LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this semi-annual report for the
Dreyfus Pennsylvania Municipal Money Market Fund. For the six-month period
ended March 31, 1995, the annualized yield provided by your Fund was 3.40%,
and the annualized effective yield was 3.45% after taking into account the
effect of compounding.* Income dividends of approximately $.017 per share
paid during the period were exempt from Federal and Commonwealth of
Pennsylvania personal income taxes.**
Our last letter recapped the series of Federal Reserve Board moves
throughout the first half of 1994--moves designed to reach a more neutral
monetary policy stance in response to continued economic expansion. By
November 15, total monetary policy actions taken in 1994 increased the
discount rate from 3.00% to 4.75%. In addition, the Federal Funds rate moved
from 3.00% to 5.50% between February and November of last year. On February 1
of this year, the Fed continued its policy as it raised both the Federal
Funds and discount rates an additional 50 basis points to 6.00% and 5.25%,
respectively. Yields on municipal money market funds increased in response to
these higher short-term rates.
One of the most significant events occurring in the second half of last
year to affect the short-term municipal market was the bankruptcy filing by
Orange County, California. Because your Fund holds only paper exempt from
Pennsylvania taxes, it had no exposure to Orange County, California. However,
the uncertainty which existed at the time of the County's disclosure created
some temporary market weakness. While there were several attractive buying
opportunities in the national market at the time, scarcity of Pennsylvania
short-term notes limited our ability to participate.
In the coming weeks we expect to see some temporary weakness in the
short-term municipal market. In late April, 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. Your Fund
does not typically experience these outflows, allowing us to capitalize on
such periods of market weakness. At all times, we will selectively seek out
high quality Pennsylvania issues that provide the portfolio with a high level
of diversity and liquidity and double tax-free income.
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,
(logo signature)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
April 13, 1995
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.
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DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS MARCH 31, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS--100.0% AMOUNT VALUE
------------ -----------
<S> <C> <C>
Allegheny County, VRDN 4.20%, Series C-41 (SBPA; National Westminster Bank) (a) $ 2,000,000 $ 2,000,000
Allegheny County Hospital Development Authority, Revenue, VRDN:
(Pittsburgh Childrens Hospital) 4%, Series B (a)........................ 800,000 800,000
(Presbyterian Health Center) 4.20%, Series B (Insured; MBIA and
LOC; Credit Suisse) (a,b)............................................. 1,800,000 1,800,000
Cambria County Hospital Development Authority, HR
(Mercy Hospital Johnstown Project) 5%, 3/1/96 (LOC; Bank of Tokyo) (b).. 5,880,000 5,880,000
Cambria County Industrial Development Authority, RRR, VRDN
(Cambria Cogen Project) 4.25%, Series V1 (LOC; Fuji Bank) (a,b)......... 3,000,000 3,000,000
Carbon County Industrial Development Authority, RRR, CP (Panther Creek
Partners)
4.15%, Series B, 6/8/95 (LOC; National Westminster Bank) (b)............ 2,400,000 2,400,000
Columbia County Industrial Development Authority, IDR, VRDN
(Kleerdex Co. Project) 4.50% (LOC; Bank of Tokyo) (a,b)................. 1,500,000 1,500,000
Commonwealth of Pennsylvania, TAN 4.75%, 6/30/95............................ 5,300,000 5,304,044
Delaware County Industrial Development Authority, PCR, Refunding, CP
(Philadelphia Electric) 3.70%, Series B, 4/27/95 (Insured; FGIC and
Liquidity Facility; FGIC)............................................... 2,000,000 2,000,000
Delaware County Authority, HR, VRDN (Medical Center)
4.375% (LOC; Norwest Bank) (a,b)........................................ 4,300,000 4,300,000
Emmaus General Authority, Revenue, Local Government Pool, VRDN
3.90%, Series F (GIC; Goldman, Sachs and Co.) (a)....................... 1,900,000 1,900,000
Erie County Industrial Development Authority, Revenue, VRDN
(McInnes Steel Co. Project) 4.30% (LOC; Marine Midland Bank) (a,b)...... 1,800,000 1,800,000
Lehigh County Industrial Development Authority, Industrial and Commercial
Development Revenue, VRDN (Radnor/Lehigh Corp. Project)
4.375% (LOC; Dresdner Bank) (a,b)....................................... 8,370,000 8,370,000
Montgomery County Industrial Development Authority, CP
4.25%, 5/11/95 (LOC; Deutsche Bank) (b)................................. 4,000,000 4,000,000
Montour Geisinger Authority, Health System, VRDN
4.20% (Liquidity Facility; Morgan Bank)(a).............................. 1,500,000 1,500,000
Northeastern Hospital and Education Authority, Health Care Revenue,
Refunding, VRDN
(Wyoming Valley Health Care) 4.10%, Series A (Insured; AMBAC and
Liquidity Facility; Industrial Bank of Japan) (a)....................... 8,000,000 8,000,000
Pennsylvania Economic Development Financing Authority, EDR, VRDN:
(American Dyeing and Finishing Corp.)
4.35%, Series A1 (LOC; Pittsburgh National Bank) (a,b)................ 2,500,000 2,500,000
(Leonard H. Berenfield) 4.35%, Series C (LOC; Pittsburgh National Bank of Ohio) (a,b). 2,330,000 2,330,000
(Porter Realty) 4.35%, Series C3 (LOC; Pittsburgh National Bank) (a,b).. 1,900,000 1,900,000
(Quality Foods Limited Partnership)
4.35%, Series B9 (LOC; Pittsburgh National Bank) (a,b)................ 4,500,000 4,500,000
Pennsylvania Energy Development Authority, Energy Development Revenue, VRDN
(B and W Ebensburg Project) 4.25% (LOC; Swiss Bank Corp.) (a,b)......... 9,400,000 9,400,000
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------ -----------
Pennsylvania Higher Education Assistance Agency, Student Loan Revenue, VRDN:
4.20%, Series A (LOC; Student Loan Marketing Association) (a,b)......... $ 14,000,000 $ 14,000,000
4.20%, Series B (LOC; Union Bank of Switzerland) (a,b).................. 9,400,000 9,400,000
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
City of Philadelphia:
CP:
4.20%, 4/11/95 (LOC; Fuji Bank) (b)................................... 4,000,000 4,000,000
Gas Works Revenue 4.10%, 2/6/95 (LOC; Canadian Imperial Bank of Commerce) (b) 5,000,000 5,000,000
TRAN 4.75%, Series B, 6/15/95 (LOC; Corestates Bank) (b)................ 6,500,000 6,510,944
Philadelphia School District, TRAN 4.75%, 6/30/95........................... 3,000,000 3,003,912
Quakertown Hospital Authority, HR, VRDN (HPS Group Pooled Financing)
4.15% (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):
4.20%, Series B (LOC; Sumitomo Bank) (a,b)............................ 3,000,000 3,000,000
4.30%, Series B (LOC; Sumitomo Bank) (a,b)............................ 3,000,000 3,000,000
Temple University of the Commonwealth System of Higher Education
(University Funding Obligations) 4.50%, Series B, 5/24/95............... 6,000,000 6,005,870
Washington County Authority, LR, VRDN (Higher Education Pooled Equipment
Lease)
4.25%, Series A (LOC; Sanwa Bank) (a,b)................................. 4,600,000 4,600,000
Westmoreland County Industrial Development Authority, Revenue, VRDN
(Solidur Plastics Real Estate Project)
4.35% (LOC; Pittsburgh National Bank) (a,b)............................. 1,400,000 1,400,000
------------
TOTAL INVESTMENTS (cost $143,804,770)....................................... $143,804,770
============
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DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
CP Commercial Paper Insurance Association
EDR Economic Development Revenue PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Company RRR Resources Recovery Revenue
GIC Guaranteed Investment Contract SBPA Standby Bond Purchase Agreement
HR Hospital Revenue TAN Tax Anticipation Notes
IDR Industrial Development Revenue TRAN Tax and Revenue Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
LR Lease Revenue
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SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 79.8%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 11.5
Not Rated (f) Not Rated (f) Not Rated (f) 8.7
------
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 March 31, 1995, 73.8% of the Fund's
net assets are backed by letters of credit issued by domestic banks,
foreign banks and Government Agencies.
(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) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's, have been determined by the Fund's Board of Trustees to be of
comparable quality to those securities in which the Fund may invest.
(g) At March 31, 1995, the Fund had $38,709,783 (26.4% of net assets)
invested in securities whose payment of principal and interest is
dependent upon revenues generated from education projects.
See independent accountants' review report and notes to financial statements.
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<CAPTION>
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $143,804,770
Cash.................................................................... 1,364,797
Interest receivable..................................................... 1,284,099
Prepaid expenses........................................................ 15,164
--------------
146,468,830
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $25,149
Accrued expenses........................................................ 69,594 94,743
-------- ------------
NET ASSETS ................................................................ $146,374,087
============
REPRESENTED BY:
Paid-in capital......................................................... $146,394,666
Accumulated net realized (loss) on investments.......................... (20,579)
--------------
NET ASSETS at value applicable to 146,394,666 outstanding shares of
Beneficial Interest, equivalent to $1.00 per share (unlimited number
of $.001 par value shares authorized)................................... $146,374,087
============
See independent accountants' review report and notes to financial statements.
</TABLE>
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<CAPTION>
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF OPERATIONS SIX MONTHS ENDED MARCH 31, 1995 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $2,848,967
EXPENSES:
Management fee-Note 2(a).............................................. $378,842
Shareholder servicing costs-Note 2(b)................................. 119,502
Auditing fees......................................................... 13,453
Custodian fees........................................................ 11,449
Prospectus and shareholders' reports.................................. 8,866
Legal fees............................................................ 6,944
Registration fees..................................................... 4,578
Trustees' fees and expenses-Note 2(c)................................. 3,503
Miscellaneous......................................................... 6,138
----------
553,275
Less-reduction in management fee due
to undertakings-Note 2(a)......................................... 279,441
----------
TOTAL EXPENSES.................................................... 273,834
------------
INVESTMENT INCOME--NET...................................................... 2,575,133
NET REALIZED (LOSS) ON INVESTMENTS--Note 1(b)............................... (16,837)
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $2,558,296
============
See independent accountants' review report and notes to financial statements.
</TABLE>
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<CAPTION>
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
SEPTEMBER 30, MARCH 31, 1995
1994 (UNAUDITED)
-------------- --------------
<S> <C> <C>
OPERATIONS:
Investment income-net.................................................. $ 3,480,503 $ 2,575,133
Net realized (loss) on investments..................................... (3,638) (16,837)
-------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS................. 3,476,865 2,558,296
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net.................................................. (3,480,503) (2,575,133)
-------------- --------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold.......................................... 168,518,472 117,115,821
Dividends reinvested................................................... 3,221,347 2,393,691
Cost of shares redeemed................................................ (166,109,503) (113,841,433)
-------------- --------------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS......... 5,630,316 5,668,079
-------------- --------------
TOTAL INCREASE IN NET ASSETS..................................... 5,626,678 5,651,242
NET ASSETS:
Beginning of period.................................................... 135,096,167 140,722,845
-------------- --------------
End of period.......................................................... $140,722,845 $146,374,087
============ =============
See independent accountants' review report and notes to financial statements.
</TABLE>
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 the Fund's financial statements.
<TABLE>
<CAPTION>
SIX MONTHS ENDED
YEAR ENDED SEPTEMBER 30, MARCH 31, 1995
----------------------------------------------------
PER SHARE DATA: 1990(1) 1991 1992 1993 1994 (UNAUDITED)
-------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $1.0000
-------- ------- ------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income--net.............. .0130 .0506 .0340 .0202 .0251 .0169
Net realized and unrealized gain (loss)
on investments.................... -- -- -- -- -- (.0001)
-------- ------- ------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS.. .0130 .0506 .0340 .0202 .0251 .0168
-------- ------- ------- ------- ------- -------
DISTRIBUTIONS:
Dividends from investment income--net (.0130) (.0506) (.0340) (.0202) (.0251) (.0169)
-------- ------- ------- ------- ------- -------
Net asset value, end of period...... $1.0000 $1.0000 $1.0000 $1.0000 $1.0000 $ .9999
======= ======= ======= ======= ======= ========
TOTAL INVESTMENT RETURN................. 6.16%(2) 5.18% 3.45% 2.45% 2.54% 3.43%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets -- -- .20% .28% .20% .36%(2)
Ratio of net investment income to
average net assets................ 6.30%(2) 4.90% 3.39% 2.41% 2.51% 3.40%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager 4.84%(2) .81% .55% .45% .47% .37%(2)
Net Assets, end of period (000's Omitted) $17,954 $99,907 $118,634 $135,096 $140,723 $146,374
(1) From July 16, 1990 (commencement of operations) to September 30, 1990.
(2) Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
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. Premier Mutual
Fund Services, Inc. (the "Distributor") acts as the exclusive distributor of
the Fund's shares, which are sold to the public without a sales charge. 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. The Dreyfus Corporation ("Manager")
serves as the Fund's investment adviser. The Manager is a direct subsidiary
of Mellon Bank, N.A.
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 of $1.00.
(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, 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. 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.
At March 31, 1995, 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, 1994 through April 27, 1995, 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 $279,441 for the
period ended March 31, 1995.
The Manager has currently undertaken from April 28, 1995 through June 30,
1995 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 .30
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 period ended March 31, 1995,
the Fund was charged an aggregate of $67,751 pursuant to the Shareholder
Services Plan.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $1,000. The Chairman of the Board
receives an additional 25% of such compensation.
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
REVIEW REPORT OF ERNST & YOUNG LLP, 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, 1995, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended March 31, 1995. 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, 1994 and financial highlights for each of the five years in the
period ended September 30, 1994 and in our report dated November 3, 1994, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
(logo signature)
New York, New York
May 1, 1995
Dreyfus Pennsylvania Municipal Money Market Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
DREYFUS PENNSYLVANIA 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
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. 104SA953
Pennsylvania
Municipal
Money Market
Fund
Semi-Annual
Report
March 31, 1995
