DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for the Dreyfus Pennsylvania
Municipal Money Market Fund for its 12-month reporting period ended September
30, 1997. Your Fund produced a yield of 2.99% and, after taking into account
the effect of compounding, an effective yield of 3.03%.*
THE ECONOMY
Second quarter Gross Domestic Product (GDP) growth slowed to 3.3% from
4.9% in the first quarter, but summer and early fall statistics depict a
strong U.S. economy. The index of leading economic indicators rose solidly in
July, as did retail and construction spending, while industrial production
rose 0.7% in August. In fact, despite the UPS strike, recent production gains
have been vigorous enough to outstrip the torrid pace of capacity expansion.
Consumer confidence has also been climbing, reaching 127.6 in August and
128.6 in September, nearly equaling the 28-year high seen in June. While
there were some signs of softness in September's economic statistics, most
analysts view this as a pause,with the economy's fundamentals continuing to
point to brisk growth ahead.
Although economic strength has been a harbinger of higher inflation in
the past, thus far the current expansion has not had a similar effect.
Consumer prices - excluding food and energy costs, which fluctuate greatly -
have risen at a scant 2.2% so far this year, down from 2.6% last year.
However, a tightening labor market could foreshadow a turn toward higher
prices ahead. Financial market volatility continues to reflect investor
sensitivity to inflationary pressures, although the Federal Reserve Board's
Open Market Committee (FOMC) has not raised the Federal Funds rate since
March. On the positive side, the Asian currency crisis could blunt incipient
U.S. inflationary pressures by curtailing exports to the region and
exporters' earnings, thereby muting any potential rise in U.S. interest
rates. During the past few months, interest rates on money market securities
have remained virtually unchanged, although a drop in U.S. Treasury Bill
issuance has produced slightly lower yields on maturities of three and six
months.
MARKET ENVIRONMENT/PORTFOLIO
Each year, as summer approaches, the short-term municipal market
experiences volatility that is reflective of the changing patterns of supply
and demand conditions during the period. These market "technicals" require
adjustments to portfolio strategy in anticipation of conditions such as an
increase in available securities due to fund redemptions (April tax season),
a dearth of supply of high quality issues (end of June maturities), and
substantial new money market issuance (mid-July financings). Our portfolio
adjustments attempt to structure the Fund in such a way as to take advantage
of these changing conditions in an effort to enhance the Fund's return while
maintaining our commitment to high quality holdings.
In response to the changes we anticipated in both cash flow and supply
conditions, we began preparations in early June for extending the average
maturity for your Fund. By creating a calendar of upcoming
Pennsylvania-exempt new issues and by subjecting each new issue to rigorous
in-house credit review, we were positioned to take advantage of those notes
which we believed would be attractive holdings for your Fund. The lack of
supply of suitable Pennsylvania paper restrained the maturity extension to som
e degree. However, the Commonwealth of Pennsylvania is expected to issue
notes in late October providing your Fund additional opportunity to diversify
and extend its average maturity. We expect to continue to purchase notes
selectively in the coming months in seeking to maximize your Fund's current
yield. As we endeavor to accomplish this, we will continue to commit to those
issues which meet our high quality investment guidelines and which provide
the appropriate level of liquidity for your Fund's needs. Additionally, we
will monitor any conditions which affect our marketplace and adjust our
investment policy where necessary to pursue competitive returns.
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
October 20, 1997
New York, N.Y.
* 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, 1997
Principal
Tax Exempt Investments-100.0% Amount Value
------- -------
<S> <C> <C>
Allegheny County Hospital Development Authority, Revenue, VRDN
(Saint Francis Medical Center)
4.15%, Series A (LOC; First National Bank of Chicago) (a,b)............... $ 5,000,000 $ 5,000,000
Allegheny County Port Authority, GAN
3.85%, Series A, 6/30/98 (LOC; PNC Bank) (a).............................. 3,000,000 3,000,000
Beaver County Industrial Development Authority, PCR, Refunding, VRDN
(Atlantic Richfield Project) 4.15% (LOC; Atlantic Richfield Co.) (a,b).... 3,650,000 3,650,000
Bucks County Industrial Development Authority, IDR, VRDN (Oxford Falls
Project)
4.05% (Corp. Guaranty; Household Finance Corp.) (b)....................... 900,000 900,000
Butler County Industrial Development Authority, Revenue (Lutheran Welfare)
4.25%, Series A, 11/3/97 (LOC; PNC Bank) (a).............................. 4,000,000 4,002,107
Carbon County Industrial Development Authority, RRR, CP (Panther Creek
Partners):
3.80%, Series A, 10/21/97 (LOC; National Westminster Bank) (a)............ 2,620,000 2,620,000
3.75%, Series A, 12/19/97 (LOC; National Westminster Bank) (a)............ 3,350,000 3,350,000
Columbia County Industrial Development Authority, IDR, VRDN (Kleerdex Co.
Project)
4.50% (LOC; Bank of Tokyo-Mitsubishi) (a,b)............................... 1,700,000 1,700,000
Delaware County Industrial Development Authority, PCR, Refunding, CP
(Philadelphia Electric) 3.60%, 12/23/97 (Insured; FGIC and LOC; FGIC) (a). 7,600,000 7,600,000
Delaware County Industrial Development Authority, Revenue, VRDN
(Medical and Conference Center) 4.05% (LOC; Norwest Bank of Minnesota) (a,b) 3,900,000 3,900,000
Delaware Valley Regional Finance Authority, Local Government Revenue, VRDN
4.15%, Series D (LOC; Credit Suisse) (a,b)................................ 3,000,000 3,000,000
Emmaus General Authority, Revenue, VRDN:
4.20%, Series F-7 (LOC; Marine Midland Bank) (a,b)........................ 3,000,000 3,000,000
4.05% (Liquidity Facility; Credit Suisse and LOC; FSA) (a,b).............. 5,000,000 5,000,000
Erie County Industrial Development Authority, Revenue, VRDN
(McInnes Steel Co. Project) 3.95% (LOC; Huntington National Bank) (a,b)... 1,100,000 1,100,000
Lehigh County Industrial Development Authority, Industrial and Commercial
Development Revenue, VRDN (Radnor/Lehigh Corp. Project)
4.175% (LOC; Dresdner Bank) (a,b)......................................... 8,175,000 8,175,000
Montgomery County Industrial Development Authority, Revenue, CP:
3.55%, 11/18/97 (LOC; Deutsche Bank) (a).................................. 3,400,000 3,400,000
3.75%, 12/17/97 (LOC; Deutsche Bank) (a).................................. 2,000,000 2,000,000
State of Pennsylvania, CP
3.60%, 12/10/97 (LOC; Bayerische Landesbank) (a).......................... 4,000,000 4,000,000
Pennsylvania Higher Education Assistance Agency, Student Loan Revenue, VRDN:
4.10%, Series B (LOC; Student Loan Marketing Association) (a,b)........... 4,500,000 4,500,000
4.10%, Series C (LOC; Student Loan Marketing Association) (a,b)........... 4,200,000 4,200,000
Pennsylvania Higher Educational Facilities Authority,
College and University Revenues, Refunding, VRDN (College of Optometry)
3.95% (LOC; First Union National Bank of North Carolina) (a,b)............ 3,790,000 3,790,000
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1997
Principal
Tax Exempt Investments (continued) Amount Value
------- -------
Philadelphia:
CP 3.75%, 11/13/97 (LOC; Fuji Bank) (a)................................... $ 4,800,000 $ 4,800,000
TRAN 4.50%, Series A, 6/30/98............................................. 3,000,000 3,010,745
Philadelphia Redevelopment Authority, Redevelopment Notes (Southwark Plaza
Project)
3.85%, 12/30/97 (Insured; FGIC)........................................... 6,000,000 6,000,000
Schuylkill County Industrial Development Authority, VRDN:
Revenue (Pine Grove Landfill Inc.)
4% (LOC; Meridan Bank Corp.) (a,b)...................................... 7,000,000 7,000,000
RRR, Refunding (Northeastern Power Co.)
3.90%, Series B (LOC; Credit Locale de France) (a,b).................... 2,100,000 2,100,000
Sewickley Valley Hospital Authority, Revenue, Refunding (Sewickley Valley
Hospital)
3.55%, Series B, 12/15/97................................................. 2,700,000 2,700,000
Temple University of the Commonwealth System of Higher Education
(University Funding Obligation) 4.75%, 5/18/98............................ 4,000,000 4,020,509
Venango Industrial Development Authority, RRR, CP (Scrubgrass Project):
3.70%, 11/20/97 (LOC; National Westminster Bank) (a)...................... 2,500,000 2,500,000
3.85%, 12/11/97 (LOC; National Westminster Bank) (a)...................... 2,700,000 2,700,000
3.70%, 12/17/97 (LOC; National Westminster Bank) (a)...................... 3,100,000 3,100,000
Washington County Authority, LR, VRDN (Higher Education Pooled Equipment
Lease)
4.10%, Series A (LOC; First Union National Bank of North Carolina) (a,b).. 5,595,000 5,595,000
York General Authority, Pooled Finance Revenue, VRDN
4.05% (LOC; First Union National Bank of North Carolina) (a,b)............ 8,000,000 8,000,000
-------
TOTAL INVESTMENTS (cost $129,413,361)....................................... $129,413,361
=======
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DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
Summary of Abbreviations
<S> <C> <S> <C>
CP Commercial Paper LR Lease Revenue
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
FSA Financial Security Assurance RRR Resources Recovery Revenue
GAN Grant Anticipation Notes TRAN Tax and Revenue Anticipation Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
LOC Letter of Credit
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<CAPTION>
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) 93.7%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 6.3
----
100.0%
====
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Notes to Statement of Investments:
(a)Secured by letters of credit. At September 30, 1997, 86.1% of the Fund's
net assets are backed by letters of credit issued by corporations, domestic
banks, foreign banks and government agencies, of which First Union National
Bank of North Carolina and National Westminster Bank provided letters of
credit to 13.3% and 10.9% of the Fund's net assets, respectively.
(b)Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest rates.
(c)Fitch currently provides creditworthiness information for a limited
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.
SEE NOTES TO FINANCIAL STATEMENTS.
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DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1997
Cost Value
-------- --------
<S> <C> <C> <C>
ASSETS: Investments in securities-See Statement of Investments $129,413,361 $129,413,361
Cash....................................... 1,027,706
Interest receivable........................ 709,264
--------
131,150,331
--------
LIABILITIES: Due to The Dreyfus Corporation and affiliates 59,354
Accrued expenses and other liabilities..... 39,981
--------
99,335
--------
NET ASSETS.................................................................. $131,050,996
========
REPRESENTED BY: Paid-in capital............................ $131,075,045
Accumulated net realized gain (loss) on investments (24,049)
--------
NET ASSETS.................................................................. $131,050,996
========
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest
authorized) ........................................... 131,075,045
NET ASSET VALUE, offering and redemption price per share.................... $1.00
========
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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<CAPTION>
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF OPERATIONS YEAR ENDED SEPTEMBER 30, 1997
INVESTMENT INCOME
<S> <C> <C> <C>
INCOME Interest Income................................ $5,016,455
EXPENSES: Management fee-Note 2(a)....................... $ 686,709
Shareholder servicing costs-Note 2(b).......... 124,473
Professional fees.............................. 40,093
Custodian fees................................. 17,939
Registration fees.............................. 17,490
Trustees' fees and expenses-Note 2(c).......... 8,894
Prospectus and shareholders' reports........... 7,746
Miscellaneous.................................. 9,519
------
Total Expenses............................................... 912,863
------
INVESTMENT INCOME-NET....................................................... 4,103,592
NET REALIZED GAIN (LOSS) ON INVESTMENTS-Note 1(b)........................... (2,544)
------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $4,101,048
======
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
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<CAPTION>
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
September 30, 1997 September 30, 1996
---------- ----------
<S> <C> <C>
OPERATIONS:
Investment income-net............................................... $ 4,103,592 $ 4,462,075
Net realized gain (loss) on investments............................. (2,544) 107
Net unrealized appreciation (depreciation) on investments........... ---- (115)
-------- --------
Net Increase (Decrease) in Net Assets Resulting from Operations... 4,101,048 4,462,067
-------- --------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net............................................... (4,103,592) (4,462,075)
-------- --------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold....................................... 289,225,274 342,462,567
Dividends reinvested................................................ 3,919,938 4,189,968
Cost of shares redeemed............................................. (314,009,714) (337,465,853)
-------- --------
Increase (Decrease) in Net Assets from Beneficial Interest Transactions (20,864,502) 9,186,682
-------- --------
Total Increase (Decrease) in Net Assets....................... (20,867,046) 9,186,674
NET ASSETS:
Beginning of Period................................................. 151,918,042 142,731,368
-------- --------
End of Period....................................................... $ 131,050,996 $ 151,918,042
======== ========
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
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.
Year Ended September 30,
--------------------------------------------------------------
PER SHARE DATA: 1997 1996 1995 1994 1993
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---- ---- ---- ---- ----
Investment Operations:
Investment income-net........................ .030 .030 .034 .025 .024
---- ---- ---- ---- ----
Distributions:
Dividends from investment income-net......... (.030) (.030) (.034) (.025) (.024)
---- ---- ---- ---- ----
Net asset value, end of period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---- ---- ---- ---- ----
---- ---- ---- ---- ----
TOTAL INVESTMENT RETURN.......................... 3.03% 3.04% 3.50% 2.54% 2.45%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... .66% .68% .42% .20% .28%
Ratio of net investment income
to average net assets...................... 2.99% 3.00% 3.45% 2.51% 2.41%
Decrease reflected in above expense ratios
due to undertakings by the Manager......... .- .01% .27% .47% .45%
Net Assets, end of period (000's Omitted).... $131,051 $151,918 $142,731 $140,723 $135,096
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
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. is 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 per share of $1.00.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
(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 $21,500
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to September 30, 1997. The
carryover does not include net realized securities losses from November 1,
1996 through September 30, 1997 which are treated, for Federal income tax
purposes, as arising in fiscal 1998. If not applied, $100 of the carryover
expires in fiscal 2000, $3,600 expires in fiscal 2003 and $17,800 expires in
fiscal 2004.
At September 30, 1997, 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 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.
(b) Under the 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 period ended September 30, 1997, the Fund was charged $45,973
pursuant to the Shareholder Services Plan.
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. During the
period ended September 30, 1997, the Fund was charged $71,014 pursuant to the
transfer agency agreement.
(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, 1997, 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 and financial highlights. Our procedures included
confirmation of securities owned as of September 30, 1997 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,
1997, 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, 1997
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, 1997 as "exempt-interest dividends" (not subject to regular
Federal and, for individuals who are Pennsylvania residents, Pennsylvania
personal income taxes).
Registration Mark
[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
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 104AR979
Registration Mark
[Dreyfus logo]
Pennsylvania
Municipal Money
Market Fund
Annual Report
September 30, 1997
