DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus
Pennsylvania Municipal Money Market Fund. For its semi-annual reporting
period ended March 31, 1996, your Fund provided an annualized yield of 3.09%.
Income dividends exempt from Federal and Commonwealth of Pennsylvania
personal income taxes of approximately $.016 per share were paid to
shareholders.* Reinvesting these dividends and calculating the effect of
compounding resulted in an annualized effective yield of 3.14%.**
THE ECONOMY
Fresh signs of economic growth appeared in the first quarter of this
year. There were encouraging reports of strength in the housing market-sales
of new homes and new home construction surged in February. Factory orders
increased and order backlogs rose in January for the fifth consecutive month.
On the consumer level, retail sales were marginally stronger although
consumer installment debt remained at near-record proportions as a percentage
of disposable income. Presently, there are indications that the labor market
may be tightening. Employment is rising and initial claims for unemployment
insurance are lessening. Some increases in real wages may result, a
possibility well worth noting since worker wages are emerging as a political
issue in this year's election. These favorable economic reports caused
long-term interest rates to rise sharply during the last quarter.
Apparently satisfied with the pace of economic growth, the Federal
Reserve Board left the Federal Funds rate unchanged in March. Over the past
12 months, the Fed has reduced the level of short-term interest rates three
times to spur the sluggish economy, the last reduction occurring on January
31, 1996. On that date, the Fed eased the Federal Funds rate to its present
level of 5.25%.
MARKET ENVIRONMENT
The short-term municipal market certainly is influenced by any Federal
Reserve Board decision to alter interest rates; however, market technicals
(i.e., supply/demand) were the overriding factors affecting the yields that
prevailed throughout this period. By Fall 1995, rates on short-term issues
had settled into a trading range. A steady interchange of variable rate
demand notes (VRDNs) between corporate holders and municipal money market
funds kept rates on these securities attractive, which resulted in an
inverted yield curve (rates on shorter maturities were higher than rates on
longer issues) during most of the season.
Despite the Fed's easing move in early December, rates on VRDNs trended
even higher toward year-end. That was a seasonal occurrence (as previous
years have demonstrated) which reverses dramatically in January as cash
returns to the money market arena. The "January effect" leads to a high
increase in demand for VRDNs and, accordingly, a substantial yield drop on
these issues as well. The unusually large asset inflows abated by late
January, thereby lessening the high demand for VRDNs and serving to restore
stability to short-term yields.
Technical factors should once again play a significant role in the
short-term municipal market since tax-free money market funds usually
experience outflows as individuals redeem shares to meet tax payment needs.
The decreased demand for short-term securities that follows often places
temporary upward pressure on VRDN yields. Historically, a high percentage of
these redemptions are experienced in national money market funds, and
typically, state-specific money market fund cash flows have remained
relatively stable throughout the period. If there is no need to sell higher
-yielding demand notes to meet redemption needs, state-specific funds such as
yours potentially can derive a temporary benefit of higher yields on VRDNs
from this seasonal occurrence.
PORTFOLIO ACTIVITY
With the inverted yield curve, daily and weekly demand notes yielded
moderately more than both commercial paper and longer-term notes through most
of the period. Our investment strategy in late 1995 involved lengthening the
portfolio's maturity, when possible, in order to lock in rates that we felt
would outperform variable rate notes early in 1996.
The commercial paper and one-year note markets provided the primary means
for us to extend. However, our success in achieving the desired average
maturity remained limited due to a scarcity of high quality Pennsylvania tax
exempt issues from which to choose. As a result, your Portfolio's current
average maturity still leaves room to extend should a change in market or
supply conditions warrant.
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 The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
April 15, 1996
New York, N.Y.
* Some income may be subject to the Federal Alternative Minimum Tax (AMT)
for some investors.
**Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
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DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS MARCH 31, 1996 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
_______ _______
<S> <C> <C>
PENNSYLVANIA-97.4%
Allegheny County Port Authority, GAN 3.875%, Series A, 6/28/96 (LOC; PNC Bank) (a) $ 8,000,000 $ 8,000,568
Bucks County Industrial Development Authority, Environmental Improvement Revenue,
Refunding, VRDN (USX Corp. Project)
3.70% (LOC; Wachovia Bank of North Carolina) (a,b)...................... 1,360,000 1,360,000
Cambria County Hospital Development Authority, HR
(Mercy Hospital Johnstown Project) 4.25%, 3/1/97 (LOC; Bank of Tokyo) (a) 5,770,000 5,770,000
Carbon County Industrial Development Authority, RRR, CP (Panther Creek Partners)
3.50%, Series B, 7/17/96 (LOC; National Westminster Bank) (a)........... 3,350,000 3,350,000
Commonwealth of Pennsylvania:
TAN 4.50%, 6/28/96...................................................... 10,000,000 10,017,600
TRAN 4.50%, 6/27/96..................................................... 5,000,000 5,010,765
Delaware County Industrial Development Authority:
Airport Facilities Revenue, VRDN (United Parcel Service Project)
3.70% (Corp. Guaranty; United Parcel Service) (b)..................... 3,000,000 3,000,000
PCR:
Refunding, CP (Philadelphia Electric)
3.20%, Series B, 4/11/96 (Insured and Liquidity Facility; FGIC)... 6,400,000 6,400,000
VRDN (British Petroleum Oil Inc. Project)
3.85% (Corp. Guaranty; British Petroleum Oil Inc.) (b)............ 4,700,000 4,700,000
Delaware County Authority, HR, VRDN (Medical Center)
3.675% (LOC; Norwest Bank of Minnesota) (a,b)........................... 4,100,000 4,100,000
Emmaus General Authority, Revenue, VRDN:
2.75%, Series G-5 (LOC; Marine Midland Bank) (a,b)...................... 3,800,000 3,800,000
3.40%, Series E-6 (LOC; Canadian Imperial Bank of Commerce) (a,b)....... 1,000,000 1,000,000
3.45%, Series F-7 (LOC; Marine Midland Bank) (a,b)...................... 3,000,000 3,000,000
3.90%, Series F-8 (LOC; Marine Midland Bank) (a,b)...................... 5,000,000 5,000,000
Erie County Industrial Development Authority, Revenue, VRDN
(McInnes Steel Co. Project) 3.95% (LOC; Marine Midland Bank) (a,b)...... 1,400,000 1,400,000
Lehigh County Industrial Development Authority, Industrial and Commercial
Development Revenue, VRDN (Radnor/Lehigh Corp. Project)
3.55% (LOC; Dresdner Bank) (a,b)........................................ 8,280,000 8,280,000
Montgomery County Industrial Development Authority, PCR, Refunding, CP
(Philadelphia Electric Co.) 3.20%, Series B, 6/5/96 (LOC; Deutsche Bank) (a) 4,000,000 4,000,000
Montour County Geisinger Authority, Health Systems Revenue, VRDN
3.60% (SBPA; Morgan Guaranty Trust Co.) (b)............................. 7,000,000 7,000,000
Pennsylvania Economic Development Financing Authority, EDR, VRDN
(Leonard H. Berenfield) 3.60%, Series C (LOC; Pittsburgh National Bank of Ohio) (a,b) 2,109,200 2,109,200
Pennsylvania Energy Development Authority, Energy Development Revenue, VRDN
(B and W Ebensburg Project) 3.40% (LOC; Swiss Bank Corp.) (a,b)......... 7,150,000 7,150,000
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1996 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ _______
PENNSYLVANIA (CONTINUED)
Pennsylvania Higher Education Assistance Agency, Student Loan Revenue, VRDN:
3.50%, Series B (LOC; Union Bank of Switzerland) (a,b).................. $ 13,500,000 $ 13,500,000
3.50%, Series C (LOC; Union Bank of Switzerland) (a,b).................. 4,200,000 4,200,000
Philadelphia School District, TRAN 4.50%, 6/28/96........................... 4,000,000 4,008,198
Schuylkill County Industrial Development Authority, RRR, VRDN:
(Northeastern Power Co. Project) 3.90%, Series B (LOC; Sumitomo Bank) (a,b) 4,500,000 4,500,000
(Pine Grove Landfill Inc.) 3.90%, Series B (LOC; Meridan BankCorp) (a,b) 8,300,000 8,300,000
Sewickley Valley Hospital Authority, Revenue, Refunding
3.60%, Series B, 12/16/96 (LOC; Pittsburgh National Bank) (a)........... 2,990,000 2,990,000
University of Penn State 4%, Series A, 12/18/96............................. 5,000,000 5,022,418
Venango Industrial Development Authority, RRR, Refunding, CP (Scrubgrass Project):
3.25%, Series B, 5/24/96 (LOC; National Westminster Bank) (a)........... 3,000,000 3,000,000
3.50%, Series B, 7/17/96 (LOC; National Westminster Bank) (a)........... 2,700,000 2,700,000
Warren County Hospital Authority, Revenue, VRDN (Warren General Hospital Project)
3.45%, Series B (LOC; Pittsburgh National Bank) (a,b)................... 1,000,000 1,000,000
Westmoreland County Industrial Development Authority, Revenue, VRDN
(Solidur Plastics Real Estate Project) 3.60% (LOC; Pittsburgh National Bank) (a,b) 1,000,000 1,000,000
York County Industrial Development Authority, PCR, Refunding, CP
(Public Service Electric and Gas) 3.20%, Series A, 4/9/96............... 3,000,000 3,000,000
U.S. RELATED-2.6%
Commonwealth of Puerto Rico Government Development Bank, CP 3.05%, 5/22/96.. 4,000,000 4,000,000
_____________
TOTAL INVESTMENTS (cost $151,667,577)....................................... $151,668,749
==============
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DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
CP Commercial Paper PCR Pollution Control Revenue
EDR Economic Development Revenue RRR Resources Recovery Revenue
FGIC Financial Guaranty Insurance Company SBPA Standby Bond Purchase Agreement
GAN Grant Anticipation Notes TAN Tax Anticipation Notes
HR Hospital Revenue TRAN Tax and Revenue Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
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SUMMARY OF COMBINED RATINGS (UNAUDITED)
MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
_____ ___________________ _______________________
<S> <C> <C>
VMIG1/MIG1, P1 (c) SP1+/SP1, A1+/A1 (c) 93.2%
Aaa/Aa (d) AAA/AA (d) 6.8
______
100.0%
=========
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NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit. At March 31, 1996, 64.3% 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 11.4% 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 independent accountants' review report and notes to financial statements.
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DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1996 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $151,667,577)-see statement..................................... $151,668,749
Cash.................................................................... 1,935,534
Interest receivable..................................................... 1,225,018
Prepaid expenses........................................................ 27,789
___________
154,857,090
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $ 56,163
Accrued expenses........................................................ 63,813 119,976
___________ ___________
NET ASSETS.................................................................. $154,737,114
==============
REPRESENTED BY:
Paid-in capital......................................................... $154,757,050
Accumulated net realized (loss) on investments.......................... (21,108)
Accumulated gross unrealized appreciation on investments................ 1,172
___________
NET ASSETS at value applicable to 154,757,050 outstanding shares of
Beneficial Interest, equivalent to $1.00 per share
(unlimited number of $.001 par value shares authorized)................. $154,737,114
==============
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STATEMENT OF OPERATIONS SIX MONTHS ENDED MARCH 31, 1996 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 2,820,763
EXPENSES:
Management fee-Note 2(a).............................................. $374,387
Shareholder servicing costs-Note 2(b)................................. 77,830
Professional fees..................................................... 31,690
Custodian fees........................................................ 8,988
Registration fees..................................................... 7,034
Trustees' fees and expenses-Note 2(c)................................. 4,447
Prospectus and shareholders' reports.................................. 3,843
Miscellaneous......................................................... 4,190
________
TOTAL EXPENSES.................................................. 512,409
Less-reduction in management fee due to
undertakings-Note 2(a)............................................ 12,839
________
NET EXPENSES.................................................... 499,570
___________
INVESTMENT INCOME-NET........................................... 2,321,193
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments-Note 1(b).............................. $ 504
Net unrealized appreciation on investments.............................. 1,057
________
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................. 1,561
___________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 2,322,754
==============
See independent accountants' review report and notes to financial statements.
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DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
SEPTEMBER 30, MARCH 31, 1996
1995 (UNAUDITED)
________ __________
<S> <C> <C>
OPERATIONS:
Investment income-net................................................ $ 5,163,518 $ 2,321,193
Net realized gain (loss) on investments.............................. (17,870) 504
Net unrealized appreciation on investments for the period............ 115 1,057
___________ __________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............... 5,145,763 2,322,754
___________ __________
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net................................................ (5,163,518) (2,321,193)
___________ __________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................ 277,999,413 166,250,405
Dividends reinvested................................................. 4,792,453 2,176,361
Cost of shares redeemed.............................................. (280,765,588) (156,422,581)
___________ __________
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS....... 2,026,278 12,004,185
___________ __________
TOTAL INCREASE IN NET ASSETS................................... 2,008,523 12,005,746
NET ASSETS:
Beginning of period.................................................. 140,722,845 142,731,368
___________ __________
End of period........................................................ $ 142,731,368 $ 154,737,114
============= =============
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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 the Fund's financial statements.
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SIX MONTHS ENDED
YEAR ENDED SEPTEMBER 30, MARCH 31, 1996
______________________________________________________________
PER SHARE DATA: 1991 1992 1993 1994 1995 (UNAUDITED)
______ ______ ______ ______ ______ ___________
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______ ______ ______
INVESTMENT OPERATIONS;
Investment income-net................. .051 .034 .024 .025 .034 .016
______ ______ ______ ______ ______ ______
DISTRIBUTIONS;
Dividends from investment income-net.. (.051) (.034) (.024) (.025) (.034) (.016)
______ ______ ______ ______ ______ ______
Net asset value, end of period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======== ======= ======== ========
TOTAL INVESTMENT RETURN................... 5.18% 3.45% 2.45% 2.54% 3.50% 3.11%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets -- .20% .28% .20% .42% .67%*
Ratio of net investment income to
average net assets.................. 4.90% 3.39% 2.41% 2.51% 3.45% 3.09%*
Decrease reflected in above expense ratios
due to undertakings by the Manager.. .81% .55% .45% .47% .27% .02%*
Net Assets, end of period (000's Omitted) $99,907 $118,634 $135,096 $140,723 $142,731 $154,737
* Annualized.
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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:
Dreyfus Pennsylvania Municipal Money Market Fund (the "Fund") is
registered under the Investment Company Act of 1940 ("Act") as a
non-diversified open-end management investment company. The Fund's investment
objective is to provide investors with as high a level of current income
exempt from Federal and Pennsylvania income taxes as is consistent with the
preservation of capital and the maintenance of liquidity. The Dreyfus
Corporation ("Manager") serves as the Fund's investment adviser. The Manager
is a direct subsidiary of Mellon Bank, N.A. 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.
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. Cost of investments represents amortized cost.
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 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 March 31, 1996, 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 (UNAUDITED) (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 value
of the Fund's average daily 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 2, 1995 through December 4, 1995 to reduce the
management fee paid by the Fund, to the extent that the Fund's aggregate
expenses (exclusive of 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
$12,839 for the six months ended March 31, 1996.
(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 daily net assets for certain allocated expenses of providing personal
services and/or maintaining shareholder accounts. The services provided may
include personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
During the six months ended March 31, 1996, the Fund was charged an aggregate
of $34,560 pursuant to the Shareholder Services Plan.
Effective December 1, 1995, the Fund compensates Dreyfus Transfer, Inc.,
a wholly-owned subsidiary of the Manager, under a transfer agency agreement
for providing personnel and facilities to perform transfer agency services
for the Fund. Such compensation amounted to $19,375 for the period from
December 1, 1995 through March 31, 1996.
(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, 1996, and the related statements of operations
and changes in net assets and financial highlights for the six month period
ended March 31, 1996. 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, 1995 and financial highlights for each of the five years in the
period ended September 30, 1995 and in our report dated November 3, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst & Young LLP signature logo]
New York, New York
May 6, 1996
[Dreyfus lion "d" logo]
Pennsylvania
Municipal
Money Market
Fund
Semi-Annual
Report
March 31, 1996
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
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 104SA963
[Dreyfus logo]
