DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
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LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus Pennsylvania
Municipal Money Market Fund for the 12-month period ended September 30, 1998.
Your Fund produced a yield of 3.01% and, after taking into account the effect of
compounding, the effective yield was 3.05%.*
THE ECONOMY
The risk of global recession loomed large by the end of the reporting period.
Since last summer, the international economic crisis has spread from Asia and
Russia into Latin America and its effects are evident in the U.S., as witnessed
by early signs of a slowing in our domestic economy. Second-quarter gross
domestic product grew at an annual rate of 1.8%, well below the 5.5% rate in the
first quarter, while the trade deficit has continued to widen, affected by
weakening foreign demand and low-priced imports. These developments have
heightened a sense of global economic interdependence and have resulted in a
shift in emphasis by the Federal Reserve Board, whereby fighting inflation has
taken a subordinate role to that of maintaining stable U.S. economic growth. On
September 29, the Federal Open Market Committee cut interest rates for the first
time since January 1996. That quarter-point reduction in the Federal Funds
target rate to 5.25% was designed to cushion the adverse effects of the overseas
economic crisis on the domestic economy. The Federal Funds rate is the interest
rate that banks charge each other for overnight loans.
While the corporate sector wrestles with the economic implications of global
developments, consumers have powered the economy. The reasons for their optimism
are no surprise. Inflation remains tame, running at an annual rate comfortably
below 2% . After-tax income is growing and jobs are plentiful: the unemployment
rate has been at or near 30-year lows throughout the reporting period and new
jobs have been created at a robust pace. The consumer sector comprises two
thirds of the activity in the $8-trillion U.S. economy and, with the business
sector slowing, any significant pullback in household spending could trigger a
recession. Up to now, the spillover effect from developments abroad has been
largely confined to the manufacturing sector, whose activity has contracted of
late due to the falloff in export demand. Aside from this "erosion at the edges"
as Fed Chairman Alan Greenspan describes it, layoffs on a broader scale--a
factor that could weaken consumer resolve to spend--so far have not occurred. It
is clear that the Fed is concerned about the possibility of worldwide recession.
The recent October interest rate reduction was a major step by the Fed toward
mitigating the domestic effects of international financial turmoil and a gesture
meant to serve notice to the world of the seriousness of its purpose.
MARKET ENVIRONMENT/PORTFOLIO STRATEGY
The Fed's action to reduce the target rate for Fed Funds provided even greater
strength to the short-term municipal money market. Prior to this action, the
short-term market had already felt the effects of the diminished supply of
eligible new issuance over the summer months. This year's summer calendar of
municipal notes (consisting mainly of California paper) was drastically reduced
by a combination of factors. Due to the strength of local and state economies,
several issuers reduced the amount of short-term borrowing needed. Additionally,
unlike prior years, many issuers came to market with securities with maturities
beyond the 13-month maximum restriction allowable for money funds. Other issues
were converted to a synthetic structure that is not currently permitted for
purchase in your Fund. The overall result was a lower yield for most one-year
paper, both national and state specific.
We extended your Fund's average maturity to the 70-day range in early summer,
just prior to the market strengthening. Your Fund benefited from our purchase of
securities in the one-year range at yields significantly higher than what is
currently available in the market. In mid-summer, yields began to drop and we
utilized the commercial paper market to maintain the Fund's average maturity. In
the months ahead, we will continue to participate in the tax-exempt commercial
paper market as a means of extension while yields in the one-year note market
remain aggressive. In the event of any market weakness, we would consider, if
supply conditions allow, additional purchases of Pennsylvania-exempt notes in
the one-year range. As always, we will structure the portfolio in an attempt to
maximize current yield while maintaining our commitment to high quality
tax-exempt investments.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
October 16, 1998
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
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STATEMENT OF INVESTMENTS SEPTEMBER 30, 1998
Principal
Tax Exempt Investments--98.5% Amount Value
_____________ _____________
Pennsylvania--94.3%
Allegheny County Hospital Development Authority:
<S> <C> <C>
HR (South Hills Health System) 4.25%, 3/31/99 (LOC; PNC Bank). . . . . . . . . . . . . . $ 3,500,000 $ 3,508,383
Revenue, VRDN:
Refunding (Saint Francis Health Center)
3.95% (LOC; First National Bank of Chicago) (a) . . . . . . . . . . . . . . . . . . 4,000,000 4,000,000
(Saint Francis Medical Center)
3.75%, Series A (LOC; First National Bank of Chicago) (a). . . . . . . . . . . . . 10,000,000 10,000,000
Allegheny Industrial Development Authority, Revenue, VRDN
(Longwood at Oakmont Project) 4.10%, Series B (LOC; Dresdner Bank) (a) . . . . . . . . . 4,900,000 4,900,000
Bucks County Industrial Development Authority, IDR, VRDN (Oxford Falls Project)
4.15% (Corp. Guaranty; Household Finance Corp.) (a) . . . . . . . . . . . . . . . . . . 900,000 900,000
Butler County Industrial Development Authority, Revenue (Lutheran Welfare)
3.80%, Series A, 11/1/98 (LOC; PNC Bank) . . . . . . . . . . . . . . . . . . . . . . . . 7,260,000 7,260,000
Carbon County Industrial Development Authority, RRR, CP (Panther Creek Partners
Project):
3.50%, 11/18/98 (LOC; National Westminster Bank) . . . . . . . . . . . . . . . . . . . . 2,000,000 2,000,000
3.60%, Series A, 12/18/98 (LOC; National Westminster Bank) . . . . . . . . . . . . . . . 4,000,000 4,000,000
3.40%, Series A, 1/21/99 (LOC; National Westminster Bank) . . . . . . . . . . . . . . . 3,000,000 3,000,000
Dauphin County General Authority, VRDN (Allied Health Pooled Financing Program)
3.65%, Series B (Insured; FSA and Liquidity Facility; Credit Suisse) (a) . . . . . . . . 5,000,000 5,000,000
Doylestown Hospital Authority, HR, VRDN (Doylestown)
3.15%, Series B (Insured; AMBAC and Liquidity Facility; PNC Bank) (a) . . . . . . . . . 5,500,000 5,500,000
Emmaus General Authority, Revenue, VRDN:
3.60%, Sub-Series 7 (GIC; Goldman Sachs and Co.) (a). . . . . . . . . . . . . . . . . . 1,200,000 1,200,000
3.60%, Sub-Series 7 (Insured; FSA and Liquidity Facility; Credit Suisse) (a) . . . . . . 5,000,000 5,000,000
Erie County Industrial Development Authority, Revenue, VRDN:
(Hamot Health Foundation)
4.05% (Insured; AMBAC and Liquidity Facility; National City Bank) (a) . . . . . . . . 6,630,000 6,630,000
(McInnes Steel Co. Project) 4.15% (LOC; Huntington National Bank) (a). . . . . . . . . . 1,100,000 1,100,000
Lebanon County Health Facility Authority, Health Center Revenue, VRDN
(United Church Christ Homes) 3.65% (LOC; Allied Irish Banks) (a) . . . . . . . . . . . . 3,800,000 3,800,000
Lehigh County Industrial Development Authority, Industrial and Commercial
Development Revenue, VRDN (Radnor/Lehigh Corp. Project)
4.125% (LOC; Dresdner Bank) (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,065,000 8,065,000
Montgomery County Industrial Development Authority, Revenue, CP
3.40%, 1/26/99 (LOC; Deutsche Bank) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,250,000 2,250,000
Pennsylvania Economic Development Finance Authority, Exempt Facility Revenue,
VRDN
(National Gypsum Co. Project) 3.95%, Series A (LOC; Nationsbank) (a) . . . . . . . . . . 1,500,000 1,500,000
Pennsylvania Higher Education Assistance Agency, Student Loan Revenue, VRDN
3.80%, Series B (LOC; Student Loan Marketing Association) (a). . . . . . . . . . . . . . 4,500,000 4,500,000
Pennsylvania Higher Educational Facilities Authority:
CICU Financing Program Revenue (Saint Francis College)
4.50%, Series B-7, 11/1/98 (LOC; Allied Irish Banks) . . . . . . . . . . . . . . . . . 3,000,000 3,001,540
Council Independent Colleges (Saint Josephs University)
3.58%, 3/31/99 (LOC; First Union National Bank) . . . . . . . . . . . . . . . . . . . 3,400,000 3,400,000
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
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STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1998
Principal
Tax Exempt Investments (continued) Amount Value
- ------------------------------------------------------- _____________ _____________
Pennsylvania (continued)
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue
4.80%, Series A, 12/1/98 (Insured; AMBAC) . . . . . . . . . . . . . . . . . . . . . . . $ 2,500,000 $ 2,504,865
Philadelphia, TRAN 4.25%, Series A, 6/30/99. . . . . . . . . . . . . . . . . . . . . . . . 5,000,000 5,022,081
Philadelphia Authority, IDR, VRDN (Institute for Cancer Research Project)
4.15%, Series A (LOC; Morgan Guaranty Trust Co.) (a) . . . . . . . . . . . . . . . . . . 100,000 100,000
Philadelphia School District, TRAN
4.25%, Series A, 6/3/99 (LOC; First Union National Bank) . . . . . . . . . . . . . . . . 5,000,000 5,021,693
Schuylkill County Industrial Development Authority, Revenue, VRDN
(Pine Grove Landfill Inc.) 4.30% (LOC; Bank of Boston) (a). . . . . . . . . . . . . . . 9,700,000 9,700,000
Venango Industrial Development Authority, RRR, CP (Scrubgrass Project):
3.60%, 12/14/98 (LOC; National Westminster Bank) . . . . . . . . . . . . . . . . . . . . 2,700,000 2,700,000
Washington County Authority, LR, VRDN (Higher Education Pooled Equipment Lease)
3.65%, Series A (LOC; First Union National Bank of North Carolina) (a) . . . . . . . . . 4,055,000 4,055,000
U.S. Related--4.2%
Commonwealth of Puerto Rico Government Development Bank, CP
3.50%, 11/18/98. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,294,000 5,294,000
_____________
TOTAL INVESTMENTS (cost $124,912,562). . . . . . . . . . . . . . . . . . . . . . . . . . . 98.5% $124,912,562
_______ _____________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5% $ 1,885,352
_______ _____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $126,797,914
_______ _____________
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
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Summary of Abbreviations
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AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
CP Commercial Paper LR Lease Revenue
FSA Financial Security Assurance RRR Resources Recovery Revenue
HR Hospital Revenue TRAN Tax and Revenue Anticipation Notes
GIC Guaranteed Investment Contract VRDN Variable Rate Demand Notes
IDR Industrial Development Revenue
Summary of Combined Ratings (Unaudited)
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Moody's or Standard & Poor's Percentage of Value
________ _________________ ___________________
VMIG1/MIG1 SP1+/SP1, A1+/A1 91.5%
Aaa/Aa (b) AAA/AA (b) 8.5
_______
100.0%
_______
Notes to Statement of Investments:
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(a) Securities payable on demand. Variable interest rate--subject to periodic
change.
(b) Notes which are not MIG or SP rated are represented by bond ratings ofthe
issuers.
SEE NOTES TO FINANCIAL STATEMENTS.
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DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
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STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1998
Cost Value
_____________ _____________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $124,912,562 $124,912,562
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 1,206,957
Interest receivable . . . . . . . . . . . . . . . . . . . 779,898
_____________
126,899,417
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 56,839
Accrued expenses . . . . . . . . . . . . . . . . . . . . 44,664
_____________
101,503
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $126,797,914
_____________
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $126,826,517
Accumulated net realized gain (loss) on investments . . . (28,603)
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $126,797,914
_____________
SHARES OUTSTANDING
(UNLIMITED NUMBER OF $.001 PAR VALUE SHARES OF BENEFICIAL INTEREST AUTHORIZED) . . . . . . 126,826,517
NET ASSET VALUE, offering and redemption price per share . . . . . . . . . . . . . . . . . $1.00
______
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
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STATEMENT OF OPERATIONS YEAR ENDED SEPTEMBER 30, 1998
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . . . . . $4,567,539
EXPENSES: Management fee--Note 2(a) . . . . . . . . . . . . . . . . $ 623,768
Shareholder servicing costs--Note 2(b) . . . . . . . . . 80,783
Professional fees . . . . . . . . . . . . . . . . . . . . 50,614
Registration fees . . . . . . . . . . . . . . . . . . . . 15,545
Custodian fees . . . . . . . . . . . . . . . . . . . . . 14,346
Prospectus and shareholders' reports . . . . . . . . . . 11,568
Trustees' fees and expenses--Note 2(c) . . . . . . . . . 8,491
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . 5,714
___________
Total Expenses . . . . . . . . . . . . . . . . . . . . 810,829
___________
INVESTMENT INCOME--NET . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,756,710
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 1(b) . . . . . . . . . . . . . . . . . . . . (4,554)
___________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS . . . . . . . . . . . . . . . . . . . $3,752,156
___________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
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STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
September 30, 1998 September 30, 1997
__________________ ________________
OPERATIONS:
<S> <C> <C>
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,756,710 $ 4,103,592
Net realized gain (loss) on investments . . . . . . . . . . . . . . . . . . . (4,554) (2,544)
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . 3,752,156 4,101,048
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,756,710) (4,103,592)
_____________ _____________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . 266,067,237 289,225,274
Dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,563,779 3,919,938
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . (273,879,544) (314,009,714)
_____________ _____________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions . . (4,248,528) (20,864,502)
_____________ _____________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . (4,253,082) (20,867,046)
NET ASSETS:
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131,050,996 151,918,042
_____________ _____________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $126,797,914 $131,050,996
_____________ _____________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
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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: 1998 1997 1996 1995 1994
______ ______ ______ ______ ______
<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 .030 .034 .025
______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . . . . . . . . (.030) (.030) (.030) (.034) (.025)
______ ______ ______ ______ ______
Net asset value, end of period . . . . . . . . . . . . . $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______ ______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . . . . . 3.05% 3.03% 3.04% 3.50% 2.54%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . . . . . .65% .66% .68% .42% .20%
Ratio of net investment income
to average net assets . . . . . . . . . . . . . . . . 3.01% 2.99% 3.00% 3.45% 2.51%
Decrease reflected in above expense ratios
due to undertakings by the Manager . . . . . . . . . -- -- .01% .27% .47%
Net Assets, end of period (000's Omitted) . . . . . . . . $126,798 $131,051 $151,918 $142,731 $140,723
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS PENNSYLVANIA MUNICIPAL MONEY MARKET FUND
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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, as amended (the "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 (the "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 in securities 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. Under the terms of the custody agreement, the Fund
received net earnings credits of $6,954 during the year ended September 30,
1998, based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
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 of 1986, as
amended (the "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 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 $24,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to September 30, 1998. The
carryover does not include net realized securities losses from November 1, 1997
through September 30, 1998 which are treated, for Federal income tax purposes,
as arising in fiscal 1999. If not applied, $100 of the carryover expires in
fiscal 2000, $3,600 expires in fiscal 2003, $17,800 expires in fiscal 2004 and
$2,500 expires in fiscal 2006.
At September 30, 1998, 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
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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, 1998, the Fund was charged $9,251 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, 1998, the Fund was charged $47,366 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
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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, 1998, 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, 1998 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, 1998, 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.
New York, New York
October 30, 1998
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, 1998 as "exempt-interest dividends" (not subject to regular Federal and, for
individuals who are Pennsylvania residents, Pennsylvania personal income taxes)
Dreyfus lion "d" logo (reg.tm)
Dreyfus logo (reg.tm)
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. 104AR989
Pennsylvania
Municipal Money
Market Fund
Annual Report
September 30, 1998
