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)
Mark N. Jacobs, 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: 11/30/03
FORM N-CSR
ITEM 1. REPORTS TO STOCKHOLDERS.
General Government
Securities Money
Market Fund
ANNUAL REPORT November 30, 2003
YOU, YOUR ADVISOR AND
DREYFUS
A MELLON FINANCIAL COMPANY(SM)
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
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2 Letter from the Chairman
3 Discussion of Fund Performance
6 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
19 Report of Independent Auditors
20 Important Tax Information
21 Board Members Information
23 Officers of the Fund
FOR MORE INFORMATION
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Back Cover
The Fund
General Government Securities
Money Market Fund
LETTER FROM THE CHAIRMAN
Dear Shareholder:
This annual report for General Government Securities Money Market Fund covers
the 12-month period from December 1, 2002, through November 30, 2003. Inside,
you'll find valuable information about how the fund was managed during the
reporting period, including a discussion with the fund's portfolio manager,
Bernard W. Kiernan, Jr.
Recent reports of marked improvement in the growth of U.S. Gross Domestic
Product suggest to us that the economy has started to turn the corner. Tax cuts
and low mortgage rates have put cash in consumers' pockets, and corporations
have begun to increase spending and investment. As a result, after several years
of falling interest rates, longer-term bond yields have begun to creep upward.
However, the Federal Reserve Board repeatedly has affirmed its commitment to low
short-term interest rates, and yields of money market instruments have remained
near historical lows.
Of course, we have seen upturns before, only to be disappointed when growth
proved unsustainable over the longer term. However, based on recent data, we are
cautiously optimistic about the current economic environment. As always, we urge
you to speak regularly with your financial advisor, who may be in the best
position to suggest the Dreyfus funds designed to meet your current needs,
future goals and attitudes toward risk.
Thank you for your continued confidence and support.
Sincerely,
/s/ Stephen E. Canter
Stephen E. Canter
Chairman and Chief Executive Officer
The Dreyfus Corporation
December 15, 2003
DISCUSSION OF FUND PERFORMANCE
Bernard W. Kiernan, Jr., Portfolio Manager
How did General Government Securities Money Market Fund perform during the
period?
During the 12-month period ended November 30, 2003, the fund produced yields of
0.51% for Class A shares and 0.29% for Class B shares. Taking into account the
effects of compounding, the fund produced effective yields of 0.52% for Class A
shares and 0.29% for Class B shares for the same period.(1)
What is 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 solely in securities issued or guaranteed
by the U.S. government or its agencies or instrumentalities, and repurchase
agreements collateralized by these securities.
What other factors influenced the fund's performance?
Although the Federal Reserve Board (the "Fed") reduced short-term interest rates
by 50 basis points in early November 2002, just weeks before the start of the
reporting period, the economy remained persistently sluggish, growing at a
disappointing 1.4% annualized rate in the fourth quarter of 2002 as rising
geopolitical tensions, corporate scandals and a declining stock market continued
to take their toll on economic activity.
During the opening months of 2003, hopes of a more sustainable economic rebound
faded when the impending war in Iraq caused businesses and consumers to postpone
spending. However, after it became clear in late March that major combat would
be over quickly, investors became more optimistic, and money market yields rose
at the
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
longer end of the curve. Nonetheless, the rate of economic expansion failed to
improve during the first quarter, with U.S. GDP growing at an annualized 1.4%
rate for the second consecutive quarter.
The manufacturing sector began to show signs of more sustainable improvement in
May, and consumer confidence rebounded. These encouraging signs were supported
by gains in the stock market, low inflation, moderating oil prices, rising
productivity and legislation enacting new tax cuts. However, the Fed maintained
its relatively cautious stance at its May meeting, saying economic risks were
"weighted toward weakness for the foreseeable future."
Economic indicators continued to improve in June, and the economy expanded at a
greater than expected 3.3% annualized rate during the second quarter.
Unfortunately, the unemployment rate climbed to 6.4%, its highest level in nine
years, and most investors expected the Fed to reduce interest rates further at
its meeting in late June. The Fed did not disappoint them, driving the federal
funds rate down another 25 basis points to 1%, a 45-year low.
In July, new signs of economic strength created a sudden shift in investor
sentiment amid concerns that rising inflation and a ballooning federal budget
deficit might lead to higher interest rates. As a result, prices of longer-term
bonds plunged, producing one of the most severe six-week declines in the history
of the bond market. Although heightened volatility roiled the longer-term bond
markets, money market yields remained relatively steady, anchored at the short
end of the curve by the 1% federal funds rate.
The economy continued to improve in the fall as it became clearer that business
investment and consumer spending were rebounding, even as inflation remained
well under control. Jobless claims dropped in September to their lowest level in
eight months, and sales at department stores rose as consumers spent their tax
refunds. It was later estimated that the economy grew at a robust 8.2%
annualized rate during the third quarter of 2003.
Economic indicators in October and November provided more evidence of an
improving economy, including an encouraging increase in the number of jobs in
the U.S. economy and a decrease in the unemployment rate to 6.0%. Orders for
durable goods rose more strongly in November, suggesting that business
investment was finally contributing in a meaningful way to the recovery, and
consumer confidence advanced to its highest level in more than a year. As a
result, yields of most U.S. Treasury and agency securities began to rise at the
longer end of the fund's maturity range. However, as was widely expected, the
Fed held the overnight federal funds rate steady at its December meeting just
after the end of the reporting period and reiterated its commitment to keeping
borrowing rates low for "a considerable period."
What is the fund's current strategy?
We generally have maintained the fund's weighted average maturity in a range we
consider longer than average. This strategy is designed to capture higher yields
at the longer end of the fund's maturity range. Of course, we are prepared to
adjust our strategies as economic and market conditions evolve.
December 15, 2003
(1) EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND REINVESTED
MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS FLUCTUATE.
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FDIC OR THE U.S.
GOVERNMENT. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT
$1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUND. YIELDS
PROVIDED FOR THE FUND'S CLASS B SHARES REFLECT THE ABSORPTION OF FUND EXPENSES
BY THE DREYFUS CORPORATION PURSUANT TO AN UNDERTAKING IN EFFECT THAT MAY BE
EXTENDED, TERMINATED OR MODIFIED AT ANY TIME. HAD THESE EXPENSES NOT BEEN
ABSORBED, THE CLASS B YIELDS WOULD HAVE BEEN LOWER.
The Fund
STATEMENT OF INVESTMENTS
STATEMENT OF INVESTMENTS
November 30, 2003
Annualized
Yield on
Date of Principal
U.S. GOVERNMENT AGENCIES--99.9% Purchase (%) Amount ($) Value ($)
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Federal Farm Credit Bank, Consolidated
Systemwide Floating Rate Notes
6/2/2004 1.03 (a) 45,000,000 45,002,266
11/23/2005 1.06 (a) 110,000,000 110,011,885
Federal Home Loan Banks,
Discount Notes
12/5/2003 1.01 100,000,000 99,988,778
12/30/2003 1.25 25,000,000 24,975,108
1/21/2004 1.05 100,000,000 99,851,250
2/11/2004 1.09 11,110,000 11,085,802
2/13/2004 1.09 25,000,000 24,944,038
3/10/2004 1.09 50,000,000 49,850,000
6/4/2004 1.17 18,462,000 18,351,446
Federal Home Loan Banks,
Floating Rate Notes
7/30/2004 1.01 (a) 150,000,000 150,000,000
12/2/2004 1.02 (a) 100,000,000 100,010,696
Federal Home Loan Banks, Notes
12/1/2003 .99 46,771,000 46,771,000
4/16/2004 1.01 25,000,000 25,356,247
8/13/2004 1.13 5,000,000 5,036,543
Federal Home Loan Mortgage Corporation,
Discount Notes
12/19/2003 1.27 25,000,000 24,984,250
Federal Home Loan Mortgage Corporation,
Notes
7/15/2004 1.17 35,699,000 36,468,932
11/16/2004 1.42 70,000,000 70,000,000
Federal National Mortgage Association,
Discount Notes
8/20/2004 1.27 17,794,000 17,630,206
Federal National Mortgage Association,
Floating Rate Notes
10/7/2004 1.03 (a) 100,000,000 99,974,440
10/28/2004 1.02 (a) 150,000,000 149,972,637
1/10/2005 1.03 (a) 100,000,000 99,944,393
3/10/2005 1.02 (a) 50,000,000 50,000,000
Annualized
Yield on
Date of Principal
U.S. GOVERNMENT AGENCIES (CONTINUED) Purchase (%) Amount ($) Value ($)
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Federal National Mortgage Association,
Notes
3/15/2004 1.24 12,352,000 12,474,052
7/27/2004 1.15 25,000,000 25,000,000
10/18/2004 1.28 100,000,000 100,000,000
TOTAL U.S. GOVERNMENT AGENCIES
(cost $1,497,683,969) 1,497,683,969
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TOTAL INVESTMENTS (cost $1,497,683,969) 99.9% 1,497,683,969
CASH AND RECEIVABLES (NET) .1% 1,213,518
NET ASSETS 100.0% 1,498,897,487
(A) VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2003
Cost Value
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ASSETS ($):
Investments in securities--See Statement of
Investments 1,497,683,969 1,497,683,969
Interest receivable 2,514,198
Prepaid expenses and other assets 85,494
1,500,283,661
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 1,136,008
Cash overdraft due to Custodian 143,870
Payable for shares of Common Stock redeemed 44,218
Accrued expenses 62,078
1,386,174
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NET ASSETS ($) 1,498,897,487
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 1,498,985,351
Accumulated net realized gain (loss) on investments (87,864)
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NET ASSETS ($) 1,498,897,487
NET ASSET VALUE PER SHARE
Class A Class B
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Net Assets ($) 565,856,754 933,040,733
Shares Outstanding 565,952,428 933,032,925
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NET ASSET VALUE PER SHARE ($) 1.00 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS
Year Ended November 30, 2003
- --------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 21,895,079
EXPENSES:
Management fee--Note 2(a) 8,531,164
Shareholder servicing costs--Note 2(c) 3,579,370
Distribution fees, service fees and prospectus--Note 2(b) 3,427,139
Registration fees 125,042
Custodian fees 114,614
Professional fees 47,298
Directors' fees and expenses--Note 2(d) 43,403
Shareholders' reports 10,952
Miscellaneous 23,669
TOTAL EXPENSES 15,902,651
Less--reduction in shareholder servicing costs
due to undertaking--Note 2(c) (320,598)
NET EXPENSES 15,582,053
INVESTMENT INCOME--NET 6,313,026
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NET REALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($) (13,107)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 6,299,919
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS
Year Ended November 30,
-------------------------------------
2003 2002
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OPERATIONS ($):
Investment income--net 6,313,026 20,947,155
Net realized gain (loss) on investments (13,107) 28,539
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 6,299,919 20,975,694
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DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Class A shares (3,236,754) (10,213,063)
Class B shares (3,076,272) (10,734,092)
TOTAL DIVIDENDS (6,313,026) (20,947,155)
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CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares 4,700,029,832 4,554,368,708
Class B shares 2,477,298,303 2,332,493,736
Dividends reinvested:
Class A shares 3,173,385 10,053,123
Class B shares 2,641,589 8,765,998
Cost of shares redeemed:
Class A shares (4,799,318,073) (4,707,413,531)
Class B shares (2,561,173,141) (2,153,713,780)
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL STOCK TRANSACTIONS (177,348,105) 44,554,254
TOTAL INCREASE (DECREASE) IN NET ASSETS (177,361,212) 44,582,793
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NET ASSETS ($):
Beginning of Period 1,676,258,699 1,631,675,906
END OF PERIOD 1,498,897,487 1,676,258,699
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 2003 2002 2001 2000 1999
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PER SHARE DATA ($):
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .005 .014 .040 .054 .043
Distributions:
Dividends from investment income--net (.005) (.014) (.040) (.054) (.043)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
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TOTAL RETURN (%) .52 1.38 4.05 5.54 4.42
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .77 .77 .77 .76 .76
Ratio of net investment income
to average net assets .52 1.38 3.85 5.40 4.35
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Net Assets, end of period ($ x 1,000) 565,857 661,976 804,956 574,630 610,511
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS (CONTINUED)
Year Ended November 30,
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CLASS B SHARES 2003 2002 2001 2000 1999
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PER SHARE DATA ($):
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .003 .011 .037 .052 .041
Distributions:
Dividends from investment income--net (.003) (.011) (.037) (.052) (.041)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
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TOTAL RETURN (%) .29 1.14 3.81 5.29 4.17
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets 1.00 1.00 1.00 1.00 1.00
Ratio of net investment income
to average net assets .29 1.13 3.60 5.15 4.09
Decrease reflected in above expense
ratios due to undertakings by
The Dreyfus Corporation .03 .03 .04 .03 .03
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Net Assets, end of period ($ x 1,000) 933,041 1,014,283 826,720 552,238 659,185
SEE NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
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 provide investors with 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") serves as the
fund's investment adviser. The Manager is a wholly-owned subsidiary of Mellon
Bank, N.A., which is a wholly-owned subsidiary of Mellon Financial Corporation.
Dreyfus Service Corporation (the "Distributor"), a wholly-owned subsidiary of
the Manager, is the distributor of the fund's shares. The fund is authorized to
issue 16 billion shares of $.001 par value Common Stock. The fund currently
offers two classes of shares: Class A (10 billion shares authorized) and Class B
(6 billion shares authorized). Class A shares and Class B shares are identical
except for the services offered to and the expenses borne by each class and
certain voting rights. Class 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, 2003,
sub-accounting service fees amounted to $539,346 for Class B shares and are
included in shareholder servicing cost.
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 Fund
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 accounting
principles generally accepted in the United States, which may require the use of
management estimates and assumptions. Actual results could differ from those
estimates.
(a) Portfolio valuation: Investments in securities are valued at amortized cost
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.
(b) Securities transactions and investment income: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Interest income,
adjusted for amortization of discount and premium on investment, is earned from
settlement date and recognized on the accrual basis. Cost of investments
represents amortized cost. Under the terms of the custody agreement, the fund
received net earnings credits of $153 during the period ended November 30, 2003,
based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
The fund may enter into repurchase agreements with financial institutions deemed
to be creditworthy by the fund's 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 gain, if any, are normally declared
and paid annually, but the fund may make distributions on a more frequent basis
to comply with the distribution requirements of the Internal Revenue Code of
1986, as amended (the "Code"). To the extent that net realized capital gain can
be offset by capital loss carryovers, it is the policy of the fund not to
distribute such gain.
(d) Federal income taxes: It is the policy of the fund to continue to qualify as
a regulated investment company, 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.
At November 30, 2003, the components of accumulated earnings on a tax basis was
substantially the same as for financial reporting purposes.
The accumulated capital loss carryover of $93,109 is available to be applied
against future net securities profits, if any, realized subsequent to November
30, 2003. If not applied, $21,009 of the carryover expires in fiscal 2005,
$17,123 expires in fiscal 2007, $41,869 expires in fiscal 2008 and $13,108
expires in fiscal 2011.
The tax character of distributions paid to shareholders during the fiscal
periods ended November 30, 2003 and November 30, 2002, respectively, were all
ordinary income.
At November 30, 2003, 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).
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 2--Management Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement ("Agreement") with the Manager, the
management fee is computed at the annual rate of .50 of 1% of the value of the
fund's average daily net assets and is payable monthly. The Agreement provides
that if in any full fiscal year the aggregate expenses of the fund, exclusive of
taxes, brokerage 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, 2003, there was no expense
reimbursement pursuant to the Agreement.
(b) Under the Service Plan with respect to Class A shares (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 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 1%
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 1% 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, 2003, Class A shares
were charged $1,260,418 pursuant to the Plan.
Under the Distribution Plan with respect to Class B shares ("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 1% 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 1% of the value of the average
daily net assets of Class B. During the period ended November 30, 2003, Class B
shares were charged $2,166,721 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 1% of the value of the average daily net
assets of Class A for certain allocated expenses of providing personal services
and/or maintaining shareholder accounts. The services provided may include
personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
During the period ended November 30, 2003, Class A shares were charged $227,145
pursuant to the Class A Shareholder Services Plan.
Under the Shareholder Services Plan with respect to Class B ("Class B
Shareholder Services Plan"), Class B shares pay the Distributor at an annual
rate of .25 of 1% of the value of the average daily net assets of Class B 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 Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Manager had undertaken from December 1, 2002 through June 30, 2003, from
July 1, 2003 through July 7, 2003, and from July 8, 2003 through November 30,
2003, to reduce the expenses of Class B shares to the extent that, 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%, .90%, and 1.01%, respectively, of the value of the average daily net
assets of Class B. In addition, the Manager may, at times, limit certain money
market fund expenses in an effort to enhance yields of a fund, or a particular
class of a fund, as applicable, because of low interest rates. Effective July
14, 2003, the Manager limited fund expenses on the fund (Class B) to maintain a
minimum yield of 15 basis points. Such expense limitations are voluntary,
temporary and may be revised or terminated at anytime. During the period ended
November 30, 2003, Class B shares were charged $2,696,728 pursuant to the Class
B Shareholder Services Plan, of which $320,598 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, 2003, the fund was charged $61,622 pursuant to the transfer
agency agreement.
(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.
REPORT OF INDEPENDENT AUDITORS
Shareholders and Board of Directors
General Government Securities Money Market Fund
We have audited the accompanying statement of assets and liabilities of General
Government Securities Money Market Fund (one of the funds comprising General
Government Securities Money Market Funds, Inc.), as of November 30, 2003, 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 auditing standards generally accepted
in the 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. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of November 30, 2003 by correspondence with
the custodian. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
General Government Securities Money Market Fund, at November 30, 2003, the
results of its operations for the year then ended, the changes in 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 accounting principles generally
accepted in the United States.
[ERNST & YOUNG LLP SIGNATURE LOGO]
New York, New York
January 8, 2004
The Fund
IMPORTANT TAX INFORMATION (Unaudited)
For state individual income tax purposes, the fund hereby designates 47.70% of
the ordinary income dividends paid during its fiscal year ended November 30,
2003 as attributable to interest income from direct obligations of the United
States. Such dividends are currently exempt from taxation for individual income
tax purposes in most states, including New York, California and the District of
Columbia.
BOARD MEMBERS INFORMATION (Unaudited)
JOSEPH S. DIMARTINO (60)
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
* Levcor International, Inc., an apparel fabric processor, 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
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 191
--------------
CLIFFORD L. ALEXANDER, JR. (70)
BOARD MEMBER (1982)
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)
* Chairman of the Board and Chief Executive Officer of The Dun and Bradstreet
Corporation (October 1999-September 2000)
OTHER BOARD MEMBERSHIPS AND AFFILIATIONS:
* Wyeth (formerly, American Home Products Corporation), a global leader in
pharmaceuticals, consumer healthcare products and animal health products,
Director
* Mutual of America Life Insurance Company, Director
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 70
--------------
PEGGY C. DAVIS (60)
BOARD MEMBER (1990)
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:
* Shad Professor of Law, New York University School of Law (1983-present)
* She writes and teaches 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: 26
The Fund
BOARD MEMBERS INFORMATION (Unaudited) (CONTINUED)
ERNEST KAFKA (71)
BOARD MEMBER (1982)
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: 26
--------------
NATHAN LEVENTHAL (60)
BOARD MEMBER (1989)
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:
* Chairman of the Avery-Fisher Artist Program (November 1997-present)
* President of Lincoln Center for the Performing Arts, Inc. (March 1984-December
2000)
OTHER BOARD MEMBERSHIPS AND AFFILIATIONS:
* Movado Group, Inc., Director
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 26
--------------
ONCE ELECTED ALL BOARD MEMBERS SERVE FOR AN INDEFINITE TERM. ADDITIONAL
INFORMATION ABOUT THE BOARD MEMBERS, INCLUDING THEIR ADDRESS 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
OFFICERS OF THE FUND (Unaudited)
STEPHEN E. CANTER, PRESIDENT SINCE MARCH 2000.
Chairman of the Board, Chief Executive Officer and Chief Operating Officer
of the Manager, and an officer of 95 investment companies (comprised of 186
portfolios) managed by the Manager. Mr. Canter also is a Board member and, where
applicable, an Executive Committee Member of the other investment management
subsidiaries of Mellon Financial Corporation, each of which is an affiliate of
the Manager. He is 58 years old and has been an employee of the Manager since
May 1995.
STEPHEN R. BYERS, EXECUTIVE VICE PRESIDENT SINCE NOVEMBER 2002.
Chief Investment Officer, Vice Chairman and a Director of the Manager, and
an officer of 95 investment companies (comprised of 186 portfolios) managed by
the Manager. Mr. Byers also is an officer, director or an Executive Committee
Member of certain other investment management subsidiaries of Mellon Financial
Corporation, each of which is an affiliate of the Manager. He is 50 years old
and has been an employee of the Manager since January 2000. Prior to joining the
Manager, he served as an Executive Vice President-Capital Markets, Chief
Financial Officer and Treasurer at Gruntal & Co., L.L.C.
MARK N. JACOBS, VICE PRESIDENT SINCE MARCH 2000.
Executive Vice President, Secretary and General Counsel of the Manager, and
an officer of 96 investment companies (comprised of 202 portfolios) managed by
the Manager. He is 57 years old and has been an employee of the Manager since
June 1977.
STEVEN F. NEWMAN, SECRETARY SINCE MARCH 2000.
Associate General Counsel and Assistant Secretary of the Manager, and an
officer of 96 investment companies (comprised of 202 portfolios) managed by the
Manager. He is 54 years old and has been an employee of the Manager since July
1980.
JANETTE E. FARRAGHER, ASSISTANT SECRETARY SINCE MARCH 2000.
Associate General Counsel of the Manager, and an officer of 15 investment
companies (comprised of 26 portfolios) managed by the Manager. She is 41 years
old and has been an employee of the Manager since February 1984.
MICHAEL A. ROSENBERG, ASSISTANT SECRETARY SINCE MARCH 2000.
Associate General Counsel of the Manager, and an officer of 93 investment
companies (comprised of 195 portfolios) managed by the Manager. He is 43 years
old and has been an employee of the Manager since October 1991.
JAMES WINDELS, TREASURER SINCE NOVEMBER 2001.
Director - Mutual Fund Accounting of the Manager, and an officer of 96
investment companies (comprised of 202 portfolios) managed by the Manager. He is
45 years old and has been an employee of the Manager since April 1985.
The Fund
OFFICERS OF THE FUND (Unaudited) (CONTINUED)
ROBERT ROBOL, ASSISTANT TREASURER SINCE AUGUST 2003.
Senior Accounting Manager - Money Market Funds of the Manager, and an
officer of 37 investment companies (comprised of 79 portfolios) managed by the
Manager. He is 39 years old and has been an employee of the Manager since
October 1988.
KENNETH J. SANDGREN, ASSISTANT TREASURER SINCE NOVEMBER 2001.
Mutual Funds Tax Director of the Manager, and an officer of 96 investment
companies (comprised of 202 portfolios) managed by the Manager. He is 49 years
old and has been an employee of the Manager since June 1993.
WILLIAM GERMENIS, ANTI-MONEY LAUNDERING COMPLIANCE OFFICER SINCE SEPTEMBER 2002
Vice President and Anti-Money Laundering Compliance Officer of the
Distributor, and the Anti-Money Laundering Compliance Officer of 91 investment
companies (comprised of 197 portfolios) managed by the Manager. He is 33 years
old and has been an employee of the Distributor since October 1998. Prior to
joining the Distributor, he was a Vice President of Compliance Data Center, Inc
For More Information
General Government Securities
Money Market Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
To obtain information:
BY TELEPHONE Call 1-800-645-6561
BY MAIL Write to: The Dreyfus Family of Funds 144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request to info@dreyfus.com
ON THE INTERNET Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 2004 Dreyfus Service Corporation 975AR1103
General
Treasury Prime
Money Market Fund
ANNUAL REPORT November 30, 2003
YOU, YOUR ADVISOR AND
DREYFUS
A MELLON FINANCIAL COMPANY(SM)
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 Letter from the Chairman
3 Discussion of Fund Performance
6 Statement of Investments
7 Statement of Assets and Liabilities
8 Statement of Operations
9 Statement of Changes in Net Assets
10 Financial Highlights
13 Notes to Financial Statements
19 Report of Independent Auditors
20 Important Tax Information
21 Board Members Information
23 Officers of the Fund
FOR MORE INFORMATION
- ---------------------------------------------------------------------------
Back Cover
The Fund
General Treasury Prime
Money Market Fund
LETTER FROM THE CHAIRMAN
Dear Shareholder:
This annual report for General Treasury Prime Money Market Fund covers the
12-month period from December 1, 2002, through November 30, 2003. Inside, you'll
find valuable information about how the fund was managed during the reporting
period, including a discussion with the fund's portfolio manager, Bernard W.
Kiernan, Jr.
Recent reports of marked improvement in the growth of U.S. Gross Domestic
Product suggest to us that the economy has started to turn the corner. Tax cuts
and low mortgage rates have put cash in consumers' pockets, and corporations
have begun to increase spending and investment. As a result, after several years
of falling interest rates, longer-term bond yields have begun to creep upward.
However, the Federal Reserve Board repeatedly has affirmed its commitment to low
short-term interest rates, and yields of money market instruments have remained
near historical lows.
Of course, we have seen upturns before, only to be disappointed when growth
proved unsustainable over the longer term. However, based on recent data, we are
cautiously optimistic about the current economic environment. As always, we urge
you to speak regularly with your financial advisor, who may be in the best
position to suggest the Dreyfus funds designed to meet your current needs,
future goals and attitudes toward risk.
Thank you for your continued confidence and support.
Sincerely,
/s/ Stephen E. Canter
Stephen E. Canter
Chairman and Chief Executive Officer
The Dreyfus Corporation
December 15, 2003
DISCUSSION OF FUND PERFORMANCE
Bernard W. Kiernan, Jr., Portfolio Manager
How did General Treasury Prime Money Market Fund perform during the period?
During the 12-month period ended November 30, 2003, the fund produced yields of
0.39% for Class A shares, 0.24% for Class B shares and 0.21% for Class X shares.
Taking into account the effects of compounding, the fund produced effective
yields of 0.39% for Class A shares, 0.24% for Class B shares and 0.21% for Class
X shares for the same period.(1)
What is 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.
What other factors influenced the fund's performance?
Although the Federal Reserve Board (the "Fed") reduced short-term interest rates
by 50 basis points in early November 2002, just weeks before the start of the
reporting period, the economy remained persistently sluggish, growing at a
disappointing 1.4% annualized rate in the fourth quarter of 2002 as rising
geopolitical tensions, corporate scandals and a declining stock market continued
to take their toll on economic activity.
During the opening months of 2003, hopes of a more sustainable economic rebound
faded when the impending war in Iraq caused businesses and consumers to postpone
spending. However, after it became clear in late March that major combat would
be over quickly, investors became more optimistic, and yields of U.S. Treasury
bills and notes began
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
to rise. Nonetheless, the rate of economic expansion failed to improve during
the first quarter, with U.S. GDP growing at an annualized 1.4% rate for the
second consecutive quarter during the reporting period.
The manufacturing sector showed signs of more sustainable improvement in May,
and consumer confidence rebounded. These encouraging signs were supported by
gains in the stock market, low inflation, moderating oil prices, rising
productivity and legislation enacting new tax cuts. However, the Fed maintained
its relatively cautious stance at its May meeting, saying economic risks were
"weighted toward weakness for the foreseeable future."
Economic indicators continued to improve in June, and the economy expanded at a
greater than expected 3.3% annualized rate during the second quarter.
Unfortunately, the unemployment rate climbed to 6.4%, its highest level in nine
years, and most investors expected the Fed to reduce interest rates further at
its meeting in late June. The Fed did not disappoint them, driving the federal
funds rate down another 25 basis points to 1%, a 45-year low.
In July, new signs of economic strength created a sudden shift in investor
sentiment amid concerns that rising inflation and a ballooning federal budget
deficit might lead to higher interest rates. As a result, prices of longer-term
bonds plunged, producing one of the most severe six-week declines in the history
of the bond market. Although heightened volatility roiled the longer-term bond
markets, money market yields remained relatively steady, anchored at the short
end of the curve by the 1% federal funds rate.
The economy continued to improve in the fall as it became clearer that business
investment and consumer spending were rebounding, even as inflation remained
well under control. Jobless claims dropped in September to their lowest level in
eight months, and sales at department stores rose as consumers spent their tax
refunds. It was later estimated that the economy grew at a robust 8.2%
annualized rate during the third quarter of 2003.
Economic indicators in October and November provided more evidence of an
improving economy, including an encouraging increase in the number of jobs in
the U.S. economy and a decrease in the unemployment rate to 6.0%. Orders for
durable goods rose more strongly in November, suggesting that business
investment was finally contributing in a meaningful way to the recovery, and
consumer confidence advanced to its highest level in more than a year. As a
result, yields of U.S. Treasury securities began to rise at the longer end of
the fund's maturity range. However, as was widely expected, the Fed held the
overnight federal funds rate steady at its December meeting just after the end
of the reporting period and reiterated its commitment to keeping borrowing rates
low for "a considerable period."
What is the fund's current strategy?
We generally have maintained the fund's weighted average maturity in a range we
consider longer than average. This strategy is designed to capture higher yields
at the longer end of the fund's maturity range. Of course, we are prepared to
adjust our strategies as economic and market conditions evolve.
December 15, 2003
(1) EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND REINVESTED
MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS FLUCTUATE.
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FDIC OR THE U.S.
GOVERNMENT. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT
$1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUND. YIELDS
PROVIDED FOR THE FUND'S CLASS B AND CLASS X SHARES REFLECT THE ABSORPTION OF
FUND EXPENSES BY THE DREYFUS CORPORATION PURSUANT TO AN UNDERTAKING IN EFFECT
THAT MAY BE EXTENDED, TERMINATED OR MODIFIED AT ANY TIME. HAD THESE EXPENSES NOT
BEEN ABSORBED, THE FUND'S CLASS B AND CLASS X YIELDS WOULD HAVE BEEN LOWER.
The Fund
STATEMENT OF INVESTMENTS
November 30, 2003
STATEMENT OF INVESTMENTS
Annualized
Yield on
Date of Principal
U.S. TREASURY BILLS--83.8% Purchase (%) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
12/4/2003 .94 3,714,000 3,713,709
12/11/2003 .92 8,989,000 8,986,706
12/18/2003 .89 3,487,000 3,485,535
12/26/2003 .91 5,331,000 5,327,637
1/2/2004 .91 11,516,000 11,506,680
2/5/2004 .91 363,000 362,394
2/12/2004 1.00 12,459,000 12,433,958
4/22/2004 .91 1,803,000 1,796,483
TOTAL U.S. TREASURY BILLS
(cost $47,613,102) 47,613,102
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY NOTES--17.7%
- ------------------------------------------------------------------------------------------------------------------------------------
3.625%, 3/31/2004
(cost $10,081,382) 1.12 10,000,000 10,081,382
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $57,694,484) 101.5% 57,694,484
LIABILITIES, LESS CASH AND RECEIVABLES (1.5%) (830,657)
NET ASSETS 100.0% 56,863,827
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2003
Cost Value
- --------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of Investments 57,694,484 57,694,484
Interest receivable 61,407
Prepaid expenses 1,750
57,757,641
- --------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 35,536
Cash overdraft due to custodian 828,810
Payable for shares of common stock redeemed 83
Accrued expenses 29,385
893,814
- --------------------------------------------------------------------------------
NET ASSETS ($) 56,863,827
- --------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 56,864,480
Accumulated net realized gain (loss) on investments (653)
- --------------------------------------------------------------------------------
NET ASSETS ($) 56,863,827
NET ASSET VALUE PER SHARE
Class A Class B Class X
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets ($) 26,314,661 30,536,667 12,499
Shares Outstanding 26,314,541 30,537,439 12,500
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE ($) 1.00 1.00 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF OPERATIONS
Year Ended November 30, 2003
- --------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 699,892
EXPENSES:
Management fee--Note 2(a) 296,831
Distribution fees, service fees and and prospectus--Note 2(b) 121,197
Shareholder servicing costs--Note 2(c) 120,447
Professional fees 25,063
Custodian fees 10,740
Registration fees 6,704
Shareholders' reports 6,014
Directors' fees and expenses--Note 2(d) 2,035
Miscellaneous 2,168
TOTAL EXPENSES 591,199
Less--reduction in service plan fees and shareholder
servicing costs due to undertaking--Note 2(b,c) (71,462)
NET EXPENSES 519,737
INVESTMENT INCOME--NET 180,155
- --------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($) (589)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 179,566
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF CHANGES IN NET ASSETS
Year Ended November 30,
-----------------------------------
2003 2002
- --------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 180,155 490,980
Net realized gain (loss) on investments (589) 6,141
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 179,566 497,121
- --------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Class A shares (103,233) (372,855)
Class B shares (76,896) (118,076)
Class X shares (26) (49)
TOTAL DIVIDENDS (180,155) (490,980)
- --------------------------------------------------------------------------------
CAPITAL STOCK TRANSACTIONS (1.00 per share):
Net proceeds from shares sold:
Class A shares 48,879,828 90,612,542
Class B shares 154,799,623 81,092,618
Class X shares -- 11,500
Dividends reinvested:
Class A shares 101,992 369,481
Class B shares 76,896 117,978
Cost of shares redeemed:
Class A shares (53,095,000) (127,253,599)
Class B shares (147,217,919) (70,319,942)
INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL STOCK TRANSACTIONS 3,545,420 (25,369,422)
TOTAL INCREASE (DECREASE) IN NET ASSETS 3,544,831 (25,363,281)
- --------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 53,318,996 78,682,277
END OF PERIOD 56,863,827 53,318,996
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the
fiscal periods indicated. All information reflects financial results for a
single fund share. Total return shows how much your investment in the fund would
have increased (or decreased) during each period, assuming you had reinvested
all dividends and distributions. These figures have been derived from the fund's
financial statements.
Year Ended November 30,
-----------------------------------------------------------
CLASS A SHARES 2003 2002 2001 2000(a)
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .004 .011 .034 .051
Distributions:
Dividends from investment income--net (.004) (.011) (.034) (.051)
Net asset value, end of period 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) .39 1.07 3.49 5.21
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .80 .78 .80 .80
Ratio of net investment income
to average net assets .38 1.13 3.25 5.49
Decrease reflected in above expense
ratios due to undertaking
by The Dreyfus Corporation .05 .00(b) .08 .43
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ X 1,000) 26,315 30,428 66,694 20,179
(A) FROM DECEMBER 1, 1999 (COMMENCEMENT OF OPERATIONS) TO NOVEMBER 30, 2000.
(B) AMOUNT REPRESENTS LESS THAN .01% PER SHARE.
SEE NOTES TO FINANCIAL STATEMENTS.
Year Ended November 30,
-----------------------------------------------------------
CLASS B SHARES 2003 2002 2001 2000(a)
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .002 .009 .032 .049
Distributions:
Dividends from investment income--net (.002) (.009) (.032) (.049)
Net asset value, end of period 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) .24 .86 3.27 5.00
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .94 1.00 1.00 1.00
Ratio of net investment income
to average net assets .24 .84 2.94 5.14
Decrease reflected in above expense
ratios due to undertaking
by The Dreyfus Corporation .18 .08 .13 4.97
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ X 1,000) 30,537 22,878 11,987 5,385
(A) FROM DECEMBER 1, 1999 (COMMENCEMENT OF OPERATIONS) TO NOVEMBER 30, 2000.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
FINANCIAL HIGHLIGHTS (CONTINUED)
Year Ended November 30,
-----------------------------------------------------------
CLASS X SHARES 2003 2002 2001 2000(a)
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .002 .008 .032 .048
Distributions:
Dividends from investment income--net (.002) (.008) (.032) (.048)
Net asset value, end of period 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) .21 .82 3.22 4.94
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .96 1.05 1.05 1.05
Ratio of net investment income
to average net assets .21 .74 3.03 4.55
Decrease reflected in above expense
ratios due to undertaking
by The Dreyfus Corporation .33 .42 3.24 20.13
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ X 1,000) 12 12 1 1
(A) FROM DECEMBER 1, 1999 (COMMENCEMENT OF OPERATIONS) TO NOVEMBER 30, 2000.
SEE NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
NOTE 1--Significant Accounting Policies:
General Treasury 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 provide investors with 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") serves as the
fund's investment adviser. The Manager is a wholly-owned subsidiary of Mellon
Bank, N.A., which is a wholly-owned subsidiary of Mellon Financial Corporation.
Dreyfus Service Corporation (the "Distributor"), a wholly-owned subsidiary of
the Manager, is the distributor of the fund's shares. The fund is authorized to
issue 3 billion shares of $.001 par value Common Stock. The fund currently
offers three classes of shares: Class A (1 billion shares authorized), Class B
(1 billion shares authorized) and Class X (1 billion shares authorized). Class
A, Class B and Class X shares are identical except for the services offered to
and the expenses borne by each class and certain voting rights. Class A shares
are subject to a Service Plan adopted pursuant to Rule 12b-1 under the Act,
Class B and Class X shares are subject to a Distribution Plan adopted pursuant
to Rule 12b-1 under the Act and Class A, Class B and Class X shares are subject
to 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, 2003, sub-accounting service fees amounted to $16,183
for Class B shares and are included in shareholder servicing cost.
The Company accounts separately for the assets, liabilities and operations of
each series. Expenses directly attributable to each series are
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
charged to that series' operations; expenses which are applicable to all series
are allocated among them on a pro rata basis.
It is the fund's policy to maintain a continuous net asset value per share of
$1.00; the fund has adopted certain investment, portfolio valuation and dividend
and distribution policies to enable it to do so. There is no assurance, however,
that the fund will be able to maintain a stable net asset value per share of
$1.00.
The fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States, which may require the use of
management estimates and assumptions. Actual results could differ from those
estimates.
(a) Portfolio valuation: Investments in securities are valued at amortized cost
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.
(b) Securities transactions and investment income: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Interest income,
adjusted for amortization of discount and premium on investments, is earned from
settlement date and is recognized on the accrual basis. Cost of investments
represents amortized cost. Under the terms of the custody agreement, the fund
received net earnings credits of $418 during the period ended November 30, 2003
based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
(c) Dividends to shareholders: It is the policy of the fund to declare dividends
from investment income-net on each business day; such dividends are paid
monthly. Dividends from net realized capital gain, if any, are normally declared
and paid annually, but the fund may make distributions on a more frequent basis
to comply with the distribution requirements of the Internal Revenue Code of
1986, as amended (the "Code"). To the extent that net realized capital gain can
be offset by capital loss carryovers, it is the policy of the fund not to
distribute such gain.
(d) Federal income taxes: It is the policy of the fund to continue to qualify as
a regulated investment company, 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.
At November 30, 2003, the components of accumulated earnings on a tax basis were
substantially the same as for financial reporting purposes.
The accumulated capital loss carryover of $653 is available for federal income
tax purposes to be applied against future net securities profits, if any,
realized subsequent to November 30, 2003. If not applied, $64 of the carryover
expires in fiscal 2009 and $589 expires in fiscal 2011.
The tax character of distributions paid to shareholders during the fiscal years
ended November 30, 2003 and November 30, 2002, respectively, were all ordinary
income.
At November 30, 2003, the cost of investments for federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
NOTE 2--Management Fee and Other Transactions with Affiliates:
(a) Pursuant to a management agreement ("Agreement") with the Manager, the
management fee is computed at the annual rate of .50 of 1% of the value of the
fund's average daily net assets and is payable monthly. The Agreement provides
that if in any full fiscal year the aggregate expenses of the fund, exclusive of
taxes, brokerage 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, 2003, there was no expense
reimbursement pursuant to the undertaking.
(b) Under the Service Plan with respect to Class A shares (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
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 1% 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 1% 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, 2003, Class A shares were charged $55,106 pursuant to the Plan, of
which $5,263 was reimbursed by the Manager, due to an undertaking, see Note
2(c).
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 1% 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 1% of the value of the average daily net assets of Class B. During
the period ended November 30, 2003, Class B shares were charged $66,059 pursuant
to the Class B Distribution Plan.
Under the Distribution Plan with respect to Class X ("Class X Distribution
Plan") adopted pursuant to Rule 12b-1 under the Act, Class X shares pay the
Distributor for distributing Class X shares at an annual rate of .25 of 1% of
the value of the average daily net assets of Class X. During the period ended
November 30, 2003, Class X shares were charged $32 pursuant to the Class X
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 1% of the value of the average daily net
assets of Class A for certain allocated expenses of providing personal services
and/or maintaining shareholder accounts. The services provided may include
personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding Class A shares and providing reports and other
information, and services related to the maintenance of shareholder accounts.
The Manager has undertaken from December 1, 2002 through November 30, 2003, that
if the aggregate expenses of Class A shares, exclusive of taxes, brokerage fees,
interest on borrowings and extraordinary expenses, exceed .80 of 1% of the value
of the average daily net assets of Class A, the Manager would reimburse the
expenses of the fund under the Class A Shareholder Services Plan, to the extent
of any excess expense and up to the full fee payable under the Class A
Shareholder Services Plan. During the period ended November 30, 2003, Class A
shares were charged $8,740 pursuant to the Class A Shareholder Services Plan,
all of which was reimbursed by the Manager.
Under the Shareholder Services Plan with respect to Class B and Class X
("Shareholder Services Plan"), Class B and Class X shares pay the Distributor at
an annual rate of .25 of 1% of the value of the average daily net assets of
Class B and Class X shares for servicing shareholder accounts. The services
provided may include personal services relating to shareholder accounts, such as
answering shareholder inquiries regarding Class B and
The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Class X 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, 2002 through June 30, 2003, from
July 1, 2003 through July 7, 2003, and from July 8, 2003 through November 30,
2003, to reduce the expenses of Class B shares to the extent that, 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%,
..90%, and 1%, respectively. The Manager had undertaken from December 1, 2002
through June 30, 2003 and from July 1, 2003 through November 30, 2003, to reduce
the expenses of Class X shares to the extent that, if the aggregate expenses of
Class X shares, exclusive of taxes, brokerage fees, interest on borrowings and
extraordinary expenses, exceed an annual rate of 1.05% and .90%, respectively,
of the value of the average daily net assets of Class X shares. In addition, the
Manager may, at times, limit certain money market fund expenses in an effort to
enhance yields of a fund, or a particular class of a fund, as applicable,
because of low interest rates. Effective July 14, 2003, the Manager limited fund
expenses on the fund (Class B and Class X) to maintain a minimum yield of 15
basis points. Such expense limitations are voluntary, temporary and may be
revised or terminated at anytime. During the period ended November 30, 2003,
Class B and Class X shares were charged $80,914 and $32 respectively, pursuant
to the Shareholder Services Plan, of which $57,427 and $32, respectively, were
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, 2003, the fund was charged $2,549 pursuant to the transfer
agency agreement.
(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.
REPORT OF INDEPENDENT AUDITORS
Shareholders and Board of Directors
General Treasury Prime Money Market Fund
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of General Treasury Prime Money Market Fund (one
of the funds constituting General Government Securities Money Market Funds,
Inc.) as of November 30, 2003, 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 auditing standards generally accepted
in the 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. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of November 30, 2003 by correspondence with
the custodian. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
General Treasury Prime Money Market Fund, at November 30, 2003, 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 accounting principles generally
accepted in the United States.
[ERNST & YOUNG LLP SIGNATURE LOGO]
New York, New York
January 8, 2004
The Fund
IMPORTANT TAX INFORMATION (Unaudited)
For State individual income tax purposes, the fund hereby designates 100% of the
ordinary income dividends paid during its fiscal year ended November 30, 2003 as
attributable to interest income from direct obligations of the United States.
Such dividends are currently exempt from taxation for individual income tax
purposes in most states, including New York, California and the District of
Columbia.
BOARD MEMBERS INFORMATION (Unaudited)
JOSEPH S. DIMARTINO (60)
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
* Levcor International, Inc., an apparel fabric processor, 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
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 191
--------------
CLIFFORD L. ALEXANDER, JR. (70)
BOARD MEMBER (1982)
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)
* Chairman of the Board and Chief Executive Officer of The Dun and Bradstreet
Corporation (October 1999-September 2000)
OTHER BOARD MEMBERSHIPS AND AFFILIATIONS:
* Wyeth (formerly, American Home Products Corporation), a global leader in
pharmaceuticals, consumer healthcare products and animal health products,
Director
* Mutual of America Life Insurance Company, Director
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 70
--------------
PEGGY C. DAVIS (60)
BOARD MEMBER (1990)
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:
* Shad Professor of Law, New York University School of Law (1983-present)
* She writes and teaches 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: 26
The Fund
BOARD MEMBERS INFORMATION (Unaudited) (CONTINUED)
ERNEST KAFKA (71)
BOARD MEMBER (1982)
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: 26
--------------
NATHAN LEVENTHAL (60)
BOARD MEMBER (1989)
PRINCIPAL OCCUPATION DURING PAST 5 YEARS:
* Chairman of the Avery-Fisher Artist Program (November 1997-present)
* President of Lincoln Center for the Performing Arts, Inc. (March 1984-December
2000)
OTHER BOARD MEMBERSHIPS AND AFFILIATIONS:
* Movado Group, Inc., Director
NO. OF PORTFOLIOS FOR WHICH BOARD MEMBER SERVES: 26
--------------
ONCE ELECTED ALL BOARD MEMBERS SERVE FOR AN INDEFINITE TERM. ADDITIONAL
INFORMATION ABOUT THE BOARD MEMBERS, INCLUDING THEIR ADDRESS 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
OFFICERS OF THE FUND (Unaudited)
STEPHEN E. CANTER, PRESIDENT SINCE MARCH 2000.
Chairman of the Board, Chief Executive Officer and Chief Operating Officer
of the Manager, and an officer of 95 investment companies (comprised of 186
portfolios) managed by the Manager. Mr. Canter also is a Board member and, where
applicable, an Executive Committee Member of the other investment management
subsidiaries of Mellon Financial Corporation, each of which is an affiliate of
the Manager. He is 58 years old and has been an employee of the Manager since
May 1995.
STEPHEN R. BYERS, EXECUTIVE VICE PRESIDENT SINCE NOVEMBER 2002.
Chief Investment Officer, Vice Chairman and a Director of the Manager, and
an officer of 95 investment companies (comprised of 186 portfolios) managed by
the Manager. Mr. Byers also is an officer, director or an Executive Committee
Member of certain other investment management subsidiaries of Mellon Financial
Corporation, each of which is an affiliate of the Manager. He is 50 years old
and has been an employee of the Manager since January 2000. Prior to joining the
Manager, he served as an Executive Vice President-Capital Markets, Chief
Financial Officer and Treasurer at Gruntal & Co., L.L.C.
MARK N. JACOBS, VICE PRESIDENT SINCE MARCH 2000.
Executive Vice President, Secretary and General Counsel of the Manager, and
an officer of 96 investment companies (comprised of 202 portfolios) managed by
the Manager. He is 57 years old and has been an employee of the Manager since
June 1977.
STEVEN F. NEWMAN, SECRETARY SINCE MARCH 2000.
Associate General Counsel and Assistant Secretary of the Manager, and an
officer of 96 investment companies (comprised of 202 portfolios) managed by the
Manager. He is 54 years old and has been an employee of the Manager since July
1980.
JANETTE E. FARRAGHER, ASSISTANT SECRETARY SINCE MARCH 2000.
Associate General Counsel of the Manager, and an officer of 15 investment
companies (comprised of 26 portfolios) managed by the Manager. She is 41 years
old and has been an employee of the Manager since February 1984.
MICHAEL A. ROSENBERG, ASSISTANT SECRETARY SINCE MARCH 2000.
Associate General Counsel of the Manager, and an officer of 93 investment
companies (comprised of 195 portfolios) managed by the Manager. He is 43 years
old and has been an employee of the Manager since October 1991.
JAMES WINDELS, TREASURER SINCE NOVEMBER 2001.
Director - Mutual Fund Accounting of the Manager, and an officer of 96
investment companies (comprised of 202 portfolios) managed by the Manager. He is
45 years old and has been an employee of the Manager since April 1985.
The Fund
OFFICERS OF THE FUND (Unaudited) (CONTINUED)
ROBERT ROBOL, ASSISTANT TREASURER SINCE AUGUST 2003.
Senior Accounting Manager - Money Market Funds of the Manager, and an
officer of 37 investment companies (comprised of 79 portfolios) managed by the
Manager. He is 39 years old and has been an employee of the Manager since
October 1988.
KENNETH J. SANDGREN, ASSISTANT TREASURER SINCE NOVEMBER 2001.
Mutual Funds Tax Director of the Manager, and an officer of 96 investment
companies (comprised of 202 portfolios) managed by the Manager. He is 49 years
old and has been an employee of the Manager since June 1993.
WILLIAM GERMENIS, ANTI-MONEY LAUNDERING COMPLIANCE OFFICER SINCE SEPTEMBER 2002
Vice President and Anti-Money Laundering Compliance Officer of the
Distributor, and the Anti-Money Laundering Compliance Officer of 91 investment
companies (comprised of 197 portfolios) managed by the Manager. He is 33 years
old and has been an employee of the Distributor since October 1998. Prior to
joining the Distributor, he was a Vice President of Compliance Data Center, Inc
For More Information
General Treasury Prime Money Market Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
200 Park Avenue
New York, NY 10166
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
To obtain information:
BY TELEPHONE Call 1-800-645-6561
BY MAIL Write to: The Dreyfus Family of Funds 144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request to info@dreyfus.com
ON THE INTERNET Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 2004 Dreyfus Service Corporation 387AR1103
ITEM 2. CODE OF ETHICS.
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.
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.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. 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 Registrant's most recently ended fiscal
half-year that has materially affected, or is reasonably likely to materially
affect, the Registrant's internal control over financial reporting.
ITEM 10. EXHIBITS.
(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.
(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/ STEPHEN E. CANTER
---------------------
Stephen E. Canter
President
Date: January 23, 2004
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/ STEPHEN E. CANTER
-----------------------
Stephen E. Canter
Chief Executive Officer
Date: January 23, 2004
By: /S/ JAMES WINDELS
---------------------
James Windels
Chief Financial Officer
Date: January 23, 2004
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)