<PAGE>
Dreyfus
Florida
Municipal
Money
Market
Fund
Annual Report
June 30, 1996
<PAGE>
Dreyfus Florida Municipal Money Market Fund
Letter to Shareholders
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus Florida
Municipal Money Market Fund. For its annual reporting period ended June 30,
1996, your Fund produced an annualized yield of 3.18% per share. Income
dividends of approximately $.032 per share were paid during the period.
Reinvesting these dividends and calculating the effect of compounding
resulted in an annualized effective yield of 3.22%.* These dividends were
exempt from Federal personal income taxes, although some income may be subject
to the Federal Alternative Minimum Tax (AMT) for certain shareholders.
THE ECONOMY
Over the reporting period, reports of solid economic growth, low
inflation and strong gains in employment have been accompanied by fears that
the Federal Reserve Board might raise short-term interest rates to ward off
any resurgence in inflation. Yet, there seem to be few signs of inflation.
Commodity and producer prices remain subdued. Another measure of potential
inflation, delivery lead times - one of Chairman Greenspan's favorite
indicators - has not changed much for months. Some of the inflationary
consequences of running large budget deficits have eased. Higher than
expected tax payments - a result of economic growth - have reduced the
Federal budget deficit to the $130 billion level, the lowest since the early
1980s.
To date, the Federal Reserve has refrained from any overt tightening. The
Federal Funds Rate has been held steady at 5.25% since January 31, 1996. On
June 19, the Fed's Beige Book, a survey of business conditions in the 12
districts of the Federal Reserve, reported that the economy was growing at a
moderate pace and that, despite the tightening labor markets, "indications of
rising wages remain scattered". Recent statements by officials of the Federal
Reserve Board have suggested that "sustained moderate growth" is the most
likely path for the economy and that labor markets do not yet indicate
significant inflationary pressures.
MARKET ENVIRONMENT/PORTFOLIO
If one were to trace the trend in short-term municipal rates over this
most recent semi-annual period, the direction would mirror closely the
changes in supply and demand conditions. The six-month cycle reflects: higher
rates at calendar year-end due to December outflows, a precipitous drop in
yields throughout January as cash returned to the market, price
weakness/higher rates in April as investors tapped their money market funds
to pay income taxes, and market strength in late June and early July as $9
billion in note maturities left the short-term market. These technical
influences continue to be the overriding factor affecting municipal money
rates.
These conditions, coupled with policies of the Federal Reserve Board (the
"Fed"), provide the framework for our investment strategy_both on a
day-to-day basis and looking ahead over a one-year horizon. During the first
few months of 1996, as a result of uncertainty surrounding potential tax
reform, variable rate demand notes (which represent a significant portion of
your Portfolio's investments) benefited from unusually high yields. While the
concerns were only temporary, they translated for a time into a more
attractive after-tax rate of return than was available to the Florida
investor on taxable instruments with similar maturities. During this period,
the purchase of commercial paper with attractive yields in the 90-day range
also allowed us to capture returns similar to those on one-year issues
without a significant extension of average maturity_enabling us to wait out a
lower yield environment in anticipation of higher rates.
In the short-term market the opportunity to commit to the longer national
note issues has appeared in recent weeks and should continue to be available
during the remaining summer months as issuers return to the market with
midyear financings. However, the lack of supply of high-quality
Florida-exempt one-year notes may hinder our ability to significantly extend
the Fund's average maturity. We will continue to look to the commercial paper
market as an alternate means of lengthening the Fund's portfolio. As the fall
calendar builds, additional buying opportunities may arise for Florida money
market funds. Ideally, such offerings may allow us to position your Fund's
portfolio maturity in the 60-day range. In addition, we will continue to
monitor potential Fed activity and any other significant changes in the
municipal money market. We will seek out new Florida-exempt investments that
continue to meet the high credit quality standards that we require and to
provide a significant level of liquidity, commensurate with the needs of your
Fund.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we greatly appreciate your continued confidence in the Fund
and in The Dreyfus Corporation.
Very truly yours,
(logo signature)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
July 15, 1996
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<TABLE>
<CAPTION>
Dreyfus Florida Municipal Money Market Fund
Statement of Investments June 30, 1996
Principal
Tax Exempt Investments-100.0% Amount Value
-------------- --------------
<S> <C> <C>
Florida-94.0%
Broward County, Sales Tax Revenue, CP
3.80%, Series A, 7/24/96 (LOC; Bank of Tokyo-Mitsubishi) (a)............ $ 1,480,000 $ 1,480,000
Collier County Housing Finance Authority, Multi-Family Revenue, VRDN:
(River Reach Project) 3.40% (LOC; Morgan Guaranty Trust Co.) (a,b)...... 1,100,000 1,100,000
(Saxon Manor Isles Project) 3.40% (LOC; PNC Bank of Kentucky) (a,b)..... 1,600,000 1,600,000
Dade County, VRDN:
IDR, Solid Waste (Montenay-Dade Limited Project)
3.80%, Series A (LOC; Banque Paribas) (a,b)........................... 8,700,000 8,700,000
Water and Sewer Systems Revenue,
3.30% (BPA; Industrial Bank of Japan and Insured; FGIC) (b)........... 1,300,000 1,300,000
Dade County Health Facility Authority, VRDN (Miami Children's Hospital)
3.30% (Insured; AMBAC and SBPA; Sun Trust) (b).......................... 6,500,000 6,500,000
Escambia County Housing Finance Authority, SFMR (Multi-County Program)
3.65%, Series B, 4/1/97 (Insured; FGIC)................................. 3,885,000 3,885,000
Florida Division Board of Finance Department, General Service Revenue
(Department
of Environmental Preservation 2000) 5%, Series D, 7/1/96 (Insured; AMBAC) 5,000,000 5,000,000
Florida Housing Finance Agency, MFHR, VRDN:
(Kings Colony Project) 3.425% (LOC; Bankers Trust) (a,b)................ 7,740,000 7,740,000
(Parrot's Landing) 3.30% (LOC; FNMA) (a,b).............................. 3,000,000 3,000,000
Hillsborough County Industrial Development Authority, PCR, VRDN
(Tampa Electric Co. Project)
3.80% (Guaranteed by; Tampa Electric Co.) (b)......................... 5,000,000 5,000,000
Indian Trace Community Development District, VRDN (Basin 1 Water Management)
3.30%, Series A (BPA; Swiss Bank Corp. and Insured; MBIA) (b)........... 5,400,000 5,400,000
City of Jacksonville:
CP 3.50%, Series A, 7/25/96 (LOC; Morgan Guaranty Trust Co.) (a)........ 2,500,000 2,500,000
VRDN:
(Florida Power and Light) 3.55% (Corp. Guaranty; Florida Power and Light) (b) 2,400,000 2,400,000
IDR (University of Florida Health Science Center)
3.70% (LOC; Barnett Bank) (a,b)................................... 2,000,000 2,000,000
Jacksonville Electric Authority, Revenue, CP
3.60%, Series C-1, 7/16/96 (Liquidity; Morgan Guaranty Trust Co.)....... 2,000,000 2,000,000
Lake County Industrial Development Authority, IDR, VRDN (Novelty Crystal
Project)
3.85% (LOC; Credit Commerciale de France) (a,b)......................... 1,725,000 1,725,000
Liberty County, IDR, Refunding, VRDN (Timber Energy Resource Project)
3.45% (LOC; Bank of Montreal) (a,b)..................................... 4,270,000 4,270,000
City of Miami, TAN 4.50%, 9/27/96........................................... 2,000,000 2,003,241
Orange County Health Facility Authority, Revenue, VRDN
(Adventist Health Systems/Sunbelt) 3.30% (LOC; Rabobank Nederland) (a,b) 5,000,000 5,000,000
Orange County Housing Finance Authority:
Dreyfus Florida Municipal Money Market Fund
Statement of Investments (continued) June 30, 1996
Principal
Tax Exempt Investments (continued) Amount Value
-------------- ------------
Florida (continued)
MFHR (Oakwood Project) 4.20%, 10/1/96 (LOC; Fleet Bank) (a)............. $ 2,800,000 $ 2,800,000
SFMR 3.65%, Series B, 4/1/97 (LOC; Westdeutsche Landesbank) (a)......... 4,000,000 4,000,000
Palm Beach County School District, TAN 4.50%, 9/27/96....................... 11,500,000 11,519,685
Pasco County Industrial Development Authority, Revenue, VRDN:
(Windsor Woods Project) 3.60% (LOC; Kredietbank) (a,b).................. 3,500,000 3,500,000
(Woodhaven Partners Limited Project) 3.55% (LOC; Kredietbank) (a,b)..... 700,000 700,000
Pinellas County Housing Finance Authority, SFMR (Multi-County Program)
3.40%, Series B, 3/1/97 (Insured; FGIC)................................. 4,250,000 4,250,000
Putnam County Development Authority, PCR:
(Seminole Electric):
3.25%, Series H-4, 9/15/96 (Corp. Guaranty; National Rural Utilities
Cooperative Finance Corp.)........................................ 3,370,000 3,370,000
VRDN 3.15%, Series H-2 (Corp. Guaranty; National Rural Utilities
Cooperative Finance Corp.) (b).................................... 1,000,000 1,000,000
(Seminole Electric Coop) 3.55%, 12/15/96 (Corp. Guaranty; National Rural
Utilities Cooperative Finance Corp.).................................. 7,000,000 7,000,000
Saint Lucie County, PCR, Refunding (Florida Power and Light Co. Project):
CP:
3.45%, Series B, 7/18/96 (Guaranteed by; Florida Power and Light Co.). 3,000,000 3,000,000
3.55%, Series B, 7/18/96 (Guaranteed by; Florida Power and Light Co.). 3,000,000 3,000,000
VRDN 3.60% (Guaranteed by; Florida Power and Light Co.) (b)............. 1,200,000 1,200,000
Saint Lucie County School Board, Refunding, COP 3.90%, 7/1/96 (Insured; FSA) 1,685,000 1,685,000
Saint Lucie County School District, GO Notes 3.50%, 2/1/97 (Insured; FSA)... 795,000 796,358
Sarasota County Public Hospital District, Revenue, CP
(Sarasota Memorial Hospital Project)
3.80%, Series A, 8/6/96 (LOC; Sumitomo Bank) (a)........................ 3,000,000 3,000,000
Sunshine State Governmental Financing Commission, Revenue, CP:
3.60%, Series B, 7/25/96 (LOC: Morgan Guaranty Trust Co., National
Westminster
Bank and Union Bank of Switzerland) (a)............................... 4,000,000 4,000,000
3.65%, Series B, 7/25/96 (LOC: Morgan Guaranty Trust Co., National
Westminster
Bank and Union Bank of Switzerland) (a)............................... 4,000,000 4,000,000
U.S. Related-6.0%
Puerto Rico Industrial Tourist, Educational, Medical and Environmental
Control Facilities Authority, VRDN (Anna Mendez University Project)
3.65% (LOC; Banco Popular de Puerto Rico) (a,b)......................... 8,400,000 8,400,000
-----------
TOTAL INVESTMENTS (cost $139,824,284)....................................... $139,824,284
============
</TABLE>
<TABLE>
<CAPTION>
Dreyfus Florida Municipal Money Market Fund
Summary of Abbreviations
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
BPA Bond Purchase Agreement MBIA Municipal Bond Investors Assurance
COP Certificate of Participation Insurance Corporation
CP Commercial Paper MFHR Multi-Family Housing Revenue
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
FNMA Federal National Mortgage Association SBPA Standby Bond Purchase Agreement
FSA Financial Security Assurance SFMR Single Family Mortgage Revenue
GO General Obligation TAN Tax Anticipation Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
<S> <C> <C> <C>
Fitch (c) or Moody's or Standard & Poor's Percentage of Value
- --------- --------- -------------------- -----------------------
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1, A2 (d) 94.6%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 5.4
--------
100.0%
========
</TABLE>
Notes to Statement of Investments:
(a) Secured by letters of credit. At June 30, 1996, 49.3% of the Fund's
net assets are backed by letters of credit issued by domestic banks,
foreign banks and government agencies.
(b) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest
rates.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) P1 and A1 are the highest ratings assigned tax-exempt commercial
paper by Moody's and Standard & Poor's, respectively.
(e) Notes which are not F, MIG or SP rated are represented by bond
ratings of the issuers.
See notes to financial statements.
<TABLE>
<CAPTION>
Dreyfus Florida Municipal Money Market Fund
Statement of Assets and Liabilities June 30, 1996
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $139,824,284
Cash.................................................................... 189,332
Interest receivable..................................................... 1,164,120
Prepaid expenses........................................................ 32,109
Due from The Dreyfus Corporation and affiliates......................... 5,518
-------------
141,215,363
LIABILITIES;
Accrued expenses and other liabilities.................................. 73,925
-------------
NET ASSETS ................................................................ $141,141,438
============
REPRESENTED BY:
Paid-in capital......................................................... $141,173,929
Accumulated net realized (loss) on investments.......................... (32,491)
-------------
NET ASSETS at value applicable to 141,173,929 shares outstanding
(unlimited number of $.001 par value shares of Beneficial Interest
authorized)............................................................. $141,141,438
============
NET ASSET VALUE, offering and redemption price per share
($141,141,438 / 141,173,929 shares)..................................... $1.00
=====
Statement of Operations year ended June 30, 1996
INVESTMENT INCOME:
Interest Income......................................................... $ 5,684,466
Expenses:
Management fee-Note 2(a).............................................. $ 771,706
Shareholder servicing costs-Note 2(b)................................. 337,765
Auditing fees......................................................... 41,999
Trustees' fees and expense-Note 2(c).................................. 23,280
Legal fees............................................................ 20,487
Custodian fees........................................................ 18,382
Prospectus and shareholders' reports.................................. 8,356
Registration fees..................................................... 915
Miscellaneous......................................................... 24,956
----------
Total Expenses.................................................. 1,247,846
Less-reduction in management fee due to
undertakings-Note 2(a)............................................ 489,415
----------
Net Expenses.................................................... 758,431
-------------
INVESTMENT INCOME-NET....................................................... 4,926,035
NET REALIZED (LOSS) ON INVESTMENTS-Note 1(b)................................ (6,602)
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 4,919,433
=============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
Dreyfus Florida Municipal Money Market Fund
Statement of Changes in Net Assets
Year Ended June 30,
---------------------------------
1995 1996
--------------- -----------
<S> <C> <C>
OPERATIONS:
Investment income-net................................................... $ 5,573,928 $ 4,926,035
Net realized (loss) on investments...................................... (25,091) (6,602)
-------------- ------------
Net Increase In Net Assets Resulting From Operations.................. 5,548,837 4,919,433
-------------- ------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net................................................... (5,573,928) (4,926,035)
-------------- ------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................... 408,258,832 333,326,272
Dividends reinvested.................................................... 4,673,437 3,910,857
Cost of shares redeemed................................................. (351,519,430) (361,658,715)
-------------- ------------
Increase (Decrease) In Net Assets From Beneficial
Interest Transactions............................................. 61,412,839 (24,421,586)
-------------- ------------
Total Increase (Decrease) In Net Assets........................... 61,387,748 (24,428,188)
NET ASSETS:
Beginning of year....................................................... 104,181,878 165,569,626
-------------- ------------
End of year............................................................. $ 165,569,626 $ 141,141,438
============= =============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
Dreyfus Florida Municipal Money Market Fund
Financial Highlights
Contained below is per share operating performance data for a share of
Beneficial Interest outstanding, total investment return, ratios to average
net assets and other supplemental data for each year indicated. This
information has been derived from the Fund's financial statements.
Year Ended June 30,
---------------------------------
PER SHARE DATA: 1994(1) 1995 1996
------- ------- -------
<S> <C> <C> <C>
Net asset value, beginning of year.................................... $ 1.00 $ 1.00 $ 1.00
------- ------- -------
Investment Operations;
Investment income-net................................................. .017 .035 .032
------- ------- -------
Distributions;
Dividends from investment income-net.................................. (.017) (.035) (.032)
------- ------- -------
Net asset value, end of year.......................................... $ 1.00 $ 1.00 $ 1.00
======== ======= =======
TOTAL INVESTMENT RETURN................................................... 2.50%(2) 3.50% 3.23%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets............................... - .21% .49%
Ratio of net investment income to average net assets.................. 2.55%(2) 3.50% 3.19%
Decrease reflected in above expense ratios due to undertakings
by the Manager...................................................... .79%(2) .46% .32%
Net Assets, end of year (000's Omitted)............................... $104,182 $165,570 $141,141
(1) From October 20, 1993 (commencement of operations) to June 30, 1994.
(2) Annualized.
See notes to financial statements.
</TABLE>
Dreyfus Florida Municipal Money Market Fund
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 ("Act") as a non-diversified
open-end management investment company. The Fund's investment objective is to
provide investors with as high a level of current income exempt from Federal
income tax as is consistent with the preservation of capital and the
maintenance of liquidity. The Dreyfus Corporation ("Manager") serves as the
Fund's investment adviser. The Manager is a direct subsidiary of Mellon Bank,
N.A. Premier Mutual Fund Services, Inc. acts as the distributor of the Fund's
shares, which are sold to the public without a sales charge.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value of $1.00.
(a) Portfolio valuation: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Trustees to represent the fair
value of the Fund's investments.
(b) Securities transactions and investment income: Securities
transactions are recorded on a trade date basis. Interest income, adjusted
for amortization of premiums and original issue discounts on investments, is
earned from settlement date and recognized on the accrual basis. Realized
gain and loss from securities transactions are recorded on the identified
cost basis.
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. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
(d) Federal income taxes: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately $25,900
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to June 30, 1996. The
carryover does not include net realized securities losses from November 1,
1995 through June 30, 1996 which are treated, for Federal income tax
purposes, as arising in fiscal 1997. If not applied, $2,500 of the carryover
expires in fiscal 2003 and $23,400 expires in fiscal 2004.
At June 30, 1996, 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).
Dreyfus Florida Municipal Money Market Fund
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 2-Management Fee and Other Transactions With Affiliates:
(a) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at an annual rate of .50 of 1% of the value of
the Fund's average daily net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund for any full fiscal year. The Manager had
undertaken from July 1, 1995 through July 27, 1996, to reduce the management
fee paid by the Fund to the extent that the Fund's aggregate expenses
(exclusive of certain expenses as described above) exceeded specified annual
percentages of the Fund's average daily net assets. The Manager has currently
undertaken from July 28, 1996 through June 30, 1997 to reduce the management
fee paid by, or reimburse such excess expenses of the Fund, to the extent
that the Fund's aggregate annual expenses (exclusive of certain expenses as
described above) exceed an annual rate of .60 of 1% of the daily value of the
Fund's average daily net assets. The reduction in management fee, pursuant to
the undertakings, amounted to $489,415 for the year ended June 30, 1996.
The undertaking may be extended, modified or terminated by the Manager,
provided that the resulting expense reimbursement would not be less than the
amount required pursuant to the Agreement.
(b) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average daily net assets for certain allocated expenses of providing personal
services and/or maintaining shareholder accounts. The services provided may
include personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
During the year ended June 30, 1996, the Fund was charged an aggregate of
$277,970 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. Such
compensation amounted to $21,847 for the period from December 1, 1995 through
June 30, 1996.
(c) Each trustee who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $1,000 and an attendance fee of $250
per meeting. The Chairman of the Board receives an additional 25% of such
compensation.
Dreyfus Florida Municipal Money Market Fund
Report of Ernst & Young LLP, Independent Auditors
Shareholders and Board of Trustees
Dreyfus Florida Municipal Money Market Fund
We have audited the accompanying statement of assets and liabilities of
Dreyfus Florida Municipal Money Market Fund, including the statement of
investments, as of June 30, 1996, and the related statement of operations for
the year then ended, the statement of changes in net assets for each of the
two years in the period then ended, and financial highlights for each of the
years indicated therein. These financial statements and financial highlights
are the responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of June 30, 1996 by correspondence with the custodian. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of Dreyfus Florida Municipal Money Market Fund at June 30, 1996, the
results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended, and the financial
highlights for each of the indicated years, in conformity with generally
accepted accounting principles.
(ERNST & YOUNG LLP logo signature)
New York, New York
August 2, 1996
Important Tax Information (Unaudited)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during the fiscal year ended June
30, 1996 as "exempt-interest dividends" (not subject to regular Federal
income tax and, for individuals who are Florida residents, not subject to
taxation by Florida).
Dreyfus Florida Municipal
Money Market Fund
200 Park Avenue
New York, NY 10166
Manager
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
Custodian
The Bank of New York
90 Washington Street
New York, NY 10286
Transfer Agent &
Dividend Disbursing Agent
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 741AR966
Florida Municipal
Money Market
Fund
Annual Report
June 30, 1996
