Dreyfus
Massachusetts
Municipal Money
Market Fund
SEMIANNUAL REPORT July 31, 1999
(reg.tm)
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured
* Not Bank-Guaranteed
* May Lose Value
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by 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.
Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
10 Statement of Assets and Liabilities
11 Statement of Operations
12 Statement of Changes in Net Assets
13 Financial Highlights
14 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus Massachusetts Municipal
Money Market Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus Massachusetts
Municipal Money Market Fund, covering the six-month period from February 1, 1999
through July 31, 1999. Inside, you'll find valuable information about how the
fund was managed during the reporting period, including a discussion with the
fund's portfolio manager, Jill Shaffro McGovern.
Yields on tax-exempt money market securities generally rose over the reporting
period. This was due to signs of robust U.S. economic growth that became evident
early in 1999, fueling fears that inflationary pressures might re-emerge in an
overheated economy. In response to inflation concerns, the Federal Reserve
raised short-term interest rates by one-quarter of a percentage point on June
30, effectively reversing a portion of last fall's rate cuts.
However, tax-exempt money market yields generally did not rise as much as
taxable money market yields because short-term tax-exempt securities were
influenced by unique supply-and-demand factors. Strong economic conditions have
curtailed many municipalities' need to borrow over the short term, reducing the
available supply of tax-exempt money market securities. Yet, investor demand
remained strong from individuals seeking to minimize their tax liabilities. This
imbalance helped constrain the rise of tax-exempt money market yields during the
reporting period relative to most sectors of the taxable money markets.
We appreciate your confidence over the past six months, and we look forward to
your continued participation in Dreyfus Massachusetts Municipal Money Market
Fund.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
August 13, 1999
DISCUSSION OF FUND PERFORMANCE
Jill Shaffro McGovern, Portfolio Manager
How did Dreyfus Massachusetts Municipal Money Market Fund perform during the
period?
For the six-month period ended July 31, 1999, the fund produced an annualized
yield of 2.42% . Taking into account the effects of compounding, the fund
provided an annualized effective yield of 2.44%.(1) The fund provided a total
return (not annualized) of 1.20% (2) compared to the Lipper Massachusetts
Tax-Exempt Money Market Fund category average total return (not annualized) of
1.21% for the same period.(3)
What is the fund's investment approach?
Our goal is to seek a high level of federal and Massachusetts tax-exempt income
while maintaining a stable $1.00 share price. We also attempt to be especially
vigilant in our efforts to preserve capital.
In pursuing this objective, we employ two primary strategies. First, we attempt
to add value by constructing a diverse portfolio of high-quality, tax-exempt
money market instruments from Massachusetts issuers. Second, we actively manage
the fund' s average maturity in anticipation of interest rate trends and
supply-and-demand changes in Massachusetts' short-term municipal marketplace.
For example, if we expect supply to increase temporarily when many
municipalities issue short-term debt at once, we may reduce the fund's average
maturity to make cash available for the purchase of higher-yielding securities.
That' s because yields tend to rise if many issuers are competing for investor
interest. If we expect demand to surge at a time when we anticipate little
issuance and, therefore, lower yields, we may increase the fund's average
maturity to maintain current yields for as long as practical. At other times, we
try to maintain an average maturity that reflects our view of short-term
interest rate trends.
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
What other factors influenced the fund's performance?
When the Asian currency and credit crisis spread to Russia and threatened Latin
America last summer and fall, the Federal Reserve Board and other central banks
moved quickly to stimulate global economic growth. They did so by reducing key
short-term interest rates, which was intended to help boost economic activity.
An additional consequence was lower yields on money market securities.
The Federal Reserve Board's strategy was apparently successful: evidence emerged
in 1999 that economies in Japan and Southeast Asia had begun to recover, and the
growth of the U.S. economy was stronger than most analysts expected.
This positive economic news raised concerns among fixed-income investors that
inflation pressures might re-emerge. In response, the Federal Reserve Board
increased short-term interest rates on June 30, effectively offsetting a portion
of last fall's decrease. Because the market anticipated this change in monetary
policy in the weeks before it was announced, short-term tax-exempt yields rose
during the second quarter.
However, tax-exempt money market yields did not rise as much as comparable
taxable yields. That's primarily because Massachusetts -- and many other states
- -- have enjoyed higher tax revenues during this period of economic prosperity
What is the fund's current strategy?
During most of the reporting period, we focused on very high-quality, liquid
money market instruments from a wide array of Massachusetts issuers. Some of the
most frequently used instruments include Variable Rate Demand Notes (VRDNs),
which are issued by investment banks through the securitization of longer-term
municipal bonds. With a put feature attached to each VRDN, of either one or
seven days, we believe that VRDNs afford a high degree of liquidity as well as
high quality to the portfolio. In addition, we purchased securities from
non-rated Massachusetts issuers, such as school districts, that were deemed
equivalent to the highest ratings by Dreyfus credit analysts.
When it became clear in the second quarter of 1999 that the Federal Reserve
Board was likely to raise short-term interest rates, tax-exempt yields on
municipal notes rose relatively sharply. We took advantage of this temporary
period of market weakness to lock in the attractive rates offered by securities
in the one-year maturity range. By taking advantage of these attractive values,
we effectively increased the fund's average maturity to 76 days as of July 31,
which is at the long end of our range.
Since that time, we have allowed the fund' s average maturity to decline
gradually, replacing maturing one-year notes with shorter-term securities. This
strategy is designed to retain the flexibility we need to capture competitive
yields while maintaining the flexibility to respond quickly to changing market
conditions.
August 13, 1999
(1) ANNUALIZED EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND
REINVESTED MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS
FLUCTUATE. AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FDIC OR
ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF
YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN
THE FUND.
(2) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS. INCOME MAY BE SUBJECT TO
STATE AND LOCAL TAXES FOR NON-MASSACHUSETTS RESIDENTS, AND SOME INCOME MAY BE
SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX (AMT) FOR CERTAIN INVESTORS.
(3) SOURCE: LIPPER ANALYTICAL SERVICES, INC.
The Fund
<TABLE>
STATEMENT OF INVESTMENTS
July 31, 1999 (Unaudited)
Principal
TAX EXEMPT INVESTMENTS--96.5% Amount ($) Value ($)
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<S> <C> <C>
City of Boston Water and Sewer Commission, Revenue, VRDN
3.15%, Series A (LOC; State Street Bank and Trust Co.) 2,750,000 (a) 2,750,000
Town of Attleboro, BAN:
3.25%, 12/22/1999 4,954,000 4,958,527
3.50%, 1/14/2000 2,080,000 2,084,003
Town of Easton, BAN 3.25%, 8/12/1999 1,105,000 1,105,111
Town of Everett, BAN 3.25%, 12/17/1999 4,000,000 4,004,238
Town of Foxborough, BAN 3.50%, 6/21/2000 4,495,000 4,507,758
Town of Mansfield, BAN 3.25%, 10/28/1999 3,000,000 3,002,463
Town of Masconomet Regional School District, BAN
3.50%, 6/2/2000 1,122,000 1,122,233
Massachusetts Bay Transportation Authority,
Massachusetts General Transportation System
4.50%, Series C, 3/1/2000 2,000,000 2,014,980
Massachusetts Development Finance Agency, VRDN:
Environmental Improvement Revenue
(Mead Corp. Project) 3.45%, Series A
(LOC; Bank Austria) 3,500,000 (a) 3,500,000
Revenue
(Lasell Village) 2.90%, Series C (LOC; Fleet Bank) 2,000,000 (a) 2,000,000
Massachusetts Health and Education Facilities Authority,
Revenue:
CP (Boston University) 3%, Series H, 8/25/1999
(LOC; Landesbank Hessen) 9,000,000 9,000,000
Refunding (Baystate Medical Center)
4.375%, Series D, 7/1/2000 (Insured; FGIC) 2,000,000 2,014,666
(University of Massachusetts)
4%, Series A, 7/1/2000 (Insured; AMBAC) 1,225,000 1,229,913
VRDN:
(Capital Asset Program):
2.85%, Series A (LOC; First National Bank
of Chicago) 8,250,000 (a) 8,250,000
3.40%, Series B (Insured; MBIA and Liquidity
Facility; Credit Suisse) 6,450,000 (a) 6,450,000
3.40%, Series C (Insured; MBIA and Liquidity
Facility; Credit Suisse) 4,200,000 (a) 4,200,000
3.40%, Series D (Insured; MBIA and Liquidity
Facility; Credit Suisse) 5,000,000 (a) 5,000,000
(Hallmark Health Systems) 3.05%, Series B
(Insured; FSA and Liquidity Facility; Fleet Bank) 5,800,000 (a) 5,800,000
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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Massachusetts Health and Education Facilities Authority, (continued)
VRDN (continued):
(Partners Healthcare) 3.05%, Series P-1
(Insured; FSA and Liquidity Facility: Bayerische
Landesbank and Morgan Guaranty
Trust Co.) 8,000,000 (a) 8,000,000
Massachusetts Industrial Finance Agency, VRDN:
Industrial Revenue
(Cambridge Isotope Labs Inc.) 3.35%
(LOC; Fleet Bank) 3,485,000 (a) 3,485,000
PCR (Holyoke Water Power Co. Project)
2.95% (LOC; Union Bank of Switzerland) 3,800,000 (a) 3,800,000
Revenue:
(Heritage at Dartmouth) 3.15%
(LOC; Bank of Boston Corp.) 1,825,000 (a) 1,825,000
(Newbury College) 3.10%
(LOC; Bank of Boston Corp.) 4,310,000 (a) 4,310,000
Massachusetts Municipal Wholesale Electric Company,
Power Supply Systems Revenue:
CP 3.15%, Series C, 8/9/1999 (LOC; Fleet Bank) 5,705,000 5,705,000
VRDN 3.05%, Series C (Insured; MBIA and Liquidity
Facility; Credit Suisse) 7,465,000 (a) 7,465,000
Massachusetts Water Resource Authority:
CP 3.15%, 10/13/1999 (LOC; Morgan Guaranty
Trust Co.) 5,000,000 5,000,000
Revenue 4.50%, Series A, 8/1/1999 (Insured; FSA) 1,375,000 1,375,000
Multi-Modal, VRDN:
3%, Series B (LOC; Landesbank Hessen) 7,000,000 (a) 7,000,000
3.05%, Series B (Insured; AMBAC and Liquidity
Facility; Bank of Nova Scotia) 11,100,000 (a) 11,100,000
Refunding 3.05%, Series D
(Insured; FGIC and Liquidity Facility; FGIC) 10,000,000 (a) 10,000,000
North Andover, BAN 3.50%, 9/23/1999 2,375,000 2,376,012
Northhampton, BAN 4%, 6/29/2000 4,000,000 4,016,850
Town of Pittsfield, BAN:
4%, 7/12/2000 4,500,000 4,504,100
4.20%, 7/12/2000 6,000,000 6,010,932
Town of Plainville, BAN 3.25%, 12/16/1999 6,700,000 6,707,710
Town of Plymouth, BAN 3.25%, 10/21/1999 2,525,000 2,526,847
Town of Taunton, BAN 4.25%, 5/1/1999 2,090,000 2,106,795
Town of Westfield, BAN 3.75%, 10/22/1999 2,500,000 2,503,814
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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Town of Worcester, BAN:
3.25%, 8/26/1999 3,000,000 3,000,302
3.50%, 8/26/1999 5,000,000 5,001,020
Town of Worcester, Municipal Purpose Loan, GO Notes
5%, 8/1/1999 1,000,000 1,000,000
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TOTAL INVESTMENTS
(cost $181,813,274) 96.5% 181,813,274
CASH AND RECEIVABLES (NET) 3.5% 6,621,976
NET ASSETS 100.0% 188,435,250
Summary of Abbreviations
AMBAC American Municipal Bond Assurance LOC Letter of Credit
Corporation MBIA Municipal Bond Investors
BAN Bond Anticipation Notes Assurance Insurance
CP Commercial Paper Corporation
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
FSA Financial Security Assurance VRDN Variable Rate Demand Notes
GO General Obligation
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Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
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F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 65.1
AAA/AA(b) Aaa/Aa(b) AAA/AA(b) 5.4
Not Rated(c) Not Rated(c) Not Rated(c) 29.5
100.0
(A) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST--SUBJECT TO PERIODIC
CHANGES.
(B) NOTES WHICH ARE NOT F, MIG OR SP RATED ARE REPRESENTED BY BOND RATINGS OF
THE ISSUERS.
(C) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE
RATED SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
July 31, 1999 (Unaudited)
Cost Value
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<S> <C> <C>
ASSETS ($):
Investments in securities--See Statement of
Investments 181,813,274 181,813,274
Cash 5,419,079
Interest receivable 1,304,737
Prepaid expenses 23,015
188,560,105
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 73,998
Accrued expenses 50,857
124,855
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NET ASSETS ($) 188,435,250
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 188,470,141
Accumulated net realized gain (loss) on investments (34,891)
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NET ASSETS ($) 188,435,250
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SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest authorized)
188,485,037
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS
Six Months Ended July 31, 1999 (Unaudited)
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<S> <C>
INVESTMENT INCOME ($):
INTEREST INCOME 2,870,371
EXPENSES:
Management fee--Note 2(a) 472,686
Shareholder servicing costs--Note 2(b) 70,211
Professional fees 19,980
Custodian fees 11,600
Registration fees 8,447
Prospectus and shareholders' reports 4,631
Trustees' fees and expenses--Note 2(c) 2,174
Miscellaneous 4,116
TOTAL EXPENSES 593,845
INVESTMENT INCOME--NET 2,276,526
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NET REALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($): (29)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 2,276,497
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
July 31, 1999 Year Ended
(Unaudited) January 31, 1999
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<S> <C> <C>
OPERATIONS ($):
Investment income--net 2,276,526 5,417,443
Net realized gain (loss) on investments (29) (398)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 2,276,497 5,417,045
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DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (2,276,526) (5,417,443)
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BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 202,623,246 427,639,049
Dividends reinvested 1,401,990 3,305,496
Cost of shares redeemed (220,873,672) (405,323,494)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS (16,848,436) 25,621,051
TOTAL INCREASE (DECREASE) IN NET ASSETS (16,848,465) 25,620,653
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NET ASSETS ($):
Beginning of Period 205,283,715 179,663,062
END OF PERIOD 188,435,250 205,283,715
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased
(or decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
<TABLE>
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Six Months Ended
July 31, 1999 Year Ended January 31,
---------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value,
beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .012 .028 .030 .028 .033 .027
Distributions:
Dividends from investment
income--net (.012) (.028) (.030) (.028) (.033) (.027)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
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TOTAL RETURN (%) 2.42(a) 2.79 3.01 2.86 3.34 2.70
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average
net assets .63(a) .64 .63 .60 .46 .28
Ratio of net investment income
to average net assets 2.41(a) 2.75 2.97 2.82 3.28 2.73
Decrease reflected in above
expense ratios due to
undertakings by the Manager -- -- .01 .06 .19 .46
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Net Assets, end of period
($ x 1,000) 188,435 205,284 179,663 191,996 155,055 150,811
(A) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The 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, 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 and original issue discounts on investments, is earned from settlement
date and recognized on the accrual basis. Realized gain and loss from securities
transactions are recorded on the identified cost basis. Cost of investments
represents amortized cost. Under the terms of the custody agreement, the fun
received net earnings credits of $3,321 during the period ended July 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 July 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).
The 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, 1999, the fund was charged $42,044 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, 1999, the fund was charged $17,020 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.
The Fund
For More Information
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
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
BY TELEPHONE
Call 1-800-645-6561
BY MAIL Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL
Send your request
to [email protected]
ON THE INTERNET
Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 1999 Dreyfus Service Corporation 639SA997
