| | UNITED STATES | |
| | SECURITIES AND EXCHANGE COMMISSION | |
| | Washington, D.C. 20549 | |
| | | |
| | FORM N-CSR | |
| | | |
| CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT | |
| | INVESTMENT COMPANIES | |
| | | |
| Investment Company Act file number 811-7091 | |
| | | |
| | Dreyfus Florida Municipal Money Market Fund | |
| | | |
| | | |
| | c/o The Dreyfus Corporation | |
| | 200 Park Avenue | |
| | New York, New York 10166 | |
| | (Address of principal executive offices) (Zip code) | |
| | | |
| | Mark N. Jacobs, Esq. | |
| | 200 Park Avenue | |
| | New York, New York 10166 | |
| | (Name and address of agent for service) | |
| | | |
| Registrant's telephone number, including area code: (212) 922-6000 | |
| | | |
| Date of fiscal year end: | 6/30 | |
| | | |
| Date of reporting period: | 6/30/2004 | |
FORM N-CSR
Item 1. Reports to Stockholders.
| Dreyfus Florida |
| Municipal Money |
| Market Fund |
| | ANNUAL REPORT June 30, 2004
|
The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.
Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value
| Contents |
| |
| | | THE FUND |
| |
|
| 2 | | Letter from the Chairman |
| 3 | | Discussion of Fund Performance |
| 6 | | Statement of Investments |
| 17 | | Statement of Assets and Liabilities |
| 18 | | Statement of Operations |
| 19 | | Statement of Changes in Net Assets |
| 20 | | Financial Highlights |
| 21 | | Notes to Financial Statements |
| 25 | | Report of Independent Registered |
| Public Accounting Firm |
| 26 | | Important Tax Information |
| 27 | | Board Members Information |
| 29 | | Officers of the Fund |
| | | FOR MORE INFORMATION |
| |
|
| | | Back Cover |
| | Dreyfus Florida Municipal
Money Market Fund
|
LETTER FROM THE CHAIRMAN
This annual report for Dreyfus Florida Municipal Money Market Fund covers the 12-month period from July 1, 2003, through June 30, 2004. 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 U.S. economy increasingly showed signs of sustainable growth during the reporting period.When it became clearer in the spring of 2004 that an unexpectedly strong job market and higher energy prices reflected renewed inflationary pressures, the tax-exempt money markets began to anticipate higher interest rates, and yields began to rise from historical lows. Indeed, on the last day of the reporting period, the Federal Reserve Board raised short-term rates in what many analysts believe is the first in a series of gradual increases.
To many investors, the move to a less accommodative monetary policy marks the beginning of a new phase in the economic cycle. At times such as these, when market conditions are in a period of transition, we believe it is especially important for you to stay in close contact with your financial advisor, who can help you position your portfolio in a way that is designed to respond to the challenges and opportunities of today's changing investment environment.
Thank you for your continued confidence and support.
Stephen E. Canter
Chairman and Chief Executive Officer
The Dreyfus Corporation
July 15, 2004
|
DISCUSSION OF FUND PERFORMANCE
Joseph Irace, Portfolio Manager
|
How did Dreyfus Florida Municipal Money Market Fund perform during the period?
For the 12-month period ended June 30, 2004, the fund produced a yield of 0.49% . Taking into account the effects of compounding, the fund also produced an effective yield of 0.49% .1
We attribute the fund's returns to low short-term interest rates throughout the reporting period, which persisted despite mounting signs of stronger economic growth. While the supply of newly-issued Florida securities remained relatively limited, a robust supply of securities on a national level kept tax-exempt yields high relative to comparable-term taxable yields during much of the reporting period.
What is the fund's investment 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.
To pursue this goal, the fund normally invests at least 80% 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. In so doing, we employ two primary strategies. First, we attempt to add value by constructing a portfolio of high-quality, tax-exempt money market instruments in which the fund invests. Second, we actively manage the fund's average maturity in anticipation of what we believe are supply-and-demand changes in Florida's short-term municipal marketplace.
For example, if we expect an increase in short-term supply, we may decrease the average maturity of the fund, which could enable the fund to take advantage of opportunities when short-term supply increases. Yields generally tend to rise when there is an increase in new-issue supply competing for investor interest. New securities that are generally
The Fund 3
DISCUSSION OF FUND PERFORMANCE (continued)
|
issued with maturities in the one-year range may in turn cause us to lengthen the fund's average maturity. If we anticipate limited new-issue supply, we may then look to extend the fund's average maturity in an effort to take advantage of then-current opportunities. 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.
What other factors influenced the fund's performance?
Despite mounting evidence of sustainable economic growth that began to emerge during the summer of 2003, money-market yields remained anchored by the 1% federal funds rate throughout most of the reporting period. During the first half of the reporting period, the Federal Reserve Board (the "Fed") repeatedly affirmed its commitment to an accommodative monetary policy, stating that it could be "patient" before raising rates. Later, when it appeared that long-dormant inflationary pressures might be resurfacing, the Fed commented that any future rate hikes were likely to be "measured." As a result, yields of tax-exempt money market securities remained relatively stable throughout the reporting period.
As the national economy improved, so did the fiscal condition of many states and municipalities, including Florida. Due to its diverse economic base and strong tourist activity, Florida's tax revenues recently have exceeded budgeted forecasts, and it has fared better than many other states. However, Florida continues to face fiscal challenges, including the need to fund infrastructure improvements and recently enacted education mandates.
In this changing market environment, we continued to invest in high-quality money-market securities from Florida issuers.Whenever possible, we have attempted to diversify among municipal notes from various issuers within the state. However, because the supply of newly-issued money-market securities was relatively limited, we pursued this strategy primarily through the secondary market and the use of tax-exempt commercial paper.We attempted to "ladder" the fund's holdings so that
securities mature — and funds can be reinvested — at regular inter-vals.This strategy is designed to ensure liquidity and guard against the possibility that a disproportionate amount of securities may mature during a time of unusually low reinvestment rates.
We also invested a substantial portion of the fund's assets in variable-rate demand notes on which yields are reset weekly. In addition, we maintained a relatively long weighted average maturity during much of the reporting period to earn incrementally higher yields from longer-dated money-market instruments.
What is the fund's current strategy?
In the wake of reports of a stronger U.S. labor market and higher energy prices in the spring of 2004, the Fed raised short-term interest rates by 25 basis points on June 30, the last day of the reporting period Investors apparently believe that the Fed's recent move was just the first in a series of rate hikes, as evidenced by an increase in the yield differences among money-market instruments of various maturities Accordingly, we recently have allowed the fund's weighted average maturity to trend lower, toward the neutral range. This strategy is designed to give us the flexibility we need to capture higher-yielding opportunities as they become available.
July 15, 2004
| 1 | | Effective yield is based upon dividends declared daily and reinvested monthly. Past performance is |
| | | no guarantee of future results.Yields fluctuate. 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 the U.S. government.Although the fund seeks to preserve the value |
| | | of your investment at $1.00 per share, it is possible to lose money by investing in the fund.Yield |
| | | provided reflects the absorption of fund expenses by The Dreyfus Corporation pursuant to an |
| | | undertaking in effect that may be extended, terminated or modified at any time. Had these |
| | | expenses not been absorbed, the fund's yield would have been lower. |
The Fund 5
STATEMENT OF INVESTMENTS
June 30, 2004
|
| | | Principal | | | | |
| Tax Exempt Investments—101.8% | | Amount ($) | | Value ($) |
| |
| |
|
| Alachua County School Board, COP, LR | | | | | | |
| 4%, 7/1/2004 (Insured; AMBAC) | | 100,000 | | | | 100,000 |
| Alachua County School District, GO Notes, Refunding | | | | | | |
| 2%, 7/1/2004 (Insured; FGIC) | | 3,050,000 | | | | 3,050,000 |
| Bay County, Hospital Systems Revenue, Refunding | | | | | | |
| (Bay Medical Center Project) 8%, 10/1/2004 | | 100,000 a | | | | 103,697 |
| City of Boca Raton, Water and Sewer Revenue: | | | | | | |
| Refunding 2.50%, 10/1/2004 | | 375,000 | | | | 376,261 |
| Refunding and Improvement 3.70%, 10/1/2004 | | 100,000 | | | | 100,613 |
| Boca Raton Community Redevelopment Agency | | | | | | |
| Tax Increment Revenue, Refunding | | | | | | |
| (Mizner Park Project) 4%, 3/1/2005 (Insured; FSA) | | 160,000 | | | | 162,960 |
| Brevard County School Board, RAN 2%, 4/29/2005 | | 4,090,000 | | | | 4,117,072 |
| Broward County: | | | | | | |
| IDR, VRDN: | | | | | | |
| (GB Instruments Inc. Project) | | | | | | |
| 1.23% (LOC; Bank of America) | | 2,240,000 b | | | | 2,240,000 |
| (Rex Three Inc. Project) | | | | | | |
| 1.22% (LOC; Wachovia Bank) | | 2,400,000 b | | | | 2,400,000 |
| Solid Waste Systems Revenue, Refunding | | | | | | |
| 1.75%, 7/1/2004 | | 4,095,000 | | | | 4,095,000 |
| Broward County Airport Exempt Facility, Revenue, VRDN | | | | | | |
| (Learjet Inc. Project) 1.20% (LOC; Bank of America) | | 1,300,000 b | | | | 1,300,000 |
| Broward County Housing Finance Authority, VRDN: | | | | | | |
| MFHR: | | | | | | |
| (Golf View Gardens Apartments Project) | | | | | | |
| 1.18% (LOC; Regions Bank) | | 8,850,000 b | | | | 8,850,000 |
| Refunding (Island Club Apartments) | | | | | | |
| 1.10% (Liquidity Facility; FHLMC) | | 3,835,000 b | | | | 3,835,000 |
| SFMR, Merlots Program | | | | | | |
| 1.17% (Insured: FNMA and GNMA and | | | | | | |
| Liquidity Facility; Wachovia Bank) | | 40,000 b | | | | 40,000 |
| Broward County School District, GO Notes, Refunding: | | | | | | |
| 2.75%, 2/15/2005 | | 750,000 | | | | 756,790 |
| 5%, 2/15/2005 | | 1,000,000 | | | | 1,023,950 |
| City of Cape Coral: | | | | | | |
| GO Note, CP 1.40%, 1/13/2005 (LOC; Bank of America) | | 3,500,000 | | | | 3,500,000 |
| Water and Sewer Revenue, Refunding | | | | | | |
| 4.50%, 10/1/2004 (Insured; FSA) | | 100,000 | | | | 100,839 |
| | | Principal | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Cape Coral Health Facilities Authority, Health Care Facilities | | |
| Revenue, Refunding (Gulf Care Inc. Project) | | | | |
| 5.40%, 10/1/2004 (Insured; Radian Bank) | | 160,000 | | 161,511 |
| Capital Projects Finance Authority | | | | |
| LR (AAAE Airports Project) | | | | |
| 4.25%, 6/1/2005 (Insured; MBIA) | | 2,275,000 | | 2,333,740 |
| Charlotte County, Utility Revenue, Refunding | | | | |
| 5%, 10/1/2004 (Insured; FGIC) | | 100,000 | | 100,958 |
| Clay County, Utilities Systems Revenue, Refunding | | | | |
| 2%, 11/1/2004 (Insured; FSA) | | 200,000 | | 200,498 |
| Collier County, Capital Improvement Revenue | | | | |
| 2.50%, 10/1/2004 (Insured; FGIC) | | 225,000 | | 225,755 |
| Collier County School Board, COP, LR, Refunding | | | | |
| Master Lease Program | | | | |
| 3.50%, 2/15/2005 (Insured; FSA) | | 350,000 | | 353,981 |
| Dade County: | | | | |
| GO Notes 6.90%, 7/1/2004 (Insured; AMBAC) | | 600,000 | | 600,000 |
| Water and Sewer Systems Revenue | | | | |
| 4.70%, 10/1/2004 (Insured; FGIC) | | 200,000 | | 201,770 |
| Dade County School District, GO Notes 5.50% | | | | |
| 8/1/2004 (Insured; MBIA) | | 1,000,000 | | 1,003,787 |
| Dade County Solid Waste Systems | | | | |
| Special Obligation Revenue | | | | |
| Refunding 5.25%, 10/1/2004 (Insured; AMBAC) | | 100,000 | | 101,001 |
| County of Escambia, Capital Improvement Revenue | | | | |
| 2.75%, 10/1/2004 (Insured; MBIA) | | 200,000 | | 200,747 |
| Escambia County Housing Finance Authority, SFMR, VRDN | | |
| Merlots Program 1.17% (Insured: FNMA and GNMA | | |
| and Liquidity Facility; Wachovia Bank) | | 3,130,000 b | | 3,130,000 |
| First Governmental Financing Commission, Revenue: | | |
| 4.20%, 7/1/2004 (Insured; AMBAC) | | 100,000 | | 100,000 |
| Refunding and Improvement | | | | |
| 2%, 7/1/2004 (Insured; AMBAC) | | 225,000 | | 225,000 |
| FSU Financial Assistance Inc., Educational and Athletic | | |
| Facilities Improvement Revenue, Refunding | | | | |
| 2%, 10/1/2004 (Insured; AMBAC) | | 1,560,000 | | 1,563,879 |
| State of Florida, GO Notes (Department of Transportation | | |
| Right of Way Project) 2.50%, 7/1/2004 | | 1,655,000 | | 1,655,000 |
The Fund 7
S T A T E M E N T O F I N V E S T M E N T S (continued)
| | | Principal | | | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Florida Correctional Privatization Commission | | | | | | |
| COP, LR 4.25%, 8/1/2004 (Insured; MBIA) | | 325,000 | | | | 325,860 |
| Florida Division of Bond Finance, General Services Revenue | | | | | | |
| (Department of Environmental Protection and Preservation): | | | | |
| 5%, 7/1/2004 (Insured; FGIC) | | 150,000 | | | | 150,000 |
| 5.75%, 7/1/2004 (Insured; FGIC) | | 135,000 | | | | 135,000 |
| Refunding 4.50%, 7/1/2004 (Insured; AMBAC) | | 475,000 | | | | 475,000 |
| Florida Department of Environmental Protection | | | | | | |
| Preservation Revenue 5.25%, 7/1/2004 (Insured; FGIC) | | 175,000 | | | | 175,000 |
| Florida Development Finance Corporation, IDR, VRDN: | | | | | | |
| (Air Technology) | | | | | | |
| 1.27% (LOC; Wachovia Bank) | | 2,000,000 b | | | | 2,000,000 |
| (Byrd Technologies Inc.) | | | | | | |
| 1.27% (LOC; Wachovia Bank) | | 1,510,000 b | | | | 1,510,000 |
| (Downey Glass Industries) | | | | | | |
| 1.27% (LOC; Wachovia Bank) | | 895,000 b | | | | 895,000 |
| (Energy Planning Associates) | | | | | | |
| 1.27% (LOC; Wachovia Bank) | | 1,435,000 b | | | | 1,435,000 |
| (Florida Steel Project) | | | | | | |
| 1.27% (LOC; Wachovia Bank) | | 1,035,000 b | | | | 1,035,000 |
| (Inco Chemical Supply Co.) | | | | | | |
| 1.27% (LOC; Wachovia Bank) | | 1,940,000 b | | | | 1,940,000 |
| (Increte LLC Project) | | | | | | |
| 1.27% (LOC; Wachovia Bank) | | 2,600,000 b | | | | 2,600,000 |
| (Kelray Real Estate Project) | | | | | | |
| 1.27% (LOC; Wachovia Bank) | | 930,000 b | | | | 930,000 |
| (Retro Elevator Corp. Project) | | | | | | |
| 1.27% (LOC; Wachovia Bank) | | 895,000 b | | | | 895,000 |
| (Sun and Skin Care Resource Project) | | | | | | |
| 1.27% (LOC; Wachovia Bank) | | 805,000 b | | | | 805,000 |
| (Trese Inc. Project) | | | | | | |
| 1.27% (LOC; Wachovia Bank) | | 1,260,000 b | | | | 1,260,000 |
| (University of Southern Florida Foundation) | | | | | | |
| 1.27% (LOC; SunTrust Bank) | | 1,080,000 b | | | | 1,080,000 |
| Florida Education System, Housing Revenue: | | | | | | |
| (Florida Atlantic University) | | | | | | |
| 3%, 7/1/2004 (Insured; FGIC) | | 510,000 | | | | 510,000 |
| (Florida State University Facility) | | | | | | |
| 2%, 5/1/2005 (Insured; FGIC) | | 200,000 | | | | 201,370 |
| Florida Housing Finance Agency: | | | | | | |
| Housing Revenue, VRDN (Caribbean Key) | | | | | | |
| 1.10% (Insured; FNMA) | | 10,300,000 b | | | | 10,300,000 |
| SFMR, Refunding 6%, 7/1/2004 | | 95,000 | | | | 95,000 |
| |
| |
| |
| 8 | | | | | | |
| | | Principal | | | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Florida Housing Finance Corporation, MFHR, VRDN: | | | | | | |
| (Bridgewater Club) | | | | | | |
| 1.11% (LOC; SunTrust Bank) | | 3,000,000 b | | | | 3,000,000 |
| (Falls of Venice Project) | | | | | | |
| 1.14% (LOC; FNMA) | | 8,505,000 b | | | | 8,505,000 |
| (Stuart Pointe Apartments) | | | | | | |
| 1.11% (LOC; SunTrust Bank) | | 4,000,000 b | | | | 4,000,000 |
| Florida Rural Utility Financing Commission, Revenue: | | | | | | |
| (Marianna Project) 2%, 5/1/2005 | | 6,130,000 | | | | 6,170,501 |
| (Public Projects Construction): | | | | | | |
| 2%, 7/1/2004 | | 4,025,000 | | | | 4,025,000 |
| 2.50%, 7/1/2005 | | 2,295,000 | | | | 2,309,706 |
| Florida State Board of Education, Lottery Revenue: | | | | | | |
| 5%, Series B, 7/1/2004 (Insured; FGIC) | | 100,000 | | | | 100,000 |
| 5%, Series C, 7/1/2004 (Insured; FGIC) | | 100,000 | | | | 100,000 |
| Florida State Board of Education | | | | | | |
| Capital Outlay, GO Notes: | | | | | | |
| 5%, 1/1/2005 | | 1,000,000 | | | | 1,019,332 |
| 5.40%, 1/1/2005 | | 835,000 a | | | | 861,136 |
| 5.50%, 1/1/2005 | | 650,000 | | | | 664,149 |
| 5.90%, 1/1/2005 | | 150,000 a | | | | 155,039 |
| 6%, 1/1/2005 | | 100,000 | | | | 102,380 |
| 5%, 6/1/2005 | | 100,000 | | | | 103,075 |
| 5.30%, 6/1/2005 | | 600,000 a | | | | 625,989 |
| 5.625%, 6/1/2005 | | 150,000 a | | | | 156,798 |
| Refunding 5%, 6/1/2005 | | 400,000 | | | | 412,113 |
| Refunding 6%, 6/1/2005 | | 250,000 | | | | 259,949 |
| City of Fort Lauderdale, Sales Tax Revenue | | | | | | |
| 4%, 9/1/2004 (Insured; FGIC) | | 200,000 | | | | 200,975 |
| City of Gainesville, Utilities System Revenue | | | | | | |
| 4%, 10/1/2004 | | 1,200,000 | | | | 1,208,765 |
| Hillsborough County Aviation Authority, Revenue | | | | | | |
| VRDN, Merlots Program 1.17% | | | | | | |
| (Insured; MBIA and Liquidity Facility; Wachovia Bank) | | 1,995,000 b | | | | 1,995,000 |
| Hillsborough County Industrial Development Authority | | | | | | |
| IDR, Refunding, VRDN (Leslie Controls Inc.) | | | | | | |
| 1.18% (LOC; SunTrust Bank) | | 3,400,000 b | | | | 3,400,000 |
| Hillsborough County School Board: | | | | | | |
| LR, COP, Master Lease Program | | | | | | |
| 4.25%, 7/1/2004 (Insured; MBIA) | | 250,000 | | | | 250,000 |
| Sales Tax Revenue | | | | | | |
| 2.25%, 10/1/2004 (Insured; AMBAC) | | 115,000 | | | | 115,149 |
The Fund 9
S T A T E M E N T O F I N V E S T M E N T S (continued)
| | | Principal | | | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Indian River County School District, GO Notes, Refunding | | | | |
| 4%, 4/1/2005 (Insured; FSA) | | 2,185,000 | | | | 2,228,802 |
| JEA: | | | | | | |
| St. John's River Power Park Systems Revenue | | | | | | |
| Refunding 4%, 10/1/2004 | | 1,735,000 | | | | 1,747,142 |
| Water and Sewer Systems Revenue 4%, 10/1/2004 | | 1,045,000 | | | | 1,052,567 |
| City of Jacksonville, VRDN: | | | | | | |
| Educational Facilities Revenue | | | | | | |
| (Edward Waters College Project) 1.14% | | | | | | |
| (LOC; Wachovia Bank) | | 4,400,000 b | | | | 4,400,000 |
| IDR (University of Florida Health Science Center) | | | | | | |
| 1.09% (Liquidity Facility; Bank of America) | | 1,600,000 b | | | | 1,600,000 |
| PCR, Refunding | | | | | | |
| (Power and Light Company Project) 1.14% | | 900,000 b | | | | 900,000 |
| Jacksonville Beach, Utilities Revenue, Refunding | | | | | | |
| 2%, 10/1/2004 (Insured; AMBAC) | | 200,000 | | | | 200,297 |
| Jacksonville Economic Development Commission: | | | | | | |
| Health Care Facilities Revenue: | | | | | | |
| 1.23%, 12/1/2004 (LOC: Fortis Bank and | | | | | | |
| JP Morgan Chase Bank) | | 6,900,000 | | | | 6,900,000 |
| (Shands Medical Center) 2%, 2/1/2005 | | | | | | |
| (Insured; AMBAC) | | 1,980,000 | | | | 1,989,775 |
| IDR, VRDN (Load King Manufacturing Co. Inc. Project) | | | | |
| 1.25% (LOC; Southtrust Bank) | | 3,200,000 b | | | | 3,200,000 |
| Jacksonville Electric Authority, Electric Revenue | | | | | | |
| Refunding (St. John's River) 6%, 10/1/2004 | | 200,000 | | | | 202,390 |
| Lake County Industrial Development Authority | | | | | | |
| Industrial Revenue, VRDN | | | | | | |
| (U.S. Nutraceuticals LLC Project) | | | | | | |
| 1.25% (LOC; Huntington NB) | | 1,550,000 b | | | | 1,550,000 |
| City of Lakeland, Electric and Water Revenue | | | | | | |
| Refunding 6.55%, 10/1/2004 (Insured; FSA) | | 500,000 | | | | 506,741 |
| Lee County Housing Finance Authority, VRDN: | | | | | | |
| MFHR (Heron Pond Apartments) | | | | | | |
| 1.18% (LOC; Regions Bank) | | 6,500,000 b | | | | 6,500,000 |
| SFMR, Merlots Program | | | | | | |
| 1.17% (Insured: FNMA and GNMA and | | | | | | |
| Liquidity Facility; Wachovia Bank) | | 5,350,000 b | | | | 5,350,000 |
| Lee County Industrial Development Authority: | | | | | | |
| Utilities Revenue (Bonita Springs Utilities Project) | | | | | | |
| 4.75%, 11/1/2004 (Insured; FSA) | | 185,000 | | | | 187,160 |
| | | Principal | | | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Lee County Industrial Development Authority (continued): | | | | | | |
| VRDN: | | | | | | |
| Health Care Facilities Revenue | | | | | | |
| (Cypress Cove Health Park) | | | | | | |
| 1.10% (LOC; Keybank) | | 5,700,000 b | | | | 5,700,000 |
| IDR (Currier Roof Tile Project) | | | | | | |
| 1.25% (LOC; Huntington NB) | | 2,565,000 b | | | | 2,565,000 |
| Marion County Industrial Development Authority | | | | | | |
| IDR, VRDN (Universal Forest Products) | | | | | | |
| 1.27% (LOC; Wachovia Bank) | | 2,500,000 b | | | | 2,500,000 |
| Martin County: | | | | | | |
| Improvement Revenue (800 MHZ Radio Systems) | | | | | | |
| 2.75%, 10/1/2004 (Insured; AMBAC) | | 1,000,000 | �� | | | 1,004,352 |
| PCR, Refunding, VRDN | | | | | | |
| (Florida Power and Light Co. Project) 1.13% | | 3,000,000 b | | | | 3,000,000 |
| County of Miami-Dade: | | | | | | |
| Aviation Revenue, Refunding (Miami International Airport): | | | | |
| 2%, 10/1/2004 (Insured; FGIC) | | 1,935,000 | | | | 1,937,961 |
| 2%, 10/1/2004 (Insured; MBIA) | | 100,000 | | | | 100,200 |
| Special Obligation Revenue, Capital Asset Acquisition | | | | | | |
| 5%, 4/1/2005 (Insured; AMBAC) | | 2,940,000 | | | | 3,024,178 |
| Miami-Dade County Industrial | | | | | | |
| Development Authority, VRDN: | | | | | | |
| IDR: | | | | | | |
| (EEG Properties Inc. Project) | | | | | | |
| 1.27% (LOC; Wachovia Bank) | | 830,000 b | | | | 830,000 |
| (Fine Art Lamps Project) | | | | | | |
| 1.16% (LOC; SunTrust Bank) | | 4,200,000 b | | | | 4,200,000 |
| (Futurama Project) 1.28% (LOC; SouthTrust Bank) | | 1,240,000 b | | | | 1,240,000 |
| Industrial Revenue | | | | | | |
| (Professional Modification Services Inc.) | | | | | | |
| 1.14% (LOC; HSBC Bank USA) | | 14,200,000 b | | | | 14,200,000 |
| Private School Revenue | | | | | | |
| (Gulliver Schools Project) | | | | | | |
| 1.13% (LOC; Bank of America) | | 1,150,000 b | | | | 1,150,000 |
| Miami-Dade County Housing Finance Authority, MFHR | | | | | | |
| VRDN 1.22% (Liquidity Facility; Merrill Lynch) | | 8,285,000 b | | | | 8,285,000 |
| Miami-Dade County School District, GO Notes | | | | | | |
| 5.55%, 6/1/2005 (Insured; MBIA) | | 1,610,000 | | | | 1,669,476 |
| City of Miami Springs, GO Notes | | | | | | |
| 4.55%, 2/1/2005 (Insured; MBIA) | | 100,000 | | | | 101,949 |
The Fund 11
S T A T E M E N T O F I N V E S T M E N T S (continued)
| | | Principal | | | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| City of Naples, HR, Refunding | | | | | | |
| (Naples Community Hospital Inc. Project) | | | | | | |
| 4.90%, 10/1/2004 (Insured; MBIA) | | 200,000 | | | | 201,804 |
| North Miami, Educational Facilities Revenue | | | | | | |
| VRDN (Miami Country Day School Project) | | | | | | |
| 1.13% (LOC; Bank of America) | | 350,000 | | b | | 350,000 |
| Okaloosa County, Water and Sewer Revenue | | | | | | |
| 2%, 7/1/2004 (Insured; FSA) | | 2,700,000 | | | | 2,700,000 |
| City of Orange, Utilities System Revenue, Refunding | | | | | | |
| 4.60%, 10/1/2004 (Insured; FGIC) | | 100,000 | | | | 100,847 |
| Orange County, Water Utilities System Revenue | | | | | | |
| Refunding 4.10%, 10/1/2004 | | 290,000 | | | | 292,154 |
| Orange County Housing Finance Authority | | | | | | |
| MFHR, VRDN (Windsor Pines Partners) | | | | | | |
| 1.11% (LOC; Bank of America) | | 5,495,000 b | | | | 5,495,000 |
| Orange County School Board, COP, LR, VRDN | | | | | | |
| 1.12% (Insured; AMBAC and | | | | | | |
| Liquidity Facility; BNP Paribas) | | 3,305,000 | | b | | 3,305,000 |
| Orange County School District, TAN 2%, 9/16/2004 | | 5,000,000 | | | | 5,009,691 |
| City of Orlando, Community Redevelopment Agency | | | | | | |
| Tax Increment Revenue, Refunding | | | | | | |
| 2%, 10/1/2004 (Insured; AMBAC) | | 1,435,000 | | | | 1,438,231 |
| Orlando Utilities Commission, Water and Electric | | | | | | |
| Revenue, Refunding: | | | | | | |
| 4%, 10/1/2004 | | 500,000 | | | | 503,514 |
| 5.70%, 10/1/2004 | | 825,000 | | | | 834,248 |
| Palm Beach County: | | | | | | |
| Airport Revenue: | | | | | | |
| Refunding 5%, 10/1/2004 (Insured; MBIA) | | 3,910,000 | | | | 3,948,057 |
| VRDN: | | | | | | |
| (Jet Aviation Project) | | | | | | |
| 1.19% (LOC; Credit Suisse Group) | | 3,400,000 b | | | | 3,400,000 |
| (Galaxy Aviation Project) | | | | | | |
| 1.16% (LOC; SunTrust Bank) | | 2,000,000 b | | | | 2,000,000 |
| GO Notes 7%, 12/1/2004 | | 100,000 | | | | 102,366 |
| IDR, VRDN: | | | | | | |
| (Palm Beach Bedding Co. Project) | | | | | | |
| 1.17% (LOC; Wachovia Bank) | | 3,490,000 b | | | | 3,490,000 |
| Refunding (Eastern Metal Supply) | | | | | | |
| 1.22% (LOC; Wachovia Bank) | | 3,155,000 b | | | | 3,155,000 |
| | | Principal | | | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Palm Beach County (continued): | | | | | | |
| Student Housing Revenue, Refunding, VRDN | | | | | | |
| (Community College Foundation Project) | | | | | | |
| 1.12% (LOC; Bank of America) | | 3,000,000 b | | | | 3,000,000 |
| Water and Sewer Revenue, Refunding | | | | | | |
| 5%, 4/1/2005 | | 110,000 | | | | 112,954 |
| Palm Beach County Educational Facilities Authority | | | | | | |
| College and University Revenue, VRDN | | | | | | |
| (Atlantic College) 1.13% (LOC; Bank of America) | | 11,800,000 b | | | | 11,800,000 |
| Palm Beach County Housing Finance Authority, MFHR | | | | | | |
| VRDN (Azalea Place Apartments Project) | | | | | | |
| 1.12% (LOC; SunTrust Bank) | | 2,470,000 | | b | | 2,470,000 |
| Palm Beach County School Board, COP, LR | | | | | | |
| 4%, 8/1/2004 (Insured; FSA) | | 950,000 | | | | 952,308 |
| Palm Beach County School District, GO Notes, Refunding | | | | |
| 4%, 8/1/2004 (Insured; FGIC) | | 800,000 | | | | 801,929 |
| Palm Beach County Solid Waste Authority, RRR | | | | | | |
| Refunding 4.875%, 10/1/2004 (Insured; AMBAC) | | 475,000 | | | | 479,315 |
| City of Pembroke Pines, Charter School Revenue | | | | | | |
| 2.70%, 7/1/2004 (Insured; MBIA) | | 500,000 | | | | 500,000 |
| County of Pinellas, Capital Improvement Revenue | | | | | | |
| 3%, 1/1/2005 (Insured; AMBAC) | | 100,000 | | | | 100,926 |
| Pinellas County Housing Finance Authority, MFHR | | | | | | |
| VRDN (Alta Largo Apartments Project) | | | | | | |
| 1.15% (LOC; Amsouth Bank) | | 7,000,000 | | b | | 7,000,000 |
| Pinellas County Industrial Development Authority | | | | | | |
| IDR, VRDN: | | | | | | |
| (Sure-Feed Engineering Project) | | | | | | |
| 1.20% (LOC; Bank of America) | | 145,000 | | b | | 145,000 |
| (Ven Tel Plastics Project) | | | | | | |
| 1.22% (LOC; Wachovia Bank) | | 4,155,000 | | b | | 4,155,000 |
| City of Pinellas Park, Public Improvement Revenue | | | | | | |
| Refunding 2%, 10/1/2004 (Insured; AMBAC) | | 460,000 | | | | 460,974 |
| Polk County School Board, COP, LR | | | | | | |
| Master Lease Program 3%, 1/1/2005 (Insured; FSA) | | 200,000 | | | | 201,286 |
| County of Port St. Lucie, Refunding and Improvement: | | | | | | |
| Gas Tax Revenue 2%, 9/1/2004 (Insured; FGIC) | | 730,000 | | | | 731,039 |
| Utilities Revenue 4.50%, 9/1/2004 (Insured; MBIA) | | 100,000 | | | | 100,544 |
The Fund 13
S T A T E M E N T O F I N V E S T M E N T S (continued)
| | | Principal | | | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| Port St. Lucie Community Redevelopment Agency | | | | | | |
| Revenue (Redevelopment Trust Fund) | | | | | | |
| 2%, 1/1/2005 (Insured; MBIA) | | 180,000 | | | | 180,717 |
| Putnam County Development Authority, PCR, VRDN | | | | | | |
| (National Rural Utilities-Seminole Electric): | | | | | | |
| 1.28%, Series H-1 | | 400,000 | | b | | 400,000 |
| 1.28%, Series H-2 | | 530,000 | | b | | 530,000 |
| Riviera Beach, Sales Tax Revenue, Refunding | | | | | | |
| 3%, 10/1/2004 (Insured; MBIA) | | 170,000 | | | | 170,747 |
| City of Sanford, Utilities System Revenue, Refunding | | | | | | |
| 2%, 10/1/2004 (Insured; AMBAC) | | 380,000 | | | | 380,852 |
| County of Sarasota: | | | | | | |
| Second Guaranteed Entitlement Revenue | | | | | | |
| Refunding 3.70%, 10/1/2004 (Insured; FGIC) | | 100,000 | | | | 100,571 |
| Utility Systems Revenue | | | | | | |
| 4.875%, 10/1/2004 (Insured; FGIC) | | 100,000 | | | | 100,907 |
| Sarasota-Manatee Airport Authority, Airport Revenue | | | | | | |
| Refunding 2%, 8/1/2004 (Insured; MBIA) | | 325,000 | | | | 325,253 |
| South Broward Hospital District, Health Care Facilities | | | | | | |
| Revenue, VRDN, Putters Program 1.12% (Insured; MBIA | | | | |
| and Liquidity Facility; JP Morgan Chase Bank) | | 4,000,000 | | b | | 4,000,000 |
| South Daytona, Utilities System Revenue, Refunding 2% | | | | |
| 7/1/2004 (Insured; AMBAC) | | 410,000 | | | | 410,000 |
| Southeast Volusia Hospital District, Health Care Facilities | | | | |
| Revenue, VRDN (Bert Fish Medical Center) | | | | | | |
| 1.16% (LOC; SouthTrust Bank) | | 4,800,000 | | b | | 4,800,000 |
| St. John's County Housing Finance Authority, MFHR | | | | | | |
| VRDN (Ponce Harbor Apartment) | | | | | | |
| 1.12% (LOC; SouthTrust Bank) | | 6,000,000 | | b | | 6,000,000 |
| St. John's River Water Management District | | | | | | |
| Land Acquisition Revenue, Refunding | | | | | | |
| 5%, 7/1/2004 (Insured; FSA) | | 100,000 | | | | 100,000 |
| St. Lucie County: | | | | | | |
| VRDN: | | | | | | |
| Health Care Facilities Revenue | | | | | | |
| (Sage Living Center Project) | | | | | | |
| 1.13% (LOC; Regions Bank) | | 6,000,000 | | b | | 6,000,000 |
| IDR (A-1 Roof Trusses Co. Project) | | | | | | |
| 1.33% (LOC; SouthTrust Bank) | | 1,285,000 | | b | | 1,285,000 |
| SWDR, Refunding 2%, 9/1/2004 (Insured; AMBAC) | | 770,000 | | | | 771,072 |
| St. Lucie County School Board, COP, LR | | | | | | |
| 3.50%, 7/1/2004 (Insured; FSA) | | 200,000 | | | | 200,000 |
| |
| |
| 14 | | | | | | |
| | | Principal | | | | |
| Tax Exempt Investments (continued) | | Amount ($) | | Value ($) |
| |
| |
|
| City of St. Petersburg, Excise Tax Revenue, Refunding | | | | |
| 4.40%, 10/1/2004 (Insured; FGIC) | | 4,840,000 | | | | 4,879,491 |
| St. Petersburg Health Facilities Authority | | | | | | |
| Health Care Facilities Revenue: | | | | | | |
| (All Children's Hospital) | | | | | | |
| 3%, 11/15/2004 (Insured; AMBAC) | | 280,000 | | | | 281,816 |
| VRDN (American Lung Association) 1.19% | | | | | | |
| (LOC; Wachovia Bank) | | 600,000 | | b | | 600,000 |
| Sumter County Industrial Development Authority, VRDN: | | | | |
| IDR (Robbins Manufacturing Company Project) | | | | | | |
| 1.22% (LOC; Wachovia Bank) | | 470,000 | | b | | 470,000 |
| Revenue (Villages Tri-County Medical Center) | | | | | | |
| 1.18% (LOC; SunTrust Bank) | | 4,101,000 | | b | | 4,101,000 |
| Sunshine State Governmental Financing Commission | | | | |
| Revenue 2%, 10/1/2004 | | 295,000 | | | | 295,551 |
| City of Tallahassee: | | | | | | |
| Energy Systems Revenue: | | | | | | |
| 4%, 10/1/2004 (Insured; FSA) | | 200,000 | | | | 201,402 |
| Refunding 4%, 10/1/2004 (Insured; AMBAC) | | 140,000 | | | | 140,981 |
| IDR, VRDN | | | | | | |
| (Rose Printing Co. Inc. Project) | | | | | | |
| 1.27% (LOC; Wachovia Bank) | | 2,200,000 | | b | | 2,200,000 |
| City of Tampa: | | | | | | |
| Health Care Facilities Revenue | | | | | | |
| (Catholic Health East Project) | | | | | | |
| 5.25%, 11/15/2004 (Insured; MBIA) | | 1,200,000 | | | | 1,216,449 |
| Tax Allocation Revenue | | | | | | |
| (H. Lee Moffitt Cancer Center) | | | | | | |
| 4.75%, 3/1/2005 (Insured; AMBAC) | | 100,000 | | | | 102,188 |
| Tampa-Hillsborough County Expressway Authority | | | | | | |
| Highway Tolls Revenue | | | | | | |
| 6%, 7/1/2004 (Insured; AMBAC) | | 645,000 | | | | 645,000 |
| City of Venice, Health Care Facilities Revenue | | | | | | |
| (Venice Hospital Inc. Project) 6%, 12/1/2004 | | 100,000 | | a | | 103,932 |
| Volusia County School District, GO Notes | | | | | | |
| Refunding 5%, 8/1/2004 (Insured; FGIC) | | 500,000 | | | | 501,606 |
| |
| |
| |
|
| |
| Total Investments (cost $317,656,807) | | 101.8% | | | | 317,656,807 |
| |
| Liabilities, Less Cash and Receivables | | (1.8%) | | (5,527,735) |
| |
| Net Assets | | 100.0% | | | | 312,129,072 |
The Fund 15
S T A T E M E N T O F I N V E S T M E N T S (continued)
| Summary of Abbreviations | | | | |
| |
| AMBAC | | American Municipal Bond | | HR | | Hospital Revenue |
| | | Assurance Corporation | | IDR | | Industrial Development Revenue |
| COP | | Certificate of Participation | | LOC | | Letter of Credit |
| CP | | Commercial Paper | | LR | | Lease Revenue |
| FGIC | | Financial Guaranty Insurance | | MBIA | | Municipal Bond Investors Assurance |
| | | Company | | | | Insurance Corporation |
| FHLMC | | Federal Home Loan Mortgage | | MFHR | | Multi-Family Housing Revenue |
| | | Corporation | | PCR | | Pollution Control Revenue |
| FNMA | | Federal National Mortgage | | RAN | | Revenue Anticipation Notes |
| | | Association | | RRR | | Resources Recovery Revenue |
| FSA | | Financial Security Assurance | | SFMR | | Single Family Mortgage Revenue |
| GNMA | | Government National Mortgage | | SWDR | | Solid Waste Disposal Revenue |
| | | Association | | TAN | | Tax Anticipation Notes |
| GO | | General Obligation | | VRDN | | Variable Rate Demand Notes |
| Summary of Combined Ratings (Unaudited) | | |
| |
| Fitch | | or | | Moody's | | or | | Standard & Poor's | | Value (%) |
| |
| |
| |
| |
| |
|
| F1+, F1 | | | | VMIG1, MIG1, P1 | | | | SP1+, SP1, A1+, A1 | | 62.0 |
| AAA, AA, A c | | | | Aaa, Aa, A c | | | | AAA, AA, A c | | 23.0 |
| Not Rated d | | | | Not Rated d | | | | Not Rated d | | 15.0 |
| | | | | | | | | | | 100.0 |
| a | | Bonds which are prerefunded are collateralized by U.S. Government securities which are held in escrow and are used |
| | | to pay principal and interest on the municipal issue and to retire the bonds in full at the earliest refunding date. |
| b | | Securities payable on demand.Variable interest rate—subject to periodic change. |
| c | | Notes which are not F, MIG and SP rated are represented by bond ratings of the issuers. |
| d | | 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. |
| e | | At June 30, 2004, the fund had $82,855,000 (26.5% of net assets) invested in securities whose payment of |
| | | principal and interest is dependent upon revenues generated from housing projects development. |
| See notes to financial statements. |
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2004
| | | Cost | | Value |
| |
| |
|
| Assets ($): | | | | |
| Investments in securities—See Statement of Investments | | 317,656,807 | | 317,656,807 |
| Interest receivable | | | | 1,208,317 |
| Prepaid expenses | | | | 14,640 |
| | | | | 318,879,764 |
| |
| |
|
| Liabilities ($): | | | | |
| Due to The Dreyfus Corporation and affiliates—Note 2(b) | | | | 133,613 |
| Cash overdraft due to Custodian | | | | 6,525,541 |
| Payable for shares of Beneficial Interest redeemed | | | | 17,009 |
| Accrued expenses | | | | 74,529 |
| | | | | 6,750,692 |
| |
| |
|
| Net Assets ($) | | | | 312,129,072 |
| |
| |
|
| Composition of Net Assets ($): | | | | |
| Paid-in capital | | | | 312,129,973 |
| Accumulated net realized gain (loss) on investments | | | | (901) |
| |
| |
|
| Net Assets ($) | | | | 312,129,072 |
| |
| |
|
| Shares Outstanding | | | | |
| (unlimited number of $.001 par value shares of Beneficial Interest authorized) | | 312,129,973 |
| Net Asset Value, offering and redemption price per share ($) | | 1.00 |
See notes to financial statements.
|
The Fund 17
STATEMENT OF OPERATIONS
Year Ended June 30, 2004
|
| Investment Income ($): | | |
| Interest Income | | 3,290,446 |
| Expenses: | | |
| Management fee—Note 2(a) | | 1,509,850 |
| Shareholder servicing costs—Note 2(b) | | 141,582 |
| Professional fees | | 55,082 |
| Trustees' fees and expenses—Note 2(c) | | 51,577 |
| Custodian fees | | 38,983 |
| Registration fees | | 18,629 |
| Prospectus and shareholders' reports | | 13,774 |
| Miscellaneous | | 22,079 |
| Total Expenses | | 1,851,556 |
| Less—reduction in management fee due to | | |
| undertaking—Note 2(a) | | (44,341) |
| Net Expenses | | 1,807,215 |
| Investment Income—Net | | 1,483,231 |
| |
|
| Net Realized Gain (Loss) on Investments—Note 1(b) ($) | | (901) |
| Net Increase in Net Assets Resulting from Operations | | 1,482,330 |
See notes to financial statements.
|
STATEMENT OF CHANGES IN NET ASSETS
| | | | | Year Ended June 30, |
| |
| |
|
| | | 2004 | | 2003 |
| |
| |
|
| Operations ($): | | | | |
| Investment income—net | | 1,483,231 | | 2,125,854 |
| Net realized gain (loss) from investments | | (901) | | 449 |
| Net unrealized appreciation | | | | |
| (depreciation) of investments | | — | | (40) |
| Net Increase (Decrease) in Net Assets | | | | |
| Resulting from Operations | | 1,482,330 | | 2,126,263 |
| |
| |
|
| Dividends to Shareholders from ($): | | | | |
| Investment income—net | | (1,483,231) | | (2,125,854) |
| |
| |
|
| Beneficial Interest Transactions ($1.00 per share): | | |
| Net proceeds from shares sold | | 1,121,590,175 | | 890,130,237 |
| Dividends reinvested | | 1,401,299 | | 1,963,245 |
| Cost of shares redeemed | | (1,076,544,025) | | (841,744,064) |
| Increase (Decrease) in Net Assets | | | | |
| from Beneficial Interest Transactions | | 46,447,449 | | 50,349,418 |
| Total Increase (Decrease) in Net Assets | | 46,446,548 | | 50,349,827 |
| |
| |
|
| Net Assets ($): | | | | |
| Beginning of Period | | 265,682,524 | | 215,332,697 |
| End of Period | | 312,129,072 | | 265,682,524 |
See notes to financial statements.
|
The Fund 19
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.
| | | | | Year Ended June 30, | | |
| |
| |
| |
|
| | | 2004 | | 2003 | | 2002 | | 2001 | | 2000 |
| |
| |
| |
| |
| |
|
| Per Share Data ($): | | | | | | | | | | |
| Net asset value, beginning of period | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
| Investment Operations: | | | | | | | | | | |
| Investment income—net | | .005 | | .008 | | .015 | | .033 | | .031 |
| Distributions: | | | | | | | | | | |
| Dividends from investment income—net | | (.005) | | (.008) | | (.015) | | (.033) | | (.031) |
| Net asset value, end of period | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
| |
| |
| |
| |
| |
|
| Total Return (%) | | .49 | | .82 | | 1.46 | | 3.34 | | 3.18 |
| |
| |
| |
| |
| |
|
| Ratios/Supplemental Data (%): | | | | | | | | | | |
| Ratio of expenses to average net assets | | .60 | | .60 | | .59 | | .60 | | .60 |
| Ratio of net investment income | | | | | | | | | | |
| to average net assets | | .49 | | .80 | | 1.43 | | 3.26 | | 3.15 |
| Decrease reflected in above expense | | | | | | | | | | |
| ratios due to undertakings by | | | | | | | | | | |
| The Dreyfus Corporation | | .01 | | .03 | | .03 | | .04 | | .05 |
| |
| |
| |
| |
| |
|
| Net Assets, end of period ($ x 1,000) | | 312,129 | | 265,683 | | 215,333 | | 219,044 | | 192,902 |
See notes to financial statements.
|
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 com-pany.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" or "Dreyfus") serves as the fund's investment adviser.The Manager is a wholly-owned subsidiary of Mellon Financial Corporation ("Mellon Financial"). Dreyfus Service Corporation (the "Distributor"), a wholly-owned subsidiary of the Manager, 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 U.S. generally accepted accounting principles, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fund enters into contracts that contain a variety of indemnifications. The fund's maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.
(a) Portfolio valuation: Investments in securities are valued at amortized cost with Rule 2a-7 of the Act,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 discount and premium on investments, is earned from settlement date and recognized on the accrual basis. Realized gain and
The Fund 21
NOTES TO FINANCIAL STATEMENTS (continued)
|
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 $36,606 during the period ended June 30, 2004, 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, 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.
At June 30, 2004, the components of accumulated earnings on a tax basis were substantially the same as for financial reporting purposes.
The accumulated capital loss carryover of $901 is available to be applied against future net securities profits, if any, realized subsequent to June 30, 2004. If not applied the carryover expires in fiscal 2012.
The tax character of distributions paid to shareholders during the fiscal periods ended June 30, 2004 and June 30, 2003, respectively, were all tax exempt income.
At June 30, 2004, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).
NOTE 2—Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement 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, 2004, to reduce the management fee paid by the fund, if the fund's aggregate annual expenses, exclusive of taxes, brokerage fees, 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 $44,341 during the period ended June 30, 2004.
(b) Under the Shareholder Services Plan, the fund reimburses the Distributor, 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, 2004, the fund was charged $91,819 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, 2004, the fund was charged $23,591 pursuant to the transfer agency agreement.
The components of Due to The Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consists of: management fees $129,597, shareholder services plan fees $847 and transfer agency per
The Fund 23
NOTES TO FINANCIAL STATEMENTS (continued)
|
account fees $4,400, which are offset against an expense reimbursement currently in effect in the amount of $1,231.
(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
Two class actions (which have been consolidated) have been filed against Mellon Financial and Mellon Bank, N.A., and Dreyfus and Founders Asset Management LLC (the "Investment Advisers"), and the directors of all or substantially all of the Dreyfus funds, alleging that the Investment Advisers improperly used assets of the Dreyfus funds, in the form of directed brokerage commissions and 12b-1 fees, to pay brokers to promote sales of Dreyfus funds,and that the use of fund assets to make these payments was not properly disclosed to investors.The complaints further allege that the directors breached their fiduciary duties to fund shareholders under the Investment Company Act of 1940 and at common law. The complaints seek unspecified compensatory and punitive damages, rescission of the funds' contracts with the Investment Advisers, an accounting of all fees paid, and an award of attorneys' fees and litigation expenses. Dreyfus and the Dreyfus funds believe the allegations to be totally without merit and will defend the actions vigorously.
Additional lawsuits arising out of these circumstances and presenting similar allegations and requests for relief may be filed against the defendants in the future. Neither Dreyfus nor the Dreyfus funds believe that any of the pending actions will have a material adverse effect on the Dreyfus funds or Dreyfus' ability to perform its contracts with the Dreyfus funds.
| REPORT OF INDEPENDENT REGISTERED |
| PUBLIC ACCOUNTING FIRM |
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, 2004, 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 the standards of the Public Company Accounting Oversight Board (United States).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, 2004 by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Dreyfus Florida Municipal Money Market Fund at June 30, 2004, 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 U.S. generally accepted accounting principles.
| | New York, New York
August 2, 2004
|
The Fund 25
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, 2004 as "exempt-interest dividends" (not subject to regular federal income tax and, for individuals who are Florida residents, not subject to taxation by Florida).
BOARD MEMBERS INFORMATION (Unaudited)
Joseph S. DiMartino (60)
Chairman of the Board (1995)
Principal Occupation During Past 5 Years:
• Corporate Director and Trustee
Other Board Memberships and Affiliations:
• The Muscular Dystrophy Association, Director
• Levcor International, Inc., an apparel fabric processor, Director
• Century Business Services, Inc., a provider of outsourcing functions for small and medium size
companies, Director
• The Newark Group, a provider of a national market of paper recovery facilities, paperboard
mills and paperboard converting plants, Director
No. of Portfolios for which Board Member Serves: 186
———————
Gordon J. Davis (62)
Board Member (1993)
Principal Occupation During Past 5 Years:
• Partner of the law firm of LeBoeuf, Lamb, Greene & MacRae, LLP
• President, Lincoln Center for Performing Arts, Inc. (2001)
Other Board Memberships and Affiliations:
• Consolidated Edison, Inc., a utility company, Director
• Phoenix Companies Inc., a life insurance company, Director
• Board Member/Trustee for several not-for-profit groups
No. of Portfolios for which Board Member Serves: 25
———————
David P. Feldman (64)
Board Member (1993)
Principal Occupation During Past 5 Years:
• Corporate Director and Trustee
Other Board Memberships and Affiliations:
• BBH Mutual Funds Group (11 funds), Director
• The Jeffrey Company, a private investment company, Director
• QMED, a medical device company, Director
No. of Portfolios for which Board Member Serves: 51
———————
Lynn Martin (64)
Board Member (1993)
Principal Occupation During Past 5 Years:
• Advisor to the international accounting firm of Deloitte & Touche, LLP and Chair to its
Council for the Advancement of Women
Other Board Memberships and Affiliations:
• SBC Communications, Inc., Director
• Ryder System, Inc., a supply chain and transportation management company, Director
• The Proctor & Gamble Co., a consumer products company, Director
• Constellation Energy Group, Director
• Member of the Council of Foreign Relations
No. of Portfolios for which Board Member Serves: 10
|
BOARD MEMBERS INFORMATION (Unaudited) (continued)
Daniel Rose (74)
Board Member (1993)
Principal Occupation During Past 5 Years:
• Chairman and Chief Executive Officer of Rose Associates, Inc., a New York based real estate
development and management firm
Other Board Memberships and Affiliations:
• Baltic-American Enterprise Fund,Vice Chairman and Director
• Harlem Educational Activities Fund, Inc., Chairman
• Housing Committee of the Real Estate Board of New York, Inc., Director
No. of Portfolios for which Board Member Serves: 21
———————
Philip L.Toia (71)
Board Member (1997)
Principal Occupation During Past 5 Years:
• Retired
No. of Portfolios for which Board Member Serves: 10
———————
Sander Vanocur (76)
Board Member (1993)
Principal Occupation During Past 5 Years:
• President, Old Owl Communications
No.of Portfolios for which Board Member Serves: 21
———————
Anne Wexler (74)
Board Member (1994)
Principal Occupation During Past 5 Years:
• Chairman of the Wexler & Walker Public Policy Associates, consultants specializing in
government relations and public affairs
Other Board Memberships and Affiliations:
• Wilshire Mutual Funds (5 funds), Director
• Methanex Corporation, a methanol producing company, Director
• Member of the Council of Foreign Relations
• Member of the National Park Foundation
No. of Portfolios for which Board Member Serves: 29
———————
Once elected all Board Members serve for an indefinite term.The address of the Board Members and Officers is in c/o
The Dreyfus Corporation, 200 Park Avenue, New York, New York 10166.Additional information about the Board
Members is available in the fund's Statement of Additional Information which can be obtained from Dreyfus free of
charge by calling this toll free number: 1-800-554-4611.
Eugene McCarthy, Emeritus Board Member
|
28
OFFICERS OF THE FUND (Unaudited)
STEPHEN E. CANTER, President since March 2000.
Chairman of the Board, Chief Executive Officer, and Chief Operating Officer of the Manager, and an officer of 97 investment companies (comprised of 190 portfolios) managed by the Manager. Mr. Canter also is a Board member and, where applicable, an Executive Committee Member of the other investment management subsidiaries of Mellon Financial Corporation, each of which is an affiliate of the Manager. He is 58 years old and has been an employee of the Manager since May 1995.
STEPHEN R. BYERS, Executive Vice President since November 2002.
Chief Investment Officer,Vice Chairman and a director of the Manager, and an officer of 97 investment companies (comprised of 190 portfolios) managed by the Manager. Mr. Byers also is an officer, director or an Executive Committee Member of certain other investment management subsidiaries of Mellon Financial Corporation, each of which is an affiliate of the Manager. He is 50 years old and has been an employee of the Manager since January 2000. Prior to joining the Manager, he served as an Executive Vice President - Capital Markets, Chief Financial Officer and Treasurer at Gruntal & Co., L.L.C.
MARK N. JACOBS, Vice President since March 2000.
Executive Vice President, Secretary and General Counsel of the Manager, and an officer of 98 investment companies (comprised of 206 portfolios) managed by the Manager. He is 58 years old and has been an employee of the Manager since June 1977.
MICHAEL A. ROSENBERG, Secretary since March 2000.
Associate General Counsel of the Manager, and an officer of 95 investment companies (comprised of 199 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since October 1991.
STEVEN F. NEWMAN, Assistant Secretary since March 2000.
Associate General Counsel and Assistant Secretary of the Manager, and an officer of 98 investment companies (comprised of 206 portfolios) managed by the Manager. He is 54 years old and has been an employee of the Manager since July 1980.
JAMES WINDELS, Treasurer since November 2001.
Director – Mutual Fund Accounting of the Manager, and an officer of 98 investment companies (comprised of 206 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since April 1985.
ROBERT S. ROBOL, Assistant Treasurer since August 2003.
Senior Accounting Manager – Money Market Funds of the Manager, and an officer of 39 investment companies (comprised of 85 portfolios) managed by the Manager. He is 40 years old and has been an employee of the Manager since October 1988.
KENNETH J. SANDGREN, Assistant Treasurer since November 2001.
Mutual Funds Tax Director of the Manager, and an officer of 98 investment companies (comprised of 206 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since June 1993.
WILLIAM GERMENIS, Anti-Money Laundering Compliance Officer since October 2002.
Vice President and Anti-Money Laundering Compliance Officer of the Distributor, and the Anti-Money Laundering Compliance Officer of 93 investment companies (comprised of 201 portfolios) managed by the Manager. He is 33 years old and has been an employee of the Distributor since October 1998.
The Fund 29
For More Information
| Dreyfus Florida |
| Municipal Money |
| Market Fund |
| 200 Park Avenue |
| New York, NY 10166 |
| The Dreyfus Corporation |
| 200 Park Avenue |
| New York, NY 10166 |
| The Bank of New York |
| One Wall Street |
| New York, NY 10286 |
Transfer Agent &
Dividend Disbursing Agent
|
| Dreyfus Transfer, Inc. |
| 200 Park Avenue |
| New York, NY 10166 |
| Dreyfus Service Corporation |
| 200 Park Avenue |
| New York, NY 10166 |
| 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 info@dreyfus.com |
| On the Internet Information |
| can be viewed online or |
| downloaded from: |
| http://www.dreyfus.com |
© 2004 Dreyfus Service Corporation
0741AR0604
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.
Item 3. Audit Committee Financial Expert.
The Registrant's Board has determined that David P. Feldman, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. Feldman is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $ 28,900 in 2003 and $ 30,345 in 2004.
(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $ 0 in 2003 and $ 0 in 2004.
The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $ 30,000 in 2003 and $ 273,500 in 2004.
Note: For the second paragraph in each of (b) through (d) of this Item 4, certain of such services were not pre-approved prior to May 6, 2003, when such services were required to be pre-approved. On and after May 6, 2003, 100% of all services provided by the Auditor were pre-approved as required. For comparative purposes, the fees shown assume that all such services were pre-approved, including services that were not pre-approved prior to the compliance date of the pre-approval requirement.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $ 2,331 in 2003 and $ 3,898 in 2004. [These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held, and (iv) determination of Passive Foreign Investment Companies.
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The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates which required pre-approval by the Audit Committee were $ 0 in 2003 and $ 0 in 2004.
(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $ 0 in 2003 and
$ 53 in 2004. These services consisted of a review of the Registrant's anti-money laundering program.
The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service
Affiliates, other than the services reported in paragraphs (b) and (c) of this Item, which required pre-approval by the Audit Committee were $ 0 in 2003 and $ 0 in 2004.
Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.
Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $ 275,773 in 2003 and $ 652,077 in 2004.
Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates which were not pre-approved (not requiring pre-approval) is compatible with maintaining the Auditor's independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. [Reserved]
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management
Investment Companies.
Not applicable.
Item 8. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 9. Submission of Matters to a Vote of Security Holders.
The Fund has a Nominating Committee, which is responsible for selecting and nominating persons for election or appointment by the Fund's Board as Board members. The Committee has adopted a Nominating Committee Charter ("Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Fund, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor West, New York, New York 10166. A nomination submission must include information regarding the recommended nominee as specified in the Charter. This information includes all information relating to a recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Board members, as well as information sufficient to evaluate the factors to be considered by the Committee, including character and integrity,
-3-
business and professional experience, and whether the person has the ability to apply sound and independent business judgment and would act in the interests of the Fund and its shareholders. Nomination submissions are required to be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders, and such additional information must be provided regarding the recommended nominee as reasonably requested by the Committee.
Item 10. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 11. Exhibits.
(a)(1) Code of ethics referred to in Item 2.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
-4-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Dreyfus Florida Municipal Money Market Fund |
| | |
| By: | /s/Stephen E. Canter |
| |
|
| | Stephen E. Canter |
| | President |
| | |
| Date: | August 26, 2004 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/Stephen E. Canter |
| |
|
| | Stephen E. Canter |
| | Chief Executive Officer |
| | |
| Date: | August 26, 2004 |
| | |
| By: | /s/James Windels |
| |
|
| | James Windels |
| | Chief Financial Officer |
| | |
| Date: | August 26, 2004 |
EXHIBIT INDEX
(a)(1) Code of ethics referred to in Item 2.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)
-5-
