DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus Florida
Municipal Money Market Fund. For its six-month reporting period ended
December 31, 1995, your Fund produced an annualized yield of 3.34% per share.
Income dividends of approximately $.017 per share were paid during the
period. Reinvesting these dividends and calculating the effect of compounding
resulted in an annualized effective yield of 3.39%.* These dividends were
exempt from Federal income tax and State of Florida Intangible Tax, although
some income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders.
THE ECONOMY
Additional evidence that economic activity remained sluggish and that
inflation continued to be under control moved the Federal Reserve to further
ease the Federal Funds rate in December. This was the second reduction for
this important short-term rate in 1995, the first occurring in July. The
latest 25-basis- point reduction in December put the rate at 5.50%. Major
incentives for this additional reduction were the inflation report in
November - the Consumer Price Index was flat for the first time in 4 1/2
years - and the generally slow rate of economic growth. As in July, the
Federal Reserve left the discount rate at 5.25%, the level it maintained
throughout 1995.
Signs of economic slowdown increased during the latter half of the year.
Weakening retail sales and very modest industrial production lent credence to
fears about the possibility of recession. Consumer spending was inhibited
last year by the slow rate of new job creation, sluggish growth in wages and
salaries, and the continued spread of corporate cost-related layoffs. The
lethargic pace of consumer spending last year culminated in one of the worst
holiday sales periods since the business slump in 1990-1991, despite steep
price markdowns by retailers.
Industrial production climbed modestly during the year. By November, the
nation's factories operated at only 83.1% of capacity, down for the third
consecutive month. This was a reflection of weakening demand and further
evidence of the diminishing pressure to raise prices. Furthermore,
inventories built up by year-end, another sign of slackening demand.
The political stalemate in Washington over the balanced budget adds
additional uncertainty to the economy; ultimately an accord will be reached
and fiscal policy will likely be a restraining force on the economy. As we go
forward without a budget agreement, so we believe, reductions in annually
appropriated spending will tend to retard the economy. With an agreement, the
combination of cuts in appropriations and other spending reductions should
have the same effect.
There are strong indications that inflation is under control. Until
midyear 1995, fear of inflation was the overriding concern of the Federal
Reserve. Now, the focus seems to have shifted to actions designed to avoid
recession. In an election year, few things are less desirable for political
incumbents than recession.
MARKET ENVIRONMENT
In addition to the effect on the short-term municipal market of rate
reductions by the Federal Reserve Board, technical factors (i.e.,
supply/demand) contributed to a significant strengthening of market
conditions in late June and early July. Demand exceeded supply during this
time and short-term yields on municipal issues dropped accordingly.
In the Fall, rates on short-term issues settled into a trading range.
However, a steady interchange of variable rate demand notes (VRDNs) between
corporate holders and municipal money market funds kept
rates on these securities attractive, which resulted in an inverted yield
curve (rates on shorter maturities were higher than rates on longer issues)
during most of the season. Despite the year's second easing move by the Fed
in early December, rates on VRDNs trended even higher toward year-end. This
is a seasonal occurrence which (as prior years have demonstrated) reverses
dramatically in January as cash returns to the money market arena. The
"January effect" leads to a high increase in demand for VRDNs and,
accordingly, a substantial drop in yields on the issues as well.
THE PORTFOLIO
With the inverted yield curve, daily and weekly demand notes yielded
moderately more than both commercial paper and notes through most of the
period. Our investment strategy involved lengthening the portfolio's
maturity, when possible, in order to lock in rates that we felt would
outperform variable rate notes early in 1996.
It is interesting to note that for reasons endemic to the Florida market,
most Florida municipal money funds experience a rise in assets near year-end
- - only to see a subsequent reversal of cash flow just after the new year.
However, as mentioned previously, most municipal money market funds outside
of Florida experience the opposite seasonal cashflows over the same period.
We believe this difference may present a unique opportunity for your Fund
from an investment strategy perspective. In particular, the Fund will seek to
benefit both from the higher rates available on VRDNs in December and from
its ability to sell into the market in the declining rate environment that
exists in January.
The commercial paper and one-year note markets provided the primary means
for us to extend, while maintaining a competitive yield. However, our success
in achieving the desired average maturity was limited due to a dearth of high
quality Florida-exempt issues from which to choose. As a result, your Fund's
current average maturity still leaves room to extend should a change in
market or supply conditions warrant.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we appreciate greatly your continued confidence in the Fund
and in The Dreyfus Corporation.
Sincerely,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
January 16, 1996
New York, N.Y.
*Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
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DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS DECEMBER 31, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
_______ _______
<S> <C> <C>
FLORIDA-87.4%
Brevard County Housing Finance Authority, MFHR, VRDN (EKS Inc. Project)
5.25% (LOC; Citibank) (a,b)............................................. $ 3,000,000 $ 3,000,000
Broward County, Sales Tax Revenue, CP
3.85%, Series A, 2/7/96 (LOC; Mitsubishi Bank) (b)...................... 1,500,000 1,500,000
Collier County Housing Finance Authority, Multi-Family Revenue, VRDN
(River Reach Project) 5.05% (LOC; Morgan Guaranty Trust Co.) (a,b)...... 1,100,000 1,100,000
Dade County, VRDN:
IDR, Solid Waste (Montenay-Dade Limited Project)
5.10%, Series A (LOC; Banque Paribas) (a,b)........................... 8,800,000 8,800,000
Water and Sewer Systems Revenue
4.90% (BPA; Industrial Bank of Japan and Insured; FGIC) (a)........... 20,800,000 20,800,000
Dade County Health Facility Authority, VRDN (Miami Children's Hospital):
3.65% (Insured; AMBAC and SBPA; Sun Trust) (a).......................... 3,000,000 3,000,000
4.90% (Insured; AMBAC and SBPA; Sun Trust) (a).......................... 1,500,000 1,500,000
Dade County Industrial Development Authority, VRDN:
Exempt Facilities Revenue, Refunding (Florida Power and Light Co.)
4.65% (Corp. Guaranty; Florida Power and Light Co.) (a)............... 14,950,000 14,950,000
IDR (Kar Printing Florida Project) 5.25% (LOC; ABN-Amro Bank) (a,b)..... 2,125,000 2,125,000
Florida Board of Education, Capital Outlay, GO Notes 5.40%, 6/1/96.......... 3,900,000 3,926,972
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 5,033,082
Florida Housing Finance Agency, MFHR, VRDN:
(Kings Colony Project) 5.125% (LOC; Bankers Trust) (a,b)................ 4,740,000 4,740,000
(Parrot's Landing) 4.80% (LOC; FNMA) (a,b).............................. 3,000,000 3,000,000
City of Gainesville, Utilities System Revenue, CP
3.60%, Series C, 2/16/96 (Line of Credit: Bank of America and Sunbank).. 1,598,000 1,598,000
Greater Orlando Aviation Authority, Orlando Airport Facilities Revenue, CP:
3.85%, 1/19/96 (LOC; Morgan Guaranty Trust Co.) (b)..................... 3,500,000 3,500,000
3.90%, 1/25/96 (LOC; Morgan Guaranty Trust Co.) (b)..................... 3,312,000 3,312,000
Hillsborough County Industrial Development Authority, PCR, VRDN
(Tampa Electric Co. Project):
5% (Guaranteed by; Tampa Electric Co.) (a)............................ 12,000,000 12,000,000
5.10% (Guaranteed by; Tampa Electric Co.) (a)......................... 5,200,000 5,200,000
Indian Trace Community Development District, VRDN (Basin 1 Water Management)
4.90%, Series A (BPA; Swiss Bank Corp. and Insured; MBIA) (a)........... 5,600,000 5,600,000
City of Jacksonville:
CP 3.80%, Series A, 2/7/96 (LOC; Morgan Guaranty Trust Co.) (b)......... 2,500,000 2,500,000
IDR, VRDN (University of Florida Health Science Center)
5.10% (LOC; Barnett Bank) (a,b)....................................... 2,000,000 2,000,000
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ _______
FLORIDA (CONTINUED)
City of Jacksonville (continued):
VRDN (Florida Power and Light Co.)
5.10% (Corp. Guaranty; Florida Power and Light Co.) (a)............... $ 12,700,000 $ 12,700,000
Jacksonville Electric Authority, Revenue, CP
4.25%, Series C-1, 1/12/96 (Liquidity; Morgan Guaranty Trust Co.)....... 1,000,000 1,000,000
Jacksonville Health Facilities Authority, HR, VRDN (Baptist Medical Center
Project)
5.10% (BPA; Sun Bank and Insured; MBIA) (a)............................. 2,300,000 2,300,000
Lake County Industrial Development Authority, IDR, VRDN (Novelty Crystal
Project)
5.25% (LOC; ABN-Amro Bank) (a,b)........................................ 1,450,000 1,450,000
Liberty County, IDR, Refunding, VRDN (Timber Energy Resource Project)
5.35% (LOC; Bank of Montreal) (a,b)..................................... 4,270,000 4,270,000
Martin County, SWDR, VRDN (Florida Power and Light Co. Project)
5% (Guaranteed by; Florida Power and Light Co.) (a)..................... 2,700,000 2,700,000
City of Miami, TAN 4.50%, 9/27/96........................................... 2,000,000 2,009,943
Orange County Health Facility Authority, Revenue, VRDN
(Adventist Health Systems/Sunbelt) 5.20% (LOC; Rabobank) (a,b).......... 5,000,000 5,000,000
Orange County Housing Finance Agency:
(Oakwood Project) 4.20%, 10/1/96 (LOC; Fleet Bank) (b).................. 2,800,000 2,800,000
VRDN (Heather Glen Apartments) 5.10% (LOC; FNMA) (a,b).................. 7,000,000 7,000,000
Orange County School District, RAN 4.50%, Series A, 6/25/96................. 5,000,000 5,018,999
Palm Beach County School District, TAN 4.50%, 9/27/96....................... 9,000,000 9,042,480
Pasco County Industrial Development Authority, Revenue, VRDN:
(Windsor Woods Project) 5% (LOC; Kredietbank) (a,b)..................... 3,500,000 3,500,000
(Woodhaven Partners Limited Project) 4.95% (LOC; Kredietbank) (a,b)..... 9,500,000 9,500,000
Pinellas County Health Facilities Authority, Revenue, Refunding, VRDN
(Pooled Hospital Loan Program) 4.95% (LOC; Chemical Bank) (a,b)......... 10,600,000 10,600,000
Putnam County Development Authority, PCR:
(Seminole Electric) 3.75%, Series H-4, 3/15/96 (Corp. Guaranty; National
Rural Utilities Cooperative Finance Corp.)............................ 3,435,000 3,435,000
(Seminole Electric Coop) 3.30%, 6/15/96 (Corp. Guaranty; National Rural
Utilities Cooperative Finance Corp.).................................. 7,000,000 7,000,000
Saint Lucie County, PCR, Refunding, (Florida Power and Light Co. Project):
CP 3.70%, Series B, 3/14/96 (Guaranteed by; Florida Power and Light Co.) 6,000,000 6,000,000
VRDN 5.10% (Guaranteed by; Florida Power and Light Co.) (a)............. 5,000,000 5,000,000
Saint Lucie County School Board, Refunding, COP 3.90%, 7/1/96............... 1,685,000 1,686,193
Sunshine State Governmental Financing Commission, Revenue, CP:
3.80%, Series B, 2/14/96 (LOC: Morgan Guaranty Trust Co., National
Westminster
Bank and Union Bank of Switzerland) (b)............................... 4,000,000 4,000,000
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
_______ _______
FLORIDA (CONTINUED)
Sunshine State Governmental Financing Commission, Revenue, CP (continued):
3.75%, Series B, 2/21/96 (LOC: Morgan Guaranty Trust Co.,
National Westminster Bank and Union Bank of Switzerland) (b).......... $ 4,000,000 $ 4,000,000
3.55%, Series B, 2/22/96 (LOC: Morgan Guaranty Trust Co., National
Westminster
Bank and Union Bank of Switzerland) (b)............................... 4,000,000 4,000,000
Volusia County Industrial Development Authority, Water and Sewer IDR, VRDN
(Southern States Utilities Project) 5.35% (LOC; Sun Bank) (a,b)......... 1,900,000 1,900,000
U.S. RELATED-12.6%
Commonwealth of Puerto Rico, Government Development Bank:
CP 4.25%, 1/11/96....................................................... 4,000,000 4,000,000
Refunding, VRDN 4.50% (LOC; Credit Suisse) (a,b)........................ 19,950,000 19,950,000
Puerto Rico Industrial Tourist, Educational, Medical and Environmental
Control
Facilities Authority, VRDN (Anna Mendez University Project) 5.25% (LOC;
Banco
Popular de Puerto Rico) (a,b)........................................... 8,400,000 8,400,000
_______
TOTAL INVESTMENTS (cost $257,447,669)....................................... $257,447,669
=======
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DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
BPA Bond Purchase Agreement Insurance Corporation
COP Certificate of Participation MFHR Multi-Family Housing Revenue
CP Commercial Paper PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Company RAN Revenue Anticipation Notes
FNMA Federal National Mortgage Association SBPA Standby Bond Purchase Agreement
GO General Obligation SWDR Solid Waste Disposal Revenue
HR Hospital Revenue TAN Tax Anticipation Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
LOC Letter of Credit
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SUMMARY OF COMBINED RATINGS (UNAUDITED)
<S> <C> <C> <C>
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
_____ _____ ___________ ___________
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 95.9%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 1.5
Not Rated (f) Not Rated (f) Not Rated (f) 2.6
____
100.0%
====
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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, 1995, 45.0% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks and government agencies.
(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.
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DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $257,447,669
Cash.................................................................... 12,152,519
Interest receivable..................................................... 1,505,104
Prepaid expenses........................................................ 32,076
_______
271,137,368
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $ 949
Accrued expenses and other liabilities.................................. 81,496 82,445
____ ______
NET ASSETS.................................................................. $271,054,923
=======
REPRESENTED BY:
Paid-in capital......................................................... $271,080,812
Accumulated net realized (loss) on investments.......................... (25,889)
_______
NET ASSETS at value applicable to 271,080,812 outstanding shares of
Beneficial Interest, equivalent to $1.00 per share
(unlimited number of $.001 par value shares authorized)................. $271,054,923
=======
See independent accountants' review report and notes to financial statements.
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DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF OPERATIONS SIX MONTHS ENDED DECEMBER 31, 1995 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $2,925,044
EXPENSES:
Management fee-Note 2(a).............................................. $380,501
Shareholder servicing costs-Note 2(b)................................. 172,367
Registration fees..................................................... 36,203
Auditing fees......................................................... 31,350
Trustees' fees and expense-Note 2(c).................................. 11,557
Custodian fees........................................................ 9,481
Legal fees............................................................ 9,231
Shareholders' reports................................................. 4,291
Miscellaneous......................................................... 12,279
____
TOTAL EXPENSES.................................................... 667,260
Less-reduction in management fee due to
undertakings-Note 2(a)............................................ 300,483
____
NET EXPENSES...................................................... 366,777
_____
INVESTMENT INCOME-NET, representing net increase in net assets
resulting from operations............................................... $2,558,267
=====
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, 1995
1995 (UNAUDITED)
________ ___________
<S> <C> <C>
OPERATIONS:
Investment income-net................................................ $ 5,573,928 $ 2,558,267
Net realized (loss) on investments................................... (25,091) -
_______ _______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............... 5,548,837 2,558,267
_______ _______
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net................................................ (5,573,928) (2,558,267)
_______ _______
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................ 408,258,832 228,378,455
Dividends reinvested................................................. 4,673,437 2,100,086
Cost of shares redeemed.............................................. (351,519,430) (124,993,244)
_______ _______
INCREASE IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS....... 61,412,839 105,485,297
_______ _______
TOTAL INCREASE IN NET ASSETS................................... 61,387,748 105,485,297
NET ASSETS:
Beginning of period.................................................. 104,181,878 165,569,626
_______ _______
End of period........................................................ $ 165,569,626 $ 271,054,923
======= =======
See independent accountants' review report and notes to financial statements.
</TABLE>
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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 each period indicated. This
information has been derived from the Fund's financial statements.
SIX MONTHS ENDED
YEAR ENDED JUNE 30, DECEMBER 31, 1995
________________________
PER SHARE DATA: 1994(1) 1995 (UNAUDITED)
____ ____ ______
<S> <C> <C> <C>
Net asset value, beginning of period....................... $ 1.00 $ 1.00 $ 1.00
____ ____ ____
INVESTMENT OPERATIONS;
Investment income-net...................................... .017 .035 .017
____ ____ ____
DISTRIBUTIONS;
Dividends from investment income-net....................... (.017) (.035) (.017)
____ ____ ____
Net asset value, end of period............................. $ 1.00 $ 1.00 $ 1.00
==== ==== ====
TOTAL INVESTMENT RETURN........................................ 2.50%(2) 3.50% 3.35%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.................... - .21% .48%(2)
Ratio of net investment income to average net assets....... 2.55%(2) 3.50% 3.35%(2)
Decrease reflected in above expense ratios due to undertakings
by the Manager........................................... .79%(2) .46% .39%(2)
Net Assets, end of period (000's Omitted).................. $104,182 $165,570 $271,055
___________________________
(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. Premier Mutual
Fund Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares, which are sold to the public without a sales charge. 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. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
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.
At December 31, 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).
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 an 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. The Manager had
undertaken from July 1, 1995 through July 31, 1995, to reduce the management
fee paid by the Fund to the extent that the Fund's aggregate expenses
(exclusive of certain expenses as described above) exceeded specified annual
percentages of the Fund's average daily net assets. The Manager has currently
undertaken from August 1, 1995 through June 30, 1996 to reduce the management
fee paid by the Fund, to the extent that the Fund's aggregate annual expenses
(exclusive of certain expenses as described above) exceed an annual rate of
.50 of 1% of the average daily value of the Fund's net assets. The reduction
in management fee, pursuant to the undertakings, amounted to $300,483 for the
six months ended December 31, 1995.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
the Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. Such
compensation amounted to $3,348 for the period from December 1, 1995 through
December 31, 1995.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for certain allocated expenses of providing personal
services and/or maintaining 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 December 31, 1995, the Fund was charged an aggregate of
$142,524 pursuant to the Shareholder Services Plan.
(C) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund 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
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, 1995, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended December 31, 1995. 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 for the year ended
June 30, 1995 and financial highlights for each of the two years in the
period ended June 30, 1995 and in our report dated August 4, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst and Young LLP signature logo]
New York, New York
February 8, 1995
[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
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 741SA9512
[Dreyfus logo]
Florida Municipal
Money Market
Fund
Semi-Annual
Report
December 31, 1995
