DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus
Massachusetts Municipal Money Market Fund. For its annual reporting period
ended January 31, 1996, your Fund produced a yield of 3.29% per share. Income
dividends of approximately $.033 per share were paid during the period.
Reinvesting these dividends and calculating the effect of compounding
resulted in an effective yield of 3.34%.* These dividends were exempt from
Federal and Commonwealth of Massachusetts personal income taxes, although some
income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders.**
THE ECONOMY
On January 31, 1996, the last day of the Fund's reporting period, the
Federal Reserve Board once again lowered the Federal Funds rate another
quarter of a point to 5.25%. The Federal Reserve also reduced the Discount
Rate, the rate that the Fed charges banks for loans, to 5.0%. The reduction
in interest rates was a continuation of the easing monetary policy of the
Fed, a stance that has prevailed since last July.
Mounting evidence that economic growth was indeed slowing combined with
favorable inflation reports indicated that the threat of recession outweighed
near-term worry of a resurgence in price inflation. The Consumer Price Index
rose only 2.5% in 1995, the lowest rate in nearly a decade. It also marked
the fifth consecutive year that the CPI was in the 3% or lower range. The
consumer sector of the economy was of increasing concern to economic policy
makers. The consumer sector comprises two thirds of the nation's economic
activity and retail sales reports in December revealed the worst holiday
season since the 1990-91 recession. Personal income growth remained sluggish.
The Conference Board, an independent business group, reported that the
Board's index of consumer confidence declined sharply in January as consumers
worried about Federal budget negotiations and the recent flurry of layoff
announcements by major corporations.
Industrial production was only moderate. Output of the nation's factories
crept up 0.1% in December. The annual rate of production slowed to 0.8% in
the fourth quarter of 1995, compared with 3.2% for the previous three months.
For the full calendar year, output rose 3.2%, little more than half the 5.9%
rate in 1994.
There were strong indications that inflation was under control. Until
midyear 1995, fear of inflation was the overriding concern of the Federal
Reserve. Now the focus seems to have shifted to actions designed to avoid
recession. Since last July, the Fed has moved three times to lower interest
rates. Should more signs of economic weakness emerge, it is likely that
short-term interest rates will continue to be lowered.
MARKET ENVIRONMENT
The short-term municipal market certainly is influenced by any Federal
Reserve Board decision to lower interest rates; however, market technicals
(i.e., supply/demand) were the overriding factor affecting the yields that
prevailed throughout this period. By Fall 1995, rates on short-term issues
had settled into a trading range. A steady interchange of variable rate
demand notes (VRDNs) between corporate holders and municipal money market
funds kept rates on these securities attractive, which resulted in an
inverted yield curve (rates on shorter maturities were higher than rates on
longer note issues) during most of the season. Despite the Fed's easing move
in early December, its second rate reduction of the year, rates on VRDNs
trended even higher toward year-end. That was a seasonal occurrence (as
prior years have demonstrated) which reverses dramatically in January as
cash returns to the money market arena. The "January effect" leads to a
high increase in demand for VRDNs and, accordingly, a substantial yield
drop on these issues as well. The unusually large asset inflows abated by
late January, thereby lessening the high demand for VRDNs and serving to
restore stability to short-term yields.
In previous years, the impact on yield levels in January has been
substantial--lower rates have been sustained through most of the month and
into February. This year's drop in rates was less pronounced. We attribute
this aberration to the unresolved issues surrounding tax reform. This
uncertainty prompted remarketing agents to price VRDNs at more attractive
yields, which, of course, enhanced your Fund's overall performance.
THE PORTFOLIO
With the inverted yield curve, daily and weekly demand notes yielded
moderately more than both commercial paper and longer-term notes through most
of the period. Our investment strategy involved lengthening the portfolio's
maturity, when possible, in order to lock in rates that we felt would
outperform variable rate notes early in 1996.
The commercial paper and one-year note markets provided the primary means
for us to extend, while seeking to maintain a competitive yield. However, our
success in achieving the desired average maturity was limited due to a
scarcity of high quality Massachusetts-exempt issues from which to choose. As
a result, your Fund's current average maturity still leaves room to extend
should a change in market or supply conditions warrant.
Included in this report is a series of detailed statements about 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 The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
February 15, 1996
New York, N.Y.
* Effective yield is based upon dividends declared daily and reinvested
monthly.
**Some income may be subject to state and local taxes for non-resident
shareholders.
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DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS JANUARY 31, 1996
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
_______ _______
<S> <C> <C>
Boston Water and Sewer Commission, Revenue, VRDN (General Series)
3%, Series A (LOC; State Street Bank) (a,b)............................. $ 4,900,000 $ 4,900,000
Town of Chicopee, BAN 4.25%, 8/1/96......................................... 9,000,000 9,017,230
Town of Falls River, BAN 4.25%, 6/28/96 (Purchase Agreement; Fleet Bank).... 1,850,000 1,855,239
Commonwealth of Massachusetts:
GO Notes 5.125%, Series D, 11/1/96 (Insured; FGIC)...................... 7,860,000 7,938,626
VRDN:
3.70%, Series B (LOC; National Westminster Bank) (a,b)................ 6,000,000 6,000,000
3.70%, Series E (LOC; ABN-Amro Bank) (a,b)............................ 6,000,000 6,000,000
Massachusetts Bay Transportation Authority, General Transportation System
Revenue
3.75%, Series 1984-A, 3/1/96 (LOC; State Street Bank) (b)............... 5,000,000 5,000,000
Massachusetts Health and Education Facilities Authority, Revenue, VRDN:
(Capital Asset Program)
2.75%, Series G-1 (Insured; MBIA and SBPA; Credit Suisse) (a)......... 7,600,000 7,600,000
(Williams College) 3%, Series E (a)..................................... 5,100,000 5,100,000
Massachusetts Housing Finance Agency:
Refunding, VRDN:
(Habor Point) 3.05%, Series A (BPA; Republic National Bank of New York) (a) 5,100,000 5,100,000
(Multi-Family Housing Project) 3%, Series A (LOC; FNMA) (a,b)......... 3,900,000 3,900,000
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) 3.95%, 10/15/96................ 3,500,000 3,500,000
VRDN (Cambridge Isotope Labs Inc.) 3.20% (LOC; Fleet Bank) (a,b)...... 4,000,000 4,000,000
PCR:
CP, Refunding (New England Power Co. Project):
3.80%, 2/15/96 (Corp. Guaranty; New England Power Co.)............ 4,000,000 4,000,000
3.65%, 2/22/96 (Corp. Guaranty; New England Power Co.)............ 3,000,000 3,000,000
VRDN (Holyoke Water Power Co.)
2.90%, Series A (LOC; Canadian Imperial Bank of Commerce) (a,b)... 1,700,000 1,700,000
Revenue, VRDN:
(Berkshire Project) 3.05% (LOC; National Westminster Bank) (a,b)...... 2,000,000 2,000,000
(Edgewood Retirement Community) 3.20%, Series C (LOC; Dresdner Bank) (a,b) 5,000,000 5,000,000
(Groton School Project) 3.05% (LOC; National Westminster Bank) (a,b).. 4,800,000 4,800,000
(New England Deaconess Project) 2.90%, Series B (LOC; Banque Paribas) (a,b) 465,000 465,000
RRR, VRDN (Ogden Haverhill Project):
2.80%, Series B (LOC; Union Bank of Switzerland) (a,b)................ 5,500,000 5,500,000
2.95%, Series A (LOC; Union Bank of Switzerland) (a,b)................ 5,000,000 5,000,000
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1996
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ _______
Massachusetts Municipal Wholesale Electric Company, Power Supply Systems
Revenue, VRDN
2.85%, Series C (LOC; Canadian Imperial Bank of Commerce) (a,b)......... $ 5,100,000 $ 5,100,000
Massachusetts Port Authority, Revenue, Refunding, VRDN:
3.70%, Series A (LOC; Landesbank Hessen) (a,b).......................... 4,000,000 4,000,000
3.80%, Series B (LOC; Landesbank Hessen) (a,b).......................... 9,400,000 9,400,000
Massachusetts Water Resource Authority, CP:
3.60%, 2/16/96 (LOC; Morgan Guaranty Trust Co.) (b)..................... 5,000,000 5,000,000
3.60%, 3/20/96 (LOC; Morgan Guaranty Trust Co.) (b)..................... 5,000,000 5,000,000
3.50%, 4/8/96 (LOC; Morgan Guaranty Trust Co.) (b)...................... 4,000,000 4,000,000
Town of North Adams, BAN 4.50%, 6/30/96..................................... 5,000,000 5,008,873
Salem, GO, BAN 4%, 7/1/96................................................... 2,800,000 2,807,143
Town of Springfield, BAN 4.40%, 2/9/96 (Purchase Agreement; Fleet Bank)..... 5,300,000 5,300,678
_______
TOTAL INVESTMENTS (cost $151,392,789)....................................... $151,392,789
=======
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DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
BAN Bond Anticipation Notes MBIA Municipal Bond Investors Assurance
BPA Bond Purchase Agreement Insurance Corporation
CP Commercial Paper PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Company RRR Resources Recovery Revenue
FNMA Federal National Mortgage Association SBPA Standby Bond Purchase Agreement
GIC Guaranteed Investment Contract SFHR Single Family Housing Revenue
GO General Obligation VRDN Variable Rate Demand Notes
LOC Letter of Credit
</TABLE>
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<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- ---------- ------- ----------------- -------------------
<S> <C> <S> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 79.0%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 5.2
Not Rated (f) Not Rated (f) Not Rated (f) 15.8
____
100.0%
====
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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 January 31, 1996, 56.0% 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.
(e) Notes which are not F, MIG or SP rated are represented by bond
ratings of the issuers.
(f) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's have been determined by the Fund's Board of Trustees to be of
comparable quality to those rated securities in which the Fund may
invest.
See notes to financial statements.
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<CAPTION>
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 1996
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $151,392,789
Cash.................................................................... 2,591,998
Interest receivable..................................................... 1,175,968
Prepaid expenses........................................................ 24,202
______
155,184,957
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $ 74,770
Accrued expenses and other liabilities.................................. 55,559 130,329
______ _____
NET ASSETS ................................................................ $155,054,628
=======
REPRESENTED BY:
Paid-in capital......................................................... $155,086,058
Accumulated net realized (loss) on investments.......................... (31,430)
______
NET ASSETS at value applicable to 155,086,058 shares outstanding
(unlimited number of $.001 par value shares of Beneficial Interest
authorized)............................................................. $155,054,628
=======
NET ASSET VALUE, offering and redemption price per share
($155,054,628 / 155,086,058 shares)..................................... $1.00
=======
STATEMENT OF OPERATIONS YEAR ENDED JANUARY 31, 1996
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 5,793,686
EXPENSES:
Management fee-Note 2(a).............................................. $ 773,902
Shareholder servicing costs-Note 2(b)................................. 133,463
Professional fees..................................................... 45,040
Custodian fees........................................................ 18,166
Trustees' fees and expenses-Note 2(c)................................. 8,500
Prospectus and shareholders' reports.................................. 8,196
Registration fees..................................................... 4,753
Miscellaneous......................................................... 19,792
_____
TOTAL EXPENSES.................................................. 1,011,812
Less-reduction in management fee due to undertakings
by the Manager-Note 2(a).......................................... 298,221
_____
NET EXPENSES.................................................... 713,591
______
INVESTMENT INCOME-NET....................................................... 5,080,095
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b)................................ (902)
______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 5,079,193
=======
See notes to financial statements.
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<CAPTION>
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED JANUARY 31,
-------------------------------
1995 1996
-------- -------
<S> <C> <C>
OPERATIONS:
Investment income-net................................................... $ 3,174,481 $ 5,080,095
Net realized (loss) on investments...................................... (30,528) (902)
_______ ______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 3,143,953 5,079,193
_______ ______
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net................................................... (3,174,481) (5,080,095)
_______ ______
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................... 335,930,188 345,313,968
Dividends reinvested.................................................... 2,377,003 3,227,676
Cost of shares redeemed................................................. (275,329,515) (344,297,587)
_______ ______
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.......... 62,977,676 4,244,057
_______ ______
TOTAL INCREASE IN NET ASSETS...................................... 62,947,148 4,243,155
NET ASSETS:
Beginning of year....................................................... 87,864,325 150,811,473
_______ ______
End of year............................................................. $ 150,811,473 $ 155,054,628
======= ======
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See notes to financial statements.
<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 year indicated. This
information has been derived from the Fund's financial statements.
YEAR ENDED JANUARY 31,
-----------------------------------------------------------------
PER SHARE DATA: 1992(1) 1993 1994 1995 1996
------ ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----- ----- ----- ----- -----
INVESTMENT OPERATIONS;
Investment income-net........................ .040 .028 .021 .027 .033
----- ----- ----- ----- -----
DISTRIBUTIONS;
Dividends from investment income-net......... (.040) (.028) (.021) (.027) (.033)
----- ----- ----- ----- -----
Net asset value, end of year................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN.......................... 4.41%(2) 2.81% 2.12% 2.70% 3.34%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... -- .19% .28% .28% .46%
Ratio of net investment income to average net assets 4.20%(2) 2.74% 2.09% 2.73% 3.28%
Decrease reflected in above expense ratios due to
undertakings by the Manager................ 1.04%(2) .66% .53% .46% .19%
Net Assets, end of year (000's Omitted)...... $57,520 $72,383 $87,864 $150,811 $155,055
______________________________________________
(1) From March 1, 1991 (commencement of operations) to January 31, 1992.
(2) Annualized.
</TABLE>
See notes to financial statements.
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Massachusetts Municipal Money Market Fund (the "Fund") is
registered under the Investment Company Act of 1940 ("Act") as a
non-diversified open-end management investment company. The Fund's investment
objective is to provide investors with as high a level of current income
exempt from Federal income taxes as is consistent with the preservation of
capital and the maintenance of liquidity. The Dreyfus Corporation ("Manager")
serves as the Fund's investment adviser. The Manager is a direct subsidiary
of Mellon Bank, N.A. Premier Mutual Fund Services, Inc. (the "Distributor")
acts as 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 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. Cost of investments represents amortized cost.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations
held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain, if any, are normally declared and
paid annually, but the Fund may make distributions on a more frequent basis
to comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately $31,500
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to January 31, 1996. If not
applied, $30,500 of the carryover expires in fiscal 2003 and $1,000 expires
in fiscal 2004.
At January 31, 1996, 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 (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 November 27, 1995 to waive receipt
of the the management fee payable to it by the Fund to the extent that the
Fund's aggregate expenses (exclusive of certain expenses as described above)
exceeded specified annual percentages of the Fund's average daily net assets.
The Manager has currently undertaken from November 28, 1995 through January
31, 1997 to reduce the management fee paid by, or reimburse such excess
expenses of the Fund, to the extent that the Fund's aggregate expenses
(exclusive of certain expenses as described above) exceed an annual rate of
.60 of 1% of the average daily value of the Fund's net assets. The reduction
in management fee, pursuant to the undertakings, amounted to $298,221 for the
year ended January 31, 1996.
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 service for the Fund. Such compensation
amounted to $6,221 for the period from December 1, 1995 through January 31,
1996.
(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 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 year ended January 31, 1996, the Fund was charged an aggregate of
$86,232 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
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
We have audited the accompanying statement of assets and liabilities of
Dreyfus Massachusetts Municipal Money Market Fund, including the statement of
investments, as of January 31, 1996 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 generally accepted auditing
standards. 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. Our procedures included confirmation of
securities owned as of January 31, 1996 by correspondence with the custodian.
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 Massachusetts Municipal Money Market Fund at January 31,
1996, 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
generally accepted accounting principles.
[Ernst and Young LLP signature logo]
New York, New York
March 7, 1996
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
January 31, 1996 as "exempt-interest dividends" (not subject to regular
Federal and, for individuals who are Massachusetts residents, Massachusetts
personal income taxes).
[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
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 639AR961
[Dreyfus logo]
Massachusetts
Municipal
Money Market Fund
Annual Report
January 31, 1996
