| 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 811-07091 |
| DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND |
| (Exact name of Registrant as specified in charter) |
| 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: | | 11/30 |
| Date of reporting period: | | 11/30/06 |
Item 1. Reports to Stockholders.
| | Dreyfus Florida
Municipal Money
Market Fund
|
ANNUAL REPORT November 30, 2006
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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 | | A Letter from the CEO |
| 3 | | Discussion of Fund Performance |
| 6 | | Understanding Your Fund’s Expenses |
| 6 | | Comparing Your Fund’s Expenses |
| With Those of Other Funds |
| 7 | | Statement of Investments |
| 19 | | Statement of Assets and Liabilities |
| 20 | | Statement of Operations |
| 21 | | Statement of Changes in Net Assets |
| 22 | | Financial Highlights |
| 23 | | Notes to Financial Statements |
| 28 | | Report of Independent Registered |
| | | Public Accounting Firm |
| 29 | | Important Tax Information |
| 30 | | Board Members Information |
| 32 | | Officers of the Fund |
| FOR MORE INFORMATION |
|
| | | Back Cover |
| | Dreyfus Florida Municipal
Money Market Fund
|
The Fund
We are pleased to present this annual report for Dreyfus Florida Municipal Money Market Fund, covering the 12-month period from December 1, 2005, through November 30, 2006.
Although reports of declining housing prices have raised some economic concerns, we believe that neither a domestic recession nor a major shortfall in global growth is likely.A stubbornly low unemployment rate suggests that labor market conditions remain strong, and stimulative monetary policies over the last several years have left a legacy of ample financial liquidity worldwide.These and other factors should continue to support further economic expansion, but at a slower rate than we saw earlier this year.
The U.S. bond market also appears to be expecting a slower economy, as evidenced by an “inverted yield curve” at the end of November, in which yields of two-year U.S.Treasury securities were lower than the overnight federal funds rate.This anomaly may indicate that short-term interest rates have peaked, while the Federal Reserve Board remains “on hold” as it assesses new releases of economic data. As always, we encourage you to discuss the implications of these and other matters with your financial advisor.
Thank you for your continued confidence and support.
Thomas F. Eggers
Chief Executive Officer
The Dreyfus Corporation
December 15, 2006
|
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 November 30, 2006, the fund produced a yield of 2.86% . Taking into account the effects of compounding, the fund produced an effective yield of 2.90% .1
Yields of tax-exempt money market securities rose along with short-term interest rates early in the reporting period before stabilizing when the Federal Reserve Board (the “Fed”) refrained from further rate hikes in the summer and fall of 2006.
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 personal 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 based on our anticipation of 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 issued with maturities in the one-year range may in turn cause us to lengthen the fund’s average maturity if purchased. If we
The Fund 3
DISCUSSION OF FUND PERFORMANCE (continued)
|
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 yields. 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?
As it had since June 2004, the Fed continued to raise short-term interest rates at the start of the reporting period. Nonetheless, the U.S. economy gained momentum in the opening months of 2006 as labor markets strengthened. In May, resurgent energy prices and hawkish comments from Fed members caused inflation concerns to intensify, prompting investors to conclude that the Fed might raise interest rates more than they previously expected. In fact, the Fed raised short-term interest rates at each of its meetings through the end of June 2006, driving the overnight federal funds rate to 5.25% .
Concerns regarding higher inflation waned during the summer,however, when U.S. housing markets softened and employment gains moderated. As a result, investors looked forward to a possible end to the Fed’s tightening campaign.The Fed obliged at its August, September and October meetings by holding the federal funds rate steady, its first pauses in more than two years. Energy prices fell significantly in the late summer and fall, and GDP growth moderated to a 2.2% annualized rate in the third quarter, down from 2.6% in the second quarter, helping to ease investors’ inflation fears.
The growing U.S. economy benefited Florida’s fiscal condition as tax receipts came in higher than originally projected.Although the supply of newly issued Florida instruments remained relatively stable, other states had less need to borrow, causing the national supply of newly issued municipal money market securities to decline compared to the same period one year earlier. Yet, investor demand remained robust, putting downward pressure on yields.
As inflation-related concerns ebbed over the summer and fall, yields of longer-term municipal securities declined while those of shorter-dated municipal money market securities remained stable.This left little difference in the yields of tax-exempt securities with maturities between six months and four years. Investors therefore focused mainly on instruments maturing in six months or less, which put additional downward pressure on yields at the short end of the maturity range.
In this environment, we generally maintained the fund’s weighted average maturity in a range we considered to be in line with industry averages. However, with yields relatively low from municipal notes and variable-rate demand notes at the long and short ends of the fund’s maturity spectrum, respectively, we increased our focus on tax-exempt commercial paper with maturities in the three- to five-month range.
What is the fund’s current strategy?
Recent Fed comments and evidence of slower economic growth suggest to us that the Fed is unlikely either to raise or lower short-term interest rates over the foreseeable future. While we have maintained the fund’s market-neutral position, we may lengthen its weighted average maturity to take advantage of seasonal opportunities for higher yields that typically arise near year-end. Of course, we are prepared to adjust our strategies as market conditions continue to evolve.
| | | 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. |
| 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.Yields provided reflect the absorption of |
| | | certain 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 |
| | | would have produced a yield of 2.83% and an effective yield of 2.87%. |
The Fund 5
UNDERSTANDING YOUR FUND’S EXPENSES (Unadited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Florida Municipal Money Market Fund from June 1, 2006 to November 30, 2006. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment assuming actual returns for the six months ended November 30, 2006
| Expenses paid per $1,000 † | | $ 2.93 |
| Ending value (after expenses) | | $1,015.40 |
COMPARING YOUR FUND’S EXPENSES WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds.All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment assuming a hypothetical 5% annualized return for the six months ended November 30, 2006
| Expenses paid per $1,000 † | | $ 2.94 |
| Ending value (after expenses) | | $1,022.16 |
† Expenses are equal to the fund’s annualized expense ratio of .58%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
STATEMENT OF INVESTMENTS
November 30, 2006
|
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments—100.4% | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Alachua County, | | | | | | | | |
| Revenue (North Central | | | | | | | | |
| Florida YMCA, Inc. Project) | | | | | | | | |
| (LOC; SouthTrust Bank) | | 3.76 | | 12/7/06 | | 1,630,000 a | | 1,630,000 |
| Alachua Housing Finance Authority, | | | | | | |
| MFHR (Edenwood Park Project) | | | | | | | | |
| (Liquidity Facility; Merrill Lynch) | | 3.59 | | 12/7/06 | | 3,365,000 a,b | | 3,365,000 |
| Brevard County, | | | | | | | | |
| Revenue (Holy Trinity | | | | | | | | |
| Episcopal Academy Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.53 | | 12/7/06 | | 840,000 a | | 840,000 |
| Broward County, | | | | | | | | |
| GO Notes, Refunding | | 5.00 | | 1/1/07 | | 500,000 | | 500,571 |
| Broward County, | | | | | | | | |
| IDR (GB Instruments Inc. | | | | | | | | |
| Project) (LOC; Bank of America) | | 3.63 | | 12/7/06 | | 1,960,000 a | | 1,960,000 |
| Broward County, | | | | | | | | |
| Sales Tax Revenue, CP | | | | | | | | |
| (Liquidity Facility; Dexia | | | | | | | | |
| Credit Locale) | | 3.60 | | 12/8/06 | | 4,354,000 | | 4,354,000 |
| Broward County Housing Finance | | | | | | | | |
| Authority, MFHR (Cypress Grove | | | | | | |
| Apartments Project) (Liquidity | | | | | | | | |
| Facility; American International | | | | | | | | |
| Group Funding Inc.) | | 3.63 | | 12/7/06 | | 14,500,000 a | | 14,500,000 |
| Broward County Housing Finance | | | | | | | | |
| Authority, MFHR (Golf View | | | | | | | | |
| Gardens Apartments Project) | | | | | | | | |
| (LOC; Regions Bank) | | 3.57 | | 12/7/06 | | 8,500,000 a | | 8,500,000 |
| Broward County Housing Finance | | | | | | | | |
| Authority, SFMR (Merlots | | | | | | | | |
| Program) (Insured: FNMA and | | | | | | | | |
| GNMA and Liquidity Facility; | | | | | | | | |
| Wachovia Bank) | | 3.57 | | 12/7/06 | | 10,000 a,b | | 10,000 |
| Capital Trust Agency, | | | | | | | | |
| Multifamily Revenue (Liquidity | | | | | | | | |
| Facility; Merrill Lynch | | | | | | | | |
| Capital Services and LOC; | | | | | | | | |
| Merrill Lynch) | | 3.56 | | 12/7/06 | | 25,840,000 a,b | | 25,840,000 |
| Collier County Housing Finance | | | | | | | | |
| Authority, MFHR (George | | | | | | | | |
| Washington Carver Apartments) | | | | | | | | |
| (LOC; PNC Bank) | | 3.60 | | 12/7/06 | | 3,000,000 a | | 3,000,000 |
The Fund 7
STATEMENT OF INVESTMENTS (continued)
|
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Collier County Industrial | | | | | | | | |
| Development Authority, IDR (March | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.63 | | 12/7/06 | | 2,810,000 a | | 2,810,000 |
| Dade County, | | | | | | | | |
| Resource Recovery Facility | | | | | | | | |
| Revenue, Refunding | | | | | | | | |
| (Insured; AMBAC) | | 5.30 | | 10/1/07 | | 100,000 | | 101,254 |
| Dade County Industrial Development | | | | | | | | |
| Authority, IDR (Spectrum | | | | | | | | |
| Programs Inc. Project) | | | | | | | | |
| (LOC; Bank of America) | | 3.55 | | 12/7/06 | | 435,000 a | | 435,000 |
| Dade County Industrial Development | | | | | | | | |
| Authority, IDR (U.S. Holdings | | | | | | | | |
| Inc. Project) (LOC; SunTrust Bank) | | 3.64 | | 12/7/06 | | 725,000 a | | 725,000 |
| Escambia County Housing Finance | | | | | | | | |
| Authority, SFMR (Merlots | | | | | | | | |
| Program) (Insured: FNMA and | | | | | | | | |
| GNMA and Liquidity Facility; | | | | | | | | |
| Wachovia Bank) | | 3.57 | | 12/7/06 | | 1,955,000 a,b | | 1,955,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Air Technology) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.63 | | 12/7/06 | | 2,000,000 a | | 2,000,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Atlantic | | | | | | | | |
| Truss Group, LLC Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.63 | | 12/7/06 | | 2,975,000 a | | 2,975,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Byrd | | | | | | | | |
| Technologies Inc. Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.63 | | 12/7/06 | | 1,330,000 a | | 1,330,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Downey Glass | | | | | | | | |
| Industries, LLC Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.63 | | 12/7/06 | | 645,000 a | | 645,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (DSLA Realty | | | | | | | | |
| LC Project) (LOC; SunTrust Bank) | | 3.79 | | 12/7/06 | | 1,270,000 a | | 1,270,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Energy Planning | | | | | | | | |
| Associates Corporation Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.63 | | 12/7/06 | | 1,340,000 a | | 1,340,000 |
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Enterprise | | | | | | | | |
| 2650 LLC Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.63 | | 12/7/06 | | 985,000 a | | 985,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Florida Food | | | | | | | | |
| Products, Inc. Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.63 | | 12/7/06 | | 2,200,000 a | | 2,200,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Florida Steel | | | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.63 | | 12/7/06 | | 915,000 a | | 915,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Increte LLC | | | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.63 | | 12/7/06 | | 1,910,000 a | | 1,910,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Jamivon | | | | | | | | |
| Properties Inc. Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.63 | | 12/7/06 | | 1,600,000 a | | 1,600,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Kelray Real Estate | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.63 | | 12/7/06 | | 810,000 a | | 810,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Octex | | | | | | | | |
| Corporation Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.63 | | 12/7/06 | | 150,000 a | | 150,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (R.L. Smith | | | | | | | | |
| Investments LLC Project) | | | | | | | | |
| (LOC; SunTrust Bank) | | 3.79 | | 12/7/06 | | 930,000 a | | 930,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Retro | | | | | | | | |
| Elevator Corporation Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.63 | | 12/7/06 | | 795,000 a | | 795,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Suncoast | | | | | | | | |
| Bakeries, Inc. Project) | | | | | | | | |
| (LOC; SunTrust Bank) | | 3.59 | | 12/7/06 | | 700,000 a | | 700,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Trese Inc. | | | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.63 | | 12/7/06 | | 980,000 a | | 980,000 |
The Fund 9
STATEMENT OF INVESTMENTS (continued)
|
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Twin Vee | | | | | | | | |
| PowerCats, Inc. Project) (LOC; | | | | | | | | |
| SunTrust Bank) | | 3.64 | | 12/7/06 | | 1,720,000 a | | 1,720,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR, Refunding | | | | | | | | |
| (Charlotte Community Project) | | | | | | | | |
| (LOC; SunTrust Bank) | | 3.54 | | 12/7/06 | | 1,320,000 a | | 1,320,000 |
| Florida Gas Utility, | | | | | | | | |
| Revenue (Gas Project Number 1) | | | | | | | | |
| (Insured; FSA) | | 5.00 | | 12/1/06 | | 100,000 | | 100,000 |
| Gulf Breeze, Healthcare Facilities | | | | | | | | |
| Revenue (Heritage Healthcare | | | | | | | | |
| Project) (Liquidity Facility; | | | | | | | | |
| AIG SunAmerica Assurance) | | 3.65 | | 12/7/06 | | 17,030,000 a | | 17,030,000 |
| Hillsborough County Aviation | | | | | | | | |
| Authority, Revenue (Merlots | | | | | | | | |
| Program) (Tampa International | | | | | | | | |
| Airport) (Insured; MBIA and | | | | | | | | |
| Liquidity Facility; Wachovia Bank) | | 3.57 | | 12/7/06 | | 1,975,000 a,b | | 1,975,000 |
| Hillsborough County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Allied Aerofoam Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.58 | | 12/7/06 | | 2,600,000 a | | 2,600,000 |
| Hillsborough County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Seaboard Tampa Terminals | | | | | | | | |
| Venture Project) (LOC; | | | | | | | | |
| Wachovia Bank) | | 3.60 | | 12/7/06 | | 4,000,000 a | | 4,000,000 |
| Hillsborough County Industrial | | | | | | | | |
| Development Authority, IDR, | | | | | | | | |
| Refunding (Leslie Controls Inc.) | | | | | | | | |
| (LOC; SunTrust Bank) | | 3.59 | | 12/7/06 | | 3,535,000 a | | 3,535,000 |
| Jacksonville, | | | | | | | | |
| Educational Facilities Revenue | | | | | | | | |
| (Edward Waters College | | | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.53 | | 12/7/06 | | 4,300,000 a | | 4,300,000 |
| Jacksonville, | | | | | | | | |
| Educational Facilities Revenue | | | | | | | | |
| (Edward Waters College | | | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.70 | | 10/1/07 | | 1,530,000 | | 1,530,000 |
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Jacksonville Economic Development | | | | | | |
| Commission, IDR (Load King | | | | | | | | |
| Manufacturing Company Inc. | | | | | | | | |
| Project) (LOC; SouthTrust Bank) | | 3.64 | | 12/7/06 | | 2,060,000 a | | 2,060,000 |
| Jacksonville Health Facilities | | | | | | | | |
| Authority, Health Facilities | | | | | | | | |
| Revenue (River Garden/Coves | | | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.53 | | 12/7/06 | | 455,000 a | | 455,000 |
| JEA, | | | | | | | | |
| Electric System Revenue, CP | | | | | | | | |
| (Liquidity Facility; | | | | | | | | |
| Landesbank Hessen-Thuringen | | | | | | | | |
| Girozentrale) | | 3.65 | | 1/19/07 | | 5,000,000 | | 5,000,000 |
| JEA, | | | | | | | | |
| Electric System Revenue, CP | | | | | | | | |
| (Liquidity Facility; | | | | | | | | |
| Landesbank Hessen-Thuringen | | | | | | | | |
| Girozentrale) | | 3.65 | | 1/19/07 | | 5,000,000 | | 5,000,000 |
| JEA, | | | | | | | | |
| Electric System Subordinated | | | | | | | | |
| Revenue (Liquidity Facility; | | | | | | | | |
| Bank of America) | | 3.65 | | 12/1/06 | | 1,000,000 a | | 1,000,000 |
| Lake County Industrial Development | | | | | | |
| Authority, Revenue (Locklando | | | | | | | | |
| Door and Millwork, Inc. | | | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.58 | | 12/7/06 | | 3,205,000 a | | 3,205,000 |
| Lee County Educational Facilities | | | | | | | | |
| Authority, Educational | | | | | | | | |
| Facilities Revenue | | | | | | | | |
| (International College | | | | | | | | |
| Foundation Inc. Project) | | | | | | | | |
| (LOC; SunTrust Bank) | | 3.59 | | 12/7/06 | | 1,875,000 a | | 1,875,000 |
| Lee County Housing Finance | | | | | | | | |
| Authority, MFHR (Heron Pond | | | | | | | | |
| Apartments) (LOC; Regions Bank) | | 3.57 | | 12/7/06 | | 6,035,000 a | | 6,035,000 |
| Lee County Housing Finance | | | | | | | | |
| Authority, SFHR (Merlots | | | | | | | | |
| Program) (Insured: FNMA and | | | | | | | | |
| GNMA and Liquidity Facility; | | | | | | | | |
| Wachovia Bank) | | 3.57 | | 12/7/06 | | 1,860,000 a,b | | 1,860,000 |
The Fund 11
STATEMENT OF INVESTMENTS (continued)
|
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Lee County Housing Finance | | | | | | | | |
| Authority, SFMR (Multi-County | | | | | | | | |
| Program) (Insured; AMBAC) | | 3.45 | | 3/1/07 | | 12,000,000 | | 12,000,000 |
| Lee County Housing Finance | | | | | | | | |
| Authority, SFMR (Multi-County | | | | | | | | |
| Program) (Insured; Transamerica | | | | | | |
| Life and Insurance) | | 3.90 | | 9/5/07 | | 4,600,000 | | 4,600,000 |
| Lee Memorial Health System Board | | | | | | |
| of Directors, HR (Lee Memorial | | | | | | | | |
| Health System) | | 3.68 | | 12/1/06 | | 5,000,000 a | | 5,000,000 |
| Lee Memorial Health System Board | | | | | | |
| of Directors, HR (Lee Memorial | | | | | | | | |
| Health System) | | 3.54 | | 12/7/06 | | 13,300,000 a | | 13,300,000 |
| Leesburg, | | | | | | | | |
| HR (The Villages Regional | | | | | | | | |
| Hospital Project) (Insured; | | | | | | | | |
| Radian and Liquidity Facility; | | | | | | | | |
| Bank of Nova Scotia) | | 3.54 | | 12/7/06 | | 12,000,000 a | | 12,000,000 |
| Manatee County, | | | | | | | | |
| IDR (Avon Cabinet Corporation | | | | | | | | |
| Project) (LOC; Bank of America) | | 3.60 | | 12/7/06 | | 2,100,000 a | | 2,100,000 |
| Marion County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Universal Forest Products) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.63 | | 12/7/06 | | 2,500,000 a | | 2,500,000 |
| Martin County, | | | | | | | | |
| PCR, Refunding (Florida Power | | | | | | | | |
| and Light Company Project) | | 3.63 | | 12/1/06 | | 15,500,000 a | | 15,500,000 |
| Miami-Dade County Expressway | | | | | | | | |
| Authority, Toll System Revenue | | | | | | | | |
| (Putters Program) (Insured; | | | | | | | | |
| FGIC and Liquidity Facility; | | | | | | | | |
| PB Finance Inc.) | | 3.53 | | 12/7/06 | | 2,585,000 a,b | | 2,585,000 |
| Miami-Dade County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Dutton Press Inc. Project) | | | | | | | | |
| (LOC; SunTrust Bank) | | 3.59 | | 12/7/06 | | 1,720,000 a | | 1,720,000 |
| Miami-Dade County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Futurama Project) (LOC; | | | | | | | | |
| SunTrust Bank) | | 3.78 | | 12/7/06 | | 2,115,000 a | | 2,115,000 |
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Miami-Dade County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Ram Investments Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.58 | | 12/7/06 | | 2,860,000 a | | 2,860,000 |
| Miami-Dade County Industrial | | | | | | | | |
| Development Authority, Revenue | | | | | | |
| (Altira, Inc. Project) (LOC; | | | | | | | | |
| SunTrust Bank) | | 3.59 | | 12/7/06 | | 2,250,000 a | | 2,250,000 |
| Miami-Dade County Industrial | | | | | | | | |
| Development Authority, SWDR | | | | | | |
| (Waste Management, Inc. | | | | | | | | |
| Project) (Liquidity Facility; | | | | | | | | |
| Lloyds TSB Bank PLC) | | 3.58 | | 12/7/06 | | 4,245,000 a,b | | 4,245,000 |
| Orange County Health Facilities | | | | | | | | |
| Authority, Revenue, CP (LOC; | | | | | | | | |
| SunTrust Bank) | | 3.66 | | 3/27/07 | | 6,500,000 | | 6,500,000 |
| Orange County Housing Finance | | | | | | | | |
| Authority, MFHR (Windsor | | | | | | | | |
| Pines Project) (LOC; | | | | | | | | |
| Bank of America) | | 3.56 | | 12/7/06 | | 1,300,000 a | | 1,300,000 |
| Orange County Industrial | | | | | | | | |
| Development Authority, Revenue | | | | | | |
| (Lake Highland Preparatory | | | | | | | | |
| School, Inc. Project) (LOC; | | | | | | | | |
| Wachovia Bank) | | 3.53 | | 12/7/06 | | 4,795,000 a | | 4,795,000 |
| Orange County Industrial | | | | | | | | |
| Development Authority, Revenue | | | | | | |
| (Trinity Preparatory School of | | | | | | | | |
| Florida, Inc. Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.53 | | 12/7/06 | | 900,000 a | | 900,000 |
| Orange County Industrial | | | | | | | | |
| Development Authority, Revenue | | | | | | |
| (Trinity Preparatory School of | | | | | | | | |
| Florida, Inc. Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.58 | | 12/7/06 | | 220,000 a | | 220,000 |
| Orange County Industrial | | | | | | | | |
| Development Authority, Revenue | | | | | | |
| (University of Central Florida | | | | | | | | |
| Foundation Inc. Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.53 | | 12/7/06 | | 3,985,000 a | | 3,985,000 |
The Fund 13
STATEMENT OF INVESTMENTS (continued)
|
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Orlando-Orange County Expressway | | | | | | | | |
| Authority, Revenue (Putters | | | | | | | | |
| Program) (Insured; AMBAC and | | | | | | | | |
| Liquidity Facility; PB Finance Inc.) | | 3.53 | | 12/7/06 | | 4,990,000 a,b | | 4,990,000 |
| Palm Beach County, | | | | | | | | |
| IDR, Refunding (Eastern Metal | | | | | | | | |
| Supply Inc. Project) (LOC; | | | | | | | | |
| Wachovia Bank) | | 3.58 | | 12/7/06 | | 2,705,000 a | | 2,705,000 |
| Palm Beach County Housing Finance | | | | | | | | |
| Authority, MFHR (Azalea Place | | | | | | | | |
| Apartments Project) (LOC; | | | | | | | | |
| SunTrust Bank) | | 3.56 | | 12/7/06 | | 1,000,000 a | | 1,000,000 |
| Pasco County Educational | | | | | | | | |
| Facilities Authority, College | | | | | | | | |
| and University Revenue (Saint | | | | | | | | |
| Leo University Project) (LOC; | | | | | | | | |
| Amsouth Bank) | | 3.75 | | 12/7/06 | | 310,000 a | | 310,000 |
| Peace River/Manasota Regional | | | | | | | | |
| Water Supply Authority, | | | | | | | | |
| Utility System Revenue | | | | | | | | |
| (Insured; FSA and Liquidity | | | | | | | | |
| Facility; PB Finance Inc.) | | 3.53 | | 12/7/06 | | 3,940,000 a,b | | 3,940,000 |
| Pinellas County Housing Finance | | | | | | | | |
| Authority, MFHR (Alta Largo | | | | | | | | |
| Apartments Project) (LOC; | | | | | | | | |
| Amsouth Bank) | | 3.56 | | 12/7/06 | | 7,000,000 a | | 7,000,000 |
| Pinellas County Housing Finance | | | | | | | | |
| Authority, SFMR (GIC; Rabobank | | | | | | | | |
| and Liquidity Facility; Merrill Lynch) | | 3.55 | | 12/7/06 | | 1,800,000 a,b | | 1,800,000 |
| Pinellas County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Falcon Enterprises Inc. | | | | | | | | |
| Project) (LOC; SunTrust Bank) | | 3.64 | | 12/7/06 | | 1,830,000 a | | 1,830,000 |
| Pinellas County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Restorative Care of America | | | | | | | | |
| Project) (LOC; SunTrust Bank) | | 3.64 | | 12/7/06 | | 1,565,000 a | | 1,565,000 |
| Pinellas County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Sure-Feed Engineering | | | | | | | | |
| Project) (LOC; Bank of America) | | 3.60 | | 12/7/06 | | 340,000 a | | 340,000 |
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Pinellas County Industry Council, | | | | | | | | |
| IDR (Molex ETC Inc. Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.63 | | 12/7/06 | | 2,350,000 a | | 2,350,000 |
| Pinellas County Industry Council, | | | | | | | | |
| Revenue (Chi Chi Rodriguez | | | | | | | | |
| Youth Foundation Project) | | | | | | | | |
| (LOC; Bank of America) | | 3.55 | | 12/7/06 | | 500,000 a | | 500,000 |
| Pinellas County Industry Council, | | | | | | | | |
| Revenue (LLC Day School | | | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.58 | | 12/7/06 | | 130,000 a | | 130,000 |
| Polk County Industrial Development | | | | | | | | |
| Authority, IDR (Elite Building | | | | | | | | |
| Products, Inc. Project) (LOC; | | | | | | | | |
| Wachovia Bank) | | 3.63 | | 12/7/06 | | 1,890,000 a | | 1,890,000 |
| Polk County Industrial Development | | | | | | | | |
| Authority, IDR (Florida Treatt Inc. | | | | | | | | |
| Project) (LOC; Bank of America) | | 3.60 | | 12/7/06 | | 3,855,000 a | | 3,855,000 |
| Polk County Industrial Development | | | | | | | | |
| Authority, IDR (GSG | | | | | | | | |
| Investments Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.58 | | 12/7/06 | | 2,330,000 a | | 2,330,000 |
| Putnam County Development | | | | | | | | |
| Authority, PCR (Seminole | | | | | | | | |
| Electric Cooperative, Inc. Project) | | 3.61 | | 12/7/06 | | 5,335,000 a | | 5,335,000 |
| Putnam County Development | | | | | | | | |
| Authority, PCR (Seminole | | | | | | | | |
| Electric Cooperative, Inc. Project) | | 3.61 | | 12/7/06 | | 2,230,000 a | | 2,230,000 |
| Riviera Beach, | | | | | | | | |
| IDR (K. Rain Manufacturing | | | | | | | | |
| Project) (LOC; SunTrust Bank) | | 3.59 | | 12/7/06 | | 2,030,000 a | | 2,030,000 |
| Roaring Fork Municipal Products | | | | | | | | |
| LLC, Revenue (Hillsborough | | | | | | | | |
| County Aviation Authority) | | | | | | | | |
| (Insured; AMBAC and Liquidity | | | | | | | | |
| Facility; The Bank of New York) | | 3.63 | | 12/7/06 | | 7,870,000 a,b | | 7,870,000 |
| Saint John’s County Industrial | | | | | | | | |
| Development Authority, Health | | | | | | | | |
| Facilites Revenue (Coastal | | | | | | | | |
| Health Care Investors, Ltd. | | | | | | | | |
| Project) (LOC; SunTrust Bank) | | 3.60 | | 12/7/06 | | 1,400,000 a | | 1,400,000 |
The Fund 15
STATEMENT OF INVESTMENTS (continued)
|
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Saint John’s County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Bronz-Glow Technologies | | | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.81 | | 12/7/06 | | 1,215,000 a | | 1,215,000 |
| Saint Lucie County, | | | | | | | | |
| IDR (A-1 Roof Trusses Company | | | | | | | | |
| Project) (LOC; SouthTrust Bank) | | 3.81 | | 12/7/06 | | 1,105,000 a | | 1,105,000 |
| Sarasota County, | | | | | | | | |
| IDR (Sarasota Military | | | | | | | | |
| Academy, Inc. Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.58 | | 12/7/06 | | 1,930,000 a | | 1,930,000 |
| Sumter County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Robbins Manufacturing Company | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.58 | | 12/7/06 | | 500,000 a | | 500,000 |
| Sunshine State Governmental | | | | | | | | |
| Financing Commission, Revenue | | | | | | | | |
| (Governmental Financing | | | | | | | | |
| Program) (Insured; AMBAC and | | | | | | | | |
| Liquidity Facility; Dexia | | | | | | | | |
| Credit Locale) | | 3.67 | | 12/1/06 | | 2,600,000 a | | 2,600,000 |
| Tamarac, | | | | | | | | |
| IDR (Arch Aluminum and Glass | | | | | | | | |
| Company) (LOC; Comerica Bank) | | 3.63 | | 12/7/06 | | 1,000,000 a | | 1,000,000 |
| Volusia County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Easter Seals Society of Volusia | | | | | | | | |
| and Flager Counties Inc. Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.58 | | 12/7/06 | | 370,000 a | | 370,000 |
| |
| |
| |
| |
|
| |
| Total Investments (cost $321,255,825) | | | | 100.4% | | 321,255,825 |
| |
| Liabilities, Less Cash and Receivables | | | | (.4%) | | (1,325,596) |
| |
| Net Assets | | | | | | 100.0% | | 319,930,229 |
| a Securities payable on demand.Variable interest rate—subject to periodic change. |
| b Securities exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in |
| transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2006, these |
| securities amounted to $60,435,000 or 18.9% of net assets. |
| Summary of Abbreviations | | | | |
| |
| ACA | | American Capital Access | | AGC | | ACE Guaranty Corporation |
| AGIC | | Asset Guaranty Insurance | | AMBAC | | American Municipal Bond |
| | | Company | | | | Assurance Corporation |
| ARRN | | Adjustable Rate Receipt Notes | | BAN | | Bond Anticipation Notes |
| BIGI | | Bond Investors Guaranty Insurance | | BPA | | Bond Purchase Agreement |
| CGIC | | Capital Guaranty Insurance | | CIC | | Continental Insurance |
| | | Company | | | | Company |
| CIFG | | CDC Ixis Financial Guaranty | | CMAC | | Capital Market Assurance |
| | | | | | | Corporation |
| COP | | Certificate of Participation | | CP | | Commercial Paper |
| EDR | | Economic Development Revenue | | EIR | | Environmental Improvement |
| | | | | | | Revenue |
| FGIC | | Financial Guaranty Insurance | | | | |
| | | Company | | FHA | | Federal Housing Administration |
| FHLB | | Federal Home Loan Bank | | FHLMC | | Federal Home Loan Mortgage |
| | | | | | | Corporation |
| FNMA | | Federal National | | | | |
| | | Mortgage Association | | FSA | | Financial Security Assurance |
| GAN | | Grant Anticipation Notes | | GIC | | Guaranteed Investment Contract |
| GNMA | | Government National | | | | |
| | | Mortgage Association | | GO | | General Obligation |
| HR | | Hospital Revenue | | IDB | | Industrial Development Board |
| IDC | | Industrial Development Corporation | | IDR | | Industrial Development Revenue |
| LOC | | Letter of Credit | | LOR | | Limited Obligation Revenue |
| LR | | Lease Revenue | | MBIA | | Municipal Bond Investors Assurance |
| | | | | | | Insurance Corporation |
| MFHR | | Multi-Family Housing Revenue | | MFMR | | Multi-Family Mortgage Revenue |
| PCR | | Pollution Control Revenue | | PILOT | | Payment in Lieu of Taxes |
| RAC | | Revenue Anticipation Certificates | | RAN | | Revenue Anticipation Notes |
| RAW | | Revenue Anticipation Warrants | | RRR | | Resources Recovery Revenue |
| SAAN | | State Aid Anticipation Notes | | SBPA | | Standby Bond Purchase Agreement |
| SFHR | | Single Family Housing Revenue | | SFMR | | Single Family Mortgage Revenue |
| SONYMA | | State of New York Mortgage Agency | | SWDR | | Solid Waste Disposal Revenue |
| TAN | | Tax Anticipation Notes | | TAW | | Tax Anticipation Warrants |
| TRAN | | Tax and Revenue Anticipation Notes | | XLCA | | XL Capital Assurance |
The Fund 17
STATEMENT OF INVESTMENTS (continued)
|
| Summary of Combined Ratings (Unaudited) | | |
| |
| Fitch | | or Moody’s or | | Standard & Poor’s | | Value (%) † |
| |
| |
| |
|
| F1+,F1 | | VMIG1,MIG1,P1 | | SP1+,SP1,A1+,A1 | | 74.1 |
| AAA,AA,A c | | Aaa,Aa,A c | | AAA,AA,A c | | 4.5 |
| Not Rated d | | Not Rated d | | Not Rated d | | 21.4 |
| | | | | | | | | 100.0 |
| |
| † | | Based on total investments. | | | | |
| 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. | | |
| See notes to financial statements. | | | | |
STATEMENT OF ASSETS AND LIABILITIES
November 30, 2006
| | | Cost | | Value |
| |
| |
|
| Assets ($): | | | | |
| Investments in securities—See Statement of Investments | | 321,255,825 | | 321,255,825 |
| Interest receivable | | | | 1,415,079 |
| Prepaid expenses | | | | 19,748 |
| | | | | 322,690,652 |
| |
| |
|
| Liabilities ($): | | | | |
| Due to The Dreyfus Corporation and affiliates—Note 2(b) | | | | 128,972 |
| Cash overdraft due to Custodian | | | | 2,531,869 |
| Payable for shares of Beneficial Interest redeemed | | | | 2,007 |
| Accrued expenses | | | | 97,575 |
| | | | | 2,760,423 |
| |
| |
|
| Net Assets ($) | | | | 319,930,229 |
| |
| |
|
| Composition of Net Assets ($): | | | | |
| Paid-in capital | | | | 319,930,229 |
| |
| |
|
| Net Assets ($) | | | | 319,930,229 |
| |
| |
|
| Shares Outstanding | | | | |
| (unlimited number of $.001 par value shares of Beneficial Interest authorized) | | 319,930,229 |
| Net Asset Value, offering and redemption price per share ($) | | 1.00 |
See notes to financial statements.
|
The Fund 19
STATEMENT OF OPERATIONS
Year Ended November 30, 2006
|
| Investment Income ($): | | |
| Interest Income | | 12,736,249 |
| Expenses: | | |
| Management fee—Note 2(a) | | 1,862,964 |
| Shareholder servicing costs—Note 2(b) | | 96,599 |
| Trustees’ fees and expenses—Note 2(c) | | 85,354 |
| Professional fees | | 55,274 |
| Custodian fees | | 40,505 |
| Registration fees | | 28,646 |
| Prospectus and shareholders’ reports | | 19,951 |
| Miscellaneous | | 27,311 |
| Total Expenses | | 2,216,604 |
| Less—reduction in management fee | | |
| due to undertaking—Note 2(a) | | (38,407) |
| Net Expenses | | 2,178,197 |
| Investment Income—Net | | 10,558,052 |
| |
|
| Net Unrealized Appreciation (Depreciation) | | |
| on Investments—Note 1(b) ($) | | (101) |
| Net Increase in Net Assets Resulting from Operations | | 10,557,951 |
See notes to financial statements.
|
STATEMENT OF CHANGES IN NET ASSETS
| | | Year Ended | | Five Months Ended | | Year Ended |
| | | November 30, 2006 | | November 30, 2005 a | | June 30, 2005 |
| |
| |
| |
|
| Operations ($): | | | | | | |
| Investment income—net | | 10,558,052 | | 3,256,326 | | 4,311,291 |
| Net realized gain (loss) | | | | | | |
| on investments | | — | | — | | 901 |
| Net unrealized appreciation | | | | | | |
| (depreciation) on investments | | (101) | | 101 | | — |
| Net Increase (Decrease) in | | | | | | |
| Net Assets Resulting | | | | | | |
| from Operations | | 10,557,951 | | 3,256,427 | | 4,312,192 |
| |
| |
| |
|
| Dividends to Shareholders from ($): | | | | |
| Investment income—net: | | (10,558,052) | | (3,256,326) | | (4,311,291) |
| |
| |
| |
|
| Beneficial Interest Transactions | | | | |
| ($1.00 per share): | | | | | | |
| Net proceeds from shares sold | | 1,559,237,599 | | 624,031,201 | | 1,353,281,506 |
| Dividends reinvested | | 10,105,248 | | 3,136,776 | | 4,134,399 |
| Cost of shares redeemed | | (1,650,096,911) | | (559,112,623) | | (1,336,916,939) |
| Increase (Decrease) in Net | | | | | | |
| Assets from Beneficial | | | | | | |
| Interest Transactions | | (80,754,064) | | 68,055,354 | | 20,498,966 |
| Total Increase (Decrease) | | | | | | |
| in Net Assets | | (80,754,165) | | 68,055,455 | | 20,499,867 |
| |
| |
| |
|
| Net Assets ($): | | | | | | |
| Beginning of Period | | 400,684,394 | | 332,628,939 | | 312,129,072 |
| End of Period | | 319,930,229 | | 400,684,394 | | 332,628,939 |
a The fund has changed its fiscal year end from June 30 to November 30.
See notes to financial statements.
|
The Fund 21
The following tables describe 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.
| | | | | Five Months | | | | | | | | |
| Year Ended | | Ended | | | | | | | | |
| November 30, | | November 30, | | | | Year Ended June 30, | | |
| | | |
| |
| |
|
| | | 2006 | | 2005 a | | 2005 | | 2004 | | 2003 | | 2002 |
| |
| |
| |
| |
| |
| |
|
| Per Share Data ($): | | | | | | | | | | | | |
| Net asset value, | | | | | | | | | | | | |
| beginning of period | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
| Investment Operations: | | | | | | | | | | | | |
| Investment income—net | | .029 | | .009 | | .013 | | .005 | | .008 | | .015 |
| Distributions: | | | | | | | | | | | | |
| Dividends from investment | | | | | | | | | | | | |
| income—net | | (.029) | | (.009) | | (.013) | | (.005) | | (.008) | | (.015) |
| Net asset value, end of period | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
| |
| |
| |
| |
| |
| |
|
| Total Return (%) | | 2.90 | | 2.03b | | 1.26 | | .49 | | .82 | | 1.46 |
| |
| |
| |
| |
| |
| |
|
| Ratios/Supplemental Data (%): | | | | | | | | | | |
| Ratio of total expenses | | | | | | | | | | | | |
| to average net assets | | .59 | | .60b | | .60 | | .61 | | .63 | | .62 |
| Ratio of net expenses | | | | | | | | | | | | |
| to average net assets | | .58 | | .60b | | .59 | | .60 | | .60 | | .59 |
| Ratio of net investment | | | | | | | | | | | | |
| income to average | | | | | | | | | | | | |
| net assets | | 2.83 | | 2.06b | | 1.27 | | .49 | | .80 | | 1.43 |
| |
| |
| |
| |
| |
| |
|
| Net Assets, end of period | | | | | | | | | | | | |
| ($ X 1,000) | | 319,930 | | 400,684 | | 332,629 | | 312,129 | | 265,683 | | 215,333 |
| |
| a The fund has changed its fiscal year end from June 30 to November 30. | | | | | | |
| b Annualized. | | | | | | | | | | | | |
| 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.
On December 4, 2006, Mellon Financial and The Bank of New York Company, Inc. announced that they had entered into a definitive agreement to merge. The new company will be called The Bank of New York Mellon Corporation. As part of this transaction, Dreyfus would become a wholly-owned subsidiary of The Bank of New York Mellon Corporation.The transaction is subject to certain regulatory approvals and the approval of The Bank of New York Company, Inc.’s and Mellon Financial’s shareholders, as well as other customary conditions to closing. Subject to such approvals and the satisfaction of the other conditions, Mellon Financial and The Bank of New York Company, Inc. expect the transaction to be completed in the third quarter of 2007.
On August 2, 2005, the Board of Directors approved a change in the fund’s fiscal year end from June 30 to November 30.
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 23
NOTES TO FINANCIAL STATEMENTS (continued)
|
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 in accordance 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.
On September 20, 2006, the Financial Accounting Standards Board (FASB) released Statement of Financial Accounting Standards No. 157 “Fair Value Measurements” (“FAS 157”). FAS 157 establishes an authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair-value measurements. The application of FAS 157 is required for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. Management does not believe that the application of this standard will have a material impact on the financial statements of the fund.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium 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.
The fund has an arrangement with the custodian bank whereby the fund receives earnings credits from the custodian when positive cash balances are maintained, which are used to offset custody fees. For financial reporting purposes, the fund includes net earnings credits, if any, as an expense offset in the Statement of Operations.
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, if any, 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.
On July 13, 2006, the FASB released FASB Interpretation No. 48 Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority.Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management does not believe that the application of this standard will have a material impact on the financial statements of the fund.
At November 30, 2006, the components of accumulated earnings on a tax basis were substantially the same as for financial reporting purposes.
The tax character of distributions paid to shareholders during the fiscal periods ended November 30, 2006 and November 30, 2005, were all tax exempt income.
The Fund 25
NOTES TO FINANCIAL STATEMENTS (continued)
|
At November 30, 2006, 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 the value of the fund’s average daily net assets and is payable monthly.The Manager had undertaken December 1, 2005 through November 30, 2006, 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 the value of the fund’s average daily net assets. The reduction in management fee, pursuant to the undertaking, amounted to $38,407 during the period ended November 30, 2006.
(b) Under the Shareholder Services Plan, the fund reimburses the Distributor, an amount not to exceed an annual rate of .25% 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 November 30, 2006, the fund was charged $60,834 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 November 30, 2006, the fund was charged $19,187 pursuant to the transfer agency agreement.
During the period ended November 30, 2006, the fund was charged $4,184 for services performed by the Chief Compliance Officer.
The components of Due to The Dreyfus Corporation and affiliates in the Statement of Assets and Liabilities consists of: management fees $130,847, chief compliance officer fees $1,704 and transfer agency per account fees $3,360 which are offset against an expense reimbursement currently in effect in the amount of $6,939.
(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.
The Fund 27
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 November 30, 2006, and the related statement of operations for the year then ended, the statements of changes in net assets and financial highlights for each of the periods 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.We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2006 by correspondence with the custodian and others or by appropriate auditing procedures where replies from others were not received.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 November 30, 2006, the results of its operations, the changes in its net assets, and the financial highlights for each of the indicated periods, in conformity with U.S. generally accepted accounting principles.
New York, New York
January 28, 2007
|
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 period ended November 30, 2006 as “exempt-interest dividends” (not subject to regular federal income tax and, for individuals who are Florida residents, not subject to taxation by Florida). As required by federal tax law rules, shareholders will receive notification of their portion of the Fund’s exempt-interest dividends paid for the 2006 calendar year on Form 1099-INT, which will be mailed by January 31, 2007.
The Fund 29
BOARD MEMBERS INFORMATION (Unaudited)
| | Joseph S. DiMartino (63)
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
- 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
- Sunair Services Corporation, engaging in the design, manufacture and sale of high frequency systems for long-range voice and data communications, as well as providing certain outdoor- related services to homes and businesses, Director
No. of Portfolios for which Board Member Serves: 190
———————
Gordon J. Davis (65)
Board Member (1993)
Principal Occupation During Past 5 Years:
- Partner in the law firm of LeBoeuf, Lamb, Greene & MacRae, LLP
- President, Lincoln Center for the 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: 37
|
———————
David P. Feldman (67)
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: 57
———————
Lynn Martin (66)
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 from March 1993-September 2005
- Advisor to Ameritech (11/05 to present)
Other Board Memberships and Affiliations: - SBC Communications, Inc., Director
- AT&T 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
- Chicago Council on Foreign Relations
No. of Portfolios for which Board Member Serves: 9
30
Daniel Rose (77)
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: 18
———————
Philip L. Toia (73)
Board Member (1997)
Principal Occupation During Past 5 Years:
• Retired
No. of Portfolios for which Board Member Serves: 9
———————
Sander Vanocur (78)
Board Member (1993)
Principal Occupation During Past 5 Years:
• President, Old Owl Communications
No. of Portfolios for which Board Member Serves: 18
———————
Anne Wexler (76)
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: 57
———————
Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80.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.
The Fund 31
OFFICERS OF THE FUND (Unaudited)
| J. DAVID OFFICER, President since | | JOSEPH M. CHIOFFI, Vice President and |
| December 2006. | | Assistant Secretary since August 2005. |
| Chief Operating Officer,Vice Chairman and a | | Associate General Counsel of the Manager, |
| director of the Manager, and an officer of 90 | | and an officer of 91 investment companies |
| investment companies (comprised of 190 | | (comprised of 206 portfolios) managed by the |
| portfolios) managed by the Manager. He is 58 | | Manager. He is 45 years old and has been an |
| years old and has been an employee of the | | employee of the Manager since June 2000. |
| |
| Manager since April 1, 1998. | | JANETTE E. FARRAGHER, Vice President |
| MARK N. JACOBS, Vice President since | | and Assistant Secretary since |
| March 2000. | | August 2005. |
| Executive Vice President, Secretary and | | Associate General Counsel of the Manager, |
| General Counsel of the Manager, and an | | and an officer of 91 investment companies |
| officer of 91 investment companies (comprised | | (comprised of 206 portfolios) managed by the |
| of 206 portfolios) managed by the Manager. | | Manager. She is 43 years old and has been an |
| He is 60 years old and has been an employee | | employee of the Manager since February 1984. |
| |
| of the Manager since June 1977. | | JOHN B. HAMMALIAN, Vice President and |
| MICHAEL A. ROSENBERG, Vice President | | Assistant Secretary since August 2005. |
| and Secretary since August 2005. | | Associate General Counsel of the Manager, |
| Associate General Counsel of the Manager, | | and an officer of 91 investment companies |
| and an officer of 91 investment companies | | (comprised of 206 portfolios) managed by the |
| (comprised of 206 portfolios) managed by the | | Manager. He is 43 years old and has been an |
| Manager. He is 46 years old and has been an | | employee of the Manager since February 1991. |
| |
| employee of the Manager since October 1991. | | ROBERT R. MULLERY, Vice President and |
| JAMES BITETTO, Vice President and | | Assistant Secretary since August 2005. |
| Assistant Secretary since August 2005. | | Associate General Counsel of the Manager, |
| Associate General Counsel and Assistant | | and an officer of 91 investment companies |
| Secretary of the Manager, and an officer of 91 | | (comprised of 206 portfolios) managed by the |
| investment companies (comprised of 206 | | Manager. He is 54 years old and has been an |
| portfolios) managed by the Manager. He is 40 | | employee of the Manager since May 1986. |
| |
| years old and has been an employee of the | | JEFF PRUSNOFSKY, Vice President and |
| Manager since December 1996. | | Assistant Secretary since August 2005. |
| JONI LACKS CHARATAN, Vice President | | Associate General Counsel of the Manager, |
| and Assistant Secretary since | | and an officer of 91 investment companies |
| August 2005. | | (comprised of 206 portfolios) managed by the |
| Associate General Counsel of the Manager, | | Manager. He is 41 years old and has been an |
| and an officer of 91 investment companies | | employee of the Manager since October 1990. |
| (comprised of 206 portfolios) managed by the | | |
| Manager. She is 51 years old and has been an | | |
| employee of the Manager since October 1988. | | |
32
| JAMES WINDELS, Treasurer since | | JOSEPH W. CONNOLLY, Chief Compliance |
| November 2001. | | Officer since October 2004. |
| Director – Mutual Fund Accounting of the | | Chief Compliance Officer of the Manager and |
| Manager, and an officer of 91 investment | | The Dreyfus Family of Funds (91 investment |
| companies (comprised of 206 portfolios) | | companies, comprised of 206 portfolios). From |
| managed by the Manager. He is 48 years old | | November 2001 through March 2004, Mr. |
| and has been an employee of the Manager | | Connolly was first Vice-President, Mutual |
| since April 1985. | | Fund Servicing for Mellon Global Securities |
| |
| ERIK D. NAVILOFF, Assistant Treasurer | | Services. In that capacity, Mr. Connolly was |
| since August 2005. | | responsible for managing Mellon’s Custody, |
| | | Fund Accounting and Fund Administration |
| Senior Accounting Manager – Taxable Fixed | | services to third-party mutual fund clients. He |
| Income Funds of the Manager, and an officer | | is 49 years old and has served in various |
| of 91 investment companies (comprised of 206 | | capacities with the Manager since 1980, |
| portfolios) managed by the Manager. He is 38 | | including manager of the firm’s Fund |
| years old and has been an employee of the | | Accounting Department from 1997 through |
| Manager since November 1992. | | October 2001. |
| |
| ROBERT ROBOL, Assistant Treasurer | | WILLIAM GERMENIS, Anti-Money |
| since August 2003. | | Laundering Compliance Officer since |
| Senior Accounting Manager – Money Market | | October 2002. |
| and Municipal Bond Funds of the Manager, | | Vice President and Anti-Money Laundering |
| and an officer of 91 investment companies | | Compliance Officer of the Distributor, and the |
| (comprised of 206 portfolios) managed by the | | Anti-Money Laundering Compliance Officer |
| Manager. He is 42 years old and has been an | | of 87 investment companies (comprised of 202 |
| employee of the Manager since October 1988. | | portfolios) managed by the Manager. He is 36 |
| ROBERT SVAGNA, Assistant Treasurer | | years old and has been an employee of the |
| since August 2005. | | Distributor since October 1998. |
| Senior Accounting Manager – Equity Funds of | | |
| the Manager, and an officer of 91 investment | | |
| companies (comprised of 206 portfolios) | | |
| managed by the Manager. He is 39 years old | | |
| and has been an employee of the Manager | | |
| since November 1990. | | |
| |
| GAVIN C. REILLY, Assistant Treasurer | | |
| since December 2005. | | |
| Tax Manager of the Investment Accounting | | |
| and Support Department of the Manager, and | | |
| an officer of 91 investment companies | | |
| (comprised of 206 portfolios) managed by the | | |
| Manager. He is 38 years old and has been an | | |
| employee of the Manager since April 1991. | | |
The Fund 33
| For More | | Information |
| |
|
| |
| Dreyfus Florida | | Transfer Agent & |
| Municipal Money | | Dividend Disbursing Agent |
| Market Fund | | Dreyfus Transfer, Inc. |
| 200 Park Avenue | | 200 Park Avenue |
| New York, NY 10166 | | New York, NY 10166 |
| Manager | | Distributor |
| The Dreyfus Corporation | | Dreyfus Service Corporation |
| 200 Park Avenue | | 200 Park Avenue |
| New York, NY 10166 | | New York, NY 10166 |
| Custodian | | |
| The Bank of New York | | |
| One Wall Street | | |
| New York, NY 10286 | | |
| |
|
| |
| |
| Telephone 1-800-645-6561 | | |
| Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144 |
| E-mail Send your request to info@dreyfus.com |
| Internet Information can be viewed online or downloaded at: http://www.dreyfus.com |
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund's Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090.
Information regarding how the fund voted proxies relating to portfolio securities for the 12-month period ended June 30, 2006, is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-645-6561.
© 2007 Dreyfus Service Corporation
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. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.
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"). David P. 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 $65,788 in 2005 and $34,457 in 2006.
(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 2005 and $0 in 2006
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 $0 in 2005 and $0 in 2006.
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 $2,846 in 2005 and $3,347 in 2006. 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 (as applicable).
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 2005 and $0 in 2006.
(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 $50 in 2005 and $98 in 2006. 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) through (c) of this Item, which required pre-approval by the Audit Committee were $0 in 2005 and $0 in 2006.
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 $917,339 in 2005 and $375,571 in 2006.
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. | | Schedule of Investments. |
| | | Not applicable. |
| Item 7. | | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management |
| | | Investment Companies. |
| | | Not applicable. |
| Item 8. | | Portfolio Managers of Closed-End Management Investment Companies. |
| | | Not applicable. |
| Item 9. | | Purchases of Equity Securities by Closed-End Management Investment Companies and |
| | | Affiliated Purchasers. |
| | | Not applicable. |
| Item 10. | | Submission of Matters to a Vote of Security Holders. |
The Registrant has a Nominating Committee (the "Committee"), which is responsible for selecting and nominating persons for election or appointment by the Registrant's Board as Board members. The Committee has adopted a Nominating Committee Charter (the "Charter"). Pursuant to the Charter, the Committee will consider recommendations for nominees from shareholders submitted to the Secretary of the Registrant, c/o The Dreyfus Corporation Legal Department, 200 Park Avenue, 8th Floor East, 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, 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 Registrant 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 11. 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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. 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. |
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/ J. David Officer |
| | | J. David Officer |
| | | President |
| |
| Date: | | January 29, 2007 |
| |
| 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/ J. David Officer |
| | | J. David Officer |
| | | President |
| |
| Date: | | January 29, 2007 |
| |
| By: | | /s/ James Windels |
| | | James Windels |
| | | Treasurer |
| |
| Date: | | January 29, 2007 |
| |
| EXHIBIT INDEX |
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| | | (a)(1) | | Code of ethics referred to in Item 2. |
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| | | (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) |
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| | | (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) |
Exhibit (a) (1)
