<PAGE>
Dreyfus
General New York
Municipal Money
Market Fund
Semi-Annual
Report
May 31, 1998
<PAGE>
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 six-month reporting period ended May 31, 1998 as shown in
the following table:
ANNUALIZED ANNUALIZED
YIELD EFFECTIVE YIELD*
------------- ----------------
Class A Shares............ 2.84% 2.88%
Class B Shares............ 2.57% 2.60%
Money Market Overview
Over the past several months, mixed economic signals have made it difficult
to discern the direction in which the economy is moving. Consumer spending
increased 0.5% in both April and May, fueled by both strong employment and
income growth. In addition, construction spending also rose 0.8% in April for
the fifth straight monthly increase. On the other hand, spring housing data was
mixed, with new home sales rising to record levels in April and existing-home
sales and new housing starts dropping off. The U.S. trade gap also continued to
widen, as manufacturers reported declines in exports to Asia, and tough
competition from cheaper Asian imports. With arguments to be made for both
continued growth and emerging weakness, it appears that Federal Reserve Board
monetary policy will remain on hold at least until something major happens to
sway Board members' opinions one way or another.
Inflation has remained benign throughout the period. Incoming data from April
did show a small 0.2% increase in the Consumer Price Index, although this modest
rise was the largest in six months. With no consensus as to the direction of the
economy, the Federal Reserve Board Open Market Committee left short-term
interest rates unchanged at its May meeting; however, the decision to do so may
not have been unanimous. Those most wary of inflation may win out in upcoming
meetings if the economy does not cool on its own. Interest rates on money market
securities fluctuated modestly during the period, but remained largely
unchanged. As U.S. Treasury borrowing needs continued to reduce the supply of
money market securities, demand remained steady.
Market Environment/Portfolio Overview
While the Fed has remained quiet over the past six months, market technicals
(i.e. supply/demand fluctuations) have played a major role in our overall
investment strategy. The municipal money market has experienced some of these
changes in seasonal cash flows and note issuance since our last report. For
example, in late December, the short-term municipal market experienced a sharp,
albeit temporary, rise in short-term rates as a result of corporate seasonal
window dressing. Dealers priced securities at attractive levels in order to
minimize their inventories, which helped to boost your Fund's yield at year end.
The situation reversed in January as assets flowed back into the tax-exempt
money funds, thereby putting downward pressure on yields. During this period,
yields on tax-exempt money market funds fluctuated in response to these supply
and demand imbalances.
By mid-January, the market stabilized and normal trading patterns, for the
most part, returned and continued through March. In April, money funds were
tapped for income tax payments which, once again, put upward pressure on rates
as funds experienced redemptions. Supply conditions in late May reversed this
trend as municipal fund managers anticipated the effect of over $10 billion
notes leaving the market when they mature this month.
Unlike previous summer financing periods, this year's calendar of municipal
notes appropriate for purchase for your Fund was drastically reduced by a
combination of factors. Due to the strength of local and state economies, many
issuers (a significant number of which were not New York-exempt) reduced the
amount of short-term borrowings. Additionally, many issuers came to market with
maturities outside of the 13-month maximum maturity allowable for money funds,
whereas these notes were eligible for purchase in prior years. Other issues were
converted to a synthetic structure that is not
<PAGE>
currently permitted for purchase in your Fund. The overall result was a lower
yield for those note issues that were considered appropriate investments for
your Fund. We expect to choose selectively among these issues and those to
follow in the coming weeks to structure the portfolio in an attempt to maximize
current yield while maintaining our commitment to high quality tax-exempt
investments.
Included in this report is a series of detailed statements about your Fund's
holdings and its financial condition. We hope they are informative. Please know
that we greatly appreciate your continued confidence in this Fund and in The
Dreyfus Corporation.
Very truly yours,
/s/ Richard J. Moynihan
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
June 18, 1998
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<PAGE>
General New York Municipal Money Market Fund
- --------------------------------------------------------------------------------
Statement of Investments May 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal
Tax Exempt Investments--100.0% Amount Value
- --------------------------------------------------------------------------------- ------------- ------------
<S> <C> <C>
Buffalo, RAN 4.40%, 8/5/98 (LOC; Landesbank Hessen) (a)........................ $ 9,000,000 $ 9,009,070
Erie County, RAN 4.50%, Series A, 6/25/98 (LOC; Union Bank of Switzerland) (a). 9,000,000 9,003,988
Erie County Water Authority, Water Revenue, VRDN
3.90%, 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 11,751,314
Town of Islip Industrial Development Agency, IDR, VRDN
(Brentwood Distribution Project) 3.70% (LOC; Fleet Bank) (a,b)............... 1,000,000 1,000,000
Long Island Power Authority, Electric Systems Revenue:
CP 3.75%, 8/19/98 (LOC: Bayerische Landesbank and Westdeutsche Landesbank) (a) 10,000,000 10,000,000
VRDN 3.95%, Series 6, Subseries 3B (LOC: ABN-Amro Bank and
Morgan Guaranty Trust Co.) (a,b)........................................... 5,000,000 5,000,000
Longwood Central School District, TAN 4.35%, 6/30/98........................... 10,000,000 10,003,052
Municipal Assistance Corporation, CP:
3.65%, Series 2, 7/16/98 (LOC; Landesbank Hessen) (a)........................ 12,000,000 12,000,000
3.45%, Series 2, 7/20/98 (LOC; Landesbank Hessen) (a)........................ 13,000,000 13,000,000
New York City, VRDN:
3.90%, Series A-6 (LOC; Landesbank Hessen) (a,b)............................. 10,000,000 10,000,000
4%, Series E-3 (LOC; Morgan Guaranty Trust Co.) (a,b)........................ 18,900,000 18,900,000
4.10%, Series C (LOC; Morgan Guaranty Trust Co.) (a,b)....................... 7,600,000 7,600,000
New York City Health and Hospital Corporation, Revenue, Health Systems
Revenue, VRDN 3.90%, Series A (LOC; Morgan Guaranty Trust Co.) (a,b)......... 9,900,000 9,900,000
New York City Housing Development Corporation, VRDN:
Mortgage Revenue:
(Multi-Family-York Avenue Development Project) 3.90%
(LOC; Midland Bank) (a,b)................................................ 8,000,000 8,000,000
(Park Gate Tower) 3.55%, Series 1 (LOC; Citibank) (a,b).................... 2,175,000 2,175,000
(Residential-East 17th St) 4.05%, Series A
(LOC; Chase Manhattan Bank) (a,b)........................................ 6,000,000 6,000,000
Multi-Family Rental Housing Revenue (Monterey) 3.70%, Series A
(LOC; FNMA) (a,b).......................................................... 10,000,000 10,000,000
New York City Industrial Development Agency, VRDN:
Civil Facility Revenue (Children's Oncology Society/Ronald McDonald House)
3.80% (LOC; Barclays Bank) (a,b)......................................... 2,700,000 2,700,000
IDR:
(Field Hotel Association JFK Project) 3.95%
(LOC; Credit Agricole-Indosuez) (a,b).................................... 5,000,000 5,000,000
(La Guardia Association Project) 3.95% (LOC; Credit Agricole-Indosuez) (a,b) 8,900,000 8,900,000
New York City Municipal Water Finance Authority, Water and Sewer System
Revenue, VRDN:
3.95%, Series G (Insured; FGIC and Liquidity Facility; FGIC) (b)............. 3,600,000 3,600,000
4%, Series C (Insured; FGIC and Liquidity Facility; FGIC) (b)................ 8,800,000 8,800,000
New York City Trust, Cultural Resource Revenue, Refunding, VRDN
(American Museum of Natural History)
3.90%, Series A (Insured; MBIA and Liquidity Facility; Credit Suisse) (b).... 3,000,000 3,000,000
New York State, CP 3.50%, 7/13/98 (Liquidity Facility; Westdeutsche Landesbank) 9,200,000 9,200,000
New York State Dormitory Authority, Revenues, CP (Memorial Sloan Kettering)
3.55%, Series A, 8/14/98 (LOC; Chase Manhattan Bank) (a)..................... 14,900,000 14,900,000
</TABLE>
<PAGE>
General New York Municipal Money Market Fund
- --------------------------------------------------------------------------------
Statement of Investments (continued) May 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal
Tax Exempt Investments (continued) Amount Value
- --------------------------------------------------------------------------------- ------------- ------------
<S> <C> <C>
New York State Energy, Research and Development Authority:
Electric Facilities Revenue, VRDN (LILCO Project)
4.05%, Series B (LOC; Toronto-Dominion Bank) (a,b)......................... $ 8,000,000 $ 8,000,000
PCR:
(LILCO Project) 3.58%, Series A, 3/1/99 (LOC; Deutsche Bank) (a)........... 15,470,000 15,470,000
(New York State Electric and Gas Corp.)
3.80%, Series D, 12/1/98 (LOC; Union Bank of Switzerland) (a)............ 8,325,000 8,325,000
VRDN:
(Central Hudson Gas and Electric Project)
3.75%, Series A (LOC; Union Bank of Switzerland) (a,b)................. 7,800,000 7,800,000
(Niagara Mohawk Power Corp.)
4.05%, Series B (LOC; Toronto-Dominion Bank) (a,b)..................... 4,500,000 4,500,000
New York State Housing Finance Agency, Revenue, VRDN:
Contract Obligation 3.85%, Series A (LOC; Commerzbank) (a,b)................. 14,400,000 14,400,000
(Normandie Court I Project)
3.90% (LOC; Landesbank Hessen) (a,b)....................................... 8,000,000 8,000,000
New York State Local Government Assistance Corporation, VRDN:
3.85%, Series A (LOC: Credit Suisse and Union Bank of Switzerland) (a,b)..... 17,000,000 17,000,000
3.85%, Series B (LOC; Krediet Bank) (a,b).................................... 30,700,000 30,700,000
New York State Medical Care Facilities Finance Agency, Revenue, VRDN (Pooled
Equipment Loan Program):
3.80%, Series I (LOC; Chase Manhattan Bank) (a,b).......................... 17,500,000 17,500,000
3.95%, Series II (LOC; Chase Manhattan Bank) (a,b)......................... 6,470,000 6,470,000
New York State Power Authority:
CP 3.75%, 7/22/98 (Liquidity: Bank of Nova Scotia, Commerzbank, Credit Locale
de France, Landesbank Hessen, Morgan Guaranty Trust Co. and
Toronto-Dominion Bank)................................................... 19,100,000 19,100,000
Revenue, General Purpose Junior Lein
3.60%, 9/1/98 (Liquidity Facility: Bank of America, Bank of Tokyo-Mitsubishi,
Morgan Guaranty Trust Co. and Sumitomo Bank)............................... 12,545,000 12,545,000
Onondaga County Industrial Development Agency, IDR, VRDN (Edgecomb Metals Co. Project)
3.70% (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
(Versatile Structure):
3.95%, Series 4 (LOC; Landesbank Hessen) (a,b)............................. 10,000,000 10,000,000
3.95%, Series 6 (Liquidity; Bank of Nova Scotia) (b)....................... 7,000,000 7,000,000
Suffolk County, TAN:
4.25%, 8/13/98 (LOC: Canadian Imperial Bank of Commerce,
National Westminster Bank and Westdeutsche Landesbank) (a)................. 15,000,000 15,017,677
4.25%, Series II, 9/10/98 (LOC: Canadian Imperial Bank of Commerce,
National Westminster Bank and Westdeutsche Landesbank) (a)................. 16,000,000 16,017,020
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
3.90% (Insured; FGIC and Liquidity Facility; FGIC) (b)....................... 22,300,000 22,300,000
</TABLE>
<PAGE>
General New York Municipal Money Market Fund
- --------------------------------------------------------------------------------
Statement of Investments (continued) May 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal
Tax Exempt Investments (continued) Amount Value
- --------------------------------------------------------------------------------- ------------- ------------
<S> <C> <C>
Yonkers Industrial Development Authority, Civic Revenue, Consumers Union
Facilities, VRDN 3.80% (Insured; AMBAC and Liquidity Facility: Credit Local de
France and Union Bank of Switzerland) (b).................................... $ 3,400,000 $ 3,400,000
------------
TOTAL INVESTMENTS
(cost $463,987,121).......................................................... $463,987,121
============
</TABLE>
Summary of Abbreviations
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
CP Commercial Paper Insurance Corporation
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
FNMA Federal National Mortgage Association RAN Revenue Anticipation Notes
IDR Industrial Development Revenue TAN Tax Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
</TABLE>
Summary of Combined Ratings
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C> <C>
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%
-----
-----
<FN>
Notes to Statement of Investments:
- --------------------------------------------------------------------------------
(a) Secured by letters of credit. At May 31, 1998, 73.8% of the Fund's net
assets are backed by letters of credit issued by domestic banks, foreign
banks and government agencies of which Landesbank Hessen provided letters
of credit to 13.3% 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 Manager to be of comparable quality to those
rated securities in which the Fund may invest.
</FN>
</TABLE>
See notes to financial statements.
<PAGE>
General New York Municipal Money Market Fund
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities May 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Cost Value
------------ ------------
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments $461,287,121 $461,287,121
Cash............................................. 654,836
Interest receivable.............................. 3,902,172
Receivable for investment securities sold........ 1,000,427
Prepaid expenses................................. 54,193
------------
466,898,749
------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.... 196,898
Due to Distributor............................... 2,917
Accrued expenses................................. 81,762
------------
281,577
------------
NET ASSETS..................................................................... $466,617,172
------------
------------
REPRESENTED BY: Paid-in capital.................................. $466,681,600
Accumulated net realized gain (loss) on investments (64,428)
------------
NET ASSETS..................................................................... $466,617,172
------------
------------
NET ASSET VALUE PER SHARE
-------------------------
Class A Class B
------------ ------------
Net Assets..................................................................... $424,071,393 $42,545,779
Shares Outstanding............................................................. 424,136,124 42,545,476
NET ASSET VALUE PER SHARE...................................................... $1.00 $1.00
----- -----
----- -----
</TABLE>
See notes to financial statements.
<PAGE>
General New York Municipal Money Market Fund
- --------------------------------------------------------------------------------
Statement of Operations Six Months Ended May 31, 1998 (Unaudited)
<TABLE>
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME Interest Income............................ $8,484,759
EXPENSES: Management fee--Note 2(a).................. $1,195,227
Shareholder servicing costs--Note 2(c)..... 446,044
Distribution fees (Class B)--Note 2(b)..... 45,819
Custodian fees............................. 24,660
Professional fees.......................... 23,796
Registration fees.......................... 18,304
Trustees' fees and expenses--Note 2(d)..... 11,542
Prospectus and shareholders' reports....... 9,872
Miscellaneous.............................. 5,666
----------
Total Expenses........................... 1,780,930
Less--reduction in shareholder servicing costs due to
undertaking--Note 2(c)................... (22,232)
----------
Net Expenses........................... 1,758,698
----------
INVESTMENT INCOME--NET................................................... 6,726,061
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 1(b)........ 1,958
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS..................... $6,728,019
==========
</TABLE>
See notes to financial statements.
<PAGE>
General New York Municipal Money Market Fund
- --------------------------------------------------------------------------------
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Ended
May 31, 1998 Year Ended
(Unaudited) November 30, 1997
---------------- ------------------
<S> <C> <C>
OPERATIONS:
Investment income--net................................................. $ 6,726,061 $ 15,160,748
Net realized gain (loss) on investments................................ 1,958 1,107
Net unrealized appreciation (depreciation) on investments.............. -- (1,333)
------------ --------------
Net Increase (Decrease) in Net Assets Resulting from Operations.. 6,728,019 15,160,522
------------ --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares...................................................... (6,137,120) (14,099,515)
Class B shares...................................................... (588,941) (1,061,233)
------------ --------------
Total Dividends.................................................. (6,726,061) (15,160,748)
------------ --------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares...................................................... 573,813,848 1,232,077,695
Class B shares...................................................... 52,134,865 88,699,944
Dividends reinvested:
Class A shares...................................................... 5,920,045 13,492,714
Class B shares...................................................... 585,760 1,060,123
Cost of shares redeemed:
Class A shares...................................................... (596,414,283) (1,312,357,416)
Class B shares...................................................... (52,343,892) (83,789,854)
------------ --------------
Increase (Decrease) in Net Assets from Beneficial Interest
Transactions................................................... (16,303,657) (60,816,794)
------------ --------------
Total Increase (Decrease) in Net Assets....................... (16,301,699) (60,817,020)
NET ASSETS:
Beginning of Period.................................................... 482,918,871 543,735,891
------------ --------------
End of Period.......................................................... $466,617,172 $ 482,918,871
============ ==============
</TABLE>
See notes to financial statements.
<PAGE>
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.
<TABLE>
<CAPTION>
Class A Shares
-----------------------------------------------------------------
Six Months Ended Year Ended November 30,
May 31, 1998 ---------------------------------------------
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993
----------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period....... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
Investment Operations:
Investment income--net..................... .014 .029 .028 .032 .023 .020
----- ----- ----- ----- ----- -----
Distributions:
Dividends from investment income--net...... (.014) (.029) (.028) (.032) (.023) (.020)
----- ----- ----- ----- ----- -----
Net asset value, end of period............. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
----- ----- ----- ----- ----- -----
TOTAL INVESTMENT RETURN....................... 2.85%* 2.98% 2.84% 3.28% 2.34% 2.00%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.... .71%* .66% .68% .58% .34% .32%
Ratio of net investment income
to average net assets................... 2.84%* 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).. $424,071 $440,750 $507,537 $636,013 $689,918 $612,441
<FN>
- --------------------
* Annualized.
</FN>
</TABLE>
See notes to financial statements.
<PAGE>
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.
<TABLE>
<CAPTION>
Class B Shares
---------------------------------------------------
Six Months Ended Year Ended November 30,
May 31, 1998 --------------------------------
PER SHARE DATA: (Unaudited) 1997 1996 1995(1)
--------------- ------- -------- --------
<S> <C> <C> <C> <C>
Net asset value, beginning of period.................... $1.00 $1.00 $1.00 $1.00
----- ----- ----- -----
Investment Operations:
Investment income--net.................................. .013 .027 .025 .006
----- ----- ----- -----
Distributions:
Dividends from investment income--net................... (.013) (.027) (.025) (.006)
----- ----- ----- -----
Net asset value, end of period.......................... $1.00 $1.00 $1.00 $1.00
----- ----- ----- -----
----- ----- ----- -----
TOTAL INVESTMENT RETURN.................................... 2.59%(2) 2.68% 2.55% 2.82%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................. .95%(2) .95% .95% 1.04%(2)
Ratio of net investment income
to average net assets................................ 2.57%(2) 2.64% 2.47% 3.64%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager................... .10% .08% .16% --
Net Assets, end of period (000's Omitted)............... $42,546 $42,169 $36,199 --
<FN>
- -------------------
(1) From September 8, 1995 (commencement of initial offering) to November 30,
1995.
(2) Annualized.
</FN>
</TABLE>
See notes to financial statements.
<PAGE>
General New York Municipal Money Market Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited)
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. Under the terms of the custodian
agreement, the Fund received net earnings credits of $16,301 during the period
ended May 31, 1998 based on available cash balances left on deposit. Income
earned under this arrangement is included in interest income.
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.
<PAGE>
General New York Municipal Money Market Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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.
At May 31, 1998, 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 May 31, 1998, 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, Class B
shares directly bear 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, Class B shares reimburse
the Distributor for payments made to third parties for distributing their shares
at an annual rate of .20 of 1% of the value of the average daily net assets of
Class B shares. During the period ended May 31, 1998, Class B shares were
charged $45,819 pursuant to the Distribution Plan.
(C) Under the Shareholder Services Plan with respect to Class A ("Class A
Shareholder Services Plan"), Class A shares reimburse 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 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 Class A shares and providing reports and other information,
and services related to the maintenance of shareholder accounts. During the
period ended May 31, 1998, Class A shares were charged $269,371 pursuant to the
Shareholder Services Plan.
Under the Shareholder Services Plan with respect to Class B ("Class B
Shareholder Services Plan"), Class B shares pay 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 Class B shares and providing reports and other information,
and services related to the maintenance of shareholder accounts. The Distributor
may make payments to Service in respect of their services. The Distributor
determines the amounts to be paid to Service Agents.
The Manager had undertaken, through May 31, 1998, that if the aggregate
expenses of Class B shares, 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 May 31, 1998, Class B shares were charged $68,728, of which $22,232
was reimbursed by the Manager.
<PAGE>
General New York Municipal Money Market Fund
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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 May 31, 1998, the Fund was charged $71,968 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.
<PAGE>
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. 574/700SA985
