DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
Prospectus NOVEMBER 1, 2000
Investing in short-term, high-quality municipal obligations for
current income exempt from federal income tax
This prospectus is to be used only by asset management account
clients of Robert W. Baird & Co. Incorporated.
As with all mutual funds, the Securities and Exchange
Commission has not approved or disapproved these securities or
passed upon the adequacy of this prospectus. Any representation
to the contrary is a criminal offense.
BAIRD/
Contents
THE FUND
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2 Goal/Approach
3 Main Risks
4 Past Performance
5 Expenses
6 Management
7 Financial Highlights
YOUR INVESTMENT
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8 Account Policies
11 Distributions and Taxes
FOR MORE INFORMATION
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Back Cover
What every investor should know about the fund
Information for managing your fund account
Where to learn more about this and other Dreyfus funds
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The Fund
Dreyfus Florida Municipal Money Market Fund
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Ticker Symbol: DFMXX
GOAL/APPROACH
The fund seeks 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. As a money market fund, the fund is subject to maturity, quality and
diversification requirements designed to help it maintain a stable share price.
To pursue this goal, the fund normally invests substantially all of its net
assets in municipal obligations that provide income exempt from federal income
tax, and which enable the fund's shares to be exempt from the Florida intangible
personal property tax. When the portfolio manager believes that acceptable
Florida municipal obligations are unavailable for investment, the fund may
invest temporarily in other debt securities exempt from federal income tax.
Municipal obligations are typically of two types:
* GENERAL OBLIGATION BONDS, which are secured by the
full faith and credit of the issuer and its taxing power
* REVENUE BONDS, which are payable from the revenues
derived from a specific revenue source, such as charges for water and sewer
service or highway tolls
Although the fund's objective is to generate income exempt from federal income
tax, interest from some of its holdings may be subject to the federal
alternative minimum tax. In addition, the fund occasionally may invest in
taxable money market instruments.
MORE INFORMATION ON THE FUND CAN BE FOUND IN THE CURRENT ANNUAL/SEMIANNUAL
REPORT (SEE BACK COVER).
Concepts to understand
MONEY MARKET FUND: a specific type of fund that seeks to maintain a $1.00 price
per share. Money market funds are subject to strict federal requirements and
must:
* maintain an average dollar-weighted portfolio maturity of 90 days or
less
* buy individual securities that have remaining maturities of 13 months
or less
* invest only in high quality, dollar-denominated obligations
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MAIN RISKS
The fund's yield will fluctuate as market conditions and interest rates change
and as the short-term securities in its portfolio mature and the proceeds are
reinvested in securities with different interest rates.
An investment in the fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation 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.
While the fund has maintained a constant share price since inception, and will
continue to try to do so, the following factors could reduce the fund's income
level and/or share price:
* interest rates could rise sharply, causing the
fund's share price to drop
* any of the fund's holdings could have its credit
rating downgraded or could default
* Florida's economy and revenues underlying its
municipal obligations may decline
* the fund's portfolio securities may be more
sensitive to risks that are specific to investing primarily in a single state
The fund is non-diversified, which means that a relatively high percentage of
the fund's assets may be invested in a limited number of issuers. Therefore, its
performance may be more vulnerable to changes in the market value of a single
issuer or a group of issuers.
Concepts to understand
CREDIT RATING: a measure of the issuer's expected ability to make all required
interest and principal payments in a timely manner.
An issuer with the highest credit rating has a very strong degree of certainty
(or safety) with respect to making all payments. An issuer with the
second-highest credit rating still has a strong capacity to make all payments,
although the degree of safety is somewhat less.
Generally, the fund is required to invest at least 95% of its assets in the
securities of issuers with the highest credit rating or the unrated equivalent
as determined by Dreyfus, with the remainder invested in securities with the
second-highest credit rating.
The Fund
<PAGE 3>
PAST PERFORMANCE
The bar chart and table below show some of the risks of investing in the fund.
The bar chart shows the changes in the fund's performance from year to year. The
table shows the fund's average annual total return over time. Of course, past
performance is no guarantee of future results.
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Year-by-year total return AS OF 12/31 EACH YEAR (%)
2.89 3.57 3.03 3.14 2.95 2.76
90 91 92 93 94 95 96 97 98 99
BEST QUARTER: Q2 '95 +0.95%
WORST QUARTER: Q1 '94 +0.56%
THE FUND'S YEAR-TO-DATE TOTAL RETURN AS OF 9/30/00 WAS 2.62%.
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Average annual total return as of 12/31/99
Since
inception
1 Year 5 Years (11/16/93)
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2.76% 3.09% 3.05%
For the fund's current yield, call toll-free: 1-800-645-6561.
What this fund is -- and isn't
This fund is a mutual fund: a pooled investment that is professionally managed
and gives you the opportunity to participate in financial markets. It strives to
reach its stated goal, although as with all mutual funds, it cannot offer
guaranteed results.
An investment in this fund is not a bank deposit. It is not insured or
guaranteed by the FDIC or any other government agency. It is not a complete
investment program. You could lose money in this fund, but you also have the
potential to make money.
<PAGE 4>
EXPENSES
As an investor, you pay certain fees and expenses in connection with the fund,
which are described in the table below. Annual fund operating expenses are paid
out of fund assets, so their effect is included in the share price. The fund has
no sales charge (load) or Rule 12b-1 distribution fees.
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Fee table
ANNUAL FUND OPERATING EXPENSES
% OF AVERAGE DAILY NET ASSETS
Management fees 0.50%
Shareholder services fee 0.06%
Other expenses 0.09%
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TOTAL 0.65%
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Expense example
1 Year 3 Years 5 Years 10 Years
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$66 $208 $362 $810
This example shows what you could pay in expenses over time. It uses the same
hypothetical conditions other funds use in their prospectuses: $10,000 initial
investment, 5% total return each year and no changes in expenses. The figures
shown would be the same whether you sold your shares at the end of a period or
kept them. Because actual return and expenses will be different, the example is
for comparison only.
Concepts to understand
MANAGEMENT FEE: the fee paid to Dreyfus for managing the fund's portfolio and
assisting in all aspects of the fund's operations.
For the fiscal year ended June 30, 2000, Dreyfus waived a portion of its fee so
that the effective management fee paid by the fund was 0.45%, reducing total
expenses from 0.65% to 0.60%. This waiver was voluntary.
SHAREHOLDER SERVICES FEE: a fee of up to 0.25% used to reimburse the fund's
distributor for shareholder account service and maintenance.
OTHER EXPENSES: fees paid by the fund for miscellaneous items such as transfer
agency, custody, professional and registration fees.
The Fund
<PAGE 5>
MANAGEMENT
The investment adviser for the fund is The Dreyfus Corporation, 200 Park Avenue,
New York, New York 10166. Founded in 1947, Dreyfus manages more than $138
billion in over 160 mutual fund portfolios. For the past fiscal year, the fund
paid Dreyfus a management fee at the annual rate of 0.45% of the fund's average
daily net assets. Dreyfus is the primary mutual fund business of Mellon
Financial Corporation, a global financial services company with approximately
$2.8 trillion of assets under management, administration or custody, including
approximately $521 billion under management. Mellon provides wealth management,
global investment services and a comprehensive array of banking services for
individuals, businesses and institutions. Mellon is headquartered in Pittsburgh,
Pennsylvania.
The fund, Dreyfus and Dreyfus Service Corporation (the fund's distributor) each
have adopted a code of ethics that permits its personnel, subject to such code,
to invest in securities, including securities that may be purchased or held by
the fund. The Dreyfus code of ethics restricts the personal securities
transactions of its employees and requires portfolio managers and other
investment personnel to comply with the code's preclearance and disclosure
procedures. Its primary purpose is to ensure that personal trading by Dreyfus
employees does not disadvantage any Dreyfus-managed fund.
<PAGE 6>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
This table describes the fund's performance for the fiscal periods indicated.
"Total return" shows how much your investment in the fund would have increased
(or decreased) during each period, assuming you had reinvested all dividends and
distributions. These figures have been independently audited by Ernst & Young
LLP, whose report, along with the fund's financial statements, is included in
the annual report.
YEAR ENDED JUNE 30,
2000 1999 1998 1997 1996
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PER-SHARE DATA ($)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period 1.00 1.00 1.00 1.00 1.00
Investment operations:
Investment income -- net .031 .027 .031 .030 .032
Distributions:
Dividends from investment
income -- net (.031) (.027) (.031) (.030) (.032)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00
Total return (%) 3.18 2.71 3.12 3.05 3.23
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RATIOS/SUPPLEMENTAL DATA
Ratio of expenses
to average net assets (%) .60 .57 .59 .57 .49
Ratio of net investment income
to average net assets (%) 3.15 2.67 3.08 3.02 3.19
Decrease reflected in above
expense ratios due to
actions by Dreyfus (%) .05 .09 .10 .20 .32
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Net assets, end of period ($ x 1,000) 192,902 176,345 164,923 144,880 141,141
</TABLE>
The Fund
<PAGE 7>
Your Investment
ACCOUNT POLICIES
Buying shares
YOU PAY NO SALES CHARGES to invest in this fund. Your price for fund shares is
the fund's net asset value per share (NAV), which is generally calculated as of
12:00 noon Eastern time every day the New York Stock Exchange is open. Your
order will be priced at the next NAV calculated after your order is accepted by
the fund's transfer agent or other authorized entity. The fund's portfolio
securities are valued at amortized cost, which does not take into account
unrealized gains or losses. As a result, portfolio securities are valued at
their acquisition cost, adjusted for discounts or premiums reflected in their
purchase price. This method of valuation is designed to enable the fund to price
its shares at $1.00 per share. Because the fund seeks tax-exempt income, it is
not recommended for purchase in IRAs or other qualified retirement plans. To
purchase fund shares, contact your financial representative.
Concepts to understand
NET ASSET VALUE (NAV): a mutual fund's share price on a given day. A fund's NAV
is calculated by dividing the value of its net assets by the number of existing
shares.
To help the fund maintain a $1.00 share price, investments are valued at cost,
and any discount or premium created by market movements is amortized to
maturity.
<PAGE 8>
Selling shares
YOU MAY SELL (REDEEM) SHARES AT ANY TIME. Your shares will be sold at the next
NAV calculated after your order is accepted by the fund's transfer agent or
other authorized entity.
BEFORE SELLING OR WRITING A CHECK against shares recently purchased by check,
please note that if you send a written request to sell such shares, the fund may
delay selling the shares for up to eight business days following the purchase of
those shares.
Your Investment
<PAGE 9>
ACCOUNT POLICIES (CONTINUED)
General policies
UNLESS YOU DECLINE TELEPHONE PRIVILEGES on your application, you may be
responsible for any fraudulent telephone order as long as Dreyfus takes
reasonable measures to verify that the order is from a representative of your
financial institution.
THE FUND RESERVES THE RIGHT TO:
* refuse any purchase or exchange request
* change or discontinue its exchange privilege,
or temporarily suspend this privilege during unusual
market conditions
* change its minimum investment amounts
* delay sending out redemption proceeds for up to
seven days (generally applies only in cases of very large redemptions,
excessive trading or during unusual market conditions)
The fund also reserves the right to make a "redemption in kind" -- payment in
portfolio securities rather than cash -- if the amount you are redeeming is
large enough to affect fund operations (for example, if it represents more than
1% of the fund's assets).
Third-party investments
If you invest through a third party (rather than directly with Dreyfus), the
policies and fees may be different than those described here. Banks, brokers,
financial advisers and financial supermarkets may charge transaction fees and
may set different minimum investments or limitations on buying or selling
shares. Consult a representative of your plan or financial institution if in
doubt.
<PAGE 10>
DISTRIBUTIONS AND TAXES
THE FUND USUALLY PAYS ITS SHAREHOLDERS DIVIDENDS from its net investment income
once a month, and distributes any net securities gains it has realized once a
year. Your distributions will be reinvested in the fund unless you instruct the
fund otherwise. There are no fees or sales charges on reinvestments.
THE FUND ANTICIPATES THAT VIRTUALLY ALL OF ITS DIVIDENDS will be exempt from
federal income tax, and that its shares will be exempt from the Florida
intangible personal property tax. The tax status of any distribution is the same
regardless of how long you have been in the fund and whether you reinvest your
distributions or take them in cash.
The tax status of your dividends and distributions will be detailed in your
annual tax statement from the fund.
Because everyone's tax situation is unique, always consult your tax professional
about federal, state and local tax consequences.
Concepts to understand
DIVIDENDS AND DISTRIBUTIONS: income or interest paid by the fund's portfolio
investments and passed on to fund shareholders net of expenses. These are
calculated on a per-share basis: each share earns the same rate of return, so
the more fund shares you own, the higher your distribution.
Your Investment
<PAGE 11>
NOTES
<PAGE>
<PAGE>
FOR MORE INFORMATION
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
SEC file number: 811-7091
More information on this fund is available free upon request, including the
following:
ANNUAL/SEMIANNUAL REPORT
Describes the fund's performance and lists portfolio holdings.
STATEMENT OF ADDITIONAL INFORMATION (SAI)
Provides more details about the fund and its policies. A current SAI is on file
with the Securities and Exchange Commission (SEC) and is incorporated by
reference (is legally considered part of this prospectus).
TO CONTACT ROBERT W. BAIRD & CO.
BY TELEPHONE:
Call your Baird Representative or 1-800-79-BAIRD.
BY MAIL:
Robert W. Baird & Co.
Attn: Client Services
777 East Wisconsin Avenue
Milwaukee, WI 53202
ON THE INTERNET:
http://www.bairdonline.com
Text-only versions of certain fund documents can be viewed online or downloaded
from: http://www.sec.gov
You can also obtain copies by visiting the SEC's Public Reference Room in
Washington, DC (for information, call 1-202-942-8090) or, after paying a
duplicating fee, by E-mail request to [email protected], or by writing to the
SEC's Public Reference Section, Washington, DC 20549-0102.
A WEALTH OF ADVICE.(SM) BAIRD/A NORTHWESTERN MUTUAL COMPANY
Robert W. Baird & Co. Incorporated. Member New York Stock Exchange, Inc. and
other principal exchanges. Member SIPC.
777 E. Wisconsin Avenue, Milwaukee, Wisconsin 53202. 1-800-RW-BAIRD.
www.rwbaird.com (c)2000 11/00-11221
(c) 2000 DREYFUS SERVICE CORPORATION
741P1100-RWB
