DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus New York
Tax Exempt Money Market Fund. For its semi-annual reporting period ended
November 30, 1995, your Fund produced an annualized yield of 3.10%. For
investors in the highest combined Federal, New York State and New York City
income tax bracket, this equates to a taxable equivalent yield of 5.85%.
Income dividends of approximately $.016 per share were paid during the
period. Reinvesting these dividends and calculating the effect of compounding
resulted in an annualized effective yield of 3.14%.* These dividends were
exempt from Federal, New York State and New York City personal income taxes ,
although some income may be subject to the Federal Alternative Minimum Tax
(AMT) for certain shareholders.
THE ECONOMY
Modest economic growth and low inflation have spurred a dramatic,
year-long rally in the bond market. Short-term rates rates have fallen as
well. The Federal Reserve Board's reduction of the Fed Funds rate last summer
confirmed what investors had already suspected: that inflation, at least for
the immediate future, was under control. Now questions abound regarding the
duration of the economic recovery and the likelihood of recession.
The economic recovery of the 1990s was productivity-driven. Corporations
implemented extraordinary cost control measures that, while dramatically
improving bottom line earnings, now contribute to the slow rate of employment
growth. Job creation is a significant factor that affects consumer spending
and a major component of economic activity. The pace of new job creation,
currently at its slowest since World War II, is worrisome. Indeed, wages and
salaries grew at under 3% over the past year, barely keeping pace with
inflation. Still, surveys indicate that consumers remain optimistic, despite
indications that their spending is being affected by the slow growth in
disposable income. Recent reports on retail sales confirm this reticence in
spending. A consumer-led weakening of the economy could lead to further
Federal Reserve easing of monetary policy.
It was concern about lagging economic growth that prompted the Federal
Reserve to ease the Federal Funds rate in July. The housing market and new
home construction had been helped earlier this year by low interest rates
though both have exhibited signs of weakness recently. Business capital
spending, another engine of economic growth, has been solid. Exports
represent another bright area of the economy. Because of the new
competitiveness of American businesses abroad, the U.S. trade deficit
continues to shrink. Through September, the trade deficit with Japan narrowed
for the sixth consecutive month. Exports, while a relatively small component
of overall economic activity in this country, provide an important support
for the job market. If U.S. products lose competitiveness in world markets,
foreign orders may go elsewhere and jobs could be lost here.
MARKET ENVIRONMENT
In addition to the impact of action taken by the Federal Reserve Board,
technical factors (i.e., supply/demand) contributed to a significant
strengthening of market conditions in late June and early July. Demand
exceeded supply during this time, and short-term yields on municipal issues
dropped accordingly.
In the fall, rates on short-term issues settled into a trading range.
However, a steady interchange of variable rate demand notes (VRDNs) between
corporate holders and municipal money market funds kept rates on these
securities attractive, which resulted in an inverted yield curve (where rates
on shorter
maturities are higher than rates on longer issues) throughout most of the
season. It is expected that this situation will change dramatically in
January as cashflows into municipal money market funds increase demand for
VRDNs and their rates drop.
THE PORTFOLIO
With the inverted yield curve, daily and weekly demand notes yielded
moderately more than both commercial paper and notes through most of the
period. However, since this situation is expected to change, our investment
strategy involved an attempt to lengthen the maturity, where possible, and to
lock in rates that we felt would outperform variable rate notes early in
1996.
The commercial paper and one-year note markets provided the means for
extending while attempting to maintain a competitive yield. However, our
success in achieving the desired average maturity was somewhat limited due to
a dearth of high quality issues from which to choose. As a result, your
Fund's current average maturity still leaves room to extend if a change in
market or supply conditions warrants.
Our primary tasks - to preserve principal, to invest in those issues that
meet our high quality standards, and to maintain a balance of income and
liquidity consistent with our conservative management philosophy - continue
to guide our portfolio decisions.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we appreciate greatly your continued confidence in the Fund
and in The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
December 15, 1995
New York, N.Y.
*Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
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DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF INVESTMENTS NOVEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
_______ _______
<S> <C> <C>
Broome County Industrial Development Agency, IDR, Refunding, VRDN
(Bing Realty Co. Project) 3.70% (LOC; Meridian Bank Corp.) (a,b)........ $ 1,350,000 $ 1,350,000
Metropolitan Transport Authority, Commuter Facilities Revenue, VRDN
3.55% (LOC: Bank of Tokyo, Industrial Bank of Japan, Mitsubishi Bank,
Morgan Bank, Morgan Guaranty Trust Co., National Westminster Bank
and Sumitomo Bank) (a,b)................................................ 34,300,000 34,300,000
Monroe County, RAN 4.50%, 3/14/96........................................... 5,000,000 5,010,229
Monroe County Industrial Development Agency, Revenue, VRDN (Enbi Corp.)
3.45% (LOC; ABN-Amro Bank) (a,b)........................................ 4,700,000 4,700,000
City of New York, VRDN:
3.80%, Series B (Insured; MBIA and Liquidity Facility; National Westminster) (a) 6,000,000 6,000,000
Trust Cultural Resource Revenue, Refunding (American Museum of Natural
History)
3.45%, Series A (Insured; MBIA and BPA; Credit Suisse) (a)............ 6,000,000 6,000,000
New York City Housing Development Corporation, Mortgage Revenue, VRDN:
Multi-Family (York Avenue Development Project) 3.85% (LOC; Chemical Bank) (a,b) 7,000,000 7,000,000
(Park Gate Tower) 3.50% (LOC; Citibank) (a,b)........................... 655,000 655,000
New York City Industrial Development Agency, VRDN:
Civil Facility Revenue (Mercy College Project)
3.45% (LOC; The Bank of New York) (a,b).............................. 1,900,000 1,900,000
IDR:
(La Guardia Association Project) 3.60% (LOC; Banque Indosuez) (a,b)... 13,700,000 13,700,000
(Japan Airlines Co. Limited Project) 4% (LOC; Morgan Guaranty Trust Co.) (a,b) 23,200,000 23,200,000
(Stroheam & Roman Project) 3.80% (LOC; Westdeutsche Landesbank) (a,b). 5,700,000 5,700,000
New York City Municipal Water Finance Authority, Water & Sewer Systems
Revenue:
CP 3.55%, 1/25/96 (LOC; Canadian Imperial Bank of Commerce) (b)......... 10,000,000 10,000,000
VRDN 3.80% (Insured; FGIC and Liquidity Facility; FGIC) (a)............. 10,300,000 10,300,000
New York State Dormitory Authority, Revenues, CP (Memorial Sloan Kettering)
3.70%, Series C, 12/7/95 (LOC; Chemical Bank) (b)....................... 16,100,000 16,100,000
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
VRDN:
(Central Hudson Gas and Electric Co. Project)
3.80%, Series A (LOC; Union Bank of Switzerland) (a,b)............ 2,600,000 2,600,000
Refunding (New York State Electric and Gas)
3.45%, Series B (LOC; Union Bank of Switzerland) (a,b)............ 8,350,000 8,350,000
(Niagara Mohawk Project Corp.)
4.05% (LOC; Morgan Guaranty Trust Co.) (a,b)...................... 6,000,000 6,000,000
New York State Housing Finance Agency, MFHR, VRDN 3.85%, Series A (a)....... 3,100,000 3,100,000
New York State Local Government Assistance Corporation, VRDN:
3.50%, Series A (LOC: Credit Suisse, Swiss Bank Corp. and
Union Bank of Switzerland) (a,b)...................................... 29,100,000 29,100,000
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ _______
New York State Local Government Assistance Corporation, VRDN (continued):
3.50%, Series B (LOC: Credit Suisse and Swiss Bank Corp.) (a,b)......... $ 5,300,000 $ 5,300,000
New York State Medical Care Facilities Finance Agency, Revenue, VRDN:
(Childrens Hospital Buffalo) 3.50%, Series A (LOC; Barclays Bank) (a,b). 4,200,000 4,200,000
(Pooled Equipment Loan Program) 3.65% (LOC; Chemical Bank) (a,b)........ 8,000,000 8,000,000
Niagara County, BAN 5.50%, 1/25/96.......................................... 7,000,000 7,004,515
Patchogue-Medford Union Free School District, TAN 4.375%, 6/27/96........... 8,500,000 8,523,944
Rochester County, BAN 4.75%, 3/12/96........................................ 10,068,000 10,088,644
Sachem Central School District, TAN 4.125%, 6/27/96......................... 15,000,000 15,032,579
Smithtown Central School District, TAN 4.25%, 6/27/96....................... 6,000,000 6,018,155
Suffolk County, TAN 4.50%, 9/12/96 (LOC: Canadian Imperial Bank of Commerce,
National Westminster and Westdeutsche Landesbank) (b)................... 15,000,000 15,073,303
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
3.50% (Insured; FGIC) (a)............................................... 14,500,000 14,500,000
Westchester County, TAN 5%, 12/14/95........................................ 10,000,000 10,001,723
_______
TOTAL INVESTMENTS
(cost $303,808,092)..................................................... $303,808,092
=======
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DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
BAN Bond Anticipation Notes MBIA Municipal Bond Investors Assurance
BPA Bond Purchase Agreement Insurance Corporation
CP Commercial Paper MFHR Multi-Family Housing Revenue
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
IDR Industrial Development Revenue RAN Revenue Anticipation Notes
LOC Letter of Credit TAN Tax Anticipation Notes
VRDN Variable Rate Demand Notes
</TABLE>
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<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- -------- ------- ----------------- ------------------
<S> <C> <S> <C>
F1+/F1 VMIG1/MIG1/P1 (d) SP1+/SP1/A1/A1+ (d) 91.5%
AAA/AAA (e) Aaa/AA (e) AAA/AA (e) .2
Not Rated (f) Not Rated (f) Not Rated (f) 8.3
____
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, 1995, 65.4% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks and brokerage firms, of which Chemical Bank and
Morgan Guaranty Trust Co. provided letters of credit to 10.1% and 10.8%
of the Fund's net assets, respectively.
(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 Manager 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.
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DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $303,808,092
Cash.................................................................... 2,866,498
Interest receivable..................................................... 2,416,687
Prepaid expenses........................................................ 4,270
_______
309,095,547
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $130,984
Accrued expenses........................................................ 86,531 217,515
_____ _______
NET ASSETS ................................................................ $308,878,032
=======
REPRESENTED BY:
Paid-in capital......................................................... $308,930,307
Accumulated net realized (loss) on investments.......................... (52,275)
_______
NET ASSETS at value applicable to 308,930,307 outstanding shares of
Beneficial Interest, equivalent to $1.00 per share
(unlimited number of $.001 par value shares authorized)................. $308,878,032
=======
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1995 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 5,834,380
EXPENSES:
Management fee-Note 2(a).............................................. $ 778,021
Shareholder servicing costs-Note 2(b)................................. 137,193
Professional fees..................................................... 38,416
Custodian fees........................................................ 16,196
Trustees' fees and expenses-Note 2(c)................................. 9,850
Prospectus and shareholders' report................................... 8,314
Registration fees..................................................... 3,357
Miscellaneous......................................................... 6,284
_____
TOTAL EXPENSES.................................................... 997,631
_______
INVESTMENT INCOME-NET, representing net increase in net assets
resulting from operations............................................... $ 4,836,749
=======
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
MAY 31, NOVEMBER 30, 1995
1995 (UNAUDITED)
________ ___________
<S> <C> <C>
OPERATIONS:
Investment income-net............................................... $ 8,884,535 $ 4,836,749
Net realized (loss) on investments.................................. (26,195) __
________ ________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.............. 8,858,340 4,836,749
________ ________
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net............................................... (8,884,535) (4,836,749)
________ ________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold....................................... 333,556,193 154,903,670
Dividends reinvested................................................ 8,431,092 4,573,981
Cost of shares redeemed............................................. (368,085,583) (168,439,397)
________ ________
(DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.... (26,098,298) (8,961,746)
________ ________
TOTAL (DECREASE) IN NET ASSETS................................ (26,124,493) (8,961,746)
NET ASSETS:
Beginning of period................................................. 343,964,271 317,839,778
________ ________
End of period....................................................... $ 317,839,778 $ 308,878,032
======== ========
See independent accountants' review report and notes to financial statements.
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<TABLE>
<CAPTION>
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, 1995
____________________________________________________
PER SHARE DATA: 1991 1992 1993 1994 1995 (UNAUDITED)
____ ____ ____ ____ _____ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
____ ____ ____ ____ ____ ____
INVESTMENT OPERATIONS:
Investment income-net............... .0458 .0321 .0186 .0168 .0273 .0155
Net realized and unrealized gain (loss)
on investments.................... -- -- .0001 (.0001) (.0001) --
____ ____ ____ ____ ____ ____
TOTAL FROM INVESTMENT OPERATIONS.. .0458 .0321 .0187 .0167 .0272 .0155
____ ____ ____ ____ ____ ____
DISTRIBUTIONS;
Dividends from investment income-net (.0458) (.0321) (.0186) (.0168) (.0273) (.0155)
____ ____ ____ ____ ____ ____
Net asset value, end of period...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==== ==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN................. 4.68% 3.26% 1.87% 1.69% 2.76% 3.11%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .61% .64% .67% .68% .68% .64%*
Ratio of net investment income to
average net assets................ 4.59% 3.22% 1.86% 1.68% 2.71% 3.10%*
Net Assets, end of period (000's Omitted) $478,040 $418,763 $379,816 $343,964 $317,840 $308,878
*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. Premier Mutual
Fund Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares, which are sold to the public without a sales charge. 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. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
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.
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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 November 30, 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
six months ended November 30, 1995.
Effective December 1, 1995, Dreyfus Transfer, Inc. a wholly-owned
subsidiary of the Manager, serves as the Fund's Transfer and Dividend
Disbursing Agent.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% 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 six months ended November 30, 1995, the Fund was charged an
aggregate of $36,523 pursuant to the Shareholder Services Plan.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund 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
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, 1995, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended November 30, 1995. 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, 1995 and financial highlights for each of the five years in the
period ended May 31, 1995 and in our report dated July 7, 1995, we expressed
an unqualified opinion on such statement of changes in net assets and
financial highlights.
[Ernst and Young LLP signature logo]
New York, New York
January 10, 1996
[Dreyfus lion "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
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 273SA9511
[Dreyfus logo]
New York
Tax Exempt
Money Market Fund
Semi-Annual
Report
November 30, 1995
