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: | 05/31 | |
Date of reporting period: | 11/30/2006 |
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 | A Letter from the CEO | |
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 | |
18 | Statement of Assets and Liabilities | |
19 | Statement of Operations | |
20 | Statement of Changes in Net Assets | |
21 | Financial Highlights | |
22 | Notes to Financial Statements | |
27 | Proxy Results | |
FOR MORE INFORMATION | ||
Back Cover |
Dreyfus New York |
Tax Exempt Money Market Fund |
The Fund
A LETTER FROM THE CEO |
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, 2006, through November 30, 2006.
Although reports of declining housing prices have raised some economic concerns, we believe that neither a domestic recession nor a major shortfall in global growth is likely. A stubbornly low unemployment rate suggests that labor market conditions remain strong, and stimulative monetary policies over the last several years have left a legacy of ample financial liquidity worldwide.These and other factors should continue to support further economic expansion, but at a slower rate than we saw earlier this year.
The U.S. bond market also appears to be expecting a slower economy, as evidenced by an “inverted yield curve” at the end of November, in which yields of two-year U.S.Treasury securities were lower than the overnight federal funds rate.This anomaly may indicate that short-term interest rates have peaked, while the Federal Reserve Board remains “on hold” as it assesses new releases of economic data. As always, we encourage you to discuss the implications of these and other matters with your financial advisor.
Thank you for your continued confidence and support.
Thomas F. Eggers Chief Executive Officer The Dreyfus Corporation December 15, 2006 |
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, 2006, the fund produced an annualized yield of 2.96% . Taking into account the effects of compounding, the fund produced an annualized effective yield of 3.00% .1
Yields of tax-exempt money market securities rose along with short-term interest rates early in the reporting period before stabilizing when the Federal Reserve Board (the “Fed”) refrained from further rate hikes in the summer and fall of 2006.
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 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 municipal obligations 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 based on our anticipation of 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 purchased. If we anticipate limited new-issue supply,
The Fund 3
DISCUSSION OF FUND PERFORMANCE (continued) |
we may then look to extend the fund’s average maturity to maintain 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?
As it had since June 2004, the Fed continued to raise short-term interest rates at the start of the reporting period.The Fed’s ongoing tightening campaign was a response to robust economic growth as labor markets strengthened and prices of oil and other commodities surged higher. Hawkish comments from some Fed members caused investors to grow more concerned about inflation, prompting them to conclude that the Fed might raise interest rates more than they previously expected. In fact, the Fed raised short-term interest rates at each of its meetings through the end of June 2006, driving the overnight federal funds rate to 5.25% .
Concerns regarding higher inflation in an overheated economy waned during the summer, however, when U.S. housing markets softened and employment gains moderated. As a result, investors looked forward to a possible end to the Fed’s tightening campaign.The Fed obliged at its August, September and October meetings by holding the federal funds rate steady, its first pauses after more than two years of steady rate hikes. Oil and gas prices fell significantly in the late summer and fall and GDP growth moderated to a 2.2% annualized rate in the third quarter, down from 2.6% in the second quarter, helping to ease investors’ inflation fears.
The growing U.S. economy benefited the fiscal conditions of New York state and New York city as tax receipts came in higher than originally projected, reducing the state’s and city’s borrowing needs. Consequently, the supply of newly issued New York money market instruments fell compared to the same period one year earlier, while investor demand remained robust, putting downward pressure on yields.
4 |
As inflation concerns ebbed, yields of longer-term municipal money market securities fell while those of shorter-dated instruments remained relatively stable. This left little difference in the yields of tax-exempt securities with maturities between six months and four years. Investors therefore focused mainly on instruments maturing in six months or less, which put downward pressure on yields at the short end of the maturity range.
In this environment, we generally maintained the fund’s weighted average maturity in a range we considered to be in line with industry averages. However, with yields relatively low from municipal notes and variable-rate demand notes at the long and short ends of the fund’s maturity spectrum, respectively, we increased our focus on tax-exempt commercial paper with maturities in the three- to five-month range.
What is the fund’s current strategy?
Recent Fed comments and evidence of slower economic growth suggest to us that the Fed is unlikely either to raise or lower short-term interest rates over the foreseeable future. While we have maintained the fund’s market-neutral position, we may lengthen its weighted average maturity to take advantage of seasonal opportunities for higher yields that typically arise near year-end. Of course, we are prepared to adjust our strategies as market conditions continue to evolve.
December 15, 2006 |
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. | ||
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. |
The Fund 5
UNDERSTANDING YOUR FUND’S EXPENSES (Unadited)
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, 2006 to November 30, 2006. 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, 2006
Expenses paid per $1,000 † | $ 3.38 | |
Ending value (after expenses) | $1,014.90 |
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, 2006 |
Expenses paid per $1,000 † | $ 3.40 | |
Ending value (after expenses) | $1,021.71 |
† Expenses are equal to the fund’s annualized expense ratio of .67%, multiplied by the average account value over the |
period, multiplied by 183/365 (to reflect the one-half year period). |
6 |
STATEMENT OF INVESTMENTS November 30, 2006 (Unaudited) |
Short-Term | Coupon | Maturity | Principal | |||||
Investments—99.2% | Rate (%) | Date | Amount ($) | Value ($) | ||||
Albany Industrial Development | ||||||||
Agency, Civic Facility Revenue | ||||||||
(Albany College of Pharmacy | ||||||||
Project) (LOC; TD Banknorth, N.A.) | 3.50 | 12/7/06 | 8,000,000 a | 8,000,000 | ||||
Albany Industrial Development | ||||||||
Agency, Civic Facility Revenue | ||||||||
(Renaissance Corporation of | ||||||||
Albany Project) (LOC; M&T Bank) | 3.52 | 12/7/06 | 2,900,000 a | 2,900,000 | ||||
Albany Industrial Development | ||||||||
Agency, Civic Facility Revenue | ||||||||
(University at Albany | ||||||||
Foundation Student Housing | ||||||||
Corporation—Empire Commons | ||||||||
East Project) (Insured; AMBAC | ||||||||
and Liquidity Facility; Key Bank) | 3.50 | 12/7/06 | 1,000,000 a | 1,000,000 | ||||
Albany Industrial Development | ||||||||
Agency, Senior Housing Revenue | ||||||||
(South Mall Towers Albany, | ||||||||
L.P. Project) (Insured; FNMA | ||||||||
and Liquidity Facility; FNMA) | 3.52 | 12/7/06 | 1,120,000 a | 1,120,000 | ||||
Allegany County Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (Houghton | ||||||||
College Project) (LOC; Key Bank) | 3.55 | 12/7/06 | 4,600,000 a | 4,600,000 | ||||
Babylon Industrial Development | ||||||||
Agency, IDR (Lambro Industries | ||||||||
Inc. Project) (LOC; Bank of America) | 3.52 | 12/7/06 | 680,000 a | 680,000 | ||||
Binghamton, | ||||||||
GO Notes, BAN | 4.00 | 2/2/07 | 3,600,000 | 3,602,606 | ||||
Brewster, | ||||||||
GO Notes, BAN | 4.80 | 5/18/07 | 2,600,000 | 2,607,575 | ||||
Burnt Hills-Ballston Lake Central | ||||||||
School District, GO Notes, BAN | 4.50 | 7/6/07 | 1,328,636 | 1,333,564 | ||||
Chautauqua County Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (United | ||||||||
Cerebral Palsy Project) | ||||||||
(LOC; Key Bank) | 3.55 | 12/7/06 | 1,035,000 a | 1,035,000 | ||||
Colonie, | ||||||||
GO Notes, BAN | 4.25 | 4/5/07 | 2,000,000 | 2,003,368 |
The Fund 7
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Short-Term | Coupon | Maturity | Principal | |||||
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) | ||||
Colonie Industrial Development | ||||||||
Agency, IDR (13 Green | ||||||||
Mount Drive Project) | ||||||||
(LOC; HSBC Bank USA) | 3.65 | 12/7/06 | 130,000 a | 130,000 | ||||
Dutchess County Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue, Refunding | ||||||||
(Lutheran Center at | ||||||||
Poughkeepsie, Inc. Project) | ||||||||
(LOC; Key Bank) | 3.50 | 12/7/06 | 1,920,000 a | 1,920,000 | ||||
Erie County Industrial Development | ||||||||
Agency, Civic Facility Revenue | ||||||||
(Community Services Disabled | ||||||||
Project) (LOC; Key Bank) | 3.55 | 12/7/06 | 2,905,000 a | 2,905,000 | ||||
Erie County Industrial Development | ||||||||
Agency, Civic Facility Revenue | ||||||||
(DePaul Community Facilities | ||||||||
Inc. Project) (LOC; Key Bank) | 3.55 | 12/7/06 | 1,350,000 a | 1,350,000 | ||||
Erie County Industrial Development | ||||||||
Agency, Civic Facility Revenue | ||||||||
(People Inc. Project) | ||||||||
(LOC; Key Bank) | 3.55 | 12/7/06 | 2,460,000 a | 2,460,000 | ||||
Erie County Industrial Development | ||||||||
Agency, Civic Facility Revenue | ||||||||
(United Cerebral Palsy Association | ||||||||
Project) (LOC; Key Bank) | 3.55 | 12/7/06 | 745,000 a | 745,000 | ||||
Erie County Industrial Development | ||||||||
Agency, IDR (Luminescent | ||||||||
System Inc. Project) (LOC; | ||||||||
HSBC Bank USA) | 3.65 | 12/7/06 | 4,345,000 a | 4,345,000 | ||||
Erie County Tobacco Asset | ||||||||
Securitization Corporation, | ||||||||
Tobacco Settlement | ||||||||
Asset-Backed Bonds (Liquidity | ||||||||
Facility; Merrill Lynch and | ||||||||
LOC; Merrill Lynch) | 3.53 | 12/7/06 | 5,085,000 a,b | 5,085,000 | ||||
Goldman Sachs Pool Trust, | ||||||||
Revenue (Liquidity Facility; | ||||||||
Goldman Sachs Group Inc. and | ||||||||
LOC; Ixis Corporate and | ||||||||
Investment Bank) | 3.58 | 12/7/06 | 2,600,000 a,b | 2,600,000 |
8 |
Short-Term | Coupon | Maturity | Principal | |||||
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) | ||||
Herkimer County Industrial | ||||||||
Development Agency, Civic Facility | ||||||||
Revenue (Templeton Foundation | ||||||||
Project) (LOC; Key Bank) | 3.55 | 12/7/06 | 1,960,000 a | 1,960,000 | ||||
Irvington Union Free School | ||||||||
District, GO Notes, TAN | 4.65 | 6/22/07 | 450,000 | 451,918 | ||||
Long Island Power Authority, | ||||||||
Electric System General | ||||||||
Revenue (Insured; AMBAC) | 4.50 | 12/1/06 | 100,000 | 100,000 | ||||
Merrick Union Free School | ||||||||
District, GO Notes, TAN | 4.50 | 6/27/07 | 500,000 | 501,778 | ||||
Metropolitan Transportation | ||||||||
Authority, Dedicated Tax Fund, | ||||||||
Refunding (Insured; XLCA and | ||||||||
Liquidity Facility; Citibank NA) | 3.48 | 12/7/06 | 11,775,000 a | 11,775,000 | ||||
Monroe County Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (YMCA of | ||||||||
Greater Rochester Project) | ||||||||
(LOC; M&T Bank) | 3.53 | 12/7/06 | 2,500,000 a | 2,500,000 | ||||
Monroe County Industrial | ||||||||
Development Agency, IDR | ||||||||
(2883 Associates LP) | ||||||||
(LOC; HSBC Bank USA) | 3.65 | 12/7/06 | 1,145,000 a | 1,145,000 | ||||
Monroe County Industrial | ||||||||
Development Agency, IDR (Axelrod | ||||||||
Realty Partnership Facility) | ||||||||
(LOC; JPMorgan Chase Bank) | 3.84 | 12/1/06 | 520,000 | 520,000 | ||||
Monroe County Industrial | ||||||||
Development Agency, IDR | ||||||||
(Mercury Print Productions | ||||||||
Inc. Facility) (LOC; M&T Bank) | 3.64 | 12/7/06 | 345,000 a | 345,000 | ||||
Monroe County Industrial | ||||||||
Development Agency, IDR | ||||||||
(National Development Council | ||||||||
Multi-Issue Facilities) | ||||||||
(LOC; HSBC Bank USA) | 3.93 | 12/15/06 | 600,000 | 600,000 | ||||
New York City | ||||||||
(Liquidity Facility; Dexia | ||||||||
Credit Locale) | 3.53 | 12/7/06 | 685,000 a,b | 685,000 |
The Fund 9
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Short-Term | Coupon | Maturity | Principal | |||||
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) | ||||
New York City | ||||||||
(Liquidity Facility; Merrill Lynch) | 3.53 | 12/7/06 | 5,000,000 a,b | 5,000,000 | ||||
New York City Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (Abraham | ||||||||
Joshua Heschel Project) | ||||||||
(LOC; Allied Irish Banks) | 3.50 | 12/7/06 | 2,000,000 a | 2,000,000 | ||||
New York City Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (Convent of | ||||||||
the Sacred Heart School of | ||||||||
New York Project) | ||||||||
(LOC; Allied Irish Banks) | 3.45 | 12/7/06 | 3,650,000 a | 3,650,000 | ||||
New York City Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (Ethical | ||||||||
Culture Fieldston School | ||||||||
Project) (Insured; XLCA and | ||||||||
Liquidity Facility; Dexia | ||||||||
Credit Locale) | 3.46 | 12/7/06 | 4,165,000 a | 4,165,000 | ||||
New York City Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (Jewish | ||||||||
Community Center on the Upper | ||||||||
West Side, Inc. Project) | ||||||||
(LOC; M&T Bank) | 3.52 | 12/7/06 | 4,900,000 a | 4,900,000 | ||||
New York City Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (Mercy | ||||||||
College Project) (LOC; Key Bank) | 3.50 | 12/7/06 | 2,300,000 a | 2,300,000 | ||||
New York City Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (Village | ||||||||
Community School Project) | ||||||||
(LOC; M&T Bank) | 3.55 | 12/7/06 | 1,160,000 a | 1,160,000 | ||||
New York City Industrial | ||||||||
Development Agency, IDR | ||||||||
(Novelty Crystal Corp. | ||||||||
Project) (LOC; Commerce Bank) | 3.60 | 12/7/06 | 3,725,000 a | 3,725,000 | ||||
New York City Industrial | ||||||||
Development Agency, IDR (Swak | ||||||||
Realty LLC Project) (LOC; The | ||||||||
Bank of New York) | 3.62 | 12/7/06 | 975,000 a | 975,000 |
10 |
Short-Term | Coupon | Maturity | Principal | |||||
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) | ||||
New York City Municipal Water | ||||||||
Finance Authority, Water and | ||||||||
Sewer System Revenue (Putters | ||||||||
Program) (Insured; FSA and Liquidity | ||||||||
Facility; Deutsche Postbank) | 3.52 | 12/7/06 | 5,870,000 a,b | 5,870,000 | ||||
New York City Transitional Finance | ||||||||
Authority, Future Tax Secured | ||||||||
Revenue (Liquidity Facility; | ||||||||
Landesbank Hessen-Thuringen | ||||||||
Girozentrale) | 3.62 | 12/1/06 | 2,500,000 a | 2,500,000 | ||||
New York City Transitional Finance | ||||||||
Authority, Revenue (New York | ||||||||
City Recovery) (Liquidity | ||||||||
Facility; JPMorgan Chase Bank) | 3.57 | 12/1/06 | 3,590,000 a | 3,590,000 | ||||
New York City Transitional Finance | ||||||||
Authority, Revenue (New York | ||||||||
City Recovery) (Liquidity | ||||||||
Facility; Royal Bank of Canada) | 3.62 | 12/1/06 | 8,100,000 a | 8,100,000 | ||||
New York Counties Tobacco Trust | ||||||||
II, Tobacco Settlement | ||||||||
Pass-Through Bonds (Liquidity | ||||||||
Facility; Merrill Lynch) | 3.53 | 12/7/06 | 4,760,000 a,b | 4,760,000 | ||||
New York Counties Tobacco Trust | ||||||||
IV, Tobacco Settlement | ||||||||
Pass-Through Bonds (Liquidity | ||||||||
Facility; Merrill Lynch | ||||||||
Capital Services and LOC; | ||||||||
Merrill Lynch) | 3.53 | 12/7/06 | 7,330,000 a,b | 7,330,000 | ||||
New York State Dormitory Authority, | ||||||||
Revenue (Mount Saint Mary College) | ||||||||
(Insured; Radian Bank and | ||||||||
Liquidity Facility; Citizens | ||||||||
Bank of Massachusetts) | 3.52 | 12/7/06 | 7,300,000 a | 7,300,000 | ||||
New York State Dormitory | ||||||||
Authority, Revenue (Mount | ||||||||
Sinai NYU Health Obligated | ||||||||
Group) (Liquidity Facility; | ||||||||
Merrill Lynch) | 3.53 | 12/7/06 | 2,100,000 a,b | 2,100,000 | ||||
New York State Housing Finance | ||||||||
Agency, Housing Revenue | ||||||||
(Gateway to New Cassel) (LOC; | ||||||||
JPMorgan Chase Bank) | 3.51 | 12/7/06 | 4,700,000 a | 4,700,000 |
The Fund 11
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Short-Term | Coupon | Maturity | Principal | |||||
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) | ||||
New York State Housing Finance | ||||||||
Agency, Housing Revenue (Rip | ||||||||
Van Winkle House) (Insured; FHLMC | ||||||||
and Liquidity Facility; FHLMC) | 3.49 | 12/7/06 | 1,000,000 a | 1,000,000 | ||||
New York State Housing Finance | ||||||||
Agency, Revenue (Sea Park West | ||||||||
Housing) (Insured; FHLMC and | ||||||||
Liquidity Facility; FHLMC) | 3.49 | 12/7/06 | 3,450,000 a | 3,450,000 | ||||
Newburgh Industrial Development | ||||||||
Agency, MFHR (Liquidity | ||||||||
Facility; Merrill Lynch) | 3.59 | 12/7/06 | 3,095,000 a,b | 3,095,000 | ||||
Olean, | ||||||||
GO Notes, RAN | 4.50 | 8/30/07 | 1,200,000 | 1,206,063 | ||||
Oneida County Industrial | ||||||||
Development Agency, IDR (The | ||||||||
Fountainhead Group, Inc. | ||||||||
Facility) (LOC; Citizens Bank | ||||||||
of Massachusetts) | 3.51 | 12/7/06 | 3,165,000 a | 3,165,000 | ||||
Oswego County Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (Springside | ||||||||
at Seneca Hill, Inc. Project) | ||||||||
(LOC; M&T Bank) | 3.58 | 12/7/06 | 2,760,000 a | 2,760,000 | ||||
Otsego County Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (Saint James | ||||||||
Retirement Community Project) | ||||||||
(LOC; M&T Bank) | 3.53 | 12/7/06 | 2,295,000 a | 2,295,000 | ||||
Otsego County Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (Templeton | ||||||||
Foundation Project) (LOC; Key Bank) | 3.55 | 12/7/06 | 3,600,000 a | 3,600,000 | ||||
Patchogue-Medford Union Free | ||||||||
School District, GO Notes, TAN | 4.50 | 6/29/07 | 4,900,000 | 4,917,374 | ||||
Pearl River Union Free School | ||||||||
District, GO Notes, TAN | 4.50 | 6/28/07 | 2,200,000 | 2,207,630 | ||||
Port Chester Industrial | ||||||||
Development Agency, IDR (40 | ||||||||
Pearl Street LLC) (LOC; The | ||||||||
Bank of New York) | 3.52 | 12/7/06 | 2,150,000 a | 2,150,000 |
12 |
Short-Term | Coupon | Maturity | Principal | |||||
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) | ||||
Putnam County Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (United | ||||||||
Cerebral Palsy of Putnam and | ||||||||
Southern Dutchess Project) | ||||||||
(LOC; Commerce Bank) | 3.53 | 12/7/06 | 2,300,000 a | 2,300,000 | ||||
Rensselaer County Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (The Sage | ||||||||
Colleges Project) (LOC; M&T Bank) | 3.52 | 12/7/06 | 2,295,000 a | 2,295,000 | ||||
Rockland County Industrial | ||||||||
Development Agency, IDR | ||||||||
(Intercos America Inc. | ||||||||
Project) (LOC; HSBC Bank USA) | 3.65 | 12/7/06 | 3,990,000 a | 3,990,000 | ||||
Seneca County Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (Kidspace | ||||||||
National Centers of New York | ||||||||
Project) (LOC; Key Bank) | 3.55 | 12/7/06 | 1,710,000 a | 1,710,000 | ||||
Shenendehowa Central School | ||||||||
District, GO Notes, BAN | 4.50 | 6/29/07 | 2,760,000 | 2,762,099 | ||||
Suffolk County Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (Hampton Day | ||||||||
School Civic Facilty) (LOC; | ||||||||
JPMorgan Chase Bank) | 3.49 | 12/7/06 | 2,840,000 a | 2,840,000 | ||||
Suffolk County Industrial | ||||||||
Development Agency, IDR | ||||||||
(Belmont Villas LLC Facility) | ||||||||
(Insured; FNMA) | 3.52 | 12/7/06 | 3,000,000 a | 3,000,000 | ||||
Syracuse Industrial Development | ||||||||
Agency, Civic Facility Revenue | ||||||||
(Community Development | ||||||||
Properties-Larned Project) | ||||||||
(LOC; M&T Bank) | 3.52 | 12/7/06 | 2,400,000 a | 2,400,000 | ||||
Tobacco Settlement Financing | ||||||||
Corporation of New York, | ||||||||
Asset-Backed Revenue Bonds | ||||||||
(State Contingency | ||||||||
Contract Secured) | 5.00 | 6/1/07 | 375,000 | 377,336 |
The Fund 13
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Short-Term | Coupon | Maturity | Principal | |||||
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) | ||||
Tobacco Settlement Financing | ||||||||
Corporation of New York, | ||||||||
Asset-Backed Revenue Bonds | ||||||||
(State Contingency | ||||||||
Contract Secured) | 5.00 | 6/1/07 | 1,525,000 | 1,535,015 | ||||
Tobacco Settlement Financing | ||||||||
Corporation of New York, | ||||||||
Asset-Backed Revenue Bonds | ||||||||
(State Contingency Contract | ||||||||
Secured) (Putters Program) | ||||||||
(LOC; JPMorgan Chase Bank) | 3.52 | 12/7/06 | 4,995,000 a,b | 4,995,000 | ||||
TSASC Inc. of New York, | ||||||||
Tobacco Settlement | ||||||||
Asset-Backed Bonds (Liquidity | ||||||||
Facility; Merrill Lynch) | 3.54 | 12/7/06 | 3,280,000 a,b | 3,280,000 | ||||
TSASC Inc. of New York, | ||||||||
Tobacco Settlement | ||||||||
Asset-Backed Bonds (Liquidity | ||||||||
Facility; Merrill Lynch) | 3.57 | 12/7/06 | 2,000,000 a,b | 2,000,000 | ||||
Ulster County Industrial | ||||||||
Development Agency, IDR | ||||||||
(Deluxe Packaging Corp. Project) | ||||||||
(LOC; National Bank of Canada) | 3.58 | 12/7/06 | 2,500,000 a | 2,500,000 | ||||
Westchester County Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (Jacob Burns | ||||||||
Film Center Project) (LOC; The | ||||||||
Bank of New York) | 3.49 | 12/7/06 | 4,070,000 a | 4,070,000 | ||||
Westchester County Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (Mercy | ||||||||
College Project) (LOC; Key Bank) | 3.50 | 12/7/06 | 1,800,000 a | 1,800,000 | ||||
Westchester County Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (Northern | ||||||||
Westchester Hospital | ||||||||
Association Civic Facility) | ||||||||
(LOC; Commerce Bank) | 3.51 | 12/7/06 | 4,340,000 a | 4,340,000 | ||||
Westchester County Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue (Westchester | ||||||||
Arts Council, Inc. Project) | ||||||||
(LOC; Wachovia Bank) | 3.49 | 12/7/06 | 3,140,000 a | 3,140,000 |
14 |
Short-Term | Coupon | Maturity | Principal | |||||
Investments (continued) | Rate (%) | Date | Amount ($) | Value ($) | ||||
Westchester County Industrial | ||||||||
Development Agency, Civic | ||||||||
Facility Revenue, Refunding | ||||||||
(Rye Country Day School | ||||||||
Project) (LOC; Allied Irish Banks) | 3.49 | 12/7/06 | 4,800,000 a | 4,800,000 | ||||
Westchester Tobacco Asset | ||||||||
Securitization Corporation, | ||||||||
Tobacco Settlement | ||||||||
Asset-Backed Bonds (Liquidity | ||||||||
Facility; Merrill Lynch and | ||||||||
LOC; Merrill Lynch) | 3.53 | 12/7/06 | 4,300,000 a,b | 4,300,000 | ||||
Westchester Tobacco Asset | ||||||||
Securitization Corporation, | ||||||||
Tobacco Settlement | ||||||||
Asset-Backed Bonds (Liquidity | ||||||||
Facility; Merrill Lynch | ||||||||
Capital Services and LOC; | ||||||||
Merrill Lynch) | 3.53 | 12/7/06 | 5,050,000 a,b | 5,050,000 | ||||
Wyandanch Union Free School | ||||||||
District, GO Notes, TAN | 4.65 | 6/28/07 | 500,000 | 501,929 | ||||
Total Investments (cost $238,963,255) | 99.2% | 238,963,255 | ||||||
Cash and Receivables (Net) | .8% | 1,948,174 | ||||||
Net Assets | 100.0% | 240,911,429 |
a Securities payable on demand.Variable interest rate—subject to periodic change. |
b Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in |
transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2006, these |
securities amounted to $56,150,000 or 23.3% of net assets. |
The Fund 15
STATEMENT OF INVESTMENTS (Unaudited) (continued)
Summary of Abbreviations | ||||||
ACA | American Capital Access | AGC | ACE Guaranty Corporation | |||
AGIC | Asset Guaranty Insurance | AMBAC | American Municipal Bond | |||
Company | Assurance Corporation | |||||
ARRN | Adjustable Rate Receipt Notes | BAN | Bond Anticipation Notes | |||
BIGI | Bond Investors Guaranty Insurance | BPA | Bond Purchase Agreement | |||
CGIC | Capital Guaranty Insurance | CIC | Continental Insurance | |||
Company | Company | |||||
CIFG | CDC Ixis Financial Guaranty | CMAC | Capital Market Assurance | |||
Corporation | ||||||
COP | Certificate of Participation | CP | Commercial Paper | |||
EDR | Economic Development Revenue | EIR | Environmental Improvement | |||
Revenue | ||||||
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 | FSA | Financial Security Assurance | ||||
GAN | Grant Anticipation Notes | GIC | Guaranteed Investment Contract | |||
GNMA | Government National | |||||
Mortgage Association | GO | General Obligation | ||||
HR | Hospital Revenue | IDB | Industrial Development Board | |||
IDC | Industrial Development Corporation | IDR | Industrial Development Revenue | |||
LOC | Letter of Credit | LOR | Limited Obligation Revenue | |||
LR | Lease Revenue | MBIA | Municipal Bond Investors Assurance | |||
Insurance Corporation | ||||||
MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue | |||
PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes | |||
RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes | |||
RAW | Revenue Anticipation Warrants | RRR | Resources Recovery Revenue | |||
SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement | |||
SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue | |||
SONYMA | State of New York Mortgage Agency | SWDR | Solid Waste Disposal Revenue | |||
TAN | Tax Anticipation Notes | TAW | Tax Anticipation Warrants | |||
TRAN | Tax and Revenue Anticipation Notes | XLCA | XL Capital Assurance |
16 |
Summary of Combined Ratings (Unaudited) | ||||||||
Fitch | or Moody’s or | Standard & Poor’s | Value (%) † | |||||
F1+,F1 | VMIG1,MIG1,P1 | SP1+,SP1,A1+,A1 | 74.1 | |||||
AAA,AA,A c | Aaa,Aa,A c | AAA,AA,A c | 2.7 | |||||
Not Rated d | Not Rated d | Not Rated d | 23.2 | |||||
100.0 | ||||||||
† | Based on total investments. | |||||||
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 17
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2006 (Unaudited)
Cost | Value | |||
Assets ($): | ||||
Investments in securities—See Statement of Investments | 238,963,255 | 238,963,255 | ||
Cash | 263,580 | |||
Interest receivable | 1,886,869 | |||
Prepaid expenses | 11,891 | |||
241,125,595 | ||||
Liabilities ($): | ||||
Due to The Dreyfus Corporation and affiliates—Note 2(b) | 112,789 | |||
Accrued expenses | 101,377 | |||
214,166 | ||||
Net Assets ($) | 240,911,429 | |||
Composition of Net Assets ($): | ||||
Paid-in capital | 240,899,393 | |||
Accumulated net realized gain (loss) on investments | 12,036 | |||
Net Assets ($) | 240,911,429 | |||
Shares Outstanding | ||||
(unlimited number of $.001 par value shares of Beneficial Interest authorized) | 240,932,504 | |||
Net Asset Value, offering and redemption price per share ($) | 1.00 |
See notes to financial statements. |
18 |
STATEMENT OF OPERATIONS Six Months Ended November 30, 2006 (Unaudited) |
Investment Income ($): | ||
Interest Income | 4,533,973 | |
Expenses: | ||
Management fee—Note 2(a) | 625,251 | |
Shareholder servicing costs—Note 2(b) | 134,165 | |
Professional fees | 34,146 | |
Custodian fees | 15,744 | |
Trustees’ fees and expenses—Note 2(c) | 9,679 | |
Registration fees | 7,260 | |
Prospectus and shareholders’ reports | 3,950 | |
Micellaneous | 12,934 | |
Total Expenses | 843,129 | |
Investment Income—Net | 3,690,844 | |
Net Realized Gain (Loss) on Investments—Note 1(b) ($) | 2,550 | |
Net Increase in Net Assets Resulting from Operations | 3,693,394 |
See notes to financial statements. |
The Fund 19
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended | ||||
November 30, 2006 | Year Ended | |||
(Unaudited) | May 31, 2006 | |||
Operations ($): | ||||
Investment income—net | 3,690,844 | 5,767,970 | ||
Net realized gain (loss) on investments | 2,550 | 9,487 | ||
Net unrealized depreciation on investments | — | (207) | ||
Net Increase (Decrease) in Net Assets | ||||
Resulting from Operations | 3,693,394 | 5,777,250 | ||
Dividends to Shareholders from ($): | ||||
Investment income—net | (3,690,844) | (5,771,128) | ||
Beneficial Interest Transactions ($1.00 per share): | ||||
Net proceeds from shares sold | 95,290,035 | 273,930,402 | ||
Dividends reinvested | 3,578,560 | 5,578,822 | ||
Cost of shares redeemed | (144,738,012) | (253,515,185) | ||
Increase (Decrease) in Net Assets | ||||
from Beneficial Interest Transactions | (45,869,417) | 25,994,039 | ||
Total Increase (Decrease) in Net Assets | (45,866,867) | 26,000,161 | ||
Net Assets ($): | ||||
Beginning of Period | 286,778,296 | 260,778,135 | ||
End of Period | 240,911,429 | 286,778,296 |
See notes to financial statements. |
20 |
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, 2006 | Year Ended May 31, | |||||||||||
(Unaudited) | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||
Per Share Data ($): | ||||||||||||
Net asset value, | ||||||||||||
beginning of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||
Investment Operations: | ||||||||||||
Investment income—net | .015 | .022 | .010 | .004 | .008 | .014 | ||||||
Distributions: | ||||||||||||
Dividends from | ||||||||||||
investment income—net | (.015) | (.022) | (.010) | (.004) | (.008) | (.014) | ||||||
Net asset value, end of period | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||
Total Return (%) | 2.97a | 2.26 | 1.05 | .39 | .75 | 1.44 | ||||||
Ratios/Supplemental Data (%): | ||||||||||||
Ratio of total expenses | ||||||||||||
to average net assets | .67a | .66 | .67 | .66 | .66 | .65 | ||||||
Ratio of net expenses | ||||||||||||
to average net assets | .67a | .65 | .66 | .66 | .66 | .65 | ||||||
Ratio of net investment income | ||||||||||||
to average net assets | 2.95a | 2.24 | 1.03 | .39 | .75 | 1.42 | ||||||
Net Assets, end of period | ||||||||||||
($ x 1,000) | 240,911 | 286,778 | 260,778 | 276,244 | 290,038 | 288,257 | ||||||
a Annualized. | ||||||||||||
See notes to financial statements. |
The Fund 21
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 com-pany.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.
On December 4, 2006, Mellon Financial and The Bank of New York Company, Inc. announced that they had entered into a definitive agreement to merge. The new company will be called The Bank of New York Mellon Corporation. As part of this transaction, Dreyfus would become a wholly-owned subsidiary of The Bank of New York Mellon Corporation.The transaction is subject to certain regulatory approvals and the approval of The Bank of New York Company, Inc.’s and Mellon Financial’s shareholders, as well as other customary conditions to closing. Subject to such approvals and the satisfaction of the other conditions, Mellon Financial and The Bank of New York Company, Inc. expect the transaction to be completed in the third quarter of 2007.
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.
22 |
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 Board of Trustees to represent the fair value of the fund’s investments.
On September 20, 2006, the Financial Accounting Standards Board (FASB) released Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements. The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Management does not believe that the application of this standard will have a material impact on the financial statements of the fund.
(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, if any, 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
The Fund 23
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, if any, 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.
On July 13, 2006, the FASB released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority.Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after June 29, 2007 and is to be applied to all open tax years as of the effective date. Management does not believe that the application of this standard will have a material impact on the financial statements of the fund.
The tax character of distributions paid to shareholders during the fiscal year ended May 31, 2006 were all tax exempt income. The tax character of current year distributions will be determined at the end of the current fiscal year.
24 |
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
At November 30, 2006, 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 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, 2006, 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 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 information, and services related to the maintenance of shareholder accounts. During the period ended November 30, 2006, the fund was charged $93,212 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, 2006, the fund was charged $29,576 pursuant to the transfer agency agreement.
During the period ended November 30, 2006, the fund was charged $2,044 for services performed by the Chief Compliance Officer.
The Fund 25
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
The components of Due to The Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consist of: management fees $97,676, chief compliance officer fees $1,704 and transfer agency per account fees $13,409.
(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.
26 |
PROXY RESULTS (Unaudited) |
The fund held a special meeting of shareholders on September 20, 2006.The proposal considered at the meeting, and the results, are as follows:
Shares | ||||||
Votes For | Authority Withheld | |||||
To elect additional Board Members: | ||||||
Hodding Carter III † | 86,745,536 | 3,125,837 | ||||
Ehud Houminer † | 87,452,447 | 2,418,926 | ||||
Richard C. Leone † | 87,555,307 | 2,316,066 | ||||
Hans C. Mautner † | 87,540,768 | 2,330,605 | ||||
Robin A. Melvin † | 86,975,406 | 2,895,967 | ||||
John E. Zuccotti † | 87,396,902 | 2,474,471 |
† Each new Board member’s term commenced on January 1, 2007. |
In addition Joseph S. DiMartino, David W. Burke, Gordon J. Davis, Joni Evans, Arnold S. Hiatt and Burton N. |
Wallack continue as Board members of the fund. |
The Fund 27
NOTES
For | More | Information | ||
Dreyfus |
New York Tax Exempt |
Money Market Fund |
200 Park Avenue |
New York, NY 10166 |
Manager |
The Dreyfus Corporation |
200 Park Avenue |
New York, NY 10166 |
Custodian |
The Bank of New York |
One Wall Street |
New York, NY 10286 |
Transfer Agent & |
Dividend Disbursing Agent |
Dreyfus Transfer, Inc. |
200 Park Avenue |
New York, NY 10166 |
Distributor |
Dreyfus Service Corporation |
200 Park Avenue |
New York, NY 10166 |
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 1-202-551-8090.
Information regarding how the fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2006, is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-645-6561.
© 2007 Dreyfus Service Corporation |
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. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
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 East, 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.
-2- |
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.
Item 11. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. 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.
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
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.
-3- |
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- |