<PAGE>
Dreyfus
Florida Municipal
Money Market
Fund
Semi-Annual
Report
December 31, 1997
<PAGE>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
- ------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance of the Dreyfus Florida
Municipal Money Market Fund for the six months ended December 31, 1997.
Your Fund produced an annualized yield of 3.13%, and after taking into
account the effect of compounding, the annualized effective yield was
3.17%.* All dividends earned were exempt from Federal income tax and the
State of Florida intangibles taxes, although some income may be subject
to the Federal Alternative Minimum Tax (AMT) for certain shareholders.
ECONOMIC REVIEW
Despite some fallout from Asia's financial woes, the U.S. economy
continued to display considerable strength during the recent reporting
period. Real Gross Domestic Product (GDP) growth remained steady at 3.3%
for the second and third quarters of 1997, while year-end data indicated
continuing economic strength. In November, the Commerce Department
reported a 0.8% gain in personal income, the biggest gain since June
1996 and the thirteenth consecutive monthly increase. Disposable (after-
tax) income also increased in November at a rate of 0.7%. November
produced very strong employment data, with a leap in payrolls, a dip in
the jobless rate, and another surge in hourly earnings. Consumer
confidence was on the rise in November, too, and in December it soared
to 134.5 -- its highest point in nearly three decades. Asia's financial
turmoil seemed to have left its mark, however, with some slowdown in
recent orders for big-ticket durables and a drop in November's National
Association of Purchasing Managers factory index.
Strong economic and employment data has yet to generate a rise in
inflation, however, which has remained exceedingly low for many months.
The Labor Department reported a meager 0.1% increase in the Consumer
Price Index (CPI) for November. In fact, the annualized CPI is up just
1.8%, the smallest increase for a 12-month period in more than ten
years. Reassured by these and other reports of low and even falling
inflation, the Federal Reserve Board's Open Market Committee (FOMC)
again made no change in the Federal Funds target rate at its December
meeting. With Fed policy unchanged, short-term rates have remained in a
trading range throughout most of the period.
MARKET ENVIRONMENT/PORTFOLIO OVERVIEW
While the Federal Reserve remained quiet over the summer months,
market technicals (i.e. supply/demand) played a major role in the short-
term municipal market. Supply of one-year notes dissipated as many
securities matured in late June and early July. This increase in
investable cash marketwide placed temporary downward pressure on yields.
In the weeks to follow, issuers returned to the market with their summer
financings, alleviating the supply and demand imbalance. While much of
that new supply was comprised of national and California-exempt
issuances, there were several attractive buying opportunities for your
Florida Fund. In early fall, increased supply of six-month and one-year
Florida-exempt notes enabled us to extend your Fund's average maturity
at attractive rates.
As year-end approached, we saw a temporary rise in short-term rates
as a result of corporate seasonal "window dressing." In addition,
dealers priced securities at attractive levels in order to minimize
their year-end inventory. The overall decrease in demand for securities
that resulted caused yields to rise temporarily. However, assets flowed
back into the tax-exempt money funds in early January, thereby putting
downward pressure on short-term rates. During this same time period the
Florida market experienced the opposite effect. Seasonal factors caused
an inflow of assets into many Florida money market funds near year-end
and a subsequent outflow in early January. This technical situation
allowed the Florida Municipal Money Market Fund to invest while rates
were attractive in late December and then to liquidate securities into
the lower yielding environment that existed in early January. By mid-
January, the market tends to stabilize for both national and Florida-
exempt funds and normal trading patterns return. In the months ahead we
will take advantage of any additional buying opportunities as we monitor
potential Fed activity and any other significant changes in
<PAGE>
the municipal money market. All new investments will continue to meet
the high credit quality standards which 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
holding and its financial condition. We hope you find them informative. Please
know that we appreciate greatly your confidence in the Fund and in The Dreyfus
Corporation.
Very truly yours,
/s/ Richard J. Moynihan
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
January 20, 1998
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<TABLE>
<CAPTION>
<PAGE>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
- ------------------------------------------------------------------------
STATEMENT OF INVESTMENTS DECEMBER 31, 1997 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS--100.0% AMOUNT VALUE
- ------------------------------------------------------------------------------- ------------ ------------
<S> <C> <C>
FLORIDA--91.9%
Broward County Housing Financing Authority, MFHR, VRDN:
(Landings Inverray Apartments) 4.25% (LOC; PNC Bank) (a,b)................... $ 9,600,000 $ 9,600,000
(Margate Investments Project) 3.70% (LOC; Bank One) (a,b).................... 1,000,000 1,000,000
Broward County School District, RAN 4.50%, Series C, 4/22/98................... 3,000,000 3,005,270
Capital Projects Finance Authority, Revenue, VRDN
(Capital Projects Loan Program)
4.15% (BPA; Credit Suisse and Insured; FSA) (b).............................. 6,000,000 6,000,000
Dade County, Water and Sewer Systems Revenue, VRDN
3.65% (BPA; Industrial Bank of Japan and Insured; FGIC) (b).................. 17,700,000 17,700,000
Dade County Health Facilities Authority, HR, VRDN
(Miami Children's Hospital Project)
5.20% (LOC; Barnett Bank) (a,b)............................................ 3,000,000 3,000,000
Dade County Housing Finance Authority, SFMR 4.05%, 10/16/98 (Insured; FGIC).... 5,015,000 5,015,000
Dade County Industrial Development Authority, Exempt Facilities Revenue,
Refunding, VRDN (Florida Power and Light Co. Project)
4.60% (Guaranteed by; Florida Power and Light Co.) (b)....................... 11,000,000 11,000,000
Florida Housing Finance Agency:
Homeowner Mortgage Revenue 4%, Series 4, 6/1/98
(LOC; Assured Management Corp.).............................................. 3,000,000 3,000,000
VRDN:
Housing Revenue:
(Caribbean Key) 3.80%, Series F (LOC; Key Bank) (a,b).................... 5,000,000 5,000,000
(Parrot's Landing) 4.05%, Series AA (LOC; FNMA) (a,b).................... 3,000,000 3,000,000
MFHR (Kings Colony Project) 4.10% (LOC; Bankers Trust) (a,b)............... 7,740,000 7,740,000
Florida Municipal Power Agency, Revenue, Refunding, VRDN (Stanton II Project)
3.60% (BPA; First Union National Bank and Insured; AMBAC) (b)................ 12,500,000 12,500,000
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; Nations Bank) (a)... 3,300,000 3,301,122
Highlands County Health Facilities Authority, Revenue, VRDN
(Adventist Health Systems/Sunbelt Inc.):
3.90%, Series A (BPA; First National Bank of Chicago and
Insured; Capital Markets Assurance) (b).................................. 7,900,000 7,900,000
3.90%, Series B (BPA; Canadian Imperial Bank of Commerce and
Insured; Capital Markets Assurance) (b).................................. 7,700,000 7,700,000
3.90%, Series A (LOC; Sun Trust Bank) (a,b)................................ 14,500,000 14,500,000
Hillsborough County Aviation Authority, Revenue, CP
(Tampa International Airport)
3.90%, 3/9/98 (LOC; National Westminster Bank) (a)........................... 2,900,000 2,900,000
Hillsborough County Industrial Development Authority, PCR, VRDN
(Tampa Electric Co. Project):
5.10% (Guaranteed by; Tampa Electric Co.) (b)................................ 5,000,000 5,000,000
Refunding 4.50% (Guaranteed by; Tampa Electric Co.) (b)...................... 7,420,000 7,420,000
Indian Trace Community Development District, VRDN (Basin 1 Water Management)
3.65%, Series A (Insured; MBIA) (b).......................................... 10,000,000 10,000,000
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
- ------------------------------------------------------------------------
STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1997 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
- ------------------------------------------------------------------------------- ------------ ------------
<S> <C> <C>
FLORIDA (CONTINUED)
City of Jacksonville:
VRDN:
IDR:
Refunding (Saint John's Medical Investments Limited Project)
4.25% (LOC; Nations Bank) (a,b).......................................... $ 2,130,000 $ 2,130,000
(University of Florida Health Science Center) 4.20%
(LOC; Nations Bank) (a,b)................................................ 1,800,000 1,800,000
PCR, Refunding (Florida Power and Light Co. Project)
4.50% (Guaranteed by; Florida Power and Light Co.) (b)..................... 13,000,000 13,000,000
Jacksonville Electric Authority, Revenue, CP 3.70%, Series D-1, 1/7/98
(LOC; Credit Suisse) (a)..................................................... 8,500,000 8,500,000
Jacksonville Health Facilities Authority, HR, Refunding, VRDN
(Genesis Rehabilitation Hospital) 5% (LOC; Nations Bank) (a,b)............... 4,000,000 4,000,000
Martin County, PCR, Refunding, VRDN (Florida Power and Light Co. Project)
4.40% (Guaranteed by; Florida Power and Light Co.) (b)....................... 9,500,000 9,500,000
Orange County Health Facilities Authority, Revenue, VRDN
(Adventist Health Systems/Sunbelt)
3.875% (LOC; Rabobank Nederland) (a,b)....................................... 5,000,000 5,000,000
Orange County Housing Finance Authority, MFHR:
(Oakwood Project) 4%, 10/1/98 (LOC; Fleet Bank) (a).......................... 3,400,000 3,400,000
VRDN (Heather Project) 3.65%, Series B (LOC; FNMA) (a,b)..................... 12,500,000 12,500,000
Orange County School District, TAN 4.25%, 9/15/98.............................. 3,000,000 3,010,607
City of Orlando, Special Assessment Revenue, VRDN (Republic Drive Interchange)
3.55%, Series A (LOC; Morgan Guaranty Trust Co.) (a,b)....................... 5,000,000 5,000,000
Palm Beach County, Revenue, VRDN (Jewish Community Campus Corp.)
3.75% (BPA; Northern Trust Bank and Insured; AMBAC) (b)...................... 4,000,000 4,000,000
Palm Beach County Housing Finance Authority, Revenue
3.896%, 7/1/98 (LOC; Bayerische Landesbank) (a).............................. 3,500,000 3,500,000
Pasco County Industrial Development Authority, Revenue, VRDN:
(Windsor Woods Project) 4.275% (LOC; Kredietbank) (a,b)...................... 3,500,000 3,500,000
(Woodhaven Partners Project) 3.95% (LOC; Kredietbank) (a,b).................. 9,500,000 9,500,000
Pinellas County Health Facility Authority, Revenue, VRDN
(Pooled Hospital Loan Program) 3.90% (LOC; Chase Manhattan Bank) (a,b)....... 8,000,000 8,000,000
Putnam County Development Authority, PCR:
(Seminole Electric)
3.70%, Series H-4, 3/15/98 (Corp. Guaranty; National Rural Utilities
Cooperative Finance Corp.)................................................. 8,380,000 8,380,000
(Seminole Electric Co-op)
3.65%, Series D, 6/15/98 (Corp. Guaranty; National Rural Utilities
Cooperative Finance Corp.)................................................. 5,000,000 5,000,000
Saint John's County Housing Finance Authority, MFHR, Refunding, VRDN
(Anastasia Shores Apartments Project)
3.70% (LOC; Nations Bank) (a,b).............................................. 3,535,000 3,535,000
</TABLE>
<TABLE>
<CAPTION>
<PAGE>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
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STATEMENT OF INVESTMENTS (CONTINUED) DECEMBER 31, 1997 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
- ------------------------------------------------------------------------------- ------------ ------------
<S> <C> <C>
FLORIDA (CONTINUED)
Saint Lucie County, PCR, (Florida Power and Light Co. Project):
CP 3.60%, Series A, 1/9/98 (Guaranteed by; Florida Power and Light Co.)...... $ 5,500,000 $ 5,500,000
Refunding, VRDN
4.40% (Guaranteed by; Florida Power and Light Co.) (b)..................... 20,300,000 20,300,000
4.50% (Guaranteed by; Florida Power and Light Co.) (b)..................... 2,900,000 2,900,000
Saint Petersburg, Capital Improvement Revenue, VRDN
(Florida International Museum Project)
4.20% (LOC; Sun Trust Bank) (a,b).......................................... 3,000,000 3,000,000
Sarasota County Public Hospital District, HR, CP
(Sarasota Memorial Hospital Project):
3.85%, Series A, 2/12/98 (Guaranteed by; Sarasota Memorial Hospital)....... 6,700,000 6,700,000
3.85%, Series A, 3/24/98................................................... 4,500,000 4,500,000
3.75%, 3/19/98 (LOC; Sun Bank) (a)......................................... 3,000,000 3,000,000
Sunshine State Governmental Financing Commision, Revenue, CP:
3.75%, 1/6/98 (BPA: Toronto-Dominion Bank and Union Bank of Switzerland and
Insured; AMBAC)............................................................ 6,000,000 6,000,000
3.75%, 3/23/98 (BPA: Toronto-Dominion Bank and Union Bank of Switzerland and
Insured; AMBAC)............................................................ 4,000,000 4,000,000
U.S. RELATED--8.1%
Commonwealth of Puerto Rico:
Goverment Development Bank, Refunding, VRDN
3.35% (BPA; Credit Suisse and Insured; MBIA) (b)........................... 17,900,000 17,900,000
Highway and Transportation Authority, Highway Revenue, VRDN
3.35%, Series X (LOC; Landesbank Hessin-Thuringen, Swiss Bank Corp. and
Union Bank of Switzerland) (a,b)........................................... 10,395,000 10,395,000
------------
TOTAL INVESTMENTS (cost $349,581,999).......................................... $349,581,999
============
</TABLE>
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DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
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<TABLE>
SUMMARY OF ABBREVIATIONS
- ------------------------------------------------------------------
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
BPA Bond Purchase Agreement Insurance Corporation
CP Commercial Paper MFHR Multi-Family Housing Revenue
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
FNMA Federal National Mortgage Association RAN Revenue Anticipation Notes
FSA Financial Security Assurance SBPA Standby Bond Purchase Agreement
HR Hospital Revenue SFMR Single Family Mortgage Revenue
IDR Industrial Development Revenue TAN Tax Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
</TABLE>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
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<TABLE>
<CAPTION>
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) 98.3%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 1.7
------
100.0%
======
<FN>
NOTES TO STATEMENT OF INVESTMENTS:
- ------------------------------------------------------------------------
(a) Secured by letters of credit. At December 31, 1997, 37.6% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks, corporations 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.
</FN>
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
<PAGE>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
- ------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1997 (UNAUDITED)
COST VALUE
------------ ------------
<S> <C> <C> <C>
ASSETS: Investments in securities--
See Statement of Investments......................... $349,581,999 $349,581,999
Cash................................................... 28,285,620
Interest receivable.................................... 1,659,472
Prepaid expenses....................................... 16,613
------------
379,543,704
------------
LIABILITIES: Due to The Dreyfus Corporation and affiliates.......... 37,823
Payable for investment securities purchased............ 7,796,174
Accrued expenses and other liabilities................. 99,883
------------
7,933,880
------------
NET ASSETS..................................................................... $371,609,824
============
REPRESENTED BY: Paid-in capital........................................ $371,644,258
Accumulated net realized gain (loss) on investments.... (34,434)
------------
NET ASSETS..................................................................... $371,609,824
============
SHARES OUTSTANDING
(unlimited number of $.001 par value shares of beneficial interest authorized). 371,644,258
NET ASSET VALUE, offering and redemption price per share....................... $1.00
=====
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS SIX MONTHS ENDED DECEMBER 31, 1997 (UNAUDITED)
<S> <C> <C> <C>
INVESTMENT INCOME
INCOME Interest Income........................................ $3,098,888
EXPENSES: Management fee--Note 2(a).............................. $ 414,627
Shareholder servicing costs--Note 2(b)................. 118,631
Registration fees...................................... 65,311
Professional fees...................................... 24,535
Trustees' fees and expenses--Note 2(c)................. 9,466
Custodian fees......................................... 9,002
Prospectus and shareholders' reports................... 2,464
Miscellaneous.......................................... 8,806
-----------
TOTAL EXPENSES................................... 652,842
Less--reduction in management fee due to
undertakings--Note 2(a)............................. (154,852)
-----------
NET EXPENSES..................................... 497,990
----------
INVESTMENT INCOME--NET......................................................... 2,600,898
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 1(b)............................. (576)
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................... $2,600,322
==========
</TABLE>
See notes to financial statements.
<PAGE>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
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STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
DECEMBER 31, 1997 YEAR ENDED
(UNAUDITED) JUNE 30, 1997
----------------- -------------
<S> <C> <C>
OPERATIONS:
Investment income--net................................................. $ 2,600,898 $ 4,549,021
Net realized gain (loss) on investments................................ (576) (1,367)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...... 2,600,322 4,547,654
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net................................................. (2,600,898) (4,549,021)
------------ ------------
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold.......................................... 393,328,383 408,335,858
Dividends reinvested................................................... 2,371,340 3,643,396
Cost of shares redeemed................................................ (168,969,579) (408,239,069)
------------ ------------
INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL
INTEREST TRANSACTIONS.............................................. 226,730,144 3,740,185
------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS............................ 226,729,568 3,738,818
NET ASSETS:
Beginning of Period.................................................... 144,880,256 141,141,438
----------- ------------
End of Period.......................................................... $371,609,824 $144,880,256
============ ============
</TABLE>
See notes to financial statements.
<PAGE>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
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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.
<TABLE>
<CAPTION>
SIX MONTHS ENDED
DECEMBER 31, 1997 YEAR ENDED JUNE 30,
---------------------------------------
PER SHARE DATA: (UNAUDITED) 1997 1996 1995 1994(1)
----------- ------ ------ ------ --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period.............. $1.00 $1.00 $1.00 $1.00 $1.00
------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income--net............................ .016 .030 .032 .035 .017
------ ------ ------ ------ ------
DISTRIBUTIONS:
Dividends from investment income-net.............. (.016) (.030) (.032) (.035) (.017)
------ ------ ------ ------ ------
Net asset value, end of period.................... $1.00 $1.00 $1.00 $1.00 $1.00
====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN.............................. 3.15%(2) 3.05% 3.23% 3.50% 2.50%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets........... .60%(2) .57% .49% .21% --
Ratio of net investment income
to average net assets.......................... 3.14%(2) 3.02% 3.19% 3.50% 2.55%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager............. .19%(2) .20% .32% .46% .79%(2)
Net Assets, end of period (000's Omitted)......... $371,610 $144,880 $141,141 $165,570 $104,182
<FN>
- ------------
(1) From October 20, 1993 (commencement of operations) to June 30, 1994.
(2) Annualized.
</FN>
</TABLE>
See notes to financial statements.
<PAGE>
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. 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
management 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 December 31, 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).
<PAGE>
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 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 has currently undertaken through December 31, 1997 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, 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 undertaking, amounted to $154,852 during
the period ended December 31, 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 December 31, 1997, the
Fund was charged $94,902 pursuant to the Shareholder Services Plan.
The Fund compensates Dreyfus Transfer Inc., a wholly-owned subsidiary
of the Manager, under a transfer agency agreement for providing
personnel and facilities to perform transfer agency services for the
Fund. During the period ended December 31, 1997, the Fund was charged
$20,987 pursuant to the transfer agency agreement.
(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.
<PAGE>
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. 741SA9712
