We are pleased to present this semiannual report for General California Municipal Money Market Fund, covering the six-month period from December 1, 2019 through May 31, 2020. 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.
Stock markets performed well over the last month of 2019. Accommodative policies from the U.S. Federal Reserve (the “Fed”), paired with healthy U.S. consumer spending, helped support valuations. Markets were further supported by a December announcement that the first phase of a trade deal with China was in process. U.S. equity markets reached new highs during the final month of 2019. However, the euphoria was short-lived, as concerns over the spread of COVID-19 roiled markets during the first several months of 2020. As the virus spread across the globe, concerns about the economic effects of a widespread quarantine worked to depress equity valuations. Stocks posted historic losses in March 2020, but regained ground in April and May.
In fixed-income markets, interest rates were heavily influenced by changes in Fed policy and investor concern over COVID-19. As stocks rallied in December 2019, Treasury bond prices declined, and rates across much of the yield curve rose until early in 2020, when the threat posed by COVID-19 began to emerge. A flight-to-quality ensued, and rates fell significantly. March 2020 brought high volatility and risk-asset spread widening. The Fed cut rates twice in March, resulting in an overnight lending target rate of nearly zero, and the government launched a large stimulus package. In April and May 2020, risk-asset prices recovered some of their prior losses, as investors turned their attention toward a possible economic recovery. Investment-grade bonds generally posted positive returns for the period.
We believe the near-term outlook for the U.S. will be challenging, as the country curbs the spread of COVID-19 and determines a path forward for recovery. However, we are confident that once the economic effects of the virus have been mitigated, the economy will rebound. As always, we will monitor relevant data for signs of change. 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.
DISCUSSION OF FUND PERFORMANCE (Unaudited)
For the period from December 1, 2019 through May 31, 2020, as provided by Joseph Irace, Senior Portfolio Manager
Market and Fund Performance Overview
For the six-month period ended May 31, 2020, General California Municipal Money Market Fund’s Class A shares produced an annualized yield of 0.67%, and Class B shares yielded 0.54%. Taking into consideration the effects of compounding, the fund’s Class A and Class B shares produced an annualized effective yield of 0.68% and 0.54%, 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”) in response to the COVID-19 outbreak and supply-and-demand dynamics in the municipal 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 (AMT). 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.
The fund is a money market fund subject to the maturity, quality, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended, and seeks to maintain a stable share price of $1.00.
Fed Policy, Supply and Demand Drive the Market
Asset levels in tax-exempt money market funds were steady to end the year. In December 2019, demand for Variable Rate Demand Notes was strong versus fixed-rate notes due to the flat yield curve. Strong demand, plus limited supply, resulted in a downward trend in fixed-income, tax-exempt yields. In December 2019, demand was strong for shorter maturities due to the continued flattening of the yield curve and continued strong inflows into tax-exempt funds, particularly longer dated portfolios. The Fed left rates unchanged at its last meeting of 2019.
January and February 2020 were low, new issuance months, in line with historic activity. A dearth of new issue supply, combined with cash entering the market from reinvestment proceeds, maturities and coupon payments, kept downward pressure on yields. During these
3
DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)
months, the funds purchased securities with longer maturities as the final weeks of December 2019 brought a back-up in rates that provided a good buying opportunity. Asset levels in tax-exempt money market funds were range-bound during the first several weeks of 2020.
The FOMC in an unprecedented weekend move (3/15/20) lowered the federal funds target rate to 0.00% to 0.25% to mitigate the effects of the COVID-19 pandemic on economic activity and the risks to the economic outlook. Earlier in the month on March 3rd, the Fed delivered an emergency 50 basis point rate cut as additional insurance against downside economic risk due to the COVID-19 outbreak.
Asset flows in tax-exempt bond funds reversed course in March and long-term funds sold short-term securities to meet these increased redemptions. These outflows put pressure on rates in the variable rate sector, increasing yields on tax-exempt money market funds, benefiting investors, and seeing assets increase and rates stabilizing in the sector.
After weeks of dislocation, the tax-exempt market stabilized, demand saw an uptick and yields normalized in April 2020. Interest rates for short-term securities pushed rates lower as markets stabilized. The Fed announced the Municipal Liquidity Facility (MLF), which allows states, counties and cities to use the proceeds of notes purchased by the MLF to purchase similar notes issued by other political subdivisions and governmental entities. Under the program, the Fed will make recourse loans to a special purpose vehicle, which will have the ability to purchase up to $500 billion of eligible notes. New issues came back on the market in April 2020 and were met with strong investor demand.
In May 2020, asset flows remained steady in tax-exempt money market funds as rates remained comparable to similar taxable funds and provided diversification for investors. Interest for short-term securities remained strong and placed continual downward pressure on rates as the market continued to stabilize. Strong supply and demand technicals propelled the short-term municipal market rates to historic lows, as rates moved in line with similar taxable maturities.
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.
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 health care and education issuers.
Managing Portfolios
We anticipate issuance in the short-term market will increase in the coming months, as states and local governments review and balance their budgets to adjust to the change to economic projections and increased spending. Our experienced credit team will continue to review our current holdings and any purchases we make going forward in our portfolios. All of the securities purchased receive a minimal credit risk designation prior to purchase and are
4
periodically reviewed for any changes to the credit outlook. We continue to maintain what we believe to be high-grade, liquid portfolios.
It will take time to assess the long-term effect the COVID-19 pandemic will have on municipal credits. The Fed has implemented many programs to assist with financial management during the crisis, including purchases of municipal securities across the maturity spectrum that we believe will continue to stabilize the market.
June 15, 2020
1 Annualized effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results. Yields fluctuate. Income may be subject to state and local taxes for non-California residents, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Yields provided for the fund reflect the absorption of certain fund expenses by BNY Mellon Investment Adviser, Inc. pursuant to an undertaking in effect that may be extended, terminated, or modified at any time. Had these expenses not been absorbed, fund yields would have been lower, and in some cases, seven-day yields 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.
Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments to certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
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 December 1, 2019 to May 31, 2020. 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 | |
Assume actual returns for the six months ended May 31, 2020 | |
| | | | |
| | Class A | Class B | |
Expense paid per $1,000† | $3.31 | $4.11 | |
Ending value (after expenses) | $1,003.40 | $1,002.70 | |
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, 2020 | |
| | | | |
| | Class A | Class B | |
Expense paid per $1,000† | $3.34 | $4.14 | |
Ending value (after expenses) | $1,021.70 | $1,020.90 | |
†Expenses are equal to the fund’s annualized expense ratio of .66% for Class A and .82% for Class B, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period). |
6
STATEMENT OF INVESTMENTS
May 31, 2020 (Unaudited)
| | | | | | | | | | |
| |
Short-Term Investments - 98.7% | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
California - 98.7% | | | | | |
ABAG Finance Authority for Nonprofit Corporations,
Revenue Bonds (The Grauer Foundation for Education Project) (LOC; Comerica Bank) | | 0.23 | | 6/4/2020 | | 1,900,000 | a | 1,900,000 | |
Alameda County Industrial Development Authority,
Revenue Bonds (JMS Family Partnership) (LOC; Wells Fargo Bank NA) Ser. A | | 0.29 | | 6/3/2020 | | 1,330,000 | a | 1,330,000 | |
California Economic Development Financing Authority,
Revenue Bonds (Indl Dev-Killion Inds Project) (LOC; Union Bank NA) | | 0.26 | | 6/3/2020 | | 425,000 | a | 425,000 | |
California Economic Development Financing Authority,
Revenue Bonds (Scientific Specialties Project) (LOC; Bank of Stockton) | | 0.26 | | 6/3/2020 | | 160,000 | a | 160,000 | |
California Enterprise Development Authority,
Revenue Bonds (Gordon Brush Manufacturing) (LOC; Wells Fargo Bank NA) | | 0.24 | | 6/4/2020 | | 2,000,000 | a | 2,000,000 | |
California Enterprise Development Authority,
Revenue Bonds (Regional Properties Project) (LOC; City National Bank) | | 0.18 | | 6/4/2020 | | 5,500,000 | a,b | 5,500,000 | |
California Enterprise Development Authority,
Revenue Bonds (Tri Tool Project) (LOC; Comerica Bank) Ser. A | | 0.26 | | 6/4/2020 | | 2,820,000 | a | 2,820,000 | |
California Housing Finance,
Revenue Bonds (LOC; Tokyo-Mitsubishi UFJ) Ser. A | | 0.22 | | 6/3/2020 | | 100,000 | a | 100,000 | |
California Infrastructure & Economic Development Bank,
Revenue Bonds (Alegacy Foodservice Products Group & Eagleware Manufacturing Company Project) (LOC; California United Bank) | | 0.17 | | 6/4/2020 | | 1,505,000 | a | 1,505,000 | |
California Infrastructure & Economic Development Bank,
Revenue Bonds (International Raisins Project) (LOC; M&T Trust) Ser. A | | 0.30 | | 6/4/2020 | | 3,750,000 | a | 3,750,000 | |
7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Short-Term Investments - 98.7% (continued) | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
California - 98.7% (continued) | | | | | |
California Infrastructure & Economic Development Bank,
Revenue Bonds (MA Silva Corks USA Project) (LOC; Bank of America NA) | | 0.26 | | 6/4/2020 | | 700,000 | a | 700,000 | |
California Infrastructure & Economic Development Bank,
Revenue Bonds (Society for the Blind Project) (LOC; U.S. Bank NA) | | 0.20 | | 6/4/2020 | | 1,785,000 | a | 1,785,000 | |
California Infrastructure & Economic Development Bank,
Revenue Bonds (Starter & Alternator Exchange Project) (LOC; U.S. Bank NA) | | 0.31 | | 6/3/2020 | | 5,000,000 | a | 5,000,000 | |
California Infrastructure & Economic Development Bank,
Revenue Bonds (Surtec Project) (LOC; Wells Fargo Bank NA) Ser. A | | 0.24 | | 6/4/2020 | | 800,000 | a | 800,000 | |
California Pollution Control Financing Authority,
Revenue Bonds (A&M Farms Project) (LOC; CoBank ACB) | | 0.20 | | 6/4/2020 | | 1,500,000 | a | 1,500,000 | |
California Pollution Control Financing Authority,
Revenue Bonds (Bos Farms Project) (LOC; CoBank ACB) | | 0.20 | | 6/4/2020 | | 1,550,000 | a | 1,550,000 | |
California Pollution Control Financing Authority,
Revenue Bonds (Desert Properties Project) (LOC; MUFG Union Bank NA) Ser. B | | 0.26 | | 6/3/2020 | | 1,700,000 | a | 1,700,000 | |
California Pollution Control Financing Authority,
Revenue Bonds (JDS Ranch Project) (LOC; CoBank ACB) | | 0.20 | | 6/4/2020 | | 2,350,000 | a | 2,350,000 | |
California Pollution Control Financing Authority,
Revenue Bonds (John B. & Ann M. Verwey Project) (LOC; CoBank ACB) | | 0.20 | | 6/4/2020 | | 3,400,000 | a | 3,400,000 | |
California Pollution Control Financing Authority,
Revenue Bonds (Upper Valley Disposal Service Project) (LOC; Union Bank NA) Ser. A | | 0.26 | | 6/3/2020 | | 1,230,000 | a | 1,230,000 | |
California Statewide Communities Development Authority,
Revenue Bonds (Avian Glen Apartments Project) (LOC; Citibank NA) Ser. OO | | 0.30 | | 6/4/2020 | | 205,000 | a | 205,000 | |
8
| | | | | | | | | | |
| |
Short-Term Investments - 98.7% (continued) | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
California - 98.7% (continued) | | | | | |
California Statewide Communities Development Authority,
Revenue Bonds (Olen Jones Senior Apartments Project) (LOC; Citibank NA) Ser. BB | | 0.30 | | 6/4/2020 | | 760,000 | a | 760,000 | |
California Statewide Communities Development Authority,
Revenue Bonds (The Salvation Army San Francisco Silvercrest) (LOC; FNMA) | | 0.23 | | 6/4/2020 | | 100,000 | a | 100,000 | |
California Statewide Communities Development Authority,
Revenue Bonds, Refunding (Horizons at Indio) (LOC; Citibank NA) Ser. F | | 0.19 | | 6/4/2020 | | 700,000 | a | 700,000 | |
California Statewide Communities Development Authority,
Revenue Bonds, Refunding (Kelvin Court) (LOC; FNMA) Ser. B | | 0.25 | | 6/4/2020 | | 100,000 | a | 100,000 | |
Garden Grove Housing Authority,
Revenue Bonds (LOC; MUFG Union Bank NA) Ser. A | | 0.20 | | 6/3/2020 | | 3,800,000 | a | 3,800,000 | |
Los Angeles Community Redevelopment Agency,
Revenue Bonds, Refunding (Promenade Towers Project) (LOC; FHLMC) | | 0.16 | | 6/4/2020 | | 100,000 | a | 100,000 | |
Los Angeles Department of Water & Power System,
Revenue Bonds, Refunding, Ser. B3 | | 0.04 | | 6/1/2020 | | 1,500,000 | a | 1,500,000 | |
Los Angeles Industrial Development Authority,
Revenue Bonds (Megatoys Project) (LOC; East West Bank) | | 0.21 | | 6/4/2020 | | 3,000,000 | a | 3,000,000 | |
Mizuho Floater/Residual Trust,
Revenue Bonds (LOC; Mizuho Capital Market) Ser. 2020-MIZ9013 | | 0.49 | | 6/4/2020 | | 4,565,000 | a,b | 4,565,000 | |
Mizuho Floater/Residual Trust,
Revenue Bonds, Ser. 2020-MIZ9012 | | 0.44 | | 6/4/2020 | | 4,200,000 | a,b | 4,200,000 | |
Modesto,
Revenue Bonds, Refunding (Live Oak Apartments Project) (Insured; FNMA) | | 0.25 | | 6/5/2020 | | 235,000 | a | 235,000 | |
Sacramento County,
Revenue Bonds (The Cessna Aircraft Company Project) (LOC; Bank of America NA) | | 0.22 | | 6/4/2020 | | 800,000 | a | 800,000 | |
Sacramento County Housing Authority,
Revenue Bonds, Refunding (LOC; FNMA) Ser. D | | 0.24 | | 6/4/2020 | | 6,500,000 | a | 6,500,000 | |
9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
| | | | | | | | | | |
| |
Short-Term Investments - 98.7% (continued) | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
California - 98.7% (continued) | | | | | |
San Francisco City & County Housing Authority,
Revenue Bonds, Refunding (Valencia Gardens Housing) (LOC; Citibank NA) | | 0.22 | | 6/3/2020 | | 2,530,000 | a | 2,530,000 | |
San Francisco City & County Redevelopment Agency,
Revenue Bonds (Maria Manor Apartments) (LOC; Citibank NA) Ser. F | | 0.28 | | 6/3/2020 | | 825,000 | a | 825,000 | |
San Francisco City & County Redevelopment Agency,
Revenue Bonds (Notre Dame Housing Partners) (LOC; Citibank NA) Ser. G | | 0.19 | | 6/3/2020 | | 200,000 | a | 200,000 | |
San Jose,
Revenue Bonds (Pollard Plaza Apartments) Ser. D | | 0.22 | | 6/4/2020 | | 4,800,000 | a | 4,800,000 | |
San Rafael Redevelopment Agency,
Revenue Bonds (LOC; Citibank NA) Ser. A | | 0.19 | | 6/3/2020 | | 1,470,000 | a | 1,470,000 | |
Santa Rosa,
Revenue Bonds (LOC; Citibank NA) Ser. A | | 0.19 | | 6/4/2020 | | 1,740,000 | a | 1,740,000 | |
Tender Option Bond Trust Receipts (Series 2015-ZF0183),
(Los Angeles County Public Works Finance Authority, Revenue Bonds, Refunding (Liquidity Agreement; JP Morgan Chase Bank NA)), Trust Maturity Date 12/1/2022 | | 0.18 | | 6/4/2020 | | 1,500,000 | a,b,c | 1,500,000 | |
Tender Option Bond Trust Receipts (Series 2017-XF0578),
(Pittsburg Unified School District, GO, Refunding (Liquidity Agreement; TD Bank NA)), Trust Maturity Date 8/1/2044 | | 0.19 | | 6/4/2020 | | 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) (Liquidity Agreement; Barclays Bank PLC & LOC; Barclays Bank PLC)), Trust Maturity Date 12/31/2047 | | 0.34 | | 6/4/2020 | | 4,700,000 | a,b,c | 4,700,000 | |
Tender Option Bond Trust Receipts (Series 2019-XG0243),
(Foothill Eastern Transportation Corridor Agency, Revenue Bonds, Refunding (Liquidity Agreement; Bank of America NA & LOC; Bank of America NA)), Trust Maturity Date 1/15/2053 | | 0.18 | | 7/30/2019 | | 1,110,000 | a,b,c | 1,110,000 | |
10
| | | | | | | | | | | | | | | | |
| |
Short-Term Investments - 98.7% (continued) | Coupon
Rate (%) | | Maturity
Date | | Principal
Amount ($) | | Value ($) | |
California - 98.7% (continued) | | | | | | | | |
Tender Option Bond Trust Receipts (Series 2019-XL0101),
(San Francisco California City & County Airport Commission, Revenue Bonds, Refunding), Trust Maturity Date 11/1/2042 | 0.19 | | 6/4/2020 | | 2,950,000 | a,b,c | 2,950,000 | |
Tender Option Bond Trust Receipts (Series 2020-YX1131),
(San Francisco City & County International Airport Commission, Revenue Bonds, Refunding (Liquidity Agreement; Barclays Bank PLC & LOC; Barclays Bank PLC)), Trust Maturity Date 5/1/2046 | 0.19 | | 6/4/2020 | | 1,000,000 | a,b,c | 1,000,000 | |
Victorville Joint Powers Finance Authority,
Revenue Bonds, Refunding (Cogeneration Fac Project) (LOC; BNP Paribas) Ser. A | 0.16 | | 6/4/2020 | | 2,025,000 | a | 2,025,000 | |
Total Investments (cost $92,540,000) | | | | | 98.7 | % | 92,540,000 | |
Cash and Receivables (Net) | | | | | 1.3 | % | 1,240,547 | |
Net Assets | | | | | 100.0 | % | 93,780,547 | |
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 May 31, 2020, these securities amounted to $27,145,000 or 28.95% 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.
| | |
Portfolio Summary (Unaudited) † | Value (%) |
Development | 37.0 |
Multifamily Housing | 35.1 |
Airport | 10.1 |
Pollution | 4.3 |
General | 3.8 |
Education | 2.0 |
Medical | 1.9 |
School District | 1.7 |
Power | 1.6 |
Transportation | 1.2 |
| | 98.7 |
† 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 |
EFFE | Effective Federal Funds Rate | EURIBOR | Euro Interbank Offered Rate |
FCPR | Farm Credit Prime 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 | P-FLOATS | Puttable Floating Option Tax-Exempt Receipts |
PILOT | Payment in Lieu of Taxes | PRIME | Prime Lending Rate |
PUTTERS | Puttable Tax-Exempt Receipts | OBFR | Overnight Bank Funding Rate |
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 |
SOFR | 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
May 31, 2020 (Unaudited)
| | | | | | | |
| | | | | | |
| | | Cost | | Value | |
Assets ($): | | | | |
Investments in securities—See Statement of Investments | 92,540,000 | | 92,540,000 | |
Receivable for investment securities sold | | 2,015,012 | |
Interest receivable | | 95,341 | |
Receivable for shares of Beneficial Interest subscribed | | 10,612 | |
Prepaid expenses | | | | | 24,399 | |
| | | | | 94,685,364 | |
Liabilities ($): | | | | |
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 2(c) | | 14,732 | |
Cash overdraft due to Custodian | | | | | 747,409 | |
Payable for investment securities purchased | | 100,013 | |
Trustees’ fees and expenses payable | | 2,297 | |
Payable for shares of Beneficial Interest redeemed | | 4 | |
Other accrued expenses | | | | | 40,362 | |
| | | | | 904,817 | |
Net Assets ($) | | | 93,780,547 | |
Composition of Net Assets ($): | | | | |
Paid-in capital | | | | | 93,780,547 | |
Net Assets ($) | | | 93,780,547 | |
| | | | |
Net Asset Value Per Share | Class A | Class B | |
Net Assets ($) | 61,816,338 | 31,964,209 | |
Shares Outstanding | 61,816,213 | 31,964,124 | |
Net Asset Value Per Share ($) | 1.00 | 1.00 | |
| | | |
See notes to financial statements. | | | |
13
STATEMENT OF OPERATIONS
Six Months Ended May 31, 2020 (Unaudited)
| | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Investment Income ($): | | | | |
Interest Income | | | 573,472 | |
Expenses: | | | | |
Management fee—Note 2(a) | | | 215,451 | |
Shareholder servicing costs—Note 1 and Note 2(c) | | | 73,501 | |
Professional fees | | | 39,112 | |
Distribution and prospectus fees—Note 2(b) | | | 35,061 | |
Registration fees | | | 21,057 | |
Chief Compliance Officer fees—Note 2(c) | | | 8,139 | |
Prospectus and shareholders’ reports | | | 6,582 | |
Custodian fees—Note 2(c) | | | 5,171 | |
Trustees’ fees and expenses—Note 2(d) | | | 4,010 | |
Miscellaneous | | | 6,218 | |
Total Expenses | | | 414,302 | |
Less—reduction in expenses due to undertaking—Note 2(a) | | | (60,172) | |
Less—reduction in shareholder servicing costs
due to undertaking—Note 2(c) | | (37,704) | |
Less—reduction in fees due to earnings credits—Note 2(c) | | | (4,113) | |
Net Expenses | | | 312,313 | |
Investment Income—Net, representing net increase in
net assets resulting from operations | | | 261,159 | |
| | | | | | |
See notes to financial statements. | | | | | |
14
STATEMENT OF CHANGES IN NET ASSETS
| | | | | | | | | | |
| | | | | | | | | |
| | | | Six Months Ended
May 31, 2020 (Unaudited) | | Year Ended
November 30, 2019 | |
Operations ($): | | | | | | | | |
Investment Income—Net, representing net increase in net assets resulting from operations | 261,159 | | | | 556,995 | |
Distributions ($): | |
Distributions to shareholders: | | | | | | | | |
Class A | | | (172,581) | | | | (446,997) | |
Class B | | | (88,578) | | | | (109,998) | |
Total Distributions | | | (261,159) | | | | (556,995) | |
Beneficial Interest Transactions ($1.00 per share): | |
Net proceeds from shares sold: | | | | | | | | |
Class A | | | 49,894,518 | | | | 68,652,269 | |
Class B | | | 45,622,937 | | | | 90,052,077 | |
Distributions reinvested: | | | | | | | | |
Class A | | | 166,475 | | | | 435,678 | |
Class B | | | 88,517 | | | | 109,698 | |
Cost of shares redeemed: | | | | | | | | |
Class A | | | (32,739,088) | | | | (86,216,041) | |
Class B | | | (48,966,354) | | | | (69,279,868) | |
Increase (Decrease) in Net Assets
from Beneficial Interest Transactions | 14,067,005 | | | | 3,753,813 | |
Total Increase (Decrease) in Net Assets | 14,067,005 | | | | 3,753,813 | |
Net Assets ($): | |
Beginning of Period | | | 79,713,542 | | | | 75,959,729 | |
End of Period | | | 93,780,547 | | | | 79,713,542 | |
| | | | | | | | | |
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.
| | | | | | | | |
| | | |
| | Six Months Ended May 31, 2020 | Year Ended November 30, |
Class A Shares | (Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Investment Operations: | | | | | | |
Investment income—net | .003 | .008 | .007 | .001 | .003 | .000a |
Distributions: | | | | | | |
Dividends from
investment income—net | (.003) | (.008) | (.007) | (.001) | (.000)a | (.000)a |
Tax return of capital | - | - | - | - | (.003) | - |
Total Distributions | (.003) | (.008) | (.007) | (.001) | (.003) | (.000)a |
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Total Return (%) | .34b | .77 | .67 | .07 | .28 | .00b |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses
to average net assets | .79c | .81 | .80 | .84 | .73 | .68 |
Ratio of net expenses
to average net assets | .66c | .81 | .80 | .80 | .34 | .09 |
Ratio of net investment income
to average net assets | .67c | .79 | .66 | .07 | .01 | .00d |
Net Assets, end of period ($ x 1,000) | 61,816 | 44,494 | 61,623 | 64,031 | 68,508 | 129,108 |
a Amount represents less than $.001 per share.
b Not annualized.
c Annualized.
d Amount represents less than .01%.
See notes to financial statements.
16
| | | | | | | | |
| | | |
| | Six Months Ended
May 31, 2020 | Year Ended November 30, |
Class B Shares | (Unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 |
Per Share Data ($): | | | | | | |
Net asset value, beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Investment Operations: | | | | | | |
Investment income—net | .003 | .006 | .005 | .000a | .003 | .000a |
Distributions: | | | | | | |
Dividends from
investment income—net | (.003) | (.006) | (.005) | (.000)a | (.000)a | (.000)a |
Tax return of capital | - | - | - | - | (.003) | - |
Total Distributions | (.003) | (.006) | (.005) | (.000)a | (.003) | (.000)a |
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Total Return (%) | .27b | .58 | .46 | .01 | .27 | .00c |
Ratios/Supplemental Data (%): | | | | | | |
Ratio of total expenses
to average net assets | 1.22d | 1.24 | 1.24 | 1.27 | 1.16 | 1.11 |
Ratio of net expenses
to average net assets | .82d | 1.00 | 1.00 | .87 | .29 | .09 |
Ratio of net investment income
to average net assets | .51d | .52 | .45 | .01 | .01 | .00c |
Net Assets, end of period ($ x 1,000) | 31,964 | 35,219 | 14,337 | 15,671 | 28,141 | 96,207 |
a Amount represents less than $.001 per share.
b Not annualized.
c Amount represents less than .01%.
d Annualized.
See notes to financial statements.
17
NOTES TO FINANCIAL STATEMENTS (Unaudited)
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”).
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 May 31, 2020, sub-accounting service fees amounted to $8,657 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, 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.
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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 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 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.
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:
19
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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 May 31, 2020 in valuing the fund’s investments:
| | |
Valuation Inputs | Short-Term Investments ($)† |
Level 1 - Unadjusted Quoted Prices | - |
Level 2 - Other Significant Observable Inputs | 92,540,000 |
Level 3 - Significant Unobservable Inputs | - |
Total | 92,540,000 |
† 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) Risk: Certain events particular to the industries in which the fund’s investments conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the investee’s operations and profitability. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country,
20
region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.
(d) Dividends and distributions 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.
(e) 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, 2020, 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 May 31, 2020, the fund did not incur any interest or penalties.
Each tax year in the three-year period ended November 30, 2019 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, 2019 was as follows: tax-exempt income $556,995. The tax character of current year distributions will be determined at the end of the current fiscal year.
21
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
At May 31, 2020, 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 (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 May 31, 2020, there was no reduction in expenses pursuant to the Agreement.
The Adviser has also undertaken to waive receipt of the management fee and/or reimburse operating expenses in order to facilitate a daily yield at or above a certain level which may change from time to time. This undertaking is voluntary and not contractual, and may be terminated at any time. The reduction in expenses, pursuant to the undertaking, amounted to $60,172 during the period ended May 31, 2020.
(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 May 31, 2020, Class B shares were charged $35,061 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
22
the period ended May 31, 2020, Class A shares were charged $14,640 pursuant to the Class A Reimbursement Shareholder Services Plan.
The Adviser and the Distributor have undertaken that if, in any fiscal year of the fund, the “total charges against net assets to provide for sales related expenses and/or service fee” (calculated as provided for in FINRA Rule 2341 Section (d)) exceed .25% of the value of the Class A shares average net assets for such fiscal year, the Class A shares may deduct from the payments to be made to the Distributor, or the Adviser will bear, such excess expense. During the period ended May 31, 2020, there was no reduction in expenses pursuant to the undertaking.
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 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, 2019 through November 30, 2020, 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 1.00% 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, 2020, Class B shares were charged $43,286 pursuant to the Class B Compensation Shareholder Services Plan, of which $37,704 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
23
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
redemptions. During the period ended May 31, 2020, the fund was charged $5,933 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 May 31, 2020, the fund was charged $5,171 pursuant to the custody agreement. These fees were partially offset by earnings credits of $4,113.
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 May 31, 2020, the fund was charged $251 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.
During the period ended May 31, 2020, the fund was charged $8,139 for services performed by the Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees 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 $40,190, Distribution Plan fees of $5,587, Shareholder Services Plan fees of $8,380, custodian fees of $3,000, Chief Compliance Officer fees of $3,130 and transfer agency fees of $3,011, which are offset against an expense reimbursement currently in effect in the amount of $48,566.
(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 May 31, 2020, the fund engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act amounting to $23,325,000 and $25,760,000 respectively.
24
NOTES
25
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
| | |
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 to instserv@bnymellon.com
Internet Access Dreyfus Money Market Funds at 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 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 at www.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 at www.dreyfus.com and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387.
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© 2020 BNY Mellon Securities Corporation
0573SA0520 
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