<PAGE>
Dreyfus
Ohio
Municipal
Money Market
Fund, Inc.
Annual Report
November 30, 1993
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PRESIDENT'S LETTER
Dear Shareholder:
We are pleased to provide you with this annual report for the Dreyfus Ohio
Municipal Money Market Fund, Inc. For the 12-month period ended November 30,
1993, the yield provided by your Fund was 2.44%. After taking into account the
effect of compounding, the effective yield was 2.47%.* Dividends of
approximately $.02 per share paid during the period were exempt from Federal and
Ohio personal income taxes.** Throughout the period your Fund continued to
provide an attractive after-tax return compared to its short-term taxable
alternatives for the Ohio investor.
Since our last report, inflation has remained at relatively low levels and
any increase in economic and credit demand growth has been modest. Recent
indicators that revealed economic strength do not appear strong enough to result
in any immediate tightening action by the Federal Reserve Board. Economic
growth, however, is projected to pick up in early 1994 and it may influence the
Federal Reserve to implement a more restrictive monetary policy. As a result,
short-term yields may rise, but we expect supply and demand factors in the
municipal money market to be the overriding influence on tax exempt money market
rates.
Over the past several months, many issuers returned to the marketplace with
their traditional annual financings -- the most recent example being a $1.4
billion State of New Jersey Tax Revenue Anticipation Note issue that was well
received. During times when issuance of this type outpaced demand, yields rose
on municipal notes, creating opportunities for attractive purchases for your
Fund's portfolio. At these times, high-quality securities were added to the
portfolio to enhance the Fund's yield. In addition, we expected technical
factors (supply/demand) in the municipal note market to cause rates on notes to
rise temporarily at year end. Traditionally, this occurs as individuals and
corporations tap their money funds to meet seasonal needs. This attractive rate
environment should provide a temporary boost in yields at year end, and indeed,
it did.
We have included a current Statement of Investments and recent financial
statements for your review. We look forward to serving your investment needs in
the future.
Very truly yours,
Richard J. Moynihan
President
January 3, 1994
New York, N.Y.
* Effective yield is based upon dividends declared daily and reinvested
monthly.
** Some income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders.
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DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS NOVEMBER 30, 1993
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------- PRINCIPAL
TAX EXEMPT INVESTMENTS--100.0% AMOUNT VALUE
----------- -----------
<S> <C> <C>
Cleveland-Cuyahoga County Port Authority, Revenue, VRDN
(Rock and Roll Hall of Fame Project) 2.60% (LOC; Credit Local de France) (a,b)......... $ 4,000,000 $ 4,000,000
Cleveland Public Power Systems, Revenue, BAN 3.50%, 8/1/94............................... 2,000,000 2,005,431
Cuyahoga County, Hospital Improvement Revenue, VRDN (University Hospital of Cleveland)
2% (LOC; Dai-Ichi Kangyo Bank) (a,b)................................................... 3,900,000 3,900,000
Franklin County:
BAN 2.85%, 12/1/93..................................................................... 2,000,000 2,000,000
VRDN:
Health Systems Revenue (Franciscan Sisters-Saint Anthony)
2% (LOC; Chemical Bank) (a,b)...................................................... 1,800,000 1,800,000
IDR, Refunding, (Berwick Steel Co.) 2.55% (LOC; Sanwa Bank) (a,b).................... 1,000,000 1,000,000
Geauga County, IDR, VRDN (General Signal Corp.) 2.25% (LOC; Wachovia Bank) (a,b)......... 2,000,000 2,000,000
Hamilton County, Limited Tax, GO, BAN 2.76%, 1/20/94..................................... 3,000,000 3,001,040
Hillsboro, IDR, VRDN (TD Manufacturing Co. Limited Project)
2.80% (LOC; Sanwa Bank) (a,b).......................................................... 900,000 900,000
Lakewood Sanitary Sewer System, Special Obligation, BAN 2.99%, 5/13/94................... 1,000,000 1,001,040
Montgomery County, IDR, VRDN (Modern Industrial Plastics Project)
2.675% (LOC; Industrial Bank of Japan) (a,b)........................................... 4,000,000 4,000,000
Ohio Air Quality Development Authority, Revenue:
Bonds (Refunding-Ohio Edison Project) 2.85%, 2/1/94 (LOC; Bankers Trust) (b)........... 2,000,000 2,000,000
VRDN (JMG Funding Limited Partnership Project) 2.35% (LOC; Societe Generale) (a,b)..... 2,000,000 2,000,000
Ohio State University, VRDN 2.25% (a).................................................... 4,000,000 4,000,000
Piqua, IDR, VRDN (Berwick Steel Co. Project) 2.80% (LOC; Sanwa Bank) (a,b)............... 2,800,000 2,800,000
Scioto County, Marine Terminal Facility Revenue, Refunding, VRDN
(Norfolk Southern Corp.) 2.40% (a)..................................................... 1,500,000 1,500,000
City of Sharonville, IDR, VRDN (Edgecomb Metals Co. Project)
2.425% (LOC; Banque Nationale de Paris) (a,b).......................................... 1,160,000 1,160,000
Stark County, GO, BAN 3%, 4/8/94......................................................... 2,195,000 2,196,873
Student Loan Funding Corp. of Cincinnati, Student Loan Revenue:
Bonds 2.90%, Series 1987A, 7/1/94 (LOC; Fuji Bank) (b)................................. 4,000,000 4,000,000
VRDN:
2.35%, Series 1983A (LOC; Fuji Bank) (a,b)........................................... 1,000,000 1,000,000
2.50%, Series B-3 (LOC; Sumitomo Bank) (a,b)......................................... 2,500,000 2,500,000
Summit County:
BAN:
(Alcohol and Drug Addiction and Mental Health Facilities) 2.65%, 3/10/94............. 1,000,000 1,000,529
(Fairgrounds Improvement) 2.65%, 3/10/94............................................. 915,000 915,484
(Various Purpose) 2.65%, 3/10/94..................................................... 2,000,000 2,000,072
IDR Bonds (Texlar Inc. Project) 3%, 5/1/94 (LOC; Bank One Corp.) (b)................... 405,000 405,000
Toledo-Lucas County Port Authority, Port Facilities Revenue, Refunding, CP
(CSX Transport Inc. Project) 2.45%, 12/7/93 (LOC; Bank of Nova Scotia) (b)............. 2,500,000 2,500,000
Twinsburg, IDR, VRDN (UTD Stationers Supply Co.)
2.20% (LOC; Pittsburgh National Bank) (a,b)............................................ 5,700,000 5,700,000
</TABLE>
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DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1993
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------- PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
----------- -----------
<S> <C> <C>
University of Cincinnati, General Receipts, BAN 2.81%, 3/23/94........................... $ 1,000,000 $ 1,000,777
Warren County, IDR, VRDN (Johnson and Hardin Enterprises)
2.70% (LOC; Central Trust Co.) (a,b)................................................... 1,900,000 1,900,000
-----------
TOTAL INVESTMENTS (cost $64,186,246)..................................................... $64,186,246
-----------
-----------
</TABLE>
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SUMMARY OF ABBREVIATIONS
<TABLE>
<S> <C> <C> <C>
BAN Bond Anticipation Notes IDR Industrial Development Revenue
CP Commercial Paper LOC Letter of Credit
GO General Obligation VRDN Variable Rate Demand Notes
</TABLE>
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SUMMARY OF COMBINED RATINGS (UNAUDITED)
<TABLE>
<CAPTION>
MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- ------------------------ -------------------------- -------------------
<S> <C> <C>
VMIG1/MIG1, P1 (c) SP1+/SP1, A1+/A1 (c) 80.2%
Aaa/Aa (d) AAA/AA (d) 15.7
Not Rated (e) Not Rated (e) 4.1
------
100.0%
------
------
</TABLE>
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NOTES TO STATEMENT OF INVESTMENTS:
(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 November 30, 1993, 68.2% of the Fund's
net assets are backed by letters of credit issued by domestic banks and
foreign banks.
(c) P1 and A1 are the highest ratings assigned tax-exempt commercial paper by
Moody's and Standard & Poor's, respectively.
(d) Notes which are not MIG or SP rated are represented by bond ratings of the
issuers.
(e) Securities which, while not rated by Moody's and Standard & Poor's,
respectively, have been determined by the Fund's Board of Directors to be
of comparable quality to those rated securities in which the Fund may
invest.
(f) At November 30, 1993, the Fund had $21,365,000 (33.4% of net assets)
invested in securities whose payment of principal and interest is dependent
upon revenues generated from industrial projects.
See notes to financial statements.
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DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
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STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1993
<TABLE>
<S> <C> <C>
ASSETS:
Investments in securities, at value--Note 1(a)............................................ $64,186,246
Interest receivable....................................................................... 512,339
Prepaid expenses.......................................................................... 25,432
Due from The Dreyfus Corporation.......................................................... 39,890
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64,763,907
LIABILITIES;
Accrued expenses and other liabilities.................................................... 880,837
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NET ASSETS.................................................................................. $63,883,070
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NET ASSETS at value, represented by paid-in capital, applicable to 63,883,070
shares outstanding (1 billion shares of $.001 par value Common Stock authorized)........... $63,883,070
-----------
-----------
NET ASSETS VALUE, offering and redemption price per share
($63,883,070 / 63,883,070 shares).......................................................... $1.00
-----
-----
</TABLE>
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STATEMENT OF OPERATIONS YEAR ENDED NOVEMBER 30, 1993
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME........................................................................... $ 1,657,110
EXPENSES:
Management fee--Note 2(a)............................................................... $ 313,911
Shareholder servicing costs--Note 2(b).................................................. 81,471
Auditing fees........................................................................... 25,541
Prospectus and shareholders' reports.................................................... 18,226
Legal fees.............................................................................. 11,858
Organization expenses................................................................... 9,600
Custodian fees.......................................................................... 7,095
Directors' fees and expenses--Note 2(c)................................................. 5,314
Registration fees....................................................................... 1,771
Miscellaneous........................................................................... 4,578
---------
479,365
Less--expense reimbursement from Manager due to
undertaking--Note 2(a)................................................................ 353,801
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TOTAL EXPENSES...................................................................... 125,564
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INVESTMENT INCOME--NET, representing net increase in net assets
resulting from operations................................................................. $ 1,531,546
-----------
-----------
</TABLE>
See notes to financial statements.
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DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
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STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR ENDED NOVEMBER 30,
---------------------------------
1992 1993
------------ ------------
<S> <C> <C>
OPERATIONS:
Investment income--net............................................................. $ 1,564,167 $ 1,531,546
Net realized gain on investments................................................... 710 --
Net unrealized (depreciation) on investments for the year.......................... (260) --
------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............................. 1,564,617 1,531,546
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net............................................................. (1,564,167) (1,531,546)
Net realized gain on investments................................................... -- (710)
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TOTAL DIVIDENDS.................................................................. (1,564,167) (1,532,256)
------------ ------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold...................................................... 143,593,187 141,631,122
Dividends reinvested............................................................... 1,464,175 1,442,164
Cost of shares redeemed............................................................ (110,069,376) (141,739,582)
------------ ------------
INCREASE IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS........................... 34,987,986 1,333,704
------------ ------------
TOTAL INCREASE IN NET ASSETS................................................... 34,988,436 1,332,994
NET ASSETS:
Beginning of year.................................................................. 27,561,640 62,550,076
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End of year........................................................................ $ 62,550,076 $ 63,883,070
------------ ------------
------------ ------------
</TABLE>
See notes to financial statements.
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DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
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FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net assets
and other supplemental data for each year indicated. This information has been
derived from information provided in the Fund's financial statements.
<TABLE>
<CAPTION>
YEAR ENDED NOVEMBER 30,
- -------------------------------------------------------------------------------- -----------------------------------
PER SHARE DATA: 1991(1) 1992 1993
------- ------- -------
<S> <C> <C> <C>
Net asset value, beginning of year............................................ $1.0000 $1.0000 $1.0000
------- ------- -------
INVESTMENT OPERATIONS:
Investment income--net........................................................ .0334 .0326 .0244
Net realized and unrealized gain (loss) on investments........................ -- -- --
------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS............................................ .0334 .0326 .0244
------- ------- -------
DISTRIBUTIONS:
Dividends from investment income--net......................................... (.0334) (.0326) (.0244)
Dividends from net realized gain on investments............................... -- -- --
------- ------- -------
TOTAL DISTRIBUTIONS......................................................... (.0334) (.0326) (.0244)
------- ------- -------
Net asset value, end of year.................................................. $1.0000 $1.0000 $1.0000
------- ------- -------
------- ------- -------
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TOTAL INVESTMENT RETURN 4.50%(2) 3.31% 2.47%
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RATIOS / SUPPLEMENTAL DATA:
Ratio of expenses to average net assets......................................... -- .09% .20%
Ratio of net investment income to average net assets.......................... 4.43%(2) 3.27% 2.44%
Decrease reflected in above expense ratios due to
undertakings by the Manager................................................. 1.31%(2) .76% .56%
Net Assets, end of year (000's Omitted)....................................... $27,562 $62,550 $63,883
<FN>
- ---------------
(1) From March 1, 1991 (commencement of operations) to November 30, 1991.
(2) Annualized.
</TABLE>
See notes to financial statements.
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DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
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NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act") as
a non-diversified open-end management investment company. Dreyfus Service
Corporation ("Distributor") acts as the exclusive distributor of the Fund's
shares, which are sold to the public without a sales charge. The Distributor is
a wholly-owned subsidiary of The Dreyfus Corporation ("Manager").
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.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Directors 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, when appropriate, discounts on investments, is earned from
settlement date and recognized on the accrual basis. Realized gain and loss from
securities transactions are recorded on the identified cost basis.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations held
by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain 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, if any,
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 provisions available to certain investment
companies, as defined in applicable sections of the Internal Revenue Code, and
to make distributions of income and net realized capital gain sufficient to
relieve it from all, or substantially all, Federal income taxes.
At November 30, 1993, 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 ("Agreement") with the Manager, the
management fee is computed at the annual rate of .50 of 1% of the average daily
value of the Fund's net assets and is payable monthly. The Agreement provides
for an expense reimbursement from the Manager should the Fund's aggregate
expenses, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund for any full fiscal year. However, the Manager has
undertaken through December 31, 1993 or until such time as the net assets of the
Fund exceed $100 million, regardless of whether they remain at that level, to
waive receipt of the management fee payable to it by the Fund. In addition, the
Manager may voluntarily assume all or part of the other expenses of the Fund,
provided that the resulting expense reimbursement would not be less than the
amount required pursuant to the Agreement. The expense reimbursement, pursuant
to the undertaking and the voluntary assumption of other expenses, amounted to
$353,801 for the year ended November 30, 1993.
<PAGE>
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DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
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NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
the Distributor an amount not to exceed an annual rate of .25 of 1% of the value
of the Fund's average daily net assets for servicing 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 year ended November 30, 1993, the Fund was
charged an aggregate of $27,485 pursuant to the Shareholder Services Plan.
(C) Certain officers and directors of the Fund are "affiliated persons," as
defined in the Act, of the Manager and/or the Distributor. Each director who is
not an "affiliated person" receives an annual fee of $1,000.
(D) On December 5, 1993, the Manager entered into an Agreement and Plan of
Merger providing for the merger of the Manager with a subsidiary of Mellon Bank
Corporation ("Mellon").
Upon closing of the merger, it is planned that the Manager will retain its
New York headquarters and will be a separate subsidiary within the Mellon
organization. It is expected that the Manager's management team and mutual fund
managers will remain in place, and the Dreyfus mutual funds will be operated in
the same manner as they are currently.
Following the merger, the Manager will be either a direct or indirect
subsidiary of Mellon, whose principal banking subsidiary is Mellon Bank, N.A.
Closing of this merger is subject to a number of contingencies, including the
receipt of certain regulatory approvals and the approvals of the stockholders of
the Manager and of Mellon. The merger is expected to occur in mid-1994, but
could occur significantly later.
Because the merger will constitute an "assignment" of the Fund's Management
Agreement with the Manager under the Investment Company Act of 1940, and thus a
termination of such Agreement, the Manager will seek prior approval from the
Fund's Board and shareholders.
<PAGE>
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DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
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REPORT OF ERNST & YOUNG, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
We have audited the accompanying statement of assets and liabilities of
Dreyfus Ohio Municipal Money Market Fund, Inc., including the statement of
investments, as of November 30, 1993, 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. Our procedures included confirmation of securities owned as of
November 30, 1993 by correspondence with the custodian. 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 Ohio Municipal Money Market Fund, Inc. at November 30, 1993, 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 SIGNATURE LOGO)
New York, New York
January 4, 1994
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DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
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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 November
30, 1993 as "exempt-interest dividends" (not subject to regular Federal and, for
individuals who are Ohio residents, Ohio personal income tax).
<PAGE>
[DREYFUS LION]
DREYFUS OHIO MUNICIPAL
MONEY MARKET FUND, INC.
144 Glenn Curtiss Boulevard
Uniondale, NY 11556
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
DISTRIBUTOR
Dreyfus Service Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
110 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained in the Prospectus,
which must precede or accompany this report.
Printed in U.S.A. 637AR9311
