Dreyfus Pennsylvania
Municipal Money Market Fund
ANNUAL REPORT September 30, 1999
(reg.tm)
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured * Not Bank-Guaranteed * May Lose Value
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments Year 2000 Issues (Unaudited)
and its share price.
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments and its share price.
Contents
THE FUND
- --------------------------------------------------
2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
10 Statement of Assets and Liabilities
11 Statement of Operations
12 Statement of Changes in Net Assets
13 Financial Highlights
14 Notes to Financial Statements
17 Report of Independent Auditors
18 Important Tax Information
FOR MORE INFORMATION
- ---------------------------------------------------------------------------
Back Cover
The Fund
Dreyfus Pennsylvania
Municipal Money Market Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this annual report for Dreyfus Pennsylvania Municipal
Money Market Fund, covering the 12-month period from October 1, 1998 through
September 30, 1999. Inside, you'll find valuable information about how the fund
was managed during the reporting period, including a discussion with the fund's
portfolio manager, Scott Sprauer.
When the period began, financial crises in overseas markets had produced
concerns among investors that economies in the U.S. and abroad might slow. In
response, the Federal Reserve Board reduced short-term interest rates last fall
in an attempt to stimulate economic growth. Its strategy apparently worked,
because signs of renewed economic strength became evident early in 1999, fueling
fears that inflationary pressures might re-emerge. The Federal Reserve then
reversed course, raising short-term interest rates twice during the summer of
1999 and effectively eliminating most of last fall's interest-rate cuts.
Tax-exempt money market yields were also influenced by supply-and-demand
factors. Strong economic conditions have curtailed many municipalities' need to
borrow over the short term, reducing the available supply of tax-exempt money
market securities. Yet investor demand remained strong from individuals seeking
to minimize their tax liabilities. This imbalance helped constrain the rise of
tax-exempt money market yields relative to taxable money market yields during
the first nine months of 1999.
We appreciate your confidence over the past year, and we look forward to your
continued participation in Dreyfus Pennsylvania Municipal Money Market Fund
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
October 15, 1999
DISCUSSION OF FUND PERFORMANCE
Scott Sprauer, Portfolio Manager
How did Dreyfus Pennsylvania Municipal Money Market Fund perform during the
period?
For the 12-month period ended September 30, 1999, the fund produced a tax-exempt
yield of 2.57% . Taking into account the effects of compounding, the fund
provided an effective yield of 2.60%.(1) The fund produced a total return of
2.60% (2) compared to the Lipper Pennsylvania Tax-Exempt Money Market Funds
category average return of 2.70% over the same period.(3) We attribute the fund'
s performance to lower short-term interest rates, which were the result of
changes in monetary policy as well as supply-and-demand factors.
What is the fund's investment approach?
The fund' s objective is to seek a high level of federal and Pennsylvania state
tax-exempt income while maintaining a stable $1.00 share price. We are
especially vigilant in our efforts to preserve capital.
In pursuing this objective, we employ two primary strategies. First, we attempt
to add value by constructing a diverse portfolio of high-quality tax-exempt
money market instruments from Pennsylvania issuers. Second, we actively manage
the fund' s average maturity in anticipation of interest-rate trends and
supply-and-demand changes in the short-term municipal marketplace.
For example, if we expect an increase in short-term supply as many states and
municipalities currently issue short-term debt, we may decrease the average
maturity of the fund to enable it to purchase new securities with higher yields.
That' s because yields tend to rise if many issuers are competing for investor
interest. New securities are generally issued with maturities in the one-year
range, which tends to lengthen the fund's average maturity. If we expect demand
to surge at a time when we anticipate little issuance and, therefore, lower
yields, we may increase the fund's average maturity to maintain current yields
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
for as long as practical. At other times, we try to maintain an average maturity
that reflects our view of short-term interest-rate trends and future
supply-and-demand considerations.
What other factors influenced the fund's performance?
When the Asian currency and credit crisis spread to Russia and threatened Latin
America last summer and fall, the Federal Reserve Board and other central banks
moved quickly to soften the effects of weakening foreign economies and sustain
domestic economic growth. They did so by reducing key short-term interest rates,
which was intended to help boost economic activity and to ease less
accommodative financial conditions domestically. An additional consequence was
lower yields on money market securities.
The Federal Reserve Board's strategy was apparently successful. Evidence emerged
in 1999 that economies in Japan and Southeast Asia had begun to recover, and the
growth of the U.S. economy was stronger than most analysts expected. In the
United States, consumer confidence was at a 30-year high, and employment was
strong, with hourly wages rising.
This positive economic news raised concerns among fixed-income investors that
inflationary pressures might re-emerge. In response, the Federal Reserve Board
increased short-term interest rates twice during the summer of 1999, effectively
offsetting most of last fall's rate cuts. Because the market anticipated this
change in monetary policy in the weeks before it was announced, short-term
tax-exempt yields rose during the second quarter.
Tax-exempt money market yields did not rise as much as comparable taxable
yields, primarily because many states and municipalities throughout the country
have enjoyed higher tax revenues during this period of economic prosperity. As a
result, many of Pennsylvania' s government entities have had little need to
borrow in order to satisfy their short-term obligations. The relative lack of
supply amid steady investor demand helped constrain the rise of short-term
tax-exempt yields.
What is the fund's current strategy?
We have continued to focus on very high-quality liquid money market instruments
from a wide array of Pennsylvania issuers. Some of the most frequently used
instruments include Variable Rate Demand Notes (VRDNs), which are issued by
investment banks through the securitization of longer term municipal bonds.
Because VRDNs can be redeemed at the buyer's option after either one day or
seven days, they afford the fund a high degree of liquidity as well as high
credit quality. Accordingly, as of September 30, much of the portfolio was
composed of VRDNs. The remainder was comprised primarily of tax-exempt
commercial paper and tax-exempt notes. Of course, portfolio composition will
change over time.
We took advantage of new issuance of tax-exempt notes in June, which effectively
extended the fund's average maturity, enabling us to lock in prevailing yields.
Since June, new purchases have been concentrated mostly in short-term commercial
paper, which we have used to replace longer term notes that matured or were
redeemed by their issuers. This strategy has resulted in a gradual decrease in
the fund's average maturity to 47 days as of September 30. We believe that this
position will help us retain the flexibility we need to capture high current
yields while remaining capable of responding quickly to changing market
conditions as we await further clarification of Fed policy.
October 15, 1999
(1) EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND REINVESTED
MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS FLUCTUATE.
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FDIC OR ANY OTHER
GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE
FUND.
(2) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS. INCOME MAY BE SUBJECT TO
STATE AND LOCAL TAXES FOR NON-PENNSYLVANIA RESIDENTS, AND SOME INCOME MAY BE
SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX (AMT) FOR CERTAIN INVESTORS.
(3) SOURCE: LIPPER ANALYTICAL SERVICES, INC.
The Fund
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF INVESTMENTS
September 30, 1999
Principal
TAX EXEMPT INVESTMENTS--97.2% Amount ($) Value ($)
- -----------------------------------------------------------------------------------------------------------------------------------
Allegheny County Hospital Development Authority,
Revenue (South Hills Health System)
3.15%, 4/1/2000 (LOC; PNC Bank of Ohio) 2,500,000 2,500,000
Boyertown Area School District, TRAN
3.75%, 6/30/2000 1,400,000 1,401,508
Bucks County Industrial Development Authority, IDR,
VRDN (Oxford Falls Project)
4% (Corp. Guaranty; Household Finance Corp.) 900,000 (a) 900,000
Butler County Industrial Development Authority,
Revenue (Concordia Lutheran Ministries)
3%, 1/31/2000 (LOC; PNC Bank) 3,865,000 3,865,000
Carbon County Industrial Development Authority, RRR,
CP (Panther Creek Partners):
3.30%, Series A, 10/13/1999 (LOC; National
Westminster Bank) 3,000,000 3,000,000
3.30%, Series B, 10/13/1999 (LOC; National
Westminster Bank) 3,000,000 3,000,000
3.45%, Series A, 10/15/1999 (LOC; National
Westminster Bank) 2,000,000 2,000,000
3.45%, Series B, 10/15/1999 (LOC; National
Westminster Bank) 1,000,000 1,000,000
3.70%, Series A, 11/15/1999 (LOC; National
Westminster Bank) 4,000,000 4,000,000
Dauphin County General Authority, Revenue, VRDN
(Allied Health Pooled Financing Program)
3.80%, Series B (Insured; FSA and Liquidity Facility;
Credit Suisse) 7,000,000 (a) 7,000,000
Delaware County Industrial Development Authority,
CP (Philadelphia Electric):
4%, Series A, 10/12/1999
(Insured; FGIC and Liquidity Facility; FGIC) 1,700,000 1,700,000
PCR, Refunding, 3.30%, 11/10/1999
(Insured; FGIC and Liquidity Facility; FGIC) 4,100,000 4,100,000
EIR, Refunding, VRDN (Sun Co. Inc)
3.80% (LOC; Bank of America National Trust) 5,400,000 (a) 5,400,000
Delaware Valley Regional Finance Authority,
Local Government Revenue, VRDN
3.70% (LOC; Credit Suisse) 3,200,000 (a) 3,200,000
Doylestown Hospital Authority, HR, VRDN
(Doylestown)
3.15%, Series B (Insured; AMBAC and Liquidity
Facility; PNC Bank) 1,500,000 (a) 1,500,000
STATEMENT OF INVESTMENTS (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (continued) Amount ($) Value ($)
- -----------------------------------------------------------------------------------------------------------------------------------
Indiana County Industrial Development Authority,
PCR, VRDN (Conemaugh Project)
3.75%, Series A (LOC; Union Bank of Switzerland) 5,000,000 (a) 5,000,000
Lebanon County Health Facility Authority,
Health Center Revenue, VRDN
(United Church Christ Homes)
3.95% (LOC; Allied Irish Banks) 1,800,000 (a) 1,800,000
Lehigh County Industrial Development Authority,
Industrial and Commercial Development Revenue,
VRDN (Radnor/Lehigh Corp. Project)
3.875% (LOC; Dresdner Bank) 7,935,000 (a) 7,935,000
Montgomery County Industrial Development Authority,
Revenue, VRDN (Laneko Engineering)
3.95%, Series A (LOC; First Union National Bank) 4,170,000 (a) 4,170,000
Pennsylvania Higher Education Assistance Agency,
Student Loan Revenue, VRDN
3.90%, Series B (LOC; Student Loan Marketing
Association) 4,500,000 (a) 4,500,000
Pennsylvania Higher Educational Facilities Authority,
Revenue:
(Association Independent College and University)
4%, 5/1/1999 (LOC; Allied Irish Banks) 1,500,000 1,504,238
CICU Financing Program (Saint Francis College)
2.95%, Series B-7, 11/1/1999
(LOC; Allied Irish Banks) 5,000,000 5,000,000
Refunding, VRDN (Carnegie Mellon University)
3.90%, Series C (LOC; Morgan Guaranty Trust Co
and Union Bank of Switzerland) 2,300,000 (a) 2,300,000
(Valley Forge Military Academy)
4%, 11/1/1999 (LOC; First Union National Bank) 3,500,000 3,502,900
Philadelphia Gas Works, Revenue, CP:
4.15%, Series C, 10/12/1999
(LOC; Morgan Guaranty Trust Co.) 1,500,000 1,500,000
3.10%, Series C, 10/18/1999
(LOC; Morgan Guaranty Trust Co.) 5,000,000 5,000,000
Philadelphia School District, TRAN
4%, Series A, 6/30/2000 (LOC; First Union National
Bank) 2,000,000 2,007,950
Schuylkill County Industrial Development Authority,
RRR, Refunding, VRDN (Northeastern Power Co.)
3.85% (LOC; Credit Local De France) 3,700,000 (a) 3,700,000
Somerset County Hospital Authority, Revenue
(Somerset Community Hospital)
3.05%, Series A, 3/01/2000 (LOC; PNC Bank) 2,000,000 2,000,000
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (continued) Amount ($) Value ($)
- -----------------------------------------------------------------------------------------------------------------------------------
Temple University of the Commonwealth System of
Higher Education, Pennsylvania University Funding
Obligation
3.15%, 5/12/2000 3,000,000 3,000,000
Venango Industrial Development Authority, RRR, CP
(Scrubgrass Project)
3.55%, Series A, 2/9/2000 (LOC; National Westminster
Bank) 2,900,000 2,900,000
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $100,386,596) 97.2% 100,386,596
CASH AND RECEIVABLES (NET) 2.8% 2,911,276
NET ASSETS 100.0% 103,297,872
</TABLE>
Summary of Abbreviations
AMBAC American Municipal Bond
Assurance Corporation
CP Commercial Paper
EIR Environment Improvement
Revenue
FGIC Financial Guaranty Insurance
Company
FSA Financial Security Assurance
HR Hospital Revenue
IDR Industrial Development Revenue
LOC Letter of Credit
PCR Pollution Control Revenue
RRR Resources Recovery Revenue
TRAN Tax and Revenue Anticipation
Notes
VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
Moody's or Standard & Poor's Value (%)
- ------------------------------------------------------------------------------
VMIG1/MIG1 SP1+/S&P1, A1+/A1 79.6
Aaa/Aa (b) AAA/AA (b) 7.9
Not Rated (c) Not Rated (c) 12.5
100.0
(A) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE--SUBJECT TO PERIODIC
CHANGE.
(B) NOTES WHICH ARE NOT MIG OR SP RATED ARE REPRESENTED BY BOND RATINGS OF THE
ISSUERS.
(C) SECURITIES WHICH, WHILE NOT RATED BY MOODY'S AND STANDARD & POOR'S HAVE
BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED
SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF ASSETS AND LIABILITIES
September 30, 1999
Cost Value
- --------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of
Investments 100,386,596 100,386,596
Cash 679,892
Receivable for investment securities sold 1,700,919
Interest receivable 618,299
103,385,706
- -------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 45,287
Accrued expenses and other liabilities 42,547
87,834
- -------------------------------------------------------------------------------
NET ASSETS ($) 103,297,872
- -------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 103,326,475
Accumulated net realized gain (loss) on investments (28,603)
NET ASSETS ($) 103,297,872
- --------------------------------------------------------------------------------
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest authorized)
103,326,475
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS
Year Ended September 30, 1999
- --------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 3,565,638
EXPENSES:
Management fee--Note 2(a) 553,568
Shareholder servicing costs--Note 2(b) 91,899
Professional fees 24,342
Registration fees 13,136
Custodian fees 12,708
Prospectus and shareholders' reports 11,091
Trustees' fees and expenses--Note 2(c) 8,652
Miscellaneous 4,795
TOTAL EXPENSES 720,191
- --------------------------------------------------------------------------------
INVESTMENT INCOME--NET, REPRESENTING NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS 2,845,447
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS
Year Ended September 30,
-----------------------------------
1999 1998
- --------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 2,845,447 3,756,710
Net realized gain (loss) from investments -- (4,554)
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 2,845,447 3,752,156
- --------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (2,845,447) (3,756,710)
- --------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 PER SHARE) ($):
Net proceeds from shares sold 137,389,922 266,067,237
Dividends reinvested 2,686,228 3,563,779
Cost of shares redeemed (163,576,192) (273,879,544)
INCREASE (DECREASE) IN NET ASSETS
FROM BENEFICIAL INTEREST TRANSACTIONS (23,500,042) (4,248,528)
TOTAL INCREASE (DECREASE) IN NET ASSETS (23,500,042) (4,253,082)
- --------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of period 126,797,914 131,050,996
END OF PERIOD 103,297,872 126,797,914
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased (or
decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
Year Ended September 30,
--------------------------------------------
1999 1998 1997 1996 1995
- -----------------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA ($):
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .026 .030 .030 .030 .034
Distributions:
Dividends from investment income--net (.026) (.030) (.030) (.030) (.034)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (%) 2.60 3.05 3.03 3.04 3.50
- -----------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to average net assets .65 .65 .66 .68 .42
Ratio of net investment income
to average net assets 2.57 3.01 2.99 3.00 3.45
Decrease reflected in above expense ratios
due to undertakings by the Manager -- -- -- .01 .27
- -----------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period ($ x 1,000) 103,298 126,798 131,051 151,918 142,731
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The 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, 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 state 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 $10,392 during the year ended September 30,
1999 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 $29,000 available
for Federal income tax purposes to be applied against future net securities
profits, if any, realized subsequent to September 30, 1999. If not applied, $100
of the carryover expires in fiscal 2000, $3,600 expires in fiscal 2003, $17,800
expires in fiscal 2004, $2,500 expires in fiscal 2006 and $5,000 expires in
fiscal 2007.
At September 30, 1999, 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).
The 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, 1999, the fund was charged $35,358 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, 1999, the fund was charged $38,487 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.
REPORT OF 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, 1999, 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, 1999 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, 1999, 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
November 1, 1999
The 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, 1999
as "exempt-interest dividends" (not subject to regular Federal and, for
individuals who are Pennsylvania residents, Pennsylvania personal income taxes)
NOTES
For More Information
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
100 Church Street
New York NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
BY TELEPHONE Call 1-800-645-6561
BY MAIL Write to: The Dreyfus Family of Funds 144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request to [email protected]
ON THE INTERNET Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 1999 Dreyfus Service Corporation 104AR999
