DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this annual report for the Dreyfus
Florida Municipal Money Market Fund, Inc. For the period ended June 30, 1995,
the yield provided by your Fund was 3.45%. The effective yield was 3.50%
after taking into account the effect of compounding.* Income dividends of
approximately $.034 per share paid during the period were exempt from Federal
and State of Florida intangible taxes.**
Federal Reserve Board action since our last letter included one 50
basis-point tightening move on February 1, which represented a decrease in
magnitude from previous actions. The fact that the increase was smaller
reflected, in part, the belief that some slowing in the economy had occurred.
However, as some economic indicators had continued to conflict with that
sentiment, the argument for a move, even a more moderate hike, appeared to be
in order. Shortly thereafter, economic indicators supported the view that
inflationary pressures had abated enough to allow for a modest downward
adjustment in interest rates. At the July 6, 1995 Federal Open Market
Committee meeting, the Federal Reserve Board made a decision to lower
interest rates for the first time since September, 1992. In anticipation of
such a move by the Federal Reserve Board, and in an effort to provide
attractive yields, many money market fund managers chose to extend the
average maturities of their portfolios.
While market fundamentals do affect the short-term municipal market, the
overriding influence continues to be market technicals (i.e. supply/demand).
Since the rates on those securities in the portfolio that provide the highest
degree of liquidity (1-day and 7-day demand notes) are adjusted on a daily or
weekly basis, your Fund's yield reflects these rapid adjustments and
fluctuates accordingly. In addition, the entire tax-exempt note market came
under supply pressures during late June and early July as demand outstripped
supply. The temporary imbalance placed downward pressure on rates. Recently,
market conditions have begun to stabilize and yields have returned to more
attractive levels. However, over the coming months supply and demand
conditions could still result in market weakness, thereby providing
additional buying opportunities. This does not rule out the possibility of
another Fed easing before September; nevertheless, we would expect the
market's technical factors to outweigh the effect of any further monetary
action.
In the wake of the Orange County, California bankruptcy filing in
December, we continue to use our credit research facilities to locate those
credits which achieve our high internal standards, and which provide your
Fund with attractive returns. 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
July 17, 1995
New York, N.Y.
* 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.
<TABLE>
<CAPTION>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS JUNE 30, 1995
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
------ -------
<S> <C> <C>
FLORIDA-97.5%
Broward County, Sales Tax Revenue, CP
3.30%, Series A, 9/12/95 (LOC; Mitsubishi Bank) (a)..................... $ 1,500,000 $ 1,500,000
Collier County Housing Finance Authority, Multi-Family Revenue, VRDN
(River Reach Project) 4% (LOC; Morgan Guaranty Trust Co.) (a,b)......... 1,100,000 1,100,000
Dade County, VRDN:
IDR, Solid Waste (Montenay-Dade Limited Project):
4.45%, Series 88A (LOC; Banque Paribas) (a,b)......................... 800,000 800,000
4.45%, Series A (LOC; Banque Paribas) (a,b)........................... 11,000,000 11,000,000
Water and Sewer Systems Revenue
4.20% (Insured; FGIC and LOC; Industrial Bank of Japan) (a,b)......... 2,000,000 2,000,000
Dade County Industrial Development Authority, IDR, VRDN
(Kar Printing Florida Project) 4.35% (LOC; ABN-Amro Bank) (a,b)......... 2,275,000 2,275,000
Florida Division Board of Finance Department, General Service Revenue
(Department of Environmental-Preservation 2000) 5% Series D, 7/1/96 (Insured; AMBAC)... 5,000,000 5,066,528
Florida Housing Finance Agency, MFHR, VRDN (Kings Colony Project)
4.125% (LOC; Bankers Trust) (a,b)....................................... 4,740,000 4,740,000
Florida Municipal Power Agency, Revenue, CP (Pooled Loan Project)
3.95%, 8/17/95 (LOC; First Union National Bank of North Carolina) (a)... 4,000,000 4,000,000
City of Gainesville, Utilities System Revenue, CP
3.30%, Series C, 9/19/95 (Line of Credit: Bank of America and Sunbank).. 2,000,000 2,000,000
Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue, CP
4.25%, 7/17/95 (LOC; Morgan Guaranty Trust Co.) (a)..................... 3,312,000 3,312,000
Hillsborough County Industrial Development Authority, PCR, VRDN
(Tampa Electric Co. Project) 4.10% (Guaranteed by; Tampa Electric Co.) (b) 11,000,000 11,000,000
Indian Trace Community Development District, VRDN (Basin 1 Water Management)
4.15%, Series A (Insured; MBIA) (b)..................................... 5,600,000 5,600,000
City of Jacksonville:
CP 4.10%, Series 94A, 7/19/95 (Liquidity: Credit Suisse, Dresdner Bank,
Morgan Guaranty Trust Co. and Morgan Guaranty, Delaware).............. 4,000,000 4,000,000
IDR, VRDN (University of Florida Health Science Center)
4.50% (LOC; Barnett Bank) (a,b)....................................... 2,000,000 2,000,000
Jacksonville Electric Authority, Revenue, CP (Saint John's River Power
Project) 3.10%, 8/7/95 (Liquidity; Morgan Guaranty Trust Co.).................... 1,000,000 1,000,000
Jacksonville Health Facilities Authority, VRDN:
Health Facilities Revenue (Baptist Health Properties Project)
4.40% (LOC; Barnett Bank) (a,b)....................................... 6,300,000 6,300,000
HR (Baptist Medical Center Project) 4.95% (Insured; MBIA and LOC; Sunbank) (a,b) 4,000,000 4,000,000
Lake County Industrial Development Authority, IDR, VRDN (Novelty Crystal
Project) 4.35% (LOC; ABN-Amro Bank) (a,b)........................................ 1,450,000 1,450,000
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------- -------
FLORIDA (CONTINUED)
Lee County Industrial Development Authority, IDR, VRDN (The Christian
and Missionary Alliance Foundation-Shell Point Village Project)
3.50% (LOC; Banque Nationale de Paris) (a,b)............................ $ 700,000 $ 700,000
Liberty County, IDR, VRDN, Refunding (Timber Energy Resource Project)
4.10% (LOC; Bank of Montreal) (a,b)..................................... 4,525,000 4,525,000
Martin County, SWDR, VRDN (Florida Power and Light Co. Project)
4.10% (Guaranteed by; Florida Power and Light Co.) (b).................. 2,700,000 2,700,000
Martin County Industrial Development Authority, IDR, VRDN
(Monterey Marine Inc. Project) 4.35% (LOC; ABN-Amro Bank) (a,b)......... 1,400,000 1,400,000
City of Miami, TAN 5%, 9/28/95.............................................. 9,000,000 9,018,924
Orange County School District, RAN 4.50%, Series A, 6/25/96................. 5,000,000 5,038,861
Palm Beach County School District, TAN 4.75%, 9/13/95....................... 3,000,000 3,004,731
Pasco County Industrial Development Authority, Revenue, VRDN:
(Windsor Woods Project) 4.75% (LOC; Kredietbank) (a,b).................. 3,500,000 3,500,000
(Woodhaven Partners Limited Project) 4.625% (LOC; Kredietbank) (a,b).... 700,000 700,000
Pinellas County Health Facilities Authority, Revenue, Refunding, VRDN
(Pooled Hospital Loan Program) 4.20% (LOC; Chemical Bank) (a,b)......... 4,000,000 4,000,000
Putnam County Development Authority, PCR:
(Seminole Electric) 4.30%, Series H-4, 9/15/95 (Corp. Guaranty; National
Rural Utilities Cooperative Finance Corp.)............................ 3,435,000 3,435,000
(Seminole Electric Coop) 3.40%, Series D, 12/15/95 (Corp. Guaranty;
National Rural Utilities Cooperative Finance Corp.)............................ 9,000,000 9,000,000
Saint Lucie County, PCR, Refunding, CP (Florida Power and Light Co. Project)
3.70%, Series B, 9/14/95 (Guaranteed by; Florida Power and Light Co.)... 6,000,000 6,000,000
Sarasota County Public Hospital District, HR, CP (Sarasota Memorial Hospital
Project) 4%, Series A, 8/16/95 (LOC; Sumitomo Bank) (a).......................... 2,000,000 2,000,000
Sarasota Health Facilities Authority, HR, VRDN (Venice Hospital Project)
4.25% (LOC; Kredietbank) (a,b).......................................... 3,800,000 3,800,000
Sunshine State Governmental Financing Commission, Revenue, CP:
3.10%, 8/7/95 (LOC: Fuji Bank, Mitsui Bank and Sumitomo Bank) (a)....... 2,000,000 2,000,000
3.90%, 8/8/95 (LOC: Morgan Guaranty Trust Co., National Westminster Bank
and Union Bank of Switzerland) (a)........................................ 2,000,000 2,000,000
3.95%, 8/15/95 (LOC: Morgan Guaranty Trust Co., National Westminster Bank
and Union Bank of Switzerland) (a)........................................ 7,065,000 7,065,000
4.15%, Series B, 8/16/95 (LOC: Morgan Guaranty Trust Co., National
Westminster Bank and Union Bank of Switzerland) (a)............................... 4,000,000 4,000,000
Volusia County Industrial Development Authority, Water and Sewer IDR, VRDN
(Southern States Utilities Project) 4.25% (LOC; Sun bank) (a,b)......... 2,000,000 2,000,000
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1995
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------- -------
FLORIDA (CONTINUED)
West Orange Memorial Hospital Tax District, Revenue, CP (Series A-2):
4.15%, 7/19/95 (LOC; Rabobank Nederland) (a)............................ $ 2,000,000 $ 2,000,000
4.05%, 8/15/95 (LOC; Rabobank Nederland) (a)............................ 2,200,000 2,200,000
4.15%, 8/15/95 (LOC; Rabobank Nederland) (a)............................ 5,100,000 5,100,000
U.S. RELATED-2.5%
Puerto Rico Industrial Medical and Environmental Pollution Control Facilities
Financing Authority, Revenue 4%, 9/1/95 (LOC; ABN-Amro Bank) (a)........ 4,000,000 4,000,659
---------
TOTAL INVESTMENTS (cost $162,331,703)....................................... $162,331,703
===========
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation MFHR Multi-Family Housing Revenue
CP Commercial Paper PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Company RAN Revenue Anticipation Notes
HR Hospital Revenue SWDR Solid Waste Disposal Revenue
IDR Industrial Development Revenue TAN Tax Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
MBIA Municipal Bond Investors Assurance
Insurance Corporation
</TABLE>
<TABLE>
<CAPTION>
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) 96.9%
Not Rated (e) Not Rated (e) Not Rated (e) 3.1
----
100.0%
====
</TABLE>
NOTES TO STATEMENT OF INVESTMENTS:
(a) Secured by letters of credit. At June 30, 1995, 55.2% of the Fund's
net assets are backed by letters of credit issued by domestic banks and
foreign banks.
(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) 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) 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 notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1995
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $162,331,703
Cash.................................................................... 2,162,416
Interest receivable..................................................... 1,165,742
Due from The Dreyfus Corporation........................................ 41,708
Prepaid expenses........................................................ 23,718
-----------
165,725,287
LIABILITIES;
Accrued expenses and other liabilities.................................. 155,661
----------
NET ASSETS ................................................................ $165,569,626
===========
REPRESENTED BY:
Paid-in capital......................................................... $165,595,515
Accumulated net realized (loss) on investments.......................... (25,889)
-----------
NET ASSETS at value applicable to 165,595,515 shares outstanding
(unlimited number of $.001 par value shares of Beneficial Interest
authorized)............................................................. $165,569,626
===========
NET ASSET VALUE, offering and redemption price per share
($165,569,626 / 165,595,515 shares)..................................... $1.00
=====
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF OPERATIONS YEAR ENDED JUNE 30, 1995
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $5,906,242
EXPENSES:
Management fee-Note 2(a).............................................. $ 796,211
Shareholder servicing costs........................................... 132,106
Legal fees............................................................ 26,992
Custodian fees........................................................ 21,677
Auditing fees......................................................... 20,820
Registration fees..................................................... 19,992
Trustees' fees and expenses-Note 2(c)................................. 18,853
Prospectus and shareholders' reports.................................. 5,263
Miscellaneous......................................................... 17,067
---------
1,058,981
Less-reduction in management fee due to
undertakings-Note 2(a)............................................ 726,667
--------
TOTAL EXPENSES.................................................. 332,314
---------
INVESTMENT INCOME-NET....................................................... 5,573,928
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b)................................ (25,091)
---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $5,548,837
=========
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED JUNE 30,
--------------------
1994* 1995
-------- --------
<S> <C> <C>
OPERATIONS:
Investment income-net................................................... $ 1,020,670 $ 5,573,928
Net realized (loss) on investments for the year......................... (798) (25,091)
--------- ---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 1,019,872 5,548,837
--------- --------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net................................................... (1,020,670) (5,573,928)
--------- ---------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................... 214,194,491 408,258,832
Dividends reinvested.................................................... 888,983 4,673,437
Cost of shares redeemed................................................. (111,000,798) (351,519,430)
----------- -----------
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.......... 104,082,676 61,412,839
----------- -----------
TOTAL INCREASE IN NET ASSETS...................................... 104,081,878 61,387,748
NET ASSETS:
Beginning of year....................................................... 100,000 104,181,878
----------- -----------
End of year............................................................. $ 104,181,878 $ 165,569,626
=========== ===========
* From October 20, 1993 (commencement of operations) to June 30, 1994.
</TABLE>
See notes to financial statements.
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 year indicated. This
information has been derived from the Fund's financial statements.
<TABLE>
<CAPTION>
YEAR ENDED JUNE 30,
------------------
PER SHARE DATA: 1994(1) 1995
---- ----
<S> <C> <C>
Net asset value, beginning of year............................................... $1.0000 $1.0000
------ ------
INVESTMENT OPERATIONS:
Investment income-net............................................................ .0173 .0345
Net realized (loss) on investments............................................... - (.0002)
------ ------
TOTAL FROM INVESTMENT OPERATIONS............................................... .0173 .0343
------ ------
DISTRIBUTIONS;
Dividends from investment income-net............................................. (.0173) (.0345)
------ ------
Net asset value, end of year..................................................... $1.0000 $ .9998
====== ======
TOTAL INVESTMENT RETURN.............................................................. 2.50%(2) 3.50%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.......................................... - .21%
Ratio of net investment income to average net assets............................. 2.55%(2) 3.50%
Decrease reflected in above expense ratios due to undertakings
by the Manager................................................................. .79%(2) .46%
Net Assets, end of year (000's Omitted).......................................... $104,182 $165,570
- ---------------------------------
(1) From October 20, 1993 (commencement of operations) to June 30, 1994.
(2) Annualized.
</TABLE>
See notes to financial statements.
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
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 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 FDI Distribution Services, Inc., a provider of mutual
fund administration services, which in turn is a wholly-owned subsidiary of
FDI Holdings, Inc., 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, 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.
The Fund has an unused capital loss carryover of approximately $2,500
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to June 30, 1995. The
carryover does not include net realized securities losses from November 1,
1994 through June 30, 1995 which are treated, for Federal income tax
purposes, as arising in fiscal 1996. If not applied, the carryover expires in
fiscal 2003.
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
At June 30, 1995, 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).
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 July 19,
1995, 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 July 20, 1995 through September 30,
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 reduction in management fee,
pursuant to the undertakings, amounted to $726,667 for the year ended June
30, 1995.
(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 year ended
June 30, 1995, the Fund was charged an aggregate of $75,000 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.
The Chairman of the Board receives an additional 25% of such compensation.
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, 1995, and the related statement of operations for
the year then ended, the statement of changes in net assets for each of the
two years in the period then ended, and financial highlights for each of the
years indicated therein. 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 June 30, 1995 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 Dreyfus Florida Municipal Money Market Fund at June 30, 1995, the
results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and the financial
highlights for each of the indicated years, in conformity with generally
accepted accounting principles.
[Ernst and Young LLP signature logo]
New York, New York
August 4, 1995
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during the fiscal year ended June
30, 1995 as "exempt-interest dividends" (not subject to regular Federal
income tax and, for individuals who are Florida residents, not subject to
taxation by Florida).
[Dreyfus lion "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.
Printed in U.S.A. 741AR956
[Dreyfus logo]
Florida Municipal
Money Market
Fund
Annual Report
June 30, 1995
