General New York AMT-Free Municipal Money Market Fund
07/22/2024 | Press release | Distributed by Public on 07/22/2024 11:26
Semi Annual Report by Investment Company Form N CSRS
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-04870
General New York Municipal Money Market Fund
(Exact Name of Registrant as Specified in Charter)
c/o BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, New York 10286
(Address of Principal Executive Offices) (Zip Code)
Deirdre Cunnane, Esq.
240 Greenwich Street
New York, New York 10286
(Name and Address of Agent for Service)
Registrant's Telephone Number, including Area Code: (212) 922-6400
Date of fiscal year end: 11/30
Date of reporting period: 05/31/2024
FORM N-CSR
Item 1. Reports to Stockholders.
|
Dreyfus New York Municipal Money Market Fund |
SEMI-ANNUAL MAY 31, 2024 |
Wealth Shares - GNMXX
This semi-annual shareholder report contains important information about Dreyfus New York Municipal Money Market Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Wealth Shares* |
$59 |
0.59% |
|
* |
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher. |
KEY FUND STATISTICS (AS OF 5/31/24)
|
Fund Size (Millions) |
Number of Holdings |
|
$157 |
84 |
|
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value |
Portfolio Holdings (as of 5/31/24)
Sector Allocation (Based on Net Assets)
For additional information about the Fund, including its prospectus, financial information, and portfolio holdings, please visit www.dreyfus.com/products/mm.html#overview.
|
© 2024 BNY Mellon Securities Corporation, Distributor, |
|
Dreyfus New York Municipal Money Market Fund |
SEMI-ANNUAL MAY 31, 2024 |
Service Shares - GNYXX
This semi-annual shareholder report contains important information about Dreyfus New York Municipal Money Market Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Service Shares* |
$95 |
0.95% |
|
* |
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher. |
KEY FUND STATISTICS (AS OF 5/31/24)
|
Fund Size (Millions) |
Number of Holdings |
|
$157 |
84 |
|
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value |
Portfolio Holdings (as of 5/31/24)
Sector Allocation (Based on Net Assets)
For additional information about the Fund, including its prospectus, financial information, and portfolio holdings, please visit www.dreyfus.com/products/mm.html#overview.
|
© 2024 BNY Mellon Securities Corporation, Distributor, |
|
Dreyfus New York Municipal Money Market Fund |
SEMI-ANNUAL MAY 31, 2024 |
Premier Shares - GNBXX
This semi-annual shareholder report contains important information about Dreyfus New York Municipal Money Market Fund (the "Fund") for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.dreyfus.com/products/mm.html#overview. You can also request this information by calling 1-800-373-9387 (inside the U.S. only) or by sending an e-mail request to [email protected].
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Share Class |
Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
|
Premier Shares* |
$33 |
0.33% |
|
* |
During the period, fees were waived and/or expenses reimbursed pursuant to an agreement with the Fund's investment adviser, BNY Mellon Investment Adviser, Inc. If this agreement is not extended in the future, expenses could be higher. |
KEY FUND STATISTICS (AS OF 5/31/24)
|
Fund Size (Millions) |
Number of Holdings |
|
$157 |
84 |
|
Not FDIC Insured. Not Bank-Guaranteed. May Lose Value |
Portfolio Holdings (as of 5/31/24)
Sector Allocation (Based on Net Assets)
For additional information about the Fund, including its prospectus, financial information, and portfolio holdings, please visit www.dreyfus.com/products/mm.html#overview.
|
© 2024 BNY Mellon Securities Corporation, Distributor, |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
Not applicable.
Dreyfus New York Municipal Money Market Fund
SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION
May 31, 2024
|
Shares |
Ticker |
|
Wealth Shares |
GNMXX |
|
Services Shares |
GNYXX |
|
Premier Shares |
GNBXX |
|
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.im.bnymellon.com 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
T H E F U N D
Please note the Semi-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 |
3 |
|
Statement of Investments |
3 |
|
Statement of Assets and Liabilities |
7 |
|
Statement of Operations |
8 |
|
Statement of Changes in Net Assets |
9 |
|
Financial Highlights |
10 |
|
Notes to Financial Statements |
13 |
|
Item 8. Changes in and Disagreements with Accountants for |
17 |
|
Item 9. Proxy Disclosures for Open-End Management Investment Companies |
18 |
|
Item 10. Remuneration Paid to Directors, Officers, and Others of |
19 |
|
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract |
20 |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Dreyfus New York Municipal Money Market Fund
Statement of Investments
May 31, 2024 (Unaudited)
|
Short-Term Investments - 99.3% |
Coupon |
Maturity Date |
Principal Amount ($) |
Value ($) |
|||||
|
New York - 99.3% |
|||||||||
|
Albany City School District/NY, |
4.75 |
6/27/2024 |
585,000 |
585,367 |
|||||
|
Albany Industrial Development Agency, |
3.39 |
6/7/2024 |
2,695,000 |
a |
2,695,000 |
||||
|
Albany Industrial Development Agency, |
3.48 |
6/7/2024 |
1,000,000 |
a |
1,000,000 |
||||
|
Amherst Development Corp., |
3.46 |
6/7/2024 |
4,745,000 |
a |
4,745,000 |
||||
|
Build New York City Resource Corp., |
3.53 |
6/7/2024 |
4,600,000 |
a |
4,600,000 |
||||
|
Catskill Central School District, |
5.00 |
6/28/2024 |
1,000,000 |
1,000,537 |
|||||
|
Chemung County, |
4.00 |
8/29/2024 |
3,495,000 |
3,495,000 |
|||||
|
Connetquot Central School District, |
5.00 |
6/21/2024 |
775,000 |
775,185 |
|||||
|
Deutsche Bank Spears/Lifers Trust, |
3.46 |
6/7/2024 |
7,600,000 |
a,b |
7,600,000 |
||||
|
East Hampton Town, |
5.00 |
8/15/2024 |
130,000 |
130,354 |
|||||
|
Elmira Heights Central School District, |
4.75 |
6/28/2024 |
1,600,000 |
1,600,607 |
|||||
|
Elmira School District, |
4.75 |
6/14/2024 |
3,190,000 |
3,190,649 |
|||||
|
Fayetteville-Manlius Central School District, |
4.75 |
7/18/2024 |
1,860,000 |
1,861,970 |
|||||
|
Geneva Industrial Development Agency, |
3.39 |
6/7/2024 |
4,900,000 |
a |
4,900,000 |
||||
|
Geneva School District, |
4.00 |
7/11/2024 |
5,000,000 |
5,002,708 |
|||||
|
Geneva School District, |
4.50 |
6/20/2024 |
480,000 |
480,023 |
|||||
|
Greene Central School District, |
5.00 |
6/28/2024 |
1,295,000 |
1,295,828 |
|||||
|
Homer Central School District, |
4.50 |
7/12/2024 |
360,000 |
360,058 |
|||||
|
Hoosic Valley Central School District, |
5.00 |
6/15/2024 |
200,000 |
200,099 |
|||||
|
Horseheads Central School District, |
4.75 |
6/21/2024 |
765,000 |
765,402 |
|||||
|
Island Trees Union Free School District, |
4.25 |
6/20/2024 |
1,350,000 |
1,350,585 |
|||||
|
Lansingburgh Central School District at Troy, |
4.75 |
7/12/2024 |
700,000 |
700,292 |
|||||
|
Lynbrook Union Free School District, |
5.00 |
6/15/2024 |
630,000 |
630,296 |
|||||
|
Metropolitan Transportation Authority, |
4.00 |
6/3/2024 |
3,195,000 |
a |
3,195,000 |
||||
|
Metropolitan Transportation Authority, |
4.00 |
6/3/2024 |
1,075,000 |
a |
1,075,000 |
||||
|
Middletown, |
4.50 |
8/23/2024 |
1,115,000 |
1,115,887 |
|||||
|
Minisink Valley Central School District, |
5.00 |
6/15/2024 |
215,000 |
215,097 |
3
Statement of Investments (Unaudited) (continued)
|
Short-Term Investments - 99.3% (continued) |
Coupon |
Maturity Date |
Principal Amount ($) |
Value ($) |
|||||
|
New York - 99.3% (continued) |
|||||||||
|
Monroe County, |
5.00 |
6/3/2024 |
195,000 |
195,000 |
|||||
|
Monroe County, |
5.00 |
6/3/2024 |
600,000 |
600,000 |
|||||
|
Monroe County, |
5.00 |
6/3/2024 |
720,000 |
720,000 |
|||||
|
Monticello Central School District, |
4.50 |
6/27/2024 |
250,000 |
250,005 |
|||||
|
Nassau County Industrial Development Agency, |
3.46 |
6/7/2024 |
5,065,000 |
a |
5,065,000 |
||||
|
New York City, |
3.50 |
6/7/2024 |
800,000 |
a |
800,000 |
||||
|
New York City, |
5.00 |
8/1/2024 |
875,000 |
876,304 |
|||||
|
New York City, |
4.00 |
6/3/2024 |
2,100,000 |
a |
2,100,000 |
||||
|
New York City Transitional Finance Authority, |
5.00 |
7/15/2024 |
100,000 |
100,079 |
|||||
|
New York City Transitional Finance Authority, |
3.95 |
6/3/2024 |
3,930,000 |
a |
3,930,000 |
||||
|
New York City Transitional Finance Authority, |
4.00 |
6/3/2024 |
1,000,000 |
a |
1,000,000 |
||||
|
New York State Dormitory Authority, |
3.45 |
6/7/2024 |
4,205,000 |
a |
4,205,000 |
||||
|
New York State Housing Finance Agency, |
3.30 |
6/7/2024 |
2,500,000 |
a |
2,500,000 |
||||
|
Niagara Area Development Corp., |
3.45 |
6/7/2024 |
5,990,000 |
a |
5,990,000 |
||||
|
North Rose-Wolcott Central School District, |
4.75 |
7/26/2024 |
535,000 |
535,553 |
|||||
|
Northeastern Clinton Central School District, |
4.50 |
6/27/2024 |
1,100,000 |
1,100,295 |
|||||
|
Olean, |
4.00 |
3/6/2025 |
2,608,612 |
2,610,965 |
|||||
|
Oyster Bay, |
5.00 |
8/1/2024 |
1,600,000 |
1,602,767 |
|||||
|
Palmyra Macedon Central School District, |
4.75 |
6/13/2024 |
785,000 |
785,132 |
|||||
|
Phelps-Clifton Springs Central School District, |
4.00 |
6/15/2024 |
325,000 |
325,041 |
|||||
|
Pittsford Central School District, |
4.25 |
6/20/2024 |
3,100,000 |
3,101,104 |
|||||
|
Putnam Valley, |
4.50 |
9/6/2024 |
500,000 |
500,560 |
|||||
|
Queensbury Union Free School District, |
4.00 |
7/1/2024 |
1,090,000 |
1,090,142 |
|||||
|
RBC Municipal Products Trust, |
3.46 |
6/7/2024 |
7,350,000 |
a,b |
7,350,000 |
||||
|
Rocky Point Union Free School District, |
4.25 |
6/26/2024 |
1,000,000 |
1,000,299 |
|||||
|
Rye School District, |
5.00 |
6/28/2024 |
100,000 |
100,087 |
|||||
|
Rye School District, |
4.00 |
6/15/2024 |
100,000 |
99,998 |
|||||
|
Schoharie County, |
4.50 |
6/14/2024 |
250,000 |
250,054 |
4
|
Short-Term Investments - 99.3% (continued) |
Coupon |
Maturity Date |
Principal Amount ($) |
Value ($) |
|||||
|
New York - 99.3% (continued) |
|||||||||
|
Sewanhaka Central High School District of Elmont, |
4.75 |
6/20/2024 |
1,000,000 |
1,000,515 |
|||||
|
Smithtown Central School District, |
4.50 |
6/27/2024 |
530,000 |
530,165 |
|||||
|
Southwestern Central School District, |
4.75 |
7/18/2024 |
625,000 |
625,306 |
|||||
|
Starpoint Central School District, |
4.00 |
7/19/2024 |
2,500,000 |
2,500,866 |
|||||
|
Suffolk County Long Central School District, |
4.75 |
6/21/2024 |
100,000 |
100,057 |
|||||
|
Tender Option Bond Trust Receipts (Series 2022-XG0377), |
3.42 |
6/7/2024 |
2,815,000 |
a,b,c |
2,815,000 |
||||
|
Tender Option Bond Trust Receipts (Series 2022-XG0379), |
3.42 |
6/7/2024 |
1,440,000 |
a,b,c |
1,440,000 |
||||
|
Tender Option Bond Trust Receipts (Series 2022-XG0394), |
3.42 |
6/7/2024 |
1,920,000 |
a,b,c |
1,920,000 |
||||
|
Tender Option Bond Trust Receipts (Series 2022-XG0438), |
3.42 |
6/7/2024 |
930,000 |
a,b,c |
930,000 |
||||
|
Tender Option Bond Trust Receipts (Series 2023-XG0526), |
3.42 |
6/7/2024 |
3,200,000 |
a,b,c |
3,200,000 |
||||
|
Tender Option Bond Trust Receipts (Series 2023-XL0434), |
3.39 |
6/7/2024 |
3,000,000 |
a,b,c |
3,000,000 |
||||
|
Tender Option Bond Trust Receipts (Series 2023-XL0526), |
3.41 |
6/7/2024 |
3,635,000 |
a,b,c |
3,635,000 |
||||
|
Tender Option Bond Trust Receipts (Series 2024-XL0536), |
3.41 |
6/7/2024 |
2,100,000 |
a,b,c |
2,100,000 |
||||
|
The Erie County Industrial Development Agency, |
3.48 |
6/7/2024 |
3,600,000 |
a |
3,600,000 |
||||
|
Tompkins County Industrial Development Agency, |
3.48 |
6/7/2024 |
3,855,000 |
a |
3,855,000 |
||||
|
Tonawanda School District, |
4.50 |
6/14/2024 |
2,290,000 |
2,290,436 |
|||||
|
Town of Tonawanda NY, |
4.50 |
8/23/2024 |
1,325,000 |
1,326,187 |
|||||
|
Triborough Bridge & Tunnel Authority, |
5.00 |
8/15/2024 |
1,385,000 |
1,387,673 |
|||||
|
Wallkill Central School District, |
4.63 |
6/28/2024 |
3,000,000 |
3,002,092 |
|||||
|
Waterloo Central School District, |
4.50 |
6/28/2024 |
1,940,000 |
1,940,161 |
|||||
|
Waterloo Central School District, |
5.00 |
6/15/2024 |
245,000 |
245,088 |
5
Statement of Investments (Unaudited) (continued)
|
Short-Term Investments - 99.3% (continued) |
Coupon |
Maturity Date |
Principal Amount ($) |
Value ($) |
|||||||
|
New York - 99.3% (continued) |
|||||||||||
|
Waverly Central School District, |
4.75 |
7/26/2024 |
1,450,000 |
1,451,056 |
|||||||
|
Wayne Central School District, |
4.00 |
6/28/2024 |
2,000,000 |
2,000,580 |
|||||||
|
West Islip Union Free School District, |
5.00 |
6/15/2024 |
390,000 |
390,120 |
|||||||
|
West Islip Union Free School District, |
5.00 |
6/15/2024 |
425,000 |
425,132 |
|||||||
|
Westchester County, |
5.00 |
7/1/2024 |
120,000 |
120,081 |
|||||||
|
Westchester County Industrial Development Agency, |
3.43 |
6/7/2024 |
1,555,000 |
a |
1,555,000 |
||||||
|
Westhill Central School District, |
4.50 |
6/27/2024 |
550,000 |
550,196 |
|||||||
|
Yonkers Industrial Development Agency, |
3.46 |
6/7/2024 |
5,015,000 |
a |
5,015,000 |
||||||
|
Total Investments (cost $156,300,040) |
99.3% |
156,300,040 |
|||||||||
|
Cash and Receivables (Net) |
0.7% |
1,158,401 |
|||||||||
|
Net Assets |
100.0% |
157,458,441 |
a The Variable Rate is 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, 2024, these securities amounted to $33,990,000 or 21.59% 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.
|
Summary of Abbreviations (Unaudited) |
|||
|
ABAG |
Association of Bay Area Governments |
AGC |
ACE Guaranty Corporation |
|
AGIC |
Asset Guaranty Insurance Company |
AMBAC |
American Municipal Bond Assurance Corporation |
|
BAN |
Bond Anticipation Notes |
BSBY |
Bloomberg Short-Term Bank Yield Index |
|
CIFG |
CDC Ixis Financial Guaranty |
COP |
Certificate of Participation |
|
CP |
Commercial Paper |
DRIVERS |
Derivative Inverse Tax-Exempt Receipts |
|
EFFR |
Effective Federal Funds 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 |
|
IDC |
Industrial Development Corporation |
LOC |
Letter of Credit |
|
LR |
Lease Revenue |
NAN |
Note Anticipation Notes |
|
MFHR |
Multi-Family Housing Revenue |
MFMR |
Multi-Family Mortgage Revenue |
|
MUNIPSA |
Securities Industry and Financial Markets Association Municipal Swap Index Yield |
OBFR |
Overnight Bank Funding Rate |
|
PILOT |
Payment in Lieu of Taxes |
PRIME |
Prime Lending Rate |
|
PUTTERS |
Puttable Tax-Exempt Receipts |
RAC |
Revenue Anticipation Certificates |
|
RAN |
Revenue Anticipation Notes |
RIB |
Residual Interest Bonds |
|
SFHR |
Single Family Housing Revenue |
SFMR |
Single Family Mortgage Revenue |
|
SOFR |
Secured Overnight Financing Rate |
TAN |
Tax Anticipation Notes |
|
TRAN |
Tax and Revenue Anticipation Notes |
TSFR |
Term Secured Overnight |
|
USBMMY |
U.S. Treasury Bill Money Market Yield |
U.S. T-BILL |
U.S. Treasury Bill |
|
XLCA |
XL Capital Assurance |
||
See notes to financial statements.
6
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2024 (Unaudited)
|
Cost |
Value |
|||||
|
Assets ($): |
||||||
|
Investments in securities-See Statement of Investments |
156,300,040 |
156,300,040 |
||||
|
Cash |
1,056,845 |
|||||
|
Interest receivable |
2,220,989 |
|||||
|
Receivable for shares of Beneficial Interest subscribed |
1,248,914 |
|||||
|
Prepaid expenses |
37,649 |
|||||
|
160,864,437 |
||||||
|
Liabilities ($): |
||||||
|
Due to BNY Mellon Investment Adviser, Inc. and affiliates-Note 2(c) |
55,244 |
|||||
|
Payable for investment securities purchased |
3,304,723 |
|||||
|
Trustees' fees and expenses payable |
2,923 |
|||||
|
Other accrued expenses |
43,106 |
|||||
|
3,405,996 |
||||||
|
Net Assets ($) |
157,458,441 |
|||||
|
Composition of Net Assets ($): |
||||||
|
Paid-in capital |
157,439,417 |
|||||
|
Total distributable earnings (loss) |
19,024 |
|||||
|
Net Assets ($) |
157,458,441 |
|
Net Asset Value Per Share |
Wealth Shares |
Service Shares |
Premier Shares |
|
|
Net Assets ($) |
115,929,864 |
8,735,335 |
32,793,242 |
|
|
Shares Outstanding |
115,914,851 |
8,734,278 |
32,786,198 |
|
|
Net Asset Value Per Share ($) |
1.00 |
1.00 |
1.00 |
|
|
See notes to financial statements. |
7
STATEMENT OF OPERATIONS
Six Months Ended May 31, 2024 (Unaudited)
|
Investment Income ($): |
||||||
|
Interest Income |
2,714,055 |
|||||
|
Expenses: |
||||||
|
Management fee-Note 2(a) |
152,581 |
|||||
|
Shareholder servicing costs-Note 2(b) |
157,916 |
|||||
|
Professional fees |
45,575 |
|||||
|
Registration fees |
30,690 |
|||||
|
Administrative service fees-Note 2(c) |
20,505 |
|||||
|
Custodian fees-Note 2(c) |
14,442 |
|||||
|
Chief Compliance Officer fees-Note 2(c) |
12,262 |
|||||
|
Prospectus and shareholders' reports |
11,612 |
|||||
|
Trustees' fees and expenses-Note 2(d) |
7,401 |
|||||
|
Miscellaneous |
10,432 |
|||||
|
Total Expenses |
463,416 |
|||||
|
Less-reduction in expenses due to undertaking-Note 2(a) |
(29,873) |
|||||
|
Less-reduction in fees due to earnings credits-Note 2(c) |
(16,906) |
|||||
|
Net Expenses |
416,637 |
|||||
|
Net Investment Income, representing net increase in |
2,297,418 |
|||||
|
See notes to financial statements. |
8
STATEMENT OF CHANGES IN NET ASSETS
|
Six Months Ended |
Year Ended |
||||||||
|
Operations ($): |
|||||||||
|
Net investment income |
2,297,418 |
3,227,305 |
|||||||
|
Net realized gain (loss) on investments |
- |
(1) |
|||||||
|
Net Increase (Decrease) in Net Assets |
2,297,418 |
3,227,304 |
|||||||
|
Distributions ($): |
|||||||||
|
Distributions to shareholders: |
|||||||||
|
Wealth Shares |
(1,645,752) |
(2,295,179) |
|||||||
|
Service Shares |
(96,165) |
(262,875) |
|||||||
|
Premier Shares |
(567,657) |
(639,195) |
|||||||
|
Total Distributions |
(2,309,574) |
(3,197,249) |
|||||||
|
Beneficial Interest Transactions ($1.00 per share): |
|||||||||
|
Net proceeds from shares sold: |
|||||||||
|
Wealth Shares |
70,225,873 |
103,328,259 |
|||||||
|
Service Shares |
24,936,341 |
97,223,985 |
|||||||
|
Premier Shares |
34,501,020 |
40,328,838 |
|||||||
|
Distributions reinvested: |
|||||||||
|
Wealth Shares |
1,625,682 |
2,272,172 |
|||||||
|
Service Shares |
92,462 |
249,604 |
|||||||
|
Premier Shares |
533,255 |
594,433 |
|||||||
|
Cost of shares redeemed: |
|||||||||
|
Wealth Shares |
(58,095,641) |
(86,106,280) |
|||||||
|
Service Shares |
(27,207,603) |
(104,801,880) |
|||||||
|
Premier Shares |
(30,541,081) |
(23,389,801) |
|||||||
|
Increase (Decrease) in Net Assets |
16,070,308 |
29,699,330 |
|||||||
|
Total Increase (Decrease) in Net Assets |
16,058,152 |
29,729,385 |
|||||||
|
Net Assets ($): |
|||||||||
|
Beginning of Period |
141,400,289 |
111,670,904 |
|||||||
|
End of Period |
157,458,441 |
141,400,289 |
|||||||
|
See notes to financial statements. |
9
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. 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.
|
Six Months Ended |
||||||
|
May 31, 2024 |
Year Ended November 30, |
|||||
|
Wealth Shares |
(Unaudited) |
2023 |
2022 |
2021a |
2020 |
2019 |
|
Per Share Data ($): |
||||||
|
Net asset value, beginning of period |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|
Investment Operations: |
||||||
|
Net investment income |
.015 |
.027 |
.005 |
.000b |
.003 |
.008 |
|
Distributions: |
||||||
|
Dividends from |
(.015) |
(.027) |
(.005) |
(.000)b |
(.003) |
(.008) |
|
Net asset value, end of period |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|
Total Return (%) |
1.50c |
2.71 |
.49 |
.01 |
.29 |
.83 |
|
Ratios/Supplemental Data (%): |
||||||
|
Ratio of total expenses |
.64d |
.67 |
.64 |
.67 |
.75 |
.75 |
|
Ratio of net expenses |
.59d |
.58 |
.43 |
.10 |
.41 |
.74 |
|
Ratio of net investment income |
2.97d |
2.74 |
.44 |
.01 |
.29 |
.83 |
|
Net Assets, end of period ($ x 1,000) |
115,930 |
102,184 |
82,667 |
104,221 |
105,143 |
90,626 |
a Effective February 1, 2021, the fund's Class A shares were renamed Wealth shares.
b Amount represents less than $.001 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
10
|
Six Months Ended |
||||||
|
May 31, 2024 |
Year Ended November 30, |
|||||
|
Service Shares |
(Unaudited) |
2023 |
2022 |
2021a |
2020 |
2019 |
|
Per Share Data ($): |
||||||
|
Net asset value, beginning of period |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|
Investment Operations: |
||||||
|
Net investment income |
.013 |
.023 |
.003 |
.000b |
.002 |
.004 |
|
Distributions: |
||||||
|
Dividends from |
(.013) |
(.023) |
(.003) |
(.000)b |
(.002) |
(.004) |
|
Net asset value, end of period |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|
Total Return (%) |
1.30c |
2.36 |
.34 |
.01 |
.17 |
.43 |
|
Ratios/Supplemental Data (%): |
||||||
|
Ratio of total expenses |
1.18d |
1.21 |
1.17 |
1.18 |
1.14 |
1.14 |
|
Ratio of net expenses |
.95d |
.91 |
.55 |
.09 |
.63 |
1.13 |
|
Ratio of net investment income |
2.60d |
2.34 |
.25 |
.01 |
.21 |
.44 |
|
Net Assets, end of period ($ x 1,000) |
8,735 |
10,916 |
18,243 |
24,223 |
22,103 |
49,592 |
a Effective February 1, 2021, the fund's Class B shares were renamed Service shares.
b Amount represents less than $.001 per share.
c Not annualized.
d Annualized.
See notes to financial statements.
11
FINANCIAL HIGHLIGHTS (continued)
|
Six Months Ended |
|||||
|
May 31, 2024 |
Year Ended November 30, |
||||
|
Premier Shares |
(Unaudited) |
2023 |
2022 |
2021 |
2020a |
|
Per Share Data ($): |
|||||
|
Net asset value, beginning of period |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|
Investment Operations: |
|||||
|
Net investment income |
.016 |
.030 |
.007 |
.000b |
.000b |
|
Distributions: |
|||||
|
Dividends from |
(.016) |
(.030) |
(.007) |
(.000)b |
(.000)b |
|
Net asset value, end of period |
1.00 |
1.00 |
1.00 |
1.00 |
1.00 |
|
Total Return (%) |
1.64c |
3.02 |
.69 |
.01 |
.00c,d |
|
Ratios/Supplemental Data (%): |
|||||
|
Ratio of total expenses |
.39e |
.43 |
.40 |
.40 |
.65e |
|
Ratio of net expenses |
.33e |
.32 |
.28 |
.07 |
.05e |
|
Ratio of net investment income |
3.22e |
3.00 |
.69 |
.01 |
.01e |
|
Net Assets, end of period ($ x 1,000) |
32,793 |
28,301 |
10,761 |
8,988 |
40 |
a From November 23, 2020 (commencement of initial offering) to November 30, 2020.
b Amount represents less than $.001 per share.
c Not annualized.
d Amount represents less than .01%.
e Annualized.
See notes to financial statements.
12
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1-Significant Accounting Policies:
Dreyfus New York Municipal Money Market Fund (the "fund") is the sole series of General New York Municipal Money Market Fund (the "Trust"), 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 to maximize current income exempt from federal, New York state and New York city income taxes, to the extent consistent with the preservation of capital and the maintenance of liquidity. 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 an unlimited number of $.001 par value shares of Beneficial Interest in each of the following classes of shares: Wealth, Service and Premier. 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 Trust 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 Trust's Board of Trustees (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).
13
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
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, 2024 in valuing the fund's investments:
|
Level 1-Unadjusted Quoted Prices |
Level 2- Other Significant Observable Inputs |
Level 3-Significant Unobservable Inputs |
Total |
|||
|
Assets ($) |
||||||
|
Investments in Securities:† |
||||||
|
Municipal Securities |
- |
156,300,040 |
- |
156,300,040 |
† 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) 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.
Municipal Securities Risk:Municipal securities may be fully or partially backed or enhanced by the taxing authority of a local government, by the current or anticipated revenues from a specific project or specific assets, or by the credit of, or liquidity enhancement provided by, a private issuer. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or each relevant fund's ability to maintain a stable net asset value.
(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, 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, 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 May 31, 2024, the fund did not incur any interest or penalties.
Each tax year in the three-year period ended November 30, 2023 remains subject to examination by the Internal Revenue Service and state taxing authorities.
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 fund has an unused capital loss carryover of $2 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to November 30, 2023. These short-term losses can be carried forward for an unlimited period.
14
The tax character of distributions paid to shareholders during the fiscal year ended November 30, 2023 was as follows: tax exempt income $3,197,249. The tax character of current year distributions will be determined at the end of the current fiscal year.
At May 31, 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 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 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, 2024, there was no reduction in expenses pursuant to the Agreement.
The Adviser has 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 1.00% of the value of the Service shares' average daily net assets. 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.
In addition, the Adviser has 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 so that the direct expenses of the fund's Premier shares (excluding taxes, brokerage commissions and extraordinary expense) do not exceed .35% of the value of the Premier shares' average daily net assets. 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 this expense limitation at any time. The reduction in expenses, pursuant to the undertakings, amounted to $29,873 during the period ended May 31, 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 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 May 31, 2024, there was no reduction in expenses pursuant to the undertaking.
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 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 .05% 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 May 31, 2024, Premier shares were charged $1,440, pursuant to the Reimbursement Shareholder Services Plan.
Under the Compensation Shareholder Services Plans with respect to Wealth and Service shares (the "Compensation Shareholder Services Plans"), 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 May 31, 2024, Wealth and Service shares were charged $137,869 and $9,320, respectively, pursuant to each of their respective Compensation Shareholder Services Plans.
15
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
(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 a fee at an annual rate of .55% of the value of their 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 May 31, 2024, Service shares were charged $20,505, pursuant to the Administrative Services Plan.
The fund has arrangements with BNY Mellon Transfer, Inc., (the "Transfer Agent") and The Bank of New York Mellon (the "Custodian"), both 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 and Custodian fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, and custody net earnings credits, if any, as an expense offset 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 May 31, 2024, the fund was charged $7,148 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 $2,646.
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 May 31, 2024, the fund was charged $14,442 pursuant to the custody agreement. These fees were partially offset by earnings credits of $14,260.
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 May 31, 2024, the fund was charged $471 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.
During the period ended May 31, 2024, the fund was charged $12,262 for services performed by the fund's 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 fee of $26,251, Administrative Services Plan fees of $3,197, Shareholder Services Plans fees of $24,525, Chief Compliance Officer fees of $5,257 and Transfer Agent fees of $2,214, which are offset against an expense reimbursement currently in effect in the amount of $6,200.
(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 meeting 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, 2024, the fund engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act amounting to $11,200,000 and $21,695,000 respectively.
NOTE 4-Subsequent Event:
On July 12, 2023, the SEC adopted amendments to rules that govern money market funds. The amendments became effective October 2, 2023 with tiered compliance dates. The fund is compliant with all amendments that are effective to date, and is currently preparing for any amendments applicable to this fund that will become effective after the date of these financial statements.
16
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment
Companies. (Unaudited)
N/A
17
Item 9. Proxy Disclosures for Open-End Management Investment Companies. (Unaudited)
N/A
18
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. Trustees fees paid by the fund are within Item 7. Statement of Operations as Trustees' fees and expenses.
19
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (Unaudited)
At a meeting of the fund's Board of Trustees (the "Board") held on March 5-6, 2024, the Board considered the renewal of the fund's Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, and the Sub-Investment Advisory Agreement (together with the Management Agreement, the "Agreements"), pursuant to which Dreyfus, a division of Mellon Investments Corporation (the "Sub-Adviser"), provides day-to-day management of the fund's investments. The Board members, none of whom are "interested persons" (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Adviser. In considering the renewal of the Agreements, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.
Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY Mellon fund complex, including the fund. The Adviser provided the number of open accounts in the fund, the fund's asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY Mellon fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser's corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.
The Board also considered research support available to, and portfolio management capabilities of, the fund's portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser's extensive administrative, accounting and compliance infrastructures, as well as the Adviser's supervisory activities over the Sub-Adviser.
Comparative Analysis of the Fund's Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper ("Lipper"), which included information comparing (1) the performance of the fund's Wealth shares with the performance of a group of retail no-load New York tax-exempt money market funds selected by Broadridge as comparable to the fund (the "Performance Group") and with a broader group of funds consisting of all retail and institutional New York tax-exempt money market funds (the "Performance Universe"), all for various periods ended December 31, 2023, and (2) the fund's actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the "Expense Group") and with a broader group of funds consisting of all retail no-load New York tax-exempt money market funds, excluding outliers (the "Expense Universe"), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Performance Group and Performance Universe comparisons were provided based on both "gross" (i.e., without including fees and expenses) and "net" (i.e., including fees and expenses) total returns. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.
Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund's performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser and Sub-Adviser the results of the comparisons and considered that the fund's gross total return performance was below the Performance Group and the Performance Universe medians for all periods. The Board also considered that the fund's net total return performance was below the Performance Group and the Performance Universe medians for all periods. It was noted that there were only three other funds in the Performance Group. The Board considered the relative proximity of the fund's gross and net total return performance to the Performance Group and/or Performance Universe medians during certain periods under review.
Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services and the sub-advisory services provided by the Adviser and the Sub-Adviser, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund's last fiscal year, which included reductions for a fee waiver and expense limitation arrangement in place that reduced the management fee paid to the Adviser. The Board also reviewed the range of actual and contractual
20
management fees and total expenses as a percentage of average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.
The Board considered that the fund's contractual management fee was equal to the Expense Group median contractual management fee, the fund's actual management fee was slightly higher than the Expense Group median and equal to the Expense Universe median actual management fee, and the fund's total expenses were higher than the Expense Group median and higher than the Expense Universe median total expenses.
Representatives of the Adviser noted that there were no other funds advised by the Adviser that are in the same Lipper category as the fund or separate accounts and/or other types of client portfolios advised by the Adviser or the Sub-Adviser that are considered to have similar investment strategies and policies as the fund.
The Board considered the fee payable to the Sub-Adviser in relation to the fee payable to the Adviser by the fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser's fee is paid by the Adviser, out of its fee from the fund, and not the fund.
Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser's approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.
The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund's assets had been stable or decreasing, the possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund's asset level. The Board also considered potential benefits to the Adviser and the Sub-Adviser from acting as investment adviser and sub-investment adviser, respectively, and took into consideration that there were no soft dollar arrangements in effect for trading the fund's investments.
At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.
· The Board concluded that the nature, extent and quality of the services provided by the Adviser and the Sub-Adviser are adequate and appropriate.
· The Board was generally satisfied with the fund's performance.
· The Board concluded that the fees paid to the Adviser and the Sub-Adviser continued to be appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.
· The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate charged to the fund pursuant to the Management Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.
21
In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates and the Sub-Adviser, of the Adviser and the Sub-Adviser and the services provided to the fund by the Adviser and the Sub-Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreements, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance measures; general market outlook as applicable to the fund; and compliance reports. In addition, the Board's consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreements for the fund, or substantially similar agreements for other BNY Mellon funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board's conclusions may be based, in part, on its consideration of the fund's arrangements, or substantially similar arrangements for other BNY Mellon funds that the Board oversees, in prior years. The Board determined to renew the Agreements.
22
|
© 2024 BNY Mellon Securities Corporation Code-0574NCSRSA0524 |
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.
Item 19. Exhibits.
(a)(1) Not applicable.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
General New York Municipal Money Market Fund
By: /s/ David J. DiPetrillo
David J. DiPetrillo
President (Principal Executive Officer)
Date: July 15, 2024
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: July 15, 2024
By: /s/ James Windels
James Windels
Treasurer (Principal Financial Officer)
Date: July 15, 2024
EXHIBIT INDEX
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)