DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
The Federal Reserve Board relaxed its policy of monetary restraint in
July 1995 when it lowered the Fed Funds rate on July 6th. This reduction
ended the upward pressure on short-term rates that had prevailed since the
beginning of 1994. The Fed's restraint was based on concern about a
resurgence of inflation, given the strong economic news then prevailing. But
in July, reports indicated a significant weakening trend in the economy. The
July reduction in the Fed Funds rate signaled that economic growth issues
outweighed, for a time, Federal Reserve fears of a resurgence of inflation.
The Fed's easing was limited to a lowering of the Fed Funds rate by 25 basis
points; the discount rate remained at 5.25% -- its level for most of 1995.
For its semi-annual reporting period ended July 31, 1995, your Fund
provided an annualized yield of 3.43%. For Massachusetts investors in the
highest income tax bracket, this equates to a taxable equivalent yield of
6.45%. Income dividends of approximately $.017 per share were paid during the
period. Reinvesting these dividends and calculating the effect of this
compounding resulted in an annualized effective yield of 3.48%.* These
dividends were exempt from Federal and Commonwealth of Massachusetts personal
income taxes although certain shareholders may be subject to the Federal
Alternative Minimum Tax (AMT).
THE ECONOMY
The Fed easing was triggered by concern about the weakening economy.
Economic reports indicated flagging home and auto sales, and new home
construction weakened from earlier this year. Furthermore, rising business
inventories (a frequent harbinger of a business slowdown) and weakening
retail sales lent additional credibility to the case for easier credit
conditions. By midyear, jobless claims were also on the rise, a particularly
politically sensitive indicator made even more so by the coming Presidential
election year. In anticipation of the Federal Reserve Board's reaction to
these economic indicators, and in an effort to provide attractive yields, we
chose to extend the average maturity of your Fund's portfolio.
MARKET ENVIRONMENT
While market fundamentals do affect the short-term municipal market, the
overriding influence continues to be market technicals (i.e., supply/demand).
The securities which the portfolio can hold that provide the highest degree
of liquidity are 1-day and 7-day demand notes. Since the rates on these
notes, which your Fund held during the reporting period, are adjusted on a
daily or weekly basis, your Fund's fluctuating yields reflected these rapid
adjustments over time. For example, the entire tax exempt note market
exhibited significant strength during late June and early July as demand
exceeded supply, and short-term yields on municipal issues dropped
accordingly. More recently, market conditions have begun to stabilize and
yields in the marketplace have returned to more attractive levels. However,
over the coming months, supply and demand conditions could still result in
market weakness, thereby providing additional buying opportunities. This does
not rule out the possibility of another Fed easing. Nevertheless, we
currently expect the market's technical factors to outweigh the effect of any
further monetary action.
THE PORTFOLIO
In the wake of the Orange County, California bankruptcy filing in
December 1994, we continue to be even more vigilant in using our credit
research facilities to locate those credits that meet our high internal
standards and that can provide your Fund with attractive returns. Keep in
mind that there continues to be heightened demand for those issues which
provide tax-free income to the Massachusetts investor. As a result,
Massachusetts notes have traded at a premium to general market levels. Yet,
on an after-tax basis, the securities in your Fund have generated an
attractive return to the high income Massachusetts resident. Our primary
tasks -- to preserve principal, to invest in those issues that meet our high
quality standards, and to maintain a balance of income and liquidity
consistent with our conservative management philosophy-continue to underscore
our portfolio management decisions.
Included in this report is a series of detailed statements regarding your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we appreciate greatly your continued confidence in the Fund
and in Dreyfus.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
September 7, 1995
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
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DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS JULY 31, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
-------------- --------------
<S> <C> <C>
MASSACHUSETTS-91.6%
Boston Water and Sewer Commission, Revenue, VRDN
3.75%, Series A (LOC; State Street Bank) (a,b).......................... $ 5,000,000 $ 5,000,000
Town of Chicopee, BAN 4.25%, 8/1/96......................................... 9,000,000 9,034,650
Commonwealth of Massachusetts, VRDN:
3.80%, Series B (LOC; National Westminster Bank) (a,b).................. 3,800,000 3,800,000
3.80%, Series E (LOC; ABN-Amro Bank) (a,b).............................. 7,300,000 7,300,000
Massachusetts Bay Transportation Authority, General Transportation System,
Revenue
4.40%, Series 1984 A, 9/1/95 (LOC; State Street Bank) (b)............... 5,000,000 5,000,000
Massachusetts Health and Education Facilities Authority, Revenue:
(Boston University)
3.45%, Series H, 8/8/95 (LOC; First National Bank of Chicago) (b)..... 7,000,000 7,000,000
CP (Harvard University):
3.85%, Series L, 8/22/95 (Guaranteed by; Harvard University).......... 5,200,000 5,200,000
3.30%, Series L, 9/19/95.............................................. 8,000,000 8,000,000
VRDN:
(Capital Asset Program):
3.35%, Series G-1 (Insured; MBIA and SBPA; Credit Suisse) (a)..... 10,600,000 10,600,000
3.45%, Series E (LOC; Sanwa Bank) (a,b)........................... 7,550,000 7,550,000
3.65%, Series D (Insured; MBIA and Liquidity: Sanwa Bank) (a)..... 8,000,000 8,000,000
3.80%, Series B (Insured; MBIA and SBPA; Sanwa Bank) (a).......... 1,200,000 1,200,000
(Williams College) 3.65%, Series E (a)................................ 5,200,000 5,200,000
Massachusetts Housing Finance Agency:
Refunding, VRDN (Multi-Family Housing Project)
3.70% (LOC; Federal National Mortgage Association) (a,b).............. 4,000,000 4,000,000
SFHR 4.15%, Series 34, 6/1/96 (GIC; FGIC Capital Assets)................ 4,400,000 4,400,000
Massachusetts Industrial Finance Agency:
Industrial Revenue:
(Ocean Spray Cranberries Inc. Project) 4.30%, 10/15/95................ 3,500,000 3,500,000
VRDN (Cambridge Isotope Labs Inc.) 4.10% (LOC; Fleet Bank) (a,b)...... 4,000,000 4,000,000
PCR, Refunding:
CP (New England Power Co. Project)
4.10%, 8/16/95 (Guaranteed by; New England Power Co.)............. 6,000,000 6,000,000
VRDN (Holyoke Water Power Co.)
3.65%, Series A (LOC; Canadian Imperial Bank of Commerce) (a,b)... 1,700,000 1,700,000
Revenue:
(Saint Mark's School-Southborough) 5.25%, 1/9/96 (LOC; Barclays Bank) (b) 1,500,000 1,500,000
VRDN:
(Berkshire Project) 3.75% (LOC; National Westminster Bank) (a,b).. 3,700,000 3,700,000
(Groton School Project) 3.75% (LOC; National Westminster Bank) (a,b) 4,800,000 4,800,000
(New England Deaconess Project) 3.50%, Series B (LOC; Banque Paribas) (a,b) 2,300,000 2,300,000
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
MASSACHUSETTS (CONTINUED)
Massachusetts Industrial Finance Agency (continued):
Revenue (continued):
VRDN (continued):
Refunding (Showa Woman's Institute Inc.) 3.75% (LOC; Fuji Bank) (a,b) $ 3,000,000 $ 3,000,000
RRR, Refunding, VRDN (Ogden Haverhill)
3.45%, Series B (LOC; Union Bank of Switzerland) (a,b)................ 3,300,000 3,300,000
Massachusetts Port Authority, Multi-Modal Revenue, Refunding, VRDN
4.20% (LOC; Landesbank Hessin) (a,b).................................... 5,000,000 5,000,000
Massachusetts Water Resource Authority, CP
3%, 9/19/95 (LOC; Morgan Guaranty Trust Co.) (b)........................ 5,000,000 5,000,000
Town of New Bedford, BAN 4.25%, 10/6/95 (Purchase Agreement; Fleet Bank).... 1,800,000 1,802,564
Town of North Adams, BAN 4.50%, 6/30/96..................................... 5,000,000 5,019,757
Pioneer Valley Transportation Authority, RAN:
4%, 8/11/95............................................................. 1,000,000 1,000,040
4.10%, 8/11/95.......................................................... 1,700,000 1,700,112
4.25%, 8/11/95.......................................................... 550,000 550,058
Quablin Regional School District, BAN 4.25%, 1/18/96........................ 6,385,000 6,393,364
Town of Watertown, BAN 4.30%, 10/12/95...................................... 1,141,000 1,141,214
Woods Hole Martha's Vineyard and Nantucket Steamship Authority,
BAN 4.08%, 10/30/95..................................................... 4,300,000 4,301,043
U.S. RELATED-8.4%
Commonwealth of Puerto Rico Government Development Bank, Refunding, VRDN
3.45% (LOC; Credit Suisse) (a,b)........................................ 7,950,000 7,950,000
Commonwealth of Puerto Rico Highway and Transportation Authority,
Highway Revenue, VRDN 3.45%, Series X (LOC: Landesbank Hessin,
Swiss Bank Corp. and Union Bank of Switzerland) (a,b)................... 6,475,000 6,475,000
-------------
TOTAL INVESTMENTS (cost $171,417,802)....................................... $171,417,802
=============
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DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
BAN Bond Anticipation Notes PCR Pollution Control Revenue
CP Commercial Paper RAN Revenue Anticipation Notes
FGIC Financial Guaranty Insurance Company RRR Resources Recovery Revenue
GIC Guaranteed Investment Contract SBPA Standby Bond Purchase Agreement
LOC Letter of Credit SFHR Single Family Housing Revenue
MBIA Municipal Bond Investors Assurance VRDN Variable Rate Demand Notes
Insurance Corporation
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
<S> <C> <C> <C>
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- -------- -------- ------------------ ---------------------
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 82.0%
F2 VMIG2/MIG2, P2 SP2, A2 18.0
-------
100.0%
======
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) 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.
(b) Secured by letters of credit. At July 31, 1995, 54.2% of the Fund's
net assets are backed by letters of credit issued by domestic banks,
foreign banks and government agencies.
(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.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES JULY 31, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $171,417,802
Interest receivable..................................................... 1,000,855
Prepaid expenses........................................................ 10,851
-------------
172,429,508
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 43,314
Payable for investment securities purchased............................. 9,034,650
Accrued expenses and other liabilities.................................. 179,595 9,257,559
------------ -----------
NET ASSETS.................................................................. $163,171,949
=============
REPRESENTED BY:
Paid-in capital......................................................... $163,203,379
Accumulated net realized (loss) on investments.......................... (31,430)
-------------
NET ASSETS at value applicable to 163,203,379 outstanding shares of
Beneficial Interest, equivalent to $1.00 per share (unlimited number of
of $.001 par value shares authorized)....................................... $163,171,949
=============
STATEMENT OF OPERATIONS SIX MONTHS ENDED JULY 31, 1995 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 2,876,533
EXPENSES:
Management fee-Note 2(a).............................................. $ 381,552
Shareholder servicing costs-Note 2(b)................................. 50,086
Professional fees..................................................... 17,787
Custodian fees........................................................ 8,964
Registration fees..................................................... 5,621
Prospectus and shareholders' reports.................................. 4,024
Trustees' fees and expenses-Note 2(c)................................. 3,895
Miscellaneous......................................................... 9,903
----------
481,832
Less-reduction in management fee due to
undertakings-Note 2(a)............................................ 216,055
----------
TOTAL EXPENSES.................................................. 265,777
-------------
INVESTMENT INCOME-NET....................................................... 2,610,756
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b)................................ (902)
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 2,609,854
=============
See independent accountants' review report and notes to financial statements.
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
JANUARY 31, JULY 31, 1995
1995 (UNAUDITED)
--------------- -------------------
OPERATIONS:
Investment income-net................................................ $ 3,174,481 $ 2,610,756
Net realized (loss) on investments................................... (30,528) (902)
------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............... 3,143,953 2,609,854
------------- -------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net................................................ (3,174,481) (2,610,756)
------------- -------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................ 335,930,188 200,930,976
Dividends reinvested................................................. 2,377,003 1,666,673
Cost of shares redeemed.............................................. (275,329,515) (190,236,271)
------------- -------------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS....... 62,977,676 12,361,378
------------- -------------
TOTAL INCREASE IN NET ASSETS................................... 62,947,148 12,360,476
NET ASSETS:
Beginning of period.................................................. 87,864,325 150,811,473
------------- -------------
End of period........................................................ $ 150,811,473 $ 163,171,949
============= =============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS MASSACHUSETTS MUNICIPAL 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
YEAR ENDED JANUARY 31, JULY 31, 1995
------------------------------------------------
PER SHARE DATA: 1992(1) 1993 1994 1995 (UNAUDITED)
-------- -------- -------- -------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.......... $1.0000 $1.0002 $1.0000 $1.0000 $ .9998
-------- -------- -------- -------- -----------
INVESTMENT OPERATIONS:
Investment income-net......................... .0399 .0275 .0209 .0266 .0170
Net realized gain (loss) on investments....... .0002 - - (.0002) -
-------- -------- -------- -------- -----------
TOTAL FROM INVESTMENT OPERATIONS............ .0401 .0275 .0209 .0264 .0170
-------- -------- -------- -------- -----------
DISTRIBUTIONS:
Dividends from investment income-net.......... (.0399) (.0275) (.0209) (.0266) (.0170)
Dividends from net realized gain on investments - (.0002) - - -
-------- -------- -------- -------- -----------
TOTAL DISTRIBUTIONS......................... (.0399) (.0277) (.0209) (.0266) (.0170)
-------- -------- -------- -------- -----------
Net asset value, end of period................ $1.0002 $1.0000 $1.0000 $ .9998 $ .9998
======== ======== ======== ======== ===========
TOTAL INVESTMENT RETURN........................... 4.41%(2) 2.81% 2.12% 2.70% 3.45%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets....... - .19% .28% .28% .35%(2)
Ratio of net investment income to
average net assets.......................... 4.20%(2) 2.74% 2.09% 2.73% 3.42%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager.......... 1.04%(2) .66% .53% .46% .28%(2)
Net Assets, end of period (000's Omitted)..... $57,520 $72,383 $87,864 $150,811 $163,172
(1) From March 1, 1991 (commencement of operations) to January 31, 1992.
(2) Annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a non-diversified open-end management investment company. Premier Mutual
Fund Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares, which are sold to the public without a sales charge. The Distributor,
located at One Exchange Place, Boston Massachusetts 02109, is a wholly-owned
subsidiary of FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc., the parent company of which is Boston Institutional Group,
Inc. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
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 of $1.00.
(A) PORTFOLIO VALUATION: Investments 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.
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 $30,500
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to January 31, 1995. If not
applied, the carryover expires in fiscal 2003.
At July 31, 1995, the cost of investments for Federal income tax purposes
was substantially the same as the cost for financial reporting purposes (see
the Statement of Investments).
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET 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 average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, interest on borrowings, brokerage and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund for any full fiscal year. However, the Manager had
undertaken from February 1, 1995 through March 31, 1995 to waive receipt of
the management fee payable to it by the Fund in excess of .15 of 1% of the
value of the Fund's average daily net assets, and thereafter, had undertaken
through July 19, 1995 to waive the management fee payable to it by the Fund
to the extent that the Fund's aggregate expenses (excluding certain expenses
as described above) exceeded specified annual percentages of the Fund's
average daily net assets. The Manager has currently undertaken from July 20,
1995 through September 30, 1995 or until such time as the net assets of the
Fund exceed $200 million, regardless of whether they remain at that level, to
waive receipt of the management fee payable to it by the Fund in excess of
.35 of 1% of the value of the Fund's average daily net assets. The reduction
in management fee, pursuant to the undertakings, amounted to $216,055 for the
six months ended July 31, 1995.
(B) Pursuant to the Fund's 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 servicing 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 six months ended July 31, 1995, the Fund was charged an
aggregate of $33,001 pursuant to the Shareholder Services Plan.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $1,000. The Chairman of the Board
receives an additional 25% of such compensation.
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus Massachusetts Municipal Money Market Fund, including the statement of
investments, as of July 31, 1995, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended July 31, 1995. These financial statements and financial highlights are
the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
January 31, 1995 and financial highlights for each of the fourh years in the
period ended January 31, 1995 and in our report dated March 2, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst and Young LLP signature logo]
New York, New York
September 5, 1995
[Dreyfus lion "d" logo]
DREYFUS MASSACHUSETTS MUNICIPAL
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
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 639SA957
[Dreyfus logo]
Massachusetts
Municipal
Money Market Fund
Semi-Annual
Report
July 31, 1995
