Dreyfus
New York Tax Exempt
Money Market Fund
ANNUAL REPORT May 31, 2000
(reg.tm)
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
Contents
THE FUND
--------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
12 Statement of Assets and Liabilities
13 Statement of Operations
14 Statement of Changes in Net Assets
15 Financial Highlights
16 Notes to Financial Statements
20 Report of Independent Auditors
21 Important Tax Information
FOR MORE INFORMATION
---------------------------------------------------------------------------
Back Cover
The Fund
Dreyfus New York
Tax Exempt Money Market Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this annual report for Dreyfus New York Tax Exempt
Money Market Fund, covering the 12-month period from June 1, 1999 through May
31, 2000. Inside you'll find valuable information about how the fund was managed
during the reporting period, including a discussion with the fund's portfolio
manager, Joseph Irace.
When the reporting period began, international and domestic economies were
growing faster than most analysts expected, giving rise to concerns that
long-dormant inflationary pressures might reemerge. Consumers continued to spend
heavily, unemployment levels reached new lows and the stock market, while highly
volatile, continued to climb.
Because robust economic growth may trigger unwanted inflationary pressures, the
Federal Reserve Board raised short-term interest rates six times during the
reporting period, for a total increase of 1.75 percentage points since late June
1999. While these economic influences overall adversely affected long-term
municipal bonds, they positively influenced tax-exempt money market yields
We appreciate your confidence over the past year and we look forward to your
continued participation in Dreyfus New York Tax Exempt Money Market Fund
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
June 15, 2000
DISCUSSION OF FUND PERFORMANCE
Joseph Irace, Portfolio Manager
How did Dreyfus New York Tax Exempt Money Market Fund perform during the period
For the 12-month period ended May 31, 2000, the fund produced an annualized
yield of 2.84% . Taking into account the effects of compounding, the fund
provided an annualized effective yield of 2.87% for the same period.(1
We attribute the fund' s performance to higher short-term interest rates
implemented during the reporting period by the Federal Reserve Board (the "Fed")
, which helped enhance tax-exempt money market yields.
What is the fund's investment approach?
The fund seeks a high level of current income that is 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.
In pursuing this objective, we employ two primary strategies. First, we attempt
to add value by constructing a diverse portfolio of high quality, tax-exempt
money market instruments from New York issuers. Second, we actively manage the
portfolio' s average maturity in anticipation of what we believe are
supply-and-demand changes in the short-term municipal marketplace.
For example, if we expect an increase in short-term supply, we may decrease the
average maturity of the portfolio, which could enable us to take advantage of
opportunities when short-term supply increases. Generally, yields tend to rise
when there is an increase in new-issue supply competing for investor interest.
New securities that are generally issued with maturities in the one-year range
may in turn lengthen the portfolio's average maturity. If we anticipate limited
new-issue supply, we may then look to extend the portfolio's average maturity to
maintain current yields for as long as we believe The Fun
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
practical. At other times, we try to maintain an average maturity that reflects
our view of short-term interest-rate trends and future supply-and-demand
considerations.
What other factors influenced the fund's performance?
The fund was positively influenced over the past year by robust U.S. economic
growth, rising interest rates and a declining supply of newly issued securities
By the time the reporting period began on June 1, 1999, it had become apparent
that the pace of economic growth in the United States was higher than most
analysts expected. Consumer confidence reached a 30-year high, oil prices were
bouncing back from the previous year's lows, and employment remained strong,
with hourly wages rising. These economic forces raised concerns among
fixed-income investors that long-dormant inflationary pressures might reemerge.
In response, the Fed raised short-term interest rates six times for a total
interest-rate increase of 1.75 percentage points.
However, tax-exempt money market yields generally rose less when compared to
taxable yields over the past 12 months. This was due to the fact that New York
and many of its municipalities enjoyed higher tax revenues during the reporting
period. This curtailed their need to borrow and resulted in a reduced supply of
securities. In contrast, we believe that demand for most tax-exempt money market
securities remained steady because of new wealth created by a strong economy and
a rising stock market.
What is the fund's current strategy?
Our strategy continues to involve active management of the portfolio's weighted
average maturity and asset mix according to our interest-rate and
supply-and-demand expectations. Although we believe that the current
interest-rate outlook is uncertain, June tends to be a period of seasonal
issuance for New York municipal bonds. These technical market influences often
hold greater sway over the tax-exempt money markets than changes in the Fed's
monetary policy.
Accordingly, we have recently adjusted the portfolio's average weighted maturity
toward a point that is longer than other New York tax-exempt money market funds.
This maturity management strategy was designed to help us lock in then current
yields.
In addition, we recently took advantage of the temporary high yields during tax
season to create a laddered portfolio of municipal notes and commercial paper.
This laddered portfolio contains securities that mature every month until the
end of 2000, a strategy designed to maintain prevailing yields if interest rates
fall, while making some cash available for reinvestment in case interest rates
rise further.
Our asset mix also currently emphasizes Variable Rate Demand Notes ("VRDNs")
because of the competitively high yields they offer. VRDNs generally feature
adjustable yields, short maturities and afford the portfolio a high degree of
liquidity and credit quality. Of course, portfolio composition is subject to
change at any time.
June 15, 2000
(1) ANNUALIZED EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND
REINVESTED MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS
FLUCTUATE. INCOME MAY BE SUBJECT TO STATE AND LOCAL TAXES FOR NON-NEW YORK
RESIDENTS, AND SOME INCOME MAY BE SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX
(AMT) FOR CERTAIN INVESTORS. AN INVESTMENT IN THE FUND IS NOT INSURED OR
GUARANTEED BY THE FDIC OR THE U.S. GOVERNMENT. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
The Fund
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS
STATEMENT OF INVESTMENTS
May 31, 2000
Principal
TAX EXEMPT INVESTMENTS--100.0% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
Albany City School District, Refunding, GO Notes
<S> <C> <C>
3.80%, Series A, 7/1/2000 (Insured; FSA) 500,000 499,654
Auburn City School District, BAN 4.50%, 1/18/2001 5,000,000 5,009,688
Babylon Industrial Development Agency, IDR, VRDN
(Lambro Industry Inc., Project)
4.30%, (LOC; Fleet Bank) 1,160,000 (a) 1,160,000
Beekmantown Central School District, BAN 4.65%, 9/1/2000 3,000,000 3,002,415
Broome County Industrial Development Agency, IDR, Refunding,
VRDN (Bing Realty Co. Project)
4.25% (LOC; First Union National Bank) 1,400,000 (a) 1,400,000
Buffalo, RAN 4.65%, Series A, 7/25/2000
(LOC; Landesbank Hessen) 4,000,000 4,004,911
Clinton County, BAN 4.375%, 12/8/2000 1,310,800 1,312,397
Connetquot Central School District, TAN
3.75%, 6/29/2000 8,000,000 8,002,309
Dalton-Nunda Central School District, BAN
4.25%, 12/28/2000 7,175,000 7,182,904
Duchess County Industrial Development Agency,
Civic Facility Revenue, VRDN
(Marist College Civic Facility)
4.25%, Series B (LOC; The Bank of New York) 7,500,000 (a) 7,500,000
Erie County Industrial Development Agency, VRDN:
Civic Facility Revenue
(United Cerebral Palsy Association Project)
4.40% (LOC; Key Bank) 1,600,000 (a) 1,600,000
IDR (Luminescent System Inc., Project)
4.30% (LOC; HSBC Bank) 7,000,000 (a) 7,000,000
Genesee County, BAN 4.75%, 4/10/2001 1,900,000 1,905,458
Harrison, GO Notes 4.50%, 12/15/2000 200,000 200,295
Herkimer County Industrial Development Agency,
Civic Facilities Revenue, VRDN
(Templeton Foundation Project)
4.40% (LOC; Key Bank) 3,000,000 (a) 3,000,000
Lake George Central School District
5.625%, 9/1/2000 (Insured; MBIA) 175,000 175,605
Lakeland Central School District, BAN (Shrub Oak)
4.375%, 11/22/2000 5,000,000 5,009,704
Town of Lancaster, GO Notes
4.75%, 10/15/2000 (Insured; FSA) 125,000 125,268
Long Island Power Authority, Electric Systems Revenue, CP
4.65%, Series 3, 9/11/2000
(LOC: Bayerische Landesbank and
Westdeutsche Landesbank) 8,000,000 8,000,000
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
McGraw Central School District
4.875%, 6/15/2000 (Insured; AMBAC) 700,000 700,216
Metropolitan Transportation Authority, Transportation
Facility Revenue, CP:
4.50%, Series 1, 9/11/2000 (LOC; ABN-Amro Bank) 5,500,000 5,500,000
4.45%, Series 1, 10/13/2000 (LOC; ABN-Amro Bank) 1,000,000 1,000,000
4.40%, 11/8/2000 (LOC; ABN-Amro Bank) 3,000,000 3,000,000
Mexico Central School District
5.45%, 6/15/2000 (Insured; MBIA) 175,000 175,082
Monroe County Industrial Development Agency, VRDN:
IDR (Illbruck Office) 4.3% (LOC; Key Bank) 4,105,000 (a) 4,105,000
Revenue (Enbi Corp.) 4% (LOC; Rabobank Nederland) 4,700,000 (a) 4,700,000
Monroe County Airport Authority, Airport Revenue, Refunding
(Greater Rochester International)
4.75%, 1/1/2001 (Insured; MBIA) 1,110,000 1,111,197
New Paltz Central School District
4.20%, 6/15/2000 (Insured; FSA) 125,000 125,000
New York City:
GO Notes:
4%, Series F, 8/1/2000 3,460,000 3,459,197
5%, Series D, 8/15/2000 190,000 190,222
7.50%, Series B, 2/1/2001 200,000 203,757
5%, Series M, 6/1/2001 925,000 925,866
Refunding 4%, Series G, 8/1/2000 600,000 599,361
VRDN:
3.90%, Series D (Insured; FGIC and
Liquidity Facility; FGIC) 2,500,000 (a) 2,500,000
4.05%, Series D (Insured; FGIC and
Liquidity Facility; FGIC) 4,200,000 (a) 4,200,000
4.40%, Series B (Insured; MBIA and
Liquidity Facility; Credit Agricole de Indosuez) 6,000,000 (a) 6,000,000
4.30%, Sub-Series A-4
(LOC; Chase Manhattan Bank) 2,700,000 (a) 2,700,000
4.30%, Sub-Series A-10
(LOC; Morgan Guaranty Trust Co.) 2,500,000 (a) 2,500,000
4.45%, Sub-Series B-2
(LOC; Morgan Guaranty Trust Co.) 3,600,000 (a) 3,600,000
New York City Housing Development Corporation, VRDN:
MFMR (Related Broadway)
3.80%, Series A (LOC; Bayerische Hypo Vereinsbank) 8,000,000 (a) 8,000,000
Multi-Family Revenue
(West 54th Street Development Project)
3.80%, Series A (LOC; Key Bank) 10,000,000 (a) 10,000,000
Mortgage Revenue (Residential East 17th Street)
4.35%, Series A (LOC; Chase Manhattan Bank) 3,200,000 (a) 3,200,000
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
New York City Industrial Development Agency, VRDN:
Civic Facility Revenue:
(Jewish Community Center)
4.40% (LOC; Manufacture and Trade Bank) 4,900,000 (a) 4,900,000
(Mercy College Project)
3.95% (LOC; The Bank of New York) 1,500,000 (a) 1,500,000
IDR (Stroheim & Roman Inc. Project)
4.25% (LOC; Westdeutsche Landesbank) 5,700,000 (a) 5,700,000
New York City Municipal Water Finance Authority:
CP 4.75%, Series 1, 8/31/2000
(LOC: Bank of Nova Scotia, Commerzbank and
Toronto-Dominion Bank) 10,000,000 10,000,000
Water and Sewer System Revenue, VRDN
4.45%, Series A (Insured; FGIC and
Liquidity Facility; FGIC) 3,100,000 (a) 3,100,000
New York City Transitional Finance Authority, Revenue:
BAN 4.75%, Series 3, 11/1/2000 5,000,000 5,007,059
VRDN 4.35%, Series B-1 (LOC; Morgan Guaranty Trust Co.) 6,000,000 (a) 6,000,000
State of New York, GO Notes:
6.625%, 2/1/2001 185,000 187,586
6.80%, 7/15/2000 600,000 601,822
4.50%, Series C, 10/1/2000 1,400,000 1,400,676
6.75%, 11/15/2000 250,000 252,758
New York State Dormitory Authority, Revenues, VRDN
(Miriam Osborn Memorial Home):
3.95%, Series A (LOC; Manufacture and Trade Bank) 6,855,000 (a) 6,855,000
4.15%, Series A (LOC; Manufacture and Trade Bank) 5,900,000 (a) 5,900,000
4.15%, Series B (LOC; Manufacture and Trade Bank) 4,000,000 (a) 4,000,000
New York State Energy Research and Development Authority,
PCR, VRDN
(Niagara Mohawk Power Corp. Project):
4.45%, Series A (LOC; Toronto-Dominion Bank) 4,500,000 (a) 4,500,000
4.50%, Series A (LOC; Morgan Guaranty Trust Co.) 3,000,000 (a) 3,000,000
4.50%, Series B (LOC; Morgan Guaranty Trust Co.) 1,300,000 (a) 1,300,000
New York State Environmental Facilities Corporation, RRR,
VRDN (Equity Huntington Project)
4.50% (LOC; Union Bank of Switzerland) 2,300,000 (a) 2,300,000
New York State Environmental Quality
3.90%, Series G, 10/5/2000
(LOC; Westdeutsche Landesbank) 7,000,000 7,000,000
New York State Housing Finance Agency, Health Facilities
Revenue, Prerefunded 8%, Series A, 11/1/2000
(Escrowed in; U. S. Treasury Bills) 1,180,000 1,218,670
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
New York State Power Authority, Revenue and
General Purpose, Refunding:
Prerefunded 6.50%, Series W, 1/1/2001
(Escrowed in; U. S. Treasury Bills) 1,000,000 1,008,405
Prerefunded 5.80%, Series BB, 1/1/2001
(Escrowed in; U. S. Treasury Bills) 500,000 504,074
Newark Central School District, BAN 4.50%, 1/26/2001 6,000,000 6,007,484
Niagara County Industrial Development Agency, SWDR,
Refunding, VRDN (American Refunding Fuel Co.)
3.80%, Series C (LOC; Chase Manhattan Bank) 9,000,000 (a) 9,000,000
Niagara Falls Bridge Commission, Toll Revenue
5.80%, 10/1/2000 (Insured; FGIC) 500,000 501,733
Norwich, BAN 4.625%, 3/29/2001 1,944,000 1,946,990
Ostego County Industrial Development Agency, Civic Facilities
Revenue, VRDN:
(Noonan Community Service Corp. Project)
4.25%, Series A (LOC; Federal Home Loan Banks) 4,135,000 (a) 4,135,000
(Templeton Foundation Project)
4.40%, Series A (LOC; Key Bank) 4,650,000 (a) 4,650,000
Pearl River Union Free School District, BAN
4.50%, 9/1/2000 4,800,000 4,804,667
Port Authority of New York and New Jersey,
Special Obligation Revenue, VRDN
(Versatile Structure Obligation)
4.45%, Series 6 (LOC; Bank of Nova Scotia) 6,000,000 (a) 6,000,000
Putnam County Public Improvement, GO Notes
4.30%, 11/15/2000 185,000 185,149
Rockland County, GO Notes
5.125%, 10/15/2000 (Insured; FGIC) 1,052,000 1,056,846
Sachem Central School District, TAN (Holbrook)
4%, 6/29/2000 8,000,000 8,003,257
Schenectady County Industrial Development Agency, IDR,
VRDN (Super Steel Inc., Project)
4.30%, Series A (LOC; Key Bank) 1,600,000 (a) 1,600,000
Seneca County Industrial Development Agency,
Civic Facilities Revenue, VRDN
(Kidspeace National Centers Project)
4.40% (LOC; Key Bank) 2,400,000 (a) 2,400,000
Sherrill City School District, 4.75%, 6/15/2000 310,000 310,064
Smithtown Central School District, TAN 3.75%, 6/26/2000 5,000,000 5,001,353
Southhampton Village, BAN 4.625%, 2/9/2001 950,000 951,730
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
--------------------------------------------------------------------------------
Thousand Island Central School District 4.25%, 6/15/2000 1,100,000 1,100,168
Triborough Bridge and Tunnel Authority, Revenue,
Prerefunded 6.60%, Series U, 1/1/2001
(Escrowed in; U. S. Treasury Bills) 125,000 128,990
Westhampton Beach Union Free School District, TAN
4.25%, 6/30/2000 2,950,000 2,950,685
------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $271,553,205) 100.0% 271,555,672
LIABILITIES, LESS CASH AND RECEIVABLES (.0%) (116,236)
NET ASSETS 100.0% 271,439,436
</TABLE>
Summary of Abbreviations
AMBAC American Municipal Bond
Assurance Corporation
BAN Bond Anticipation Notes
CP Commercial Paper
FGIC Federal Guaranty Insurance
Company
FSA Financial Security Assurance
GO General Obligation
IDR Industrial Development Revenue
LOC Letter of Credit
MBIA Municipal Bond Investors
Asssurance Insurance
Corporation
MFMR Multi-Family Mortgage Revenue
PCR Pollution Control Revenue
RAN Revenue Anticipation Notes
RRR Resources Recovery Revenue
SWDR Solid Waste Disposal Revenue
TAN Tax Anticipation Notes
VRDN Variable Rate Demand Notes
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 73.9
AAA/AAA (b) Aaa/Aa, A1 (b) AAA/AA (b) 11.3
Not Rated (c) Not Rated (c) Not Rated (c) 14.8
100.0
(A) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE--SUBJECT TO PERIODIC CHANGE.
(B) NOTES WHICH ARE NOT F, MIG OR SP RATED ARE REPRESENTED BY BOND RATINGS OF THE ISSUERS.
(C) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S OR STANDARD & POOR'S
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED
SECURITIES IN WHICH THE FUND MAY INVEST.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2000
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 271,553,205 271,555,672
Cash 2,048,186
Interest receivable 2,652,441
Prepaid expenses 13,004
276,269,303
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 126,559
Payable for investment securities purchased 4,650,000
Accrued expenses 53,308
4,829,867
--------------------------------------------------------------------------------
NET ASSETS ($) 271,439,436
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 271,484,796
Accumulated net realized gain (loss) on investments (47,827)
Accumulated gross unrealized appreciation of investments 2,467
--------------------------------------------------------------------------------
NET ASSETS ($) 271,439,436
--------------------------------------------------------------------------------
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest authorized)
271,500,872
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS
Year Ended May 31, 2000
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 10,013,456
EXPENSES:
Management fee--Note 2(a) 1,429,828
Shareholder servicing costs--Note 2(b) 318,096
Professional fees 53,082
Custodian fees 32,459
Prospectus and shareholders' reports 22,802
Trustees' fees and expenses--Note 2(c) 20,464
Registration fees 10,505
Miscellaneous 9,517
TOTAL EXPENSES 1,896,753
INVESTMENT INCOME--NET 8,116,703
--------------------------------------------------------------------------------
NET UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($) 2,467
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 8,119,170
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS
Year Ended May 31,
-----------------------------------
2000 1999
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 8,116,703 7,398,312
Net realized gain (loss) from investments -- (1,432)
Net unrealized appreciation (depreciation)
of investments 2,467 --
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 8,119,170 7,396,880
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (8,116,703) (7,398,312)
--------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 346,353,002 388,327,235
Dividends reinvested 7,727,792 6,959,328
Cost of shares redeemed (378,433,930) (380,768,904)
INCREASE (DECREASE) IN NET ASSETS
FROM BENEFICIAL INTEREST TRANSACTIONS (24,353,136) 14,517,659
TOTAL INCREASE (DECREASE) IN NET ASSETS (24,350,669) 14,516,227
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 295,790,105 281,273,878
END OF PERIOD 271,439,436 295,790,105
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased (or
decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
Year Ended May 31,
------------------------------------------------------------------
2000 1999 1998 1997 1996
------------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .028 .025 .029 .028 .030
Distributions:
Dividends from investment income--net (.028) (.025) (.029) (.028) (.030)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 2.88 2.54 2.97 2.83 3.05
------------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .66 .65 .67 .68 .64
Ratio of net investment income
to average net assets 2.84 2.50 2.93 2.79 3.00
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 271,439 295,790 281,274 291,529 298,768
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
</TABLE>
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, 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, which is a wholly-owned subsidiary
of Mellon Financial Corporation. Effective March 22, 2000, Dreyfus Service
Corporation (" DSC" ), a wholly-owned subsidiary of the Manager, became the
distributor of the fund's shares, which are sold to the public without a sales
charge. Prior to March 22, 2000, Premier Mutual Fund Services, Inc. was the
distributor.
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 $21,568 during the
period ended May 31, 2000 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 $48,000 available
for Federal income tax purposes to be applied against future net securities
profits, if any, realized subsequent to May 31, 2000. If not applied, $2,000 of
the carryover expires in fiscal 2002, The Fund
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
$27,000 expires in fiscal 2003, $7,000 expires in fiscal 2004, $3,000 expires in
fiscal 2005, $4,000 expires in fiscal 2006, $4,000 expires in fiscal 2007 and
$1,000 expires in fiscal 2008.
During the period ended May 31, 2000, the fund reclassified $16,076 between
accumulated net realized gain (loss) on investments and paid-in capital due to
the expiration of capital loss carryovers. The results of operations and net
assets were not affected by the reclassification.
At May 31, 2000, 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 fees, interest on borrowings and extraordinary expenses, exceed
11_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 May 31, 2000, there was no expense
reimbursement pursuant to the Agreement.
(b) Under the Shareholder Services Plan, the fund reimburses DSC 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, 2000,
the fund was charged $184,758 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, 2000, the fund was charged $99,624 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.
The Fund
REPORT OF INDEPENDENT AUDITORS
Shareholders and Board of Trustees Dreyfus New York Tax Exempt Money Market Fun
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, 2000, 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 auditing standards generally accepted
in the United States. 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, 2000 by correspondence with the
custodian and brokers. 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, 2000, 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 accounting principles generally
accepted in the United States.
New York, New York
July 5, 2000
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, 2000 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).
The Fund
For More Information
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
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
To obtain information:
BY TELEPHONE Call 1-800-645-6561
BY MAIL Write to: The Dreyfus Family of Funds 144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request to [email protected]
ON THE INTERNET Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 2000 Dreyfus Service Corporation 273AR005
