General California
Municipal Money
Market Fund
ANNUAL REPORT November 30, 1999
(reg.tm)
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured
* Not Bank-Guaranteed
* May Lose Value
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by Dreyfus and
the fund's other service providers do not properly process and calculate
date-related information from and after January 1, 2000. Dreyfus has taken steps
designed to avoid year 2000-related problems in its systems and to monitor the
readiness of other service providers. 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.
Contents
THE FUND
- --------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
11 Statement of Assets and Liabilities
12 Statement of Operations
13 Statement of Changes in Net Assets
14 Financial Highlights
16 Notes to Financial Statements
21 Report of Independent Auditors
22 Important Tax Information
FOR MORE INFORMATION
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Back Cover
The Fund
General California
Municipal Money Market Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this annual report for General California Municipal
Money Market Fund, covering the 12-month period from December 1, 1998 through
November 30, 1999. Inside, you'll find valuable information about how the fund
was managed during the reporting period, including a discussion with the fund's
portfolio manager, Jill Shaffro.
When the period began, the Federal Reserve Board had just completed a series of
short-term interest-rate cuts in an attempt to stimulate economic growth after
the spread of a global financial crisis in overseas markets. Their strategy
apparently worked, because signs of renewed economic strength in the U.S. and
abroad became evident early in 1999, fueling fears that inflationary pressures
might re-emerge. The Federal Reserve then reversed course, raising short-term
interest rates three times during the summer and fall of 1999, effectively
eliminating all of last fall' s interest-rate cuts. Higher interest rates
generally led to higher yields on most money market securities, including
tax-exempt instruments.
We appreciate your confidence over the past year, and we look forward to your
continued participation in General California Municipal Money Market Fund.
Sincerely,
/s/ Stephen E. Canter
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
December 15, 1999
2
DISCUSSION OF FUND PERFORMANCE
Jill Shaffro, Portfolio Manager
How did General California Municipal Money Market Fund perform during the
period?
For the 12-month period ended November 30, 1999, the fund's Class A shares
produced a tax-exempt yield of 2.41%, while Class B shares provided a tax-exempt
yield of 2.04% . Taking into account the effects of compounding, the fund's
effective yields for Class A and Class B shares were 2.44% and 2.06%,
respectively.(1) The fund's Class A and B shares provided total returns of 2.44%
and 2.06% , respectively.(2) These results compare to the Lipper California
Tax-Exempt Money Market Funds category average return of 2.45% over the same
period.(3)
What is the fund's investment approach?
The fund seeks a high level of federal and California state tax-exempt income
while maintaining a stable $1.00 share price. We are especially vigilant in our
efforts to preserve capital.
In pursuing this objective, we employ two primary strategies. First, we attempt
to add value by constructing a diverse portfolio of high quality tax-exempt
money market instruments from California issuers. Second, we actively manage the
fund' s average maturity in anticipation of interest-rate trends and
supply-and-demand changes in the short-term municipal marketplace.
For example, if we expect an increase in short-term supply, we may decrease the
average maturity of the fund, which would enable us to purchase new securities
with higher yields. Yields tend to rise when there is an increase of new issue
supply competing for investor interest. New securities are generally issued with
maturities in the one-year range, which tend to lengthen the fund's average
maturity. If we anticipate limited new issue supply, we may extend the
portfolio' s
The Fund 3
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
average maturity to maintain current yields for as long as practical. At other
times, we try to maintain an average maturity that reflects our view of
short-term interest-rate trends and future supply-and-demand considerations.
What other factors influenced the fund's performance?
The fund was affected by rising interest rates over the past year. In the first
quarter of 1999, it became apparent that the U.S. economy was growing more
strongly than most analysts expected, raising concerns that inflationary
pressures might re-emerge. In an attempt to forestall a reacceleration of
inflation, the Federal Reserve Board increased short-term interest rates three
times during the summer and fall of 1999. Because the market anticipated these
rate hikes before they were announced, tax-exempt money market yields had
already begun to rise by the time the monetary policy changes were actually
implemented.
However, tax-exempt money market yields did not rise as much as comparable
taxable yields. Many states and municipalities throughout the country --
including California -- have enjoyed higher tax revenues during this period of
economic prosperity, which have enabled them to decrease their annual debt
borrowings.
What is the fund's current strategy?
We have continued to focus on very high quality, liquid money market instruments
from a wide array of California issuers. Some of the most frequently used
instruments include Variable Rate Demand Notes (VRDNs), which are issued by
investment banks through the securitization of longer term municipal bonds.
VRDNs can be redeemed at the buyer's option after either one day or seven days,
which affords the fund a high degree of liquidity as well as high credit
quality. Accordingly, as of November 30, much of the portfolio was composed of
VRDNs. The remainder was comprised primarily of tax-exempt commercial paper and
tax-exempt notes. Of course, portfolio composition will change over time.
4
As the end of the year approaches, we have maintained a neutral weighted average
maturity in order to help protect the fund from any market disruptions that
Y2K-related or year-end factors may present.
December 15, 1999
1 EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND REINVESTED
MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS
FLUCTUATE. AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE
FDIC OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO PRESERVE
THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND. PERFORMANCE FIGURES PROVIDED FOR CLASS B
SHARES REFLECT THE ABSORPTION OF FUND EXPENSES BY THE DREYFUS CORPORATION
PURSUANT TO AN UNDERTAKING IN EFFECT THAT MAY BE EXTENDED, TERMINATED OR
MODIFIED AT ANY TIME. HAD THESE EXPENSES NOT BEEN ABSORBED, THE FUND'S
CLASS B RETURN WOULD HAVE BEEN LOWER. WITHOUT THE EXPENSE ABSORPTION, THE
FUND'S CLASS B SHARES WOULD HAVE PRODUCED A TAX-EXEMPT YIELD OF 1.91% AND
AN EFFECTIVE YIELD OF 1.89%.
(2) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS. INCOME MAY BE SUBJECT TO
STATE AND LOCAL TAXES FOR NON-CALIFORNIA RESIDENTS, AND SOME INCOME MAY BE
SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX (AMT) FOR CERTAIN INVESTORS.
(3) SOURCE: LIPPER ANALYTICAL SERVICES, INC.
The Fund 5
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS
November 30, 1999
Principal
TAX EXEMPT INVESTMENTS--98.5% Amount ($) Value ($)
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CALIFORNIA--93.1%
Alameda County Industrial Development Authority,
Revenue, VRDN (Spectrum Label Corp.)
<S> <C> <C>
3.75%, Series A (LOC; Wells Fargo Bank) 4,000,000 (a) 4,000,000
Anaheim Housing Authority, MFHR, VRDN, Refunding
(Villas at Anaheim Hill)
3.70% (LOC; National Bank of Canada) 8,850,000 (a) 8,850,000
Butte County Office of Education, TRAN
4.25%, 11/16/2000 6,000,000 6,033,259
California Health Facilities Financing Authority, Revenue,
VRDN (Catholic Health Care)
3.80%, Series D (Insured; MBIA and Liquidity Facility;
Rabobank Nederland) 10,400,000 (a) 10,400,000
California Housing Finance Agency, Single Family
Mortgage Purchase Revenue 3%, Series B, 2/1/2000 2,995,000 2,995,000
California Pollution Control Financing Authority, VRDN:
PCR, Refunding:
(Sierra Pacific Industries Project)
3.80% (LOC; Bank of America) 5,000,000 (a) 5,000,000
(Pacific Gas and Electric):
3.50%, Series A (LOC; Union Bank of Switzerland) 5,000,000 (a) 5,000,000
3.50%, Series C (LOC; Bank of America) 3,400,000 (a) 3,400,000
3.50%, Series D (LOC; Union Bank of Switzerland) 2,300,000 (a) 2,300,000
3.55%, Series B (LOC; Deutsche Bank) 1,000,000 (a) 1,000,000
3.55%, Series G (Corp. Guaranty; Pacific Gas and
Electric) 9,050,000 (a) 9,050,000
3.60%, Series C (LOC; Kredietbank) 11,050,000 (a) 11,050,000
3.70%, Series B (LOC; Rabobank Nederland) 6,400,000 (a) 6,400,000
3.90%, Series E (LOC; Morgan Guaranty
Trust Co.) 5,600,000 (a) 5,600,000
RRR (Arco Chemical Co. Project)
3.60%, Series A (LOC; Arco Chemical Co.) 2,100,000 (a) 2,100,000
SWDR:
(Colmac Energy Project) 3.60%, Series A
(LOC; Union Bank of Switzerland) 5,635,000 (a) 5,635,000
(Evergreen Distributors) 3.80%, Series A
(LOC; California State Teacher Retirement) 2,525,000 (a) 2,525,000
(Shell Oil Co. Martinez Project):
3.50%, Series A (Corp. Guaranty; Shell Oil Co.) 13,200,000 (a) 13,200,000
3.50%, Series B (Corp. Guaranty; Shell Oil Co.) 8,600,000 (a) 8,600,000
California Public Capital Improvements Financing
Authority, Revenue (Pooled Project)
3.35%, Series C, 12/15/1999
(LOC; National Westminister Bank) 14,000,000 14,000,000
6
Principal
TAX EXEMPT MUNICIPAL INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
California School Cash Reserve Program Authority
4%, Series A, 7/3/2000 (Insured; AMBAC) 15,000,000 15,076,890
California School Facilities Financing Corporation, COP
VRDN (Capital Improvements Financing Project)
3.55%, Series D (LOC; Kredietbank) 10,000,000 (a) 10,000,000
State of California:
3.20%, Series BJ, 6/1/2000 15,000,000 15,000,585
CP 3.65%, 2/11/2000 (Liquidity Facility: Bayerische
Landesbank,Commerzbank, Credit Agricole de
Indosuez, Credit Local de France, Landesbank Hessen
Thurig, Morgan Guaranty Trust Co., Toronto-
Dominion Bank and Westdeutsche Landesbank) 30,540,000 30,540,000
California Statewide Community Development Authority:
Multi-Family Revenue, VRDN (Canyon Creek
Apartment) 3.65%, Series C (Corp. Guaranty; FNMA) 11,800,000 (a) 11,800,000
Revenue, TRAN 4%, Series A-1, 6/30/2000 (Insured; FSA) 11,000,000 11,048,894
California State Department of Water Resources
Central, Revenue, Refunding, Water System (Central
Valley Project) 5%, Series T, 12/1/1999 8,000,000 8,000,000
City of Camarillo, MFHR, VRDN (Heritage Park)
3.55%, Series A (Corp. Guaranty; FNMA) 6,400,000 (a) 6,400,000
City of Clovis, MFHR, VRDN
(Fowler Place Apartments Project)
3.60% (LOC; Wells Fargo Bank) 7,200,000 (a) 7,200,000
City of Daly Housing Development Finance Agency,
Multi-Family Revenue, Refunding VRDN
(Serramonte Del Rey) 3.50%, Series A (Corp.
Guaranty; FNMA) 16,000,000 16,000,000
Contra Costa County, Board of Education, TRAN
3.75%, 6/30/2000 5,000,000 5,018,238
Dublin Housing Authority, Multi-Family Revenue, VRDN
(Park Sierra) 3.65%, Series A (LOC; Kredietbank) 4,400,000 (a) 4,400,000
Fresno, MFHR, Refunding, VRDN (Heron Points
Apartments) 3.60% (LOC; Wells Fargo Bank) 5,000,000 (a) 5,000,000
Garden Grove Housing Authority, Multi-Family
Revenue, VRDN (Valley View Senior Villas Project)
3.75% (LOC; Wells Fargo Bank) 5,900,000 (a) 5,900,000
Huntington Beach, MFHR, VRDN (Five Points Seniors
Project) 3.65%, Series A (Corp. Guaranty; FNMA) 3,100,000 (a) 3,100,000
Irvine Ranch Water District, Consolidated
Improvement District, VRDN
3.85% (LOC; Toronto-Dominion Bank) 5,475,000 (a) 5,475,000
The Fund 7
STATEMENT OF INVESTMENTS (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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CALIFORNIA (CONTINUED)
Irwindale, IDR, VRDN (Toys R Us Inc. Project)
5% (LOC; Deutsche Bank) 3,000,000 (a) 3,000,000
Los Angeles, VRDN:
MFHR
(Beverly Park Apartments) 3.60%, Series A
(LOC; Federal Home Loan Banks) 9,600,000 (a) 9,600,000
Collateral (Oakwood Apartments) 3.65% (LOC; State
Street Bank and Trust Co.) 12,255,000 (a) 12,255,000
(Fountain Park Project) 3.55% (Corp. Guaranty
FNMA) 4,400,000 (a) 4,400,000
Multi-Family Revenue (Loans To Lender Program)
3.60%, Series A (LOC; Federal Home Loan Banks) 2,300,000 (a) 2,300,000
3.60%, Series B (LOC; Federal Home Loan Banks) 10,000,000 (a) 10,000,000
Los Angeles County, TRAN 4%, 6/30/2000 9,000,000 9,034,292
Los Angeles County Metropolitan Transportation
Authority, Sales Tax Revenue, Refunding, VRDN
3.50%, Series A (Insured; MBIA and Liquidity Facility;
Credit Locale De France) 10,955,000 (a) 10,955,000
Los Angeles County Transport Commission,
Sales Tax Revenue, Refunding, VRDN
3.50%, Series A (LOC; Bayerische Landesbank and
Insured; FGIC) 11,400,000 (a) 11,400,000
Metropolitan Water District, Water Works District,
Revenue 3.65%, Series B, 6/1/2000 (LOC; Bank
of America) 7,000,000 7,000,000
Newport Beach, Revenue, VRDN:
(Hoag Memorial Hospital) 3.60%, Series C (LOC; Hoag
Memorial Hospital) 7,500,000 (a) 7,500,000
(Hoag Memorial Hospital Presbyterian) 3.60%
(LOC; Hoag Memorial Hospital) 29,060,000 (a) 29,060,000
Oakland Joint Powers Financing Authority, Lease Revenue, VRDN
3.55%, Series A-2 (LOC; Commerzbank and
Insured; FSA) 5,000,000 (a) 5,000,000
Oakland Union School District, Tax Revenue
4%, 11/17/2000 7,000,000 7,021,400
Orange County, Apartment Development Revenue,
VRDN:
(Foothill Oaks Apartment) 3.60%, Series B
(LOC; Bank of America) 5,000,000 (a) 5,000,000
Refunding:
(Villa La Paz) 3.55%, Series F (LOC; FNMA) 11,500,000 (a) 11,500,000
(Wlco LF) 3.55%, Series G, (LOC; FNMA) 5,000,000 (a) 5,000,000
8
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
- ------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (CONTINUED)
Oxnard Industrial Development Authority, IDR,
VRDN:
(Accurate Engineering Project)
3.80% (LOC; California State Teacher Retirement) 2,435,000 (a) 2,435,000
(Western Saw Manufacturers)
3.80% (LOC; California State Teacher Retirement) 3,600,000 (a) 3,600,000
Riverside County School Financing Authority,
RAN 4%, Series A, 8/1/2000 5,000,000 5,017,643
Sacramento County Housing Authority, MFHR,
Refunding, VRDN 3.55%, Series C (LOC; FNMA) 8,100,000 (a) 8,100,000
San Bernardino County, Refunding, VRDN:
COP (Medical Center Financing Project)
3.58%, (LOC; Landesbank Hessen and Insured; MBIA) 9,500,000 (a) 9,500,000
MFHR:
(Evergreen Apartments) 3.55%, Series A (LOC; FNMA) 4,700,000 (a) 4,700,000
(Sycamore Terrace) 3.55%, Series A (LOC; FNMA) 2,850,000 (a) 2,850,000
San Diego, Area Local Government, COP,
TRAN 4%, Series A 6/30/2000 5,000,000 5,023,843
San Jose, MFHR, VRDN
(Sienna at Renaissance Square Apartments)
3.70%, Series A (LOC; Landesbank Hessen) 12,000,000 (a) 12,000,000
Simi Valley, VRDN, MFHR:
(Shadowridge Apartments) 3.65% (LOC; Citibank) 7,800,000 (a) 7,800,000
3.65% (LOC; Citibank) 100,000 (a) 100,000
South Coast Local Education Agency, Notes
Participation, TRAN 4%, Series A, 6/30/2000 5,500,000 5,520,316
U.S. RELATED--5.4%
Commonwealth of Puerto Rico
Government Development Bank, CP:
3.25%, 12/9/1999 8,000,000 8,000,000
3.35%, 1/20/2000 4,700,000 4,700,000
3.35%, 2/17/2000 8,535,000 8,535,000
3.68%, 3/9/2000 5,000,000 5,000,000
Commonwealth of Puerto Rico Highway and
Transportation Authority, Transportation Revenue,
VRDN 3.65%, Series A (LOC; Bank of Nova Scotia and
Insured; AMBAC) 3,000,000 (a) 3,000,000
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TOTAL INVESTMENTS (cost $533,005,360) 98.5% 533,005,360
CASH AND RECEIVABLES (NET) 1.5% 8,198,820
NET ASSETS 100.0% 541,204,180
The Fund 9
STATEMENT OF INVESTMENTS (CONTINUED)
Summary of Abbreviations
AMBAC American Municipal Bond MFHR Multi-Family
Insurance Corporation Housing Revenue
COP Certificate of Participation PCR Pollution Control Revenue
CP Commercial Paper RAN Revenue Anticipation Notes
FGIC Financial Guaranty Insurance Company RRR Resources Recovery Revenue
FNMA Federal National Mortgage Association SWDR Solid Waste Disposal Revenue
FSA Financial Security Assurance TRAN Tax and Revenue
Anticipation Notes
IDR Industrial Development Revenue
VRDN Variable Rate
LOC Letter of Credit Demand Notes
MBIA Municipal Bond Investors
Assurance Revenue
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
- ------------------------------------------------------------------------------------------------------------------------------
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 96.1
AAA/AA (b) Aaa/Aa (b) AAA/AA (b) 2.4
Not Rated (c) Not Rated (c) Not Rated (c) 1.5
100.0
</TABLE>
A SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE-SUBJECT TO PERIODIC
CHANGE.
B NOTES WHICH ARE NOT F, MIG OR SP RATED ARE REPRESENTED BY BOND RATINGS OF
THE ISSUERS.
C SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S OR 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, 1999, THE FUND HAD $167,250,000 (30.9%) INVESTED IN
SECURITIES WHOSE PAYMENT OF PRINCIPAL AND INTEREST IS DEPENDENT UPON
REVENUES GENERATED FROM HOUSING PROJECTS.
SEE NOTES TO FINANCIAL STATEMENTS.
10
STATEMENT OF ASSETS AND LIABILITIES
November 30, 1999
Cost Value
- -------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 533,005,360 533,005,360
Cash 5,396,449
Interest receivable 3,048,860
Prepaid expenses and other assets 20,604
541,471,273
- --------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 209,781
Due to Distributor 258
Accrued expenses 57,054
267,093
- --------------------------------------------------------------------------------
NET ASSETS ($) 541,204,180
- --------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 541,420,638
Accumulated net realized gain (loss) on investments (216,458)
- --------------------------------------------------------------------------------
NET ASSETS ($) 541,204,180
<TABLE>
<CAPTION>
NET ASSET VALUE PER SHARE
Class A Class B
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NET ASSETS ($) 523,889,875 17,314,305
Shares Outstanding 524,105,771 17,314,867
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE ($) 1.00 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund 11
</TABLE>
STATEMENT OF OPERATIONS
Year Ended November 30, 1999
- --------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 13,165,775
EXPENSES:
Management fee--Note 2(a) 2,175,093
Shareholder servicing costs--Note 2(c) 300,354
Distribution fees (Class B)--Note 2(b) 27,907
Professional fees 51,016
Custodian fees 44,925
Registration fees 43,436
Prospectus and shareholders' reports 33,586
Trustees' fees and expenses--Note 2(d) 25,175
Miscellaneous 10,339
TOTAL EXPENSES 2,711,831
Less--reduction in shareholder servicing costs
due to undertaking--Note 2(c) (17,966)
NET EXPENSES 2,693,865
INVESTMENT INCOME--NET 10,471,910
- --------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($): (12,835)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 10,459,075
SEE NOTES TO FINANCIAL STATEMENTS.
12
STATEMENT OF CHANGES IN NET ASSETS
Year Ended November 30,
-------------------------------------
1999 1998
- --------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 10,471,910 9,790,386
Net realized gain (loss) on investments (12,835) (8,381)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 10,459,075 9,782,005
- --------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Class A shares (10,183,779) (9,626,016)
Class B shares (288,131) (164,370)
TOTAL DIVIDENDS (10,471,910) (9,790,386)
- --------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 PER SHARE):
Net proceeds from shares sold:
Class A shares 1,607,160,863 820,634,796
Class B shares 81,160,149 57,212,398
Dividends reinvested:
Class A shares 9,464,698 8,929,793
Class B shares 287,588 162,222
Cost of shares redeemed:
Class A shares (1,428,449,295) (854,932,309)
Class B shares (72,892,744) (51,283,460)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS 196,731,259 (19,276,560)
TOTAL INCREASE (DECREASE) IN NET ASSETS 196,718,424 (19,284,941)
- --------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 344,485,756 363,770,697
END OF PERIOD 541,204,180 344,485,756
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund 13
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the
fiscal periods indicated. All information reflects financial results for a
single fund share. Total return shows how much your investment in the fund would
have increased (or decreased) during each period, assuming you had reinvested
all dividends and distributions. These figures have been derived from the fund's
financial statements.
Four Months
Ended
Year Ended November 30, November 30, Year Ended July 31,
----------------------------------------------------------------------------------------
CLASS A SHARES 1999 1998 1997(a) 1997 1996 1995
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .024 .027 .010 .029 .029 .031
Distributions:
Dividends from investment income--net (.024) (.027) (.010) (.029) (.029) (.031)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 2.44 2.78 2.96(b) 2.95 2.94 3.14
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .61 .64 .70(b) .64 .65 .52
Ratio of net investment income
to average net assets 2.42 2.74 2.97(b) 2.91 2.91 3.07
Decrease reflected in above expense
ratios due to undertakings
by the Manager -- -- -- -- -- .11
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ X 1,000) 523,890 335,726 361,102 327,226 390,155 463,404
A THE FUND CHANGED ITS FISCAL YEAR END FROM JULY 31 TO NOVEMBER 30.
B ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
14
Four Months
Ended
Year Ended November 30, November 30, Year Ended July 31,
----------------------------------------------------------------------------------------
CLASS B SHARES 1999 1998 1997(a) 1997 1996
- ------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value,
beginning of period 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .020 .024 .009 .026 .025
Distributions:
Dividends from investment
income--net (.020) (.024) (.009) (.026) (.025)
Net asset value, end
of period 1.00 1.00 1.00 1.00 1.00
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 2.06 2.39 2.57(b) 2.61 2.56
- ---------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average
net assets .95 1.00 1.00(b) 1.00 1.00
Ratio of net investment income
to average net assets 2.06 2.34 2.62(b) 2.52 2.45
Decrease reflected in above
expense ratios due to
undertakings by the Manager .13 .07 .13(b) .07 .08
- ---------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of
period ($ X 1,000) 17,314 8,760 2,669 928 5,475
A THE FUND CHANGED ITS FISCAL YEAR END FROM JULY 31 TO NOVEMBER 30.
B ANNUALIZED.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund 15
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.,
which is a wholly-owned subsidiary of Mellon Financial Corporation.
Premier Mutual Fund Services, Inc. (the "Distributor") is 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.
16
(a) Portfolio valuation: Investments in securities are valued at amortized cost,
which has been determined by the fund's Board of Trustees to represent the fair
value of the fund's investments.
(b) Securities transactions and investment income: Securities transactions are
recorded on a trade date basis. Interest income, adjusted for amortization of
premiums and original issue discounts on investments, is earned from settlement
date and recognized on the accrual basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Cost of investments
represents amortized cost. Under the terms of the custody agreement, the fund
received net earnings credits of $20,972 during the period ended November 30,
1999 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
The Fund 17
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
gain sufficient to relieve it from substantially all Federal income and excise
taxes.
The fund has an unused capital loss carryover of approximately $217,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to November 30, 1999. If not
applied, $8,200 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, $9,000 expires in fiscal 2006 and $13,000
expires in fiscal 2007.
At November 30, 1999, 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 11_2% of
the value of the fund' s average daily 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, 1999, 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 shares 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 shares.
18
During the period ended November 30, 1999, Class B shares were charged $27,907
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, 1999, Class A shares were charged $150,789 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, for the
provision of certain services to the holders of Class B shares, at an annual
rate of .25 of 1% of the value of the average daily net assets of Class B
shares. 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 from December 1, 1998 through November 30, 1999, that
if the aggregate expenses of Class B shares, exclusive of taxes, brokerage,
interest on borrowings and extraordinary expenses, exceeded 1% of the value of
the average daily net assets of Class B, the Manager would 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
The Fund 19
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
November 30, 1999, Class B shares were charged $41,860, of which $17,966 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, 1999, the fund was charged $69,911 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.
20
REPORT OF 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, 1999, and the related statement of operations for the year
then ended, the statement of changes in net assets for each of the two years in
the period then ended, 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, 1999 by correspondence with the custodian.
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, 1999, the results
of its operations for the year then ended, the changes in its net assets for
each of the two years in the period then ended, 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 5, 2000
The Fund 21
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, 1999
as "exempt-interest dividends" (not subject to regular Federal and, for
individuals who are California residents, California personal income taxes).
NOTES
For More Information
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
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
BY TELEPHONE
Call 1-800-645-6561
BY MAIL Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request
to [email protected]
ON THE INTERNET Information
can be viewed online or
downloaded from:
http://www.dreyfus.com
(c) 2000 Dreyfus Service Corporation 573AR9911
