<PAGE>
Dreyfus
New York
Tax Exempt
Money Market Fund
Semi-Annual
Report
November 30, 1997
<PAGE>
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 six-month period ended November 30, 1997. Your Fund
produced an annualized yield of 3.01% and, after taking into account the effect
of compounding, the annualized effective yield was 3.05%.*
Economic Overview
The U.S. economy continued to grow solidly during recent months, although
there were signs of a slowdown ahead as the period drew to a close. Growth in
the Gross Domestic Product (GDP) remained strong during the second quarter of
1997, at 3.3%, and fall data seemed to indicate more of the same for the third
quarter. Construction of new homes and apartments unexpectedly rose in October,
while retailing results improved and product orders stayed strong. Job gains
were also healthy, and October's unemployment rate dipped to a 24-year low.
Weakness began to emerge, however, with a sharp widening in the September trade
gap, probably representing the first sign that Asia's financial turmoil is
slowing U.S. growth. Recent orders for big-ticket durables also suggested some
economic deceleration, as did a drop in November's National Association of
Purchasing Managers' factory index, which has declined three of the last four
months.
Although strong economic growth and tightening employment conditions have
kept market participants on edge about the potential for rising inflation, the
actual inflation picture has improved. The highly reliable, broadly based core
GDP chain weight price index was up only 1.6% over the past four quarters, and
has been demonstrating a clear decelerating trend. In fact, the Federal Reserve
Board's Open Market Committee left the Federal Funds target rate unchanged at
its November meeting and has not raised it since last March. Short-term rates
have responded accordingly and remained in a trading range throughout most of
the period.
Market Environment/Portfolio Overview
While the Federal Reserve Board remained quiet over the summer months,
market technicals (i.e. supply/demand) played a major role in the short-term
municipal market. Supply of one-year notes dissipated as many securities
matured in late June and July. This increase in investable assets marketwide
placed temporary downward pressure on yields. In the following weeks, issuers
returned to the market with their summer financings, alleviating the supply and
demand imbalance. During this period, your Fund selectively purchased high-
quality New York tax-exempt notes which allowed your Fund to diversify and
extend out on the one-year yield curve. Since that time, the market for one-
year paper has remained in a trading range. With the relatively flat yield
curve environment that existed, we did not need to extend your Fund's average
maturity significantly in order to capture and lock in attractive rates.
<PAGE>
As year-end approaches we expect to see a temporary rise in short-term rates
as a result of corporate "window dressing." In addition, dealers generally
price securities at attractive levels in order to keep their year-end inventory
to a minimum. This situation tends to reverse itself in early January as
investors return to the marketplace and demand for short-term municipals
increases. As a result, over year-end we expect to see some volatility in
short-term yields but then the market should stabilize. During this period we
will attempt to minimize the volatility in rates for your Fund by purchasing
commercial paper or short notes which mature beyond January. As always, new
investments will continue to meet the high credit quality standards which we
require and to provide a significant level of liquidity, commensurate with the
needs of your Fund.
Very truly yours,
/s/ Richard J. Moynihan
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 18, 1997
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<PAGE>
Dreyfus New York Tax Exempt Money Market Fund
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Statement of Investments November 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Tax Exempt Investments--100.0% Amount Value
- -------------------------------------------------------------------------------- ------------ ------------
<S> <C> <C>
New York--94.7%
Deer Park Union Free School District, TAN 4.25%, 6/26/98....................... $ 8,000,000 $ 8,017,491
Dover Union Free School District, BAN 4.25%, 9/11/98........................... 7,000,000 7,011,800
Half Hallow Hills Central School District, TAN
(Huntington and Babylon) 4%, 6/26/98........................................ 9,000,000 9,008,333
Longwood Central School District, TAN 4.35%, 6/30/98........................... 5,600,000 5,612,436
Metropolitan Transportation Authority, Commuter Facilities Revenue, VRDN
4.15% (LOC: Bank of Tokyo-Mitsubishi, Industrial Bank of Japan, JP Morgan,
National Westminster Bank and Sumitomo Bank) (a,b).......................... 11,500,000 11,500,000
Monroe County Industrial Development Agency, Revenue, VRDN (Enbi Corp.)
3.70% (LOC; Rabobank Nederland) (a,b)....................................... 4,700,000 4,700,000
New York City:
CP:
3.70%, 12/11/97 (LOC: Morgan Guaranty Trust Co.) (a)..................... 5,000,000 5,000,000
Municipal Assistance Corporation
3.60%, Series 2, 12/10/97 (LOC; Landesbank Hessen) (a)................ 10,000,000 10,000,000
RAN 4.50%, Series A, 6/30/98 (LOC: Bayerische Landesbank, Landesbank Hessen,
Morgan Guaranty Trust Co., National Westminster Bank, Societe Generale and
Westdeutsche Landesbank) (a)............................................. 10,000,000 10,036,042
VRDN
Trust Cultural Resource Revenue, Refunding (American Museum of Natural History)
3.75%, Series A (Insured; MBIA and BPA; Credit Suisse) (b)............... 5,900,000 5,900,000
New York City Health and Hospital Corporation, Health Systems Revenue, VRDN
3.85%, Series B (LOC; Canadian Imperial Bank of Commerce) (a,b)............. 8,000,000 8,000,000
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) 3.85%, Series 1 (LOC; Citibank) (a,b)..................... 580,000 580,000
(Residential East 17th Street) 3.90%, Series A (LOC; Chase Manhattan Bank) (a,b) 2,700,000 2,700,000
New York City Industrial Development Agency, VRDN:
Civil Facility Revenue (Mercy College Project)
3.90% (LOC; The Bank of New York) (a,b).................................. 1,700,000 1,700,000
IDR:
(La Guardia Association Project) 3.80% (LOC; Credit Agriole-Indosuez) (a,b) 13,700,000 13,700,000
(Stroheim & Roman Project) 3.90% (LOC; Westdeutsche Landesbank) (a,b).... 5,700,000 5,700,000
New York State Dormitory Authority, Revenues, CP (Memorial Sloan Kettering)
3.65%, Series A, 12/5/97 (LOC; Chase Manhattan Bank) (a).................... 7,700,000 7,700,000
New York State Energy, Research and Development Authority, PCR:
(New York State Electric and Gas)
3.60%, Series D, 12/1/97 (LOC; Union Bank of Switzerland) (a)............ 5,000,000 5,000,000
VRDN (Central Hudson Gas and Electric)
3.95%, Series A (LOC; Union Bank of Switzerland) (a,b)................... 2,600,000 2,600,000
</TABLE>
<PAGE>
Dreyfus New York Tax Exempt Money Market Fund
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Statement of Investments (continued) November 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Tax Exempt Investments (continued) Amount Value
- -------------------------------------------------------------------------------- ------------- ------------
<S> <C> <C>
New York (continued)
New York State Housing Finance Agency, VRDN:
Contract Obligation 3.80%, Series A (LOC; Commerz Bank) (a,b)............... $ 15,000,000 $ 15,000,000
MFHR 3.80%, 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:
3.80%, Series A (LOC: Credit Suisse and Union Bank of Switzerland) (a,b).... 28,300,000 28,300,000
3.90%, Series B (LOC; Credit Suisse) (a,b).................................. 5,100,000 5,100,000
New York State Medical Care Facilities Finance Agency, Revenue, VRDN:
(Childrens Hospital Buffalo) 4%, Series A (LOC; Barclays Bank) (a,b)........ 3,800,000 3,800,000
(Pooled Equipment Loan Program) 3.90% (LOC; Chase Manhattan Bank) (a,b)..... 8,000,000 8,000,000
New York State Power Authority, Revenue:
CP 3.85%, 3/12/98 (LOC: Bank of America, The Bank of New York, Bank of Nova Scotia,
Bank of Tokyo-Mitsubishi, Chase Manhattan Bank, Citibank,
Industrial Bank of Japan and Sanwa Bank) (a)............................. 13,000,000 13,000,000
General Purpose Junior Lien
3.75%, 3/1/98 (LOC: Bank of America, Bank of Tokyo-Mitsubishi,
Morgan Guaranty Trust Co. and Sumitomo Bank) (a)......................... 10,000,000 10,000,000
Port Authority of New York and New Jersey, Special Obligation Revenue, VRDN
(Versatile Structure) 3.85%, Series 2 (LOC; Morgan Guaranty Trust Co.)...... 6,900,000 6,900,000
Rochester County, BAN 4%, Series I, 3/10/98.................................... 15,000,000 15,011,750
Rockland County, RAN 4.25%, 4/15/98............................................ 5,000,000 5,007,120
Suffolk County, TAN 4.25%, Series II, 9/10/98 (LOC: Canadian Imperial Bank of Commerce,
National Westminster Bank and Westdeutsche Landesbank) (a).................. 10,000,000 10,029,806
Triborough Bridge and Tunnel Authority, Special Obligation, VRDN
3.75% (Insured; FGIC and Liquidity Facility; FGIC) (b)...................... 15,400,000 15,400,000
Westchester County, TAN 3.48%, 12/11/97........................................ 7,175,000 7,175,000
U.S. Related--5.3%
Commonwealth of Puerto Rico Government Development Bank, CP
3.85%, 12/4/97.............................................................. 15,650,000 15,650,000
------------
TOTAL INVESTMENTS
(cost $292,939,778)......................................................... $292,939,778
============
</TABLE>
<PAGE>
Dreyfus New York Tax Exempt Money Market Fund
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<TABLE>
<CAPTION>
Summary of Abbreviations
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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 Corporation RAN Revenue Anticipation Notes
IDR Industrial Development Revenue SBPA Standby Bond Purchase Agreement
LOC Letter of Credit TAN Tax Anticipation Notes
VRDN Variable Rate Demand Notes
</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, P1 (d) SP1+/SP1, A1+/A1 (d) 89.5%
Not Rated (e) Not Rated (e) Not Rated (e) 10.5
-------
100.0%
=======
</TABLE>
Notes to Statement of Investments:
- ------------------------------------------------------------------------------
(a) Secured by letters of credit. At November 30, 1997, 66.4% of the Fund's net
assets are backed by letters of credit issued by domestic banks, foreign
banks and brokerage firms.
(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.
<PAGE>
Dreyfus New York Tax Exempt Money Market Fund
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Statement of Assets and Liabilities November 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
Cost Value
------------ ------------
<S> <C> <C> <C>
ASSETS: Investments in securities--See Statement of Investments $292,939,778 $292,939,778
Cash............................................. 90,674
Interest receivable.............................. 2,184,117
Prepaid expenses................................. 18,841
------------
295,233,410
------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.... 92,439
Accrued expenses................................. 30,300
------------
122,739
------------
NET ASSETS..................................................................... $295,110,671
============
REPRESENTED BY: Paid-in capital.................................. $295,169,884
Accumulated net realized gain (loss) on investments (59,213)
------------
NET ASSETS..................................................................... $295,110,671
============
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest authorized). 295,169,884
NET ASSET VALUE, offering and redemption price per share....................... $1.00
=====
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus New York Tax Exempt Money Market Fund
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Statement of Operations Six Months Ended November 30, 1997 (Unaudited)
<TABLE>
<S> <C> <C> <C>
INVESTMENT INCOME
INCOME Interest Income............................ $5,419,194
EXPENSES: Management fee--Note 2(a).................. $741,141
Shareholder servicing costs--Note 2(b)..... 151,799
Professional fees.......................... 29,095
Custodian fees............................. 15,281
Trustees' fees and expenses--Note 2(c)..... 9,932
Prospectus and shareholders' reports....... 8,407
Registration fees.......................... 4,710
Miscellaneous.............................. 3,804
--------
Net Expenses............................. 964,169
----------
INVESTMENT INCOME--NET................................................... 4,455,025
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 1(b)....................... (1,531)
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS..................... $4,453,494
==========
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus New York Tax Exempt Money Market Fund
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Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Six Months Ended
November 30, 1997 Year Ended
(Unaudited) May 31, 1997
------------------ -------------
<S> <C> <C>
OPERATIONS:
Investment income--net................................................. $ 4,455,025 $ 8,292,734
Net realized gain (loss) on investments................................ (1,531) (2,193)
------------- -------------
Net Increase (Decrease) in Net Assets Resulting from Operations..... 4,453,494 8,290,541
------------- -------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net................................................. (4,455,025) (8,292,734)
------------- -------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold.......................................... 167,826,188 321,563,516
Dividends reinvested................................................... 4,216,244 7,854,026
Cost of shares redeemed................................................ (168,458,985) (336,654,228)
------------- -------------
Increase (Decrease) in Net Assets from Beneficial Interest Transactions 3,583,447 (7,236,686)
------------- -------------
Total Increase (Decrease) in Net Assets.......................... 3,581,916 (7,238,879)
NET ASSETS:
Beginning of Period.................................................... 291,528,755 298,767,634
------------- -------------
End of Period.......................................................... $ 295,110,671 $ 291,528,755
============= =============
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus New York Tax Exempt Money Market Fund
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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.
<TABLE>
<CAPTION>
Six Months Ended Year Ended May 31,
November 30, 1997 -------------------------------------------------
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993
----------------- ----- ----- ----- ----- -----
<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............... .015 .028 .030 .027 .017 .019
----- ----- ----- ----- ----- -----
Distributions:
Dividends from investment income--net (.015) (.028) (.030) (.027) (.017) (.019)
----- ----- ----- ----- ----- -----
Net asset value, end of period....... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== ===== =====
TOTAL INVESTMENT RETURN................. 3.03%* 2.83% 3.05% 2.76% 1.69% 1.87%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .65%* .68% .64% .68% .68% .67%
Ratio of net investment income
to average net assets............. 3.01%* 2.79% 3.00% 2.71% 1.68% 1.86%
Net Assets, end of period (000's omitted) $295,111 $291,529 $298,768 $317,840 $343,964 $379,816
<FN>
- ------------------
* Annualized.
</TABLE>
See notes to financial statements.
<PAGE>
Dreyfus New York Tax Exempt Money Market Fund
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NOTES TO FINANCIAL STATEMENTS (Unaudited)
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.
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 $55,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to May 31, 1997. The carryover
does not include net realized securities losses from November 1, 1996 through
May 31, 1997, which are treated, for Federal income tax purposes as arising in
fiscal 1998. If not applied, $15,000 of the carryover expires in fiscal 1998,
$1,000 expires in fiscal 1999, $2,000 expires in fiscal 2002, $27,000 expires
in fiscal 2003, $7,000 expires in fiscal 2004 and $3,000 expires in fiscal
2005.
<PAGE>
Dreyfus New York Tax Exempt Money Market Fund
- ------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
At November 30, 1997, 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 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 1/42% of the value of the Fund's average 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 November 30, 1997, 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 November 30, 1997, the Fund was charged $98,119 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 November 30, 1997, the Fund was charged $62,318 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.
<PAGE>
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 WashingtonStreet
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 273SA9711
