PRESIDENT'S LETTER
Dear Shareholder:
As your Fund ended its semi-annual reporting period on January 31,
1994, its annualized yield was 2.21%. After taking into account the
compounding of interest, the annualized effective yield was 2.23%.* In
addition, we are pleased to report that all dividends paid from net
investment income during this period were exempt from Federal and State
of California income taxes, although certain shareholders may be subject
to the Federal Alternative Minimum Tax on some portfolio income.
As the reporting period began in mid-summer, the U.S. economy
continued to exhibit signs of weakness. In addition, the rate of inflation
remained quite low which, in turn, encouraged a continuation of the strong
market in fixed-income securities. In this environment, municipal money
markets reached lows in yields not seen in many years as interest rates
declined. However, in the fourth quarter of 1993, signs of economic
strength began to emerge and, with that, bond prices weakened and yields
rose as fears grew over potentially rising inflation. By maintaining a
substantial portion of the Fund's assets in variable-rate demand notes,
your Fund was well positioned to take advantage of the favorable market
which developed.
The rally was revived in mid-December, as declines in oil prices gave
renewed confidence to the low-inflation scenarios which have dominated
market thinking for the past several years. While this rally did not achieve
the high price levels experienced earlier in the fourth quarter, it was
substantial. There are many economists who believe that the economy will
return to anemic performance early in 1994, thereby once again relieving
inflationary pressures. Both the extreme cold recently experienced by
much of the nation and the earthquake in southern California could
contribute to slower economic growth in the first quarter of 1994.
As this letter was being prepared, the Federal Reserve Board raised its
Federal Funds rate target by a quarter percent. This is the first time the
central bank has tightened credit since 1989. Recent statements by
officials of the Federal Reserve have suggested that the Fed will again
"snug up" rates if economic growth continues to be strong in the first
quarter of 1994. It is widely understood that Federal Reserve officials are
intent on not giving up the gains made against inflation over the past
several years. Near term, this should bode well for short-term securities
if rates again rise due to Fed actions.
We have reviewed the securities in your portfolio to ascertain potential
damage to credit quality as a result of the recent earthquake. We believe
that the Fund did not experience any detriment to credit quality due to
this event. It will take many months for the full impact of the earthquake
on the region, both structurally and economically, to be known. We will
continue to monitor these events carefully as they unfold, and to adjust
the portfolio accordingly.
The municipal market generally is in a strong position as we enter 1994
due to the expectation of substantially reduced supply just as income tax
rates are rising. In addition, we believe that the Federal Reserve's current
vigilance in fighting inflation should benefit the fixed-income market in
the coming year.
We have included a current Statement of Investments and recent
financial statements for your review. We greatly appreciate your
investment in the Fund and look forward to serving your investment needs
in the future.
Very truly yours,
Richard J. Moynihan
President
February 15, 1994
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<TABLE>
<CAPTION>
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS JANUARY 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
------------ ------------
<S> <C> <C>
City of Anaheim, TRAN 3.25%, 7/29/94...................................................... $ 12,500,000 $ 12,526,609
Anaheim Housing Authority, MFHR, VRDN:
(Bel Age Project) 2.25%, Series A (LOC; Federal Home Loan Banks) (a,b)................ 5,300,000 5,300,000
Refunding (Villas At Anaheim Hill) 2.25% (LOC; National Bank of Canada) (a,b)......... 2,850,000 2,850,000
Bay Area Government Associates, Lease Revenue, VRDN (Pooled Project)
2.05% (LOC; National Westminster Bank) (a,b).......................................... 152,000 152,000
Burbank Redevelopment Agency, MFHR, VRDN 2.10% (LOC; Coast Savings and Loan) (a,b)........ 15,400,000 15,400,000
California Health Facilities Financing Authority, Revenue:
(Health Dimensions Inc.) 2.75%, Series A, 2/1/94 (LOC; Bank of America) (b)........... 4,600,000 4,600,000
VRDN:
(Santa Barbara Cottage) 2.20%, Series C (LOC; Long-Term Credit
Bank of Japan) (a,b).......................................................... 12,600,000 12,600,000
(Scripps Memorial Hospital) 2.10%, Series B (Insured; MBIA) (a)................... 12,000,000 12,000,000
California Pollution Control Financing Authority:
PCR:
CP (Refunding-Pacific Gas and Electric)
2.35%, 4/5/94 (LOC; Swiss Bank Corp.) (b)..................................... 21,995,000 21,995,000
VRDN:
(Refunding-Shell Oil Co.) 2.05% (Corp. Guaranty; Shell Oil Co.) (a)........... 4,100,000 4,100,000
Resource Recovery (Wadham Energy Project)
2.30%, Series C (LOC; Banque Paribas) (a,b)............................... 4,000,000 4,000,000
VRDN, RRR:
(Delano Project) 2.25% (LOC; ABN-Amro Bank) (a,b)................................. 17,900,000 17,900,000
(Honey Lake Power Co. Project) 2.20% (LOC; Banque Nationale de Paris) (a,b)....... 20,300,000 20,300,000
Refunding:
(Ultra Power Malaga Project):
2.30%, Series A (LOC; Bank of America) (a,b).............................. 3,400,000 3,400,000
2.30%, Series B (LOC; Bank of America) (a,b).............................. 4,600,000 4,600,000
(Ultra Power Rocklin Project) 2.30%, Series A (LOC; Bank of America) (a,b).... 5,800,000 5,800,000
California School Cash Reserve Program Authority, Notes 3.40%, Series A, 7/5/94........... 15,000,000 15,030,695
Colton Redevelopment Agency, Multi-Family Revenue, VRDN
1.90%, Series A (LOC; Coast Savings and Loan) (a,b)................................... 2,800,000 2,800,000
Concord, MFMR, VRDN:
(Arcadian Apartments) 2.10%, Series A (LOC; Federal Home Loan Banks) (a,b)............ 6,000,000 6,000,000
(Bel Air Apartments) 2.25%, Series A (LOC; Bank of America) (a,b)..................... 1,100,000 1,100,000
(Crossroads Apartments) 2.10%, Series B (LOC; Federal Home Loan Banks) (a,b).......... 3,500,000 3,500,000
Contra Costa County, MFMR, VRDN (El Cerrito Royale Project)
2.25%, Series A (LOC; Bank of America) (a,b).......................................... 1,745,000 1,745,000
Fontana, MFMR, VRDN (Oakcrest Apartments)
2.10%, Series A (LOC; Federal Home Loan Banks) (a,b).................................. 2,200,000 2,200,000
Foothill Eastern Transportation Corridor Agency, Toll Road Revenue, VRDN
2.20% (LOC; Morgan Guaranty Trust) (a,b).............................................. 12,500,000 12,500,000
Fresno Unified School District, TRAN 3.50%, 8/11/94....................................... 10,000,000 10,022,826
Garden Grove Housing Authority, Multi-Family Revenue, VRDN (Valley View
Senior Villas Project) 2.85%, Series A (LOC; Wells Fargo Bank) (a,b).................. 1,600,000 1,600,000
Huntington Beach, MFHR, VRDN:
(Five Points Seniors Project) 2.85%, Series A (LOC; Wells Fargo Bank) (a,b)........... 3,100,000 3,100,000
(Mercury Savings and Loan Village)
2.50%, Series A (LOC; Mercury Savings and Loan) (a,b)............................. 6,000,000 6,000,000
Irvine Unified School District, TRAN 3.25%, 7/29/94....................................... 15,000,000 15,028,399
Irwindale, IDR, VRDN (Toys "R" Us Inc. Project) 2.325% (LOC; Bankers Trust) (a,b)......... 3,000,000 3,000,000
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------ ------------
Kern Community College District:
COP, VRDN (Financing Projects) 2.10% (LOC; Swiss Bank Corp.) (a,b).................... $ 11,000,000 $ 11,000,000
TRAN 3.25%, 7/21/94................................................................... 2,500,000 2,503,958
Kern County, COP, VRDN (Kern Public Facilities Project)
2.15%, Series B (LOC; Sanwa Bank) (a,b)............................................... 13,900,000 13,900,000
Livermore, VRDN:
MFHR (Park Paseo Apartments) 2.10%, Series A (LOC; Federal Home Loan Banks) (a,b)..... 1,000,000 1,000,000
MFMR (Portola Meadows Apartments) 2.25%, Series A (LOC; Bank of America) (a,b)........ 1,000,000 1,000,000
Loma Linda:
HR, VRDN (Loma Linda University Medical Center)
2.05% (LOC; Industrial Bank of Japan) (a,b)....................................... 2,165,000 2,165,000
MFHR, VRDN (Loma Linda Springs Apartment) 3.40% (LOC; Tokai Bank) (a,b)............... 3,960,000 3,960,000
Los Angeles, MFHR, VRDN:
(Beverly Park Apartments) 2.25%, Series A (LOC; Barclays Bank) (a,b).................. 7,600,000 7,600,000
(Studio Colony) 2.20%, Series C (LOC; Industrial Bank of Japan) (a,b)................. 9,900,000 9,900,000
Los Angeles Community Redevelopment Agency, MFHR, VRDN:
(Grand Promenade Project) 3% (LOC; Tokai Bank) (a,b).................................. 7,900,000 7,900,000
(Rental Academy Apartments) 2.35%, Series A (LOC; Dai-Ichi Kangyo Bank) (a,b)......... 6,300,000 6,300,000
Los Angeles County:
MFMR, Refunding, VRDN 2%, Series D (LOC; Federal Home Loan Banks) (a,b)............... 4,008,000 4,008,000
TRAN 3%, 6/30/94 40,000,000 40,099,952
Los Angeles County Housing Authority, MFHR, VRDN:
(Malibu Canyon Apartments) 2.10%, Series B (LOC; Coast Savings and Loan) (a,b)........ 9,300,000 9,300,000
(River Park Apartment Project) 2.55%, Series D (LOC; Dai-Ichi Kangyo Bank) (a,b)...... 5,000,000 5,000,000
Los Angeles County Industrial Development Authority, IDR, VRDN (Fruitland Association)
3.20%, Series II (LOC; Tokai Bank) (a,b).............................................. 3,700,000 3,700,000
Los Angeles Harbor Department, Revenue, VRDN (Wilmington Liquid Bulk Terminal Project)
2.40% (LOC; The Bank of New York) (a,b)............................................... 25,000,000 25,000,000
Los Angeles Housing Authority, MFHR, VRDN
2.05%, Series A (LOC; Coast Savings and Loan) (a,b)................................... 6,400,000 6,400,000
Monteray County, TRAN, 3%, 6/30/94........................................................ 22,000,000 22,026,206
Newport Mesa Unified School District, TRAN 3.25%, 7/29/94................................. 20,000,000 20,037,865
North Orange County Community College District, TRAN 3.25%, 7/29/94....................... 10,000,000 10,018,932
City of Oceanside, MFMR, VRDN (Riverview Springs)
2.35%, Series A (LOC; Bank of Tokyo) (a,b)............................................ 1,000,000 1,000,000
Ontario Redevelopment Agency, MFHR, Refunding, VRDN
2% (LOC; Federal Home Loan Banks) (a,b)............................................... 2,632,000 2,632,000
Orange County:
Apartment Development Revenue, VRDN (Foothill Oaks Apartments)
2.25%, Series B (LOC; Bank of America) (a,b)...................................... 1,000,000 1,000,000
TRAN 3%, 6/30/94...................................................................... 10,500,000 10,539,290
Orange County Various Sanitation Districts, COP, Refunding, VRDN
2.20% (Insured; AMBAC and BPA; Industrial Bank of Japan) (a).......................... 1,800,000 1,800,000
City of Oxnard Housing Authority, MFHR, VRDN (Seawind Apartments Project)
2.20%, Series A (LOC; Federal Home Loan Banks) (a,b).................................. 5,000,000 5,000,000
Palm Springs Industrial Development Authority, Revenue, VRDN (BP Holdings Project)
2.25%, Series A (LOC; First Interstate Bank of California) (a,b)...................... 5,200,000 5,200,000
Paramount, MFHR, VRDN:
(Mercury Savings and Loan Triangle) 2.50% (LOC; Mercury Savings and Loan) (a,b)....... 9,400,000 9,400,000
(Twin Towers Apartments Project) 2.25% (LOC; Federal Home Loan Banks) (a,b)........... 8,700,000 8,700,000
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------ ------------
Pasadena Community Development Commission, COP, VRDN (Lake Washington Shopp)
2.25% (LOC; Tokai Bank) (a,b)......................................................... $ 965,000 $ 965,000
Pleasant Hill, MFMR, VRDN (Brookside Apartments)
2.10%, Series A (LOC; Federal Home Loan Banks) (a,b).................................. 2,200,000 2,200,000
Redlands, MFHR, VRDN, Refunding (Parkview Terrace)
2.20%, Series A (LOC; Bank of America) (a,b).......................................... 10,000,000 10,000,000
Riverside, MFHR, VRDN:
(Crest Apartments Project) 2.95%, Series A (LOC; Tokai Bank) (a,b).................... 3,500,000 3,500,000
(Spruce Grove Project) 2.75%, Series C (LOC; Tokai Bank) (a,b)........................ 3,800,000 3,800,000
Riverside County, COP, VRDN (Riverside County Public Facilities)
1.95%, Series B (LOC; Sanwa Bank) (a,b)............................................... 1,000,000 1,000,000
Riverside County Housing Authority, VRDN:
MFHR:
(Tyler Village Project) 3.40%, Series A (LOC; Tokai Bank) (a,b)................... 3,355,000 3,355,000
(Victoria Springs Apartments) 2.45% (LOC; Bank of America) (a,b).................. 6,300,000 6,300,000
MFMR (Emeritus Park) 2.10%, Series B (LOC; Federal Home Loan Banks) (a,b)............. 3,850,000 3,850,000
Riverside County Industrial Development Authority, IDR, VRDN (Cryogenic Project)
2.90%, Series B1 (LOC; Sumitomo Bank) (a,b)........................................... 7,800,000 7,800,000
Sacramento County, MFHR, VRDN:
2.30%, Series A (LOC; Dai-Ichi Kangyo Bank) (a,b)..................................... 7,900,000 7,900,000
2.30%, Series C (LOC; Dai-Ichi Kangyo Bank) (a,b)..................................... 2,400,000 2,400,000
COP (Administration Center and Court House Project)
2.05% (LOC; Union Bank of Switzerland) (a,b)...................................... 19,000,000 19,000,000
Refunding (Smoketree Apartments) 2.10% (LOC; Federal Home Loan Banks) (a,b)........... 3,900,000 3,900,000
Sacramento County Housing Authority, MFHR, VRDN (Stone Creek Apartments Project)
2.40%, Series L (LOC; First Interstate Bank of California) (a,b)...................... 5,450,000 5,450,000
Saddleback Community College District, TRAN 3.25%, 7/29/94................................ 10,000,000 10,018,932
San Bernardino, IDR, VRDN (Gate City Beverage District)
2.15% (LOC; Mitsubishi Bank) (a,b).................................................... 855,000 855,000
San Bernardino County, MFHR, VRDN:
(Meadowland Apartments Project) 2.60%, Series A
(LOC; Bayerische Landesbank Girozentrale) (a,b)................................... 8,000,000 8,000,000
Refunding:
(Gold West Apartments) 2.15%, Series A (LOC; Redlands Bank
of San Francisco) (a,b)....................................................... 2,185,000 2,185,000
(Park Heights Apartments) 2.10% (LOC; Federal Home Loan Banks) (a,b).............. 5,520,000 5,520,000
City of San Diego, MFHR, Refunding, VRDN (University Town Center Apartments)
2.20%, Series A (LOC; Bank of America) (a,b).......................................... 7,000,000 7,000,000
San Diego Housing Authority, MFHR, VRDN (Nobel Court Apartments)
2.35% (LOC; Citibank) (a,b)........................................................... 4,000,000 4,000,000
San Dimas Redevelopment Agency Industrial Development Authority, IDR, VRDN
(French Co. Project) 2.40% (LOC; Credit Commercial de France) (a,b)................... 5,700,000 5,700,000
San Francisco City and County, TRAN, 3.25%, 7/15/94....................................... 5,000,000 5,022,658
San Francisco City and County Redevelopment Agency, VRDN:
MFHR (Bayside Village Project) 2.05%, Series A
(LOC; Industrial Bank of Japan) (a,b)............................................. 10,000,000 10,000,000
Refunding (South Beach Harbor Project) 2.075%
(LOC; Mitsubishi Trust and Banking) (a,b)......................................... 1,580,000 1,580,000
San Francisco City and County Unified School District 3.50%, 8/12/94...................... 8,000,000 8,018,356
San Luis Costal Unified School District, TRAN 3%, 7/15/94................................. 7,000,000 7,004,567
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------ ------------
Santa Ana Housing Authority, MFHR, VRDN (Vintage Apartments Project)
3.40%, Series A (LOC; Tokai Bank) (a,b)............................................... $ 4,225,000 $ 4,225,000
Santa Clara, Electric Revenue, VRDN
2.40%, Series B (LOC; National Westminster Bank) (a,b)................................ 3,400,000 3,400,000
Santa Clara County El Camino Hospital District Hospital Facilities Authority,
Revenue, VRDN (Lease-Valley Medical Center Project):
1.90%, Series A (LOC; Mitsubishi Trust and Banking) (a,b)......................... 3,900,000 3,900,000
1.90%, Series B (LOC; National Westminster Bank) (a,b)............................ 10,100,000 10,100,000
Simi Valley, MFHR, Refunding, VRDN 2.10%, Series A (LOC; Bank of America) (a,b)........... 12,070,000 12,070,000
Southern California Public Power Authority, Transmission Project Revenue, Refunding, VRDN
(Southern Transmission) 2.35% (Insured; AMBAC and LOC; Swiss Bank Corp.) (a,b)........ 13,900,000 13,900,000
Union City, MFHR, Refunding, VRDN (Skylark Apartment Project)
2.15%, Series B (LOC; Sumitomo Trust and Banking) (a,b)............................... 5,790,000 5,790,000
Upland, Apartment Development Revenue, VRDN (Mountain Springs)
3%, Series A (LOC; Tokai Bank) (a,b).................................................. 3,000,000 3,000,000
Upland Housing Authority, MFHR, VRDN (Upland Village Green Project)
2.30% (LOC; Bank of Tokyo) (a,b)...................................................... 5,800,000 5,800,000
------------
TOTAL INVESTMENTS (cost $707,751,245)..................................................... $707,751,245
============
</TABLE>
<TABLE>
SUMMARY OF ABBREVIATIONS
<C> <S> <C> <S>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Insurance Association
BPA Bond Purchase Agreeement MFHR Multi-Family Housing Revenue
COP Certificate of Participation MFMR Multi-Family Mortgage Revenue
CP Commercial Paper PCR Pollution Control Revenue
HR Hospital Revenue RRR Resources Recovery Revenue
IDR Industrial Development Revenue TRAN Tax and Revenue Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
SUMMARY OF COMBINED RATINGS
MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- ----------------- -------------------
<S> <C> <C>
VMIG1/MIG1, P1 (c) SP1+/SP1, A1+/A1 (c) 90.1%
VMIG2/MIG2, P2 SP2, A2 4.3
Aaa/Aa (d) AAA/AA (d) 4.5
Not Rated (e) Not Rated (e) 1.1
------
100.0%
======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest rates.
(b) Secured by letters of credit. At January 31, 1994, 70.3% of the Fund's net
assets are backed by letters of credit issued by domestic banks, foreign
banks and brokerage firms.
(c) P1 and A1 are the highest ratings assigned tax-exempt commercial paper by
Moody's and Standard & Poor's, respectively.
(d) Notes which are not MIG or SP rated are represented by bond ratings of the
issuers.
(e) Securities which, while not rated by Moody's and Standard & Poor's,
respectively, have been determined by the Fund's Board of Trustees to be of
comparable quality to those rated securities in which the Fund may invest.
(f) At January 31, 1994, the Fund had $259,995,000 (36.4% of net assets)
invested in securities whose payment of prinicipal and interest is
dependent upon revenues generated from housing projects.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)......................................... $707,751,245
Cash.................................................................................. 2,218,224
Interest receivable................................................................... 4,808,345
Prepaid expenses...................................................................... 57,347
------------
714,835,161
LIABILITIES:
Due to The Dreyfus Corporation........................................................ $ 122,991
Accrued expenses and other liabilities................................................ 179,256 302,247
---------- ------------
NET ASSETS $714,532,914
============
REPRESENTED BY:
Paid-in capital....................................................................... $714,541,181
Accumulated net realized (loss) on investments........................................ (8,267)
------------
NET ASSETS at value applicable to 714,541,181 outstanding shares of
Beneficial Interest, equivalent to $1.00 per share (unlimited number of
$.001 par value shares authorized).................................................... $714,532,914
============
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS SIX MONTHS ENDED JANUARY 31, 1994 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME....................................................................... $ 8,376,702
EXPENSES:
Management fee-Note 2(a).......................................................... $1,663,203
Shareholder servicing costs-Note 2(c)............................................. 279,874
Registration fees................................................................. 37,388
Custodian fees.................................................................... 28,395
Professional fees................................................................. 20,330
Prospectus and shareholders' reports-Note 2(b).................................... 17,241
Trustees' fees and expenses-Note 2(d)............................................. 8,995
Miscellaneous..................................................................... 8,300
----------
2,063,726
Less-reduction in management fee due to
undertakings-Note 2(a)........................................................ 997,922
----------
TOTAL EXPENSES............................................................ 1,065,804
------------
INVESTMENT INCOME-NET, representing net increase in net assets
resulting from operations............................................................. $ 7,310,898
============
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
JULY 31, JANUARY 31, 1994
1993 (UNAUDITED)
-------------- -------------
<S> <C> <C>
OPERATIONS:
Investment income-net...................................................... $ 14,833,228 $ 7,310,898
Net realized (loss) on investments......................................... (8,267) __
-------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................... 14,824,961 7,310,898
-------------- -------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net...................................................... (14,833,228) (7,310,898)
Net realized gain on investments........................................... (4,534) __
-------------- -------------
TOTAL DIVIDENDS........................................................ (14,837,762) (7,310,898)
-------------- -------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold.............................................. 1,580,032,863 1,098,637,282
Dividends reinvested....................................................... 13,832,655 6,861,788
Cost of shares redeemed.................................................... (1,534,701,903) (999,499,865)
-------------- -------------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS........... 59,163,615 105,999,205
-------------- -------------
TOTAL INCREASE IN NET ASSETS....................................... 59,150,814 105,999,205
NET ASSETS:
Beginning of period........................................................ 549,382,895 608,533,709
-------------- -------------
End of period.............................................................. $ 608,533,709 $ 714,532,914
============== =============
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of Beneficial Interest outstanding, total
investment return, ratios to average net assets and other supplemental data for each period indicated. This information
has been derived from information provided in the Fund's financial statements.
SIX MONTHS ENDED
YEAR ENDED JULY 31, JANUARY 31, 1994
-------------------------------------------------------
PER SHARE DATA: 1989 1990 1991 1992 1993 (UNAUDITED)
------- ------- ------- ------- ------- --------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.................. $ .9994 $ .9992 $ .9996 $1.0000 $1.0000 $1.0000
------- ------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income-net................................. .0533 .0578 .0517 .0359 .0243 .0111
Net realized gain (loss) on investments............... (.0002) .0004 .0004 -- -- --
------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS.................. .0531 .0582 .0521 .0359 .0243 .0111
------- ------- ------- ------- ------- -------
DISTRIBUTIONS:
Dividends from investment income-net.................. (.0533) (.0578) (.0517) (.0359) (.0243) (.0111)
Dividends from net realized gain on investments....... -- -- -- -- -- --
------- ------- ------- ------- ------- -------
TOTAL DISTRIBUTIONS............................... (.0533) (.0578) (.0517) (.0359) (.0243) (.0111)
------- ------- ------- ------- ------- -------
Net asset value, end of period........................ $ .9992 $ .9996 $1.0000 $1.0000 $1.0000 $1.0000
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN 5.46% 5.93% 5.29% 3.65% 2.46% 2.22%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets............... .76% .07% .02% .20% .33% .32%*
Ratio of net investment income to average net assets.. 5.29% 5.78% 5.08% 3.59% 2.43% 2.20%*
Decrease reflected in above expense ratios due
to undertakings by the Manager.................... -- .65% .59% .41% .30% .30%*
Net Assets, end of period (000's Omitted)............. $77,372 $281,909 $538,978 $549,383 $608,534 $714,533
____________________________
* Annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940
("Act") as a non-diversified open-end management investment company.
Dreyfus Service Corporation ("Distributor") acts as the distributor of the
Fund's shares, which are sold to the public without a sales load. The
Distributor is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager").
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.
(A) PORTFOLIO VALUATION: Investments 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, when appropriate, 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.
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. To the extent that net realized capital gain can be offset by
capital loss carryovers, if any, 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 provisions available to certain
investment companies, as defined in applicable sections of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from all, or substantially all, Federal income
taxes.
At January 31, 1994, 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 average daily value of the Fund's net assets and is payable monthly.
The Agreement provides for an expense reimbursement from the Manager
should the Fund's aggregate expenses, exclusive of taxes, brokerage,
interest on borrowings and extraordinary expenses, exceed 1 1/2% of the
average value of the Fund's net assets for any full fiscal year. However,
during the six months ended January 31, 1994, the Manager had undertaken
to waive receipt of the management fee payable to it by the Fund in excess
of an annual rate of .20 of 1% of the Fund's average daily net assets. The
reduction in management fee, pursuant to the undertaking, amounted to
$997,922 for the six months ended January 31, 1994.
The Manager may modify the expense limitation percentages from time
to time, provided that the resulting expense reimbursement would not be
less than the amount required pursuant to the Agreement.
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
(B) The Fund has adopted a Service Plan (the "Plan") pursuant to which
the Fund will bear the costs of preparing, printing and distributing certain
of the Fund's prospectuses and statements of additional information and
costs associated with implementing and operating the Plan, not to exceed
the greater of $100,000 or .005 of 1% of the Fund's average daily net
assets for any full fiscal year. For the six months ended January 31, 1994,
the Fund was charged $6,395
pursuant to the Plan.
(C) Pursuant to the Fund's Shareholder Services Plan, the Fund
reimburses the Distributor an amount not to exceed an annual rate of .25
of 1% of the value of the Fund's average daily net assets for servicing
shareholder accounts. The services provided may include personal services
relating to shareholder accounts, such as answering shareholder inquiries
regarding the Fund and providing reports and other information, and
services related to the maintenance of shareholder accounts. During the
six months ended January 31, 1994, the Fund was charged an aggregate of
$108,946 pursuant to the Shareholder Services Plan.
(D) Certain officers and trustees of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or the Distributor. Each trustee
who is not an "affiliated person" receives an annual fee of $2,500 and an
attendance fee of $250 per meeting.
(E) On December 5, 1993, the Manager entered into an Agreement and
Plan of Merger providing for the merger of the Manager with a subsidiary
of Mellon Bank Corporation ("Mellon").
Following the merger, it is planned that the Manager will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a
number of contingencies, including the receipt of certain regulatory
approvals and the approvals of the stockholders of the Manager and of
Mellon. The merger is expected to occur in mid-1994, but could occur
later.
Because the merger will constitute an "assignment" of the Fund's
Management Agreement with the Manager under the Investment Company
Act of 1940, and thus a termination of such Agreement, the Manager will
seek prior approval from the Fund's Board and shareholders.
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
REVIEW REPORT OF ERNST & YOUNG, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
We have reviewed the accompanying statement of assets and liabilities
of General California Municipal Money Market Fund, including the
statement of investments, as of January 31, 1994, and the related
statements of operations and changes in net assets and financial
highlights for the six month period ended January 31, 1994. These
financial statements and financial highlights are the responsibility of the
Fund's management.
We conducted our review in accordance with standards established by
the American Institute of Certified Public Accountants. A review of
interim financial information consists principally of applying analytical
procedures to financial data, and making inquiries of persons responsible
for financial and accounting matters. It is substantially less in scope than
an audit conducted in accordance with generally accepted auditing
standards, which will be performed for the full year with the objective of
expressing an opinion regarding the financial statements and financial
highlights taken as a whole. Accordingly, we do not express such an
opinion.
Based on our review, we are not aware of any material modifications
that should be made to the interim financial statements and financial
highlights referred to above for them to be in conformity with generally
accepted accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
July 31, 1993 and financial highlights for each of the five years in the
period ended July 31, 1993 and in our report dated August 31, 1993, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
Ernst & Young
New York, New York
March 7, 1994
(Dreyfus `D' Logo)
General California
Municipal Money Market Fund
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
110 Washington Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 573SA941
(Dreyfus Logo)
General California
Municipal
Money Market Fund
Semi-Annual
Report
January 31, 1994
(Dreyfus Lion Logo)
