DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for Dreyfus New York Tax
Exempt Money Market Fund for the 12-month period ended May 31, 1998. Your
Fund produced a yield of 2.93% and, after taking into account the effect of
compounding, the effective yield was 2.97%.*
Money Market Overview
Over the past several months, mixed economic signals have made it
difficult to discern the direction in which the economy is moving. Consumer
spending increased 0.5% in both April and May, fueled by both strong
employment and income growth. In addition, construction spending also rose
0.8% in April for the fifth straight monthly increase. On the other hand,
spring housing data was mixed, with new home sales rising to record levels in
April and existing-home sales and new housing starts dropping off. The U.S.
trade gap also continued to widen, as manufacturers reported declines in
exports to Asia, and tough competition from cheaper Asian imports. With
arguments to be made for both continued growth and emerging weakness, it
appears that Federal Reserve Board monetary policy will remain on hold at
least until something major happens to sway Board members' opinions one way
or another.
Inflation has remained benign throughout the period. Incoming data from
April did show a small 0.2% increase in the Consumer Price Index, although
this modest rise was the largest in six months. With no consensus as to the
direction of the economy, the Federal Reserve Board Open Market Committee
left short-term interest rates unchanged at its May meeting; however, the
decision to do so may not have been unanimous. Those most wary of inflation
may win out in upcoming meetings if the economy does not cool on its own.
Interest rates on money market securities fluctuated modestly during the
period, but remained largely unchanged. As U.S. Treasury borrowing needs
continued to reduce the supply of money market securities, demand remained
steady.
Market Environment/Portfolio Overview
While the Fed has remained quiet over the past six months, market
technicals (i.e. supply/demand fluctuations) have played a major role in our
overall investment strategy. The municipal money market has experienced some
of these changes in seasonal cash flows and note issuance since our last
report. For example, in late December, the short-term municipal market
experienced a sharp, albeit temporary, rise in short-term rates as a result
of corporate seasonal window dressing. Dealers priced securities at
attractive levels in order to minimize their inventories, which helped to
boost your Fund's yield at year end. The situation reversed in January as
assets flowed back into the tax-exempt money funds, thereby putting downward
pressure on yields. During this period, yields on tax-exempt money market
funds fluctuated in response to these supply and demand imbalances.
By mid-January, the market stabilized and normal trading patterns, for
the most part, returned and continued through March. In April, money funds
were tapped for income tax payments which, once again, put upward pressure on
rates as funds experienced redemptions. Supply conditions in late May
reversed this trend as municipal fund managers anticipated the effect of over
$10 billion notes leaving the market when they mature this month.
Unlike previous summer financing periods, this year's calendar of
municipal notes appropriate for purchase for your Fund was drastically
reduced by a combination of factors. Due to the strength of local and state
economies, many issuers (a significant number of which were not New
York-exempt) reduced the amount of short-term borrowings. Additionally, many
issuers came to market with maturities outside of the 13-month maximum
maturity allowable for money funds, whereas these notes were eligible for
purchase in prior years. Other issues were converted to a synthetic structure
that is not currently permitted for purchase in your Fund. The overall result
was a lower yield for those note issues that were considered appropriate
investments for your Fund. We expect to choose selectively among these issues
and those to follow
in the coming weeks to structure the portfolio in an attempt to maximize
current yield while maintaining our commitment to high quality tax-exempt
investments.
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 greatly appreciate your continued confidence in this Fund
and in The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
June 18, 1998
New York, N.Y.
* Effective yield is based upon dividends declared daily and reinvested
monthly.
<TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF INVESTMENTS MAY 31, 1998
Principal
Tax Exempt Investments-100.0% Amount Value
____________ ____________
<S> <C> <C>
Deer Park Union Free School District, TAN 4.25%, 6/26/98.................... $ 8,000,000 $ 8,002,113
Dover Union Free School District, BAN 4.25%, 9/11/98........................ 7,000,000 7,004,238
Half Hallow Hills Central School District, TAN
(Huntington and Babylon) 4%, 6/26/98...................................... 9,000,000 9,001,006
Long Island Power Authority, Electric Systems Revenue:
CP 3.75%, 8/19/98 (LOC: Bayerische Landesbank and Westdeutsche Landesbank) (a) 5,000,000 5,000,000
VRDN 3.95%, Series 6, Subseries 3B
(LOC: ABN-Amro Bank and Morgan Guaranty Trust Co.) (a,b)................ 7,000,000 7,000,000
Longwood Central School District, TAN 4.35%, 6/30/98........................ 5,600,000 5,601,709
Monroe County Industrial Development Agency, Revenue, VRDN (Enbi Corp.)
3.70% (LOC; Rabobank Nederland) (a,b)..................................... 4,700,000 4,700,000
Municipal Assistance Corporation, CP:
3.65%, Series 2, 7/16/98 (LOC; Landesbank Hessen) (a)..................... 10,000,000 10,000,000
3.45%, Series 2, 7/20/98 (LOC; Landesbank Hessen) (a)..................... 8,000,000 8,000,000
New York City, VRDN:
4%, Series B-3 (Insured; MBIA and LOC; Bank of Nova Scotia) (a,b)......... 6,300,000 6,300,000
4%, Series E-2 (LOC; Morgan Guaranty Trust Co.) (a,b)..................... 2,600,000 2,600,000
4%, Series E-5 (LOC; Morgan Guaranty Trust Co.) (a,b)..................... 4,000,000 4,000,000
New York City Health and Hospital Corporation, Health Systems Revenue, VRDN
3.80%, Series B (LOC; Canadian Imperial Bank of Commerce) (a,b)........... 7,900,000 7,900,000
New York City Housing Development Corporation, Mortgage Revenue, VRDN:
(Multi-Family York Avenue Development Project) 3.90% (LOC; Midland Bank) (a,b) 7,000,000 7,000,000
(Park Gate Tower) 3.55%, Series 1 (LOC; Citibank) (a,b)................... 545,000 545,000
New York City Industrial Development Agency, VRDN:
Civil Facility Revenue (Mercy College Project)
3.80% (LOC; The Bank of New York) (a,b)................................. 1,700,000 1,700,000
IDR:
(La Guardia Association Project) 3.95% (LOC; Credit Agricole-Indosuez) (a,b) 13,700,000 13,700,000
(Stroheim & Roman Project) 3.80% (LOC; Westdeutsche Landesbank) (a,b)... 5,700,000 5,700,000
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue, VRDN
4%, Series C (Liquidity and Insured; FGIC) (b)............................ 6,800,000 6,800,000
New York City Trust, Cultural Resource Revenue, Refunding, VRDN
(American Museum of Natural History)
3.90%, Series A (Insured; MBIA and BPA; Credit Suisse) (b)................ 5,765,000 5,765,000
State of New York, CP:
3.50%, 7/13/98 (LOC; Westdeutsche Landesbank) (a)......................... 5,000,000 5,000,000
3.55%, 7/13/98 (LOC; Westdeutsche Landesbank) (a)......................... 10,000,000 10,000,000
New York State Energy, Research and Development Authority, PCR:
(LILCO Project)
3.232%, Series B, 3/1/99 (LOC; Deutsche Bank) (a)....................... 10,000,000 10,000,000
VRDN:
(Central Hudson Gas and Electric)
3.75%, Series A (LOC; Union Bank of Switzerland) (a,b)................ 2,600,000 2,600,000
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1998
Principal
Tax Exempt Investments (continued) Amount Value
____________ ____________
New York State Energy, Research and Development Authority, PCR (continued):
VRDN (continued):
(Niagra Mohawk Power Corp.)
4.05%, Series C (LOC; Canadian Imperial Bank of Commerce) (a,b)....... $ 18,100,000 $ 18,100,000
New York State Housing Finance Agency, VRDN:
Contract Obligation 3.85%, Series A (LOC; Commerzbank) (a,b).............. 11,000,000 11,000,000
MFHR 4%, Series A (Insured; AMBAC and SBPA; Bank of Tokyo-Mitsubishi) (b). 3,100,000 3,100,000
New York State Local Government Assistance Corporation, VRDN:
3.85%, Series A (LOC: Credit Suisse and Union Bank of Switzerland) (a,b).. 28,000,000 28,000,000
3.85%, Series B (LOC; Krediet Bank) (a,b)................................. 5,000,000 5,000,000
New York State Medical Care Facilities Finance Agency, Revenue, VRDN
(Pooled Equipment Loan Program) 3.80% (LOC; Chase Manhattan Bank) (a,b)... 8,000,000 8,000,000
New York State Power Authority, Revenue, CP
3.75%, 7/22/98 (Liquidity: Bank of Nova Scotia, Commerzbank, Credit Locale
de France,
Landeshessen-Thuringen, Morgan Guaranty Trust Co. and Toronto-Dominion Bank) 13,000,000 13,000,000
Suffolk County, TAN:
4.25%, 8/13/98 (LOC: Canadian Imperial Bank of Commerce, National
Westminster
Bank and Westdeutsche Landesbank) (a)................................... 11,000,000 11,012,963
4.25%, Series II, 9/10/98 (LOC: Canadian Imperial Bank of Commerce,
National Westminster Bank and Westdeutsche Landesbank) (a).............. 10,000,000 10,010,638
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
3.90% (Insured; FGIC and Liquidity Facility; FGIC) (b).................... 13,900,000 13,900,000
_____________
TOTAL INVESTMENTS
(cost $275,042,667)....................................................... $275,042,667
=============
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
<S> <C> <C>
Summary of Abbreviations
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
BAN Bond Anticipation Notes Insurance Corporation
BPA Bond Purchase Agreement MFHR Multi-Family Housing Revenue
CP Commercial Paper PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Company SBPA Standby Bond Purchase Agreement
IDR Industrial Development Revenue TAN Tax Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
Fitch (c) or Moody's or Standard & Poor's Percentage of Value
_______ ________ _________________ ___________________
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 95.4%
Not Rated (e) Not Rated (e) Not Rated (e) 4.6
_______
100.0%
=======
Notes to Statement of Investments:
(a) Secured by letters of credit. At May 31, 1998, 72.1% of the Fund's
net assets are backed by letters of credit issued by domestic banks,
foreign banks and brokerage firms, of which Canadian Imperial Bank of
Commerce and Westdeutsche Landesbank provided letters of credit to
11.8% and 10.8% of the Fund's net assets, respectively.
(b) 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.
(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 and Standard &
Poor's have been determined by the Manager to be of comparable quality
to those rated securities in which the Fund may invest.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES MAY 31, 1998
Cost Value
____________ ____________
<S> <C> <C>
ASSETS: Investments in securities-See Statement of Investments $275,042,667 $275,042,667
Cash....................................... 4,027,060
Interest receivable........................ 2,401,779
Prepaid expenses........................... 23,106
____________
281,494,612
____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 147,313
Accrued expenses........................... 73,421
____________
220,734
____________
NET ASSETS.................................................................. $281,273,878
============
REPRESENTED BY: Paid-in capital............................ $281,336,349
Accumulated net realized gain (loss) on investments (62,471)
____________
NET ASSETS.................................................................. $281,273,878
============
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest
authorized) ........................................... 281,336,349
NET ASSET VALUE, offering and redemption price per share.................... $1.00
=====
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF OPERATIONS YEAR ENDED MAY 31, 1998
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income................................ $10,585,888
EXPENSES: Management fee-Note 2(a)....................... $ 1,470,427
Shareholder servicing costs-Note 2(b).......... 358,110
Professional fees.............................. 48,607
Custodian fees................................. 30,577
Trustees' fees and expenses-Note 2(c).......... 21,194
Prospectus and shareholders' reports........... 16,649
Registration fees.............................. 11,020
Miscellaneous.................................. 8,589
____________
Total Expenses 1,965,173
____________
INVESTMENT INCOME-NET....................................................... 8,620,715
NET REALIZED GAIN (LOSS) ON INVESTMENTS-Note 1(b)........................... (4,789)
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 8,615,926
============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
May 31, 1998 May 31, 1997
_______________ _______________
OPERATIONS:
<S> <C> <C>
Investment income-net.................................................... $ 8,620,715 $ 8,292,734
Net realized gain (loss) on investments.................................. (4,789) (2,193)
_______________ _______________
Net Increase (Decrease) in Net Assets Resulting from Operations........ 8,615,926 8,290,541
_______________ _______________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net.................................................... (8,620,715) (8,292,734)
_______________ _______________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold............................................ 357,550,281 321,563,516
Dividends reinvested..................................................... 8,147,298 7,854,026
Cost of shares redeemed.................................................. (375,947,667) (336,654,228)
_______________ _______________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions (10,250,088) (7,236,686)
_______________ _______________
Total Increase (Decrease) in Net Assets.............................. (10,254,877) (7,238,879)
NET ASSETS:
Beginning of period...................................................... 291,528,755 298,767,634
_______________ _______________
End of period............................................................ $281,273,878 $291,528,755
=============== ===============
SEE 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.
Year Ended May 31,
______________________________________________________
PER SHARE DATA: 1998 1997 1996 1995 1994
______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______ ______
Investment Operations:
Investment income-net........................ .029 .028 .030 .027 .017
______ ______ ______ ______ ______
Distributions:
Dividends from investment income-net......... (.029) (.028) (.030) (.027) (.017)
______ ______ ______ ______ ______
Net asset value, end of period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN.......................... 2.97% 2.83% 3.05% 2.76% 1.69%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... .67% .68% .64% .68% .68%
Ratio of net investment income to average net assets 2.93% 2.79% 3.00% 2.71% 1.68%
Net assets, end of period (000's Omitted).... $281,274 $291,529 $298,768 $317,840 $343,964
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus New York Tax Exempt Money Market Fund (the "Fund") is registered
under the Investment Company Act of 1940 ("Act") as a non-diversified
open-end management investment company. The Fund's investment objective is to
provide investors with as high a level of current income exempt from Federal,
New York State and New York City income taxes as is consistent with the
preservation of capital and the maintenance of liquidity. The Dreyfus
Corporation ("Manager") serves as the Fund's investment adviser. The Manager
is a direct subsidiary of Mellon Bank, N.A. Premier Mutual Fund Services,
Inc. is the distributor of the Fund's shares, which are sold to the public
without a sales charge.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value per share of $1.00.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: Investments in securities 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. Cost of investments represents amortized cost. Under the terms of
the custodian agreement, the Fund received net earnings credits of $11,693
during the period ended May 31, 1998 based on available cash balances left on
deposit. Income earned under this arrangement is included in interest income.
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 $44,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to May 31, 1998. The
carryover does not include net realized securities losses from November 1,
1997 through May 31, 1998, which are treated, for Federal income tax purposes
as arising in fiscal 1999. If not applied, $1,000 of the carryover expires in
fiscal 1999, $2,000 expires in fiscal 2002, $27,000 expires in fiscal 2003,
$7,000 expires in fiscal 2004, $3,000 expires in fiscal 2005 and $4,000
expires in fiscal 2006.
At May 31, 1998, 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 (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 value
of the Fund's average daily net assets and is payable monthly. The Agreement
provides that if in any full fiscal year the aggregate expenses of the Fund,
exclusive of taxes, brokerage, interest on borrowings and extraordinary
expenses, exceed 11\2% of the value of the Fund's average daily net assets
the Fund may deduct from the payments to be made to the Manager, or the
Manager will bear such excess expense. During the period ended May 31, 1998,
there was no expense reimbursement pursuant to the Agreement.
(b) Under the 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 period ended May 31, 1998, the Fund was charged $208,612 pursuant
to the Shareholder Services Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
the Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. During the
period ended May 31, 1998, the Fund was charged $113,832 pursuant to the
transfer agency agreement.
(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
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, 1998, 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 and financial highlights. Our procedures included
confirmation of securities owned as of May 31, 1998 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, 1998,
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 LLP signature logo]
New York, New York
July 7, 1998
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, 1998 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 lion "d" logo]
Registration Mark
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.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 273AR985
[Dreyfus logo]
Registration Mark
New York
Tax Exempt
Money Market Fund
Annual Report
May 31, 1998
