| 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) |
| Michael A. Rosenberg, 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: | | 11/30/07 |
FORM N-CSR
| Item 1. | | Reports to Stockholders. |
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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 |
| 4 | | Understanding Your Fund’s Expenses |
| 4 | | Comparing Your Fund’s Expenses |
| With Those of Other Funds |
| 5 | | Statement of Investments |
| 16 | | Statement of Assets and Liabilities |
| 17 | | Statement of Operations |
| 18 | | Statement of Changes in Net Assets |
| 19 | | Financial Highlights |
| 20 | | Notes to Financial Statements |
| 25 | | Report of Independent Registered |
| | | Public Accounting Firm |
| 26 | | Important Tax Information |
| 27 | | Board Members Information |
| 30 | | Officers of the Fund |
| FOR MORE INFORMATION |
|
| | | Back Cover |
| Dreyfus Florida Municipal |
| Money Market Fund |
A LETTER FROM THE CEO
Dear Shareholder:
We are pleased to present this last report for Dreyfus Florida Municipal Money Market Fund, covering the 12-month period from December 1, 2006, through November 30, 2007.
The past few months have been filled with greater swings in security valuations than we’ve seen in several years,as the economic cycle matured and a credit crisis stemming from the sub-prime mortgage sector of the taxable bond market has affected virtually all areas of the financial markets, including, to some extent, money market funds. A high degree of leverage within parts of the financial system made these price fluctuations more intense than they otherwise might have been. In the ensuing “flight to quality” among investors, “liquid asset” investments such as money market funds realized tremendous inflows of assets from investors affected by the heightened volatility and from those simply awaiting a clearer picture by the Fed on the direction of the U.S. economy.
Although we expect slower financial conditions in 2008, lower short-term interest rates from the Fed may help forestall a technical recession. As was widely anticipated, at its December 11 meeting the Fed took action and lowered its overnight rate to 4.25% . Despite this recent rate cut, investors will continue to closely monitor the credit markets and signals by the Fed on the state of the U.S economy in 2008. During times like these, it is a good time to review your portfolio with your financial advisor, who can help you consider whether to reposition your investments for a changing market environment.
Thank you for your continued confidence and support.
2
DISCUSSION OF FUND PERFORMANCE
For the period of December 1, 2006, through November 30, 2007, as provided by Joseph Irace, Senior Portfolio Manager
Fund Performance Overview
Yields of tax-exempt money market securities began to decline over the last few months of the reporting period, when the Federal Reserve Board (the “Fed”) reduced key short-term interest rates in an attempt to address an intensifying credit crisis and forestall a potential recession.
For the 12-month period ended November 30, 2007, Dreyfus Florida Municipal Money Market Fund produced a yield of 3.14% and, taking into account the effects of compounding, an annualized effective yield of 3.18% ..1
Lastly, pursuant to shareholder approval, on December 20, 2007, the fund completed an Agreement and Plan of Reorganization, which provided for, among other things, the transfer of the fund’s assets to Dreyfus Municipal Money Market Fund in a tax-free exchange for shares of that fund.The fund has since terminated its operations.
December 21, 2007
| | | 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. |
The Fund 3
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
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, 2007 to November 30, 2007. 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, 2007 |
|
| |
| Expenses paid per $1,000 † | | $ 3.03 |
| Ending value (after expenses) | | $1,015.80 |
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, 2007 |
|
| |
| Expenses paid per $1,000 † | | $ 3.04 |
| Ending value (after expenses) | | $1,022.06 |
† Expenses are equal to the fund’s annualized expense ratio of .60%; multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
4
| STATEMENT OF INVESTMENTS |
| November 30, 2007 |
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments—99.7% | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Alachua Housing Finance Authority, | | | | | | | | |
| MFHR (Edenwood Park Project) | | | | | | | | |
| (Liquidity Facility; Merrill Lynch) | | 4.18 | | 12/7/07 | | 3,325,000 a,b | | 3,325,000 |
| Broward County, | | | | | | | | |
| IDR (GB Instruments Inc. | | | | | | | | |
| Project) (LOC; Bank of America) | | 3.73 | | 12/7/07 | | 1,820,000 a | | 1,820,000 |
| Broward County, | | | | | | | | |
| Sales Tax Revenue, CP | | | | | | | | |
| (Liquidity Facility; Dexia | | | | | | | | |
| Credit Locale) | | 3.73 | | 12/6/07 | | 3,584,000 | | 3,584,000 |
| Broward County, | | | | | | | | |
| Sales Tax Revenue, CP | | | | | | | | |
| (Liquidity Facility; Dexia | | | | | | | | |
| Credit Locale) | | 3.50 | | 1/22/08 | | 16,222,000 | | 16,222,000 |
| Broward County Housing Finance | | | | | | | | |
| Authority, MFHR (Cypress Grove | | | | | | | | |
| Apartments Project) (Liquidity | | | | | | | | |
| Facility; American International | | | | | | | | |
| Group Funding Inc.) | | 3.73 | | 12/7/07 | | 14,500,000 a | | 14,500,000 |
| Broward County Housing Finance | | | | | | | | |
| Authority, SFMR | | 4.85 | | 10/1/08 | | 10,000,000 | | 10,080,849 |
| Broward County Housing Finance | | | | | | | | |
| Authority, SFMR (Merlots | | | | | | | | |
| Program) (Insured: FNMA and | | | | | | | | |
| GNMA and Liquidity Facility; | | | | | | | | |
| Wachovia Bank) | | 3.72 | | 12/7/07 | | 10,000 a,b | | 10,000 |
| Broward County School District, | | | | | | | | |
| GO Notes, Refunding | | 5.00 | | 2/15/08 | | 1,500,000 | | 1,503,921 |
| Capital Trust Agency, | | | | | | | | |
| Multifamily Revenue (Liquidity | | | | | | | | |
| Facility; Merrill Lynch | | | | | | | | |
| Capital Services and LOC; | | | | | | | | |
| Merrill Lynch) | | 4.13 | | 12/7/07 | | 25,840,000 a,b | | 25,840,000 |
| Collier County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (March Project) (LOC; | | | | | | | | |
| Wachovia Bank) | | 3.76 | | 12/7/07 | | 2,630,000 a | | 2,630,000 |
| Dade County Industrial Development | | | | | | | | |
| Authority, IDR (U.S. Holdings | | | | | | | | |
| Inc. Project) (LOC; SunTrust Bank) | | 3.75 | | 12/7/07 | | 525,000 a | | 525,000 |
The Fund 5
STATEMENT OF INVESTMENTS (continued)
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Dade County Industrial Development | | | | | | | | |
| Authority, PCR, Refunding | | | | | | | | |
| (Florida Power and Light | | | | | | | | |
| Company Project) | | 3.58 | | 12/1/07 | | 6,935,000 a | | 6,935,000 |
| Escambia County Housing Finance | | | | | | | | |
| Authority, SFMR (Merlots | | | | | | | | |
| Program) (Insured: FNMA and | | | | | | | | |
| GNMA and Liquidity Facility; | | | | | | | | |
| Wachovia Bank) | | 3.72 | | 12/7/07 | | 1,525,000 a,b | | 1,525,000 |
| Escambia County Utilities | | | | | | | | |
| Authority, Utility System | | | | | | | | |
| Revenue (Insured; FGIC) | | 4.25 | | 1/1/08 | | 100,000 | | 100,042 |
| Florida, State Board of Education, | | | | | | | | |
| Lottery Revenue (Insured; AMBAC) | | 5.50 | | 7/1/08 | | 640,000 | | 646,251 |
| Florida, State Board of Education, | | | | | | | | |
| Public Education Capital | | | | | | | | |
| Outlay, GO Notes | | 4.50 | | 1/1/08 | | 300,000 | | 300,173 |
| Florida, State Board of Education, | | | | | | | | |
| Public Education Capital | | | | | | | | |
| Outlay, GO Notes | | 5.00 | | 6/1/08 | | 100,000 | | 100,581 |
| Florida, State Board of Education, | | | | | | | | |
| Public Education Capital | | | | | | | | |
| Outlay, GO Notes, Refunding | | 4.00 | | 6/1/08 | | 5,000,000 | | 5,005,501 |
| Florida, State Board of Education, | | | | | | | | |
| Public Education Capital | | | | | | | | |
| Outlay, GO Notes, Refunding | | 5.00 | | 6/1/08 | | 150,000 | | 150,870 |
| Florida, State Board of Education, | | | | | | | | |
| Public Education Capital | | | | | | | | |
| Outlay, GO Notes, Refunding | | 5.00 | | 6/1/08 | | 150,000 | | 150,911 |
| Florida Department of Environmental | | | | | | | | |
| Protection, Florida Forever Revenue, | | | | | | |
| Refunding (Insured; MBIA) | | 5.00 | | 7/1/08 | | 250,000 | | 251,623 |
| Florida Department of | | | | | | | | |
| Environmental Protection, | | | | | | | | |
| Preservation 2000 Revenue, | | | | | | | | |
| Refunding (Insured; FSA) | | 5.25 | | 7/1/08 | | 100,000 | | 100,762 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Air Technology) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.76 | | 12/7/07 | | 2,000,000 a | | 2,000,000 |
6
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Atlantic | | | | | | | | |
| Truss Group, LLC Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.76 | | 12/7/07 | | 2,875,000 a | | 2,875,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Byrd | | | | | | | | |
| Technologies Inc. Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.76 | | 12/7/07 | | 1,230,000 a | | 1,230,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Downey Glass | | | | | | |
| Industries, LLC Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.76 | | 12/7/07 | | 520,000 a | | 520,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (DSLA | | | | | | | | |
| Realty LC Project) | | | | | | | | |
| (LOC; SunTrust Bank) | | 3.75 | | 12/7/07 | | 1,190,000 a | | 1,190,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Energy | | | | | | | | |
| Planning Associates | | | | | | | | |
| Corporation Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.76 | | 12/7/07 | | 1,290,000 a | | 1,290,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Enterprise | | | | | | | | |
| 2650 LLC Project) (LOC; | | | | | | | | |
| Wachovia Bank) | | 3.76 | | 12/7/07 | | 950,000 a | | 950,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Florida | | | | | | | | |
| Food Products, Inc. Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.76 | | 12/7/07 | | 2,100,000 a | | 2,100,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Florida Steel | | | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.76 | | 12/7/07 | | 855,000 a | | 855,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Increte LLC | | | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.76 | | 12/7/07 | | 1,730,000 a | | 1,730,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Jamivon | | | | | | | | |
| Properties Inc. Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.76 | | 12/7/07 | | 1,550,000 a | | 1,550,000 |
The Fund 7
STATEMENT OF INVESTMENTS (continued)
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Kelray Real | | | | | | | | |
| Estate Project) (LOC; | | | | | | | | |
| Wachovia Bank) | | 3.76 | | 12/7/07 | | 750,000 a | | 750,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Octex | | | | | | | | |
| Corporation Project) (LOC; | | | | | | | | |
| Wachovia Bank) | | 3.76 | | 12/7/07 | | 145,000 a | | 145,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (R.L. Smith | | | | | | | | |
| Investments LLC Project) (LOC; | | | | | | |
| SunTrust Bank) | | 3.75 | | 12/7/07 | | 860,000 a | | 860,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Retro | | | | | | | | |
| Elevator Corporation Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.76 | | 12/7/07 | | 745,000 a | | 745,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Suncoast | | | | | | | | |
| Bakeries, Inc. Project) (LOC; | | | | | | | | |
| SunTrust Bank) | | 3.70 | | 12/7/07 | | 600,000 a | | 600,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Trese Inc. | | | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.76 | | 12/7/07 | | 880,000 a | | 880,000 |
| Florida Development Finance | | | | | | | | |
| Corporation, IDR (Twin Vee | | | | | | | | |
| PowerCats, Inc. Project) (LOC; | | | | | | | | |
| SunTrust Bank) | | 3.75 | | 12/7/07 | | 1,720,000 a | | 1,720,000 |
| Florida Finance Housing | | | | | | | | |
| Corporation, MFHR (Falls of | | | | | | | | |
| Venice Project) (Insured; FNMA | | | | | | |
| and Liquidity Facility; FNMA) | | 3.68 | | 12/7/07 | | 4,080,000 a | | 4,080,000 |
| Florida Housing Finance | | | | | | | | |
| Corporation, Homeowner | | | | | | | | |
| Mortgage Revenue | | 3.70 | | 1/1/08 | | 260,000 | | 260,000 |
| Florida Hurricane Catastrophe Fund | | | | | | |
| Finance Corporation, Revenue | | 5.00 | | 7/1/08 | | 19,265,000 | | 19,397,755 |
| Gulf Breeze, | | | | | | | | |
| Healthcare Facilities Revenue | | | | | | | | |
| (Heritage Healthcare Project) | | | | | | | | |
| (Liquidity Facility; AIG | | | | | | | | |
| SunAmerica Assurance) | | 3.70 | | 12/7/07 | | 11,530,000 a | | 11,530,000 |
8
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Hillsborough County, | | | | | | | | |
| Solid Waste and RRR (Putters | | | | | | | | |
| Program) (Insured; AMBAC and | | | | | | | | |
| Liquidity Facility; JPMorgan | | | | | | | | |
| Chase Bank) | | 3.70 | | 12/7/07 | | 9,745,000 a,b | | 9,745,000 |
| Hillsborough County Aviation | | | | | | | | |
| Authority, Revenue (Merlots | | | | | | | | |
| Program) (Tampa International | | | | | | | | |
| Airport) (Insured; MBIA and | | | | | | | | |
| Liquidity Facility; Wachovia Bank) | | 3.72 | | 12/7/07 | | 1,965,000 a,b | | 1,965,000 |
| Hillsborough County Aviation | | | | | | | | |
| Authority, Revenue (Tampa | | | | | | | | |
| International Airport) | | | | | | | | |
| (Insured; MBIA) | | 5.00 | | 10/1/08 | | 600,000 | | 606,067 |
| Hillsborough County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Allied Aerofoam Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.71 | | 12/7/07 | | 2,450,000 a | | 2,450,000 |
| Hillsborough County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Seaboard Tampa Terminals | | | | | | | | |
| Venture Project) (LOC; | | | | | | | | |
| Wachovia Bank) | | 3.70 | | 12/7/07 | | 4,000,000 a | | 4,000,000 |
| Hillsborough County Port District, | | | | | | | | |
| Revenue (Tampa Port Authority | | | | | | | | |
| Project) (Insured; MBIA) | | 4.00 | | 6/1/08 | | 1,000,000 | | 1,000,711 |
| Jacksonville, | | | | | | | | |
| PCR, Refunding (Florida Power | | | | | | | | |
| and Light Company Project) | | 3.58 | | 12/1/07 | | 500,000 a | | 500,000 |
| Jacksonville Economic Development | | | | | | |
| Commission, IDR (Load King | | | | | | | | |
| Manufacturing Company Inc. | | | | | | | | |
| Project) (LOC; SouthTrust Bank) | | 3.75 | | 12/7/07 | | 1,600,000 a | | 1,600,000 |
| Lee County Housing Finance | | | | | | | | |
| Authority, MFHR (Heron Pond | | | | | | | | |
| Apartments) (LOC; Regions Bank) | | 3.68 | | 12/7/07 | | 5,905,000 a | | 5,905,000 |
| Lee County Housing Finance | | | | | | | | |
| Authority, SFHR (Merlots | | | | | | | | |
| Program) (Insured: FNMA and | | | | | | | | |
| GNMA and Liquidity Facility; | | | | | | | | |
| Wachovia Bank) | | 3.72 | | 12/7/07 | | 1,430,000 a,b | | 1,430,000 |
The Fund 9
STATEMENT OF INVESTMENTS (continued)
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Manatee County, | | | | | | | | |
| IDR (Avon Cabinet Corporation | | | | | | | | |
| Project) (LOC; Bank of America) | | 3.69 | | 12/7/07 | | 1,950,000 a | | 1,950,000 |
| Marion County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Universal Forest Products) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.76 | | 12/7/07 | | 2,500,000 a | | 2,500,000 |
| Martin County, | | | | | | | | |
| PCR, Refunding (Florida Power | | | | | | | | |
| and Light Company Project) | | 3.69 | | 12/1/07 | | 4,500,000 a | | 4,500,000 |
| Miami-Dade County, | | | | | | | | |
| Aviation Revenue, Refunding | | | | | | | | |
| (Miami International Airport) | | | | | | | | |
| (Insured; FGIC) | | 5.25 | | 10/1/08 | | 100,000 | | 101,009 |
| Miami-Dade County, | | | | | | | | |
| Capital Asset Acquisition | | | | | | | | |
| Special Obligation Revenue | | | | | | | | |
| (Insured; AMBAC) | | 5.00 | | 4/1/08 | | 1,000,000 | | 1,004,205 |
| Miami-Dade County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Futurama Project) (LOC; | | | | | | | | |
| SunTrust Bank) | | 3.73 | | 12/7/07 | | 1,910,000 a | | 1,910,000 |
| Miami-Dade County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Ram Investments Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.71 | | 12/7/07 | | 2,760,000 a | | 2,760,000 |
| Miami-Dade County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (von Drehle Holdings, LLC | | | | | | | | |
| Project) (LOC; Branch Banking | | | | | | | | |
| and Trust Company) | | 3.73 | | 12/7/07 | | 1,730,000 a | | 1,730,000 |
| Miami-Dade County Industrial | | | | | | | | |
| Development Authority, Revenue | | | | | | |
| (Altira, Inc. Project) (LOC; | | | | | | | | |
| SunTrust Bank) | | 3.70 | | 12/7/07 | | 1,950,000 a | | 1,950,000 |
| Orange County Health Facilities | | | | | | | | |
| Authority, Revenue (The | | | | | | | | |
| Nemours Foundation Project) | | 4.00 | | 1/1/08 | | 385,000 | | 385,000 |
| Orange County Health Facilities | | | | | | | | |
| Authority, Revenue (The | | | | | | | | |
| Nemours Foundation Project) | | 4.00 | | 1/1/08 | | 115,000 | | 115,000 |
10
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Orange County Health Facilities | | | | | | | | |
| Authority, Revenue, CP (LOC; | | | | | | | | |
| SunTrust Bank) | | 3.58 | | 1/14/08 | | 5,000,000 | | 5,000,000 |
| Orange County Housing Finance | | | | | | | | |
| Authority, MFHR (Windsor Pines | | | | | | | | |
| Project) (LOC; Bank of America) | | 3.72 | | 12/7/07 | | 1,300,000 a | | 1,300,000 |
| Orange County Industrial | | | | | | | | |
| Development Authority, Revenue | | | | | | |
| (Trinity Preparatory School of | | | | | | | | |
| Florida, Inc. Project) (LOC; | | | | | | | | |
| Wachovia Bank) | | 3.71 | | 12/7/07 | | 205,000 a | | 205,000 |
| Palm Beach County, | | | | | | | | |
| IDR, Refunding (Eastern Metal | | | | | | | | |
| Supply Inc. Project) (LOC; | | | | | | | | |
| Wachovia Bank) | | 3.76 | | 12/7/07 | | 2,525,000 a | | 2,525,000 |
| Palm Beach County Housing Finance | | | | | | |
| Authority, MFHR (Azalea Place | | | | | | | | |
| Apartments Project) (LOC; | | | | | | | | |
| SunTrust Bank) | | 3.72 | | 12/7/07 | | 1,000,000 a | | 1,000,000 |
| Palm Beach County School Board, | | | | | | | | |
| COP (Master Lease Purchase | | | | | | | | |
| Agreement) (Insured; MBIA) | | 4.70 | | 8/1/08 | | 300,000 | | 301,644 |
| Pinellas County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Falcon Enterprises Inc. | | | | | | | | |
| Project) (LOC; SunTrust Bank) | | 3.75 | | 12/7/07 | | 1,740,000 a | | 1,740,000 |
| Pinellas County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Restorative Care of America | | | | | | | | |
| Project) (LOC; SunTrust Bank) | | 3.75 | | 12/7/07 | | 1,500,000 a | | 1,500,000 |
| Pinellas County Industry Council, | | | | | | | | |
| IDR (Molex ETC Inc. Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.76 | | 12/7/07 | | 2,350,000 a | | 2,350,000 |
| Pinellas County Industry Council, | | | | | | | | |
| Revenue (Lutheran Church of | | | | | | | | |
| the Cross Day School Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.71 | | 12/7/07 | | 220,000 a | | 220,000 |
| Polk County Industrial Development | | | | | | |
| Authority, IDR (Elite Building | | | | | | | | |
| Products, Inc. Project) (LOC; | | | | | | | | |
| Wachovia Bank) | | 3.76 | | 12/7/07 | | 1,890,000 a | | 1,890,000 |
The Fund 11
STATEMENT OF INVESTMENTS (continued)
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Polk County Industrial Development | | | | | | |
| Authority, IDR (Florida Treatt Inc. | | | | | | |
| Project) (LOC; Bank of America) | | 3.69 | | 12/7/07 | | 3,600,000 a | | 3,600,000 |
| Polk County Industrial Development | | | | | | |
| Authority, IDR (GSG Investments | | | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.71 | | 12/7/07 | | 2,330,000 a | | 2,330,000 |
| Putnam County Development | | | | | | | | |
| Authority, PCR, Refunding | | | | | | | | |
| (Florida Power and Light | | | | | | | | |
| Company Project) | | 3.60 | | 12/1/07 | | 1,500,000 a | | 1,500,000 |
| Reedy Creek Improvement District, | | | | | | | | |
| Ad Valorem Tax Bonds, | | | | | | | | |
| Refunding (Insured; MBIA) | | 4.20 | | 6/1/08 | | 125,000 | | 125,210 |
| Riveria Beach, | | | | | | | | |
| IDR (K. Rain Manufacturing | | | | | | | | |
| Project) (LOC; SunTrust Bank) | | 3.70 | | 12/7/07 | | 1,885,000 a | | 1,885,000 |
| Saint John’s County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Bronz-Glow Technologies | | | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.76 | | 12/7/07 | | 1,130,000 a | | 1,130,000 |
| Saint Lucie County, | | | | | | | | |
| IDR (A-1 Roof Trusses Company | | | | | | | | |
| Project) (LOC; SouthTrust Bank) | | 3.76 | | 12/7/07 | | 910,000 a | | 910,000 |
| Sarasota County, | | | | | | | | |
| Continuing Care Retirement | | | | | | | | |
| Community Revenue, Refunding | | | | | | | | |
| (The Glenridge on Palmer | | | | | | | | |
| Ranch, Inc. Project) (LOC; | | | | | | | | |
| Bank of Scotland) | | 3.62 | | 12/1/07 | | 4,165,000 a | | 4,165,000 |
| Sarasota County, | | | | | | | | |
| IDR (Sarasota Military | | | | | | | | |
| Academy, Inc. Project) | | | | | | | | |
| (LOC; Wachovia Bank) | | 3.71 | | 12/7/07 | | 460,000 a | | 460,000 |
| Sumter County Industrial | | | | | | | | |
| Development Authority, IDR | | | | | | | | |
| (Robbins Manufacturing Company | | | | | | |
| Project) (LOC; Wachovia Bank) | | 3.76 | | 12/7/07 | | 355,000 a | | 355,000 |
| Sunshine State Governmental | | | | | | | | |
| Financing Commission, Revenue, | | | | | | | | |
| CP (Liquidity Facility; Bank | | | | | | | | |
| of Nova Scotia) | | 3.50 | | 1/22/08 | | 6,300,000 | | 6,300,000 |
12
| Short-Term | | Coupon | | Maturity | | Principal | | |
| Investments (continued) | | Rate (%) | | Date | | Amount ($) | | Value ($) |
| |
| |
| |
| |
|
| Sunshine State Governmental | | | | | | | | |
| Financing Commission, Revenue, | | | | | | | | |
| CP (Liquidity Facility; DEPFA | | | | | | | | |
| Bank PLC) | | 3.60 | | 1/10/08 | | 3,000,000 | | 3,000,000 |
| Sunshine State Governmental | | | | | | | | |
| Financing Commission, Revenue, | | | | | | | | |
| CP (Liquidity Facility; DEPFA | | | | | | | | |
| Bank PLC) | | 3.45 | | 2/12/08 | | 8,000,000 | | 8,000,000 |
| Tamarac, | | | | | | | | |
| IDR (Arch Aluminum and Glass | | | | | | | | |
| Company) (LOC; Comerica Bank) | | 3.76 | | 12/7/07 | | 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) | | 3.71 | | 12/7/07 | | 325,000 a | | 325,000 |
| |
| |
| |
| |
|
| |
| Total Investments (cost $253,789,085) | | | | | | 99.7% | | 253,789,085 |
| |
| Cash and Receivables (Net) | | | | | | .3% | | 639,623 |
| |
| Net Assets | | | | | | 100.0% | | 254,428,708 |
| 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, 2007, these |
| securities amounted to $43,840,000 or 17.2% of net assets. |
The Fund 13
STATEMENT OF INVESTMENTS (continued)
| 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 |
14
| Summary of Combined Ratings (Unaudited) | | |
| |
| Fitch | | or | | Moody’s | | or | | Standard & Poor’s | | Value (%) † |
| |
| |
| |
| |
| |
|
| F1+,F1 | | | | VMIG1,MIG1,P1 | | | | SP1+,SP1,A1+,A1 | | 68.7 |
| AAA,AA,A c | | | | Aaa,Aa,A c | | | | AAA,AA,A c | | 12.5 |
| Not Rated d | | | | Not Rated d | | | | Not Rated d | | 18.8 |
| | | | | | | | | | | 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. |
The Fund 15
| STATEMENT OF ASSETS AND LIABILITIES |
| November 30, 2007 |
| | | Cost | | Value |
| |
| |
|
| Assets ($): | | | | |
| Investments in securities—See Statement of Investments | | 253,789,085 | | 253,789,085 |
| Interest receivable | | | | 1,614,424 |
| Prepaid expenses | | | | 16,513 |
| | | | | 255,420,022 |
| |
| |
|
| Liabilities ($): | | | | |
| Due to The Dreyfus Corporation and affiliates—Note 2(b) | | | | 125,889 |
| Cash overdraft due to Custodian | | | | 800,498 |
| Payable for shares of Beneficial Interest redeemed | | | | 786 |
| Accrued expenses | | | | 64,141 |
| | | | | 991,314 |
| |
| |
|
| Net Assets ($) | | | | 254,428,708 |
| |
| |
|
| Composition of Net Assets ($): | | | | |
| Paid-in capital | | | | 254,425,848 |
| Accumulated net realized gain (loss) on investments | | | | 2,860 |
| |
| |
|
| Net Assets ($) | | | | 254,428,708 |
| |
| |
|
| Shares Outstanding | | | | |
| (unlimited number of $.001 par value shares | | | | |
| of Beneficial Interest authorized) | | | | 254,425,848 |
| Net Asset Value, offering and redemption price per share ($) | | 1.00 |
| |
| See notes to financial statements. | | | | |
16
| STATEMENT OF OPERATIONS |
| Year Ended November 30, 2007 |
| Investment Income ($): | | |
| Interest Income | | 10,647,757 |
| Expenses: | | |
| Management fee—Note 2(a) | | 1,427,588 |
| Shareholder servicing costs—Note 2(b) | | 82,311 |
| Professional fees | | 62,424 |
| Trustees’ fees and expenses—Note 2(c) | | 45,777 |
| Registration fees | | 28,840 |
| Custodian fees—Note 2(b) | | 22,590 |
| Prospectus and shareholders’ reports | | 7,355 |
| Miscellaneous | | 27,223 |
| Total Expenses | | 1,704,108 |
| Less—reduction in management fee | | |
| due to undertaking—Note 2(a) | | (10,060) |
| Net Expenses | | 1,694,048 |
| Investment Income—Net | | 8,953,709 |
| |
|
| Net Realized Gain (Loss) on Investments—Note 1(b) ($) | | 2,860 |
| Net Increase in Net Assets Resulting from Operations | | 8,956,569 |
See notes to financial statements.
The Fund 17
STATEMENT OF CHANGES IN NET ASSETS
| | | Year Ended November 30, |
| |
|
| | | 2007 | | 2006 |
| |
| |
|
| Operations ($): | | | | |
| Investment income—net | | 8,953,709 | | 10,558,052 |
| Net realized gain (loss) on investments | | 2,860 | | — |
| Net unrealized appreciation | | | | |
| (depreciation) on investments | | — | | (101) |
| Net Increase (Decrease) in Net Assets | | | | |
| Resulting from Operations | | 8,956,569 | | 10,557,951 |
| |
| |
|
| Dividends to Shareholders from ($): | | | | |
| Investment income—net | | (8,953,709) | | (10,558,052) |
| |
| |
|
| Beneficial Interest Transactions ($1.00 per share): | | |
| Net proceeds from shares sold | | 1,088,570,901 | | 1,559,237,599 |
| Dividends reinvested | | 8,533,817 | | 10,105,248 |
| Cost of shares redeemed | | (1,162,609,099) | | (1,650,096,911) |
| Increase (Decrease) in Net Assets from | | | | |
| Beneficial Interest Transactions | | (65,504,381) | | (80,754,064) |
| Total Increase (Decrease) in Net Assets | | (65,501,521) | | (80,754,165) |
| |
| |
|
| Net Assets ($): | | | | |
| Beginning of Period | | 319,930,229 | | 400,684,394 |
| End of Period | | 254,428,708 | | 319,930,229 |
See notes to financial statements.
18
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated. Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and distributions.These figures have been derived from the fund’s financial statements.
| | | | | | | Five Months Ended | | | | | | |
| Year Ended November 30, | | November 30, | | Year Ended June 30, |
| |
| |
|
| | | 2007 | | 2006 | | 2005 a | | 2005 | | 2004 | | 2003 |
| |
| |
| |
| |
| |
| |
|
| Per Share Data ($): | | | | | | | | | | | | |
| Net asset value, | | | | | | | | | | | | |
| beginning of period | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
| Investment Operations: | | | | | | | | | | | | |
| Investment income—net | | .031 | | .029 | | .009 | | .013 | | .005 | | .008 |
| Distributions: | | | | | | | | | | | | |
| Dividends from | | | | | | | | | | | | |
| investment | | | | | | | | | | | | |
| income—net | | (.031) | | (.029) | | (.009) | | (.013) | | (.005) | | (.008) |
| Net asset value, | | | | | | | | | | | | |
| end of period | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 |
| |
| |
| |
| |
| |
| |
|
| Total Return (%) | | 3.18 | | 2.90 | | 2.03b | | 1.26 | | .49 | | .82 |
| |
| |
| |
| |
| |
| |
|
| Ratios/Supplemental | | | | | | | | | | | | |
| Data (%): | | | | | | | | | | | | |
| Ratio of total expenses | | | | | | | | | | | | |
| to average net assets | | .60 | | .59 | | .60b | | .60 | | .61 | | .63 |
| Ratio of net expenses | | | | | | | | | | | | |
| to average net assets | | .59 | | .58 | | .60b | | .59 | | .60 | | .60 |
| Ratio of net investment | | | | | | | | | | | | |
| income to average | | | | | | | | | | | | |
| net assets | | 3.14 | | 2.83 | | 2.06b | | 1.27 | | .49 | | .80 |
| |
| |
| |
| |
| |
| |
|
| Net Assets, | | | | | | | | | | | | |
| end of period | | | | | | | | | | | | |
| ($ x 1,000) | | 254,429 | | 319,930 | | 400,684 | | 332,629 | | 312,129 | | 265,683 |
| a | | The fund changed its fiscal year end from June 30 to November 30. |
| b | | Annualized. |
| See notes to financial statements. |
The Fund 19
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. On July 1, 2007, Mellon Financial Corporation (“Mellon Financial”) and The Bank of New York Company, Inc. merged, forming The Bank of New York Mellon Corporation (“BNY Mellon”). As part of this transaction, Dreyfus became a wholly-owned subsidiary of BNY Mellon. MBSC Securities 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. Effective August 8, 2007, the fund is closed to new account investments.
At a meeting of the Board of Trustees of the fund held on July 17, 2007, the Board approved, subject to shareholder approval, an Agreement and Plan of Reorganization (the “Agreement”) between the fund and Dreyfus Municipal Money Market Fund (the “Acquiring Fund”). The Agreement provides for the transfer of the fund’s assets to the Acquiring Fund in a tax-free exchange for shares of the Acquiring Fund and the assumption by the Acquiring Fund of the fund’s stated liabilities, the distribution of shares of the Acquiring Fund to the fund’s shareholders and the subsequent termination of the fund (the “Reorganization”). Holders of fund shares as of September 7, 2007 were asked to approve the Agreement on behalf of the fund at a special meeting of shareholders held on December 7,2007.The Reorganization took place as of the close of business on December 20, 2007.
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.
20
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 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.
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 gains and losses from securities transactions are recorded on the identified cost basis. Cost of investments represents amortized cost.
The Fund 21
NOTES TO FINANCIAL STATEMENTS (continued)
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 gains, 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 gains can be offset by capital loss carryovers, if any, it is the policy of the fund not to distribute such gains.
(d) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
The 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.
22
At November 30, 2007, the components of accumulated earnings on a tax basis were substantially the same as for financial reporting purposes.
The tax characters of distributions paid to shareholders during the fiscal periods ended November 30, 2007 and November 30, 2006, were all tax exempt income.
At November 30, 2007, 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 from December 1, 2006 through November 30, 2007, to reduce the management fee paid by the fund, to the extent that 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 $10,060 during the period ended November 30, 2007.
(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, 2007, the fund was charged $51,436 pursuant to the Shareholder Services Plan
The Fund 23
NOTES TO FINANCIAL STATEMENTS (continued)
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, 2007, the fund was charged $17,497 pursuant to the transfer agency agreement.
Effective July 1, 2007, the fund’s custodian, The Bank of New York, became an affiliate of the Manager. Under the fund’s pre-existing custody agreement with The Bank of New York, the fund was charged $13,470 for providing custodial services for the fund for five months ended November 30, 2007. Prior to becoming an affiliate, The Bank of New York was paid $9,120 for the custody services to the fund for the seven months ended June 30, 2007.
During the period ended November 30, 2007, the fund was charged $4,740 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 consist of: management fees $104,638, chief compliance officer fees $3,214, custody fees $15,735 and transfer agency per account fees $2,800, which are offset against an expense reimbursement currently in effect in the amount of $498.
(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.
24
| 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, 2007, 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 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, 2007 by correspondence with the custodian.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, 2007, 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 periods, in conformity with U.S. generally accepted accounting principles.
| | New York, New York
January 18, 2008
|
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 period ended November 30, 2007 as “exempt-interest dividends” (not subject to regular federal income tax and, for individuals who are Florida residents, not subject to taxation by Florida). Of the fund’s final period exempt-interest dividends, $2,597 is being designated as a long term capital gain distribution for reporting purposes. As required by Federal tax law rules, shareholders will receive notification of their portion of the fund’s exempt-interest dividends paid for the 2007 calendar year on Form 1099-INT, which will be mailed by January 31, 2008.
26
BOARD MEMBERS INFORMATION (Unaudited)
| Joseph S. DiMartino (64) |
| 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, a provider of certain outdoor-related services to homes and |
| businesses, Director |
| No. of Portfolios for which Board Member Serves: 164 |
| ——————— |
| Gordon J. Davis (66) |
| Board Member (1993) |
| Principal Occupation During Past 5 Years: |
| • Partner in the law firm of Dewey and LeBoeuf, 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 (68) |
| 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 |
| No. of Portfolios for which Board Member Serves: 50 |
The Fund 27
BOARD MEMBERS INFORMATION (Unaudited) (continued)
| Lynn Martin (67) |
| 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 |
| Other Board Memberships and Affiliations: |
| • AT&T Inc., a telecommunications company, 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 Global Affairs |
| • Coca-Cola International Advisory Council |
| • Deutsche Bank Advisory Council |
| No. of Portfolios for which Board Member Serves: 10 |
| Daniel Rose (78) |
| 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: 33 |
| Philip L. Toia (74) |
| Board Member (1997) |
| Principal Occupation During Past 5 Years: |
| • Private Investor |
| No. of Portfolios for which Board Member Serves: 20 |
28
| Sander Vanocur (79) |
| Board Member (1993) |
| Principal Occupation During Past 5 Years: |
| • President, Old Owl Communications |
| No. of Portfolios for which Board Member Serves: 33 |
| Anne Wexler (77) |
| Board Member (1994) |
| Principal Occupation During Past 5 Years: |
| • Chairman of the Wexler & Walker Public Policy Associates, consultants specializing in govern- |
| ment relations and public affairs from January 1981 to present |
| Other Board Memberships and Affiliations: |
| • Wilshire Mutual Funds (5 funds), Director |
| • The Community Foundation for the National Capital Region, Director |
| • Member of the Council of Foreign Relations |
| • Member of the National Park Foundation |
| No. of Portfolios for which Board Member Serves: 50 |
———————
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 29
OFFICERS OF THE FUND (Unaudited)
| J. DAVID OFFICER, President since |
| December 2006. |
Chief Operating Officer,Vice Chairman and a Director of the Manager, and an officer of 81 investment companies (comprised of 163 portfolios) managed by the Manager. He is 59 years old and has been an employee of the Manager since April 1998.
| PHILLIP N. MAISANO, Executive Vice |
| President since July 2007. |
Chief Investment Officer,Vice Chair and a director of the Manager, and an officer of 81 investment companies (comprised of 163 portfolios) managed by the Manager. Mr. Maisano also is an officer and/or Board member of certain other investment management subsidiaries of The Bank of New York Mellon Corporation, each of which is an affiliate of the Manager. He is 60 years old and has been an employee of the Manager since November 2006. Prior to joining the Manager, Mr. Maisano served as Chairman and Chief Executive Officer of EACM Advisors, an affiliate of the Manager, since August 2004, and served as Chief Executive Officer of Evaluation Associates, a leading institutional investment consulting firm, from 1988 until 2004.
| MICHAEL A. ROSENBERG, Vice President |
| and Secretary since August 2005. |
Associate General Counsel of the Manager, and an officer of 82 investment companies (comprised of 180 portfolios) managed by the Manager. He is 47 years old and has been an employee of the Manager since October 1991.
| JAMES BITETTO, Vice President and |
| Assistant Secretary since August 2005. |
Associate General Counsel and Secretary of the Manager, and an officer of 82 investment companies (comprised of 180 portfolios) managed by the Manager. He is 41 years old and has been an employee of the Manager since December 1996.
| JONI LACKS CHARATAN, Vice President |
| and Assistant Secretary since |
| August 2005. |
Associate General Counsel of the Manager, and an officer of 82 investment companies (comprised of 180 portfolios) managed by the Manager. She is 51 years old and has been an employee of the Manager since October 1988.
| JOSEPH M. CHIOFFI, Vice President and |
| Assistant Secretary since August 2005. |
Associate General Counsel of the Manager, and an officer of 82 investment companies (comprised of 180 portfolios) managed by the Manager. He is 45 years old and has been an employee of the Manager since June 2000.
| JANETTE E. FARRAGHER, Vice President |
| and Assistant Secretary since |
| August 2005. |
Associate General Counsel of the Manager, and an officer of 82 investment companies (comprised of 180 portfolios) managed by the Manager. She is 44 years old and has been an employee of the Manager since February 1984.
| JOHN B. HAMMALIAN, Vice President and |
| Assistant Secretary since August 2005. |
Associate General Counsel of the Manager, and an officer of 82 investment companies (comprised of 180 portfolios) managed by the Manager. He is 44 years old and has been an employee of the Manager since February 1991.
| ROBERT R. MULLERY, Vice President and |
| Assistant Secretary since August 2005. |
Associate General Counsel of the Manager, and an officer of 82 investment companies (comprised of 180 portfolios) managed by the Manager. He is 55 years old and has been an employee of the Manager since May 1986.
30
| JEFF PRUSNOFSKY, Vice President and |
| Assistant Secretary since August 2005. |
Associate General Counsel of the Manager, and an officer of 82 investment companies (comprised of 180 portfolios) managed by the Manager. He is 42 years old and has been an employee of the Manager since October 1990.
| JAMES WINDELS, Treasurer since |
| November 2001. |
Director – Mutual Fund Accounting of the Manager, and an officer of 82 investment companies (comprised of 180 portfolios) managed by the Manager. He is 49 years old and has been an employee of the Manager since April 1985.
| ROBERT ROBOL, Assistant Treasurer |
| since August 2003. |
Senior Accounting Manager – Money Market and Municipal Bond Funds of the Manager, and an officer of 82 investment companies (comprised of 180 portfolios) managed by the Manager. He is 43 years old and has been an employee of the Manager since October 1988.
| ROBERT SALVIOLO, Assistant Treasurer |
| since July 2007. |
Senior Accounting Manager – Equity Funds of the Manager, and an officer of 82 investment companies (comprised of 180 portfolios) managed by the Manager. He is 40 years old and has been an employee of the Manager since June 1989.
| ROBERT SVAGNA, Assistant Treasurer |
| since August 2005. |
Senior Accounting Manager – Equity Funds of the Manager, and an officer of 82 investment companies (comprised of 180 portfolios) managed by the Manager. He is 40 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 82 investment companies (comprised of 180 portfolios) managed by the Manager. He is 39 years old and has been an employee of the Manager since April 1991.
| JOSEPH W. CONNOLLY, Chief Compliance |
| Officer since October 2004. |
Chief Compliance Officer of the Manager and The Dreyfus Family of Funds (82 investment companies, comprised of 180 portfolios). From November 2001 through March 2004, Mr. Connolly was first Vice-President, Mutual Fund Servicing for Mellon Global Securities Services. In that capacity, Mr. Connolly was responsible for managing Mellon’s Custody, Fund Accounting and Fund Administration services to third-party mutual fund clients. He is 50 years old and has served in various capacities with the Manager since 1980, including manager of the firm’s Fund Accounting Department from 1997 through October 2001.
| 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 78 investment companies (comprised of 176 portfolios) managed by the Manager. He is 37 years old and has been an employee of the Distributor since October 1998.
The Fund 31
NOTES
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 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 $34,457 in 2006 and $34,457 in 2007.
(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 2006 and $0 in 2007.
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 2006 and $0 in 2007.
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 $3,347 in 2006 and $2,541 in 2007. 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.
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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 2006 and $0 in 2007.
(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 $98 in 2006 and $0 in 2007. 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 2006 and $0 in 2007.
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 $375,571 in 2006 and $1,890,737 in 2007.
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. | | [CLOSED-END FUNDS ONLY] |
| Item 6. | | Schedule of Investments. |
| | | Not applicable. | | |
| Item 7. | | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management |
| | | Investment Companies. |
| | | Not applicable. | | [CLOSED-END FUNDS ONLY] |
| Item 8. | | Portfolio Managers of Closed-End Management Investment Companies. |
| | | Not applicable. | | [CLOSED-END FUNDS ONLY, beginning with reports for periods ended |
| | | | | on and after December 31, 2005] |
| Item 9. | | Purchases of Equity Securities by Closed-End Management Investment Companies and |
| | | Affiliated Purchasers. |
| | | Not applicable. | | [CLOSED-END FUNDS ONLY] |
| 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
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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.
(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.
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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/ J. David Officer |
| | | J. David Officer |
| | | President |
| |
| Date: | | January 24, 2008 |
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 24, 2008 |
| By: | | /s/ James Windels |
| | | James Windels |
| | | Treasurer |
| |
| Date: | | January 24, 2008 |
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)
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