| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 |
| FORM N-CSR |
| CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT |
| INVESTMENT COMPANIES |
| Investment Company Act file number: 811-4871 |
| GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND |
| (Exact name of Registrant as specified in charter) |
| c/o The Dreyfus Corporation |
| 200 Park Avenue |
| New York, New York 10166 |
| (Address of principal executive offices) (Zip code) |
| |
| Mark N. Jacobs, Esq. |
| 200 Park Avenue |
| New York, New York 10166 |
| (Name and address of agent for service) |
| |
| Registrant's telephone number, including area code: (212) 922-6000 |
| Date of fiscal year end: | | 11/30 |
| Date of reporting period: | | 11/30/04 |
| | | | | FORM N-CSR |
| Item 1. | | Reports to Stockholders. | | |
| General California |
| Municipal Money |
| Market Fund |
| ANNUAL REPORT November 30, 2004 |
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The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value
| Contents |
| |
| | | THE FUND |
| |
|
| 2 | | Letter from the Chairman |
| 3 | | Discussion of Fund Performance |
| 6 | | Understanding Your Fund’s Expenses |
| 6 | | Comparing Your Fund’s Expenses |
| With Those of Other Funds |
| 7 | | Statement of Investments |
| 13 | | Statement of Assets and Liabilities |
| 14 | | Statement of Operations |
| 15 | | Statement of Changes in Net Assets |
| 16 | | Financial Highlights |
| 18 | | Notes to Financial Statements |
| 24 | | Report of Independent Registered |
| | | Public Accounting Firm |
| 25 | | Important Tax Information |
| 26 | | Board Members Information |
| 28 | | Officers of the Fund |
| FOR MORE INFORMATION |
|
| | | Back Cover |
| General California |
| Municipal Money Market Fund |
LETTER FROM THE CHAIRMAN
We are pleased to present this annual report for General California Municipal Money Market Fund, covering the 12-month period from December 1, 2003, through November 30, 2004. 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, Joseph Irace.
Although the U.S. economy recently has alternated between signs of weakness and strength, the Federal Reserve Board has raised short-term interest rates four times since June 2004.This shift in monetary policy represents the first increases in short-term rates in more than four years, and many analysts believe that additional increases may follow in 2005. As a result, tax-exempt money market yields have begun to rise from the historically low levels of the past few years.
At times such as these, when market conditions are in a period of transition, we believe it is especially important for investors to stay in close touch with their financial advisors.Your financial advisor can help you rebalance your portfolio in a way that is designed to respond to the challenges and opportunities of today’s changing investment environment.
Thank you for your continued confidence and support.
DISCUSSION OF FUND PERFORMANCE
Joseph Irace, Portfolio Manager
|
How did General California Municipal Money Market Fund perform during the period?
For the 12-month period ended November 30, 2004, the fund produced yields of 0.58% for Class A shares and 0.24% for Class B shares. Taking into account the effects of compounding, the fund also produced effective yields of 0.58% and 0.24% for Class A and Class B shares, respectively.1
We attribute the fund’s returns to low short-term interest rates. However, money market yields began to rise in the spring of 2004, and tax-exempt money market yields ended the reporting period at their highest levels in approximately two years.
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 pursuing this objective, we employ two primary strategies. First, we normally attempt to add value by constructing a portfolio of high-quality, tax-exempt money market instruments that provide income exempt from federal and California state personal income taxes. Second, we actively manage the fund’s average 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 fund, which could enable us to take advantage of opportunities when short-term supply increases. Generally, yields tend to rise when there is an increase in new-issue supply competing for investor interest. New securities that are generally issued with maturities in the one-year range may in turn lengthen the fund’s
DISCUSSION OF FUND PERFORMANCE (continued)
|
weighted average maturity. If we anticipate limited new-issue supply, we may then look to extend the fund’s average maturity to maintain then-current yields for as long as we believe practical. In addition, 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?
Money market yields remained anchored by the 1% federal funds rate during the first several months of the reporting period as inflationary pressures appeared to remain low and the Federal Reserve Board (the “Fed”) indicated that it could be “patient” before raising short-term interest rates. In April 2004, higher energy prices and stronger-than-expected job growth fueled investors’ concerns that inflationary pressures might be rising, and money market yields began to climb.To forestall a potential acceleration of inflation, the Fed increased its target for the overnight federal funds rate four times between June and November 2004, driving the federal funds rate to 2% by the reporting period’s end.
As the national economy improved, so did the fiscal condition of many states, including California. In March 2004, voters approved a deficit-reduction package that helped relieve the state’s near-term budget pressures. In addition, the recovering economy helped produce higher tax revenues than originally projected.As a result, the state had less need to borrow, and the supply of newly issued securities dropped compared to the same period one year earlier. Reflecting the progress made toward resolving California’s fiscal crisis, the major bond rating agencies upgraded the state’s credit rating during the reporting period. These factors put downward pressure on tax-exempt money market yields.
In this market environment, we continued to invest in high-quality money market securities from California issuers. Although early in the reporting period we maintained the fund’s weighted average maturity in a range we considered longer than industry averages, we reduced the fund’s weighted average maturity in the spring, when investors began to anticipate higher interest rates.This change was designed to maintain the flexibility we need to capture higher yields as they become available.
During the second half of the reporting period, we generally maintained this defensive positioning, focusing primarily on variable-rate demand notes on which yields are reset weekly.Toward the end of the reporting period, however, we began to redeploy assets from variable-rate demand notes to commercial paper and municipal notes with maturities in the six- to 12-month range.We have remained cautious with respect to the state’s unenhanced revenue anticipation notes, instead purchasing securities from local issuers, such as counties and school districts, including those that are insured or backed by bank letters of credit.2
What is the fund’s current strategy?
The fund ended the reporting period with a weighted average maturity that was roughly in line with industry averages. As longer-term money market yields have risen to more attractive levels, we have begun to extend the fund’s weighted average maturity by shifting assets from variable-rate demand notes to longer-term commercial paper and municipal notes. We intend to continue to “ladder” the fund’s longer-term holdings so that securities mature at regular intervals.This strategy is designed to ensure liquidity and guard against the possibility that a disproportionate amount of securities may mature during a time of unusually low reinvestment rates.
| 1 | | 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 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.The yield |
| | | provided for the fund’s Class B shares reflects 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 would have produced |
| | | a yield of 0.13% and an effective yield of 0.13%. |
| 2 | | Insurance on individual portfolio securities extends to the repayment of principal and the payment |
| | | of interest in the event of default. It does not extend to the market value of the portfolio securities |
| | | or the value of the fund’s shares. |
U N D E R S TA N D I N G YO U R F U N D ’ S E X P E N S E S ( U n a u d i t e d )
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
|
The table below shows the expenses you would have paid on a $1,000 investment in General California Municipal Money Market Fund from June 1, 2004 to November 30, 2004. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
| Expenses and Value of a $1,000 Investment | | |
| assuming actual returns for the six months ended November 30, 2004 |
| | | Class A | | Class B |
| |
| |
|
| Expenses paid per $1,000 † | | $ 3.26 | | $ 5.00 |
| Ending value (after expenses) | | $1,003.60 | | $1,001.80 |
| |
| COMPARING YOUR FUND’S EXPENSES | | |
| WITH THOSE OF OTHER FUNDS | | ( U n a u d i t e d ) | | |
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment assuming a hypothetical 5% annualized return for the six months ended November 30, 2004
| | | Class A | | Class B |
| |
| |
|
| Expenses paid per $1,000 † | | $ 3.29 | | $ 5.05 |
| Ending value (after expenses) | | $1,021.75 | | $1,020.00 |
| † Expenses are equal to the fund’s annualized expense ratio of .65% for Class A and 1.00% for Class B; multiplied |
| by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). |
STATEMENT OF INVESTMENTS
November 30, 2004
|
| | | Principal | | | | |
| Tax Exempt Investments—99.9% | | Amount ($) | | Value ($) |
| |
| |
|
| ABAG Finance Authority for Non-Profit | | | | | | |
| Corporations, Revenue, VRDN (Point Loma | | | | | | |
| Nazarene University) 1.76% (LOC; Allied Irish Bank) | | 1,500,000 | | a | | 1,500,000 |
| Alameda County Industrial Development | | | | | | |
| Authority, Industrial Revenue, VRDN: | | | | | | |
| (Plastikon Industries Inc. Project) 1.90% | | | | | | |
| (LOC; California State Teachers Retirement) | | 3,480,000 | | a | | 3,480,000 |
| (Spectrum Label Corp.) | | | | | | |
| 1.90% (LOC; Bank of the West) | | 3,570,000 | | a | | 3,570,000 |
| State of California, GO Notes: | | | | | | |
| CP 1.57%, 12/8/2004 | | | | | | |
| (LOC: Bank of America, Bayerische Landesbank, | | | | | | |
| BNP Paribas, DEPFA Bank, Dexia Credit Locale, | | | | | | |
| HELABA Bank, JPMorgan Chase Bank, Landesbank | | | | |
| Baden-Wuerttemberg, State Street Bank & | | | | | | |
| Trust Co. and WestLB AG) | | 3,000,000 | | | | 3,000,000 |
| VRDN 1.74% (LOC: JPMorgan Chase | | | | | | |
| Bank and WestLB AG) | | 1,100,000 | | a | | 1,100,000 |
| California Educational Facilities Authority | | | | | | |
| College & University Revenue, Refunding | | | | | | |
| VRDN (Art Center Design College) | | | | | | |
| 1.76% (LOC; Allied Irish Bank) | | 4,250,000 | | a | | 4,250,000 |
| California Housing Finance Agency, MFHR | | | | | | |
| VRDN: | | | | | | |
| 1.79% (Liquidity Facility; Landesbank Hessen- | | | | | | |
| Thuringen Girozentrale) | | 4,790,000 | | a | | 4,790,000 |
| 1.79% (Liquidity Facility: Landesbank Hessen- | | | | | | |
| Thuringen Girozentrale and California | | | | | | |
| State Teachers Retirement) | | 20,200,000 | | a | | 20,200,000 |
| California Infrastructure and Economic | | | | | | |
| Development Bank: | | | | | | |
| IDR, VRDN: | | | | | | |
| (Chaparral Property Project) | | | | | | |
| 1.73% (LOC; Comerica Bank) | | 1,765,000 | | a | | 1,765,000 |
| (International Raisins Inc. Project) | | | | | | |
| 1.80% (LOC; M&T Bank) | | 3,750,000 | | a | | 3,750,000 |
| (Lance Camper Manufacturing Corp.) | | | | | | |
| 1.72% (LOC; Comerica Bank) | | 6,000,000 | | a | | 6,000,000 |
| (Studio Moulding Project) | | | | | | |
| 1.73% (LOC; Comerica Bank) | | 505,000 | | a | | 505,000 |
| (Vandalay Holdings LLC) | | | | | | |
| 1.73% (LOC; Comerica Bank) | | 2,257,050 | | a | | 2,257,050 |
| Recreational Revenue | | | | | | |
| (J. Paul Getty Trust) 1.17%, 2/1/2005 | | 2,400,000 | | | | 2,397,738 |
S T A T E M E N T O F I N V E S T M E N T S (continued)
| | | Principal | | | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| California Pollution Control Financing Authority, VRDN: | | | | |
| PCR: | | | | | | |
| Refunding (Pacific Gas & Electric Corp.): | | | | | | |
| 1.67% Series E (LOC; Bank One) | | 10,700,000 | | a | | 10,700,000 |
| 1.67% Series F (LOC; Bank One) | | 2,600,000 | | a | | 2,600,000 |
| (Southdown Inc.) | | | | | | |
| 1.75% (LOC; Wachovia Bank) | | 7,600,000 | | a | | 7,600,000 |
| SWDR: | | | | | | |
| (Athens Services Project) | | | | | | |
| 1.72% (LOC; Wells Fargo Bank) | | 4,100,000 | | a | | 4,100,000 |
| (Burrtec Waste Industries Inc.) | | | | | | |
| 1.72% (LOC; U.S. Bank NA) | | 3,700,000 | | a | | 3,700,000 |
| 1.87% (LOC; Union Bank of California) | | 1,985,000 | | a | | 1,985,000 |
| (California Waste Solutions) | | | | | | |
| 1.72% (LOC; California State | | | | | | |
| Teachers Retirement) | | 3,570,000 | | a | | 3,570,000 |
| (Chicago Grade Landfill) | | | | | | |
| 1.77% (LOC; Comerica Bank) | | 1,495,000 | | a | | 1,495,000 |
| (CR&R Inc. Project) | | | | | | |
| 1.75% (LOC; Bank of the West) | | 3,895,000 | | a | | 3,895,000 |
| (Greenwaste Recovery Project) | | | | | | |
| 1.77% (LOC; Comerica Bank) | | 1,870,000 | | a | | 1,870,000 |
| (Metropolitan Recycling Corp. Project): | | | | | | |
| 1.77%, Series A (LOC; Comerica Bank) | | 3,335,000 | | a | | 3,335,000 |
| 1.77%, Series B (LOC; Comerica Bank) | | 2,065,000 | | a | | 2,065,000 |
| (Mottra Corp. Project) | | | | | | |
| 1.72% (LOC; Wells Fargo Bank) | | 2,020,000 | | a | | 2,020,000 |
| (Norcal Waste System Inc. Project): | | | | | | |
| 1.72% (LOC; Bank of America) | | 15,120,000 | | a | | 15,120,000 |
| 1.77% (LOC; Comerica Bank) | | 8,155,000 | | a | | 8,155,000 |
| (Ratto Group Co. Inc. Project) | | | | | | |
| 1.72% (LOC; California State | | | | | | |
| Teachers Retirement) | | 4,100,000 | | a | | 4,100,000 |
| (Specialty Solid Waste Project) | | | | | | |
| 1.77% (LOC; Comerica Bank) | | 2,960,000 | | a | | 2,960,000 |
| California Public Works Board, LR (Secretary of State) | | | | |
| 6.10%, 12/1/2004 (Insured; AMBAC) | | 2,000,000 | | | | 2,000,000 |
| California School Cash Reserve Program Authority | | | | |
| Revenue 3%, 7/6/2005 (Insured; AMBAC) | | 3,500,000 | | | | 3,522,306 |
| California State Economic Recovery, Revenue | | | | | | |
| VRDN 1.74% (Liquidity Facility; Landesbank | | | | | | |
| Baden—Wuerttemberg) | | 3,850,000 | | a | | 3,850,000 |
| California State Department of Water Resources | | | | |
| Power Supply Revenue, VRDN | | | | | | |
| 1.74% (LOC; BNP Paribas) | | 12,150,000 | | a | | 12,150,000 |
| |
| 8 | | | | | | |
| | | Principal | | | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| California State University Institute, Educational Revenue | | | | | | |
| CP 1.22%, 12/10/2004 (LOC: Bayerische Landesbank, | | | | | | |
| JPMorgan Chase Bank and State Street Bank & Trust Co.) | | 3,600,000 | | | | 3,600,000 |
| California Statewide Communities Development | | | | | | |
| Authority: | | | | | | |
| Revenue (Kaiser Permanente): | | | | | | |
| 1.08%, 4/1/2005 | | 10,000,000 | | | | 9,995,718 |
| CP 1.22%, 12/8/2004 | | 6,200,000 | | | | 6,200,000 |
| VRDN: | | | | | | |
| IDR (American Modular System Project) | | | | | | |
| 1.79% (LOC; Bank of the West) | | 600,000 | | a | | 600,000 |
| Revenue: | | | | | | |
| (Kaiser Permanente) 1.68% | | 4,300,000 | | a | | 4,300,000 |
| Refunding (University Retirement | | | | | | |
| Community at Davis) 1.68% (Insured; | | | | | | |
| Radian Bank and Liquidity Facility; | | | | | | |
| Bank of America) | | 10,780,000 | | a | | 10,780,000 |
| California Statewide Communities Development | | | | | | |
| Corporation, IDR, VDRN: | | | | | | |
| (American River) | | | | | | |
| 1.77% (LOC; California State | | | | | | |
| Teachers Retirement) | | 1,575,000 | | a | | 1,575,000 |
| (Evapco Inc. Project) | | | | | | |
| 1.77% (LOC; California State | | | | | | |
| Teachers Retirement) | | 175,000 | | a | | 175,000 |
| (Flambeau Airmold Corp.) | | | | | | |
| 1.72% (LOC; ABN-AMRO) | | 1,800,000 | | a | | 1,800,000 |
| (Florestone Products Co.) | | | | | | |
| 1.77% (LOC; California State | | | | | | |
| Teachers Retirement) | | 670,000 | | a | | 670,000 |
| (Lesaint) | | | | | | |
| 1.72% (LOC; PNC Bank) | | 1,560,000 | | a | | 1,560,000 |
| (Setton Properties) | | | | | | |
| 1.72% (LOC; Wells Fargo Bank) | | 100,000 | | a | | 100,000 |
| (South Bay Circuits) | | | | | | |
| 1.77% (LOC; California State | | | | | | |
| Teachers Retirement) | | 900,000 | | a | | 900,000 |
| Dry Creek Joint Elementary School District | | | | | | |
| GO Notes, TRAN 3%, 9/28/2005 | | 2,680,000 | | | | 2,703,810 |
| East Bay-Delta Housing and Finance Authority | | | | | | |
| Revenue, Lease Purchase Program | | | | | | |
| 4.25%, 6/1/2005 (Insured; MBIA) | | 3,945,000 | | | | 3,991,123 |
| FHLMC Multifamily VRDN Certificates | | | | | | |
| Revenue, VRDN 1.82% (Liquidity Facility; FHLMC) | | 18,394,709 | | a | | 18,394,709 |
S T A T E M E N T O F I N V E S T M E N T S (continued)
| | | Principal | | | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Huntington Park Public Financing Authority, LR | | | | | | |
| VRDN (Parking Project) 1.75% | | | | | | |
| (LOC; Union Bank of California) | | 2,875,000 | | a | | 2,875,000 |
| Los Angeles Industrial Development Authority | | | | | | |
| Empowerment Zone Facility Revenue, VRDN | | | | | | |
| (AAA Packing & Shipping Project) 1.72% | | | | | | |
| (LOC; California State Teachers Retirement) | | 3,000,000 | | a | | 3,000,000 |
| Marysville Joint Unified School District | | | | | | |
| GO Notes, TRAN 3%, 10/5/2005 | | 3,850,000 | | | | 3,879,224 |
| Montebello, GO Notes, TRAN 3%, 6/30/2005 | | 4,500,000 | | | | 4,532,972 |
| Oakland Joint Powers Financing Authority, LR | | | | | | |
| Refunding (Oakland Convention Centers) | | | | | | |
| 5%, 10/1/2005 (Insured; AMBAC) | | 1,000,000 | | | | 1,024,227 |
| Pacific Housing and Finance Agency, LR | | | | | | |
| Lease Purchase Program | | | | | | |
| 4.625%, 12/1/2004 (Insured; MBIA) | | 2,680,000 | | | | 2,680,000 |
| Riverside County Industrial Development | | | | | | |
| Authority, IDR, VRDN (California Mold Inc. | | | | | | |
| Project) 1.88% (LOC; Bank of the West) | | 2,910,000 | | a | | 2,910,000 |
| Rocklin Unified School District | | | | | | |
| GO Notes, TRAN 3%, 9/28/2005 | | 2,255,000 | | | | 2,275,035 |
| Roseville Joint Union High School District | | | | | | |
| GO Notes, TRAN 3%, 9/28/2005 | | 4,290,000 | | | | 4,328,115 |
| San Bernardino County Industrial Development | | | | | | |
| Authority, IDR, VRDN (W&H Voortman) | | | | | | |
| 1.77% (LOC; California State Teachers Retirement) | | 2,100,000 | | a | | 2,100,000 |
| San Diego Area Housing and Finance Agency | | | | | | |
| LR, VRDN | | | | | | |
| 1.78% (Liquidity Facility; Societe Generale) | | 13,000,000 | | a | | 13,000,000 |
| San Diego Housing Authority, MFHR, VRDN | | | | | | |
| (Logan Square Apartments) | | | | | | |
| 1.79% (Liquidity Facility; Merrill Lynch) | | 8,265,000 | | a | | 8,265,000 |
| | | Principal | | | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| City of San Jose, Airport Revenue, Refunding | | | | | | |
| 4.25%, 3/1/2005 (Insured; FSA) | | 1,650,000 | | | | 1,658,735 |
| San Juan Unified School District | | | | | | |
| GO Notes, TRAN 3%, 11/18/2005 | | 7,000,000 | | | | 7,062,720 |
| Selma Public Financing Authority, LR, Refunding | | | | | | |
| VRDN (Street Improvement and | | | | | | |
| Redevelopment Project) | | | | | | |
| 1.69% (LOC; Allied Irish Bank) | | 6,650,000 | | a | | 6,650,000 |
| South Coast Local Education Agencies | | | | | | |
| GO Notes, TRAN 3%, 6/30/2005 | | 5,000,000 | | | | 5,037,044 |
| City of Whittier, College and University Revenue | | | | | | |
| Refunding, VRDN (Whittier College) 1.77% | | | | | | |
| (Insured; Radian Bank and Liquidity Facility; | | | | | | |
| The Bank of New York) | | 7,000,000 | | a | | 7,000,000 |
| |
| |
| |
|
| |
| Total Investments (cost $304,970,760) | | 99.9% | | | | 304,980,526 |
| Cash and Receivables (Net) | | .1% | | | | 441,630 |
| Net Assets | | 100.0% | | | | 305,422,156 |
S T A T E M E N T O F I N V E S T M E N T S (continued)
| Summary of Abbreviations | | | | | | |
| |
| AMBAC | | American Municipal Bond | | LR | | Lease Revenue |
| | | | | Assurance Corporation | | MBIA | | Municipal Bond Investors Assurance |
| CP | | Commercial Paper | | | | Insurance Corporation |
| FHLMC | | Federal Home Loan Mortgage | | MFHR | | Multi-Family Housing Revenue |
| | | | | Corporation | | PCR | | Pollution Control Revenue |
| FSA | | Financial Security Assurance | | SWDR | | Solid Waste Disposal Revenue |
| GO | | General Obligation | | TRAN | | Tax and Revenue Anticipation Notes |
| IDR | | Industrial Development Revenue | | VRDN | | Variable Rate Demand Notes |
| LOC | | Letter of Credit | | | | | | |
| |
| |
| |
| |
|
| |
| |
| |
| Summary of Combined Ratings (Unaudited) | | | | |
| |
| Fitch | | or | | Moody’s or | | Standard & Poor’s | | Value (%) † |
| |
| |
| |
| |
|
| F1+,F1 | | | | VMIG1, MIG1, P1 | | SP1+, SP1, A1+, A1 | | 95.3 |
| AAA, AA, A b | | Aaa, Aa, A b | | AAA, AA, A b | | | | 4.7 |
| | | | | | | | | | | | | 100.0 |
| |
| † | | Based on total investments. | | | | | | |
| a | | Securities payable on demand.Variable interest rate—subject to periodic change. | | |
| b | | Notes which are not F, MIG and SP rated are represented by bond ratings of the issuers. |
| See notes to financial statements. | | | | | | |
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2004
| | | Cost | | Value |
| |
| |
|
| Assets ($): | | | | |
| Investments in securities—See Statement of Investments | | 304,970,760 | | 304,980,526 |
| Interest receivable | | | | 862,252 |
| Prepaid expenses | | | | 27,850 |
| | | | | 305,870,628 |
| |
| |
|
| Liabilities ($): | | | | |
| Due to The Dreyfus Corporation and affiliates—Note 2(c) | | | | 140,329 |
| Cash overdraft due to Custodian | | | | 180,676 |
| Payable for shares of Beneficial Interest redeemed | | | | 42,550 |
| Accrued expenses | | | | 84,917 |
| | | | | 448,472 |
| |
| |
|
| Net Assets ($) | | | | 305,422,156 |
| |
| |
|
| Composition of Net Assets ($): | | | | |
| Paid-in capital | | | | 305,439,223 |
| Accumulated net realized gain (loss) on investments | | | | (26,833) |
| Accumulated gross unrealized appreciation on investments | | 9,766 |
| |
|
| Net Assets ($) | | | | 305,422,156 |
| |
| |
|
| |
| |
| Net Asset Value Per Share | | | | |
| | | Class A | | Class B |
| |
| |
|
| Net Assets ($) | | 288,501,951 | | 16,920,205 |
| Shares Outstanding | | 288,521,997 | | 16,917,226 |
| |
| |
|
| Net Asset Value Per Share ($) | | 1.00 | | 1.00 |
See notes to financial statements.
|
STATEMENT OF OPERATIONS
Year Ended November 30, 2004
|
| Investment Income ($): | | |
| Interest Income | | 3,235,034 |
| Expenses: | | |
| Management fee—Note 2(a) | | 1,315,076 |
| Shareholder servicing costs—Note 2(c) | | 262,129 |
| Professional fees | | 48,941 |
| Custodian fees | | 38,132 |
| Registration fees | | 38,043 |
| Distribution and prospectus fees—Note 2(b) | | 32,541 |
| Prospectus and shareholders’ reports | | 30,655 |
| Trustees’ fees and expenses—Note 2(d) | | 10,270 |
| Miscellaneous | | 12,528 |
| Total Expenses | | 1,788,315 |
| Less—reduction in shareholder servicing costs | | |
| due to undertaking—Note 2(c) | | (18,455) |
| Less—reduction in custody fees | | |
| due to earnings credits—Note 1(b) | | (20,279) |
| Net Expenses | | 1,749,581 |
| Investment Income—Net | | 1,485,453 |
| |
|
| Net Unrealized Appreciation (Depreciation) on Investments | | 9,766 |
| Net Increase in Net Assets Resulting from Operations | | 1,495,219 |
See notes to financial statements.
|
STATEMENT OF CHANGES IN NET ASSETS
| | | Year Ended November 30, |
| |
|
| | | 2004 | | 2003 |
| |
| |
|
| Operations ($): | | | | |
| Investment income—net | | 1,485,453 | | 1,936,880 |
| Net realized gain (loss) on investments | | — | | 800 |
| Net unrealized appreciation | | | | |
| (depreciation) on investments | | 9,766 | | — |
| Net Increase (Decrease) in Net Assets | | | | |
| Resulting from Operations | | 1,495,219 | | 1,937,680 |
| |
| |
|
| Dividends to Shareholders from ($): | | | | |
| Investment income—net: | | | | |
| Class A shares | | (1,446,771) | | (1,889,572) |
| Class B shares | | (38,682) | | (47,308) |
| Total Dividends | | (1,485,453) | | (1,936,880) |
| |
| |
|
| Beneficial Interest Transactions ($1.00 per share): | | |
| Net proceeds from shares sold: | | | | |
| Class A shares | | 1,028,945,968 | | 1,462,665,342 |
| Class B shares | | 91,646,602 | | 81,304,752 |
| Dividends reinvested: | | | | |
| Class A shares | | 1,394,740 | | 1,784,874 |
| Class B shares | | 38,425 | | 46,913 |
| Cost of shares redeemed: | | | | |
| Class A shares | | (995,481,230) | | (1,589,224,509) |
| Class B shares | | (92,435,505) | | (71,697,143) |
| Increase (Decrease) in Net Assets from | | | | |
| Beneficial Interest Transactions | | 34,109,000 | | (115,119,771) |
| Total Increase (Decrease) in Net Assets | | 34,118,766 | | (115,118,971) |
| |
| |
|
| Net Assets ($): | | | | |
| Beginning of Period | | 271,303,390 | | 386,422,361 |
| End of Period | | 305,422,156 | | 271,303,390 |
See notes to financial statements.
|
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.
| | | | | Year Ended November 30, | | |
| |
| |
| |
|
| Class A Shares | | 2004 | | 2003 | | 2002 | | 2001 | | 2000 |
| |
| |
| |
| |
| |
|
| Per Share Data ($): | | | | | | | | | | |
| Net asset value, beginning of period | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
| Investment Operations: | | | | | | | | | | |
| Investment income—net | | .006 | | .006 | | .010 | | .022 | | .030 |
| Distributions: | | | | | | | | | | |
| Dividends from investment income—net | | (.006) | | (.006) | | (.010) | | (.022) | | (.030) |
| Net asset value, end of period | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
| |
| |
| |
| |
| |
|
| Total Return (%) | | .58 | | .55 | | 1.01 | | 2.20 | | 3.04 |
| |
| |
| |
| |
| |
|
| Ratios/Supplemental Data (%): | | | | | | | | | | |
| Ratio of total expenses | | | | | | | | | | |
| to average net assets | | .65 | | .62 | | .61 | | .58 | | .58 |
| Ratio of net expenses | | | | | | | | | | |
| to average net assets | | .64 | | .62 | | .61 | | .58 | | .58 |
| Ratio of net investment income | | | | | | | | | | |
| to average net assets | | .59 | | .56 | | 1.00 | | 2.20 | | 2.98 |
| |
| |
| |
| |
| |
|
| Net Assets, end of period ($ X 1,000) | | 288,502 | | 253,633 | | 378,407 | | 476,007 | | 597,054 |
See notes to financial statements.
|
| | | | | Year Ended November 30, | | |
| |
| |
| |
|
| Class B Shares | | 2004 | | 2003 | | 2002 | | 2001 | | 2000 |
| |
| |
| |
| |
| |
|
| Per Share Data ($): | | | | | | | | | | |
| Net asset value, beginning of period | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
| Investment Operations: | | | | | | | | | | |
| Investment income—net | | .002 | | .004 | | .006 | | .018 | | .026 |
| Distributions: | | | | | | | | | | |
| Dividends from investment income—net | | (.002) | | (.004) | | (.006) | | (.018) | | (.026) |
| Net asset value, end of period | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
| |
| |
| |
| |
| |
|
| Total Return (%) | | .24 | | .36 | | .62 | | 1.78 | | 2.63 |
| |
| |
| |
| |
| |
|
| Ratios/Supplemental Data (%): | | | | | | | | | | |
| Ratio of total expenses | | | | | | | | | | |
| to average net assets | | 1.10 | | 1.07 | | 1.10 | | 1.04 | | 1.05 |
| Ratio of net expenses | | | | | | | | | | |
| to average net assets | | .98 | | .83 | | 1.00 | | 1.00 | | 1.00 |
| Ratio of net investment income | | | | | | | | | | |
| to average net assets | | .24 | | .30 | | .61 | | 1.86 | | 2.53 |
| |
| |
| |
| |
| |
|
| Net Assets, end of period ($ X 1,000) | | 16,920 | | 17,670 | | 8,016 | | 3,795 | | 9,948 |
See notes to financial statements.
|
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 California state personal income taxes, to the extent consistent with the preservation of capital and the maintenance of liquidity. The Dreyfus Corporation (the “Manager” or “Dreyfus”) serves as the fund’s investment adviser.The Manager is a wholly-owned subsidiary of Mellon Financial Corporation (“Mellon Financial”).
Dreyfus Service Corporation (the “Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest 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, Class A shares and Class B shares are subject to a Shareholders Services Plan. 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. During the period ended November 30, 2004, sub-accounting service fees amounted to $7,967 for Class B shares and are included in shareholder servicing costs. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on relative net assets.
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 U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, 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 accretion of discount and amortization of premium on investments is earned from settlement date and recognized on the accrual basis.
The fund has an arrangement with the custodian bank whereby the fund receives earnings credits from the custodian when positive cash balances are maintained, which are used to offset custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.
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
NOTES TO FINANCIAL STATEMENTS (continued)
|
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.
At November 30, 2004, the components of accumulated earnings on a tax basis were substantially the same as for financial reporting purposes.
The accumulated capital loss carryover of $26,833 is available to be applied against future net securities profits, if any, realized subsequent to November 30, 2004. If not applied, $5,616 of the carryover expires in fiscal 2005, $8,381 expires in fiscal 2006 and $12,836 expires in fiscal 2007.
The tax character of distributions paid to shareholders during the fiscal periods ended November 30, 2004 and November 30, 2003, were all tax exempt income.
At November 30, 2004, 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 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, 2004, 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 bear directly the cost of preparing, printing and distributing prospectuses and statements of additional information and of implementing and operating the Class B Distribution Plan, such aggregate amount not to exceed in any fiscal year of the fund, the greater of $100,000 or .005 of 1% of the average daily net assets of Class B. In addition, Class B shares reimburse the Distributor for payments made to third parties for distributing Class B shares at an annual rate not to exceed .20 of 1% of the value of the average daily net assets of Class B shares. During the period ended November 30, 2004, Class B shares were charged $32,541 pursuant to the Class B Distribution Plan.
(c) Under the Shareholder Services Plan with respect to Class A (“Class A Shareholder Services Plan”), Class A shares reimburse the Distributor an amount not to exceed an annual rate of .25 of 1% of the value of the average daily net assets of Class A shares 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, 2004, Class A shares were charged $99,933 pursuant to the Class A Shareholder Services Plan.
Under the Shareholder Services Plan with respect to Class B (“Class B Shareholder Services Plan”), Class B shares pay the Distributor, at an annual rate of .25 of 1% of the value of the average daily net assets of Class B shares for servicing shareholder accounts.The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding Class B shares and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents in respect of their services.The Distributor determines the amounts to be paid to Service Agents.
NOTES TO FINANCIAL STATEMENTS (continued)
|
The Manager had undertaken from December 1, 2003 through November 30, 2004, to reduce the expenses of Class B shares, if the aggregate expenses of Class B shares of the fund, exclusive of taxes, brokerage fees, interest on borrowings and extraordinary expenses, exceed an annual rate of 1% of the value of the average daily net assets of Class B shares. In addition, the Manager may, at times, limit certain money market fund expenses in an effort to enhance yields of a fund, or a particular class of a fund, as applicable, because of low interest rates. The Manager limited fund expenses on the fund (Class B) to maintain a minimum yield of 10 basis points. Such expense limitations are voluntary, temporary and may be revised or terminated at anytime. During the period ended November 30, 2004, Class B shares were charged $39,835 of which $18,455 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, 2004, the fund was charged $65,469 pursuant to the transfer agency agreement.
The components of Due to The Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consist of: management fees $124,450, Rule 12b-1 distribution plan fees $2,620, shareholder services plan fees $3,931, and transfer agency per account fees $10,613, which are offset against an expense reimbursement currently in effect in the amount of $1,285.
(d) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
Two class actions have been filed against Mellon Financial, Mellon Bank, N.A., Dreyfus, Founders Asset Management LLC and the directors of all or substantially all of the Dreyfus Funds, on behalf of a purported class and derivatively on behalf of said funds, alleging violations
of the Investment Company Act of 1940, the Investment Advisers Act of 1940, and the common law. The complaints alleged, among other things, (i) that 12b-1 fees and directed brokerage were improperly used to pay brokers to recommend Dreyfus funds over other funds, (ii) that such payments were not disclosed to investors, (iii) that economies of scale and soft-dollar benefits were not passed on to investors, and (iv) that 12b-1 fees charged to certain funds that were closed to new investors were also improper. The complaints sought compensatory and punitive damages, rescission of the advisory contracts and an accounting and restitution of any unlawful fees, as well as an award of attorneys’ fees and litigation expenses. On April 22, 2004, the actions were consolidated under the caption In re Dreyfus Mutual Funds Fee Litigation, and a consolidated amended complaint was filed on September 13, 2004.While adding new parties and claims under state and federal law, the allegations in the consolidated amended complaint essentially track the allegations in the prior complaints pertaining to 12b-1 fees, directed brokerage, soft dollars and revenue sharing. Dreyfus and the funds believe the allegations to be totally without merit and intend to defend the action vigorously.
Additional lawsuits arising out of these circumstances and presenting similar allegations and requests for relief may be filed against the defendants in the future. Neither Dreyfus nor the Dreyfus funds believe that any of the pending actions will have a material adverse effect on the Dreyfus funds or Dreyfus’ ability to perform its contracts with the Dreyfus funds.
| REPORT OF INDEPENDENT REGISTERED |
| PUBLIC ACCOUNTING FIRM |
| Shareholders and Board of Trustees |
| General California Municipal Money Market Fund |
We have audited the accompanying statement of assets and liabilities, including the statement of investments, of General California Municipal Money Market Fund as of November 30, 2004, 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 the standards of the Public Company Accounting Oversight Board (United States).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, 2004 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, 2004, 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 U.S. generally accepted accounting principles.
New York, New York
January 10, 2005
|
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, 2004 as “exempt-interest dividends” (not subject to regular federal and, for individuals who are California residents, California personal income taxes).
BOARD MEMBERS INFORMATION (Unaudited)
Joseph S. DiMartino (61)
Chairman of the Board (1995)
|
Principal Occupation During Past 5 Years:
• Corporate Director and Trustee
|
Other Board Memberships and Affiliations:
|
- The Muscular Dystrophy Association, Director
- Levcor International, Inc., an apparel fabric processor, Director
- Century Business Services, Inc., a provider of outsourcing functions for small and medium size companies, Director
- The Newark Group, a provider of a national market of paper recovery facilities, paperboard mills and paperboard converting plants, Director
- Azimuth Trust, an institutional asset management firm, Member of Board of Managers and Advisory Board
No. of Portfolios for which Board Member Serves: 186
———————
Clifford L. Alexander, Jr. (71) Board Member (1986)
Principal Occupation During Past 5 Years:
|
- President of Alexander & Associates, Inc., a management consulting firm ( January 1981-present)
- Chairman of the Board of Moody’s Corporation (October 2000-October 2003)
- Chairman of the Board and Chief Executive Officer of The Dun and Bradstreet Corporation (October 1999-September 2000)
Other Board Memberships and Affiliations:
|
- Wyeth (formerly, American Home Products Corporation), a global leader in pharmaceuticals, consumer healthcare products and animal health products, Director
- Mutual of America Life Insurance Company, Director
No. of Portfolios for which Board Member Serves: 65
———————
Peggy C. Davis (61) Board Member (1990)
Principal Occupation During Past 5 Years:
|
- Shad Professor of Law, New York University School of Law (1983-present)
- Writer and teacher in the fields of evidence, constitutional theory, family law, social sciences and the law, legal process and professional methodology and training
No. of Portfolios for which Board Member Serves: 26
|
Ernest Kafka (72)
Board Member (1986)
|
Principal Occupation During Past 5 Years:
|
- Physician engaged in private practice specializing in the psychoanalysis of adults and adolescents (1962-present)
- Instructor,The New York Psychoanalytic Institute (1981-present)
- Associate Clinical Professor of Psychiatry at Cornell Medical School (1987-2002)
No. of Portfolios for which Board Member Serves: 26
|
Nathan Leventhal (61)
Board Member (1989)
|
Principal Occupation During Past 5 Years:
|
- A management consultant for various non-profit organizations (May 2004-present)
- Chairman of the Avery-Fischer Artist Program (November 1997-present)
- President of Lincoln Center for the Performing Arts, Inc. (March 1984-December 2000)
Other Board Memberships and Affiliations:
• Movado Group, Inc., Director
|
No. of Portfolios for which Board Member Serves: 26
|
Once elected all Board Members serve for an indefinite term.The address of the Board Members and Officers is in c/o The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166.Additional information about the Board Members is available in the fund’s Statement of Additional Information which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-554-4611.
Saul B. Klaman, Emeritus Board Member
OFFICERS OF THE FUND (Unaudited)
STEPHEN E. CANTER, President since March 2000.
Chairman of the Board, Chief Executive Officer and Chief Operating Officer of the Manager, and an officer of 93 investment companies (comprised of 186 portfolios) managed by the Manager. Mr. Canter also is a Board member and, where applicable, an Executive Committee Member of the other investment management subsidiaries of Mellon Financial Corporation, each of which is an affiliate of the Manager. He is 59 years old and has been an employee of the Manager since May 1995.
STEPHEN R. BYERS, Executive Vice President since November 2002.
Chief Investment Officer,Vice Chairman and a director of the Manager, and an officer of 93 investment companies (comprised of 186 portfolios) managed by the Manager. Mr. Byers also is an officer, director or an Executive Committee Member of certain other investment management subsidiaries of Mellon Financial Corporation, each of which is an affiliate of the Manager. He is 51 years old and has been an employee of the Manager since January 2000. Prior to joining the Manager, he served as an Executive Vice President-Capital Markets, Chief Financial Officer and Treasurer at Gruntal & Co., L.L.C.
MARK N. JACOBS, Vice President since March 2000.
Executive Vice President, Secretary and General Counsel of the Manager, and an officer of 94 investment companies (comprised of 202 portfolios) managed by the Manager. He is 58 years old and has been an employee of the Manager since June 1977.
STEVEN F. NEWMAN, Secretary since March 2000.
Associate General Counsel and Assistant Secretary of the Manager, and an officer of 94 investment companies (comprised of 202 portfolios) managed by the Manager. He is 55 years old and has been an employee of the Manager since July 1980.
JANETTE E. FARRAGHER, Assistant Secretary since March 2000.
Associate General Counsel of the Manager, and an officer of 12 investment companies (comprised of 23 portfolios) managed by the Manager. She is 42 years old and has been an employee of the Manager since February 1984.
MICHAEL A. ROSENBERG, Assistant Secretary since March 2000.
Associate General Counsel of the Manager, and an officer of 91 investment companies (comprised of 195 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since October 1991.
JAMES WINDELS, Treasurer since November 2001.
Director – Mutual Fund Accounting of the Manager, and an officer of 94 investment companies (comprised of 202 portfolios) managed by the Manager. He is 46 years old and has been an employee of the Manager since April 1985.
ROBERT ROBOL, Assistant Treasurer since August 2003.
Senior Accounting Manager – Money Market Funds of the Manager, and an officer of 39 investment companies (comprised of 85 portfolios) managed by the Manager. He is 40 years old and has been an employee of the Manager since October 1988.
KENNETH J. SANDGREN, Assistant Treasurer since November 2001.
Mutual Funds Tax Director of the Manager, and an officer of 94 investment companies (comprised of 202 portfolios) managed by the Manager. He is 50 years old and has been an employee of the Manager since June 1993.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (94 investment companies, comprising 202 portfolios). From November 2001 through March 2004, Mr. Connolly was first Vice-President, Mutual Fund Servicing for Mellon Global Securities Services. In that capacity, Mr. Connolly was responsible for managing Mellon’s Custody, Fund Accounting and Fund Administration services to third-party mutual fund clients. He is 47 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.
WILLIAM GERMENIS, Anti-Money Laundering Compliance Officer since September 2002.
Vice President and Anti-Money Laundering Compliance Officer of the Distributor, and the Anti-Money Laundering Compliance Officer of 89 investment companies (comprised of 197 portfolios) managed by the Manager. He is 34 years old and has been an employee of the Distributor since October 1998.
For More Information
| General California | | Transfer Agent & |
| Municipal Money Market Fund | | Dividend Disbursing Agent |
| 200 Park Avenue | | Dreyfus Transfer, Inc. |
| New York, NY 10166 | | 200 Park Avenue |
| Manager | | New York, NY 10166 |
| The Dreyfus Corporation | | Distributor |
| 200 Park Avenue | | Dreyfus Service Corporation |
| New York, NY 10166 | | 200 Park Avenue |
| Custodian | | New York, NY 10166 |
| The Bank of New York | | |
| One Wall Street | | |
| New York, NY 10286 | | |
Telephone 1-800-645-6561
Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144 E-mail Send your request to info@dreyfus.com Internet Information can be viewed online or downloaded at: http://www.dreyfus.com
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Information regarding how the fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2004, is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-645-6561.
© 2005 Dreyfus Service Corporation
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.
| Item 3. | | Audit Committee Financial Expert. |
The Registrant's Board has determined that Joseph S. DiMartino, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. DiMartino is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.
| Item 4. | | Principal Accountant Fees and Services |
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $27,400 in 2003 and $28,770 in 2004.
(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $-0- in 2003 and $-0- in 2004.
The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $125,000 in 2003 and $178,500 in 2004.
Note: For the second paragraph in each of (b) through (d) of this Item 4, certain of such services were not pre-approved prior to May 6, 2003, when such services were required to be pre-approved. On and after May 6, 2003, 100% of all services provided by the Auditor were pre-approved as required. For comparative purposes, the fees shown assume that all such services were pre-approved, including services that were not pre-approved prior to the compliance date of the pre-approval requirement.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $2,487 in 2003 and $2,674 in 2004. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, (iii) tax advice regarding tax qualification matters and/or treatment of various
financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies.
The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates which required pre-approval by the Audit Committee were $-0- in 2003 and $-0- in 2004.
(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $-0- in 2003 and $162 in 2004. These services consisted of a review of the Registrant's anti-money laundering program.
The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee were $-0- in 2003 and $-0- in 2004.
Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.
Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $292,712 in 2003 and $653,655 in 2004.
Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates which were not pre-approved (not requiring pre-approval) is compatible with maintaining the Auditor's independence.
| Item 5. | | Audit Committee of Listed Registrants. |
| | | Not applicable. | | [CLOSED-END FUNDS ONLY] |
| Item 6. | | Schedule of Investments. |
| | | Not applicable. | | |
| Item 7. | | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management |
| | | Investment Companies. |
| | | Not applicable. | | [CLOSED-END FUNDS ONLY] |
| Item 8. | | Purchases of Equity Securities by Closed-End Management Investment Companies and |
| | | Affiliated Purchasers. |
| | | Not applicable. | | [CLOSED-END FUNDS ONLY] |
| Item 9. | | Submission of Matters to a Vote of Security Holders. |
The Registrant has a Nominating Committee (the "Committee"), which is responsible for selecting and nominating persons for election or appointment by the Registrant's Board as Board members. The Committee has adopted a Nominating Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Registrant, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor West, New York,
New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity, business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Registrant and its shareholders.
Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.
| Item 10. | | Controls and Procedures. |
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
| (a)(1) | | Code of ethics referred to in Item 2. |
| (a)(2) | | Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) |
| under the Investment Company Act of 1940. |
| (a)(3) | | Not applicable. |
| (b) | | Certification of principal executive and principal financial officers as required by Rule 30a-2(b) |
| under the Investment Company Act of 1940. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
GENERAL CALIFORNIA MUNICIPAL MONEY MARKET FUND
| By: | | /s/ Stephen E. Canter |
| | | Stephen E. Canter |
| | | President |
| |
| Date: | | February 4, 2005 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | | /s/ Stephen E. Canter |
| | | Stephen E. Canter |
| | | Chief Executive Officer |
| |
| Date: | | February 4, 2005 |
| |
| By: | | /s/ James Windels |
| James Windels |
| | | Chief Financial Officer |
| |
| Date: | | February 4, 2005 |
| | | EXHIBIT INDEX |
| (a)(1) | | Code of ethics referred to in Item 2. |
| (a)(2) | | Certifications of principal executive and principal financial officers as required by Rule 30a- |
| 2(a) under the Investment Company Act of 1940. (EX-99.CERT) |
| (b) | | Certification of principal executive and principal financial officers as required by Rule 30a- |
| 2(b) under the Investment Company Act of 1940. (EX-99.906CERT) |
