Dreyfus Florida
Municipal Money Market Fund
ANNUAL REPORT
June 30, 1999
(reg.tm)
<PAGE>
The views expressed herein are current to the date of this report. These views
and the composition of the fund's portfolio are subject to change at any time
based on market and other conditions.
* Not FDIC-Insured
* Not Bank-Guaranteed
* May Lose Value
Year 2000 Issues (Unaudited)
The fund could be adversely affected if the computer systems used by The Dreyfus
Corporation and the fund's other service providers do not properly process and
calculate date-related information from and after January 1, 2000. The Dreyfus
Corporation is working to avoid Year 2000-related problems in its systems and to
obtain assurances from other service providers that they are taking similar
steps. In addition, issuers of securities in which the fund invests may be
adversely affected by Year 2000-related problems. This could have an impact on
the value of the fund's investments and its share price.
<PAGE>
Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
10 Statement of Assets and Liabilities
11 Statement of Operations
12 Statement of Changes in Net Assets
13 Financial Highlights
14 Notes to Financial Statements
17 Report of Independent Auditors
18 Important Tax Information
FOR MORE INFORMATION
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Back Cover
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The Fund
Dreyfus Florida Municipal
Money Market Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this annual report for Dreyfus Florida Municipal Money
Market Fund, covering the 12-month period from July 1, 1998 through June 30,
1999. Inside, you' ll find valuable information about how the fund was managed
during the period, including a discussion with the fund's portfolio manager,
Jill Shaffro.
Yields on tax-exempt money market securities generally fell during the first six
months of the reporting period in response to lower short-term interest rates
established by the Federal Reserve Board. In contrast, tax-exempt money market
yields rose modestly over the half of the reporting period in response to
conflicting market influences. On one hand, expectations that the Federal
Reserve Board would raise short-term interest rates during their June meeting
put upward pressure on yields. On June 30, the Federal Reserve raised rates amid
stronger-than-expected global and domestic economic growth. Their objective was
to forestall a potential resurgence of inflationary pressures. On the other
hand, strong economic conditions have reduced many municipalities' need to
borrow in the short-term money markets, which put downward pressure on yields.
We appreciate your confidence over the past year, and we look forward to your
continued participation in Dreyfus Florida Municipal Money Market Fund.
Sincerely,
Stephen E. Canter
President and Chief Investment Officer
The Dreyfus Corporation
July 15, 1999
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DISCUSSION OF FUND PERFORMANCE
Jill Shaffro, Portfolio Manager
How did Dreyfus Florida Municipal Money Market Fund perform during the period?
For the 12-month period ended June 30, 1999, the fund produced a tax-exempt
yield of 2.68% . Taking into account the effects of compounding, the fund
provided an effective yield of 2.71%.(1)
The fund produced a total return of 2.71%,(2) compared to the Lipper Other
States Tax-Exempt Money Market Funds category average total return of 2.76 % for
the same time period.(3)
What is the fund's investment approach?
Our goal is to seek as high a level of current income exempt from federal income
tax as is consistent with the preservation of capital and the maintenance of
liquidity.
To achieve this objective, we employ two primary strategies. First, we attempt
to add value by constructing a diverse portfolio of high-quality, tax-exempt
money market instruments from Florida issuers. Second, we actively manage the
portfolio' s average maturity in anticipation of interest rate trends and
supply-and-demand changes in Florida's short-term municipal marketplace.
For example, if we expect supply to increase temporarily when many
municipalities issue short-term debt at once -- as they tend to in June and July
- -- we may reduce the portfolio's average maturity to make cash available for the
purchase of higher-yielding securities. That's because yields tend to rise if
many issuers are competing for investor interest. If we expect demand to surge
at a time when we anticipate little issuance and, therefore, lower yields -- as
often happens in January -- we may increase the portfolio's average maturity to
maintain current yields for as long as possible. At other times, we try to
maintain an average maturity that reflects our view of short-term interest rate
trends.
The Fund
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DISCUSSION OF FUND PERFORMANCE (CONTINUED)
What other factors influenced the fund's performance?
Although the fund, by definition, primarily contains securities from Florida
issuers, the entire U.S. fixed-income marketplace was influenced during the
reporting period by economic events overseas.
When the Asian currency and credit crisis spread to Russia and threatened Latin
America last summer and fall, the Federal Reserve Board and other central banks
moved quickly to stimulate global economic growth. They did so by reducing key
short-term interest rates, which was intended to help boost economic activity.
An additional consequence was lower yields on money market securities.
The Federal Reserve Board's strategy was apparently successful: evidence emerged
in the second quarter of 1999 that economies in Japan and Southeast Asia had
begun to recover, and the growth of the U.S. economy was stronger than most
analysts expected. This positive economic news raised concerns that inflation
pressures might re-emerge. In response, the Federal Reserve Board increased
short-term interest rates on June 30, effectively offsetting a portion of their
previous decrease. Because the market anticipated this change in monetary policy
in the weeks before it was announced, short-term tax-exempt yields had already
risen during the second quarter.
What is the fund's current strategy?
We have continued to focus on high quality money market instruments from a wide
array of Florida issuers. Some of the most frequently used instruments include
Variable Rate Demand Notes (VRDNs), which are issued by investment banks through
the securitization of longer-term municipal bonds. With a put feature of either
one or seven days attached to each VRDN, we believe that VRDNs afford a high
degree of liquidity as well as high quality to the portfolio. Accordingly, as of
June 30, approximately 45% of the portfolio was composed of VRDNs.
<PAGE>
Also, as of June 30, the portfolio's 55-day average maturity was longer than the
average maturity for all Florida money market funds. By maintaining a relatively
long average maturity, our strategy is to capture attractive yields on
longer-term notes, when available, while maintaining room to extend should
market conditions warrant.
July 15, 1999
(1) EFFECTIVE YIELD IS BASED UPON DIVIDENDS DECLARED DAILY AND REINVESTED
MONTHLY. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS FLUCTUATE.
INCOME MAY BE SUBJECT TO STATE AND LOCAL TAXES FOR NON-FLORIDA RESIDENTS AND
SOME INCOME MAY BE SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUMTAX (AMT) FOR
CERTAIN INVESTORS. AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE
FDIC OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO PRESERVE THE
VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY
INVESTING IN THE FUND.
(2) TOTAL RETURN INCLUDES REINVESTMENT OF DIVIDENDS.
(3) SOURCE: LIPPER ANALYTICAL SERVICES, INC.
The Fund
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<TABLE>
STATEMENT OF INVESTMENTS
June 30, 1999
Principal
TAX EXEMPT INVESTMENTS--97.7% Amount ($) Value ($)
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<S> <C> <C>
FLORIDA--95.4%
Broward County, VRDN:
IDR (Rex Three Inc. Project) 3.85%, Series A
(LOC; First Union National Bank of North Carolina) 2,755,000 (a) 2,755,000
Port Facilities Revenue, Refunding (Port Everglades Project)
3.75% (Insured; AMBAC and Liquidity Facility;
Bank of Nova Scotia) 3,300,000 (a) 3,300,000
Capital Projects Finance Authority, Revenue, VRDN
(Capital Projects Loan Program):
3.50%, Series A (BPA; Credit Suisse and Insured; FSA) 10,000,000 (a) 10,000,000
3.65%, Series A (BPA; Credit Suisse and Insured; FSA) 10,900,000 (a) 10,900,000
Florida Development Finance Corporation, IDR, VRDN
(Byrd Technology Inc.)
3.95%, Series B-2
(LOC; First Union National Bank of North Carolina) 1,010,000 (a) 1,010,000
Florida Housing Finance Agency:
Multi-Family, Refunding (Iona Lakes Project)
3.25%, Series D, 4/1/2000 (LOC; Continental Casualty) 4,000,000 4,000,000
VRDN:
Housing Revenue (Caribbean Key) 3.55%, Series F
(LOC; Key Bank Inc.) 5,000,000 (a) 5,000,000
MFHR (Kings Colony Project) 3.80%, Series D
(LOC; Bankers Trust Co.) 7,740,000 (a) 7,740,000
(Wood Forest II Project) 3.15%, Series BBB, 12/1/1999
(LOC; Continental Casualty) 4,370,000 4,370,000
Halifax Hospital Medical Center:
Health Care Facilites Revenue, VRDN
(Health Care Plan Inc. Project)
3% (LOC; Bank of America) 3,000,000 (a) 3,000,000
TAN 3.50%, 3/15/2000 (LOC; Bank of America) 3,625,000 3,636,146
Highlands County Health Facilities Authority, Revenue, VRDN
(Adventist Health Systems/Sunbelt Inc.)
3.75%, Series A (Insured; Capital Markets Assurance
and Liquidity Facility; First National Bank of Chicago) 16,500,000 (a) 16,500,000
Inland Protection Financing Corporation, Special Obligation
Revenue 4.25%, 7/1/1999 (Insured; FSA) 2,000,000 2,000,000
City of Jacksonville:
2.80%, 7/16/1999 (Liquidity Facility: Bayerische
Landesbank, Morgan Guaranty Trust Co. and Sun Trust Bank) 3,000,000 3,000,000
VRDN:
IDR (University of Florida Health Science Center)
3.60% (LOC; Bank of America) 1,800,000 (a) 1,800,000
PCR, Refunding (Florida Power and Light Co. Project)
3.70% (Corp. Guaranty; Florida Power and Light Co. Project) 7,540,000 (a) 7,540,000
<PAGE>
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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FLORIDA (CONTINUED)
Martin County, SWDR, VRDN
(Florida Power and Light Co. Project)
3.55% (LOC; Florida Power and Light Co. Project) 2,300,000 (a) 2,300,000
Miami-Dade County Housing Finance Authority,
Single Family Revenue
3.45%, Series B, 10/1/1999 (Insured; FGIC) 2,800,000 2,800,000
Miami-Dade County Industrial Development Authority,
IDR, VRDN (Fine Art Lamps Project)
3.80%, (LOC; Sun Trust Bank) 3,000,000 (a) 3,000,000
Miami-Dade County School Board, COP
4%, Series C, 8/1/1999 (Insured; FSA) 3,750,000 3,753,116
Orange County Housing Finance Authority:
Homeowner Revenue 3.40%, Series A-3, 6/1/2000 2,000,000 2,000,000
MFHR (Oakwood Project) 3.55%, 10/1/1999
(LOC; Fleet Bank) 3,400,000 3,400,000
Orange County School District, TAN 3.10%, 9/15/1999 11,000,000 10,999,243
Palm Beach County Housing Finance Authority, SFMR,
Refunding 3.75%, Series B, 7/1/1999 (Insured; FGIC) 1,025,000 1,025,000
Palm Beach County School District, TAN
3.625%, 10/14/1999 3,000,000 3,003,056
Pinellas County Housing Finance Authority, SFHR, Refunding:
3.05%, Series A-4, 10/1/1999 6,000,000 6,000,000
3.05%, Series A-3, 2/1/2000 1,155,000 1,155,000
3.05%, Series A-4, 2/1/2000 3,215,000 3,215,000
Putnam County Development Authority, PCR (Seminole Electric):
3%, Series H-4, 9/15/1999
(LOC; National Rural Utilities Cooperative Finance Corp.) 7,685,000 7,685,000
3.125, Series D, 12/15/1999
(LOC; National Rural Utilities Cooperative Finance Corp.) 5,000,000 5,000,000
Saint Lucie County, SWDR, VRDN
(Florida Power and Light Co. Project)
3.55% (LOC; Florida Power and Light Co. Project) 3,000,000 (a) 3,000,000
Sarasota County Public Hospital District, HR, CP
(Sarasota Memorial Hospital Project) 3.05%, 7/27/1999 3,000,000 3,000,000
Seminole County School District, TAN 4%, 7/28/1999 6,000,000 6,002,592
Sunshine State Governmental Financing Commission,
Revenue, CP:
2.80%, 7/12/1999 (Insured; AMBAC and Liquidity Facility:
Toronto-Dominion Bank and Union Bank of Switzerland) 3,000,000 3,000,000
2.70%, Series B, 7/16/1999 (Liquidity Facility;
Bank of Nova Scotia) 7,360,000 7,360,000
3.20%, 9/13/1999 (Liquidity Facility; Bank of Nova Scotia) 4,010,000 4,010,000
The Fund
<PAGE>
STATEMENT OF INVESTMENTS (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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U.S. RELATED--2.3%
Commonwealth of Puerto Rico, TRAN
3.50%, Series A, 7/30/1999 4,000,000 4,002,181
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TOTAL INVESTMENTS (cost $172,260,347) 97.7% 172,261,334
CASH AND RECEIVABLES (NET) 2.3% 4,083,841
NET ASSETS 100.0% 176,345,175
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Summary of Abbreviations
AMBAC American Municipal Bond Assurance MFHR Multi-Family Housing Revenue
Corporation PCR Pollution Control Revenue
BPA Bond Purchase Agreement SFHR Single Family Housing Revenue
COP Certificate of Participation SFMR Single Family Morgage Revenue
CP Commercial Paper SWDR Solid Waste Disposal Revenue
FGIC Financial Guaranty Insurance Company TAN Tax Anticipation Notes
FSA Financial Security Assurance TRAN Tax and Revenue Anticipation
HR Hospital Revenue Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
LOC Letter of Credit
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
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F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 87.7
AAA/AA(b) AAA/AA(b) AAA/AA(b) 11.7
Not Rated(c) Not Rated(c) Not Rated(c) .6
100.0
(A) SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE - SUBJECT TO PERIODIC CHANGE.
(B) NOTES WHICH ARE NOT F, MIG OR SP RATED ARE REPRESENTED BY BOND RATINGS OF THE ISSUERS.
(C) SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD & POOR'S
HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY TO THOSE RATED
SECURITIES IN WHICH THE FUND MAY INVEST.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1999
Cost Value
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ASSETS ($):
Investments in securities--See Statement of
Investments 172,260,347 172,261,334
Cash 1,610,062
Receivable for investment securities sold 3,060,712
Interest receivable 1,551,278
178,483,386
LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 66,833
Payable for investment securities purchased 2,000,000
Accrued expenses and other liabilities 71,378
2,138,211
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NET ASSETS ($) 176,345,175
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COMPOSITION OF NET ASSETS ($):
Paid-in capital 176,382,178
Accumulated net realized gain (loss) on investments (37,990)
Accumulated net unrealized appreciation (depreciation)
on investments 987
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NET ASSETS ($) 176,345,175
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SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest
authorized) 176,382,170
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
STATEMENT OF OPERATIONS
Year Ended June 30, 1999
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INVESTMENT INCOME ($):
INTEREST INCOME 6,437,085
EXPENSES:
Management fee--Note 2(a) 991,901
Shareholder servicing costs--Note 2(b) 187,355
Professional fees 41,754
Trustees' fees and expenses--Note 2(c) 26,352
Custodian fees 22,305
Registration fees 16,009
Prospectus and shareholders' reports 11,639
Miscellaneous 9,821
TOTAL EXPENSES 1,307,136
Less--reduction in management fee due to undertaking--Note 2(a) (170,047)
NET EXPENSES 1,137,089
INVESTMENT INCOME--NET 5,299,996
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REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS-NOTE 1(B) ($):
Net realized gain (loss) on investments (3,556)
Net unrealized appreciation (depreciation) on investments 987
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (2,569)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 5,297,427
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Year Ended June 30,
---------------------
1999 1998
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OPERATIONS ($):
Investment income--net 5,299,996 5,335,260
Net realized gain (loss) on investments (3,556) (576)
Net unrealized appreciation (depreciation)
on investments 987 -
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 5,297,427 5,334,684
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DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (5,299,996) (5,335,260)
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BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 714,686,673 607,947,067
Dividends reinvested 4,864,698 4,891,794
Cost of shares redeemed (708,126,608) (592,795,560)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS 11,424,763 20,043,301
TOTAL INCREASE (DECREASE) IN NET ASSETS 11,422,194 20,042,725
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NET ASSETS ($):
Beginning of Period 164,922,981 144,880,256
END OF PERIOD 176,345,175 164,922,981
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE>
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.
Total return shows how much your investment in the fund would have increased
(or decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been derived from the fund's financial
statements.
<TABLE>
Year Ended June 30,
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1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value, beginning
of period 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .027 .031 .030 .032 .035
Distributions:
Dividends from investment
income--net (.027) (.031) (.030) (.032) (.035)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
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TOTAL RETURN (%) 2.71 3.12 3.05 3.23 3.50
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .57 .59 .57 .49 .21
Ratio of net investment income
to average net assets 2.67 3.08 3.02 3.19 3.50
Decrease reflected in above expense
ratios due to undertakings by the
Manager .09 .10 .20 .32 .46
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Net Assets, end of period
($ x 1,000) 176,345 164,923 144,880 141,141 165,570
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
The Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS
NOTE 1--Significant Accounting Policies:
Dreyfus Florida Municipal Money Market Fund (the "fund") is registered under the
Investment Company Act of 1940, as amended (the "Act"), as a non-diversified
open-end management investment company. The fund's investment objective is to
provide investors with as high a level of current income exempt from Federal
income tax as is consistent with the preservation of capital and the maintenance
of liquidity. The Dreyfus Corporation (the "Manager") serves as the fund's
investment adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
Premier Mutual Fund Services, Inc. is the distributor of the fund's shares,
which are sold to the public without a sales charge.
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 per share of
$1.00.
The fund' s financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates.
(a) Portfolio valuation: Investments in securities 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. Cost of investments
represents amortized cost. Under the terms of the custody agreement, the fund
received net earnings credits of $6,548 during the period ended June 30, 1999
based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
<PAGE>
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 of 1986, as amended (the
" 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 of the 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 $35,000 available
for Federal income tax purposes to be applied against future net securities
profits, if any, realized subsequent to June 30, 1999. The carryover does not
include net realized securities losses from November 1, 1998 through June 30,
1999 which are treated, for Federal income tax purposes, as arising in fiscal
2000. If not applied, $3,000 of the carryover expires in fiscal 2003, $23,000
expires in fiscal 2004, $3,000 expires in fiscal 2005 and $6,000 expires in
fiscal 2006.
At June 30, 1999, 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).
The Fund
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 2--Investment Management Fee And Other Transactions With Affiliates:
(a) Pursuant to a management agreement with the Manager, the management fee is
computed at an annual rate of .50 of 1% of the value of the fund's average daily
net assets and is payable monthly. The Manager had undertaken through June 30,
1999, to reduce the management fee paid by the fund to the extent that the
fund' s aggregate annual expenses, exclusive of taxes, brokerage, interest on
borrowings and extraordinary expenses, exceed an annual rate of .60 of 1% of the
value of the fund's average daily net assets. The reduction in management fee,
pursuant to the undertaking, amounted to $170,047 during the period ended June
30, 1999.
(b) Under the 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 period ended June
30, 1999, the fund was charged $134,207 pursuant to the Shareholder Services
Plan.
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. During the period
ended June 30, 1999, the fund was charged $33,622 pursuant to the transfer
agency agreement.
(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 and the Trustee Emeritus receives 50% of such compensation.
<PAGE>
REPORT OF 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, 1999, 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 and financial highlights. Our procedures included confirmation of
securities owned as of June 30, 1999 by correspondence with the custodian and
brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our 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, 1999, 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.
New York, New York
July 28, 1999
The Fund
<PAGE>
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, 1999 as
" exempt-interest dividends" (not subject to regular Federal income tax and, for
individuals who are Florida residents, not subject to taxation by Florida).
<PAGE>
NOTES
<PAGE>
For More Information
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.
P.O. Box 9671
Providence, RI 02940
Distributor
Premier Mutual Fund Services, Inc.
60 State Street
Boston, MA 02109
To obtain information:
BY TELEPHONE Call 1-800-645-6561
BY MAIL Write to:
The Dreyfus Family of Funds
144 Glenn Curtiss Boulevard
Uniondale, NY 11556-0144
BY E-MAIL Send your request to
[email protected]
ON THE INTERNET Information can be viewed online or downloaded from:
http://www.dreyfus.com
(c) 1999 Dreyfus Service Corporation 741AR996
<PAGE>
