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) | |
| | |
| Michael A. Rosenberg, 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: | 5/31/11 | |
| | | | | | | |
FORM N-CSR
Item 1. Reports to Stockholders.
|
| General California |
| Municipal Money |
| Market Fund |
SEMIANNUAL REPORT May 31, 2011
Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.dreyfus.com and sign up for Dreyfus eCommunications. It’s simple and only takes a few minutes.
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 | A Letter from the Chairman and CEO |
| 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 |
| 15 | Statement of Assets and Liabilities |
| 16 | Statement of Operations |
| 17 | Statement of Changes in Net Assets |
| 18 | Financial Highlights |
| 20 | Notes to Financial Statements |
| | FOR MORE INFORMATION |
| | Back Cover |
General California
Municipal Money Market Fund
The Fund
A LETTER FROM THE CHAIRMAN AND CEO
Dear Shareholder:
We are pleased to present this semiannual report for General California Municipal Money Market Fund, covering the six-month period from December 1, 2010, through May 31, 2011. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
The U.S. economy appears to have hit a soft patch in the spring of 2011 after accelerating over the second half of 2010. Disappointing labor, housing and manufacturing data have come at a time of higher energy prices and some tightening of monetary policy in global markets. In our view, the current slowdown should be relatively brief as the world recovers from the supply shocks created by weather impacts on food production, the decline in Libyan oil exports and supply-chain disruptions stemming from Japan’s natural and nuclear disasters.Yields of money market instruments remained near zero percent in this choppy economic environment, as the Federal Reserve Board maintained its aggressively accommodative policy stance.
We remain optimistic as the U.S. economy moves through the middle stages of its cycle. Indeed, global macroeconomic policy generally has remained stimulative despite the recent efforts of some central banks to forestall inflationary pressures. We continue to expect sustainable economic growth, a rising but volatile uptrend in inflation and an improving U.S. labor market in the months ahead.As always, to determine how these forces may affect your investments, we urge you to talk regularly with your financial advisor.
Thank you for your continued confidence and support.
Jonathan R. Baum
Chairman and Chief Executive Officer
The Dreyfus Corporation
June 15, 2011
2
DISCUSSION OF FUND PERFORMANCE
For the period of December 1, 2010, through May 31, 2011, as provided by Joseph Irace, Senior Portfolio Manager
Fund and Market Performance Overview
For the six-month period ended May 31, 2011, General California Municipal Money Market Fund’s Class A and Class B shares produced annualized yields of 0.00% and 0.00%, respectively.Taking into account the effects of compounding, the fund’s Class A and Class B shares produced annualized effective yields of 0.00% and 0.00%, respectively.1
Although investors grew more optimistic about the economy early in the reporting period and yields of longer-term municipal bonds climbed, yields of short-term municipal money market instruments remained anchored near zero percent by a historically low federal funds rate.
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, municipal money market instruments that provide income exempt from federal and California state personal income taxes. Second, we actively manage the fund’s average maturity based on our anticipation of supply-and-demand changes in California’s 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, which are generally issued with maturities in the one-year range, may in turn lengthen the fund’s weighted average maturity if purchased. If we anticipate limited new-issue supply, we may then look to extend the
DISCUSSION OF FUND PERFORMANCE (continued)
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.
Low Yields Persisted Despite a Stronger Economic Recovery
The reporting period began during an upturn in economic sentiment sparked by a new quantitative easing program from the Federal Reserve Board (the “Fed”). Greater economic optimism also was reinforced by improved hiring activity and greater consumer spending. Indeed, the U.S. Department of Commerce estimated that U.S. GDP expanded at a 3.1% annualized rate during the fourth quarter of 2010, up from 2.6% during the third quarter. Expectations of continued economic growth and related inflation fears in 2011 drove yields of longer-term U.S. Treasury securities and highly rated municipal bonds higher.
Many analysts were surprised by a lower-than-expected estimate of 1.8% annualized GDP growth for the first quarter of 2011, and surging energy prices added to their economic concerns. Nonetheless, the Fed maintained an aggressively accommodative policy stance, leaving the overnight federal funds rate in a range between 0% and 0.25%. Consequently, tax-exempt money market instruments continued to offer yields of little more than zero percent through the reporting period’s end.
The supply of newly issued municipal money market instruments remained ample in December 2010, and the expiration of the Build America Bonds program at the end of the year had relatively little impact on issuance volumes during the first five months of 2011. Meanwhile, demand for municipal money market instruments remained robust as individuals sought to shelter income from rising state taxes and institutional investors searched for alternatives to taxable money market instruments.
Like most states and municipalities, California reduced spending to address its budget deficit during the reporting period.Although tax revenues remain below prerecession levels, receipts have trended up over the past year, and we believe that well-publicized concerns regarding
4
potential municipal defaults have been overstated. In addition, several banks have initiated programs providing municipal issuers with credit, a positive development that appears likely to continue.
Focus on Liquidity and Capital Preservation
We have maintained a conservative investment posture, emphasizing direct, high-quality municipal obligations and commercial paper that were deemed creditworthy by our analysts.We also favored instruments backed by pledged tax appropriations or dedicated revenues.We generally shied away from general obligation debt issued by localities that depend heavily on state aid. Finally, we maintained the fund’s weighted average maturity in a range that was roughly in line with industry averages, as it has made little sense to us to incur the interest-rate risks that longer-dated instruments typically entail.
Increased Supply Could Lift Yields
Despite ongoing signs of economic recovery and higher commodity prices, the Fed is expected to keep short-term interest rates at current low levels.Therefore, we believe the prudent course continues to be an emphasis on preservation of capital and liquidity. However, we expect the supply of newly issued tax-exempt money market instruments to increase later in 2011, which could put upward pressure on yields.
June 15, 2011
|
| 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. |
| Short-term municipal securities holdings involve credit and liquidity risks and risk of principal loss. |
| Annualized effective yield is based upon dividends declared daily and reinvested monthly. Past |
| performance is no guarantee of future results.Yields fluctuate. Income may be subject to state and |
| local taxes for non-California residents, and some income may be subject to the federal alternative |
| minimum tax (AMT) for certain investors.Yields provided for the fund’s Class A and Class B |
| shares reflect the absorption of certain fund expenses by The Dreyfus Corporation pursuant to a |
| voluntary undertaking that may be extended, terminated or modified at any time. Had these |
| expenses not been absorbed, fund yields would have been lower. |
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
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 December 1, 2010 to May 31, 2011. 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 May 31, 2011
| | |
| | Class A | Class B |
| Expenses paid per $1,000† | $ 2.04 | $ 2.09 |
| Ending value (after expenses) | $1,000.00 | $1,000.00 |
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
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 May 31, 2011
| | |
| | Class A | Class B |
| Expenses paid per $1,000† | $ 2.07 | $ 2.12 |
| Ending value (after expenses) | $1,022.89 | $1,022.84 |
|
| † Expenses are equal to the fund’s annualized expense ratio of .41% for Class A and .42% for Class B, multiplied |
| by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). |
6
|
| STATEMENT OF INVESTMENTS |
| May 31, 2011 (Unaudited) |
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments—76.9% | Rate (%) | Date | Amount ($) | | Value ($) |
| Alameda County Industrial | | | | | |
| Development Authority, Revenue | | | | | |
| (Oakland Pallet Company, Inc. | | | | | |
| Project) (LOC; Comerica Bank) | 0.27 | 6/7/11 | 2,340,000 | a | 2,340,000 |
| Alameda County Industrial | | | | | |
| Development Authority, Revenue | | | | | |
| (P.J.’s Lumber, Inc. Project) | | | | | |
| (LOC; Comerica Bank) | 0.33 | 6/7/11 | 1,805,000 | a | 1,805,000 |
| Alameda County Industrial | | | | | |
| Development Authority, Revenue | | | | | |
| (Plastikon Industries Inc. | | | | | |
| Project) (LOC; California State | | | | | |
| Teachers Retirement System) | 0.33 | 6/7/11 | 2,700,000 | a | 2,700,000 |
| Alameda County Industrial | | | | | |
| Development Authority, Revenue | | | | | |
| (Unique Elevator Interiors, Inc. | | | | | |
| Project) (LOC; Comerica Bank) | 0.27 | 6/7/11 | 2,505,000 | a | 2,505,000 |
| Alameda Unified School District, | | | | | |
| GO Notes, TRAN | 2.00 | 6/30/11 | 5,900,000 | | 5,904,639 |
| California Economic Development | | | | | |
| Financing Authority, IDR (Volk | | | | | |
| Enterprises, Inc. Project) | | | | | |
| (LOC; JPMorgan Chase Bank) | 0.26 | 6/7/11 | 1,600,000 | a | 1,600,000 |
| California Enterprise Development | | | | | |
| Authority, IDR (Le Chef Bakery | | | | | |
| Project) (LOC; U.S. Bank NA) | 0.24 | 6/7/11 | 5,680,000 | a | 5,680,000 |
| California Infrastructure and | | | | | |
| Economic Development Bank, IDR | | | | | |
| (Chaparral Property Project) | | | | | |
| (LOC; Comerica Bank) | 0.34 | 6/7/11 | 1,200,000 | a | 1,200,000 |
| California Infrastructure and | | | | | |
| Economic Development Bank, IDR | | | | | |
| (G&G Specialty Foods, Inc. | | | | | |
| Project) (LOC; Comerica Bank) | 0.34 | 6/7/11 | 1,247,050 | a | 1,247,050 |
| California Infrastructure and | | | | | |
| Economic Development Bank, IDR | | | | | |
| (International Raisins, Inc. | | | | | |
| Project) (LOC; M&T Trust) | 0.49 | 6/7/11 | 3,750,000 | a | 3,750,000 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| California Infrastructure and | | | | | |
| Economic Development Bank, IDR | | | | | |
| (Starter and Alternator | | | | | |
| Exchange, Inc. Project) (LOC; | | | | | |
| California State Teachers | | | | | |
| Retirement System) | 0.27 | 6/7/11 | 5,000,000 | a | 5,000,000 |
| California Infrastructure and | | | | | |
| Economic Development Bank, IDR | | | | | |
| (Studio Moulding Project) | | | | | |
| (LOC; Comerica Bank) | 0.34 | 6/7/11 | 2,600,000 | a | 2,600,000 |
| California Infrastructure and | | | | | |
| Economic Development Bank, IDR | | | | | |
| (Surtec, Inc. Project) (LOC; | | | | | |
| Wells Fargo Bank) | 0.30 | 6/7/11 | 1,650,000 | a | 1,650,000 |
| California Pollution Control | | | | | |
| Financing Authority, PCR | | | | | |
| (Evergreen Oil, Inc. Project) | | | | | |
| (LOC; Bank of The West) | 0.26 | 6/7/11 | 4,830,000 | a | 4,830,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR (Ag | | | | | |
| Resources, III LLC Project) | | | | | |
| (LOC; CoBank ACB) | 0.26 | 6/7/11 | 2,780,000 | a | 2,780,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Amador Valley Industries, LLC | | | | | |
| Project) (LOC; Wells Fargo Bank) | 0.23 | 6/7/11 | 3,965,000 | a | 3,965,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Blue Line Transfer, Inc. | | | | | |
| Project) (LOC; Union Bank NA) | 0.28 | 6/7/11 | 425,000 | a | 425,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Blue Line Transfer, Inc. | | | | | |
| Project) (LOC; Union Bank NA) | 0.28 | 6/7/11 | 4,115,000 | a | 4,115,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Blue Line Transfer, Inc. | | | | | |
| Project) (LOC; Union Bank NA) | 0.28 | 6/7/11 | 2,100,000 | a | 2,100,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Burrtec Waste Industries, Inc. | | | | | |
| Project) (LOC; U.S. Bank NA) | 0.21 | 6/7/11 | 450,000 | a | 450,000 |
8
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| California Pollution Control | | | | | |
| Financing Authority, | | | | | |
| SWDR (Chicago Grade | | | | | |
| Landfill, Inc. Project) | | | | | |
| (LOC; Comerica Bank) | 0.28 | 6/7/11 | 255,000 | a | 255,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (CR&R Inc. Project) (LOC; Bank | | | | | |
| of the West) | 0.26 | 6/7/11 | 7,840,000 | a | 7,840,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (CR&R Inc. Project) (LOC; Bank | | | | | |
| of the West) | 0.26 | 6/7/11 | 15,310,000 | a | 15,310,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Desert Properties LLC | | | | | |
| Project) (LOC; Union Bank NA) | 0.28 | 6/7/11 | 4,485,000 | a | 4,485,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (GreenWaste Recovery, Inc. | | | | | |
| Project) (LOC; Comerica Bank) | 0.28 | 6/7/11 | 2,620,000 | a | 2,620,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (GreenWaste Recovery, Inc. | | | | | |
| Project) (LOC; Comerica Bank) | 0.28 | 6/7/11 | 1,015,000 | a | 1,015,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Marin Sanitary Service | | | | | |
| Project) (LOC; Comerica Bank) | 0.28 | 6/7/11 | 780,000 | a | 780,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Mid-Valley Disposal Project) | | | | | |
| (LOC; Union Bank NA) | 0.28 | 6/7/11 | 3,045,000 | a | 3,045,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Mission Trail Waste Systems, Inc. | | | | | |
| Project) (LOC; Comerica Bank) | 0.28 | 6/7/11 | 1,985,000 | a | 1,985,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Mottra Corporation Project) | | | | | |
| (LOC; Wells Fargo Bank) | 0.28 | 6/7/11 | 785,000 | a | 785,000 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Pena’s Disposal, Inc. | | | | | |
| Project) (LOC; Comerica Bank) | 0.28 | 6/7/11 | 1,930,000 | a | 1,930,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Solid Wastes of Willits, Inc. | | | | | |
| Project) (LOC; Union Bank NA) | 0.28 | 6/7/11 | 1,710,000 | a | 1,710,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Solid Wastes of Willits, Inc. | | | | | |
| Project) (LOC; Union Bank NA) | 0.28 | 6/7/11 | 3,655,000 | a | 3,655,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (South Lake Refuse Company, | | | | | |
| LLC Project) (LOC; Union Bank NA) | 0.28 | 6/7/11 | 2,450,000 | a | 2,450,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR (South | | | | | |
| Tahoe Refuse Company, Inc. | | | | | |
| Project) (LOC; Union Bank NA) | 0.28 | 6/7/11 | 3,600,000 | a | 3,600,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Sunset Waste Paper, Inc. | | | | | |
| Project) (LOC; Comerica Bank) | 0.28 | 6/7/11 | 4,221,000 | a | 4,221,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Sunset Waste Paper, Inc. | | | | | |
| Project) (LOC; Comerica Bank) | 0.28 | 6/7/11 | 3,960,000 | a | 3,960,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Upper Valley Disposal Service | | | | | |
| Project) (LOC; Union Bank NA) | 0.28 | 6/7/11 | 1,765,000 | a | 1,765,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Valley Vista Services, Inc. | | | | | |
| Project) (LOC; Comerica Bank) | 0.28 | 6/7/11 | 2,600,000 | a | 2,600,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (West Valley MRF, LLC Project) | | | | | |
| (LOC; Union Bank NA) | 0.28 | 6/7/11 | 5,200,000 | a | 5,200,000 |
10
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| California School Cash Reserve | | | | | |
| Program Authority, Revenue | 2.00 | 6/1/11 | 10,000,000 | | 10,000,000 |
| California School Cash Reserve | | | | | |
| Program Authority, Revenue | 2.50 | 1/31/12 | 21,000,000 | | 21,208,119 |
| California Statewide Communities | | | | | |
| Development Authority, IDR | | | | | |
| (American Modular System | | | | | |
| Project) (LOC; Bank of the West) | 0.49 | 6/7/11 | 3,100,000 | a | 3,100,000 |
| California Statewide Communities | | | | | |
| Development Authority, MFHR | | | | | |
| (Lake Merritt Apartments) | | | | | |
| (LOC; U.S. Bank NA) | 0.25 | 6/7/11 | 3,700,000 | a | 3,700,000 |
| California Statewide Communities | | | | | |
| Development Authority, MFHR | | | | | |
| (Liquidity Facility; FHLMC and | | | | | |
| LOC; FHLMC) | 0.27 | 6/7/11 | 20,000,000 | a,b | 20,000,000 |
| California Statewide Communities | | | | | |
| Development Authority, MFHR | | | | | |
| (Seminole Gardens Apartments) | | | | | |
| (LOC; FHLB) | 0.25 | 6/7/11 | 2,935,000 | a | 2,935,000 |
| California Statewide Communities | | | | | |
| Development Authority, | | | | | |
| Revenue, CP (Kaiser Permanente) | 0.37 | 7/8/11 | 13,400,000 | | 13,400,000 |
| California Statewide Communities | | | | | |
| Development Authority, | | | | | |
| Revenue, CP (Kaiser Permanente) | 0.38 | 7/18/11 | 9,000,000 | | 9,000,000 |
| California Statewide Communities | | | | | |
| Development Authority, TRAN | | | | | |
| (County of Yolo) | 2.00 | 6/30/11 | 11,465,000 | | 11,474,016 |
| Coachella Valley Unified School | | | | | |
| District, COP (School | | | | | |
| Financing Project) (Insured; | | | | | |
| Assured Guaranty Municipal | | | | | |
| Corp. and Liquidity Facility; | | | | | |
| Dexia Credit Locale) | 1.00 | 6/7/11 | 3,900,000 | a | 3,900,000 |
| Contra Costa County, | | | | | |
| COP (Concord Healthcare | | | | | |
| Center, Inc.) (LOC; Bank | | | | | |
| of America) | 0.39 | 6/7/11 | 460,000 | a | 460,000 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Los Angeles, | | | | | |
| GO Notes, TRAN | 2.00 | 6/30/11 | 23,700,000 | | 23,725,806 |
| Los Angeles Community | | | | | |
| Redevelopment Agency, COP | | | | | |
| (Broadway-Spring Center | | | | | |
| Project) (LOC; Comerica Bank) | 0.49 | 6/7/11 | 2,500,000 | a | 2,500,000 |
| Los Angeles Industrial Development | | | | | |
| Authority, Empowerment Zone | | | | | |
| Facility Revenue (Megatoys | | | | | |
| Project) (LOC; FHLB) | 0.29 | 6/7/11 | 3,000,000 | a | 3,000,000 |
| Puttable Floating Option Tax | | | | | |
| Exempt Receipts (California | | | | | |
| Statewide Communities | | | | | |
| Development Authority, MFHR | | | | | |
| (La Mision Village Apartments | | | | | |
| Project)) (Liquidity Facility; | | | | | |
| FHLMC and LOC; FHLMC) | 0.34 | 6/7/11 | 900,000 | a,b | 900,000 |
| Puttable Floating Option Tax | | | | | |
| Exempt Receipts (California | | | | | |
| Statewide Communities | | | | | |
| Development Authority, Revenue | | | | | |
| (Japanese American National | | | | | |
| Museum)) (Liquidity Facility; | | | | | |
| Merrill Lynch Capital Services | | | | | |
| and LOC; Merrill Lynch | | | | | |
| Capital Services) | 0.44 | 6/7/11 | 3,640,000 | a,b | 3,640,000 |
| Riverside County Industrial | | | | | |
| Development Authority, IDR | | | | | |
| (TRM Manufacturing Inc. | | | | | |
| Project) (LOC; FHLB) | 0.24 | 6/7/11 | 4,500,000 | a | 4,500,000 |
| |
| Total Investments (cost $263,300,630) | | | 76.9% | | 263,300,630 |
| |
| Cash and Receivables (Net) | | | 23.1% | | 79,051,897 |
| |
| Net Assets | | | 100.0% | | 342,352,527 |
|
| a Variable rate demand note—rate shown is the interest rate in effect at May 31, 2011. Maturity date represents the |
| next demand date, or the ultimate maturity date if earlier. |
| 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 May 31, 2011, these securities |
| amounted to $24,540,000 or 7.2% of net assets. |
12
| | | |
| Summary of Abbreviations | | |
| |
| ABAG | Association of Bay Area Governments | ACA | American Capital Access |
| AGC | ACE Guaranty Corporation | AGIC | Asset Guaranty Insurance Company |
| AMBAC | American Municipal Bond | ARRN | Adjustable Rate Receipt Notes |
| | Assurance Corporation | | |
| BAN | Bond Anticipation Notes | BPA | Bond Purchase Agreement |
| CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
| CP | Commercial Paper | EDR | Economic Development Revenue |
| EIR | Environmental Improvement Revenue | FGIC | Financial Guaranty Insurance |
| | | | Company |
| FHA | Federal Housing Administration | FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage | FNMA | Federal National |
| | Corporation | | Mortgage Association |
| GAN | Grant Anticipation Notes | GIC | Guaranteed Investment Contract |
| GNMA | Government National | GO | General Obligation |
| | Mortgage Association | | |
| HR | Hospital Revenue | IDB | Industrial Development Board |
| IDC | Industrial Development Corporation | IDR | Industrial Development Revenue |
| LOC | Letter of Credit | LOR | Limited Obligation Revenue |
| LR | Lease Revenue | MFHR | Multi-Family Housing Revenue |
| MFMR | Multi-Family Mortgage Revenue | PCR | Pollution Control Revenue |
| PILOT | Payment in Lieu of Taxes | PUTTERS Puttable Tax-Exempt Receipts |
| RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
| RAW | Revenue Anticipation Warrants | RRR | Resources Recovery Revenue |
| SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement |
| SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue |
| SONYMA | State of New York Mortgage Agency | SWDR | Solid Waste Disposal Revenue |
| TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants |
| TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | |
| Summary of Combined Ratings (Unaudited) | |
| |
| Fitch | or | Moody’s | or | Standard & Poor’s | Value (%)† |
| F1+,F1 | | VMIG1,MIG1,P1 | | SP1+,SP1,A1+,A1 | 100.0 |
| † Based on total investments. | | | |
| See notes to financial statements. | | | |
14
|
| STATEMENT OF ASSETS AND LIABILITIES |
| May 31, 2011 (Unaudited) |
| | |
| | Cost | Value |
| Assets ($): | | |
| Investments in securities—See Statement of Investments | 263,300,630 | 263,300,630 |
| Receivable for investment securities sold | | 80,206,918 |
| Interest receivable | | 1,130,636 |
| Prepaid expenses | | 31,823 |
| | | 344,670,007 |
| Liabilities ($): | | |
| Due to The Dreyfus Corporation and affiliates—Note 2(c) | | 159,977 |
| Cash overdraft due to Custodian | | 1,900,012 |
| Payable for shares of Beneficial Interest redeemed | | 185,227 |
| Accrued expenses | | 72,264 |
| | | 2,317,480 |
| Net Assets ($) | | 342,352,527 |
| Composition of Net Assets ($): | | |
| Paid-in capital | | 342,352,527 |
| Net Assets ($) | | 342,352,527 |
| |
| |
| Net Asset Value Per Share | | |
| | Class A | Class B |
| Net Assets ($) | 281,914,184 | 60,438,343 |
| Shares Outstanding | 281,730,100 | 60,398,861 |
| Net Asset Value Per Share ($) | 1.00 | 1.00 |
| |
| See notes to financial statements. | | |
|
| STATEMENT OF OPERATIONS |
| Six Months Ended May 31, 2011 (Unaudited) |
| |
| Investment Income ($): | |
| Interest Income | 901,056 |
| Expenses: | |
| Management fee—Note 2(a) | 1,086,153 |
| Shareholder servicing costs—Notes 1 and 2(c) | 192,317 |
| Distribution fees and prospectus fees—Note 2(b) | 63,067 |
| Professional fees | 38,946 |
| Registration fees | 25,826 |
| Trustees’ fees and expenses—Note 2(d) | 18,100 |
| Custodian fees—Note 2(c) | 17,195 |
| Prospectus and shareholders’ reports | 9,781 |
| Miscellaneous | 11,972 |
| Total Expenses | 1,463,357 |
| Less—reduction in expenses due to undertaking—Note 2(a) | (542,516) |
| Less—reduction in shareholder servicing costs | |
| due to undertaking—Note 2(c) | (19,690) |
| Less—reduction in fees due to earnings credits—Note 2(c) | (139) |
| Net Expenses | 901,012 |
| Investment Income—Net, representing net increase | |
| in net assets resulting from operations | 44 |
| |
| See notes to financial statements. | |
16
STATEMENT OF CHANGES IN NET ASSETS
| | |
| | Six Months Ended | |
| | May 31, 2011 | Year Ended |
| | (Unaudited) | November 30, 2010 |
| Operations ($): | | |
| Investment Income-Net, representing net increase | | |
| in net assets resulting from operations | 44 | 707 |
| Dividends to Shareholders from ($): | | |
| Investment income—net: | | |
| Class A Shares | (33) | (684) |
| Class B Shares | (11) | (23) |
| Total Dividends | (44) | (707) |
| Beneficial Interest Transactions ($1.00 per share): | | |
| Net proceeds from shares sold: | | |
| Class A Shares | 605,388,658 | 1,548,423,567 |
| Class B Shares | 105,630,644 | 191,743,433 |
| Dividends reinvested: | | |
| Class A Shares | 33 | 621 |
| Class B Shares | 11 | 23 |
| Cost of shares redeemed: | | |
| Class A Shares | (771,706,591) | (1,638,955,133) |
| Class B Shares | (103,989,262) | (204,802,705) |
| Increase (Decrease) in Net Assets from | | |
| Beneficial Interest Transactions | (164,676,507) | (103,590,194) |
| Total Increase (Decrease) in Net Assets | (164,676,507) | (103,590,194) |
| Net Assets ($): | | |
| Beginning of Period | 507,029,034 | 610,619,228 |
| End of Period | 342,352,527 | 507,029,034 |
| |
| See notes to financial statements. | | |
FINANCIAL HIGHLIGHTS
The following tables describe the performance for each share class for the fiscal periods indicated. All information reflects financial results for a single fund share. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund’s financial statements.
| | | | | | |
| Six Months Ended | | | | | |
| | May 31, 2011 | | Year Ended November 30, | |
| Class A Shares | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
| Per Share Data ($): | | | | | | |
| Net asset value, | | | | | | |
| beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Investment Operations: | | | | | | |
| Investment income—net | .000a | .000a | .002 | .019 | .031 | .028 |
| Distributions: | | | | | | |
| Dividends from | | | | | | |
| investment income—net | (.000)a | (.000)a | (.002) | (.019) | (.031) | (.028) |
| Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Total Return (%) | .00b,c | .00b | .24 | 1.94 | 3.12 | 2.87 |
| Ratios/Supplemental Data (%): | | | | | |
| Ratio of total expenses | | | | | | |
| to average net assets | .61c | .59 | .62 | .58 | .58 | .58 |
| Ratio of net expenses | | | | | | |
| to average net assets | .41c | .41 | .58 | .57 | .58 | .58 |
| Ratio of net investment income | | | | | | |
| to average net assets | .00b,c | .00b | .27 | 1.84 | 3.07 | 2.84 |
| Net Assets, end of period | | | | | | |
| ($ x 1,000) | 281,914 | 448,248 | 538,776 | 901,709 | 528,101 | 426,232 |
| |
| a | Amount represents less than $.001 per share. |
| b | Amount represents less than .01%. |
| c | Annualized. |
See notes to financial statements.
18
| | | | | | |
| Six Months Ended | | | | | |
| | May 31, 2011 | | Year Ended November 30, | |
| Class B Shares | (Unaudited) | 2010 | 2009 | 2008 | 2007 | 2006 |
| Per Share Data ($): | | | | | | |
| Net asset value, | | | | | | |
| beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Investment Operations: | | | | | | |
| Investment income—net | .000a | .000a | .000a | .015 | .027 | .024 |
| Distributions: | | | | | | |
| Dividends from | | | | | | |
| investment income—net | (.000)a | (.000)a | (.000)a | (.015) | (.027) | (.024) |
| Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Total Return (%)b | .00b,c | .00b | .03 | 1.51 | 2.69 | 2.46 |
| Ratios/Supplemental Data (%): | | | | | |
| Ratio of total expenses | | | | | | |
| to average net assets | 1.06c | 1.06 | 1.08 | 1.05 | 1.05 | 1.05 |
| Ratio of net expenses | | | | | | |
| to average net assets | .42c | .40 | .79 | 1.00 | 1.00 | 1.00 |
| Ratio of net investment income | | | | | | |
| to average net assets | .00b,c | .00b | .03 | 1.49 | 2.66 | 2.45 |
| Net Assets, end of period | | | | | | |
| ($ x 1,000) | 60,438 | 58,781 | 71,843 | 82,638 | 92,762 | 78,168 |
| |
| a | Amount represents less than $.001 per share. |
| b | Amount represents less than .01%. |
| c | Annualized. |
See notes to financial statements.
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
General California Municipal Money Market Fund (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a non-diversified open-end management investment company. The fund’s investment objective is to maximize current income exempt from federal and 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”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser.
MBSC Securities 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 and Class B shares are identical except for the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs 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 and Class B shares are subject to a Shareholder 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 May 31, 2011, sub-accounting service fees amounted to $15,621 for Class B shares and are included in Shareholder servicing costs in the Statement of Operations. 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 its 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.
20
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, 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 Board of Trustees to represent the fair value of the fund’s investments.
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value.This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements.These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
The following is a summary of the inputs used as of May 31, 2011 in valuing the fund’s investments:
| |
| | Short-Term |
| Valuation Inputs | Investments ($)† |
| Level 1—Unadjusted Quoted Prices | — |
| Level 2—Other Significant Observable Inputs | 263,300,630 |
| Level 3—Significant Unobservable Inputs | — |
| Total | 263,300,630 |
| |
| † | See Statement of Investments for additional detailed categorizations. |
(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 is recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Cost of investments represents amortized cost.
22
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 gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”).To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains.
(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.
As of and during the period ended May 31, 2011, the fund did not have any liabilities for any uncertain tax positions.The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period, the fund did not incur any interest or penalties.
Each of the tax years in the three-year period ended November 30, 2010 remains subject to examination by the Internal Revenue Service and state taxing authorities.
The tax character of distributions paid to shareholders during the fiscal year ended November 30, 2010 was all tax exempt income. The tax character of current year distributions will be determined at the end of the current fiscal year.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
At May 31, 2011, 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 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 May 31, 2011, there was no expense reimbursement pursuant to the Agreement.
The Manager has undertaken to reimburse expenses in the event that current yields drop below a certain level. Such expense limitations may fluctuate daily, are voluntary and not contractual and may be terminated at any time. The reduction in expenses, pursuant to the undertaking amounted to $361,577 for Class A and $180,939 for Class B shares during the period ended May 31, 2011.
(b) Under the Distribution Plan with respect to 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 Distribution Plan, such aggregate amount not to exceed in any fiscal year of the fund, the greater of $100,000 or .005% of the average daily net assets of Class B shares. 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 the value of the average daily net assets of Class B shares. During the period ended May 31, 2011, Class B shares were charged $63,067 pursuant to the Distribution Plan.
24
(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 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 May 31, 2011, Class A shares were charged $62,022 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 the value of the average daily net assets of Class B shares for servicing shareholder accounts.The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding Class B shares and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents in respect of their services.The Distributor determines the amounts to be paid to Service Agents.
The Manager had undertaken from December 1, 2010 through May 31, 2011, to reduce the expenses of Class B shares, if the aggregate expenses of Class B shares, exclusive of taxes, brokerage fees, interest on borrowings and extraordinary expenses, exceeded an annual rate of 1% of the value of the average daily net assets of Class B shares. Such expense limitations are voluntary, temporary and may be revised or terminated at any time. During the period ended May 31, 2011, Class B shares were charged $78,104 pursuant to the Class B Shareholder Services Plan, of which $19,690 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
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
fund. During the period ended May 31, 2011, the fund was charged $25,442 pursuant to the transfer agency agreement, which is included in Shareholder servicing costs in the Statement of Operations.
The fund has arrangements with the custodian and cash management bank whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset custody and cash management fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.
The fund compensates The Bank of NewYork Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, under a cash management agreement for performing cash management services related to fund subscriptions and redemptions. During the period ended May 31, 2011, the fund was charged $2,466 pursuant to the cash management agreement, which is included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $139.
The fund also compensates The Bank of New York Mellon under a custody agreement for providing custodial services for the fund. During the period ended May 31, 2011, the fund was charged $17,195 pursuant to the custody agreement.
During the period ended May 31, 2011, the fund was charged $3,146 for services performed by the Chief Compliance Officer.
The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $154,658, Rule 12b-1 distribution plan fees $10,318, shareholder services plan fees $25,477, custodian fees $18,706, chief compliance
26
officer fees $3,006 and transfer agency per account fees $7,930, which are offset against an expense reimbursement currently in effect in the amount of $60,118.
(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.
NOTE 3—Securities Transactions:
The fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board ofTrustees.The procedures have been designed to ensure that any purchase or sale of securities by the fund from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), commonTrustee and/or common officers, complies with Rule 17a-7 of the Act. During the period ended May 31, 2011, the fund engaged in purchases and sales of securities pursuant to Rule 17a-7 of the Act amounting to $139,786,000 and $260,410,000, respectively.
For More Information
Telephone 1-800-DREYFUS
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 will disclose daily, on www.dreyfus.com, the fund’s complete schedule of holdings as of the end of the previous business day. The schedule of holdings will remain on the website until the fund files its Form N-Q or Form N-CSR for the period that includes the date of the posted holdings.
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 most recent 12-month period ended June 30 is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable. [CLOSED END FUNDS ONLY]
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures applicable to Item 10.
Item 11. 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.
Item 12. Exhibits.
(a)(1) Not applicable.
(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.
SIGNATURES
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/ Bradley J. Skapyak |
Bradley J. Skapyak, President |
Date: | July 25, 2011 |
|
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/ Bradley J. Skapyak |
Bradley J. Skapyak, President |
Date: | July 25, 2011 |
|
By: /s/ James Windels |
James Windels, Treasurer |
Date: | July 25, 2011 |
|
EXHIBIT INDEX
(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)
