LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this annual report for Dreyfus New
York Tax Exempt Money Market Fund. For the 12-month period ended May 31,
1994, the yield provided by your Fund was 1.68%. After taking into account
the effect of compounding, the effective yield was 1.69%.* Income dividends
of approximately $.02 per share paid during the period were exempt from
Federal, New York State and New York City income taxes.** Throughout the
period, your Fund continued to provide an attractive after-tax return
compared to short-term taxable alternatives for the New York investor.
At our last reporting, we were keeping a watchful eye on the status of
the U.S. economy, the direction of interest rates, and any significant
variation in inflationary indicators. Early in the period, economic numbers
hinted that the nation's growth might be more anemic than anticipated. With
no strong threat of a rekindling of inflation, the municipal market responded
with strength, providing some of the lowest historic yields in both the bond
and money markets. In a somewhat unusual turn of events, assets of municipal
money market funds increased despite the unprecedented low yield environment.
In the first half of 1994, however, signs of economic strength began to
emerge along with the specter of a tighter Federal Reserve Board policy.
Through a series of tightening moves between February 4 and May 17, the Fed
signaled its desire to choke off inflationary pressures before they had an
opportunity to build significantly. In a step-by-step process through the
first four months of the year, the Fed inched up the Fed Funds rate by 75
basis points to the 3 3/4% level. The bond market responded with an uneasy
100 basis point rise in rates, with short-term rates moving upward by 50
basis points. The most overt move came on May 17 when the Fed raised both the
discount rate and the Federal Funds rate by 50 basis points, to 3.50% and
4.25%, respectively. The moves appeared to reach a neutral monetary policy,
clearly signaling the end of its 1993 accommodative stance.
With these changes in the Federal Reserve's monetary stance, uneasiness
in other markets served to bolster rates in the short-term municipal market
as cash moved into municipal money markets from both equity and bond funds.
Short-term municipal rates increased, but to a lesser degree than their
taxable counterparts. Total net assets of the funds reached an all-time high
of over $119 billion, which declined as the tax season arrived.
Traditionally, money market funds lose money during this time of year as
investors tap their money funds to pay income taxes. During this period,
municipal notes continued to provide attractive returns relative to taxable
alternatives. Your Fund's yield has remained attractive to the New York
investor seeking tax exempt income, and the hike in tax rates which took
place last year has made these returns even more attractive on an after-tax
basis.
In the coming weeks and months, we will sort through the various
financings which flood the market during the late spring and early summer, to
obtain those issues we feel represent the best value for your portfolio while
maintaining our high quality standards and high degree of liquidity. We will
adjust our strategy to respond to changes in the market and in Federal
Reserve policy and to the proposed changes in the regulations governing tax
exempt money market funds which we have received from the Securities and
Exchange Commission. We will keep you informed in future letters as to the
effect these various changes may have on our market and how they will affect
our portfolio strategy.
We have included a current Statement of Investments and recent financial
statements for your review and look forward to serving your investment needs
in the future.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
President
June 16, 1994
New York, N.Y.
* Effective yield is based upon dividends declared daily and reinvested
monthly.
** Some income may be subject to the Federal Alternative Minimum Tax (AMT)
for certain shareholders.
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF INVESTMENTS MAY 31, 1994
PRINCIPAL
TAX EXEMPT INVESTMENTS--100.0% AMOUNT VALUE
------------- -------------
<S> <C> <C>
Broome County Industrial Development Agency, IDR, Refunding, VRDN
(Bing Realty Co. Project) 2.90% (LOC; Meridian Bank Corp.) (a,b)........ $ 1,450,000 $ 1,450,000
Erie County:
RAN 3.30%, 8/5/94 (LOC; Mitsubishi Bank) (b)............................ 10,000,000 10,003,437
TAN 2.75%, 12/30/94 (LOC; Union Bank of Switzerland) (b)................ 7,000,000 7,011,087
Fulton County Industrial Development Agency, Revenue, VRDN
(SLM Action Sports Project) 2.925% (LOC; Royal Bank of Canada) (a,b).... 600,000 600,000
Half Hallow Hills Central School District, Huntington and Babylon, TAN
3%, 6/24/94............................................................. 8,000,000 8,002,951
Town of Islip Industrial Development Agency, IDR, VRDN (Radiation Dynamics
Project)
3.25%, Series A (LOC; Sumitomo Bank) (a,b).............................. 5,900,000 5,900,000
Metropolitan Transport Authority, Commuter Facilities Revenue, VRDN
2.55% (LOC: Bank of Tokyo, Industrial Bank of Japan, Mitsubishi Bank,
Morgan Bank, National Westminster Bank and Sumitomo Bank) (a,b)......... 34,800,000 34,800,000
Monroe County, BAN 3%, 6/10/94.............................................. 6,000,000 6,000,648
Monroe County Industrial Development Agency, Revenue, VRDN (Enbi Corp.)
2.55% (LOC; ABN-Amro Bank) (a,b)........................................ 4,700,000 4,700,000
City of New York:
RAN 3.50%, 6/30/94...................................................... 5,000,000 5,002,434
VRDN:
3.20%, Series A-4 (SBPA; Chemical Bank) (a)........................... 4,000,000 4,000,000
Refunding 3.15%, Series D (SBPA; Citibank) (a)........................ 7,500,000 7,500,000
Trust Cultural Resource Revenue, Refunding (American Museum of Natural History)
2.60%, Series A (Insured; MBIA and BPA; Credit Suisse) (a)........ 6,000,000 6,000,000
New York City Housing Development Corp., Mortgage Revenue, VRDN:
(Park Gate Tower) 2.50% (LOC; Citibank) (a,b)........................... 675,000 675,000
(Residential East 17th Street) 2.95%, Series A (LOC; Chemical Bank) (a,b) 13,600,000 13,600,000
(Stroheim and Romann Project) 2.65% (LOC; WestDeutsche Landesbank) (a,b) 5,700,000 5,700,000
New York City Industrial Development Agency, VRDN:
Civil Facility Revenue (Mercy College Project)
2.60% (LOC; The Bank of New York) (a,b).............................. 2,100,000 2,100,000
IDR (La Guardia Association Project) 2.85% (LOC; Banque Indosuez) (a,b). 13,700,000 13,700,000
New York State Dormitory Authority, Revenues, CP (Sloan Kettering Memorial Hospital)
2.55%, Series A, 7/22/94 (LOC; Fuji Bank) (b)........................... 6,000,000 6,000,000
New York State Energy, Research and Development Authority:
PCR:
(LILCO Project) 3% Series A, 3/1/95 (LOC; Deutsche Bank) (b).......... 12,000,000 12,000,000
(New York State Electric and Gas):
2.75%, Series D, 12/1/94 (LOC; Union Bank of Switzerland) (b)..... 11,450,000 11,450,000
3.25%, 3/15/95 (LOC; JP Morgan) (b)............................... 5,000,000 5,000,000
VRDN:
(Central Hudson Gas and Electric Co. Project)
2.95%, Series A (LOC; Bankers Trust) (a,b)...................... 2,600,000 2,600,000
(Niagara Mohawk Project Corp.)
2.90%, Series C (LOC; Canadian Imperial Bank of Commerce) (a,b). 6,200,000 6,200,000
New York State Environmental Facilities Corp., RRR, VRDN
(Equity Huntington Project) 3.05% (LOC; Union Bank of Switzerland) (a,b) 4,200,000 4,200,000
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1994
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------- -------------
New York State Housing Finance Agency, Revenue, VRDN:
(Liberty View Apartment Housing) 2.65% (LOC; Chemical Bank) (a,b)....... $ 3,800,000 $ 3,800,000
Multi-Family Housing 2.55%, Series A (a)................................ 3,100,000 3,100,000
New York State Job Development Authority, VRDN 2.75%, Series C1 Thru C30
(LOC; Sumitomo Bank) (a,b).............................................. 5,450,000 5,450,000
New York State Local Government Assistance Corp., VRDN:
2.50%, Series A (LOC: Credit Suisse, Swiss Bank Corp. and
Union Bank of Switzerland) (a,b)...................................... 29,500,000 29,500,000
2.50%, Series A (LOC: Credit Suisse and Swiss Bank Corp.) (a,b)......... 15,000,000 15,000,000
New York State Medical Care Facilities Finance Agency, Revenue, VRDN:
(Childrens Hospital Buffalo) 2.65%, Series A (LOC; Barclays Bank) (a,b). 4,700,000 4,700,000
(Lenox Hill Hospital) 2.75%, Series A (LOC; Chemical Bank) (a,b)........ 2,700,000 2,700,000
New York State Mortgage Agency, Revenue:
3.15%, Series 40-B, 9/29/94 (GIC; Morgan Guaranty and Collateralized;
U.S. Treasury Bills)................................................. 13,500,000 13,500,000
(Homeowner Mortgage) 3.10%, Series 37-B, 9/29/94........................ 10,000,000 10,000,000
Onondaga County Industrial Development Agency, IDR, VRDN
(Edgecomb Metals Co. Project) 2.75% (LOC; Banque Nationale de Paris) (a,b) 3,100,000 3,100,000
Orange County Industrial Development Agency, IDR, VRDN
(Minolta Advance Technology Project) 3.25% (LOC; Sanwa Bank) (a,b)...... 5,900,000 5,900,000
Rochester County, BAN 3.50%, Series III, 3/13/95............................ 17,730,000 17,767,632
Suffolk County, TAN:
2.70%, Series I, 8/16/94 (LOC; Mitsubishi Bank) (b)..................... 15,000,000 15,020,103
3%, Series II, 9/15/94 (LOC; Chemical Bank) (b)......................... 10,000,000 10,004,234
Syracuse Industrial Development Agency, Civic Facilities Revenue, VRDN
(Syracuse University Project) 3% (LOC; Morgan Guaranty Trust) (a,b)..... 3,000,000 3,000,000
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
2.60% (Insured; FGIC) (a)............................................... 10,000,000 10,000,000
Westchester County, TAN 2.75%, 12/15/94..................................... 15,000,000 15,007,825
-------------
TOTAL INVESTMENTS
(cost $351,745,351)..................................................... $351,745,351
=============
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
BAN Bond Anticipation Notes MBIA Municipal Bond Insurance Association
BPA Bond Purchase Agreement PCR Pollution Control Revenue
CP Commercial Paper RAN Revenue Anticipation Notes
FGIC Financial Guaranty Insurance Corporation RRR Resources Recovery Revenue
GIC Guaranteed Investment Contract SBPA Standby Bond Purchase Agreement
IDR Industrial Development Revenue TAN Tax Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 88.1%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) .9
Not Rated (f) Not Rated (f) Not Rated (f) 11.0
--------
100.0%
=======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(b) Secured by letters of credit. At May 31, 1994, 71.5% of the Fund's
net assets are backed by letters of credit issued by domestic banks,
foreign banks and brokerage firms.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) P1 and A1 are the highest ratings assigned tax-exempt commercial
paper by Moody's and Standard & Poor's, respectively.
(e) Notes which are not F, MIG or SP rated are represented by bond
ratings of the issuers.
(f) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's have been determined by the Fund's Board of Trustees to be of
comparable quality to those rated securities in which the Fund may
invest.
See notes to financial statements.
<TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES MAY 31, 1994
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $351,745,351
Cash.................................................................... 3,548,516
Interest receivable..................................................... 2,371,495
Prepaid expenses........................................................ 45,961
-------------
357,711,323
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 146,917
Payable for investment securities purchased............................. 13,500,000
Accrued expenses........................................................ 100,135 13,747,052
----------- -------------
NET ASSETS ................................................................ $343,964,271
=============
REPRESENTED BY:
Paid-in capital......................................................... $343,990,351
Accumulated net realized (loss) on investments.......................... (26,080)
-------------
NET ASSETS at value applicable to 343,990,351 shares outstanding
(unlimited number of $.001 par value shares of Beneficial Interest, authorized) $343,964,271
=============
NET ASSET VALUE, offering and redemption price per share
($343,964,271 / 343,990,351 shares)..................................... $1.00
=====
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS
YEAR ENDED MAY 31, 1994
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 8,336,591
EXPENSES:
Management fee_Note 2(a).............................................. $ 1,769,463
Shareholder servicing costs_Note 2(c)................................. 499,819
Custodian fees........................................................ 36,994
Professional fees..................................................... 35,364
Prospectus and shareholders' report_Note 2(b)......................... 24,418
Trustees' fees and expenses_Note 2(d)................................. 11,735
Registration fees..................................................... 5,797
Miscellaneous......................................................... 14,719
-----------
TOTAL EXPENSES.................................................... 2,398,309
-------------
INVESTMENT INCOME--NET...................................................... 5,938,282
NET REALIZED (LOSS) ON INVESTMENTS--NOTE 1(b)............................... (10,006)
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 5,928,276
=============
See notes to financial statements.
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED MAY 31,
--------------------------------
1993 1994
-------------- --------------
<S> <C> <C>
OPERATIONS:
Investment income--net............................................... $ 7,384,686 $ 5,938,282
Net realized gain (loss) on investments.............................. 28,042 (10,006)
Net unrealized (depreciation) on investments for the year............ (5,944) ____
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............... 7,406,784 5,928,276
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net............................................... (7,384,686) (5,938,282)
-------------- --------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................ 410,571,260 395,241,865
Dividends reinvested................................................. 6,866,949 5,610,333
Cost of shares redeemed.............................................. (456,407,532) (436,693,846)
-------------- --------------
(DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS..... (38,969,323) (35,841,648)
-------------- --------------
TOTAL (DECREASE) IN NET ASSETS................................. (38,947,225) (35,851,654)
NET ASSETS:
Beginning of year.................................................... 418,763,150 379,815,925
-------------- --------------
End of year.......................................................... $379,815,925 $343,964,271
============== ==============
</TABLE>
See notes to financial statements.
<TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each year indicated. This
information has been derived from the Fund's financial statements.
YEAR ENDED MAY 31,
------------------------------------------------------------
PER SHARE DATA: 1990 1991 1992 1993 1994
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year.............. $1.0001 $ .9999 $ .9999 $ .9999 $1.0000
-------- -------- -------- -------- --------
INVESTMENT OPERATIONS:
Investment income--net.......................... .0522 .0458 .0321 .0186 .0168
Net realized and unrealized gain (loss) on investments (.0002) --- --- .0001 (.0001)
-------- -------- -------- -------- --------
TOTAL FROM INVESTMENT OPERATIONS.............. .0520 .0458 .0321 .0187 .0167
-------- -------- -------- -------- --------
DISTRIBUTIONS;
Dividends from investment income--net........... (.0522) (.0458) (.0321) (.0186) (.0168)
-------- -------- -------- -------- --------
Net asset value, end of year.................... $ .9999 $ .9999 $ .9999 $1.0000 $ .9999
======== ======== ======== ======= ========
TOTAL INVESTMENT RETURN 5.35% 4.68% 3.26% 1.87% 1.69%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets......... .64% .61% .64% .67% .68%
Ratio of net investment income to average net assets 5.21% 4.59% 3.22% 1.86% 1.68%
Net Assets, end of year (000's omitted)......... $539,472 $478,040 $418,763 $379,816 $343,964
</TABLE>
See notes to financial statements.
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a non-diversified open-end management investment company. Dreyfus Service
Corporation ("Distributor") acts as the distributor of the Fund's shares,
which are sold to the public without a sales load. The Distributor is a
wholly-owned subsidiary of The Dreyfus Corporation ("Manager").
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.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Trustees to represent the fair
value of the Fund's investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Interest income, adjusted
for amortization of premiums and, when appropriate, discounts 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.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations
held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain 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. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income taxes.
The Fund has an unused capital loss carryover of approximately $18,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to May 31, 1994. The
carryover does not include net realized securities losses from November 1,
1993 through May 31, 1994 which are treated, for Federal income tax purposes
as arising in fiscal 1995. If not applied, $15,000 expires in fiscal 1998,
$1,000 expires in fiscal 1999 and $2,000 expires in fiscal 2002.
At May 31, 1994, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see
the Statement of Investments).
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .50 of 1% of the average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed 11/2% of the average value of the Fund's net
assets for any full fiscal year. There was no expense reimbursement for the
year ended May 31, 1994.
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(B) The Fund has adopted a Service Plan, (the "Plan") pursuant to which
the Fund will bear the costs of preparing, printing and distributing certain
of the Fund's prospectuses and statements of additional information and costs
associated with implementing and operating the Plan, not to exceed the
greater of $100,000 or .005 of 1% of the Fund's average daily net assets for
any full fiscal year. Effective July 14, 1993, the Fund's Plan was
terminated. For the period from June 1, 1993 to July 13, 1993, the Fund was
charged $3,319 pursuant to the Plan.
(C) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
the Distributor an amount not to exceed an annual rate of .25 of 1% of the
value of the Fund's average daily net assets for servicing 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 year ended May 31, 1994, the
Fund was charged an aggregate of $185,523 pursuant to the Shareholder
Services Plan.
(D) Certain officers and trustees of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or the Distributor. Each trustee
who is not an "affiliated person" receives an annual fee of $1,500 and an
attendance fee of $250 per meeting.
(E) On December 5, 1993, the Manager entered into an Agreement and Plan
of Merger providing for the merger of the Manager with a subsidiary of Mellon
Bank Corporation ("Mellon").
Following the merger, it is planned that the Manager will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a number
of contingencies, including receipt of certain regulatory approvals and
approvals of stockholders of the Manager and of Mellon. The merger is
expected to occur in August 1994, but could occur later.
As a result of regulatory requirements and the terms of the Merger
Agreement, the Manager will seek various approvals from the Fund's
shareholders before completion of the merger. Proxy materials, approved by
the Fund's Board, recently have been mailed to Fund shareholders.
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
REPORT OF ERNST & YOUNG, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
We have audited the accompanying statement of assets and liabilities of
Dreyfus New York Tax Exempt Money Market Fund, including the statement of
investments, as of May 31, 1994, and the related statement of operations for
the year then ended, the statement of changes in net assets for each of the
two years in the period then ended, and financial highlights for each of the
years indicated therein. These financial statements and financial highlights
are the responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of May 31, 1994 by correspondence with the custodian and
brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus New York Tax Exempt Money Market Fund, at May 31, 1994,
the results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and the financial
highlights for each of the indicated years, in conformity with generally
accepted accounting principles.
(Ernst & Young Signature Logo)
New York, New York
July 1, 1994
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during the fiscal year ended May
31, 1994 as "exempt-interest dividends" (not subject to regular Federal and,
for individuals who are New York residents, New York State and New York City
personal income taxes).
(Dreyfus Logo)
New York
Tax Exempt
Money Market Fund
Annual Report
May 31, 1994
(Dreyfus Lion Logo)
(Dreyfus `D' Logo)
DREYFUS NEW YORK TAX EXEMPT
MONEY MARKET FUND
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
DISTRIBUTOR
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 273AR945
Registration Mark
