General Money Market Funds
General Money Market Fund
General Municipal Money Market Fund
Investing in high quality, short-term securities for current income, safety of
principal and liquidity
PROSPECTUS May 1, 1999
CLASS X SHARES
As with all mutual funds, the Securities and Exchange Commission has not
approved or disapproved these securities or passed upon the adequacy of this
prospectus. Any representation to the contrary is a criminal offense.
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The Funds
Contents
The Funds
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Introduction 1
General Money Market Fund 2
General Municipal
Money Market Fund 4
Management 6
Financial Highlights 7
Your Investment
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Account Policies 8
Distributions and Taxes 11
Services for Fund Investors 11
Instructions for Regular Accounts 13
Instructions for IRAs 14
For More Information
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MORE INFORMATION ON EACH FUND CAN BE FOUND IN THE FUND'S CURRENT
ANNUAL/SEMIANNUAL REPORT. SEE BACK COVER.
Introduction
Each fund is a money market mutual fund with a separate investment portfolio,
and operations and results which are unrelated to those of the other fund. This
combined prospectus has been prepared for your convenience so that you can
consider two investment choices in one document.
As a money market fund, each fund is subject to maturity, quality and
diversification requirements designed to help it maintain a stable share price.
Generally, each fund is required to invest at least 95% of its assets in the
securities of issuers with the highest credit rating or the unrated equivalent
as determined by Dreyfus, with the remainder invested in securities with the
second-highest credit rating.
An investment in a fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. Although each fund seeks
to preserve the value of your investment at $1.00 per share, it is possible to
lose money by investing in a fund.
Concepts to understand
MONEY MARKET FUND: a specific type of fund that seeks to maintain a $1.00 price
per share. Money market funds are subject to strict federal requirements and
must do the following:
(pound) maintain an average dollar-weighted portfolio maturity of 90 days or
less
(pound) buy individual securities that have remaining maturities of 13 months or
less
(pound) buy only high quality, dollar-denominated obligations
CREDIT RATING: a measure of the issuer's expected ability to make all required
interest and principal payments in a timely manner. An issuer with the highest
credit rating has a very strong degree of certainty (or safety) with respect to
making all payments. An issuer with the second-highest credit rating has a
strong capacity to make all payments, but the degree of safety is somewhat
less.
The Funds
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General Money Market Fund
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Ticker Symbol: N/A
GOAL/APPROACH
The fund seeks as high a level of current income as is consistent with the
preservation of capital. To pursue this goal, the fund invests in a diversified
portfolio of high quality, short-term debt securities, including the following:
(pound) securitieses issued or guaranteed by the U.S. government or its agencies
or instrumentalities
(pound) certificates of deposit, time deposits, bankers' acceptances and other
short-term securities issued by domestic or foreign banks or their
subsidiaries or branches
(pound) repurchase agreements
(pound) asset-backed securities
(pound) domestic and dollar-denominated foreign commercial paper, and other
short-term corporate obligations, including those with floating or
variable rates of interest
(pound) dollar-denominated obligations issued or guaranteed by one or more
foreign governments or any of their political subdivisions or agencies
Normally, the fund invests at least 25% of its net assets in domestic or
dollar-denominated foreign bank obligations.
MAIN RISKS
The fund's yield will vary as the short-term securities in its portfolio mature
and the proceeds are reinvested in securities with different interest rates.
While the fund has maintained a constant share price since inception, and will
continue to try to do so, the following factors could reduce the fund's income
level and/or share price:
(pound) interest rates could rise sharply, causing the fund's share price to
drop
(pound) any of the fund's holdings could have its credit rating downgraded or
could default
(pound) the risks generally associated with concentrating investments in the
banking industry, such as interest rate risk, credit risk and regulatory
developments relating to the banking industry
(pound) the risks generally associated with dollar-denominated foreign
investments, such as economic and political developments, seizure or
nationalization of deposits, imposition of taxes or other restrictions
on the payment of principal and interest
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PAST PERFORMANCE
The tables below show some of the risks of investing in the fund. The first
table shows the changes in the fund's Class A performance from year to year. The
second table averages the fund' s Class A performance over time. Both tables
assume reinvestment of dividends and distributions. Class A shares are not
offered in this prospectus; however, except to the extent Class A and Class X
have different expenses and Class X may be subject to a CDSC, Class X should
have similar annual returns to Class A, since each invests in the same portfolio
of securities. Of course, past performance is no guarantee of future results.
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Year-by-year total return AS OF 12/31 EACH YEAR (%)
CLASS A SHARES
<TABLE>
8.84 7.71 5.84 3.39 2.58 3.51 5.44 4.83 4.99 4.93
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
'89 '90 '91 '92 '93 '94 '95 '96 '97 '98
</TABLE>
BEST QUARTER: Q2 '89 +2.28%
WORST QUARTER: Q3 '93 +0.63%
The fund's 7-day yield on 12/31/98 was 4.42%. For the fund's current yield, call
toll-free 1-800-645-6561.
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Average annual total return AS OF 12/31/98
1 Year 5 Years 10 Years
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4.93% 4.74% 5.19%
What this fund is -- and isn't
This fund is a mutual fund: a pooled investment that is professionally managed
and gives you the opportunity to participate in financial markets. It strives to
reach its stated goal, although as with all mutual funds, it cannot offer
guaranteed results.
An investment in this fund is not a bank deposit. It is not insured or
guaranteed by the FDIC or any other government agency. It is not a complete
investment program. You could lose money in this fund, but you also have the
potential to make money.
EXPENSES
As an investor, you pay certain fees and expenses in connection with the fund,
which are described in the table below.
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Fee table
SHAREHOLDER TRANSACTIONS FEES (FEE PAID FROM YOUR ACCOUNT)
Maximum deferred sales charge (CDSC) 4.00%
AS A % OF THE PURCHASE OR SALE PRICE, WHICHEVER IS LESS
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ANNUAL FUND OPERATING EXPENSES (EXPENSES PAID FROM FUND ASSETS)
% OF AVERAGE DAILY NET ASSETS
Management fees 0.50%
Rule 12b-1 fee 0.25%
Shareholder services fee 0.25%
Other expenses 0.05%
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TOTAL 1.05%
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Expense example
1 Year 3 Years
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WITH REDEMPTION $507 $634
WITHOUT REDEMPTION $107 $334
This example shows what you could pay in expenses over time. It uses the same
hypothetical conditions other funds use in their prospectuses: $10,000 initial
investment, 5% total return each year and no changes in expenses. Because actual
return and expenses will be different, the example is for comparison only.
Concepts to understand
MANAGEMENT FEE: the fee paid to the investment adviser for managing the fund's
portfolio and assisting in all aspects of the fund's operations.
RULE 12B-1 FEE: the fee paid to the fund's distributor to finance the sale of
Class X shares. Because this fee is paid out of the fund's assets on an ongoing
basis, over time it will increase the cost of your investment and may cost you
more than paying other types of sales charges.
SHAREHOLDER SERVICES FEE: the fee paid to the fund's distributor for providing
shareholder services.
OTHER EXPENSES: estimated fees to be paid by the fund for miscellaneous items
such as transfer agency, custody, professional and registration fees.
General Money Market Fund
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General Municipal Money Market Fund
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Ticker Symbol: N/A
GOAL/APPROACH
The fund seeks to maximize current income exempt from federal personal income
tax, as is consistent with the preservation of capital and the maintenance of
liquidity.
To pursue this goal, the fund normally invests substantially all net assets in
municipal obligations, the interest from which is exempt from federal personal
income tax. When the fund manager believes that acceptable municipal obligations
are unavailable for investment, the fund may invest temporarily in high quality,
taxable money market instruments. Municipal obligations are typically divided
into two types:
(pound) GENERAL OBLIGATION BONDS, which are secured by the full faith and
credit of the issuer and its taxing power
(pound) REVENUE BONDS, which are payable from the revenues derived from a
specific revenue source, such as charges for water and sewer service or
highway tolls
MAIN RISKS
The fund's yield will vary as the short-term securities in its portfolio mature
and the proceeds are reinvested in securities with different interest rates.
While the fund has maintained a constant share price since inception, and will
continue to try to do so, the following factors could reduce the fund's income
level and/or share price:
(pound) interest rates could rise sharply, causing the fund's share price to
drop
(pound) any of the fund's holdings could have its credit rating downgraded or
could default
Although the fund's objective is to generate income exempt from federal income
tax, interest from some of its holdings may be subject to the federal
alternative minimum tax. In addition, the fund occasionally may invest in
taxable money market instruments.
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PAST PERFORMANCE
The tables below show some of the risks of investing in the fund. The first
table shows the changes in the fund's Class A performance from year to year. The
second table averages the fund' s Class A performance over time. Both tables
assume reinvestment of dividends and distributions. Class A shares are not
offered in this prospectus; however, except to the extent Class A and Class X
have different expenses and Class X may be subject to a CDSC, Class X should
have similar annual returns to Class A, since each invests in the same portfolio
of securities. Of course, past performance is no guarantee of future results.
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Year-by-year total return AS OF 12/31 EACH YEAR (%)
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CLASS A SHARES
5.91 5.53 4.19 2.62 2.05 2.40 3.42 2.93 3.15 2.98
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
'89 '90 '91 '92 '93 '94 '95 '96 '97 '98
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BEST QUARTER: Q2 '89 +1.56%
WORST QUARTER: Q1 '94 +0.46%
The fund's 7-day yield on 12/31/98 was 3.25%. For the fund's current yield, call
toll-free 1-800-645-6561.
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Average annual total return AS OF 12/31/98
1 Year 5 Years 10 Years
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2.98% 2.97% 3.51%
What this fund is -- and isn't
This fund is a mutual fund: a pooled investment that is professionally managed
and gives you the opportunity to participate in financial markets. It strives to
reach its stated goal, although as with all mutual funds, it cannot offer
guaranteed results.
An investment in this fund is not a bank deposit. It is not insured or
guaranteed by the FDIC or any other government agency. It is not a complete
investment program. You could lose money in this fund, but you also have the
potential to make money.
EXPENSES
As an investor, you pay certain fees and expenses in connection with the fund,
which are described in the table below.
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Fee table
SHAREHOLDER TRANSACTIONS FEES (FEE PAID FROM YOUR ACCOUNT)
Maximum deferred sales charge (CDSC) 4.00%
AS A % OF THE PURCHASE OR SALE PRICE, WHICHEVER IS LESS
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ANNUAL FUND OPERATING EXPENSES (EXPENSES PAID FROM FUND ASSETS)
% OF AVERAGE DAILY NET ASSETS
Management fees 0.50%
Rule 12b-1 fee 0.25%
Shareholder services fee 0.25%
Other expenses 0.05%
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TOTAL 1.05%
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Expense example
1 Year 3 Years
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WITH REDEMPTION $507 $634
WITHOUT REDEMPTION $107 $334
This example shows what you could pay in expenses over time. It uses the same
hypothetical conditions other funds use in their prospectuses: $10,000 initial
investment, 5% total return each year and no changes in expenses. Because actual
return and expenses will be different, the example is for comparison only.
Concepts to understand
MANAGEMENT FEE: the fee paid to the investment adviser for managing the fund's
portfolio and assisting in all aspects of the fund's operations.
RULE 12B-1 FEE: the fee paid to the fund's distributor to finance the sale of
Class X shares. Because this fee is paid out of the fund's assets on an ongoing
basis, over time it will increase the cost of your investment and may cost you
more than paying other types of sales charges.
SHAREHOLDER SERVICES FEE: the fee paid to the fund's distributor for providing
shareholder services.
OTHER EXPENSES: estimated fees to be paid by the fund for miscellaneous items
such as transfer agency, custody, professional and registration fees.
General Municipal Money Market Fund
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MANAGEMENT
The investment adviser for each fund is The Dreyfus Corporation, 200 Park
Avenue, New York, New York 10166. Founded in 1947, Dreyfus manages more than
$120 billion in over 160 mutual fund portfolios. For the past fiscal year, each
fund paid Dreyfus an investment advisory fee at the annual rate of 0.50% of the
fund' s average daily net assets. Dreyfus is the primary mutual fund business of
Mellon Bank Corporation, a broad-based financial services company with a bank at
its core. With more than $389 billion of assets under management and $1.9
trillion of assets under administration and custody, Mellon provides a full
range of banking, investment and trust products and services to individuals,
businesses and institutions. Mellon is headquartered in Pittsburgh,
Pennsylvania.
The Dreyfus asset management philosophy is based on the belief that discipline
and consistency are important to investment success. For each fund, Dreyfus
seeks to establish clear guidelines for portfolio management and to be
systematic in making decisions. This approach is designed to provide each fund
with a distinct, stable identity.
Dreyfus has a personal securities trading policy (the "Policy") which restricts
the personal securities transactions of its employees. Its primary purpose is to
ensure that personal trading by Dreyfus employees does not disadvantage any
Dreyfus-managed fund. Dreyfus portfolio managers and other investment personnel
who comply with the Policy's preclearance and disclosure procedures may be
permitted to purchase, sell or hold certain types of securities which also may
be or are held in the fund(s) they advise.
Concepts to understand
YEAR 2000 ISSUES: these funds could be adversely affected if the computer
systems used by Dreyfus and the funds' other service providers do not properly
process and calculate date-related information from and after January 1, 2000.
Dreyfus is working to avoid year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which these funds invest may be
adversely affected by year 2000-related problems. This could have an impact on
the value of a fund's investments and its share price.
<PAGE>
FINANCIAL HIGHLIGHTS
The following tables describe the performance of each fund's Class A shares for
the fiscal periods indicated. "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
independently audited by Ernst & Young LLP, whose report, along with the fund's
financial statements, is included in the annual report. No financial information
is provided for Class X shares which had not been offered as of the date of the
financial statements. The Rule 12b-1 distribution fee and shareholder services
fee paid by Class X will cause such shares to have a higher expense ratio, to
pay lower dividends, and to have a lower total investment return than Class A
shares.
<TABLE>
YEAR ENDED TEN MONTHS ENDED
NOVEMBER 30, NOVEMBER 30, YEAR ENDED JANUARY 31,
GENERAL MONEY MARKET FUND 1998 1997(1) 1997 1996 1995 1994
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<S> <C> <C> <C> <C> <C> <C>
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 .049 .041 .047 .053 .037 .025
Distributions: Dividends from investment
income -- net (.049) (.041) (.047) (.053) (.037) (.025)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
Total return (%) 4.98 4.99(2) 4.81 5.42 3.75 2.56
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RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets (%) .77 .88(2) .84 .86 .94 .94
Ratio of net investment income
to average net assets (%) 4.88 4.89(2) 4.71 5.28 3.68 2.53
Decrease reflected in above expense ratios
due to actions by Dreyfus (%) -- -- -- .01 .04 .02
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Net assets, end of period ($ x 1,000) 835,706 903,313 764,119 654,581 572,116 616,072
(1) THE FUND CHANGED ITS FISCAL YEAR END FROM JANUARY 31 TO NOVEMBER 30.
(2) ANNUALIZED.
</TABLE>
<TABLE>
YEAR ENDED NOVEMBER 30,
GENERAL MUNICIPAL MONEY MARKET FUND 1998 1997 1996 1995 1994
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<S> <C> <C> <C> <C> <C>
PER-SHARE DATA ($)
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00
Investment operations:
Investment income -- net .030 .031 .029 .034 .023
Distributions:
Dividends from investment income -- net (.030) (.031) (.029) (.034) (.023)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
Total return (%) 3.02 3.14 2.97 3.41 2.27
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RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets (%) .60 .62 .66 .66 .64
Ratio of net investment income to average net assets (%) 2.98 3.09 2.93 3.35 2.22
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Net assets, end of period ($ x 1,000) 280,398 273,058 256,862 294,379 294,711
</TABLE>
Financial Highlights
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Your Investment
ACCOUNT POLICIES
GENERAL FUNDS ARE DESIGNED PRIMARILY FOR PEOPLE who are investing through a
third party such as a bank, broker-dealer or financial adviser. Third parties
with whom you open a fund account may impose policies, limitations and fees
which are different than those described here.
YOU MAY BUY CLASS X SHARES ONLY IF you establish an Auto-Exchange Account
pursuant to which the Class X shares purchased will be exchanged for Class B
shares of up to five Dreyfus Premier funds within two years of your initial
purchase of Class X shares. Subsequent purchases of Class X shares of a fund
must be exchanged for Class B shares within two years of your initial
purchase.
CLASS X SHARES AND CLASS B SHARES of the Dreyfus Premier funds are subject to a
contingent deferred sales charge (CDSC), which is assessed only if you sell your
shares within six years of purchase. Under certain circumstances, you may not
have to pay a CDSC when you sell shares. Consult your financial representative
or the SAI to see if a CDSC waiver may apply to you. The following table sets
forth the rates of the CDSC for Class X shares and Class B shares of the Dreyfus
Premier funds for which Class X may be automatically exchanged.
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Sales charges
CDSC -- CHARGED WHEN YOU SELL SHARES
Contingent deferred sales charge
Time since you bought as a % of your initial investment or
the shares you are selling your redemption (whichever is less)
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Up to 2 years 4.00%
2 -- 4 years 3.00%
4 -- 5 years 2.00%
5 -- 6 years 1.00%
More than 6 years Shares will automatically
convert to Class A of the
selected Dreyfus Premier fund
CLASS X SHARES ALSO CARRY an annual Rule 12b-1 fee of 0.25% of the Class's
average daily net assets. The Class B shares of the Dreyfus Premier funds you
receive in exchange for your fund Class X shares will convert to Class A shares
of the Dreyfus Premier funds approximately six years after the date you
purchased the exchanged Class X shares. Upon conversion to Class A shares, Class
B shares of the Dreyfus Premier funds will not be subject to a CDSC. Class A
shares of the Dreyfus Premier funds are not subject to a Rule 12b-1 fee. Class A
shares of the Dreyfus Premier funds are subject to an annual shareholder
services fee of 0.25% paid to the distributor for providing shareholder
services.
You should invest in Class X shares of a fund only as part of a long-term
investment in the Dreyfus Family of Funds. If you are seeking only to invest in
a money market fund and do not expect to exchange fund shares for Class B shares
of a Dreyfus Premier fund, you should consider more suitable investments,
including another class of the fund's shares or other money market funds offered
by Dreyfus. Consult your financial representative for more details.
<PAGE>
Buying shares
YOUR PRICE FOR FUND SHARES is the fund's net asset value (NAV), which is
generally calculated twice a day, at 5 p.m. and 8 p.m. Eastern time for the
taxable money market fund and three times a day, at 12 noon, 2 p.m. and 8 p.m.
Eastern time for the municipal money market fund, every day the New York Stock
Exchange or the fund's transfer agent is open. Your order will be priced at the
next NAV calculated after your order is accepted by the fund's transfer agent or
other authorized entity. Each fund's investments are valued based on amortized
cost.
IF YOUR PAYMENTS ARE RECEIVED in or converted into Federal Funds by 12 noon for
the taxable money market fund or by 4 p.m. for the municipal money market fund,
you will receive the dividend declared that day. If your payments are received
in or converted into Federal Funds after 12 noon for the taxable money market
fund or after 4 p.m. for the municipal money market fund, you will begin to
accrue dividends on the following business day. Qualified institutions may
telephone orders to buy shares. If such an order is made by 5 p.m. for the
taxable money market fund or by 2 p.m. for the municipal money market fund, and
Federal Funds are received by 6 p.m. or 4 p.m., respectively, the shares will be
purchased at the next NAV determined after the telephone order is accepted, and
will receive the dividend declared that day. If such an order is made after 5
p.m. for the taxable money market fund or after 2 p.m. for the municipal money
market fund, but by 8 p.m., and Federal Funds are received by 11 a.m. the next
business day, the shares will be purchased at the NAV determined at 8 p.m. and
will begin to accrue dividends on the next business day. All times are Eastern
time.
Because the municipal money market fund seeks tax-exempt income, it is not
recommended for purchase in IRAs or other qualified plans.
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Minimum investments
Initial Additional
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REGULAR ACCOUNTS $2,500 $100
TRADITIONAL IRAS $750 NO MINIMUM
SPOUSAL IRAS $750 NO MINIMUM
ROTH IRAS $750 NO MINIMUM
EDUCATION IRAS $500 NO MINIMUM
AFTER THE FIRST YEAR
All investments must be in U.S. dollars. Third-party checks cannot be accepted.
You may be charged a fee for any check that does not clear.
Your Investment
<PAGE>
ACCOUNTS POLICIES (CONTINUED)
Selling shares
YOU MAY SELL (REDEEM) SHARES AT ANY TIME through your financial representative,
or you can contact the fund directly. Your shares will be sold at the next NAV
calculated after your order is accepted by the fund's transfer agent or other
authorized entity. Any certificates representing fund shares being sold must be
returned with your redemption request. Your order will be processed promptly and
you will generally receive the proceeds within a week.
TO KEEP YOUR CDSC AS LOW AS POSSIBLE, each time you request to sell shares we
will first sell shares that are subject to the lowest charge. The CDSC is based
on the lesser of the original purchase cost or the current market value of the
shares being sold.
BEFORE SELLING RECENTLY PURCHASED SHARES, please note that if the fund has not
yet collected payment for the shares you are selling, it may delay sending the
proceeds for up to eight business days or until it has collected payment.
Written sell orders
Some circumstances require written sell orders along with signature guarantees.
These include:
(pound) amounts of $1,000 or more on accounts whose address has been changed
within the last 30 days
(pound) requests to send the proceeds to a different payee or address
Written sell orders of $100,000 or more must also be signature guaranteed.
A SIGNATURE GUARANTEE helps protect against fraud. You can obtain one from most
banks or securities dealers, but not from a notary public. For joint accounts,
each signature must be guaranteed. Please call us to ensure that your signature
guarantee will be processed correctly.
Limitations on selling shares by phone
Proceeds
sent by Minimum Maximum
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CHECK NO MINIMUM $150,000 PER DAY
WIRE $1,000 $250,000 FOR JOINT ACCOUNTS
EVERY 30 DAYS
General policies
IF YOUR ACCOUNT FALLS BELOW $500, the fund may ask you to increase your balance.
If it is still below $500 after 45 days, the fund may close your account and
send you the proceeds.
UNLESS YOU DECLINE TELEPHONE PRIVILEGES on your application, you may be
responsible for any fraudulent telephone order as long as Dreyfus takes
reasonable measures to verify the order.
EACH FUND RESERVES THE RIGHT TO:
(pound) refuse any purchase or exchange request that could adversely affect the
fund or its operations, including those from any individual or group
who, in the fund's view, is likely to engage in excessive trading
(usually defined as more than four exchanges out of the fund within a
calendar year)
(pound) refuse any purchase or exchange request in excess of 1% of the fund's
total assets
(pound) change or discontinue its exchange privilege, or temporarily suspend
this privilege during unusual market conditions
(pound) change its minimum investment amounts
(pound) delay sending out redemption proceeds for up to seven days (generally
applies only in cases of very large redemptions, excessive trading or
during unusual market conditions)
Each fund also reserves the right to make a "redemption in kind" -- payment in
portfolio securities rather than cash -- if the amount you are redeeming is
large enough to affect fund operations (for example, if it represents more than
1% of the fund's assets).
<PAGE>
DISTRIBUTIONS AND TAXES
EACH FUND USUALLY PAYS ITS SHAREHOLDERS dividends from its net investment income
once a month, and distributes any net realized securities gains once a year. You
may choose to receive your dividends and distributions in cash or automatically
reinvest them in shares of one of your Dreyfus Premier funds through Dreyfus
Dividend Sweep. There are no fees or sales charges on reinvestments.
DIVIDENDS AND DISTRIBUTIONS PAID by the taxable money market fund are taxable to
U.S. shareholders as ordinary income (unless your investment is in an IRA or
other tax-advantaged account).
The municipal money market fund anticipates that, under normal market
conditions, virtually all of its income dividends will be exempt from federal
personal income taxes. However, any dividends and distributions from taxable
investments are taxable as ordinary income.
The tax status of any distribution is the same regardless of how long you have
been in the fund and whether you reinvest your distributions or take them in
cash.
Because everyone's tax situation is unique, always consult your tax professional
about federal, state and local tax consequences.
Concepts to understand
DIVIDENDS AND DISTRIBUTIONS: income or interest paid by the fund's portfolio
investments and passed on to fund shareholders. These are calculated on a
per-share basis: each share earns the same rate of return, so the more fund
shares you own, the higher your distribution.
SECURITIES GAINS: distributions derived from the profits the fund earns when it
sells securities for a higher price than it paid for them.
SERVICES FOR FUND INVESTORS
THE THIRD PARTY THROUGH WHOM YOU PURCHASE fund shares may impose different
restrictions on the services and privileges offered by the fund, or may not make
them available at all. Consult your financial representative for more
information on the availability of these services and privileges.
Exchange privilege
YOU CAN EXCHANGE CLASS X SHARES worth $500 or more from one fund into Class B
shares of a Dreyfus Premier fund (no minimum for retirement accounts). Class B
shares of a Dreyfus Premier fund may not be exchanged for Class X shares of a
fund. You can request your exchange by contacting your financial representative.
Be sure to read the current prospectus for any fund into which you are
exchanging. Any new account established through an exchange will have the same
privileges as your original account (as long as they are available). There is
currently no fee for exchanges.
Dreyfus Auto-Exchange privilege
TO INVEST IN CLASS X SHARES OF A FUND, you will be required to participate in
the Dreyfus Auto-Exchange privilege. As a participant, you will have to
establish the time and amount of your automatic exchanges such that all of the
Class X shares purchased will have been exchanged for Class B shares of a
Dreyfus Premier fund within two years of your initial purchase. You can change
the time or amount of your automatic exchanges by contacting your financial
representative.
Your Investment
<PAGE>
SERVICES FOR FUND INVESTORS (CONTINUED)
CDSC under Exchange and Auto-Exchange privileges
SHARES WILL BE EXCHANGED PURSUANT TO the Exchange privilege or Auto-Exchange
privilege at the then-current NAV. No CDSC will be imposed at the time of the
exchange; however, shares acquired through an exchange will be subject to the
higher CDSC applicable to the exchanged or acquired shares. For purposes of
computing any applicable CDSC, the length of time you have owned your shares
will be measured from the date of original purchase and will not be affected by
the exchange.
Reinvestment privilege
UPON WRITTEN REQUEST YOU CAN reinvest up to the number of Class X shares you
sold within 45 days of selling them at the current share price. If you paid a
CDSC, it will be credited back to your account. This privilege may be used only
once.
Dreyfus Dividend Sweep
YOU CAN AUTOMATICALLY REINVEST YOUR DIVIDENDS and distributions from the fund
into one or more of the Dreyfus Premier funds you have selected (not available
for IRAs). You can set up this service with your application, or by calling your
financial representative or 1-800-645-6561.
24-hour automated account access
YOU CAN EASILY MANAGE YOUR DREYFUS ACCOUNTS, check your account balances,
transfer money between your Dreyfus funds, get price and yield information and
much more -- when it's convenient for you.
Account statements
EVERY FUND INVESTOR AUTOMATICALLY RECEIVES regular account statements. You will
also be sent a yearly statement detailing the tax characteristics of any
dividends and distributions you have received.
<PAGE>
INSTRUCTIONS FOR REGULAR ACCOUNTS
TO OPEN AN ACCOUNT
In Writing
Complete the application.
Mail your application and a check to:
Name of Fund
P.O. Box 6587
Providence, RI 02940-6587
Attn: Institutional Processing
TO ADD TO AN ACCOUNT
Fill out an investment slip, and write your account number on your check.
Mail the slip and the check to:
Name of Fund
P.O. Box 6587
Providence, RI 02940-6587
Attn: Institutional Processing
TO SELL SHARES
Write a letter of instruction that includes:
* your name(s) and signature(s)
* your account number
* the fund name
* the dollar amount you want to sell
* how and where to send the proceeds
Obtain a signature guarantee or other documentation, if required (see page 10).
Mail your request to:
The Dreyfus Family of Funds
P.O. Box 6587
Providence, RI 02940-6587
Attn: Institutional Processing
By Telephone
WIRE Have your bank send your
investment to The Bank of New York, with these instructions:
* ABA# 021000018
* fund name and DDA#
* General Money Market Fund
DDA# 8900051957
* General Municipal Money Market Fund
DDA# 8900052376
* the share class
* your Social Security or tax ID number
* name(s) of investor(s)
* dealer number if applicable
Call us to obtain an account number. Return your application with the account
number on the application.
WIRE Have your bank send your investment to The Bank of New York, with these
instructions:
* ABA# 021000018
* fund name and DDA#
* General Money Market Fund DDA# 8900051957
* General Municipal Money Market Fund DDA# 8900052376
* the share class
* your account number
* name(s) of investor(s)
* dealer number if applicable
ELECTRONIC CHECK Same as wire, but insert "1111" before your account number.
WIRE Call us or your financial representative to request your transaction. Be
sure the fund has your bank account information on file. Proceeds will be wired
to your bank.
CHECK Call us or your financial representative to request your transaction. A
check will be sent to the address of record.
Your Investment
<PAGE>
INSTRUCTIONS FOR IRAS
TO OPEN AN ACCOUNT
In Writing
Complete an IRA application, making sure to specify the fund name and to
indicate the year the contribution is for.
Mail your application and a check to:
The Dreyfus Trust Company, Custodian
P.O. Box 6427
Providence, RI 02940-6427
Attn: Institutional Processing
TO ADD TO AN ACCOUNT
Fill out an investment slip, and write your account number on your check.
Indicate the year the contribution is for.
Mail in the slip and the check to:
The Dreyfus Trust Company, Custodian
P.O. Box 6427
Providence, RI 02940-6427
Attn: Institutional Processing
TO SELL SHARES
Write a letter of instruction that includes:
* your name and signature
* your account number and fund name
* the dollar amount you want to sell
* how and where to send the proceeds
* whether the distribution is qualified or premature
* whether the 10% TEFRA should be withheld
Obtain a signature guarantee or other documentation, if required (see page 10).
Mail in your request to:
The Dreyfus Trust Company
P.O. Box 6427
Providence, RI 02940-6427
Attn: Institutional Processing
By Telephone
____________
WIRE Have your bank send your investment to The Bank of New York, with these
instructions:
* ABA# 021000018
* fund name and DDA#
* General Money Market Fund DDA# 8900051957
* the share class
* your account number
* name of investor
* the contribution year
* dealer number if applicable
ELECTRONIC CHECK Same as wire, but insert "1111" before your account number.
___________
The General Municipal Money Market Fund is not recommended for IRAs.
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
For More Information
General Money Market Fund
- --------------------------------------
SEC file number: 811-3207
General Municipal Money Market Fund
- -------------------------------------
SEC file number: 811-3481
More information on each fund is available free upon request, including the
following:
Annual/Semiannual Report
Describes a fund's performance, and lists portfolio holdings.
Statement of Additional Information (SAI)
Provides more details about each fund and its policies. A current SAI is on file
with the Securities and Exchange Commission (SEC) and is incorporated by
reference (is legally considered part of this prospectus).
To obtain information:
BY TELEPHONE Call your financial representative or 1-800-645-6561
BY MAIL Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
ON THE INTERNET Text-only versions of fund documents can be viewed online or
downloaded from: http://www.sec.gov
You can also obtain copies by visiting the SEC's Public Reference Room in
Washington, DC (phone 1-800-SEC-0330) or by sending your request and a
duplicating fee to the SEC's Public Reference Section, Washington, DC
20549-6009.
(c) 1999 Dreyfus Service Corporation
996/997P0599
<PAGE>
