<TABLE>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for General New York Municipal
Money Market Fund for the 12-month reporting period ended November 30, 1997
as shown in the following table:
YIELD EFFECTIVE YIELD*
______________ ________________
<S> <C> <C>
Class A Shares......................... 2.94% 2.98%
Class B Shares......................... 2.65% 2.68%
</TABLE>
Money Market Overview
The U.S. economy continued to grow solidly during recent months, although
there were signs of a slowdown ahead as the period drew to a close. Growth
in the Gross Domestic Product (GDP) remained strong during the second quarter
of 1997, at 3.3%, and fall data seemed to indicate more of the same for the
third quarter. Construction of new homes and apartments unexpectedly rose in
October, while retailing results improved and product orders stayed strong.
Job gains were also healthy, and the unemployment rate dipped to a 24-year
low. Weakness began to emerge, however, with a sharp widening in the
September trade gap, probably representing the first sign that Asia's
financial turmoil is slowing U.S. growth. Recent orders for big-ticket
durables also suggested some economic deceleration, as did a drop in
November's National Association of Purchasing Managers' factory index, which
has declined three of the last four months.
Although strong economic growth and tightening employment conditions have
kept market participants on edge about the potential for rising inflation,
the actual inflation picture has improved. The highly reliable, broadly
based core GDP chain weight price index was up only 1.6% over the past four
quarters, and has been demonstrating a clear decelerating trend. In fact,
the Federal Reserve Board's Open Market Committee left the Federal Funds
target rate unchanged at its November meeting, and has not raised it since
last March. Short-term rates have responded accordingly and remained in a
trading range throughout most of the period.
Market Environment/Portfolio Focus
While the Federal Reserve Board remained quiet over the summer months,
market technicals (i.e. supply/demand) played a major role in the short-term
municipal market. Supply of one-year notes dissipated as many securities
matured in late June and July. This increase in investable assets marketwide
placed temporary downward pressure on yields. In the weeks to follow,
issuers returned to the market with their summer financings alleviating the
supply and demand imbalance. During this period, your Fund selectively
purchased high-quality New York tax-exempt notes which allowed your Fund to
diversify and extend out on the one-year yield curve. Since that time, the
market for one-year paper has remained in a trading range. With the
relatively flat yield curve environment that existed, we did not need to
extend your Fund's average maturity significantly in order to capture and
lock in attractive rates.
As year-end approaches, we expect to see a temporary rise in short-term
rates as a result of corporate "window dressing." In addition, dealers
generally price securities at attractive levels in order to keep their
year-end inventory to a minimum. This situation tends to reverse itself in
early January as investors return to the marketplace and demand for
short-term municipals increases. As a result, over year-end we expect to see
some volatility in short-term yields but then the market should stabilize.
During this period, we will attempt to minimize the volatility in rates for
your Fund by purchasing commercial paper or short notes which mature beyond
January. As always, new investments will continue to meet the high credit
quality standards which we require and to provide a significant level of
liquidity, commensurate with the needs of your Fund.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope you find them
informative. Please know that we greatly appreciate your continued
confidence in the Fund and in The Dreyfus Corporation.
Very truly yours,
(Richard J. Moynihan SIGNATURE LOGO)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 18, 1997
New York, N.Y.
* Effective yield takes into account the effect of compounding and is based
upon dividends declared daily and reinvested monthly.
<TABLE>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS NOVEMBER 30, 1997
Principal
Tax Exempt Investments-100.0% Amount Value
_____________ _____________
<S> <C> <C>
New York-95.4%
Buffalo, RAN 4.40%, 8/5/98 (LOC; Landesbank Hessen) (a)..................... $ 9,000,000 $ 9,034,465
Erie County, RAN 4.50%, Series A, 6/25/98 (LOC; Union Bank of Switzerland) (a) 9,000,000 9,034,228
Erie County Water Authority, Water Revenue, VRDN
3.75%, Series A
(Insured; AMBAC and Liquidity Facility; National Bank of Australia) (b). 9,000,000 9,000,000
Half Hallow Hills Central School District, TAN
(Huntington and Babylon) 4%, 6/26/98...................................... 11,750,000 11,760,879
Town of Islip Industrial Development Agency, IDR, VRDN
(Brentwood Distribution Project) 3.85% (LOC; Fleet Bank) (a,b)............ 1,000,000 1,000,000
Longwood Central School District, TAN 4.35%, 6/30/98........................ 10,000,000 10,022,208
Metropolitan Transport Authority, Commuter Facilities Revenue, VRDN
4.15% (LOC: Bank of Tokyo-Mitsubishi, Industrial Bank of Japan, JP Morgan,
Morgan Trust Guaranty Trust Co., National Westminster Bank and
Sumitomo Bank) (a,b)...................................................... 12,100,000 12,100,000
Municipal Assistance Corporation, CP:
3.60%, Series 2, 12/10/97 (LOC; Landesbank Hessen) (a).................... 12,000,000 12,000,000
3.75%, Series 2, 2/25/98 (LOC; Landesbank Hessen) (a)..................... 13,000,000 13,000,000
New York City:
CP 3.70%, 12/11/97 (Insured; AMBAC and Liquidity Facility; Krediet Bank).. 12,000,000 12,000,000
RAN 4.50%, Series A, 6/30/98 (LOC: Bayerische Landesbank, Landesbank Hessen,
Morgan Guaranty Trust Co., National Westminster Bank, Societe Generale and
Westdeutsche Landesbank) (a)............................................ 10,000,000 10,036,066
VRDN:
4%, Series A-6 (LOC; Landesbank Hessen) (a,b)........................... 10,000,000 10,000,000
3.85%, Series E-2 (LOC; Morgan Guaranty Trust Co.) (a,b)................ 9,400,000 9,400,000
3.85%, Series E-3 (LOC; Morgan Guaranty Trust Co.) (a,b)................ 8,500,000 8,500,000
New York City Health and Hospital Corporation, Health Systems Revenue, VRDN
3.90%, Series A (LOC; Morgan Guaranty Trust Co.) (a,b).................... 10,000,000 10,000,000
New York City Housing Development Corporation, Mortgage Revenue, VRDN:
(Multi-Family-York Avenue Development Project) 3.90% (LOC; Midland Bank)
(a,b).... 8,000,000 8,000,000
(Park Gate Tower) 3.85% (LOC; Citibank) (a,b)............................. 2,285,000 2,285,000
(Residential-East 17th St) 3.90%, Series A (LOC; Chase Manhattan Bank) (a,b). 12,200,000 12,200,000
New York City Industrial Development Agency, VRDN:
Civil Facility Revenue (Children's Oncology Society/Ronald McDonald House)
3.75% (LOC; Barclays Bank) (a,b)........................................ 2,900,000 2,900,000
IDR:
(Field Hotel Association JFK Project) 3.80% (LOC; Credit Agricole-
Indosuez) (a,b).... 5,000,000 5,000,000
(La Guardia Association Project) 3.80% (LOC; Credit Agricole-Indosuez)
(a,b).......... 8,900,000 8,900,000
New York City Municipal Water Finance Authority, Water and Sewer System, VRDN
3.85%, Series C (Insured; FGIC and Liquidity Facility; FGIC) (b).......... 2,000,000 2,000,000
New York City Trust, Cultural Resource Revenue, Refunding, VRDN
(American Museum of Natural History)
3.75%, Series A (Insured; MBIA and Liquidity Facility; Credit Suisse) (b). 3,000,000 3,000,000
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1997
Principal
Tax Exempt Investments (continued) Amount Value
_____________ _____________
New York (continued)
New York State, CP 3.75%, 1/22/98 (Liquidity Facility; Westdeutsche Landesbank) $ 7,000,000 $ 7,000,000
New York State Energy, Research and Development Authority:
Electric Facilities Revenue, VRDN (LILCO Project)
4.15%, Series B (LOC; Toronto-Dominion Bank) (a,b)...................... 8,000,000 8,000,000
PCR:
Bonds:
(LILCO Project)
3.60%, Series B, 3/1/98 (LOC; Deutsche Bank) (a).................... 5,470,000 5,470,000
(New York State Electric and Gas Corp.)
3.60%, Series D, 12/1/97 (LOC; Union Bank of Switzerland) (a)....... 10,000,000 10,000,000
VRDN:
(Central Hudson Gas and Electric Project)
3.95%, Series A (LOC; Union Bank of Switzerland) (a,b)................ 7,800,000 7,800,000
(Niagara Mohawk Power Corp.)
4.10%, Series A (LOC; Morgan Guaranty Trust Co.) (a,b)................ 5,000,000 5,000,000
4.10%, Series B (LOC; Morgan Guaranty Trust Co.) (a,b)................ 13,100,000 13,100,000
New York State Housing Finance Agency, Revenue, VRDN:
Contract Obligation 3.80%, Series A (LOC; Commerzbank) (a,b).............. 14,400,000 14,400,000
(Normandie Court I Project)
3.85% (LOC; Landesbank Hessen) (a,b).................................... 8,000,000 8,000,000
New York State Local Government Assistance Corporation, VRDN:
3.80%, Series A (LOC: Credit Suisse and Union Bank of Switzerland) (a,b).. 2,000,000 2,000,000
3.90%, Series B (LOC; Credit Suisse) (a,b)................................ 31,200,000 31,200,000
New York State Medical Care Facilities Finance Agency, Revenue, VRDN
(Pooled Equipment Loan Program):
3.80%, Series A (LOC; Chase Manhattan Bank) (a,b)....................... 7,370,000 7,370,000
3.90%, Series 1 (LOC; Chase Manhattan Bank) (a,b)....................... 17,500,000 17,500,000
New York State Power Authority:
CP 3.85%, 3/12/98 (LOC: Bank of America, The Bank of New York,
Bank of Nova Scotia, Bank of Tokyo-Mitsubishi, Chase Manhattan Bank,
Citibank, Industrial Bank of Japan and Sanwa Bank) (a).................. 20,000,000 20,000,000
Revenue, General Purpose Junior Lein
3.75%, 3/1/98 (Liquidity Facility: Bank of America, Bank of Tokyo-
Mitsubishi,
Morgan Guaranty Trust Co. and Sumitomo Bank)............................ 11,500,000 11,500,000
Onondaga County Industrial Development Agency, IDR, VRDN (Edgecomb Metals Co.
Project)
3.85% (LOC; Banque Nationale de Paris) (a,b).............................. 2,000,000 2,000,000
Oyster Bay, BAN 4%, 1/30/98................................................. 10,000,000 10,004,788
Port Authority of New York and New Jersey, Special Obligation Revenue, VRDN
(Versatile Structure) 3.85%, Series 3 (Liquidity Facility; Morgan Guaranty
Trust Co.) (b)..... 8,000,000 8,000,000
Rochester, BAN 4%, Series I, 3/10/98........................................ 25,000,000 25,019,582
Rockland County, RAN 4.25%, 4/15/98......................................... 9,000,000 9,012,817
Suffolk County, TAN
4.25%, Series II, 9/10/98 (LOC: Canadian Imperial Bank of Commerce,
National Westminster Bank and Westdeutsche Landesbank) (a)................ 16,000,000 16,047,690
</TABLE>
<TABLE>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1997
Principal
Tax Exempt Investments (continued) Amount Value
_____________ _____________
<S> <C> <C>
New York (continued)
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
3.75% (Insured; FGIC and Liquidity Facility; FGIC) (b).................... $ 25,700,000 $ 25,700,000
Yonkers Industrial Development Authority, Civic Revenue, Consumers Union
Facilities,
VRDN 3.75% (Insured; AMBAC and Liquidity Facility; Credit Local de France)
(b)................................ 3,400,000 3,400,000
U.S. Related-4.6%
Commonwealth of Puerto Rico Government Development Bank, Refunding, CP
3.85%, 12/4/97............................................................ 22,000,000 22,000,000
_____________
TOTAL INVESTMENTS
(cost $480,697,723)....................................................... $480,697,723
=============
Summary of Abbreviations
_________________________________________________________________________________________________________________________________
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
BAN Bond Anticipation Notes Insurance Corporation
CP Commercial Paper PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Company RAN Revenue Anticipation Notes
IDR Industrial Development Revenue TAN Tax Anticipation Notes
LOC Letter of Credit 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) 88.3%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) .4
Not Rated (f) Not Rated (f) Not Rated (f) 11.3
_______
100.0%
=======
Notes to Statement of Investments:
______________________________________________________________________________
(a) Secured by letters of credit. At November 30, 1997, 64.5% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks and brokerage firms of which Landesbank Hessen and
Morgan Guaranty Trust Co. provided letters of credit to 11.1% and 10.3%,
respectively, 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 and Standard &
Poor's have been determined by the Manager to be of comparable quality to
those rated securities in which the Fund may invest.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1997
Cost Value
_____________ _____________
<S> <C> <C>
ASSETS: Investments in securities-See Statement of Investments. $ 480,697,723 $ 480,697,723
Interest receivable........................ 3,372,248
Prepaid expenses and other assets.......... 21,965
_____________
484,091,936
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 192,914
Due to Distributor......................... 3,361
Cash overdraft due to Custodian............ 900,179
Accrued expenses........................... 76,611
_____________
1,173,065
_____________
NET ASSETS.................................................................. $482,918,871
=============
REPRESENTED BY: Paid-in capital............................ $ 482,985,257
Accumulated net realized gain (loss) on investments (66,386)
_____________
NET ASSETS.................................................................. $ 482,918,871
=============
NET ASSET VALUE PER SHARE
_____________________________
Class A Class B
_____________ _____________
Net Assets.................................................................. $ 440,750,017 $ 42,168,854
Shares Outstanding.......................................................... 440,816,514 42,168,743
NET ASSET VALUE PER SHARE................................................... $1.00 $1.00
===== =====
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
STATEMENT OF OPERATIONS YEAR ENDED NOVEMBER 30, 1997
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income................................ $ 18,697,904
EXPENSES: Management fee-Note 2(a)....................... $ 2,599,539
Shareholder servicing costs-Note 2(c).......... 709,633
Distribution fees (Class B)-Note 2(b).......... 80,288
Custodian fees................................. 53,069
Professional fees.............................. 46,381
Trustees' fees and expenses-Note 2(d).......... 28,165
Registration fees.............................. 19,738
Prospectus and shareholders' reports........... 18,206
Miscellaneous.................................. 15,302
_____________
Total Expenses 3,570,321
Less-reduction in shareholder servicing costs due to
undertaking-Note 2(c) (33,165)
_____________
Net Expenses 3,537,156
_____________
INVESTMENT INCOME-NET................................................. 15,160,748
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS-Note 1(b):
Net realized gain (loss) on investments....... $ 1,107
Net unrealized appreciation (depreciation) on investments (1,333)
_____________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS................ (226)
_____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. $ 15,160,522
=============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
November 30, 1997 November 30, 1996
__________________ _________________
<S> <C> <C>
OPERATIONS:
Investment income-net............................................... $ 15,160,748 $ 16,442,912
Net realized gain (loss) on investments............................. 1,107 -----
Net unrealized appreciation (depreciation) on investments........... (1,333) 1,333
__________________ _________________
Net Increase (Decrease) in Net Assets Resulting from Operations. 15,160,522 16,444,245
__________________ _________________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net:
Class A shares.................................................... (14,099,515) (15,817,725)
Class B shares.................................................... (1,061,233) (625,187)
__________________ _________________
Total Dividends................................................. (15,160,748) (16,442,912)
__________________ _________________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares.................................................... 1,232,077,695 1,178,019,825
Class B shares.................................................... 88,699,944 92,365,836
Dividends reinvested:
Class A shares.................................................... 13,492,714 15,007,966
Class B shares.................................................... 1,060,123 625,187
Cost of shares redeemed:
Class A shares.................................................... (1,312,357,416) (1,321,504,908)
Class B shares.................................................... (83,789,854) (56,792,597)
__________________ _________________
Increase (Decrease) in Net Assets from Beneficial Interest
Transactions............................................ (60,816,794) (92,278,691)
__________________ _________________
Total Increase (Decrease) in Net Assets....................... (60,817,020) (92,277,358)
NET ASSETS:
Beginning of Period................................................. 543,735,891 636,013,249
__________________ _________________
End of Period....................................................... $ 482,918,871 $ 543,735,891
================== =================
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
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.
Class A Shares
________________________________________________________
Year Ended November 30,
________________________________________________________
PER SHARE DATA: 1997 1996 1995 1994 1993
______ ______ ______ ______ ______
<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........................ .029 .028 .032 .023 .020
______ ______ ______ ______ ______
Distributions:
Dividends from investment income-net......... (.029) (.028) (.032) (.023) (.020)
______ ______ ______ ______ ______
Net asset value, end of period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN.......................... 2.98% 2.84% 3.28% 2.34% 2.00%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... .66% .68% .58% .34% .32%
Ratio of net investment income
to average net assets...................... 2.94% 2.80% 3.23% 2.33% 1.98%
Decrease reflected in above expense ratios
due to undertakings by the Manager......... - - .05% .32% .35%
Net Assets, end of period (000's Omitted).... $440,750 $507,537 $636,013 $689,918 $612,441
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
FINANCIAL HIGHLIGHTS (CONTINUED)
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.
Class B Shares
______________________________
Year Ended November 30,
______________________________
PER SHARE DATA: 1997 1996 1995(1)
______ ______ ______
<S> <C> <C> <C>
Net asset value, beginning of period.............. $ 1.00 $ 1.00 $ 1.00
______ ______ ______
Investment Operations:
Investment income-net.............................. .027 .025 .006
______ ______ ______
Distributions:
Dividends from investment income-net............ (.027) (.025) (.006)
______ ______ ______
Net asset value, end of period.................. $ 1.00 $ 1.00 $ 1.00
====== ====== ======
TOTAL INVESTMENT RETURN............................................... 2.68% 2.55% 2.82%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets............................... .95% .95% 1.04%(2)
Ratio of net investment income
to average net assets............................................... 2.64% 2.47% 3.64%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager.................................. .08% .16% -
Net Assets, end of period (000's Omitted)............................. $42,169 $36,199 -
(1) From September 8, 1995 (commencement of initial offering) to
November 30, 1995.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
General New York Municipal Money Market Fund (the "Fund") is registered
under the Investment Company Act of 1940 ("Act") as a non-diversified
open-end management investment company. The Fund's investment objective is to
maximize current income exempt from Federal, New York State and New York City
income taxes to the extent consistent with the preservation of capital and
the maintenance of liquidity. The Dreyfus Corporation ("Manager") serves as
the Fund's investment adviser. The Manager is a direct subsidiary of Mellon
Bank, N.A.
Premier Mutual Fund Services, Inc. (the "Distributor") is the distributor
of the Fund's shares, which are sold to the public without a sales load. The
Fund is authorized to issue an unlimited number of $.001 par value shares in
the following classes of shares: Class A and Class B. Class A shares and
Class B shares are identical except for the services offered to and the
expenses borne by each class and certain voting rights. Class B shares are
subject to a Distribution Plan adopted pursuant to Rule 12b-1 under the Act
and, in addition, Class B shares are charged directly for sub-accounting
services provided by Service Agents (a securities dealer, financial
institution or other industry professional) at an annual rate of .05% of the
value of the average daily net assets of Class B shares.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value per share of $1.00.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: Investments in securities 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. Cost of investments represents amortized cost.
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 $66,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to November 30, 1997. If not
applied, $8,000 of the carryover expires in fiscal 1998, $40,000 expires in
fiscal 2002 and $18,000 expires in fiscal 2003.
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
At November 30, 1997, 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 value
of the Fund's average daily net assets and is payable monthly. The Agreement
provides that if in any full fiscal year the aggregate expenses, exclusive of
taxes, brokerage, interest on borrowings and extraordinary expenses, exceed
1 1\2% of the value of the Fund's average net assets, the Fund may deduct from
payments to be made to the Manager, or the Manager will bear such excess
expense. During the period ended November 30, 1997, there was no expense
reimbursement pursuant to the Agreement.
(b) Under the Distribution Plan with respect to Class B ("Class B
Distribution Plan"), adopted pursuant to Rule 12b-1 under the Act, the
Fund directly bears the cost of preparing, printing and distributing
prospectuses and statements of additional information and of implementing and
operating the Class B Distribution Plan. In addition, the Fund reimburses the
Distributor for payments made to third parties for distributing the Fund's
Class B shares at an aggregate annual rate of .20 of 1% of the value of the
average daily net assets of Class B. During the period ended November 30, 1997,
the Fund was charged $80,288 pursuant to the Class B Distribution Plan.
(c) Under the Shareholder Services Plan with respect to Class A ("Class A
Shareholder Services Plan"), the Fund reimburses Dreyfus Service Corporation,
a wholly-owned subsidiary of the Manager, an amount not to exceed an annual
rate of .25 of 1% of the value of the Fund's average daily net of assets of
Class A for certain allocated expenses of providing personal services and/or
maintaining 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
period ended November 30, 1997, the Fund was charged $429,622 pursuant to the
Class A Shareholder Services Plan.
Under the Shareholder Services Plan with respect to Class B ("Class B
Shareholder Services Plan"), the Fund pays the Distributor, at an annual rate
of .25 of 1% of the value of the average daily net assets of Class B shares
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.
The Distributor may make payments to Service Agents in respect of their
services. The Distributor determines the amounts to be paid to Service
Agents.
The Manager had undertaken, through June 30, 1997, that if the aggregate
expenses of Class B of the Fund, exclusive of taxes, brokerage, interest on
borrowings and extraordinary expenses, exceed .95 of 1% of the value of the
average daily net assets of Class B, the Manager will reimburse the expenses
of the Fund under the Shareholder Services Plan relating to Class B to the
extent of any excess expense and up to the full fee payable under such Plan.
During the period ended November 30, 1997, the Fund was charged $100,360, of
which $33,165 was reimbursed by the Manager.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
the Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. During the
period ended November 30, 1997, the Fund was charged $176,157 pursuant to the
transfer agency agreement.
(d) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $250
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
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, 1997, 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 and financial highlights. Our procedures included
confirmation of securities owned as of November 30, 1997 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,
1997, 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 logo]
New York, New York
January 9, 1998
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
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, 1997 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).
Registration Mark
[Dreyfus lion "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
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 574/700AR9711
General New York
Municipal Money
Market Fund
Annual Report
November 30, 1997
Registration Mark
[Dreyfus logo]
