LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this annual report for the Dreyfus
Pennsylvania Municipal Money Market Fund. For the fiscal year ended September
30, 1994, the yield provided by the Fund was 2.51%. The effective yield was
2.54% after taking into account the effect of compounding.* Income dividends
of approximately $.03 per share paid during the period were exempt from
Federal and Commonwealth of Pennsylvania personal income taxes.**
Since our last reporting, the Federal Reserve Board has taken action
three separate times toward a more restrictive stance. In total, since the
beginning of 1994, the Federal Funds rate has been raised 175 basis points
(from 3% to 4.75%). With each of these movements it has become increasingly
obvious that Federal Reserve policy directives have been put into place to
stave off potential inflationary concerns. Recent economic indicators have
been given even closer than normal scrutiny as market participants attempt to
discern if and when the next Fed tightening will occur. There is still
uncertainty as to when the Federal Reserve Board will take further action to
increase short-term rates. However, if economic data shows continued
strength, then it is quite likely that there will be another tightening by
the Federal Reserve Board before year end.
While actions taken by the Fed have caused an overall increase in
short-term rates, yields available in the tax exempt money markets were as
much affected by the supply and demand conditions in our marketplace.
Technical factors (i.e., supply/demand) caused volatility in the short-term
market in late June and early July. Approximately $7.5 billion in outstanding
securities matured in late June, placing strong downward pressure on rates as
the supply of short-term paper decreased substantially. However, in early to
mid-July, approximately $12 billion in new securities were issued. As a
result, yields on these issues trended higher in order to attract additional
buyers and to help absorb the additional supply. Often during these times of
temporary market weakness, we attempt to add to our commitments in the
nine-month to one-year range to capture these attractive rates. This, coupled
with the Federal Reserve Board's repeated actions to raise the Federal Funds
target, has provided attractive buying opportunities over the past six-month
period. As a result, the average maturity of your portfolio has increased
from 55 days to 59 days since late March. Any purchases made to enhance the
yield in your Fund continue to be made in accordance with our strict credit
quality guidelines.
We have structured your portfolio to enable the Fund to take advantage of
any further increase in short-term rates. In addition, the Fund is well
positioned to benefit from the temporary rise in rates we traditionally
witness at year end. To the extent that Pennsylvania-exempt paper becomes
available, we will selectively commit to those issues that we think will
enhance your Fund's return.
We have included a current Statement of Investments and recent financial
statements for your review and look forward to serving your investment needs
in the future.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
October 13, 1994
New York, N.Y.
* 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.
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DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1994
PRINCIPAL
TAX EXEMPT INVESTMENTS--100.0% AMOUNT VALUE
-------------- -------------
<S> <C> <C>
Alleghany County Hospital Development Authority, Revenue,
(Pittsburgh Childrens Hospital) VRDN 3.70%, Series B (a)................ $ 1,000,000 $ 1,000,000
Cambria County Hospital Development Authority, HR
(Mercy Hospital Johnstown Project) 3.15%, 3/1/95 (LOC; Bank of Tokyo) (b) 6,000,000 6,000,000
Cambria County Industrial Development Authority, RRR, VRDN
(Cambria Cogen Project) 3.85%, Series V1 (LOC; Fuji Bank) (a,b)......... 3,000,000 3,000,000
Carbon County Industrial Development Authority, RRR, CP
(Panther Creek Partners):
3.20%, Series A, 10/13/94 (LOC; National Westminster Bank) (b)........ 2,000,000 2,000,000
3.35%, Series A, 12/15/94 (LOC; National Westminster Bank) (b)........ 5,600,000 5,600,000
Columbia County Industrial Development Authority, IDR, VRDN
(Kleerdex Co. Project) 3.95% (LOC; Bank of Tokyo) (a,b)................. 1,500,000 1,500,000
Delaware County Industrial Development Authority, PCR, Refunding, CP:
(British Petroleum) 3.20%, 10/3/94 (Corp. Guaranty; British Petroleum).. 3,700,000 3,700,000
(Philadelphia Electric):
3.10%, Series B, 10/12/94 (Insured; FGIC)............................. 2,000,000 2,000,000
3.20%, Series B, 11/10/94 (Insured; FGIC)............................. 1,200,000 1,200,000
Delaware County Authority, HR, VRDN (Medical Center) 4.075% (LOC; Norwest Bank) (a,b) 4,300,000 4,300,000
Erie County Industrial Development Authority, Revenue, VRDN
(McInnes Steel Co. Project) 4% (LOC; Marine Midland Bank) (a,b)......... 2,000,000 2,000,000
Hazelton Area Industrial Development Authority, Energy Development Revenue,
VRDN
(Continental Energy Associates Project) 3.55% (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 Industrial Development Authority, Industrial and Commercial
Development Revenue, VRDN (Radnor/Lehigh Corp. Project)
3.80% (LOC; Dresdner Bank) (a,b)........................................ 8,450,000 8,450,000
Pennsylvania Economic Development Financing Authority, EDR, VRDN:
(American Dyeing and Finishing Corp.)
3.85%, Series A1 (LOC; Pittsburgh National Bank) (a,b)................ 2,500,000 2,500,000
(Leonard H. Berenfield) 3.85%, Series C (LOC; Pittsburgh National Bank) (a,b) 2,330,000 2,330,000
(Porter Realty) 3.85%, Series C3 (LOC; Pittsburgh National Bank) (a,b).. 1,900,000 1,900,000
Pennsylvania Energy Development Authority, Energy Development Revenue, VRDN
(B and W Ebensburg Project) 3.70% (LOC; Swiss Bank Corp.) (a,b)......... 9,550,000 9,550,000
Pennsylvania Higher Education Assistance Agency, Student Loan Revenue, VRDN:
3.75%, Series B (LOC; Union Bank of Switzerland) (a,b).................. 17,300,000 17,300,000
3.95%, Series A (LOC; Fuji Bank) (a,b).................................. 6,000,000 6,000,000
Pennsylvania Higher Educational Facilities Authority,
College and University Revenues:
(Carnegie Mellon University) 3.50%, Series C, 5/1/95.................. 6,700,000 6,700,000
VRDN (Temple University) 3.80% (LOC; Morgan Guaranty Trust Co.) (a,b). 4,000,000 4,000,000
City of Philadelphia:
CP:
3.25%, 10/20/94 (LOC; Canadian Imperial Bank of Commerce) (b)......... 5,000,000 5,000,000
3.35%, 11/22/94 (LOC; Fuji Bank) (b).................................. 4,000,000 4,000,000
TRAN 4.75%, Series B, 6/15/95 (LOC; Corestates Bank) (b)................ 6,500,000 6,537,501
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1994
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
Philadelphia Hospitals and Higher Education Facilities Authority, HR, VRDN:
(Childrens Hospital of Philadelphia Project) 3.80%
(Liquidity Facility; Morgan Bank) (a)................................. $ 1,800,000 $ 1,800,000
Refunding (Pennsylvania Hospital) 3.60%, Series B
(BPA; Pittsbugh National Bank and Insured; FGIC) (a).................. 3,000,000 3,000,000
Philadelphia School District, TRAN 4.75%, 6/30/95........................... 3,000,000 3,011,824
Quakertown Hospital Authority, HR, VRDN (HPS Group Pooled Financing)
3.65% (LOC; First National Bank of Chicago) (a,b)....................... 2,000,000 2,000,000
Schuylkill County Industrial Development Authority, RRR, VRDN
(Northeastern Power Company Project):
3.60%, Series B (LOC; Sumitomo Bank) (a,b)............................ 1,400,000 1,400,000
3.70%, Series B (LOC; Sumitomo Bank) (a,b)............................ 2,100,000 2,100,000
Seawickley Valley Hospital Authority, Revenue, Refunding (Seawickley Valley
Hospital)
3%, Series B, 12/15/94 (LOC; Pittsburgh National Bank) (b).............. 2,500,000 2,501,859
Temple University of the Commonwealth System of Higher Education
(University Funding Obligations) 4.50%, Series B, 5/24/95............... 6,000,000 6,026,031
Venango Industrial Development Authority, RRR, Refunding, CP (Scrubgrass
Project)
3.40%, Series B, 12/16/94 (LOC; National Westminster Bank) (b).......... 4,200,000 4,200,000
Washington County Authority, LR, VRDN (Higher Education Pooled Equipment
Lease)
3.60%, Series A (LOC; Sanwa Bank) (a,b)................................. 1,700,000 1,700,000
Westmoreland County Industrial Development Authority, Revenue, VRDN
(Solidur Plastics Real Estate Project)
3.85% (LOC; Pittsburgh National Bank) (a,b)............................. 1,400,000 1,400,000
--------------
TOTAL INVESTMENTS (cost $138,047,215)....................................... $138,047,215
=============
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SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
BPA Bond Purchase Agreement LR Lease Revenue
EDR Economic Development Revenue PCR Pollution Control Revenue
CP Commercial Paper RRR Resources Recovery Revenue
FGIC Financial Guaranty Insurance Company TRAN Tax and Revenue Anticipation Notes
HR Hospital Revenue VRDN Variable Rate Demand Notes
IDR Industrial Development Revenue
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SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <S> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 87.4%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 12.6
--------
100.0%
=======
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NOTES TO STATEMENT OF INVESTMENTS:
(a) 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.
(b) Secured by letters of credit. At September 30, 1994, 77.3% of the
Fund's net assets are backed by letters of credit issued by domestic
banks and foreign banks of which Union Bank of Switzerland provided
letters of credit to 12.3% of the Fund's net assets.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) P1 and A1 are the highest ratings assigned tax-exempt commercial
paper by Moody's and Standard & Poor's, respectively.
(e) Notes which are not F, MIG or SP rated are represented by bond
ratings of the issuers.
(f) At September 30,1994, the Fund had $44,737,854 (31.8% of net assets)
invested in securities whose payment of principal and interest is
dependent upon revenues generated from education.
See notes to financial statements.
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DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1994
<S> <C>
ASSETS:
Investments in securities, at value--Note 1(a)........................................... $138,047,215
Cash..................................................................................... 2,011,756
Interest receivable...................................................................... 724,395
--------------
140,783,366
LIABILITIES;
Accrued expenses and other liabilities................................................... 60,521
--------------
NET ASSETS ...................................................................... $140,722,845
==============
REPRESENTED BY:
Paid-in capital.......................................................................... $140,726,587
Accumulated net realized (loss) on investments........................................... (3,742)
--------------
NET ASSETS at value applicable to 140,726,587 shares outstanding
(unlimited number of $.001 par value shares of Beneficial
Interest authorized)..................................................................... $140,722,845
==============
NET ASSET VALUE, offering and redemption price per share
($140,722,845 / 140,726,587 shares)...................................................... $1.00
======
See notes to financial statements.
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DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF OPERATIONS
YEAR ENDED SEPTEMBER 30, 1994
INVESTMENT INCOME:
<S> <C> <C>
INTEREST INCOME......................................................... $3,753,338
EXPENSES:
Management fee--Note 2(a)............................................. $692,724
Shareholder servicing costs-Note 2(b)................................. 152,206
Auditing fees......................................................... 26,327
Custodian fees........................................................ 14,517
Legal fees............................................................ 12,840
Prospectus and shareholders' reports.................................. 8,133
Registration fees..................................................... 6,535
Trustees' fees and expenses-Note 2(c)................................. 5,258
Miscellaneous......................................................... 11,790
----------
930,330
Less-reduction in management fee due
to undertakings-Note 2(a)......................................... 657,495
----------
TOTAL EXPENSES.................................................. 272,835
------------
INVESTMENT INCOME--NET...................................................... 3,480,503
NET REALIZED (LOSS) ON INVESTMENTS--Note 1(b)............................... (3,638)
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $3,476,865
===========
See notes to financial statements.
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DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SEPTEMBER 30,
--------------------------------
1993 1994
-------------- --------------
<S> <C> <C>
OPERATIONS:
Investment income--net.................................................. $ 3,190,758 $ 3,480,503
Net realized gain (loss) on investments................................. 1,039 (3,638)
Net unrealized (depreciation) on investment for the year................ (1,431) ___
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 3,190,366 3,476,865
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net.................................................. (3,190,758) (3,480,503)
-------------- --------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................... 167,967,951 168,518,472
Dividends reinvested.................................................... 2,903,606 3,221,347
Cost of shares redeemed................................................. (154,409,147) (166,109,503)
-------------- --------------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.......... 16,462,410 5,630,316
-------------- --------------
TOTAL INCREASE IN NET ASSETS...................................... 16,462,018 5,626,678
NET ASSETS:
Beginning of year....................................................... 118,634,149 135,096,167
-------------- --------------
End of year............................................................. $135,096,167 $140,722,845
============== ============
See notes to financial statements.
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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 year indicated. This
information has been derived from the Fund's financial statements.
YEAR ENDED SEPTEMBER 30,
-------------------------------------------------------
PER SHARE DATA: 1990(1) 1991 1992 1993 1994
------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year................... $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
------- ------- ------- ------- --------
INVESTMENT OPERATIONS:
Investment income--net............................... .0130 .0506 .0340 .0202 .0251
Net realized and unrealized gain (loss) on investments -- -- -- -- --
------- ------- ------- ------- --------
TOTAL FROM INVESTMENT OPERATIONS................... .0130 .0506 .0340 .0202 .0251
------- ------- ------- ------- --------
DISTRIBUTIONS;
Dividends from investment income--net................ (.0130) (.0506) (.0340) (.0202) (.0251)
------- ------- ------- ------- --------
Net asset value, end of year......................... $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN 6.16%(2) 5.18% 3.45% 2.45% 2.54%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.............. -- -- .20% .28% .20%
Ratio of net investment income to average net assets. 6.30%(2) 4.90% 3.39% 2.41% 2.51%
Decrease reflected in above expense ratios due to undertakings
by the Manager..................................... 4.84%(2) .81% .55% .45% .47%
Net Assets, end of year (000's Omitted).............. $17,954 $99,907 $118,634 $135,096 $140,723
(1) From July 16, 1990 (commencement of operations) to September 30, 1990.
(2) Annualized.
See notes to financial statements.
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DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
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, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares, which are sold to the public without a sales charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a subsidiary of
Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
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 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.
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 applicable provisions available of the
Internal Revenue Code, and to make distributions of income and net realized
capital gain sufficient to relieve it from substantially all Federal income
and excise taxes.
The Fund has an unused capital loss carryover of $104 available for
Federal income tax purposes to be applied against future net securities
profits, if any, realized subsequent to September 30, 1994. The carryover
does not include net realized securities losses from November 1, 1993 through
September 30, 1994 which are treated, for Federal income tax purposes, as
arising in fiscal 1995. If not applied, the carryover expires in fiscal 2000.
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
At September 30, 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, the Manager had
undertaken, from October 1, 1993 through October 18, 1994, to reduce the
management fee paid by the Fund, to the extent that the Fund's aggregate
expenses (excluding certain expenses as described above) exceeded specified
annual percentages of the Fund's average daily net assets. The reduction in
the management fee pursuant to the undertakings, amounted to $675,495 for the
year ended September 30, 1994.
The Manager has currently undertaken from October 19, 1994 through
December 31, 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 in excess of an
annual rate of .10 of 1% of the Fund's average daily net assets.
The Manager may modify the expense limitation percentages from time to
time, provided that the resulting expenses 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
Dreyfus Service Corporation 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 year ended September 30,
1994, the Fund was charged an aggregate of $44,844 pursuant to the
Shareholder Services Plan.
(C) Prior to August 24, 1994 certain officers and trustees of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives an annual fee of $1,000.
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
We have audited the accompanying statement of assets and liabilities of
Dreyfus Pennsylvania Municipal Money Market Fund, including the statement of
investments, as of September 30, 1994, 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. Our procedures included confirmation of
securities owned as of September 30, 1994 by correspondence with the custodian
. 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 Pennsylvania Municipal Money Market Fund at September 30,
1994, 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.
(Ernst & Young Signature Logo)
New York, New York
November 3, 1994
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
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
September 30, 1994 as "exempt-interest dividends" (not subject to regular
Federal and, for individuals who are Pennsylvania residents, Pennsylvania
personal income taxes).
(Dreyfus `D' Logo)
DREYFUS PENNSYLVANIA MUNICIPAL
MONEY MARKET FUND
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
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
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. 104AR949
(Dreyfus Logo)
Pennsylvania
Municipal
Money Market Fund
Annual Report
September 30, 1994
(Dreyfus Lion Logo)
