[Dreyfus logo]
Registration Mark
Florida Municipal
Money Market
Fund
Annual Report
June 30, 1997
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for the Dreyfus Florida
Municipal Money Market Fund for its fiscal year ended June 30, 1997. Your
Fund produced a yield of 3.01% and after taking into account the effect of
compounding, the effective yield was 3.05%.*
The Economy
The economy appeared to have entered a new, albeit temporary, phase in
May, as a three-month stall in light vehicle sales, softening retail sales
and slumping housing starts illustrated a downshift in consumer spending.
Indeed, the Federal Reserve Board's beige book survey of economic conditions
around the country confirmed this picture, finding that while "all 12
district economies expanded in May and early June there were pockets of
weakness." The June numbers suggest that the lull in growth will be
short-lived. Many economists cite poor spring weather as the damper on
consumer spending while noting that underlying job and income gains remain
vibrant.
Inflation, meanwhile, shows no signs of increasing, despite a low
jobless rate of 4.8% and somewhat faster wage growth in recent months.
Indeed, consumer prices rose a negligible 0.1% in May while core consumer
inflation actually receded to 30-year lows. Given this optimistic economic
and inflation scenario, Fed policymakers held the line on interest rates at
their July meeting, although many analysts anticipate another rate increase
sometime soon. In the money market, interest rates had trended slightly
upward following the Fed's March interest rate hike, but have since backed
down to the current Fed Funds rate of 5.5%. While many market participants
expect a rate hike before the year-end, the short-term consensus indicates
that any Fed action in August is now less likely.
Market Environment/Portfolio Overview
Each year, as summer approaches, the short-term municipal market
experiences volatility that reflects the changing patterns of supply and
demand conditions during the period. These market "technicals" require
adjustments to portfolio strategy in anticipation of conditions such as: an
increase in available securities due to fund redemptions (April tax season),
a dearth of supply of high quality issues (end of June), and substantial new
money market issuance (mid-July financings). Our portfolio adjustments
attempt to structure your Fund in such a way as to take advantage of these
conditions in an effort to enhance your Fund's return while maintaining our
commitment to high quality holdings.
In response to the expected changes in both cash flow and supply
conditions, we began preparations for extending your Fund's average maturity
in early June. By setting up a calendar of upcoming new Florida issues and by
scheduling each new issue for our thorough review process, we were positioned
to take advantage of those notes which would be attractive holdings for your
Fund. We will continue to commit to those Florida issues which meet our high
quality investment guidelines and which provide the appropriate level of
liquidity for your Fund's needs. Additionally, we will monitor those
conditions which affect our marketplace and adjust our investment policy
where necessary to pursue competitive returns.
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 appreciate greatly your continued confidence in the Fund
and in The Dreyfus Corporation.
Sincerely,
[Richard Moynihan signature logo]
Richard Moynihan
Director, Municipal Portfolio
Management
The Dreyfus Corporation
July 17, 1997
New York, N.Y.
* Effective yield is based upon dividends declared daily and reinvested
monthly.
<TABLE>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS JUNE 30, 1997
Principal
Tax Exempt Investments_100.0% Amount Value
__________ __________
<S> <C> <C>
Florida_98.6%
Broward County Housing Financing Authority, MFHR, VRDN (Margate Investments Project)
4.25% (LOC; Chase Manhattan Bank) (a,b)................................... $ 1,000,000 $ 1,000,000
Broward County School District, RAN 4.50%, Series C, 4/22/98................ 3,000,000 3,014,006
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
Dade County Industrial Development Authority, Exempt Facilities Revenue, Refunding, VRDN
(Florida Power and Light Co.) 5.50% (Guaranteed by; Florida Power and Light Co.) (b) 1,900,000 1,900,000
Florida Housing Finance Agency:
Revenue 4%, Series 4, 6/1/98 (LOC; Assured Management Corp.) (a).......... 3,000,000 3,000,000
VRDN:
Housing Revenue:
(Caribbean Key) 4.25%, Series F (LOC; Key Bank) (a,b)................. 5,000,000 5,000,000
(Parrot's Landing) 4.25%, Series AA (LOC; FNMA) (a,b)................. 3,000,000 3,000,000
MFHR (Kings Colony Project) 4.25% (LOC; Bankers Trust) (a,b)............ 7,740,000 7,740,000
Gulf Breeze, Revenue, VRDN (Local Government Loan Program)
4.15%, Series C (Insured; FGIC and SBPA; Credit Locale de France) (b)..... 5,850,000 5,850,000
Halifax Hospital Medical Center, TAN 4.125%, 4/15/98 (LOC; Barnett Bank) (a) 3,300,000 3,303,107
Highlands County Health Facilities Authority, Revenue, VRDN
(Adventist Health Systems/Sunbelt Inc.):
4.20%, Series A (Liquidity; First National Bank of Chicago and
LOC; Capital Markets Assurance) (a,b)................................. 5,000,000 5,000,000
4.20%, Series A (LOC; Sun Trust Bank) (a,b)............................. 7,000,000 7,000,000
Hillsborough County Aviation Authority, Revenue, CP (Tampa International Airport)
3.70%, 7/23/97 (LOC; National Westminster Bank) (a)....................... 5,000,000 5,000,000
Hillsborough County Housing Finance Authority, SFMR 3.65%, 3/15/98 (Insured; AMBAC) 3,000,000 3,000,000
Hillsborough County Industrial Development Authority, PCR, VRDN (Tampa Electric Co. Project)
5.65% (Guaranteed by; Tampa Electric Co.) (b)............................. 5,000,000 5,000,000
Indian Trace Community Development District, VRDN (Basin 1 Water Management)
4.15%, Series A (Insured; MBIA) (b)....................................... 4,000,000 4,000,000
City of Jacksonville, IDR, VRDN:
Refunding (Saint John's Medical Investments Limited Project)
4.25 (LOC; Barnett Bank) (a,b).......................................... 2,130,000 2,130,000
(University of Florida Health Science Center) 4.375% (LOC; Barnett Bank) (a,b) 1,900,000 1,900,000
Jacksonville Health Facilities Authority, Health Facilities Revenue, VRDN
(Baptists Health Properties Project) 5.40% (LOC; Barnett Bank) (a,b)...... 1,600,000 1,600,000
Liberty County, IDR, Refunding, VRDN (Timber Energy Resource Project)
4.40% (LOC; Bank of Montreal) (a,b)....................................... 4,100,000 4,100,000
Orange County Health Facilities Authority, Revenue, VRDN
(Adventist Health Systems/Sunbelt)
4.125% (LOC; Rabobank Nederland) (a,b).................................... 5,000,000 5,000,000
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1997
Principal
Tax Exempt Investments (continued) Amount Value
__________ __________
Florida (continued)
Orange County Housing Finance Authority, MFHR (Oakwood Project)
4.15%, 10/1/97 (LOC; Fleet Bank) (a)...................................... $ 3,400,000 $ 3,400,000
Palm Beach County Housing Finance Authority, Revenue
3.95%, 7/1/98 (LOC; Bayerische Landesbank) (a)............................ 3,500,000 3,500,000
Palm Beach County School District, TAN 4.50%, 9/26/97....................... 8,000,000 8,012,346
Pasco County Industrial Development Authority, Revenue, VRDN
(Windsor Woods Project) 4.275% (LOC; Kredietbank) (a,b)................... 3,500,000 3,500,000
Putnam County Development Authority, PCR:
(Seminole Electric)
3.55%, Series H-4, 9/15/97 (Corp. Guaranty; National Rural Utilities
Cooperative Finance Corp.).............................................. 7,880,000 7,880,000
(Seminole Electric Co-op)
3.60%, Series D, 12/15/97 (Corp. Guaranty; National Rural Utilities
Cooperative Finance Corp.).............................................. 7,000,000 7,000,000
Saint John's County Housing Finance Authority, MFHR, VRDN
(Anastasia Shores Apartments Project)
4.25% (LOC; Barnett Bank) (a,b)........................................... 3,605,000 3,605,000
Saint Lucie County, PCR, Refunding, CP (Florida Power and Light Co. Project)
3.70%, Series A, 9/8/97 (Guaranteed by; Florida Power and Light Co.)...... 4,000,000 4,000,000
Sarasota County Health Facilities Authority, HR, CP (Sarasota Memorial Hospital Project)
3.80%, 8/22/97 (LOC; Sun Bank) (a)........................................ 3,000,000 3,000,000
Sarasota County Public Hospital District, HR, CP (Sarasota Memorial Hospital Project):
3.55%, Series A, 7/15/97 (Guaranteed by; Sarasota Memorial Hospital)...... 6,700,000 6,700,000
3.75%, Series A, 8/11/97.................................................. 4,500,000 4,500,000
3.65%, Series A, 8/12/97 (LOC; Sun Bank) (a).............................. 5,550,000 5,550,000
Sunshine State Governmental Financing Commision, Revenue, CP
3.70%, Series B, 7/15/97 (LOC: Morgan Guaranty Trust Co., National Westminster Bank
and Union Bank of Switzerland) (a)........................................ 4,000,000 4,000,000
U.S. Related_1.4%
Commonwealth of Puerto Rico, TRAN 4%, Series A, 7/30/97..................... 2,000,000 2,000,727
_____________
TOTAL INVESTMENTS (cost $147,185,186)....................................... $147,185,186
=============
</TABLE>
<TABLE>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
Summary of Abbreviations
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation MFHR Multi-Family Housing Revenue
CP Commercial Paper PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Company RAN Revenue Anticipation Notes
FNMA Federal National Mortgage Association SBPA Standby Bond Purchase Agreement
GNMA Government National Mortgage Association SFMR Single Family Mortgage Revenue
HR Hospital Revenue TAN Tax Anticipation Notes
IDR Industrial Development Revenue TRAN Tax and Revenue Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
MBIA Municipal Bond Investors Assurance
Insurance Corporation
Summary of Combined Ratings (Unaudited)
Fitch (c) or Moody's or Standard & Poor's Percentage of Value
____ _______ _______________ __________________
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1, A2 (d) 96.0%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 2.0
Not Rated (f) Not Rated (f) Not Rated (f) 2.0
________
100.0%
========
Notes to Statement of Investments:
(a) Secured by letters of credit. At June 30, 1997, 56.1% of the Fund's
net assets are backed by letters of credit issued by domestic banks,
foreign banks, corporations and government agencies of which Sun Bank
provided letters of credit to 10.7% of the Fund's net assets.
(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 &
Poor's have been determined by the Manager to be of comparable quality to
those rated securities in which the Fund may invest.
(g) At June 30, 1997, the Fund has $43,553,107 (30.1% of net assets) and
$39,745,000 (27.4% of net assets) in securities whose payment of
principal and interest is dependent upon revenues generated from health
care and housing projects, respectively.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1997
Cost Value
_____________ _____________
<S> <C> <C>
ASSETS: Investments in securities_See Statement of Investments $147,185,186 $147,185,186
Cash....................................... 195,188
Interest receivable........................ 1,076,679
Prepaid expenses........................... 30,447
_____________
148,487,500
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 48,935
Payable for investment securities purchased 3,500,000
Accrued expenses and other liabilities..... 58,309
_____________
3,607,244
_____________
NET ASSETS.................................................................. $144,880,256
==============
REPRESENTED BY: Paid-in capital............................ $144,914,114
Accumulated net realized gain (loss) on investments (33,858)
_____________
NET ASSETS.................................................................. $144,880,256
==============
SHARES OUTSTANDING
(UNLIMITED NUMBER OF $.001 PAR VALUE SHARES OF BENEFICIAL INTEREST AUTHORIZED) ........... 144,914,114
NET ASSET VALUE, offering and redemption price per share.................... $1.00
=======
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF OPERATIONS YEAR ENDED JUNE 30, 1997
<S> <C> <C>
INVESTMENT INCOME
INCOME Interest Income............................ $5,401,780
EXPENSES: Management fee_Note 2(a)................... $ 754,368
Shareholder servicing costs_Note 2(b)...... 274,749
Professional fees.......................... 50,661
Trustees' fees and expenses_Note 2(c)...... 20,706
Custodian fees............................. 17,409
Registration fees.......................... 9,581
Prospectus and shareholders' reports....... 5,874
Miscellaneous.............................. 22,683
____________
Total Expenses....................... 1,156,031
Less_reduction in management fee due to
undertaking_Note 2(a).................. (303,272)
____________
Net Expenses......................... 852,759
____________
INVESTMENT INCOME_NET....................................................... 4,549,021
NET REALIZED GAIN (LOSS) ON INVESTMENTS_Note 1(b)........................... (1,367)
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $4,547,654
=============
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
June 30, 1997 June 30, 1996
________________ ________________
<S> <C> <C>
OPERATIONS:
Investment income_net.................................................... $ 4,549,021 $ 4,926,035
Net realized gain (loss) on investments................................... (1,367) (6,602)
________________ ________________
Net Increase (Decrease) in Net Assets Resulting from Operations......... 4,547,654 4,919,433
________________ ________________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income_net..................................................... (4,549,021) (4,926,035)
________________ ________________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold............................................. 408,335,858 333,326,272
Dividends reinvested...................................................... 3,643,396 3,910,857
Cost of shares redeemed................................................... (408,239,069) (361,658,715)
________________ ________________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions. 3,740,185 (24,421,586)
________________ ________________
Total Increase (Decrease) in Net Assets............................... 3,738,818 (24,428,188)
NET ASSETS:
Beginning of Period....................................................... 141,141,438 165,569,626
________________ ________________
End of Period............................................................. $ 144,880,256 $ 141,141,438
================ =================
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
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 the Fund's financial statements.
Year Ended June 30,
___________________________________________________
PER SHARE DATA: 1997 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........................... .030 .032 .035 .017
______ ______ ______ ______
Distributions:
Dividends from investment income_net................. (.030) (.032) (.035) (.017)
______ ______ ______ ______
Net asset value, end of period........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ======= ======= ========
TOTAL INVESTMENT RETURN................................ 3.05% 3.23% 3.50% 2.50%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.......... .57% .49% .21% --
Ratio of net investment income
to average net assets.............................. 3.02% 3.19% 3.50% 2.55%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager............. .20% .32% .46% .79%(2)
Net Assets, end of period (000's Omitted).............. $144,880 $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
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. is the distributor of the Fund's
shares, which are sold to the public without a sales charge.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value per share of $1.00.
The Fund's financial statements are prepared in accordance with 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 in securities 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. Cost of investments represents amortized cost.
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 $29,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to June 30, 1997. If not
applied, $3,000 of the carryover expires in fiscal 2003, $23,000 expires in
fiscal 2004 and $3,000 expires in fiscal 2005.
At June 30, 1997, 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 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 annual 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 $303,272 during the period ended June 30, 1997.
(b) Under the 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 June 30, 1997, the Fund was charged an aggregate of
$211,297 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 $41,993 during the period ended June 30, 1997.
(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 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, 1997, 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 and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 1997 by correspondence with
the custodian and brokers. 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, 1997, 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 signature logo]
New York, New York
August 1, 1997
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
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, 1997 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 lion "d" logo]
Registration Mark
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. 741AR976
