LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this annual report for the Dreyfus New
York Tax Exempt Money Market Fund. For the period ended May 31, 1995, the
yield provided by your Fund was 2.73%. After taking into account the effect
of compounding, the effective yield was 2.76%.* Income dividends of
approximately $.027 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 relative
to its short-term taxable alternatives for the New York investor.
Federal Reserve Board action since our last letter was limited to just
one 50 basis point tightening move, which represented a decrease in magnitude
from previous actions. The fact that the increase was smaller reflected, in
part, the belief that some slowing in the economy had occurred. However, as
some economic indicators had continued to conflict with that sentiment, the
argument for a moderate hike appeared to be in order. More recent events
suggest the Fed may ease soon and, in large part, market levels now reflect
those expectations.
While market fundamentals do affect the short-term municipal market, the
overriding influence continues to be market technicals (i.e. supply/demand).
Since the rates on those securities in the portfolio which provide the
highest degree of liquidity (1-day and 7-day demand notes) are adjusted on a
daily or weekly basis, your Fund's yield reflects these rapid adjustments and
fluctuates accordingly. Currently, rates on such securities provide an
attractive return, trading at better than 75% of the taxable overnight
repurchase rate. We anticipate that these yields will drop significantly in
the coming weeks as many holdings in municipal money market funds mature at
the end of June. However, if previous summer technicals are repeated, we
expect the situation to reverse in late July and August as issuers return to
the market with their summer financings.
In the wake of the Orange County, California bankruptcy filing in December,
we continue to devote our resources to locating those credits which achieve
our high internal standards and which provide your Fund with attractive returns.
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
Director, Municipal Portfolio Management
The Dreyfus Corporation
June 16, 1995
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.
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<CAPTION>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF INVESTMENTS MAY 31, 1995
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
-------------- -------------
<S> <C> <C>
Broome County Industrial Development Agency, IDR, Refunding, VRDN
(Bing Realty Co. Project) 4.10% (LOC; Meridian Bank Corp.) (a,b)........ $ 1,350,000 $ 1,350,000
City of Buffalo, RAN 5%, Series A, 7/12/95 (LOC; Landesbank) (b)............ 10,000,000 10,008,802
East Meadow Union Free School District, TAN 4.40%, 6/29/95.................. 9,800,000 9,802,906
Erie County, RAN 4.75%, 8/15/95 (LOC; Union Bank of Switzerland) (b)........ 11,900,000 11,912,316
Town of Islip Industrial Development Agency, IDR, VRDN (Radiation Dynamics
Project)
4.40%, Series A (LOC; Sumitomo Bank) (a,b).............................. 5,900,000 5,900,000
Metropolitan Transport Authority, Commuter Facilities Revenue, VRDN
3.75% (LOC: Bank of Tokyo, Industrial Bank of Japan, Mitsubishi Bank,
Morgan Bank, Morgan Guaranty Trust Co., National Westminster Bank and
Sumitomo Bank) (a,b).................................................... 34,700,000 34,700,000
Monroe County Industrial Development Agency, Revenue, VRDN (Enbi Corp.)
3.85% (LOC; ABN-Amro Bank) (a,b)........................................ 4,700,000 4,700,000
City of New York, VRDN:
4.15%, Series E-3 (LOC; Morgan Guaranty Trust Co.) (a,b)................ 4,200,000 4,200,000
4.25%, Series E-5 (LOC; Sumitomo Bank) (a,b)............................ 3,200,000 3,200,000
4.30%, Series A-4 (SBPA; Chemical Bank) (a)............................. 5,000,000 5,000,000
4.45%, Series B (Insured; MBIA) (a)..................................... 13,000,000 13,000,000
Trust Cultural Resource Revenue, Refunding (American Museum of Natural
History)
3.85%, Series A (Insured; MBIA and BPA; Credit Suisse) (a)............ 6,000,000 6,000,000
New York City Housing Development Corp., Mortgage Revenue, VRDN:
Multi-Family (York Avenue Development Project) 3.90% (LOC; Chemical Bank) (a,b) 7,000,000 7,000,000
(Park Gate Tower) 3.80% (LOC; Citibank) (a,b)........................... 655,000 655,000
(Stroheim and Romann Project) 3.80% (LOC; WestDeutsche Landesbank) (a,b) 5,700,000 5,700,000
New York City Industrial Development Agency, VRDN:
Civil Facility Revenue (Mercy College Project)
3.75% (LOC; The Bank of New York) (a,b).............................. 2,000,000 2,000,000
IDR:
(Japan Airlines Co. Limited Project)
4.40% (LOC; Morgan Guaranty Trust Co.) (a,b)...................... 13,500,000 13,500,000
(La Guardia Association Project) 4% (LOC; Banque Indosuez) (a,b)...... 13,700,000 13,700,000
New York State Energy, Research and Development Authority, PCR:
(New York State Electric and Gas) 4.65%, 3/15/96 (LOC; JP Morgan) (b)... 5,000,000 5,000,000
(Rochester Gas and Electric Corp.) 4.40%, 11/15/95 (LOC; Credit Suisse) (b) 7,000,000 7,000,000
VRDN:
(Central Hudson Gas and Electric Co. Project)
4.05%, Series A (LOC; Bankers Trust) (a,b)........................ 2,600,000 2,600,000
(Niagara Mohawk Project Corp.)
4.80% (LOC; Toronto-Dominion Bank) (a,b).......................... 3,600,000 3,600,000
New York State Housing Finance Agency, MFHR, VRDN 3.75%, Series A (a)....... 3,100,000 3,100,000
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
New York State Local Government Assistance Corp., VRDN:
3.70%, Series A (LOC: Credit Suisse, Swiss Bank Corp. and
Union Bank of Switzerland) (a,b)...................................... $ 29,100,000 $ 29,100,000
3.75%, Series B (LOC: Credit Suisse and Swiss Bank Corp.) (a,b)......... 23,300,000 23,300,000
New York State Medical Care Facilities Finance Agency, Revenue, VRDN
(Childrens Hospital Buffalo) 4%, Series A (LOC; Barclays Bank) (a,b).... 4,400,000 4,400,000
New York State Thruway Authority, General Revenue, VRDN 4.30% (Insured; FGIC) (a) 6,000,000 6,000,000
Niagara County, BAN 5.50%, 1/25/96.......................................... 7,000,000 7,019,536
Orange County Industrial Development Agency, IDR, VRDN
(Minolta Advance Technology Project) 4.40% (LOC; Sanwa Bank) (a,b)...... 5,900,000 5,900,000
Rochester County, BAN:
4.75%, Series I, 11/2/95................................................ 16,000,000 16,033,668
5%, 3/12/96............................................................. 10,068,000 10,125,682
Suffolk County, TAN 5.25%, 8/15/95 (LOC; WestDeutsche Landesbank) (b)....... 10,000,000 10,009,007
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
3.75% (Insured; FGIC) (a)............................................... 15,500,000 15,500,000
Westchester County, TAN 5%, 12/14/95........................................ 10,000,000 10,025,981
William Flloyd Union Free School District, TAN 4.75%, 6/30/95............... 5,050,000 5,051,760
-------------
TOTAL INVESTMENTS
(cost $316,094,658)..................................................... $316,094,658
=============
</TABLE>
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<CAPTION>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
BAN Bond Anticipation Notes MFHR Multi-Family Housing Revenue
BPA Bond Purchase Agreement PCR Pollution Control Revenue
FGIC Federal Guaranty Insurance Company RAN Revenue Anticipation Notes
IDR Industrial Development Revenue SBPA Standby Bond Purchase Agreement
LOC Letter of Credit TAN Tax Anticipation Notes
MBIA Municipal Bond Investors Assurance VRDN Variable Rate Demand Notes
Insurance Corporation
</TABLE>
<TABLE>
<CAPTION>
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 SP1+/SP1 93.6%
Not Rated (d) Not Rated (d) Not Rated (d) 6.4
-------
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, 1995, 65.9% 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) 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.
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<CAPTION>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES MAY 31, 1995
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $316,094,658
Interest receivable..................................................... 3,061,762
Prepaid expenses........................................................ 45,703
-------------
319,202,123
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 133,279
Due to Custodian........................................................ 1,099,683
Accrued expenses........................................................ 129,383 1,362,345
------------- -------------
NET ASSETS ................................................................ $317,839,778
=============
REPRESENTED BY:
Paid-in capital......................................................... $317,892,053
Accumulated net realized (loss) on investments.......................... (52,275)
=============
NET ASSETS at value applicable to 317,892,053 shares outstanding
(unlimited number of $.001 par value shares of Beneficial Interest authorized)
$317,839,778
=============
NET ASSET VALUE, offering and redemption price per share
($317,839,778 / 317,892,053 shares)..................................... $1.00
=======
</TABLE>
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<CAPTION>
STATEMENT OF OPERATIONS YEAR ENDED MAY 31, 1995
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 11,097,535
EXPENSES:
Management fee-Note 2(a).............................................. $1,636,701
Shareholder servicing costs-Note 2(b)................................. 442,849
Professional fees..................................................... 50,876
Custodian fees........................................................ 26,955
Prospectus and shareholders' report................................... 18,544
Trustees' fees and expenses-Note 2(c)................................. 16,971
Registration fees..................................................... 6,480
Miscellaneous......................................................... 13,624
----------
TOTAL EXPENSES.................................................... 2,213,000
-------------
INVESTMENT INCOME-NET....................................................... 8,884,535
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b)................................ (26,195)
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 8,858,340
=============
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED MAY 31,
----------------------------------
1994 1995
--------------- ---------------
<S> <C> <C>
OPERATIONS:
Investment income-net................................................... $ 5,938,282 $ 8,884,535
Net realized (loss) on investments...................................... (10,006) (26,195)
--------------- ---------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 5,928,276 8,858,340
--------------- ---------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net................................................... (5,938,282) (8,884,535)
--------------- ---------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................... 395,241,865 333,556,193
Dividends reinvested.................................................... 5,610,333 8,431,092
Cost of shares redeemed................................................. (436,693,846) (368,085,583)
--------------- ---------------
(DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS........ (35,841,648) (26,098,298)
--------------- ---------------
TOTAL (DECREASE) IN NET ASSETS.................................... (35,851,654) (26,124,493)
NET ASSETS:
Beginning of year....................................................... 379,815,925 343,964,271
--------------- ---------------
End of year............................................................. $ 343,964,271 $ 317,839,778
=============== ===============
</TABLE>
See notes to financial statements.
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.
<TABLE>
<CAPTION>
YEAR ENDED MAY 31,
-----------------------------------------------------------------
PER SHARE DATA: 1991 1992 1993 1994 1995
---------- ---------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year........... $ .9999 $ .9999 $ .9999 $1.0000 $ .9999
---------- ---------- ---------- --------- ---------
INVESTMENT OPERATIONS:
Investment income-net........................ .0458 .0321 .0186 .0168 .0273
Net realized and unrealized gain (loss) on investments -- -- .0001 (.0001) (.0001)
---------- ---------- ---------- --------- ---------
TOTAL FROM INVESTMENT OPERATIONS........... .0458 .0321 .0187 .0167 .0272
---------- ---------- ---------- --------- ---------
DISTRIBUTIONS;
Dividends from investment income-net......... (.0458) (.0321) (.0186) (.0168) (.0273)
---------- ---------- ---------- --------- ---------
Net asset value, end of year................. $ .9999 $ .9999 $1.0000 $ .9999 $ .9998
========== ========== ========== ========= =========
TOTAL INVESTMENT RETURN.......................... 4.68% 3.26% 1.87% 1.69% 2.76%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... .61% .64% .67% .68% .68%
Ratio of net investment income to average net assets 4.59% 3.22% 1.86% 1.68% 2.71%
Net Assets, end of year (000's Omitted)...... $478,040 $418,763 $379,816 $343,964 $317,840
</TABLE>
See notes to financial statements.
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares, which are sold to the public without a sales charge. The
Dreyfus Service Corporation is a wholly-owned subsidiary of The Dreyfus
Corporation ("Manager"). Effective August 24, 1994, the Manager became a
direct subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc. the parent company of which is Boston Institutional Group,
Inc.
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 of $1.00.
(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 original issue 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, 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. 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 and
excise taxes.
The Fund has an unused capital loss carryover of approximately $45,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to May 31, 1995. The carryover
does not include net realized securities losses from November 1, 1994 through
May 31, 1995, which are treated, for Federal income tax purposes as arising in
fiscal 1996. If not applied, $15,000 expires in fiscal 1998, $1,000 expires in
fiscal 1999, $2,000 expires in fiscal 2002 and $27,000 expires in fiscal 2003.
At May 31, 1995, 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 1 1/2% 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, 1995.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation 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, 1995, the Fund was charged an aggregate of $189,289 pursuant to the
Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and trustees of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives an annual fee of $1,500 and an attendance fee of $250 per meeting.
The Chairman of the Board receives an additional 25% of such compensation.
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
REPORT OF ERNST & YOUNG LLP, 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, 1995, 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, 1995 by correspondence with the custodian. 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, 1995,
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.
(Ernest & Young LLP Signature Logo )
New York, New York
July 7, 1995
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, 1995 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 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
90 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. 273AR955
New York
Tax Exempt
Money Market Fund
Annual Report
May 31, 1995
(Dreyfus Logo)
