General New York
Municipal Money
Market Fund
SEMIANNUAL REPORT
May 31, 2000
(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
Contents
THE FUND
--------------------------------------------------
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
FOR MORE INFORMATION
---------------------------------------------------------------------------
Back Cover
The Fund
General New York
Municipal Money Market 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, 1999 through
May 31, 2000. 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 reporting period began, international and domestic economies were
growing at a very strong pace, giving rise to concerns that long-dormant
inflationary pressures might reemerge. Consumers continued to spend heavily,
unemployment levels reached new lows and the stock market, while highly
volatile, continued to climb.
Because robust economic growth may trigger unwanted inflationary pressures, the
Federal Reserve Board raised short-term interest rates three times during the
reporting period. In total, the Federal Reserve Board has raised short-term
interest rates by 1.75 percentage points since late June 1999. While these
economic influences overall adversely affected long-term municipal bonds, they
positively influenced tax-exempt money market yields.
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 15, 2000
DISCUSSION OF FUND PERFORMANCE
Scott Sprauer, Portfolio Manager
How did General New York Municipal Money Market Fund perform during the period?
For the six-month period ended May 31, 2000, the fund's Class A shares produced
an annualized yield of 3.10%, and Class B shares provided a 2.81% annualized
yield. Taking into account the effects of compounding, the fund's Class A and B
shares provided annualized effective yields of 3.14% and 2.84%, respectively,
during the same period.(1)
We attribute the fund's performance to higher short-term interest rates
implemented by the Federal Reserve Board (the "Fed"), which helped enhance
tax-exempt money market yields.
What is the fund's investment approach?
The fund seeks to maximize current income exempt from federal, New York state
and New York City personal income taxes as is consistent with the preservation
of capital and the maintenance of liquidity.
In so doing, 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 what we believe are 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 portfolio, which could enable us to take advantage of
opportunities when short-term supply increases. Generally, yields tend to rise
when there is an increase in new-issue supply competing for investor interest.
New securities are generally issued with maturities in the one-year range, which
in turn may lengthen the portfolio's average maturity. If we anticipate limited
new-issue supply, we may then look to extend the portfolio's average matu-
The Fund 3
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
rity to maintain current yields for as long as we believe 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.
What other factors influenced the fund's performance?
The fund was positively influenced over the past six months by robust U.S.
economic growth, rising interest rates and a declining supply of newly issued
securities.
By the time the reporting period began on December 1, 1999, it had become
apparent that the high rate of economic growth in the United States was
unsustainable. Consumer confidence remained near a 30-year high, oil prices
bounced back from the previous year's lows, and employment remained strong, with
hourly wages rising. These economic forces raised concerns among fixed-income
investors that long-dormant inflationary pressures might reemerge. In response,
the Fed raised short-term interest rates three times during the reporting
period. When combined with the three interest-rate hikes implemented before the
reporting period began, the Fed has raised interest rates a total of 1.75
percentage points since last summer.
However, tax-exempt money market yields generally rose less in comparison to
taxable yields over the past six months. This was due to the fact that New York
and its municipalities enjoyed higher tax revenues during the reporting period.
This reduced their need to borrow and resulted in a reduced supply of
securities.
What is the fund's current strategy?
While our strategy continues to involve active management of the portfolio's
weighted average maturity and asset mix according to our interest-rate and
supply-and-demand expectations, we believe that the current economic outlook is
uncertain. On the one hand, many in the investment community believe that the
Fed is likely to raise short-term interest rates further at their next meeting
in late June. On the other hand, recent economic reports suggest that the
economy may be slowing in response to previous interest-rate increases, creating
the possibility that the current round of rate hikes may be over. Also, yields
generally tend to rise when there is an increase in new-issue supply competing
for investor interest.
4
In the face of these uncertainties, we have recently adjusted the portfolio's
average weighted maturity so that it is longer than other New York tax-exempt
money market funds. This maturity management strategy was designed to help us
lock in then current yields. In addition, we have used municipal notes and
commercial paper opportunistically to capture higher yielding securities that
may be the result of temporary imbalances in supply and demand.
Our asset mix currently emphasizes Variable Rate Demand Notes ("VRDNs") because
of the competitively high yields they offer. VRDNs generally feature adjustable
yields, short maturities and afford the portfolio a high degree of liquidity and
credit quality. We have also increased our holdings of commercial paper to lock
in higher yields as they became available. Of course, portfolio composition is
subject to change over time.
June 15, 2000
(1) ANNUALIZED EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND
REINVESTED MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS
FLUCTUATE. 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. 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 $1.00 PER SHARE, IT IS POSSIBLE TO
LOSE MONEY BY INVESTING IN THE FUND. YIELDS PROVIDED FOR THE FUND'S CLASS B
SHARES REFLECT THE ABSORPTION OF FUND EXPENSES BY THE DREYFUS CORPORATION
PURSUANT TO AN UNDERTAKING IN EFFECT THAT MAY BE EXTENDED, TERMINATED OR
MODIFIED AT ANY TIME. HAD THE EXPENSES NOT BEEN ABSORBED, THE FUND'S CLASS B
YIELDS WOULD HAVE BEEN LOWER. WITHOUT THE FUND'S EXPENSE ABSORPTION, THE FUND'S
CLASS B SHARES WOULD HAVE PRODUCED AN ANNUALIZED NET YIELD OF 2.71% AND AN
ANNUALIZED EFFECTIVE NET YIELD OF 2.75%.
The Fund 5
STATEMENT OF INVESTMENTS
May 31, 2000 (Unaudited)
<TABLE>
STATEMENT OF INVESTMENTS
Principal
TAX EXEMPT INVESTMENTS--99.1% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Beacon City School District, RAN 4.75%, 10/27/2000 4,000,000 4,006,326
Connetquot Central School District, TAN 3.80%, 6/29/2000 9,000,000 9,002,993
Erie County Water Authority, Water Revenue, VRDN
3.75%, 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 Co.) 4.35% (LOC; Fleet National Bank) 1,000,000 (a) 1,000,000
Jefferson County, BAN 4.75%, 4/27/2001 4,500,000 4,515,949
Long Island Power Authority, Electric Systems Revenue:
CP:
4.30%, Sub-Series 3, 8/22/2000
(LOC: Bayerische Landesbank and Westdeutsche
Landesbank) 10,950,000 10,950,000
4.75%, Series 3, 9/11/2000
(LOC: Bayerische Landesbank and Westdeutsche
Landesbank) 16,500,000 16,500,000
4.75%, Sub-Series 3, 9/20/2000
(LOC: Bayerische Landesbank and Westdeutsche
Landesbank) 10,000,000 10,000,000
4.30%, Series 4, Sub-Series 4, 10/11/2000
(LOC: Bayerische Landesbank and Westdeutsche
Landesbank) 3,600,000 3,600,000
4.50%, Series 4, Sub-Series 4, 10/11/2000
(LOC: Bayerische Landesbank and Westdeutsche
Landesbank) 10,000,000 10,000,000
4.60%, Sub-Series 4, 10/12/2000
(LOC: Bayerische Landesbank and Westdeutsche
Landesbank) 11,000,000 11,000,000
VRDN 3.75%, Series 7, Sub-Series 7-A
(Insured; MBIA and Liquidity Facility; Credit Suisse) 10,000,000 (a) 10,000,000
Mahopac Central School District 4.50%, Series A, 9/1/2000 1,575,000 1,576,616
Metropolitan Transportation Authority, Transit Facilities
Revenue, Series 1, CP:
4.05%, Sub-Series B, 9/1/2000 (LOC; ABN-Amro Bank) 10,000,000 10,000,000
4.50%, 9/11/2000 (LOC; ABN-Amro Bank) 11,000,000 11,000,000
4.40%, 11/8/2000 (LOC; ABN-Amro Bank) 3,000,000 3,000,000
New York City:
CP 4.45%, Series H-3, 11/15/2000 (Insured; FSA and
Liquidity Facility; State Street Bank and Trust Co.) 4,500,000 4,500,000
VRDN:
4.30%, Sub-Series A-4, (LOC; Chase Manhattan Bank) 1,900,000 (a) 1,900,000
4.30%, Series B, Sub-Series B-6
(Insured; MBIA and Liquidity Facility; Bank of Nova Scotia) 3,800,000 (a) 3,800,000
6
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
-----------------------------------------------------------------------------------------------------------------------------------
New York City (continued):
VRDN (continued):
4.30%, Sub-Series E-4
(LOC; State Street Bank and Trust Co.) 9,700,000 (a) 9,700,000
4.40%, Series B, Sub-Series B-3
(Insured; MBIA and Liquidity Facility; Bank of Nova Scotia) 5,000,000 (a) 5,000,000
New York City Housing Development Corporation, VRDN:
Multi-Family Rental Housing Revenue (Monterey)
3.90%, Series A (LOC; FNMA) 10,000,000 (a) 10,000,000
Multi-Family Revenue (West 54th Street Development Project)
3.80%, Series A (LOC; Key Bank) 18,300,000 (a) 18,300,000
New York City Industrial Development Agency,
Special Facility Revenue VRDN
(Korean Air Lines Co.) 4.05%, Series C (LOC; Citibank) 7,000,000 (a) 7,000,000
New York City Municipal Water Finance Authority,
Water and Sewer System Revenue, VRDN:
4.30%, Series G (Insured; FGIC and Liquidity Facility; FGIC) 2,500,000 (a) 2,500,000
4.40%, Series C (Insured; FGIC and Liquidity Facility; FGIC) 8,900,000 (a) 8,900,000
New York City Transitional Finance Authority, Revenue:
BAN 4.75%, Series 3, 11/1/2000 15,000,000 15,021,175
VRDN, Future Tax Secured:
3.85%, Series A-2 (Liquidity Facility; Bank of Nova Scotia) 20,000,000 (a) 20,000,000
4.35%, Sub-Series B-1 (Liquidity Facility;
Morgan Guaranty Trust Co.) 2,600,000 (a) 2,600,000
New York City Trust, Cultural Resource Revenue, Refunding,
VRDN (American Museum of Natural History)
3.75%, Series A (Insured; MBIA and Liquidity Facility;
Credit Suisse) 3,000,000 (a) 3,000,000
New York State Dorm Authority, Revenues, VRDN:
(Memorial Sloan Kettering Hospital) 4.35%, Series A
(LOC; Chase Manhattan Bank) 8,400,000 (a) 8,400,000
(Miriam Osborn Memorial Home)
4.15%, Series B (LOC; Manufacturers and Traders Bank) 10,000,000 (a) 10,000,000
(Oxford University Press Inc.)
4.40% (LOC; Landesbank Hessen) 10,000,000 (a) 10,000,000
New York State Energy, Research and Development Authority,
PCR:
(New York State Electric and Gas):
3.90%, Series D, 12/1/2000 (LOC; Fleet National Bank) 11,700,000 11,700,000
VRDN, Refunding 4.30%, Series D (LOC; Bank One Corp.) 3,000,000 (a) 3,000,000
(Niagara Mohawk Power Corp.) VRDN:
4.40%, Series A (LOC; Toronto-Dominion Bank) 12,600,000 (a) 12,600,000
4.50%, Series A (LOC; Morgan Guaranty Trust Co.) 8,200,000 (a) 8,200,000
4.50%, Series B (LOC; Morgan Guaranty Trust Co.) 23,200,000 (a) 23,200,000
The Fund 7
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
-----------------------------------------------------------------------------------------------------------------------------------
New York State Environmental Quality
3.90%, Series G, 10/5/2000 (LOC; Westdeutsche
Landesbank) 15,000,000 15,000,000
New York State Housing Finance Agency, Revenue, VRDN:
3.80%, Series A (LOC; FNMA) 10,000,000 (a) 10,000,000
(Normandie Court I Project) 3.70% (LOC; Landesbank Hessen) 7,900,000 (a) 7,900,000
Service Contract Obligation 3.80%, Series A
(LOC; Commerzbank) 14,400,000 (a) 14,400,000
New York State Local Government Assistance Corporation, VRDN:
3.75%, Series B (LOC: Bayerische Landesbank and
Westdeutsche Landesbank) 9,700,000 (a) 9,700,000
3.75%, Series F (LOC; Toronto-Dominion Bank) 9,200,000 (a) 9,200,000
New York State Medical Care Facilities Finance Agency, Revenue,
VRDN (Pooled Equipment Loan Program):
3.80%, Series II-A (LOC; Chase Manhattan Bank) 3,970,000 (a) 3,970,000
3.95%, Series I (LOC; Chase Manhattan Bank) 1,100,000 (a) 1,100,000
New York State Power Authority, CP 4.40%, Series 2, 7/25/2000
(Liquidity Facility: The Bank of New York, Bank of Nova Scotia,
Bayerische Landesbank, Chase Manhattan Bank, Commerzbank,
Credit Local de France, First Union National
Bank of North Carolina, Landesbank Hessen, Morgan Guaranty
Trust Co. and State Street Bank and Trust Co.) 9,000,000 9,000,000
New York State Thruway Authority, Revenue, CP
4.35%, Series 1, 11/8/2000
(Liquidity Facility; Landesbank Hessen) 5,000,000 5,000,000
Newark Central School District, BAN 4.50%, 1/26/2001 9,000,000 9,011,225
Niagara County Industrial Development Agency, SWDR,
Refunding, VRDN (American Refunding Fuel Co.)
3.80%, Series C (LOC; Chase Manhattan Bank) 15,000,000 (a) 15,000,000
Norwich, BAN 4.625%, 3/29/2001 2,000,000 2,003,076
Onondaga County Industrial Development Agency, IDR, VRDN
(Edgecomb Metals Co. Project) 4.25% (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)
4.45%, Series 6 (Liquidity Facility; Bank of Nova Scotia) 11,250,000 (a) 11,250,000
Richfield Springs Central School District, BAN 4.50%, 2/23/2001 4,000,000 4,006,011
Rochester, BAN 4.50%, 3/7/2001 5,000,000 5,010,999
Sachem Central School District, TAN (Holbrook) 4%, 6/29/2000 8,000,000 8,003,257
Smithtown Central School District, TAN 4%, 6/26/2000 12,500,000 12,505,363
West Genesee Central School District, BAN 4.75%, 4/20/2001 2,500,000 2,507,832
8
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
-----------------------------------------------------------------------------------------------------------------------------------
Yonkers Industrial Development Agency, Civic Facilities Revenue,
Consumer Union Facilities, VRDN 3.90% (Insured; AMBAC
and Liquidity Facility; Credit Local de France) 3,200,000 (a) 3,200,000
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $484,240,822) 99.1% 484,240,822
CASH AND RECEIVABLES (NET) .9% 4,331,272
NET ASSETS 100.0% 488,572,094
The Fund 9
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Summary of Abbreviations
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
AMBAC American Municipal Bond LOC Letter of Credit
Assurance Corporation
BAN Bond Anticipation Notes MBIA Municipal Bond
Investors Assurance
Insurance Corporation
CP Commercial Paper PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance RAN Revenue Anticipation Notes
Company
FNMA Federal National Mortgage SWDR Solid Waste Disposal Revenue
Association
FSA Financial Security Assurance TAN Tax Anticipation Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
</TABLE>
<TABLE>
<CAPTION>
Fitch or Moody's or Standard & Poor's Value (%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 90.8
AAA/AA(b) AAA/AA(b) AAA/AA(b) 2.5
Not Rated(c) Not Rated(c) Not Rated(c) 6.7
100.0
</TABLE>
(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.
(D) AT MAY 31, 2000, THE FUND HAD $128,050,000 (26.2% OF NET ASSETS) INVESTED
IN SECURITIES WHOSE PAYMENT OF PRINCIPAL AND INTEREST IS DEPENDENT UPON
REVENUES GENERATED FROM UTILITY-ELECTRIC PROJECTS.
SEE NOTES TO FINANCIAL STATEMENTS.
[/TABLE]
10
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2000 (Unaudited)
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 484,240,822 484,240,822
Cash 1,188,334
Interest receivable 3,352,173
Prepaid expenses 57,799
488,839,128
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 218,960
Accrued expenses 48,074
267,034
--------------------------------------------------------------------------------
NET ASSETS ($) 488,572,094
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 488,630,422
Accumulated net realized gain (loss) on investments (58,328)
--------------------------------------------------------------------------------
NET ASSETS ($) 488,572,094
NET ASSET VALUE PER SHARE
Class A Class B
--------------------------------------------------------------------------------
Net Assets ($) 377,839,177 110,732,917
Shares Outstanding 377,905,535 110,732,798
--------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE ($) 1.00 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund 11
STATEMENT OF OPERATIONS
Six Months Ended May 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 8,936,497
EXPENSES:
Management fee--Note 2(a) 1,175,783
Shareholder servicing costs--Note 2(c) 401,813
Distribution fees (Class B)--Note 2(b) 99,332
Prospectus and shareholders' reports 35,810
Professional fees 31,540
Custodian fees 23,996
Registration fees 17,034
Trustees' fees and expenses--Note 2(d) 13,292
Miscellaneous 6,597
TOTAL EXPENSES 1,805,197
Less--reduction in management fee
due to undertaking--Note 2(a) (47,728)
NET EXPENSES 1,757,469
INVESTMENT INCOME--NET, REPRESENTING NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 7,179,028
SEE NOTES TO FINANCIAL STATEMENTS.
12
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
May 31, 2000 Year Ended
(Unaudited) November 30, 1999
--------------------------------------------------------------------------------
OPERATIONS ($):
INVESTMENT INCOME--NET, REPRESENTING NET
INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 7,179,028 10,589,082
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Class A Shares (5,769,357) (9,378,973)
Class B Shares (1,409,671) (1,210,109)
TOTAL DIVIDENDS (7,179,028) (10,589,082)
--------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share)
Net proceeds from shares sold:
Class A Shares 427,356,665 919,904,202
Class B Shares 201,461,593 184,564,048
Dividends reinvested:
Class A Shares 5,558,217 9,041,654
Class B Shares 1,387,032 1,209,242
Cost of shares redeemed:
Class A Shares (433,191,191) (955,884,385)
Class B Shares (185,402,569) (139,483,517)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS 17,169,747 19,351,244
TOTAL INCREASE (DECREASE) IN NET ASSETS 17,169,747 19,351,244
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 471,402,347 452,051,103
END OF PERIOD 488,572,094 471,402,347
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund 13
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.
<TABLE>
Six Months Ended
May 31, 2000 Year Ended November 30,
---------------------------------------------------------------
CLASS A SHARES (Unaudited) 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value,
beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .016 .024 .027 .029 .028 .032
Distributions:
Dividends from investment
income--net (.016) (.024) (.027) (.029) (.028) (.032)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 3.11(a) 2.45 2.77 2.98 2.84 3.28
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average
net assets .68(a) .68 .68 .66 .68 .58
Ratio of net investment income
to average net assets 3.10(a) 2.42 2.74 2.94 2.80 3.23
Decrease reflected in above expense
ratios due to undertakings by
The Dreyfus Corporation -- -- -- -- -- .05
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 377,839 378,115 405,054 440,750 507,537 636,013
(A) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
14
Six Months Ended
May 31, 2000 Year Ended November 30,
----------------------------------------------------------------
CLASS B SHARES (Unaudited) 1999 1998 1997 1996 1995(a)
------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .014 .021 .024 .027 .025 .006
Distributions:
Dividends from investment
income--net (.014) (.021) (.024) (.027) (.025) (.006)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 2.83(b) 2.12 2.47 2.68 2.55 2.82(b)
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average
net assets .98(b) .98 .98 .95 .95 1.04(b)
Ratio of net investment income
to average net assets 2.83(b) 2.14 2.44 2.64 2.47 3.64(b)
Decrease reflected in above expense
ratios due to undertakings by
The Dreyfus Corporation .10(b) .10 .08 .08 .16 --
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 110,733 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 (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., which is wholly-owned subsidiary of Mellon Financial Corporation.
Effective March 22, 2000, Dreyfus Service Corporation ("DSC"), a wholly-owned
subsidiary of the Manager, became the distributor of the fund's shares which are
sold to the public without a sales charge. Prior to March 22, 2000, Premier
Mutual Fund Services, Inc. was the distributor. 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 $18,593 during the period ended May 31, 2000
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, if any, 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 (Unaudited) (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.
During the period ended May 31, 2000, the fund reclassified $7,911 between
accumulated net realized gain (loss) on investments and paid-in capital due to
the expiration of capital loss carryovers. The results of operations and net
assets were not affected by the reclassification.
At May 31, 2000, 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 fees, interest on borrowings and extraordinary expenses, exceed 11/2%
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. The
Manager had undertaken through May 31, 2000 to reduce the management fee paid by
the fund, to the extent that the fund's aggregate annual expenses (exclusive of
certain expenses as described above) exceeded an annual rate .98 of 1% for Class
B shares, of the value of the fund's average daily net assets. The reduction in
management fee, pursuant to the undertaking amounted to $47,728 during the
period ended May 31, 2000.
(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, 2000, Class B shares were charged $99,332
pursuant to the Distribution Plan, of which $54,028 was paid to DSC.
18
(c) Under the Shareholder Services Plan with respect to Class A ("Class A
Shareholder Services Plan"), Class A shares reimburse DSC 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, 2000, Class A shares were charged $169,056 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. During the
period ended May 31, 2000, Class B shares were charged $148,998, of which
$81,042 was paid to DSC.
The Fund 19
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the
Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the fund. During the period
ended May 31, 2000, the fund was charged $51,051 pursuant to the transfer agency
agreement.
(d) Each Board member also serves as a Board member of other funds within the
Dreyfus complex (collectively, the "Fund Group"). Effective April 13, 2000, each
Board member who is not an "affiliated person" as defined in the Act receives an
annual fee of $50,000 and an attendance fee of $6,500 for each meeting attended
in person and $500 for telephone meetings. These fees are allocated among the
funds in the Fund Group. The Chairman of the Board receives an additional 25% of
such compensation. Prior to April 13, 2000, each Board member who was not an
"affiliated person" as defined in the Act received from the fund an annual fee
of $2,500 and an attendance fee of $250 per meeting. The Chairman of the Board
received an additional 25% of such compensation. Subject to the fund's Director
Emeritus Program Guidelines, Emeritus Boards members, if any, receive 50% of the
fund's annual retainer fee and per meeting fee paid at the time the Board member
achieved emeritus status.
20
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
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
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 574SA005
