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
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811-3481
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General Municipal Money Market Funds, Inc.
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(Exact name of Registrant as specified in charter)
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c/o The Dreyfus Corporation
200 Park Avenue
New York, New York 10166
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(Address of principal executive offices) (Zip
code)
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Janette E. Farragher, Esq.
200 Park Avenue
New York, New York 10166
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(Name and address of agent for service)
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Registrant's telephone
number, including area code:
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(212) 922-6000
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Date of fiscal year end:
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11/30
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Date of reporting period:
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5/31/12
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FORM N-CSR
Item 1. Reports to Stockholders.
General Municipal
Money Market Fund
SEMIANNUAL REPORT
May 31, 2012
Save time. Save paper. View your next shareholder report online as soon as its available. Log into www.dreyfus.com and sign up for Dreyfus eCommunications. Its simple and only takes a few minutes.
The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.
Not FDIC-Insured Not Bank-Guaranteed May Lose Value
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Contents
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THE FUND
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2
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A Letter from the Chairman and CEO
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3
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Discussion of Fund Performance
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6
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Understanding Your Funds Expenses
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6
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Comparing Your Funds Expenses
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With Those of Other Funds
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7
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Statement of Investments
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20
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Statement of Assets and Liabilities
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21
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Statement of Operations
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22
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Statement of Changes in Net Assets
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23
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Financial Highlights
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25
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Notes to Financial Statements
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FOR MORE INFORMATION
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Back Cover
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General Municipal
Money Market Fund
The Fund
A LETTER FROM THE CHAIRMAN AND CEO
Dear Shareholder:
We present to you this semiannual report for General Municipal Money Market Fund, covering the six-month period from December 1, 2011, through May 31, 2012. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
U.S. financial markets generally rebounded for most of the reporting period before weakening again in the spring of 2012 due to a resurgent sovereign debt crisis in Europe and disappointing economic data in the United States.These developments created a risk-on/risk-off investment climate in which market sentiment shifted rapidly between optimism and caution. In contrast, yields of money market instruments remained stable near historical lows, as an aggressively accommodative monetary policy from the Federal Reserve Board prevented yields from rising or falling appreciably in light of changing economic news.
Despite recently troubling headlines, we believe that U.S. economic trends remain favorable, as evidenced by signs of strength in some of the domestic economys more economically sensitive areas. On the other hand, net exports may prove to be a slight drag on domestic growth since the economy in the United States is stronger than in many of its trading partners. On the whole, we expect near-trend growth in the U.S. economy for the remainder of 2012.
As always, we encourage you to discuss our observations with your financial advisor.
Thank you for your continued confidence and support.
Jonathan R. Baum
Chairman and Chief Executive Officer
The Dreyfus Corporation
June 15, 2012
2
DISCUSSION OF FUND PERFORMANCE
For the period of December 1, 2011, through May 31, 2012, as provided by Colleen Meehan, Senior Portfolio Manager
Fund and Market Performance Overview
For the six-month period ended May 31, 2012, General Municipal Money Market Fund’s Class A and Class B shares produced annualized yields of 0.00% and 0.00%, respectively.Taking into account the effects of compounding, the fund’s Class A and Class B shares produced annualized effective yields of 0.00% and 0.00%, respectively.
1
The U.S. economic recovery proved erratic during the reporting period, but yields of tax-exempt money market instruments remained stable near zero percent as the Federal Reserve Board (the “Fed”) left short-term interest rates unchanged at historically low levels.
The Fund’s Investment Approach
The fund seeks to maximize current income exempt from federal personal income tax, to the extent consistent with the preservation of capital and the maintenance of liquidity.
In pursuing this objective, we employ two primary strategies. First, we normally attempt to add value by investing substantially all of the fund’s net assets in high-quality short-term municipal obligations throughout the United States and its territories that provide income exempt from federal personal income tax. Second, we actively manage the fund’s average maturity based on our anticipation of supply-and-demand changes in the short-term municipal marketplace and interest-rate cycles while anticipating liquidity needs.
For example, if we expect an increase in short-term supply, we may decrease the average maturity of the fund, which could enable us to take advantage of opportunities when short-term supply increases. Generally, yields tend to rise when there is an increase in new-issue supply competing for investor interest. New securities are generally issued with maturities in the one-year range, which in turn may lengthen the fund’s average maturity if purchased. If we anticipate limited new-issue supply, we may then look to extend the fund’s average maturity to maintain
The Fund
3
DISCUSSION OF FUND PERFORMANCE
(continued)
then-current yields for as long as we believe practical.At other times, we try to maintain an average maturity that reflects our view of short-term interest-rate trends and future supply-and-demand considerations.
Economic Sentiment Shifted, but Yields Remained Low
Most U.S. financial markets were in the midst of a rally at the start of the reporting period, as investors responded positively to U.S. employment gains and what seemed to be credible measures by European policymakers to address the region’s sovereign debt crisis. However, new developments in the spring of 2012 called the sustainability of these positive influences into question. The U.S. labor market’s rebound slowed as the public sector shed jobs and the private sector’s employment gains proved more anemic than expected. Austerity measures designed to relieve fiscal pressures in Europe encountered resistance in some countries, threatening proposed bailouts and the region’s economic prospects.
Despite the changing economic outlook, the Fed maintained the policy stance it first established in December 2008, leaving the overnight federal funds rate in a range between 0% and 0.25%, and municipal money market yields remained near zero percent.
Demand for municipal money market instruments proved robust during the reporting period. Narrow yield differences along the market’s maturity range and attractive after-tax yields compared to taxable money market instruments attracted individual investors as well as institutions that typically participate in taxable and longer term bond markets. Consequently, yields of variable-rate demand notes (VRDNs) remained in a relatively narrow trading range. Meanwhile, the supply of newly issued tax-exempt money market instruments remained relatively steady as highly rated banks filled a gap left by struggling European financial institutions in issuing the letters of credit that typically backVRDNs.
Variable rate demand note issues previously backed by European bank Letters of credit have been successfully remarketed with new letters of credits provided by tier one banks.
The current low rate environment and flat yield curve has provided municipal issuers with the opportunity to fix out their debt taking advantage of the decreased costs of funding.
4
From a credit-quality perspective, state general funds have achieved several consecutive quarters of growth in personal income tax and sales tax revenues, and many states and municipalities have reduced spending to balance their budgets.
A Credit-Conscious Investment Posture
We continued to maintain a careful and well-researched approach to credit selection.We emphasized general obligation bonds; essential service revenue bonds issued by water, sewer and electric enterprises; and certain local credits from issuers with strong financial positions and stable tax bases.We generally shied away from instruments issued by localities that depend heavily on state aid, and we maintained the fund’s weighted average maturity in a range that was roughly in line with industry averages.
Outlook Clouded by Economic Uncertainty
We are cautiously optimistic regarding the prospects for economic growth over the remainder of 2012. Strains in global financial markets have continued to pose significant challenges, but the Fed expects a moderate pace of economic growth and a gradually declining unemployment rate. In addition, the Fed has signaled repeatedly that it is prepared to maintain short-term interest rates near current levels through late 2014. With money market yields likely to remain near historical lows for some time to come, we believe that the prudent course continues to be an emphasis on preservation of capital and liquidity.
June 15, 2012
An investment in the fund is not insured or guaranteed by the FDIC or any other government agency.Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
Short-term municipal securities holdings involve credit and liquidity risks and risk of principal loss.
1
Annualized effective yield is based upon dividends declared daily and reinvested monthly. Past
performance is no guarantee of future results.Yields fluctuate. Income may be subject to state and
local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for
certain investors.Yields provided for the fund’s Class A and Class B shares reflect the absorption
of certain fund expenses by The Dreyfus Corporation pursuant to a voluntary undertaking that
may be extended, terminated or modified at any time. Had these expenses not been absorbed, fund
yields for Class A and Class B would have been lower.
The Fund
5
UNDERSTANDING YOUR FUND’S EXPENSES
(Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in General Municipal Money Market Fund from December 1, 2011 to May 31, 2012. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended May 31, 2012
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Class A
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Class B
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Expenses paid per $1,000
†
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$
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1.05
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$
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1.05
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Ending value (after expenses)
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$
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1,000.00
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$
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1,000.00
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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
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Class A
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Class B
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Expenses paid per $1,000
†
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$
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1.06
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$
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1.06
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Ending value (after expenses)
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$
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1,023.95
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$
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1,023.95
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†
Expenses are equal to the fund’s annualized expense ratio of .21% for Class A and .21% for Class B, multiplied by
the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
6
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STATEMENT OF INVESTMENTS
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May 31, 2012 (Unaudited)
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Short-Term
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Coupon
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Maturity
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Principal
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Investments—104.1%
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Rate (%)
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Date
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Amount ($)
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Value ($)
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Alabama—4.5%
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Columbia Industrial Development
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Board, PCR, Refunding (Alabama
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Power Company Project)
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0.19
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6/1/12
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1,300,000
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a
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1,300,000
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Mobile Industrial Development
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Board, PCR (Alabama Power
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Company Barry Plant Project)
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0.20
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6/1/12
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12,000,000
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a
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12,000,000
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Tuscaloosa County Industrial
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Development Authority, Gulf
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Opportunity Zone Revenue (Hunt
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Refining Project) (LOC;
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JPMorgan Chase Bank)
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0.25
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6/7/12
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20,000,000
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a
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20,000,000
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California—6.3%
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California Pollution Control
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Financing Authority, SWDR
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(Marin Sanitary Service
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Project) (LOC; Comerica Bank)
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0.28
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6/7/12
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6,355,000
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a
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6,355,000
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California Pollution Control
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Financing Authority, SWDR
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(Napa Recycling and Waste
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Services, LLC Project) (LOC;
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Union Bank NA)
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0.27
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6/7/12
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3,900,000
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a
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3,900,000
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California Statewide Communities
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Development Authority, Revenue
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(Kaiser Permanente)
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0.17
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6/7/12
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16,900,000
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a
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16,900,000
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California Statewide Communities
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Development Authority,
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Revenue, CP (Kaiser Permanente)
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0.25
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10/18/12
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5,000,000
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5,000,000
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California Statewide Communities
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Development Authority,
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Revenue, CP (Kaiser Permanente)
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0.25
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12/13/12
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14,000,000
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14,000,000
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Colorado—8.0%
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Branch Banking and Trust Municipal
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Trust Co. (Series 2027) (City
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and County of Denver, Airport
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System Revenue) (Liquidity
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Facility; Branch Banking and
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Trust Co. and LOC; Branch
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Banking and Trust Co.)
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0.19
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6/7/12
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10,150,000
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a,b,c
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10,150,000
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The Fund
7
STATEMENT OF INVESTMENTS (Unaudited)
(continued)
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Short-Term
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Coupon
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Maturity
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Principal
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Investments (continued)
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Rate (%)
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Date
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Amount ($)
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Value ($)
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Colorado (continued)
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Colorado,
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Education Loan Program
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Revenue, TRAN
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2.00
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6/29/12
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7,000,000
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7,009,998
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Colorado Housing and Finance
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Authority, SFMR (Liquidity
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Facility; FHLB)
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0.19
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6/7/12
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12,500,000
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a
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12,500,000
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Colorado Housing and Finance
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Authority, SFMR (Liquidity
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Facility; Royal Bank of Canada)
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0.19
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6/7/12
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9,010,000
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a
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9,010,000
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Denver City and County,
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Airport Revenue, CP (Liquidity
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Facility; Barclays Bank PLC)
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0.21
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8/9/12
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10,000,000
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10,000,000
|
Southern Ute Indian Tribe of the
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Southern Ute Indian
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Reservation, Revenue
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0.19
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6/7/12
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9,765,000
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a
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9,765,000
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Delaware—1.2%
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Delaware Health Facilities
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Authority, Revenue (Christiana
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Care Health Services)
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0.16
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6/7/12
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8,525,000
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a
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8,525,000
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Florida—4.8%
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Branch Banking and Trust Municipal
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Trust Co. (Series 2057)
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(Miami-Dade County, Aviation
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Revenue (Miami International
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Airport)) (Liquidity Facility;
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Branch Banking and Trust Co.
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and LOC; Branch Banking
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and Trust Co.)
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0.18
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6/7/12
|
10,085,000
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a,b,c
|
10,085,000
|
Collier County Health Facilities
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Authority, Revenue, CP
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(Cleveland Clinic Health System)
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0.18
|
8/2/12
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6,905,000
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|
6,905,000
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Florida Housing Finance
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|
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Agency, Housing Revenue
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(Caribbean Key Apartments
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Project) (LOC; FNMA)
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0.21
|
6/7/12
|
10,350,000
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a
|
10,350,000
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Florida Local Government Finance
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Commission, Pooled Loan
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Program Revenue, CP (LOC;
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Wells Fargo Bank)
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0.25
|
6/4/12
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2,000,000
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2,000,000
|
8
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Short-Term
|
Coupon
|
Maturity
|
Principal
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Investments (continued)
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Rate (%)
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Date
|
Amount ($)
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Value ($)
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Florida (continued)
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Liberty County,
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IDR (Georgia-Pacific
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Corporation Project) (LOC;
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|
|
|
|
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Bank of Nova Scotia)
|
0.19
|
6/7/12
|
6,000,000
|
a
|
6,000,000
|
Georgia—1.6%
|
|
|
|
|
|
Cherokee County School System,
|
|
|
|
|
|
GO Notes
|
5.00
|
8/1/12
|
1,745,000
|
|
1,758,631
|
Cobb County,
|
|
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|
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|
GO Notes, TAN
|
1.50
|
11/30/12
|
5,000,000
|
|
5,032,729
|
Georgia Municipal Gas Authority,
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|
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|
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Gas Revenue, Refunding (Gas
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|
|
|
|
|
Portfolio III Project)
|
2.00
|
11/13/12
|
5,000,000
|
|
5,036,869
|
Illinois—3.9%
|
|
|
|
|
|
Illinois Educational Facilities
|
|
|
|
|
|
Authority, Revenue (Saint
|
|
|
|
|
|
Xavier University Project)
|
|
|
|
|
|
(LOC; Bank of America)
|
0.21
|
6/7/12
|
9,005,000
|
a
|
9,005,000
|
Illinois Educational Facilities
|
|
|
|
|
|
Authority, Revenue, CP (Pooled
|
|
|
|
|
|
Finance Program) (LOC;
|
|
|
|
|
|
Northern Trust Company)
|
0.20
|
7/12/12
|
20,000,000
|
|
20,000,000
|
Indiana—1.5%
|
|
|
|
|
|
Indiana Bond Bank,
|
|
|
|
|
|
Advance Funding Program Notes
|
1.25
|
1/3/13
|
2,300,000
|
|
2,312,152
|
Indiana Finance Authority,
|
|
|
|
|
|
Revenue, Refunding (Trinity
|
|
|
|
|
|
Health Credit Group)
|
0.15
|
6/7/12
|
8,700,000
|
a
|
8,700,000
|
Kentucky—.3%
|
|
|
|
|
|
Kentucky Rural Water Finance
|
|
|
|
|
|
Corporation, Public Projects
|
|
|
|
|
|
Revenue, Refunding (Flexible
|
|
|
|
|
|
Term Program)
|
1.25
|
2/1/13
|
2,300,000
|
|
2,311,470
|
Louisiana—6.4%
|
|
|
|
|
|
Ascension Parish,
|
|
|
|
|
|
CP (BASF SE)
|
0.39
|
8/17/12
|
5,000,000
|
|
5,000,000
|
Ascension Parish,
|
|
|
|
|
|
Revenue (BASF
|
|
|
|
|
|
Corporation Project)
|
0.33
|
6/7/12
|
10,000,000
|
a
|
10,000,000
|
The Fund
9
STATEMENT OF INVESTMENTS (Unaudited)
(continued)
|
|
|
|
|
|
Short-Term
|
Coupon
|
Maturity
|
Principal
|
|
|
Investments (continued)
|
Rate (%)
|
Date
|
Amount ($)
|
|
Value ($)
|
Louisiana (continued)
|
|
|
|
|
|
Louisiana Local Government
|
|
|
|
|
|
Environmental Facilities and
|
|
|
|
|
|
Community Development
|
|
|
|
|
|
Authority, Revenue (Nicholls
|
|
|
|
|
|
State University Student
|
|
|
|
|
|
Housing/Nicholls State
|
|
|
|
|
|
University Facilities
|
|
|
|
|
|
Corporation Project) (Insured;
|
|
|
|
|
|
Assured Guaranty Municipal
|
|
|
|
|
|
Corp. and LOC; FHLB)
|
0.33
|
6/7/12
|
10,000,000
|
a
|
10,000,000
|
Louisiana Public Facilities
|
|
|
|
|
|
Authority, Revenue (Air
|
|
|
|
|
|
Products and Chemicals Project)
|
0.17
|
6/7/12
|
21,000,000
|
a
|
21,000,000
|
Louisiana Public Facilities
|
|
|
|
|
|
Authority, Revenue (Blood
|
|
|
|
|
|
Center Properties, Inc.
|
|
|
|
|
|
Project) (LOC; JPMorgan
|
|
|
|
|
|
Chase Bank)
|
0.29
|
6/7/12
|
1,100,000
|
a
|
1,100,000
|
Maryland—3.2%
|
|
|
|
|
|
Maryland Economic Development
|
|
|
|
|
|
Corporation, Revenue (CWI
|
|
|
|
|
|
Limited Partnership Facility)
|
|
|
|
|
|
(LOC; M&T Trust)
|
0.30
|
6/7/12
|
3,370,000
|
a
|
3,370,000
|
Maryland Industrial Development
|
|
|
|
|
|
Financing Authority, Revenue
|
|
|
|
|
|
(Mercy High School Facility)
|
|
|
|
|
|
(LOC; M&T Trust)
|
0.30
|
6/7/12
|
2,670,000
|
a
|
2,670,000
|
Maryland Stadium Authority,
|
|
|
|
|
|
Sports Facilities LR,
|
|
|
|
|
|
Refunding (Football Stadium
|
|
|
|
|
|
Issue) (Liquidity Facility;
|
|
|
|
|
|
Sumitomo Mitsui Banking Corp.)
|
0.17
|
6/7/12
|
17,700,000
|
a
|
17,700,000
|
Massachusetts—.7%
|
|
|
|
|
|
Worcester,
|
|
|
|
|
|
GO Notes, BAN
|
1.00
|
11/8/12
|
5,000,000
|
|
5,013,700
|
Michigan—8.8%
|
|
|
|
|
|
Board of Trustees of the Michigan
|
|
|
|
|
|
State University, CP
|
0.13
|
6/5/12
|
5,000,000
|
|
5,000,000
|
10
|
|
|
|
|
|
Short-Term
|
Coupon
|
Maturity
|
Principal
|
|
|
Investments (continued)
|
Rate (%)
|
Date
|
Amount ($)
|
|
Value ($)
|
Michigan (continued)
|
|
|
|
|
|
Michigan Finance Authority,
|
|
|
|
|
|
Unemployment Obligation
|
|
|
|
|
|
Assessment Revenue
|
|
|
|
|
|
(LOC; Citibank NA)
|
0.20
|
6/7/12
|
23,000,000
|
a
|
23,000,000
|
Michigan Strategic Fund,
|
|
|
|
|
|
LOR (Extruded Aluminum
|
|
|
|
|
|
Corporation Project)
|
|
|
|
|
|
(LOC; Comerica Bank)
|
0.28
|
6/7/12
|
7,705,000
|
a
|
7,705,000
|
Oakland County Economic
|
|
|
|
|
|
Development Corporation,
|
|
|
|
|
|
LOR (Three M Tool and
|
|
|
|
|
|
Machine, Inc. Project)
|
|
|
|
|
|
(LOC; Comerica Bank)
|
0.28
|
6/7/12
|
7,675,000
|
a
|
7,675,000
|
University of Michigan,
|
|
|
|
|
|
General Revenue, CP
|
0.14
|
7/10/12
|
10,000,000
|
|
10,000,000
|
University of Michigan Regents,
|
|
|
|
|
|
HR
|
0.12
|
6/7/12
|
11,365,000
|
a
|
11,365,000
|
Minnesota—1.2%
|
|
|
|
|
|
Minnesota Rural Water
|
|
|
|
|
|
Finance Authority,
|
|
|
|
|
|
Public Projects
|
|
|
|
|
|
Construction Notes
|
1.25
|
3/1/13
|
3,500,000
|
|
3,522,173
|
Rochester,
|
|
|
|
|
|
Health Care Facilities
|
|
|
|
|
|
Revenue, CP (Mayo Clinic)
|
|
|
|
|
|
(Liquidity Facility; Wells
|
|
|
|
|
|
Fargo Bank)
|
0.21
|
7/16/12
|
5,000,000
|
|
5,000,000
|
Mississippi—2.4%
|
|
|
|
|
|
Mississippi Business Finance
|
|
|
|
|
|
Corporation, Revenue,
|
|
|
|
|
|
Refunding (Renaissance at
|
|
|
|
|
|
Colony Park, LLC Refunding
|
|
|
|
|
|
Project) (LOC; FHLB)
|
0.18
|
6/7/12
|
9,500,000
|
a
|
9,500,000
|
Perry County,
|
|
|
|
|
|
PCR, Refunding
|
|
|
|
|
|
(Leaf River Forest
|
|
|
|
|
|
Products, Inc. Project)
|
|
|
|
|
|
(LOC; Bank of Nova Scotia)
|
0.17
|
6/7/12
|
8,430,000
|
a
|
8,430,000
|
The Fund
11
STATEMENT OF INVESTMENTS (Unaudited)
(continued)
|
|
|
|
|
|
Short-Term
|
Coupon
|
Maturity
|
Principal
|
|
|
Investments (continued)
|
Rate (%)
|
Date
|
Amount ($)
|
|
Value ($)
|
Missouri—.9%
|
|
|
|
|
|
Platte County Industrial
|
|
|
|
|
|
Development Authority, IDR
|
|
|
|
|
|
(Complete Home Concepts
|
|
|
|
|
|
Project) (LOC; U.S. Bank NA)
|
0.20
|
6/7/12
|
6,800,000
|
a
|
6,800,000
|
Nebraska—.4%
|
|
|
|
|
|
Lancaster County Hospital
|
|
|
|
|
|
Authority Number 1, HR,
|
|
|
|
|
|
Refunding (BryanLGH Medical
|
|
|
|
|
|
Center) (LOC; U.S. Bank NA)
|
0.19
|
6/7/12
|
3,000,000
|
a
|
3,000,000
|
Nevada—3.3%
|
|
|
|
|
|
Clark County,
|
|
|
|
|
|
Airport System Subordinate
|
|
|
|
|
|
Lien Revenue (LOC; Royal Bank
|
|
|
|
|
|
of Canada)
|
0.16
|
6/7/12
|
8,105,000
|
a
|
8,105,000
|
Las Vegas Valley Water District,
|
|
|
|
|
|
CP (Liquidity Facility;
|
|
|
|
|
|
JPMorgan Chase Bank)
|
0.17
|
7/19/12
|
10,000,000
|
|
10,000,000
|
Las Vegas Valley Water District,
|
|
|
|
|
|
CP (LOC; Wells Fargo Bank)
|
0.24
|
7/9/12
|
6,000,000
|
|
6,000,000
|
New Hampshire—3.7%
|
|
|
|
|
|
New Hampshire Health and Education
|
|
|
|
|
|
Facilities Authority, Revenue
|
|
|
|
|
|
(The Derryfield School Issue)
|
|
|
|
|
|
(LOC; RBS Citizens NA)
|
0.21
|
6/7/12
|
6,970,000
|
a
|
6,970,000
|
New Hampshire Health and Education
|
|
|
|
|
|
Facilities Authority, Revenue
|
|
|
|
|
|
(University System of New
|
|
|
|
|
|
Hampshire Issue) (Liquidity
|
|
|
|
|
|
Facility; Wells Fargo Bank)
|
0.20
|
6/1/12
|
20,000,000
|
a
|
20,000,000
|
New Jersey—.8%
|
|
|
|
|
|
Woodbridge Township Board of
|
|
|
|
|
|
Education, Temporary Notes
|
1.00
|
2/6/13
|
5,600,000
|
|
5,619,025
|
New York—3.5%
|
|
|
|
|
|
Harborfields Central School
|
|
|
|
|
|
District of Greenlawn, GO
|
|
|
|
|
|
Notes, TAN
|
1.00
|
6/22/12
|
5,000,000
|
|
5,001,743
|
Metropolitan Transportation
|
|
|
|
|
|
Authority, Transportation
|
|
|
|
|
|
Revenue, CP (LOC; Citibank NA)
|
0.24
|
6/4/12
|
4,000,000
|
|
4,000,000
|
12
|
|
|
|
|
|
Short-Term
|
Coupon
|
Maturity
|
Principal
|
|
|
Investments (continued)
|
Rate (%)
|
Date
|
Amount ($)
|
|
Value ($)
|
New York (continued)
|
|
|
|
|
|
Monroe County Industrial
|
|
|
|
|
|
Development Agency, Revenue
|
|
|
|
|
|
(HDF-RWC Project 1,
|
|
|
|
|
|
LLC—Robert Weslayan
|
|
|
|
|
|
College Project)
|
|
|
|
|
|
(LOC; M&T Trust)
|
0.24
|
6/7/12
|
2,600,000
|
a
|
2,600,000
|
Nassau County Industrial
|
|
|
|
|
|
Development Agency,
|
|
|
|
|
|
IDR (The Jade Corporation
|
|
|
|
|
|
Project) (LOC; M&T Bank)
|
0.26
|
6/7/12
|
4,400,000
|
a
|
4,400,000
|
Nassau County Interim Finance
|
|
|
|
|
|
Authority, Sales Tax Secured
|
|
|
|
|
|
Revenue (Liquidity Facility;
|
|
|
|
|
|
Bank of America)
|
0.29
|
6/7/12
|
2,185,000
|
a
|
2,185,000
|
Riverhead Industrial Development
|
|
|
|
|
|
Agency, Civic Facility Revenue
|
|
|
|
|
|
(Central Suffolk Hospital
|
|
|
|
|
|
Project) (LOC; HSBC
|
|
|
|
|
|
Bank USA)
|
0.21
|
6/7/12
|
7,500,000
|
a
|
7,500,000
|
North Carolina—1.5%
|
|
|
|
|
|
Charlotte,
|
|
|
|
|
|
GO Notes, Refunding
|
5.00
|
6/1/12
|
1,000,000
|
|
1,000,000
|
Wells Fargo Stage Trust (Series
|
|
|
|
|
|
147C) (Charlotte Housing
|
|
|
|
|
|
Authority, Capital Fund
|
|
|
|
|
|
Program Revenue (Strawn and
|
|
|
|
|
|
Parktowne Rehabilitation
|
|
|
|
|
|
Project)) (Liquidity Facility;
|
|
|
|
|
|
Wells Fargo Bank and LOC;
|
|
|
|
|
|
Wells Fargo Bank)
|
0.20
|
6/7/12
|
10,260,000
|
a,b,c
|
10,260,000
|
Ohio—2.9%
|
|
|
|
|
|
Akron,
|
|
|
|
|
|
GO Notes, BAN
|
|
|
|
|
|
(Various Purpose)
|
1.13
|
11/15/12
|
2,000,000
|
|
2,004,753
|
Ohio Housing Finance Agency,
|
|
|
|
|
|
Residential Mortgage
|
|
|
|
|
|
Revenue (Mortgage-Backed
|
|
|
|
|
|
Securities Program)
|
|
|
|
|
|
(Liquidity Facility; Citibank
|
|
|
|
|
|
NA and LOC; GNMA)
|
0.27
|
6/7/12
|
15,000,000
|
a
|
15,000,000
|
The Fund
13
STATEMENT OF INVESTMENTS (Unaudited)
(continued)
|
|
|
|
|
|
Short-Term
|
Coupon
|
Maturity
|
Principal
|
|
|
Investments (continued)
|
Rate (%)
|
Date
|
Amount ($)
|
|
Value ($)
|
Ohio (continued)
|
|
|
|
|
|
Stark County Port Authority,
|
|
|
|
|
|
Revenue (Community Action
|
|
|
|
|
|
Agency Project) (LOC; JPMorgan
|
|
|
|
|
|
Chase Bank)
|
0.26
|
6/7/12
|
290,000
|
a
|
290,000
|
Union Township,
|
|
|
|
|
|
GO Notes, BAN (Various Purpose)
|
1.13
|
9/12/12
|
4,000,000
|
|
4,005,305
|
Pennsylvania—4.7%
|
|
|
|
|
|
Allegheny County,
|
|
|
|
|
|
GO Notes, TRAN
|
2.00
|
7/16/12
|
9,400,000
|
|
9,420,659
|
Horizon Hospital System Authority,
|
|
|
|
|
|
Senior Health and Housing
|
|
|
|
|
|
Facilities Revenue (Saint Paul
|
|
|
|
|
|
Homes Project) (LOC; M&T Trust)
|
0.23
|
6/7/12
|
5,400,000
|
a
|
5,400,000
|
Pittsburgh and Allegheny County
|
|
|
|
|
|
Sports and Exhibition
|
|
|
|
|
|
Authority, Commonwealth LR
|
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
|
Municipal Corp. and Liquidity
|
|
|
|
|
|
Facility; PNC Bank NA)
|
0.47
|
6/7/12
|
9,795,000
|
a
|
9,795,000
|
Pittsburgh Water and Sewer
|
|
|
|
|
|
Authority, Water and Sewer
|
|
|
|
|
|
System First Lien Revenue
|
|
|
|
|
|
(Insured; Assured Guaranty
|
|
|
|
|
|
Municipal Corp. and Liquidity
|
|
|
|
|
|
Facility; PNC Bank NA)
|
0.40
|
6/7/12
|
10,000,000
|
a
|
10,000,000
|
Tennessee—7.6%
|
|
|
|
|
|
Blount County Public Building
|
|
|
|
|
|
Authority, Local Government
|
|
|
|
|
|
Public Improvement Revenue
|
|
|
|
|
|
(Liquidity Facility; Branch
|
|
|
|
|
|
Banking and Trust Co.)
|
0.19
|
6/7/12
|
15,450,000
|
a
|
15,450,000
|
Blount County Public Building
|
|
|
|
|
|
Authority, Local Government
|
|
|
|
|
|
Public Improvement Revenue
|
|
|
|
|
|
(LOC; Branch Banking
|
|
|
|
|
|
and Trust Co.)
|
0.19
|
6/7/12
|
9,715,000
|
a
|
9,715,000
|
Clarksville Public Building Authority,
|
|
|
|
|
|
Pooled Financing Revenue
|
|
|
|
|
|
(Tennessee Municipal Bond
|
|
|
|
|
|
Fund) (LOC; Bank of America)
|
0.29
|
6/1/12
|
18,500,000
|
a
|
18,500,000
|
14
|
|
|
|
|
|
Short-Term
|
Coupon
|
Maturity
|
Principal
|
|
|
Investments (continued)
|
Rate (%)
|
Date
|
Amount ($)
|
|
Value ($)
|
Tennessee (continued)
|
|
|
|
|
|
Industrial Development Board of
|
|
|
|
|
|
Blount County and the Cities
|
|
|
|
|
|
of Alcoa and Maryville, Local
|
|
|
|
|
|
Government Public Improvement
|
|
|
|
|
|
Revenue (Maryville Civic Arts
|
|
|
|
|
|
Center Project) (LOC; Branch
|
|
|
|
|
|
Banking and Trust Co.)
|
0.19
|
6/7/12
|
2,000,000
|
a
|
2,000,000
|
Sevier County Public Building
|
|
|
|
|
|
Authority, Local Government
|
|
|
|
|
|
Public Improvement Revenue
|
|
|
|
|
|
(LOC; Bank of America)
|
0.28
|
6/7/12
|
10,000,000
|
a
|
10,000,000
|
Texas—17.8%
|
|
|
|
|
|
Brazos County Health Facilities
|
|
|
|
|
|
Development Corporation,
|
|
|
|
|
|
Revenue (Franciscan Services
|
|
|
|
|
|
Corporation Obligated Group)
|
|
|
|
|
|
(P-FLOATS Series MT-635)
|
|
|
|
|
|
(Liquidity Facility; Bank of
|
|
|
|
|
|
America and LOC;
|
|
|
|
|
|
Bank of America)
|
0.44
|
6/7/12
|
5,000,000
|
a,b,c
|
5,000,000
|
Dallas,
|
|
|
|
|
|
Waterworks and Sewer System
|
|
|
|
|
|
Revenue, CP (Liquidity Facility:
|
|
|
|
|
|
California State Teachers
|
|
|
|
|
|
Retirement System and State
|
|
|
|
|
|
Street Bank and Trust Co.)
|
0.20
|
6/6/12
|
3,500,000
|
|
3,500,000
|
El Paso Independent School
|
|
|
|
|
|
District, Unlimited Tax School
|
|
|
|
|
|
Building Bonds (Liquidity
|
|
|
|
|
|
Facility; JPMorgan Chase Bank
|
|
|
|
|
|
and LOC; Permanent School Fund
|
|
|
|
|
|
Guarantee Program)
|
0.20
|
6/6/12
|
10,000,000
|
|
10,000,000
|
Gulf Coast Waste Disposal
|
|
|
|
|
|
Authority, SWDR
|
|
|
|
|
|
(Air Products Project)
|
0.19
|
6/7/12
|
5,000,000
|
a
|
5,000,000
|
Hunt Memorial Hospital District,
|
|
|
|
|
|
Revenue (Insured; Assured
|
|
|
|
|
|
Guaranty Municipal Corp. and
|
|
|
|
|
|
Liquidity Facility; JPMorgan
|
|
|
|
|
|
Chase Bank)
|
0.49
|
6/7/12
|
4,230,000
|
a
|
4,230,000
|
The Fund
15
STATEMENT OF INVESTMENTS (Unaudited)
(continued)
|
|
|
|
|
|
Short-Term
|
Coupon
|
Maturity
|
Principal
|
|
|
Investments (continued)
|
Rate (%)
|
Date
|
Amount ($)
|
|
Value ($)
|
Texas (continued)
|
|
|
|
|
|
Jefferson County Industrial
|
|
|
|
|
|
Development Corporation,
|
|
|
|
|
|
Hurricane Ike Disaster Area
|
|
|
|
|
|
Revenue (Jefferson Refinery,
|
|
|
|
|
|
L.L.C. Project) (LOC; Branch
|
|
|
|
|
|
Banking and Trust Co.)
|
0.45
|
6/28/12
|
1,700,000
|
|
1,700,000
|
Jefferson County Industrial
|
|
|
|
|
|
Development Corporation,
|
|
|
|
|
|
Hurricane Ike Disaster Area
|
|
|
|
|
|
Revenue (Jefferson Refinery,
|
|
|
|
|
|
L.L.C. Project) (LOC; Branch
|
|
|
|
|
|
Banking and Trust Co.)
|
0.45
|
6/28/12
|
14,700,000
|
|
14,700,000
|
North Texas Higher Education
|
|
|
|
|
|
Authority, Inc., Student Loan
|
|
|
|
|
|
Revenue (LOC: Bank of America
|
|
|
|
|
|
and Lloyds TSB Bank LLC)
|
0.31
|
6/7/12
|
16,000,000
|
a
|
16,000,000
|
Port of Port Arthur Navigation
|
|
|
|
|
|
District, Revenue, CP (BASF SE)
|
0.39
|
8/17/12
|
5,000,000
|
|
5,000,000
|
RBC Municipal Products Inc. Trust
|
|
|
|
|
|
(Series E-14) (Houston,
|
|
|
|
|
|
Combined Utility System First
|
|
|
|
|
|
Lien Revenue, Refunding)
|
|
|
|
|
|
(Liquidity Facility; Royal
|
|
|
|
|
|
Bank of Canada and LOC; Royal
|
|
|
|
|
|
Bank of Canada)
|
0.18
|
6/7/12
|
21,000,000
|
a,b,c
|
21,000,000
|
San Antonio,
|
|
|
|
|
|
Electric and Gas Systems
|
|
|
|
|
|
Junior Lien Revenue (Liquidity
|
|
|
|
|
|
Facility; Royal Bank of Canada)
|
0.19
|
6/7/12
|
8,500,000
|
a
|
8,500,000
|
Tarrant County Cultural Education
|
|
|
|
|
|
Facilities Finance
|
|
|
|
|
|
Corporation, Revenue (Texas
|
|
|
|
|
|
Health Resources System)
|
0.16
|
6/7/12
|
10,000,000
|
a
|
10,000,000
|
Tarrant County Health Facilities
|
|
|
|
|
|
Development Corporation, HR
|
|
|
|
|
|
(Cook Children’s Medical
|
|
|
|
|
|
Center Project)
|
0.16
|
6/7/12
|
15,000,000
|
a
|
15,000,000
|
16
|
|
|
|
|
|
|
|
Short-Term
|
Coupon
|
Maturity
|
Principal
|
|
|
|
|
Investments (continued)
|
Rate (%)
|
Date
|
Amount ($)
|
|
|
Value ($)
|
|
Texas (continued)
|
|
|
|
|
|
|
|
Texas Department of Housing and
|
|
|
|
|
|
|
|
Community Affairs, Multifamily
|
|
|
|
|
|
|
|
Housing Mortgage Revenue,
|
|
|
|
|
|
|
|
Refunding (Red Hills Villas)
|
|
|
|
|
|
|
|
(Liquidity Facility; FNMA
|
|
|
|
|
|
|
|
and LOC; FNMA)
|
0.25
|
6/7/12
|
4,815,000
|
|
a
|
4,815,000
|
|
Texas Transportation Commission,
|
|
|
|
|
|
|
|
State Highway Fund First Tier
|
|
|
|
|
|
|
|
Revenue (P-FLOATS Series
|
|
|
|
|
|
|
|
MT-715) (Liquidity Facility;
|
|
|
|
|
|
|
|
Bank of America)
|
0.24
|
6/7/12
|
6,000,000
|
|
a,b,c
|
6,000,000
|
|
Virginia—.5%
|
|
|
|
|
|
|
|
University of Virginia,
|
|
|
|
|
|
|
|
Revenue, CP
|
0.21
|
7/9/12
|
4,000,000
|
|
|
4,000,000
|
|
Washington—.7%
|
|
|
|
|
|
|
|
Port of Tacoma,
|
|
|
|
|
|
|
|
Revenue, CP (Liquidity
|
|
|
|
|
|
|
|
Facility; Bank of America)
|
0.40
|
6/6/12
|
5,000,000
|
|
|
5,000,000
|
|
West Virginia—.4%
|
|
|
|
|
|
|
|
Ritchie County,
|
|
|
|
|
|
|
|
IDR (Simonton Building
|
|
|
|
|
|
|
|
Products, Inc.) (LOC;
|
|
|
|
|
|
|
|
PNC Bank NA)
|
0.25
|
6/7/12
|
2,800,000
|
|
a
|
2,800,000
|
|
Wisconsin—.6%
|
|
|
|
|
|
|
|
Milwaukee,
|
|
|
|
|
|
|
|
GO Cash Flow Promissory Notes
|
1.25
|
12/4/12
|
4,500,000
|
|
|
4,524,589
|
|
|
Total Investments
(cost $764,753,796)
|
|
|
104.1
|
%
|
|
764,753,796
|
|
Liabilities, Less Cash and Receivables
|
|
|
(4.1
|
%)
|
|
(30,383,624
|
)
|
Net Assets
|
|
|
100.0
|
%
|
|
734,370,172
|
|
a
Variable rate demand note—rate shown is the interest rate in effect at May 31, 2012. Maturity date represents the
next demand date, or the ultimate maturity date if earlier.
b
Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers.At May 31, 2012, these securities
amounted to $62,495,000 or 8.5% of net assets.
c
The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity
that, in turn, owns the underlying municipal security.The special purpose entity permits the fund to own interests in
underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g.,
enhanced liquidity, yields linked to short-term rates).
The Fund
17
STATEMENT OF INVESTMENTS (Unaudited)
(continued)
|
|
|
|
Summary of Abbreviations
|
|
|
|
ABAG
|
Association of Bay Area
|
ACA
|
American Capital Access
|
|
Governments
|
|
|
AGC
|
ACE Guaranty Corporation
|
AGIC
|
Asset Guaranty Insurance Company
|
AMBAC
|
American Municipal Bond
|
ARRN
|
Adjustable Rate
|
|
Assurance Corporation
|
|
Receipt Notes
|
BAN
|
Bond Anticipation Notes
|
BPA
|
Bond Purchase Agreement
|
CIFG
|
CDC Ixis Financial Guaranty
|
COP
|
Certificate of Participation
|
CP
|
Commercial Paper
|
DRIVERS
|
Derivative Inverse
|
|
|
|
Tax-Exempt Receipts
|
EDR
|
Economic Development
|
EIR
|
Environmental Improvement
|
|
Revenue
|
|
Revenue
|
FGIC
|
Financial Guaranty
|
FHA
|
Federal Housing
|
|
Insurance Company
|
|
Administration
|
FHLB
|
Federal Home
|
FHLMC
|
Federal Home Loan Mortgage
|
|
Loan Bank
|
|
Corporation
|
FNMA
|
Federal National
|
GAN
|
Grant Anticipation Notes
|
|
Mortgage Association
|
|
|
GIC
|
Guaranteed Investment
|
GNMA
|
Government National Mortgage
|
|
Contract
|
|
Association
|
GO
|
General Obligation
|
HR
|
Hospital Revenue
|
IDB
|
Industrial Development Board
|
IDC
|
Industrial Development Corporation
|
IDR
|
Industrial Development
|
LIFERS
|
Long Inverse Floating
|
|
Revenue
|
|
Exempt Receipts
|
LOC
|
Letter of Credit
|
LOR
|
Limited Obligation Revenue
|
LR
|
Lease Revenue
|
MERLOTS
|
Municipal Exempt Receipt
|
|
|
|
Liquidity Option Tender
|
MFHR
|
Multi-Family Housing Revenue
|
MFMR
|
Multi-Family Mortgage Revenue
|
PCR
|
Pollution Control Revenue
|
PILOT
|
Payment in Lieu of Taxes
|
P-FLOATS
|
Puttable Floating Option
|
PUTTERS
|
Puttable Tax-Exempt Receipts
|
|
Tax-Exempt Receipts
|
|
|
RAC
|
Revenue Anticipation Certificates
|
RAN
|
Revenue Anticipation Notes
|
RAW
|
Revenue Anticipation Warrants
|
ROCS
|
Reset Options Certificates
|
RRR
|
Resources Recovery Revenue
|
SAAN
|
State Aid Anticipation Notes
|
SBPA
|
Standby Bond Purchase Agreement
|
SFHR
|
Single Family Housing Revenue
|
SFMR
|
Single Family Mortgage Revenue
|
SONYMA
|
State of New York Mortgage Agency
|
SPEARS
|
Short Puttable Exempt
|
SWDR
|
Solid Waste Disposal Revenue
|
|
Adjustable Receipts
|
|
|
TAN
|
Tax Anticipation Notes
|
TAW
|
Tax Anticipation Warrants
|
TRAN
|
Tax and Revenue Anticipation Notes
|
XLCA
|
XL Capital Assurance
|
18
|
|
|
|
|
|
|
Summary of Combined Ratings (Unaudited)
|
|
|
Fitch
|
|
or
|
Moody’s
|
or
|
Standard & Poor’s
|
Value (%)
†
|
F1
|
+,F1
|
|
VMIG1,MIG1,P1
|
|
SP1+,SP1,A1+,A1
|
94.1
|
AAA,AA,A
d
|
|
|
Aaa,Aa,A
d
|
|
AAA,AA,A
d
|
2.7
|
Not Rated
e
|
|
|
Not Rated
e
|
|
Not Rated
e
|
3.2
|
|
|
|
|
|
|
100.0
|
†
Based on total investments.
d
Notes which are not F, MIG and SP rated are represented by bond ratings of the issuers.
e
Securities which, while not rated by Fitch, Moody’s and Standard & Poor’s, have been determined by the Manager to
be of comparable quality to those rated securities in which the fund may invest.
See notes to financial statements.
The Fund
19
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2012 (Unaudited)
|
|
|
|
|
Cost
|
Value
|
Assets ($):
|
|
|
Investments in securities—See Statement of Investments
|
764,753,796
|
764,753,796
|
Interest receivable
|
|
591,494
|
Prepaid expenses
|
|
66,433
|
|
|
765,411,723
|
Liabilities ($):
|
|
|
Due to The Dreyfus Corporation and affiliates—Note 2(c)
|
|
151,390
|
Cash overdraft due to Custodian
|
|
1,420,508
|
Payable for investment securities purchased
|
|
29,415,106
|
Payable for shares of Common Stock redeemed
|
|
4,193
|
Accrued expenses
|
|
50,354
|
|
|
31,041,551
|
Net Assets ($)
|
|
734,370,172
|
Composition of Net Assets ($):
|
|
|
Paid-in capital
|
|
734,373,054
|
Accumulated net realized gain (loss) on investments
|
|
(2,882
)
|
Net Assets ($)
|
|
734,370,172
|
|
|
Net Asset Value Per Share
|
|
|
|
Class A
|
Class B
|
Net Assets ($)
|
60,698,135
|
673,672,037
|
Shares Outstanding
|
60,720,283
|
673,936,831
|
Net Asset Value Per Share ($)
|
1.00
|
1.00
|
|
See notes to financial statements.
|
|
|
20
STATEMENT OF OPERATIONS
Six Months Ended May 31, 2012 (Unaudited)
|
|
|
Investment Income ($):
|
|
Interest Income
|
778,887
|
Expenses:
|
|
Management fee—Note 2(a)
|
1,894,305
|
Shareholder servicing costs—Note 1 and 2(c)
|
1,073,898
|
Distribution and prospectus fees—Note 2(b)
|
704,820
|
Professional fees
|
39,324
|
Registration fees
|
36,752
|
Custodian fees—Note 2(c)
|
33,028
|
Directors’ fees and expenses—Note 2(d)
|
28,115
|
Prospectus and shareholders’ reports
|
13,524
|
Miscellaneous
|
21,222
|
Total Expenses
|
3,844,988
|
Less—reduction in expenses due to undertaking—Note 2(a)
|
(3,066,206
)
|
Less—reduction in fees due to earnings credits—Note 2(c)
|
(35
)
|
Net Expenses
|
778,747
|
Investment Income—Net
|
140
|
Net Realized Gain (Loss) on Investments—Note 1(b) ($)
|
186
|
Net Increase in Net Assets Resulting from Operations
|
326
|
|
See notes to financial statements.
|
|
The Fund
21
STATEMENT OF CHANGES IN NET ASSETS
|
|
|
|
|
|
Six Months Ended
|
|
|
May 31, 2012
|
Year Ended
|
|
(Unaudited)
|
November 30, 2011
|
Operations ($):
|
|
|
Investment income—net
|
140
|
241
|
Net realized gain (loss) on investments
|
186
|
—
|
Net Increase (Decrease) in Net Assets
|
|
|
Resulting from Operations
|
326
|
241
|
Dividends to Shareholders from ($):
|
|
|
Investment income—net:
|
|
|
Class A Shares
|
(13
)
|
(14
)
|
Class B Shares
|
(127
)
|
(227
)
|
Total Dividends
|
(140
)
|
(241
)
|
Capital Stock Transactions
($1.00 per share):
|
|
|
Net proceeds from shares sold:
|
|
|
Class A Shares
|
85,153,783
|
163,663,892
|
Class B Shares
|
655,803,728
|
1,380,199,126
|
Dividends reinvested:
|
|
|
Class A Shares
|
7
|
14
|
Class B Shares
|
127
|
224
|
Cost of shares redeemed:
|
|
|
Class A Shares
|
(81,305,668
)
|
(170,861,489
)
|
Class B Shares
|
(633,078,410
)
|
(1,343,707,836
)
|
Increase (Decrease) in Net Assets
|
|
|
from Capital Stock Transactions
|
26,573,567
|
29,293,931
|
Total Increase (Decrease) in Net Assets
|
26,573,753
|
29,293,931
|
Net Assets ($):
|
|
|
Beginning of Period
|
707,796,419
|
678,502,488
|
End of Period
|
734,370,172
|
707,796,419
|
|
See notes to financial statements.
|
|
|
22
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the fiscal periods indicated. All information reflects financial results for a single fund share. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund’s financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
May 31, 2012
|
|
|
Year Ended November 30,
|
|
Class A Shares
|
(Unaudited)
|
2011
|
|
2010
|
|
2009
|
2008
|
2007
|
Per Share Data ($):
|
|
|
|
|
|
|
|
|
Net asset value,
|
|
|
|
|
|
|
|
|
beginning of period
|
1.00
|
1.00
|
|
1.00
|
|
1.00
|
1.00
|
1.00
|
Investment Operations:
|
|
|
|
|
|
|
|
|
Investment income—net
|
.000
a
|
.000
|
a
|
.000
|
a
|
.004
|
.022
|
.031
|
Distributions:
|
|
|
|
|
|
|
|
|
Dividends from
|
|
|
|
|
|
|
|
|
investment income—net
|
(.000
)
a
|
(.000)
a
(.000)
a
|
|
(.004
)
|
(.022
)
|
(.031
)
|
Net asset value, end of period
|
1.00
|
1.00
|
|
1.00
|
|
1.00
|
1.00
|
1.00
|
Total Return (%)
|
.00
b,c
|
.00
|
b
|
.00
|
b
|
.37
|
2.22
|
3.13
|
Ratios/Supplemental Data (%):
|
|
|
|
|
|
|
|
Ratio of total expenses
|
|
|
|
|
|
|
|
|
to average net assets
|
.63
c
|
.63
|
|
.61
|
|
.62
|
.59
|
.62
|
Ratio of net expenses
|
|
|
|
|
|
|
|
|
to average net assets
|
.21
c
|
.27
|
|
.37
|
|
.59
|
.58
|
.62
|
Ratio of net investment income
|
|
|
|
|
|
|
|
|
to average net assets
|
.00
b,c
|
.00
|
b
|
.00
|
b
|
.37
|
2.12
|
3.09
|
Net Assets, end of period
|
|
|
|
|
|
|
|
|
($ x 1,000)
|
60,698
|
56,850
|
|
64,035
|
|
138,454
|
151,633
|
100,344
|
a
Amount represents less than $.001 per share.
b
Amount represents less than .01%.
c
Annualized.
See notes to financial statements.
The Fund
23
FINANCIAL HIGHLIGHTS
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
|
|
|
|
|
|
|
|
May 31, 2012
|
|
|
Year Ended November 30,
|
|
Class B Shares
|
(Unaudited)
|
2011
|
|
2010
|
|
2009
|
2008
|
2007
|
Per Share Data ($):
|
|
|
|
|
|
|
|
|
Net asset value,
|
|
|
|
|
|
|
|
|
beginning of period
|
1.00
|
1.00
|
|
1.00
|
|
1.00
|
1.00
|
1.00
|
Investment Operations:
|
|
|
|
|
|
|
|
|
Investment income—net
|
.000
a
|
.000
|
a
|
.000
|
a
|
.001
|
.018
|
.027
|
Distributions:
|
|
|
|
|
|
|
|
|
Dividends from
|
|
|
|
|
|
|
|
|
investment income—net
|
(.000
)
a
|
(.000)
a
(.000)
a
|
|
(.001
)
|
(.018
)
|
(.027
)
|
Net asset value, end of period
|
1.00
|
1.00
|
|
1.00
|
|
1.00
|
1.00
|
1.00
|
Total Return (%)
|
.00
b,c
|
.00
|
b
|
.00
|
b
|
.07
|
1.80
|
2.76
|
Ratios/Supplemental Data (%):
|
|
|
|
|
|
|
|
Ratio of total expenses
|
|
|
|
|
|
|
|
|
to average net assets
|
1.05
c
|
1.05
|
|
1.05
|
|
1.08
|
1.05
|
1.05
|
Ratio of net expenses
|
|
|
|
|
|
|
|
|
to average net assets
|
.21
c
|
.27
|
|
.37
|
|
.90
|
.99
|
1.00
|
Ratio of net investment income
|
|
|
|
|
|
|
|
|
to average net assets
|
.00
b,c
|
.00
|
b
|
.00
|
b
|
.08
|
1.77
|
2.72
|
Net Assets, end of period
|
|
|
|
|
|
|
|
|
($ x 1,000)
|
673,672 650,946
|
|
614,467
|
|
661,738
|
773,940
|
792,283
|
a
Amount represents less than $.001 per share.
b
Amount represents less than .01%.
c
Annualized.
See notes to financial statements.
24
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 1—Significant Accounting Policies:
General Municipal Money Market Fund (the “fund”) is the sole diversified series of General Municipal Money Market Funds, Inc. (the “Company”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified open-end management investment company. The fund’s investment objective is to maximize current income exempt from federal personal income taxes, to the extent consistent with the preservation of capital and the maintenance of liquidity.The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.
MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares.The fund is authorized to issue 20.5 billion shares of $.001 par value Common Stock. The fund is currently authorized to issue two classes of shares: Class A (15 billion shares authorized) and Class B (5.5 billion shares authorized). Class A and Class B shares are identical except for the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs and certain voting rights. Class B shares are subject to a Distribution Plan adopted pursuant to Rule 12b-1 under the Act and Class A and Class B shares are subject to a Shareholder Services Plan. In addition, Class B shares are charged directly for sub-accounting services provided by Service Agents (a securities dealer, financial institution or other industry professional) at an annual rate of .05% of the value of the average daily net assets of Class B shares. During the period ended May 31, 2012, sub-accounting service fees amounted to $173,643 for Class B shares and are included in Shareholder servicing costs in the Statement of Operations. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
The Fund
25
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(continued)
It is the fund’s policy to maintain a continuous net asset value per share of $1.00; the fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so.There is no assurance, however, that the fund will be able to maintain a stable net asset value per share of $1.00.
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions.Actual results could differ from those estimates.
The Company enters into contracts that contain a variety of indemnifications.The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation:
Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the Board of Directors to represent the fair value of the fund’s investments.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value.This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not
26
orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements.These inputs are summarized in the three broad levels listed below:
Level 1
—unadjusted quoted prices in active markets for identical investments.
Level 2
—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3
—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected within Level 2 of the fair value hierarchy.
The following is a summary of the inputs used as of May 31, 2012 in valuing the fund’s investments:
|
|
|
Short-Term
|
Valuation Inputs
|
Investments ($)
†
|
Level 1—Unadjusted Quoted Prices
|
—
|
Level 2—Other Significant Observable Inputs
|
764,753,796
|
Level 3—Significant Unobservable Inputs
|
—
|
Total
|
764,753,796
|
† See Statement of Investments for additional detailed categorizations.
|
|
In May 2011, FASB issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common FairValue Measurement and Disclosure Requirements in GAAP and International Financial Reporting Standards (“IFRS”)” (“ASU 2011-04”). ASU 2011-04
The Fund
27
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(continued)
includes common requirements for measurement of and disclosure about fair value between GAAP and IFRS. ASU 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements.The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. At this time, management is evaluating the implications of ASU 2011-04 and its impact on the financial statements.
(b) Securities transactions and investment income:
Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Cost of investments represents amortized cost.
(c) Dividends to shareholders:
It is the policy of the fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”).To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains.
(d) Federal income taxes:
It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the
28
Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
As of and during the period ended May 31, 2012, the fund did not have any liabilities for any uncertain tax positions.The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period, the fund did not incur any interest or penalties.
Each of the tax years in the three-year period ended November 30, 2011 remains subject to examination by the Internal Revenue Service and state taxing authorities.
Under the Regulated Investment Company Modernization Act of 2010 (the “2010 Act”), the fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (“post-enactment losses”) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under previous statute.The 2010 Act requires post-enactment losses to be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (“pre-enactment losses”).As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.
The fund has an unused capital loss carryover of $3,068 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to November 30, 2011. If not applied, the carryover expires in fiscal 2018.
The tax character of distributions paid to shareholders during the fiscal year ended November 30, 2011 was all tax exempt income. The tax character of current year distributions will be determined at the end of the current fiscal year.
The Fund
29
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(continued)
At May 31, 2012, the cost of investment for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
NOTE 2—Management Fee and Other Transactions With Affiliates:
(a)
Pursuant to a management agreement (“Agreement”) with the Manager, the management fee is computed at the annual rate of .50% of the value of the fund’s average daily net assets and is payable monthly. The Agreement provides that if in any full fiscal year the aggregate expenses of the fund, exclusive of taxes, brokerage fees, commissions, interest on borrowings and extraordinary expenses, exceed
1
1
/
2
% of the value of the fund’s average daily net assets, the fund may deduct from payments to be made to the Manager, or the Manager will bear, such excess expense. During the period ended May 31, 2012, there was no expense reimbursement pursuant to the Agreement.
The Manager has undertaken to waive receipt of the management fee and/or reimburse operating expenses in order to facilitate a daily yield at or above a certain level which may change from time to time.This undertaking is voluntary and not contractual, and may be terminated at any time. The reduction in expenses, pursuant to the undertaking, amounted to $133,890 for Class A and $2,932,316 for Class B shares during the period ended May 31, 2012.
(b)
Under the Distribution Plan with respect to Class B (“Distribution Plan”), adopted pursuant to Rule 12b-1 under the Act, Class B shares bear directly the cost of preparing, printing and distributing prospectuses and statements of additional information and of implementing and operating the Distribution Plan, such aggregate amount not to exceed in any fiscal year of the fund the greater of $100,000 or .005% of the average daily net assets of Class B shares. In addition, Class B
30
shares reimburse the Distributor for payments made to third parties for distributing their shares at an annual rate not to exceed .20% of the value of the average daily net assets of Class B shares. During the period ended May 31, 2012, Class B shares were charged $704,820, pursuant to the Distribution Plan.
(c)
Under the Shareholder Services Plan with respect to Class A (“Class A Shareholder Services Plan”), Class A shares reimburse the Distributor an amount not to exceed an annual rate of .25% of the value of the average daily net assets of Class A shares for certain allocated expenses of providing personal services and/or maintaining shareholder accounts.The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding Class A shares and providing reports and other information, and services related to the maintenance of shareholder accounts. During the period ended May 31, 2012, Class A shares were charged $16,579 pursuant to the Class A Shareholder Services Plan.
Under the Shareholder Services Plan with respect to Class B (“Class B Shareholder Services Plan”), Class B shares pay the Distributor at an annual rate of .25% of the value of the average daily net assets of Class B shares for servicing shareholder accounts.The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding Class B shares and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents in respect of their services.The Distributor determines the amounts to be paid to Service Agents. During the period ended May 31, 2012, Class B shares were charged $868,213 pursuant to the Class B Shareholder Services Plan.
The Fund
31
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(continued)
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency and cash management services for the fund. During the period ended May 31, 2012, the fund was charged $10,411 pursuant to the transfer agency agreement, which is included in Shareholder servicing costs in the Statement of Operations.
The fund compensates The Bank of NewYork Mellon under a custody agreement for providing custodial services for the fund. During the period ended May 31, 2012, the fund was charged $33,028 pursuant to the custody agreement.
The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.
Prior to May 29, 2012, the fund compensated The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, under a cash management agreement for performing cash management services related to fund subscriptions and redemptions. During the period ended May 31, 2012, the fund was charged $838 pursuant to the cash management agreement, which is included in Shareholder servicing costs in the Statement of Operations.These fees were partially offset by earnings credits of $35.
During the period ended May 31, 2012, the fund was charged $3,183 for services performed by the Chief Compliance Officer and his staff.
The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $318,835, Rule 12b-1 distribution plan fees $117,133, shareholder services plan fees $175,699, custodian fees $16,545, chief compliance officer fees $2,652 and transfer agency per account fees $5,034, which are offset against an expense reimbursement currently in effect in the amount of $484,508.
32
(d)
Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 3—Securities Transactions:
The fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board of Directors.The procedures have been designed to ensure that any purchase or sale of securities by the fund from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Directors and/or common officers, complies with Rule 17a-7 of the Act. During the period ended May 31, 2012, the fund engaged in purchases and sales of securities pursuant to Rule 17a-7 of the Act amounting to $327,315,000 and $158,380,000, respectively.
The Fund
33
For More Information
Telephone
1-800-DREYFUS
Mail
The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144
E-mail
Send your request to info@dreyfus.com
Internet
Information can be viewed online or downloaded at: http://www.dreyfus.com
The fund will disclose daily, on www.dreyfus.com, the fund’s complete schedule of holdings as of the end of the previous business day. The schedule of holdings will remain on the website until the fund files its Form N-Q or Form N-CSR for the period that includes the date of the posted holdings.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Information regarding how the fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.
|
© 2012 MBSC Securities Corporation
|
Item 2. Code of
Ethics.
Not
applicable.
Item 3. Audit
Committee Financial Expert.
Not
applicable.
Item 4. Principal
Accountant Fees and Services.
Not
applicable.
Item 5. Audit
Committee of Listed Registrants.
Not
applicable.
Item 6. Investments.
(a)
Not applicable.
Item 7. Disclosure
of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies.
Not
applicable.
Item 8. Portfolio
Managers of Closed-End Management Investment Companies.
Not
applicable.
Item 9. Purchases
of Equity Securities by Closed-End Management Investment Companies and Affiliated
Purchasers.
Not applicable. [CLOSED END FUNDS ONLY]
Item 10. Submission
of Matters to a Vote of Security Holders.
There
have been no material changes to the procedures applicable to Item 10.
Item 11. Controls
and Procedures.
(a) The
Registrant's principal executive and principal financial officers have
concluded, based on their evaluation of the Registrant's disclosure controls
and procedures as of a date within 90 days of the filing date of this report,
that the Registrant's disclosure controls and procedures are reasonably
designed to ensure that information required to be disclosed by the Registrant
on Form N-CSR is recorded, processed, summarized and reported within the
required time periods and that information required to be disclosed by the
Registrant in the reports that it files or submits on Form N-CSR is accumulated
and communicated to the Registrant's management, including its principal
executive and principal financial officers, as appropriate to allow timely
decisions regarding required disclosure.
(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 Municipal Money
Market Funds, Inc.
By:
/s/ Bradley J.
Skapyak
|
Bradley J.
Skapyak,
President
|
Date:
|
July 24, 2012
|
|
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this Report has been signed below by the following
persons on behalf of the Registrant and in the capacities and on the dates
indicated.
|
|
By:
/s/ Bradley J. Skapyak
|
Bradley J.
Skapyak,
President
|
Date:
|
July 24, 2012
|
|
By:
/s/ James
Windels
|
James Windels,
Treasurer
|
Date:
|
July 24, 2012
|
|
EXHIBIT INDEX
(a)(2) Certifications of principal executive and
principal financial officers as required by Rule 30a-2(a) under the Investment
Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and
principal financial officers as required by Rule 30a-2(b) under the Investment
Company Act of 1940. (EX-99.906CERT)
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