General California
Municipal Money
Market Fund
SEMIANNUAL REPORT
May 31, 2000
(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
Contents
THE FUND
--------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
12 Statement of Assets and Liabilities
13 Statement of Operations
14 Statement of Changes in Net Assets
15 Financial Highlights
17 Notes to Financial Statements
FOR MORE INFORMATION
---------------------------------------------------------------------------
Back Cover
The Fund
General California
Municipal Money Market Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for General California
Municipal Money Market Fund, covering the six-month period from December 1, 1999
through May 31, 2000. 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 reporting period began, international and domestic economies were
growing at a very strong pace, giving rise to concerns that long-dormant
inflationary pressures might reemerge. Consumers continued to spend heavily,
unemployment levels reached new lows and the stock market, while highly
volatile, continued to climb.
Because robust economic growth may trigger unwanted inflationary pressures, the
Federal Reserve Board raised short-term interest rates three times during the
reporting period. In total, the Federal Reserve Board has raised short-term
interest rates by 1.75 percentage points since late June 1999. While these
economic influences overall adversely affected long-term municipal bonds, they
positively influenced tax-exempt money market yields.
We appreciate your confidence over the past six months 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
June 15, 2000
2
DISCUSSION OF FUND PERFORMANCE
Jill Shaffro, Portfolio Manager
How did General California Municipal Money Market Fund perform during the
period?
For the six-month period ended May 31, 2000, the fund's Class A shares produced
a tax-exempt annualized yield of 2.77%, and the fund's Class B shares provided a
2.40% tax-exempt annualized yield. Taking into account the effects of
compounding, the fund's Class A and Class B shares provided annualized effective
yields of 2.81% and 2.42%, respectively, for the same period.(1)
We attribute the fund' s performance to higher short-term interest rates
implemented by the Federal Reserve Board (the "Fed"), which helped enhance
tax-exempt money market yields.
What is the fund's investment approach?
The fund seeks to maximize current income exempt from federal and California
state personal income taxes, to the extent consistent with the preservation of
capital and the maintenance of liquidity.
In doing so, 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-exempt issuers. Second, we actively manage the
portfolio' s average weighted maturity in anticipation of what we believe are
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 portfolio, which could enable us to take advantage of
opportunities when the short-term supply increases. Yields generally tend to
rise when there is an increase in new-issue supply competing for investor
interest. New securities are generally issued with maturities in the one-year
range, which will lengthen the portfolio's average maturity. If we anticipate
limited new-issue supply, we may look to extend the portfolio's average maturity
to maintain
The Fund 3
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
current yields for as long as we believe 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 positively influenced over the past six months by robust U.S.
economic growth, rising interest rates and a declining supply of newly issued
securities.
By the time the reporting period began on December 1, 1999, it had become
apparent that the pace of economic growth in the United States was faster than
most analysts expected. Consumer confidence reached a 30-year high, oil prices
were bouncing back from the previous year' s lows, and employment remained
strong, with hourly wages rising. These economic forces raised concerns among
fixed-income investors that long-dormant inflationary pressures might reemerge.
In response, between December 1, 1999 and May 31, 2000, the Fed raised
short-term interest rates three times for a total interest-rate increase of
1.00%.
However, tax-exempt money market yields generally rose less than comparable
taxable yields over the past six months. That's because California and many of
its municipalities enjoyed higher tax revenues during the reporting period,
curtailing their need to borrow and resulting in a reduced supply of securities.
At the same time, demand was high for California's tax-exempt securities in the
wake of new wealth generated by a strong economy and a rising stock market,
especially from the technology industry centered in California's Silicon Valley.
4
What is the fund's current strategy?
Our strategy continues to involve active management of the portfolio's weighted
average maturity and asset mix according to our interest-rate and
supply-and-demand expectations. Although we believe that the current
interest-rate outlook is uncertain, June tends to be a period of high seasonal
issuance for California municipal bonds. Historically, periods of high issuance
have tended to have a greater influence on the tax-exempt money market than
prevailing interest-rate trends.
Accordingly, we have recently adjusted the portfolio's average weighted maturity
toward a point that is shorter than neutral relative to other California
tax-exempt money market funds. This maturity management strategy was designed to
help us free up cash for the next round of seasonal note issuance in June. We
hope to use these notes to lock in competitive yields. In addition, we have
recently invested opportunistically in short-term commercial paper in an effort
to maintain the portfolio's liquidity and keep average maturities short. For the
same reasons, we have recently avoided investments in municipal notes, which
tend to feature longer maturities.
Our asset mix also currently emphasizes Variable Rate Demand Notes (VRDNs)
because of the competitively high yields they offer. VRDNs generally feature
adjustable yields, short maturities, and afford the portfolio a high degree of
liquidity and credit quality. Of course, portfolio composition is subject to
change at any time.
June 15, 2000
(1) ANNUALIZED EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND
REINVESTED MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS
FLUCTUATE. 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. AN INVESTMENT IN THE FUND IS NOT INSURED OR
GUARANTEED BY THE FDIC OR THE U.S. GOVERNMENT. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND. YIELDS PROVIDED FOR THE FUND'S CLASS B SHARES
REFLECT THE ABSORPTION OF FUND EXPENSES BY THE DREYFUS CORPORATION PURSUANT TO
AN UNDERTAKING IN EFFECT THAT MAY BE EXTENDED, TERMINATED OR MODIFIED AT ANY
TIME. HAD THESE EXPENSES NOT BEEN ABSORBED, THE FUND'S CLASS B SHARES YIELD
WOULD HAVE BEEN LOWER. WITHOUT THE FUND'S EXPENSE ABSORPTION, THE FUND'S CLASS B
SHARES WOULD HAVE PRODUCED AN ANNUALIZED TAX-EXEMPT YIELD OF 2.35% AND AN
ANNUALIZED EFFECTIVE YIELD OF 2.38%.
The Fund 5
STATEMENT OF INVESTMENTS
May 31, 2000 (Unaudited)
<TABLE>
STATEMENT OF INVESTMENTS
Principal
TAX EXEMPT INVESTMENTS--100.2% Amount ($) Value ($)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CAILFORNIA--88.8%
Adelanto Public Utility Authority, Revenue, Refunding,
VRDN (Utility Systems Project) 3.40%, Series B
(LOC; California State Teacher Retirement) 5,300,000 (a) 5,300,000
Alameda Contra Costa Schools Financing Authority,
COP, VRDN (Capital Improvements Financing Projects)
4%, Series I, (Insured; AMBAC and LOC; Kredietbank) 8,000,000 (a) 8,000,000
Alameda County Industrial Development Authority,
Revenue, VRDN:
(Plyproperties Project) 4.30%, Series A
(LOC; Wells Fargo Bank) 4,400,000 (a) 4,400,000
(Spectrum Label Corp.) 4.30%, Series A
(LOC; Wells Fargo Bank) 3,850,000 (a) 3,850,000
Anaheim Housing Authority, MFHR, VRDN,
Refunding (Villas at Anaheim Hill)
3.95% (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 6,015,919
California Health Facilities Financing Authority, Revenue,
VRDN (Adventist) 4.15%, Series B (Insured; MBIA and
LOC; California State Teacher Retirement) 3,600,000 (a) 3,600,000
California Housing Finance Agency, Revenue, VRDN,
(Home Mortgage) 4.10%, Series C (Insured; FSA and
LOC; Commerzbank and California State Teacher
Retirement) 8,500,000 (a) 8,500,000
California Pollution Control Financing Authority, VRDN:
PCR, Refunding:
(Pacific Gas and Electric):
4.05%, Series B (LOC; Rabobank Nederland) 6,400,000 (a) 6,400,000
4.15%, Series F (LOC; Banque Nationale DeParis) 13,000,000 (a) 13,000,000
4.20%, Series C (LOC; Kredietbank) 2,300,000 (a) 2,300,000
(Sierra Pacific Industries Project)
3.75% (LOC; Bank of America) 5,000,000 (a) 5,000,000
SWDR:
(Colmac Energy Project):
3.80%, Series A (LOC; Union Bank of Switzerland) 3,800,000 (a) 3,800,000
5.70%, Series A (LOC; Union Bank of Switzerland) 500,000 (a) 500,000
(Evergreen Distributors) 3.80%, Series A
(LOC; California State Teacher Retirement) 2,430,000 (a) 2,430,000
California Public Capital Improvements Financing
Authority, Revenue (Pooled Project) 3.60%, Series C,
6/15/2000 (LOC; National Westminister Bank) 14,000,000 14,000,000
6
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
CAILFORNIA (CONTINUED)
California School Cash Reserve Program Authority
(Pool) 4%, Series A, 7/3/2000 (Insured; AMBAC) 15,000,000 15,011,444
California School Facilities Financing Corporation, COP,
VRDN (Capital Improvements Financing Project)
4.05%, Series D (LOC; Kredietbank) 10,000,000 (a) 10,000,000
State of California, GO Note 4.95%, 10/1/2000 5,130,000 5,150,777
California State Public Works Board, LR,
Prerefunding (Department Corrections - State Prison)
6.85%, Series A (Escrowed in; U.S. Government Securities) 10,000,000 10,285,954
California Statewide Communities Development Authority:
Revenue, TRAN 4%, Series A-1, 6/30/2000
(Insured; FSA) 11,000,000 11,006,688
VRDN:
COP (Northern California Retired Officers) 4.20%
(LOC; Dresdner Bank) 12,000,000 (a) 12,000,000
Multi-Family Revenue (Canyon Creek Apartment)
3.70%, Series C (LOC; FNMA) 11,800,000 (a) 11,800,000
Solid Waste Facilities Revenue (Chevron U.S.A. Inc.
Project) 4.15% (LOC; Chevron U.S.A. Inc.) 1,500,000 (a) 1,500,000
City of Chula Vista, IDR, Refunding, VRDN
(San Diego Gas and Electricity Co.) 4.55%, Series B
(LOC; San Diego Gas and Electricity Co.) 12,350,000 (a) 12,350,000
City of Clovis, MFHR, VRDN (Fowler Place
Apartments Project) 3.85% (LOC; Wells Fargo Bank) 7,200,000 (a) 7,200,000
Contra Costa County Board of Education, TRAN
3.75%, 6/30/2000 5,000,000 5,002,495
City of Daly Housing Development Finance Agency,
Multi-Family Revenue, Refunding, VRDN
(Serramonte Del Rey) 3.92%, Series A
(LOC; FNMA) 16,000,000 (a) 16,000,000
Dublin Housing Authority, Multi-Family Revenue, VRDN
(Park Sierra) 3.85%, Series A (LOC; Kredietbank) 4,400,000 (a) 4,400,000
Fresno, MFHR, Refunding, VRDN
(Heron Points Apartments) 3.90% (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%, Series A (LOC; Wells Fargo Bank) 5,900,000 (a) 5,900,000
Huntington Beach, MFHR, VRDN
(Five Points Seniors Project) 4.05%, Series A (LOC; FNMA) 3,100,000 (a) 3,100,000
The Fund 7
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
CAILFORNIA (CONTINUED)
Irwindale, IDR, VRDN (Toys "R" Us Inc. Project)
4.375% (LOC; Deutsche Bank) 3,000,000 (a) 3,000,000
Los Angeles, VRDN:
Department of Water and Power Electricity Plant,
Revenue 4%, Series D (LOC; Toronto-Dominion Bank) 15,000,000 (a) 15,000,000
MFHR:
(Beverly Park Apartments) 3.80%, Series A
(LOC; Federal Home Loan Banks) 9,600,000 (a) 9,600,000
Collateral (Oakwood Apartments) 4.05%
(LOC; State Street Bank and Trust Co.) 13,955,000 (a) 13,955,000
(Fountain Park Project) 4.05% (LOC; FNMA) 4,400,000 (a) 4,400,000
Multi-Family Revenue (Loans To Lender Program):
4.25%, Series A (LOC; Federal Home Loan Banks) 7,025,000 (a) 7,025,000
4.25%, Series B (LOC; Federal Home Loan Banks) 9,325,000 (a) 9,325,000
Los Angeles County, TRAN 4%, 6/30/2000 16,000,000 16,000,210
Los Angeles County Transport Commission,
Sales Tax Revenue, Refunding, VRDN
3.70%, Series A
(Insured; FGIC and LOC; Bayerische Landesbank) 11,400,000 (a) 11,400,000
Metropolitan Water District, Southern California
Water Works 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):
4.25%, Series A 8,700,000 (a) 8,700,000
4.25%, Series C 3,700,000 (a) 3,700,000
(Hoag Memorial Hospital Presbyterian) 4.25% 9,600,000 (a) 9,600,000
Oakland, TRAN 4.20%, 9/29/2000 4,580,000 4,588,326
Oakland Joint Powers Financing Authority, LR,
VRDN:
3.90%, Series A-1
(Insured; FSA and LOC; Commerzbank) 7,600,000 (a) 7,600,000
3.90%, Series A-2
(Insured; FSA and LOC; Commerzbank) 5,000,000 (a) 5,000,000
Oakland Union School District, Alameda County,
TRAN 4%, 11/17/2000 17,000,000 17,013,161
Orange County, Apartment Development Revenue,
VRDN:
(Foothill Oaks Apartment) 3.80%, Series B
(LOC; Bank of America) 5,000,000 (a) 5,000,000
Refunding:
(Villa La Paz) 3.95%, Series F (LOC; FNMA) 11,500,000 (a) 11,500,000
(WICO LF) 3.75%, Series G (LOC; FNMA) 5,000,000 (a) 5,000,000
8
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
CAILFORNIA (CONTINUED)
Orange County Local Transportation Authority,
Sales Tax Revenue 4.95%, Series A, 2/15/2001
(Insured; MBIA) 3,000,000 3,025,763
Oxnard Industrial Development Authority, IDR, VRDN
(Western Saw Manufacturers) 3.80%
(LOC; California State Teacher Retirement) 3,600,000 (a) 3,600,000
Oxnard Industrial Development Financing Authority,
IDR, VRDN (Accurate Engineering Project)
3.80% (LOC; California State Teacher Retirement) 2,335,000 (a) 2,335,000
Port Oakland, Revenue, VRDN (Merlots) 5.75%, Series JJ
(Insured; FGIC and LOC; First Union National Bank) 10,000,000 10,000,000
Riverside County Housing Authority, MFHR, Refunding
(Amanda Park Project) 3.70%, Series A
(LOC; Federal Home Loan Banks) 5,000,000 5,000,000
Riverside County School Financing Authority, RAN
4%, Series A, 8/1/2000 5,000,000 5,004,411
Sacramento County Housing Authority, MFHR, Refunding,
VRDN (River) 3.70%, Series C (LOC; FNMA) 12,500,000 (a) 12,500,000
San Diego Area Local Government, COP, TRAN
4%, Series A, 6/30/2000 5,000,000 5,003,261
San Jose, MFHR, VRDN:
(Kimberly Woods Apartments)
3.95%, Series A (LOC; Federal Home Loan Banks) 10,050,000 (a) 10,050,000
(Sienna at Renaissance Square Apartments)
3.70%, Series A (LOC; Landesbank Hessen) 12,000,000 (a) 12,000,000
Santa Ana Community Redeveloping Agency, Tax Allocation,
Refunding (Santa Ana Redevelopment Project) 6.45%
Series B, 12/15/2000
(Escrowed in; U.S. Government Securities) 5,150,000 5,326,465
South Coast Local Education Agency,
TRAN, 4%, Series A, 6/30/2000 (Insured; MBIA) 5,500,000 5,502,779
U.S. RELATED--11.4%
Commonwealth of Puerto Rico, TRAN
4.50%, Series A-1, 7/30/2000 7,000,000 7,008,343
Commonwealth of Puerto Rico
Government Development Bank, CP:
3.55%, 7/13/2000 5,000,000 5,000,000
3.55%, 7/20/2000 5,000,000 5,000,000
3.55%, 10/26/2000 15,000,000 15,000,000
3.60%, 8/10/2000 7,000,000 7,000,000
3.80%, 10/17/2000 10,000,000 10,000,000
4.45%, 9/15/2000 10,000,000 10,000,000
The Fund 9
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
-----------------------------------------------------------------------------------------------------------------------------------
U.S. RELATED (CONTINUED)
Commonwealth of Puerto Rico Highway Authority,
Highway Revenue, Prerefunding, 7.75%, Series Q
(Escrowed in; U.S. Government Securities) 1,350,000 1,381,449
Commonwealth of Puerto Rico Highway and
Transportation Authority, Transportation Revenue,
VRDN 3.50%, Series A
(Insured; AMBAC and LOC; Bank of Nova Scotia) 2,000,000 (a) 2,000,000
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $547,793,736) 100.2% 547,797,445
LIABILITIES, LESS CASH AND RECEIVABLES (.2%) (1,343,212)
NET ASSETS 100.0% 546,454,233
10
Summary of Abbreviations
AMBAC American Municipal Bond LR Lease Revenue
Assurance Corporation MBIA Municipal Bond Investors
COP Certificate of Participation Assurance Insurance
CP Commercial Paper Corporation
FGIC Financial Guaranty Insurance MFHR Multi-Family Housing Revenue
Company PCR Pollution Control Revenue
FNMA Federal National Mortgage RAN Revenue Anticipation Notes
Association SWDR Solid Waste Disposal Revenue
FSA Financial Security Assurance TRAN Tax and Revenue Anticipation
GO General Obligation Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
LOC Letter of Credit
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
------------------------------------------------------------------------------------------------------------------------------------
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 90.6
AAA/AA(b) Aaa/Aa(b) AAA/AA(b) 2.6
Not Rated(c) Not Rated(c) Not Rated(c) 6.8
100.0
(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
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 MAY 31, 2000 THE FUND HAD $176,105,000 (32.2%) INVESTED IN SECURITIES
WHOSE PAYMENT OF PRINCIPAL AND INTEREST IS DEPENDENT UPON REVENUES
GENERATED FROM HOUSING PROJECTS.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund 11
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2000 (Unaudited)
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 547,793,736 547,797,445
Interest receivable 5,592,934
Prepaid expenses and other assets 51,710
553,442,089
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 236,945
Cash overdraft due to Custodian 6,709,013
Accrued expenses 41,898
6,987,856
--------------------------------------------------------------------------------
NET ASSETS ($) 546,454,233
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 546,661,273
Accumulated net realized gain (loss) on investments (210,749)
Accumulated gross unrealized appreciation on investments 3,709
--------------------------------------------------------------------------------
NET ASSETS ($) 546,454,233
NET ASSET VALUE PER SHARE
Class A Class B
--------------------------------------------------------------------------------
Net Assets ($) 537,747,467 8,706,766
Shares Outstanding 537,954,175 8,707,098
--------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE ($) 1.00 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
12
STATEMENT OF OPERATIONS
Six Months Ended May 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 9,739,013
EXPENSES:
Management fee--Note 2(a) 1,452,648
Shareholder servicing costs--Note 2(c) 147,486
Professional fees 34,022
Custodian fees 28,714
Prospectus and shareholders' reports 25,109
Distribution fees (Class B)--Note 2(b) 13,534
Trustees' fees and expenses--Note 2(d) 13,348
Registration fees 12,563
Miscellaneous 7,282
TOTAL EXPENSES 1,734,706
Less--reduction in management fee
due to undertaking--Note 2(c) (3,310)
NET EXPENSES 1,731,396
INVESTMENT INCOME--NET 8,007,617
--------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($):
Net realized gain (loss) on investments 5,709
Net unrealized appreciation (depreciation) on investments 3,709
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 9,418
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 8,017,035
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund 13
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
May 31, 2000 Year Ended
(Unaudited) November 30, 1999
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 8,007,617 10,471,910
Net realized gain (loss) on investments 5,709 (12,835)
Net unrealized appreciation (depreciation)
on investments 3,709 --
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 8,017,035 10,459,075
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
Investment income--net:
Class A Shares (7,849,064) (10,183,779)
Class B Shares (158,553) (288,131)
TOTAL DIVIDENDS (8,007,617) (10,471,910)
--------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold:
Class A Shares 1,451,373,804 1,607,160,863
Class B Shares 27,802,343 81,160,149
Dividends reinvested:
Class A Shares 7,373,073 9,464,698
Class B Shares 157,226 287,588
Cost of shares redeemed:
Class A Shares (1,444,898,473) (1,428,449,295)
Class B Shares (36,567,338) (72,892,744)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS 5,240,635 196,731,259
TOTAL INCREASE (DECREASE) IN NET ASSETS 5,250,053 196,718,424
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 541,204,180 344,485,756
END OF PERIOD 546,454,233 541,204,180
SEE NOTES TO FINANCIAL STATEMENTS.
14
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.
<TABLE>
Six Months Year Ended Four Months Year Ended
Ended November 30, Ended July 31,
May 31, 2000 ______________ November 30, ______________________
Class A Shares (Unaudited) 1999 1998 1997(a) 1997 1996 1995
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Per Share Data ($):
Net asset value,
beginning of period 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .014 .024 .027 .010 .029 .029 031
Distributions:
Dividends from investment
income--net (.014) (.024) (.027) (.010) (.029) (.029) (.031)
Net asset value, end of
period 1.00 1.00 1.00 1.00 1.00 1.00 1.00
------------------------------------------------------------------------------------------------------------------------------------
Total Return (%) 2.79(b) 2.44 2.78 2.96(b) 2.95 2.94 3.14
------------------------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental
Data (%):
Ratio of expenses to
average net assets .58(b) .61 .64 .70(b) .64 .65 .52
Ratio of net investment
income to average
net assets 2.76(b) 2.42 2.74 2.97(b) 2.91 2.91 3.07
Decrease reflected in above
expense ratios due to
undertakings by The
Dreyfus Corporation -- -- -- -- -- -- .11
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 537,747 523,890 335,726 361,102 327,226 390,1 463,404
(A) THE FUND CHANGED ITS FISCAL YEAR END FROM JULY 31 TO NOVEMBER 30.
(B) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund 15
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS (CONTINUED)
Six Months Year Ended Four Months Year Ended
Ended November 30, Ended July 31,
May 31, 2000 ________________ November 30, _______________
CLASS B SHARES (Unaudited) 1999 1998 1997(a) 1997 1996(b)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value,
beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .012 .020 .024 .009 .026 .025
Distributions:
Dividends from investment
income--net (.012) (.020) (.024) (.009) (.026) (.025)
Net asset value, end of
period 1.00 1.00 1.00 1.00 1.00 1.00
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 2.41(c) 2.06 2.39 2.57(c) 2.61 2.56
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL
DATA (%):
Ratio of expenses to
average net assets 1.00(c) .95 1.00 1.00(c) 1.00 1.00
Ratio of net investment
income to average
net assets 2.34(c) 2.06 2.34 2.62(c) 2.52 2.45
Decrease reflected in above
expense ratios due to
undertakings by The
Dreyfus Corporation .05(c) .13 .07 .13(c) .07 .08
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 8,707 17,314 8,760 2,669 928 5,475
(A) THE FUND CHANGED ITS FISCAL YEAR END FROM JULY 31 TO NOVEMBER 30.
(B) FROM AUGUST 1, 1995 (COMMENCEMENT OF INITIAL OFFERING) TO JULY 31, 1996.
(C) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
16
NOTES TO FINANCIAL STATEMENTS (Unaudited)
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.
Effective March 22, 2000, Dreyfus Service Corporation ("DSC"), a wholly-owned
subsidiary of the Manager, became the distributor of the fund's shares, which
are sold to the public without a sales charge. Prior to March 22, 2000, Premier
Mutual Fund Services, Inc. was the distributor. 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.
The Fund 17
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
(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 $20,133 during the period ended May 31, 2000,
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 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.
18
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 May 31, 2000, 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 fees, 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. The manager had undertaken through May 31, 2000 to reduce the
management fee paid by the fund, to the extent that the fund's aggregate annual
expenses (exclusive of certain expenses as described above) exceeded an annual
rate of 1% for Class A shares, of the value of the fund's average daily net
assets. The reduction in management fee, pursuant to the undertaking amounted to
$3,310 during the period ended May 31, 2000
(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
The Fund 19
NOTES TO FINANCIAL STATEMENTS (Unaudited) (CONTINUED)
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 shares. During the period ended May 31,
2000, Class B shares were charged $13,534 pursuant to the Distribution Plan, of
which $5,630 was paid to DSC.
(C) Under the Shareholder Services Plan with respect to Class A ("Class A
Shareholder Services Plan"), Class A shares reimburse DSC 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 May 31, 2000, Class A shares were charged $72,876 pursuant to the
Class A Shareholder Services Plan, of which $36,438 was paid to DSC.
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
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. During the
period ended May 31, 2000, Class B shares was charged $20,301, of which $8,445
was paid to DSC.
20
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 May 31, 2000, the fund was charged $33,594 pursuant to the transfer agency
agreement.
(D) Each Board member also serves as a Board member of other funds within the
Dreyfus complex (collectively, the "Fund Group"). Effective April 13, 2000, each
Board member who was not an "affiliated person" as defined in the Act receives
an annual fee of $50,000 and an attendance fee of $6,500 for each meeting
attended in person and $500 for telephone meetings. These fees are allocated
among the funds in the Fund Group. The Chairman of the Board receives an
additional 25% of such compensation. Prior to April 13, 2000, each Board member
who was not an "affiliated person" as defined in the Act received from the fund
an annual fee of $2,500 and an attendance fee of $250 per meeting. The Chairman
of the Board received an additional 25% of such compensation. Subject to the
fund' s Director Emeritus Program Guidelines, Emeritus Board members, if any,
receive 50% of the fund's annual retainer fee and per meeting fee paid at the
time the Board member achieved emeritus status.
The Fund 21
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
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
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 573SA005
