Dreyfus Pennsylvania
Municipal Money Market Fund
SEMIANNUAL REPORT March 31, 2000
(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
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
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus Pennsylvania
Municipal Money Market Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus Pennsylvania
Municipal Money Market Fund, covering the six-month period from October 1, 1999
through March 31, 2000. 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 reporting period began, international and domestic economies were
growing faster than most analysts expected, giving rise to concerns that
long-dormant inflationary pressures might re-emerge. Consumers continued to
spend heavily, unemployment levels reached new lows and the stock market, while
highly volatile, continued to climb.
Because unsustainable economic growth may trigger unwanted inflationary
pressures, the Federal Reserve Board raised key short-term interest rates twice
more during the reporting period. In total, the Federal Reserve Board has raised
short-term interest rates by 125 basis points since late June 1999. While these
economic influences adversely affected longer term municipal bonds, they
positively influenced tax-exempt money market yields.
We appreciate your confidence over the past six months, 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
April 12, 2000
DISCUSSION OF FUND PERFORMANCE
Scott Sprauer, Portfolio Manager
How did Dreyfus Pennsylvania Municipal Money Market Fund perform during the
period?
For the six-month period ended March 31, 2000, the fund produced an annualized
tax-exempt yield of 2.96%. Taking into account the effects of compounding, the
fund provided an annualized effective yield of 3.00%.(1 )We attribute the fund's
performance to higher short-term interest rates implemented by the Federal
Reserve Board, which helped enhance tax-exempt money market yields. On the other
hand, the effects of higher interest rates were partially offset by high
investor demand and a declining supply of newly issued short-term tax-exempt
securities.
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 portfolio' s average maturity in anticipation of interest-rate trends and
supply-and-demand changes in Pennsylvania's short-term municipal marketplace.
For example, if we expect an increase in short-term supply, we may decrease the
average maturity of the portfolio, which would enable us to purchase new
securities with higher yields. Yields tend to rise when there is an increase in
new-issue supply competing for investor interest. New securities are generally
issued with maturities in the one-year range, which will lengthen the
portfolio' s average maturity. If we anticipate limited new-issue supply, we may
extend the portfolio's average maturity to maintain current yields for as long
as practi
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
cal. 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?
The fund was primarily influenced by robust U.S. economic growth, rising
interest rates and a declining supply of newly issued securities throughout the
six-month reporting period.
By the time the reporting period began on October 1, 1999, it was clear that
economic growth in the United States and overseas was stronger than many
analysts had expected. In the U.S., consumer confidence had reached a 30-year
high, oil prices had bounced back from the previous year's lows, and employment
was strong, with hourly wages rising. These economic forces raised concerns
among fixed-income investors that long-dormant inflationary pressures might
re-emerge. In response, the Federal Reserve Board had already increased
short-term interest rates twice in June and August, before the start of the
six-month reporting period. The Fed then implemented three additional rate hikes
in November, February and March -- during the reporting period -- for a total
increase of 125 basis points since last summer.
Although these interest-rate increases caused short-term tax-exempt yields to
rise throughout the reporting period, tax-exempt money market yields generally
rose slightly less than comparable taxable yields over the past six months.
That' s because Pennsylvania and many of its municipalities enjoyed higher tax
revenues during this period of economic prosperity. As a result, many
municipalities had less need to borrow to satisfy their short-term obligations,
resulting in a reduced supply of securities.
What is the fund's current strategy?
We have continued to manage the fund's weighted average maturity and portfolio
mix according to our interest-rate and supply-and-demand expectations.
Accordingly, when the reporting period began, we adopted a relatively long
average maturity to maintain competitive yields during a time of little new
issuance. We later allowed the portfolio's average maturity to decline naturally
as existing holdings matured, enabling us to capture higher yields during the
fourth quarter of 1999, when issuance increased. We again extended the average
maturity toward the end of the year to take advantage of market weakness in
advance of potential Year 2000 concerns, which ultimately proved unfounded. We
ended the reporting period with a weighted average maturity that was solidly in
the neutral range relative to our peer group.
Our security selection strategy continued to focus on very high quality, liquid
money market instruments from an array of Pennsylvania issuers. Some of the most
frequently used instruments included Variable Rate Demand Notes (VRDNs), which
feature adjustable yields, short maturities, and afford the portfolio a high
degree of liquidity and credit quality. Whenever opportunities arose, we
attempted to take advantage of any available municipal notes and commercial
paper in order to lock in attractive yields. Of course, portfolio composition
will change over time.
April 12, 2000
(1) ANNUALIZED EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND
REINVESTED MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
YIELDS FLUCTUATE. 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. 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
$1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUND.
The Fund
STATEMENT OF INVESTMENTS
<TABLE>
STATEMENT OF INVESTMENTS
March 31, 2000 (Unaudited)
Principal
TAX EXEMPT INVESTMENTS--99.1% Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Allegheny County Hospital Development Authority, HR
(South Hills Health System) 3.15%, 4/1/2000
(LOC; PNC Bank of Ohio) 2,500,000 2,500,000
Allegheny County Industrial Development Authority,
Refunding, PCR, VRDN (Duquesne) 3.85%,
Series A (Insured; AMBAC and LOC; The Bank of New York) 5,000,000 (a) 5,000,000
Boyertown Area School District,
TRAN 3.75%, 6/30/2000 1,400,000 1,400,497
Bucks County Industrial Development Authority, IDR,
VRDN (Oxford Falls Project)
4.06% (LOC; Household Finance Corp.) 900,000 (a) 900,000
Coatesville Authority, Sewer Revenue,
Refunding 3.40%, 10/15/2000 (Insured; FGIC) 195,000 193,919
Commonwealth of Pennsylvania, G.O. Notes
5%, 11/15/2000 (Insured; AMBAC) 1,000,000 1,006,337
Dauphin County General Authority, Revenue, VRDN
(Allied Health Pooled Financing Program)
4%, Series B (Insured; FSA and LOC; Credit Suisse) 7,000,000 (a) 7,000,000
Delaware County Industrial Development Authority, IDR, CP
(Philadelphia Electric Co.) 3.75%, 4/1/2000
(Insured; FGIC and LOC; FGIC) 1,300,000 1,300,000
Doylestown Hospital Authority, HR, VRDN
(Doylestown) 3.85%, Series B
(Insured; AMBAC and LOC; PNC Bank) 1,500,000 (a) 1,500,000
East Stroudsburg Area School District,
Refunding, G.O. Notes
4%, Series AA, 11/15/2000 (Insured; FGIC) 1,180,000 1,178,164
Emmaus General Authority, Revenue, VRDN
3.95%, Series D-18 (LOC; Krediet Bank) 3,700,000 (a) 3,700,000
Hermitage, G.O. Notes
3.40%, 8/15/2000 (Insured; FSA) 220,000 219,113
Hermitage Municipal Authority,
Sewer Revenue, Refunding
3.75%, 2/1/2001(Insured; MBIA) 300,000 298,172
Indiana County Industrial Development Authority,
PCR, VRDN (Conemaugh Project)
3.95%, Series A (LOC; Union Bank of Switzerland) 3,000,000 (a) 3,000,000
Lancaster County, VRDN
3.80%, (Insured; FGIC and LOC; FGIC SPI Liquidity) 3,000,000 (a) 3,000,000
Lebanon County Health Facilities Authority,
Health Center Revenue, VRDN
(United Church Christ Homes)
4% (LOC; Allied Irish Banks) 1,800,000 (a) 1,800,000
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
Lehigh County Industrial Development Authority, VRDN:
Industrial and Commercial Development Revenue
(Radnor/Lehigh Corp. Project)
4.025% (LOC; Dresdner Bank) 7,795,000 (a) 7,795,000
PCR (Allegheny Electricity Cooperative Inc.)
3.85%, Series A (LOC; Rabobank Nederland)zz 800,000 (a) 800,000
Montgomery County Industrial Development Authority,
Revenue, VRDN (Laneko Engineering)
4.05%, Series A (LOC; First Union National Bank) 7,170,000 (a) 7,170,000
New Garden General Authority, Municipal Revenue, VRDN
(Municipal Pooled Financing Program I)
3.80% (Insured; AMBAC and LOC; Bank of Nova Scotia) 1,500,000 (a) 1,500,000
Pennsylvania Intergovernmental Cooperative Authority,
Special Tax Revenue, Refunding
(Philadelphia Funding Program) 4.425% (Insured; FGIC) 400,000 400,280
Pennsylvania Higher Education Assistance Agency
Student Loan Revenue
Revenue, Refunding 6.80%, Series A,
12/1/2000 (Insured; FGIC) 2,915,000 2,961,590
VRDN 4%, Series B (LOC; Student Loan
Marketing Association) 2,400,000 (a) 2,400,000
Pennsylvania Higher Educational Facilities Authority,
Revenue:
(Association of Independent Colleges and Universities)
4%, Series D-1, 5/1/2000 (LOC; Allied Irish Banks) 1,500,000 1,500,597
(CICU Financing Program--Saint Francis College)
3.80%, Series B-7, 11/1/2000 (LOC; Allied Irish Banks) 4,300,000 4,300,000
(College and University Revenues--University of the Arts)
3.80%, 3/15/2001 (LOC; Asset Guaranty) 275,000 271,368
(Mount Aloysius College) 3.758%, Series C-3,
11/1/2000 (LOC; Allied Irish Banks) 1,300,000 1,300,000
VRDN, Refunding, Revenue (Carnegie Mellon University)
3.95%, Series B (LOC; Morgan Guaranty Trust Co.
and Union Bank of Switzerland) 3,800,000 (a) 3,800,000
Pennsylvania Industrial Development Authority,
Revenue, Prerefunding 6.80%, Series A, 1/1/2001 1,000,000 1,019,027
Philadelphia Authority for Industrial Development,
Revenue, VRDN:
(Institute for Cancer Research Project)
3.95% (LOC; Morgan Guaranty Trust Co.) 1,000,000 (a) 1,000,000
(Fox Chase Cancer Center Project)
3.95% (LOC; Morgan Guaranty Trust Co.) 1,000,000 (a) 1,000,000
Philadelphia Gas Works, Revenue, CP 3.85%,
Series C, 5/12/2000 (LOC; Morgan Guaranty Trust Co.) 2,500,000 2,500,000
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
------------------------------------------------------------------------------------------------------------------------------------
Philadelphia Parking Authority, Parking Revenue,
Refunding 4.40%, 9/1/2000 (Insured; AMBAC) 1,065,000 1,066,800
Philadelphia School District, TRAN 4%, Series A,
6/30/2000 (LOC; First Union National Bank) 2,000,000 2,002,621
Robinson Township, Refunding, G. O. Note
5%, 11/1/2000 (Insured; AMBAC) 135,000 135,570
Schuylkill County Industrial Development Authority,
RRR, Refunding, VRDN (Northeastern Power Co.):
4%, Series A, (LOC; Credit Local De France) 1,200,000 (a) 1,200,000
4.10%, Series B, (LOC; Credit Local De France) 1,000,000 (a) 1,000,000
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 Power Corp. Project)
3.65%, 4/14/2000 (LOC; National Westminster Bank) 1,300,000 1,300,000
3.70%, 4/10/2000 (LOC; National Westminster Bank) 2,900,000 2,900,000
3.85%, Series A, 5/18/2000
(LOC; National Westminster Bank) 4,300,000 4,300,000
3.95%, Series A, 5/16/2000
(LOC; National Westminster Bank) 5,000,000 5,000,000
Westmoreland County Airport Authority, Revenue
4.65%, 9/1/2000 (Insured; FSA) 120,000 120,195
York Suburban School District, G. O. Note
3.55%, 2/15/2001 (Insured; FGIC) 200,000 197,721
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TOTAL INVESTMENTS (cost $ 95,935,902) 99.1% 95,936,971
CASH AND RECEIVABLES (NET) .9% 918,487
NET ASSETS 100.0% 96,855,458
Summary of Abbreviations
AMBAC American Municipal Bond
Assurance Corporation
CP Commercial Paper
FGIC Financial Guaranty Insurance
Company
FSA Financial Security Assurance
GO General Obligation
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)
Fitch or Moody's or Standard & Poor's Value (%)
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F1+/F1 VMIG1/MIG1 SP1+/SP1, A1+/A1 72.6
AAA/AA (b) Aaa/Aa (b) AAA/AA (b) 17.6
Not Rated (c) Not Rated (c) Not Rated (c) 9.8
100.0
(A) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE--SUBJECT TO PERIODIC
CHANGE.
(B) NOTES WHICH ARE NOT F, MIG OR SP RATED ARE REPRESENTED BY BOND RATINGS OF
THE ISSUERS.
(C) SECURITIES WHICH, WHILE NOT RATED BY FITCH, 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
</TABLE>
STATEMENT OF ASSETS AND LIABILITIES
March 31, 2000 (Unaudited)
Cost Value
--------------------------------------------------------------------------------
ASSETS ($):
Investments in securities--See Statement of Investments 95,935,902 95,936,971
Cash 217,906
Interest receivable 762,760
Prepaid expenses and other assets 12,636
96,930,273
--------------------------------------------------------------------------------
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 43,304
Accrued expenses and other liabilities 31,511
74,815
--------------------------------------------------------------------------------
NET ASSETS ($) 96,855,458
--------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 96,882,992
Accumulated net realized gain (loss) on investments (28,603)
Accumulated gross unrealized appreciation
of investments 1,069
--------------------------------------------------------------------------------
NET ASSETS ($) 96,855,458
--------------------------------------------------------------------------------
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest authorized)
96,882,992
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS
Six Months Ended March 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 1,880,074
EXPENSES:
Management fee--Note 2(a) 259,093
Shareholder servicing costs--Note 2(b) 41,965
Professional fees 16,142
Prospectus and shareholders' reports 8,860
Custodian fees 6,359
Registration fees 4,621
Trustees' fees and expenses-Note 2(c) 3,982
Miscellaneous 3,610
TOTAL EXPENSES 344,632
INVESTMENT INCOME--NET 1,535,442
--------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION ON INVESTMENTS ($) 1,069
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 1,536,511
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
March 31, 2000 Year Ended
(Unaudited) September 30, 1999
--------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 1,535,442 2,845,447
Net unrealized appreciation (depreciation) of investments 1,069 --
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 1,536,511 2,845,447
--------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (1,535,442) (2,845,447)
--------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 68,829,536 137,389,922
Dividends reinvested 1,459,324 2,686,228
Cost of shares redeemed (76,732,343) (163,576,192)
INCREASE (DECREASE) IN NET ASSETS
FROM BENEFICIAL INTEREST TRANSACTIONS (6,443,483) (23,500,042)
TOTAL INCREASE (DECREASE) IN NET ASSETS (6,442,414) (23,500,042)
--------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of Period 103,297,872 126,797,914
END OF PERIOD 96,855,458 103,297,872
SEE NOTES TO FINANCIAL STATEMENTS.
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.
<TABLE>
Six Months Ended
March 31, 2000 Year Ended September 30,
----------------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value,
beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .015 .026 .030 .030 .030 .034
Distributions:
Dividends from
investment income--net (.015) (.026) (.030) (.030) (.030) (.034)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
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TOTAL RETURN (%) 2.97(a) 2.60 3.05 3.03 3.04 3.50
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .66(a) .65 .65 .66 .68 .42
Ratio of net investment income
to average net assets 2.96(a) 2.57 3.01 2.99 3.00 3.45
Decrease reflected in above
expense ratios due to
undertakings by The
Dreyfus Corporation -- -- -- -- .01 .27
------------------------------------------------------------------------------------------------------------------------------------
Net Assets, end of period
($ x 1,000) 96,855 103,298 126,798 131,051 151,918 142,731
(A) ANNUALIZED.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The 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, 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, which is a wholly-owned subsidiary
of Mellon Financial Corporation. Effective March 22, 2000, Dreyfus Service
Corporation (" DSC" ), a wholly-owned subsidiary of the Manager, became the
distributor of the fund's shares, which are sold to the public without a sales
charge. Prior to March 22, 2000, Premier Mutual Fund Services, Inc. was the
distributor.
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 of
$4,510 during the period ended March 31, 2000 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 March 31, 2000, 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 (Unaudited) (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 DSC, 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 March 31, 2000, the fund was charged $17,040 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 March 31, 2000, the fund was charged $14,515 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.
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
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
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) 2000 Dreyfus Service Corporation 104SA003
