DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
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LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance of the Dreyfus Florida Municipal
Money Market Fund for the 12-month reporting period ended June 30, 1998. Your
Fund produced a yield of 3.08%, and after taking into account the effect of
compounding, the effective yield was 3.12%.*
Economic Review
Over the past several months, economic data reported by the Federal Government
has given mixed signals, making it difficult to discern the economy's future
direction. As June data is reported, it becomes apparent that a decided slowing
in the rapid pace of economic expansion has begun. Job growth in June, as
measured by payrolls, increased by 205,000, well below the pace of prior months.
The National Association of Purchasing Managers Index dropped to 49.6% in June,
down from 51.4% in May, which basically reflects a slowing in the manufacturing
sector as exports to Asia decline, and inventories are wound down. Export orders
continue to be weak, and may be for some time into the future.
Inflation, meanwhile, is far from robust: in the 12 months ended June 30,
1998, it has risen just 1.6%, certainly not a rate of growth high enough to
compel the Federal Reserve Board to raise the target rate for Federal Funds. The
Producer Price Index dropped 0.1% in June, and is down 0.8% from a year ago.
Perhaps apparent to all of us is the drop in energy prices, which in June fell
1.7% overall; specifically, petroleum import prices declined 3.9%. Accumulated
inventories, the slowdown in exports to Asia, and the General Motors strike are
delivering a jolt to our economy's manufacturing sector, and are combining to
take their toll on our economic growth. A deflationary bias appears to be
building in the economy which, at least temporarily, will continue to constrain
the Federal Reserve Board Open Market Committee from raising short-term interest
rates.
Market Environment/Portfolio Overview
While the Fed has remained quiet over the past six months, market technicals
(i.e. supply/demand) have played a major role in our overall investment
strategy. The municipal money market has experienced some of these changes in
seasonal cashflows and note issuance since our last report. For example, in late
December, the short-term municipal market experienced a sharp, albeit temporary,
rise in short-term rates as a result of corporate seasonal "window dressing."
Dealers priced securities at attractive levels in order to minimize their
inventories, which helped to boost your Fund's yield. The situation reversed in
January as assets flowed back into the tax-exempt money funds thereby putting
downward pressure on rates. During this period, yields on tax-exempt money
market funds fluctuated in response to these supply and demand imbalances. For
reasons endemic to the Florida market, money funds such as yours experienced the
opposite cash flow effect with asset inflows near year end and a subsequent
reversal in early January. The Fund benefited as we purchased securities at
attractive levels in December and sold securities when yields began to drop in
early January.
By mid-January, the market stabilized and normal trading patterns, for the
most part, returned and continued through March. In April, money funds were
tapped for income tax payments which, once again, put upward pressure on rates
as funds experienced redemptions. Supply conditions in late May reversed this
trend as municipal fund managers anticipated the effect of several billion notes
leaving the market when they mature this month.
Unlike previous summer financing periods, this year's calendar of municipal
notes (consisting mainly of California-exempt paper) was drastically reduced by
a combination of factors. Due to the strength of local and state economies,
several issuers reduced the amount of short-term borrowing needed. Additionally,
unlike prior years, many issuers came to market with maturities outside of the
13-month maximum maturity restriction allowable for money funds. Other issues
were converted to a synthetic structure that is not currently permitted for
purchase in your Fund. The overall result was a lower yield for most one-year
paper, both national and state specific. Instead, during this time we utilized
the commercial paper market to keep average maturities from shortening
significantly. As the fall approaches, we anticipate additional buying
opportunities in the Florida note market. We expect to choose selectively among
these issues and to structure the portfolio in an attempt to maximize current
yield while maintaining our commitment to high quality tax-exempt investments.
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 this Fund and in The
Dreyfus Corporation.
Sincerely,
[Richard Moynihan signature logo]
Richard Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
July 23, 1998
New York, N.Y.
* Effective yield is based upon dividends declared daily and reinvested monthly
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DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
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STATEMENT OF INVESTMENTS JUNE 30, 1998
Principal
Tax Exempt Investments--102.4% Amount Value
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_____________ _____________
Broward County, Ports Facilities Revenue, Refunding, VRDN (Port Everglades Project)
<S> <C> <C>
3.45% (Insured; AMBAC and Liquidity; Bank of Nova Scotia) (a) $ 3,300,000 $ 3,300,000
Broward County Housing Financing Authority, MFHR, VRDN:
(Margate Investments Project) 3.60% (LOC; Bank One) (a,b) 1,000,000 1,000,000
(Sanctuary Apartments Project) 3.60% (LOC; PNC Bank) (a,b) 3,400,000 3,400,000
Broward County School District, RAN 4%, 4/20/99 3,000,000 3,006,958
Capital Projects Finance Authority, Revenue, VRDN (Capital Projects Loan Program):
3.55%, Series A (BPA; Credit Suisse and Insured; FSA) (a) 6,000,000 6,000,000
4%, Series 98-A (BPA; Credit Suisse and Insured; FSA) (a) 10,000,000 10,000,000
Dade County, Resource Recovery Facility Revenue, Refunding
4.30%, 10/1/98 (Insured; AMBAC) 2,000,000 2,003,295
Florida Housing Finance Agency:
Refunding (Iona Lakes Project) 3.85%, Series D, 4/1/99 (LOC; Continental Casualty) (b) 3,000,000 3,000,000
VRDN:
Housing Revenue:
(Caribbean Key) 3.65%, Series F (LOC; Key Bank) (a,b) 5,000,000 5,000,000
(Parrot's Landing) 3.60%, Series AA (LOC; FNMA) (a,b) 3,000,000 3,000,000
MFHR (Kings Colony Project) 3.55%, Series D (LOC; Bankers Trust) (a,b) 7,740,000 7,740,000
Halifax Hospital Medical Center, TAN 4%, 4/15/99 (LOC; Nationsbank) (b) 2,650,000 2,657,045
Highlands County Health Facilities Authority, Revenue, VRDN
(Adventist Health Systems/Sunbelt Inc.):
3.55%, Series A (BPA; First National Bank of Chicago and
Insured; Capital Markets Assurance) (a) 7,900,000 7,900,000
3.55%, Series A (LOC; Sun Trust Bank) (a,b) 9,500,000 9,500,000
Hillsborough County Aviation Authority, Revenue, CP (Tampa International Airport)
3.55%, 7/15/98 (LOC; National Westminster Bank) (b) 1,900,000 1,900,000
Indian Trace Community Development District, VRDN (Basin 1 Water Management)
3.40%, Series A (Insured; MBIA and Liquidity; Union Bank of Switzerland) (a) 2,700,000 2,700,000
City of Jacksonville, IDR, VRDN:
Refunding (Saint John's Medical Investments Limited Project)
3.60% (LOC; Nationsbank) (a,b) 2,040,000 2,040,000
(University of Florida Health Science Center) 3.75% (LOC; Nationsbank) (a,b) 1,800,000 1,800,000
Lee County Housing Finance Authority, SFMR
3.70%, Series A-4, 12/15/98 (LOC; Transamerica Life and Insurance) (b) 4,440,000 4,440,000
Northern Palm Beach County Improvement District, Water Control and Improvement
Revenue, Refunding 3.50%, 8/1/98 (Insured; MBIA) 1,815,000 1,815,000
Orange County Health Facilities Authority, Revenue, VRDN
(Adventist Health Systems/Sunbelt)
3.50% (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) (b) 3,400,000 3,400,000
Refunding, VRDN (Andover Place Apartments) 3.55%, Series F (LOC; Nationsbank) (a,b) 3,370,000 3,370,000
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
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STATEMENT OF INVESTMENTS (CONTINUED) JUNE 30, 1998
Principal
Tax Exempt Investments (continued) Amount Value
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____________ ____________
Orange County School District, TAN 4.25%, 9/15/98 $ 4,000,000 $ 4,004,213
Palm Beach County, VRDN:
Revenue (Jewish Community Campus Corp.)
3.45% (BPA; Northern Trust Bank and Insured; AMBAC) (a) 4,000,000 4,000,000
Sewer and Water Revenue, VRDN 4.45% (LOC; Sanwa Bank) (a,b) 8,150,000 8,150,000
Palm Beach County Housing Finance Authority, Revenue:
3.896%, Series B, 7/1/98 (LOC; Bayerische Landesbank) (b) 3,500,000 3,500,000
Single Family Mortgage Purchase, Refunding 3.75%, 7/1/99 (Insured; FGIC) 3,000,000 3,000,000
Pinellas County Housing Finance Authority, SFHR 3.70%, Series 98-B, 2/1/99 (Insured; FGIC) 4,620,000 4,620,000
Putnam County Development Authority, PCR:
(Seminole Electric)
3.50%, Series H-4, 9/15/98 (LOC; National Rural Utilities
Cooperative Finance Corp.) (b) 8,175,000 8,175,000
(Seminole Electric Co-op)
3.65%, Series D, 12/15/98 (LOC; National Rural Utilities
Cooperative Finance Corp.) (b) 5,000,000 5,000,000
Saint John's County Housing Finance Authority, MFHR, Refunding, VRDN
(Anastasia Shores Apartments Project)
3.50% (LOC; Nationsbank) (a,b) 3,535,000 3,535,000
Saint Lucie County, PCR, Refunding, VRDN (Florida Power and Light Co. Project)
4.10% (LOC; Florida Power and Light Co.) (a,b) 2,295,000 2,295,000
Saint Petersburg, Capital Improvement Revenue, VRDN (Florida International Museum Project)
3.60% (LOC; Sun Trust Bank) (a,b) 3,000,000 3,000,000
Sarasota County Public Hospital District, HR, CP (Sarasota Memorial Hospital Project):
3.80%, Series A, 7/8/98 (Liquidity; Sarasota Memorial Hospital) 6,700,000 6,700,000
3.65%, Series A, 8/12/98 (Liquidity; Sarasota Memorial Hospital) 4,500,000 4,500,000
3.50%, 7/10/98 (Liquidity; Sun Bank) 3,000,000 3,000,000
Sunshine State Governmental Financing Commision, Revenue, CP:
3.55%, Series B, 7/13/98 (Liquidity; Bank of Nova Scotia) 7,000,000 7,000,000
3.70%, 7/13/98 (Liquidity; Bank of Nova Scotia) 360,000 360,000
3.55%, Series B, 8/14/98 (BPA: Toronto-Dominion Bank and Union Bank of Switzerland and
Insured; AMBAC) 4,000,000 4,000,000
_____________
TOTAL INVESTMENTS (cost $168,811,511) 102.4% $168,811,511
_______ _____________
LIABILITIES, LESS CASH AND RECEIVABLES (2.4%) $ (3,888,530)
_______ _____________
NET ASSETS 100.0% $164,922,981
_______ _____________
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<TABLE>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
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Summary of Abbreviations
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<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 SFHR Single Family Housing Revenue
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
Summary of Combined Ratings (Unaudited)
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Fitch (c) or Moody's or Standard & Poor's Percentage of Value
_______ ________ __________________ ____________________
F1+/F1 VMIG1/MIG1, P1(d) SP1+/SP1, A1+/A1, A2 (d) 94.2%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 5.8
_______
100.0%
_______
Notes to Statement of Investments:
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(a) 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.
(b) Secured by letters of credit. At June 30, 1998, 55.1% of the Fund's net
assets are backed by letters of credit issued by domestic banks, foreign
banks, corporations and government agencies.
(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) At June 30, 1998, the Fund has $51,057,045 (31.0% of net assets) and
$49,005,000 (29.7% 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
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STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1998
Cost Value
____________ ____________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments $168,811,511 $168,811,511
Cash 71,218
Interest receivable 1,186,547
_____________
170,069,276
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 53,715
Payable for investments securities purchased 5,000,000
Accrued expenses and other liabilities 92,580
_____________
5,146,295
_____________
NET ASSETS $164,922,981
_____________
REPRESENTED BY: Paid-in capital $164,957,415
Accumulated net realized gain (loss) on investments (34,434)
_____________
NET ASSETS $164,922,981
_____________
SHARES OUTSTANDING
(UNLIMITED NUMBER OF $.001 PAR VALUE SHARES OF BENEFICIAL INTEREST AUTHORIZED) 164,957,415
NET ASSET VALUE, offering and redemption price per share $ 1.00
_______
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
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STATEMENT OF OPERATIONS YEAR ENDED JUNE 30, 1998
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income $6,356,404
EXPENSES: Management fee--Note 2(a) $ 866,856
Shareholder servicing costs--Note 2(b) 210,427
Professional fees 49,413
Trustees' fees and expenses--Note 2(c) 20,496
Custodian fees 19,792
Registration fees 13,279
Prospectus and shareholders' reports 5,071
Miscellaneous 16,619
____________
Total Expenses 1,201,953
Less--reduction in management fee due to
undertaking--Note 2(a) (180,809)
____________
Net Expenses 1,021,144
___________
INVESTMENT INCOME--NET 5,335,260
NET REALIZED GAIN (LOSS) ON INVESTMENTS--Note 1(b) (576)
___________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $5,334,684
___________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
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STATEMENT OF CHANGES IN NET ASSETS
Year Ended Year Ended
June 30, 1998 June 30, 1997
_____________ _____________
OPERATIONS:
<S> <C> <C>
Investment income--net $ 5,335,260 $ 4,549,021
Net realized gain (loss) from investments (576) (1,367)
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations 5,334,684 4,547,654
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net (5,335,260) (4,549,021)
_____________ _____________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold 607,947,067 408,335,858
Dividends reinvested 4,891,794 3,643,396
Cost of shares redeemed (592,795,560) (408,239,069)
_____________ _____________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions 20,043,301 3,740,185
_____________ _____________
Total Increase (Decrease) in Net Assets 20,042,725 3,738,818
NET ASSETS:
Beginning of Period 144,880,256 141,141,438
_____________ _____________
End of Period $164,922,981 $144,880,256
_____________ _____________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
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.
Year Ended June 30,
__________________________________________________________
PER SHARE DATA: 1998 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 .031 .030 .032 .035 .017
______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net (.031) (.030) (.032) (.035) (.017)
______ ______ ______ ______ ______
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______ ______
TOTAL INVESTMENT RETURN 3.12% 3.05% 3.23% 3.50% 2.50%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . .59% .57% .49% .21% --
Ratio of net investment income to average net assets 3.08% 3.02% 3.19% 3.50% 2.55%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager .10% .20% .32% .46% .79%(2)
Net Assets, end of period (000's Omitted) $164,923 $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
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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 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. Under the terms of the custodian agreement, the Fund
received net earnings credits of $2,995 during the period ended June 30, 1998
based on available cash balances left on deposit. Income earned under this
arrangement is included in interest income.
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 $35,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to June 30, 1998. If not
applied, $3,000 of the carryover expires in fiscal 2003, $23,000 expires in
fiscal 2004, $3,000 expires in fiscal 2005 and $6,000 expires in fiscal 2006.
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
At June 30, 1998, the cost of investments for Federal income tax purposes was
substantially the same as the cost for financial reporting purposes (see the
Statement of Investments).
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement with the Manager, the management fee is
computed at an annual rate of .50 of 1% of the value of the Fund's average
daily net assets and is payable monthly. The Manager had undertaken through June
30, 1998, 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 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 $180,809 during the period ended
June 30, 1998.
(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, 1998, the Fund was charged $156,312 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 June 30, 1998, the Fund was charged $35,669 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.
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, 1998, 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, 1998 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, 1998, 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 6, 1998
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,
1998 as "exempt-interest dividends" (not subject to regular Federal income tax
and, for individuals who are Florida residents, not subject to taxation by
Florida).
(reg.tm)
(reg.tm)
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. 741AR986
Florida Municipal
Money Market
Fund
Annual Report
June 30, 1998
