LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this semi-annual report for the
General New York Municipal Money Market Fund. For the period ended May 31,
1994, the annualized yield provided by your Fund was 2.08%. After taking into
account the effect of compounding, the annualized effective yield was 2.10%.*
Income dividends of approximately $.01 per share paid during the period were
exempt from Federal, New York State and New York City income taxes.**
Throughout the period, your Fund continued to provide an attractive after-tax
return compared to short-term taxable alternatives for the New York investor.
At our last reporting, we were keeping a watchful eye on the status of
the U.S. economy, the direction of interest rates, and any significant
variation in inflationary indicators. Early in the period, economic numbers
hinted that the nation's growth might be more anemic than anticipated. With
no strong threat of a rekindling of inflation, the municipal market responded
with strength, providing some of the lowest historic yields in both the bond
and money markets. In a somewhat unusual turn of events, assets of municipal
money market funds increased despite the unprecedented low yield environment.
In the first half of 1994, however, signs of economic strength began to
emerge along with the specter of a tighter Federal Reserve Board policy.
Through a series of tightening moves between February 4 and May 17, the Fed
signaled its desire to choke off inflationary pressures before they had an
opportunity to build significantly. In a step-by-step process through the
first four months of the year, the Fed inched up the Fed Funds rate by 75
basis points to the 3 3/4% level. The bond market responded with an uneasy
100 basis point rise in rates, with short-term rates moving upward by 50
basis points. The most overt move came on May 17 when the Fed raised both the
discount rate and the Federal Funds rate by 50 basis points, to 3.50% and
4.25%, respectively. The moves appeared to reach a neutral monetary policy,
clearly signaling the end of its 1993 accommodative stance.
With these changes in the Federal Reserve's monetary stance, uneasiness
in other markets served to bolster rates in the short-term municipal market
as cash moved into municipal money markets from both equity and bond funds.
Short-term municipal rates increased, but to a lesser degree than their
taxable counterparts. Total net assets of municipal money market funds
reached an all-time high of over $119 billion, which declined as the tax
season arrived. Traditionally, money market funds lose money during tax time
as investors tap their money funds to pay income taxes. During this period,
municipal notes continued to provide attractive returns relative to taxable
alternatives.
In the coming weeks and months, we will sort through the various
financings which flood the market during the late spring and early summer, to
obtain those issues we feel represent the best value for your portfolio while
maintaining our high quality standards and high degree of liquidity. We will
adjust our strategy as necessary to respond to changes in the market and in
Federal Reserve policy and to the proposed changes in the regulations
governing money market funds which we have received from the Securities and
Exchange Commission. We will keep you informed in future letters as to the
effect these various changes may have on our market and how they will affect
our portfolio strategy.
We have included a current Statement of Investments and recent financial
statements for your review and look forward to serving your investment needs
in the future.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
President
June 16, 1994
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
** Some income may be subject to the Federal Alternative Minimum Tax (AMT)
for certain shareholders.
<TABLE>
<CAPTION>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS MAY 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS--100.0% AMOUNT VALUE
------------- -------------
<S> <C> <C>
NEW YORK--96.2%
Erie County:
RAN 3.30%, 8/5/94 (LOC; Mitsubishi Bank) (a)............................ $ 15,200,000 $ 15,205,224
TAN 2.75%, 12/30/94 (LOC; Union Bank of Switzerland) (a)................ 12,000,000 12,019,006
Erie County Water Authority, Water Revenue, VRDN 2.60%, Series A
(Insured; AMBAC and Liquidity Facility; Industrial Bank of Japan) (b)... 9,000,000 9,000,000
Fulton County Industrial Development Agency, Revenue, VRDN
(SLM Action Sports Project) 2.925% (LOC; Royal Bank of Canada) (a,b).... 1,800,000 1,800,000
Half Hallow Hills Central School District, Huntington and Babylon, TAN
3%, 6/24/94............................................................. 13,000,000 13,004,796
Town of Islip Industrial Development Agency, IDR, VRDN
(Brentwood Distribution Project) 3.125% (LOC; Bankers Trust) (a,b)...... 3,000,000 3,000,000
Metropolitan Transport Authority, Commuter Facilities Revenue, VRDN
2.55% (LOC: Bank of Tokyo, Industrial Bank of Japan, Mitsubishi Bank,
Morgan Bank,
National Westminster Bank and Sumitomo Bank) (a,b)...................... 28,800,000 28,800,000
Monroe County, BAN 3%, 6/10/94.............................................. 5,000,000 5,000,540
City of New York:
RAN 3.50%, 6/30/94...................................................... 10,000,000 10,004,638
VRDN:
3%, Series H (Insured; MBIA and Liquidity Facility; Banco Santander) (b) 10,000,000 10,000,000
3.20%, Series A-7 (LOC; Morgan Guaranty Trust) (a,b).................. 8,100,000 8,100,000
3.25%, Series C (LOC; Fuji Bank) (a,b)................................ 10,100,000 10,100,000
Refunding, 3.15%, Series D (SBPA; Citibank) (b)....................... 24,000,000 24,000,000
Trust Cultural Resource Revenue (Solomon R. Guggenheim)
3%, Series B (LOC; Swiss Bank Corp.) (a,b)........................ 9,500,000 9,500,000
New York City Housing Development Corp., Mortgage Revenue, VRDN
(Park Gate Tower) 2.50% (LOC; Citibank) (a,b)........................... 2,785,000 2,785,000
New York City Industrial Development Agency, VRDN:
Civil Facility Revenue (Children's Oncology Society/Ronald McDonald House)
2.65% (LOC; Barclays Bank) (a,b)...................................... 3,800,000 3,800,000
IDR:
2.65%, Series E (LOC; ABN-Amro Bank) (a,b)............................ 950,000 950,000
(Field Hotel Association JFK Project) 2.85% (LOC; Banque Indosuez) (a,b). 4,000,000 4,000,000
(Japan Airlines Co. LTD. Project) 3.35% (LOC; Morgan Guaranty Trust) (a,b). 4,000,000 4,000,000
(Nobart-New York Inc. Project) 3.25% (LOC; Dai-Ichi Kangyo Bank) (a,b). 2,900,000 2,900,000
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue,
BAN 3.75%, Series A, 12/15/94........................................... 15,000,000 15,070,026
New York State, GO Notes 4.90%, 3/1/95...................................... 10,000,000 10,127,782
New York State Dormitory Authority, Revenues:
CP (Memorial Sloan Kettering) 2.55%, Series A (LOC; Fuji Bank) (a)...... 5,000,000 5,000,000
VRDN:
(Cornell University) 3%, Series B (LOC; Morgan Guaranty Trust) (a,b).. 15,400,000 15,400,000
(Oxford University Press Inc.) 2.90% (LOC; Wachovia Bank and Trust Co.) (a,b). 12,385,000 12,385,000
New York State Energy, Research and Development Authority:
Electric Facilities Revenue (Lilco Project) 2.85%, Series B, 11/1/94
(LOC; Toronto Dominion Bank) (a)...................................... 8,000,000 8,000,000
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------- -------------
NEW YORK (CONTINUED)
New York State Energy, Research and Development Authority (continued):
PCR:
Bonds:
(Lilco Project):
3%, Series A, 3/1/95 (LOC; Deutsche Bank) (a)................... $ 6,000,000 $ 6,000,000
3%, Series B, 3/1/95 (LOC; Deutsche Bank) (a)................... 14,000,000 14,000,000
(New York State Electric and Gas Corp.):
2.80%, Series 84A, 12/1/94 (LOC; Union Bank of Switzerland) (a). 10,180,000 10,182,399
2.85%, Series B, 10/15/94 (LOC; Union Bank of Switzerland) (a).. 7,200,000 7,200,000
3.25%, 3/15/95 (LOC; JP Morgan) (a)............................. 12,000,000 12,000,000
VRDN:
(Central Hudson Gas and Electric Project):
2.65%, Series B (LOC; Bankers Trust) (a,b)...................... 8,700,000 8,700,000
2.95%, Series A (LOC; Bankers Trust) (a,b)...................... 3,800,000 3,800,000
(Niagara Mohawk Project Corp.):
2.90%, Series C (LOC; Canadian Imperial Bank of Commerce) (a,b). 19,000,000 19,000,000
2.90%, Series B (LOC; Toronto Dominion Bank) (a,b).............. 6,000,000 6,000,000
3%, Series A (LOC; Toronto Dominion Bank) (a,b)................. 24,600,000 24,600,000
3.60%, Series A (LOC; Morgan Guaranty Trust) (a,b).............. 41,000,000 41,000,000
3.60%, Series B (LOC; JP Morgan) (a,b).......................... 16,000,000 16,000,000
New York State Environmental Facilities Corp., RRR, VRDN
(Equity Huntington Project) 3.05% (LOC; Union Bank of Switzerland) (a,b) 1,400,000 1,400,000
New York State Housing Finance Agency, Revenue, VRDN
(Liberty View Apartment Housing Project) 2.65% (LOC; Chemical Bank) (a,b) 10,850,000 10,850,000
New York State Local Government Assistance Corp., VRDN
2.50%, Series B (LOC: Credit Suisse and Swiss Bank Corp.) (a,b)......... 10,000,000 10,000,000
New York State Medical Care Facilities Finance Agency, Revenue
(Pooled Equipment Loan Program):
3.20%, 9/29/94........................................................ 14,325,000 14,325,000
VRDN 2.70% (LOC; Chemical Bank) (a,b)................................. 45,500,000 45,500,000
New York State Mortgage Agency, Revenue 3.30%, Series 40-C, 12/1/94
(GIC; Morgan Guaranty and Collaterized; U.S. Treasury Bills)............ 10,000,000 10,000,000
New York State Thruway Authority, General Revenue, VRDN 2.85% (Insured; FGIC) (b) 10,000,000 10,000,000
North Hempstead Solid Waste Management Authority,
Solid Waste Management Revenue, Refunding, VRDN
2.75%, Series A (LOC; National Westminster Bank) (a,b).................. 11,050,000 11,050,000
Onondaga County Industrial Development Agency, IDR, VRDN
(Edgecomb Metals Co. Project) 3% (LOC; Banque Nationale de Paris) (a,b). 2,000,000 2,000,000
Port Authority of New York and New Jersey, Special Obigation Revenue, VRDN
2.70%, Series 3 (LOC; Deutsche Bank) (a,b).............................. 24,000,000 24,000,000
Rockland County Industrial Development Agency, IDR, VRDN (Wilton Foods)
3% (LOC; Bank of Tokyo) (a,b)........................................... 2,900,000 2,900,000
Suffolk County, TAN:
2.70%, Series I, 8/16/94 (LOC; Mitsubishi Bank) (a)..................... 25,000,000 25,033,505
3%, Series II, 9/15/94 (LOC; Chemical Bank) (a)......................... 20,000,000 20,008,468
Syracuse, BAN 3%, 6/17/94................................................... 7,163,000 7,164,578
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------- -------------
NEW YORK (CONTINUED)
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
2.60% (Insured; FGIC) (b)............................................... $ 20,000,000 $ 20,000,000
Westchester County, TAN 2.75%, 12/15/94..................................... 28,000,000 28,014,554
U.S. RELATED--3.8%
Commonwealth of Puerto Rico Government Development Bank, Refunding, VRDN
2.60% (LOC: Credit Suisse and Sumitomo Bank) (a,b)...................... 23,000,000 23,000,000
Commonwealth of Puerto Rico Highway and Transportation Authority, Highway Revenue,
VRDN 2.55%, Series X (LOC: Landesbank Hessen, Swiss Bank Corp
and United Bank of Switzerland) (a,b)................................... 3,000,000 3,000,000
-------------
TOTAL INVESTMENTS
(cost $680,680,516)..................................................... $680,680,516
=============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Insurance Association
BAN Bond Anticipation Notes PCR Pollution Control Revenue
CP Commercial Paper RAN Revenue Anticipation Notes
FGIC Financial Guaranty Insurance Corporation RRR Resource Recovery Revenue
GIC Guaranteed Investment Contract SBPA Stanby Bond Purchase Agreement
GO General Obligation TAN Tax Anticipation Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
LOC Letter of Credit
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- - --------- ---------- -------------------- ----------------------
<S> <C> <S> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 92.3%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 2.8
Not Rated (f) Not Rated (f) Not Rated (f) 4.9
--------
100.0%
=======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit At May 31, 1994, 73.4% of the Fund's net
assets are backed by letters of credit issued by domestic banks, foreign
banks and brokerage firms, of which Chemical Bank provided letters of
credit to 11.3% of the Fund's net assets.
(b) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) P1 and A1 are the highest ratings assigned tax-exempt commercial
paper by Moody's and Standard & Poor's, respectively.
(e) Notes which are not F, MIG or SP rated are represented by bond
ratings of the issuers.
(f) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's have been determined by the Fund's Board of Trustees to be of
comparable quality to those rated securities in which the Fund may
invest.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES MAY 31, 1994 (UNAUDITED)
ASSETS:
<S> <C> <C>
Investments in securities, at value--Note 1(a).......................... $680,680,516
Interest receivable..................................................... 4,361,046
Prepaid expenses........................................................ 90,755
-------------
685,132,317
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 85,405
Payable for investment securities purchased............................. 10,000,000
Accrued expenses and other liabilities.................................. 467,296 10,552,701
----------- -------------
NET ASSETS.................................................................. $674,579,616
=============
REPRESENTED BY:
Paid-in capital......................................................... $674,609,110
Accumulated undistributed net realized (loss) on investments............ (29,494)
-------------
NET ASSETS at value applicable to 674,609,110 outstanding shares of
Beneficial Interest, equivalent to $1.00 per share (unlimited number
of $.001 par value shares authorized)................................... $674,579,616
=============
STATEMENT OF OPERATIONS SIX MONTHS ENDED MAY 31, 1993 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 7,668,846
EXPENSES:
Management fee--Note 2(a)............................................. $ 1,592,840
Shareholder servicing costs--Note 2(c)................................ 453,068
Custodian fees........................................................ 30,618
Professional fees..................................................... 21,095
Prospectus and shareholders' reports--Note 2(b)....................... 17,467
Trustees' fees and expenses--Note 2(d)................................ 13,163
Registration fees..................................................... 11,720
Miscellaneous......................................................... 13,736
-----------
2,153,707
Less--reduction in management fee due to
undertaking--Note 2(a)............................................ 1,114,988
-----------
TOTAL EXPENSES.................................................. 1,038,719
-------------
INVESTMENT INCOME--NET...................................................... 6,630,127
NET REALIZED (LOSS) ON INVESTMENTS--Note 1(b)............................... (20,172)
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 6,609,955
=============
See independent accountants' review report and notes to financial statements.
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
NOVEMBER 30, MAY 31, 1994
1993 (UNAUDITED)
-------------- -------------
OPERATIONS:
Investment income--net............................................... $ 11,671,534 $ 6,630,127
Net realized gain (loss) on investments.............................. 33,905 (20,172)
Net unrealized (depreciation) on investments for the period.......... (23,949) ----
-------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............... 11,681,490 6,609,955
-------------- -------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net............................................... (11,671,534) (6,630,127)
-------------- -------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................ 1,221,685,330 672,949,799
Dividends reinvested................................................. 11,110,335 6,292,140
Cost of shares redeemed.............................................. (1,251,263,666) (617,083,030)
-------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS (18,468,001) 62,158,909
-------------- -------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................ (18,458,045) 62,138,737
NET ASSETS:
Beginning of period.................................................. 630,898,924 612,440,879
-------------- -------------
End of period........................................................ $ 612,440,879 $674,579,616
============== =============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
YEAR ENDED NOVEMBER 30, SIX MONTHS ENDED
------------------------------------------------------- MAY 31, 1994
PER SHARE DATA: 1989 1990 1991 1992 1993 (UNAUDITED)
------- ------- ------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period... $ .9989 $ .9991 $ .9999 $ .9999 $1.0000 $1.0000
------- ------- ------- -------- ------- --------
INVESTMENT OPERATIONS:
Investment income--net................. .0523 .0561 .0436 .0275 .0198 .0104
Net realized and unrealized gain (loss) on
investments.......................... .0002 .0008 --- .0001 --- ---
------- ------- ------- -------- ------- --------
TOTAL FROM INVESTMENT OPERATIONS..... .0525 .0569 .0436 .0276 .0198 .0104
------- ------- ------- -------- ------- --------
DISTRIBUTIONS;
Dividends from investment income--net.. (.0523) (.0561) (.0436) (.0275) (.0198) (.0104)
------- ------- ------- -------- ------- --------
Net asset value, end of period......... $ .9991 $ .9999 $ .9999 $1.0000 $1.0000 $1.0000
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN 5.36% 5.76% 4.45% 2.78% 2.00% 2.09%*
RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .75% --- .09% .25% .32% .33%*
Ratio of net investment income to average
net assets........................... 5.97% 5.58% 4.44% 2.99% 1.98% 2.08%*
Decrease reflected in above expense ratios
due to undertakings by the manager... .15% .66% .55% .38% .35% .35%*
Net Assets, end of period (000's Omitted) $49,335 $500,947 $586,933 $630,899 $612,441 $674,580
- - -----------------
* Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a non-diversified open-end management investment company. Dreyfus Service
Corporation ("Distributor") acts as the distributor of the Fund's shares,
which are sold to the public without a sales load. The Distributor is a
wholly-owned subsidiary of The Dreyfus Corporation ("Manager").
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.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Trustees to represent the fair
value of the Fund's investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Interest income, adjusted
for amortization of premiums and, when appropriate, discounts on investments,
is earned from settlement date and recognized on the accrual basis. Realized
gain and loss from securities transactions are recorded on the identified
cost basis.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations
held by the Fund.
(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 gain 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. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income taxes.
The Fund has an unused capital loss carryover of approximately $9,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to November 30, 1993. If not
applied, the carryover expires in fiscal 1998.
At May 31, 1994, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see
the Statement of Investments).
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .50 of 1% of the average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed 11/2% of the average value of the Fund's net
assets for any full fiscal year. However, the Manager has undertaken from
December 1, 1993 to waive receipt of the management fee payable to it by the
Fund in excess of an annual rate of .15 of 1% of the Fund's average daily net
assets. The reduction in management fee, pursuant to the undertaking,
amounted to $1,114,988 for the six months ended May 31, 1994.
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
The Manager may modify the expense limitation percentages from time to
time, provided that the resulting expense reimbursement would not be less
than the amount required pursuant to the Agreement.
(B) The Fund has adopted a Service Plan, (the "Plan") pursuant to which
the Fund will bear the costs of preparing, printing and distributing certain
of the Fund's prospectuses and statements of additional information and costs
associated with implementing and operating the Plan, not to exceed the
greater of $100,000 or .005 of 1% of the Fund's average daily net assets for
any full fiscal year. During the six months ended May 31, 1994, was charged
$8,666 pursuant to the Plan.
(C) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
the distributor an amount not to exceed an annual rate of .25 of 1% of the
value of the Fund's average daily net assets for servicing shareholder
accounts. The services provided may include personal services relating to
shareholder accounts, such as answering shareholder inquiries regarding the
Fund and providing reports and other information, and services related to the
maintenance of shareholder accounts. During the six months ended May 31,
1994, the Fund was charged an aggregate of $184,752 pursuant to the
Shareholder Services Plan.
(D) Certain officers and trustees of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or the Distributor. Each trustee
who is not an "affiliated person" receives an annual fee of $2,500 and an
attendance fee of $250 per meeting.
(E) On December 5, 1993, the Manager entered into an Agreement and Plan
of Merger (the "Merger Agreement") providing for the merger of the Manager
with a subsidiary of Mellon Bank Corporation ("Mellon").
Following the merger, it is planned that the Manager will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a number
of contingencies, including receipt of certain regulatory approvals and
approvals of the stockholders of the Manager and of Mellon. The merger is
expected to occur in August 1994, but could occur later.
As a result of regulatory requirements and the terms of the Merger
Agreement, the Manager will seek various approvals from the Fund's
shareholders before completion of the merger. Proxy materials, approved by
the Fund's Board, recently have been mailed to Fund shareholders.
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
REVIEW REPORT OF ERNST & YOUNG, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
We have reviewed the accompanying statement of assets and liabilities of
General New York Municipal Money Market Fund, including the statement of
investments, as of May 31, 1994, and the related statements of operations and
changes in net assets and financial highlights for the six month period ended
May 31, 1994. These financial statements and financial highlights are the
responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
November 30, 1993 and financial highlights for each of the five years in the
period ended November 30, 1993 and in our report dated dated January 3, 1994,
we expressed an unqualified opinion on such statement of changes in net
assets and financial highlights.
(Ernst & Young Signature Logo)
New York, New York
June 30, 1994
(Dreyfus Logo)
General New York
Municipal
Money Market Fund
Semi-Annual
Report
May 31, 1994
(Dreyfus Lion Logo)
(Dreyfus `D' Logo)
GENERAL NEW YORK
MUNICIPAL MONEY MARKET FUND
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
DISTRIBUTOR
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 574SA945
Registration Mark
