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 semi-annual reporting period ended
December 31, 1996, your Fund produced an annualized yield of 2.96% per share.
Income dividends of approximately $.015 per share were paid during the
period. Reinvesting these dividends and calculating the effect of compounding
resulted in an annualized effective yield of 3.00%.* These dividends were
exempt from Federal income taxes and State of Florida intangible taxes,
although some income may be subject to the Federal Alternative Minimum Tax
(AMT) for certain shareholders.
THE ECONOMY
For the most part, incoming data in recent months have continued to
showcase a comfortably moderate pace of economic activity. While final
figures are not yet in, statistics point to a relatively modest 3% growth in
the Gross Domestic Product (GDP) during the fourth quarter. However,
December's soaring consumer confidence level and the announcement of
stronger-than-expected November new home sales caused some analysts to
predict accelerated economic growth in early 1997. Thus far, the GDP growth
rate has provided a relatively neutral interest rate outlook. Apart from
increases in food and energy prices over the past year, inflation has
remained low - under 3% - and core indices of consumer and producer inflation
have shown no signs of rising.
Indeed, the Federal Reserve Board's Open Market Committee left short-term
interest rates alone at its November meeting, and is not scheduled to meet
again until February. However, words of caution from Fed Chairman Alan
Greenspan during December led to market talk of a possible tightening. The
result was slightly higher rates on six-month to one-year money market
securities, as investors began to see the possibility of even higher rates
ahead.
Florida's economy has been growing - its job growth has more than doubled
during President Clinton's first term in office - but its population
continues to rise more rapidly, placing a heavy strain on the budget. For the
new budget year beginning July 1, it will take an additional $423 million to
maintain State services at their current level. Still, the State is likely to
remain a relatively safe haven from excessive taxes - particularly if the
newly elected Republicans stand by their campaign promises of no new taxes.
MARKET ENVIRONMENT/PORTFOLIO
There are times in the municipal money market when the execution of
portfolio strategy is hindered to some degree by a lack of available supply.
Oftentimes, the attempt to extend a Fund's average maturity could be thwarted
by a dearth of high quality, short-term investments. These supply conditions
can change substantially and often during the course of one calendar year.
One example of a seasonal period of available supply is during the summer
months when many issuers enter the municipal note market to meet their
short-term financing needs. While most of this summer's new issuance was in
non-Florida-exempt paper, there were some limited buying opportunities for
your Fund. In late summer and early fall, availability of Florida-exempt
investments in the one-year range coincided well with our efforts to increase
your Fund's average maturity in anticipation of a decline in note yields.
However, in the fourth quarter of 1996, the lack of supply of high-quality
Florida-exempt issues from which to choose hindered our ability to implement
our strategy fully. As a result, your Fund's current average maturity still
leaves room to extend should a change in market or supply conditions warrant.
Near year-end, seasonal factors in the Florida market caused Florida tax
exempt money funds to see a significant rise in assets - only to see a
reversal of this cash inflow in the early part of January. However, this runs
contrary to what occurs in the municipal money market on the whole.
Typically, money market funds see an outflow of assets near year-end and a
subsequent inflow just after the new year. The unique flow of funds into your
Dreyfus Florida Municipal Money Market Fund allowed the Fund to invest its
cash inflow at a time when yields on variable rate demand notes were
temporarily
higher (reflecting the decreased overall market demand) and then enabled your
Fund to sell into the lower-yielding environment that existed in January.
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 confidence in the Fund and in The
Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
January 15, 1997
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 DECEMBER 31, 1996 (UNAUDITED)
Principal
Tax Exempt Investments-100.0% Amount Value
__________ __________
<S> <C> <C>
Florida-88.3%
Alachua County Housing Finance Authority, VRDN (Shands Teaching Hospital)
3.95% (LOC; Sun Bank) (a,b)............................................. $ 5,000,000 $ 5,000,000
Broward County Housing Financing Authority:
MFHR, VRDN:
(Lake Park Association Limited Partnership) 3.85% (LOC; Societe National Bank) (a,b) 5,855,000 5,855,000
(Landings Inverrary Apartments) 3.95% (LOC; PNC Bank) (a,b)........... 3,600,000 3,600,000
(Margate Investments Project) 4.20% (LOC; Chase Manhattan Bank) (a,b). 2,400,000 2,400,000
(Sales Tax Revenue) CP 3.75%, 1/1/97 (LOC; Bank of Tokyo-Mitsubishi) (a) 1,460,000 1,460,000
Collier County Housing Finance Authority, Multi-Family Revenue, VRDN
(Saxon Manor Isles Project) 4% (LOC; PNC Bank of Kentucky) (a,b)........ 1,600,000 1,600,000
Dade County, Industrial Development Authority, VRDN:
Refunding (Florida Power and Light Co.):
Exempt Facilities Revenue 4.20% (Guaranteed by; Florida Power and Light Co.) (b) 7,250,000 7,250,000
PCR 3.90% (Guaranteed by; Florida Power and Light Co.) (b)............ 2,200,000 2,200,000
Water and Sewer Systems Revenue 4% (LOC; Commerzbank) (a,b)............. 26,600,000 26,600,000
Dade County Housing Finance Authority, SFMR
(FNMA and GNMA Mortgage Backed Securities Program)
4%, 10/1/97 (Insured; FGIC)............................................. 3,000,000 3,000,000
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 Housing Finance Agency, VRDN:
MFHR (Kings Colony Project) 4.25% (LOC; Bankers Trust) (a,b)............ 7,740,000 7,740,000
Housing Revenue:
(Caribbean Key) 4.40%, Series F (LOC; Key Bank) (a,b)................. 5,000,000 5,000,000
(Parrot's Landing) 4%, Series AA (LOC; FNMA) (a,b).................... 3,000,000 3,000,000
City of Gainesville, CP:
3.65%, 1/6/97 (LOC: Bank of America and Sun Bank) (a)................... 2,100,000 2,100,000
3.40%, 3/10/97 (LOC: Bank of America and Sun Bank) (a).................. 4,000,000 4,000,000
Gulf Breeze, Revenue, VRDN (Local Government Loan Program)
4%, Series C (BPA; Bank of Tokyo-Mitsubishi and Insured; FGIC) (b)...... 6,000,000 6,000,000
Highlands County Health Facilities Authority, Revenue, VRDN
(Adventist Health Systems/Sunbelt Inc.)
4.125%, Series A (Insured; Capital Markets Assurance and
LOC; First National Bank of Chicago) (a,b).............................. 5,000,000 5,000,000
Hillsborough County Industrial Development Authority, PCR, VRDN
(Tampa Electric Co. Project)
4.35% (Guaranteed by; Tampa Electric Co.) (b)......................... 5,000,000 5,000,000
Refunding 3.90% (Guaranteed by; Tampa Electric Co.) (b)............... 7,850,000 7,850,000
Indian Trace Community Development District, VRDN (Basin 1 Water Management)
3.85%, Series A (Insured; MBIA) (b)..................................... 5,400,000 5,400,000
City of Jacksonville:
CP 3.45%, Series A, 2/19/97 (LOC; Morgan Guaranty Trust Co.) (a)........ 1,700,000 1,700,000
IDR, VRDN (University of Florida Health Science Center)
4.25% (LOC; Barnett Bank) (a,b)....................................... 1,900,000 1,900,000
PCR, Refunding, CP (Florida Power and Light)
3.60%, 1/6/97 (Guaranteed by; Florida Power and Light) (b)............ 3,000,000 3,000,000
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1996 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
____________ __________
Florida (continued)
Jacksonville Health Facilities Authority, VRDN:
Health Facilities Revenue (Baptists Health Properties Project)
4.05% (LOC; Barnett Bank) (a,b)....................................... $ 3,600,000 $ 3,600,000
HR (Baptist Medical Center Project):
3.95% (LOC; First Union National Bank) (a,b).......................... 6,000,000 6,000,000
4% (Insured; MBIA and LOC; Suntrust Bank) (a,b)....................... 3,500,000 3,500,000
Lake County Industrial Development Authority, IDR, VRDN (Novelty Crystal Project)
4.25% (LOC; Credit Commerciale de France) (a,b)......................... 1,725,000 1,725,000
Liberty County, IDR, Refunding, VRDN (Timber Energy Resource Project)
4.20% (LOC; Bank of Montreal) (a,b)..................................... 4,100,000 4,100,000
Martin County School District, TAN 4.25%, 6/30/97........................... 5,000,000 5,015,185
Orange County Health Facilities Authority, Revenue, VRDN
(Adventist Health Systems/Sunbelt)
4.125% (LOC; Rabobank Nederland) (a,b).................................. 5,000,000 5,000,000
Orange County Housing Finance Authority:
MFHR:
(Oakwood Project) 4.15%, 10/1/97 (LOC; Fleet Bank) (a)................ 3,400,000 3,400,000
VRDN (Heather Project) 4.15%, Series B (LOC; FNMA) (a,b).............. 12,600,000 12,600,000
SFMR 3.65%, Series B, 4/1/97 (LOC; Westdeutsche Landesbank) (a)......... 4,000,000 4,000,000
City of Orlando, Capital Improvement Revenue, CP
3.60%, 1/10/97 (LOC; Morganty Guaranty Trust Co.) (a)................... 4,900,000 4,900,000
Palm Beach County School District, TAN 4.50%, 9/26/97....................... 4,000,000 4,018,377
Pasco County Industrial Development Authority, Revenue, VRDN
(Windsor Woods Project) 4.15% (LOC; Kredietbank) (a,b).................. 3,500,000 3,500,000
Pinellas County Health Facilities Authority, Revenue, Refunding, VRDN
(Pooled Hospital Loan Program) 4.05% (LOC; Chase Manhattan Bank) (a,b).. 12,900,000 12,900,000
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):
3.80%, Series H-4, 3/15/97 (Corp. Guaranty; National Rural Utilities
Cooperative Finance Corp.)........................................ 3,500,000 3,500,000
VRDN 4.15%, Series H-2 (Corp. Guaranty; National Rural Utilities
Cooperative Finance Corp.) (b).................................... 1,000,000 1,000,000
(Seminole Electric Coop) 3.45%, 6/15/97 (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 A, 3/11/97 (Guaranteed by; Florida Power and Light Co.) 6,000,000 6,000,000
VRDN 4% (Guaranteed by; Florida Power and Light Co.) (b)................ 21,600,000 21,600,000
Saint Lucie County School District, GO Notes 3.50%, 2/1/97 (Insured; FSA)... 795,000 795,196
Sarasota County Public Hospital District, Revenue, CP
(Sarasota Memorial Hospital Project):
3.55%, Series A, 2/18/97 (LOC; Sun Bank) (a).......................... 3,000,000 3,000,000
3.65%, Series A, 2/20/97 (Guaranteed by; Sarasota Memorial Hospital).. 4,500,000 4,500,000
3.50%, Series A, 3/10/97 (Guaranteed by; Sarasota Memorial Hospital).. 6,700,000 6,700,000
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1996 (UNAUDITED)
Principal
Tax-Exempt Investments (continued) Amount Value
__________ __________
Florida (continued)
Sunshine State Governmental Financing Commision, Revenue, CP:
3.70%, Series B, 1/8/97 (LOC: Morgan Guaranty Trust Co., National Westminster
Bank and Union Bank of Switzerland) (a)............................... $ 4,000,000 $ 4,000,000
3.55%, Series B, 3/12/97 (LOC: Morgan Guaranty Trust Co., National Westminster
Bank and Union Bank of Switzerland) (a)............................... 4,000,000 4,000,000
3.40%, 2/12/97 (Guaranteed by; State Board Administration of Florida)... 3,000,000 3,000,000
U.S. Related-11.7%
Commonwealth of Puerto Rico:
VRDN:
Government Development Bank, Refunding 3.75% (LOC; Credit Suisse) (a,b) 27,300,000 27,300,000
Highway and Transportation Authority 3.75% (LOC: Landesbank Hessen-Thuringer,
Swiss Bank Corp. and Union Bank of Switzerland) (a,b)............. 2,620,000 2,620,000
TRAN 4%, Series A, 7/30/97.............................................. 5,000,000 5,016,100
______________
TOTAL INVESTMENTS (cost $299,079,858)....................................... $299,079,858
===============
</TABLE>
<TABLE>
<CAPTION>
Summary of Abbreviations
<S> <C> <S> <C>
BPA Bond Purchase Agreement LOC Letter of Credit
CP Commercial Paper MBIA Municipal Bond Investors Assurance
FGIC Financial Guaranty Insurance Company Insurance Corporation
FNMA Federal National Mortgage Association MFHR Multi-Family Housing Revenue
FSA Financial Security Assurance PCR Pollution Control Revenue
GNMA Government National Mortgage Association SFMR Single Family Mortgage Revenue
GO General Obligation TAN Tax Anticipation Notes
HR Hospital Revenue TRAN Tax and Revenue Anticipation Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings
Fitch (c) or Moody's or Standard & Poor's Percentage of Value
___ ____________ ________________ __________________
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1, A2 (d) 98.7%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) .3
Not Rated (f) Not Rated (f) Not Rated (f) 1.0
_______
100.0%
========
</TABLE>
Notes to Statement of Investments:
(a) Secured by letters of credit. At December 31, 1996, 55.8% 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.
(f) Securities which, while not rated by Fitch, Moody's and Standard and
Poor's have been determined by the Fund's Board of Trustees to be of
comparable quality to those rated securities in which the Fund may invest.
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1996 (UNAUDITED)
Cost Value
__________ __________
<S> <C> <C> <C>
ASSETS: Investments in securities-See Statement of Investments $299,079,858 $299,079,858
Cash....................................... 27,773,742
Interest receivable........................ 1,389,385
Prepaid expenses........................... 8,359
______________
328,251,344
______________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 26,711
Accrued expenses........................... 85,723
______________
112,434
______________
NET ASSETS.................................................................. $328,138,910
==============
REPRESENTED BY: Paid-in capital............................ $328,171,401
Accumulated net realized gain (loss) on investments (32,491)
______________
NET ASSETS.................................................................. $328,138,910
==============
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of Beneficial Interest
authorized) ........................................... 328,171,401
NET ASSET VALUE, offering and redemption price per share.................... $1.00
======
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF OPERATIONS SIX MONTHS ENDED DECEMBER 31, 1996 (UNAUDITED)
INVESTMENT INCOME
INCOME Interest Income................................ $2,588,404
EXPENSES: Management fee-Note 2(a)....................... $ 368,411
Shareholder servicing costs -Note 2(b)......... 168,707
Registration fees.............................. 59,401
Professional fees.............................. 25,351
Custodian fees................................. 8,122
Trustees' fees and expenses-Note 2(c).......... 7,410
Prospectus and shareholders' reports........... 3,012
Miscellaneous.................................. 11,625
___________
Total Expenses.............................. 652,039
Less-reduction in management fee due to
undertakings-Note 2(a)...................... (253,038)
___________
Net Expenses................................. 399,001
___________
INVESTMENT INCOME-NET, representing net increase in net assets
resulting from operations................................................ 2,189,403
============
SEE NOTES TO FINANCIAL STATEMENTS.
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
December 31, 1996 Year Ended
(Unaudited) June 30, 1996
_____________ ______________
OPERATIONS:
Investment income-net.................................................. $ 2,189,403 $ 4,926,035
Net realized gain (loss) on investments................................ __ (6,602)
_____________ ______________
Net Increase (Decrease) in Net Assets Resulting from Operations...... 2,189,403 4,919,433
_____________ ______________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net.................................................. (2,189,403) (4,926,035)
_____________ ______________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold.......................................... 256,633,619 333,326,272
Dividends reinvested................................................... 1,663,390 3,910,857
Cost of shares redeemed................................................ (71,299,537) (361,658,715)
_____________ ______________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions 186,997,472 (24,421,586)
_____________ ______________
Total Increase (Decrease) in Net Assets.......................... 186,997,472 (24,428,188)
NET ASSETS:
Beginning of Period.................................................... 141,141,438 165,569,626
_____________ ______________
End of Period................................................... $328,138,910 $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 period indicated. This
information has been derived from information provided in the Fund's
financial statements.
Six Months Ended
December 31, 1996 Year Ended June 30,
_____________________________
PER SHARE DATA: (Unaudited) 1996 1995 1994(1)
________________ _______ _______ _______
<S> <C> <C> <C> <C>
Net asset value, beginning of period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00
________ _______ _______ _______
Investment Operations:
Investment income-net............................. .015 .032 .035 .017
________ _______ _______ _______
Distributions:
Dividends from investment income-net.............. (.015) (.032) (.035) (.017)
________ _______ _______ _______
Net asset value, end of period.................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ======== ========= =========
TOTAL INVESTMENT RETURN............................... 2.98%(2) 3.23% 3.50% 2.50%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets........... .54%(2) .49% .21% .-
Ratio of net investment income
to average net assets........................... 2.97%(2) 3.19% 3.50% 2.55%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager.............. .29%(2) .32% .46% .79%(2)
Net Assets, end of period (000's Omitted)......... $328,139 $141,141 $165,570 $104,182
(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 (UNAUDITED)
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 per share of $1.00.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of manangement
estimates and assumptions. Actual results could differ from those estimates.
(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 available 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 December 31, 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 (UNAUDITED) (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 Manager had
undertaken from July 1, 1996 through July 27, 1996, to reduce the management
fee paid by the Fund to the extent that the Fund's aggregate expenses
(exclusive of taxes, brokerage, interest on borrowings and extraordinary
expenses) 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 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 value of the
Fund's average daily net assets. The reduction in management fee, pursuant to
the undertakings, amounted to $253,038 during the period ended December 31,
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 period ended December 31, 1996, the Fund was charged an aggregate
of $141,302 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 $20,343 during the period ended December 31, 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 and the Trustee Emeritus receives 50% of such compensation.
[Dreyfus lion "d" logo]
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. 741SA9612
[Dreyfus logo]
Florida Municipal
Money Market
Fund
Semi-Annual
Report
December 31, 1996
