DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for Dreyfus Massachusetts Municipal
Money Market Fund for the six-month period ended July 31, 1998. Your Fund
produced an annualized yield of 2.84% and, after taking into account the effect
of compounding, the annualized effective yield was 2.88%.*
The Economy
After growing at a rather heady pace of 5.5% during the first quarter of 1998,
the U.S. economy, as measured by Gross Domestic Product (GDP), appears to be
slowing down. During the second quarter, numerous signs of weakness appeared.
These included slower growth in personal income and corporate profits, reduced
export bookings, a dramatic drop in inventory stockpiling, a rising trade
deficit, and a slide in manufacturing orders as evidenced by declines in the
National Association of Purchasing Managers' Index for both June and July. On
the other hand, consumer spending, business investment, and housing construction
all moved higher. On balance, however, weakness largely overcame strength, as
the GDP grew just 1.4% during the second quarter of 1998.
As economic growth appeared to downshift at least temporarily, core inflation
(which excludes volatile food and energy prices) edged a bit higher toward the
end of the period. Wages and benefits paid to Americans also accelerated over
the past year, fueling concerns that these gains, coupled with extremely low
unemployment and tight labor markets, could push up inflation in the months
ahead. Indeed on July 21, 1998, Federal Reserve Board (Fed) Chairman Alan
Greenspan told the Senate Banking Committee that while the Asian crisis and
other factors may restrain consumer and business spending enough "to foster a
reasonably smooth transition to a more sustainable rate of growth," the risk of
a pickup in inflation still outweighs the danger of a slump. Interest rates on
money market securities were virtually unchanged since early 1998. Market
participants, meanwhile, await developments both global and domestic which may
have an effect on rate levels: included in those events would be any change in
Fed monetary policy which may be forthcoming.
Market Environment/Portfolio Overview
While the Federal Reserve has kept interest rates unchanged for the past six
months, market technicals nevertheless created fluctuations in rates on
short-term municipal securities. During the first weeks of January the municipal
money market was particularly strong due to large cash inflows, although the
market remained in a trading range throughout most of the first quarter of 1998.
However, in April, money funds were tapped for income tax payments, placing
upward pressure on rates as funds experienced redemptions. Supply conditions in
late May reversed this trend as municipal fund managers anticipated the effect
of several billion dollars in notes leaving the market at the end of June. July
brought stability back to the market as new supply eased the demand pressure
that had existed.
Unlike previous summer financing periods, this year's calendar of municipal
notes (consisting mainly of California-exempt paper) was drastically reduced by
a combination of factors. Due to the strength of local and state economies,
several issuers reduced the amount of short-term borrowing needed. Additionally,
many issuers came to market with maturities outside of the 13-month maximum
maturity restriction allowable for money funds, whereas these notes were
eligible for purchase in prior years. Other issues were converted to a synthetic
structure that is not currently permitted for purchase in your Fund. The overall
result was a lower yield for most one-year paper, both national and state
specific. Instead, during this time we utilized the commercial paper market to
keep average maturities from shortening significantly. As the fall approaches,
we anticipate additional buying opportunities in the Massachusetts note market.
We expect to choose selectively among these issues and to structure the
portfolio in an attempt to maximize current yield while maintaining our
commitment to high quality tax-exempt investments.
<PAGE>
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 this Fund and in The
Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
August 18, 1998
New York, N.Y.
*Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<PAGE>
<TABLE>
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
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STATEMENT OF INVESTMENTS JULY 31, 1998 (UNAUDITED)
Principal
Tax Exempt Investments--99.1% Amount Value
- -------------------------------------------------------
_____________ _____________
<S> <C> <C>
Town of Ashland, BAN 4%, 12/10/98. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,000,000 $ 5,007,141
Town of Clinton, BAN 4.25%, 11/20/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,003,854
Fitchburg Industrial Development Financing Authority, Industrial Revenue, VRDN
(Nestal Machinery Project)
3.65% (LOC; Lasalle National Bank) (a,b) . . . . . . . . . . . . . . . . . . . . . . . . 3,500,000 3,500,000
Town of Holliston, BAN 4%, 6/10/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,016,538
Massachusetts Bay Transportation Authority:
CP 3.55%, Series C, 8/17/98 (LOC; WestDeutsche Landesbank) (a) . . . . . . . . . . . . . 8,400,000 8,400,000
General Transportation System Revenue
3.40%, Series 84A, 9/1/98 (LOC; State Street Bank and Trust Co.) (a) . . . . . . . . . 4,000,000 4,000,000
Notes 4.25%, Series A, 2/26/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000,000 8,029,834
Massachusetts Health and Education Facilities Authority, Revenue, VRDN:
(Boston University) 3.70%, Series H (LOC; Landesbank Hessen) (a,b) . . . . . . . . . . . 5,000,000 5,000,000
(Capital Asset Program):
3.50%, Series D (Liquidity; Credit Suisse and Insured; MBIA) (b) . . . . . . . . . . . 3,000,000 3,000,000
3.60%, Series E (LOC; First Chicago Corp.) (a,b) . . . . . . . . . . . . . . . . . . . 2,900,000 2,900,000
(Childrens Hospital) 3.55%, Series F (LOC; Sanwa Bank) (a,b) . . . . . . . . . . . . . . 2,285,000 2,285,000
(Hallmark Health Systems) 3.50%, Series B (Insured; FSA and Liquidity; Fleet Bank) (b) . . 5,900,000 5,900,000
(Harvard University) 3.45%, Series I (Guaranteed by; Harvard University) (b) . . . . . . 2,500,000 2,500,000
(Partners Healthcare):
3.40%, Series P-1 (Liquidity: Bayerische Landesbank and Morgan Guaranty Trust Co and
Insured; FSA) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,500,000 10,500,000
3.55%, Series P-2 (Liquidity: Bayerische Landesbank and Morgan Guaranty Trust Co and
Insured; FSA) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,000,000 11,000,000
Massachusetts Housing Finance Agency, Refunding, VRDN:
3.65%, Series A (LOC; Republic National Bank of New York) (a,b) . . . . . . . . . . . . 5,100,000 5,100,000
(Multi-Family Housing Project) 3.60%, Series A (LOC; FNMA) (a,b) . . . . . . . . . . . . 5,000,000 5,000,000
Massachusetts Industrial Finance Agency:
Industrial Revenue:
(Ocean Spray Cranberries Inc. Project) 3.80%, 10/15/98 . . . . . . . . . . . . . . . . 3,500,000 3,500,000
VRDN (Cambridge Isotope Labs Inc.) 3.60% (LOC; Fleet Bank) (a,b) . . . . . . . . . . . 1,625,000 1,625,000
PCR, VRDN (Holyoke Water Power Co. Project)
3.55% (LOC; Union Bank of Switzerland) (a,b) . . . . . . . . . . . . . . . . . . . . . 7,800,000 7,800,000
Revenue, VRDN:
(Eastern Nazarene College) 3.45% (LOC; State Street Bank and Trust Co.) (a,b) . . . . 1,750,000 1,750,000
(Heritage at Dartmouth) 3.60% (LOC; Bank of Boston) (a,b) . . . . . . . . . . . . . . 1,825,000 1,825,000
(Newbury College) 3.45% (LOC; Bank of Boston) (a,b) . . . . . . . . . . . . . . . . . 3,820,000 3,820,000
RRR, VRDN (Ogden Haverhill Project)
3.55%, Series B (LOC; Union Bank of Switzerland) (a,b) . . . . . . . . . . . . . . . . 13,300,000 13,300,000
Massachusetts Municipal Wholesale Electric Company, Power Supply Systems
Revenue:
CP 3.60%, Series C, 8/10/98 (LOC; Fleet Bank) (a) . . . . . . . . . . . . . . . . . . . 7,000,000 7,000,000
VRDN 3.40%, Series C (Insured; MBIA and Liquidity; Credit Suisse) (b) . . . . . . . . . 17,465,000 17,465,000
Massachusetts Port Authority, Revenue, CP
3.50%, Series B, 9/24/98 (LOC; Westdeutsche Landesbank) (a) . . . . . . . . . . . . . . 6,000,000 6,000,000
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
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STATEMENT OF INVESTMENTS (CONTINUED) JULY 31, 1998 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
- -------------------------------------------------------
_____________ _____________
Massachusetts Water Resource Authority, VRDN:
3.40%, Series B (Insured; AMBAC and Liquidity; Bank of Nova Scotia) (b) . . . . . . . . $ 14,200,000 $ 14,200,000
3.65%, Series A (Insured; AMBAC and LOC; Bank of Nova Scotia) (a,b) . . . . . . . . . . 4,000,000 4,000,000
Town of Methuen, BAN 4.15%, 12/18/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,780,000 2,783,177
Montachusett, Regional Vocational Technical School District, BAN 4%, 7/23/99 . . . . . . . 4,000,000 4,012,206
Town of Plymouth, BAN 4%, 12/16/98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,664,000 7,675,550
Town of Rutland, BAN 4%, 2/10/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,009,481
Town of Springfield, BAN:
4.40%, 9/4/98 (BPA; Fleet Bank) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,001,790
4.25%, 11/20/98 (Repo Agreement; Fleet Bank) . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,005,855
Town of Sutton, BAN 4%, 4/28/99. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,775,000 3,783,070
Town of Wellesley, BAN 4%, 6/11/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,885,000 3,895,294
_____________
TOTAL INVESTMENTS (cost $209,593,790). . . . . . . . . . . . . . . . . . . . . . . . . . . 99.1% $209,593,790
======= =============
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9% $ 1,820,909
======= =============
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $211,414,699
======= =============
Summary of Abbreviations
- -----------------------------------------------------------------------------
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
BAN Bond Anticipation Notes MBIA Municipal Bond Investors Assurance
BPA Bond Purchase Agreement Insurance Corporation
CP Commercial Paper PCR Pollution Control Revenue
FNMA Federal National Mortgage Association RRR Resources Recovery Revenue
FSA Financial Security Assurance VRDN Variable Rate Demand Notes
Summary of Combined Ratings
- -----------------------------------------------------------------------------
Fitch (c) or Moody's or Standard & Poor's Percentage of Value
_______ ________ _________________ ___________________
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 72.4%
F2 VMIG2/MIG2, P2 SP2, A2 3.8
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 1.8
Not Rated (f) Not Rated (f) Not Rated (f) 22.0
_______
100.0%
=======
Notes to Statement of Investments:
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(a) Secured by letters of credit. At July 31, 1998, 39.4% of the Fund's
net assets are backed by letters of credit issued by domestic banks,
foreign banks and government agencies.
(b) 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.
(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 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 STATMENTS.
</TABLE>
<TABLE>
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
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STATEMENT OF ASSETS AND LIABILITIES JULY 31, 1998 (UNAUDITED)
Cost Value
_____________ _____________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $209,593,790 $209,593,790
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 435,178
Interest receivable . . . . . . . . . . . . . . . . . . . 1,499,225
Prepaid expenses and other assets . . . . . . . . . . . . 21,287
_____________
211,549,480
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 86,634
Accrued expenses and other liabilities . . . . . . . . . 48,147
_____________
134,781
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $211,414,699
=============
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $211,449,561
Accumulated net realized gain (loss) on investments . . . (34,862)
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $211,414,699
=============
SHARES OUTSTANDING
(UNLIMITED NUMBER OF $.001 PAR VALUE SHARES OF BENEFICIAL INTEREST AUTHORIZED) . . . . . . 211,464,457
NET ASSET VALUE, offering and redemption price per share . . . . . . . . . . . . . . . . . $1.00
=====
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
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STATEMENT OF OPERATIONS SIX MONTHS ENDED JULY 31, 1998 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . . . . . $3,272,327
EXPENSES: Management fee--Note 2(a) . . . . . . . . . . . . . . . . $ 466,550
Shareholder servicing costs--Note 2(b) . . . . . . . . . 87,852
Registration fees . . . . . . . . . . . . . . . . . . . . 21,847
Professional fees . . . . . . . . . . . . . . . . . . . . 17,877
Custodian fees . . . . . . . . . . . . . . . . . . . . . 9,528
Prospectus and shareholders' reports . . . . . . . . . . 4,092
Trustees' fees and expenses--Note 2(c) . . . . . . . . . 4,071
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . 3,325
___________
Total Expenses . . . . . . . . . . . . . . . . . . 615,142
___________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,657,185
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 1(b) . . . . . . . . . . . . . . . . . . . . (398)
___________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . $2,656,787
===========
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
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STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
July 31, 1998 Year Ended
(Unaudited) January 31, 1998
________________ ________________
OPERATIONS:
<S> <C> <C>
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,657,185 $ 5,340,413
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . . (398) (2,725)
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . . . . 2,656,787 5,337,688
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,657,185) (5,340,413)
_____________ _____________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . 224,111,964 390,207,155
Dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,673,106 3,364,374
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (194,033,035) (405,901,691)
_____________ _____________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions . . . . . 31,752,035 (12,330,162)
_____________ _____________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . . . . 31,751,637 (12,332,887)
NET ASSETS:
Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179,663,062 191,995,949
_____________ _____________
End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $211,414,699 $179,663,062
============= =============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
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
July 31, 1998 Year Ended January 31,
_______________________________________________________
PER SHARE DATA: (Unaudited) 1998 1997 1996 1995 1994
__________ ______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period . . . $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______ ______ ______
Investment Operations:
Investment income--net . . . . . . . . . . .014 .030 .028 .033 .027 .021
______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . (.014) (.030) (.028) (.033) (.027) (.021)
______ ______ ______ ______ ______ ______
Net asset value, end of period . . . . . . $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN. . . . . . . . . . . . 2.86%* 3.01% 2.86% 3.34% 2.70% 2.12%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . .66%* .63% .60% .46% .28% .28%
Ratio of net investment income
to average net assets . . . . . . . . . 2.85%* 2.97% 2.82% 3.28% 2.73% 2.09%
Decrease reflected in above expense ratios
due to undertakings by the Manager . . -- .01% .06% .19% .46% .53%
Net Assets, end of period (000's Omitted) . $211,415 $179,663 $191,996 $155,055 $150,811 $87,864
- -----------------------------
* Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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 and
Massachusetts 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. 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 custodian agreement, the Fund
received net earnings credits of $6,573 during the period ended July 31, 1998
based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations held
by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain, if any, are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to comply
with the distribution requirements of the Internal Revenue Code. 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 $34,400
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to January 31, 1998. If not
applied, $30,500 of the carryover expires in fiscal 2003, $1,000 expires in
fiscal 2004, $200 expires in fiscal 2005 and $2,700 expires in fiscal 2006.
At July 31, 1998, the cost of investments for Federal income tax purposes was
substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
<PAGE>
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 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.
(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 July
31, 1998, the Fund was charged $53,884 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 service for the Fund. During the period
ended July 31, 1998, the Fund was charged $18,866 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 $1,000. The Chairman of the Board
receives an additional 25% of such compensation.
<PAGE>
dreyfus lion "d" logo (reg.tm)
dreyfus logo (reg.tm)
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.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 639SA987
Massachusetts
Municipal Money
Market Fund
Semi-Annual
Report
July 31, 1998
<PAGE>
