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.
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 period ended November 30, 1998 as shown in the
following table:
<TABLE>
<CAPTION>
YIELD EFFECTIVE YIELD*
_______ _____________
<S> <C> <C>
Class A Shares . . . . . . . . . . . . . . . . . . . . 2.74% 2.77%
Class B Shares . . . . . . . . . . . . . . . . . . . . 2.44% 2.47%
</TABLE>
ECONOMY
During 1998, the main regions of the world had very different economic
fundamentals. The U.S. entered the year with a strong economy near full
employment, with unemployment only slightly above 4%. The tight labor market led
the Federal Reserve Board to contemplate a rise in interest rates early in the
year. The U.S. economy cooled enough over the months that the Fed decided to
stand pat. Evidence of economic cooling continued to accumulate and worries
about the world economy intensified. Financial stresses pushed the Fed to ease
beginning in September. After many years of subpar economic growth, continental
Europe moved into a sustained economic expansion. The overall European economy
benefited as interest rates in peripheral countries such as Spain and Italy
fell, approaching the lower level established by Germany, on the eve of currency
unification. Unlike the U.S., Europe has substantial excess capacity of
productive plants and labor. In Asia, weak economies were pervasive as a result
of the Asian financial crisis. The Latin American economies weakened as the
financial stresses spread throughout that region.
A main influence on the U.S. economy this year was the foreign financial
crisis and cooling of the world economy. The positive effects hit first. Actual
inflation and expected inflation dropped, causing a decline in long-term
Treasury bond yields and mortgage rates. This caused a boom in housing. The drop
in inflation helped the consumer sector as more of the growth in consumer income
was left over after inflation to buy goods and services. Consumers benefited
from a combination of good growth in real income, a strong labor market and past
increases in the prices of assets they owned.
The negative effect of Asian weakness was felt in the industrial sector more
than the consumer sector. Corporate profits weakened, especially in sectors
affected by the Asian crisis such as world-traded commodities (oil, metals and
paper) and exports. One result of the industrial weakness was to cool off a U.S.
economy that had been growing rapidly.
The major change in the economic outlook over recent months has been a
downward shift in expectations for world economic growth. A credit crunch
developed in emerging countries and former communist countries, sharply reducing
the economic outlook for Asia and Latin America as well as for
commodity-exporting countries throughout the world. The effect on Europe and the
U.S. has been to lower expectations of profit growth and drive down bond yields.
Monetary policy has begun to ease in Europe as well as the U.S.
Evidence of a weaker world economy accumulated as the financial stresses
continued. A worsened financial crisis occurred between the Russian default in
mid-August and the fallout from the Long-Term Capital Management hedge fund
crisis through early October. However, proactive steps were taken to stabilize
the Japanese banks, design a support package for Brazil and ease monetary
policy. There appears to be a shift in the priorities of key policymakers from
fighting potential inflation to restimulating future world economic growth.
MARKET ENVIRONMENT/PORTFOLIO OVERVIEW
The manner in which the Federal Reserve eased this past quarter was a gradual
process. For three successive months, beginning in September, the Fed reduced
the target rate for Fed Funds a total of 75 basis points. The Fed also lowered
the Discount Rate by 25 basis points each, in November and December. The Fed's
actions provided even greater strength to an already strong short-term municipal
money market. Prior to these rate cuts, the short-term market had already felt
the effects of the diminished supply of eligible new issuance over the summer
months. This year' s summer calendar of municipal notes (consisting mainly of
California paper) was drastically reduced by a combination of factors. Due to
the strength of local and state economies, several issuers reduced the amount of
short-term borrowing needed. Additionally, many issuers came to market with
securities with maturities beyond the 13-month maximum restriction allowable for
tax-exempt money funds. Other issues were converted to a shortened synthetic
structure, thus eliminating the ability to extend out into the one-year range.
This reduction in supply resulted in lower yields for most one-year paper, both
national and state specific.
We attempted to extend your Fund's average maturity beyond 40 days during the
summer months, just prior to the market strengthening. Your Fund benefited from
those securities purchased in the one-year range at yields significantly higher
than what is currently available in the market. As the summer progressed, yields
began to drop as they reflected the diminished supply of one-year notes. During
this period we utilized the commercial paper market to maintain the Fund's
average maturity. As year-end approaches, we will continue to search for those
longer-term investment opportunities which will lock in higher rates while
providing an attractive return to the New York tax-exempt investor. As always,
we will structure the portfolio in an attempt to maximize current yield while
maintaining our commitment to high quality tax-exempt investments.
Very truly yours,
[Richard J. Moynihan signature]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 15, 1998
New York, N.Y.
* Effective yield takes into account the effect of compounding and is based upon
dividends declared daily and reinvested monthly.
<TABLE>
<CAPTION>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS NOVEMBER 30, 1998
Principal
Tax Exempt Investments--101.0% Amount Value
- ------------------------------------------------------- _____________ _____________
New York--98.8%
<S> <C> <C>
Erie County, RAN 4%, 10/13/99 (LOC; Bank of New York). . . . . . . . . . . . . . . . . . . $ 10,000,000 $ 10,084,035
Erie County Water Authority, Water Revenue, VRDN
2.75%, 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 8,017,234
Town of Islip Industrial Development Agency, IDR, VRDN
(Brentwood Distribution Project) 3.10% (LOC; Fleet Bank) (a) . . . . . . . . . . . . . . 1,000,000 1,000,000
Long Island Power Authority, Electric Systems Revenue:
CP 3%, Sub-Series 1, 2/9/99 (LOC: Bayerische Landesbank and Westdeutsche Landesbank) . . 10,000,000 10,000,000
VRDN 3.25%, Sub-Series 5
(LOC: ABN-Amro Bank and Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . 6,000,000 6,000,000
Metropolitan Transportation Authority, Transit Facilities Revenue, CP
3.10%, Series 1, 2/9/99 (LOC: ABN-Amro Bank) . . . . . . . . . . . . . . . . . . . . . . 14,000,000 14,000,000
Municipal Assistance Corporation, VRDN
3.20%, Sub-Series K-3, (LOC; Landesbank Hessen) (a) . . . . . . . . . . . . . . . . . . 8,000,000 8,000,000
New York City, VRDN:
2.90%, Series B, Subseries B-10 (LOC; Union Bank of Switzerland) (a) . . . . . . . . . . 5,000,000 5,000,000
2.95%, Sub-Series A-6 (LOC; Landesbank Hessen) (a) . . . . . . . . . . . . . . . . . . . 8,000,000 8,000,000
3.15%, Sub-Series A-10 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . 3,000,000 3,000,000
3.25%, Sub-Series E-4 (LOC; State Street Bank and Trust Co. ) (a) . . . . . . . . . . . 4,300,000 4,300,000
3.30%, Sub-Series A-7 (LOC; Morgan Guaranty Trust Co. ) (a) . . . . . . . . . . . . . . 14,900,000 14,900,000
3.30%, Series B, Sub-Series B-3 (Insured; MBIA and Liquidity Facility; Bank of
Nova Scotia) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,900,000 5,900,000
3.30%, Sub-Series E-3 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . 19,500,000 19,500,000
3.30%, Sub-Series E-5 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . 18,600,000 18,600,000
3.35%, Sub-Series A-4 (LOC; Chase Manhattan Bank) (a) . . . . . . . . . . . . . . . . . 3,850,000 3,850,000
New York City Health and Hospital Corporation, Health Systems Revenue, VRDN
2.95%, Series A (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . . . 9,900,000 9,900,000
New York City Housing Development Corporation, VRDN:
MFMR (York Avenue Development Project) 3.15% (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 Municipal Water Finance Authority, CP
3%, Series 1, 3/18/99 (LOC: Bank of Nova Scotia, Commerzbank and
Toronto-Dominion Bank) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000,000 20,000,000
New York City Trust, Cultural Resource Revenue, Refunding, VRDN
(American Museum of Natural History)
2.75%, Series A (Insured; MBIA and Liquidity Facility; Credit Suisse) (a) . . . . . . . 3,000,000 3,000,000
New York State Energy Research and Development Authority:
Electric Facilities Revenue, VRDN (LILCO Project)
3%, Series B (LOC; Toronto-Dominion Bank) (a) . . . . . . . . . . . . . . . . . . . . . 8,000,000 8,000,000
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998
Principal
Tax Exempt Investments (continued) Amount Value
- ------------------------------------------------------- _____________ _____________
New York (continued)
New York State Energy Research and Development Authority (continued):
PCR:
(LILCO Project) 3.58%, Series A, 3/1/99 (LOC; Deutsche Bank) . . . . . . . . . . . . . $ 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) . . . . . . . . . . . . . 8,325,000 8,325,000
VRDN:
(Central Hudson Gas and Electric Project)
3.25%, Series A (LOC; Union Bank of Switzerland) (a) . . . . . . . . . . . . . . . 7,800,000 7,800,000
(Niagara Mohawk Power Corp.)
3.35%, Series B (LOC; Toronto-Dominion Bank) (a) . . . . . . . . . . . . . . . . . 4,500,000 4,500,000
3.35%, Series C (LOC; Canadian Imperial Bank of Commerce) (a) . . . . . . . . . . . 11,000,000 11,000,000
New York State Housing Finance Agency, Revenue, VRDN:
(Normandie Court I Project) 2.85% (LOC; Landesbank Hessen) (a) . . . . . . . . . . . . . 8,000,000 8,000,000
Contract Obligation 2.90%, Series A (LOC; Commerzbank) (a) . . . . . . . . . . . . . . . 14,400,000 14,400,000
New York State Local Government Assistance Corporation, VRDN:
2.90%, Series A (LOC: Credit Suisse and Union Bank of Switzerland) (a) . . . . . . . . . 28,000,000 28,000,000
2.90%, Series F (LOC; Toronto-Dominion Bank) (a) . . . . . . . . . . . . . . . . . . . . 10,200,000 10,200,000
2.95%, Series B (LOC; Krediet Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . 30,700,000 30,700,000
New York State Medical Care Facilities Finance Agency, Revenue, VRDN
(Pooled Equipment Loan Program):
3.10%, Series I (LOC; Chase Manhattan Bank) (a) . . . . . . . . . . . . . . . . . . . 10,500,000 10,500,000
3.10%, Series II (LOC; Chase Manhattan Bank) (a) . . . . . . . . . . . . . . . . . . . 5,870,000 5,870,000
New York State Power Authority, CP:
3%, 12/2/98 (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
3.20%, 12/3/98 (Liquidity: Bank of Nova Scotia, Commerzbank, Credit Locale
de France, Landesbank Hessen, Morgan Guaranty Trust Co. and Toronto-Dominion Bank) . . 7,700,000 7,700,000
Onondaga County Industrial Development Agency, IDR, VRDN (Edgecomb Metals Co.
Project)
3.10% (LOC; Banque Nationale de Paris) (a) . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,000,000
Oyster Bay, BAN 4%, 10/1/99. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000,000 7,036,655
Port Authority of New York and New Jersey, Special Obligation Revenue, VRDN
(Versatile Structure):
3.25%, Series 2 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
3.35%, Series 6 (Liquidity; Bank of Nova Scotia) (a) . . . . . . . . . . . . . . . . . 2,600,000 2,600,000
3.40%, Series 6 (Liquidity; Bank of Nova Scotia) (a) . . . . . . . . . . . . . . . . . 100,000 100,000
Sachem Central School District, TAN 4%, 6/25/99. . . . . . . . . . . . . . . . . . . . . . 7,500,000 7,513,496
Three Village Central School District, TAN (Brookhaven and Smithtown)
4%, 6/30/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,500,000 8,518,960
Westchester County Health Care Corporation, CP
3%, Series 1, 12/7/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000,000 11,000,000
Yonkers Industrial Development Authority, Civic Revenue, Consumers Union
Facilities,
VRDN 2.85% (Insured; AMBAC and Liquidity Facility; Credit Locale de France) (a) . . . . 3,300,000 3,300,000
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998
Principal
Tax Exempt Investments (continued) Amount Value
- ------------------------------------------------------- _____________ _____________
U.S. Related--2.2%
Commonwealth of Puerto Rico, TRAN 3.50%, Series A, 7/30/99 . . . . . . . . . . . . . . . . $ 10,000,000 $ 10,042,000
_____________
TOTAL INVESTMENTS (cost $456,727,380). . . . . . . . . . . . . . . . . . . . . . . . . . . 101.0% $456,727,380
========= ============
LIABILITIES, LESS CASH AND RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . . . (1.0%) $ (4,676,277)
========= =============
NET ASSETS.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $452,051,103
======== ============
</TABLE>
<TABLE>
<CAPTION>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
Summary of Abbreviations
- -----------------------------------------------------------------------------
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation MFMR Multi-Family Mortgage Revenue
BAN Bond Anticipation Notes PCR Pollution Control Revenue
CP Commercial Paper RAN Revenue Anticipation Notes
FNMA Federal National Mortgage Association TAN Tax Anticipation Notes
IDR Industrial Development Revenue TRAN Tax and Revenue Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
MBIA Municipal Bond Investors Assurance
Insurance Corporation
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
- -----------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value
_______ ________ _________________ ___________________
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 96.3%
AAA/AA (b) Aaa/Aa (b) AAA/AA (b) .4
Not Rated (c) Not Rated (c) Not Rated (c) 3.3
_______
100.0%
========
</TABLE>
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(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 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.
SEE NOTES TO FINANCIAL STATEMENTS.
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1998
Cost Value
_____________ _____________
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $456,727,380 $456,727,380
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 3,746,232
Interest receivable . . . . . . . . . . . . . . . . . . . 1,877,362
_____________
462,350,974
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 198,555
Due to Distributor . . . . . . . . . . . . . . . . . . . 242
Payable for investment securities purchased . . . . . . . 10,042,000
Accrued expenses . . . . . . . . . . . . . . . . . . . . 59,074
_____________
10,299,871
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $452,051,103
=============
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $452,117,342
Accumulated net realized gain (loss) on investments . . . (66,239)
-------------
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $452,051,103
=============
NET ASSET VALUE PER SHARE
___________________________________________________________________
Class A Class B
_____________ _____________
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $405,054,015 $ 46,997,088
Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405,120,373 46,996,969
NET ASSET VALUE PER SHARE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.00 $1.00
===== =====
SEE NOTES TO FINANCIAL STATEMENTS.
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS YEAR ENDED NOVEMBER 30, 1998
INVESTMENT INCOME
INCOME Interest Income . . . . . . . . . . . . . . . . . . . . . $16,200,617
EXPENSES: Management fee--Note 2(a) . . . . . . . . . . . . . . . . $ 2,369,250
Shareholder servicing costs--Note 2(c) . . . . . . . . . 763,000
Distribution fees (Class B)--Note 2(b) . . . . . . . . . 93,487
Custodian fees . . . . . . . . . . . . . . . . . . . . . 48,897
Registration fees . . . . . . . . . . . . . . . . . . . . 39,680
Professional fees . . . . . . . . . . . . . . . . . . . . 36,245
Trustees' fees and expenses--Note 2(d) . . . . . . . . . 25,164
Prospectus and shareholders' reports . . . . . . . . . . 19,339
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . 12,640
____________
Total Expenses . . . . . . . . . . . . . . . . . . 3,407,702
Less--reduction in shareholder servicing costs due to
undertaking--Note 2(c) . . . . . . . . . . . . . . . . (38,784)
____________
Net Expenses . . . . . . . . . . . . . . . . . . . 3,368,918
____________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,831,699
============
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 1(b) . . . . . . . . . . . .. 147
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . $12,831,846
____________
SEE NOTES TO FINANCIAL STATEMENTS.
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
November 30, 1998 November 30, 1997
___________________ ___________________
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12,831,699 $ 15,160,748
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . . 147 1,107
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . . . . ----- (1,333)
______________ ______________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . . 12,831,846 15,160,522
______________ ______________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11,691,987) (14,099,515)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,139,712) (1,061,233)
______________ ______________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,831,699) (15,160,748)
______________ ______________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,060,136,234 1,232,077,695
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107,077,205 88,699,944
Dividends reinvested:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,286,121 13,492,714
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,135,035 1,060,123
Cost of shares redeemed:
Class A shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,107,118,496) (1,312,357,416)
Class B shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (103,384,014) (83,789,854)
______________ ______________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions . . . . (30,867,915) (60,816,794)
______________ ______________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . . . (30,867,768) (60,817,020)
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 482,918,871 543,735,891
______________ ______________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 452,051,103 $ 482,918,871
============== ==============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
GENERAL NEW YORK MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This information
has been derived from the Fund's financial statements.
Class A Shares
______________________________________________________
Year Ended November 30,
______________________________________________________
PER SHARE DATA: 1998 1997 1996 1995 1994
______ ______ ______ ______ ______
<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 . . . . . . . . . . . . . . . . . .027 .029 .028 .032 .023
______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . . . . . . . . (.027) (.029) (.028) (.032) (.023)
______ ______ ______ ______ ______
Net asset value, end of period . . . . . . . . . . . . . $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . . . . . 2.77% 2.98% 2.84% 3.28% 2.34%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . .68% .66% .68% .58% .34%
Ratio of net investment income
to average net assets . . . . . . . . . . . . . . . . 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 (000's Omitted) . . . . . . . . $405,054 $ 440,750 $ 507,537 $636,013 $689,918
</TABLE>
<TABLE>
<CAPTION>
SEE NOTES TO FINANCIAL STATEMENTS.
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: 1998 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 . . . . . . . . . . . . . . . . . . . . . . . .024 .027 .025 .006
______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . . . . . . . . . . . . . . (.024) (.027) (.025) (.006)
______ ______ ______ ______
Net asset value, end of period . . . . . . . . . . . . . . . . . . . $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= =======
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . . . . . . . . . . . 2.47% 2.68% 2.55% 2.82%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . . . . . . . .98% .95% .95% 1.04%(2)
Ratio of net investment income
to average net assets . . . . . . . . . . . . . . . . . . . . . . 2.44% 2.64% 2.47% 3.64%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager . . . . . . . . . . . . . . . .08% .08% .16% --
Net Assets, end of period (000's Omitted) . . . . . . . . . . . . . . $46,997 $42,169 $36,199 --
- -----------------------------
</TABLE>
(1) From September 8, 1995 (commencement of initial offering) to
November 30, 1995.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
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, 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.
(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 $32,465 during the period ended
November 30, 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 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.
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 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, 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 November 30, 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 November 30, 1998, Class B shares were
charged $93,487 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 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 November 30, 1998, Class A shares were charged $412,841 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 November 30, 1998, 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
November 30, 1998, Class B shares were charged $140,231, of which $38,784 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, 1998, the Fund was charged $139,632 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, 1998, 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, 1998 by correspondence with the custodian
and brokers. 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, 1998, 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 4, 1999
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, 1998 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).
[reg.tm logo]
(reg.tm)
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. 574AR9811
General New York
Municipal Money
Market Fund
Annual Report
November 30, 1998
February 5, 1999
Office of Records
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: General New York Municipal Money Market Fund
File No. 811-4870
Gentlemen:
Transmitted for filing is one (1) copy of the Annual Report to Shareholders
for the above-referenced Fund as of November 30, 1998 filed pursuant to the
provisions of Section 30 of the Investment Company Act of 1940, as amended.
Very truly yours,
Gina M. Martone
GMM:kwm
Enclosure
Copy for filing to:
National Association of Securities Dealers, Inc.
Attn: Advertising Department
