N-CSR 1 semiform.htm SEMI-ANNUAL REPORT semiform
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-