YEAR 2000 ISSUES (UNAUDITED)
The fund could be adversely affected if the computer systems used by The
Dreyfus Corporation and the fund' s other service providers do not properly
process and calculate date-related information from and after January 1, 2000.
The Dreyfus Corporation is working to avoid Year 2000-related problems in its
systems and to obtain assurances from other service providers that they are
taking similar steps. In addition, issuers of securities in which the fund
invests may be adversely affected by Year 2000-related problems. This could have
an impact on the value of the fund's investments and its share price.
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to report the performance for Dreyfus Florida Municipal Money
Market Fund for the six-month period ended December 31, 1998. Your Fund produced
an annualized yield of 2.79% , and after taking into account the effect of
compounding, the annualized effective yield was 2.83%.*
ECONOMIC REVIEW
During the last six months of 1998, the main regions of the world had very
different economic fundamentals. The U.S. continued to enjoy a strong economy
near full employment, with unemployment only slightly above 4%. World economic
weakness generated powerful enough disinflationary forces that the Fed acted
instead to ease credit beginning in September. After many years of subpar
economic growth, continental Europe moved into a sustained economic expansion.
The overall European economy benefited as interest rates in peripheral countries
such as Spain and Italy fell, approaching the lower levels established by
Germany, on the eve of currency unification. Unlike the U.S., Europe has
substantial excess capacity of productive plant and labor. In Asia, weak
economies were pervasive as a result of a financial crisis. The Latin American
economies weakened in turn as the financial stresses spread throughout that
region. On balance, there was a substantial weakening of the world economy over
the period moderated mainly by the American consumer's role as "spender of last
resort."
A main influence on the U.S. economy was the foreign financial crisis and
consequent cooling of the world economy. The positive effects hit first. Actual
inflation and expected inflation dropped, causing a decline in long-term
Treasury bond yields and mortgage rates. This caused a boom in housing. The fall
in inflation left more of the growth in consumer income with which to buy goods
and services. Thus, consumers benefited from a combination of good growth in
income after inflation, a strong labor market, and increases in the prices of
assets they owned, including bonds, stocks and real estate. In a sense, 1998 was
a year of disinflationary boom in the U.S., as above-trend economic growth
coincided with negligible inflation.
The negative effect of Asian weakness was felt in the industrial sector more
than in the consumer sector. Corporate profits weakened, especially in sectors
affected by the Asian crisis such as world-traded commodities (oil, metals and
paper) and exports.
Evidence of a weaker world economy accumulated during 1998 as the financial
stresses continued. A worsened financial crisis occurred between the Russian
default in mid-August and the fallout from the Long Term Capital Management
hedge fund crisis through early October. However, energetic steps were taken to
stabilize the Japanese banks, design a support package for Brazil, ease monetary
policy, and help overinvested financial institutions rebuild their cash
reserves. Indications of a calming of financial fears were evident in the final
months of the year. In any case, there appears to have been a shift in the
priorities of key policymakers from fighting potential inflation to
restimulating future world economic growth.
The global economy survived a triple financial crisis from Japan, emerging
market countries and overextended financial institutions. Excess capacity
persists in many worldwide industries after years of high capital spending
followed by the onset of a worldwide weakening in demand. Fortunately, the U.S.
has led the world in making the transition away from the old manufacturing
industries to the new growth industries, such as biotechnology, software,
computer hardware and the Internet. This contributed to the favorable
combination of low unemployment and low inflation in the U.S., and may yet lead
toward more efficient allocation of capital elsewhere in the world.
As 1998 ended, interest rates set by central banks remained in a downtrend in
most parts of the world including Europe and the U.S. A similar trend had even
begun in many emerging countries, as the stresses of financial crisis relaxed.
MARKET ENVIRONMENT/PORTFOLIO OVERVIEW
The manner in which the Federal Reserve Board eased rates this past quarter
was a gradual process. For three successive months, beginning in September, the
Fed reduced the target rate for Fed Funds a total of 75 basis points. The Fed
also lowered the Discount Rate by 25 basis points each, in November and
December. The Fed's actions provided even greater strength to an already strong
short-term municipal money market. Prior to these rate cuts, the short-term
market had already felt the effects of the diminished supply of eligible new
issuance over the summer months. This year's summer calendar of municipal notes
(consisting mainly of California 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, many issuers
came to market with securities with maturities beyond the 13-month maximum
restriction allowable for tax-exempt money funds. Other issues were converted to
a shortened synthetic structure, thus eliminating the ability to extend out into
the one-year range. This reduction in supply resulted in lower yields for most
one-year paper, both national and state-specific.
We extended your Fund' s average maturity to the 60-day range during the
summer months, just prior to the market strengthening. Your Fund benefited from
our purchase of securities in the one-year range at yields significantly higher
than what is currently available in the market. As the summer progressed, yields
began to drop, reflecting the diminished supply of one-year notes. During this
period, we utilized the commercial paper market to maintain the Fund's average
maturity.
For reasons endemic to the Florida market, we experienced a significant
inflow of assets into the Fund near year-end. Due to the temporary nature of
most of these funds, we invested primarily in variable rate demand notes. As a
result, the average maturity of the Fund shortened near year-end. While the
one-year note market continues to be aggressively priced, we will continue to
invest in the commercial paper market as a means of extending the Fund's average
maturity. However, to the extent Florida-exempt one-year paper becomes
available, we will attempt to selectively extend the Fund's average maturity
during any periods of market weakness.
As always, we will structure the portfolio in an attempt to maximize current
yield while maintaining our commitment to high-quality tax-exempt investments.
Very truly yours,
[Richard J. Moynihan signature]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
January 15, 1999
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, 1998 (UNAUDITED)
Principal
Tax-Exempt Investments--94.7% Amount Value
- ------------------------------------------------------- _____________ _____________
<S> <C> <C>
Florida--86.2%
Broward County, Ports Facilities Revenue, Refunding, VRDN (Port Everglades
Project)
3.90% (Insured; AMBAC and Liquidity Facility; Bank of Nova Scotia) (a) . . . . . . . . . $ 3,300,000 $ 3,300,000
Broward County School District, RAN 4%, Series A, 4/20/99. . . . . . . . . . . . . . . . . 3,000,000 3,002,588
Capital Projects Finance Authority, Revenue, VRDN (Capital Projects Loan
Program):
3.75%, Series A (BPA; Credit Suisse and Insured; FSA) (a) . . . . . . . . . . . . . . . 10,000,000 10,000,000
4%, Series A (BPA; Credit Suisse and Insured; FSA) (a) . . . . . . . . . . . . . . . . . 16,000,000 16,000,000
Dade County, Water and Sewer Systems Revenue, VRDN
3.40% (Insured; FGIC and Liquidity Facility; Commerzbank) (a) . . . . . . . . . . . . . 47,600,000 47,600,000
Dade County Health Facilities Authority, HR, VRDN (Miami Children's Hospital
Project)
4% (LOC; Bank of America) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,650,000 11,650,000
Dade County Industrial Development Authority, VRDN (Florida Power and Light Co.
Project):
Exempt Facilities Revenue, Refunding 3.90% (LOC; Florida Power and Light Co. ) ( a) . . 15,750,000 15,750,000
PCR, Refunding 4% (LOC; Florida Power and Light Co. ) ( a) . . . . . . . . . . . . . . . 1,000,000 1,000,000
Escambia County Health Facilities Authority, HR, VRDN (Charity Obligated Group)
3.40%, Series D (LOC; Charity Obligated Group) (a) . . . . . . . . . . . . . . . . . . . 2,100,000 2,100,000
Florida Housing Finance Agency:
Refunding (Iona Lakes Project) 3.85%, Series D, 4/1/99 (LOC; Continental Casualty) . . . 3,000,000 3,000,000
VRDN:
Housing Revenue ( Caribbean Key ) 4.10%, Series F (LOC; Key Bank Inc.) (a) . . . . . . 5,000,000 5,000,000
MFHR (Kings Colony Project) 4.05%, Series D (LOC; Bankers Trust Co.) (a) . . . . . . . 7,740,000 7,740,000
(Parrots Landing Project) 3.40%, Series AA (LOC; FNMA) (a) . . . . . . . . . . . . . . 3,000,000 3,000,000
(Wood Forest II Project) 3.15%, Series BBB, 12/1/99 (LOC; Continental Casualty) . . . . 4,370,000 4,370,000
Halifax Hospital Medical Center:
Health Care Facilites Revenue, VRDN (Health Care Plan Inc. Project)
4.15% (LOC; Bank of America) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,000,000
TAN 4%, 4/15/99 (LOC; Bank of America) . . . . . . . . . . . . . . . . . . . . . . . . . 2,650,000 2,652,544
Highlands County Health Facilities Authority, Revenue, VRDN
(Adventist Health Systems/Sunbelt Inc.):
3.95%, Series A (Insured; Capital Markets Assurance and Liquidity Facility;
First National Bank of Chicago) (a) . . . . . . . . . . . . . . . . . . . . . . . . 16,500,000 16,500,000
3.95%, Series A (LOC; Sun Trust Bank) (a) . . . . . . . . . . . . . . . . . . . . . . 15,140,000 15,140,000
3.95%, Series B (Insured Capital Markets Assurance and Liquidity Facility;
Canadian Imperial Bank of Commerce) (a) . . . . . . . . . . . . . . . . . . . . . . 3,800,000 3,800,000
Hillsborough County Industrial Development Authority, PCR, Refunding, VRDN
(Tampa Electric Co. Project) 4%, (LOC; Tampa Electric Co.) (a) . . . . . . . . . . . . . 26,500,000 26,500,000
Inland Protection Financing Corporation, Special Obligation Revenue
4.25%, 7/1/99 (Insured; FSA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000,000 2,013,429
City of Jacksonville, VRDN:
IDR:
Refunding (Saint John's Medical Investments Limited Project)
3.75% (LOC; Bank of America) (a) . . . . . . . . . . . . . . . . . . . . . . . . . 2,040,000 2,040,000
(University of Florida Health Science Center) 3.75% (LOC; Bank of America) (a) . . . . 1,800,000 1,800,000
PCR, Refunding (Florida Power and Light Co. Project)
4% (LOC; Florida Power and Light Co.) (a) . . . . . . . . . . . . . . . . . . . . . . 4,450,000 4,450,000
</TABLE>
<TABLE>
<CAPTION>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS DECEMBER 31, 1998 (UNAUDITED)
Principal
Tax-Exempt Investments--94.7% Amount Value
- ------------------------------------------------------- _____________ _____________
<S> <C> <C>
Florida (continued)
Jacksonville Electric Authority, Revenue,
CP 3.25%, 1/6/99 (Liquidity Facility; Morgan Guaranty Trust Co.) . . . . . . . . . . . . $ 4,000,000 $ 4,000,000
Jacksonville Health Facilites Authority, VRDN:
Health Facilites Revenue ( River Garden Project) 3.55% (LOC; First Union Corp.) (a) . . 2,500,000 2,500,000
HR, Refunding (Genesis Rehab Hospital) 4.75% (LOC; Bank of America) (a) . . . . . . . . 7,400,000 7,400,000
Martin County, VRDN (Florida Power and Light Co. Project):
PCR, Refunding 4.70% (LOC; Florida Power and Light Co. ) (a) . . . . . . . . . . . . . . 1,700,000 1,700,000
SWDR 4% (LOC; Florida Power and Light Co.) (a) . . . . . . . . . . . . . . . . . . . . . 2,300,000 2,300,000
Miami-Dade County Housing Finance Authority, Single Family Revenue
3.45%, Series B, 10/1/99 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . 2,800,000 2,800,000
Miami-Dade County Industrial Development Authority, IDR, VRDN (Fine Art Lamps
Project)
4.10%, (LOC; Sun Trust Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,000,000
Miami-Dade County School Board, COP 4%, Series C, 8/1/99 (Insured; FSA). . . . . . . . . . 3,750,000 3,771,306
Miami-Dade County School District, TAN 4%, 6/30/99 . . . . . . . . . . . . . . . . . . . . 8,000,000 8,013,411
Orange County Health Facilities Authority, Revenue, VRDN (Adventist Health
Systems/Sunbelt)
3.90% (LOC; Rabobank Nederland) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 5,950,000 5,950,000
Orange County Housing Finance Authority, MFHR:
(Oakwood Project) 3.55%, 10/1/99 (LOC; Fleet Bank) . . . . . . . . . . . . . . . . . . . 3,400,000 3,400,000
VRDN:
(Heather Project) 3.75%, Series B (LOC; FNMA) (a) . . . . . . . . . . . . . . . . . . 12,400,000 12,400,000
Refunding (Andover Place Apartments) 4%, Series F (LOC; Bank of America) (a) . . . . . 3,370,000 3,370,000
Palm Beach County, Revenue, VRDN (Jewish Community Campus Corp.)
4.05% (BPA; Northern Trust Bank and Insured; AMBAC) (a) . . . . . . . . . . . . . . . . 4,000,000 4,000,000
Palm Beach County Housing Finance Authority, SFMR, Refunding
3.75%, Series B, 7/1/99 (Insured; FGIC) . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,000,000
Pinellas County Health Facilites Authority, Revenue, VRDN (Pooled Hospital Loan
Program)
4.70%, (LOC; Chase Manhattan Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . 38,800,000 38,800,000
Pinellas County Housing Finance Authority, SFHR 3.70%, Series B, 2/1/99 (Insured; FGIC). . 2,030,000 2,030,000
Putnam County Development Authority, PCR (Seminole Electric):
2.85%, Series D, 6/15/99 (LOC; National Rural Utilities Cooperative Finance Corp.) . . . 5,000,000 5,000,000
3.30%, Series H-4, 3/15/99 (LOC; National Rural Utilities Cooperative Finance Corp.) . . 8,175,000 8,175,000
Saint John's County Housing Finance Authority, MFHR, Refunding, VRDN
(Anastasia Shores Apartments Project)
3.30% (LOC; Bank of America) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,535,000 3,535,000
Saint Lucie County, VRDN (Florida Power and Light Co. Project):
PCR, Refunding:
4%, (LOC; Florida Power and Light Co.) (a) . . . . . . . . . . . . . . . . . . . . . . 8,200,000 8,200,000
4.70% (LOC; Florida Power and Light Co.) (a) . . . . . . . . . . . . . . . . . . . . . 8,900,000 8,900,000
SWDR 4% (LOC; Florida Power and Light Co.) (a) . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,000,000
Saint Petersburg, Capital Improvement Revenue, VRDN (Florida International
Museum Project)
4% (LOC; Sun Trust Bank) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 3,000,000
</TABLE>
<TABLE>
<CAPTION>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF INVESTMENTS DECEMBER 31, 1998 (UNAUDITED)
Principal
Tax-Exempt Investments--94.7% Amount Value
- ------------------------------------------------------- _____________ _____________
<S> <C> <C>
Florida (continued)
Sarasota County Public Hospital District, HR, CP (Sarasota Memorial Hospital
Project):
3.05%, 1/20/99 (Liquidity Facility; Sarasota Memorial Hospital) . . . . . . . . . . . . $ 6,500,000 $ 6,500,000
3.05%, 3/11/99 (Liquidity Facility; Sarasota Memorial Hospital) . . . . . . . . . . . . 3,000,000 3,000,000
Sunshine State Governmental Financing Commission, Revenue, CP:
3.15%, Series B, 2/11/99 (Liquidity Facility; Bank of Nova Scotia) . . . . . . . . . . . 7,360,000 7,360,000
3%, 3/23/99 (Insured; AMBAC and Liquidity Facility: Toronto-Dominion Bank and
Union Bank of Switzerland) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,000,000
3.30%, 1/15/99 (Insured; AMBAC and Liquidity Facility; Bank of Nova Scotia) . . . . . . 4,010,000 4,010,000
3.55, 1/15/99 (Liquidity Facility; Canadian Imperial Bank of Commerce) . . . . . . . . . 2,500,000 2,500,000
Volusia County Health Facilities Authority, Revenue, VRDN
(Alliance Community Retirement Living Inc.)
5.10% (LOC; Rabobank Nederland) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 2,905,000 2,905,000
U.S. Related--8.5%
Commonwealth of Puerto Rico:
Government Development Bank:
CP 3.20%, 1/8/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,000,000 7,000,000
Refunding, VRDN 3.60% (Insured; MBIA and Liquidity Facility; Credit Suisse) (a) . . . 6,000,000 6,000,000
Highway and Transportation Authority, VRDN:
Highway Revenue 3.60%, Series X (LOC: Landesbank Hessen and Union Bank
of Switzerland) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,475,000 4,475,000
Transportation Revenue 3.50%, Series A (Insured; AMBAC and Liquidity Facility;
Bank of Nova Scotia) (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,100,000 12,100,000
TRAN 3.50%, Series A, 7/30/99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000,000 4,015,792
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control
Facilities Financing Authority, Higher Education Revenue, VRDN
(Ana G. Mendez University Systems Project)
3.75%, Series A (LOC; Banco Popular de Puerto Rico) (a) . . . . . . . . . . . . . . . 5,000,000 5,000,000
_____________
TOTAL INVESTMENTS (cost $428,519,070). . . . . . . . . . . . . . . . . . . . . . . . . . . 94.7% $428,519,070
_______ _____________
CASH AND RECEIVABLES (NET) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3% $ 24,003,706
_______ _____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $452,522,776
_______ _____________
</TABLE>
<TABLE>
<CAPTION>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
Summary of Abbreviations
- -----------------------------------------------------------------------------
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation MFHR Multi-Family Housing Revenue
BPA Bond Purchase Agreement PCR Pollution Control Revenue
COP Certificate of Participation RAN Revenue Anticipation Notes
CP Commercial Paper SFHR Single Family Housing Revenue
FGIC Financial Guaranty Insurance Company SFMR Single Family Mortgage Revenue
FNMA Federal National Mortgage Association SWDR Solid Waste Disposal Revenue
FSA Financial Security Assurance TAN Tax Anticipation Notes
HR Hospital Revenue TRAN Tax and Revenue Anticipation Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
LOC Letter of Credit
MBIA Municipal Bond Investors Assurance
Insurance Corporation
</TABLE>
<TABLE>
<CAPTION>
Summary of Combined Ratings (Unaudited)
- -----------------------------------------------------------------------------
Fitch or Moody's or Standard & Poor's Percentage of Value
____ ________ __________________ ____________________
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 96.5%
AAA/AA (b) Aaa/Aa (b) AAA/AA (b) 3.5
_______
100.0%
_______
Notes to Statement of Investments:
</TABLE>
- -----------------------------------------------------------------------------
(a) Securities payable on demand. Variable interest rate--subject to periodic
change.
(b) Notes which are not F, MIG or SP rated are represented by bond ratings of
the issuers.
(c) At December 31, 1998, the Fund has $123,697,544 (27.3% of net assets) in
securities whose payment of principal and interest is dependent upon
revenues generated from health care.
SEE NOTES TO FINANCIAL STATEMENTS.
<TABLE>
<CAPTION>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES DECEMBER 31, 1998 (UNAUDITED)
Cost Value
_____________ _____________
<S> <C> <C>
ASSETS: Investments in securities--See Statement of Investments . . $428,519,070 $428,519,070
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 22,182,877
Interest receivable . . . . . . . . . . . . . . . . . . . 1,922,672
Prepaid expenses . . . . . . . . . . . . . . . . . . . . 108,967
_____________
452,733,586
_____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates . . . . . . 99,100
Accrued expenses and other liabilities . . . . . . . . . 111,710
_____________
210,810
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $452,522,776
_____________
REPRESENTED BY: Paid-in capital . . . . . . . . . . . . . . . . . . . . . $452,557,210
Accumulated net realized gain (loss) on investments . . . (34,434)
_____________
NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $452,522,776
_____________
SHARES OUTSTANDING
(UNLIMITED NUMBER OF $.001 PAR VALUE SHARES OF BENEFICIAL INTEREST AUTHORIZED) . . . . . . 452,557,210
NET ASSET VALUE, offering and redemption price per share . . . . . . . . . . . . . . . . . $1.00
_____
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF OPERATIONS SIX MONTHS ENDED DECEMBER 31, 1998 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income . . . . . . . . . . . . . . . . . . . . . $3,333,058
EXPENSES: Management fee--Note 2(a) . . . . . . . . . . . . . . . . $ 479,955
Shareholder servicing costs--Note 2(b) . . . . . . . . . 88,520
Registration fees . . . . . . . . . . . . . . . . . . . . 85,392
Professional fees . . . . . . . . . . . . . . . . . . . . 16,354
Trustees' fees and expenses--Note 2(c) . . . . . . . . . 15,409
Custodian fees . . . . . . . . . . . . . . . . . . . . . 9,760
Prospectus and shareholders' reports . . . . . . . . . . 6,764
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . 6,318
___________
Total Expenses . . . . . . . . . . . . . . . . . . 708,472
Less--reduction in management fee due to
undertaking--Note 2(a) . . . . . . . . . . . . . . . . (54,136)
___________
Net Expenses . . . . . . . . . . . . . . . . . . . 654,336
___________
INVESTMENT INCOME--NET, representing net increase in net assets
resulting from operations . . . . . . . . . . . . . . $2,678,722
___________
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS FLORIDA MUNICIPAL MONEY MARKET FUND
- -----------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
December 31, 1998 Year Ended
(Unaudited) June 30, 1998
_________________ ______________
<S> <C> <C>
OPERATIONS:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,678,722 $ 5,335,260
Net realized gain (loss) from investments . . . . . . . . . . . . . . . . . . . . . . -- (576)
_____________ _____________
Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . . . . . 2,678,722 5,334,684
_____________ _____________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,678,722) (5,335,260)
_____________ _____________
BENEFICIAL INTEREST TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . 494,569,235 607,947,067
Dividends reinvested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,474,141 4,891,794
Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (209,443,581) (592,795,560)
_____________ _____________
Increase (Decrease) in Net Assets from Beneficial Interest Transactions . . . . . . 287,599,795 20,043,301
_____________ _____________
Total Increase (Decrease) in Net Assets . . . . . . . . . . . . . . . . . . . . . 287,599,795 20,042,725
NET ASSETS
Beginning of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164,922,981 144,880,256
_____________ _____________
End of Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 452,522,776 $ 164,922,981
_____________ _____________
SEE NOTES TO FINANCIAL STATEMENTS.
</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.
<TABLE>
<CAPTION>
Six Months Ended
December 31, 1998 Year Ended June 30,
_____________________________________________
(Unaudited) 1998 1997 1996 1995 1994(1)
__________ ______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
Net asset value, beginning of period . . . . . . $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______ ______ ______
Investment Operations:
Investment income--net . . . . . . . . . . . . . .014 .031 .030 .032 .035 .017
______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income--net . . . . . . (.014) (.031) (.030) (.032) (.035) (.017)
______ ______ ______ ______ ______ ______
Net asset value, end of period . . . . . . . . . $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______ ______ ______
TOTAL INVESTMENT RETURN. . . . . . . . . . . . . . . 2.82%(2) 3.12% 3.05% 3.23% 3.50% 2.50%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets . . . . . .68%(2) .59% .57% .49% .21% --
Ratio of net investment income
to average net assets . . . . . . . . . . . . 2.79%(2) 3.08% 3.02% 3.19% 3.50% 2.55%(2)
Decrease reflected in above expense ratios
due to undertakings by the Manager . . . . . .06%(2) .10% .20% .32% .46% .79%(2)
Net Assets, end of period (000's Omitted) . . . . $452,523 $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
- -----------------------------------------------------------------------------
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, as amended (the "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 (the "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 custody agreement,
the Fund received net earnings credits of $3,046 during the period ended
December 31, 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 of 1986, as
amended (the "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 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.
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).
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 had undertaken through December 31, 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, 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 $54,136 during the period ended December 31, 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
December 31, 1998, the Fund was charged $63,271 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, 1998, the Fund was charged $16,525 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.
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[reg.tm logo]
(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. 741SA9812
Florida Municipal
Money Market
Fund
Semi-Annual
Report
December 31, 1998
