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 $36,261 in 2023 and $36,986 in 2024.
(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 $8,025 in 2023 and $7,332 in 2024. 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 2023 and $0 in 2024.
(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 $3,342 in 2023 and $3,342 in 2024. These services consisted of: (i) review
or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance
regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment
of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies.
The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval
by the Audit Committee were $8,158 in 2023 and $7,799 in 2024.
(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
$11,024
in
2023
and
$12,577
in
2024.
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
2023
and
$0
in
2024.
(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
$1,886,566
in
2023
and
$1,486,377
in
2024.
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.
Not applicable.
Dreyfus Money Market Fund
ANNUAL FINANCIALS
AND OTHER INFORMATION
IMPORTANT NOTICE – CHANGES
TO ANNUAL AND SEMI-ANNUAL REPORTS
The Securities
and Exchange Commission (the “SEC”) has adopted rule and form amendments which have resulted
in changes to the design and delivery of annual and semi-annual fund reports (“Reports”). Reports are
now streamlined to highlight key information. Certain information previously included in Reports, including
financial statements, no longer appear in the Reports but will be available online within the Semi-Annual
and Annual Financials and Other Information, delivered free of charge to shareholders upon request,
and filed with the SEC.
Save
time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.bny.com/investments
and sign up for eCommunications. It’s simple and only takes a few minutes.
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.
Not FDIC-Insured
• Not Bank-Guaranteed • May Lose Value
Contents
Please note
the Annual Financials and Other Information only contains Items 7-11 required in Form
N-CSR. All other required items will be filed with the SEC.
Item
7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Dreyfus Money Market Fund
Statement of Investments
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ANZ
Group Holdings Ltd.(a)
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Australia
& New Zealand Banking Group Ltd.(a)
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Australia
& New Zealand Banking Group Ltd.(a)
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Australia
& New Zealand Banking Group Ltd., (3 Month SOFR +
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Bedford
Row Funding Corp.(a)
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Bedford
Row Funding Corp., (1 Month SOFR +
0.21%)(b),(c)
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Bedford
Row Funding Corp., (1 Month SOFR +
0.23%)(b),(c)
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CDP
Financial, Inc., (1 Month SOFR +
0.20%)(b),(c)
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Collateralized
Commercial Paper FLEX Co. LLC(b)
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Collateralized
Commercial Paper V Co. LLC, (1 Month SOFR +
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Collateralized
Commercial Paper V Co. LLC, (1 Month SOFR +
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Collateralized
Commercial Paper V Co. LLC, (1 Month SOFR +
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Commonwealth
Bank of Australia, (1 Month SOFR +
0.20%)(b),(c)
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Commonwealth
Bank of Australia, (1 Month SOFR +
0.25%)(b),(c)
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Federation
des Caisses Desjardins du Quebec(a)
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ING
US Funding LLC, (1 Month SOFR +
0.26%)(b),(c)
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ING
US Funding LLC, (1 Month SOFR +
0.28%)(c)
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Macquarie
Bank Ltd., (1 Month SOFR +
0.21%)(b),(c)
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Macquarie
Bank Ltd., (1 Month SOFR +
0.24%)(b),(c)
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Mizuho
Bank Ltd. (Singapore)(a)
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National
Australia Bank Ltd.(a)
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National
Bank of Canada, (1 Month SOFR +
0.20%)(b),(c)
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Natixis
SA/New York NY(a)
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Natixis
SA/New York NY(a)
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Nordea
Bank Abp, (1 Month SOFR +
0.20%)(b),(c)
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Nordea
Bank Abp, (1 Month SOFR +
0.21%)(b),(c)
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Podium
Funding Trust, (1 Month SOFR +
0.24%)(c)
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Podium
Funding Trust, (1 Month SOFR +
0.29%)(c)
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Skandinaviska
Enskilda Banken AB(a)
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Statement of Investments (continued)
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Commercial
Paper — 30.2% (continued) |
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Skandinaviska
Enskilda Banken AB(a)
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Skandinaviska
Enskilda Banken AB, (3 Month SOFR +
0.25%)(b),(c)
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Starbird
Funding Corp., (1 Month SOFR +
0.24%)(b),(c)
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Sumitomo
Mitsui Banking Corp., (1 Month SOFR +
0.23%)(b),(c)
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Sumitomo
Mitsui Trust Bank Ltd. (Singapore)(a)
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Swedbank
AB, (1 Month SOFR +
0.24%)(b),(c)
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Toyota
Motor Credit Corp.(a)
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United
Overseas Bank Ltd.(a)
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United
Overseas Bank Ltd., (1 Month SOFR +
0.20%)(b),(c)
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Victory
Receivables Corp.(a)
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Total
Commercial Paper
(cost
$650,957,921) |
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Negotiable
Bank Certificates of Deposit — 16.6% |
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Canadian
Imperial Bank of Commerce (New York) |
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Canadian
Imperial Bank of Commerce (New York) |
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Canadian
Imperial Bank of Commerce (New York), (1 Month SOFR +
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Canadian
Imperial Bank of Commerce (New York), (1 Month SOFR +
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Canadian
Imperial Bank of Commerce (New York), (1 Month SOFR +
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Citibank
NA, (1 Month SOFR +
0.27%)(c)
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Cooperatieve
Rabobank U.A. (New York) |
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Cooperatieve
Rabobank U.A. (New York) |
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Cooperatieve
Rabobank U.A. (New York) |
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HSBC
Bank USA NA, (3 Month SOFR +
0.23%)(c)
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HSBC
Bank USA NA, (3 Month SOFR +
0.27%)(c)
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Landesbank
Baden-Wurttemberg |
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Mizuho
Bank Ltd., (1 Month SOFR +
0.23%)(c)
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Oversea-Chinese
Banking Corp. Ltd. (New York) |
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Oversea-Chinese
Banking Corp. Ltd. (New York), (3 Month SOFR +
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Oversea-Chinese
Banking Corp. Ltd. (New York), (3 Month SOFR +
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Skandinaviska
Enskilda Banken AB (New York) |
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Sumitomo
Mitsui Banking Corp., (1 Month SOFR +
0.24%)(c)
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Sumitomo
Mitsui Trust Bank Ltd. (New York), (1 Month SOFR +
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Svenska
Handelsbanken (New York), (1 Month SOFR +
0.23%)(c)
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Svenska
Handelsbanken (New York), (1 Month SOFR +
0.35%)(c)
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Westpac
Banking Corp., (1 Month SOFR +
0.25%)(c)
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Total
Negotiable Bank Certificates of Deposit
(cost
$356,800,000) |
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Australia
& New Zealand Banking Group Ltd. |
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Time
Deposits
(cost
$101,000,000) |
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Repurchase
Agreements — 48.3% |
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Bank
of America Securities, Inc., Tri-Party Agreement thru BNY,
dated
11/29/2024, due at maturity date in the amount of
$25,009,625,
(fully collateralized by: Asset-Backed Securities,
3.40%-7.88%,
due 8/27/2036-8/26/2069, valued at $26,250,001) |
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BMO
Capital Markets Corp., Tri-Party Agreement thru BNY, dated
11/29/2024,
due at maturity date in the amount of $50,019,500,
(fully
collateralized by: Asset-Backed Securities, 0.00%-13.06%,
due
10/20/2031-7/26/2066, Corporate Debt Securities, 2.90%-
8.25%,
due 2/1/2025-3/1/2052, Government National Mortgage
Association-Agency
Collateralized Mortgage Obligation, 0.36%-
6.00%,
due 4/20/2054-7/20/2072, Other Instrument
(collateralized
debt obligation), 7.24%, due 9/21/2037, Private
Label
Collateralized Mortgage Obligations, 1.20%-7.50%, due
3/25/2036-7/25/2069,
U.S. Treasuries (including strips), 4.63%,
due
9/30/2028, valued at $53,549,279) |
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BNP
Paribas SA, Tri-Party Agreement thru BNY, dated 11/29/2024,
due
at maturity date in the amount of $50,019,458, (fully
collateralized
by: Asset-Backed Securities, 1.37%-6.66%, due
2/22/2027-1/15/2046,
Corporate Debt Securities, 1.78%-8.75%,
due
6/23/2025-12/15/2086, Private Label Collateralized
Mortgage
Obligations, 0.22%-9.10%, due 6/15/2033-4/25/2069,
valued
at $51,500,000) |
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Crédit
Agricole CIB, Tri-Party Agreement thru BNY, dated
11/29/2024,
due at maturity date in the amount of $10,003,817,
(fully
collateralized by: U.S. Treasuries (including strips), 0.00%-
1.75%,
due 7/15/2025-5/15/2049, valued at $10,200,000) |
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Crédit
Agricole CIB, Tri-Party Agreement thru BNY, dated
11/29/2024,
due at maturity date in the amount of $150,057,250,
(fully
collateralized by: U.S. Treasuries (including strips), 1.38%-
4.63%,
due 2/15/2042-11/15/2054, valued at $153,000,012) |
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Statement of Investments (continued)
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Repurchase
Agreements — 48.3% (continued) |
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Daiwa
Capital Markets America, Tri-Party Agreement thru BNY,
dated
11/29/2024, due at maturity date in the amount of
$75,028,688,
(fully collateralized by: Federal Farm Credit Bank-
Agency
Debentures and Agency Strips, 4.55%-4.90%, due
11/12/2027-10/28/2031,
Federal Home Loan Banks-Agency
Debentures
and Agency Strips, 3.50%, due 9/24/2029, Federal
Home
Loan Mortgage Corp-Agency Collateralized Mortgage
Obligation,
3.50%, due 3/15/2046, Federal Home Loan Mortgage
Corp-Agency
Debentures and Agency Strips, 0.92%-6.00%, due
1/25/2054-12/25/2054,
Federal Home Loan Mortgage Corp-
Agency
Mortgage-Backed Securities, 2.00%-7.83%, due 1/1/2032-
11/1/2054,
Federal National Mortgage Association-Agency
Collateralized
Mortgage Obligation, 3.00%-6.21%, due 6/25/2050-
12/25/2054,
Federal National Mortgage Association-Agency
Mortgage-Backed
Securities, 2.00%-7.50%, due 9/1/2027-
11/1/2054,
Government National Mortgage Association-Agency
Collateralized
Mortgage Obligation, 0.44%-5.72%, due
12/16/2050-11/20/2054,
Government National Mortgage
Association-Agency
Mortgage-Backed Securities, 2.00%-7.50%,
due
8/20/2035-11/20/2054, U.S. Treasuries (including strips),
0.00%-6.13%,
due 1/15/2025-2/15/2054, valued at $77,357,212) |
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Fixed
Income Clearing Corp., Tri-Party Agreement thru State Street
Corp.,
dated 11/29/2024, due at maturity date in the amount of
$300,114,750,
(fully collateralized by: U.S. Treasuries (including
strips),
3.88%-4.00%, due 2/15/2043-11/15/2052, valued at
$306,000,125)
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|
|
|
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|
|
Repurchase
Agreements — 48.3% (continued) |
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|
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MUFG
Securities (Canada) Ltd., Tri-Party Agreement thru BNY, dated
11/29/2024,
due at maturity date in the amount of $305,116,663,
(fully
collateralized by: Federal Home Loan Mortgage Corp-Agency
Debentures
and Agency Strips, 5.98%-6.13%, due 9/25/2053-
10/25/2053,
Federal Home Loan Mortgage Corp-Agency
Mortgage-Backed
Securities, 3.50%-7.50%, due 7/1/2037-
11/1/2054,
Federal National Mortgage Association-Agency
Collateralized
Mortgage Obligation, 6.83%, due 12/25/2053,
Federal
National Mortgage Association-Agency Mortgage-Backed
Securities,
2.50%-7.48%, due 4/1/2029-9/1/2054, Government
National
Mortgage Association-Agency Mortgage-Backed
Securities,
3.36%-5.50%, due 6/20/2052-7/15/2059,
U.S.
Treasuries (including strips), 2.25%, due 8/15/2046, valued at
$327,930,111)
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Societe
Generale, Tri-Party Agreement thru BNY, dated 11/29/2024,
due
at maturity date in the amount of $75,029,375, (fully
collateralized
by: Asset-Backed Securities, 4.19%-5.86%, due
7/15/2030-1/25/2037,
Corporate Debt Securities, 2.50%-11.00%,
due
2/26/2025-6/1/2051, Private Label Collateralized Mortgage
Obligations,
7.65%, due 1/18/2039, valued at $78,956,652) |
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Total
Repurchase Agreements
(cost
$1,040,000,000) |
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Total
Investments (cost $2,148,757,921)
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Cash
and Receivables (Net) |
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SOFR—Secured
Overnight Financing Rate |
|
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Security
is a discount security. Income is recognized through the accretion of discount. |
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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, 2024, these securities amounted to $225,998,795 or 10.5% of net assets.
|
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|
Variable
rate security—interest rate resets periodically and rate shown is the interest rate in effect at period end. Date shown represents
the earlier of the next
interest
reset date or ultimate maturity date. Security description also includes the reference rate and spread if published and available.
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See notes to financial
statements.
STATEMENT
OF ASSETS AND LIABILITIES
November 30, 2024
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Investments
in securities—See Statement of Investments
(including
repurchase agreements of $1,040,000,000)—Note
1(b)
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Receivable
for shares of Common Stock subscribed |
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Due
to BNY Mellon Investment Adviser, Inc. and affiliates—Note
2(c)
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Payable
for shares of Common Stock redeemed |
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Directors’
fees and expenses payable |
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Composition
of Net Assets ($): |
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Total
distributable earnings (loss) |
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Net
Asset Value Per Share |
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Net
Asset Value Per Share ($) |
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See notes to financial
statements.
Year Ended November
30, 2024
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Administrative
service fees—Note 2(c)
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Shareholder
servicing costs—Note 2(b)
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Directors’
fees and expenses—Note 2(d)
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Prospectus
and shareholders’ reports |
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Chief
Compliance Officer fees—Note 2(c)
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Less—reduction
in expenses due to undertaking—Note 2(a)
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Less—reduction
in fees due to earnings credits—Note 2(c)
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Net
Realized Gain (Loss) on Investments—Note 1(b) ($) |
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Net
Increase in Net Assets Resulting from Operations |
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See notes to financial
statements.
STATEMENT
OF CHANGES IN NET ASSETS
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Net
realized gain (loss) on investments |
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Net
Increase (Decrease) in Net Assets Resulting from Operations |
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Distributions
to shareholders: |
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Capital
Stock Transactions ($1.00 per share): |
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Net
proceeds from shares sold: |
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Distributions
reinvested: |
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Increase
(Decrease) in Net Assets from Capital Stock Transactions |
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Total
Increase (Decrease) in Net Assets |
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During
the period ended November 30, 2024, 509,590 Wealth shares representing $510,160 were exchanged for 510,160 Premier shares, 5,766 Service
shares
representing
$5,783 were exchanged for 5,783 Wealth shares, and 63,192 Service shares representing $63,393 were exchanged for 63,393 Premier shares.
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During
the period ended November 30, 2023, 1,727,250 Wealth shares representing $1,731,910 were exchanged for 1,731,910 Premier shares.
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See notes to financial
statements.
The
following tables describe the performance for each share class for the fiscal periods indicated. All information reflects financial results
for a single fund share. Net asset
value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period,
reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day
of the period. Net asset value total
return includes adjustments in accordance with accounting principles generally accepted in the United States of
America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ
from the net asset value and returns for shareholder
transactions.
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Net
asset value, beginning of period |
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Dividends
from net investment income |
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Net
asset value, end of period |
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Ratios/Supplemental
Data (%): |
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Ratio
of total expenses to average net assets |
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Ratio
of net expenses to average net assets |
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Ratio
of net investment income to average net assets |
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Net
Assets, end of period ($ x 1,000) |
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Effective
February 1, 2021, the fund Class A shares were renamed Wealth shares. |
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Amount
represents less than $.001 per share. |
See notes to financial statements.
FINANCIAL
HIGHLIGHTS (continued)
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Net
asset value, beginning of period |
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Dividends
from net investment income |
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Net
asset value, end of period |
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Ratios/Supplemental
Data (%): |
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Ratio
of total expenses to average net assets |
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Ratio
of net expenses to average net assets |
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Ratio
of net investment income to average net assets |
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Net
Assets, end of period ($ x 1,000) |
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Effective
February 1, 2021, the fund Class B shares were renamed Service shares. |
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Amount
represents less than $.001 per share. |
See notes to financial statements.
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Net
asset value, beginning of period |
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Dividends
from net investment income |
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Net
asset value, end of period |
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Ratios/Supplemental
Data (%): |
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Ratio
of total expenses to average net assets |
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Ratio
of net expenses to average net assets |
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Ratio
of net investment income to average net assets |
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Net
Assets, end of period ($ x 1,000) |
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Effective
February 1, 2021, the fund Dreyfus Class shares were renamed Premier shares. |
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Amount
represents less than $.001 per share. |
See notes to financial
statements.
NOTES
TO FINANCIAL STATEMENTS
NOTE
1—
Significant
Accounting Policies:
Dreyfus Money
Market Fund (the “fund”) is the sole series of General Money Market Fund, Inc. (the “Company”), which is registered
under the Investment Company Act
of 1940, as amended (the “Act”), as a diversified open-end management investment company. The fund’s
investment objective is to seek as high a level of current income as is consistent with the preservation of capital. BNY Mellon Investment
Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY”), serves
as the fund’s investment adviser.
Dreyfus, a division of Mellon Investment Corporation (the “Sub-Adviser”),
an indirect wholly-owned subsidiary of BNY and an
affiliate of the Adviser, serves as the fund’s sub-adviser.
BNY Mellon
Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s
shares, which are sold without a
sales charge. The fund is authorized to issue 42.5 billion shares of $.001 par value Common Stock. The fund currently
has authorized three classes of shares: Wealth shares (7 billion shares authorized), Service shares (28.5 billion shares authorized) and
Premier shares (7 billion shares authorized). Wealth, Service and Premier 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. Wealth, Service and Premier shares
are subject to Shareholder Services Plans. Service shares is subject to Administrative Services Plan. 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.
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 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 Company
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 Company’s Board of Directors (the “Board”) pursuant to Rule 2a-5
under the Act.
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:
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,
NOTES
TO FINANCIAL STATEMENTS (continued)
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, 2024 in valuing the fund’s investments:
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Level
1 -
Unadjusted
Quoted
Prices |
Level
2- Other
Significant
Observable
Inputs |
Level
3-
Significant
Unobservable
Inputs
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Investments
in Securities:†
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Negotiable
Bank Certificates of Deposit |
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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 may
enter into repurchase agreements with financial institutions, deemed to be creditworthy by the Adviser, subject to the seller’s
agreement to repurchase and the fund’s agreement to resell such securities at a mutually agreed upon price. Pursuant to the terms
of the repurchase agreement, such
securities must have an aggregate market value greater than or equal to the terms of the repurchase price
plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued
interest, the fund will require
the seller to deposit additional collateral by the next business day. If the request for additional collateral is not
met, or the seller defaults on its repurchase obligation, the fund maintains its right to sell the underlying securities at market value
and may claim any resulting loss
against the seller. The collateral is held on behalf of the fund by the tri-party administrator with respect to
any tri-party agreement. The fund may also jointly enter into one or more repurchase agreements with other funds managed by the Adviser
in accordance with an exemptive order granted by the SEC pursuant to section 17(d) and Rule 17d-1 under the Act. Any joint repurchase
agreements must be collateralized fully by U.S. Government securities.
For financial
reporting purposes, the fund elects not to offset assets and liabilities subject to a Repurchase Agreement, if any, in the Statement
of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statement of Assets and Liabilities.
As of November 30, 2024, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received, if any,
based on contractual netting/set-off provisions in the Repurchase Agreement are detailed in the following table:
|
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|
Gross
amount of Repurchase
Agreements,
at value, as disclosed in
the
Statement of Assets and Liabilities |
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Collateral
(received)/posted not offset
in
the Statement of Assets and
Liabilities
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The
value of the related collateral received by the fund exceeded the value of the repurchase agreement by the fund. See Statement of Investments
for detailed
information
regarding collateral received for open repurchase agreements. |
(c) Market
Risk: The value of the securities in which the fund
invests may be affected by political, regulatory, economic and social developments.
Events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events
could have a significant impact on the fund and its investments. 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.
NOTES
TO FINANCIAL STATEMENTS (continued)
Repurchase
Agreement Counterparty Risk: The fund is subject
to the risk that a counterparty in a repurchase agreement and/or, for a
tri-party repurchase agreement, the third party bank providing payment administration, collateral custody and management services for
the transaction, could fail to honor the terms of the agreement.
(d) Dividends
and distributions to shareholders: It is the policy
of the fund to declare dividends daily from net investment income. 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, if such qualification is in
the best interests of its shareholders, by complying with the applicable provisions of the Code, and to make distributions of taxable
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, 2024, 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, 2024, the fund did not incur any interest or penalties.
Each tax year
in the four-year period ended November 30, 2024 remains subject to examination by the Internal Revenue Service and state
taxing authorities.
At November
30, 2024, the components of accumulated earnings on a tax basis were as follows: undistributed ordinary income $162,978
and accumulated capital losses $33,824.
The fund is
permitted to carry forward capital losses for an unlimited period. Furthermore, capital loss carryovers retain their character as
either short-term or long-term capital losses.
The accumulated
capital loss carryover is available for federal income tax purposes to be applied against future net realized capital gains, if
any, realized subsequent to November 30, 2024. The fund has $33,824 of short-term capital losses which can be carried forward for an
unlimited period.
The tax character
of distributions paid to shareholders during the fiscal years ended November 30, 2024 and November 30, 2023 were as
follows: ordinary income $97,564,841 and $102,360,392, respectively.
At November
30, 2024, 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, Sub-Advisory 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 .20%
of the value of the fund’s average daily net assets and is payable monthly. The Agreement provides that if in any 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 the fees paid to the Adviser, or the Adviser will bear such excess expense. During
the period ended November 30, 2024, there was no reduction in expenses pursuant to the Agreement.
The Adviser
has also contractually agreed, from December 1, 2023 through March 29, 2025, to waive receipt of its fees and/or assume the
direct expenses of the fund’s Service shares so that the direct expenses of the fund’s Service shares (excluding taxes, brokerage
commissions and extraordinary expenses)
do not exceed an annual rate of 1.00% of the value of the average daily net assets of Service shares.
To the extent that it is necessary for the Adviser to waive receipt of its management fee or reimburse the fund’s common expenses,
the amount of the waiver or reimbursement
will be applied equally to each share class of the fund. On or after March 29, 2025, the Adviser
may terminate the expense limitation agreement at any time. The reduction in expenses for Service shares, pursuant to the undertaking,
amounted to $455,486 during the period ended November 30, 2024.
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
fees” (calculated as provided for in FINRA Rule 2341 Section (d)) exceed .25% of the value of the Wealth
and Premier shares’ average net assets for such fiscal year, the fund may deduct from the payments to be made to the Distributor,
or the Adviser will bear, such excess
expense. If said rule is amended in any material respect (e.g. to provide for a limit that exceeds .25%),
this undertaking shall terminate automatically. During the period ended November 30, 2024, there was no reduction in expenses
pursuant to the undertaking.
NOTES
TO FINANCIAL STATEMENTS (continued)
Pursuant
to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays to the Sub-Adviser a monthly
fee of 50% of the monthly management fee the Adviser receives from the fund with respect to the value of the sub-advised net assets
of the fund, net of any fee waivers and/or expense reimbursements made by the Adviser.
(b) Under
the Reimbursement Shareholder Services Plan with respect to Premier shares (the “Reimbursement Shareholder Services Plan”),
Premier 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 certain allocated expenses of providing certain services to the holders of Premier shares. The services provided may
include personal services relating
to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related
to the maintenance of shareholder accounts. During the period ended November 30, 2024, Premier shares were charged $93,775
pursuant to the Reimbursement Shareholder Services Plan.
Under the
Compensation Shareholder Services Plan with respect to Wealth and Service shares (the “Compensation Shareholder Services Plan”),
Wealth and Service 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 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. During the
period ended November 30, 2024, Wealth and Service shares were charged $1,830,444 and $2,774,335, respectively, pursuant to each
of their respective Compensation Shareholder Services Plan.
(c) Under
the Administrative Services Plan with respect to Service shares, pursuant to which the fund may pay the Distributor for the provision
of certain recordkeeping and other related services (which are not services for which a “service fee” as defined under the
Conduct Rules of FINRA is intended
to compensate). Pursuant to the Administrative Services Plan, the fund will pay the Distributor at
an annual rate of .55% of the value of the fund’s Service shares average daily net assets attributable to the fund’s Service
shares for the provision of
such services, which include, at a minimum: mailing periodic reports, prospectuses and other fund communications to beneficial
owners; client onboarding; anti-money laundering and related regulatory oversight; manual transaction processing; transmitting
wires; withholding on dividends and distributions as may be required by state or Federal authorities from time to time; receiving,
tabulating, and transmitting proxies executed by beneficial owners; fund statistical reporting; technical support; business continuity
support; and blue sky support. During the period ended November 30, 2024, Service shares were charged $6,103,536, pursuant
to the Administrative Services Plan.
The fund has
an arrangement with BNY Mellon Transfer, Inc., (the “Transfer Agent”), a subsidiary of BNY and an affiliate of the Adviser,
whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset Transfer Agent
fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as an expense offset in the Statement
of Operations.
The fund has
an arrangement with The Bank of New York Mellon (the “Custodian”), a subsidiary of BNY and an affiliate of the Adviser, whereby
the fund will receive interest income or be charged overdraft fees when cash balances are maintained. For financial reporting purposes,
the fund includes this interest income and overdraft fees, if any, as interest income in the Statement of Operations.
The fund compensates
the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services
for the fund. The majority of Transfer Agent 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, 2024, the fund was charged $484,384
for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were
partially offset by earnings credits of $102,694.
The fund compensates
the Custodian, 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, 2024, the fund was charged
$55,288 pursuant to the custody agreement.
The fund compensates
the Custodian, 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, 2024, the fund was charged $33,801 pursuant to the agreement,
which is included in Shareholder servicing costs in the Statement of Operations.
During the
period ended November 30, 2024, the fund was charged $19,942 for services performed by the fund’s Chief Compliance Officer
and his staff. These fees are included in Chief Compliance Officer fees in the Statements of Operations.
The components
of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of:
Management fee of $348,837, Administrative Services Plan fees of $518,102, Shareholder Services Plans fees of $387,398, Custo
NOTES
TO FINANCIAL STATEMENTS (continued)
dian
fees of $15,938, Chief Compliance Officer fees of $2,705 and Transfer Agent fees of $122,855, which are offset against an expense reimbursement
currently in effect in the amount of $33,068.
(d) Each
board member of the fund 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.
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the
Shareholders and the Board of Directors of Dreyfus Money Market Fund
Opinion on the Financial Statements
We have audited
the accompanying statement of assets and liabilities of Dreyfus Money Market Fund (the “Fund”)
(the sole fund constituting General Money
Market Fund, Inc. (the “Company”)),
including the statement of investments, as of November 30, 2024, 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 (the sole fund constituting General Money Market Fund,
Inc.) at November 30, 2024, 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.
These financial
statements are the responsibility of the Company’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 Company 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 Company is not
required to have, nor were we engaged
to perform, an audit of the Company’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 purposes of expressing an opinion on the effectiveness
of the Company’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, 2024, by correspondence with
the custodian, brokers and others;
when replies were not received from brokers and others, we preformed other auditing procedures. 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 23, 2025
IMPORTANT
TAX INFORMATION (Unaudited)
For
federal tax purposes, the fund hereby reports 73.88% of ordinary income dividends paid during the fiscal period ended November
30, 2024 as qualifying interest related dividends.
Item
8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Item
9. Proxy Disclosures for Open-End Management Investment Companies (Unaudited)
Item
10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
(Unaudited)
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. Directors fees paid by the fund are within Item 7. Statement of Operations
as Directors’ fees and expenses.
Item
11. Statement Regarding Basis for Approval of Investment Advisory Contracts (Unaudited)
©
2025 BNY Mellon Securities Corporation
Code-0196NCSRAR1124
|
Item 12. |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
|
Item 13. |
Portfolio Managers for Closed-End Management Investment Companies. |
Not applicable.
|
Item 14. |
Purchases of Equity Securities By Closed-End Management Investment Companies and Affiliated Purchasers.
|
Not applicable.
|
Item 15. |
Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures
applicable to Item 15.
|
Item 16. |
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 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 17. |
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
|
Item 18. |
Recovery of Erroneously Awarded Compensation. |
Not applicable.
(a)(1) Code of ethics referred to in Item 2.
(a)(3) Not applicable.
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
Money
Market
Fund,
Inc.
By: /s/
David
J.
DiPetrillo
David
J.
DiPetrillo
President
(Principal
Executive
Officer)
Date: January
23,
2025
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/
David
J.
DiPetrillo
David
J.
DiPetrillo
President
(Principal
Executive
Officer)
Date: January
23,
2025
By: /s/
James
Windels
James
Windels
Treasurer
(Principal
Financial
Officer)
Date: January
23,
2025
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) |
