Dreyfus Florida
Municipal Money Market Fund
SEMIANNUAL REPORT December 31, 1999
(reg.tm)
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 Dreyfus and
the fund's other service providers do not properly process and calculate
date-related information from and after January 1, 2000. Dreyfus has taken steps
designed to avoid year 2000-related problems in its systems and to monitor the
readiness of other service providers. 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.
Contents
THE FUND
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2 Letter from the President
3 Discussion of Fund Performance
6 Statement of Investments
12 Statement of Assets and Liabilities
13 Statement of Operations
14 Statement of Changes in Net Assets
15 Financial Highlights
16 Notes to Financial Statements
FOR MORE INFORMATION
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Back Cover
The Fund
Dreyfus Florida Municipal
Money Market Fund
LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this semiannual report for Dreyfus Florida Municipal
Money Market Fund, covering the six-month period from July 1, 1999 through
December 31, 1999. Inside, you'll find valuable information about how the fund
was managed during the reporting period, including a discussion with the fund's
portfolio manager, Joseph Irace.
The faster than expected rate of economic growth that became evident during the
first half of the year gained momentum in the second half, reinforcing concerns
that long-dormant inflationary pressures might re-emerge. Consumers continued to
spend heavily, unemployment levels reached new lows and the stock market
continued to climb. Because unsustainable economic growth may trigger unwanted
inflationary pressures, the Federal Reserve Board raised key short-term interest
rates three times between June 30 and year-end in an attempt to forestall an
acceleration of inflation.
The tax-exempt money markets were also affected by their own unique influences.
Because the robust economy has reduced the need for municipalities to issue
short-term debt, the supply of short-term municipal notes has declined amid
tepid demand. As a result, tax-exempt money market yields did not rise as much
as comparable taxable yields during the reporting period.
We appreciate your confidence over the past six months, 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
January 14, 2000
DISCUSSION OF FUND PERFORMANCE
Joseph Irace, Portfolio Manager
How did Dreyfus Florida Municipal Money Market Fund perform during the period?
For the six-month period ended December 31, 1999, the fund produced an
annualized tax-exempt yield of 2.89% . Taking into account the effects of
compounding, the fund provided an annualized effective yield of 2.92%.(1, 2)
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
fund'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 an increase in short-term supply as many
municipalities currently issue short-term debt, we may decrease the average
maturity of the fund to enable it to purchase new securities with higher yields
as they become available. Yields tend to rise if many issuers are competing for
investor interest. New securities are generally issued with maturities in the
one-year range, which tends to lengthen the fund's average maturity. If we
expect demand to surge at a time when we anticipate little issuance and,
therefore, lower yields, we may increase the fund's average maturity to maintain
current yields for as long as practical. At other times, we try to maintain an
average maturity that reflects our view of short-term interest rate trends and
future supply-and-demand considerations.
The Fund
DISCUSSION OF FUND PERFORMANCE (CONTINUED)
What other factors influenced the fund's performance?
By the start of the reporting period, it had become apparent to economists and
investors alike that economic growth was greater than they had anticipated.
Evidence emerged soon after 1999 began 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. In the United States, consumer confidence was at a
30-year high and employment was strong, with hourly wages rising.
This positive economic news raised concerns among fixed-income investors that
inflationary pressures might re-emerge. In response, the Federal Reserve Board
increased short-term interest rates three times during the summer and fall for a
total increase of 0.75 percentage points. These interest-rate increases
effectively offset all of last fall's rate cuts and caused short-term tax-exempt
yields to rise during the second half of the year.
Tax-exempt money market yields did not rise as much as comparable taxable
yields. Many states and municipalities throughout the country -- including
Florida -- have enjoyed higher tax revenues during this period of economic
prosperity. This has enabled them to decrease their annual debt borrowings.
What is the fund's current strategy?
We have continued to focus on high quality money market instruments from a
wide array of 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. VRDNs can be redeemed
at the buyer's option after either one day or seven days, which affords the fund
a high degree of liquidity as well as high credit quality. Accordingly, as of
December 31, 1999, much of the fund was composed of VRDNs. We also increased our
holdings of tax-exempt commercial paper during the reporting period to take
advantage of their high level of liquidity, strong credit characteristics and
competitive yields. The remainder of the fund was comprised of tax-exempt notes.
Of course, fund composition will change over time.
As of December 31, 1999, the fund's average maturity was 37 days. Our strategy
has been to retain the flexibility we need to capture high current yields while
remaining capable of responding quickly to changing market conditions. As we
await further clarification of Fed policy, we expect to utilize the flexibility
these securities generally provide.
January 14, 2000
(1) ANNUALIZED 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 MINIMUM TAX (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 $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY
INVESTING IN THE FUND.
(2) YIELDS PROVIDED REFLECTS THE ABSORPTION OF FUND EXPENSES BY THE
DREYFUS CORPORATION PURSUANT TO AN UNDERTAKING IN EFFECT THAT MAY BE
EXTENDED, TERMINATED OR MODIFIED AT ANY TIME. HAD THESE EXPENSES NOT
BEEN ABSORBED, THE FUND'S YIELDS WOULD HAVE BEEN LOWER. WITHOUT THE
FUND'S EXPENSE ABSORPTION, THE FUND WOULD HAVE PRODUCED AN ANNUALIZED
TAX-EXEMPT YIELD OF 2.83% AND AN ANNUALIZED EFFECTIVE YIELD OF 2.87%.
The Fund
STATEMENT OF INVESTMENTS
December 31, 1999 (Unaudited)
<TABLE>
Principal
TAX EXEMPT INVESTMENTS--89.2% Amount Value ($)
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<S> <C> <C>
FLORIDA--87.5%
Brevard County, Revenue, VRDN (Holy Trinity Episcopal)
5.05% (LOC; First Union National Bank) 2,000,000 (a) 2,000,000
Brevard County School Board, RAN 3.50%, 5/6/2000 5,000,000 4,992,498
Broward County, VRDN:
IDR (Rex Three Inc. Project):
5.15%, Series A '(LOC; First Union National Bank
of North Carolina) 2,650,000 (a) 2,650,000
4.05% (LOC; First Union National Bank) 35,000 (a) 35,000
Port Facilities Revenue, Refunding (Port Everglades Project)
5.50% (Insured; AMBAC and Liquidity Facility;
Bank of Nova Scotia) 3,300,000 (a) 3,300,000
Broward County Housing Finance Authority, MFHR, VRDN:
(Fishermen's Landing Project)
4.90% (LOC; Bank One Corp.) 4,300,000 (a) 4,300,000
(Margate Investments Project)
4.90% (LOC; Bank One Corp.) 1,000,000 (a) 1,000,000
(Reflections Apartments Projects)
4.90% (LOC; FHLB) 5,000,000 (a) 5,000,000
Capital Projects Finance Authority, Revenue,
VRDN (Capital Projects Loan Program):
5.45%, Series A (BPA; Credit Suisse and Insured; FSA) 10,800,000 (a) 10,800,000
4.90%, Series A (BPA; Credit Suisse and Insured; FSA) 7,000,000 (a) 7,000,000
Collier County Health Facilities Authority, HR, VRDN
(Cleveland Clinic Health Systems)
4.70% (LOC; Bank One Corp.) 19,700,000 (a) 19,700,000
Collier County Housing Finance Authority,
Multi-Family Revenue, VRDN
(River Reach Project)
5.65% (LOC; Morgan Guaranty Trust Co.) 2,250,000 (a) 2,250,000
Dade County, Water and Sewer Systems Revenue, VRDN
4.75% (Insured; FGIC and LOC; Commerzbank) 20,000,000 (a) 20,000,000
Dade County Industrial Development Authority, Refunding, VRDN:
Exempt Facility Revenue (Florida Power and Light Co.)
4.40% (LOC; Florida Power and Light Co.) 8,250,000 (a) 8,250,000
PCR (Florida Power and Light Co.)
4% (LOC; Florida Power and Light Co.) 100,000 (a) 100,000
Florida Development Finance Corporation, IDR, VRDN
(Byrd Technology Inc.)
5.25%, Series B-2
(LOC; First Union National Bank of North Carolina) 1,765,000 (a) 1,765,000
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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FLORIDA (CONTINUED)
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:
(Forrest Place Apartment 3.65%, Series J (LOC; FHLB) 3,000,000 (a) 3,000,000
Housing Revenue (Caribbean Key) 5.35%, Series F
(LOC; Key Bank Inc.) 7,500,000 (a) 7,500,000
MFHR (Kings Colony Project) 5.70%, Series D
(LOC; Bankers Trust Co.) 7,740,000 (a) 7,740,000
(Oaks Regency Apartment) 3.65%, Series K (LOC; FMLB) 5,925,000 (a) 5,925,000
(Parrots Landing Project) 5% Series AA (LOC: FNMA) 3,200,000 (a) 3,200,000
(River Oaks Apartment Project) 3.60% (LOC; Citibank) 3,700,000 (a) 3,700,000
(Wood Forest II Project) 4.15%, Series BBB, 12/1/2000
(LOC; Continental Casualty) 4,370,000 4,370,000
Florida Municipal Loan Council, Revenue
3.85, Series B, 11/1/2000 590,000 588,681
Florida Municipal Power, CP:
3.85%, Series A, 1/24/2000 (LOC; First Union National Bank) 1,900,000 1,900,000
3.85%, Series A, 3/8/2000 (LOC; First Union National Bank) 4,000,000 4,000,000
Gainesville, Utilities Systems Revenue, CP:
3.80%, Series C, 1/10/2000
(LOC: Bank of America and Sun Trust Bank) 3,490,000 3,490,000
3.85%, Series C, 1/10/2000
(LOC: Bank of America and Sun Trust Bank) 4,000,000 4,000,000
Greater Orlando Aviation Authority, Airport Revenue, CP
4%, 1/19/2000 (LOC; Morgan Guaranty Trust Co.) 6,542,000 6,542,000
Halifax Hospital Medical Center:
Health Care Facilities Revenue, VRDN
(Health Care Plan Inc. Project):
3.35% (LOC; Bank of America) 200,000 (a) 200,000
4.90% (LOC; Bank of America) 2,800,000 (a) 2,800,000
TAN 3.50%, 3/15/2000 (LOC; Bank of America) 3,625,000 3,628,197
Highlands County Health Facilities Authority, Revenue, VRDN
(Adventist Health Systems/Sunbelt Inc.)
5.45%, Series A (Insured; Capital Markets Assurance
and Liquidity Facility; First National Bank of Chicago) 16,500,000 (a) 16,500,000
Hillsborough County Industrial Development Authority, PCR, VRDN
(Tampa Electric Co. Project):
3.90% (LOC; Tampa Electric Co.) 6,800,000 (a) 6,800,000
4% (LOC; Tampa Electric Co.) 5,600,000 (a) 5,600,000
5% (LOC; Tampa Electric Co.) 8,800,000 (a) 8,800,000
The Fund
STATEMENT OF INVESTMENTS (CONTINUED)
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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FLORIDA (CONTINUED)
City of Jacksonville:
CP:
3.90%, 1/10/2000 (LOC; Morgan Guaranty Trust Co.) 6,350,000 6,350,000
3.80%, Series A, 2/11/2000 (LOC: Bayerische Landesbank,
Morgan Guaranty Trust Co. and Suntrust Bank) 5,000,000 5,000,000
3.60%, Series A, 2/18/2000 (LOC: Bayerische Landesbank,
Morgan Guaranty Trust Co. and Suntrust Bank) 3,000,000 3,000,000
PCR (Florida Power and Light Co.)
3.80%, 2/11/2000 (LOC; Florida Power and Light Co.) 1,000,000 1,000,000
Excise Tax Revenue, Refunding
5.8%, 10/1/2000 (Insured; AMBAC) 2,000,000 2,027,940
VRDN:
IDR (University of Florida Health Science Center)
5% (LOC; Bank of America) 1,800,000 (a) 1,800,000
PCR, Refunding (Florida Power and Light Co. Project)
4% (Corp. Guaranty; Florida Power and Light Co.) 2,300,000 (a) 2,300,000
Jacksonville Electric Authority:
CP:
3.80%, 1/10/2000 (LOC; Morgan Guaranty Trust Co.) 4,200,000 4,200,000
3.75%, 2/16/2000 (LOC; Morgan Guaranty Trust Co.) 7,232,000 7,232,000
Prerefunded (Bulk Power Supply):
6.75% , 10/1/2000 (Escrowed in: US Treasury Bills) 200,000 206,332
6.75%, 10/1/2000 (Escrowed in: US Treasury Bills) 2,200,000 2,278,522
Jacksonville Health Facility Authority, HR, Refunding, VRDN
(Genesis Rehab Hospital)
4.50% (LOC; Bank of America) 7,950,000 (a) 7,950,000
Lee County Housing Finance Authority, MFHR, VRDN
(Forestwood Apartments Project)
5% (LOC; FNMA) 8,000,000 (a) 8,000,000
Manatee County, PCR, Refunding, VRDN
(Florida Power and Light Co. Project)
4.50% (LOC; Florida Power and Light Co.) 4,660,000 (a) 4,660,000
Martin County, VRDN
(Florida Power and Light Co. Project):
PCR, Refunding 4.50%
(LOC; Florida Power and Light Co. Project) 200,000 (a) 200,000
SWDR 5% (LOC; Florida Power and Light Co. Project) 4,050,000 (a) 4,050,000
Miami-Dade County Housing Finance Authority,
Home Mortgage Ownership Revenue
3.55%, Series A2, 8/1/2000 (LOC; Trinity Funding Corp.) 5,355,000 5,355,000
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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FLORIDA (CONTINUED)
Miami-Dade County Industrial Development Authority, IDR, VRDN:
(Airis Miami LLC Project)
5.80%, Series A (Insured; AMBAC and
LOC; Bayerische Landesbank) 6,000,000 (a) 6,000,000
(Fine Arts Lamps Project)
5.65% (LOC; Suntrust Bank) 2,900,000 (a) 2,900,000
Miami-Dade County School District:
RAN 4.0%, 11/15/2000 8,000,000 8,013,402
TAN 4.0%, 6/28/2000 5,000,000 5,006,407
Nassau County, SWDR, Refunding,VRDN
5% (LOC; First Union National Bank) 11,500,000 (a) 11,500,000
Orange County Housing Finance Authority:
Homeowner Revenue 3.40%, Series A-3, 6/1/2000 2,000,000 2,000,000
MFHR:
(Oakwood Project) 3.75%, 10/1/2000 (LOC Fleet Bank) 6,000,000 6,000,000
VRDN (Smokewood/Sun) 5.20% (LOC; FHLB) 10,225,000 (a) 10,225,000
Palm Beach County Housing Finance Authority, MFHR, VRDN
(Azalea Place Apartments Project)
4.75%, Series A (LOC; Suntrust Bank) 2,600,000 (a) 2,600,000
Pinellas County Health Facility Authority, Revenue, Refunding,
VRDN (Pooled Hospital Loan Program)
4.70% (Insured; AMBAC and LOC; Suntrust Bank) 31,390,000 (a) 31,390,000
Putnam County Development Authority, PCR:
Refunding, VRDN (Florida Power and Light Co. Project)
4.50% (LOC; Florida Power and Light Co.) 1,280,000 (a) 1,280,000
(Seminole Electric):
3.60% , 3/15/2000 (LOC; National Rural Utility Corp) 7,685,000 7,685,000
3.80%, 6/15/2000 (LOC; National Rural Utility Corp) 5,000,000 5,000,000
Saint Lucie County, PCR, Refunding, VRDN
(Florida Power and Light Co. Project):
4% (LOC; Florida Power and Light Co.) 2,000,000 (a) 2,000,000
4.50% (LOC; Florida Power and Light Co.) 12,200,000 (a) 12,200,000
5% (LOC; Florida Power and Light Co.) 3,000,000 (a) 3,000,000
Sarasota County, VRDN (Family YMCA Project)
5% (LOC; First Union National Bank) 4,100,000 (a) 4,100,000
Sarasota County Health Facility Authority,
Health Care Facility Revenue, VRDN
(Bay Village Project)
5.45% (LOC; Bank of America) 1,300,000 (a) 1,300,000
The Fund
STATEMENT OF INVESTMENTS (Unaudited) (CONTINUED)
Principal
TAX EXEMPT INVESTMENTS (CONTINUED) Amount ($) Value ($)
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FLORIDA (CONTINUED)
Sarasota County Public Hospital District, HR, CP
(Sarasota Memorial Hospital Project):
3.85%, 1/10/2000 (LOC; Suntrust Bank) 565,000 565,000
3.50% 2/17/2000 3,000,000 3,000,000
3.85%, 2/18/2000 (LOC; Suntrust Bank) 1,200,000 1,200,000
Sunshine State Governmental Financing Commission, Revenue, CP:
3.70%, 1/7/2000 (LOC; Bank of Nova Scotia) 8,830,000 8,830,000
3.85%, 1/10/2000 (LOC; Bank of Nova Scotia) 1,435,000 1,435,000
3.85%, 1/10/2000 (Insured; AMBAC and LOC:
Toronto-Dominion Bank and Union Bank of Switzerland) 4,000,000 4,000,000
3.85%, 1/12/2000 (Insured; AMBAC and LOC:
Toronto-Dominion Bank and Union Bank of Switzerland) 5,000,000 5,000,000
3.90%, 2/11/2000 (LOC; Bank of Nova Scotia) 630,000 630,000
3.65%, 2/18/2000 (LOC; Bank of Nova Scotia) 4,010,000 4,010,000
Tampa, Revenue Health Systems (Catholic Health East)
4.50 % , Series A1, 11/15/2000 (Insured; MBIA) 2,000,000 2,010,963
West Orange Healthcare District, Revenue, VRDN
5.40%, Series B (LOC; Suntrust Bank) 7,900,000 (a) 7,900,000
U.S. RELATED--1.7%
Commonwealth of Puerto Rico Government Development Bank,
Refunding, VRDN
4.95% (Insured: MBIA and LOC; Credit Suisse) 5,000,000 (a) 5,000,000
Commonwealth of Puerto Rico Highway and
Transportation Authority, Revenue, VRDN
5%, Series A (Insured: MBIA and LOC; Bank of Nova Scotia) 3,000,000 (a) 3,000,000
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TOTAL INVESTMENTS (cost $431,812,738) 89.2% 431,816,942
CASH AND RECEIVABLES (NET) 10.8% 52,409,276
NET ASSETS 100.0% 484,226,218
Summary of Abbreviations
AMBAC American Municipal Bond IDR Industrial Development
Assurance Corporation Revenue
BPA Bond Purchase Agreement LOC Letter of Credit
CP Commercial Paper MBIA Municipal Bond Investors
FGIC Financial Guaranty Insurance Assurance Insurance Corporation
Company MFHR Multi-Family Housing
FHLB Federal Home Loan Bank Revenue
FNMA Federal National Mortgage PCR Pollution Control Revenue
Association RAN Revenue Anticipation Notes
FSA Financial Security Association SWDR Solid Waste Disposal Revenue
HR Hospital Revenue TAN Tax Anticipation Notes
VRDN Variable Rate Demand Notes
Summary of Combined Ratings (Unaudited)
Fitch or Moody's or Standard & Poor's Value (%)
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F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 85.7
AAA/AA (b) AAA/AA (b) AAA/AA (b) 12.9
Not Rated (c) Not Rated (c) Not Rated (c) 1.4
100.0
A SECURITIES PAYABLE ON DEMAND. VARIABLE INTEREST RATE-SUBJECT TO
PERIODIC CHANGE.
B NOTES WHICH ARE NOT F, MIG OR SP RATED ARE REPRESENTED BY BOND RATINGS
OF THE ISSUERS.
C SECURITIES WHICH, WHILE NOT RATED BY FITCH, MOODY'S AND STANDARD &
POOR'S HAVE BEEN DETERMINED BY THE MANAGER TO BE OF COMPARABLE QUALITY
TO THOSE RATED SECURITIES IN WHICH THE FUND MAY INVEST.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1999 (Unaudited)
Cost Value
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ASSETS ($):
Investments in securities--See Statement of
Investments 431,812,738 431,816,942
Cash 50,285,950
Interest receivable 2,253,973
Prepaid expenses and other assets 11,145
484,368,010
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LIABILITIES ($):
Due to The Dreyfus Corporation and affiliates 99,994
Accrued expenses and other liabilities 41,798
141,792
- --------------------------------------------------------------------------------
NET ASSETS ($) 484,226,218
- --------------------------------------------------------------------------------
COMPOSITION OF NET ASSETS ($):
Paid-in capital 484,258,927
Accumulated net realized gain (loss) on investments (36,913)
Accumulated gross unrealized appreciation on investments 4,204
- --------------------------------------------------------------------------------
NET ASSETS ($) 484,226,218
- --------------------------------------------------------------------------------
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest authorized)
484,258,919
NET ASSET VALUE, offering and redemption price per share ($) 1.00
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENT OF OPERATIONS
Six Months Ended December 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
INVESTMENT INCOME ($):
INTEREST INCOME 3,695,790
EXPENSES:
Management fee--Note 2(a) 521,277
Shareholder servicing costs--Note 2(b) 83,701
Professional fees 26,280
Registration fees 22,456
Custodian fees 11,940
Trustees' fees and expenses--Note 2(c) 10,945
Prospectus and shareholders' reports 10,315
Miscellaneous 3,437
TOTAL EXPENSES 690,351
Less--reduction in management fee due to
undertaking by The Dreyfus Corporation--Note 2(a) (64,756)
NET EXPENSES 625,595
INVESTMENT INCOME--NET 3,070,195
- --------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS--NOTE 1(B) ($):
Net realized gain (loss) on investments 1,077
Net unrealized appreciation (depreciation) on investments 3,217
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 4,294
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 3,074,489
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
December 31, 1999 Year Ended
(Unaudited) June 30, 1999
- --------------------------------------------------------------------------------
OPERATIONS ($):
Investment income--net 3,070,195 5,299,996
Net realized gain (loss) from investments 1,077 (3,556)
Net unrealized appreciation (depreciation)
of investments 3,217 987
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS 3,074,489 5,297,427
- --------------------------------------------------------------------------------
DIVIDENDS TO SHAREHOLDERS FROM ($):
INVESTMENT INCOME--NET (3,070,195) (5,299,996)
- --------------------------------------------------------------------------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 PER SHARE):
Net proceeds from shares sold 528,074,316 714,686,673
Dividends reinvested 2,736,935 4,864,698
Cost of shares redeemed (222,934,502) (708,126,608)
INCREASE (DECREASE) IN NET ASSETS FROM
BENEFICIAL INTEREST TRANSACTIONS 307,876,749 11,424,763
TOTAL INCREASE (DECREASE) IN NET ASSETS 307,881,043 11,422,194
- --------------------------------------------------------------------------------
NET ASSETS ($):
Beginning of period 176,345,175 164,922,981
END OF PERIOD 484,226,218 176,345,175
SEE NOTES TO FINANCIAL STATEMENTS.
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>
Six Months Ended
December 31, 1999 Year Ended June 30,
-------------------------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA ($):
Net asset value,
beginning of period 1.00 1.00 1.00 1.00 1.00 1.00
Investment Operations:
Investment income--net .015 .027 .031 .030 .032 .035
Distributions:
Dividends from investment
income--net (.015) (.027) (.031) (.030) (.032) (.035)
Net asset value, end of period 1.00 1.00 1.00 1.00 1.00 1.00
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TOTAL RETURN (%) 2.90(a) 2.71 3.12 3.05 3.23 3.50
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RATIOS/SUPPLEMENTAL DATA (%):
Ratio of expenses to
average net assets .60(a) .57 .59 .57 .49 .21
Ratio of net investment income
to average net assets 2.94(a) 2.67 3.08 3.02 3.19 3.50
Decrease reflected in above
expense ratios due
to undertakings by
The Dreyfus Corporation .06(a) .09 .10 .20 .32 .46
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Net Assets,
end of period ($ x 1,000) 484,226 176,345 164,923 144,880 141,141 165,570
A ANNUALIZED.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
The Fund
NOTES TO FINANCIAL STATEMENTS (Unaudited)
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.
which is a wholly-owned subsidiary of Mellon Financial Corporation. 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 $4,840 during the period ended
December 31, 1999 based on available cash balances left on deposit. Income
earned under this arrangement is included in interest income.
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, 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. This amount is calculated
based on Federal income tax regulations which may differ from financial
reporting in accordance with generally accepted accounting principles. 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 December 31, 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
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
NOTE 2--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 December
31, 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 $64,756 during the period ended
December 31, 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
December 31, 1999, the fund was charged $60,969 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 December 31, 1999, the fund was charged $17,531 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.
NOTES
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
100 Church 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) 2000 Dreyfus Service Corporation 741SA9912
