LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this first annual report for the
Dreyfus Florida Municipal Money Market Fund. For the period since the Fund's
inception through June 30, 1994, the annualized yield provided by your Fund
was 2.48%. The annualized effective yield was 2.51% after taking into account
the effect of compounding.* Income dividends of approximately $.02 per share
paid during the period were exempt from Federal income tax and State of
Florida Intangibles tax. **
Over the past few months, we have been keeping a watchful eye on the
status of the U.S. economy, the direction of interest rates, and any
significant variation in inflationary indicators. Early in the reporting
period, economic numbers hinted that the nation's growth might be more anemic
than anticipated. With no strong threat of a rekindling of inflation, the
municipal market responded with strength, providing some of the lowest
historical yields in both the bond and money markets. In a somewhat unusual
turn of events, assets of municipal money market funds increased despite the
unprecedented low yield environment.
In the first half of 1994, however, signs of economic strength began to
emerge along with the specter of a tighter Federal Reserve policy. Through a
series of tightening moves between February 4 and May 17, the Fed signaled
its desire to choke off inflationary pressures before they had an opportunity
to build significantly. In a step-by-step process through the first four
months of the year, the Fed inched up the Federal Funds rate by 175 basis
points to the 3 3/4% level. The bond market responded with an uneasy 100
basis point rise in rates, with short-term rates moving upward by 50 basis
points. The most overt move came on May 17 when the Fed raised both the
discount rate and the Federal Funds rate by 50 basis points, to 3.50% and
4.25%, respectively. The moves appeared to achieve a neutral monetary policy,
clearly signaling the end of the Federal Reserve's 1993 accommodative stance.
At this point the market responded with relief, feeling that this would be
the last move, for a time, to an even tighter Fed policy.
With these earlier changes in the Federal Reserve's monetary stance, the
unease in other markets served to bolster rates in the short-term municipal
market as cash moved into municipal money markets from both equity and bond
funds. Short-term municipal rates increased but to a lesser degree than their
taxable counterparts. Total net assets of municipal money market funds
reached an all-time high of over $119 billion. During the past six-month
period, your Florida Municipal Money Market Fund doubled in size as total net
assets rose from approximately $50 million to slightly over $100 million!
Traditionally municipal money markets lose assets during late April as
investors tap their money funds to pay income taxes. While your Fund did not
experience these outflows, it did benefit from the temporary weakness in the
short-term market that resulted. In response to a decreased demand by mutual
funds for short-term tax-exempt paper, yields on securities rose
significantly, providing attractive returns relative to taxable alternatives.
And while your Fund's yield has remained attractive to the investor seeking
tax-exempt income, the hike in Federal income tax rates which took place last
year has made these returns even more attractive on an after-tax basis.
In recent weeks, many issuers returned to the marketplace with their
traditional summer financings. While only a small portion of the securities
issued were Florida-exempt, the increased supply of available
investment alternatives to the short-term market once again placed upward
pressure on yields as supply outstripped demand. When we could, we extended
the average maturity of your portfolio to lock in the attractive yields
prevailing in the short-term market at that time. We will continue to adjust
our strategy, when necessary, to respond to changes in the market, in Federal
Reserve policy, and to the proposed changes in the regulations governing
money market funds which we have received from the Securities and Exchange
Commission. It is our goal to take advantage of any market shifts to help
your Fund continue to seek to provide one of the best returns available among
the Florida exempt money market funds.
We have enclosed a current Statement of Investments and recent financial
statements for your review and look forward to serving your investment needs
in the future.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
President
July 18, 1994
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
**Some income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders.
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DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS JUNE 30, 1994
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
------------ ------------
<S> <C> <C>
FLORIDA-96.2%
Brevard County, Local Optional Gas Tax Revenue 3%, 8/1/94 (Insured; FGIC)... $ 505,000 $ 505,000
Clay County, Utilities Systems Revenue 2.60%, Series A, 11/1/94 (Insured; FGIC) 225,000 225,000
Collier Housing Finance Authority, Multi-Family Revenue, VRDN (River Reach Project)
2.25% (LOC; Morgan Guaranty Trust Co.) (a,b)............................ 1,100,000 1,100,000
Dade County, IDR, VRDN, Solid Waste (Montenay-Dade Limited Project):
2.45%, Series 1989 (LOC; Banque Paribas) (a,b).......................... 800,000 800,000
2.45%, Series A (LOC; Banque Paribas) (a,b)............................. 5,000,000 5,000,000
Dade County Housing Finance Authority, MFMR, VRDN (Flamingo Plaza Apartments)
2.75%, Series 18 (LOC; The Bank of New York) (a,b)...................... 2,000,000 2,000,000
Dade County Industrial Development Authority, IDR, VRDN (Kar Printing Florida Project)
3.65% (LOC; ABN-Amro Bank) (a,b)........................................ 2,425,000 2,425,000
State of Florida:
Department of General Services Division Facilities, Management Revenue, Refunding
(Florida Facilities Pool) 4.80%, 9/1/94 (Insured; FGIC)............... 2,975,000 2,986,946
Division Board Finance Department, General Services Revenue:
(Department of Natural Resources Preservation 2000)
4%, Series A, 7/1/94 (Insured; FSA)............................... 1,000,000 1,000,000
Refunding (Department of Environmental-Save Coast)
4.20%, 7/1/94 (Insured; AMBAC).................................... 305,000 305,000
Florida Housing Finance Agency, MFHR, VRDN (Kings)
2.75%, Series D (LOC; Bankers Trust) (a,b).............................. 4,740,000 4,740,000
Florida Municipal Power Agency, Revenue:
(All Requirements Power Supply Project) 2.50%, 10/1/94 (Insured; AMBAC). 715,000 715,000
CP (Pooled Loan Project) 2.55%, 7/14/94 (LOC; Morgan Guaranty Trust Co.) (b) 1,155,000 1,155,000
Hillsborough County Industrial Development Authority, PCR, VRDN
(Tampa Electric Co. Project) 3.15% (Corporate Guaranty; Tampa Electric Co.) (a) 2,000,000 2,000,000
Homestead, Special Insurance Assessments Revenue (Hurricane Andrew Covered Claims)
3.30%, 9/1/94 (Insured; MBIA)........................................... 1,000,000 1,001,842
City of Jacksonville:
Guaranteed Entitlement Revenue, Refunding 4%, Series A, 10/1/94 (Insured;
AMBAC)...................................................................... 400,000 401,484
HR, VRDN (Baptism Medical Center Project)
2.65% (LOC; First Union National Bank) (a,b).......................... 2,000,000 2,000,000
IDR, VRDN (University of Florida Health Science Center)
2.875% (LOC; Barnett Bank) (a,b)...................................... 2,000,000 2,000,000
PCR, Refunding, CP (Florida Power and Light Co. Project)
3.25%, 12/15/94 (Corporate Guaranty; Florida Power and Light Co.)..... 5,000,000 5,000,000
Jacksonville Electric Authority, Revenue, CP:
3.20%, Series A 8/11/94 (Liquidity; Morgan Guaranty Trust Co.).......... 2,300,000 2,300,000
3.05%, Series A 12/15/94 (Liquidity; Morgan Guaranty Trust Co.)......... 3,200,000 3,200,000
Jacksonville Health Facilities Authority, Health Facilities Revenue, VRDN:
(Baptist Health Properties Project) 3.50% (LOC; Barnett Bank) (a,b)..... 2,800,000 2,800,000
(HSI Support Systems) 3.45% (Insured; MBIA and SBPA; Sun Bank) (a)...... 4,000,000 4,000,000
Lee County Industrial Development Authority, IDR, VRDN (The Christian
and Missionary Alliance Foundation-Shell Point Village Project)
2.75% (LOC; Banque Nationale de Paris) (a,b)............................ 700,000 700,000
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1994
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------ ------------
FLORIDA (CONTINUED)
Liberty County, IDR, VRDN, Refunding (Timber Energy Resource Project)
2.60% (LOC; Bank of Montreal) (a,b)..................................... $ 4,685,000 $ 4,685,000
Martin County Industrial Development Authority, IDR, VRDN (Indiantown Cogeneration)
2.40%, Series A (LOC; Credit Suisse) (a,b).............................. 3,200,000 3,200,000
Orange County Health Facilities Authority, RAN (Adventist Health System/Sunbelt)
3.75%, 4/6/95........................................................... 5,350,000 5,370,995
Palm Bay, Utility Revenue, Refunding (Palm Bay Utility Corp. Project)
2.50%, 10/1/94 (Insured; MBIA).......................................... 685,000 685,000
Palm Beach, Water and Sewer Revenue, VRDN 3.40% (LOC; Sanwa Bank) (a,b)..... 2,500,000 2,500,000
Pasco County Industrial Development Authority, Revenue, VRDN
(Woodhaven Partners Limited Project) 3% (LOC; Kredietbank) (a,b)........ 700,000 700,000
Pinellas County Health Facilities Authority, Revenue, Refunding, VRDN
(Pooled Hospital Loan Program) 3.40% (LOC; Chemical Bank) (a,b)......... 6,700,000 6,700,000
Putnam County Development Authority, PCR:
(NRU-Seminole Electric) 3.05%, Series H-3, 9/15/94 (Corp. Guaranty; National
Rural Utilities Cooperative Finance Corp.)............................ 3,200,000 3,200,000
(Seminole Electric Coop) 3.15%, Series D, 12/15/94 (Corp. Guaranty; National
Rural Utilities Cooperative Finance Corp.)............................ 7,000,000 7,000,000
Saint Lucie County, SWDR Revenue, VRDN (Florida Power and Light Co.
Project) 2.45% (Liquidity and Guaranteed by; Florida Power and Light Co.) (a) 2,200,000 2,200,000
Sarasota County Public Hospital District, HR, CP (Sarasota Memorial Hospital Project):
2.55%, Series A, 7/14/94 (LOC; Sumitomo Bank) (b)....................... 1,000,000 1,000,000
3.25%, Series C, 8/16/94 (LOC; Sumitomo Bank) (b)....................... 2,340,000 2,340,000
Sunshine State Governmental Financing Commision, Revenue, CP:
3%, 7/19/94 (LOC: Morgan Guaranty Trust Co., National Westminster Bank and
Union Bank of Switzerland) (b)........................................ 3,000,000 3,000,000
3.05%, 8/10/94 (LOC: Morgan Guaranty Trust Co., National Westminster Bank and
Union Bank of Switzerland) (b)........................................ 2,000,000 2,000,000
Volusia County Industrial Development Authority, Water and Sewer IDR, VRDN
(Southern States Utilities Project) 2.60% (LOC; Sun Bank) (a,b)......... 2,000,000 2,000,000
West Orange Memorial Hospital Tax District, Revenue, CP:
2.85%, Series A-1, 7/19/94 (LOC; Societe Generale) (b).................. 2,000,000 2,000,000
2.85%, Series A-2, 7/19/94 (LOC; Societe Generale) (b).................. 3,000,000 3,000,000
West Palm Beach, Utilities Systems Revenue 4.10%, Series B,10/1/94 (Insured; FGIC). 105,000 105,363
U.S. RELATED_3.8%
Commonwealth of Puerto Rico, TRAN 3%, Series A, 7/29/94..................... 4,000,000 4,003,213
------------
TOTAL INVESTMENTS (cost $104,049,843)....................................... $104,049,843
============
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DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation MFHR Multi-Family Housing Revenue
CP Commercial Paper MFMR Multi-Family Mortgage Revenue
FGIC Financial Guaranty Insurance Corporation PCR Pollution Control Revenue
FSA Financial Security Assurance RAN Revenue Anticipation Notes
HR Hospital Revenue SBPA Standby Bond Purchase Agreement
IDR Industrial Development Revenue SWDR Solid Waste Disposal Revenue
LOC Letter of Credit TRAN Tax and Revenue Anticipation Notes
MBIA Municipal Bond Insurance Association VRDN Variable Rate Demand Notes
</TABLE>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- ------- ----------------- --------------------
VMIG1/MIG1, P1 (c) SP1+/SP1, A1+/A1 (c) 92.4%
Aaa/Aa (d) AAA/AA (d) 7.6
------
100.0%
------
NOTES TO STATEMENT OF INVESTMENTS:
(a) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(b) Secured by letters of credit. At June 30, 1994, 55.5% of the Fund's
net assets are backed by letters of credit issued by domestic banks and
foreign banks.
(c) P1 and A1 are the highest ratings assigned tax-exempt commercial
paper by Moody's and Standard & Poor's, respectively.
(d) Notes which are not MIG or SP rated are represented by bond ratings
of the issuers.
See notes to financial statements.
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DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1994
ASSETS:
<S> <C> <C>
Investments in securities, at value-Note 1(a).......................... $104,049,843
Cash.................................................................... 1,549,366
Interest receivable..................................................... 517,024
Prepaid expenses-Note 1(e).............................................. 42,506
Due from The Dreyfus Corporation........................................ 114,448
------------
106,273,187
LIABILITIES:
Payable for investment securities purchased............................. $2,000,000
Accrued expenses ....................................................... 91,309 2,091,309
---------- ------------
NET ASSETS ................................................................ $104,181,878
============
REPRESENTED BY:
Paid-in capital......................................................... $104,182,676
Accumulated net realized (loss) on investments.......................... (798)
------------
NET ASSETS at value applicable to 104,182,676 shares outstanding
(unlimited number of $.001 par value shares of Beneficial Interest
authorized)............................................................. $104,181,878
============
NET ASSET VALUE, offering and redemption price per share
($104,181,878 / 104,182,676 shares)..................................... $1.00
=====
STATEMENT OF OPERATIONS
FROM OCTOBER 20, 1993 (COMMENCEMENT OF OPERATIONS) TO JUNE 30, 1994
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 1,020,670
EXPENSES:
Management fee-Note 2(a)............................................. $ 200,363
Registration fees..................................................... 35,638
Auditing fees......................................................... 20,105
Shareholder servicing costs........................................... 16,659
Shareholders' reports................................................. 11,288
Trustees' fees and expense-Note 2(c).................................. 8,154
Organization expense-Note 1(e)........................................ 7,138
Legal fees............................................................ 6,901
Custodian fees........................................................ 6,546
Miscellaneous......................................................... 2,020
----------
314,812
Less_expense reimbursement from Manager due to
undertaking-Note 2(a)............................................. 314,812
----------
TOTAL EXPENSES.................................................. __
------------
INVESTMENT INCOME-NET...................................................... 1,020,670
NET REALIZED (LOSS) ON INVESTMENTS.......................................... (798)
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 1,019,872
============
See notes to financial statements.
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
FROM OCTOBER 20, 1993 (COMMENCEMENT OF OPERATIONS) TO JUNE 30, 1994
OPERATIONS:
Investment income-net.................................................................... $ 1,020,670
Net realized (loss) on investments for the period......................................... (798)
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................................... 1,019,872
------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net.................................................................... (1,020,670)
------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold............................................................. 214,194,491
Dividends reinvested...................................................................... 888,983
Cost of shares redeemed................................................................... (111,000,798)
------------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS............................ 104,082,676
------------
TOTAL INCREASE IN NET ASSETS........................................................ 104,081,878
NET ASSETS:
Beginning of period-Note 1............................................................... 100,000
------------
End of period............................................................................. $104,181,878
============
See notes to financial statements.
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DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for the period October 20, 1993
(commencement of operations) to June 30, 1994. This information has been
derived from the Fund's financial statements.
PER SHARE DATA:
<S> <C>
Net asset value, beginning of period............................................................ $1.0000
------
INVESTMENT OPERATIONS:
Investment income-net.......................................................................... .0173
Net realized (loss) on investments.............................................................. --
-------
TOTAL FROM INVESTMENT OPERATIONS.............................................................. .0173
-------
DISTRIBUTIONS;
Dividends from investment income-net........................................................... (.0173)
-------
Net asset value, end of period.................................................................. $1.0000
=======
TOTAL INVESTMENT RETURN 2.50%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets......................................................... --
Ratio of net investment income to average net assets............................................ 2.55%*
Decrease reflected in above expense ratio due to undertaking by the Manager..................... .79%*
Net Assets, end of period (000's Omitted)....................................................... $ 104,182
- --------------
* Annualized.
See notes to financial statements.
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DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Florida Municipal Money Market Fund (the "Fund") was organized as
a Massachusetts business trust on March 12, 1992, and had no operations until
October 20, 1993 (when operations commenced). On November 16,1993, the Fund
was organized and registered as a non-diversified open-end management
investment company under the Investment Company Act of 1940 ("Act") and the
Securities Act of 1933 and the sale and issuance of 100,000 shares of
Beneficial Interest ("Initial Shares") to The Dreyfus Corporation
("Manager"). Dreyfus Service Corporation ("Distributor") acts as the
exclusive distributor of the Fund's shares, which are sold to the public
without a sales charge. The Distributor is a wholly-owned subsidiary of the
Manager.
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.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Trustees to represent the fair
value of the Fund's investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Interest income, adjusted
for amortization of premiums and, when appropriate, 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.
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. To
the extent that net realized capital gain can be offset by capital loss
carryovers, if any, 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 available of the
Internal Revenue Code, and to make distributions of income and net realized
capital gain sufficient to relieve it from substantially all Federal income
taxes.
(E) OTHER: Organization expenses paid by the Fund are included in prepaid
expenses and are being amortized to operations from October 20, 1993, the
date operations commenced, over the period during which it is expected that a
benefit will be realized, not to exceed five years. At June 30, 1994, the
unamortized balance of such expenses amounted to $40,447. In the event that
any of the Initial Shares are redeemed during the amortization period, the
redemption proceeds will be reduced by any unamortized organization expenses
in the same proportion as the number of such shares being redeemed bears to
the number of such shares outstanding at the time of such redemption.
At June 30, 1994, 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 FLORIDA MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .50 of 1% of the average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund for any full fiscal year. However, the Manager has
undertaken from October 20, 1993 through September 30, 1994 or until such
time as the net assets of the Fund exceed $150 million regardless of whether
they remain at that level, to reimburse all fees and expenses of the Fund.
The expense reimbursement, pursuant to the undertaking, amounted to $314,812
for the period ended June 30, 1994.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
the Distributor an amount not to exceed an annual rate of .25 of 1% of the
value of the Fund's average daily net assets for servicing 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 June 30, 1994,
no amounts were charged to the Fund pursuant to the Shareholder Services
Plan.
(C) Certain officers and trustees of the Fund are "affiliated persons,"
as defined in the Act, of the Manager and/or the Distributor. Each trustee
who is not an "affiliated person" receives an annual fee of $1,000 and an
attendance fee of $250 per meeting.
(D) On December 5, 1993, the Manager entered into an Agreement and Plan of
Merger (the "Merger Agreement") providing for the merger of the Manager with
a subsidiary of Mellon Bank Corporation ("Mellon").
Following the merger, it is planned that the Manager will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a number
of contingencies, including receipt of certain regulatory approvals and
approvals of the stockholders of the Manager and of Mellon. The merger is
expected to occur in August 1994, but could occur later.
As a result of regulatory requirements and the terms of the Merger
Agreement, the Manager will seek various approvals from the Fund's
shareholders before completion of the merger. Proxy materials, approved by
the Fund's Board, recently have been mailed to Fund shareholders.
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
We have audited the accompanying statement of assets and liabilities of
Dreyfus Florida Municipal Money Market Fund, including the statement of
investments, as of June 30, 1994, and the related statements of operations
and changes in net assets and financial highlights for the period from
October 20, 1993 (commencement of operations) to June 30,1994. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these financ
ial statements and financial highlights based on our audit.
We conducted our audit 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 June 30, 1994 by correspondence with the custodian and
brokers. 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 audit provides 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 Florida Municipal Money Market Fund at June 30, 1994, and
the results of its operations, the changes in its net assets and the
financial highlights for the period from October 20, 1993 (commencement of
operations) to June 30, 1994, in conformity with generally accepted
accounting principles.
(Ernst & Young LLP Signature Logo)
New York, New York
August 1, 1994
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during the period October 20, 1993
(commencement of operations) to June 30, 1994 as "exempt-interest dividends"
(not generally subject to regular Federal income tax and, for individuals who
are Florida residents, not subject to taxation by Florida).
(Dreyfus Logo)
Florida
Municipal
Money Market
Fund
Annual Report
June 30, 1994
(Dreyfus Lion Logo)
(Dreyfus `D' Logo)
DREYFUS FLORIDA MUNICIPAL
MONEY MARKET FUND
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 741AR946
Registration Mark
