N-Q 1 form.htm FORM N-Q form.htm - Generated by SEC Publisher for SEC Filing

 

 

 

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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number

811-3207

 

 

 

General Money Market Fund, Inc.

 

 

(Exact name of Registrant as specified in charter)

 

 

 

 

 

 

c/o The Dreyfus Corporation

200 Park Avenue

New York, New York  10166

 

 

(Address of principal executive offices)        (Zip code)

 

 

 

 

 

Michael A. Rosenberg, Esq.

200 Park Avenue

New York, New York  10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code: 

(212) 922-6000

 

 

Date of fiscal year end:

 

11/30

 

Date of reporting period:

2/28/11

 

             

 


 

 

FORM N-Q

Item 1.                        Schedule of Investments.

                       


 

STATEMENT OF INVESTMENTS       
General Money Market Fund, Inc.       
February 28, 2011 (Unaudited)       
 
Negotiable Bank Certificates of Deposit--38.8%  Principal Amount ($)   Value ($) 
Bank of Tokyo-Mitsubishi Ltd. (Yankee)       
0.40%, 7/11/11  200,000,000   200,000,000 
Barclays Bank (Yankee)       
0.93%, 9/9/11  95,000,000   95,000,000 
Barclays U.S. Funding       
0.81%, 3/7/11  325,000,000 a  325,000,000 
BNP Paribas (Yankee)       
0.56%, 8/10/11  150,000,000   150,000,000 
Credit Agricole CIB (Yankee)       
0.39% - 0.54%, 4/25/11 - 8/3/11  300,000,000   300,000,000 
Credit Industriel et Commercial (Yankee)       
0.44%, 4/20/11  200,000,000   200,000,000 
Deutsche Bank AG       
0.40%, 3/1/11  300,000,000 a  300,000,000 
Fortis Bank SA/NV (Yankee)       
0.39%, 4/22/11  300,000,000   300,000,000 
ING Bank (London)       
0.32%, 5/9/11 - 5/23/11  120,000,000   120,000,000 
Lloyds TSB Bank (Yankee)       
0.43%, 5/23/11  200,000,000   200,000,000 
Mizuho Corporate Bank (Yankee)       
0.27%, 3/22/11  200,000,000   200,000,000 
National Australia Bank (London)       
0.35%, 8/19/11  500,000,000   500,011,853 
Natixis       
0.48%, 5/4/11  100,000,000   100,000,000 
Rabobank Nederland (Yankee)       
0.51%, 2/16/12  400,000,000   400,000,000 
Royal Bank of Canada       
0.35%, 3/1/11  250,000,000 a  250,000,000 
Skandinaviska Enskilda Banken (Yankee)       
0.35%, 4/11/11  400,000,000 b  400,000,000 
Societe Generale (Yankee)       
0.41%, 4/18/11  400,000,000   400,000,000 
Sumitomo Mitsui Banking Corporation (Yankee)       
0.30%, 4/1/11  450,000,000 b  450,000,000 
Westpac Banking Corp.       
0.33%, 5/16/11  250,000,000 a,b  250,000,000 
Total Negotiable Bank Certificates of Deposit       
(cost $5,140,011,853)      5,140,011,853 
Commercial Paper--15.5%       
ASB Finance Ltd.       
0.28%, 3/4/11  100,000,000 b  99,997,667 
Commonwealth Bank of Australia       
0.28%, 3/15/11  46,000,000 b  45,994,991 
DnB NOR Bank ASA       

 


 

  0.29%, 3/29/11  250,000,000 b  249,943,611 
  General Electric Capital Corp.       
  0.25%, 3/15/11  200,000,000   199,980,555 
  General Electric Co.       
  0.15%, 3/1/11  400,000,000   400,000,000 
  ING (US) Funding LLC       
  0.31%, 5/5/11  450,000,000   449,748,125 
  JPMorgan Chase & Co.       
  0.25%, 5/2/11  270,000,000 b  269,883,750 
  NRW Bank       
  0.30%, 5/23/11  230,000,000 b  229,840,917 
  Societe Generale N.A. Inc.       
  0.40%, 5/5/11  100,000,000   99,927,778 
  Total Commercial Paper       
  (cost $2,045,317,394)      2,045,317,394 
Asset -Backed Commercial Paper--4.2%       
  Atlantis One Funding Corp.       
  0.17%, 3/1/11  200,000,000 b  200,000,000 
  CAFCO       
  0.41%, 8/8/11  100,000,000 b  99,817,778 
  CIESCO LLC       
  0.40%, 3/4/11  60,000,000 b  59,998,000 
  CRC Funding       
  0.41%, 8/8/11  100,000,000 b  99,817,778 
  Grampian Funding LLC       
  0.37%, 3/4/11  100,000,000 b  99,996,916 
  Total Asset-Backed Commercial Paper       
  (cost $559,630,472)      559,630,472 
  Corporate Note--1.9%       
  Credit Suisse       
  0.60%, 3/21/11       
  (cost $250,000,000)  250,000,000 a  250,000,000 
  Time Deposits--15.4%       
  Bank of America N.A. (Grand Cayman)       
  0.15%, 3/1/11  400,000,000   400,000,000 
  Commerzbank (Grand Cayman)       
  0.17%, 3/1/11  600,000,000   600,000,000 
  Dexia Credit Local (Grand Cayman)       
  0.15% - 0.17%, 3/1/11  300,000,000   300,000,000 
  DnB NOR Bank ASA (Grand Cayman)       
  0.17%, 3/1/11  300,000,000   300,000,000 
  Northern Trust Co. (Grand Cayman)       
  0.14%, 3/1/11  431,000,000   431,000,000 
  Total Time Deposits       
  (cost $2,031,000,000)      2,031,000,000 
  U.S. Government Agencies--14.6%       
  Federal Home Loan Bank       
  0.07%-0.33%, 3/1/11  340,000,000 a  339,903,179 
  Federal Home Loan Mortgage Corp.       
  0.18%-0.37%, 3/1/11-6/6/11  540,000,000 a,c  539,749,832 
  Federal National Mortgage Association       

 


 

0.16%-0.41%, 3/1/11 - 10/17/11  956,455,000 a,c  958,005,868 
Straight-A Funding LLC       
0.25%, 5/16/11  90,000,000 b  89,952,500 
Total U.S. Government Agencies       
(cost $1,927,611,379)      1,927,611,379 
Repurchase Agreements--9.6%       

 

  Barclays Capital, Inc.        
  0.18%, dated 2/28/11, due 3/1/11 in the amount of        
  $45,000,225 (fully collateralized by $31,649,700 U.S.        
  Treasury Bonds, 8.75%, due 8/15/20, value $45,900,049)   45,000,000   45,000,000 
  Credit Agricole Securities (USA) Inc.        
  0.19%, dated 2/28/11, due 3/1/11 in the amount of        
$400,002,111 (fully collateralized by $403,920,900       
  U.S. Treasury Notes, 1.13%-1.38%, due        
  6/30/11-3/15/12, value $408,000,049)   400,000,000   400,000,000 
  Deutsche Bank Securities Inc.        
  0.19%, dated 2/28/11, due 3/1/11 in the amount of        
$150,000,792 (fully collateralized by $4,675,000       
  Federal Home Loan Bank, 0.19%-0.50%, due        
  6/30/11-8/11/11, value $4,681,951, $97,069,000        
  Federal Home Loan Mortgage Corp., 0.75%-5.75%, due        
  1/15/12-3/28/13, value $99,681,178 and $50,000,000        
  Federal National Mortgage Association, 2.80%, due        
  9/23/20, value $48,638,279)  150,000,000   150,000,000 
  HSBC USA Inc.        
  0.18%, dated 2/28/11, due 3/1/11 in the amount of        
$400,002,000 (fully collateralized by $12,700,000       
  Inter-American Development Bank, 3.50%-3.88%, due        
  7/8/13-2/14/20, value $13,117,992, $14,400,000        
  International Bank For Reconstruction and        
  Development, 5%-7.63%, due 4/1/16-1/19/23, value        
  $18,916,537 and $376,099,000 U.S. Treasury Bills, due        
  4/28/11-7/7/11, value $375,968,375)   400,000,000   400,000,000 
  Merrill Lynch & Co. Inc.        
  0.18%, dated 2/28/11, due 3/1/11 in the amount of        
$270,001,350 (fully collateralized by $46,820,000       
  Federal Home Loan Bank, due 3/23/11, value        
  $46,817,659 and $228,828,000 International Bank for        
  Reconstruction and Development, 1.38%, due 2/10/14,        
  value $228,582,696)   270,000,000   270,000,000 
  Total Repurchase Agreements        
  (cost $1,265,000,000)       1,265,000,000 
  Total Investments (cost $13,218,571,098)   100.0 %  13,218,571,098 
  Cash and Receivables (Net)   .0 %  4,976,217 
  Net Assets   100.0 %  13,223,547,315 

 

a Variable rate security--interest rate subject to periodic change.
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 February 28, 2011, these securities
amounted to $2,645,243,908 or 20.0% of net assets.
c The Federal Housing Finance Agency ("FHFA") placed Federal Home Loan Mortgage Corporation and Federal National Mortgage
Association into conservatorship with FHFA as the conservator. As such, the FHFA oversees the continuing affairs of these
companies.


 

At February 28, 2011, the cost of investments for federal income tax purposes was substantially the same as the cost for financial
reporting purposes.


 

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 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 Investment
Company Act of 1940. 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 as Level 2.
The following is a summary of the inputs used as of February 28, 2011 in valuing the fund's investments:

Valuation Inputs  Short-Term Investments ($)+ 
Level 1 - Unadjusted Quoted Prices  - 
Level 2 - Other Significant Observable Inputs  13,218,571,098 
Level 3 - Significant Unobservable Inputs  - 
Total  13,218,571,098 

 

+ See Statement of Investments for additional detailed categorizations.


 

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 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.

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.

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 Trustees to represent the fair value of the fund’s investments.

The fund may enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Manager, subject to the seller’s agreement to repurchase and the fund’s agreement to resell such securities at a mutually agreed upon price. Securities purchased subject to repurchase agreements are deposited with the fund’s custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value greater than or equal to the terms of the repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the fund will require the seller to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the fund maintains its right to sell the underlying securities at market value and may claim any resulting loss against the seller.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.


 

 

 

Item 2.                        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-Q 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-Q 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 quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

Item 3.                        Exhibits.

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


 

 

FORM N-Q

SIGNATURES

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

General Money Market Fund, Inc.

By:       /s/ Bradley J. Skapyak

            Bradley J. Skapyak

            President

 

Date:

April 26, 2011

 

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:

April 26, 2011

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:

April 26, 2011

 

EXHIBIT INDEX

(a)        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)