General New York Municipal Money Market Fund
ANNUAL REPORT November 30, 1999
(reg.tm)
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 Dreyfus and
the fund's other service providers do not properly process and calculate
date-related information from and after January 1, 2000. Dreyfus has taken steps
designed to avoid year 2000-related problems in its systems and to monitor the
readiness of other service providers. 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.
Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
11 Statement of Assets and Liabilities
12 Statement of Operations
13 Statement of Changes in Net Assets
14 Financial Highlights
16 Notes to Financial Statements
21 Report of Independent Auditors
22 Important Tax Information
FOR MORE INFORMATION
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Back Cover
The Fund
General New York
Municipal Money Market Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this annual report for General New York Municipal
Money Market Fund, covering the 12-month period from December 1, 1998 through
November 30, 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, Scott Sprauer.
When the period began, the Federal Reserve Board had just completed a series of
short-term interest-rate cuts in an attempt to stimulate economic growth after
the spread of a global financial crisis in overseas markets. Its strategy
apparently worked, because signs of renewed economic strength in the U.S. and
abroad became evident early in 1999, fueling fears that inflationary pressures
might re-emerge. The Federal Reserve then reversed course, raising short-term
interest rates three times during the summer and fall of 1999, effectively
eliminating all of last fall' s interest-rate cuts. Higher interest rates
generally led to higher yields on most money market securities, including
tax-exempt instruments.
We appreciate your confidence over the past year, 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
December 15, 1999
2
DISCUSSION OF FUND PERFORMANCE
Scott Sprauer, Portfolio Manager
How did General New York Municipal Money Market Fund perform during the period?
For the 12-month period ended November 30, 1999, the fund's Class A shares
produced a tax-exempt yield of 2.42%, while Class B shares provided a tax-exempt
yield of 2.10% . Taking into account the effects of compounding, the fund's
effective yields were 2.45% for Class A shares and 2.12% for Class B shares.(1)
The fund' s Class A and B shares provided total returns of 2.45% and 2.12%,
respectively.(2) These results compare to the Lipper New York Tax-Exempt Money
Market Funds category average total return of 2.59% over the same period.(3)
What is the fund's investment approach?
The fund seeks a high level of federal, state and New York city tax-exempt
income while maintaining a stable $1.00 share price. We are especially vigilant
in our efforts to preserve capital.
In pursuing this objective, we attempt to add value by constructing a diverse
portfolio of high quality tax-exempt money market instruments from New York
issuers. We also actively manage the fund's average maturity in anticipation of
interest-rate trends and supply-and-demand changes in the short-term municipal
marketplace.
For example, if we expect an increase in short-term supply, we may decrease the
average maturity of the fund, which would enable us to purchase new securities
with higher yields. Yields tend to rise when there is an increase of new issue
supply competing for investor interest. New securities are generally issued with
maturities in the one-year range, which tend to lengthen the fund's weighted
average maturity. If we anticipate limited new issue supply, we may extend the
portfolio' s average maturity to maintain current yields for as long as
practical. At other times we try to maintain an average maturity that reflects
our view of short-term interest-rate trends and future supply-and- demand
considerations.
The Fund 3
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
What other factors influenced the fund's performance?
The fund was positively affected by rising interest rates over the past six
months. When the reporting period began, it had already become apparent that the
U.S. economy was growing more strongly than most analysts expected, raising
concerns that inflationary pressures might re-emerge. In an attempt to forestall
a reacceleration of inflation, the Federal Reserve Board increased short-term
interest rates three times during the summer and fall of 1999. Since the market
anticipated these rate hikes before they were announced, much of the rise of
tax-exempt money market yields had already taken place by the time the last
monetary policy change was actually implemented in November.
However, tax-exempt money market yields did not rise as much as comparable
taxable yields, primarily because of a relative lack of supply amid steady
investor demand. New York State and its municipalities have enjoyed higher tax
revenues during this period of economic prosperity, which have enabled them to
decrease their annual debt borrowings.
What is the fund's current strategy?
We have continued to focus on very high quality, liquid money market instruments
from a wide array of New York 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.
VRDNs can be redeemed at the buyer's option after either one day or seven days,
which affords the fund a high degree of liquidity as well as high credit
quality. Accordingly, as of November 30, much of the portfolio was composed of
VRDNs. We also increased our holdings of tax-exempt commercial paper because of
supply-and-demand factors, which helped drive the yields of these short-term
securities to more attractive levels. The remainder was comprised primarily of
tax-exempt notes. Of course, the portfolio's composition will change over time.
4
As the end of the year approaches, we have maintained a neutral weighted average
maturity in order to help protect the fund from any market disruptions that
Y2K-related or year-end factors may present.
December 15, 1999
(1) 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 $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND. PERFORMANCE FIGURES PROVIDED FOR CLASS B
SHARES REFLECT THE ABSORPTION OF FUND EXPENSES BY THE DREYFUS CORPORATION
PURSUANT TO AN UNDERTAKING IN EFFECT THAT MAY BE EXTENDED, TERMINATED OR
MODIFIED AT ANY TIME. HAD THESE EXPENSES NOT BEEN ABSORBED, THE FUND'S
CLASS B RETURN WOULD HAVE BEEN LOWER. WITHOUT THE EXPENSE ABSORPTION, THE
FUND'S CLASS B SHARES WOULD HAVE PRODUCED A TAX-EXEMPT YIELD OF 2.00% AND
AN EFFECTIVE YIELD OF 2.02%.
(2) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS. INCOME MAY BE SUBJECT TO
STATE AND LOCAL TAXES FOR NON-NEW YORK RESIDENTS, AND SOME INCOME MAY BE
SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX (AMT) FOR CERTAIN INVESTORS.
(3) SOURCE: LIPPER ANALYTICAL SERVICES, INC.
The Fund 5
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS
November 30, 1999
Principal
TAX EXEMPT INVESTMENTS--99.0% Amount ($) Value ($)
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Babylon Industrial Development Agency,
Resource Recovery Revenue, VRDN
(Equity Babylon Project) 3.65% (LOC;
<S> <C> <C>
Union Bank of Switzerland) 3,100,000 (a) 3,100,000
Connetquot Central School District, TAN 3.80%, 6/29/2000 9,000,000 9,022,554
Erie County Water Authority, Water Revenue, VRDN
3.65%, Series A (Insured; AMBAC and Liquidity Facility;
National Bank of Australia) 9,000,000 (a) 9,000,000
Town of Islip Industrial Development Agency, IDR, VRDN
(Brentwood Distribution Project)
3.85% (LOC; Fleet Bank) 1,000,000 (a) 1,000,000
Long Island Power Authority, Electric Systems Revenue
CP:
3.75%, Series 4, Sub-Series 4, 2/10/2000
(LOC: Bayerische Landesbank and
Westdeutsche Landesbank) 5,000,000 5,000,000
3.60%, Series 4, Sub-Series 4, 2/16/2000
(LOC: Bayerische Landesbank and
Westdeutsche Landesbank) 10,000,000 10,000,000
3.70%, Sub-Series 3, 2/29/2000
(LOC: Bayerische Landesbank and
Westdeutsche Landesbank) 16,500,000 16,500,000
3.70%, Series 4, Sub-Series 4, 2/29/2000
(LOC: Bayerische Landesbank and
Westdeutsche Landesbank) 8,000,000 8,000,000
3.70%, Sub-Series 3, 4/5/2000
(LOC: Bayerische Landesbank and
Westdeutsche Landesbank) 6,000,000 6,000,000
VRDN:
3.65%, Sub-Series 6 (LOC: ABN-Amro Bank and
Morgan Guaranty Trust Co.) 3,400,000 (a) 3,400,000
3.85%, Series 7, Sub-Series 7-A (Insured; MBIA and
Liquidity Facility; Credit Suisse ) 10,000,000 (a) 10,000,000
Metropolitan Transportation Authority,
Transit Facilities Revenue, Series 1, CP:
3.80%, 2/14/2000 (LOC; ABN-Amro Bank) 12,000,000 12,000,000
3.80%, 4/6/2000 (LOC; ABN-Amro Bank) 10,000,000 10,000,000
New York City, VRDN:
3.70%, Sub-Series A-4 (LOC; Chase Manahattan Bank) 1,600,000 (a) 1,600,000
3.70%, Sub-Series A-7 (LOC; Morgan Guaranty Trust Co.) 3,450,000 (a) 3,450,000
3.70%, Sub-Series E-2 (LOC; Morgan Guaranty Trust Co.) 5,000,000 (a) 5,000,000
3.70%, Series E-4 (LOC; State Street Bank and Trust Co.) 9,600,000 (a) 9,600,000
3.70%, Sub-Series E-4 (LOC; State Street Bank and Trust Co.) 3,500,000 (a) 3,500,000
3.70%, Sub-Series E-5 (LOC; Morgan Guaranty Trust Co.) 11,900,000 (a) 11,900,000
3.75%, Sub-Series A-4 (LOC; Chase Manhattan Bank) 6,600,000 (a) 6,600,000
6
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
New York City, VRDN (continued):
3.80%, Sub-Series A-6 (LOC; Landesbank Hessen) 8,000,000 (a) 8,000,000
3.80%, Sub-Series B-4 (Insured; MBIA and Liquidity
Facility; Credit Agricole de Indosuez) 6,000,000 (a) 6,000,000
New York City Health and Hospital Corporation,
Health Systems Revenue
3.70%, Series E, 2/1/2000 (LOC; The Bank of New York) 10,000,000 10,000,000
New York City Housing Development Corporation, VRDN
Multi-Family Rental Housing Revenue (Monterey)
3.80%, Series A (LOC; FNMA) 10,000,000 (a) 10,000,000
New York City Municipal Water Finance Authority
CP:
3.60, Series 1, 12/23/1999
(LOC: Bank of Nova Scotia, Commerzbank and
Toronto-Dominion Bank) 9,000,000 9,000,000
3.70%, Series 1, 12/23/1999
(LOC: Bank of Nova Scotia, Commerzbank and
Toronto-Dominion Bank) 10,000,000 10,000,000
3.80%, Series 1, 3/10/2000
(LOC: Bank of Nova Scotia, Commerzbank and
Toronto-Dominion Bank) 15,000,000 15,000,000
Water and Sewer System Revenue, VRDN:
3.60%, Series G (Insured; FGIC) 16,100,000 (a) 16,100,000
3.80%, Series C (Insured; FGIC) 22,315,000 (a) 22,315,000
4%, Series A (Insured; FGIC) 5,160,000 (a) 5,160,000
New York City Transitional Finance Authority,
Future Tax Secured, VRDN:
3.60%, Sub-Series B-1, (Liquidity Facility;
Morgan Guaranty Trust Co.) 10,000,000 (a) 10,000,000
3.85%, Series A-2, (Liquidity Facility;
Bank of Nova Scotia) 20,000,000 (a) 20,000,000
New York City Trust, Cultural Resource Revenue, Refunding,
VRDN (American Museum of Natural History)
3.65%, Series A (Insured; MBIA and Liquidity Facility;
Credit Suisse) 3,000,000 (a) 3,000,000
New York State, CP:
3.80%, 2/9/2000 (Liquidity Facility;
Westdeutsche Landesbank) 10,000,000 10,000,000
3.75%, 3/9/2000 (Liquidity Facility;
Westdeutsche Landesbank) 10,000,000 10,000,000
New York State Dorm Authority, Revenues, VRDN
(Memorial Sloan):
3.70%, Series A (LOC; Chase Manhattan Bank) 2,500,000 (a) 2,500,000
3.70%, Series B (LOC; Chase Manhattan Bank) 3,900,000 (a) 3,900,000
The Fund 7
STATEMENT OF INVESTMENTS (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
New York State Dorm Authority, Revenues, VRDN
(Memorial Sloan) (continued):
(Oxford University Press Inc.)
3.75% (LOC; Landesbank Hessen) 8,700,000 (a) 8,700,000
New York State Energy, Research and
Development Authority, PCR:
(New York State Electric and Gas) 3%,
Series D, 12/1/1999 (LOC; Union Bank of Switzerland) 10,000,000 10,000,000
VRDN:
(New York State Electric and Gas)
3.60%, Series D (LOC; Bank One Corp.) 3,000,000 (a) 3,000,000
(Niagara Mohawk Power Corp.):
3.70%, Series B (LOC; Toronto-Dominion Bank) 1,000,000 (a) 1,000,000
3.70%, Series C (LOC; Canadian Imperial
Bank of Commerce) 9,450,000 (a) 9,450,000
4.10%, Series B (LOC; Morgan Guaranty Trust Co.) 2,600,000 (a) 2,600,000
New York State Environmental Quality,
3%, Series G, 12/8/1999 (LOC; Westdeutsche Landesbank) 8,000,000 8,000,000
New York State Housing Finance Agency, Revenue, VRDN:
(Normandie Court I Project)
3.70% (LOC; Landesbank Hessen) 7,900,000 (a) 7,900,000
Service Contract Obligation
3.75%, Series A (LOC; Commerzbank) 14,400,000 (a) 14,400,000
New York State Local Government
Assistance Corporation, VRDN:
3.80%, Series B (LOC: Bayerische Landesbank and
Westdeutsche Landesbank) 10,000,000 (a) 10,000,000
3.80%, Series F (LOC; Toronto-Dominion Bank) 10,000,000 (a) 10,000,000
New York State Medical Care Facilities Finance Agency,
Revenue, VRDN (Pooled Equipment Loan Program):
3.55%, Series I (LOC; Chase Manhattan Bank) 2,000,000 (a) 2,000,000
3.75%, Series II-A (LOC; Chase Manhattan Bank) 4,770,000 (a) 4,770,000
Onondaga County Industrial Development Agency,
IDR, VRDN (Edgecomb Metals Co. Project)
3.90% (LOC; Wells Fargo Bank) 2,000,000 (a) 2,000,000
Port Authority of New York and New Jersey,
Special Obligation Revenue, VRDN
(Versatile Structure) 3.65%, Series 5
(Liquidity Facility; Bayerische Landesbank) 3,600,000 (a) 3,600,000
Rochester, BAN 3.50%, Series 1, 3/8/2000 12,000,000 12,010,684
Sachem Central School District, TAN (Holbrook)
4%, 6/29/2000 8,000,000 8,024,544
Smithtown Central School District, TAN 4%, 6/26/2000 12,500,000 12,544,623
8
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
Westchester County, TAN 2.83%, 12/30/1999 18,000,000 18,000,135
Yonkers Industrial Development Agency,
Civic Facilities Revenue, Consumers Union Facilities
VRDN 3.80% (Insured; AMBAC and Liquidity Facility;
Credit Local de France) 3,200,000 (a) 3,200,000
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TOTAL INVESTMENTS (cost $466,847,540) 99.0% 466,847,540
CASH AND RECEIVABLES (NET) 1.0% 4,554,807
NET ASSETS 100.0% 471,402,347
The Fund 9
STATEMENT OF INVESTMENTS (CONTINUED)
Summary of Abbreviations
AMBAC American Municipal Bond LOC Letter of Credit
Assurance Corporation MBIA Municipal Bond
Investors Assurance
BAN Bond Anticipation Notes Insurance Corporation
CP Commercial Paper PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance TAN Tax Anticipation Notes
Company
VRDN Variable Rate Demand Notes
FNMA Federal National Mortgage
Association
IDR Industrial Development Revenue
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
- ------------------------------------------------------------------------------------------------------------------------------------
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 90.7
AAA/AA (b) Aaa/Aa (b) AAA/AA (b) .5
Not Rated (c) Not Rated (c) Not Rated (c) 8.8
100.0
(A) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE-SUBJECT TO PERIODIC CHANGE.
(B) NOTES WHICH ARE NOT F, MIG OR SP RATED ARE REPRESENTED BY BOND RATINGS OF THE ISSUERS.
(C) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED
SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
10
STATEMENT OF ASSETS AND LIABILITIES
November 30, 1999
Cost Value
- --------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 466,847,540 466,847,540
Cash 1,871,954
Interest receivable 2,891,227
Prepaid expenses 34,361
471,645,082
- --------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 178,585
Accrued expenses 64,150
242,735
- --------------------------------------------------------------------------------
NET ASSETS ($) 471,402,347
- --------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 471,468,586
Accumulated net realized gain (loss) on investments (66,239)
- --------------------------------------------------------------------------------
NET ASSETS ($) 471,402,347
NET ASSET VALUE PER SHARE
Class A Class B
- --------------------------------------------------------------------------------
Net Assets ($) 378,115,486 93,286,861
Shares Outstanding 378,181,844 93,286,742
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NET ASSET VALUE PER SHARE ($) 1.00 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund 11
STATEMENT OF OPERATIONS
Year Ended November 30, 1999
- --------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 13,777,798
EXPENSES:
Management fee--Note 2(a) 2,223,274
Shareholder servicing costs--Note 2(c) 688,221
Distribution fees (Class B)--Note 2(b) 113,298
Registration fees 51,804
Professional fees 46,935
Custodian fees 46,172
Prospectus and shareholders' reports 42,721
Trustees' fees and expenses--Note 2(d) 24,419
Miscellaneous 10,988
TOTAL EXPENSES 3,247,832
Less--reduction in shareholder servicing costs due to
undertaking--Note 2(c) (59,116)
NET EXPENSES 3,188,716
INVESTMENT INCOME-NET, REPRESENTING NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 10,589,082
SEE NOTES TO FINANCIAL STATEMENTS.
12
STATEMENT OF CHANGES IN NET ASSETS
Year Ended November 30,
------------------------------------
1999 1998
- --------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 10,589,082 12,831,699
Net realized gain (loss) on investments -- 147
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 10,589,082 12,831,846
- --------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Class A shares (9,378,973) (11,691,987)
Class B shares (1,210,109) (1,139,712)
TOTAL DIVIDENDS (10,589,082) (12,831,699)
- --------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 PER SHARE):
Net proceeds from shares sold:
Class A shares 919,904,202 1,060,136,234
Class B shares 184,564,048 107,077,205
Dividends reinvested:
Class A shares 9,041,654 11,286,121
Class B shares 1,209,242 1,135,035
Cost of shares redeemed:
Class A shares (955,884,385) (1,107,118,496)
Class B shares (139,483,517) (103,384,014)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS 19,351,244 (30,867,915)
TOTAL INCREASE (DECREASE) IN NET ASSETS 19,351,244 (30,867,768)
- --------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 452,051,103 482,918,871
END OF PERIOD 471,402,347 452,051,103
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund 13
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the
fiscal periods indicated. All 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.
Year Ended November 30,
--------------------------------------------------------------
CLASS A SHARES 1999 1998 1997 1996 1995
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .024 .027 .029 .028 .032
Distributions:
Dividends from investment income--net (.024) (.027) (.029) (.028) (.032)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 2.45 2.77 2.98 2.84 3.28
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .68 .68 .66 .68 .58
Ratio of net investment income
to average net assets 2.42 2.74 2.94 2.80 3.23
Decrease reflected in above expense ratios
due to undertakings by the Manager -- -- -- -- .05
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ X 1,000) 378,115 405,054 440,750 507,537 636,013
SEE NOTES TO FINANCIAL STATEMENTS.
14
Year Ended November 30,
--------------------------------------------------------------
CLASS B SHARES 1999 1998 1997 1996 1995(a)
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .021 .024 .027 .025 .006
Distributions:
Dividends from investment income--net (.021) (.024) (.027) (.025) (.006)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 2.12 2.47 2.68 2.55 2.82(b)
- ------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .98 .98 .95 .95 1.04(b)
Ratio of net investment income
to average net assets 2.14 2.44 2.64 2.47 3.64(b)
Decrease reflected in above expense ratios
due to undertakings by the Manager .10 .08 .08 .16 --
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ X 1,000) 93,287 46,997 42,169 36,199 --
(A) FROM SEPTEMBER 8, 1995 (COMMENCEMENT OF INITIAL OFFERING) TO NOVEMBER 30, 1995.
(B) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund 15
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., which is a wholly-owned subsidiary of Mellon Financial Corporation.
Premier Mutual Fund Services, Inc. (the "Distributor") is the distributor of the
fund's shares, which are sold to the public without a sales charge. 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.
16
(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 $32,113 during the period ended November 30,
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.
The Fund 17
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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, 1999. If not applied,
$39,000 of the carryover expires in fiscal 2002 and $19,000 expires in fiscal
2003.
At November 30, 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 November 30, 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 November 30, 1999, Class B shares were charged $113,298
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
18
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, 1999, Class A shares were charged
$345,434 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, for the
provision of certain services to the holders of Class B shares, at an annual
rate of .25 of 1% of the value of the average daily net assets of Class B
shares. 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 from December 1, 1998 through November 30, 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 would 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 Class B
Shareholder Services Plan. During the period ended November 30, 1999, Class B
shares were charged $169,950, of which $59,116 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
The Fund 19
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
fund. During the period ended November 30, 1999, the fund was charged $112,829
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.
20
REPORT OF INDEPENDENT AUDITORS
Shareholders and Board of Trustees
General New York Municipal Money Market Fund
We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of General New York Municipal Money Market Fund as
of November 30, 1999, 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, 1999, by correspondence with the custodian.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
General New York Municipal Money Market Fund at November 30, 1999, 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 5, 2000
The Fund 21
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, 1999
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).
NOTES
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
100 Church 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) 2000 Dreyfus Service Corporation 574AR9911
