General Money Market Funds
General Money Market Fund
General Government Securities Money Market Fund
General Treasury Prime Money Market Fund
General Municipal Money Market Fund
Investing in high quality, short-term securities for current income, safety of
principal and liquidity
PROSPECTUS April 1, 2000
As revised, May 1, 2000
CLASS B SHARES
GEORGE K. BAUM & COMPANY
SERVICE AGENT
THIS PROSPECTUS IS TO BE USED ONLY BY CLIENTS OF GEORGE K. BAUM & COMPANY.
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.
<PAGE>
The Funds
Contents
The Funds
- --------------------------------------------------------------------------------
Introduction 1
General Money Market Fund 2
General Government Securities
Money Market Fund 4
General Treasury Prime
Money Market Fund 6
General Municipal
Money Market Fund 8
Management 10
Financial Highlights 11
Your Investment
- --------------------------------------------------------------------------------
Account Policies 13
Distributions and Taxes 15
For More Information
- --------------------------------------------------------------------------------
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.
The operations and results of a fund are unrelated to those of each other fund.
This combined prospectus has been prepared for your convenience so that you can
consider four 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:
(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) invest only in 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 1
<PAGE 1>
General Money Market Fund
-----------------------
Ticker Symbol: GMBXX
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) securities 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
2
<PAGE 2>
PAST PERFORMANCE
The bar chart and table below show some of the risks of investing in Class B.
The bar chart shows the changes in the fund's performance from year to year. The
table shows the fund's average annual total return over time. Of course, past
performance is no guarantee of future results.
- --------------------------------------------------------------------------------
Year-by-year total return AS OF 12/31 EACH YEAR (%)
4.68 4.84 4.73 4.37
90 91 92 93 94 95 96 97 98 99
BEST QUARTER: Q4 '97 +1.22%
WORST QUARTER: Q2 '99 +1.02%
- --------------------------------------------------------------------------------
Average annual total return AS OF 12/31/99
Since
inception
1 Year (3/31/95)
- --------------------------------------------------------------------------------
4.37% 4.74%
The fund's 7-day yield on 12/31/99 was 4.80%. For the fund's current yield, call
toll-free 1-800-645-6561.
EXPENSES
As an investor, you pay certain fees and expenses in connection with the fund,
which are described for Class B in the table below. Annual fund operating
expenses are paid out of fund assets, so their effect is included in the share
price.
- --------------------------------------------------------------------------------
Fee table
ANNUAL FUND OPERATING EXPENSES
% OF AVERAGE DAILY NET ASSETS
Management fees 0.50%
Rule 12b-1 fee 0.20%
Shareholder services fee 0.25%
Other expenses 0.08%
- --------------------------------------------------------------------------------
TOTAL 1.03%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Expense example
1 Year 3 Years 5 Years 10 Years
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$105 $328 $569 $1,259
</TABLE>
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. The figures
shown would be the same whether you sold your shares at the end of a period or
kept them. Because actual return and expenses will be different, the example is
for comparison only.
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.
Concepts to understand
MANAGEMENT FEE: the fee paid to Dreyfus for managing the fund's portfolio and
assisting in all aspects of the fund's operations. For the fiscal year ended
November 30, 1999, Dreyfus assumed certain fund expenses pursuant to an
undertaking, reducing total expenses from 1.03% to 1.00%. This undertaking was
voluntary.
RULE 12B-1 FEE: the fee paid to the fund's distributor for distributing Class B
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 shareholder
account service and maintenance.
OTHER EXPENSES: a fee of 0.05% paid by the fund for sub-accounting services
provided by third parties and fees paid by the fund for miscellaneous items such
as transfer agency, custody, professional and registration fees.
General Money Market Fund 3
<PAGE 3>
General Government Securities Money Market Fund
----------------------
Ticker Symbol: GSBXX
GOAL/APPROACH
The fund seeks as high a level of current income as is consistent with the
preservation of capital and the maintenance of liquidity.
To pursue this goal, the fund invests in securities issued or guaranteed by the
U.S. government or its agencies or instrumentalities, and repurchase agreements
in respect of these securities.
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.
A security backed by the U.S. Treasury or the full faith and credit of the
United States is guaranteed only as to the timely payment of interest and
principal when held to maturity. The current market prices for such securities
are not guaranteed and will fluctuate. The fund is subject to the risk that
interest rates could rise sharply, causing the fund's share price to drop.
4
<PAGE 4>
PAST PERFORMANCE
The bar chart and table below show some of the risks of investing in Class B.
The bar chart shows the changes in the fund's performance from year to year. The
table shows the fund's average annual total return over time. Of course, past
performance is no guarantee of future results.
- --------------------------------------------------------------------------------
Year-by-year total return AS OF 12/31 EACH YEAR (%)
4.60 4.69 4.61 4.21
90 91 92 93 94 95 96 97 98 99
BEST QUARTER: Q4 '97 +1.18%
WORST QUARTER: Q2 '99 +0.98%
- --------------------------------------------------------------------------------
Average annual total return AS OF 12/31/99
Since
inception
1 Year (3/31/95)
- --------------------------------------------------------------------------------
4.21% 4.61%
The fund's 7-day yield on 12/31/99 was 4.46%. For the fund's current yield, call
toll-free 1-800-645-6561.
EXPENSES
As an investor, you pay certain fees and expenses in connection with the fund,
which are described for Class B in the table below. Annual fund operating
expenses are paid out of fund assets, so their effect is included in the share
price.
- --------------------------------------------------------------------------------
Fee table
ANNUAL FUND OPERATING EXPENSES
% OF AVERAGE DAILY NET ASSETS
Management fees 0.50%
Rule 12b-1 fee 0.20%
Shareholder services fee 0.25%
Other expenses 0.08%
- --------------------------------------------------------------------------------
TOTAL 1.03%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Expense example
1 Year 3 Years 5 Years 10 Years
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$105 $328 $569 $1,259
</TABLE>
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. The figures
shown would be the same whether you sold your shares at the end of a period or
kept them. Because actual return and expenses will be different, the example is
for comparison only.
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.
Concepts to understand
MANAGEMENT FEE: the fee paid to Dreyfus for managing the fund's portfolio and
assisting in all aspects of the fund's operations. For the fiscal year ended
November 30, 1999, Dreyfus assumed certain fund expenses pursuant to an
undertaking, reducing total expenses from 1.03% to 1.00%. This undertaking was
voluntary.
RULE 12B-1 FEE: the fee paid to the fund's distributor for distributing Class B
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 shareholder
account service and maintenance.
OTHER EXPENSES: a fee of 0.05% paid by the fund for sub-accounting services
provided by third parties and fees paid by the fund for miscellaneous items such
as transfer agency, custody, professional and registration fees.
General Government Securities Money Market Fund 5
<PAGE 5>
General Treasury Prime Money Market Fund
------------------
Ticker Symbol: N/A
GOAL/APPROACH
The fund seeks as high a level of current income as is consistent with the
preservation of capital and the maintenance of liquidity.
To pursue this goal, the fund only invests in securities issued or guaranteed as
to principal and interest by the U.S. government.
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.
A security backed by the U.S. Treasury or the full faith and credit of the
United States is guaranteed only as to the timely payment of interest and
principal when held to maturity. The current market prices for such securities
are not guaranteed and will fluctuate. The fund is subject to the risk that
interest rates could rise sharply, causing the fund's share price to drop.
6
<PAGE 6>
PAST PERFORMANCE
As a new fund, past performance information is not available for the fund as of
the date of this prospectus.
EXPENSES
As an investor, you pay certain fees and expenses in connection with the fund,
which are described for Class B in the table below. Annual fund operating
expenses are paid out of fund assets, so their effect is included in the share
price.
- --------------------------------------------------------------------------------
Fee table
ANNUAL FUND OPERATING EXPENSES
% OF AVERAGE DAILY NET ASSETS
Management fees 0.50%
Rule 12b-1 fee 0.20%
Shareholder services fee 0.25%
Other expenses 0.10%
- --------------------------------------------------------------------------------
TOTAL 1.05%
- --------------------------------------------------------------------------------
Expense example
1 Year 3 Years
- --------------------------------------------------------------------------------
$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. The figures
shown would be the same whether you sold your shares at the end of a period or
kept them. Because actual return and expenses will be different, the example is
for comparison only.
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.
Concepts to understand
MANAGEMENT FEE: the fee paid to Dreyfus 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 for distributing Class B
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 shareholder
account service and maintenance.
OTHER EXPENSES: a fee of 0.05% paid by the fund for sub-accounting services
provided by third parties and estimated fees to be paid by the fund for
miscellaneous items such as transfer agency, custody, professional and
registration fees.
General Treasury Prime Money Market Fund 7
<PAGE 7>
General Municipal Money Market Fund
-----------------------
Ticker Symbol: GBMXX
GOAL/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.
To pursue this goal, the fund normally invests substantially all of its net
assets in municipal obligations that provide income exempt from federal personal
income tax. The fund also may invest in high quality, short-term structured
notes, which are derivative instruments whose value is tied to underlying
municipal obligations. Structured notes typically are purchased in privately
negotiated transactions from financial institutions. When the portfolio 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 of 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
Derivative securities, such as structured notes, can be highly volatile, and the
possibility of default by the financial institution or counterparty may be
greater for these securities than for other types of money market instruments.
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.
8
<PAGE 8>
PAST PERFORMANCE
The bar chart and table below show some of the risks of investing in Class B.
The bar chart shows the changes in the fund's performance from year to year. The
table shows the fund's average annual total return over time. Of course, past
performance is no guarantee of future results.
- --------------------------------------------------------------------------------
Year-by-year total return AS OF 12/31 EACH YEAR (%)
2.66 2.86 2.60 2.35
90 91 92 93 94 95 96 97 98 99
BEST QUARTER: Q2 '97 +0.76%
WORST QUARTER: Q1 '99 +0.52%
- --------------------------------------------------------------------------------
Average annual total return AS OF 12/31/99
Since
inception
1 Year (3/31/95)
- --------------------------------------------------------------------------------
2.35% 2.68%
The fund's 7-day yield on 12/31/99 was 3.45%. For the fund's current yield, call
toll-free 1-800-645-6561.
EXPENSES
As an investor, you pay certain fees and expenses in connection with the fund,
which are described for Class B in the table below. Annual fund operating
expenses are paid out of fund assets, so their effect is included in the share
price.
- --------------------------------------------------------------------------------
Fee table
ANNUAL FUND OPERATING EXPENSES
% OF AVERAGE DAILY NET ASSETS
Management fees 0.50%
Rule 12b-1 fee 0.20%
Shareholder services fee 0.25%
Other expenses 0.10%
- --------------------------------------------------------------------------------
TOTAL 1.05%
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Expense example
1 Year 3 Years 5 Years 10 Years
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
$107 $334 $579 $1,283
</TABLE>
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. The figures
shown would be the same whether you sold your shares at the end of a period or
kept them. Because actual return and expenses will be different, the example is
for comparison only.
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.
Concepts to understand
MANAGEMENT FEE: the fee paid to Dreyfus for managing the fund's portfolio and
assisting in all aspects of the fund's operations. For the fiscal year ended
November 30, 1999, Dreyfus assumed certain fund expenses pursuant to an
undertaking, reducing total expenses from 1.05% to 0.98%. This undertaking was
voluntary.
RULE 12B-1 FEE: the fee paid to the fund's distributor for distributing Class B
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 shareholder
account service and maintenance.
OTHER EXPENSES: a fee of 0.05% paid by the fund for sub-accounting services
provided by third parties and fees paid by the fund for miscellaneous items such
as transfer agency, custody, professional and registration fees.
General Municipal Money Market Fund 9
<PAGE 9>
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
$127 billion in over 160 mutual fund portfolios. For the past fiscal year, each
operational fund paid Dreyfus a management 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 Financial Corporation, a global financial services company with
approximately $2.5 trillion of assets under management, administration or
custody, including approximately $485 billion under management. Mellon provides
wealth management, global investment services and a comprehensive array of
banking services for 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.
Each fund, Dreyfus and Dreyfus Service Corporation (each fund's distributor)
have adopted a code of ethics that permits its personnel, subject to such code,
to invest in securities, including securities that may be purchased or held by
the fund. The Dreyfus code of ethics restricts the personal securities
transactions of its employees, and requires portfolio managers and other
investment personnel to comply with the code's preclearance and disclosure
procedures. Its primary purpose is to ensure that personal trading by Dreyfus
employees does not disadvantage any Dreyfus-managed fund.
10
<PAGE 10>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following tables describe the performance of the Class B shares of each fund
(except General Treasury Prime Money Market Fund) for the periods indicated. As
a new fund, financial highlights information was not available for General
Treasury Prime Money Market Fund as of November 30, 1999. "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.
TEN MONTHS ENDED
YEAR ENDED NOVEMBER 30, NOVEMBER 30, YEAR ENDED JANUARY 31,
GENERAL MONEY MARKET FUND 1999 1998 1997(1) 1997 1996(2)
- --------------------------------------------------------------------------------------------------------------------------------
PER-SHARE DATA ($)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00
Investment operations: Investment income -- net .042 .047 .039 .046 .043
Distributions: Dividends from investment
income -- net (.042) (.047) (.039) (.046) (.043)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
Total return (%) 4.32 4.78 4.83(3) 4.65 5.18(3)
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets (%) 1.00 1.00 1.00(3) 1.00 1.00(3)
Ratio of net investment income to average
net assets (%) 4.24 4.66 4.78(3) 4.56 5.00(3)
Decrease reflected in above expense ratios
due to actions by Dreyfus (%) .03 .06 .05(3) .07 .07(3)
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ x 1,000) 3,056,844 2,427,332 1,231,132 369,205 50,446
(1) THE FUND CHANGED ITS FISCAL YEAR END FROM JANUARY 31 TO NOVEMBER 30.
(2) FROM MARCH 31, 1995 (COMMENCEMENT OF INITIAL OFFERING) TO JANUARY 31, 1996.
(3) ANNUALIZED.
TEN MONTHS ENDED
YEAR ENDED NOVEMBER 30, NOVEMBER 30, YEAR ENDED JANUARY 31,
GENERAL GOVERNMENT SECURITIES MONEY MARKET FUND 1999 1998 1997(1) 1997 1996(2)
- ---------------------------------------------------------------------------------------------------------------------------------
PER-SHARE DATA ($)
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00
Investment operations: Investment income -- net .041 .046 .038 .045 .042
Distributions: Dividends from investment
income -- net (.041) (.046) (.038) (.045) (.042)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
Total return (%) 4.17 4.66 4.69(3) 4.58 5.04(3)
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets (%) 1.00 .97 1.00(3) 1.00 1.00(3)
Ratio of net investment income to average
net assets (%) 4.09 4.55 4.60(3) 4.48 5.01(3)
Decrease reflected in above expense ratios
due to actions by Dreyfus (%) .03 .05 .05(3) .08 .10(3)
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ x 1,000) 659,185 645,984 364,845 90,175 58
(1) THE FUND CHANGED ITS FISCAL YEAR END FROM JANUARY 31 TO NOVEMBER 30.
(2) FROM MARCH 31, 1995 (COMMENCEMENT OF INITIAL OFFERING) TO JANUARY 31, 1996.
(3) ANNUALIZED.
Financial Highlights 11
<PAGE 11>
FINANCIAL HIGHLIGHTS (CONTINUED)
YEAR ENDED NOVEMBER 30,
GENERAL MUNICIPAL MONEY MARKET FUND 1999 1998 1997 1996 1995(1)
- --------------------------------------------------------------------------------------------------------------------------------
PER-SHARE DATA ($)
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00
Investment operations: Investment income -- net .023 .026 .028 .027 .020
Distributions: Dividends from investment income -- net (.023) (.026) (.028) (.027) (.020)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
Total return (%) 2.31 2.64 2.86 2.70 3.01(2)
- --------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratio of expenses to average net assets (%) .98 .96 .95 .85 1.10(2)
Ratio of net investment income to average net assets (%) 2.29 2.59 2.87 2.65 2.83(2)
Decrease reflected in above expense ratios
due to actions by Dreyfus (%) .07 .09 .16 .29 .09(2)
- --------------------------------------------------------------------------------------------------------------------------------
Net assets, end of period ($ x 1,000) 376,104 377,636 263,008 17,491 3,024
(1) FROM MARCH 31, 1995 (COMMENCEMENT OF INITIAL OFFERING) TO NOVEMBER 30, 1995.
(2) ANNUALIZED.
</TABLE>
<PAGE 12>
Your Investment
ACCOUNT POLICIES
Buying shares
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. To purchase fund shares, contact
your financial representative.
APPLICABLE TO GENERAL MONEY MARKET FUND, GENERAL GOVERNMENT SECURITIES MONEY
MARKET FUND AND GENERAL TREASURY PRIME MONEY MARKET FUND:
YOUR PRICE FOR FUND SHARES is the fund's net asset value (NAV), which is
generally calculated twice a day, at 5:00 p.m. and 8:00 p.m., 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 12:00 noon,
you will receive the dividend declared that day. If your payments are received
in or converted into Federal Funds after 12:00 noon, 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 5:00 p.m. and Federal Funds
are received by 6:00 p.m., the shares will be purchased at the NAV determined at
5:00 p.m. and will receive the dividend declared that day. If such an order is
made after 5:00 p.m. but by 8:00 p.m., and Federal Funds are received by 11:00
a.m. the next business day, the shares will be purchased at the NAV determined
at 8:00 p.m. and will begin to accrue dividends on the next business day. All
times are Eastern time.
APPLICABLE TO GENERAL MUNICIPAL MONEY MARKET FUND ONLY:
YOUR PRICE FOR FUND SHARES is the fund's net asset value (NAV), which is
generally calculated three times a day, at 12:00 noon, 2:00 p.m. and 8:00 p.m.,
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. The fund's investments are
valued based on amortized cost.
IF YOUR PAYMENTS ARE RECEIVED in or converted into Federal Funds by 4:00 p.m.,
you will receive the dividend declared that day. If your payments are received
in or converted into Federal Funds after 4:00 p.m., 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 2:00 p.m., and Federal Funds
are received by 4:00 p.m., the shares will be purchased at the NAV determined
after the telephone order is accepted and will receive the dividend declared
that day. If such an order is made after 2:00 p.m., but by 8:00 p.m., and
Federal Funds are received by 11:00 a.m. the next business day, the shares will
be purchased at the NAV determined at 8:00 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 retirement plans.
Your Investment 13
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ACCOUNT 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.
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.
General policies
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 that the order is from a representative of your
financial institution.
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).
Concepts to understand
NET ASSET VALUE (NAV): the market value of one share, computed by dividing the
total net assets of a fund or class by its shares outstanding.
AMORTIZED COST: a method of valuing a money market fund's portfolio securities,
which does not take into account unrealized gains or losses. As a result,
portfolio securities are valued at their acquisition cost, adjusted over time
based on the discounts or premiums reflected in their purchase price. This
method of valuation is designed to permit a fund to maintain a stable NAV.
14
<PAGE 14>
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.
Your dividends and distributions will be reinvested in the fund unless you
instruct the fund otherwise. There are no fees or sales charges on
reinvestments.
DIVIDENDS AND DISTRIBUTIONS PAID by the taxable money market funds are taxable
to U.S. shareholders as ordinary income (unless your investment is in an IRA or
other tax-deferred account).
THE MUNICIPAL MONEY MARKET FUND anticipates that, under normal market
conditions, virtually all of its income dividends will be exempt from federal
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 a 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.
Retirement plans
A variety of retirement plans are offered for the taxable money market funds,
including traditional, Roth and Education IRAs.
In addition, SEP-IRAs, Keogh accounts, 401(k) and 403(b) accounts are also
available. Please call your financial representative for information.
Your Investment 15
<PAGE 15>
NOTES
<PAGE 16>
NOTES
<PAGE 17>
For More Information
General Money Market Fund
- -----------------------------------
SEC file number: 811-3207
General Government Securities Money Market Fund
- -----------------------------------
SEC file number: 811-3456
General Treasury Prime Money Market Fund
- -----------------------------------
SEC file number: 811-3456
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 the 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
George K. Baum & Company Investment Executive or
1-800-821-7195
BY MAIL Write to:
George K. Baum & Company
120 West 12th Street, Suite 800
Kansas City, MO 64105
ON THE INTERNET Text-only versions of certain 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 (for information, call 1-202-942-8090) or, after paying a
duplicating fee, by E-mail request to [email protected], or by writing to the
SEC's Public Reference Section, Washington, DC 20549-0102.
(c) 2000 Dreyfus Service Corporation
GEN-P0500B-GKB
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