YEAR 2000 ISSUES (UNAUDITED)
The fund could be adversely affected if the computer systems used by The
Dreyfus Corporation and the fund' s other service providers do not properly
process and calculate date-related information from and after January 1, 2000.
The Dreyfus Corporation is working to avoid Year 2000-related problems in its
systems and to obtain assurances from other service providers that they are
taking similar steps. 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.
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 12-month period ended January 31, 1999. Your Fund
produced a yield of 2.75% and, after taking into account the effect of
compounding, an effective yield of 2.79%.*
The Economy
The U.S. economy remained strong in 1998 in spite of economic turmoil in Asia
and Russia. There were two main reasons: First, consumer spending was strong,
backed by healthy real wage and salary income and the wealth effect from high
asset prices. Second, technology spending was quite strong even as capital
spending in the older industries showed signs of cooling late in the year.
The Fed stood pat with an unchanged Federal Funds rate for the first nine
months of 1998, but began to ease rates on September 30. The trigger for its
doing so was a financial crisis brought on by defaults. Despite the fact that an
IMF program was in place, Russia defaulted in midsummer. As the prices of
illiquid assets owned by leveraged hedge funds, brokerage firms and banks
dropped sharply, fear in financial circles escalated. The Fed broke the momentum
of financial stress by easing rates on three successive occasions.
The period of financial crisis was brief enough that little damage was done to
the U.S. economy in 1998, as yet another year of above-trend economic growth
with quiescent inflation was recorded.
The U.S. and Continental Europe experienced both good results and bad from the
Asian financial crisis. In this country, the housing and consumer sectors were
beneficiaries, while the industrial sector was weakened by the Asian recession.
Low inflation permitted credit to ease in both Europe and the U.S.
In 1998, the global economy survived a triple financial crisis focused on
Japan, on emerging market countries and on hyperleveraged financial
institutions. Overseas, excess capacity persists in many industries after years
of high capital spending followed by the onset of weakness in world demand.
Fortunately, the U.S. has led the world in making the transition from the
traditional industries to the new growth industries such as biotechnology,
software, hardware and the Internet. This contributed to the favorable
combination of a low unemployment rate and low inflation in the U.S., a
performance which has strengthened the forces for more efficient allocation of
capital elsewhere in the world. As 1999 began, the U.S. economy continued to
exhibit surprising strength.
Market Environment/Portfolio Focus
Throughout the Fall, the short-term municipal market continued to feel the
effects of the diminished supply of new issuance during the summer months. The
overall lack of availability of suitable investments in the one-year range held
yields down for most of the period. As a result of the relatively flat yield
curve that existed, we utilized the commercial paper market as a means of
locking in attractive rates for the 60- to 90-day range without having to extend
out a full year.
As year-end approached, we were poised to take advantage of seasonal market
weakness and extend the Fund' s average maturity when possible. However, the
short-term municipal market's weakness in late December was slight and afforded
us less opportunity than in prior years. This, coupled with the lack of supply
of high-quality Massachusetts-exempt paper, hindered our ability to extend the
Fund' s average maturity. Recently, Massachusetts issues have become more
plentiful, enabling us to selectively purchase notes at general market levels.
This helped to extend your Fund's average maturity into the 59-day range. In the
coming months, we will continue to search for comparable one-year investment
opportunities that will lock in higher rates while providing an attractive
return to the tax-exempt investor. As always, we will structure the portfolio in
an attempt to maximize current yield while maintaining our commitment to high
quality tax-exempt investments.
Very truly yours,
[Richard J. Moynihan signature]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
February 18, 1999
New York, N.Y.
*Effective yield is based upon dividends declared daily and reinvested monthly.
<TABLE>
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS JANUARY 31, 1999
Principal
Tax Exempt Investments--101.3% Amount Value
- ------------------------------------------------------- _____________ _____________
<S> <C> <C>
Town of Arlington, GO Notes, Refunding 6%, 2/15/1999 . . . . . . . . . . . . . . . . . . . $ 1,500,000 $ 1,501,569
Town of Attleboro, BAN:
3.25%, 12/22/1999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,954,000 4,964,259
3.50%, 1/14/2000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,080,000 2,088,369
Town of Clinton, BAN 3.25%, 2/19/1999. . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,554
Commonwealth of Massachusetts, Refunding, VRDN
2.55%, Series B, (LOC; Landesbank Hessen) (a) . . . . . . . . . . . . . . . . . . . . . 10,300,000 10,300,000
Fitchburg Industrial Development Financing Authority, Industrial Revenue, VRDN
(Nestal Machinery Project)
3.15% (LOC; Lasalle National Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . 3,500,000 3,500,000
Town of Holliston, BAN 4%, 6/10/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,006,816
Town of Mansfield, BAN 3.25%, 10/28/1999 . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,007,529
Massachusetts Bay Transportation Authority:
CP 3%, Series A, 2/12/1999 (LOC; WestDeutsche Landesbank) . . . . . . . . . . . . . . . 3,000,000 3,000,000
Notes, 4.25%, Series A, 2/26/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,000,000 13,007,513
Massachusetts Development Finance Agency, VRDN:
Environmental Improvement Revenue
(Mead Corp. Project) 3.20%, Series A (LOC; Bank Austria) (a) . . . . . . . . . . . . . 3,500,000 3,500,000
Revenue
(Lasell Village) 2.50%, Series C (LOC; Fleet Bank) (a) . . . . . . . . . . . . . . . . 4,000,000 4,000,000
Massachusetts Health and Education Facilities Authority, Revenue:
CP:
(Boston University) 3%, Series H, 8/25/1999 (LOC; Landesbank Hessen) . . . . . . . . . 9,000,000 9,000,000
(Harvard University) 2.70%, Series L, 2/23/1999 (Guaranteed by; Harvard University). . . 5,000,000 5,000,000
Revenue
(Harvard Pilgrim Health) 4.25%, Series A, 7/1/1999 (Insured; FSA) . . . . . . . . . . 2,265,000 2,275,112
VRDN:
(Capital Asset Program):
3.15%, Series E (LOC; First Chicago Corp.) (a) . . . . . . . . . . . . . . . . . . 2,900,000 2,900,000
3.20%, Series D (Insured; MBIA and Liquidity Facility; Credit Suisse) (a) . . . . . 6,790,000 6,790,000
(Hallmark Health Systems) 2.65%, Series B (Insured; FSA and Liquidity Facility; Fleet Bank) (a) . 5,900,000 5,900,000
(Partners Healthcare) 2.65%, Series P-1 (Insured; FSA and Liquidity Facility:
Bayerische Landesbank and Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . 8,000,000 8,000,000
(Wellesley College) 2.65%, Series G (Guaranteed by; Wellesley College) (a) . . . . . . 3,000,000 3,000,000
Massachusetts Industrial Finance Agency, VRDN:
Industrial Revenue
(Cambridge Isotope Labs Inc.) 2.95% (LOC; Fleet Bank) (a) . . . . . . . . . . . . . . 3,625,000 3,625,000
PCR (Holyoke Water Power Co. Project)
2.35% (LOC; Union Bank of Switzerland) (a) . . . . . . . . . . . . . . . . . . . . . . 3,800,000 3,800,000
Revenue:
(Eastern Nazarene College) 2.60% (LOC; State Street Bank and Trust Co.) (a) . . . . . 1,750,000 1,750,000
(Heritage at Dartmouth) 2.75% (LOC; Bank of Boston Corp.) (a) . . . . . . . . . . . . 1,825,000 1,825,000
(Newbury College) 2.60% (LOC; Bank of Boston Corp.) (a) . . . . . . . . . . . . . . . 3,820,000 3,820,000
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) JANUARY 31, 1999
Principal
Tax Exempt Investments (continued) Amount Value
- ------------------------------------------------------- _____________ _____________
Massachusetts Municipal Wholesale Electric Company, Power Supply Systems
Revenue:
CP 2.75%, 3/15/1999 (LOC; Fleet Bank) . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,705,000 $ 5,705,000
VRDN 2.65%, Series C (Insured; MBIA and Liquidity Facility; Credit Suisse) (a) . . . . . 13,465,000 13,465,000
Massachusetts Water Resource Authority:
CP 3%, 3/5/1999 (LOC; Morgan Guaranty Trust Co.) . . . . . . . . . . . . . . . . . . . . 8,000,000 8,000,000
Revenue 4.50%, Series A, 8/1/1999 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . 1,375,000 1,384,991
Multi-Modal, VRDN:
2.65%, Series B (Insured; AMBAC and Liquidity Facility; Bank of Nova Scotia) (a). . . 11,200,000 11,200,000
Refunding
2.65%, Series D (Insured; FGIC and Liquidity Facility; FGIC) (a). . . . . . . . . . 10,000,000 10,000,000
Mohawk, Trail Regional School District, BAN 3.90%, 4/22/1999 . . . . . . . . . . . . . . . 6,677,033 6,682,769
Montachusett Regional Vocational Technical School District, BAN 4%, 7/23/1999. . . . . . . 4,000,000 4,005,897
Town of Rutland, BAN 4%, 2/10/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,000,442
Town of Sharon, BAN 4.06%, 3/30/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,250,000 6,255,397
Town of Springfield, BAN 3.63%, 3/2/1999 (Repurchase Agreement; Fleet Bank). . . . . . . . 4,000,000 4,001,672
Town of Sutton, BAN 4%, 4/28/1999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,775,000 3,777,571
Town of Taunton, BAN 3.50%, 5/7/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,501,602
Town of Wellesley, BAN 4%, 6/11/1999 . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,885,000 3,889,262
Town of Westfield, BAN 3.75%, 10/22/1999 . . . . . . . . . . . . . . . . . . . . . . . . . 2,500,000 2,512,231
Town of Worcester, BAN 3.25%, 8/26/1999. . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,002,487
_____________
TOTAL INVESTMENTS (cost $207,946,042). . . . . . . . . . . . . . . . . . . . . . . . . . . 101.3% $207,946,042
_______ _____________
LIABILITIES, LESS CASH AND RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . . . (1.3%) $ (2,662,327)
_______ _____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $205,283,715
_______ _____________
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
Summary of Abbreviations
- -----------------------------------------------------------------------------
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
BAN Bond Anticipation Notes MBIA Municipal Bond Investors Assurance
CP Commercial Paper Insurance Corporation
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
FSA Financial Security Assurance VRDN Variable Rate Demand Notes
GO General Obligation
Summary of Combined Ratings (Unaudited)
- -----------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value
_______ _________ ________________ _________________
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 69.4%
AAA/AA (b) Aaa/Aa (b) AAA/AA (b) 3.6
Not Rated (c) Not Rated (c) Not Rated (c) 27.0
_______
100.0%
_______
Notes to Statement of Investments:
- -----------------------------------------------------------------------------
(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>
<TABLE>
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES JANUARY 31, 1999
Cost Value
_____________ _____________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $207,946,042 $207,946,042
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 604,142
Interest receivable . . . . . . . . . . . . . . . . . . . 1,858,931
Prepaid expenses and other assets . . . . . . . . . . . . 18,203
_____________
210,427,318
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 92,151
Payable for investment securities purchased . . . . . . . 5,000,363
Accrued expenses . . . . . . . . . . . . . . . . . . . . 51,089
_____________
5,143,603
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $205,283,715
_____________
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $205,318,577
Accumulated net realized gain (loss) on investments . . . (34,862)
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $205,283,715
_____________
SHARES OUTSTANDING
(UNLIMITED NUMBER OF $.001 PAR VALUE SHARES OF BENEFICIAL INTEREST AUTHORIZED) . . . . . . 205,333,472
NET ASSET VALUE, offering and redemption price per share . . . . . . . . . . . . . . . . . $1.00
______
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS YEAR ENDED JANUARY 31, 1999
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . . . . . $6,670,854
EXPENSES: Management fee--Note 2(a) . . . . . . . . . . . . . . . . $ 983,853
Shareholder servicing costs--Note 2(b) . . . . . . . . . 160,179
Professional fees . . . . . . . . . . . . . . . . . . . . 37,940
Registration fees . . . . . . . . . . . . . . . . . . . . 27,788
Custodian fees . . . . . . . . . . . . . . . . . . . . . 20,275
Trustees' fees and expenses--Note 2(c) . . . . . . . . . 9,839
Prospectus and shareholders' reports . . . . . . . . . . 7,240
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . 6,297
___________
Total Expenses . . . . . . . . . . . . . . . . . . . . 1,253,411
___________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,417,443
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 1(b) . . . . . . . . . . . . . . . . . . . . (398)
___________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . $5,417,045
___________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
January 31, 1999 January 31, 1998
________________ ________________
<S> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,417,443 $ 5,340,413
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . . . (398) (2,725)
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . . . 5,417,045 5,337,688
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,417,443) (5,340,413)
_____________ _____________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . 427,639,049 390,207,155
Dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,305,496 3,364,374
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (405,323,494) (405,901,691)
_____________ _____________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions . . . . 25,621,051 (12,330,162)
_____________ _____________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . . . 25,620,653 (12,332,887)
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 179,663,062 191,995,949
_____________ _____________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $205,283,715 $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.
Year Ended January 31,
______________________________________________________
PER SHARE DATA: 1999 1998 1997 1996 1995
______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period . . . . . . . . . . $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______ ______
Investment Operations:
Investment income--net . . . . . . . . . . . . . . . . . .028 .030 .028 .033 .027
______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . . . . . . . . (.028) (.030) (.028) (.033) (.027)
______ ______ ______ ______ ______
Net asset value, end of period . . . . . . . . . . . . . $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______ ______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . . . . . 2.79% 3.01% 2.86% 3.34% 2.70%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . .64% .63% .60% .46% .28%
Ratio of net investment income to average net assets . . 2.75% 2.97% 2.82% 3.28% 2.73%
Decrease reflected in above expense ratios
due to undertakings by the Manager . . . . . . . . . -- .01% .06% .19% .46%
Net Assets, end of period (000's Omitted) . . . . . . . . $205,284 $179,663 $191,996 $155,055 $150,811
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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, 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 and Massachusetts 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. 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, 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
$14,644 during the period ended January 31, 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, if any, are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to comply
with the distribution requirements of the Internal Revenue Code of 1986, as
amended (the "Code"). To the extent that net realized capital gain can be offset
by capital loss carryovers, it is the policy of the Fund not to distribute such
gain.
(d) Federal income taxes: It is the policy of the Fund to continue to qualify
as a regulated investment company, which can distribute tax exempt dividends, by
complying with the applicable provisions of the Code, and to make distributions
of income and net realized capital gain sufficient to relieve it from
substantially all Federal income and excise taxes.
The Fund has an unused capital loss carryover of approximately $34,800
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to January 31, 1999. If not
applied, $30,500 of the carryover expires in fiscal 2003, $1,000 expires in
fiscal 2004, $200 expires in fiscal 2005, $2,700 expires in fiscal 2006 and $400
expires in fiscal 2007.
At January 31, 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).
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 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
January 31, 1999, the Fund was charged $95,936 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 January 31, 1999, the Fund was charged $42,986 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.
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, 1999 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 and the financial highlights. Our procedures included confirmation of
securities owned as of January 31, 1999 by correspondence with the custodian and
brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Dreyfus Massachusetts Municipal Money Market Fund at January 31, 1999, 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.
New York, New York
March 4, 1999
DREYFUS MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
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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, 1999 as "exempt-interest dividends" (not subject to regular Federal and, for
individuals who are Massachusetts residents, Massachusetts personal income
taxes).
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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. 639AR991
Massachusetts
Municipal Money Market Fund
Annual Report
January 31, 1999
