August 3, 1994
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
SUPPLEMENT TO PROSPECTUS DATED DECEMBER 1, 1993
I. PROPOSED MERGER OF THE DREYFUS CORPORATION
The Fund's adviser, The Dreyfus Corporation ("Dreyfus"), has entered
into an Agreement and Plan of Merger (the "Merger Agreement") providing
for the merger (the "Merger") of Dreyfus with a subsidiary of Mellon Bank,
N.A. ("Mellon").
Following the Merger, it is planned that Dreyfus will be a direct
subsidiary of Mellon. Closing of the Merger is subject to a number of
contingencies, including approvals of the stockholders of Dreyfus and of
Mellon. The Merger is expected to occur in late August 1994, but could
occur significantly later.
The Merger will result in the automatic termination of the Fund's
current investment advisory agreement with Dreyfus, as required by the
Investment Company Act of 1940, as amended.
II. RESULTS OF FUND SHAREHOLDER VOTE
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES ANY
CONTRARY INFORMATION CONTAINED IN THE FUND'S PROSPECTUS.
On August 3, 1994, the Fund's shareholders voted to (a) approve a new
investment advisory agreement with Dreyfus, to become effective upon
consummation of the Merger, and (b) change certain of the Fund's
fundamental policies and investment restrictions to permit the Fund to (i)
borrow money from banks for temporary or emergency (not leveraging)
purposes in an amount up to 15% of the value of the Fund's total assets,
(ii) pledge its assets to the extent necessary to secure permitted
borrowings and make such policy non-fundamental, and (iii) invest up to
10% of the value of its net assets in illiquid securities and make such
policy non-fundamental.
III. REVISED MANAGEMENT POLICIES
THE FOLLOWING INFORMATION SUPPLEMENTS AND SHOULD BE READ IN
CONJUNCTION WITH THE SECTION IN THE FUND'S PROSPECTUS ENTITLED
"DESCRIPTION OF THE FUND -- MANAGEMENT POLICIES."
BORROWING MONEY -- As a fundamental policy, the Fund is permitted to
borrow money only from banks for temporary or emergency (not
leveraging) purposes, in an amount up to 15% of the value of the Fund's
total assets (including the amount borrowed) valued at the lesser of cost
or market, less liabilities (not including the amount borrowed) at the time
the borrowing is made. While borrowings exceed 5% of the Fund's total
assets, the Fund will not make any additional investments.
ILLIQUID SECURITIES -- The Fund may invest up to 10% of the value of
its net assets in securities as to which a liquid trading market does not
exist, provided such investments are consistent with the Fund's
investment objective. Such securities may include securities that are not
readily marketable, such as certain securities that are subject to legal or
contractual restrictions on resale, and repurchase agreements providing
for settlement in more than seven days after notice. As to these
securities, the Fund is subject to a risk that should the Fund desire to sell
them when a ready buyer is not available at a price the Fund deems
representative of their value, the value of the Fund's net assets could be
adversely affected.
(CONTINUED ON REVERSE SIDE)
IV. OTHER MATTERS
Effective June 1, 1994, the Fund's Service Plan has been terminated.
The Fund will continue to bear directly the costs of preparing and printing
prospectuses and statements of additional information used for regulatory
purposes and for distribution to existing shareholders. The Dreyfus
Corporation may pay Dreyfus Service Corporation for shareholder and
distribution services from The Dreyfus Corporation's assets, including
past profits but not including the management fee paid by the Fund.
Dreyfus Service Corporation may use part or all of such payments to pay
securities dealers or others in respect of these services.
THE FOLLOWING INFORMATION SUPPLEMENTS AND SUPERSEDES
INFORMATION CONTAINED IN THE SECTION IN THE FUND'S PROSPECTUS
ENTITLED "REDEMPTION OF FUND SHARES -- REDEMPTION BY WIRE OR
TELEPHONE" AND DESCRIBES A NEW TELEPHONE REDEMPTION PRIVILEGE.
WIRE REDEMPTION PRIVILEGE - An investor may request by wire or
telephone that redemption proceeds (minimum $1,000) be wired to the
investor's account at a bank which is a member of the Federal Reserve
System, or a correspondent bank if the investor's bank is not a member. An
investor may direct that redemption proceeds be paid by check (maximum
$150,000 per day) made out to the owners of record and mailed to the
investor's address. Redemption proceeds of less than $1,000 will be paid
automatically by check. Holders of jointly registered Fund or bank
accounts may have redemption proceeds of only up to $250,000 wired
within any 30-day period. The Fund reserves the right to refuse any
redemption request, including requests made shortly after a change of
address, and may limit the amount involved or the number of such
requests.
TELEPHONE REDEMPTION PRIVILEGE -- An investor may redeem Fund
shares (maximum $150,000 per day) by telephone if the investor has
checked the appropriate box on the Fund's Account Application or has filed
a Shareholder Services Form with the Transfer Agent. The redemption
proceeds will be paid by check and mailed to the investor's address. An
investor may telephone redemption instructions by calling 1-800-221-
4060 or, if the investor is calling from overseas, call 1-401-455-3306.
The Fund reserves the right to refuse any request made by telephone,
including requests made shortly after a change of address, and may limit
the amount involved or the number of telephone redemption requests. This
Privilege may be modified or terminated at any time by the Transfer Agent
or the Fund. Shares for which certificates have been issued are not
eligible for this Privilege.
573stkr080394
August 3, 1994
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
Supplement to the Statement of Additional Information
Dated December 1, 1993
At a meeting of Fund shareholders held on August 3, 1994,
shareholders approved new Investment Restrictions which
supersede and replace the Fund's current Investment Restrictions
numbered 2, 3 and 6 in the section in the Fund's Statement of
Additional Information entitled "Investment Objective and
Management Policies--Investment Restrictions." Investment
Restriction number 2 is a fundamental policy that cannot be
changed without approval by the holders of a majority (as
defined in the Investment Company Act of 1940, as amended (the
"Act")) of the Fund's outstanding voting shares. Investment
Restrictions numbered 3 and 6 are not fundamental policies and
may be changed by vote of a majority of the Fund's Board members
at any time. The Fund may not:
2. Borrow money, except from banks for temporary or
emergency (not leveraging) purposes in an amount up to 15% of
the value of the Fund's total assets (including the amount
borrowed) based on the lesser of cost or market, less
liabilities (not including the amount borrowed) at the time the
borrowing is made. While borrowings exceed 5% of the value of
the Fund's total assets, the Fund will not make any additional
investments.
3. Pledge, mortgage, hypothecate or otherwise encumber its
assets, except to the extent necessary to secure permitted
borrowings.
6. Enter into repurchase agreements providing for
settlement in more than seven days after notice or purchase
securities which are illiquid if, in the aggregate, more than
10% of the value of the Fund's net assets would be so invested.
The following information supplements and should be read in
conjunction with the section in the Fund's Statement of
Additional Information entitled "Investment Objective and
Management Policies."
Illiquid Securities. When purchasing securities that have
not been registered under the Securities Act of 1933, as
amended, and are not readily marketable, the Fund will endeavor
to obtain the right to registration at the expense of the
issuer. Generally, there will be a lapse of time between the
Fund's decision to sell any such security and the registration
of the security permitting sale. During any such period, the
price of the securities will be subject to market fluctuations.
However, if a substantial market of qualified institutional
buyers develops pursuant to Rule 144A under the Securities Act
of 1933, as amended, for certain unregistered securities held by
the Fund, the Fund intends to treat such securities as liquid
securities in accordance with procedures approved by the Fund's
Board. Because it is not possible to predict with assurance how
the market for restricted securities pursuant to Rule 144A will
develop, the Fund's Board has directed the Manager to monitor
carefully the Fund's investments in such securities with
particular regard to trading activity, availability of reliable
price information and other relevant information. To the extent
that, for a period of time, qualified institutional buyers cease
purchasing restricted securities pursuant to Rule 144A, the
Fund's investing in such securities may have the effect of
increasing the level of illiquidity in the Fund's portfolio
during such period.
Effective June 1, 1994, the Fund's Service Plan has been
terminated. The Fund will continue to bear directly the costs
of preparing and printing prospectuses and statements of
additional information used for regulatory purposes and for
distribution to existing shareholders. The Dreyfus Corporation
may pay Dreyfus Service Corporation for shareholder and
distribution services from The Dreyfus Corporation's assets,
including past profits but not including the management fee paid
by the Fund. Dreyfus Service Corporation may use part or all of
such payments to pay securities dealers or others in respect of
these services.
The following information supplements and should be read in
conjunction with the section in the Fund's Statement of
Additional Information entitled "Shareholder Services."
Dreyfus Dividend ACH. Dreyfus Dividend ACH permits a
shareholder to transfer electronically their dividends or
dividends and capital gains, if any, from the Fund to a
designated bank account. Only an account maintained at a
domestic financial institution which is an Automated Clearing
House member may be so designated. Banks may charge a fee for
this service. For more information concerning Dreyfus Dividend
ACH, or to request a Dividend Options form, please call toll
free 1-800-645-6561. You may cancel this privilege by mailing
written notification to The Dreyfus Family of Funds, P.O. Box
9671, Providence, Rhode Island 02940-9671. Enrollment or
cancellation is effective three business days following receipt.
This privilege is available only for existing accounts. The
Fund may modify or terminate this privilege at any time or
charge a service fee. No such fee is currently contemplated.
The following information supplements and supersedes any
contrary information contained in the section in the Fund's
Statement of Additional Information captioned "Redemption of
Fund Shares--Redemption by Wire or Telephone" and describes a
new telephone redemption privilege.
Wire Redemption Privilege. An investor may request by wire
or telephone that redemption proceeds (minimum $1,000) be wired
to the investor's account at a bank which is a member of the
Federal Reserve System, or a correspondent bank if the
investor's bank is not a member. An investor may direct that
redemption proceeds be paid by check (maximum $150,000 per day)
made out to the owners of record and mailed to the investor's
address. Redemption proceeds of less than $1,000 will be paid
automatically by check. Holders of jointly registered Fund or
bank accounts may have redemption proceeds of only up to
$250,000 wired within any 30-day period. The Fund reserves the
right to refuse any redemption request, including requests made
shortly after a change of address, and may limit the amount
involved or the number of such requests.
Telephone Redemption Privilege. An investor may redeem
Fund shares (maximum $150,000 per day) by telephone if the
investor has checked the appropriate box on the Fund's Account
Application or has filed an Optional Services Form with the
Transfer Agent. The redemption proceeds will be paid by check
and mailed to the investor's address. An investor may telephone
redemption instructions by calling 1-800-221-4060 or, if the
investor is calling from overseas, 1-401-455-3306. The Fund
reserves the right to refuse any request made by telephone,
including requests made shortly after a change of address, and
may limit the amount involved or the number of telephone
redemption requests. This Privilege may be modified or
terminated at any time by the Transfer Agent or the Fund.
Shares for which certificates have been issued are not eligible
for this Privilege.
