<PAGE>
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PENNSYLVANIA
DAILY MUNICIPAL 600 FIFTH AVENUE, NEW YORK, NY 10020
INCOME FUND 212-830-5200
================================================================================
Dear Shareholder:
We are pleased to present the annual report of Pennsylvania Daily Municipal
Income Fund for the year ended November 30, 1998.
The Fund had net assets of $13,805,859 and 281 active shareholders as of
November 30, 1998.
Thank you for your support and we look forward to continuing to serve your cash
management needs.
Sincerely,
\s\Steven W. Duff
Steven W. Duff
President
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PENNSYLVANIA DAILY MUNICIPAL INCOME FUND
STATEMENT OF NET ASSETS
NOVEMBER 30, 1998
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
-----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- -------
Other Tax Exempt Investments (19.56%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 700,000 City of Philadelphia, PA TRAN - Series A 06/30/99 3.59% $ 702,398 MIG-1 SP-1+
700,000 Crestwood, PA School District (b) 06/30/99 3.75 701,128
375,000 Midd West School District, PA GO Bonds (b)
FGIC Insured 05/15/99 3.50 375,000
395,000 Perkioman Valley, PA School District (b)
FSA Insured 02/01/99 3.90 395,000
526,000 West York, PA Area School Disrtict TRAN (b) 06/30/99 3.75 526,351
----------- -----------
2,696,000 Total Other Tax Exempt Investments 2,699,877
----------- -----------
<CAPTION>
Other Variable Rate Demand Instruments (c) (49.54%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 300,000 Chester County, PA 1997 Archdiocese of Pennsylvania
LOC Corestates Bank, N.A. 07/01/27 3.30% $ 300,000 VMIG-1
500,000 City of York, PA General Authority RB
(Adjusted Rate Pooled Financing)
LOC First Union National Bank 09/01/26 3.20 500,000 A1
290,000 Clinton County, PA Municipal Authority HRB
(Lock Haven Hospital Project) - Series 1991A
LOC Mellon Bank, N.A. 09/01/07 3.45 290,000 A1
100,000 Emmaus, PA General Authority Local Government RB
(Bond Pool Project) - Series E11
LOC Canadian Imperial Bank of Commerce 03/01/24 3.15 100,000 A1+
400,000 Emmaus, PA General Authority Local Government RB
(Bond Pool Project) - Series 1989F4
LOC Kredietbank 03/01/24 3.15 400,000 A1+
600,000 Emmaus, PA General Authority Local Government RB
(Bond Pool Project) - Series 1989F4
GIC-Goldman Sachs 03/01/24 3.25 600,000 A1+
100,000 Emmaus, PA General Authority Local Government RB
(Bond Pool Project) - Series 1989F5
GIC-Goldman Sachs 03/01/24 3.25 100,000 A1+
350,000 Emmaus, PA General Authority Local Government RB
(Bond Pool Project) - Series 1989F11
LOC Canadian Imperial Bank of Commerce 03/01/24 3.15 350,000 A1+
500,000 Emmaus, PA General Authority Local Government RB
(Bond Pool Project) - Series 1997G7
LOC Bayerische Landesbank 03/01/24 3.15 500,000 A1+
300,000 Emmaus, PA General Authority Local Government RB
(Bond Pool Project) - Series 1997H9
LOC Kredietbank 03/01/24 3.15 300,000 A1+
</TABLE>
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See Notes to Financial Statements.
<PAGE>
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================================================================================
<TABLE>
<CAPTION>
Ratings (a)
-----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- -------
Other Variable Rate Demand Instruments (c) (Continued)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 500,000 Lehigh County, PA IDA (Alleghany Electric) - Series 1985A
LOC Rabobank Nederland 12/01/15 3.40% $ 500,000 P1
200,000 Lehigh County, PA General Purpose Authority RB
(Lehigh Vy Hospital) - Series A
AMBAC Indemnity 07/01/28 3.15 200,000 VMIG-1
600,000 Pennsylvania EDFA (Plastics Niagara) - Series 1997F(b)
LOC PNC Bank, N.A. 12/01/04 3.45 600,000
200,000 Pennsylvania HEFA (Cabrini College) - Series 1997A-2
LOC Allied Irish Bank 04/01/22 3.30 200,000 VMIG-1
400,000 Pennsylvania HEFA Chestnut Hill College Council
Independent Adjusted Rate
LOC Allied Irish Bank 04/01/06 3.30 400,000 VMIG-1
700,000 Pennsylvania HEFA (Children Hospital of Philadelphia) 03/01/27 3.25 700,000 VMIG-1 A1+
300,000 Pennsylvania Higher Education Facility (Carnegie Mellon University) 11/01/27 3.25 300,000 A1+
500,000 York, PA IDA PCRB (Philadelphia Electric Co.)
LOC Toronto-Dominion Bank 08/01/16 3.30 500,000 P1 A1+
----------- -----------
6,840,000 Total Other Variable Rate Demand Instruments 6,840,000
----------- -----------
<CAPTION>
Revenue Bonds (7.75%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 370,000 Lancaster County Vo-Tech School Authority Guaranteed Lease RB (b)
FGIC Insured 02/15/99 3.65% $ 370,000
700,000 State Public School Building Authority, PA RB
(Harrisburg Area Community College) (b)
MBIA Insured 04/01/99 3.70 700,000
----------- -----------
1,070,000 Total Revenue Bonds 1,070,000
----------- -----------
<CAPTION>
Tax Exempt Commercial Paper (20.28%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 900,000 Beaver County, PA IDA PCRB
(Duquesne Light Company Project) - Series 1993A
LOC Union Bank of Switzerland 01/14/99 3.20% $ 900,000 VMIG-1 A1+
600,000 Commonwealth of Pennsylvania GO BAN 01/14/99 3.25 600,000 P1 A1+
700,000 Montgomery County, PA IDA PCRB Refunding Bonds
(PECO Energy Co. Project) - Series 1994B
LOC Deutsche Bank A.G. 02/16/99 3.00 700,000 P1 A1+
600,000 Venango, PA IDA Resource Recovery RB
(Scrubgrass Project) - Series 1990A
LOC National Westminster Bank PLC 01/07/99 3.25 600,000 P1 A1+
----------- -----------
2,800,000 Total Tax Exempt Commercial Paper 2,800,000
----------- -----------
</TABLE>
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See Notes to Financial Statements.
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PENNSYLVANIA DAILY MUNICIPAL INCOME FUND
STATEMENT OF NET ASSETS (CONTINUED)
NOVEMBER 30, 1998
================================================================================
<TABLE>
<CAPTION>
Ratings (a)
-----------------
Face Maturity Value Standard
Amount Date Yield (Note 1) Moody's & Poor's
------ ---- ----- ------ ------- -------
Put Bond (1.45%)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$ 200,000 Schuylkill Valley, Berks County, PA GO Bonds - Series 1998A (b)
FGIC Insured 04/15/99 3.70% $ 200,000
----------- -----------
200,000 Total Put Bond 200,000
----------- -----------
Total Investments (98.58%) (Cost $13,609,877+) 13,609,877
Due from Manager (0.13%) 17,966
Cash and Other Assets, Net of Liabilities (1.29%) 178,016
-----------
Net Assets (100.00%) $13,805,859
===========
Net Asset Value, offering and redemption price per share:
Class A, Shares Outstanding 12,874,079 (Note 3) $ 1.00
===========
Class B, Shares Outstanding 933,273 (Note 3) $ 1.00
===========
+ Aggregate cost for federal income tax purposes is identical.
</TABLE>
FOOTNOTES:
(a) The ratings noted for variable rate demand instruments are those of the
bank whose letter of credit secures such instruments or guarantor of the
bond. P1 and A1+ are the highest ratings assigned for tax exempt commercial
paper.
(b) Securities that are not rated have been determined by the Fund's Board of
Trustees to be of comparable quality to the rated securities in which the
Fund may invest.
(c) Securities payable on demand at par including accrued interest (usually
with seven days notice) and where indicated are unconditionally secured as
to principal and interest by a bank letter of credit. The interest rates
are adjustable and are based on bank prime rates or other interest rate
adjustment indices. The rate shown is the rate in effect at the date of
this statement.
<TABLE>
<CAPTION>
KEY:
<S> <C> <C> <C> <C> <C>
AMBAC = American Municipal Bond Assurance Corporation HRB = Hospital Revenue Bond
BAN = Bond Anticipation Note IDA = Industrial Development Authority
EDFA = Educational Development Finance Authority LOC = Letter of Credit
FGIC = Financial Guaranteed Insurance Company MBIA = Municipal Bond Insurance Association
FSA = Financial Securities Assurance PCRB = Pollution Control Revenue Bond
GIC = Guaranteed Investment Contract RB = Revenue Bond
GO = General Obligation TRAN = Tax and Revenue Anticipation Note
HEFA = Health and Education Facilities Authority
</TABLE>
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See Notes to Financial Statements.
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PENNSYLVANIA DAILY MUNICIPAL INCOME FUND
STATEMENT OF OPERATIONS
YEAR ENDED NOVEMBER 30, 1998
================================================================================
<TABLE>
<CAPTION>
INVESTMENT INCOME
Income:
<S> <C>
Interest............................................................................. $ 542,299
---------------
Expenses: (Note 2)
Investment management fee............................................................ 60,092
Administration fee................................................................... 31,548
Shareholder servicing fee............................................................ 35,316
Custodian fee........................................................................ 8,018
Shareholder servicing and related shareholder expenses............................... 21,098
Legal, compliance and filing fees.................................................... 46,013
Audit and accounting................................................................. 68,276
Trustees' fees....................................................................... 6,088
Other................................................................................ 3,599
---------------
Total expenses..................................................................... 280,048
Less: Fees waived (Note 2)......................................................... ( 89,210)
Expense paid indirectly (Note 2)............................................ ( 37)
Expenses reimbursed (Note 2)................................................ ( 87,882)
---------------
Net expenses....................................................................... 102,919
---------------
Net investment income................................................................... 439,380
<CAPTION>
REALIZED GAIN (LOSS) ON INVESTMENTS
<S> <C>
Net realized gain (loss) on investments................................................. ( 551)
---------------
Increase in net assets from operations.................................................. $ 438,829
===============
</TABLE>
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See Notes to Financial Statements.
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PENNSYLVANIA DAILY MUNICIPAL INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED NOVEMBER 30, 1998 AND 1997
================================================================================
<TABLE>
<CAPTION>
1998 1997
---------- ----------
INCREASE (DECREASE) IN NET ASSETS
<S> <C> <C>
Operations:
Net investment income......................................... $ 439,380 $ 1,281,675
Net realized gain (loss) on investments....................... ( 551) -0-
--------------- ----------------
Increase in net assets from operations........................... 438,829 1,281,675
Dividends to shareholders from net investment income:
Class A....................................................... ( 411,272)* ( 1,277,930)*
Class B....................................................... ( 28,108)* ( 3,745)*
Transactions in shares of beneficial interest (Note 3)
Class A...................................................... ( 30,190,706) 6,728,888
Class B...................................................... 541,259 386,997
--------------- ----------------
Total increase (decrease)................................. ( 29,649,998) 7,115,885
Net assets:
Beginning of year............................................. 43,455,857 36,339,972
--------------- ----------------
End of year................................................... $ 13,805,859 $ 43,455,857
=============== ================
* Designated as exempt-interest dividends for federal income tax purposes.
</TABLE>
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See Notes to Financial Statements.
<PAGE>
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PENNSYLVANIA DAILY MUNICIPAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS
================================================================================
1. Summary of Accounting Policies.
Pennsylvania Daily Municipal Income Fund, a Massachusetts business trust, is a
no-load, non-diversified, open-end management investment company registered
under the Investment Company Act of 1940. This Fund is a short term, tax exempt
money market fund. The Fund has two classes of stock authorized, Class A and
Class B. The Class A shares are subject to a service fee pursuant to the
Distribution and Service Plan. The Class B shares are not subject to a service
fee. Additionally, the Fund may allocate among its classes certain expenses to
the extent allowable to specific classes, including transfer agent fees,
government registration fees, certain printing and postage costs, and
administrative and legal expenses. Class specific expenses of the Fund were
limited to distribution fees and transfer agent expenses. In all other respects
the Class A and Class B shares represent the same interest in the income and
assets of the Fund. Distribution for Class B shares commenced on October 10,
1996 and all Fund shares outstanding before October 10, 1996 were designated as
Class A shares. The Fund's financial statements are prepared in accordance with
generally accepted accounting principles for investment companies as follows:
a) Valuation of Securities -
Investments are valued at amortized cost. Under this valuation method, a
portfolio instrument is valued at cost and any discount or premium is
amortized on a constant basis to the maturity of the instrument. The
maturity of variable rate demand instruments is deemed to be the longer of
the period required before the Fund is entitled to receive payment of the
principal amount or the period remaining until the next interest rate
adjustment.
b) Federal Income Taxes -
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its tax exempt and taxable income to its shareholders. Therefore, no
provision for federal income tax is required.
c) Dividends and Distributions -
Dividends from investment income (excluding capital gains and losses, if
any, and amortization of market discount) are declared daily and paid
monthly. Distributions of net capital gains, if any, realized on sales of
investments are made after the close of the Fund's fiscal year, as declared
by the Fund's Board of Trustees.
d) Use of Estimates -
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that effect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases in
net assets from operations during the reporting period. Actual results
could differ from those estimates.
e) General -
Securities transactions are recorded on a trade date basis. Interest income
is accrued as earned. Realized gains and losses from securities
transactions are recorded on the identified cost basis.
2. Investment Management Fees and Other Transactions with Affiliates.
Under the Investment Management Contract, the Fund pays an investment management
fee to Reich & Tang Asset Management L.P. (Manager), equal to .40% of the Fund's
average daily net assets.
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PENNSYLVANIA DAILY MUNICIPAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
================================================================================
2. Investment Management Fees and Other Transactions with Affiliates
(Continued).
Pursuant to an Administrative Services Contract the Fund pays to the Manager an
annual fee of .21% of the Fund's average daily net assets not in excess of $1.25
billion, plus .20% of such assets in excess of $1.25 billion but not in excess
of $1.5 billion, plus .19% of such assets in excess of $1.5 billion.
Pursuant to a distribution and service plan adopted under Securities and
Exchange Commission Rule 12b-1, the Fund and Reich & Tang Distributors, Inc.,
(the Distributor), an affiliate of the Manager, have entered into a Distribution
Agreement and a Shareholder Servicing Agreement, only with respect to its Class
A shares. For its services under the Shareholder Servicing Agreement, the
Distributor receives from the Fund, only with respect to its Class A shares, a
fee equal to .25% of the Fund's average daily net assets. There were no
additional expenses borne by the Fund pursuant to the Distribution Plan.
For the year ended November 30, 1998 the Manager voluntarily waived investment
management fees and administration fees of $57,905 and $31,305, respectively.
Included in the Statement of Operations under the caption "Shareholder servicing
and related shareholder expenses" are fees of $4,451 paid to Reich & Tang
Services, Inc., an affiliate of the Manager, as servicing agent for the Fund.
Included under the same option are expense offsets of $37.
Fees are paid to Trustees who are unaffiliated with the Manager on the basis of
$1,000 per annum plus $250 per meeting attended.
3. Transactions in Shares of Beneficial Interest.
At November 30, 1998, an unlimited number of shares of beneficial interest ($.01
par value) were authorized and capital paid in amounted to $13,807,352.
Transactions in shares of beneficial interest, all at $1.00 per share, were as
follows:
<TABLE>
<CAPTION>
Year Year
Ended Ended
November 30, 1998 November 30, 1997
Class A ----------------- -----------------
<S> <C> <C>
Sold...................................... 49,957,101 122,761,722
Issued on reinvestment of dividends....... 367,955 1,120,365
Redeemed.................................. ( 80,515,762) ( 117,153,199)
-------------- -------------
Net increase (decrease)................... ( 30,190,706) 6,728,888
============== =============
<CAPTION>
Year Year
Ended Ended
November 30, 1998 November 30, 1997
Class B ----------------- -----------------
<S> <C> <C>
Sold...................................... 6,163,450 388,922
Issued on reinvestment of dividends....... 27,223 3,228
Redeemed.................................. ( 5,649,414) ( 5,153)
-------------- -------------
Net increase (decrease)................... 541,259 386,997
============== =============
</TABLE>
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<PAGE>
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================================================================================
4. Sales of Securities.
Accumulated undistributed realized losses at November 30, 1998 amounted to
$1,493. This amount represents tax basis capital losses which may be carried
forward to offset future gains. Such losses expire on November 30, 2001 and
2006.
5. Concentration of Credit Risk.
The Fund invests primarily in obligations of political subdivisions of the State
of Pennsylvania and, accordingly, is subject to the credit risk associated with
the non-performance of such issuers. Approximately 52% of these investments are
further secured, as to principal and interest, by letters of credit issued by
financial institutions. The Fund maintains a policy of monitoring its exposure
by reviewing the credit worthiness of the issuers, as well as that of the
financial institutions issuing the letters of credit, and by limiting the amount
of holdings with letters of credit from one financial institution.
6. Financial Highlights.
<TABLE>
<CAPTION>
Year Ended
November 30,
------------------------------------------------------------------
Class A
- ------- 1998 1997 1996 1995 1994
--------- --------- --------- --------- ---------
Per Share Operating Performance:
(for a share outstanding throughout the year)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income...................... 0.029 0.030 0.030 0.034 0.024
Less distributions:
Dividends from net investment income ( 0.029) ( 0.030) ( 0.030) ( 0.034) ( 0.024)
--------- --------- --------- --------- ---------
Net asset value, end of year................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= =========
Total Return................................. 2.95% 3.05% 3.01% 3.50% 2.44%
Ratios/Supplemental Data
Net assets, end of year (000)................ $ 12,873 $ 43,064 $ 36,335 $ 40,980 $ 43,559
Ratios to average net assets:
Expenses................................... 0.70% 0.70% 0.68% 0.59% 0.49%
Net investment income...................... 2.91% 3.00% 2.97% 3.44% 2.44%
Management, administration fees
and shareholder servicing fees waived.... 0.59% 0.49% 0.49% 0.61% 0.68%
Expenses reimbursed........................ 0.59% -- -- -- --
Expense offsets............................ -- -- 0.01% -- --
</TABLE>
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PENNSYLVANIA DAILY MUNICIPAL INCOME FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
================================================================================
<TABLE>
<CAPTION>
6. Financial Highlights. (Continued)
October 10, 1996
Year Year (Commencement of
Class B Ended Ended offering) to
- ------- November 30, 1998 November 30, 1997 November 30, 1996
----------------- ----------------- -----------------
Per Share Operating Performance:
(for a share outstanding throughout the period)
<S> <C> <C> <C>
Net asset value, beginning of period............. $ 1.00 $ 1.00 $ 1.00
--------- --------- ---------
Income from investment operations:
Net investment income........................ 0.032 0.033 0.005
Less distributions:
Dividends from net investment income......... ( 0.032) ( 0.033) ( 0.005)
--------- --------- ---------
Net asset value, end of period................... $ 1.00 $ 1.00 $ 1.00
========= ========= =========
Total Return..................................... 3.26% 3.31% 3.25%*
Ratios/Supplemental Data
Net assets, end of period (000).................. $ 933 $ 392 $ 5
Ratios to average net assets:
Expenses..................................... 0.45% 0.45% 0.42%*
Net investment income........................ 3.13% 3.28% 3.21%*
Management and administration fees waived.... 0.59% 0.49% 0.27%*
Expense reimbursed........................... 0.59% -- --
Expense offsets.............................. -- -- 0.01%*
* Annualized
</TABLE>
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PENNSYLVANIA DAILY MUNICIPAL INCOME FUND
INDEPENDENT AUDITOR'S REPORT
================================================================================
The Board of Trustees and Shareholders
Pennsylvania Daily Municipal Income Fund
We have audited the accompanying statement of net assets of Pennsylvania Daily
Municipal Income Fund as of November 30, 1998, and the related statement of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended and the financial highlights for
each of the five years in the period then ended. 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. Our procedures included confirmation of securities owned as of
November 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
Pennsylvania Daily Municipal Income Fund as of November 30, 1998, the results of
its operations, the changes in its net assets and the financial highlights for
the periods indicated, in conformity with generally accepted accounting
principles.
\s\McGladrey & Pullen, LLP
New York, New York
December 28, 1998
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<PAGE>
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PENNSYLVANIA
DAILY
MUNICIPAL
INCOME
FUND
Annual Report
November 30, 1998
- --------------------------------------------------------------------------------
<PAGE>
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- -------------------------------------------------------
This report is submitted for the general information
of the shareholders of the Fund. It is not authorized
for distribution to prospective investors in the Fund
unless preceded or accompanied by an effective
prospectus, which includes information regarding the
Fund's objectives and policies, experience of its
management, marketability of shares, and other
information.
- -------------------------------------------------------
Pennsylvania Daily Municipal Income Fund
600 Fifth Avenue
New York, New York 10020
Manager
Reich & Tang Asset Management L.P.
600 Fifth Avenue
New York, New York 10020
Custodian
Investors Fiduciary Trust Company
801 Pennsylvania
Kansas City, Missouri 64105
Transfer Agent &
Dividend Disbursing Agent
Reich & Tang Services, Inc.
600 Fifth Avenue
New York, New York 10020
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<PAGE>
