LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this semi-annual report for the
Dreyfus Florida Municipal Money Market Fund. For the six-month period ended
December 31, 1994, the annualized yield provided by your Fund was 3.20%. The
annualized effective yield was 3.25% after taking into account the effect of
compounding.* Dividends of approximately $.02 per share paid during the
period were exempt from Federal income tax and State of Florida Intangibles
Tax.**
Our last letter recapped the series of Federal Reserve Board moves
throughout the first half of 1994--moves designed to reach a more neutral
monetary policy stance in response to continued economic expansion. With
further evidence of economic strength in the latter half of the year, the
Federal Reserve Board continued its moves toward tighter policy. In two
successive moves in August and November, the Fed increased rates an
additional 175 basis points. By November 15, total monetary policy actions
taken in 1994 increased the Discount Rate from 3.00% to 4.75%; in addition,
the Federal Funds rate moved from 3.00% in February to 5.50% in November.
Throughout the year, yields on municipal money market funds increased in
response to these higher short-term rates.
One of the most significant events to occur in the second half of the
year which affected the short-term municipal market was the filing for
bankruptcy by Orange County, California. Your Fund holds only Florida-exempt
paper and therefore had no direct exposure to Orange County, California.
However, the uncertainty which existed at the time of the County's disclosure
created some temporary market weakness. While this allowed your Fund to take
advantage of some attractive buying opportunities in the six-month to
one-year range, most of the Fund's available proceeds were invested in the
short end of the yield curve in anticipation of additional Federal Reserve
activity in late January. We will continue to selectively invest in the
municipal note market, seeking out high quality issues while providing the
portfolio with a high level of diversity and liquidity.
We have included 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
Director, Municipal Portfolio Management
The Dreyfus Corporation
January 16, 1995
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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<CAPTION>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS--100.0% AMOUNT VALUE
-------------- --------------
<S> <C> <C>
FLORIDA--89.4%
Bay County, Hospital Systems Revenue (Bay Medical Center Project)
2.30%, 3/6/95 (Escrowed in; U.S. Treasury Bills)........................ $ 2,680,000 $ 2,680,000
Collier Housing Finance Authority, Multi-Family Revenue, VRDN (River Reach
Project) 5.50% (LOC; Morgan Guaranty Trust Co.) (a,b)....................... 1,100,000 1,100,000
Dade County, VRDN:
IDR, Solid Waste (Montenay-Dade Limited Project):
5.05%, Series 88A (LOC; Banque Paribas) (a,b)......................... 800,000 800,000
5.05%, Series A (LOC; Banque Paribas) (a,b)........................... 15,000,000 15,000,000
Water and Sewer Systems Revenue
4.95% (Insured; FGIC and LOC; Industrial Bank of Japan) (a,b)......... 4,000,000 4,000,000
Dade County Housing Finance Authority, MFMR, VRDN (Flamingo Plaza Apartments)
5.60%, Series 18 (LOC; The Bank of New York) (a,b)...................... 11,300,000 11,300,000
Dade County Industrial Development Authority, VRDN:
IDR (Kar Printing Florida Project) 5.45% (LOC; ABN-Amro Bank) (a,b)..... 2,275,000 2,275,000
Exempt Facilities Revenue, Refunding (Florida Power and Light Co.)
4.50% (Guaranteed by; Florida Power and Light Co.) (a)................ 9,600,000 9,600,000
Florida Board of Education, Cap Outlay, Revenue, Refunding (Public Education)
4%. Series A, 6/1/95.................................................... 1,845,000 1,847,126
Florida Housing Finance Agency:
MFHR, VRDN (Kings) 5.625% (LOC; Bankers Trust) (a,b).................... 4,740,000 4,740,000
Revenue (Home Ownership) 5.45%, Series G-3,
12/22/95 (LOC; Bayerische Landesbank) (b)............................. 7,000,000 7,000,000
Florida Local Government Finance Authority, Revenue, VRDN
(Governmental Unit Loan) 5.50%, Series A, Subseries 2
(Corporate Guaranty; FGIC Capital Marketing Services) (a)............... 9,000,000 9,000,000
Florida Municipal Power Agency, Revenue, CP (Pooled Loan Project)
4.40%, 1/19/95 (LOC; Morgan Guaranty Trust Co.) (b)..................... 1,155,000 1,155,000
Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue, CP
3.75%, 1/12/95 (LOC; Morgan Guaranty Trust Co.) (b)..................... 4,500,000 4,500,000
Gulf Breeze, Revenue, VRDN (Local Government Loan Program)
5.50% (Insured; FGIC and LOC; Credit Locale de France) (a,b)............ 2,565,000 2,565,000
Hillsborough County Industrial Development Authority, PCR, VRDN
(Tampa Electric Co. Project):
4.95% (Guaranteed by; Tampa Electric Co.) (a)......................... 9,200,000 9,200,000
Refunding 4.90% (Guaranteed by; Tampa Electric Co.) (a)............... 3,500,000 3,500,000
City of Jacksonville:
CP 4%, Series 94A, 2/13/95 (Liquidity: Credit Suisse, Dresdner Bank,
Morgan Guaranty Trust Co. and Morgan Guaranty, Delaware).............. 7,000,000 7,000,000
IDR, VRDN (University of Florida Health Science Center)
5.50% (LOC; Barnett Bank) (a,b)....................................... 2,000,000 2,000,000
PCR, Refunding, CP (Florida Power and Light Co. Project)
4.30%, 1/24/95 (Guaranteed by; Florida Power and Light Co.)........... 5,000,000 5,000,000
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
FLORIDA (CONTINUED)
Jacksonville Electric Authority, Revenue, CP:
4.40%, 1/10/95 (Revolving Credit Agreement; Morgan Guaranty Trust Co.).. $ 3,200,000 $ 3,200,000
3.70%, Series A, 2/15/95 (Liquidity; Morgan Guaranty Trust Co.)......... 2,300,000 2,300,000
(Saint John's River Power Project)
3.75%, 3/15/95 (Liquidity; Morgan Guaranty Trust Co.)................. 1,000,000 1,000,000
Jacksonville Health Facilities Authority, VRDN:
Health Facilities Revenue:
(Baptist Health Properties Project) 5% (LOC; Barnett Bank) (a,b)...... 6,300,000 6,300,000
(HSI Support Systems) 4.95% (Insured; MBIA) (a)....................... 7,100,000 7,100,000
(River Garden Project) 5.95% (LOC; Banque Paribas) (a,b).............. 2,805,000 2,805,000
HR:
(Baptism Medical Center Project) 5.25% (LOC; First Union National Bank) (a,b) 9,000,000 9,000,000
(Baptist Medical Center Project) 4.95% (Insured; MBIA and LOC; Sun Bank) (a,b) 5,000,000 5,000,000
Lake County Industrial Development Authority, IDR, VRDN (Novelty Crystal
Project) 5.45% (LOC; ABN-Amro Bank) (a,b)................................... 1,525,000 1,525,000
Lee County Industrial Development Authority, IDR, VRDN
(The Christian and Missionary Alliance Foundation-Shell Point Village
Project) 5.375% (LOC; Banque Nationale de Paris) (a,b)...................... 700,000 700,000
Liberty County, IDR, VRDN, Refunding (Timber Energy Resource Project)
5.60% (LOC; Bank of Montreal) (a,b)..................................... 4,525,000 4,525,000
Martin County, VRDN:
PCR, Refunding (Florida Power and Light Co. Project)
5% (Guaranteed by; Florida Power and Light Co.) (a)................... 3,200,000 3,200,000
SWDR (Florida Power and Light Co.)
4.60% (Guaranteed by; Florida Power and Light Co.) (a)................ 2,700,000 2,700,000
Martin County Industrial Development Authority, IDR, VRDN
(Montery Marine Project) 5.45% (LOC; ABN-Amro Bank) (a,b)............... 1,400,000 1,400,000
Martin County School District, TAN:
4.35%, 6/30/95.......................................................... 6,000,000 6,012,833
4.68%, 6/30/95.......................................................... 2,500,000 2,508,167
City of Miami, TAN 5%, 9/28/95.............................................. 7,000,000 7,047,305
Palm Beach, Water and Sewer Revenue, VRDN 4.90% (LOC; Sanwa Bank) (a,b)..... 2,400,000 2,400,000
Palm Beach School District, TAN 4.75%, 9/13/95.............................. 2,000,000 2,010,074
Pasco County Industrial Development Authority, Revenue, VRDN:
(Windsor Woods Project) 5.75% (LOC; Kredietbank) (a,b).................. 3,500,000 3,500,000
(Woodhaven Partners Limited Project) 5.625% (LOC; Kredietbank) (a,b).... 700,000 700,000
Pinellas County Health Facilities Authority, Revenue, Refunding, VRDN
(Pooled Hospital Loan Program) 4.90% (LOC; Chemical Bank) (a,b)......... 22,500,000 22,500,000
Putnam County Development Authority, PCR:
(Seminole Electric) 3.75%, Series H-4, 3/15/95
(Corp. Guaranty; National Rural Utilities Cooperative Finance Corp.).. 3,500,000 3,500,000
(Seminole Electric Coop) 4.25%, Series D, 6/15/95
(Corp. Guaranty; National Rural Utilities Cooperative Finance Corp.).. 7,000,000 7,000,000
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
-------------- --------------
FLORIDA (CONTINUED)
Saint Lucie County, PCR, Refunding: (Florida Power and Light Co. Project):
CP:
4.10%, 2/8/95 (Guaranteed by; Florida Power and Light Co.)............ $ 2,000,000 $ 2,000,000
5%, Series A, 2/8/95 (Guaranteed by; Florida Power and Light Co.)..... 4,000,000 4,000,000
VRDN 6.50% (Guaranteed by; Florida Power and Light Co.) (a)............. 1,500,000 1,500,000
Saint Lucie County, SWDR, VRDN (Florida Power and Light Co.)
4.60% (Guaranteed by and Liquidity; Florida Power and Light Co.) (a).... 9,000,000 9,000,000
Sarasota County Public Hospital District, HR, CP (Sarasota Memorial Hospital
Project):
4.40%, Series A, 1/19/95 (LOC; Sumitomo Bank) (b)....................... 1,000,000 1,000,000
4.40%, Series C, 1/19/95 (LOC; Sumitomo Bank) (b)....................... 3,340,000 3,340,000
Sunshine State Governmental Financing Commision, Revenue, CP:
3.55%, 1/18/95 (LOC: Morgan Guaranty Trust Co., National Westminster Bank
and Union Bank of Switzerland) (b).......................................... 3,000,000 3,000,000
3.70%, 2/8/95 (LOC: Morgan Guaranty Trust Co., National Westminster Bank
and Union Bank of Switzerland) (b).......................................... 2,000,000 2,000,000
3.90%, Series B, 2/14/95................................................ 4,000,000 4,000,000
Volusia County Industrial Development Authority, Water and Sewer IDR, VRDN
(Southern States Utilities Project) 5.75% (LOC; Sun Bank) (a,b)......... 2,000,000 2,000,000
West Orange Memorial Hospital Tax District, Revenue, CP:
4.25%, Series A-2, 2/7/95 (LOC; Rabobank Nederland) (b)................. 2,300,000 2,300,000
3.55%, Series A-1, 2/14/95 (LOC; Societe Generale) (b).................. 2,000,000 2,000,000
3.55%, Series A-2, 2/14/95 (LOC; Societe Generale) (b).................. 3,300,000 3,300,000
U.S. RELATED--10.6%
Commonwealth of Puerto Rico, VRDN:
Governmental Development Bank, Refunding 5.15% (LOC; Credit Suisse) (a,b) 10,950,000 10,950,000
Highway and Transportation Authority, Highway Revenue 5%, Series X
(LOC: Landesbank Henson, Swiss Bank Corp. and
Union Bank of Switzerland) (a,b)...................................... 15,000,000 15,000,000
Puerto Rico Industrial Medical and Environmental Pollution Control Facilities
Financing Authority, Revenue 4%, 9/1/95 (LOC; ABN-Amro Bank) (b)........ 4,000,000 4,002,583
--------------
TOTAL INVESTMENTS (cost $281,588,088)....................................... $281,588,088
==============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
CP Commercial Paper MFHR Multi-Family Housing Revenue
FGIC Financial Guaranty Insurance Company MFMR Multi-Family Mortgage Revenue
HR Hospital Revenue PCR Pollution Control Revenue
IDR Industrial Development Revenue SWDR Solid Waste Disposal Revenue
LOC Letter of Credit TAN Tax Anticipation Notes
MBIA Municipal Bond Investors Assurance VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- --------- -------------------- -----------------------
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 97.1%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 1.9
Not Rated (f) Not Rated (f) Not Rated (f) 1.0
--------
100.0%
======
</TABLE>
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 December 31, 1994, 55.7% of the
Fund's net assets are backed by letters of credit issued by domestic
banks and foreign banks.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) P1 and A1 are the highest ratings assigned tax-exempt commercial
paper by Moody's and Standard & Poor's, respectively.
(e) Notes which are not F, MIG or SP rated are represented by bond
ratings of the issuers.
(f) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's have been determined by the Fund's Board of Trustees to be of
comparable quality to those rated securities in which the Fund may
invest.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value--Note 1(a).......................... $281,588,088
Cash.................................................................... 12,422,013
Interest receivable..................................................... 1,279,105
Prepaid expenses........................................................ 87,839
Due from The Dreyfus Corporation........................................ 19,930
--------------
295,396,975
LIABILITIES:
Payable for investment securities purchased............................. $7,000,000
Accrued expenses and other liabilities.................................. 117,873 7,117,873
------------ --------------
NET ASSETS ................................................................ $288,279,102
==============
REPRESENTED BY:
Paid-in capital......................................................... $288,298,550
Accumulated net realized (loss) on investments.......................... (19,448)
--------------
NET ASSETS at value applicable to 288,298,550 outstanding shares of
Beneficial Interest, equivalent to $1.00 per share
(unlimited number of $.001 par value shares authorized)................. $288,279,102
==============
STATEMENT OF OPERATIONS SIX MONTHS ENDED DECEMBER 31, 1994 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 2,439,733
EXPENSES:
Management fee--Note 2(a)............................................. $ 351,657
Registration fees..................................................... 62,864
Shareholder servicing costs........................................... 26,273
Legal fees............................................................ 23,356
Custodian fees........................................................ 11,405
Auditing fees......................................................... 10,280
Trustees' fees and expenses_Note 2(c)................................. 7,733
Shareholders' reports................................................. 5,093
Miscellaneous......................................................... 6,624
------------
505,285
Less_expense reimbursement from Manager due to
undertakings_Note 2(a)............................................ 371,587
------------
TOTAL EXPENSES.................................................... 133,698
--------------
INVESTMENT INCOME--NET...................................................... 2,306,035
NET REALIZED (LOSS) ON INVESTMENTS--Note 1(b)............................... (18,650)
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 2,287,385
==============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
JUNE 30, DECEMBER 31, 1994
1994* (UNAUDITED)
-------------- -------------------
<S> <C> <C>
OPERATIONS:
Investment income--net............................................... $ 1,020,670 $ 2,306,035
Net realized (loss) on investments................................... (798) (18,650)
------------ --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............... 1,019,872 2,287,385
------------ --------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net............................................... (1,020,670) (2,306,035)
------------ --------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................ 214,194,491 277,586,601
Dividends reinvested................................................. 888,983 2,034,467
Cost of shares redeemed.............................................. (111,000,798) (95,505,194)
------------ --------------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS....... 104,082,676 184,115,874
------------ --------------
TOTAL INCREASE IN NET ASSETS................................... 104,081,878 184,097,224
NET ASSETS:
Beginning of period.................................................. 100,000 104,181,878
------------ --------------
End of period........................................................ $104,181,878 $288,279,102
============ =============
* From October 20, 1993 (commencement of operations) to June 30, 1994.
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
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 each period indicated. This
information has been derived from the Fund's financial statements.
YEAR ENDED SIX MONTHS ENDED
JUNE 30, DECEMBER 31, 1994
PER SHARE DATA: 1994(1) (UNAUDITED)
-------------- ---------------------
<S> <C> <C>
Net asset value, beginning of period................................ $1.0000 $1.0000
-------- --------
INVESTMENT OPERATIONS:
Investment income--net.............................................. .0173 .0162
Net realized (loss) on investments.................................. -- (.0001)
-------- --------
TOTAL FROM INVESTMENT OPERATIONS.................................. .0173 .0161
-------- --------
DISTRIBUTIONS;
Dividends from investment income--net............................... (.0173) (.0162)
-------- --------
Net asset value, end of period...................................... $1.0000 $ .9999
======= =======
TOTAL INVESTMENT RETURN 2.50%(2) 3.23%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets............................. -- .19%(2)
Ratio of net investment income to average net assets................ 2.55%(2) 3.28%(2)
Decrease reflected in above expense ratios due to undertakings
by the Manager.................................................... .79%(2) .53%(2)
Net Assets, end of period (000's Omitted)........................... $104,182 $288,279
- -----------------
(1) From October 20, 1993 (commencement of operations) to June 30, 1994.
(2) Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a non-diversified open-end management investment company. Dreyfus Service
Corporation, until August 24, 1994, acted as the exclusive distributor of the
Fund's shares, which are sold to the public without a sales charge. Dreyfus
Service Corporation is a wholly-owned subsidiary of The Dreyfus Corporation
("Manager"). Effective August 24, 1994, the Manager became a direct
subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Administration Services, Inc., a provider of
mutual fund administration services, the parent company of which is Boston
Institutional Group, Inc.
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 of $1.00.
(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 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.
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
and excise taxes.
At December 31, 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 (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 had
undertaken from July 1, 1994 through October 4, 1994 to reimburse all fees
and expenses of the Fund, and thereafter, had undertaken through November 20,
1994 to reduce the management fee paid by the Fund to the extent that the
Fund's aggregate expenses (excluding certain expenses as described above)
exceeded specified annual percentages of the Fund's average daily net assets.
The Manager has currently undertaken from November 21, 1994 through March 31,
1995, or until such time as the net assets of the Fund exceed $500 million,
regardless of whether they remain at that level, to waive receipt of the
management fee paid by the Fund in excess of an annual rate of .15 of 1% of
the Fund's average daily net assets. The expense reimbursement, pursuant to
the undertakings, amounted to $371,587 for the six months ended December 31,
1994.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation 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 six months
ended December 31, 1994, no amounts were charged to the Fund pursuant to the
Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and trustees of the Fund
were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each trustee who is not an "affiliated person"
receives an annual fee of $1,000 and an attendance fee of $250 per meeting.
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF TRUSTEES
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus Florida Municipal Money Market Fund, including the statement of
investments, as of December 31, 1994, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended December 31, 1994. These financial statements and
financial highlights are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets and financial
highlights from October 20, 1993 (commencement of operations) to June 30,
1994 and in our report dated August 1, 1994, we expressed an unqualified
opinion on such statement of changes in net assets and financial highlights.
(Ernst & Young LLP Signature Logo)
New York, New York
February 6, 1995
(Dreyfus `D' Logo)
DREYFUS FLORIDA 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
90 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.
(Dreyfus Logo)
Printed in U.S.A. 741SA9412
Florida Municipal
Money Market
Fund
Semi-Annual
Report
December 31, 1994
(Dreyfus Lion Logo)
