YEAR 2000 ISSUES (UNAUDITED)
The fund could be adversely affected if the computer systems used by The
Dreyfus Corporation and the fund' s other service providers do not properly
process and calculate date-related information from and after January 1, 2000.
The Dreyfus Corporation is working to avoid Year 2000-related problems in its
systems and to obtain assurances from other service providers that they are
taking similar steps. In addition, issuers of securities in which the fund
invests may be adversely affected by Year 2000-related problems. This could have
an impact on the value of the fund's investments and its share price.
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for General California Municipal
Money Market Fund for the 12-month period ended November 30, 1998 as shown in
the following table:
YIELD EFFECTIVE YIELD*
_______ _____________
Class A Shares . . . . . . . . . . . . . 2.74% 2.77%
Class B Shares . . . . . . . . . . . . . 2.37% 2.39%
ECONOMY
During 1998, the main regions of the world had very different economic
fundamentals. The U.S. began the period with a strong economy near full
employment, with unemployment only slightly above 4%. The tight labor market led
the Federal Reserve Board to contemplate a rise in interest rates early in the
year. The U.S. economy cooled enough over the months that the Fed decided to
stand pat. Evidence of economic cooling continued to accumulate and worries
about the world economy intensified. Financial stresses pushed the Fed to ease
beginning in September. After many years of subpar economic growth, continental
Europe moved into a sustained economic expansion. The overall European economy
benefited as interest rates in peripheral countries such as Spain and Italy
fell, approaching the lower levels established by Germany, on the eve of
currency unification. Unlike the U.S., Europe has substantial excess capacity of
productive plants and labor. In Asia, weak economies were pervasive as a result
of the Asian financial crisis. The Latin American economies weakened as the
financial stresses spread throughout that region.
A main influence on the U.S. economy this year was the foreign financial
crisis and cooling of the world economy. The positive effects hit first. Actual
inflation and expected inflation dropped, causing a decline in long-term
Treasury bond yields and mortgage rates. This caused a boom in housing. The drop
in inflation helped the consumer sector as more of the growth in consumer income
was left over after inflation to buy goods and services. Consumers benefited
from a combination of good growth in real income, a strong labor market and past
increases in the prices of assets they owned.
The negative effect of Asian weakness was felt in the industrial sector more
than the consumer sector. Corporate profits weakened, especially in sectors
affected by the Asian crisis such as world-traded commodities (oil, metals and
paper) and exports. One result of the industrial weakness was to cool off a U.S.
economy that had been growing rapidly.
The major change in the economic outlook over recent months has been a
downward shift in expectations for world economic growth. A credit crunch
developed in emerging countries and former communist countries, sharply reducing
the economic outlook for Asia and Latin America as well as for commodity
exporting countries throughout the world. The effect on Europe and the U.S. has
been to lower expectations of profit growth and drive down bond yields. Monetary
policy has begun to ease in both the U.S. and Europe.
Evidence of a weaker world economy accumulated as the financial stresses
continued. A worsened financial crisis occurred between the Russian default in
mid-August and the fallout from the Long-Term Capital Management hedge fund
crisis through early October. However, proactive steps were taken to stabilize
the Japanese banks, design a support package for Brazil and ease monetary
policy. There appears to be a shift in the priorities of key policymakers from
fighting potential inflation to restimulating future world economic growth.
MARKET ENVIRONMENT/PORTFOLIO OVERVIEW
The manner in which the Federal Reserve eased this past quarter was a gradual
process. For three successive months, beginning in September, the Fed reduced
the target rate for Fed Funds a total of 75 basis points. The Fed also lowered
the Discount Rate by 25 basis points each, in November and December. The Fed's
actions provided even greater strength to an already strong short-term municipal
money market. Prior to these rate cuts, the short-term market had already felt
the effects of the diminished supply of eligible new issuance over the summer
months. This year' s summer calendar of municipal notes (consisting mainly of
California paper) was drastically reduced by a combination of factors. Due to
the strength of local and state economies, several issuers reduced the amount of
short-term borrowing needed. Additionally, many issuers came to market with
securities with maturities beyond the 13-month maximum restriction allowable for
tax-exempt money funds. Other issues were converted to a shortened synthetic
structure, thus eliminating the ability to extend out into the one-year range.
This reduction in supply resulted in lower yields for most one-year paper, both
national and state specific.
We extended your Fund's average maturity to the 50-day and over range in early
summer, just prior to the market strengthening. Your Fund benefited from our
purchase of securities in the one-year range at yields significantly higher than
what is currently available in the market. As the summer progressed, yields
began to drop as they reflected the diminished supply of one-year notes. During
this period we utilized the commercial paper market to maintain the Fund's
average maturity. As year-end approaches, we will continue to search for those
longer-term investment opportunities which will lock in higher rates while
providing an attractive return to the California tax-exempt investor. As always,
we will structure the portfolio in an attempt to maximize current yield while
maintaining our commitment to high quality tax-exempt investments.
Very truly yours,
[Richard J. Moynihan signature]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 15, 1998
New York, N.Y.
* Effective yield takes into account the effect of compounding and is based upon
dividends declared daily and reinvested monthly.
<TABLE>
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS NOVEMBER 30, 1998
Principal
Tax Exempt Investments--103.0% Amount Value
- ------------------------------------------------------- ______________ ______________
<S> <C> <C>
California--94.7%
Alameda County, TRAN 4.50%, 7/7/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,000,000 $ 5,025,932
Alameda County Industrial Development Authority, Revenue, VRDN
(Spectrum Label Corp.)
3.20%, Series A (LOC; Wells Fargo Bank) (a) . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,000,000
Anaheim Housing Authority, MFHR, VRDN, Refunding (Villas at Anaheim Hill)
3.40% (LOC; National Bank of Canada) (a) . . . . . . . . . . . . . . . . . . . . . . . . 8,850,000 8,850,000
California Health Facilities Finance Authority, Revenue, VRDN, (Catholic Health
Care):
2.75%, Series D (Insured; MBIA and Liquidity Facility; Rabobank Nederland) (a) . . . . 10,400,000 10,400,000
2.75%, VRDN (Insured; MBIA and Liquidity Facility; Rabobank Nederland) (a). . . . . . 5,815,000 5,815,000
California Pollution Control Financing Authority,
PCR, Refunding (Pacific Gas and Electric):
2.85%, Series B (LOC; Rabobank Nederland) (a) . . . . . . . . . . . . . . . . . . . . 6,400,000 6,400,000
2.70%, Series A (LOC; Swiss Bank Corp.) (a) . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,000
3.35%, Series B (LOC; Deutsche Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . 6,700,000 6,700,000
3.25%, Series C (LOC; Kredietbank) (a) . . . . . . . . . . . . . . . . . . . . . . . . 17,000,000 17,000,000
RRR, Refunding (Ultra Power Rocklin Project)
3.20%, Series A (LOC; Bank of America) (a) . . . . . . . . . . . . . . . . . . . . . . 7,600,000 7,600,000
SWDR
(Colmac Energy Project) 2.70%, Series A (LOC; Swiss Bank Corp.) (a) . . . . . . . . . 6,500,000 6,500,000
California School Cash Reserve Program Authority,
4.50%, Series A, 7/2/99 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . 10,000,000 10,042,717
State of California:
4.125%, Series BJ, 6/1/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000,000 13,008,809
CP 2.90%, 1/15/99 (LOC: Morgan Guaranty Trust Co., Bayerische Landesbank,
Credit Suisse, Landesbank Hessen Tharige and Westdeutsche Landesbank). . . . . . . . . 9,000,000 9,000,000
RAN 4%, 6/30/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,071,910
California Statewide Community Development Authority,
Multi-Family Revenue, VRDN (Canyon Creek Apartments)
2.85%, Series C (Corp. Guaranty; FNMA) (a) . . . . . . . . . . . . . . . . . . . . . . . 11,800,000 11,800,000
California Transit Finance Authority, VRDN 3.05% (BPA; Credit Suisse and Insured; FSA) (a).. . 6,000,000 6,000,000
City of Camarillo, MFHR, VRDN (Heritage Park)
2.75%, Series A (Corp. Guaranty; FNMA) (a) . . . . . . . . . . . . . . . . . . . . . . . 6,600,000 6,600,000
City of Clovis, MFHR, VRDN (Fowler Place Apartments Project)
3.25% (LOC; Wells Fargo Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,300,000 7,300,000
Dublin Housing Authority, MFHR, VRDN (Park Sierra)
2.75%, Series A (LOC; Kredietbank) (a). . . . . . . . . . . . . . . . . . . . . . . . . 4,400,000 4,400,000
Fresno, MFHR, Refunding, VRDN (Heron Points Apartments)
2.75% (LOC; Wells Fargo Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,000
Huntington Beach, MFHR, VRDN (Five Points Seniors Project)
2.95%, Series A (LOC; Wells Fargo Bank) (a) . . . . . . . . . . . . . . . . . . . . . . 3,100,000 3,100,000
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998
Principal
Tax Exempt Investments (continued) Amount Value
- ------------------------------------------------------- ______________ ______________
California (continued)
Irwindale, IDR, VRDN (Toys R Us Inc. Project)
3.52% (LOC; Bankers Trust Co.) (a). . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,000,000 $ 3,000,000
Kern County Board of Education, TRAN 4.25%, 6/30/99. . . . . . . . . . . . . . . . . . . . 9,000,000 9,032,486
Los Angeles, MFHR, VRDN:
(Beverly Park Apartments) 3%, Series A (LOC; Chase Manhattan Bank) (a) . . . . . . . . . 9,600,000 9,600,000
(Loans To Lender Program) 3.20%, Series B (LOC; Federal Home Loan Banks) (a) . . . . . . 8,900,000 8,900,000
Los Angeles County, TRAN 4.50%, Series A, 6/30/99. . . . . . . . . . . . . . . . . . . . . 15,000,000 15,069,300
Los Angeles County Metropolitan Transportation Authority,
Sales Tax Revenue, Refunding, VRDN
2.80%, Series A (Insured; MBIA and Liquidity Facility; Credit Locale de France) (a) . . 11,000,000 11,000,000
M-S-R Public Power Agency California, VRDN (San Juan Project)
3.25%, Series F (LOC; FNB Chicago and Insured; MBIA) . . . . . . . . . . . . . . . . . . 3,000,000 3,000,000
Newport Beach, Revenues, VRDN:
3.25%, Series A (Hoag Member Hospital) (a) . . . . . . . . . . . . . . . . . . . . . . . 5,500,000 5,500,000
3.25%, Series B (Hoag Member Hospital) (a). . . . . . . . . . . . . . . . . . . . . . . 5,500,000 5,500,000
Oakland Joint Powers Financing Authority, Lease Revenues
3.15%, Series A, (LOC; Commerzbank and Insured; FSA) (a) . . . . . . . . . . . . . . . . 5,000,000 5,000,000
Orange County, Apartment Development Revenue, Refunding, VRDN
(Villa La Paz) 2.75%, Series F (LOC; FNMA) (a) . . . . . . . . . . . . . . . . . . . . . 11,500,000 11,500,000
(Wlco LF) 2.90%, Series G, (LOC; FNMA) (a). . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,000
San Bernardino County, COP, Refunding, VRDN
(Medical Center Financing Project)
2.95%, (LOC; Landesbank Hessen and Insured; MBIA) (a). . . . . . . . . . . . . . . . . . 9,500,000 9,500,000
San Jose, MFHR, VRDN:
(Fairway Glen) 2.80%, Series A (LOC; FGIC and Insured; FGIC) (a) . . . . . . . . . . . . 3,500,000 3,500,000
(Sienna at Renaissance Square Apartments)
2.95%, Series A (LOC; Key Bank of Washington) (a) . . . . . . . . . . . . . . . . . . 5,000,000 5,000,000
Santa Cruz County Board of Education, TRAN 4%, 6/30/99 . . . . . . . . . . . . . . . . . . 5,000,000 5,008,898
Simi Valley, MFHR, VRDN (Shadowridge Apartments)
2.80% (LOC; Citibank) (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000,000 8,000,000
University of California, Board of Regents, Revenues, CP:
4%, 12/10/98 (LOC; Bank of America, Bank of Montreal, Canadian Imperial Bank of
Commerce, Credit Agricole and Societe Generale) . . . . . . . . . . . . . . . . . . . 6,000,000 6,000,000
3.15%, 1/26/99 (LOC; Bank of America, Bank of Montreal, Canadian Imperial Bank of
Commerce, Credit Agricole and Societe Generale) . . . . . . . . . . . . . . . . . . . 7,500,000 7,500,000
Wateruse Financing Authority, California Revenues, VRDN
2.60%, (LOC; Credit Suisse and Insured; FSA) (a). . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998
Principal
Tax Exempt Investments (continued) Amount Value
- ------------------------------------------------------- ______________ ______________
U.S. Related--8.3%
Commonwealth of Puerto Rico:
Government Development Bank, Refunding, VRDN
2.90%, Series A (LOC; Credit Suisse and Insured; MBIA) (a). . . . . . . . . . . . . . $ 6,000,000 $ 6,000,000
TRAN 3.50%, Series A, 7/30/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000,000 12,050,400
Commonwealth of Puerto Rico Highway and Transportation Authority,
Transportation Revenue, VRDN
2.75%, Series A (LOC; Bank of Nova Scotia and Insured; AMBAC) (a). . . . . . . . . . . . 10,700,000 10,700,000
_____________
TOTAL INVESTMENTS (cost $354,975,452). . . . . . . . . . . . . . . . . . . . . . . . . . . 103.0% $354,975,452
======= =============
LIABILITIES, LESS CASH AND RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . . . (3.0%) $ (10,489,696)
======= =============
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $344,485,756
======= =============
Summary of Abbreviations
- -----------------------------------------------------------------------------
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
BPA Bond Purchase Agreement Insurance Corporation
COP Certificate of Participation MFHR Multi-Family Housing Revenue
CP Commercial Paper PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Company RAN Revenue Anticipation Notes
FNMA Federal National Mortgage Association RRR Resources Recovery Revenue
FSA Financial Security Assurance SWDR Solid Waste Disposal Revenue
IDR Industrial Development Revenue TRAN Tax and Revenue Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
- -----------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value
____ ________ _________________ ___________________
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 93.9%
AAA/AA (b) Aaa/Aa (b) AAA/AA (b) 2.5
Not Rated (c) Not Rated (c) Not Rated (c) 3.6
_______
100.0%
=======
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(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 November 30, 1998, the Fund had $98,550,000 (28.6% of net assets)
invested in securities whose payment of principal and interest is dependent
upon revenues generated from housing projects.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1998
Cost Value
_____________ _____________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $354,975,452 $354,975,452
Interest receivable . . . . . . . . . . . . . . . . . . . 2,015,342
Prepaid expenses and other assets . . . . . . . . . . . . 9,649
_____________
357,000,443
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 148,758
Due to Distributor . . . . . . . . . . . . . . . . . . . 855
Cash overdraft due to Custodian . . . . . . . . . . . . . 256,986
Payable for investment securities purchased . . . . . . . 12,050,400
Accrued expenses . . . . . . . . . . . . . . . . . . . . 57,688
_____________
12,514,687
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $344,485,756
=============
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $344,689,379
Accumulated net realized gain (loss) on investments . . . (203,623)
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $344,485,756
=============
NET ASSET VALUE PER SHARE
________________________________________________________
Class A Class B
_____________ _____________
Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $335,726,122 $8,759,634
Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335,929,505 8,759,874
NET ASSET VALUE PER SHARE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.00 $1.00
===== =====
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS YEAR ENDED NOVEMBER 30, 1998
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . . . . . . . $12,104,536
EXPENSES: Management fee--Note 2(a) . . . . . . . . . . . . . . . . . . $ 1,794,867
Shareholder servicing costs--Note 2(c) . . . . . . . . . . . . 301,613
Registration fees . . . . . . . . . . . . . . . . . . . . . . 64,431
Professional fees . . . . . . . . . . . . . . . . . . . . . . 52,089
Custodian fees . . . . . . . . . . . . . . . . . . . . . . . . 38,041
Trustees' fees and expenses--Note 2(d) . . . . . . . . . . . . 25,611
Prospectus and shareholders' reports . . . . . . . . . . . . . 17,183
Distribution fees (Class B)--Note 2(b) . . . . . . . . . . . . 14,052
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . 11,160
____________
Total Expenses . . . . . . . . . . . . . . . . . . . . 2,319,047
Less--reduction in shareholder servicing costs
due to undertaking--Note 2(c) . . . . . . . . . . . . . . (4,897)
____________
Net Expenses . . . . . . . . . . . . . . . . . . . . . 2,314,150
____________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,790,386
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 1(b) . . . . . . . . . . . . . . . . . . . . (8,381)
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . $ 9,782,005
============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Four Months Ended Year Ended
November 30, 1998 November 30, 1997* July 31, 1997
___________________ ___________________ ___________________
<S> <C> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . $ 9,790,386 $ 3,677,244 $10,680,146
Net realized gain (loss) on investments . . . . . . . (8,381) (1,369) (20,200)
_____________ _____________ _____________
Net Increase (Decrease) in Net Assets
Resulting from Operations . . . . . . . . . . . 9,782,005 3,675,875 10,659,946
_____________ _____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net:
Class A shares . . . . . . . . . . . . . . . . . . . (9,626,016) (3,654,371) (10,581,881)
Class B shares . . . . . . . . . . . . . . . . . . . (164,370) (22,873) (98,265)
_____________ _____________ _____________
Total Dividends . . . . . . . . . . . . . . . . . (9,790,386) (3,677,244) (10,680,146)
_____________ _____________ _____________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A shares . . . . . . . . . . . . . . . . . . . 820,634,796 342,614,076 761,467,719
Class B shares . . . . . . . . . . . . . . . . . . . 57,212,398 5,520,599 4,607,293
Dividends reinvested:
Class A shares . . . . . . . . . . . . . . . . . . . 8,929,793 3,367,363 9,436,692
Class B shares . . . . . . . . . . . . . . . . . . . 162,222 22,219 98,257
Cost of shares redeemed:
Class A shares . . . . . . . . . . . . . . . . . . . (854,932,309) (312,104,246) (833,812,984)
Class B shares . . . . . . . . . . . . . . . . . . . (51,283,460) (3,802,463) (9,251,959)
_____________ _____________ _____________
Increase (Decrease) in Net Assets from
Beneficial Interest Transactions . . . . . . . (19,276,560) 35,617,548 (67,454,982)
_____________ _____________ _____________
Total Increase (Decrease) in Net Assets . . . (19,284,941) 35,616,179 (67,475,182)
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . 363,770,697 328,154,518 395,629,700
_____________ _____________ _____________
End of Period . . . . . . . . . . . . . . . . . . . . $344,485,756 $363,770,697 $328,154,518
============= ============= =============
- -----------------------------
* The Fund changed its fiscal year end from July 31 to November 30.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<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 the Fund's financial statements.
Class A Shares
______________________________________________________________________
Four Months Ended
Year Ended November 30, Year Ended July 31,
____________________________________
PER SHARE DATA: November 30, 1998 1997(1) 1997 1996 1995 1994
_________________ ________________ ________ ________ ________ ________
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period . . . . $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
_______ _______ _______ _______ _______ _______
Investment Operations:
Investment income--net . . . . . . . . . . .. .027 .010 .029 .029 .031 .023
_______ _______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . . (.027) (.010) (.029) (.029) (.031) (.023)
_______ _______ _______ _______ _______ _______
Net asset value, end of period . . . . . . . $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . 2.78% 2.96%(2) 2.95% 2.94% 3.14% 2.27%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . .64% .70%(2) .64% .65% .52% .33%
Ratio of net investment income
to average net assets . . . . . . . . . . 2.74% 2.97%(2) 2.91% 2.91% 3.07% 2.24%
Decrease reflected in above expense ratios
due to undertakings by the Manager . . . -- -- -- -- .11% .28%
Net Assets, end of period (000's Omitted) . . $335,726 $361,102 $327,226 $390,155 $463,404 $699,105
- ------------------------
(1) The Fund changed its fiscal year end from July 31 to November 30.
(2) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
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FINANCIAL HIGHLIGHTS (CONTINUED)
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 the Fund's financial statements.
Class B Shares
________________________________________________________________
Year Ended
November 30, Four Months Ended Year Ended July 31,
__________________
PER SHARE DATA: 1998 November 30, 1997(1) 1997 1996(2)
________________ ___________________ ______ ______
Net asset value, beginning of period . . . . . $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______
Investment Operations:
Investment income--net . . . . . . . . . . . . .024 .009 .026 .025
______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . . . (.024) (.009) (.026) (.025)
______ ______ ______ ______
Net asset value, end of period . . . . . . . . $1.00 $1.00 $1.00 $1.00
====== ====== ====== ======
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . 2.39% 2.57%(3) 2.61% 2.56%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . 1.00% 1.00%(3) 1.00% 1.00%
Ratio of net investment income
to average net assets . . . . . . . . . . . 2.34% 2.62%(3) 2.52% 2.45%
Decrease reflected in above expense ratios
due to undertakings by the Manager . . . . .07% .13%(3) .07% .08%
Net Assets, end of period (000's Omitted) . . . $8,760 $2,669 $928 $5,475
- ------------------------
(1) The Fund changed its fiscal year end from July 31 to November 30.
(2) From August 1, 1995 (commencement of initial offering) to July 31, 1996.
(3) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
General California 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 and State of
California 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.
Premier Mutual Fund Services, Inc. (the "Distributor") acts as the
distributor of the Fund's shares, which are sold to the public without a sales
load. 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.
(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 $20,722 during the period ended
November 30, 1998 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 has an unused capital loss carryover of approximately $204,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to November 30, 1998. If not
applied, $8,200
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
of the carryover expires in fiscal 2001, $113,800 expires in fiscal 2002,
$33,000 expires in fiscal 2003, $19,000 expires in fiscal 2004, $21,000 expires
in fiscal 2005 and $9,000 expires in fiscal 2006.
At November 30, 1998, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager, the
management fee is computed at the annual rate of .50 of 1% of the value of the
Fund's average daily net assets and is payable monthly. The Agreement provides
that if in any full fiscal year the aggregate expenses, exclusive of taxes,
brokerage, interest on borrowings and extraordinary expenses, exceed 1 1/2% of
the value of the Fund's average net assets, the Fund may deduct from payments to
be made to the Manager, or the Manager will bear such excess expense. During the
period ended November 30, 1998, there was no expense reimbursement pursuant to
the Agreement.
(B) Under the Distribution Plan with respect to Class B ("Class B
Distribution Plan"), adopted pursuant to Rule 12b-1 under the Act, Class B
shares directly bear the cost of preparing, printing and distributing
prospectuses and statements of additional information and of implementing and
operating the Class B Distribution Plan. In addition, Class B shares reimburse
the Distributor for payments made to third parties for distributing their shares
at an annual rate up to .20 of 1% of the value of the average daily net assets
of Class B. During the period ended November 30, 1998, Class B shares were
charged $14,052 pursuant to the Distribution Plan.
(C) Under the Shareholder Services Plan with respect to Class A ("Class A
Shareholder Services Plan"), Class A shares reimburse Dreyfus Service
Corporation, a wholly-owned subsidiary of the Manager, an amount not to exceed
an annual rate of .25 of 1% of the value of the average daily net assets of
Class A for certain allocated expenses of providing personal services and/or
maintaining shareholder accounts. The services provided may include personal
services relating to shareholder accounts, such as answering shareholder
inquiries regarding Class A shares and providing reports and other information,
and services related to the maintenance of shareholder accounts. During the
period ended November 30, 1998, Class A shares were charged $141,357 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.
The Manager had undertaken through November 30, 1998, that if the aggregate
expenses of Class B shares exclusive of taxes, brokerage, interest on
borrowings and extraordinary expenses, exceed 1% of the value of the average
daily net assets of Class B, the Manager will reimburse the expenses of the Fund
under the Class B Shareholder Services Plan to the extent of any excess expense
and up to the full fee payable under such Plan. During the period ended November
30, 1998, Class B shares were charged $21,077, of which $4,897 was reimbursed by
the Manager.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the
Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. During the period
ended November 30, 1998, the Fund was charged $13,800 pursuant to the transfer
agency agreement.
(D) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $2,500 and an attendance fee of $250 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
We have audited the accompanying statement of assets and liabilities of
General California Municipal Money Market Fund, including the statement of
investments, as of November 30, 1998, and the related statement of operations
for the year then ended and the statement of changes in net assets and financial
highlights for each of the years indicated therein. These financial statements
and financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmation of
securities owned as of November 30, 1998 by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
General California Municipal Money Market Fund at November 30, 1998, the results
of its operations for the year then ended, and the changes in its net assets and
the financial highlights for each of the indicated years, in conformity with
generally accepted accounting principles.
[ERNST & YOUNG LLP SIGNATURE LOGO]
New York, New York
January 4, 1999
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during the fiscal year ended November
30, 1998 as "exempt-interest dividends" (not subject to regular Federal and, for
individuals who are California residents, California personal income taxes).
[reg.tm logo]
(reg.tm)
GENERAL CALIFORNIA 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
90 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 573/699AR9811
General California
Municipal Money
Market Fund
Annual Report
November 30, 1998
