YEAR 2000 ISSUES (UNAUDITED)
The fund could be adversely affected if the computer systems used by The
Dreyfus Corporation and the fund' s other service providers do not properly
process and calculate date-related information from and after January 1, 2000.
The Dreyfus Corporation is working to avoid Year 2000-related problems in its
systems and to obtain assurances from other service providers that they are
taking similar steps. In addition, issuers of securities in which the fund
invests may be adversely affected by Year 2000-related problems. This could have
an impact on the value of the fund's investments and its share price.
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report for Dreyfus New York Tax Exempt
Money Market Fund for the six-month period ended November 30, 1998. Your Fund
produced an annualized yield of 2.66% and, after taking into account the effect
of compounding, the annualized effective yield was 2.69%.*
ECONOMY
During 1998, the main regions of the world had very different economic
fundamentals. The U.S. began the period with a strong economy near full
employment, with unemployment only slightly above 4%. The tight labor market led
the Federal Reserve Board to contemplate a rise in interest rates early in the
year. The U.S. economy cooled enough over the months that the Fed decided to
stand pat. Evidence of economic cooling continued to accumulate and worries
about the world economy intensified. Financial stresses pushed the Fed to ease
beginning in September. After many years of subpar economic growth, continental
Europe moved into a sustained economic expansion. The overall European economy
benefited as interest rates in peripheral countries such as Spain and Italy
fell, approaching the lower levels established by Germany, on the eve of
currency unification. Unlike the U.S., Europe has substantial excess capacity of
productive plants and labor. In Asia, weak economies were pervasive as a result
of the Asian financial crisis. The Latin American economies weakened as the
financial stresses spread throughout that region.
A main influence on the U.S. economy this year was the foreign financial
crisis and cooling of the world economy. The positive effects hit first. Actual
inflation and expected inflation dropped, causing a decline in long-term
Treasury bond yields and mortgage rates. This caused a boom in housing. The drop
in inflation helped the consumer sector as more of the growth in consumer income
was left over after inflation to buy goods and services. Consumers benefited
from a combination of good growth in real income, a strong labor market and past
increases in the prices of assets they owned.
The negative effect of Asian weakness was felt in the industrial sector more
than the consumer sector. Corporate profits weakened, especially in sectors
affected by the Asian crisis such as world-traded commodities (oil, metals and
paper) and exports. One result of the industrial weakness was to cool off a U.S.
economy that had been growing rapidly.
The major change in the economic outlook over recent months has been a
downward shift in expectations for world economic growth. A credit crunch
developed in emerging countries and former communist countries, sharply reducing
the economic outlook for Asia and Latin America as well as for commodity
exporting countries throughout the world. The effect on Europe and the U.S. has
been to lower expectations of profit growth and drive down bond yields. Monetary
policy has begun to ease in both the U.S. and Europe.
Evidence of a weaker world economy accumulated as the financial stresses
continued. A worsened financial crisis occurred between the Russian default in
mid-August and the fallout from the Long-Term Capital Management hedge fund
crisis through early October. However, proactive steps were taken to stabilize
the Japanese banks, design a support package for Brazil and ease monetary
policy. There appears to be a shift in the priorities of key policymakers from
fighting potential inflation to restimulating future world economic growth.
MARKET ENVIRONMENT/PORTFOLIO OVERVIEW
The manner in which the Federal Reserve eased this past quarter was a gradual
process. For three successive months, beginning in September, the Fed reduced
the target rate for Fed Funds a total of 75 basis points. The Fed also lowered
the Discount Rate by 25 basis points each, in November and December. The Fed's
actions provided even greater strength to an already strong short-term municipal
money market. Prior to these rate cuts, the short-term market had already felt
the effects of the diminished supply of eligible new issuance over the summer
months. This year' s summer calendar of municipal notes (consisting mainly of
California paper) was drastically reduced by a combination of factors. Due to
the strength of local and state economies, several issuers reduced the amount of
short-term borrowing needed. Additionally, many issuers came to market with
securities with maturities beyond the 13-month maximum restriction allowable for
tax-exempt money funds. Other issues were converted to a shortened synthetic
structure thus eliminating the ability to extend out into the one-year range.
This reduction in supply resulted in lower yields for most one-year paper, both
national and state-specific.
We extended your Fund's average maturity to the 45-day range during the summer
months, just prior to the market strengthening. Your Fund benefited from our
purchase of securities in the one-year range at yields significantly higher than
what is currently available in the market. As the summer progressed, yields
began to drop as they reflected the diminished supply of one-year notes. During
this period we utilized the commercial paper market to maintain the Fund's
average maturity. As year-end approaches, we will continue to search for those
longer-term investment opportunities which will lock in higher rates while
providing an attractive return to the New York-tax exempt investor. As always,
we will structure the portfolio in an attempt to maximize current yield while
maintaining our commitment to high quality tax-exempt investments.
Very truly yours,
[Signature logo Richard J. Moynihan]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 15, 1998
New York, N.Y.
*Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS NOVEMBER 30, 1998 (UNAUDITED)
Principal
Tax Exempt Investments--100.3% Amount Value
- -------------------------------------------------------
_____________ _____________
<S> <C> <C>
NEW YORK--98.4%
Erie County, RAN 4%, 10/31/99 (LOC; The Bank of New York). . . . . . . . . . . . . . . . . $ 5,000,000 $ 5,042,018
Long Island Power Authority, Electric Systems Revenue, CP
3%, 2/9/99 (LOC: Bayerische Landesbank and Westdeutche Landesbank) . . . . . . . . . . . 5,000,000 5,000,000
Metropolitan Transportation Authority, Transportation Facility Revenue, CP
3.10%, Series 1, 2/9/99 (LOC; ABN-Amro Bank) . . . . . . . . . . . . . . . . . . . . . 13,000,000 13,000,000
Monroe County Industrial Development Agency, Revenue, VRDN (Enbi Corp.)
3% (LOC; Rabobank Nederland) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,700,000 4,700,000
Municipal Assistance Corporation, VRDN
3.20%, Series K-3 (LOC; Landesbank Hessen) (a) . . . . . . . . . . . . . . . . . . . . . 13,000,000 13,000,000
New York City, VRDN:
3.30%, Series B-3 (Insured; MBIA and LOC; Bank of Nova Austria) (a) . . . . . . . . . . 6,950,000 6,950,000
3.30%, Series E-2 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . . 2,600,000 2,600,000
3.30%, Series E-5 (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . . 7,750,000 7,750,000
3.35%, Series A-4 (LOC; Chase Manhattan Bank) (a) . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,000
New York City Health and Hospital Corporation, Health Systems Revenue, VRDN
2.90%, Series B (LOC; Canadian Imperial Bank of Commerce) (a) . . . . . . . . . . . . . 7,900,000 7,900,000
New York City Housing Development Corporation, MFMR, VRDN
(York Avenue Development Project) 3.15% (LOC; Midland Bank) (a) . . . . . . . . . . . . 7,000,000 7,000,000
New York City Industrial Development Agency, VRDN:
Civil Facility Revenue (Mercy College Project)
3.05% (LOC; The Bank of New York) (a) . . . . . . . . . . . . . . . . . . . . . . . . 1,600,000 1,600,000
IDR (Stroheim & Roman Project)
3.05% (LOC; Westdeutsche Landesbank) (a) . . . . . . . . . . . . . . . . . . . . . . . 5,700,000 5,700,000
New York City Municipal Water Finance Authority:
CP 3%, Series 1, 3/15/99 (LOC: Bank of Nova Scotia, Commerz Bank and
Toronto-Dominion Bank) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000,000 15,000,000
Water and Sewer Systems Revenue, VRDN
3.30%, Series C (Liquidity and Insured; FGIC) (a) . . . . . . . . . . . . . . . . . . 25,605,000 25,605,000
New York City Trust, Cultural Resource Revenue, Refunding, VRDN
(American Museum of Natural History)
2.75%, Series A (Insured; MBIA and BPA; Credit Suisse) (a) . . . . . . . . . . . . . . . 5,765,000 5,765,000
State of New York, CP 3.10%, 2/17/99 (LOC; Westdeutsche Landesbank). . . . . . . . . . . . 10,000,000 10,000,000
New York State Dormitory Authority, LR, Refunding (State University Dormitory Facilities)
5%, Series A, 7/1/99 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . . . 7,385,000 7,440,408
New York State Energy, Research and Development Authority, PCR:
(LILCO Project)
3.531%, Series B, 3/1/99 (LOC; Deutsche Bank) (a) . . . . . . . . . . . . . . . . . . 10,000,000 10,000,000
VRDN:
(Central Hudson Gas and Electric)
3.25%, Series A (LOC; Union Bank of Switzerland) (a) . . . . . . . . . . . . . . . 2,600,000 2,600,000
(Niagara Mohawk Power Corp.)
3.35%, Series C (LOC; Canadian Imperial Bank of Commerce) (a) . . . . . . . . . . . 2,100,000 2,100,000
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1998 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
- -------------------------------------------------------
_____________ _____________
NEW YORK (CONTINUED)
New York State Environmental Facilities Corporation, RRR, VRDN (Equity Huntington Project)
3.35% (LOC: Union Bank of Switzerland) (a) . . . . . . . . . . . . . . . . . . . . . . . $ 1,300,000 $ 1,300,000
New York State Housing Finance Agency, Contract Obligation, VRDN
2.90%, Series A (LOC; Commerzbank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . 11,000,000 11,000,000
New York State Local Government Assistance Corporation, VRDN:
2.90%, Series A (LOC: Credit Suisse and Union Bank of Switzerland) (a) . . . . . . . . . 38,000,000 38,000,000
2.90%, Series F (LOC; Toronto-Dominion Bank) (a) . . . . . . . . . . . . . . . . . . . . 9,900,000 9,900,000
2.95%, Series B (LOC; Krediet Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,000
New York State Medical Care Facilities Finance Agency, Revenue, VRDN
(Pooled Equipment Loan Program) 3.10%, Series 1 (LOC; Chase Manhattan Bank) (a) . . . . 10,000,000 10,000,000
New York State Power Authority, Revenue, CP
3%, 12/2/98 (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
Port Authority of New York and New Jersey, Special Obligation Revenue, VRDN
(Versatile Structure) 3.35%, Series A (LOC; Landesbank Hessen) (a) . . . . . . . . . . . 4,300,000 4,300,000
Sachem Central School District, TAN (Holbrook) 4%, 6/25/99 . . . . . . . . . . . . . . . . 7,500,000 7,513,495
Three Village Central School District, TAN (Brookhaven and Smithtown) 3.90%, 6/30/99 . . . 8,000,000 8,013,359
Westchester County Health Care Corporation, CP 3%, Series 1, 12/7/98 . . . . . . . . . . . 10,000,000 10,000,000
U.S. Related--1.9%
Commonwealth of Puerto Rico, TRAN 3.50%, Series A, 7/30/99 . . . . . . . . . . . . . . . . 5,500,000 5,523,100
_____________
TOTAL INVESTMENTS (cost $287,302,380). . . . . . . . . . . . . . . . . . . . . . . . . . . 100.3% $287,302,380
======= =============
LIABILITIES, LESS CASH AND RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . . . (.3%) $ (732,116)
======= =============
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $286,570,264
======= =============
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
- -----------------------------------------------------------------------------
Summary of Abbreviations
- -----------------------------------------------------------------------------
AMBAC American Municipal Bond Assurance Corporation MFMR Multi-Family Mortgage Revenue
BPA Bond Purchase Agreement PCR Pollution Control Revenue
CP Commercial Paper RAN Revenue Anticipation Notes
FGIC Financial Guaranty Insurance Company RRR Resources Recovery Revenue
IDR Industrial Development Revenue TAN Tax Anticipation Notes
LOC Letter of Credit TRAN Tax and Revenue Anticipation Notes
LR Lease Revenue VRDN Variable Rate Demand Notes
MBIA Municipal Bond Investors Assurance
Insurance Corporation
Summary of Combined Ratings (Unaudited)
- -----------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value
____ ________ ________________ __________________
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 97.4%
Not Rated (b) Not Rated (b) Not Rated (b) 2.6
______
100.0%
======
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(a)Securities payable on demand. Variable interest rate--subject to periodic
change.
(b)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 NOVEMBER 30, 1998 (UNAUDITED)
Cost Value
_____________ _____________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $287,302,380 $287,302,380
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 3,858,057
Interest receivable . . . . . . . . . . . . . . . . . . . 1,110,198
_____________
292,270,635
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 127,053
Payable for investment securities purchased . . . . . . . 5,523,100
Accrued expenses and other liabilities . . . . . . . . . 50,218
_____________
5,700,371
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $286,570,264
=============
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $286,633,367
Accumulated net realized gain (loss) on investments . . . (63,103)
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $286,570,264
=============
SHARES OUTSTANDING
(UNLIMITED NUMBER OF $.001 PAR VALUE SHARES OF BENEFICIAL INTEREST AUTHORIZED) . . . . . . 286,633,367
NET ASSET VALUE, offering and redemption price per share . . . . . . . . . . . . . . . . . $1.00
======
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1998 (UNAUDITED)
</TABLE>
<TABLE>
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . $ 4,738,505
EXPENSES: Management fee--Note 2(a) . . . . . . . . . . . . $ 717,424
Shareholder servicing costs--Note 2(b) . . . . . 152,328
Professional fees . . . . . . . . . . . . . . . . 18,886
Custodian fees . . . . . . . . . . . . . . . . . 15,688
Trustees' fees and expenses--Note 2(c) . . . . . 9,351
Registration fees . . . . . . . . . . . . . . . . 6,752
Prospectus and shareholders' reports . . . . . . 2,969
Miscellaneous . . . . . . . . . . . . . . . . . . 4,619
_____________
Total Expenses . . . . . . . . . . . . . . . . 928,017
_____________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,810,488
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 1(b) . . . . . . . . . . . . . . . . (632)
_____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . $ 3,809,856
=============
SEE NOTES TO FINANCIAL STATEMENTS
</TABLE>
<TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
November 30, 1998 Year Ended
(Unaudited) May 31, 1998
__________________ _____________
<S> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,810,488 $ 8,620,715
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . (632) (4,789)
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . . 3,809,856 8,615,926
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,810,488) (8,620,715)
_____________ _____________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . 162,415,473 357,550,281
Dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,606,072 8,147,298
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (160,724,527) (375,947,667)
_____________ _____________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions . . . 5,297,018 (10,250,088)
_____________ _____________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . 5,296,386 (10,254,877)
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281,273,878 291,528,755
_____________ _____________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $286,570,264 $281,273,878
============= =============
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.
Six Months Ended
November 30, 1998 Year Ended May 31,
__________________________________________________
PER SHARE DATA: (Unaudited) 1998 1997 1996 1995 1994
_____________ _______ _______ _______ _______ _______
<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 . . . . . . . . . . . . . .013 .029 .028 .030 .027 .017
_______ _______ _______ _______ _______ _______
Distributions:
Dividends from investment income--net . . . . . . (.013) (.029) (.028) (.030) (.027) (.017)
_______ _______ _______ _______ _______ _______
Net asset value, end of period . . . . . . . . . $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . 2.67%* 2.97% 2.83% 3.05% 2.76% 1.69%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . .65%* .67% .68% .64% .68% .68%
Ratio of net investment income
to average net assets . . . . . . . . . . . . 2.66%* 2.93% 2.79% 3.00% 2.71% 1.68%
Net Assets, end of period (000's Omitted) . . . . $286,570 $281,274 $291,529 $298,768 $317,840 $343,964
- -----------------------------
* Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
- -----------------------------------------------------------------------------
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, as amended (the "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 (the "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 custody agreement, the Fund
received net earnings credits of $10,470 during the period ended November 30,
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 of 1986, as
amended (the "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 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.
DREYFUS NEW YORK TAX EXEMPT MONEY MARKET FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
At November 30, 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).
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 1(1)
/2% 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, 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
November 30, 1998, the Fund was charged $74,103 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, 1998, the Fund was charged $53,728 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 lion "d" logo (reg.tm)
Dreyfus logo (reg.tm)
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. 273SA9811
New York
Tax Exempt
Money Market Fund
Semi-Annual Report
November 30, 1998
