PRESIDENT'S LETTER
Dear Shareholder:
We are pleased to provide you with this semi-annual report for
the Dreyfus Pennsylvania Municipal Money Market Fund. For the
period ended March 31, 1994, the annualized yield provided by the
Fund was 2.29%. After taking into account the effect of compounding,
the annualized effective yield was 2.31%.* Income dividends of
approximately $.01 per share paid during the period were exempt
from Federal and Commonwealth of Pennsylvania personal income
taxes.**
At our last reporting, we were keeping a watchful eye on the
status of the U.S. economy, the direction of interest rates and any
significant variation in inflationary indicators. Early in the period,
economic numbers hinted that the nation's growth might be more
anemic than anticipated. With no strong threat of a rekindling of
inflation, the municipal market responded with strength providing
some of the lowest historical yields in both the bond and money
markets. In a somewhat unusual turn of events, assets of municipal
money market funds increased (at one point reaching an all-time high
of over $116 billion) despite the unprecedented low yield
environment.
In the first quarter of 1994, signs of economic strength began to
emerge along with the spectre of a tighter Federal Reserve Board
policy. On February 4, through a direct announcement by Chairman
Alan Greenspan, the Federal Reserve Board raised the Federal Funds
rate (for the first time in five years) from 3% to 3.25%. Since then, we
have seen two additional increases. The initial short-term market
reaction was a rise in rates and a leveling off of money fund assets.
However, as investors responded to uncertainty in the long-term bond
and equity markets, municipal money funds, once again, experienced
substantial cash inflows. As a result, tax exempt money market
assets have increased almost 4% since early February. During this
same period, state-specific funds gained over $1.5 billion in assets
representing an increase of just under 5%. This increased demand for
short-term tax exempt paper will produce lower yields for tax
exempt money market funds. However, given the new tax structure,
on a taxable equivalent basis, tax exempt yields continue to provide
an attractive alternative to taxable money market investments.
As we have mentioned in previous reports, technical factors (i.e.
supply/demand) frequently are the strongest influence on the
direction of short-term municipal rates. We expect that the month of
April will be no exception. Late in the month, tax exempt money
market funds typically experience an outflow of assets as investors
redeem shares to meet tax payment needs. As these redemptions
occur, the decreased demand for short-term securities places
temporary upward pressure on yields. We have structured your
portfolio to capitalize on such periods of weakness and to the extent
that additional Pennsylvania-exempt paper becomes available we will
selectively commit to those issues in an effort to enhance your Fund's
return. In addition, we will continue to monitor closely any additional
action taken by the Federal Reserve Board and adjust the portfolio
accordingly.
We have included a current Statement of Investments and
recent financial statements for your review. We look forward to
serving your investment needs in the future.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
President
April 15, 1994
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily
and reinvested monthly.
** Some income may be subject to the Federal Alternative Minimum
Tax (AMT) for certain shareholders.
<TABLE>
<CAPTION>
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS MARCH 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
----------- -----------
<S> <C> <C>
PENNSYLVANIA-97.8%
Alleghany County Hospital Development Authority, Revenue, (Children Hospital):
2.70%, Series B, 7/12/94
(Insured; MBIA, LOC; Canadian Imperial Bank of Commerce) (a)....................... $5,000,000 $5,008,160
VRDN:
1.90%, Series B (BPA; Pittsburgh National Bank, Insured; MBIA) (b)................. 1,000,000 1,000,000
2.20%, Series B (BPA; Pittsburgh National Bank, Insured; MBIA) (b)................ 2,200,000 2,200,000
Alleghany County Port Authority, GAN 2.90%, Series A, 8/1/94
(LOC; Pittsburgh National Bank) (a).................................................... 2,500,000 2,500,000
Berks County Industrial Development Authority, IDR, VRDN
(Rilson Corp.) 2.325% (LOC; Banque Nationale de Paris) (a,b)........................... 3,000,000 3,000,000
Cambria County Hospital Development Authority, HR
(Mercy Hospital Johnstown Project) 3.15%, 3/1/95 (LOC; Bank of Tokyo) (a)............. 6,000,000 6,000,000
Cambria County Industrial Development Authority, RRR, VRDN
(Cambria Cogen Co. Project) 2.35%, Series V1 (LOC; Fuji Bank) (a,b)................... 3,000,000 3,000,000
Carbon County Industrial Development Authority, RRR, CP (Panther Creek):
2.35%, Series A, 4/21/94 (LOC; National Westminster Bank) (a).......................... 2,000,000 2,000,000
2.45%, Series A, 4/22/94 (LOC; National Westminster Bank) (a).......................... 5,600,000 5,600,000
Columbia County Industrial Development Authority, IDR, VRDN
(Kleerdex Co. Project) 2.65% (LOC; Bank of Tokyo) (a,b)................................ 1,500,000 1,500,000
Delaware County Authority, HR, VRDN (Medical Center)
2.275% (LOC; Norwest Bank) (a,b)....................................................... 4,500,000 4,500,000
Delaware County Industrial Development Authority,
PCR, Refunding, CP (Philadelphia Electric):
2.40%, Series B, 4/15/94 (Insured; FGIC)........................................... 2,000,000 2,000,000
2.40%, Series C, 5/18/94 (Insured; FGIC)........................................... 3,000,000 3,000,000
Emmaus General Authority, Local Government Revenue, VRDN
2.50%, Series F (GIC; Goldman, Sachs and Co.) (b)...................................... 4,000,000 4,000,000
Hazelton Area Industrial Development Authority, Energy Development Revenue, VRDN
(Continental Energy Associates Project) 3% (LOC; Swiss Bank Corp.) (a,b)............... 1,500,000 1,500,000
Lackawanna County, Refunding 2.70%, 12/1/94 (Insured; AMBAC)............................... 840,000 840,000
Lehigh County General Purpose Authority, Revenues, CP
(Hospital Central Services) 2.25%, Series A, 4/12/94
(SBPA; Provident National Bank, Insured; MBIA)......................................... 2,000,000 2,000,000
Lehigh County Industrial Development Authority, Industrial and Commercial
Development Revenue, VRDN (Radnor/Lehigh Corp. Project)
2.45% (LOC; Dresdner Bank) (a,b)....................................................... 8,450,000 8,450,000
Montgomery County Higher Education and Health Authority, HR, VRDN
(Byrn Mawr Hospital Project) 2.50% (LOC; Pittsburgh National Bank) (a,b)............... 2,300,000 2,300,000
Commonwealth of Pennsylvania, TAN 3.25%, 6/30/94........................................... 5,800,000 5,813,567
Pennsylvania Economic Development Financing Authority, EDR, VRDN:
(American Dyeing and Finishing Corp.)
2.50%, Series A1 (LOC; Pittsburgh National Bank) (a,b)............................ 3,200,000 3,200,000
(Leonard H. Berenfield) 2.50%, Series C (LOC; Pittsburgh National Bank) (a,b).......... 2,546,000 2,546,000
(Porter Realty) 2.50%, Series C3 (LOC; Pittsburgh National Bank) (a,b)................. 2,000,000 2,000,000
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
----------- -----------
PENNSYLVANIA (CONTINUED)
Pennsylvania Energy Development Authority, Energy Development Revenue, VRDN
(B and W Ebensburg Project) 2.40% (LOC; Swiss Bank Corp.) (a,b)........................ $9,550,000 $9,550,000
Pennsylvania Higher Education Assistance Agency, Student Loan Revenue, VRDN:
2%, Series 1984A (LOC; Student Loan Marketing Association) (a,b)....................... 4,500,000 4,500,000
2.45%, Series A (LOC; Fuji Bank) (a,b)................................................. 6,000,000 6,000,000
Pennsylvania Higher Educational Facilities Authority, College and University Revenue,
VRDN (Temple University) 3.25% (LOC; Morgan Guaranty Trust) (a,b)...................... 3,400,000 3,400,000
City of Philadelphia:
CP 2.40%, 4/8/94 (LOC; Fuji Bank) (a).................................................. 3,000,000 3,000,000
TRAN 3.25%, Series A, 6/15/94 (LOC; Canadian Imperial Bank of Commerce) (a)............ 5,000,000 5,005,000
Philadelphia School District, TRAN 3.625%, 6/30/94......................................... 5,000,000 5,007,014
Pittsburgh Urban Redevelopment Authority, Mortgage Revenue:
2.85%, Series A, 6/1/94 (GIC; Barclays Bank)........................................... 5,500,000 5,500,000
2.85%, Series B, 6/1/94 (GIC; Barclays Bank)........................................... 170,000 170,000
Schuylkill County Industrial Development Authority, RRR, VRDN
(Northeastern Power Company Project) 2.95%, Series B (LOC; Sumitomo Bank) (a,b)....... 2,000,000 2,000,000
Seawickley Valley Hospital Authority, Revenue, Refunding (Seawickley Valley Hospital)
3%, Series B, 12/15/94 (LOC; Pittsburgh National Bank) (a)............................. 2,500,000 2,506,397
Upper Allegheny Joint Sanitation Authority, Electric Revenue (Allegheny Valley North)
2.85%, Series B, 7/15/94 (LOC; American Insurance Group) (a)........................... 8,000,000 8,000,000
Venango Industrial Development Authority, RRR, Refunding, CP (Scrubgrass Project)
2.25%, Series B, 4/12/94 (LOC; National Westminster Bank) (a).......................... 4,200,000 4,200,000
Westmoreland County Industrial Development Authority, Revenue, VRDN
(Solidur Plastics Real Estates Project)
2.50% (LOC; Pittsburgh National Bank) (a,b)............................................ 1,400,000 1,400,000
U.S. RELATED-2.2%
Commonwealth of Puerto Rico, TRAN 3%, Series A, 7/29/94.................................... 3,000,000 3,007,099
-----------
TOTAL INVESTMENTS (cost $137,203,237) $137,203,237
============
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
SUMMARY OF ABBREVIATIONS
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
BPA Bond Purchase Agreement MBIA Municipal Bond Insurance Association
CP Commercial Paper PCR Pollution Control Revenue
EDR Economic Development Revenue RRR Resources Recovery Revenue
FGIC Financial Guaranty Insurance Corporation SBPA Standby Bond Purchase Agreement
GAN Grant Anticipation Notes TAN Tax Anticipation Notes
GIC Guaranty Investment Contract TRAN Tax and Revenue Anticipation Notes
HR Hospital Revenue VRDN Variable Rate Demand Notes
IDR Industrial Development Revenue
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- - -------- ------ ---------------- --------------------
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 84.4%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 15.6
------
100.0%
------
NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit. At March 31, 1994, 73.2% of the Fund's
net assets are backed by letters of credit issued by domestic banks, foreign
banks, government agencies and corporations of which Pittsburgh National Bank
provided letters of credit to 11.7% of the Fund's net assets.
(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
amount 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.
See independent accountants' review report and notes to financial statements.
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1994 (UNAUDITED)
ASSETS:
Investments in securities, at value-Note 1(a).......................................... $137,203,237
Cash................................................................................... 2,189,141
Interest receivable.................................................................... 808,248
Prepaid expenses....................................................................... 21,566
Due from The Dreyfus Corporation...................................................... 159,260
-----------
140,381,452
LIABILITIES;
Accrued expenses and other liabilities................................................. 65,156
-----------
NET ASSETS................................................................................. $140,316,296
===========
REPRESENTED BY:
Paid-in capital....................................................................... $140,316,400
Accumulated net realized (loss) on investments......................................... (104)
-----------
NET ASSETS at value applicable to 140,316,400 outstanding shares of
Beneficial Interest, equivalent to $1.00 per share (unlimited number of
$.001 par value shares authorized)..................................................... $140,316,296
===========
STATEMENT OF OPERATIONS SIX MONTHS ENDED MARCH 31, 1994 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME........................................................................ $ 1,739,053
EXPENSES:
Management fee-Note 2(a).......................................................... $342,724
Shareholder servicing costs-Note 2(b).............................................. 99,829
Legal fees......................................................................... 9,933
Custodian fees..................................................................... 8,098
Prospectus and shareholders' reports............................................... 7,242
Registration fees.................................................................. 4,252
Trustees' fees and expenses-Note 2(c).............................................. 2,583
Auditing fees...................................................................... 1,864
Miscellaneous...................................................................... 5,646
--------
482,171
Less-reduction in management fee due
to undertaking-Note 2(a) 308,452
--------
TOTAL EXPENSES............................................................. 173,719
-----------
INVESTMENT INCOME-NET, representing net increase in net assets
resulting from operations.............................................................. $ 1,565,334
===========
See independent accountants' review report and notes to financial statements.
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
SEPTEMBER 30, MARCH 31, 1994
1993 (UNAUDITED)
------------ -----------
OPERATIONS:
Investment income-net.................................................................. $ 3,190,758 $ 1,565,334
Net realized gain on investments 1,039 --
Net unrealized (depreciation) on investments for the period............................ (1,431) --
------------ -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............................... 3,190,366 1,565,334
------------ -----------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net.................................................................. (3,190,758) (1,565,334)
------------ -----------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold.......................................................... 167,967,951 94,680,502
Dividends reinvested 2,903,606 1,439,261
Cost of shares redeemed (154,409,147) (90,899,634)
------------ -----------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS 16,462,410 5,220,129
------------ -----------
TOTAL INCREASE IN NET ASSETS................................................... 16,462,018 5,220,129
NET ASSETS:
Beginning of period.................................................................... 118,634,149 135,096,167
------------ -----------
End of period.......................................................................... $135,096,167 $140,316,296
============ ===========
</TABLE>
See independent accountants' review report and notes to financial statements.
DREYFUS PENNSYLVANIA 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 information provided in the Fund's financial
statements.
<TABLE>
<CAPTION>
SIX MONTHS ENDED
YEAR ENDED SEPTEMBER 30, MARCH 31, 1994
PER SHARE DATA: 1990(1) 1991 1992 1993 (UNAUDITED)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period...................... $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income-net..................................... .0130 .0506 .0340 .0202 .0114
Net realized and unrealized gain (loss) on investments.... -- -- -- -- --
------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS...................... .0130 .0506 .0340 .0202 .0114
------- ------- ------- ------- -------
DISTRIBUTIONS;
Dividends from investment income-net...................... (.0130) (.0506) (.0340) (.0202) (.0114)
------- ------- ------- ------- -------
Net asset value, end of period............................ $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
======= ======= ======= ======== =======
TOTAL INVESTMENT RETURN....................................... 6.16%(2) 5.18% 3.45% 2.45% 2.31%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................... -- -- .20% .28% .25%(2)
Ratio of net investment income to average net assets...... 6.30%(2) 4.90% 3.39% 2.41% 2.28%(2)
Decrease reflected in above expense ratios due to
undertakings by the Manager........................... 4.84%(2) .81% .55% .45% .45%(2)
Net Assets, end of period (000's Omitted)................. $17,954 $99,907 $118,634 $135,096 $140,316
(1) From July 16, 1990 (commencement of operations) to September 30, 1990.
(2) Annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940
("Act") as a non-diversified open-end management investment company.
Dreyfus Service Corporation ("Distributor") acts as the exclusive
distributor of the Fund's shares, which are sold to the public without a
sales charge. The Distributor is a wholly-owned subsidiary of The Dreyfus
Corporation ("Manager").
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.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost,
which has been determined by the Fund's Board of Trustees to represent
the fair value of the Fund's investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Interest income, adjusted
for amortization of premiums and, when appropriate, 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.
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 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 provisions available to certain
investment companies, as defined in applicable sections of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from all, or substantially all, Federal income
taxes.
The Fund has an unused capital loss carryover of $104 for Federal
income tax purposes to be applied against future net securities profits, if
any. If not applied, the carryover expires in fiscal 2000.
At March 31, 1994, 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).
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the
Manager, the management fee is computed at the annual rate of .50 of 1%
of the average daily value of the Fund's net assets and is payable monthly.
The Agreement provides for an expense reimbursement from the Manager
should the Fund's aggregate expenses, exclusive of taxes, interest on
borrowings, brokerage and extraordinary expenses, exceed the expense
limitation of any state having jurisdiction over the Fund for any full
fiscal year. However, during the six months ended March 31, 1994 the
Manager has undertaken to waive receipt of the Management fee payable to
it by the Fund in excess of an annual rate of .05 of 1% of the Fund's
average daily net assets. The reduction in the management fee, pursuant
to the undertaking, amounted to $308,452 for the six months ended March
31, 1994.
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
The Manager has currently undertaken through June 30, 1994 or until
such time as the net assets of the Fund exceed $200 million, regardless of
whether they remain at that level, to waive receipt of the management fee
payable to it by the Fund.
The Manager may modify the expense limitation percentages from time
to time, provided that the resulting expense reimbursement would not be
less than the amount required pursuant to the Agreement.
(B) Pursuant to the Fund's 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 net assets for servicing
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
six months ended March 31, 1994, the Fund was charged an aggregate of
$32,865 pursuant to the Shareholder Services Plan.
(C) Certain officers and trustees of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or the Distributor. Each trustee
who is not an "affiliated person" receives an annual fee of $1,000.
(D) On December 5, 1993, the Manager entered into an Agreement and
Plan of Merger (the "Merger Agreement") providing for the merger of the
Manager with a subsidiary of Mellon Bank Corporation ("Mellon").
Following the merger, it is planned that the Manager will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a
number of contingencies, including receipt of certain regulatory approvals
and approvals of the stockholders of the Manager and of Mellon. The merger
is expected to occur in mid-1994, but could occur later.
As a result of regulatory requirements and the terms of the Merger
Agreement, the Manager will seek various approvals from the Fund's board
and shareholders before completion of the merger. Shareholder approval
will be solicited by a proxy statement.
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
REVIEW REPORT OF ERNST & YOUNG, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
We have reviewed the accompanying statement of assets and liabilities
of Dreyfus Pennsylvania Municipal Money Market Fund, including the
statement of investments, as of March 31, 1994, and the related
statements of operations and changes in net assets and financial
highlights for the six month period ended March 31, 1994. These financial
statements and financial highlights are the responsibility of the Fund's
management.
We conducted our review in accordance with standards established by
the American Institute of Certified Public Accountants. A review of
interim financial information consists principally of applying analytical
procedures to financial data, and making inquiries of persons responsible
for financial and accounting matters. It is substantially less in scope than
an audit conducted in accordance with generally accepted auditing
standards, which will be performed for the full year with the objective of
expressing an opinion regarding the financial statements and financial
highlights taken as a whole. Accordingly, we do not express such an
opinion.
Based on our review, we are not aware of any material modifications
that should be made to the interim financial statements and financial
highlights referred to above for them to be in conformity with generally
accepted accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year
ended September 30, 1993 and financial highlights for each of the four
years in the period ended September 30, 1993 and in our report dated
November 1, 1993, we expressed an unqualified opinion on such statement
of changes in net assets and financial highlights.
(Ernst & Young Signature Logo)
New York, New York
May 3, 1994
Pennsylvania
Municipal
Money Market
Fund
Semi-Annual
Report
March 31, 1994
DREYFUS PENNSYLVANIA MUNICIPAL
MONEY MARKET FUND
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
DISTRIBUTOR
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 104SA943
