<PAGE>
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.
<PAGE>
GENERAL CALIFORNIA MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the General California
Municipal Bond Fund, Inc. for the six-month period ended March 31, 1999. Your
fund produced a total return, including share price changes and dividend income
generated, of .52%,* and an annualized tax-free distribution rate per share of
4.78%.**
ECONOMIC REVIEW
The economy in the period ended March 31, 1999 had several persistent themes.
These included weakness in the world economy, strength in the U.S. economy,
pervasive disinflation and multiple rounds of central bank easing, which lowered
interest rates in many parts of the world.
Weakness in the world economy started in Asia with economic and financial
stresses throughout most of the continent. While China was able to generate
economic expansion by government spending, economic declines occurred in most of
the rest of Asia. The most severe phase of these crises occurred when Asian
currencies dropped and short-term interest rates rose there as well. Then Latin
America began to weaken, particularly Brazil. Tentative signs of a bottoming in
Asia had emerged by the end of your fund's fiscal period; however, Brazil had
not yet turned the corner.
Europe was full of optimism about the benefits of currency unification into
the Euro as of year-end 1998. The reality was that economic growth in Europe
began the last year at a modest pace and showed signs of stagnation in early
1999. Even so, the new European central bank postponed the reduction in interest
rates at the beginning of 1999, probably because of a desire to build
anti-inflationary credibility. The bank finally eased in April of this year.
The U.S. economy proved to be a superperformer during the period, growing at
an above-trend rate despite the economic weakness overseas. A major reason for
this was that the negative effects of foreign economic weakness on the
traditional industrial sector were offset by positive effects elsewhere in the
economy. Low inflation and low interest rates stimulated the housing and
consumer sectors, while the technology sector continued to expand.
The Federal Reserve eased monetary policy three times beginning on September
30, 1998, lowering the federal funds rate from 5.50% to 4.75%. This was not
because of any shortfall in U.S. economic growth. Rather, it was a response to a
financial crisis linked to the Russian default and the financial problems of a
major hedge fund. Despite widespread fears, the U.S. economy never did slow.
Long-term interest rates declined into early October, when fears of financial
crisis, deflation and possible economic recession were at their greatest.
However, those rates then drifted higher as the financial stresses eased and the
feared economic slowdown did not materialize.
MARKET ENVIRONMENT
Moderating economic growth in the U.S., a negligible rate of inflation, and
relatively low interest rates continue to foster a positive atmosphere for
municipal bonds. As measured by commonly accepted indexes, municipal bond yields
have moved very little over the last six-month period, compared to yields of
U.S. Treasury Bonds. Treasuries, of course, were affected uniquely because of
the safe haven they provided during the economic and currency collapses of
several foreign countries; lately, there has been some liquidation of Treasuries
as recovery in several foreign nations began, thus their price movements have
been more volatile.
<PAGE>
Municipal yields continue to be historically generous vis-a-vis Treasury bond
yields, and that lends support to current price levels. Presently, municipal
bonds with maturities of 20 years and longer provide federally tax-free yields
that exceed 90% of the taxable yields provided by Treasury bonds with comparable
maturities. Also helping to firm up price levels of municipal bonds is a
shortage of supply in the new-issue market. So far in 1999, newly marketed
issues amount to just 77% of 1998's volume. Some reduction in 1999 is expected
when compared to 1998, when a number of refundings helped to swell that year's
total issuance to $284 billion, but at this time new issues are running somewhat
behind expectations for 1999.
Demand continues to be sparked by the after-tax benefits of municipal bond
ownership, recognized mainly by individuals and "crossover buyers," the latter
being buyers who commonly operate in both taxable and tax-exempt markets,
depending on yield ratios and after-tax benefits. Institutional demand is not
especially strong right now, and that demand is very specific, centering on
coupon, maturity, and several technical features. With supply and demand
well-balanced, and no discernible indications of rising inflation and higher
interest rates, it appears that the municipal environment will continue to be
hospitable.
PORTFOLIO FOCUS
As discussed in previous communications to shareholders, the fund's main
investment objective is to strive to maximize income that is exempt from federal
and California state personal income taxes. Opportunities to enhance the
dividend payout remain limited. Yield differentials between the highest- and
lesser-rated securities remain historically tight. The secular decline in
interest rates continues to have an impact as well. As the fund matures, many of
the securities purchased years ago in a higher-interest-rate environment will be
called away. Management is always on the alert for opportunities that will be
accretive to the fund's distribution yield.
We continue to maintain a positive market outlook. The supply of new
tax-exempt issues coming to market is running below last year's pace. Demand
from individual investors and from professional arbitrageurs has been
supportive. The municipal bond market has traded in a very narrow range over the
past several months. With volatility measures at near-record lows, we don't
anticipate much of a change in market conditions. Because of our constructive
long-term market outlook, we have extended the fund's duration.
We remain encouraged by California's strong economic growth, which continues
to outpace that of the U.S. The overall economy continues to expand, with solid
employment gains. While the financial picture has stabilized, we remain alert to
any negative effects of the Asian recession. Because California has successfully
diversified its economy, it is expected that the economy will continue to remain
healthy, though growth might occur at a slower pace.
<PAGE>
In summary, if recent market behavior continues, income should be the key to
relative market performance in the months ahead. Stability of interest rates may
mitigate any price impact on performance. With an emphasis on tax-free income
generation, the fund should be well positioned. We trust that this strategy is
in keeping with your investment objectives.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
April 19, 1999
New York, N.Y.
* Total return includes reinvestment of dividends and any capital gains paid.
Income may be subject to state and local income taxes for non-California
residents.
** Distribution rate per share is based upon dividends per share paid from net
investment income during the period (annualized), divided by the net asset value
per share at the end of the period, adjusted for capital gain distributions.
Some income may be subject to the federal Alternative Minimum Tax (AMT) for
certain shareholders.
<PAGE>
<TABLE>
<CAPTION>
GENERAL CALIFORNIA MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS MARCH 31, 1999 (UNAUDITED)
Principal
Long-Term Municipal Investments--96.1% Amount Value
- ------------------------------------------------------- _____________ _____________
<S> <C> <C>
ABAG Finance Authority, Nonprofit Corporations:
COP, Revenue (Channing House) 5.50%, 2/15/2029 . . . . . . . . . . . . . . . . . . . . . $ 2,100,000 $ 2,090,697
MFHR (Central Park Apartments) 5.60%, 7/1/2038 . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,057,800
ABAG Finance Corporation, COP (ABAG XXIV) 6.90%, 4/1/2012. . . . . . . . . . . . . . . . . 3,500,000 3,672,900
Alameda County, COP (Various Financing Projects)
6%, 9/1/2021 (Insured; MBIA, LOC; The Fuji Bank) . . . . . . . . . . . . . . . . . . . . 4,865,000 5,340,359
Allan Hancock Joint Community College District, COP, Refunding
7.625%, 10/1/2005 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,055,000 1,161,312
Anaheim Public Financing Authority, Tax Allocation Revenue
6.45%, 12/28/2018 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 6,874,980
Beaumont Unified School District, COP (Capital Improvement Project)
7.70%, 1/1/2021 (Prerefunded 1/1/2001) (a) . . . . . . . . . . . . . . . . . . . . . . . 1,100,000 1,198,274
California:
4.50%, 12/1/2021 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,965,000 2,755,612
Refunding 4.50%, 10/1/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,500,000 7,963,990
California Educational Facilities Authority, Revenue
(Chapman College) 7.50%, 1/1/2018 (Prerefunded 1/1/2001) (a) . . . . . . . . . . . . . . 1,760,000 1,914,792
California Health Facilities Financing Authority, Revenue:
(HELP Group)
7%, 8/1/2021 (Insured; California Health Facilities Construction Loan Program) . . . . 1,800,000 1,940,760
(Walden House) 6.85%, 3/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,225,000 3,478,646
California Housing Finance Agency:
MFHR:
6.15%, 8/1/2022 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,850,000 4,079,460
6.05%, 8/1/2038 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,626,400
SFMR:
6%, 8/1/2016 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,128,120
6.375%, 8/1/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,250,000 2,407,275
5.60%, 8/1/2029 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,350,000 4,488,765
7.50%, 8/1/2029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 820,000 842,632
7.60%, 8/1/2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,040,000 1,083,524
7.70%, 8/1/2030 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 685,000 707,920
California Pollution Control Financing Authority, PCR
8.60%, 6/1/2014 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500,000 5,660,775
California Statewide Communities Development Authority:
COP:
Health Facilities Revenue, Refunding (Barton Memorial Hospital)
6.50%, 12/1/2009 (LOC; Banque Nationale De Paris) . . . . . . . . . . . . . . . . . 1,600,000 1,734,064
(The Internext Group) 5.375%, 4/1/2030 . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 4,900,200
Special Facilities LR (United Airlines, Inc.):
7.918%, 10/1/2033 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,285,000 4,568,838
7.769%, 10/1/2034 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,445,000 1,522,712
California University and Colleges, Student Union Revenue
(Chico) 4.375%, 11/1/2028 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . 10,600,000 9,484,350
<PAGE>
GENERAL CALIFORNIA MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1999 (UNAUDITED)
Principal
Long-Term Municipal Investments (CONTINUED) Amount Value
- ------------------------------------------------------- _____________ _____________
Chico Public Financing Authority, Revenue
(Chico Municipal Airport and Central Chico Redevelopment Project)
7.40%, 4/1/2021 (Prerefunded 4/1/2000) (a) . . . . . . . . . . . . . . . . . . . . . . . $ 2,410,000 $ 2,560,119
Commerce Joint Powers Financing Authority, Revenue, Multiple Project Loans
8%, 3/1/2022 (Prerefunded 3/1/2001) (a) . . . . . . . . . . . . . . . . . . . . . . . . 2,365,000 2,609,352
Contra Costa County, Mortgage Revenue, Refunding (Cedar Pointe)
6.15%, 9/1/2025 (Insured; FHA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,955,000 3,101,686
Del Mar Race Track Authority, Revenue, Refunding 6.20%, 8/15/2011. . . . . . . . . . . . . 2,000,000 2,161,880
Duarte, COP (Hope City Medical Center) 6%, 4/1/2008 (Prerefunded 4/1/2003) (a) . . . . . . 4,070,000 4,482,983
Fontana Public Financing Authority, Tax Allocation Revenue, Refunding
(North Fontana Redevelopment Project) 7.25%, 9/1/2020 . . . . . . . . . . . . . . . . . 2,000,000 2,102,640
Fontana Redevelopment Agency, Tax Allocation, Refunding
(Jurupa Hills Redevelopment Project):
5.50%, 10/1/2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,029,480
5.50%, 10/1/2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,061,650
Foothill/Eastern Transportation Corridor Agency, Toll Road Revenue:
6%, 1/1/2034 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,955,000 4,713,543
5%, 1/1/2035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,378,000
Inglewood, HR (Daniel Freeman Hospital)
6.75%, 5/1/2013 (Prerefunded 5/1/2001) (a) . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,171,500
Loma Linda, HR (Loma Linda University Medical Center Project)
6%, 12/1/2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,145,950
Los Angeles County, COP, (Disney Parking Project)
Zero Coupon, 9/1/2019 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 7,990,000 2,832,135
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue
Refunding 6%, 7/1/2026 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,409,900
Los Angeles Department of Water and Power, Waterworks Revenue, Refunding
4.50%, 10/15/2024 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 4,604,350
M-S-R Public Power Agency, Power Revenue, Refunding
(San Juan Project) 5.90%, 7/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,930,000 6,939,078
Modesto Irrigation District, COP, Refunding
5.30%, 7/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,001,900
Newhall Elementary and Castaic Union School Districts, COP
(School Improvement Project) 7.70%, 3/1/2011 (Prerefunded 3/1/2001) (a) . . . . . . . . 2,695,000 2,908,067
Northern California Power Agency, Public Power Revenue, Refunding
(Hydroelectric Project Number 1) 6.30%, 7/1/2018 (Insured; MBIA) . . . . . . . . . . . . 20,400,000 23,861,064
Port Oakland, Special Facilities Revenue (Mitsui O.S.K. Lines Limited)
6.80%, 1/1/2019 (LOC; Industrial Bank of Japan) . . . . . . . . . . . . . . . . . . . . 3,000,000 3,174,240
Redwood City Elementary School District 5%, 8/1/2015 (Insured; FGIC) . . . . . . . . . . . 3,875,000 3,986,174
Richmond Joint Powers Financing Authority, Revenue
7.25%, 5/15/2013 (Prerefunded 5/15/2000) (a) . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,129,900
<PAGE>
GENERAL CALIFORNIA MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1999 (UNAUDITED)
Principal
Long-Term Municipal Investments (CONTINUED) Amount Value
- ------------------------------------------------------- _____________ _____________
Sacramento County, Special Tax (Community Facilities District Number 1):
8.25%, 12/1/2020 (Prerefunded 12/1/2000) (a) . . . . . . . . . . . . . . . . . . . . . . $ 5,610,000 $ 6,165,110
Refunding 5.70%, 12/1/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,250,000 1,263,725
San Bernardino, Health Care Systems Revenue (Sisters of Charity)
7%, 7/1/2021 (Prerefunded 7/1/2001) (a) . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,192,320
San Diego County, COP, Refunding (Downtown Courthouse)
4.50%, 5/1/2023 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,500,000 1,386,705
San Francisco City and County Airports Commission, International Airport
Revenue:
5.90%, 5/1/2026 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,385,000 9,956,547
Refunding 4.50%, 5/1/2023 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 4,635,500
San Joaquin Hills Transportation Corridor Agency, Toll Road Revenue:
(Junior Lien) Zero Coupon, 1/1/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 3,095,650
Refunding, Zero Coupon, 1/15/2034 (Insured; MBIA) . . . . . . . . . . . . . . . . . . . 20,000,000 3,257,600
San Marcos Public Facilities Authority, Revenue, Refunding
(Public Improvement-Civic Center) 6.20%, 8/1/2022 . . . . . . . . . . . . . . . . . . . 3,000,000 3,091,860
San Marcos Unified School District
(School Facilities Improvement District Number 1)
5.80%, 11/1/2014 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,540,000 3,881,610
Santa Cruz County Redevelopment Agency, Tax Allocation
(Subordinated-Live Oak/Soquel Community Improvement) 5.625%, 9/1/2022 . . . . . . . . . 3,335,000 3,490,077
Simi Valley, Single Family Residential Mortgage Revenue 7.625%, 8/1/2022 (c) . . . . . . . 997,866 169,637
Southern California Home Finance Authority, SFMR
6.90%, 10/1/2024 (Collateralized: FNMA and GNMA) . . . . . . . . . . . . . . . . . . . . 1,545,000 1,622,235
Southern California Public Power Authority, Power Project Revenue
(Multiple Projects) 6.75%, 7/1/2011 (Insured; FSA) . . . . . . . . . . . . . . . . . . . 3,750,000 4,543,537
Stockton, Health Facilities Revenue, Refunding (Dameron Hospital Association)
5.70%, 12/1/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000,000 1,016,700
Tehachapi Unified School District, COP (Tompkins Elementary School Project)
7.80%, 2/1/2021 (Prerefunded 2/1/2001) (a) . . . . . . . . . . . . . . . . . . . . . . . 985,000 1,070,498
Tracy Area Public Facilities Financing Agency, Special Tax, Refunding
(Community Facilities District Number 87-1) 5.875%, 10/1/2013 (Insured; MBIA) . . . . . 7,000,000 7,676,690
Turlock, Refunding:
COP, Health Facilities Revenue,
(Emanuel Medical Center, Inc.) 5.75%, 10/15/2023 . . . . . . . . . . . . . . . . . . . 6,000,000 6,056,400
Irrigation District Revenue, 5%, 1/1/2015 (Insured; MBIA) . . . . . . . . . . . . . . . 2,555,000 2,604,874
West Covina Redevelopment Agency, Special Tax, Refunding
(Community Facilities District--Fashion Plaza):
6%, 9/1/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000,000 6,643,500
6%, 9/1/2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,325,000 9,238,502
Yolo County Housing Authority, Mortgage Revenue (Walnut Park Apartments)
7.20%, 8/1/2033 (Insured; FHA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,150,000 4,470,961
<PAGE>
GENERAL CALIFORNIA MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1999 (UNAUDITED)
Principal
Long-Term Municipal Investments (CONTINUED) Amount Value
- ------------------------------------------------------- _____________ _____________
U. S. Related--1.1%
Puerto Rico Commonwealth, Public Improvement
5.25%, 7/1/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,000,000 $ 3,127,320
_____________
TOTAL INVESTMENTS (cost $267,635,327). . . . . . . . . . . . . . . . . . . . . . . . . . . 97.2% $282,708,306
_______ _____________
_______ _____________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8% $ 8,134,416
_______ _____________
_______ _____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $290,842,722
_______ _____________
_______ _____________
</TABLE>
<TABLE>
<CAPTION>
Summary of Abbreviations
- -----------------------------------------------------------------------------
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
COP Certificate of Participation LR Lease Revenue
FGIC Financial Guaranty Insurance Company MFHR Multi-Family Housing Revenue
FHA Federal Housing Administration MBIA Municipal Bond Investors Assurance
FNMA Federal National Mortgage Association Insurance Corporation
FSA Financial Security Assurance PCR Pollution Control Revenue
GNMA Government National Mortgage Association SFMR Single Family Mortgage Revenue
HR Hospital Revenue
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings
- -----------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value
____ ________ ________________ __________________
<S> <C> <C> <C>
AAA Aaa AAA 42.3%
AA Aa AA 7.6
A A A 23.4
BBB Baa BBB 21.4
D N/A D .1
Not Rated (d) Not Rated (d) Not Rated (d) 5.2
_______
100.0%
_______
Notes to Statement of Investments: _______
</TABLE>
- -----------------------------------------------------------------------------
(a) Bonds which are prerefunded are collateralized by U.S. Government
securities which are held in escrow and are used to pay principal and
interest on the municipal issue and to retire the bonds in full at
the earliest refunding date.
(b) Securities exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At March
31, 1999, these securities amounted to $11,752,325 or 4% of net assets.
(c) Non-income producing security; interest payments in default.
(d) 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.
(e) At March 31, 1999, 27% of the Fund's net assets are insured by MBIA.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
<TABLE>
<CAPTION>
GENERAL CALIFORNIA MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1999 (UNAUDITED)
Cost Value
______ _______
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $267,635,327 $282,708,306
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 1,067,624
Interest receivable . . . . . . . . . . . . . . . . . . . 4,203,015
Receivable for investment securities sold . . . . . . . . 3,592,523
Prepaid expenses . . . . . . . . . . . . . . . . . . . . 29,648
_____________
291,601,116
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 146,239
Payable for shares of Common Stock redeemed . . . . . . . 558,143
Accrued expenses . . . . . . . . . . . . . . . . . . . . 54,012
_____________
758,394
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $290,842,722
_____________
_____________
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $273,785,571
Accumulated net realized gain (loss) on investments . . . 1,984,172
Accumulated net unrealized appreciation (depreciation)
on investments--Note 4 . . . . . . . . . . . . . . . . . 15,072,979
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $290,842,722
_____________
_____________
SHARES OUTSTANDING
(500 million shares of $.001 par value Common Stock authorized). . . . . . . . . . . . . . 21,574,751
NET ASSET VALUE, offering and redemption price per share--Note 3(d). . . . . . . . . . . . $13.48
_______
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GENERAL CALIFORNIA MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS SIX MONTHS ENDED MARCH 31, 1999 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . . . . . $8,117,896
EXPENSES: Management fee--Note 3(a) . . . . . . . . . . . . . . . . $ 876,066
Shareholder servicing costs--Note 3(b) . . . . . . . . . 157,400
Professional fees . . . . . . . . . . . . . . . . . . . . 31,202
Directors' fees and expenses--Note 3(c) . . . . . . . . . 17,708
Custodian fees . . . . . . . . . . . . . . . . . . . . . 15,513
Prospectus and shareholders' reports . . . . . . . . . . 12,026
Registration fees . . . . . . . . . . . . . . . . . . . . 7,598
Loan commitment fees--Note 2 . . . . . . . . . . . . . . 653
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . 9,493
___________
Total Expenses . . . . . . . . . . . . . . . . . . . . 1,127,659
___________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,990,237
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--Note 4:
Net realized gain (loss) on investments . . . . . . . . . $2,591,985
Net unrealized appreciation (depreciation) on investments . . (8,138,970)
___________
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS . . . . . . . . . . . . . . . . . . (5,546,985)
___________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . $1,443,252
___________
___________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GENERAL CALIFORNIA MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
March 31, 1999 Year Ended
(Unaudited) September 30, 1998
________________ _______________
<S> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,990,237 $ 14,308,634
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . 2,591,985 3,116,198
Net unrealized appreciation (depreciation) on investments . . . . . . . . . . (8,138,970) 7,160,883
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . 1,443,252 24,585,715
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6,990,237) (14,504,662)
Net realized gain on investments . . . . . . . . . . . . . . . . . . . . . . . (3,728,567) (1,543,915)
_____________ _____________
Total Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,718,804) (16,048,577)
_____________ _____________
CAPITAL STOCK TRANSACTIONS:
Net proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . 17,831,618 43,599,346
Dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,724,525 11,154,889
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,448,325) (58,825,931)
_____________ _____________
Increase (Decrease) in Net Assets from Capital Stock Transactions . . . . . 4,107,818 (4,071,696)
_____________ _____________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . (5,167,734) 4,465,442
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296,010,456 291,545,014
_____________ _____________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $290,842,722 $296,010,456
_____________ _____________
_____________ _____________
Shares Shares
_____________ _____________
CAPITAL SHARE TRANSACTIONS:
Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,307,831 3,196,561
Shares issued for dividends reinvested . . . . . . . . . . . . . . . . . . . . 566,668 817,966
Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,574,000) (4,319,009)
_____________ _____________
Net Increase (Decrease) in Shares Outstanding . . . . . . . . . . . . . . . 300,499 (304,482)
_____________ _____________
_____________ _____________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<PAGE>
GENERAL CALIFORNIA MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of Common
Stock 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.
<TABLE>
<CAPTION>
Six Months Ended
March 31, 1999 Year Ended September 30,
_______________________________________________________
PER SHARE DATA: (Unaudited) 1998 1997 1996 1995 1994
__________ ______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period . . . . . . $13.91 $13.51 $13.35 $13.30 $12.90 $14.36
______ ______ ______ ______ ______ ______
Investment Operations:
Investment income--net . . . . . . . . . . . . . .33 .67 .69 .70 .73 .78
Net realized and unrealized gain (loss)
on investments . . . . . . . . . . . . . . . (.26) .48 .41 .19 .48 (1.40)
______ ______ ______ ______ ______ ______
Total from Investment Operations . . . . . . . . .07 1.15 1.10 .89 1.21 (.62)
______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . . . . (.33) (.68) (.70) (.68) (.73) (.78)
Dividends from net realized gain on investments . . (.17) (.07) (.24) (.16) (.08) (.06)
______ ______ ______ ______ ______ ______
Total Distributions . . . . . . . . . . . . . . . (.50) (.75) (.94) (.84) (.81) (.84)
______ ______ ______ ______ ______ ______
Net asset value, end of period . . . . . . . . . $13.48 $13.91 $13.51 $13.35 $13.30 $12.90
______ ______ ______ ______ ______ ______
______ ______ ______ ______ ______ ______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . 1.04%(1) 8.76% 8.56% 6.85% 9.82% (4.43%)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . .77%(1) .77% .76% .76% .76% .76%
Ratio of net investment income
to average net assets . . . . . . . . . . . . 4.79%(1) 4.91% 5.15% 5.25% 5.66% 5.72%
Portfolio Turnover Rate . . . . . . . . . . . . . 30.41%(2) 63.60% 90.03% 164.93% 83.31% 29.74%
Net Assets, end of period (000's Omitted) . . . . $290,843 $296,010 $291,545 $296,798 $317,835 $347,063
- -----------------------------
(1) Annualized.
(2) Not annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<PAGE>
GENERAL CALIFORNIA MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
General California Municipal Bond Fund, Inc. (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 personal
income taxes to the extent consistent with the preservation of capital. 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. is the distributor of the Fund's shares, which are sold to the
public without a sales charge.
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 (excluding options and
financial futures on municipal and U.S. treasury securities) are valued each
business day by an independent pricing service ("Service") approved by the Board
of Directors. Investments for which quoted bid prices are readily available and
are representative of the bid side of the market in the judgment of the Service
are valued at the mean between the quoted bid prices (as obtained by the Service
from dealers in such securities) and asked prices (as calculated by the Service
based upon its evaluation of the market for such securities). Other investments
(which constitute a majority of the portfolio securities) are carried at fair
value as determined by the Service, based on methods which include consideration
of: yields or prices of municipal securities of comparable quality, coupon,
maturity and type; indications as to values from dealers; and general market
conditions. Options and financial futures on municipal and U.S. treasury
securities are valued at the last sales price on the securities exchange on
which such securities are primarily traded or at the last sales price on the
national securities market on each business day. Investments not listed on an
exchange or the national securities market, or securities for which there were
no transactions, are valued at the average of the most recent bid and asked
prices. Bid price is used when no asked price is available.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the identified cost 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.
Securities purchased or sold on a when-issued or delayed-delivery basis may be
settled a month or more after the trade date. Under the terms of the custody
agreement, the Fund receives net earnings credits based on available cash
balances left on deposit.
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, if any, it is the policy of the Fund not to
distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to qualify
as a regulated investment company, which can distribute tax exempt dividends, by
complying with the 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.
<PAGE>
GENERAL CALIFORNIA MUNICIPAL BOND FUND, INC.
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 2--BANK LINE OF CREDIT:
The Fund participates with other Dreyfus-managed funds in a $600 million
redemption credit facility ("Facility") to be utilized for temporary or
emergency purposes, including the financing of redemptions. In connection
therewith, the Fund has agreed to pay commitment fees on its pro rata portion of
the Facility. Interest is charged to the Fund at rates based on prevailing
market rates in effect at the time of borrowings. During the period ended March
31, 1999, the Fund did not borrow under the Facility.
NOTE 3--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement with the Manager, the management fee is
computed at the annual rate of .60 of 1% of the value of the Fund's average
daily net assets and is payable monthly.
(B) Under the Shareholder Services Plan, the Fund reimburses 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 Fund's average daily net assets
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 the Fund and providing reports and other information, and services
related to the maintenance of shareholder accounts. During the period ended
March 31, 1999, the Fund was charged $95,432 pursuant to the Shareholder
Services Plan.
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 March 31, 1999, the Fund was charged $43,178 pursuant to the transfer
agency agreement.
(C) Each director 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 $500 per
meeting. The Chairman of the Board receives an additional 25% of such
compensation.
(D) A .10% redemption fee is charged and retained by the Fund on shares
redeemed within fifteen days of their issuance, including on redemptions through
the use of the Fund Exchange privilege. During the period ended March 31, 1999,
redemption fees retained by the Fund amounted to $15.
NOTE 4--SECURITIES TRANSACTIONS:
The aggregate amount of purchases and sales of investment securities,
excluding short-term securities, during the period ended March 31, 1999 amounted
to $88,630,278 and $95,454,932, respectively.
At March 31, 1999, accumulated net unrealized appreciation on investments was
$15,072,979, consisting of $17,316,070 gross unrealized appreciation and
$2,243,091 gross unrealized depreciation.
At March 31, 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).
<PAGE>
(reg.tm)
(reg.tm)
GENERAL CALIFORNIA
MUNICIPAL BOND FUND, INC.
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. 131SA993
General California
Municipal Bond
Fund, Inc.
Semi-Annual
Report
March 31, 1999
<PAGE>
