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 | 811-04871 |
| |
| General California Municipal Money Market Fund | |
| (Exact name of Registrant as specified in charter) | |
| | |
| c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street New York, New York 10286 | |
| (Address of principal executive offices) (Zip code) | |
| | |
| Bennett A. MacDougall, Esq. 240 Greenwich Street New York, New York 10286 | |
| (Name and address of agent for service) | |
|
Registrant's telephone number, including area code: | (212) 922-6400 |
| |
Date of fiscal year end: | 11/30 | |
Date of reporting period: | 11/30/19 | |
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FORM N-CSR
Item 1. Reports to Stockholders.
General California Municipal Money Market Fund
ANNUAL REPORT
November 30, 2019
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The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon Family of Funds. |
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Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value |
Contents
THE FUND
FOR MORE INFORMATION
Back Cover
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General California Municipal Money Market Fund
| | The Fund |
A LETTER FROM THE PRESIDENT OF BNY MELLON INVESTMENT ADVISER, INC.
Dear Shareholder:
We are pleased to present this annual report for General California Municipal Money Market Fund, covering the 12-month period from December 1, 2018 through November 30, 2019. 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.
In December 2018, stocks experienced a sharp sell-off, as it appeared that the U.S. Federal Reserve (the “Fed”) would maintain its hawkish stance on monetary policy. In January 2019, a pivot in stance from the Fed helped stimulate a rebound across equity markets that continued into the second quarter. Escalating trade tensions disrupted equity markets again in May. The dip was short-lived, as markets rose once again in June and July of 2019, when a trade deal appeared more likely, and the pace of U.S. economic growth remained steady. Nevertheless, concerns over slowing global growth persisted, resulting in bouts of market volatility in August 2019. Stocks rebounded in September and continued an upward path through most of October 2019, supported in part by central bank policy and consistent consumer spending. Near the end of the period, an announcement by President Trump that the first phase of a trade deal with China had been achieved sent U.S. markets to record highs.
In fixed-income markets, a risk-off mentality prevailed to start the period, fueled in part by equity market volatility. A flight to quality supported price increases for U.S. Treasuries, which continued through the end of 2018, leading to a flattening yield curve. After the Fed’s supportive statements in January 2019, other developed-market central banks followed suit and reiterated their abilities to bolster flagging growth by continuing accommodative policies. After taking into account the 25-basis-point increase in December 2018, there was a net decrease of 50 basis points in the federal funds rate during the reporting period. Rates across much of the Treasury curve saw a slight increase during the month of November. However, demand for fixed-income instruments during much of the reporting period was strong, which helped to support positive bond market returns.
We believe that over the near term, the outlook for the U.S. remains positive, but we will monitor relevant data for any signs of a change. As always, we encourage you to discuss the risks and opportunities in today’s investment environment with your financial advisor.
Thank you for your continued confidence and support.
Sincerely,
Renee LaRoche-Morris
President
BNY Mellon Investment Adviser, Inc.
December 16, 2019
2
DISCUSSION OF FUND PERFORMANCE(Unaudited)
For the period from December 1, 2018 through November 30, 2019, as provided by Joseph Irace, Senior Portfolio Manager
Market and Fund Performance Overview
For the 12-month period ended November 30, 2019, General California Municipal Money Market Fund’s Class A shares produced a yield of 0.77%, and Class B shares yielded 0.58%. Taking into consideration the effects of compounding, the fund’s Class A shares and Class B shares produced effective yields of 0.77% and 0.58%, respectively.1
Yields of municipal money market instruments fluctuated during the reporting period, responding to a shift in stance by the U.S. Federal Reserve (the “Fed”) and supply-and-demand dynamics in the municipal securities market.
The Fund’s Investment Approach
The fund seeks to maximize current income exempt from federal and California state income taxes, to the extent consistent with the preservation of capital and the maintenance of liquidity. To pursue its goal, the fund normally invests at least 80% of its net assets in short-term, high quality municipal obligations that provide income exempt from federal and California state income taxes. The fund also may invest in high quality, short-term structured notes, which are derivative instruments whose value is tied to underlying municipal obligations.
Although the fund seeks to provide income exempt from federal and California state income taxes, income from some of the fund’s holdings may be subject to the federal alternative minimum tax. The fund may invest temporarily in high quality, taxable money market instruments, including when the portfolio manager believes that acceptable California municipal obligations are not available for investment. During such periods, the fund may not achieve its investment objective. In addition, a portion of the fund’s assets may be invested in short-term, high quality municipal obligations that do not pay income that is exempt from California state income taxes. The fund is non-diversified.
Supply, Demand, and Fed Policy Drove the Market
Supply-and-demand dynamics, as well as U.S. Federal Open Market Committee (the “FOMC”) policies, shifted throughout the period, influencing yields during the 12 months. In December 2018, the Fed maintained a hawkish tone and raised the overnight target range by 25 basis points at its meeting. An increased federal funds rate helped stoke demand for shorter-term securities. The December 2018 average reading on the Securities Industry and Financial Markets Association (“SIFMA”) Index was 1.67%. The SIFMA Index, produced by Bloomberg L.P., is a weekly index that tracks the market of high-grade, seven-day, tax-exempt variable-rate demand notes (VRDNs).
In January 2019, the FOMC made a pivotal change in its policy. At its January meeting, the FOMC stated that it would be patient regarding any future interest-rate moves and signaled flexibility on the path for reducing its balance sheet. The target range was unchanged. Yields fell during the month, due in part to the change in policy, but also strong demand coupled with limited supply. The SIFMA Index hit a reporting period low of 1.28% during the month.
3
DISCUSSION OF FUND PERFORMANCE(Unaudited) (continued)
Strong inflows into tax-exempt funds continued through February 2019, keeping downward pressure on the rates of variable-rate securities. A relative shortage of newly issued securities, when compared to demand generated by coupon payment reinvestment and security maturities, continued to depress yields throughout the month. Yields on fixed-rate securities also declined, as the market priced in reduced expectations for future rate increases.
The FOMC met in March 2019 and reiterated its patience regarding any future interest-rate moves. The target range held steady. Strong inflows continued throughout the end of the first calendar quarter, depressing yields on variable- and fixed-rate securities. The yield curve on short-duration municipal securities continued its flattening trend as investors increased their holdings in municipal securities. The strong demand plus limited supply, combined with the change in Fed policy, continued to fuel a downward trend in tax-exempt yields.
In April 2019, tax-exempt money market funds saw large outflows, as payments for 2018 tax bills came due. The SIFMA Index began the month at 1.48% and peaked at 2.30%, indicating a bump in yields as funds sold these securities to meet the redemption demands. However, yields have since decreased, coming under pressure due to increasing demand fueled by a flattening yield curve and other factors. These supply-and-demand dynamics continue to drive the SIFMA Index. The average for the first four months of 2019 was 1.64%.
In May 2019, the FOMC left rates unchanged and restated its patient approach to future interest-rate adjustments. Chairman Powell has said that the central bank is monitoring the recent escalation in trade tensions and would react as appropriate to keep the expansion going. The SIFMA Index fell during May 2019 and ended the period near 1.42%.
The FOMC left rates unchanged in June 2019. In July, however, the FOMC cut the overnight range by 25 basis points. Strong demand plus limited supply, combined with the change in Fed policy, resulted in a downward trend in fixed-income tax-exempt yields. Demand remained strong for shorter maturities due to the continued flattening of the yield curve and the strong inflows into tax-exempt funds, particularly longer-dated portfolios. The majority of states began fiscal year 2020 on July 1, 2019 with an enacted budget. Uncertainty over the future direction of the economy and consumer spending prompted most states to prioritize bolstering reserve funds to guard against a potential economic slowdown.
In August 2019, assets in tax-exempt money market funds stabilized after the outflows seen earlier in the year. Continued steady asset increases in the municipal market kept rates on VRDNs steady throughout the summer.
The FOMC cut rates an additional 25 basis points at its September 2019 meeting. This was the second reduction of the target range during the year in an effort to insulate the record-long U.S. economic expansion from slowing global growth. Demand continued to remain strong for shorter maturities due to the ongoing flattening of the yield curve and strong inflows into tax-exempt funds.
In October 2019 the FOMC cut the target overnight range another 25 basis points. The FOMC stated that it would continue to monitor economic data and respond with policy changes when needed.
4
In November 2019, the midpoint of fiscal year 2020 was approaching for municipalities with a June 30 fiscal-year end. Overall credit quality remained generally sound. States continued to benefit from a still-growing economy, job growth and consumer spending.
Maintaining a Prudent Investment Posture
In this changing interest-rate environment, most municipal money market funds maintained short-weighted average maturities with a focus on liquidity. The fund was no exception as we set its weighted average maturities in a range that is consistent with industry averages. The Funds will generally extend the weighted average maturity in a declining interest rate environment to lock in higher yields but current market conditions have produced an inverted or flat yield curve overnight to one year. Increased liquidity and competitive yields derived from the shorter weighted average maturities have been prudent.
We also have maintained a careful and well-researched credit selection strategy. We have continued to identify what we believe to be low credit-risk opportunities among certain state general obligation bonds; essential service revenue bonds issued by water, sewer and electric enterprises; select local credits with strong financial positions and stable tax bases; and various healthcare and education issuers.
Anticipating Changes in Supply
As we enter year-end, we anticipate buying opportunities as yields will generally increase due to several factors. The first is a rush from issuers attempting to access the market before the year-end deadline, resulting in added new-issue supply. The second comes from investors reviewing their tax liabilities and executing trades in an effort to mitigate taxable gains. We then move into 2020, which brings a dearth of new-issue supply. Cash entering the market as reinvestment proceeds from maturities and coupon payments may work to depress yields.
Therefore, we intend to constructively position the fund in light of the current environment. In addition, we believe that a focus on preservation of capital and liquidity remains the prudent course for the fund’s management.
December 16, 2019
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. Yield provided for the fund’s Class B shares reflects the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to a voluntary undertaking that may be extended, terminated, or modified at any time. Had these expenses not been absorbed, the fund’s Class B yield would have been lower and, in some cases, seven-day yield during the reporting period would have been negative absent the expense absorption.
You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Short-term municipal securities holdings involve credit and liquidity risks and risk of principal loss.
5
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 June 1, 2019 to November 30, 2019. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
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Expenses and Value of a $1,000 Investment | |
Assume actual returns for the six months ended November 30, 2019 | |
| | | | |
| | Class A | Class B | |
Expense paid per $1,000† | $4.12 | $5.02 | |
Ending value (after expenses) | $1,003.30 | $1,002.30 | |
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.
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Expenses and Value of a $1,000 Investment | |
Assuming a hypothetical 5% annualized return for the six months ended November 30, 2019 | |
| | | | |
| | Class A | Class B | |
Expense paid per $1,000† | $4.15 | $5.06 | |
Ending value (after expenses) | $1,020.96 | $1,020.05 | |
† Expenses are equal to the fund’s annualized expense ratio of .82% for Class A and 1.00% for Class B, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). |
6
STATEMENT OF INVESTMENTS
November 30, 2019
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Short-Term Investments - 99.6% | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
California - 97.3% | | | | | |
ABAG Finance Authority for Nonprofit Corporations,
Revenue Bonds (The Grauer Foundation for Education Project) (LOC; Comerica Bank) | | 1.15 | | 12/5/19 | | 1,930,000 | a | 1,930,000 | |
California Enterprise Development Authority,
Revenue Bonds (Gordon Brush Manufacturing Company, Inc. Project) (LOC; Wells Fargo Bank NA) | | 1.18 | | 12/5/19 | | 2,000,000 | a | 2,000,000 | |
California Enterprise Development Authority,
Revenue Bonds (Tri Tool Inc. Project) (LOC; Comerica Bank) Ser. A | | 1.18 | | 12/5/19 | | 2,720,000 | a | 2,720,000 | |
California Infrastructure & Economic Development Bank,
Revenue Bonds (International Raisins, Inc. Project) (LOC; M&T Trust) Ser. A | | 1.24 | | 12/5/19 | | 3,750,000 | a | 3,750,000 | |
California Infrastructure & Economic Development Bank,
Revenue Bonds (Society for the Blind Project) (LOC; U.S. Bank NA) | | 1.14 | | 12/5/19 | | 1,840,000 | a | 1,840,000 | |
California Infrastructure & Economic Development Bank,
Revenue Bonds (Starter & Alternator Exchange, Inc. Project) (LOC; U.S. Bank NA) | | 1.24 | | 12/4/19 | | 5,000,000 | a | 5,000,000 | |
California Infrastructure & Economic Development Bank,
Revenue Bonds (Surtec, Inc. Project) (LOC; Wells Fargo Bank NA) Ser. A | | 1.22 | | 12/5/19 | | 1,000,000 | a | 1,000,000 | |
California Municipal Finance Authority,
Revenue Bonds, Refunding (Exxon Mobile Project) | | 1.00 | | 12/9/19 | | 3,900,000 | a | 3,900,000 | |
California Pollution Control Financing Authority,
Revenue Bonds (A&M Farms Project) (LOC; CoBank ACB) | | 1.18 | | 12/5/19 | | 1,500,000 | a | 1,500,000 | |
California Pollution Control Financing Authority,
Revenue Bonds (Bos Farms Project) (LOC; CoBank ACB) | | 1.18 | | 12/5/19 | | 1,550,000 | a | 1,550,000 | |
California Pollution Control Financing Authority,
Revenue Bonds (Desert Properties, LLC Project) (LOC; MUFG Union Bank NA) Ser. B | | 1.16 | | 12/4/19 | | 1,700,000 | a | 1,700,000 | |
7
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | | | | | | | | | |
| |
Short-Term Investments - 99.6% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) |
| Value ($) | |
California - 97.3% (continued) | | | | | | |
| | |
California Pollution Control Financing Authority,
Revenue Bonds (JDS Ranch Project) (LOC;CoBank ACB) | | 1.18 | | 12/5/19 | | 2,350,000 | a | 2,350,000 | |
California Pollution Control Financing Authority,
Revenue Bonds (John B. & Ann M. Verwey Project) (LOC; CoBank ACB) Ser. B | | 1.18 | | 12/5/19 | | 3,400,000 | a | 3,400,000 | |
California Pollution Control Financing Authority,
Revenue Bonds (Upper Valley Disposal Service Project) (LOC; Union Bank NA) | | 1.16 | | 12/4/19 | | 1,230,000 | a | 1,230,000 | |
California Statewide Communities Development Authority,
Revenue Bonds (Avian Glen Apartments Project) (LOC; Citibank NA) Ser. OO | | 1.20 | | 12/5/19 | | 205,000 | a | 205,000 | |
California Statewide Communities Development Authority,
Revenue Bonds (Housing Village Hesperia) | | 1.22 | | 12/5/19 | | 400,000 | | 400,000 | |
Los Angeles,
Revenue Bonds, Refunding (Housing Tri City Project) (LOC; Citibank NA) Ser. I | | 1.14 | | 12/5/19 | | 100,000 | a | 100,000 | |
Los Angeles Industrial Development Authority,
Revenue Bonds (Megatoys Project) (LOC; East West Bank) | | 1.16 | | 12/5/19 | | 3,000,000 | a | 3,000,000 | |
Mizuho Floater/Residual Trust,
Special Tax Bonds (LOC; Mizuho Bank Ltd) Ser. 2019-MIZ9002 | | 1.27 | | 12/5/19 | | 3,800,000 | a,b | 3,800,000 | |
Riverside County Industrial Development Authority,
Revenue Bonds (Universal Forest Products Western Division, Inc. Project) (LOC; JPMorgan Chase Bank NA) | | 1.22 | | 12/5/19 | | 3,160,000 | a | 3,160,000 | |
Sacramento County,
Revenue Bonds (The Cessna Aircraft Company Project) (LOC; Bank of America NA) | | 1.14 | | 12/5/19 | | 1,200,000 | a | 1,200,000 | |
Sacramento County Housing Authority,
Revenue Bonds, Refunding (LOC; Federal National Mortgage Association) Ser. D | | 1.21 | | 12/5/19 | | 6,500,000 | a | 6,500,000 | |
San Diego Housing Authority,
Revenue Bonds (Studio 15) (LOC; Citibank NA) Ser. B | | 1.15 | | 12/5/19 | | 2,800,000 | a | 2,800,000 | |
8
| | | | | | | | | | | | | | | | | | |
| |
Short-Term Investments - 99.6% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) |
| Value ($) | |
California - 97.3% (continued) | | | | | | |
| | |
San Francisco City & County Redevelopment Agency Successor Agency,
Revenue Bonds (Desert Properties, LLC Project) (LOC; CitiBank NA) Ser. F | | 1.17 | | 12/4/19 | | 925,000 | a | 925,000 | |
San Francisco City & County Redevelopment Agency Successor Agency,
Revenue Bonds (LOC; Citibank NA) Ser. A | | 1.17 | | 12/5/19 | | 390,000 | a | 390,000 | |
Tender Option Bond Trust Receipts (Series 2017-XF0578),
(Pittsburg Unified School District, GO, Refunding (Liquidity Facility; TD Bank NA)), Trust Maturity Date 8/1/2044 | | 1.15 | | 12/5/19 | | 1,620,000 | a,b,c | 1,620,000 | |
Tender Option Bond Trust Receipts (Series 2018-XF2615),
(California Municipal Finance Authority, Revenue Bonds (LINX APM Project) (LOC; Barclays Bank PLC and Liquidity Facility; Barclays Bank PLC)), Trust Maturity Date 12/31/2047 | | 1.30 | | 12/5/19 | | 4,700,000 | a,b,c | 4,700,000 | |
Tender Option Bond Trust Receipts (Series 2019-BAML8003),
(California Statewide Community Development Authority, Revenue Bonds, Refunding (LOC; Bank of America NA)), Trust Maturity Date 2/1/2053 | | 1.20 | | 12/4/19 | | 3,300,000 | a,b,c | 3,300,000 | |
Tender Option Bond Trust Receipts (Series 2019-XF2830),
(Golden State Finance Authority California, Revenue Bonds), Trust Maturity Date 10/1/2034 | | 1.25 | | 12/5/19 | | 3,465,000 | a,b,c | 3,465,000 | |
Tender Option Bond Trust Receipts (Series 2019-XF2835),
(California Public Finance Authority, Revenue Bonds (Liquidity Agreement; Mizuho Capital Markets LLC)), Trust Maturity Date 7/1/2042 | | 1.25 | | 12/5/19 | | 2,800,000 | a,b,c | 2,800,000 | |
Tender Option Bond Trust Receipts (Series 2019-XG0243),
(Foothill Eastern Transportation Corridor Agency, Revenue Bonds, Refunding (Liquidity Agreement; Bank of America NA and LOC; Bank of America NA)), Trust Maturity Date 1/15/2053 | | 1.14 | | 12/4/19 | | 1,110,000 | a,b,c | 1,110,000 | |
9
STATEMENT OF INVESTMENTS (continued)
| | | | | | | | | | | | | | | | | | | | |
| |
Short-Term Investments - 99.6% (continued) | | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) |
| Value ($) | |
California - 97.3% (continued) | | | | | | |
| | |
Tender Option Bond Trust Receipts (Series 2019-XL0101),
(San Francisco California City & County Airport Commission, Revenue Bonds, Refunding), Trust Maturity Date 11/1/2026 | | 1.15 | | 12/5/19 | | 2,000,000 | a,b,c | 2,000,000 | |
Tender Option Bond Trust Receipts (Series 2019-XM0750),
(Los Angeles County Facilities Lease, Revenue Bonds (Liquidity Agreement; Bank of America NA)), Trust Maturity Date 12/1/2048 | | 1.15 | | 12/4/19 | | 2,250,000 | a,b,c | 2,250,000 | |
| | 77,595,000 | |
Wisconsin - 2.3% | | | | | |
Tender Option Bond Trust Receipts (Series 2019-XF2831),
(Golden State Finance Authority California, Revenue Bonds (Vineyard Oxnard Airport Project) (Liquidity Agreement; Mizuho Capital Markets LLC)), Trust Maturity Date 7/1/2029 | | 1.25 | | 12/5/19 | | 1,795,000 | a,b,c | 1,795,000 | |
Total Investments(cost $79,390,000) | | | | | | 99.6% |
| 79,390,000 | |
Cash and Receivables (Net) | | | | | | 0.4% |
| 323,542 | |
Net Assets | | | | | | 100.0% | | 79,713,542 | |
a The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.
b Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2019, these securities amounted to $26,840,000 or 33.67% of net assets.
c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity that, in turn, owns the underlying municipal security. The special purpose entity permits the fund to own interests in underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., enhanced liquidity, yields linked to short-term rates). These securities are not an underlying piece for any of the Adviser long-term Inverse floater securities.
10
| | |
Portfolio Summary (Unaudited)† | Value (%) |
Development | 40.4 |
Multifamily Housing | 18.4 |
Airport | 9.9 |
General | 9.4 |
Education | 5.9 |
Pollution | 5.1 |
Special Tax | 4.8 |
Medical | 2.3 |
School District | 2.0 |
Transportation | 1.4 |
| | 99.6 |
† Based on net assets.
See notes to financial statements.
11
| | | | |
| |
Summary of Abbreviations(Unaudited) |
| |
ABAG | Association of Bay Area Governments | ACA | American Capital Access |
AGC | ACE Guaranty Corporation | AGIC | Asset Guaranty Insurance Company |
AMBAC | American Municipal Bond Assurance Corporation | ARRN | Adjustable Rate Receipt Notes |
BAN | Bond Anticipation Notes | BPA | Bond Purchase Agreement |
CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
CP | Commercial Paper | DRIVERS | Derivative Inverse Tax-Exempt Receipts |
EDR | Economic Development Revenue | EIR | Environmental Improvement Revenue |
EURIBOR | Euro Interbank Offered Rate | FGIC | Financial Guaranty Insurance Company |
FHA | Federal Housing Administration | FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corporation | FNMA | Federal National Mortgage Association |
GAN | Grant Anticipation Notes | GIC | Guaranteed Investment Contract |
GNMA | Government National Mortgage Association | GO | General Obligation |
HR | Hospital Revenue | IDB | Industrial Development Board |
IDC | Industrial Development Corporation | IDR | Industrial Development Revenue |
LIBOR | London Interbank Offered Rate | LIFERS | Long Inverse Floating Exempt Receipts |
LOC | Letter of Credit | LOR | Limited Obligation Revenue |
LR | Lease Revenue | NAN | Note Anticipation Notes |
MERLOTS | Municipal Exempt Receipts Liquidity Option Tender | MFHR | Multi-Family Housing Revenue |
MFMR | Multi-Family Mortgage Revenue | MUNIPSA | Securities Industry and Financial Markets Association Municipal Swap Index Yield |
PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes |
P-FLOATS | Puttable Floating Option Tax-Exempt Receipts | PRIME | Prime Lending Rate |
PUTTERS | Puttable Tax-Exempt Receipts | RAC | Revenue Anticipation Certificates |
RAN | Revenue Anticipation Notes | RAW | Revenue Anticipation Warrants |
RIB | Residual Interest Bonds | ROCS | Reset Options Certificates |
RRR | Resources Recovery Revenue | SAAN | State Aid Anticipation Notes |
SBPA | Standby Bond Purchase Agreement | SFHR | Single Family Housing Revenue |
SFMR | Single Family Mortgage Revenue | SOFRRATE | Secured Overnight Financing Rate |
SONYMA | State of New York Mortgage Agency | SPEARS | Short Puttable Exempt Adjustable Receipts |
SWDR | Solid Waste Disposal Revenue | TAN | Tax Anticipation Notes |
TAW | Tax Anticipation Warrants | TRAN | Tax and Revenue Anticipation Notes |
XLCA | XL Capital Assurance | | |
See notes to financial statements.
12
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2019
| | | | | | | |
| | | | | | |
| | | Cost | | Value | |
Assets ($): | | | | |
Investments in securities—See Statement of Investments | 79,390,000 | | 79,390,000 | |
Cash | | | | | 246,536 | |
Interest receivable | | 153,423 | |
Receivable for shares of Beneficial Interest subscribed | | 12,232 | |
Prepaid expenses | | | | | 16,363 | |
| | | | | 79,818,554 | |
Liabilities ($): | | | | |
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 2(c) | | 47,287 | |
Trustees’ fees and expenses payable | | 1,992 | |
Payable for shares of Beneficial Interest redeemed | | 1,193 | |
Other accrued expenses | | | | | 54,540 | |
| | | | | 105,012 | |
Net Assets ($) | | | 79,713,542 | |
Composition of Net Assets ($): | | | | |
Paid-in capital | | | | | 79,713,542 | |
Net Assets ($) | | | 79,713,542 | |
| | | | |
Net Asset Value Per Share | Class A | Class B | |
Net Assets ($) | 44,494,470 | 35,219,072 | |
Shares Outstanding | 44,494,308 | 35,219,024 | |
Net Asset Value Per Share ($) | 1.00 | 1.00 | |
| | | |
See notes to financial statements. | | | |
13
STATEMENT OF OPERATIONS
Year Ended November 30, 2019
| | | | | | | |
| | | | | | |
| | | | | | |
Investment Income ($): | | | | |
Interest Income | | | 1,224,153 | |
Expenses: | | | | |
Management fee—Note 2(a) | | | 389,175 | |
Shareholder servicing costs—Note 1 and Note 2(c) | | | 115,155 | |
Professional fees | | | 78,940 | |
Distribution and prospectus fees—Note 2(b) | | | 42,902 | |
Registration fees | | | 40,983 | |
Prospectus and shareholders’ reports | | | 10,597 | |
Custodian fees—Note 2(c) | | | 7,270 | |
Trustees’ fees and expenses—Note 2(d) | | | 6,300 | |
Miscellaneous | | | 30,029 | |
Total Expenses | | | 721,351 | |
Less—reduction in shareholder servicing costs
due to undertaking—Note 2(c) | | (50,105) | |
Less—reduction in fees due to earnings credits—Note 2(c) | | | (4,088) | |
Net Expenses | | | 667,158 | |
Investment Income—Net, representing net increase in
net assets resulting from operations | | | 556,995 | |
| | | | | | |
See notes to financial statements. | | | | | |
14
STATEMENT OF CHANGES IN NET ASSETS
| | | | | | | | | | |
| | | | Year Ended November 30, |
| | | | 2019 | | 2018 | |
Operations ($): | | | | | | | | |
Investment Income—Net, representing net increase in net assets resulting from operations | 556,995 | | | | 547,515 | |
Distributions ($): | |
Distributions to shareholders: | | | | | | | | |
Class A | | | (446,997) | | | | (481,723) | |
Class B | | | (109,998) | | | | (66,062) | |
Total Distributions | | | (556,995) | | | | (547,785) | |
Beneficial Interest Transactions ($1.00 per share): | |
Net proceeds from shares sold: | | | | | | | | |
Class A | | | 68,652,269 | | | | 85,422,503 | |
Class B | | | 90,052,077 | | | | 51,034,787 | |
Distributions reinvested: | | | | | | | | |
Class A | | | 435,678 | | | | 473,881 | |
Class B | | | 109,698 | | | | 66,002 | |
Cost of shares redeemed: | | | | | | | | |
Class A | | | (86,216,041) | | | | (88,304,891) | |
Class B | | | (69,279,868) | | | | (52,434,429) | |
Increase (Decrease) in Net Assets
from Beneficial Interest Transactions | 3,753,813 | | | | (3,742,147) | |
Total Increase (Decrease) in Net Assets | 3,753,813 | | | | (3,742,417) | |
Net Assets ($): | |
Beginning of Period | | | 75,959,729 | | | | 79,702,146 | |
End of Period | | | 79,713,542 | | | | 75,959,729 | |
| | | | | | | | | |
See notes to financial statements. | | | | | | | | |
15
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.
| | | | | | | | |
| | | |
| | | Year Ended November 30, |
Class A Shares | | 2019 | 2018 | 2017 | 2016 | 2015 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Investment Operations: | | | | | | |
Investment income—net | | .008 | .007 | .001 | .003 | .000a |
Distributions: | | | | | | |
Dividends from
investment income—net | | (.008) | (.007) | (.001) | (.000)a | (.000)a |
Tax return of capital | | - | - | - | (.003) | - |
Total Distributions | | (.008) | (.007) | (.001) | (.003) | (.000)a |
Net asset value, end of period | | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Total Return (%) | | .77 | .67 | .07 | .28 | .00b |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses
to average net assets | | .81 | .80 | .84 | .73 | .68 |
Ratio of net expenses
to average net assets | | .81 | .80 | .80 | .34 | .09 |
Ratio of net investment income
to average net assets | | .79 | .66 | .07 | .01 | .00b |
Net Assets, end of period ($ x 1,000) | | 44,494 | 61,623 | 64,031 | 68,508 | 129,108 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
16
| | | | | | | | |
| | | |
| | | Year Ended November 30, |
Class B Shares | | 2019 | 2018 | 2017 | 2016 | 2015 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Investment Operations: | | | | | | |
Investment income—net | | .006 | .005 | .000a | .003 | .000a |
Distributions: | | | | | | |
Dividends from
investment income—net | | (.006) | (.005) | (.000)a | (.000)a | (.000)a |
Tax return of capital | | - | - | - | (.003) | - |
Total Distributions | | (.006) | (.005) | (.000)a | (.003) | (.000)a |
Net asset value, end of period | | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Total Return (%) | | .58 | .46 | .01 | .27 | .00b |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses
to average net assets | | 1.24 | 1.24 | 1.27 | 1.16 | 1.11 |
Ratio of net expenses
to average net assets | | 1.00 | 1.00 | .87 | .29 | .09 |
Ratio of net investment income
to average net assets | | .52 | .45 | .01 | .01 | .00b |
Net Assets, end of period ($ x 1,000) | | 35,219 | 14,337 | 15,671 | 28,141 | 96,207 |
a Amount represents less than $.001 per share.
b Amount represents less than .01%.
See notes to financial statements.
17
NOTES TO FINANCIAL STATEMENTS
NOTE 1—Significant Accounting Policies:
General California Municipal Money Market Fund (the “fund”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), is a non-diversified open-end management investment company. The fund’s investment objective is to seek to maximize current income exempt from federal and California state income taxes, to the extent consistent with the preservation of capital and the maintenance of liquidity. The fund is managed by Dreyfus Cash Investment Strategies, a division of BNY Mellon Investment Adviser, Inc. (the “Adviser”), the fund’s investment adviser and a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”).
Effective June 3, 2019, The Dreyfus Corporation, the fund’s investment adviser, changed its name to “BNY Mellon Investment Adviser, Inc.”, MBSC Securities Corporation, the fund’s distributor, changed its name to “BNY Mellon Securities Corporation” and Dreyfus Transfer, Inc., the fund’s transfer agent, changed its name to “BNY Mellon Transfer, Inc.”
BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares, which are sold to the public without a sales charge. The fund is authorized to issue an unlimited number of $.001 par value shares of Beneficial Interest in each of 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 Shareholder Services Plans. In addition, Class B shares are charged directly for sub-accounting services provided by Service Agents (securities dealers, financial institutions or other industry professionals) 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, 2019, sub-accounting service fees amounted to $10,587 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.
The fund operates as a “retail money market fund” as that term is defined in Rule 2a-7 under the Act (a “Retail Fund”). It is the fund’s policy to maintain a constant net asset value (“NAV”) per share of $1.00, and the fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so. There is no assurance, however,
18
that the fund will be able to maintain a constant NAV per share of $1.00. As a Retail Fund, the fund may, or in certain circumstances, must impose a fee upon the sale of shares or may temporarily suspend redemptions if the fund’s weekly liquid assets fall below required minimums because of market conditions or other factors.
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 is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. 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 fundenters 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 under the Act. If amortized cost is determined not to approximate fair market value, the fair value of the portfolio securities will be determined by procedures established by and under the general oversight of the fund’s Board of Trustees (the “Board”).
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.
19
NOTES TO FINANCIAL STATEMENTS(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 within Level 2 of the fair value hierarchy.
The following is a summary of the inputs used as of November 30, 2019in valuing the fund’s investments:
| | |
Valuation Inputs | Short-Term Investments ($)† |
Level 1 - Unadjusted Quoted Prices | - |
Level 2 - Other Significant Observable Inputs | 79,390,000 |
Level 3 - Significant Unobservable Inputs | - |
Total | 79,390,000 |
† See Statement of Investments for additional detailed categorizations, if any.
(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.
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 and distributions to shareholders:It is the policy of the fund to declare dividends daily from investment income-net. Such
20
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 November 30, 2019, 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 ended November 30, 2019, the fund did not incur any interest or penalties.
Each tax year in the four-year period ended November 30, 2019 remains subject to examination by the Internal Revenue Service and state taxing authorities.
At November 30, 2019, the components of accumulated earnings on a tax basis were substantially the same as for financial reporting purposes.
The tax character of distributions paid to shareholders during the fiscal periods ended November 30, 2019 and November 30, 2018 were as follows: tax-exempt income $556,995 and $547,515 and ordinary income $0 and $270, respectively.
At November 30, 2019, 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).
(e) New Accounting Pronouncements: Effective June 1, 2019, the fund adopted Accounting Standards Update 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization On Purchased Callable Debt Securities (“ASU 2017-08”). The update shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date.
Also effective June 1, 2019, the fund adopted Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The update provides guidance that
21
NOTES TO FINANCIAL STATEMENTS(continued)
modifies certain disclosure requirements for fair value measurements. The adoption of ASU 2017-08 and ASU 2018-13 had no impact on the operations of the fund for the period ended November 30, 2019.
NOTE 2—Management Fee and Other Transactions with Affiliates:
(a)Pursuant to a management agreement (the “Agreement”) with the Adviser, 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 of the fund (excluding taxes, brokerage commissions and extraordinary expenses) exceed 1½% of the value of the fund’s average daily net assets, the fund may deduct from payments to be made to the Adviser, or the Adviser will bear, such excess expense. During the period ended November 30, 2019, there was no reduction in expenses pursuant to the Agreement.
(b)Under the Distribution Plan with respect to Class B, adopted pursuant to Rule 12b-1 under the Act, Class B shares bear directly the costs 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. In addition, Class B shares reimburse the Distributor for payments made to third parties for distributing its shares at an annual rate not to exceed .20% of the value of its average daily net assets. During the period ended November 30, 2019, Class B shares were charged $42,902 pursuant to the Distribution Plan.
(c) Under the Reimbursement Shareholder Services Plan with respect to Class A (the “Class A Reimbursement Shareholder Services Plan”), Class A shares reimburse the Distributor at an amount not to exceed an annual rate of .25% of the value of the average daily net assets of its shares for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. During the period ended November 30, 2019, Class A shares were charged $29,788 pursuant to the Class A Reimbursement Shareholder Services Plan.
Under the Compensation Shareholder Services Plan with respect to Class B (the “Class B Compensation Shareholder Services Plan”), Class B shares pay the Distributor at an annual rate of .25% of the value of the average
22
daily net assets of its shares for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other information, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents with respect to these services. The Distributor determines the amounts to be paid to Service Agents.
The Adviser had also undertaken from December 1, 2018 through November 30, 2019, to reduce the direct expenses of Class B shares, if the aggregate expenses of Class B shares (excluding taxes, brokerage commissions 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 November 30, 2019, Class B shares were charged $52,937 pursuant to the Class B Compensation Shareholder Services Plan, of which $50,105 was reimbursed by the Adviser.
The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits, if any, as an expense offset in the Statement of Operations.
The fund compensates BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended November 30, 2019, the fund was charged $12,378 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations.
The fund compensates The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of the Adviser, under a custody agreement for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended November 30, 2019, the fund was charged $7,270 pursuant to the custody agreement. These fees were partially offset by earnings credits of $4,088.
The fund compensates The Bank of New York Mellon under a shareholder redemption draft processing agreement for providing certain services related to the fund’s check writing privilege. During the period ended November 30, 2019, the fund was charged $625 pursuant to the
23
NOTES TO FINANCIAL STATEMENTS(continued)
agreement, which is included in Shareholder servicing costs in the Statement of Operations.
During the period ended November 30, 2019, the fund was charged $11,659 for services performed by the Chief Compliance Officer and his staff. These fees are included in Miscellaneous in the Statement of Operations.
The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: management fees of $31,847, Distribution Plan fees of $5,710, Shareholder Services Plan fees of $10,565, custodian fees of $1,984, Chief Compliance Officer fees of $2,174 and transfer agency fees of $2,202, which are offset against an expense reimbursement currently in effect in the amount of $7,195.
(d) Each Board member also serves as a Board member of other funds in the BNY Mellon Family of Funds 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. 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), common Trustees and/or common officers, complies with Rule 17a-7 under the Act. During the period ended November 30, 2019, the fund engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act amounting to $18,620,000 and $22,645,000,respectively.
24
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Trustees of General California Municipal Money Market Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of General California Municipal Money Market Fund (the “Fund”), including the statement of investments, as of November 30, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at November 30, 2019, 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 its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2019, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more investment companies in the BNY Mellon Family of Funds since at least 1957, but we are unable to determine the specific year.
New York, New York
January 28, 2020
25
IMPORTANT TAX INFORMATION(Unaudited)
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during the fiscal year ended November 30, 2019 as “exempt-interest dividends” (not subject to regular federal and, for individuals who are California residents, California personal income taxes). Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s exempt-interest dividends paid for the 2019 calendar year on Form 1099-DIV, which will be mailed in early 2020.
26
INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited)
At a meeting of the fund’s Board of Trustees held on August 6, 2019, the Board considered the renewalof the fund’s Management Agreement pursuant to which the Adviser provides the fund with investment advisory and administrative services (the “Agreement”). The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY Mellon fund complex. The Adviser provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY Mellon fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser’s corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.
The Board also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures.
Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, which included information comparing (1) the fund’s performance with the performance of a group of comparable funds (the “Performance Group”) and with a broader group of funds (the “Performance Universe”), all for various periods ended June 30, 2019, and (2) the fund’s actual and contractual management fees and total expenses with those of a group of comparable funds (the “Expense Group”) and with a broader group of funds (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
27
INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited) (continued)
Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds. The Board discussed with representatives of the Adviser and/or its affiliates the results of the comparisons and considered that the fund’s gross total return performance (before fees and expenses) was above the Performance Group and Performance Universe medians for all periods and the fund’s net total return performance (after fees and expenses) was below the Performance Group and Performance Universe medians for all periods. The Board considered the relative proximity of the fund’s net total return performance to the Performance Group medians in certain periods. It was noted that there were only four other funds in the Performance Group.
The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board considered that the fund’s contractual management fee was less than one basis point above the Expense Group median and the fund’s actual management fee and total expenses were above the Expense Group and Expense Universe medians.
The Board also considered the current fee waiver and expense reimbursement arrangement undertaken by the Adviser.
Representatives of the Adviser reviewed with the Board the management or investment advisory fees paid by funds advised or administered by the Adviser that are in the same Lipper category as the fund (the “Similar Funds”), and explained the nature of the Similar Funds. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Funds to evaluate the appropriateness of the fund’s management fee.
Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by the Adviser. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.
The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement, considered in relation to the mix of services provided by the Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreement and (2) in light of the relevant
28
circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board also considered potential benefits to the Adviser from acting as investment adviser and took into consideration that there were no soft dollar arrangements in effect for trading the fund’s investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
· The Board concluded that the nature, extent and quality of the services provided by the Adviser are adequate and appropriate.
· The Board was satisfied with the fund’s gross total return performance.
· The Board concluded that the fee paid to the Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
· The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
In evaluating the Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates, of the Adviser and the services provided to the fund by the Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreement, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance measures; general market outlook as applicable to the fund; and compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for this fund had the benefit of a number of years of reviews of the Agreement for the fund, or substantially similar agreements for other
29
INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AGREEMENT (Unaudited) (continued)
BNY Mellon funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on their consideration of the fund’s arrangements, or substantially similar arrangements for other BNY Mellon funds that the Board oversees, in prior years. The Board determined to renew the Agreement.
30
BOARD MEMBERS INFORMATION(Unaudited)
INDEPENDENT BOARD MEMBERS
Joseph S. DiMartino (76)
Chairman of the Board (1995)
Principal Occupation During Past 5 Years:
· Corporate Director and Trustee (1995-Present)
Other Public Company Board Memberships During Past 5 Years:
· CBIZ, Inc., a public company providing professional business services, products and solutions,Director (1997-Present)
No. of Portfolios for which Board Member Serves:120
———————
Francine J. Bovich (68)
Board Member (2012)
Principal Occupation During Past 5 Years:
· Trustee, The Bradley Trusts, private trust funds (2011-Present)
Other Public Company Board Memberships During Past 5 Years:
· Annaly Capital Management, Inc., a real estate investment trust,Director (2014-Present)
No. of Portfolios for which Board Member Serves:70
———————
Peggy C. Davis (76)
Board Member (1990)
Principal Occupation During Past 5 Years:
· Shad Professor of Law, New York University School of Law (1983-present)
No. of Portfolios for which Board Member Serves:44
———————
Nathan Leventhal (76)
Board Member (1989)
Principal Occupation During Past 5 Years:
· President Emeritus of Lincoln Center for the Performing Arts (2001-Present)
· President of the Palm Beach Opera (2016-Present)
· Chairman of the Avery Fisher Artist Program, Lincoln Center (1997-2014)
Other Public Company Board Memberships During Past 5 Years:
· Movado Group, Inc., a public company that designs, markets and distributes watches,Director (2003-Present)
No. of Portfolios for which Board Member Serves:47
———————
31
BOARD MEMBERS INFORMATION (Unaudited) (continued)
INDEPENDENT BOARD MEMBERS (continued)
Robin A. Melvin (56)
Board Member (2012)
Principal Occupation During Past 5 Years:
· Co-chairman, Mentor Illinois, a non-profit organization dedicated to increasing the quantity and quality of mentoring services in Illinois (2014-Present; Board member (2013-Present)
No. of Portfolios for which Board Member Serves:97
———————
Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80. The address of the Board Members and Officers is c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street, New York, New York 10286. Additional information about the Board Member is available in the fund’s Statement of Additional Information which can be obtained from the Adviser free of charge by calling this toll free number: 1-800-373-9387.
Clifford L. Alexander, Jr., Emeritus Board Member
Diane Dunst, Emeritus Board Member
Ernest Kafka, Emeritus Board Member
32
OFFICERS OF THE FUND(Unaudited)
RENEE LAROCHE-MORRIS, President since May 2019.
President and a director of BNY Mellon Investment Adviser, Inc. since January 2018. She is an officer of 63 investment companies (comprised of 120 portfolios) managed by the Adviser. She is 48 years old and has been an employee of BNY Mellon since 2003.
JAMES WINDELS, Treasurer since November 2001.
Director- BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 61 years old and has been an employee of the Adviser since April 1985.
BENNETT A. MACDOUGALL, Chief Legal Officer since October 2015.
Chief Legal Officer of the Adviser and Associate General Counsel and Managing Director of BNY Mellon since June 2015; Director and Associate General Counsel of Deutsche Bank – Asset & Wealth Management Division from June 2005 to June 2015, and as Chief Legal Officer of Deutsche Investment Management Americas Inc. from June 2012 to May 2015. He is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 48 years old and has been an employee of the Adviser since June 2015.
DAVID DIPETRILLO, Vice President since May 2019.
Head of North America Product, BNY Mellon Investment Management since January 2018, Director of Product Strategy, BNY Mellon Investment Management from January 2016 to December 2017; Head of US Retail Product and Channel Marketing, BNY Mellon Investment Management from January 2014 to December 2015. He is an officer of 63 investment companies (comprised of 120 portfolios) managed by the Adviser. He is 41 years old and has been an employee of BNY Mellon since 2005.
JAMES BITETTO, Vice President since August 2005 and Secretary since February 2018.
Senior Managing Counsel of BNY Mellon since December 2019; Managing Counsel of BNY Mellon from April 2014 to December 2019; Secretary of the Adviser, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 53 years old and has been an employee of the Adviser since December 1996.
SONALEE CROSS, Vice President and Assistant Secretary since March 2018.
Counsel of BNY Mellon since October 2016; Associate at Proskauer Rose LLP from April 2016 to September 2016; Attorney at EnTrust Capital from August 2015 to February 2016; Associate at Sidley Austin LLP from September 2013 to August 2015. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 32 years old and has been an employee of the Adviser since October 2016.
DEIRDRE CUNNANE, Vice President and Assistant Secretary since March 2019.
Counsel of BNY Mellon since August 2018; Senior Regulatory Specialist at BNY Mellon Investment Management Services from February 2016 to August 2018; Trustee Associate at BNY Mellon Trust Company (Ireland) Limited from August 2013 to February 2016. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 29 years old and has been an employee of the Adviser since August 2018.
SARAH S. KELLEHER, Vice President and Assistant Secretary since April 2014.
Managing Counsel of BNY Mellon since December 2017, Senior Counsel of BNY Mellon from March 2013 to December 2017. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 44 years old and has been an employee of the Adviser since March 2013.
JEFF PRUSNOFSKY, Vice President and Assistant Secretary since August 2005.
Senior Managing Counsel of BNY Mellon, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 54 years old and has been an employee of the Adviser since October 1990.
PETER M. SULLIVAN, Vice President and Assistant Secretary since March 2019.
Managing Counsel of BNY Mellon, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 51 years old and has been an employee of the Adviser since April 2004.
33
OFFICERS OF THE FUND (Unaudited)(continued)
NATALYA ZELENSKY, Vice President and Assistant Secretary since March 2017.
Managing Counsel of BNY Mellon since December 2019; Counsel of BNY Mellon from May 2016 to December 2019; Attorney at Wildermuth Endowment Strategy Fund/Wildermuth Advisory, LLC from November 2015 to May 2016 and Assistant General Counsel at RCS Advisory Services from July 2014 to November 2015. She is an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. She is 34 years old and has been an employee of the Adviser since May 2016.
GAVIN C. REILLY, Assistant Treasurer since December 2005.
Tax Manager - BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 51 years old and has been an employee of the Adviser since April 1991.
ROBERT S. ROBOL, Assistant Treasurer since August 2003.
Senior Accounting Manager- BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 55 years old and has been an employee of the Adviser since October 1988.
ROBERT SALVIOLO, Assistant Treasurer since May 2007.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 52 years old and has been an employee of the Adviser since June 1989.
ROBERT SVAGNA, Assistant Treasurer since August 2005.
Senior Accounting Manager – BNY Mellon Fund Administration, and an officer of 64 investment companies (comprised of 143 portfolios) managed by the Adviser. He is 52 years old and has been an employee of the Adviser since November 1990.
JOSEPH W. CONNOLLY, Chief Compliance Officer since October 2004.
Chief Compliance Officer of the Adviser, the BNY Mellon Family of Funds and BNY Mellon Funds Trust (64 investment companies, comprised of 143 portfolios). He is 62 years old and has served in various capacities with the Adviser since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.
CARIDAD M. CAROSELLA, Anti-Money Laundering Compliance Officer since January 2016.
Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust since January 2016; from May 2015 to December 2015, Interim Anti-Money Laundering Compliance Officer of the BNY Mellon Family of Funds and BNY Mellon Funds Trust and the Distributor; from January 2012 to May 2015, AML Surveillance Officer of the Distributor. She is an officer of 57 investment companies (comprised of 136 portfolios) managed by the Adviser. She is 51 years old and has been an employee of the Distributor since 1997.
34
NOTES
35
NOTES
36
NOTES
37
General California Municipal Money Market Fund
240 Greenwich Street
New York, NY 10286
Adviser
BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286
Distributor
BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286
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Ticker Symbols: | Class A: GCAXX Class B: GENXX |
Telephone Call your representative or 1-800-373-9387
Mail BNY Mellon Family of Funds to: BNY Mellon Institutional Services, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144
E-mail Send your request toinstserv@bnymellon.com
Internet Access Dreyfus Money Market Funds atwww.dreyfus.com
The fund will disclose daily, onwww.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 for a period of five months. The fund files a monthly schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) on Form N-MFP. The fund’s Forms N-MFP are available on the SEC’s website atwww.sec.gov.
Information regarding how the fund voted proxies related to portfolio securities for the most recent 12-month period ended June 30 is available atwww.dreyfus.com and on the SEC’s website atwww.sec.gov and without charge, upon request, by calling 1-800-373-9387.
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© 2020 BNY Mellon Securities Corporation
0573AR1119 
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Item 2. Code of Ethics.
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 $35,222 in 2018 and $36,338 in 2019.
(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 $6,939 in 2018 and $6,819 in 2019. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.
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 $0 in 2018 and $0 in 2019.
(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 $3,860 in 2018 and $3,653 in 2019. 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, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held. 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 2018 and $0 in 2019.
(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 $154 in 2018 and $168 in 2019. 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 2018 and $0 in 2019.
(e)(1) 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. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. 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.
(e)(2) Note. None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
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 $673,321 in 2018 and $700,014 in 2019.
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.
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.
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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(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.
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/ Renee LaRoche-Morris
Renee LaRoche-Morris
President (Principal Executive Officer)
Date: January 27, 2020
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/ Renee LaRoche-Morris
Renee LaRoche-Morris
President (Principal Executive Officer)
Date: January 27, 2020
By: /s/ James Windels
James Windels
Treasurer (Principal Financial Officer)
Date: January 24, 2020
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)
