·
Banking industry risk.
The risks generally associated with concentrating
investments in the banking industry, such as interest rate risk, credit risk, and regulatory developments
relating to the banking industry.
·
Foreign investment risk.
The risks
generally associated with dollar-denominated foreign investments, such as economic and political developments,
seizure or nationalization of deposits, imposition of taxes or other restrictions on payment of principal
and interest.
Risks Applicable to Funds That May Invest in U.S. Treasury Securities and/or U.S. Government
Securities:
·
U.S. Treasury securities risk.
A security backed by the U.S. Treasury or
the full faith and credit of the United States is guaranteed only as to the timely payment of interest
and principal when held to maturity, but the market prices for such securities are not guaranteed and
will fluctuate. Because U.S. Treasury securities trade actively outside the United States, their prices
may rise and fall as changes in global economic conditions affect the demand for these securities.
·
Government securities
risk.
Not all obligations of the U.S. government, its agencies and instrumentalities are backed
by the full faith and credit of the U.S. Treasury. Some obligations are backed only by the credit of
the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer.
Any guarantee by the U.S. government or its agencies or instrumentalities of a security held by the
fund does not apply to the market value of such security or to shares of the fund itself. A security
backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to
the timely payment of interest and principal when held to maturity. In addition, because many types
of U.S. government securities trade actively outside the United States, their prices may rise and fall
as changes in global economic conditions affect the demand for these securities.
Risks Applicable
to Funds That May Enter Into Repurchase Agreements:
·
Repurchase agreement counterparty risk.
The risk that a counterparty in a repurchase agreement could fail to honor the terms of its agreement.
Risks
Applicable to Municipal Money Market Funds:
·
Municipal securities risk
. The amount
of public information available about municipal securities is generally less than that for corporate
equities or bonds. Special factors, such as legislative changes, and state and local economic and business
developments, may adversely affect the yield and/or value of the fund's investments in municipal securities.
Other factors include the general conditions of the municipal securities market, the size of the particular
offering, the maturity of the obligation and the rating of the issue. Changes in economic, business
or political conditions relating to a particular municipal project, municipality, or state, territory
or possession of the United States in which the fund invests may have an impact on the fund's share price.
·
Structured notes risk.
Structured notes, a type of derivative instrument, can be volatile, and the possibility of default by
the financial institution or counterparty may be greater for these instruments than for other types of
money market instruments. Structured notes typically are purchased in privately negotiated transactions
from financial institutions and, thus, an active trading market for such instruments may not exist.
·
Tax risk.
To
be tax-exempt, municipal obligations generally must meet certain regulatory requirements. If any such
municipal obligation fails to meet these regulatory requirements, the interest received by the fund from
its investment in such obligations and distributed to fund shareholders will be taxable.
Risks Applicable
to General New York Municipal Money Market Fund only:
·
State-specific risk
. The fund is subject
to the risk that New York's economy, and the revenues underlying its municipal obligations, may decline.
Investing primarily in a single state makes the fund more sensitive to risks specific to the state and
may magnify other risks.
·
Non-diversification risk
. The fund
is non-diversified, which means that the fund may invest a relatively high percentage of its assets in
a limited number of issuers. Therefore, the fund's performance may be more vulnerable to changes in
the market value of a single issuer or group of issuers and more susceptible to risks associated with
a single economic, political or regulatory occurrence than a diversified fund.
The investment adviser for the fund is The Dreyfus Corporation, 200 Park Avenue, New York,
New York 10166. Founded in 1947, Dreyfus manages approximately $265 billion in 167 mutual fund portfolios.
Each fund has agreed to pay Dreyfus a management fee at the annual rate of 0.50% of the fund's average
daily net assets. For the past fiscal year, General Municipal Money Market Fund and General New York
Municipal Money Market Fund paid Dreyfus a monthly management fee at the effective annual rate of 0.05%
and 0.01%, respectively. Dreyfus waived receipt of its management fee for General Money Market Fund,
General Government Securities Money Market Fund and General
18
Treasury Prime Money Market Fund pursuant to an undertaking in effect. A discussion
regarding the basis for the board's approving each fund's management agreement with Dreyfus is available
in the fund's annual report for the fiscal year ended November 30, 2013.
Dreyfus
is the primary mutual fund business of The Bank of New York Mellon Corporation (BNY Mellon), a global
financial services company focused on helping clients manage and service their financial assets, operating
in 35 countries and serving more than 100 markets. BNY Mellon is a leading investment management and
investment services company, uniquely focused to help clients manage and move their financial assets
in the rapidly changing global marketplace. BNY Mellon has $27.6 trillion in assets under custody and
administration and $1.6 trillion in assets under management. BNY Mellon is the corporate brand of The
Bank of New York Mellon Corporation. BNY Mellon Investment Management is one of the world's leading
investment management organizations, and one of the top U.S. wealth managers, encompassing BNY Mellon's
affiliated investment management firms, wealth management services and global distribution companies.
Additional information is available at
www.bnymellon.com
.
The Dreyfus
asset management philosophy is based on the belief that discipline and consistency are important to investment
success. For each fund, Dreyfus seeks to establish clear guidelines for portfolio management and to
be systematic in making decisions. This approach is designed to provide each fund with a distinct, stable
identity.
MBSC Securities Corporation (MBSC), a wholly-owned subsidiary of Dreyfus, serves as
distributor of the fund and of the other funds in the Dreyfus Family of Funds. Any Rule 12b-1 fees and
shareholder services fees, as applicable, are paid to MBSC for financing the sale and distribution of
fund shares and for providing shareholder account service and maintenance, respectively. Dreyfus or MBSC
may provide cash payments out of its own resources to financial intermediaries that sell shares of funds
in the Dreyfus Family of Funds or provide other services. Such payments are separate from any sales
charges, 12b-1 fees and/or shareholder services fees or other expenses that may be paid by a fund to
those intermediaries. Because those payments are not made by fund shareholders or the fund, the fund's
total expense ratio will not be affected by any such payments. These payments may be made to intermediaries,
including affiliates, that provide shareholder servicing, sub-administration, recordkeeping and/or sub-transfer
agency services, marketing support and/or access to sales meetings, sales representatives and management
representatives of the financial intermediary. Cash compensation also may be paid from Dreyfus' or MBSC's
own resources to intermediaries for inclusion of a fund on a sales list, including a preferred or select
sales list or in other sales programs. These payments sometimes are referred to as "revenue sharing."
From time to time, Dreyfus or MBSC also may provide cash or non-cash compensation to financial intermediaries
or their representatives in the form of occasional gifts; occasional meals, tickets or other entertainment;
support for due diligence trips; educational conference sponsorships; support for recognition programs;
technology or infrastructure support; and other forms of cash or non-cash compensation permissible under
broker-dealer regulations. In some cases, these payments or compensation may create an incentive for
a financial intermediary or its employees to recommend or sell shares of the fund to you. Please contact
your financial representative for details about any payments they or their firm may receive in connection
with the sale of fund shares or the provision of services to the fund.
Class B shares are subject
to an annual shareholder services fee of 0.25% paid to the fund's distributor for shareholder account
service and maintenance. Class B shares are subject to an annual Rule 12b-1 fee of up to 0.20% of the
value of the fund's average daily net assets attributable to Class B paid to the fund's distributor for
distributing Class B shares. Because this fee is paid out of the fund's assets on an ongoing basis,
over time it will increase the cost of your investment and may cost you more than paying other types
of sales charges.
The fund, Dreyfus and MBSC have each adopted a code of ethics that
permits its personnel, subject to such code, to invest in securities, including securities that may be
purchased or held by the fund. Each code of ethics restricts the personal securities transactions of
employees, and requires portfolio managers and other investment personnel to comply with the code's preclearance
and disclosure procedures. The primary purpose of the respective codes is to ensure that personal trading
by employees does not disadvantage any fund managed by Dreyfus or its affiliates.
19
Shareholder Guide
Buying and Selling Shares
Your price
for Class B shares is the net asset value per share (NAV).
The fund's portfolio securities
are valued at amortized cost, which does not take into account unrealized gains or losses. As a result,
portfolio securities are valued at their acquisition cost, adjusted over time based on the discounts
or premiums reflected in their purchase price. The fund uses the amortized cost method of valuation
pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended, in order to be able to price
its shares at $1.00 per share. In accordance with Rule 2a-7, the fund is subject to certain maturity,
liquidity, quality and diversification requirements to help maintain the $1.00 share price.
When calculating
its NAV, a fund compares the NAV using amortized cost to its NAV using available market quotations or
market equivalents which generally are provided by an independent pricing service approved by the fund's
board. The pricing service's procedures are reviewed under the general supervision of the board.
Applicable to General
Money Market Fund and General Government Securities Money Market Fund only:
Your price
for fund shares is the fund's NAV per share for the class of shares you purchase, which is generally
calculated at 5:00 p.m. on days the New York Stock Exchange or the fund's transfer agent is open for
regular business. Your order will be priced at the next NAV calculated after your order is received in
proper form by the fund's transfer agent or other authorized entity.
If an order in proper form
is made prior to 5:00 p.m., and Federal Funds are received by 6:00 p.m., the shares will be purchased
at the NAV determined at 5:00 p.m. and will receive the dividend declared that day.
Applicable to General Municipal Money Market
Fund, General New York Municipal Money Market Fund and General Treasury Prime Money Market Fund only:
Your price for fund shares is the fund's NAV per share for the class of shares you purchase,
which is generally calculated at 3:00 p.m. on days the New York Stock Exchange or the fund's transfer
agent is open for regular business. Your order will be priced at the next NAV calculated after your order
is received in proper form by the fund's transfer agent or other authorized entity.
If an order
in proper form is made prior to 3:00 p.m., and Federal Funds are received by 4:00 p.m., or, as to General
Treasury Prime Money Market Fund, 6:00 p.m., the shares will be purchased at the NAV determined at 3:00
p.m. and will receive the dividend declared that day.
All times are Eastern time.
How
to Buy Shares
The Fund is designed primarily for people who are investing through a third party such
as a bank, broker-dealer or financial adviser. Third parties with whom you open a fund account may impose
policies, limitations and fees which are different than those described herein. The fund offers another
class of shares, which is described in a separate prospectus. Third parties purchasing fund shares on
behalf of their clients determine which class of shares is suitable for their clients. Consult a representative
of your plan or financial institution for further information.
Because the municipal money
market funds seek tax-exempt income, they are not recommended for purchase in IRAs or other qualified
retirement plans.
How
to Sell Shares
You may sell (redeem) shares at any time through your financial representative.
Your shares will be sold at the next NAV calculated after your order is received in proper form by the
fund's transfer agent or other authorized entity. Any certificates representing fund shares being sold
must be returned with your redemption request. Your order will be processed promptly and you will generally
receive the proceeds within a week.
20
Unless you decline telephone
privileges on your application, you may be responsible for any fraudulent telephone order as long as
the fund's transfer agent takes reasonable measures to confirm that instructions are genuine.
Money market
funds generally are used by investors for short-term investments, often in place of bank checking or
savings accounts, or for cash management purposes. Investors value the ability to add and withdraw their
funds quickly, without restriction. For this reason, although Dreyfus discourages excessive trading
and other abusive trading practices, the funds has not adopted policies and procedures, or imposed redemption
fees or other restrictions such as minimum holding periods, to deter frequent purchases and redemptions
of fund shares. Dreyfus also believes that money market funds, such as the fund, are not targets of
abusive trading practices, because money market funds seek to maintain a $1.00 per share price and typically
do not fluctuate in value based on market prices. However, frequent purchases and redemptions of the
funds' shares could increase the fund's transaction costs, such as market spreads and custodial fees,
and may interfere with the efficient management of the fund's portfolio, which could detract from the
fund's performance. Accordingly, the fund reserves the right to refuse any purchase or exchange request.
Funds in the Dreyfus Family of Funds that are not money market mutual funds have approved policies and
procedures that are intended to discourage and prevent abusive trading practices in those mutual funds,
which may apply to exchanges from or into a fund. If you plan to exchange your fund shares for shares
of another Dreyfus fund, please read the prospectus of that other Dreyfus fund for more information.
The
fund reserves the right to:
·
change or discontinue its exchange
privilege, or temporarily suspend the privilege during unusual market conditions
·
change
its minimum or maximum investment amounts
·
delay sending
out redemption proceeds for up to seven days (generally applies only during unusual market conditions
or in cases of very large redemptions or excessive trading)
·
"redeem
in kind," or make payments in securities rather than cash, if the amount you are redeeming is large enough
to affect fund operations (for example, if it exceeds 1% of the fund's assets)
The fund
also may process purchase and sale orders and calculate its NAV on days the fund's primary trading markets
are open and the fund's management determines to do so.
Each
fund earns dividends, interest and other income from its investments, and distributes this income (less
expenses) to shareholders as dividends. Each fund also realizes capital gains from its investments,
and distributes these gains (less any losses) to shareholders as capital gain distributions. Each fund
normally pays dividends once a month and capital gain distributions, if any, annually. Fund dividends
and capital gain distributions will be reinvested in the fund unless you instruct the fund otherwise.
There are no fees or sales charges on reinvestments.
Dividends and other distributions
paid by the taxable money market funds are subject to federal income tax on a current basis, and also
may be subject to state and local taxes (unless you are investing through a tax-advantaged retirement
account, in which case taxes may be deferred).
Each of the municipal money market funds anticipates
that virtually all dividends paid by the fund will be exempt from federal and, as to General New York
Municipal Money Market Fund, New York state and New York city, personal income taxes. However, for federal
tax purposes, certain distributions, such as distributions of short-term capital gains, are taxable as
ordinary income, while long-term capital gains are taxable as capital gains. With respect to General
New York Municipal Money Market Fund, for New York state and city personal income tax purposes, distributions
derived from interest on municipal securities of New York issuers and from interest on qualifying securities
issued by U.S. territories and possessions are generally exempt from tax. Distributions that are federally
taxable as ordinary income or capital gains are generally subject to New York's personal income taxes.
The tax status of any distribution generally is the same regardless of how long you
have been in the fund and whether you reinvest your distributions or take them in cash.
Your sale
of shares, including exchanges into other funds, may result in a capital gain or loss for tax purposes.
A capital gain or loss on your investment in the fund generally is the difference between the cost of
your shares and the amount you receive when you sell them.
The tax status of your distributions
will be detailed in your annual tax statement from the fund. Because everyone's tax situation is unique,
please consult your tax adviser before investing.
21
These financial
highlights describe the performance of the fund's Class B shares for the fiscal periods indicated. "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 financial highlights have been derived
from the fund's financial statements, which have been audited by Ernst & Young LLP, an independent
registered public accounting firm, whose report, along with the fund's financial statements, is included
in the annual report, which is available upon request.
|
|
|
|
|
|
Year Ended November 30,
|
General Money Market Fund
|
2013
|
2012
|
2011
|
2010
|
2009
|
Per Share Data ($):
|
|
|
|
|
|
Net asset value, beginning of period
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
Investment Operations:
|
|
|
|
|
|
Investment
income--net
|
.000
a
|
.000
a
|
.000
a
|
.001
|
.002
|
Distributions:
|
|
|
|
|
|
Dividends from investment income--net
|
(.000)
a
|
(.000)
a
|
(.000)
a
|
(.001)
|
(.002)
|
Net asset value, end of period
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
Total Return (%)
|
.01
|
.01
|
.05
|
.05
|
.23
|
Ratios/Supplemental Data (%):
|
|
|
|
|
|
Ratio of total expenses to average net assets
|
1.03
|
1.03
|
1.04
|
1.04
|
1.06
|
Ratio of net expenses to average
net assets
|
.19
|
.26
|
.20
|
.28
|
.72
|
Ratio
of net investment income to average net assets
|
.01
|
.01
|
.05
|
.05
|
.22
|
Net Assets,
end of period ($ x 1,000)
|
12,677,604
|
12,416,095
|
11,943,925
|
10,916,611
|
11,314,733
|
a
Amount represents less than $.001 per share.
|
|
|
|
|
|
Year Ended November 30,
|
General Government Securities Money Market Fund
|
2013
|
2012
|
2011
|
2010
|
2009
|
Per Share Data
($):
|
|
|
|
|
|
Net
asset value, beginning of period
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
Investment
Operations:
|
|
|
|
|
|
Investment income--net
a
|
.000
|
.000
|
.000
|
.000
|
.000
|
Distributions:
|
|
|
|
|
|
Dividends
from investment income--net
a
|
(.000)
|
(.000)
|
(.000)
|
(.000)
|
(.000)
|
Net
asset value, end of period
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
Total
Return (%)
|
.00
b
|
.00
b
|
.00
b
|
.00
b
|
.01
|
Ratios/Supplemental Data (%):
|
|
|
|
|
|
Ratio
of total expenses to average net assets
|
1.03
|
1.03
|
1.04
|
1.04
|
1.05
|
Ratio
of net expenses to average net assets
|
.12
|
.15
|
.14
|
.25
|
.56
|
Ratio of net investment income to average net
assets
|
.00
b
|
.00
b
|
.00
b
|
.00
b
|
.01
|
Net Assets, end of period ($ x 1,000)
|
1,105,250
|
1,524,184
|
1,565,127
|
1,486,561
|
1,701,151
|
a
Amount
represents less than $.001 per share.
b
Amount represents less than .01%.
22
Financial Highlights (cont'd)
|
|
|
|
|
|
Year Ended November 30,
|
General Treasury Prime Money Market Fund
|
2013
|
2012
|
2011
|
2010
|
2009
|
Per Share Data
($):
|
|
|
|
|
|
Net
asset value, beginning of period
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
Investment Operations:
|
|
|
|
|
|
Investment
income--net
a
|
.000
|
.000
|
.000
|
.000
|
.000
|
Distributions:
|
|
|
|
|
|
Dividends
from investment income--net
a
|
(.000)
|
(.000)
|
(.000)
|
(.000)
|
(.000)
|
Net
asset value, end of period
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
Total Return (%)
b
|
.00
|
.00
|
.00
|
.00
|
.00
|
Ratios/Supplemental
Data (%):
|
|
|
|
|
|
Ratio
of total expenses to average net assets
|
1.03
|
1.03
|
1.03
|
1.04
|
1.05
|
Ratio
of net expenses to average net assets
|
.07
|
.07
|
.07
|
.14
|
.33
|
Ratio
of net investment income to average net assets
b
|
.00
|
.00
|
.00
|
.00
|
.00
|
Net Assets, end of period ($ x 1,000)
|
2,218,418
|
2,467,862
|
2,405,125
|
1,322,034
|
1,552,954
|
a
Amount
represents less than $.001 per share.
b
Amount represents less than .01%.
|
|
|
|
|
|
Year Ended November 30,
|
General Municipal Money Market Fund
|
2013
|
2012
|
2011
|
2010
|
2009
|
Per Share Data
($):
|
|
|
|
|
|
Net
asset value, beginning of period
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
Investment
Operations:
|
|
|
|
|
|
Investment
income--net
|
.000
a
|
.000
a
|
.000
a
|
.000
a
|
.001
|
Distributions:
|
|
|
|
|
|
Dividends from investment income--net
|
(.000)
a
|
(.000)
a
|
(.000)
a
|
(.000)
a
|
(.001)
|
Net asset value, end of period
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
Total
Return (%)
|
.00
b
|
.00
b
|
.00
b
|
.00
b
|
.07
|
Ratios/Supplemental Data (%):
|
|
|
|
|
|
Ratio
of total expenses to average net assets
|
1.05
|
1.05
|
1.05
|
1.05
|
1.08
|
Ratio
of net expenses to average net assets
|
.17
|
.22
|
.27
|
.37
|
.90
|
Ratio of net investment income to average net
assets
|
.00
b
|
.00
b
|
.00
b
|
.00
b
|
.08
|
Net Assets, end of period ($ x 1,000)
|
690,181
|
786,097
|
650,946
|
614,467
|
661,738
|
a
Amount
represents less than $.001 per share.
b
Amount represents less than .01%.
23
Financial Highlights (cont'd)
|
|
|
|
|
|
Year Ended November 30,
|
General New
York Municipal Money Market Fund
|
2013
|
2012
|
2011
|
2010
|
2009
|
Per Share Data ($):
|
|
|
|
|
|
Net asset value, beginning of period
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
Investment Operations:
|
|
|
|
|
|
Investment
income--net
|
.000
a
|
.000
a
|
.000
a
|
.000
a
|
.001
|
Distributions:
|
|
|
|
|
|
Dividends from investment income--net
|
(.000)
a
|
(.000)
a
|
(.000)
a
|
(.000)
a
|
(.001)
|
Net asset value, end of period
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
Total
Return (%)
|
.00
b
|
.00
b
|
.00
b
|
.00
b
|
.09
|
Ratios/Supplemental Data (%):
|
|
|
|
|
|
Ratio
of total expenses to average net assets
|
1.10
|
1.09
|
1.08
|
1.07
|
1.10
|
Ratio
of net expenses to average net assets
|
.22
|
.28
|
.32
|
.38
|
.92
|
Ratio of net investment income to average net
assets
|
.00
b
|
.00
b
|
.00
b
|
.00
b
|
.08
|
Net Assets, end of period ($ x 1,000)
|
141,603
|
137,194
|
128,409
|
114,600
|
159,710
|
a
Amount
represents less than $.001 per share.
b
Amount represents less than .01%.
24
NOTES
25
For More Information
|
|
General Money Market Fund, Inc.
|
General
Municipal Money Market Fund
|
SEC file
number: 811-3207
|
A series of General Municipal
Money Market Funds, Inc.
|
General Government Securities
Money Market Fund
|
SEC file number: 811-3481
|
General Treasury Prime Money Market Fund
|
General
New York Municipal Money Market Fund
|
Each a series
of General Government Securities Money Market Funds, Inc.
|
SEC file
number: 811-4870
|
SEC file number: 811-3456
|
|
SEC file number:
as noted above
More information on this fund
is available free upon request, including the following:
Annual/Semiannual Report
Describes
the fund's performance, lists portfolio holdings and contains a letter from the fund's manager discussing
recent market conditions, economic trends and fund strategies that significantly affected the fund's
performance during the last fiscal year. The fund's most recent annual and semiannual reports are available
at
www.dreyfus.com
.
Statement
of Additional Information (SAI)
Provides more details about the fund and its policies. A current
SAI is available at
www.dreyfus.com
and is on file with the Securities and Exchange Commission
(SEC). The SAI is incorporated by reference (and is legally considered part of this prospectus).
Portfolio
Holdings
Dreyfus funds generally disclose their complete schedule of portfolio holdings monthly
with a 30-day lag at
www.dreyfus.com
under Products and Performance. Complete holdings
as of the end of the calendar quarter are disclosed 15 days after the end of such quarter. Dreyfus money
market funds generally disclose their complete schedule of holdings daily. The schedule of holdings
for a fund will remain on the website until the fund files its Form N-Q or Form N-CSR for the period
that includes the dates of the posted holdings.
A complete description of the fund's policies
and procedures with respect to the disclosure of the fund's portfolio securities is available in the
fund's SAI and at
www.dreyfus.com
.
To Obtain Information
By telephone.
Call your Baird Financial
Advisor or 1-800-792-2473
By mail.
Robert W. Baird & Co.
Attn: Client
Services
777 East Wisconsin Avenue
Milwaukee, WI 53202
By E-mail
at: http://www.bairdonline.com
On the Internet.
Certain fund documents
can be viewed online or downloaded from:
SEC:
http://www.sec.gov
Dreyfus:
http://www.dreyfus.com
You
can also obtain copies, after paying a duplicating fee, by visiting the SEC's Public Reference Room in
Washington, DC (for information, call 1-202-551-8090) or by E-mail request to publicinfo@sec.gov, or
by writing to the SEC's Public Reference Section, Washington, DC 20549-1520.
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© 2014
MBSC Securities Corporation
DMM-P0414-RWB
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