LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this semi-annual report for the
Dreyfus New York Tax Exempt Money Market Fund. For the six-month period ended
November 30, 1994, the annualized yield provided by your Fund was 2.22%.
After taking into account the effect of compounding, the annualized effective
yield was 2.25%.* Dividends of approximately $.01 per share paid during the
period were exempt from Federal, New York State and New York City income
taxes.** Compared to its short-term taxable alternatives, your Fund provided
an attractive after-tax return for the New York investor throughout the
period.
Our last letter recapped the series of Federal Reserve Board moves
throughout the first half of 1994_moves designed to reach a more neutral
monetary policy stance in response to continued economic expansion. With
further evidence of economic strength in the latter half of the year, the Fed
continued its move toward tighter policy. In two successive moves in August
and November, the Fed increased rates an additional 175 basis points overall.
By November 15 (the last tightening move), total monetary policy actions
taken in 1994 increased the Discount Rate from 3.00% to 4.75%, and the
Federal Funds rate from 3.00% to 5.50%. Throughout the year, rates on
municipal money market funds increased in response to the higher Federal
rates. Over the period of tightening, the average yield for all tax-free
money funds increased 122 basis points, to 3.02%.
One of the most significant events which affected the short-term
municipal market was the filing for bankruptcy in the second half of the year
by Orange County, California. While your New York Fund did not hold any
direct obligations of Orange County, the uncertainty which existed at the
time of the County's disclosure created some temporary market weakness. In
light of the uncertainty, coupled with the potential for additional Federal
Reserve action in late January, we chose to invest most available proceeds in
the short end of the yield curve. Throughout this process, the securities
suitable for investment were those that met our high quality standards and
that provided a balance of income and liquidity consistent with our current
conservative investment philosophy. We will continue to monitor these
developments and will adjust our strategy as changes in the market warrant.
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
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 16, 1994
New York, N.Y.
* Annualized 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 NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS--100.0% AMOUNT VALUE
-------------- --------------
<S> <C> <C>
Broome County Industrial Development Agency, IDR, Refunding, VRDN
(Bing Realty Co. Project) 3.55% (LOC; Meridian Bank Corp.) (a,b)........ $ 1,450,000 $ 1,450,000
East Meadow Union Free School District, TAN 4.40%, 6/29/95.................. 9,800,000 9,821,794
Erie County:
RAN 4.75%, 8/15/95 (LOC; Union Bank of Switzerland) (b)................. 8,000,000 8,040,612
TAN 2.75%, 12/30/94 (LOC; Union Bank of Switzerland) (b)................ 7,000,000 7,001,517
Half Hallow Hills Central School District, Huntington and Babylon, TAN
4%, 6/30/95............................................................. 7,000,000 7,008,584
Town of Islip Industrial Development Agency, IDR, VRDN (Radiation Dynamics
Project)
4.125%, Series A (LOC; Sumitomo Bank) (a,b)............................. 5,900,000 5,900,000
Metropolitan Transportation Authority, Commuter Facilities Revenue, VRDN
3.65% (LOC: Bank of Tokyo, Industrial Bank of Japan, Mitsubishi Bank,
Morgan Bank, National Westminster Bank and Sumitomo Bank) (a,b)......... 34,700,000 34,700,000
Monroe County Industrial Development Agency, Revenue, VRDN (Enbi Corp.)
3.60% (LOC; ABN-Amro Bank) (a,b)........................................ 4,700,000 4,700,000
New York City:
RAN 4.50%, 4/12/95...................................................... 8,000,000 8,021,164
TAN 4.25%, 2/15/95...................................................... 10,000,000 10,011,150
VRDN:
3.50%, Series E-5 (LOC; Sumitomo Bank) (a,b).......................... 4,400,000 4,400,000
Trust Cultural Resource Revenue, Refunding (American Museum of Natural
History)
3.55%, Series A (Insured; MBIA, 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) 3.80% (LOC; Chemical Bank) (a,b) 7,000,000 7,000,000
(Park Gate Tower) 3.55% (LOC; Citibank) (a,b)........................... 675,000 675,000
(Stroheim and Romann Project) 3.50% (LOC; WestDeutsche Landesbank) (a,b) 5,700,000 5,700,000
New York City Industrial Development Agency, VRDN:
Civil Facility Revenue (Mercy College Project)
3.55% (LOC; The Bank of New York) (a,b).............................. 2,000,000 2,000,000
IDR (La Guardia Association Project) 3.65% (LOC; Banque Indosuez) (a,b). 13,700,000 13,700,000
New York City Transportation Authority, Special Obligation, RAN 4%, 12/15/94 10,000,000 10,003,755
New York State Dormitory Authority, Revenues, CP (Sloan Kettering Memorial
Hospital)
3.35%, Series A, 12/14/94 (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
(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)
3.65%, Series A (LOC; Bankers Trust Co.) (a,b).................... 2,600,000 2,600,000
New York State Housing Finance Agency, MFHR, VRDN 3.65%, Series A (a)....... 3,100,000 3,100,000
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- ------------
New York State Local Government Assistance Corp., VRDN:
3.50%, Series A (LOC: Credit Suisse and Swiss Bank Corp.) (a,b)......... $ 23,600,000 $ 23,600,000
3.60%, Series A (LOC: Credit Suisse, Swiss Bank Corp. and
Union Bank of Switzerland) (a,b)...................................... 29,500,000 29,500,000
New York State Medical Care Facilities Finance Agency, Revenue, VRDN:
(Childrens Hospital Buffalo) 3.70%, Series A (LOC; Barclays Bank) (a,b). 4,400,000 4,400,000
(Lenox Hill Hospital) 3.60%, Series A (LOC; Chemical Bank) (a,b)........ 2,500,000 2,500,000
Orange County Industrial Development Agency, IDR, VRDN
(Minolta Advance Technology Project) 4.125% (LOC; Sanwa Bank) (a,b)..... 5,900,000 5,900,000
Rochester County, BAN:
3.50%, Series II, 3/13/95............................................... 17,730,000 17,743,468
4.75%, Series II, 11/2/95............................................... 16,000,000 16,073,457
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
3.60% (Insured; FGIC) (a)............................................... 15,600,000 15,600,000
Westchester County, TAN 2.75%, 12/15/94..................................... 15,000,000 15,000,556
William Floyd Union Free School District, TAN 4.75%, 6/30/95................ 5,050,000 5,062,805
--------------
TOTAL INVESTMENTS
(cost $328,663,862)..................................................... $328,663,862
============
</TABLE>
<TABLE>
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
BAN Bond Anticipation Notes MBIA Municipal Bond Investors Assurance
BPA Bond Purchase Agreement MFHR Multi-Family Housing Revenue
CP Commercial Paper PCR Pollution Control Revenue
FGIC Federal Guaranty Insurance Company RAN Revenue Anticipation Notes
IDR Industrial Development Revenue TAN Tax Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
SUMMARY OF COMBINED RATINGS
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) 90.0%
Not Rated (e) Not Rated (e) Not Rated (e) 10.0
--------
100.0%
=======
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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 November 30, 1994, 62.0% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks and brokerage firms, of which Union Bank of
Switzerland provided letters of credit to 11.0% of the Fund's net assets.
(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) 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 independent accountants' review report and notes to financial statements.
<TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value--Note 1(a).......................... $328,663,862
Cash.................................................................... 71,936
Interest receivable..................................................... 2,640,012
Prepaid expenses........................................................ 28,810
--------------
331,404,620
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $136,920
Accrued expenses........................................................ 81,605 218,525
---------- --------------
NET ASSETS ................................................................ $331,186,095
==============
REPRESENTED BY:
Paid-in capital......................................................... $331,231,236
Accumulated net realized (loss) on investments.......................... (45,141)
--------------
NET ASSETS at value applicable to 331,231,236 outstanding shares of
Beneficial Interest, equivalent to $1.00 per share
(unlimited number of $.001 par value shares authorized)................. $331,186,095
==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF OPERATIONS
SIX MONTHS ENDED NOVEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $4,850,646
EXPENSES:
Management fee--Note 2(a)............................................. $834,844
Shareholder servicing costs_Note 2(b)................................. 234,086
Professional fees..................................................... 27,566
Custodian fees........................................................ 17,330
Prospectus and shareholders' report................................... 10,281
Trustees' fees and expenses_Note 2(c)................................. 6,764
Registration fees..................................................... 3,157
Miscellaneous......................................................... 6,807
----------
TOTAL EXPENSES.................................................... 1,140,835
------------
INVESTMENT INCOME--NET...................................................... 3,709,811
NET REALIZED (LOSS) ON INVESTMENTS--Note 1(b)............................... (19,061)
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $3,690,750
============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
MAY 31, NOVEMBER 30, 1994
1994 (UNAUDITED)
-------------- -----------------
<S> <C> <C>
OPERATIONS:
Investment income--net............................................ $ 5,938,282 $ 3,709,811
Net realized (loss) on investments................................ (10,006) (19,061)
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ 5,928,276 3,690,750
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net............................................ (5,938,282) (3,709,811)
-------------- --------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold..................................... 395,241,865 166,829,376
Dividends reinvested.............................................. 5,610,333 3,521,414
Cost of shares redeemed........................................... (436,693,846) (183,109,905)
-------------- --------------
(DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.. (35,841,648) (12,759,115)
-------------- --------------
TOTAL (DECREASE) IN NET ASSETS.............................. (35,851,654) (12,778,176)
NET ASSETS:
Beginning of period............................................... 379,815,925 343,964,271
-------------- --------------
End of period..................................................... $343,964,271 $331,186,095
============== ==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<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 period indicated. This
information has been derived from the Fund's financial statements.
SIX MONTHS ENDED
YEAR ENDED MAY 31, NOVEMBER 30, 1994
----------------------------------------------------
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED)
-------- -------- -------- -------- --------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $1.0001 $ .9999 $ .9999 $ .9999 $1.0000 $ .9999
-------- -------- -------- -------- --------- --------
INVESTMENT OPERATIONS:
Investment income--net.............. .0522 .0458 .0321 .0186 .0168 .0112
Net realized and unrealized gain (loss)
on investments.................... (.0002) -_ -_ .0001 (.0001) -_
-------- -------- -------- -------- --------- --------
TOTAL FROM INVESTMENT OPERATIONS.. .0520 .0458 .0321 .0187 .0167 .0112
-------- -------- -------- -------- --------- --------
DISTRIBUTIONS;
Dividends from investment income--net (.0522) (.0458) (.0321) (.0186) (.0168) (.0112)
-------- -------- -------- -------- --------- --------
Net asset value, end of period...... $ .9999 $ .9999 $ .9999 $1.0000 $ .9999 $ .9999
======== ======== ======== ======== ======== ========
TOTAL INVESTMENT RETURN 5.35% 4.68% 3.26% 1.87% 1.69% 2.23%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .64% .61% .64% .67% .68% .68%*
Ratio of net investment income to average
net assets........................ 5.21% 4.59% 3.22% 1.86% 1.68% 2.22%*
Net Assets, end of period (000's Omitted) $539,472 $478,040 $418,763 $379,816 $343,964 $331,186
- ---------------
* Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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 Institutional Administration Services, Inc., a provider of
mutual fund administration services, 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 $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 November 30, 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).
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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
six months ended November 30, 1994.
(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 six months
ended November 30, 1994, the Fund was charged an aggregate of $99,945
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.
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus New York Tax Exempt Money Market Fund, including the statement of
investments, as of November 30, 1994, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended November 30, 1994. These financial statements and
financial highlights are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
May 31, 1994 and financial highlights for each of the five years in the
period ended May 31, 1994 and in our report dated July 1, 1994, we expressed
an unqualified opinion on such statement of changes in net assets and
financial highlights.
(Ernst & Young LLP Signature Logo)
New York, New York
January 11, 1995
(Dreyfus `D' Logo)
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. 273SA9411
(Dreyfus Logo)
New York
Tax Exempt
Money Market Fund
Semi-Annual
Report
November 30, 1994
(Dreyfus Lion Logo)
