General New York
Municipal Money
Market Fund
SEMIANNUAL REPORT
May 31, 1999
<PAGE>
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured
* Not Bank-Guaranteed
* May Lose Value
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments and its share price.
<PAGE>
Contents
THE FUND
- -------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
10 Statement of Assets and Liabilities
11 Statement of Operations
12 Statement of Changes in Net Assets
13 Financial Highlights
15 Notes to Financial Statements
FOR MORE INFORMATION
- --------------------------------------------------------
Back Cover
<PAGE>
General New York
Municipal Money Market Fund The Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for General New York Municipal
Money Market Fund, covering the six-month period from December 1, 1998 through
May 31, 1999. Inside, you'll find valuable information about how the fund was
managed during the reporting period, including a discussion with the fund's
portfolio manager, Karen Hand.
Yields on both taxable and tax-exempt money market securities generally declined
early in the reporting period in the wake of the Federal Reserve Board's
decision in the fall of 1998 to ease monetary policy. While the U.S. economy has
continued to grow, the Federal Reserve was concerned about persistent economic
weakness abroad. Their adoption of lower short-term interest rates was intended
to stimulate not just domestic economic growth, but the economies of other
nations as well.
Despite lower nominal interest rates for tax-exempt money market instruments,
very low inflation continued to support attractive real returns, which are
nominal yields less the rate of inflation.
We appreciate your confidence over the past six months, and we look forward to
your continued participation in General New York Municipal Money Market Fund.
Sincerely,
/s/ Stephen E. Canter
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
June 14, 1999
2
<PAGE>
DISCUSSION OF FUND PERFORMANCE
Karen Hand, Portfolio Manager
How did General New York Municipal Money Market Fund perform during the period?
For the six-month period ended May 31, 1999, General New York Municipal Money
Market Fund produced an annualized, tax-exempt yield of 2.33% for Class A shares
and 2.01% for Class B shares. After taking into account the effect of
compounding, the fund's Class A shares provided an annualized effective yield of
2.36% while the fund's Class B shares produced an annualized effective yield of
2.03%.(1)
For the six-month period ended May 31, 1999, the fund's Class A shares and Class
B shares provided total returns of 1.17% and 1.00%,(2) respectively, compared to
the Lipper New York Tax-Exempt Money Market Funds category average total return
of 1.24% for the same time period.(3)
What is the fund's investment approach?
Our goal is to seek a high level of federal, state and New York City tax-exempt
income while maintaining a stable $1.00 share price. We also seek to provide a
competitive total return, and we attempt to be especially vigilant in our
efforts to preserve capital.
To achieve these objectives, we employ two primary strategies. First, we attempt
to add value by constructing a diverse portfolio of high-quality, tax-exempt
money market instruments from New York issuers. Second, we actively manage the
portfolio's average maturity in anticipation of interest rate trends and
supply-and-demand changes in New York's short-term municipal marketplace.
For example, if we expect supply to increase temporarily when many
municipalities issue short-term debt at once -- as they tend to do immediately
after passage of the state's annual budget, for example -- we may reduce the
portfolio's average maturity to make cash available
The Fund 3
<PAGE>
DISCUSSION OF FUND PERFORMANCE (continued)
for the purchase of higher-yielding securities. That's because yields tend to
rise if many issuers are competing for investor interest. If we expect demand
to surge at a time when we anticipate little issuance and, therefore, lower
yields -- as often happens in January -- we may increase the portfolio's
average maturity prior to that time to maintain current yields for as long as
possible. Overall, we try to maintain an average maturity that reflects our
view of short-term interest rate trends, note issuance and anticipated cash
flows.
What other factors influenced the fund's performance?
Although the fund, by definition, contains primarily securities from New York
issuers, the entire U.S. fixed-income marketplace was influenced just prior to
the reporting period by economic events overseas. When the Asian currency and
credit crisis threatened Latin America last summer and fall, the Federal Reserve
Board and other central banks reduced key short-term interest rates. This move
was intended to help boost economic activity by making borrowing less expensive
for corporations. An additional consequence was lower yields on money market
securities.
Despite economic weakness in some overseas markets, the U.S. and New York
economies remained strong. Because municipalities have enjoyed higher tax
revenues during this period of economic prosperity, many have had less need to
borrow. As a result, fewer tax-exempt money market securities were issued in New
York than in the same six-month period one year ago. Yet, demand from investors
seeking to minimize their income tax liabilities remained high. This imbalance
helped push short-term tax-exempt yields down further during the final months of
1998. Tax-exempt yields have remained relatively stable so far in 1999.
4
<PAGE>
What is the fund's current strategy?
We have continued to focus on high-quality money market instruments from a wide
array of tax-exempt issuers. Some of the most frequently used instruments
include Variable Rate Demand Notes (VRDNs), which are issued by investment banks
through the securitization of longer-term municipal bonds. With a put feature of
either one or seven days attached to each VRDN, we believe that VRDNs afford a
high degree of liquidity as well as high quality to the Portfolio. Accordingly,
as of May 31, 1999, approximately 48% of the portfolio was composed of VRDNs.
The remaining 52% was comprised of municipal notes as well as non-rated
short-term debt from New York counties and school districts that have been
deemed equivalent to the highest credit agency ratings by Dreyfus credit
analysts.
June 14, 1999
[FN]
1 Annualized effective yield is based upon dividends declared daily and
reinvested monthly. Past performance is no guarantee of future results. Yields
fluctuate. An investment in the fund is not insured or guaranteed by the
FDIC or any other government agency. Although the fund seeks to preserve the
value of your investment at $1.00 per share, it is possible to lose money by
investing in the fund.
2 Total return includes reinvestment of dividends. The fund's Class B shares'
return figure provided reflects the absorption of fund expenses by The
Dreyfus Corporation pursuant to an undertaking in effect that may be extended,
terminated or modified at any time. Had these expenses not been absorbed, the
fund's Class B shares' return would have been lower. Income may be subject to
state and local taxes for non-New York residents, and some income may be
subject to the Federal Alternative Minimum Tax (AMT) for certain investors.
3 Source: Lipper Analytical Services, Inc.
</FN>
The Fund 5
<PAGE>
STATEMENT OF INVESTMENTS
May 31, 1999 (Unaudited)
<TABLE>
<CAPTION>
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Principal
Tax Exempt Investments--98.8% Amount ($) Value ($)
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
New York--96.4%
Erie County, RAN 4%, 10/13/99 (LOC; The Bank of New York) 10,000,000 10,035,635
Erie County Water Authority, Water Revenue, VRDN
3%, Series A (Insured; AMBAC and Liquidity Facility;
National Bank of Australia)(a) 9,000,000 9,000,000
Hicksville Union Free School District, TAN 4%, 6/23/99 8,000,000 8,001,859
Town of Islip Industrial Development Agency, IDR, VRDN
(Brentwood Distribution Project) 3.25% (LOC; Fleet Bank)(a) 1,000,000 1,000,000
Long Island Power Authority, Electric Systems Revenue, CP:
2.80%, Series 4, 8/12/99 (LOC: Bayerische Landesbank
and Westdeutsche Landesbank) 10,000,000 10,000,000
3.05%, Sub-Series 1, 8/17/99 (LOC: Bayerische
Landesbank and Westdeutsche Landesbank) 10,000,000 10,000,000
Metropolitan Transportation Authority, Transit Facilities
Revenue, Series 1, Sub-Series B, CP:
3%, 7/9/99 (LOC; ABN-Amro Bank) 10,000,000 10,000,000
2.65%, 7/14/99 (LOC; ABN-Amro Bank) 14,000,000 14,000,000
3.05%, 7/20/99 (LOC; ABN-Amro Bank) 12,000,000 12,000,000
New York City, VRDN:
3.20%, Sub-Series A-6 (LOC; Landesbank Hessen)(a) 8,000,000 8,000,000
3.30%, Series B, Sub-Series B-4
(Insured; MBIA and Liquidity Facility; Credit Agricole
de Indosuez)(a) 15,000,000 15,000,000
3.40%, Sub-Series E-4 (LOC; State Street Bank and
Trust Co.)(a) 4,300,000 4,300,000
New York City Health and Hospital Corporation, Health
Systems Revenue, VRDN
3.05%, Series A (LOC; Morgan Guaranty Trust Co.)(a) 9,700,000 9,700,000
New York City Housing Development Corporation, VRDN:
MFMR (York Avenue Development Project) 4%
(LOC; Midland Bank)(a) 8,000,000 8,000,000
Multi-Family Rental Housing Revenue (Monterey)
3%, Series A (LOC; FNMA)(a) 10,000,000 10,000,000
New York City Transitional Finance Authority, Future
Tax Secured
2.90%, Sub-Series 1, 11/1/99 (Liquidity Facility;
Morgan Guaranty Trust Co.) 15,000,000 15,000,000
New York City Trust, Cultural Resource Revenue,
Refunding, VRDN
(American Museum of Natural History)
3%, Series A (Insured; MBIA and Liquidity Facility;
Credit Suisse)(a) 3,000,000 3,000,000
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
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Principal
Tax Exempt Investments (continued) Amount ($) Value ($)
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
New York (continued)
New York State, CP 2.65, 7/16/99 (Liquidity Facility;
Westdeutsche Landesbank) 20,000,000 20,000,000
New York State Dorm Authority, Revenues, VRDN
(Oxford University Press Inc.)
3.30% (LOC; Landesbank Hessen)(a) 8,700,000 8,700,000
New York State Energy, Research and Development
Authority, PCR:
(New York State Electric and Gas) 3%, Series D, 12/1/99
(LOC; Union Bank of Switzerland) 10,000,000 10,000,000
VRDN (Central Hudson Gas and Electric Project)
3.20%, Series A (LOC; Union Bank of Switzerland)a 7,800,000 7,800,000
New York State Environmental Quality 3%, Series G,
12/8/99 (LOC; Westdeutsche Landesbank) 8,000,000 8,000,000
New York State Housing Finance Agency, Revenue, VRDN:
Contract Obligation 3.05%, Series A (LOC; Commerzbank)(a) 14,400,000 14,400,000
(Normandie Court I Project) 3% (LOC; Landesbank Hessen)(a) 7,900,000 7,900,000
New York State Local Government Assistance Corporation,
VRDN:
3%, Series A (LOC: Bayerische Landesbank and
Westdeutsche Landesbank)(a) 27,600,000 27,600,000
3%, Series B (LOC; Krediet Bank)(a) 30,000,000 30,000,000
3%, Series F (LOC; Toronto-Dominion Bank)(a) 10,000,000 10,000,000
New York State Medical Care Facilities Finance Agency,
Revenue, VRDN
(Pooled Equipment Loan Program):
3%, Series I (LOC; Chase Manhattan Bank)(a) 2,000,000 2,000,000
3%, Series II (LOC; Chase Manhattan Bank)(a) 5,470,000 5,470,000
New York State Power Authority, CP:
3%, Series 1, 7/8/99 (Liquidity Facility: Bank of
Nova Scotia, Commerzbank, Credit Locale
de France, Landesbank Hessen, Morgan Guaranty
Trust Co. and Toronto-Dominion Bank) 8,450,000 8,450,000
3.10%, 9/9/99 (Liquidity Facility: Bank of Nova Scotia,
Commerzbank, Credit Locale de France, Landesbank
Hessen, Morgan Guaranty Trust Co. and
Toronto-Dominion Bank) 10,000,000 10,000,000
Onondaga County Industrial Development Agency, IDR,
VRDN (Edgecomb Metals Co. Project)
3.25% (LOC; Banque Nationale de Paris)(a) 2,000,000 2,000,000
Oyster Bay, BAN:
4%, 10/1/99 7,000,000 7,014,710
3.25%, Series A, 11/30/99 10,000,000 10,012,114
</TABLE>
The Fund 7
<PAGE>
STATEMENT OF INVESTMENTS (Unaudited) (continued)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
Principal
Tax Exempt Investments (continued) Amount ($) Value ($)
- --------------------------------------------------------------------------------------------------
<S> <C> <C>
New York (continued)
Port Authority of New York and New Jersey,
Special Obligation Revenue, VRDN
(Versatile Structure):
3.25%, Series 2 (LOC; Morgan Guaranty Trust Co.)(a) 6,900,000 6,900,000
3.30%, Series 6 (Liquidity Facility; Bank of Nova Scotia)(a) 3,000,000 3,000,000
3.35%, Series 3 (Liquidity Facility; Morgan Guaranty
Trust Co.)(a) 3,200,000 3,200,000
Rochester, BAN 3.50%, Series 1, 3/8/2000 12,000,000 12,030,635
Sachem Central School District, TAN (Holbrook) 4%, 6/25/99 7,500,000 7,501,572
Three Village Central School District, TAN (Brookhaven and
Smithtown) 4%, 6/30/99 8,500,000 8,502,606
Westchester County, TAN 2.83%, 12/30/99 18,000,000 18,000,991
Yonkers Industrial Development Agency, Civic Facilities
Revenue, Consumers Union Facilities
VRDN 3.15% (Insured; AMBAC and Liquidity Facility;
Credit Local de France)(a) 3,300,000 3,300,000
U.S. Related--2.4%
Commonwealth of Puerto Rico, TRAN 3.50%,
Series A, 7/30/99 10,000,000 10,010,368
- --------------------------------------------------------------------------------------------------
Total Investments (cost $418,830,490) 98.8% 418,830,490
Cash and Receivables (Net) 1.2% 5,145,045
Net Assets 100.0% 423,975,535
</TABLE>
8
<PAGE>
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Summary of Abbreviations
AMBAC American Municipal Bond MFMR Multi-Family Mortgage Revenue
Assurance Corporation PCR Pollution Control Revenue
BAN Bond Anticipation Notes RAN Revenue Anticipation Notes
CP Commercial Paper TAN Tax Anticipation Notes
FNMA Federal National Mortgage Association TRAN Tax and Revenue Anticipation
IDR Industrial Development Revenue Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
MBIA Municipal Bond Investors
Assurance Insurance Corporation
- --------------------------------------------------------------------------------
Summary of Combined Ratings
Fitch or Moody's or Standard & Poor's Value (%)
- --------------------------------------------------------------------------------
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 90.7
AAA/AA(b) Aaa/Aa(b) AAA/AA(b) .5
Not Rated(c) Not Rated(c) Not Rated(c) 8.8
100.0
[FN]
a Securities payable on demand. Variable interest rate-subject to periodic
change.
b Notes which are not F, MIG or SP rated are represented by bond ratings of
the issuers.
c Securities which, while not rated by Fitch, Moody's and Standard & Poor's
have been determined by the Manager to be of comparable quality to those
rated securities in which the fund may invest.
See notes to financial statements.
</FN>
The Fund 9
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
May 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Cost Value
- --------------------------------------------------------------------------------
Assets ($):
Investments in securities--See Statement of
Investments 418,830,490 418,830,490
Cash 1,873,627
Interest receivable 3,453,447
Prepaid expenses 50,123
424,207,687
- --------------------------------------------------------------------------------
Liabilities ($):
Due to The Dreyfus Corporation and affiliates 189,627
Due to Distributor 8,303
Accrued expenses 34,222
232,152
- --------------------------------------------------------------------------------
Net Assets ($) 423,975,535
- --------------------------------------------------------------------------------
Composition of Net Assets ($):
Paid-in capital 424,041,774
Accumulated net realized gain (loss) on investments (66,239)
- --------------------------------------------------------------------------------
Net Assets ($) 423,975,535
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Net Asset Value Per Share
Class A Class B
- --------------------------------------------------------------------------------
Net Assets ($) 380,829,129 43,146,406
Shares Outstanding 380,895,487 43,146,287
- --------------------------------------------------------------------------------
Net Asset Value Per Share ($) 1.00 1.00
See notes to financial statements.
10
<PAGE>
STATEMENT OF OPERATIONS
Six Months Ended May 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Investment Income ($)
- --------------------------------------------------------------------------------
Interest Income 6,558,357
Expenses:
Management fee--Note 2(a) 1,089,690
Shareholder servicing costs--Note 2(c) 270,570
Distribution fees (Class B)--Note 2(b) 123,309
Professional fees 23,470
Custodian fees 22,134
Registration fees 21,940
Prospectus and shareholders' reports 14,759
Trustees' fees and expenses--Note 2(d) 12,697
Miscellaneous 5,344
Total Expenses 1,583,913
Less--reduction in shareholder servicing costs due to
undertaking--Note 2(c) (22,545)
Net Expenses 1,561,368
Investment Income--Net, representing net increase in net assets
resulting from operations 4,996,989
See notes to financial statements.
The Fund 11
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
Six Months Ended
May 31, 1999 Year Ended
(Unaudited) November 30, 1998
- --------------------------------------------------------------------------------
Operations ($):
Investment income--net 4,996,989 12,831,699
Net realized gain (loss) on investments -- 147
Net Increase (Decrease) in Net Assets
Resulting from Operations 4,996,989 12,831,846
- --------------------------------------------------------------------------------
Dividends to Shareholders from ($):
Investment income--net:
Class A shares (4,504,420) (11,691,987)
Class B shares (492,569) (1,139,712)
Total Dividends (4,996,989) (12,831,699)
- --------------------------------------------------------------------------------
Beneficial Interest Transactions
($1.00 per share):
Net proceeds from shares sold:
Class A shares 464,642,168 1,060,136,234
Class B shares 52,894,390 107,077,205
Dividends reinvested:
Class A shares 4,340,272 11,286,121
Class B shares 492,270 1,135,035
Cost of shares redeemed:
Class A shares (493,207,326) (1,107,118,496)
Class B shares (57,237,342) (103,384,014)
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions (28,075,568) (30,867,915)
Total Increase (Decrease) in Net Assets (28,075,568) (30,867,768)
- --------------------------------------------------------------------------------
Net Assets ($):
Beginning of Period 452,051,103 482,918,871
End of Period 423,975,535 452,051,103
See notes to financial statements.
12
<PAGE>
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the
fiscal periods indicated. Certain information reflects financial results for a
single fund share. Total return shows how much your investment in the fund
would have increased (or decreased) during each period, assuming you had
reinvested all dividends and distributions. These figures have been derived
from the fund's financial statements.
- --------------------------------------------------------------------------------
Six Months Ended
May 31, 1999 Year Ended November 30,
--------------------------------------
Class A Shares (Unaudited) 1998 1997 1996 1995 1994
- --------------------------------------------------------------------------------
Per Share Data ($):
Net asset value,
beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .012 .027 .029 .028 .032 .023
Distributions:
Dividends from investment
income--net (.012) (.027) (.029) (.028) (.032) (.023)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
- --------------------------------------------------------------------------------
Total Return (%)* 2.35* 2.77 2.98 2.84 3.28 2.34
- --------------------------------------------------------------------------------
Ratios/Supplemental Data (%):
Ratio of expenses to average
net assets .68* .68 .66 .68 .58 .34
Ratio of net investment income
to average net assets 2.33* 2.74 2.94 2.80 3.23 2.33
Decrease reflected in above
expense ratios due to
undertakings by the Manager -- -- -- -- .05 .32
- --------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 380,829 405,054 440,750 507,537 636,013 689,918
* Annualized.
See notes to financial statements.
The Fund 13
<PAGE>
FINANCIAL HIGHLIGHTS (continued)
- --------------------------------------------------------------------------------
Six Months Ended
May 31, 1999 Year Ended November 30,
-------------------------------
Class B Shares (Unaudited) 1998 1997 1996 1995a
- --------------------------------------------------------------------------------
Per Share Data ($):
Net asset value, beginning of
period 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .010 .024 .027 .025 .006
Distributions:
Dividends from investment
income--net (.010) (.024) (.027) (.025) (.006)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
- --------------------------------------------------------------------------------
Total Return (%) 2.01(b) 2.47 2.68 2.55 2.82(b)
- --------------------------------------------------------------------------------
Ratios/Supplemental Data (%):
Ratio of expenses to average
net assets .98(b) .98 .95 .95 1.04(b)
Ratio of net investment income
to average net assets 2.00(b) 2.44 2.64 2.47 3.64(b)
Decrease reflected in above expense
ratios due to undertakings by the
Manager .09(b) .08 .08 .16 --
- --------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 43,146 46,997 42,169 36,199 --
[FN]
a From September 8, 1995 (commencement of initial offering) to November 30,
1995.
b Annualized.
See notes to financial statements.
</FN>
14
<PAGE>
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, as amended (the "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 (the "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.
The Fund 15
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(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 custody agreement, the fund
received net earnings credits of $15,405 during the period ended May 31, 1999
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 of 1986, as amended (the
"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 Code, and to make distributions
of income and net realized capital gain sufficient to relieve it from
substantially all Federal income and excise taxes.
16
<PAGE>
The fund has an unused capital loss carryover of approximately $58,000 available
for Federal income tax purposes to be applied against future net securities
profits, if any, realized subsequent to November 30, 1998. If not applied,
$40,000 of the carryover expires in fiscal 2002 and $18,000 expires in fiscal
2003.
At May 31, 1999, 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, 1999, 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, 1999, Class B shares were charged $49,324
pursuant to the Distribution Plan.
The Fund 17
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(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 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, 1999, Class A shares were charged $180,198 pursuant to the
Class A 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 Agents in respect of their services. The
Distributor determines the amounts to be paid to Service Agents.
The Manager had undertaken through May 31, 1999, that if the aggregate expenses
of Class B shares, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceeded .98 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
Class B Shareholder Services Plan to the extent of any excess expense and up to
the full fee payable under such plan. During the period ended May 31, 1999,
Class B shares were charged $73,985, of which $22,545 was reimbursed by the
Manager.
18
<PAGE>
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, 1999, the fund was charged $55,985 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.
The Fund 19
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NOTES
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For More Information
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
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
By telephone
Call 1-800-645-6561
By mail Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
By E-mail Send your request
to [email protected]
On the Internet Information
can be viewed online or
downloaded from:
http://www.dreyfus.com
(c) 1999 Dreyfus Service Corporation 574/700SA995
