Dreyfus
Massachusetts
Municipal Money
Market Fund
SEMIANNUAL REPORT
July 31, 2000
(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
Contents
THE FUND
--------------------------------------------------
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, 2000
through July 31, 2000. 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, Scott Sprauer.
Tighter monetary policy adversely affected most, but not all, sectors of the
money markets over the past six months. This was primarily a result of efforts
by the Federal Reserve Board (the "Fed") to forestall potential inflationary
pressures in a fast-growing economy. The Fed raised short-term interest rates
three times during the reporting period, following three interest-rate hikes
implemented in the months before the reporting period began.
In addition, tax-exempt money market investments were strongly influenced by
their own supply-and-demand factors. This included a sharp reduction in demand
for tax-exempt money market instruments during the income-tax season. In April,
these forces helped yields on one-year municipal notes reach their highest
levels in more than nine years.
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 15, 2000
DISCUSSION OF FUND PERFORMANCE
Scott Sprauer, Portfolio Manager
How did Dreyfus Massachusetts Municipal Money Market Fund perform during the
period?
For the six-month period ended July 31, 2000, the fund produced an annualized
yield of 3.39%. Taking into account the effects of compounding, the fund
provided an annualized effective yield of 3.44%.(1)
We attribute the fund's performance to a rising interest-rate environment and
seasonal supply-and-demand influences, which helped support yields of
Massachusetts municipal money market securities.
What is the fund's investment approach?
The fund's objective is to seek as high a level of current income exempt from
federal and Massachusetts state income taxes as is consistent with the
preservation of capital and the maintenance of liquidity. The fund also seeks to
maintain a stable $1.00 share price.
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 an increase in short-term supply, we may decrease the
average maturity of the fund, which would enable us to purchase new securities
with higher yields. Yields tend to rise when there is an increase in new-issue
supply competing for investor interest. New securities generally are issued with
maturities in the one-year range and tend to lengthen the fund's weighted
average maturity. If we
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
anticipate limited new-issue supply, we may extend the portfolio'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 and future supply-and-demand considerations.
What other factors influenced the fund's performance?
The fund was positively influenced over the past six months by robust U.S.
economic growth, rising interest rates, seasonal supply-and-demand factors and a
declining supply of newly issued securities.
When the reporting period began on February 1, 2000, it had become apparent that
the U.S. economy was growing more strongly than many analysts expected. Consumer
confidence reached a 30-year high, oil prices were bouncing back from the
previous year's lows and unemployment remained low, with hourly wages rising.
These economic forces raised concerns that long-dormant inflationary pressures
might reemerge. In response, the Federal Reserve Board (the "Fed") raised
short-term interest rates three times during the reporting period. When added to
the three rate hikes implemented before the reporting period began, the Fed had
raised interest rates a total of 1.75 percentage points since June 1999.
Tax-exempt money markets continued to be influenced by strong U.S. and
Massachusetts economies throughout the reporting period. In general, this helped
to keep state-specific tax-exempt money market instrument yields relatively low
compared to taxable money market instruments for much of the period.
Massachusetts and many of its municipalities experienced higher tax revenues
during the reporting period. As a result, their need to borrow was curtailed and
the outcome was a modestly reduced supply of securities. At the same time,
demand for short-term municipal securities remained strong from individuals
seeking to protect wealth created by the strong economy and rising stock market.
However, seasonal supply-and-demand factors offset the effects of less issuance,
helping to push tax-exempt money market yields higher in April and May as
taxpayers sold shares of municipal money market funds to pay their income tax
obligations. We took advantage of the resulting temporary yield increase by
extending the fund' s average maturity as much as practicable to lock in
prevailing high yields.
What is the fund's current strategy?
Our primary strategy has been to maintain a longer average weighted maturity for
the fund than that of most other Massachusetts tax-exempt money market funds.
This maturity management strategy was designed to help us lock in what we
believe are attractive yields during periods of low supply.
In addition, we took advantage of high yields during tax season in April and May
to adjust the mix of assets in the portfolio. We reduced our exposure to
Variable Rate Demand Notes (" VRDNs" ), which are short-term securities with
yields that are adjusted on a daily or weekly basis. At the same time, we
increased our holdings of municipal notes and commercial paper, both of which,
in our view, represented more compelling values. However, portfolio composition
is subject to change at any time.
August 15, 2000
(1 ) ANNUALIZED EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND
REINVESTED MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS
FLUCTUATE. 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. AN INVESTMENT IN THE FUND IS NOT INSURED OR
GUARANTEED BY THE FDIC OR THE U.S. GOVERNMENT. ALTHOUGH THE FUND SEEKS TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
The Fund
STATEMENT OF INVESTMENTS
July 31, 2000 (Unaudited)
<TABLE>
STATEMENT OF INVESTMENTS
Principal
TAX EXEMPT INVESTMENTS--98.6% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Town of Attleboro, BAN 4.25%, 8/3/2000 5,903,000 5,903,094
Town of Barnstable, G.O. Notes 4.25%, 3/15/2001 1,490,000 1,490,000
Bridgewater and Raynham Regional School District, BAN
5%, 5/10/2001 2,645,000 2,648,117
Town of Canton Housing Authority, Multi-Family Housing
Mortgage Revenue, Refunding, VRDN
(Canton Arboretum Apartments) 4.30% (LOC; FNMA) 6,000,000 (a) 6,000,000
Town of Clinton, BAN 4%, 9/29/2000 1,270,000 1,269,212
Town of Lanesborough, G.O. Notes 7%, 5/1/2001 (Insured; MBIA) 440,000 447,954
Town of Lowell, BAN 4.75%, 12/20/2000 2,000,000 2,001,950
Massachusetts Development Finance Agency, VRDN
EIR (The Mead Corp. Project)
4.35%, Series A (LOC; Bank of Austria) 3,100,000 (a) 3,100,000
IDR:
(Ahead Headgear Inc.) 4.40% (LOC; Fleet Bank) 4,145,000 (a) 4,145,000
(Draper Laboratory) 4.20% (Insured; MBIA and LOC;
Morgan Guaranty Trust Co.) 5,000,000 (a) 5,000,000
(Elderhostel Inc.) 4.15% (LOC; Royal Bank of Scotland) 5,000,000 (a) 5,000,000
(Salema Family Ltd.) 4.40%, Series A (LOC; Fleet Bank) 2,300,000 (a) 2,300,000
Massachusetts Health and Educational Facilities Authority:
Revenues, Prerefunded (New England Deaconess Hospital)
7.20%, Series C, 4/1/2001 (Escrowed in:
U.S. Treasury Bills and U.S. Government Securities) 4,500,000 4,671,618
VRDN:
College and University Revenue:
(Becker College) 4.25%, Series A-1
(LOC; Fleet National Bank) 4,860,000 (a) 4,860,000
(Boston University) 4.20%, Series H
(LOC; Landesbank Hessen) 11,300,000 (a) 11,300,000
(Havard University) 4.15%, Series I 4,500,000 (a) 4,500,000
Revenues, (Capital Asset Program):
4%, Series A (LOC; Bank One Corp.) 8,250,000 (a) 8,250,000
4.25%, Series D (Insured; MBIA and
LOC; State Street Bank and Trust Co.) 5,300,000 (a) 5,300,000
Massachusetts Housing Finance Agency:
MFHR, VRDN, Refunding (Harbor Point)
4.10%, Series A (LOC: GNMA and HSBC Bank) 4,900,000 (a) 4,900,000
SFHR 4.90%, Series C-1, 6/1/2001
(LOC; Transamerica Life & Insurance) 1,000,000 1,000,000
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
Massachusetts Industrial Finance Agency:
PCR, CP:
(New England Power Company Project)
4.40%, Series A, 10/10/2000 (Corp. Guaranty;
New England Power Co.) 3,000,000 3,000,000
4.10%, Series A, 10/23/2000 (Corp. Guaranty;
New England Power Co.) 5,000,000 5,000,000
4.10%, Series A, 10/30/2000 (Corp. Guaranty;
New England Power Co.) 5,000,000 5,000,000
Refunding 4.65%, Series B, 10/12/2000
(Corp. Guaranty; New England Power Co.) 2,000,000 2,000,000
Revenues, Prerefunded (Cape Cod Health System)
8.50%, 11/15/2000
(Escrowed in; U.S. Government Securities) 1,000,000 1,032,122
VRDN:
College and University Revenue:
(Milton Academy) 4.25% (Insured; MBIA and
Liquidity Facility; Fleet Bank) 2,000,000 (a) 2,000,000
(Newbury College) 4.25% (LOC; Fleet National Bank) 5,485,000 (a) 5,485,000
(Showa Womens Institute) 4.30%
(LOC; The Bank of New York) 2,500,000 (a) 2,500,000
Industrial Revenue:
(Cambridge Isotope Laboratories Inc.)
4.40% (LOC; Fleet Bank) 3,340,000 (a) 3,340,000
(Peterson American Corp. Project)
4.50% (LOC; Bank One Corp.) 1,000,000 (a) 1,000,000
IDR (Hi-Tech Mold & Tool) 4.40% (LOC; Fleet Bank) 2,500,000 (a) 2,500,000
PCR (Holyoke Water Power Co. Project)
4% (LOC; Toronto-Dominion Bank) 3,800,000 (a) 3,800,000
Revenues:
(Governor Dummer Academy)
4.15% (LOC; State Street Bank and Trust Co.) 800,000 (a) 800,000
(Heritage at Dartmouth)
4.30% (LOC; Fleet National Bank) 1,825,000 (a) 1,825,000
Massachusetts Water Resource Authority, Water Revenue:
CP:
4.05%, 9/8/2000 (LOC; Morgan Guaranty Trust Co.) 5,000,000 5,000,000
4.10%, 10/11/2000 (LOC; Morgan Guaranty Trust Co.) 5,000,000 5,000,000
4.35%, 10/20/2000 (LOC; Morgan Guaranty Trust Co.) 6,000,000 6,000,000
4.10%, 10/23/2000 (LOC; Morgan Guaranty Trust Co.) 3,500,000 3,500,000
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
Massachusetts Water Resource Authority, Water Revenue (continued):
VRDN:
4.15%, Series B (Insured; AMBAC and Liquidity Facility;
Bank of Nova Scotia) 11,000,000 (a) 11,000,000
4.15%, Series B (Insured; FGIC and Liquidity Facility; FGIC) 5,000,000 (a) 5,000,000
Refunding 4.15%, Series D (Insured; FGIC and
Liquidity Facility; FGIC) 10,000,000 (a) 10,000,000
Medway, BAN 4.50%, 3/14/2001 3,412,400 3,417,427
Natick, BAN 4.50%, 8/4/2000 3,174,000 3,174,114
Newburyport, BAN 4.75%, 5/10/2001 3,975,000 3,975,000
Northborough, BAN 4.75%, 5/18/2001 1,181,876 1,184,133
City of Pittsfield, BAN 4.85%, 7/12/2001 4,700,000 4,713,594
Scituate, BAN 4.25%, 3/8/2001 900,000 897,302
Tantasqua Regional School District, BAN 5%, 8/25/2000 5,000,000 5,000,962
Town of Wayland, BAN 4.50%, 12/22/2000 4,670,000 4,679,816
Town of Westborough, BAN 5.25%, 5/25/2001 4,000,000 4,015,829
Town of Westfield, BAN 4.75%, 9/15/2000 2,700,000 2,701,939
Weymouth, BAN 4.50%, 9/21/2000 8,722,000 8,725,927
Whitman Hanson Regional School District,
BAN 4.50%, 10/13/2000 4,142,000 4,145,376
Williamstown, BAN 4.50%, 9/20/2000 3,000,000 3,001,483
Worcester, BAN 5%, 8/30/2000 8,000,000 8,003,266
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TOTAL INVESTMENTS (cost $226,502,382) 98.6% 226,505,235
CASH AND RECEIVABLES (NET) 1.4% 3,156,280
NET ASSETS 100.0% 229,661,515
Summary of Abbreviations
AMBAC American Municipal Bond
Assurance Corporation
BAN Bond Anticipation Notes
CP Commercial Paper
EIR Environment Improvement
Revenue
FGIC Financial Guaranty Insurance
Company
FNMA Federal National Mortgage
Association
GNMA Government National Mortgage
Association
GO General Obligation
IDR Industrial Development
Revenue
LOC Letter of Credit
MBIA Municipal Bond Investors
Assurance Insurance
Corporation
MFHR Multi-Family Housing Revenue
PCR Pollution Control Revenue
SFHR Single Family Housing Revenue
VRDN Variable Rate Demand Notes
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 70.7
AAA/AA (b) Aaa/Aa (b) AAA/AA (b) 7.5
Not Rated (c) Not Rated (c) Not Rated (c) 21.8
100.0
(A) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE--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.
(D) AT JULY 31, 2000, THE FUND HAD $71,396,495 (31.1% OF NET ASSETS) INVESTED
IN SECURITIES WHOSE PAYMENT OF PRINCIPAL AND INTEREST IS DEPENDENT UPON
REVENUES GENERATED FROM CITY-MUNICIPAL PROJECTS.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
STATEMENT OF ASSETS AND LIABILITIES
July 31, 2000 (Unaudited)
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 226,502,382 226,505,235
Cash 1,406,042
Interest receivable 1,877,240
Prepaid expenses and other assets 6,024
229,794,541
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 97,417
Accrued expenses and other liabilities 35,609
133,026
--------------------------------------------------------------------------------
NET ASSETS ($) 229,661,515
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 229,693,553
Accumulated net realized gain (loss) on investments (34,891)
Accumulated gross unrealized appreciation of investments 2,853
--------------------------------------------------------------------------------
NET ASSETS ($) 229,661,515
--------------------------------------------------------------------------------
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest authorized)
229,708,449
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS
Six Months Ended July 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 4,388,148
EXPENSES:
Management fee--Note 2(a) 549,498
Shareholder servicing costs--Note 2(b) 69,849
Custodian fees 11,231
Registration fees 11,155
Prospectus and shareholders' reports 4,909
Trustees' fees and expenses--Note 2(c) 4,107
Miscellaneous 1,373
TOTAL EXPENSES 652,122
INVESTMENT INCOME--NET 3,736,026
--------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS--NOTE 1(B)($) 2,853
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 3,738,879
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
July 31, 2000 Year Ended
(Unaudited) January 31, 2000
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OPERATIONS ($):
Investment income--net 3,736,026 4,907,759
Net realized gain (loss) from investments -- (29)
Net unrealized appreciation (depreciation)
of investments 2,853 --
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 3,738,879 4,907,730
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (3,736,026) (4,907,759)
--------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 264,165,059 407,399,301
Dividends reinvested 2,341,806 3,040,795
Cost of shares redeemed (237,596,490) (414,975,495)
INCREASE (DECREASE) IN NET ASSETS
FROM BENEFICIAL INTEREST TRANSACTIONS 28,910,375 (4,535,399)
TOTAL INCREASE (DECREASE) IN NET ASSETS 28,913,228 (4,535,428)
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 200,748,287 205,283,715
END OF PERIOD 229,661,515 200,748,287
SEE NOTES TO FINANCIAL STATEMENTS
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>
Six Months Ended
July 31, 2000 Year Ended January 31,
-----------------------------------------------------------------
(Unaudited) 2000 1999 1998 1997 1996
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<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .017 .026 .028 .030 .028 .033
Distributions:
Dividends from investment
income-net (.017) (.026) (.028) (.030) (.028) (.033)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
------------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 3.41(a) 2.64 2.79 3.01 2.86 3.34
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average
net assets .59(a) .63 .64 .63 .60 .46
Ratio of net investment income
to average net assets 3.39(a) 2.60 2.75 2.97 2.82 3.28
Decrease reflected in above
expense ratios due to
undertakings by The
Dreyfus Corporation -- -- -- .01 .06 .19
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Net Assets, end of period
($ x 1,000) 229,662 200,748 205,284 179,663 191,996 155,055
(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, which is a wholly-owned subsidiary
of Mellon Financial Corporation. Effective March 22, 2000, Dreyfus Service
Corporation ("DSC" ), a wholly-owned subsidiary of Manager, became the
distributor of the fund's shares, which are sold to the public without a sales
charge. Prior to March 22, 2000, Premier Mutual Fund Services, Inc. was the
distributor.
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 fund received net earnings credits
of $6,777 during the period ended July 31, 2000 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 $34,900 available
for Federal income tax purposes to be applied against future net securities
profits, if any, realized subsequent to January 31, 2000. If not applied,
$30,500 of the carryover expires in fiscal 2003, $1,000 expires in fiscal 2004,
$300 expires in fiscal 2005, $2,700 expires in fiscal 2006 and $400 expires in
fiscal 2007.
At July 31, 2000, 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 the distributor 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, 2000, the fund was charged $41,808 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, 2000, the fund was charged $16,386 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.
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
100 Church Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
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) 2000 Dreyfus Service Corporation 639SA007
