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 811-5160 |
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND |
(Exact name of Registrant as specified in charter) |
c/o The Dreyfus Corporation |
200 Park Avenue |
New York, New York 10166 |
(Address of principal executive offices) (Zip code) |
Mark N. Jacobs, Esq. |
200 Park Avenue |
New York, New York 10166 |
(Name and address of agent for service) |
Registrant's telephone number, including area code: (212) 922-6000 |
Date of fiscal year end: | 5/31 | |
Date of reporting period: | 11/30/04 |
FORM N-CSR
Item 1. | Reports to Stockholders. |
Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.dreyfus.com and sign up for Dreyfus eCommunications. It’s simple and only takes a few minutes.
The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value
Contents | ||
THE FUND | ||
2 | Letter from the Chairman | |
3 | Discussion of Fund Performance | |
6 | Understanding Your Fund’s Expenses | |
6 | Comparing Your Fund’s Expenses | |
With Those of Other Funds | ||
7 | Statement of Investments | |
16 | Statement of Assets and Liabilities | |
17 | Statement of Operations | |
18 | Statement of Changes in Net Assets | |
19 | Financial Highlights | |
20 | Notes to Financial Statements | |
FOR MORE INFORMATION | ||
Back Cover |
Dreyfus New York |
Tax Exempt Money Market Fund |
The Fund
LETTER FROM THE CHAIRMAN
Dear Shareholder: |
We are pleased to present this semiannual report for Dreyfus New York Tax Exempt Money Market Fund, covering the six-month period from June 1, 2004, through November 30, 2004. Inside, you’ll find valuable information about how the fund was managed during the reporting period, including a discussion with the fund’s portfolio manager, Joseph Irace.
Although the U.S. economy recently has alternated between signs of weakness and strength, the Federal Reserve Board has raised short-term interest rates four times since June 2004.This shift in monetary policy represents the first increases in short-term rates in more than four years, and many analysts believe that additional increases may follow in 2005. As a result, tax-exempt money market yields have begun to rise from the historically low levels of the past few years.
At times such as these, when market conditions are in a period of transition, we believe it is especially important for investors to stay in close touch with their financial advisors.Your financial advisor can help you rebalance your portfolio in a way that is designed to respond to the challenges and opportunities of today’s changing investment environment.
Thank you for your continued confidence and support.
The Dreyfus Corporation December 15, 2004 |
2 |
DISCUSSION OF FUND PERFORMANCE
Joseph Irace, Portfolio Manager |
How did Dreyfus New York Tax Exempt Money Market Fund perform during the period?
For the six-month period ended November 30, 2004, the fund produced an annualized yield of 0.68% . Taking into account the effects of compounding, the fund also produced an annualized effective yield of 0.68% ..1
We attribute the fund’s returns to low short-term interest rates. However, money market yields began to rise in the spring of 2004, and tax-exempt money market yields ended the reporting period at their highest levels in approximately two years.
What is the fund’s investment approach?
The fund seeks as high a level of current income exempt from federal, New York state and New York city personal income taxes as is consistent with the preservation of capital and the maintenance of liquidity.
In pursuing this objective, we employ two primary strategies. First, we normally attempt to add value by constructing a diverse portfolio of high-quality, tax-exempt money market instruments that provide income exempt from federal, New York state and New York city personal income taxes. Second, we actively manage the fund’s average maturity in anticipation of what we believe are supply-and-demand changes in the short-term municipal marketplace.
For example, if we expect an increase in short-term supply, we may decrease the average maturity of the fund, which could enable us to take advantage of opportunities when short-term supply increases. Generally yields tend to rise when there is an increase in new-issue supply competing for investor interest. New securities, which generally are issued with maturities in the one-year range, may in turn lengthen the fund’s average maturity. If we anticipate limited new-issue supply, we may then look to extend the fund’s average maturity to maintain
The Fund 3 |
DISCUSSION OF FUND PERFORMANCE (continued) |
then-current yields for as long as we believe practical. In addition, we try to maintain an average maturity that reflects our view of short-term interest-rate trends and future supply-and-demand considerations.
What other factors influenced the fund’s performance?
Money market yields remained anchored by the 1% federal funds rate during the first several months of the reporting period as inflationary pressures appeared to remain low and the Federal Reserve Board (the “Fed”) indicated that it could be “patient” before raising short-term interest rates. In April 2004, however, money market yields began to climb when higher energy prices and stronger-than-expected job growth fueled investors’ concerns that inflationary pressures might be rising. Indeed, between June and November 2004, the Fed increased its target for the overnight federal funds rate four times, driving the overnight federal funds rate to 2%.
As the national economy improved, so did the fiscal condition of many states and municipalities, including the state and city of New York. As a result, state and local governments had less need to borrow, and the supply of newly issued securities dropped compared to the same period one year earlier. Responding to the state’s improved fiscal condition, one of the major bond rating agencies upgraded its credit rating for New York’s longer-term bonds.These factors put downward pressure on tax-exempt money market yields.
In this market environment, we continued to invest in high-quality money market securities from New York issuers.Although we previously had maintained the fund’s weighted average maturity in a range we considered longer than industry averages, we began to reduce the fund’s weighted average maturity in the spring, when investors began to anticipate higher interest rates. This change was designed to maintain the flexibility we need to capture higher yields as they become available.
4 |
During the second half of the reporting period, we generally maintained this defensive positioning through the summer and fall, focusing primarily on securities with maturities of approximately six months or less, including variable-rate demand notes on which yields are reset weekly. In addition, we attempted to “ladder” the fund’s holdings of municipal notes and commercial paper so that securities would mature at regular intervals through the first nine months of 2005. This strategy was designed to ensure liquidity and guard against the possibility that a disproportionate amount of securities may mature during a time of unusually low reinvestment rates.
What is the fund’s current strategy?
As of the end of the reporting period, demand for municipal securities with shorter maturities remained strong as investors proved reluctant to purchase securities with one year maturities in a rising interest-rate environment. Strong demand, coupled with a reduced supply of newly issued securities, helped keep tax-exempt yields relatively low at the shorter end of the money market maturity spectrum and generally higher yields at the longer end. In an effort to capture higher yields, we recently began to gradually increase the fund’s holdings of municipal notes and commercial paper with maturities in the six-month range, and the fund’s weighted average maturity ended the reporting period in a position that was roughly in line with industry averages.
December 15, 2004 |
1 Annualized effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of future results.Yields fluctuate. Income may be subject to state and local taxes for non-New York residents, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors.An investment in the fund is not insured or guaranteed by the FDIC or any other government agency.Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
The Fund 5 |
UNDERSTANDING YOUR FUND ’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses |
The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus New York Tax Exempt Money Market Fund from June 1, 2004 to November 30, 2004. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment assuming actual returns for the six months ended November 30, 2004
Expenses paid per $1,000 † | $ 3.31 | |
Ending value (after expenses) | $1,003.40 |
COMPARING YOUR FUND’S EXPENSES WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment assuming a hypothetical 5% annualized return for the six months ended November 30, 2004
Expenses paid per $1,000 † | $ 3.35 | |
Ending value (after expenses) | $1,021.76 |
- Expenses are equal to the fund’s annualized expense ratio of .66%; multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
6 |
STATEMENT OF INVESTMENTS November 30, 2004 (Unaudited) |
Principal | ||||||
Tax Exempt Investments—99.1% | Amount ($) | Value ($) | ||||
Albany Industrial Development Agency, Civic Facility | ||||||
Revenue, VRDN: | ||||||
(Albany College of Pharmacy) | ||||||
1.70% (Insured; Radian Bank and | ||||||
Liquidity Facility; Bank of America) | 3,065,000 | a | 3,065,000 | |||
(Renaissance Corp. of Albany Project) | ||||||
1.75% (LOC; M&T Bank) | 3,000,000 | a | 3,000,000 | |||
Allegany County Industrial Development Agency | ||||||
Civic Facility Revenue, VRDN (Houghton | ||||||
College Project) 1.73% (LOC; KeyBank) | 5,000,000 | a | 5,000,000 | |||
Allegany-Limestone Central School District | ||||||
GO Notes, BAN 2.75%, 6/24/2005 | 4,300,000 | 4,323,724 | ||||
Arlington Central School District, GO Notes, Refunding | ||||||
2.25%, 12/15/2004 (Insured; FSA) | 250,000 | 250,105 | ||||
Babylon Industrial Development Agency, IDR, VRDN | ||||||
(Lambro Industries Inc. Project) | ||||||
1.68% (LOC; Bank of America) | 840,000 | a | 840,000 | |||
Broome County, GO Notes, Refunding | ||||||
2.50%, 4/15/2005 (Insured; FGIC) | 435,000 | 436,991 | ||||
Canaseraga Central School District, GO Notes 3.75% | ||||||
6/15/2005 (Insured; MBIA) | 191,000 | 193,024 | ||||
Center Moriches Union Free School District, GO Notes | ||||||
3%, 12/1/2004 (Insured; MBIA) | 350,000 | 350,000 | ||||
Chautauqua County Industrial Development Agency | ||||||
Civic Facility Revenue, VRDN | ||||||
(United Cerebral Palsy Project) | ||||||
1.73% (LOC; Key Bank) | 1,195,000 | a | 1,195,000 | |||
City University of New York, COP, Refunding | ||||||
(John Jay College) 5.75%, 8/15/2005 (Insured; MBIA) | 250,000 | 256,708 | ||||
Colonie Industrial Development Agency, IDR, VRDN | ||||||
(13 Green Mount Drive Project) | ||||||
1.85% (LOC; HSBC Bank USA) | 210,000 | a | 210,000 | |||
Dutchess County Industrial Development Agency | ||||||
Civic Facility Revenue, VRDN | ||||||
(Marist College Civic Facility): | ||||||
1.67% (LOC; Key Bank) | 5,540,000 | a | 5,540,000 | |||
1.67% (LOC; The Bank of New York) | 6,820,000 | a | 6,820,000 | |||
Erie County Industrial Development Agency, VRDN: | ||||||
Civic Facility Revenue: | ||||||
(Community Services Disabled Project) | ||||||
1.73% (LOC; Key Bank) | 3,255,000 | a | 3,255,000 |
The Fund 7 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Principal | ||||||
Tax Exempt Investments (continued) | Amount ($) | Value ($) | ||||
Erie County Industrial Development Agency, VRDN (continued): | ||||||
Civic Facility Revenue (continued): | ||||||
(DePaul Community Facilities Inc. Project) | ||||||
1.73% (LOC; Key Bank) | 1,500,000 | a | 1,500,000 | |||
(People Inc. Project) | ||||||
1.73% (LOC; Key Bank) | 2,700,000 | a | 2,700,000 | |||
(United Cerebral Palsy Association Project) | ||||||
1.73% (LOC; Key Bank) | 870,000 | a | 870,000 | |||
IDR: | ||||||
(Luminescent System Inc. Project) | ||||||
1.85% (LOC; HSBC Bank USA) | 5,600,000 | a | 5,600,000 | |||
(Plesh Industries Inc. Project) | ||||||
1.82% (LOC; M&T Bank) | 1,455,000 | a | 1,455,000 | |||
Grand Central District Management Association | ||||||
Revenue, Refunding 2%, 1/1/2005 | 900,000 | 900,736 | ||||
Town of Hempstead, GO Notes 4%, 1/15/2005 | ||||||
(Insured; MBIA) | 100,000 | 100,293 | ||||
Herkimer County Industrial Development Agency | ||||||
Civic Facility Revenue, VRDN | ||||||
(Templeton Foundation Project) 1.73% (LOC; Key Bank) | 2,410,000 | a | 2,410,000 | |||
Town of Islip, GO Notes, Refunding, Public Improvement | ||||||
4.75%, 1/15/2005 (Insured; FSA) | 100,000 | 100,438 | ||||
Lancaster Industrial Development Agency, IDR, VRDN | ||||||
(Lancaster Steel Service Project) | ||||||
1.75% (LOC; M&T Bank) | 1,125,000 | a | 1,125,000 | |||
Long Island Power Authority, Electric Systems Revenue | ||||||
4%, 4/1/2005 (Insured; FSA) | 150,000 | 151,278 | ||||
Manhasset Union Free School District, GO Notes, TAN | ||||||
3%, 6/29/2005 | 1,370,000 | 1,379,709 | ||||
Metropolitan Transportation Authority, Transit Revenue: | ||||||
2%, 11/15/2005 | 100,000 | 99,858 | ||||
CP: | ||||||
1.20%, 12/9/2004 (LOC; ABN-AMRO) | 4,400,000 | 4,400,000 | ||||
1.46%, 1/13/2005 (LOC; ABN-AMRO) | 6,300,000 | 6,300,000 | ||||
1.46%, 1/18/2005 (LOC; ABN-AMRO) | 3,000,000 | 3,000,000 | ||||
Monroe County Industrial Development Agency, IDR: | ||||||
(National Development Council) 1.30%, 6/15/2005 | ||||||
(LOC; HSBC Bank USA) | 700,000 | 700,000 | ||||
VRDN (2883 Associates LP) | ||||||
1.85% (LOC; HSBC Bank USA) | 1,570,000 | a | 1,570,000 |
8 |
Principal | ||||||
Tax Exempt Investments (continued) | Amount ($) | Value ($) | ||||
Monroe Tobacco Asset Securitization Corporation | ||||||
Tobacco Settlement Revenue, VRDN | ||||||
1.78% (Liquidity Facility; WestLB AG) | 8,295,000 | a | 8,295,000 | |||
Mount Pleasant Central School District | ||||||
GO Notes, BAN 3%, 5/27/2005 | 3,500,000 | 3,524,478 | ||||
Municipal Assistance Corporation for the City of New York: | ||||||
Revenue 3.50%, 7/1/2005 | 150,000 | 151,466 | ||||
Sales Tax Revenue 6%, 7/1/2005 | 500,000 | 512,180 | ||||
Nassau County, GO Notes, General Improvement: | ||||||
5.15%, 3/1/2005 (Insured; AMBAC) | 100,000 | 100,977 | ||||
7%, 3/1/2005 (Insured; FSA) | 100,000 | 101,417 | ||||
Refunding 6.50%, 5/1/2005 (Insured; FGIC) | 225,000 | 229,748 | ||||
Nassau County Interim Finance Authority, Sales | ||||||
Tax Revenue 4%, 11/15/2005 | 110,000 | 111,860 | ||||
Nassau County Tobacco Settlement Corporation, Revenue | ||||||
VRDN 1.78% (Liquidity Facility; Merrill Lynch) | 5,000,000 | a | 5,000,000 | |||
New Rochelle Industrial Development Agency, IDR, VRDN | ||||||
(Charles Sadek Import Co. Project) | ||||||
1.82% (LOC; The Bank of New York) | 5,500,000 | a | 5,500,000 | |||
New York City, GO Notes: | ||||||
5.90%, 2/1/2005 | 805,000 | 810,879 | ||||
8%, 2/1/2005 | 2,130,000 | 2,151,400 | ||||
6.50%, 2/15/2005 (Insured; AMBAC) | 235,000 | 237,451 | ||||
2%, 8/1/2005 | 300,000 | 300,325 | ||||
4.40%, 8/15/2005 | 250,000 | 254,176 | ||||
CP: | ||||||
1.43%, 12/9/2004 (Insured; MBIA and Liquidity | ||||||
Facility; Landesbank Hessen-Thuringen Girozentrale) | 7,500,000 | 7,500,000 | ||||
1.85%, 2/24/2005 (Insured; MBIA and Liquidity | ||||||
Facility; Landesbank Hessen-Thuringen Girozentrale) | 6,000,000 | 6,000,000 | ||||
VRDN 1.74% (Liquidity Facility; Merrill Lynch) | 5,000,000 | a | 5,000,000 | |||
New York City Health and Hospital Corporation | ||||||
Health Care Facilities Revenue | ||||||
4%, 2/15/2005 (Insured; AMBAC) | 300,000 | 301,450 | ||||
New York City Industrial Development Agency, VRDN: | ||||||
Civic Facility Revenue: | ||||||
(2000 Jewish Community Center) | ||||||
1.75% (LOC; M&T Bank) | 4,900,000 | a | 4,900,000 | |||
(Abraham Joshua Heschel Project) | ||||||
1.70% (LOC; Allied Irish Banks) | 2,000,000 | a | 2,000,000 |
The Fund 9 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Principal | ||||||
Tax Exempt Investments (continued) | Amount ($) | Value ($) | ||||
New York City Industrial Development Agency, VRDN (continued): | ||||||
Civic Facility Revenue (continued): | ||||||
(Convent Sacred Heart School) | ||||||
1.70% (LOC; Allied Irish Banks) | 3,750,000 | a | 3,750,000 | |||
(Jewish Community Center of Manhattan) | ||||||
1.75% (LOC; M&T Bank) | 1,600,000 | a | 1,600,000 | |||
(Village Community School Project) | ||||||
1.75% (LOC; M&T Bank) | 1,280,000 | a | 1,280,000 | |||
IDR: | ||||||
(Novelty Crystal Corp.) | ||||||
1.80% (LOC; Commerce Bank) | 3,800,000 | a | 3,800,000 | |||
(Stroheim & Romann Inc. Project) | ||||||
1.67% (LOC; WestLB AG) | 8,700,000 | a | 8,700,000 | |||
(Swak Realty LLC Project) | ||||||
1.82% (LOC; The Bank of New York) | 1,040,000 | a | 1,040,000 | |||
New York City Municipal Water Finance Authority | ||||||
Water and Sewer Systems Revenue: | ||||||
5%, 6/15/2005 | 200,000 | 203,435 | ||||
6.125%, 6/15/2005 | 140,000 | b | 144,463 | |||
CP 1.88%, 3/3/2005 (LOC: Landesbank Baden- | ||||||
Wuerttemberg and Helaba Bank) | 5,400,000 | 5,400,000 | ||||
New York City Transitional Finance Authority: | ||||||
Income Tax Revenue: | ||||||
5%, 2/1/2005 | 1,300,000 | 1,308,383 | ||||
5.25%, 2/1/2005 | 170,000 | 171,092 | ||||
4.25%, 2/15/2005 | 750,000 | 754,488 | ||||
2%, 11/1/2005 | 275,000 | 274,872 | ||||
Refunding 5%, 11/1/2005 | 100,000 | 102,637 | ||||
Revenue, VRDN (New York City Recovery) 1.74% | ||||||
(Liquidity Facility; The Bank of New York) | 1,220,000 | a | 1,220,000 | |||
New York Counties Tobacco Trust II, Tobacco Settlement | ||||||
Revenue, VRDN 1.78% (Liquidity Facility; Merrill Lynch) | 4,760,000 | a | 4,760,000 | |||
New York State Dormitory Authority: | ||||||
Health Care Facilities Revenue: | ||||||
(Mental Health Services Facilities Improvement) | ||||||
5.25%, 8/15/2005 (Insured; FSA) | 200,000 | 204,597 | ||||
(Presbyterian Hospital) 5.25%, 2/15/2005 | ||||||
(Insured; AMBAC) | 400,000 | 403,307 | ||||
VRDN (Mount Sinai Health) 1.74% (Liquidity | ||||||
Facility; Merrill Lynch) | 2,100,000 | a | 2,100,000 |
10 |
Principal | ||||
Tax Exempt Investments (continued) | Amount ($) | Value ($) | ||
New York State Dormitory Authority (continued): | ||||
Income Tax Revenue (State Personal Income Tax) | ||||
4%, 12/15/2004 | 750,000 | 750,601 | ||
LR: | ||||
6%, 7/1/2005 (Insured; AMBAC) | 190,000 | 194,381 | ||
Municipal Health Facilities Improvement Program | ||||
4%, 1/15/2005 (Insured; FSA) | 100,000 | 100,300 | ||
Revenue, School District Financing Program: | ||||
2.75%, 4/1/2005 (Insured; MBIA) | 100,000 | 100,519 | ||
4.50%, 10/1/2005 (Insured; MBIA) | 100,000 | 102,054 | ||
New York State Environmental | ||||
Facilities Corporation: | ||||
PCR 5.10%, 1/15/2005 | 295,000 | 296,502 | ||
Water Revenue 5%, 3/15/2005 | 400,000 | 403,834 | ||
New York State Housing Finance Agency | ||||
Revenue, VRDN (Sea Park West | ||||
Housing) 1.70% (Insured; | ||||
FHLMC and Liquidity Facility; FHLMC) | 3,850,000 a | 3,850,000 | ||
New York State Local Government Assistance | ||||
Corporation Sales Tax Revenue: | ||||
5.40%, 4/1/2005 | 480,000 | 486,364 | ||
Refunding: | ||||
5%, 4/1/2005 | 450,000 | 455,026 | ||
5.50%, 4/1/2005 (Insured; AMBAC) | 450,000 | 456,345 | ||
New York State Medical Care Facilities Finance | ||||
Agency, Health Care Facilities Revenue | ||||
(Brookdale Hospital Medical Center) | ||||
6.85%, 2/15/2005 | 225,000 b | 232,118 | ||
New York State Power Authority, Electric Power | ||||
and Light Revenue 5%, 2/15/2005 | 250,000 | 251,923 | ||
New York State Thruway Authority: | ||||
Highway Revenue Tolls | ||||
6%, 1/1/2005 | 115,000 b | 117,775 | ||
Income Tax Revenue: | ||||
2%, 3/15/2005 | 300,000 | 300,593 | ||
2.25%, 3/15/2005 | 155,000 | 155,240 | ||
Service Contract Revenue | ||||
(Local Highway and Bridge) | ||||
6%, 4/1/2005 (Insured; AMBAC) | 100,000 | 101,590 |
The Fund 11 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Principal | ||||||
Tax Exempt Investments (continued) | Amount ($) | Value ($) | ||||
New York State Thruway Authority Highway | ||||||
Bridge and Trust Fund: | ||||||
Fuel Sales Tax Revenue: | ||||||
5.10%, 4/1/2005 (Insured; MBIA) | 550,000 | 556,922 | ||||
6%, 4/1/2005 (Insured; MBIA) | 200,000 | 203,015 | ||||
Highway Revenue Tolls: | ||||||
3%, 4/1/2005 | 600,000 | 603,246 | ||||
5%, 4/1/2005 (Insured; FGIC) | 250,000 | 252,738 | ||||
New York State Urban Development Corporation: | ||||||
Income Tax Revenue (Personal Income Tax): | ||||||
2%, 12/15/2004 | 100,000 | 99,999 | ||||
2.50%, 12/15/2004 | 675,000 | 675,184 | ||||
Revenue, Senior Lien-Corporation Purpose | ||||||
5.50%, 1/1/2005 | 500,000 | 501,375 | ||||
Town of North Hempstead, GO Notes: | ||||||
2.50%, 2/1/2005 (Insured; MBIA) | 630,000 | 631,374 | ||||
Refunding 6%, 4/1/2005 (Insured; FGIC) | 325,000 | 330,168 | ||||
Oneida City School District, GO Notes | ||||||
BAN 1.75%, 2/4/2005 | 3,807,000 | 3,811,007 | ||||
Oswego City School District, GO Notes | ||||||
TAN 2%, 3/1/2005 | 3,555,000 | 3,559,528 | ||||
Oswego County Industrial Development Agency | ||||||
Civic Facility Revenue, VRDN (Springside at | ||||||
Seneca Hill) 1.78% (LOC; M&T Bank) | 2,950,000 | a | 2,950,000 | |||
Otsego County Industrial Development Agency | ||||||
Civic Facility Revenue, VRDN: | ||||||
(St. James Retirement Community) | ||||||
1.80% (LOC; M&T Bank) | 800,000 | a | 800,000 | |||
(Templeton Foundation Project) | ||||||
1.73% (LOC; Key Bank) | 4,040,000 | a | 4,040,000 | |||
Phelps-Clifton Springs Central School District, GO Notes | ||||||
4%, 6/15/2005 (Insured; MBIA) | 260,000 | 263,030 | ||||
Port Authority of New York and New Jersey: | ||||||
Special Obligation Revenue, VRDN | ||||||
(Versatile Structure Obligation): | ||||||
1.66% (Liquidity Facility; Bank of Nova Scotia) | 3,300,000 | a | 3,300,000 | |||
1.66% (Liquidity Facility; Landesbank Hessen | ||||||
Thuringen Girozentrale) | 3,000,000 | a | 3,000,000 | |||
Transportation Revenue, CP 1.20%, | ||||||
12/8/2004 (LOC: Bank of Nova Scotia, | ||||||
JPMorgan Chase Bank and Lloyds TSB Bank) | 7,000,000 | 7,000,000 |
12 |
Principal | ||||||
Tax Exempt Investments (continued) | Amount ($) | Value ($) | ||||
Port Chester Industrial Development Agency, IDR | ||||||
VRDN (40 Pearl Street LLC) | ||||||
1.72% (LOC; The Bank of New York) | 4,130,000 | a | 4,130,000 | |||
Town of Poughkeepsie, GO Notes, BAN | ||||||
3.25%, 9/15/2005 | 1,545,248 | 1,563,586 | ||||
Poughkeepsie City School District, GO Notes | ||||||
BAN 2%, 5/6/2005 | 3,000,000 | 3,008,219 | ||||
Rensselaer County, GO Notes, Refunding, BAN | ||||||
3%, 5/1/2005 (Insured; FSA) | 210,000 | 210,733 | ||||
Rensselaer County Industrial | ||||||
Development Agency, Civic Facility | ||||||
Revenue, VRDN (The Sage Colleges | ||||||
Project) 1.75% (LOC; M&T Bank) | 2,790,000 | a | 2,790,000 | |||
County of Rockland, GO Notes: | ||||||
Refunding 2.50%, 3/1/2005 | ||||||
(Insured; AMBAC) | 110,000 | 110,309 | ||||
TAN 2%, 3/24/2005 | 3,000,000 | 3,004,699 | ||||
Rockland County Industrial Development Agency | ||||||
IDR, VRDN: | ||||||
(Intercos America Inc. Project) | ||||||
1.85% (LOC; HSBC Bank USA) | 4,325,000 | a | 4,325,000 | |||
(Jawonio Inc. Project) | ||||||
1.67% (LOC; The Bank of New York) | 4,790,000 | a | 4,790,000 | |||
(Northern Manor Multicare) | ||||||
1.75% (LOC; M&T Bank) | 2,625,000 | a | 2,625,000 | |||
Seneca County Industrial Development Agency | ||||||
Civic Facility Revenue, VRDN (Kidspeace | ||||||
National Centers of New York Project) | ||||||
1.73% (LOC; Key Bank) | 1,940,000 | a | 1,940,000 | |||
Shenendehowa Central School District | ||||||
GO Notes Refunding | ||||||
3.50%, 5/1/2005 (Insured; FSA) | 300,000 | 302,714 | ||||
Solvay Union Free School District, GO Notes | ||||||
4.25%, 6/15/2005 (Insured; FGIC) | 747,266 | 757,163 | ||||
Suffolk County, GO Notes: | ||||||
2.50%, 12/1/2004 (Insured; MBIA) | 500,000 | 500,000 | ||||
4%, 5/1/2005 (Insured; MBIA) | 160,000 | 161,508 | ||||
Refunding (Southwest Sewer District) | ||||||
6%, 2/1/2005 (Insured; MBIA) | 175,000 | 176,367 |
The Fund 13 |
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Principal | ||||||
Tax Exempt Investments (continued) | Amount ($) | Value ($) | ||||
Suffolk County Industrial Development Agency, VRDN: | ||||||
Civic Facility Revenue: | ||||||
(Guide Dog Foundation Inc.) | ||||||
1.67% (LOC; The Bank of New York) | 3,790,000 | a | 3,790,000 | |||
(Hampton Day School Civic) | ||||||
1.67% (LOC; JPMorgan Chase Bank) | 2,945,000 | a | 2,945,000 | |||
IDR (Belmont Villas LLC Facility) | ||||||
1.67% (Insured; FNMA and Liquidity Facility; FNMA) | 6,000,000 | a | 6,000,000 | |||
Suffolk County Water Authority, Water Revenue | ||||||
Refunding 2%, 6/1/2005 (Insured; MBIA) | 100,000 | 100,098 | ||||
Syracuse Industrial Development Agency | ||||||
Civic Facility Revenue, VRDN (Community | ||||||
Development Properties-Larned Project) | ||||||
1.80% (LOC; M&T Bank) | 2,600,000 | a | 2,600,000 | |||
Tobacco Settlement Financing Corporation, Revenue, VRDN | ||||||
1.76% (Liquidity Facility; Merrill Lynch) | 3,125,000 | a | 3,125,000 | |||
Tompkins County Industrial Development Agency, LR | ||||||
(Cornell University) 4.85%, 7/1/2005 | 500,000 | 508,772 | ||||
Westchester County Industrial Development Agency | ||||||
Civic Facility Revenue, VRDN: | ||||||
(Banksville Independent Fire Co.) | ||||||
1.67% (LOC; The Bank of New York) | 1,000,000 | a | 1,000,000 | |||
(Jacob Burns Film Center Project) | ||||||
1.67% (LOC; The Bank of New York) | 4,255,000 | a | 4,255,000 | |||
(Northern Westchester Hospital) | ||||||
1.70% (LOC; Commerce Bank) | 4,500,000 | a | 4,500,000 | |||
Refunding (Rye Country Day School Project) | ||||||
1.68% (LOC; Allied Irish Banks) | 4,800,000 | a | 4,800,000 | |||
City of White Plains, GO Notes, Public Improvement | ||||||
3%, 4/1/2005 (Insured; MBIA) | 237,000 | 238,440 | ||||
Total Investments (cost $264,488,290) | 99.1% | 264,488,304 | ||||
Cash and Receivables (Net) | .9% | 2,285,974 | ||||
Net Assets | 100.0% | 266,774,278 |
14 |
Summary of Abbreviations | ||||||
AMBAC | American Municipal Bond | FSA | Financial Security Assurance | |||
Assurance Corporation | GO | General Obligation | ||||
BAN | Bond Anticipation Notes | IDR | Industrial Development Revenue | |||
COP | Certificate of Participation | LOC | Letter of Credit | |||
CP | Commercial Paper | LR | Lease Revenue | |||
FGIC | Financial Guaranty Insurance | MBIA | Municipal Bond Investors Assurance | |||
Company | Insurance Corporation | |||||
FHLMC | Federal Home Loan Mortgage | PCR | Pollution Control Revenue | |||
Corporation | TAN | Tax Anticipation Notes | ||||
FNMA | Federal National Mortgage | VRDN | Variable Rate Demand Notes | |||
Association |
Summary of Combined Ratings (Unaudited) | ||||||||
Fitch | or Moody’s or | Standard & Poor’s | Value (%) † | |||||
F1+, F1 | VMIG1, MIG1, P1 | SP1+, SP1, A1+, A1 | 69.2 | |||||
AAA, AA, A c | Aaa, Aa, A c | AAA, AA, A c | 9.3 | |||||
Not Rated d | Not Rated d | Not Rated d | 21.5 | |||||
100.0 | ||||||||
† | Based on total investments. | |||||||
a | Securities payable on demand.Variable interest rate—subject to periodic change. | |||||||
b | These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are | |||||||
collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on | ||||||||
the municipal issue and to retire the bonds in full at the earliest refunding date. | ||||||||
c | Notes which are not F, MIG and SP rated are represented by bond ratings of the issuers. | |||||||
d | Securities which, while not rated by Fitch, Moody’s and Standard & Poor’s, have been determined by the Manager to | |||||||
be of comparable quality to those rated securities in which the fund may invest. | ||||||||
See notes to financial statements. |
The Fund 15 |
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2004 (Unaudited)
Cost | Value | |||
Assets ($): | ||||
Investments in securities—See Statement of Investments | 264,488,290 | 264,488,304 | ||
Cash | 2,143,134 | |||
Interest receivable | 1,177,949 | |||
Prepaid expenses | 10,997 | |||
267,820,384 | ||||
Liabilities ($): | ||||
Due to The Dreyfus Corporation and affiliates—Note 2(b) | 125,721 | |||
Payable for investment securities purchased | 835,698 | |||
Payable for shares of Beneficial Interest redeemed | 25,178 | |||
Accrued expenses | 59,509 | |||
1,046,106 | ||||
Net Assets ($) | 266,774,278 | |||
Composition of Net Assets ($): | ||||
Paid-in capital | 266,778,367 | |||
Accumulated net realized gain (loss) on investments | (4,103) | |||
Accumulated gross unrealized appreciation on investments | 14 | |||
Net Assets ($) | 266,774,278 | |||
Shares Outstanding | ||||
(unlimited number of $.001 par value shares of Beneficial Interest authorized) | 266,811,479 | |||
Net Asset Value, offering and redemption price per share ($) | 1.00 |
See notes to financial statements. |
16 |
STATEMENT OF OPERATIONS Six Months Ended November 30, 2004 (Unaudited) |
Investment Income ($): | ||
Interest Income | 1,837,087 | |
Expenses: | ||
Management fee—Note 2(a) | 686,761 | |
Shareholder servicing costs—Note 2(b) | 143,318 | |
Professional fees | 27,694 | |
Custodian fees | 19,639 | |
Prospectus and shareholders’ reports | 10,191 | |
Registration fees | 7,128 | |
Trustees’ fees and expenses—Note 2(c) | 6,044 | |
Miscellaneous | 16,110 | |
Total Expenses | 916,885 | |
Less—reduction in custody fees | ||
due to earnings credits—Note 1(b) | (6,860) | |
Net Expenses | 910,025 | |
Investment Income—Net | 927,062 | |
Realized and Unrealized Gain (Loss) on Investments—Note 1(b) ($): | ||
Net realized gain (loss) on investments | 7,524 | |
Net unrealized appreciation (depreciation) on investments | (3,297) | |
Net Realized and Unrealized Gain (Loss) on Investments | 4,227 | |
Net Increase in Net Assets Resulting from Operations | 931,289 |
See notes to financial statements. |
The Fund 17 |
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended | ||||
November 30, 2004 | Year Ended | |||
(Unaudited) | May 31, 2004 | |||
Operations ($): | ||||
Investment income—net | 927,062 | 1,115,439 | ||
Net realized gain (loss) from investments | 7,524 | — | ||
Net unrealized appreciation | ||||
(depreciation) of investments | (3,297) | 3,311 | ||
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | 931,289 | 1,118,750 | ||
Dividends to Shareholders from ($): | ||||
Investment income—net | (927,062) | (1,115,439) | ||
Beneficial Interest Transactions ($1.00 per share): | ||||
Net proceeds from shares sold | 150,250,859 | 357,901,704 | ||
Dividends reinvested | 885,316 | 1,064,213 | ||
Cost of shares redeemed | (160,610,343) | (372,762,719) | ||
Increase (Decrease) in Net Assets | ||||
from Beneficial Interest Transactions | (9,474,168) | (13,796,802) | ||
Total Increase (Decrease) in Net Assets | (9,469,941) | (13,793,491) | ||
Net Assets ($): | ||||
Beginning of Period | 276,244,219 | 290,037,710 | ||
End of Period | 266,774,278 | 276,244,219 |
See notes to financial statements. |
18 |
FINANCIAL HIGHLIGHTS |
The following table describes the performance for the fiscal periods indicated. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund’s financial statements.
Six Months Ended | ||||||||||||
November 30, 2004 | Year Ended May 31, | |||||||||||
(Unaudited) | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||
Per Share Data ($): | ||||||||||||
Net asset value, | ||||||||||||
beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||
Investment Operations: | ||||||||||||
Investment income—net | .003 | .004 | .008 | .014 | .032 | .028 | ||||||
Distributions: | ||||||||||||
Dividends from investment | ||||||||||||
income—net | (.003) | (.004) | (.008) | (.014) | (.032) | (.028) | ||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||
Total Return (%) | .68a | .39 | .75 | 1.44 | 3.28 | 2.88 | ||||||
Ratios/Supplemental Data (%): | ||||||||||||
Ratio of total expenses | ||||||||||||
to average net assets | .67a | .66 | .66 | .65 | .66 | .66 | ||||||
Ratio of net expenses | ||||||||||||
to average net assets | .66a | .66 | .66 | .65 | .66 | .66 | ||||||
Ratio of net investment income | ||||||||||||
to average net assets | .67a | .39 | .75 | 1.42 | 3.22 | 2.84 | ||||||
Net Assets, end of period | ||||||||||||
($ x 1,000) | 266,774 | 276,244 | 290,038 | 288,257 | 295,817 | 271,439 | ||||||
a Annualized. | ||||||||||||
See notes to financial statements. |
The Fund 19 |
NOTES TO FINANCIAL STATEMENTS (Unaudited)
NOTE 1—Significant Accounting Policies:
Dreyfus New York Tax Exempt Money Market Fund (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a non-diversified open-end management investment company.The fund’s investment objective is to provide investors with as high a level of current income exempt from federal, New York state and New York city personal income taxes as is consistent with the preservation of capital and the maintenance of liquidity. The Dreyfus Corporation (the “Manager” or “Dreyfus”) serves as the fund’s investment adviser. The Manager is a wholly-owned subsidiary of Mellon Financial Corporation (“Mellon Financial”). Dreyfus Service Corporation (“the Distributor”), a wholly-owned subsidiary of the Manager, is the distributor of the fund’s shares, which are sold to the public without a sales charge.
It is the fund’s policy to maintain a continuous net asset value per share of $1.00; the fund has adopted certain investment, portfolio valuation and dividend and distribution policies to enable it to do so.There is no assurance, however, that the fund will be able to maintain a stable net asset value per share of $1.00.
The fund’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 of the Act, which has been determined by the fund’s Board of Trustees to represent the fair value of the fund’s investments.
20 |
(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 recognized on the accrual basis. Realized gain and loss from securities transactions are recorded on the identified cost basis. Cost of investments represents amortized cost.
The fund has an arrangement with the custodian bank whereby the fund receives earnings credits from the custodian when positive cash balances are maintained, which are used to offset custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.
The fund follows an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the fund.
(c) Dividends to shareholders: It is the policy of the fund to declare dividends daily from investment income-net. Such dividends are paid monthly. Dividends from net realized capital gain, 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 gain can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gain.
(d) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
The Fund 21 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The fund has an unused capital loss carryover of $11,627 available for federal income tax purposes to be applied against future net securities profits, if any, realized subsequent to May 31, 2004. If not applied, $3,213 of the carryover expires in fiscal 2005, $3,725 expires in fiscal 2006, $3,889 expires in fiscal 2007 and $800 expires in fiscal 2008.
The tax character of distributions paid to shareholders during the fiscal year ended May 31, 2004 was all tax exempt income. The tax character of current year distributions will be determined at the end of the current fiscal year.
At November 30, 2004, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
NOTE 2—Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement (“Agreement”) with the Manager, the management fee is computed at the annual rate of .50 of 1% 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, exclusive of taxes, brokerage fees, interest on borrowings and extraordinary expenses, exceed 1 1 / 2% of the value of the fund’s average daily net assets, the fund may deduct from the payments to be made to the Manager, or the Manager will bear such excess expense. During the period ended November 30, 2004, there was no expense reimbursement pursuant to the Agreement.
(b) Under the Shareholder Services Plan, the fund reimburses the Distributor an amount not to exceed an annual rate of .25 of 1% of the value of the fund’s average daily net assets for certain allocated expenses of providing personal services and/or maintaining shareholder accounts.The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund and providing reports and other informa-
22 |
tion, and services related to the maintenance of shareholder accounts. During the period ended November 30, 2004, the fund was charged $89,252 pursuant to the Shareholder Services Plan.
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of the Manager, under a transfer agency agreement for providing personnel and facilities to perform transfer agency services for the fund. During the period ended November 30, 2004, the fund was charged $34,884 pursuant to the transfer agency agreement.
The components of Due to The Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consist of: management fees $108,810, shareholder services plan fees $3,488 and transfer agency per account fees $13,423.
(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 3—Legal Matters: |
Two class actions have been filed against Mellon Financial, Mellon Bank, N.A., Dreyfus, Founders Asset Management LLC and the directors of all or substantially all of the Dreyfus funds, on behalf of a purported class and derivatively on behalf of said funds, alleging violations of the Investment Company Act of 1940, the Investment Advisers Act of 1940, and the common law. The complaints alleged, among other things, (i) that 12b-1 fees and directed brokerage were improperly used to pay brokers to recommend Dreyfus funds over other funds, (ii) that such payments were not disclosed to investors, (iii) that economies of scale and soft-dollar benefits were not passed on to investors and (iv) that 12b-1 fees charged to certain funds that were closed to new investors were also improper. The complaints sought compensatory and punitive damages, rescission of the advisory contracts and an accounting and restitution of any unlawful fees, as well as an award of
The Fund 23 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
attorneys’ fees and litigation expenses. On April 22, 2004, the actions were consolidated under the caption In re Dreyfus Mutual Funds Fee Litigation, and a consolidated amended complaint was filed on September 13, 2004.While adding new parties and claims under state and federal law, the allegations in the consolidated amended complaint essentially track the allegations in the prior complaints pertaining to 12b-1 fees, directed brokerage, soft dollars and revenue sharing. Dreyfus and the funds believe the allegations to be totally without merit and intend to defend the action vigorously.
Additional lawsuits arising out of these circumstances and presenting similar allegations and requests for relief may be filed against the defendants in the future. Neither Dreyfus nor the Dreyfus funds believe that any of the pending actions will have a material adverse effect on the Dreyfus funds or Dreyfus’ ability to perform its contracts with the Dreyfus funds.
24 |
For More | Information | |||
Dreyfus | Transfer Agent & | |||
New York Tax Exempt | Dividend Disbursing Agent | |||
Money Market Fund | ||||
Dreyfus Transfer, Inc. | ||||
200 Park Avenue | ||||
200 Park Avenue | ||||
New York, NY | 10166 | |||
New York, NY 10166 | ||||
Manager | Distributor | |||
The Dreyfus Corporation | ||||
Dreyfus Service Corporation | ||||
200 Park Avenue | ||||
200 Park Avenue | ||||
New York, NY | 10166 | |||
New York, NY 10166 | ||||
Custodian | ||||
The Bank of New York | ||||
One Wall Street | ||||
New York, NY | 10286 | |||
Telephone 1-800-645-6561 |
Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144 E-mail Send your request to info@dreyfus.com Internet Information can be viewed online or downloaded at: http://www.dreyfus.com
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund's Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Information regarding how the fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2004, is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-645-6561.
®
© 2005 Dreyfus Service Corporation 0273SA1104
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. | Schedule of Investments. | |
Not applicable. | ||
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management | |
Investment Companies. | ||
Not applicable. | ||
Item 8. | Purchases of Equity Securities by Closed-End Management Investment Companies and | |
Affiliated Purchasers. | ||
Not applicable. [CLOSED-END FUNDS ONLY] | ||
Item 9. | Submission of Matters to a Vote of Security Holders. |
The Registrant has a Nominating Committee (the "Committee"), which is responsible for selecting and nominating persons for election or appointment by the Registrant's Board as Board members. The Committee has adopted a Nominating Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Registrant, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor West, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity, business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Registrant and its shareholders.
Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.
-2- |
Item 10. | Controls and Procedures. |
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 11. 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. |
-3- |
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.
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
By: | /s/ Stephen E. Canter | |
Stephen E. Canter | ||
President | ||
Date: | February 2, 2005 |
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/ Stephen E. Canter | |
Stephen E. Canter | ||
Chief Executive Officer | ||
Date: | February 2, 2005 | |
By: | /s/ James Windels | |
James Windels | ||
Chief Financial Officer | ||
Date: | February 2, 2005 |
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) |
-4- |