Dreyfus
New York Tax Exempt
Money Market Fund
SEMIANNUAL REPORT November 30, 1999
(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
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by Dreyfus and
the fund's other service providers do not properly process and calculate
date-related information from and after January 1, 2000. Dreyfus has taken steps
designed to avoid year 2000-related problems in its systems and to monitor the
readiness of other service providers. 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.
Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
10 Statement of Assets and Liabilities
11 Statement of Operations
12 Statement of Changes in Net Assets
13 Financial Highlights
14 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus New York
Tax Exempt Money Market Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus New York Tax Exempt
Money Market Fund, covering the six-month period from June 1, 1999 through
November 30, 1999. 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, investors were concerned that strong economic
growth in the United States might rekindle dormant inflationary pressures. In
response, the Federal Reserve Board raised short-term interest rates three times
during the summer and fall of 1999 in an attempt to forestall a potential
resurgence of inflation. These increases effectively reversed all of last fall's
interest-rate cuts, and led to higher yields on most money market securities,
including tax-exempt instruments.
We appreciate your confidence over the past six months, 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
December 15, 1999
DISCUSSION OF FUND PERFORMANCE
Joseph Irace, Portfolio Manager
How did Dreyfus New York Tax Exempt Money Market Fund perform during the period
For the six-month period ended November 30, 1999, the fund produced an
annualized tax-exempt yield of 2.52% . Taking into account the effects of
compounding, the fund's annualized effective yield was 2.55%.(1)
What is the fund's investment approach?
The fund' s objective is to seek a high level of federal, New York state and
city tax-exempt income while maintaining a stable $1.00 share price. We are
especially vigilant in our efforts to preserve capital.
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
fund' s average maturity in anticipation of interest-rate trends and
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 fund, which would enable us to purchase new securities
with higher yields. Yields tend to rise when there is an increase of new issue
supply competing for investor interest. New securities are generally issued with
maturities in the one-year range, which tend to lengthen the fund's weighted
average maturity. If we anticipate limited new issue supply, we may extend the
portfolio' s average maturity to maintain current yields for as long as
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.
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
What other factors influenced the fund's performance?
The fund was positively affected by rising interest rates over the past six
months. When the reporting period began, it had already become apparent that the
U.S. economy was growing more strongly than most analysts expected, raising
concerns that inflationary pressures might re-emerge. In an attempt to forestall
a reacceleration of inflation, the Federal Reserve Board increased short-term
interest rates three times during the summer and fall of 1999. Because the
market anticipated these rate hikes before they were announced, much of the rise
of tax-exempt money market yields had already taken place by the time the last
monetary policy change was actually implemented in November.
However, tax-exempt money market yields did not rise as much as comparable
taxable yields, primarily because of a relative lack of supply amid steady
investor demand. New York State and its municipalities have enjoyed higher tax
revenues during this period of economic prosperity, which have enabled them to
decrease their annual debt borrowings.
What is the fund's current strategy?
We have continued to focus on very high quality, liquid money market instruments
from a wide array of issuers. Some of the most frequently used instruments
include Variable Rate Demand Notes (VRDNs), which are issued by investment banks
through the securitization of longer term municipal bonds. VRDNs can be
redeemed at the buyer's option after either one day or seven days, which affords
the fund a high degree of liquidity as well as high credit quality. Accordingly,
as of November 30, much of the portfolio was composed of VRDNs. The remainder of
the portfolio was comprised primarily of tax-exempt commercial paper and notes.
Of course, the portfolio's composition will change over time.
Although we took advantage of new issuance of tax-exempt notes in June and July,
which effectively enabled us to lock in prevailing yields, we have generally
maintained a relatively short average maturity
throughout the reporting period in anticipation of higher interest rates.
Recently, however, we have begun to extend the fund's average maturity in order
to help protect the fund from any market disruptions that Y2K-related or
year-end factors may present.
December 15, 1999
(1) ANNUALIZED EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND
REINVESTED MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS
FLUCTUATE. AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FDIC OR
ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF
YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
THE FUND. INCOME MAY BE SUBJECT TO STATE AND LOCAL TAXES FOR NON-NEW YORK
RESIDENTS, AND SOME INCOME MAY BE SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX
(AMT) FOR CERTAIN INVESTORS.
The Fund
STATEMENT OF INVESTMENTS
November 30, 1999 (Unaudited)
<TABLE>
Principal
TAX EXEMPT INVESTMENTS--98.7% Amount ($) Value ($)
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<S> <C> <C>
Buffalo, RAN 4.65%, Series A, 7/25/2000
(LOC; Landesbank Hessen) 4,000,000 4,021,553
Connetquot Central School District, TAN
3.75%, 6/29/2000 8,000,000 8,017,400
Erie County Industrial Development Agency, IDR, VRDN
(Luminescent System Inc., Project)
3.75% (LOC; HSBC Bank) 3,500,000 (a) 3,500,000
Lakeland Central School Distict, BAN (Shrub Oak)
4.375%, 11/22/2000 5,000,000 5,019,910
Long Island Power Authority, Electric Systems Revenue, CP:
3.70%, Sub-Series 4, 2/10/2000
(LOC: Bayerische Landesbank and Westdeutsche
Landesbank) 6,000,000 6,000,000
3.75%, Sub-Series 4, 2/10/2000
(LOC: Bayerische Landesbank and Westdeutsche
Landesbank) 2,400,000 2,400,000
3.85%, Sub-Series 3, 2/18/2000
(LOC: Bayerische Landesbank and Westdeutsche
Landesbank) 1,000,000 1,000,000
3.70%, Sub-Series 3, 2/29/2000
(LOC: Bayerische Landesbank and Westdeutsche
Landesbank) 8,000,000 8,000,000
McGraw Central School District 4.875%, 6/15/2000
(Insured; AMBAC) 700,000 702,947
Metropolitan Transportation Authority, Transportation
Facility Revenue, CP:
3.50%, Series 1, 2/8/2000 (LOC; ABN-Amro Bank) 5,000,000 5,000,000
3.70%, Series 1, 2/18/2000 (LOC; ABN-Amro Bank) 1,000,000 1,000,000
Monroe County Industrial Development Agency, Revenue,
VRDN (Enbi Corp.)
4.15% (LOC; Rabobank Nederland) 4,700,000 (a) 4,700,000
Monroe County Industrial Development Agency, IDR,
VRDN (Illbruck Office) 3.85% (LOC; Key Bank) 4,270,000 (a) 4,270,000
New York City, VRDN:
3.70%, Sub-Series E-4
(LOC; State Street Bank and Trust Co.) 9,800,000 (a) 9,800,000
3.80%, Series B (Insured; MBIA and LOC; Bank of Austria) 2,100,000 (a) 2,100,000
3.80%, Series B (Insured; MBIA and
Liquidity Facility; Credit Agricole de Indosuez) 11,900,000 (a) 11,900,000
New York City Health and Hospital Corporation,
Health Systems Revenue, VRDN:
3.70%, Series E (LOC; The Bank of New York) 6,000,000 (a) 6,000,000
3.80%, Series B (LOC; Canadian Imperial Bank of
Commerce) 7,800,000 (a) 7,800,000
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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New York City Industrial Development Agency, VRDN:
Civil Facility Revenue (Mercy College Project)
3.80% (LOC; The Bank of New York) 1,500,000 (a) 1,500,000
IDR (Stroheim & Roman Inc. Project)
3.80% (LOC; Westdeutsche Landesbank) 5,700,000 (a) 5,700,000
New York City Municipal Water Finance Authority:
CP:
3.60%, Series 1, 12/23/1999
(LOC: Bank of Nova Scotia, Commerzbank and
and Toronto-Dominion Bank) 5,000,000 5,000,000
3.70%, Series 1, 12/23/1999
(LOC: Bank of Nova Scotia, Commerzbank and
and Toronto-Dominion Bank) 5,000,000 5,000,000
3.80%, Series 1, 3/10/2000
(LOC: Bank of Nova Scotia, Commerzbank and
and Toronto-Dominion Bank) 3,400,000 3,400,000
Water and Sewer System Revenue, VRDN
3.80%, Series C (Insured; FGIC and
Liquidity Facility; FGIC) 6,300,000 (a) 6,300,000
New York City Transitional Finance Authority, Revenue,
VRDN 3.85%, Series A-2 (LOC; Bank of Nova Scotia) 10,000,000 (a) 10,000,000
New York City Trust, Cultural Resource Revenue, Refunding,
VRDN (American Museum of Natural History)
3.65%, Series A (BPA; Credit Suisse and Insured; MBIA) 5,765,000 (a) 5,765,000
State of New York, CP 3.80%, 2/9/2000
(LOC; Westdeutsche Landesbank) 13,000,000 13,000,000
New York State Dormitory Authority, Revenues, VRDN:
(Memorial Sloan Kettering)
3.70%, Series A (LOC; Chase Manhattan Bank) 3,900,000 (a) 3,900,000
(Saint Francis at the Knolls)
3.80% (LOC; Banque Paribas) 7,600,000 (a) 7,600,000
New York State Energy Research and Development Authority,
PCR, VRDN:
(Niagara Mohawk Power Corp.):
3.70%, Series B (LOC; Toronto-Dominion Bank) 5,400,000 (a) 5,400,000
4%, Series A (LOC; Toronto-Dominion Bank) 5,150,000 (a) 5,150,000
4.10%, Series B (LOC; Morgan Guaranty Trust Co.) 9,000,000 (a) 9,000,000
Refunding (New York State Electric and Gas)
3.70%, Series D (LOC; Bank One Corp.) 2,500,000 (a) 2,500,000
New York State Environmental Facilities Corporation, RRR,
VRDN (Equity Huntington Project)
3.85% (LOC; Union Bank of Switzerland) 2,300,000 (a) 2,300,000
New York State Environmental Quality
3%, Series G, 12/8/1999 (LOC; Westdeutsche Landesbank) 7,000,000 7,000,000
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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New York State Housing Finance Agency,
Service Contract Obligation, VRDN
3.75%, Series A (LOC; Commerzbank) 11,000,000 (a) 11,000,000
New York State Local Government Assistance Corporation,
VRDN:
3.75%, Series A (LOC: Bayerische Landesbank and
Westdeutsche Landesbank) 15,000,000 (a) 15,000,000
3.80%, Series F (LOC; Toronto-Dominion Bank) 9,800,000 (a) 9,800,000
New York State Medical Care Facilities Finance Agency,
Revenue, VRDN (Pooled Equipment Loan Program)
3.55%, Series 1 (LOC; Chase Manhattan Bank) 2,200,000 (a) 2,200,000
Port Authority of New York and New Jersey,
Special Obligation Revenue, VRDN
(Versatile Structure Obligation):
3.45%, Series 6 (LOC; Bank of Nova Scotia) 300,000 (a) 300,000
3.65%, Series 3 (LOC; Bank of Nova Scotia) 2,000,000 (a) 2,000,000
3.85%, Series 6 (LOC; Bank of Nova Scotia) 12,900,000 (a) 12,900,000
Rockland County, G.O. Notes
5.125%, 10/15/2000 (Insured; FGIC) 1,052,000 1,063,367
Sachem Central School District, TAN (Holbrook)
4%, 6/29/2000 8,000,000 8,024,543
Schenectady County Industrual Development Agency, IDR,
VRDN (Super Steel Inc., Project)
3.85%, Series A (LOC; Key Bank) 1,800,000 (a) 1,800,000
Smithtown Central School District, TAN 3.75%, 6/26/2000 5,000,000 5,011,260
Westchester County, TAN 2.83%, Series 1, 12/30/1999 12,000,000 12,000,090
Westhampton Beach Union Free School District, TAN
4.25%, 6/30/2000 2,950,000 2,954,998
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TOTAL INVESTMENTS (cost $273,801,068) 98.7% 273,801,068
CASH AND RECEIVABLES (NET) 1.3% 3,498,496
NET ASSETS 100.0% 277,299,564
Summary of Abbreviations
AMBAC American Municipal Bond MBIA Municipal Bond
Assurance Corporation Investors Assurance
BAN Bond Anticipation Notes Insurance Corporation
BPA Bond Purchase Agreement PCR Pollution Control Revenue
CP Commercial Paper RAN Revenue Anticipation Notes
FGIC Federal Guaranty Insurance Company RRR Resources Recovery Revenue
GO General Obligation TAN Tax Anticipation Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
LOC Letter of Credit
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
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F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 85.5
AAA/AAA(b) Aaa/Aa, A1(b) AAA/A(b) 4.0
Not Rated(c) Not Rated(c) Not Rated(c) 10.5
100.0
(A) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE--SUBJECT TO PERIODIC
CHANGE.
(B) NOTES WHICH ARE NOT F, MIG OR SP RATED ARE REPRESENTED BY BOND RATINGS OF
THE ISSUERS.
(C) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE
RATED SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
STATEMENT OF ASSETS AND LIABILITIES
November 30, 1999 (Unaudited)
Cost Value
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ASSETS ($):
Investments in securities--See Statement of
Investments 273,801,068 273,801,068
Cash 2,774,416
Interest receivable 1,573,993
Prepaid expenses 11,654
278,161,131
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 129,724
Payable for investment securities purchased 705,032
Accrued expenses 26,811
861,567
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NET ASSETS ($) 277,299,564
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 277,363,467
Accumulated net realized gain (loss) on investments (63,903)
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NET ASSETS ($) 277,299,564
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SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest authorized)
277,363,467
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS
Six Months Ended November 30, 1999 (Unaudited)
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INVESTMENT INCOME ($):
INTEREST INCOME 4,584,393
EXPENSES:
Management fee--Note 2(a) 719,823
Shareholder servicing costs--Note 2(b) 160,120
Professional fees 24,005
Custodian fees 17,237
Prospectus and shareholders' reports 12,469
Trustees' fees and expenses--Note 2(c) 9,445
Registration fees 5,886
Miscellaneous 4,363
TOTAL EXPENSES 953,348
INVESTMENT INCOME--NET, REPRESENTING NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 3,631,045
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
November 30, 1999 Year Ended
(Unaudited) May 31, 1999
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OPERATIONS ($):
Investment income--net 3,631,045 7,398,312
Net realized gain (loss) from investments -- (1,432)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 3,631,045 7,396,880
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DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (3,631,045) (7,398,312)
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BENEFICIAL INTEREST TRANSACTIONS ($1.00 PER SHARE):
Net proceeds from shares sold 143,690,258 388,327,235
Dividends reinvested 3,462,574 6,959,328
Cost of shares redeemed (165,643,373) (380,768,904)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS (18,490,541) 14,517,659
TOTAL INCREASE (DECREASE) IN NET ASSETS (18,490,541) 14,516,227
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NET ASSETS ($):
Beginning of period 295,790,105 281,273,878
END OF PERIOD 277,299,564 295,790,105
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much our 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.
<TABLE>
Six Months Ended
November 30, 1999 Year Ended May 31,
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(Unaudited) 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value,
beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .013 .025 .029 .028 .030 .027
Distributions:
Dividends from
investment income--net (.013) (.025) (.029) (.028) (.030) (.027)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
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TOTAL RETURN (%) 2.53(a) 2.54 2.97 2.83 3.05 2.76
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .66(a) .65 .67 .68 .64 .68
Ratio of net investment income
to average net assets 2.51(a) 2.50 2.93 2.79 3.00 2.71
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Net Assets,
end of period ($ x 1,000) 277,300 295,790 281,274 291,529 298,768 317,840
(A) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The 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, which is a wholly-owned subsidiary
of Mellon Financial Corporation. 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 $10,734 during the period ended November 30
1999 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 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 $47,000 available
for Federal income tax purposes to be applied against future net securities
profits, if any, realized subsequent to May 31, 1999. This amount is calculated
based on Federal income tax regulations which may differ from financial
reporting in accordance with generally accepted accounting principles. If not
applied, $2,000 of the carryover expires in fiscal 2002, $27,000 expires in
fiscal 2003, $7,000 expires in fiscal 2004, $3,000 expires in fiscal 2005,
$4,000 expires in fiscal 2006 and $4,000 expires in fiscal 2007.
At November 30, 1999, 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).
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (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 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, 1999, 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, 1999, the fund was charged $93,372 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, 1999, the fund was charged $52,088 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.
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
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
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 273SA9911
