891 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 $80.

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 $732,043, Rule 12b-1 distribution plan fees $292,834, shareholder services plan fees $393,145, custodian fees $30,491, chief compliance officer fees $2,652 and transfer agency per account fees $11,965, which are offset against an expense reimbursement currently in effect in the amount of $1,251,220.

(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.

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.

General

Treasury Prime

Money Market Fund

SEMIANNUAL REPORT May 31, 2012

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
8	Statement of Assets and Liabilities
9	Statement of Operations
10	Statement of Changes in Net Assets
11	Financial Highlights
13	Notes to Financial Statements
	FOR MORE INFORMATION
	Back Cover

General Treasury Prime
Money Market Fund

The Fund

A LETTER FROM THE CHAIRMAN AND CEO

Dear Shareholder:

We present to you this semiannual report for General Treasury Prime 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.

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

DISCUSSION OF FUND PERFORMANCE

For the period of December 1, 2011, through May 31, 2012, as provided by Bernard W. Kiernan, Jr., Senior Portfolio Manager

Fund and Market Performance Overview

For the six-month period ended May 31, 2012, General Treasury Prime Money Market Fund’s Class A shares produced an annualized yield of 0.00%, and its Class B shares produced an annualized yield of 0.00%. 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 Fund’s Investment Approach

The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity.To pursue this goal, the fund normally invests substantially all of its assets in U.S. Treasury securities.

Economic Rebound Sputtered in the Spring

Fortunately, investors’ worst fears failed to materialize, as the U.S. unemployment rate had declined from 9.0% to 8.6% and manufacturing activity accelerated in the weeks just prior to the start of the reporting period. December 2011 witnessed more economic improvement,


The Fund	3

DISCUSSION OF FUND PERFORMANCE (continued)

including an unemployment rate of 8.5%, while consumer confidence climbed to an eight-month high. It later was estimated that the U.S. economy grew at a respectable 3.0% annualized rate during the fourth quarter of 2011.

The recovery appeared to continue in March. Despite a decrease to 120,000 new jobs created during the month, the unemployment rate inched lower to 8.2%, its lowest reading in more than three years.The manufacturing and service sectors expanded for the 32nd and 27th consecutive months, respectively. However, gasoline prices surged higher during March, contributing to a modest decline in consumer confidence.

May brought more disappointing economic news, including another subpar month of job creation in which only 69,000 jobs were added to the nation’s workforce and the unemployment rate ticked upward to

8.2%.While manufacturing activity continued to expand in May, it did so at a slower rate than in April. Meanwhile, a resurgent debt crisis in Europe dominated the headlines when austerity measures encountered resistance in some countries, threatening proposed bailouts and the region’s economic prospects.

Rates Likely to Stay Low

June 15, 2012


1	Annualized 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
	A and 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, fund yields would have been lower.


The Fund	5

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in General Treasury Prime 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^†	$	.20	$	.25
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

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^†	$	.20	$	.25
Ending value (after expenses)	$	1,024.80	$	1,024.75

† Expenses are equal to the fund’s annualized expense ratio of .04% for Class A and .05% for Class B, multiplied

by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS

May 31, 2012 (Unaudited)


	Annualized
	Yield on
	Date of	Principal
U.S. Treasury Bills—85.7%	Purchase (%)	Amount ($)	Value ($)
6/7/12	0.04	66,000,000	65,999,563
6/21/12	0.06	337,382,000	337,370,482
6/28/12	0.06	358,000,000	357,982,885
7/5/12	0.07	570,000,000	569,964,040
7/19/12	0.07	87,000,000	86,991,373
7/26/12	0.07	102,000,000	101,988,328
8/2/12	0.10	100,000,000	99,983,639
8/9/12	0.10	90,000,000	89,983,517
8/16/12	0.10	75,000,000	74,984,800
8/23/12	0.06	10,000,000	9,998,674
8/30/12	0.10	5,000,000	4,998,812
10/4/12	0.13	100,000,000	99,954,861
10/18/12	0.13	180,000,000	179,909,650
10/25/12	0.13	25,000,000	24,987,326
11/15/12	0.15	75,000,000	74,948,683
Total U.S. Treasury Bills
(cost $2,180,046,633)			2,180,046,633

U.S. Treasury Notes—14.2%
7/2/12	0.09	6,000,000	6,002,641
7/31/12	0.08	175,000,000	175,156,882
8/15/12	0.11	59,000,000	59,199,084
8/31/12	0.10	121,000,000	121,081,569
Total U.S. Treasury Notes
(cost $361,440,176)			361,440,176

Total Investments (cost $2,541,486,809)		99.9%	2,541,486,809
Cash and Receivables (Net)		.1%	1,904,442
Net Assets		100.0%	2,543,391,251


Portfolio Summary (Unaudited)^†
	Value (%)		Value (%)
U.S. Treasury Bills	85.7	U.S. Treasury Notes	14.2
			99.9

† Based on net assets.

See notes to financial statements.


The Fund	7

STATEMENT OF ASSETS AND LIABILITIES

May 31, 2012 (Unaudited)


	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments	2,541,486,809	2,541,486,809
Cash		1,238,043
Interest receivable		800,427
Prepaid expenses		143,423
		2,543,668,702
Liabilities ($):
Due to The Dreyfus Corporation and affiliates—Note 2(c)		192,488
Payable for shares of Common Stock redeemed		19,786
Accrued expenses		65,177
		277,451
Net Assets ($)		2,543,391,251
Composition of Net Assets ($):
Paid-in capital		2,543,391,460
Accumulated net realized gain (loss) on investments		(209)
Net Assets ($)		2,543,391,251


Net Asset Value Per Share
	Class A	Class B
Net Assets ($)	246,077,003	2,297,314,248
Shares Outstanding	246,077,128	2,297,314,332
Net Asset Value Per Share ($)	1.00	1.00

See notes to financial statements.

STATEMENT OF OPERATIONS

Six Months Ended May 31, 2012 (Unaudited)


Investment Income ($):
Interest Income	617,091
Expenses:
Management fee—Note 2(a)	6,532,747
Shareholder servicing costs—Note 1 and 2(c)	3,620,385
Distribution, service and prospectus fees—Note 2(b)	2,635,570
Directors’ fees and expenses—Note 2(d)	92,459
Custodian fees—Note 2(c)	69,791
Shareholders’ reports	30,263
Registration fees	40,734
Professional fees	28,489
Miscellaneous	16,406
Total Expenses	13,066,844
Less—reduction in expenses due to undertaking—Note 2(a)	(12,446,262)
Less—reduction in shareholders servicing costs
due to undertaking—Note 2(c)	(3,666)
Less—reduction in fees due to earnings credits—Note 2(c)	(261)
Net Expenses	616,655
Investment Income—Net	436
Net Realized Gain (Loss) on Investments—Note 1(b) ($)	224
Net Increase in Net Assets Resulting from Operations	660

See notes to financial statements.


The Fund	9

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended
	May 31, 2012	Year Ended
	(Unaudited)	November 30, 2011
Operations ($):
Investment income—net	436	580
Net realized gain (loss) on investments	224	(433)
Net Increase (Decrease) in Net Assets
Resulting from Operations	660	147
Dividends to Shareholders from ($):
Investment income—net:
Class A Shares	(44)	(341)
Class B Shares	(392)	(9,485)
Total Dividends	(436)	(9,826)
Capital Stock Transactions ($1.00 per share):
Net proceeds from shares sold:
Class A Shares	188,507,594	433,858,056
Class B Shares	2,765,560,464	4,981,915,927
Dividends reinvested:
Class A Shares	44	341
Class B Shares	392	9,447
Cost of shares redeemed:
Class A Shares	(203,081,803)	(222,151,941)
Class B Shares	(2,873,371,923)	(3,898,824,831)
Increase (Decrease) in Net Assets
from Capital Stock Transactions	(122,385,232)	1,294,806,999
Total Increase (Decrease) in Net Assets	(122,385,008)	1,294,797,320
Net Assets ($):
Beginning of Period	2,665,776,259	1,370,978,939
End of Period	2,543,391,251	2,665,776,259

See notes to financial statements.

FINANCIAL HIGHLIGHTS


Six Months Ended
	May 31, 2012			Year Ended November 30,
Class A Shares	(Unaudited)	2011		2010		2009	2008	2007
Per Share Data ($):
Net asset value,
beginning of period	1.00	1.00		1.00		1.00	1.00	1.00
Investment Operations:
Investment income—net	.000^a	.000	^a	.000	^a	.000^a	.013	.039
Distributions:
Dividends from
investment income—net	(.000)^a	(.000)^a(.000)			^a	(.000)^a	(.013)	(.039)
Net asset value, end of period	1.00	1.00		1.00		1.00	1.00	1.00
Total Return (%)	.00^b,c	.00	^b	.00	^b	.00^b	1.28	4.01
Ratios/Supplemental Data (%):
Ratio of total expenses
to average net assets	.73^c	.77		.75		.78	.79	1.09
Ratio of net expenses
to average net assets	.04^c	.07		.14		.36	.77	.80
Ratio of net investment income
to average net assets	.00^b,c	.00	^b	.00	^b	.00^b	.55	3.88
Net Assets, end of period
($ x 1,000)	246,077	260,651		48,945		52,156	78,293	1,020


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

See notes to financial statements.


The Fund	11

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 ($):
Net asset value,
beginning of period	1.00		1.00		1.00		1.00		1.00		1.00
Investment Operations:
Investment income—net	.000	^a	.000	^a	.000	^a	.000	^a	.010		.037
Distributions:
Dividends from investment
income—net	(.000	)^a	(.000	)^a	(.000	)^a	(.000	)^a	(.010	)	(.037	)
Net asset value,
end of period	1.00		1.00		1.00		1.00		1.00		1.00
Total Return (%)	.00	^b,c	.00	^b	.00	^b	.00	^b	1.05		3.80
Ratios/Supplemental
Data (%):
Ratio of total expenses
to average net assets	1.03	^c	1.03		1.04		1.05		1.07		1.20
Ratio of net expenses
to average net assets	.05	^c	.07		.14		.33		.96		1.00
Ratio of net investment
income to average
net assets	.00	^b,c	.00	^b	.00	^b	.00	^b	.52		3.60
Net Assets,
end of period
($ x 1,000)	2,297,314		2,405,125		1,322,034		1,552,954		2,151,350		229,278


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

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

GeneralTreasury Prime Money Market Fund (the “fund”) is a separate diversified series of General Government Securities Money Market Funds, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company and operates as a series company, currently offering two series, including the fund.The fund’s investment objective is to seek as high a level of current income as is 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.

The Company’s Board of Directors approved on December 8, 2011 to reclassify five billion authorized but unissued shares of Class A Common Stock of General Government Securities Money Market Fund, as additional authorized shares of Class B Common Stock of the fund.

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 9 billion shares of $.001 par value Common Stock.The fund currently offers two classes of shares: Class A (1 billion shares authorized) and Class B (8 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 May 31, 2012, sub-accounting service fees amounted to $591,257 for Class B shares and are included in Shareholder servic-


The Fund	13

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

ing 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.

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 Fund	15

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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	2,541,486,809
Level 3—Significant Unobservable Inputs	—
Total	2,541,486,809
† See Statement of Investments for additional detailed categorizations.

(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.

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.


The Fund	17

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The fund has an unused capital loss carryover of $433 available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to November 30, 2011. If not applied, the carryover expires in fiscal 2019.

At May 31, 2012, 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 1¹/₂% 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 $854,471 for Class A and $11,591,791 for Class B shares during the period ended May 31, 2012.

(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 full 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 May 31, 2012, Class A shares were charged $250,201 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 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 shares. 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


The Fund	19

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

exceed .20% of the value of the average daily net assets of Class B. During the period ended May 31, 2012, Class B shares were charged $2,385,369 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 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. The Manager had undertaken from December 1, 2011 through May 31, 2012, to reduce the expenses of Class A shares, if the aggregate expenses of Class A shares, exclusive of taxes, brokerage fees, interest on borrowings and extraordinary expenses, exceeded an annual rate of .80% of the value of the average daily net assets of Class A shares. Such expense limitations are voluntary, temporary and may be terminated at any time. During the period ended May 31, 2012, Class A shares were charged $2,147 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, 2011 through May 31, 2012, 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, exceeded an annual rate of 1.03% 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 May 31, 2012, Class B shares were charged $2,956,287 pursuant to the Class B Shareholder Services Plan, of which $3,666 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 and cash management services for the fund. During the period ended May 31, 2012, the fund was charged $53,401 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 $69,791 pursuant to the custody agreement. These fees were partially offset by earnings credits of $86.

Prior to May 29, 2012, the fund compensated The Bank of NewYork Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, under a cash management agreement for performing cash management ser-


The Fund	21

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

vices related to fund subscriptions and redemptions. During the period ended May 31, 2012, the fund was charged $4,141 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 $175.

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 $1,075,249, Rule 12b-1 distribution plan fees $430,111, shareholder services plan fees $583,887, custodian fees $30,269, chief compliance officer fees $2,652 and transfer agency per account fees $23,100, which are offset against an expense reimbursement currently in effect in the amount of $1,952,780.

(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.

NOTES

For More Information

Telephone 1-800-DREYFUS

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.

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.

(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.

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 Government Securities 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

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)

General Government Securities Money Market Funds N-CSRSCertified semi-annual shareholder report (management investment company)