LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this annual report for the General New
York Municipal Money Market Fund. For the period ended November 30, 1994, the
yield provided by your Fund was 2.32%. After taking into account the effect
of compounding, the effective yield was 2.34%.* Dividends of approximately
$.02 per share paid during the period were exempt from Federal, New York
State and New York City income taxes.** Compared to its short-term taxable
alternatives, your Fund continued to provide an attractive after-tax return
throughout the period for the New York investor.
Our last letter recapped the series of Federal Reserve Board moves
throughout the first half of 1994_moves designed to reach a more neutral
monetary policy stance in response to continued economic expansion. With
further evidence of economic strength in the latter half of the year, the Fed
continued its move toward tighter policy. In two successive moves in August
and November, the Fed increased rates an additional 175 basis points. By
November 15, the last tightening move, total monetary policy actions taken in
1994 increased the Discount Rate from 3.00% to 4.75%; in addition, the
Federal Funds rate moved from 3.00% in February to 5.50% in November.
Throughout the year, rates on municipal money market funds increased in
response to the higher rates. Over the period of tightening, the average
yield for all tax-free money funds increased 122 basis points, to 3.02%.
One of the most significant events which affected the short-term
municipal market was the filing for bankruptcy in the second half of the year
by Orange County, California. While your New York Fund did not hold any
direct obligations of Orange County, the uncertainty which existed at the
time of the County's disclosure created some temporary market weakness. In
light of the uncertainty, coupled with the potential for additional Federal
Reserve action in late January, we chose to invest most available proceeds in
the short end of the yield curve. Throughout this process, the securities
suitable for investment were those that met our high quality standards and
that provided a balance of income and liquidity consistent with our
conservative investment philosophy. We will continue to monitor these
developments and will adjust our strategy as changes in the market warrant.
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
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 16, 1994
New York, N.Y.
* 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 NOVEMBER 30, 1994
PRINCIPAL
TAX EXEMPT INVESTMENTS_100.0% AMOUNT VALUE
--------------- --------
<S> <C> <C>
NEW YORK_96.6%
Babylon Industrial Development Agency, RRR, VRDN
(Equity Babylon Project) 3.75% (LOC; Union Bank of Switzerland) (a,b)... $ 12,700,000 $ 12,700,000
Erie County:
RAN 4.75%, 8/15/95 (LOC; Union Bank of Switzerland) (b)................. 18,000,000 18,091,376
TAN 2.75%, 12/30/94 (LOC; Union Bank of Switzerland) (b)................ 12,000,000 12,002,600
Erie County Water Authority, Water Revenue, VRDN 3.60%, Series A
(Insured; AMBAC and Liquidity Facility; Industrial Bank of Japan) (a)... 9,000,000 9,000,000
Half Hallow Hills Central School District, Huntington and Babylon, TAN
4%, 6/30/95............................................................. 14,700,000 14,718,027
Town of Islip Industrial Development Agency, IDR, VRDN
(Brentwood Distribution Project) 4% (LOC; Bankers Trust) (a,b).......... 3,000,000 3,000,000
Metropolitan Transport Authority, Commuter Facilities Revenue, VRDN
3.65% (LOC: Bank of Tokyo, Industrial Bank of Japan, Mitsubishi Bank,
Morgan Bank, National Westminster Bank and Sumitomo Bank) (a,b)......... 28,500,000 28,500,000
New York City:
RAN 4.50%, Series A, 4/12/95............................................ 24,000,000 24,063,493
VRDN:
3.60%, Series E-5 (LOC; Sumitomo Bank) (a,b).......................... 6,600,000 6,600,000
3.70%, Series A-6 (LOC; Landesbank) (a,b)............................. 10,000,000 10,000,000
3.70%, Series D (Insured; FGIC, Liquidity Facility; GE Capital) (a)... 12,700,000 12,700,000
3.75%, Series H-2 (Insured; MBIA and Liquidity Facility; Banco Santander) (a) 10,000,000 10,000,000
3.75%, Series C (LOC; Fuji Bank) (a,b)................................ 10,100,000 10,100,000
3.85%, Series A-7 (LOC; Morgan Guaranty Trust Co.) (a,b).............. 8,100,000 8,100,000
New York City Housing Development Corp., Mortgage Revenue, VRDN:
(Multi-Family-York Avenue Development Project) 3.80% (LOC; Chemical Bank) (a,b) 8,000,000 8,000,000
(Park Gate Tower) 3.55% (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)
3.50% (LOC; Barclays Bank) (a,b)...................................... 3,200,000 3,200,000
IDR:
3.85%, Series E (LOC; ABN-Amro Bank) (a,b)............................ 900,000 900,000
(Field Hotel Association JFK Project) 3.65% (LOC; Banque Indosuez) (a,b) 4,000,000 4,000,000
(Nobart-New York Ink Project) 4.125% (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 15,004,977
New York City Transportation Authority, Special Obligation,
RAN 4%, Series A, 12/15/94.............................................. 15,000,000 15,005,633
New York State, GO Notes 4.90%, 3/1/95...................................... 10,000,000 10,042,126
New York State Dormitory Authority, Revenues, CP (Memorial Sloan Kettering)
3.35%, Series A, 12/14/94 (LOC; Fuji Bank) (b).......................... 5,000,000 5,000,000
New York State Energy, Research and Development Authority:
Electric Facilities Revenue, VRDN (Lilco Project) 3.40%, Series B,
(LOC; Toronto Dominion Bank) (a,b).................................... 8,000,000 8,000,000
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994
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) (b)................... $ 6,000,000 $ 6,000,000
3%, Series B, 3/1/95 (LOC; Deutsche Bank) (b)................... 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) (b). 10,180,000 10,180,000
3.25%, 3/15/95 (LOC; JP Morgan) (b)............................. 12,000,000 12,000,000
4.15%, Series B, 10/15/95 (LOC; Union Bank of Switzerland) (b).. 9,000,000 9,000,000
VRDN:
(Central Hudson Gas and Electric Project):
3.60%, Series B (LOC; Bankers Trust) (a,b)...................... 8,700,000 8,700,000
3.65%, Series A (LOC; Bankers Trust) (a,b)...................... 3,800,000 3,800,000
(Niagara Mohawk Project Corp.):
3.55%, Series B (LOC; Toronto Dominion Bank) (a,b).............. 21,900,000 21,900,000
3.55%, Series C (LOC; Canadian Imperial Bank of Commerce) (a,b). 22,100,000 22,100,000
3.85%, Series A (LOC; Morgan Guaranty Trust Co.) (a,b).......... 41,000,000 41,000,000
New York State Environmental Facilities Corp., RRR, VRDN
(Equity Huntington Project) 3.75% (LOC; Union Bank of Switzerland) (a,b) 11,900,000 11,900,000
New York State Local Government Assistance Corp., VRDN 3.50%, Series B
(LOC: Credit Suisse and Swiss Bank Corp.) (a,b)......................... 25,000,000 25,000,000
New York State Medical Care Facilities Finance Agency, Revenue, VRDN
(Pooled Equipment Loan Program) 3.45% (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 Trust Co. and Collateralized in; U.S. Treasury Bills) 10,000,000 10,000,000
North Hempstead Solid Waste Management Authority,
Solid Waste Management Revenue, Refunding, VRDN
3.60%, Series A (LOC; National Westminster Bank) (a,b).................. 11,050,000 11,050,000
Northport East Union Free School District, TAN 4.40%, 6/30/95............... 12,600,000 12,624,617
Onondaga County Industrial Development Agency, IDR, VRDN
(Edgecomb Metals Co. Project) 3.875% (LOC; Banque Nationale de Paris) (a,b) 2,000,000 2,000,000
Port Authority of New York and New Jersey, Special Obligation Revenue, VRDN
3.65%, Series 3 (LOC; Deutsche Bank) (a,b).............................. 24,000,000 24,000,000
Rochester, BAN 4.75%, Series I, 11/2/95..................................... 37,122,000 37,292,430
Rockland County Industrial Development Agency, IDR, VRDN (Wilton Foods)
3.75% (LOC; Bank of Tokyo) (a,b)........................................ 2,900,000 2,900,000
Suffolk County, TAN 4.50%, Series II, 9/14/95............................... 18,000,000 18,057,014
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
3.60% (Insured; FGIC) (a)............................................... 20,000,000 20,000,000
Westchester County, TAN 2.75%, 12/15/94..................................... 28,000,000 28,001,034
William Floyd Union Free School District, TAN 4.75%, 6/30/95................ 12,000,000 12,030,427
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994
PRINCIPAL
U.S. RELATED_3.4% AMOUNT VALUE
-------------- ---------------
Commonwealth of Puerto Rico Government Development Bank, Refunding, VRDN
3.55% (LOC: Credit Suisse and Sumitomo Bank) (a,b)...................... $ 23,000,000 $ 23,000,000
---------------
TOTAL INVESTMENTS
(cost $686,448,754)..................................................... $686,448,754
===============
SUMMARY OF ABBREVIATIONS
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
BAN Bond Anticipation Notes MBIA Municipal Bond Investors Assurance
CP Commercial Paper PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Company RAN Revenue Anticipation Notes
GIC Guaranteed Investment Contract RRR Resources Recovery Revenue
GO General Obligations TAN Tax Anticipation Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- ------- -------- ---------------- -----------------
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 93.9%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) .7
Not Rated (f) Not Rated (f) Not Rated (f) 5.4
____
100.0%
======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) 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.
(b) Secured by letters of credit. At November 30, 1994, 63.5% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks and brokerage firms, of which Union Bank of
Switzerland provided letters of credit to 10.7% of the Fund's net assets.
(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 notes to financial statements.
<TABLE>
<CAPTION>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1994
<S> <C> <C>
ASSETS:
Investments in securities, at value_Note 1(a).......................... $686,448,754
Interest receivable..................................................... 4,771,772
Prepaid expenses........................................................ 68,829
--------------
691,289,355
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 156,628
Due to Custodian........................................................ 1,016,869
Accrued expenses........................................................ 197,775 1,371,272
------------- ----------
NET ASSETS ................................................................ $689,918,083
==============
REPRESENTED BY:
Paid-in capital......................................................... $689,966,978
Accumulated net realized (loss) on investments.......................... (48,895)
-------------
NET ASSETS at value applicable to 689,966,978 shares outstanding
(unlimited number of $.001 par value shares of Beneficial
Interest authorized).................................................... $689,918,083
==============
NET ASSET VALUE, offering and redemption price per share
($689,918,083 / 689,966,978 shares)..................................... $1.00
======
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
STATEMENT OF OPERATIONS YEAR ENDED NOVEMBER 30, 1994
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $17,650,397
EXPENSES:
Management fee_Note 2(a)............................................. $3,303,984
Shareholder servicing costs_Note 2(c)................................. 902,934
Professional fees..................................................... 61,798
Custodian fees........................................................ 60,828
Prospectus and shareholders' reports_Note 2(b)........................ 26,427
Trustees' fees and expenses_Note 2(d)................................. 18,970
Registration fees..................................................... 16,695
Miscellaneous......................................................... 25,325
---------
4,416,961
Less_reduction in management fee due to
undertaking_Note 2(a)............................................. 2,147,114
---------
TOTAL EXPENSES.................................................. 2,269,847
-----------
INVESTMENT INCOME_NET...................................................... 15,380,550
NET REALIZED (LOSS) ON INVESTMENTS_Note 1(b)............................... (39,573)
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $15,340,977
===========
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED NOVEMBER 30,
_________________
1993 1994
----------- ------------
<S> <C> <C>
OPERATIONS:
Investment income_net.................................................. $ 11,671,534 $ 15,380,550
Net realized gain (loss) on investments................................. 33,905 (39,573)
Net unrealized (depreciation) on investments for the year............... (23,949) --
--------------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 11,681,490 15,340,977
--------------- -----------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income_net.................................................. (11,671,534) (15,380,550)
-------------- ------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................... 1,221,685,330 1,264,417,458
Dividends reinvested.................................................... 11,110,335 14,609,328
Cost of shares redeemed................................................. (1,251,263,666)(1,201,510,009)
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS (18,468,001) 77,516,777
-------------- -----------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................... (18,458,045) 77,477,204
NET ASSETS:
Beginning of year....................................................... 630,898,924 612,440,879
-------------- ------------
End of year............................................................. $ 612,440,879 $ 689,918,083
============= =============
</TABLE>
See notes to financial statements.
<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 year indicated. This
information has been derived from the Fund's financial statements.
YEAR ENDED NOVEMBER 30,
--------------------------------------------------------
PER SHARE DATA: 1990 1991 1992 1993 1994
-------- -------- -------- ------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year........... $ .9991 $ .9999 $ .9999 $1.0000 $1.0000
-------- -------- -------- ------- -------
INVESTMENT OPERATIONS:
Investment income_net....................... .0561 .0436 .0275 .0198 .0232
Net realized and unrealized gain (loss) on investments .0008 -- .0001 -- (.0001)
________ ________ -------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS........... .0569 .0436 .0276 .0198 .0231
________ ________ --------- ------- -------
DISTRIBUTIONS;
Dividends from investment income_net........ (.0561) (.0436) (.0275) (.0198) (.0232)
________ ________ -------- ------- -------
Net asset value, end of year................. $ .9999 $ .9999 $1.0000 $1.0000 $ .9999
======== ======== ======= ======= =======
TOTAL INVESTMENT RETURN 5.76% 4.45% 2.78% 2.00% 2.34%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... -- .09% .25% .32% .34%
Ratio of net investment income to average net assets 5.58% 4.44% 2.99% 1.98% 2.33%
Decrease reflected in above expense ratios due to
undertakings by the Manager................ .66% .55% .38% .35% .32%
Net Assets, end of year (000's Omitted)...... $500,947 $586,933 $630,899 $612,441 $689,918
</TABLE>
See notes to financial statements.
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
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, until August 24, 1994, acted as the distributor of the Fund's
shares, which are sold to the public without a sales load. Dreyfus Service
Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value of $1.00.
(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 original issue 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 and
excise taxes.
The Fund has an unused capital loss carryover of approximately $49,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to November 30, 1994. If not
applied, $9,000 of the carryover expires in fiscal 1998 and $40,000 expires
in fiscal 2002.
At November 30, 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).
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 1 1/2% of the average value of the Fund's net
assets for any full fiscal year. However, the Manager had undertaken from
December 1, 1993 through August 11, 1994 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, and thereafter had undertaken from August
12, 1994 through November 22, 1994, to reduce to management fee paid by the
Fund to the extent that the Fund's aggregate expenses (excluding certain
expenses as described above) exceeded specified annual percentages of the
Fund's average daily net assets. The Manager has currently undertaken from
November 23, 1994, to reduce management fee paid by and reimburse such excess
expenses of the Fund, to the extent that the Fund's aggregate expenses
(excluding certain expenses as described above) exceed an annual rate of .50
of 1% of the average daily value of the Fund's net assets. The reduction in
management fee, pursuant to the undertakings, amounted to $2,147,114 for the
year ended November 30, 1994.
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) Prior to June 1, 1994, the Service Plan (the "Plan"), provided that
the Fund 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 year ended November 30, 1994, the Fund was
charged $8,666 pursuant to the Plan. Effective June 1, 1994 the Plan was
terminated.
(C) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation 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 year ended
November 30, 1994, the Fund was charged an aggregate of $481,482 pursuant to
the Shareholder Services Plan.
(D) Prior to August 24, 1994, certain officers and trustees of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives an annual fee of $2,500 and an attendance fee of $250 per meeting.
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
We have audited the accompanying statement of assets and liabilities of
General New York Municipal Money Market Fund, including the statement of
investments, as of November 30, 1994, and the related statement of operations
for the year then ended, the statement of changes in net assets for each of
the two years in the period then ended, and financial highlights for each of
the years indicated therein. These financial statements and financial
highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of November 30, 1994 by correspondence with the custodian.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of General New York Municipal Money Market Fund at November 30,
1994, the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended, and the
financial highlights for each of the indicated years, in conformity with
generally accepted accounting principles.
(Ernst & Young LLP Signature)
New York, New York
January 5, 1995
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during the fiscal year ended
November 30, 1994 as "exempt-interest dividends" (not subject to regular
Federal and, for individuals who are New York residents, New York State and
New York City personal income taxes).
(Dreyfus Logo)
General New York
Municipal
Money Market Fund
Annual Report
November 30, 1994
(Dreyfus Lion Logo)
(Dreyfus `D' Logo)
GENERAL NEW YORK
MUNICIPAL MONEY MARKET FUND
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 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. 574AR9411
