Pennsylvania
Municipal
Money Market
Fund
Annual Report
September 30, 1995
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
The Federal Reserve Board relaxed its policy of monetary restraint in
July 1995 when it modestly lowered the Fed Funds rate. This reduction ended
the upward pressure on short-term rates that had prevailed since the
beginning of 1994. The Fed's restraint had been based on concern about a
resurgence of inflation, given the strong economic news then prevailing. But
in July, reports indicated a significant weakening trend in the economy. The
July reduction in the Fed Funds rate signaled that economic growth issues
outweighed, for a time, Federal Reserve fears of a resurgence of inflation.
The Fed's easing was limited to a lowering of the Fed Funds rate by 25 basis
points; the discount rate remained at 5.25% - its level for most of 1995. For
the 12-month reporting period ended September 30, 1995, your Fund provided a
yield of 3.44%. For investors in Pennsylvania's highest income tax bracket,
this equates to a taxable equivalent yield of 6.17%.* Income dividends of
approximately $.034 per share were paid during the period. Reinvesting these
dividends and calculating the effect of this compounding resulted in an
effective yield of 3.50%.** These dividends were exempt from Federal and
Pennsylvania personal income taxes, although some income may be subject to
the Federal Alternative Minimum Tax for certain shareholders.
THE ECONOMY
The Fed easing was triggered by concern about the weakening economy.
Economic reports indicated flagging home and auto sales, and a decline in new
home construction from earlier this year. Furthermore, rising business
inventories (a frequent harbinger of a business slowdown) and weakening
retail sales lent additional credibility to the case for easier credit
conditions. By midyear, jobless claims were also on the rise. More recently,
however, some indicators have reflected economic strength. Inflation is
moderate, but various sectors of the economy such as consumer spending and
housing appear to be picking up. It is expected that the stronger numbers
will forestall any immediate easing by the Federal Reserve Board.
Nevertheless, one should not rule out the possibility of another Fed move
before year-end.
MARKET ENVIRONMENT
While market fundamentals do affect the short-term municipal market, the
overriding influence continues to be market technicals (i.e., supply/demand).
Since the rates on those securities in the portfolio that provide the highest
degree of liquidity (1-day and 7-day demand notes) are adjusted on a daily or
weekly basis, your Fund's yield reflects these rapid adjustments and
fluctuates accordingly. One example of these seasonal adjustments occurred in
late June and early July as demand exceeded supply, and short-term yields on
municipal issues dropped accordingly. Apart from seasonal considerations,
monthly technicals can also occur, resulting in temporary declines in yields.
Available supply evaporates quickly as interest payments and proceeds of bond
maturities flow into money market funds during the first days of each month.
Primarily for these reasons, the yields of municipal money market funds tend
to seesaw during these time periods. In yet another example of seasonal
influences, the coming weeks may provide a window of opportunity, as year-end
technicals are expected to temporarily soften short-term rates.
THE PORTFOLIO
In the wake of the Orange County, California bankruptcy filing in
December 1994, we continue to be even more vigilant in using our credit
research facilities to locate those credits that meet our high internal
standards and that can provide your Fund with attractive returns. As
Pennsylvania-exempt issues meeting these guidelines have become available, we
have extended the Fund's maturity in an effort to enhance your Fund's yield.
Given the potential for temporary market weakness in December, we anticipate
extending your Fund's average maturity, when advantageous, in expectation of
a decline in yields after the New Year. Our primary tasks - to preserve
principal, to invest in those issues that meet our high quality standards,
and to maintain a balance of income and liquidity consistent with our
conservative management philosophy - continue to guide our portfolio
management decisions.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we appreciate greatly your continued confidence in the Fund
and in Dreyfus.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
October 9, 1995
New York, N.Y.
* Tax equivalency yield includes highest combined Federal, Pennsylvania
State and Pittsburgh taxes after giving effect to State tax benefit (44.29%).
**Effective yield is based upon dividends declared daily and reinvested
monthly.
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DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1995
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
------- -------
<S> <C> <C>
Allegheny County Port Authority, GAN 3.875%, Series A, 6/28/96 (LOC; PNC Bank) (a) $ 7,000,000 $6,998,436
Cambria County Hospital Development Authority, HR
(Mercy Hospital Johnstown Project) 5%, 3/1/96 (LOC; Bank of Tokyo) (a).. 5,880,000 5,880,000
Cambria County Industrial Development Authority, RRR, VRDN
(Cambria Cogen Project) 4.45%, Series V1 (LOC; Fuji Bank) (a,b)......... 5,000,000 5,000,000
Carbon County Industrial Development Authority, RRR, CP (Panther Creek
Partners)
3.50%, Series B, 10/19/95 (LOC; National Westminster Bank) (a).......... 3,350,000 3,350,000
Columbia County Industrial Development Authority, IDR, VRDN
(Kleerdex Co. Project) 4.65% (LOC; Bank of Tokyo) (a,b)................. 1,500,000 1,500,000
Commonwealth of Pennsylvania, TRAN 4.50%, 6/27/96........................... 5,000,000 5,016,712
Delaware County Industrial Development Authority, PCR, Refunding, CP
(Philadelphia Electric):
3.55%, Series B, 10/24/95 (Insured and Liquidity Facility; FGIC)...... 2,800,000 2,800,000
3.40%, Series B, 10/26/95 (Insured and Liquidity Facility; FGIC)...... 2,000,000 2,000,000
Delaware County Authority, HR, VRDN (Medical Center)
4.375% (LOC; Norwest Bank of Minnesota) (a,b)........................... 4,100,000 4,100,000
Emmaus General Authority, Revenue, Local Government Pool, VRDN:
4.20%, Series E-6 (LOC; Canadian Imperial Bank of Commerce) (a,b)....... 1,000,000 1,000,000
4.45%, Series F (GIC; Goldman, Sachs and Co.) (b)....................... 1,100,000 1,100,000
Erie County Industrial Development Authority, Revenue, VRDN
(McInnes Steel Co. Project) 4.55% (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)
4.65% (LOC; Dresdner Bank) (a,b)........................................ 8,370,000 8,370,000
Montgomery County Industrial Development Authority, PCR, Refunding, CP
3.75%, 11/15/95 (LOC; Deutsche Bank) (a)................................ 4,000,000 4,000,000
Northeastern Hospital and Education Authority, Health Care Revenue,
Refunding, VRDN
(Wyoming Valley Health Care) 4.375%, Series A
(Insured; AMBAC and Liquidity Facility; Industrial Bank of Japan) (b)... 8,000,000 8,000,000
Pennsylvania Economic Development Financing Authority, EDR, VRDN:
(Leonard H. Berenfield)
4.65%, Series C (LOC; Pittsburgh National Bank of Ohio) (a,b)......... 2,109,200 2,109,200
(Porter Realty) 4.65%, Series C3 (LOC; Pittsburgh National Bank) (a,b).. 1,800,000 1,800,000
(Quality Foods Limited Partnership)
4.65%, 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) 4.45% (LOC; Swiss Bank Corp.) (a,b)......... 12,000,000 12,000,000
Pennsylvania Higher Education Assistance Agency, Student Loan Revenue, VRDN:
4.50%, Series A (LOC; Student Loan Marketing Association) (a,b)......... 4,000,000 4,000,000
4.50%, Series B (LOC; Union Bank of Switzerland) (a,b).................. 13,500,000 13,500,000
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1995
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------- -------
4.50%, Series C (LOC; Union Bank of Switzerland) (a,b).................. 3,000,000 3,000,000
Pennsylvania Higher Educational Facilities Authority, College and University
Revenues
(Carnegie Mellon University) 4.50%, Series C, 5/1/96.................... $ 6,700,000 $ 6,700,000
City of Philadelphia, CP:
3.80%, 10/25/95 (LOC; Fuji Bank) (a).................................... 3,290,000 3,290,000
3.80%, 11/21/95 (LOC; Fuji Bank) (a).................................... 3,000,000 3,000,000
Schuylkill County Industrial Development Authority, RRR, VRDN:
(Northeastern Power Co. Project)
4.60%, Series B (LOC; Sumitomo Bank) (a,b)............................ 2,900,000 2,900,000
(Pine Grove Landfill Inc.)
4.60%, Series B (LOC; Meridian BankCorp) (a,b)........................ 5,000,000 5,000,000
Venango Industrial Development Authority, RRR, Refunding, CP (Scrubgrass
Project):
3.50%, Series B, 10/19/95 (LOC; National Westminster Bank) (a).......... 2,700,000 2,700,000
3.90%, Series B, 11/9/95 (LOC; National Westminster Bank) (a)........... 3,000,000 3,000,000
Washington County Authority, LR, VRDN (Higher Education Pooled Equipment
Lease)
4.40%, Series 1985A (LOC; Sanwa Bank) (a,b)............................. 8,450,000 8,450,000
Westmoreland County Industrial Development Authority, Revenue, VRDN
(Solidur Plastics Real Estate Project)
4.65% (LOC; Pittsburgh National Bank) (a,b)............................. 1,400,000 1,400,000
----------
TOTAL INVESTMENTS (cost $138,264,233)....................................... $138,264,348
============
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DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
SUMMARY OF ABBREVIATIONS
AMBAC American Municipal Bond Assurance Corporation
IDR Industrial Development Revenue
CP Commercial Paper
LOC Letter of Credit
EDR Economic Development Revenue
LR Lease Revenue
FGIC Financial Guaranty Insurance Company
PCR Pollution Control Revenue
GAN Grant Anticipation Notes
RRR Resources Recovery Revenue
GIC Guaranteed Investment Contract
TRAN Tax and Revenue Anticipation Notes
HR Hospital Revenue
VRDN Variable Rate Demand Notes
SUMMARY OF COMBINED RATINGS (UNAUDITED)
MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- ------- ----------------- -------------------
VMIG1/MIG1, P1 (c) SP1+/SP1, A1+/A1 (c) 86.9%
Aaa/Aa (d) AAA/AA (d) 13.1
----
100.0%
=====
NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit. At September 30, 1995, 78.9% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks and Government Agencies, of which Union Bank of
Switzerland provided letters of credit to 11.6% 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) P1 and A1 are the highest ratings assigned tax-exempt commercial
paper by Moody's and Standard & Poor's, respectively.
(d) Notes which are not MIG or SP rated are represented by bond ratings
of the issuers.
See notes to financial statements.
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DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1995
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $138,264,233)-see statement........... $138,264,348
Cash...................................... 3,790,429
Interest receivable...................... 770,018
Prepaid expenses........................... 7,921
-----------
142,832,716
LIABILITIES:
Due to The Dreyfus Corporation............................ $ 47,380
Accrued expenses............................................. 53,968 101,348
------------
NET ASSETS.................................................................. $142,731,368
=============
REPRESENTED BY:
Paid-in capital........................................................ $142,752,865
Accumulated net realized (loss) on investments.......................... (21,612)
Accumulated gross unrealized appreciation on investments................ 115
------------
NET ASSETS at value applicable to 142,752,865 shares outstanding
(unlimited number of $.001 par value shares of Beneficial Interest authorized) $142,731,368
=============
NET ASSET VALUE, offering and redemption price per share
($142,731,368 / 142,752,865 shares)..................................... $1.00
======
STATEMENT OF OPERATIONS YEAR ENDED SEPTEMBER 30, 1995
INVESTMENT INCOME:
INTEREST INCOME............................................. $5,799,362
EXPENSES:
Management fee-Note 2(a)............................... $ 749,062
Shareholder servicing costs-Note 2(b).................... 200,304
Professional fees.................................................. 35,601
Custodian fees........................................................ 20,315
Prospectus and shareholders' reports........................ 9,714
Trustees' fees and expenses-Note 2(c)................................. 7,183
Registration fees..................................................... 6,046
Miscellaneous......................................................... 12,793
----------
1,041,018
Less-reduction in management fee due to
undertakings-Note 2(a)................................... 405,174
----------
TOTAL EXPENSES.................................................. 635,844
-------
INVESTMENT INCOME-NET........................................... 5,163,518
REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS:
Net realized (loss) on investments..................................... $ (17,870)
Net unrealized appreciation on invesments............................... 115
------------
NET REALIZED AND UNREALIZED (LOSS) ON INVESTMENTS............... (17,755)
--------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 5,145,763
=============
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,
--------------------------
1994 1995
--------- -------
<S> <C> <C>
OPERATIONS:
Investment income-net................................................... $ 3,480,503 $ 5,163,518
Net realized (loss) on investments...................................... (3,638) (17,870)
Net unrealized appreciation on investments for the year................. -- 115
--------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 3,476,865 5,145,763
---------- -----------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net................................................... (3,480,503) (5,163,518)
---------- ----------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................... 168,518,472 277,999,413
Dividends reinvested.................................................... 3,221,347 4,792,453
Cost of shares redeemed................................................. (166,109,503) (280,765,588)
---------- ----------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.......... 5,630,316 2,026,278
---------- ---------
TOTAL INCREASE IN NET ASSETS...................................... 5,626,678 2,008,523
NET ASSETS:
Beginning of year....................................................... 135,096,167 140,722,845
----------- ---------
End of year............................................................. $ 140,722,845 $ 142,731,368
============ =============
See notes to financial statements.
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<TABLE>
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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: 1991 1992 1993 1994 1995
-------- -------- ----- -------- --------
<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........................ .0506 .0340 .0202 .0251 .0344
Net realized and unrealized gain (loss)
on investments............................. -- -- -- -- (.0002)
-------- ------- ------- -------- -------
TOTAL FROM INVESTMENT OPERATIONS........... .0506 .0340 .0202 .0251 .0342
-------- ------- ------- -------- -------
DISTRIBUTIONS;
Dividends from investment income-net......... (.0506) (.0340) (.0202) (.0251) (.0344)
-------- ------- ------- -------- -------
Net asset value, end of year................. $1.0000 $1.0000 $1.0000 $1.0000 $ .9998
======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN.......................... 5.18% 3.45% 2.45% 2.54% 3.50%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... -- .20% .28% .20% .42%
Ratio of net investment income to average net assets 4.90% 3.39% 2.41% 2.51% 3.45%
Decrease reflected in above expense ratios
due to undertakings by the Manager......... .81% .55% .45% .47% .27%
Net Assets, end of year (000's Omitted)...... $99,907 $118,634 $135,096 $140,723 $142,731
See notes to financial statements.
</TABLE>
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. Premier Mutual
Fund Services, Inc. (the "Distributor") acts as the 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 FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc., 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 approximately $3,700
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to September 30, 1995. The
carryover does not include net realized securities losses from November 1,
1994 through September 30, 1995 which are treated, for Federal income tax
purposes, as arising in fiscal 1996. If not applied, $100 of the carryover
expires in fiscal 2000 and $3,600 of the carryover expires in fiscal 2003.
At September 30, 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).
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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, brokerage, interest on borrowings 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 September 30, 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 fees, pursuant to the undertakings, amounted to $405,174 for
the year ended September 30, 1995.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average 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 year ended September 30, 1995, the Fund was charged an aggregate
of $106,688 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
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, 1995, 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, 1995 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,
1995, 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 LLP signature logo]
New York, New York
November 3, 1995
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, 1995 as "exempt-interest dividends" (not subject to regular
Federal and, for individuals who are Pennsylvania residents, Pennsylvania
personal income taxes).
[Dreyfus lion "d" logo]
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. 104AR959
[Dreyfus logo]
