PRESIDENT'S LETTER
Dear Shareholder:
We are pleased to provide you with this first semi-annual report for
the Dreyfus Florida Municipal Money Market Fund. For the period since the
Fund's inception on November 16, 1993 through December 31, 1993, the
annualized yield provided by your Fund was 2.40%. The annualized
effective yield was 2.43% after taking into account the effect of compounding.*
Dividends of approximately $.003 per share paid during the period were
exempt from Federal income tax.** Fund shares were exempt from the Florida
Intangibles Tax.
Your Fund has experienced rapid growth since its inception with
approximately $56 million in total net assets as of this report. These
assets are currently well diversified among issuers within the State of
Florida, with a current average maturity of approximately 28 days. We
continue to see strong demand for Florida-exempt securities in the short-
term market and, at times, expect that this heightened demand may result
in lower yields. Portfolio strategy during this start-up period has
emphasized diversification, high credit quality and a conservative
maturity structure, while seeking the best yields available within these
parameters. The securities currently held in your Fund's portfolio have
provided attractive yields relative to taxable alternatives while
maintaining our high quality standards.
Two key factors which can affect dramatically the available yields on
short-term municipal securities are short-term issuance and existing
supply. Typically, technical factors (i.e. supply/demand) in the municipal
money market cause rates to rise temporarily at year end resulting in a
temporary boost in yields. This increase in yields occurred again this year
as individuals and corporations tapped their money funds to meet seasonal
needs. Fortunately, we were able to lock in some of the attractive rates
available in the nine-month to one-year maturity range.
Yields declined early in January as cash flowed back into the tax
exempt money funds and demand for municipal notes increased as the
supply diminished. We anticipate supply to flow back into the short-term
market if some of the pending note issues are announced by their state
treasurers. This excess supply in the market may provide an opportunity to
purchase Florida-exempt securities that will further enhance your Fund's
value. We will continue to monitor the short-term market carefully and
will implement our investment strategy as we deem appropriate in order
to provide your Fund with as high a degree of quality and liquidity as is
consistent with our conservative management policies.
We have included a current Statement of Investments and recent
financial statements for your review and look foward to serving your
investment needs in the future.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
President
January 14, 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 DECEMBER 31, 1993 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
----------- -----------
<S> <C> <C>
FLORIDA-90.0%
Broward County Housing Finance Authority, Revenue, CP 2.40%, 4/8/94
(LOC: Industrial Bank of Japan, Mitsubishi Bank and Sumitomo Bank) (a)..... $ 700,000 $ 700,000
Clay County, Utilities Systems Revenue Bonds 2.60%, 11/1/94 (Insured; FGIC).... 225,000 225,000
Collier County Housing Finance Authority, MFHR, VRDN (River Reach Project)
3.10% (LOC; Morgan Guaranty International Bank) (a,b)...................... 1,100,000 1,100,000
Dade County, VRDN:
Industrial Development Authority:
Exempt Facilities Revenue, Refunding (Florida Power and Light Co.)
3.20% (Guaranteed by; Florida Power and Light Co.) (b)............. $ 1,000,000 1,000,000
IDR (Kar Printing Florida Project) 4.60% (LOC; ABN-Amro Bank) (a,b).... 2,425,000 2,425,000
IDR, Solid Waste (Montenay Limited Project) 3.20% (LOC; Banque
Nationale de Paris) (a,b).............................................. 3,000,000 3,000,000
Dade County Housing Finance Authority, MFMR, VRDN (Flamingo Plaza Apartments)
3.20% (LOC; The Bank of New York) (a,b).................................... 2,000,000 2,000,000
Florida Housing Finance Agency, MFHR, VRDN (Kings Colony Project)
3.125% (LOC; Bankers Trust) (a,b).......................................... 4,740,000 4,740,000
Florida Multi-Family Housing Finance Agency, VRDN (Monterey Meadow)
3.25% (LOC; Citibank) (a,b)................................................ 2,400,000 2,400,000
Florida Municipal Power Agency, Revenue:
Bonds (All Requirements Power Supply Project) 2.50%, 10/1/94
(Insured; AMBAC)....................................................... 350,000 350,000
CP (Initial Pooled Loan Project) 2.55%, 1/4/94
(LOC; Morgan Guaranty Trust) (a)....................................... 655,000 654,946
City of Gulf Breeze, Revenue, VRDN (Local Government Loan Program):
2.95% (Insured; FGIC) (b).................................................. 600,000 600,000
2.95% (Insured; FGIC and Liquidity; Bank of Tokyo) (b)..................... 800,000 800,000
Hillsborough County Industrial Development Authority, PCR, VRDN
(Tampa Electric Co. Project):
3.85% (Guaranteed by; Tampa Electric Co.) (b).......................... 1,400,000 1,400,000
4.25% (Guaranteed by; Tampa Electric Co.) (b).......................... 1,000,000 1,000,000
City of Jacksonville, VRDN:
Health Facilities Authority:
Health Facilities Revenue (HSI Support Systems) 4.30% (Insured; MBIA
and SBPA; Sun Bank) (b)............................................ 3,000,000 3,000,000
HR (Baptism Medical Center Project):
2.90% (LOC; First Union National Bank) (a,b)....................... 200,000 200,000
4.30% (Insured; MBIA and SBPA; Sun Bank) (b)....................... 1,800,000 1,800,000
HR (Baptism Medical Center Project) 3%
(LOC; First Union National Bank) (a,b)................................. 3,450,000 3,450,000
IDR (University of Florida Health Science Center) 3.15%
(LOC; Barnett Bank) (a,b).............................................. 2,000,000 2,000,000
Jacksonville Guaranteed Entitlement, Revenue Bonds, Refunding
4%, 10/1/94 (Insured; AMBAC)............................................... 400,000 404,402
Lee County Industrial Development Authority, IDR, VRDN (The Christian and
Missionary Alliance Foundation) 3.025% (LOC; Banque
Nationale de Paris) (a,b).................................................. 700,000 700,000
Martin County Industrial Development Authority, IDR, VRDN (Indiantown Cogeneration)
3.25% (LOC; Credit Suisse) (a,b)........................................... 2,200,000 2,200,000
Orange County Health Facilities Authority, Revenue, VRDN
(Adventist Health System/Sunbelt) 3% (LOC; Banque Paribas) (a,b)........... 1,900,000 1,900,000
Palm Beach, Water and Sewer Revenue, VRDN 4% (LOC; Sanwa Bank) (a,b)........... 600,000 600,000
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1993 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
----------- -----------
FLORIDA (CONTINUED)
Pasco County Industrial Development Authority, Revenue, VRDN
(Woodhaven Partners Limited Project) 3.275% (LOC; Kredietbank) (a,b)....... $ 700,000 $ 700,000
Pinellas County Health Facilities Authority, Revenue, Refunding, VRDN
(Pooled Hospital Loan Program) 4% (LOC; Chemical Bank) (a,b)............... 3,015,000 3,015,000
Putnam County Development Authority, PCR Bonds
(Seminole Electric) 2.70%, 3/15/94 (Corp. Guaranty; National Rural Utilities
Cooperative Finance Corp.)................................................. 1,000,000 1,000,000
Saint Lucie County, Solid Waste Disposal Revenue, VRDN (Florida Power and Light Co.
Project) 3.50% (Liquidity and Guaranteed by;
Florida Power and Light Co.) (b)........................................... 700,000 700,000
Sunshine State Governmental Financing Commision, Revenue, CP 2.20%, 4/12/94
(LOC: Morgan Guaranty Trust, National Westminster Bank and Union Bank
of Switzerland) (a)........................................................ 1,000,000 1,000,000
West Palm Beach, Utilities Systems Revenue Bonds 4.10%, 10/1/94
(Insured; FGIC)............................................................ 105,000 106,077
U.S. RELATED-10.0%
Commonwealth of Puerto Rico, TRAN 3%, 7/29/94.................................. 3,000,000 3,017,792
Puerto Rico Government Development Bank, Refunding, VRDN
2.80% (LOC: Credit Suisse and Sumitomo Bank) (a,b)......................... 2,000,000 2,000,000
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TOTAL INVESTMENTS (cost $50,188,199)........................................... $50,188,217
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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
HR Hospital Revenue SBPA Standby Bond Purchase Agreeement
IDR Industrial Development Revenue TRAN Tax and Revenue Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
MBIA Municipal Bond Insurance Association
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SUMMARY OF COMBINED RATINGS
MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- ------- ----------------- -------------------
VMIG1/MIG1, P1 (c) SP1+/SP1, A1+/A1 (c) 98.6%
Aaa/Aa (d) AAA/AA (d) 1.4
------
100.0%
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NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit. At December 31, 1993, 62.3% of the Fund's
net assets are backed by letters of credit issued by domestic banks,
foreign banks and brokerage firms.
(b) 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.
(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.
(e) At December 31, 1993, the Fund had $15,365,000 (27.5% of net assets)
invested in securities whose payment of prinicipal and
interest is dependent upon revenues generated from healthcare.
See notes to financial statements.
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DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1993 (UNAUDITED)
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $50,188,199)-see statement....................................... $50,188,217
Cash....................................................................... 5,852,395
Interest receivable........................................................ 151,565
Prepaid expenses-Note 1(e)................................................. 45,198
Due from The Dreyfus Corporation........................................... 41,384
-----------
56,278,759
LIABILITIES:
Payable for investment securities purchased................................ $ 350,000
Accrued expenses and other liabilities..................................... 86,734 436,734
----------- -----------
NET ASSETS..................................................................... $55,842,025
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REPRESENTED BY:
Paid-in capital............................................................ $55,842,007
Accumulated gross unrealized appreciation on investments................... 18
-----------
NET ASSETS at value applicable to 55,842,007 shares outstanding
(unlimited number of $.001 par value shares of Beneficial
Interest authorized)....................................................... $55,842,025
===========
NET ASSET VALUE, offering and redemption price per share
($55,842,025 / 55,842,007 shares).......................................... $1.00
=====
STATEMENT OF OPERATIONS
FROM OCTOBER 20, 1993 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 1993 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME............................................................ $ 37,800
EXPENSES:
Management fee-Note 2(a)............................................... $ 7,247
Registration fees...................................................... 19,243
Auditing fees.......................................................... 6,667
Shareholders' reports.................................................. 6,000
Shareholder servicing costs-Note 2(b).................................. 4,071
Organization expenses-Note 1(e)........................................ 2,379
Legal fees............................................................. 2,000
Custodian fees......................................................... 411
Miscellaneous.......................................................... 613
-----------
48,631
Less-expense reimbursement from Manager due to
undertaking-Note 2(a).............................................. 48,631
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TOTAL EXPENSES................................................. _-
-----------
INVESTMENT INCOME-NET.......................................................... 37,800
NET UNREALIZED APPRECIATION ON INVESTMENTS..................................... 18
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................... $ 37,818
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See notes to financial statements.
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DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
FROM OCTOBER 20, 1993 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 1993 (UNAUDITED)
OPERATIONS:
<S> <C>
Investment income-net...................................................... $ 37,800
Net unrealized appreciation on investments for the period.................. 18
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .................. 37,818
-----------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net...................................................... (37,800)
-----------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold.............................................. 58,348,461
Dividends reinvested....................................................... 37,142
Cost of shares redeemed.................................................... (2,643,596)
-----------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS........... 55,742,007
-----------
TOTAL INCREASE IN NET ASSETS....................................... 55,742,025
NET ASSETS:
Beginning of period-Note 1................................................. 100,000
-----------
End of period.............................................................. $55,842,025
===========
FINANCIAL HIGHLIGHTS (UNAUDITED)
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 December 31, 1993. This
information has been derived from information provided in the Fund's financial statements.
PER SHARE DATA:
Net asset value, beginning of period....................................... $1.0000
-------
INVESTMENT OPERATIONS:
Investment income-net...................................................... .0049
Net unrealized gain on investments......................................... -
-------
TOTAL FROM INVESTMENT OPERATIONS....................................... .0049
-------
DISTRIBUTIONS;
Dividends from investment income-net....................................... (.0049)
-------
Net asset value, end of period............................................. $1.0000
=======
TOTAL INVESTMENT RETURN 2.45%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.................................... -
Ratio of net investment income to average net assets....................... 2.61%*
Decrease reflected in above expense ratio due to undertaking
by the Manager......................................................... 3.35%*
Net Assets, end of period (000's Omitted).................................. $55,842
* Annualized.
See notes to financial statements.
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DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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) other
than matters relating to its organization and registration 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. As of December
31, 1993, the Manager held 15,132,493 shares. The Fund's fiscal year ends
on June 30.
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 investment.
(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 qualify as a
regulated investment company, which can distribute tax exempt dividends,
by complying with the provisions available to certain investment
companies, as defined in applicable sections of the Internal Revenue Code,
and to make distributions of income and net realized capital gain
sufficient to relieve it from all, or 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
December 31, 1993, the unamortized balance of such expenses amounted
to $45,206. 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 December 31, 1993, 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 (UNAUDITED) (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 March 31, 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 $48,631 for the period ended
December 31, 1993.
The undertaking may be modified by the Manager from time to time,
provided that the resulting expense
reimbursement would not be less than the amount required pursuant to the
Agreement.
(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 December 31, 1993, the Fund was charged an aggregate of
$4,000 pursuant to the Shareholders 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 providing for the merger of the Manager with a subsidiary
of Mellon Bank Corporation ("Mellon").
Following the merger, it is palnned 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 the receipt of certain regulatory
approvals and the approvals of the stockholders of the Manager and of
Mellon. The merger is expected to occur in mid-1994, but could occur
significantly later.
Because the merger will constitute an "assignment" of the Fund's
Management Agreement with the Manager under the Investment Company
Act of 1940, and thus a termination of such Agreement, the Manager will
seek prior approval from the Fund's Board and shareholders.
(Dreyfus Lion "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
DISTRIBUTOR
Dreyfus Service 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. 714SA9312
(Dreyfus Lion Logo)
Dreyfus
Florida
Municipal
Money Market
Fund
Semi-Annual
Report
December 31, 1993
