LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this semi-annual report for Dreyfus
Ohio Municipal Money Market Fund, Inc. For the 6-month period ended May 31,
1994, the annualized yield provided by your Fund was 2.35%. After taking into
account the effect of compounding, the annualized effective yield was 2.38%.*
Income dividends of approximately $.01 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
short-term taxable alternatives for the Ohio investor.
At our last reporting, we were keeping a watchful eye on the status of
the U.S. economy, the direction of interest rates, and any significant
variation in inflationary indicators. Early in the period, economic numbers
hinted that the nation's growth might be more anemic than anticipated. With
no strong threat of a rekindling of inflation, the municipal market responded
with strength, providing some of the lowest historic yields in both the bond
and money markets. In a somewhat unusual turn of events, assets of municipal
money market funds increased despite the unprecedented low yield environment.
In the first half of 1994, however, signs of economic strength began to
emerge along with the specter of a tighter Federal Reserve Board policy.
Through a series of tightening moves between February 4 and May 17, the Fed
signaled its desire to choke off inflationary pressures before they had an
opportunity to build significantly. In a step-by-step process through the
first four months of the year, the Fed inched up the Fed Funds rate by 75
basis points to the 3 3/4% level. The bond market responded with an uneasy
100 basis point rise in rates, with short-term rates moving upward by 50
basis points. The most overt move came on May 17 when the Fed raised both the
discount rate and the Federal Funds rate by 50 basis points, to 3.50% and
4.25%, respectively. The moves appeared to reach a neutral monetary policy,
clearly signaling the end of its 1993 accommodative stance.
With these changes in the Federal Reserve's monetary stance, uneasiness
in other markets served to bolster rates in the short-term municipal market
as cash moved into municipal money markets from both equity and bond funds.
Short-term municipal rates increased, but to a lesser degree than their
taxable counterparts. Total net assets of the funds reached an all-time high
of over $119 billion, which declined as the tax season arrived.
Traditionally, money market funds lose money during this time of year as
investors tap their money funds to pay income taxes. During this period,
municipal notes continued to provide attractive returns relative to taxable
alternatives. Your Fund's yield has remained attractive to the Ohio investor
seeking tax exempt income, and the hike in tax rates which took place last
year has made these returns even more attractive on an after-tax basis.
In the coming weeks and months, we will sort through the various
financings which flood the market during the late spring and early summer, to
obtain those issues we feel represent the best value for your portfolio while
maintaining our high quality standards and high degree of liquidity. We will
adjust our strategy to respond to changes in the market and in Federal
Reserve policy and to the proposed changes in the regulations governing tax
exempt money market funds which we have received from the Securities and
Exchange Commission. We will keep you informed in future letters as to the
effect these various changes may have on our market and how they will affect
our portfolio strategy.
We have included a current Statement of Investments and recent financial
statements for your review and look forward to serving your investment needs
in the future.
Very truly yours,
(Signature Logo)
Richard J. Moynihan
President
June 16, 1994
New York, N.Y.
* Annualized 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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<CAPTION>
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS MAY 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS--100.0% AMOUNT VALUE
------------- -------------
<S> <C> <C>
City of Akron, Special Assessment Notes 2.93%, 12/15/94..................... $ 1,000,000 $ 1,000,944
Cleveland-Cuyahoga County Port Authority, Revenue, VRDN
(Rock and Roll Hall of Fame Project) 3.05% (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 2,001,363
Franklin County, IDR, VRDN, Refunding:
(Berwick Steel Co.) 3.05% (LOC; Sanwa Bank) (a,b)....................... 1,000,000 1,000,000
(Physicians Building Limited) 3% (LOC; Bank One Corp.) (a,b)............ 1,005,000 1,005,000
Geauga County, IDR, VRDN (General Signal Corp. Project)
2.80% (LOC; Wachovia Bank) (a,b)........................................ 2,000,000 2,000,000
Hillsboro, IDR, VRDN (TD Manufacturing Co. Limited Project)
3.30% (LOC; Sanwa Bank) (a,b)........................................... 900,000 900,000
Montgomery County, IDR, VRDN (Modern Industrial Plastics Project)
3.175% (LOC; Industrial Bank of Japan) (a,b)............................ 3,000,000 3,000,000
Ohio Air Quality Development Authority:
PCR (Ohio Edison Project) 3.125%, Series C, 9/1/94 (LOC; Barclays Bank) (b) 2,000,000 2,001,193
Revenue, VRDN (JMG Funding Limited Partnership Project)
2.85%, Series A (LOC; Societe Generale) (a,b)......................... 2,000,000 2,000,000
Ohio State University, General Receipts, VRDN
2.85%, Series B (Guaranteed by; Ohio State University) (a).............. 2,750,000 2,750,000
Piqua, IDR, VRDN (Berwick Steel Co. Project) 3.25% (LOC; Sanwa Bank) (a,b).. 2,800,000 2,800,000
Scioto County, Marine Terminal Facility Revenue, Refunding, VRDN
(Norfolk Southern Corp. Project) 2.90% (a).............................. 7,500,000 7,500,000
City of Sharonville, IDR, VRDN (Edgecomb Metals Co. Project)
2.875% (LOC; Banque Nationale de Paris) (a,b)........................... 1,160,000 1,160,000
Stark County, BAN 3.88%, 4/7/95............................................. 3,040,000 3,044,467
Student Loan Funding Corp. of Cincinnati, Student Loan Revenue:
2.90%, Series 1987A, 7/1/94 (LOC; Fuji Bank) (b)........................ 4,000,000 4,000,000
VRDN 2.80%, Series 1983A (LOC; Fuji Bank) (a,b)......................... 1,000,000 1,000,000
Summit County:
BAN 3.70%, Series A, 3/9/95............................................. 2,000,000 2,002,972
IDR (Texlar Inc. Project) 3.40%, 11/1/94 (LOC; Bank One Corp.) (b)...... 380,000 380,000
City of Toledo, City Services Special Assessment Notes, Special Obligation
3.18%, 3/2/95 (LOC; Canadian Imperial Bank of Commerce) (b)............. 6,300,000 6,308,252
Toledo-Lucas County Port Authority:
Development Revenue, VRDN (Frostbite Brands Inc. Project)
3.40% (LOC; Old Kent Bank and Trust) (a,b)............................ 1,200,000 1,200,000
Port Revenue, Refunding, CP (CSX Transport Inc. Project)
2.55%, 7/14/94 (LOC; Bank of Nova Scotia) (b)......................... 2,500,000 2,500,000
Twinsburg, IDR, VRDN (UTD Stationers Supply Co.)
3.35% (LOC; Pittsburgh National Bank) (a,b)............................. 5,700,000 5,700,000
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------- -------------
University of Cincinnati, General Receipts, BAN:
2.82%, 9/1/94........................................................... $ 1,000,000 $ 1,001,414
4%, 3/23/95............................................................. 1,000,000 1,005,868
Warren County, IDR, VRDN (Johnson and Hardin Enterprises)
3.15%, Series A (LOC; PNC Bank of Ohio) (a,b)........................... 1,800,000 1,800,000
-------------
TOTAL INVESTMENTS (cost $63,061,473)........................................ $ 63,061,473
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<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
BAN Bond Anticipation Notes LOC Letter of Credit
CP Commercial Paper PCR Pollution Control Revenue
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
</TABLE>
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<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- -------------------- -----------------------
<S> <C> <C>
VMIG1/MIG1, P1 (c) SP1+/SP1, A1+/A1 (c) 85.0%
Aaa/Aa (d) AAA/AA (d) 11.0
Not Rated (e) Not Rated (e) 4.0
-------
100.0%
=======
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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 May 31, 1994, 65.6% 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 May 31, 1994, the Fund had $20,965,000 (32.3% of net assets)
invested in securities whose payment of prinicipal and interest is
dependent upon revenues generated from housing projects.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES MAY 31, 1994 (UNAUDITED)
ASSETS:
<S> <C> <C>
Investments in securities, at value--Note 1(a).......................... $63,061,473
Cash.................................................................... 1,360,471
Interest receivable..................................................... 397,005
Prepaid expenses........................................................ 27,428
Due from The Dreyfus Corporation........................................ 36,321
-------------
64,882,698
LIABILITIES;
Accrued expenses........................................................ 34,699
-------------
NET ASSETS ................................................................ $64,847,999
============
NET ASSETS at value, represented by paid-in capital, applicable to 64,847,999
outstanding shares of Common Stock, equivalent to $1.00 per share
(1 billion shares of $.001 par value authorized)........................ $64,847,999
============
STATEMENT OF OPERATIONS SIX MONTHS ENDED MAY 31, 1994 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 826,393
EXPENSES:
Management fee-Note 2(a).............................................. $156,482
Shareholder servicing costs-Note 2(b)................................. 38,843
Auditing fees......................................................... 12,188
Legal fees............................................................ 9,923
Prospectus and shareholders' reports.................................. 7,147
Organization expenses................................................. 4,800
Custodian fees........................................................ 4,186
Directors' fees and expenses-Note 2(c)................................ 2,656
Registration fees..................................................... 1,294
Miscellaneous......................................................... 2,270
----------
239,789
Less-reduction in management fee due to undertaking-Note 2(a)......... 152,912
----------
TOTAL EXPENSES.................................................... 86,877
-------------
INVESTMENT INCOME--NET, representing net increase in net assets
resulting from operations............................................... $ 739,516
===============
See independent accountants' review report and notes to financial statements.
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
NOVEMBER 30, MAY 31, 1994
1993 (UNAUDITED)
-------------- --------------
OPERATIONS:
Investment income--net, representing net increase in net assets
resulting from operations.............................................. $ 1,531,546 $ 739,516
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income--net................................................. (1,531,546) (739,516)
Net realized gain on investments....................................... (710) --
-------------- --------------
TOTAL DIVIDENDS...................................................... (1,532,256) (739,516)
-------------- --------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold.......................................... 141,631,122 168,698,311
Dividends reinvested................................................... 1,442,164 641,368
Cost of shares redeemed................................................ (141,739,582) (168,374,750)
-------------- --------------
INCREASE IN NET ASSETS RESULTING FROM CAPITAL STOCK TRANSACTIONS..... 1,333,704 964,929
-------------- --------------
TOTAL INCREASE IN NET ASSETS..................................... 1,332,994 964,929
NET ASSETS:
Beginning of period.................................................... 62,550,076 63,883,070
-------------- --------------
End of period.......................................................... $ 63,883,070 $ 64,847,999
-------------- --------------
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
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 period indicated. This
information has been derived from the Fund's financial statements.
YEAR ENDED NOVEMBER 30, SIX MONTHS ENDED
MAY 31, 1994
------------------------------------ (UNAUDITED)
PER SHARE DATA: 1991(1) 1992 1993
------- ------- ------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period...................... $1.0000 $1.0000 $1.0000 $1.0000
------- ------- ------- ----------
INVESTMENT OPERATIONS:
Investment income--net.................................... .0334 .0326 .0244 .0117
Net realized and unrealized gain (loss) on investments.... -- -- -- --
------- ------- ------- ----------
TOTAL FROM INVESTMENT OPERATIONS........................ .0334 .0326 .0244 .0117
------- ------- ------- ----------
DISTRIBUTIONS:
Dividends from investment income--net..................... (.0334) (.0326) (.0244) (.0117)
Dividends from net realized gain on investments........... -- -- -- --
------- ------- ------- ----------
TOTAL DISTRIBUTIONS..................................... (.0334) (.0326) (.0244) (.0117)
------- ------- ------- ----------
Net asset value, end of period............................ $1.0000 $1.0000 $1.0000 $1.0000
======= ======= ======= ========
TOTAL INVESTMENT RETURN 4.50%(2) 3.31% 2.47% 2.37%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets................... -- .09% .20% .28%(2)
Ratio of net investment income to average net assets...... 4.43%(2) 3.27% 2.44% 2.36%(2)
Decrease reflected in above expense ratios due to
undertakings by the Manager............................. 1.31%(2) .76% .56% .49%(2)
Net Assets, end of period (000's Omitted)................. $27,562 $62,550 $63,883 $64,848
(1) From March 1, 1991 (commencement of operations) to November 30, 1991.
(2) Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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, 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, 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 applicable provisions 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 taxes.
At May 31, 1994, 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 June 30, 1994 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. The reduction
in management fee, pursuant to the undertaking, amounted to $152,912 for the
six months ended May 31, 1994.
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (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 six months ended May 31,
1994, the Fund was charged an aggregate of $12,149 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 (the "Merger Agreement") providing for the merger of the Manager
with a subsidiary of Mellon Bank Corporation ("Mellon").
Following the merger, it is planned that the Manager will be a direct
subsidiary of Mellon Bank, N.A. Closing of this merger is subject to a number
of contingencies, including receipt of certain regulatory approvals and
approvals of the stockholders of the Manager and of Mellon. The merger is
expected to occur in August 1994, but could occur later.
As a result of regulatory requirements and the terms of the Merger
Agreement, the Manager will seek various approvals from the Fund's
shareholders before completion of the merger. Proxy materials, approved by
the Fund's Board, recently have been mailed to Fund shareholders.
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
REVIEW REPORT OF ERNST & YOUNG, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus Ohio Municipal Money Market Fund, Inc., including the statement of
investments, as of May 31, 1994, and the related statements of operations and
changes in net assets and financial highlights for the six month period ended
May 31, 1994. These financial statements and financial highlights are the
responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
November 30, 1993 and financial highlights for each of the three years in the
period ended November 30, 1993 and in our report dated January 4, 1994, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
(Signature Logo)
New York, New York
July 6, 1994
Ohio
Municipal
Money Market
Fund, Inc.
Semi-Annual
Report
May 31, 1994
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. 637SA945
Registration Mark
