LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this annual report for the Dreyfus
Ohio Municipal Money Market Fund, Inc. For the period ended November 30, 1994,
the yield provided by your Fund was 2.64%. After taking into account the effect
of compounding, the effective yield was 2.67%.* Dividends of approximately
$.03 per share paid during the period were exempt from Federal and Ohio
personal income taxes.** Compared to its short-term taxable alternatives,
your Fund continued to provide an attractive after-tax return throughout the
period for the Ohio investor.
Our last letter recapped the series of Federal Reserve Board moves
throughout the first half of 1994_moves designed to reach a more neutral
monetary policy stance in response to continued economic expansion. With
further evidence of economic strength in the latter half of the year, the Fed
continued its move toward tighter policy. In two successive moves in August
and November, the Fed increased rates an additional 175 basis points. By
November 15, the last tightening move, total monetary policy actions taken in
1994 increased the Discount Rate from 3.00% to 4.75%; in addition, the
Federal Funds rate moved from 3.00% in February to 5.50% in November.
Throughout the year, rates on municipal money market funds increased in
response to the higher rates. Over the period of tightening, the average
yield for all tax-free money funds increased 122 basis points, to 3.02%.
One of the most significant events which affected the short-term
municipal market was the filing for bankruptcy in the second half of the year
by Orange County, California. While your Ohio Fund did not hold any direct
obligations of Orange County, the uncertainty which existed at the time of
the County's disclosure created some temporary market weakness. In light of
the uncertainty, coupled with the potential for additional Federal Reserve
action in late January, we chose to invest most available proceeds in the
short end of the yield curve. Throughout this process, the securities
suitable for investment were those that met our high quality standards and
that provided a balance of income and liquidity consistent with our
conservative investment philosophy. We will continue to monitor these
developments and will adjust our strategy as changes in the market warrant.
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,
(logo signature)
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
December 16, 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.
<TABLE>
<CAPTION>
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS NOVEMBER 30, 1994
PRINCIPAL
TAX EXEMPT INVESTMENTS_100.0% AMOUNT VALUE
----------- ------------
<S> <C> <C>
OHIO_ 98.3%
City of Akron, Sewer Systems Revenue, Special Assessment Notes, VRDN
3.75% (LOC; Credit Suisse) (a,b)........................................ $ 2,500,000 $ 2,500,000
City of Cleveland, BAN 3.66%, 12/1/94....................................... 1,000,000 1,000,000
Cleveland-Cuyahoga County Port Authority, Revenue, VRDN
(Rock and Roll Hall of Fame Project) 3.75% (LOC; Credit Local de France) (a,b). 4,000,000 4,000,000
Cleveland Public Power Systems, Revenue, BAN 4%, 12/29/94................... 5,000,000 5,002,267
Columbus, Sewer Revenue, Refunding, VRDN 3.60% (a).......................... 3,000,000 3,000,000
Franklin County, IDR, VRDN, Refunding:
(Berwick Steel Co.) 3.875% (LOC; Sanwa Bank) (a,b)...................... 1,000,000 1,000,000
(Physicians Building Limited) 3.80% (LOC; Bank One Corp.) (a,b)......... 1,005,000 1,005,000
Geauga County, IDR, VRDN (General Signal Corp. Project)
3.75% (LOC; Wachovia Bank) (a,b)........................................ 2,000,000 2,000,000
Hillsboro, IDR, VRDN (TD Manufacturing Co. Limited Project)
4.125% (LOC; Sanwa Bank) (a,b).......................................... 180,000 180,000
Montgomery County, IDR, VRDN (Modern Industrial Plastics Project)
4% (LOC; Industrial Bank of Japan) (a,b)................................ 3,000,000 3,000,000
City of North Olmstead, BAN:
4.20%, 6/22/95.......................................................... 1,000,000 1,001,602
4.34%, 8/17/95.......................................................... 3,360,000 3,365,490
Ohio Air Quality Development Authority:
PCR (Ohio Edison Project) 4.25%, Series C, 9/1/95 (LOC; Barclays Bank) (b) 2,000,000 2,000,000
Revenue, VRDN (JMG Funding Limited Partnership Project)
3.70%, Series A (LOC; Societe Generale) (a,b)......................... 2,000,000 2,000,000
Ohio Housing Finance Agency, SFMR
3.40%, Series A-2, 12/1/94 (GIC; Morgan Stanley)........................ 600,000 600,000
Ohio State University, General Receipts, VRDN
3.70%, Series B (Guaranteed by; Ohio State University) (a).............. 2,750,000 2,750,000
Piqua, IDR, VRDN (Berwick Steel Co. Project) 4.125% (LOC; Sanwa Bank) (a,b). 2,800,000 2,800,000
Scioto County, Marine Terminal Facility Revenue, Refunding, VRDN
(Norfolk Southern Corp. Project) 3.60% (a).............................. 7,500,000 7,500,000
City of Sharonville, IDR, VRDN (Edgecomb Metals Co. Project)
3.75% (LOC; Banque Nationale de Paris) (a,b)............................ 1,150,000 1,150,000
Stark County, BAN 3.88%, 4/7/95............................................. 3,040,000 3,041,830
Student Loan Funding Corp. of Cincinnati, Student Loan Revenue, VRDN
3.65%, 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 2,001,036
IDR (Texlar Inc. Project) 4.15%, 5/1/95 (LOC; Bank One Corp.) (b)....... 380,000 380,000
City of Toledo, City Services Special Assessment Notes, Refunding
4.15%, 6/1/95 (LOC; Sumitomo Bank) (b).................................. 1,740,000 1,741,635
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
----------- ------------
OHIO (CONTINUED)
Toledo-Lucas County Port Authority, Development Revenue, VRDN
(Frostbite Brands Inc. Project) 4.40% (LOC; Old Kent Bank and Trust) (a,b). $ 1,200,000 $ 1,200,000
University of Cincinnati, General Receipts, BAN 4.75%, 8/30/95.............. 2,000,000 2,010,041
Warren County, IDR, VRDN (Johnson and Hardin Enterprises)
4%, Series A (LOC; PNC Bank of Ohio) (a,b).............................. 1,800,000 1,800,000
U.S. RELATED_1.7%
Puerto Rico Industrial Medical and Environmental Pollution Control Facilities
Financing Authority, Revenue (Reynolds Metals Co. Project)
4% (LOC; ABN-Amro Bank) (b)............................................. 1,000,000 1,000,728
---------
TOTAL INVESTMENTS (cost $60,029,629)........................................ $60,029,629
============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
BAN Bond Anticipation Notes PCR Pollution Control Revenue
GIC Guaranteed Investment Contract SFMR Single Family Mortgage Revenue
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
LOC Letter of Credit
</TABLE>
<TABLE>
<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) 77.1%
Aaa/Aa (d) AAA/AA (d) 9.9
Not Rated (e) Not Rated (e) 13.0
-------
100.0%
======
</TABLE>
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, 1994, 45.6% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks and brokerage firms.
(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.
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1994
<S> <C> <C>
ASSETS:
Investments in securities, at value_Note 1(a).......................... $60,029,629
Cash.................................................................... 2,521,810
Interest receivable..................................................... 529,999
Prepaid expenses........................................................ 21,871
----------
63,103,309
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 5,208
Accrued expenses........................................................ 44,765 49,973
-------- ----------
NET ASSETS ................................................................ $63,053,336
===========
REPRESENTED BY:
Paid-in capital......................................................... $63,101,420
Accumulated net realized (loss) on investments.......................... (48,084)
----------
NET ASSETS at value applicable to 63,101,420 shares outstanding
(1 billion shares of $.001 par value Common Stock authorized)........... $63,053,336
===========
NET ASSET VALUE, offering and redemption price per share
($63,053,336 / 63,101,420 shares)....................................... $1.00
=====
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF OPERATIONS YEAR ENDED NOVEMBER 30, 1994
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $1,881,522
EXPENSES:
Management fee_Note 2(a)............................................. $320,740
Shareholder servicing costs_Note 2(b)................................. 88,508
Auditing fees......................................................... 27,978
Legal fees............................................................ 12,890
Organization expenses................................................. 10,723
Prospectus and shareholders' reports.................................. 9,806
Custodian fees........................................................ 7,752
Directors' fees and expenses_Note 2(c)................................ 5,420
Registration fees..................................................... 2,439
Miscellaneous......................................................... 4,112
--------
490,368
Less_reduction in management fee due to
undertakings_Note 2(a)............................................ 308,073
--------
TOTAL EXPENSES.................................................. 182,295
----------
INVESTMENT INCOME_NET...................................................... 1,699,227
NET REALIZED (LOSS) ON INVESTMENTS_Note 1(b)............................... (48,084)
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $1,651,143
===========
</TABLE>
See notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED NOVEMBER 30,
-------------------------------
1993 1994
_______ _______
<S> <C> <C>
OPERATIONS:
Investment income_net.................................................. $ 1,531,546 $ 1,699,227
Net realized (loss) on investments...................................... -- (48,084)
------------- --------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 1,531,546 1,651,143
------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income_net.................................................. (1,531,546) (1,699,227)
Net realized gain on investments........................................ (710) --
------------- --------------
TOTAL DIVIDENDS....................................................... (1,532,256) (1,699,227)
------------- --------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................... 141,631,122 274,495,559
Dividends reinvested.................................................... 1,442,164 1,498,252
Cost of shares redeemed................................................. (141,739,582) (276,775,461)
------------- --------------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL
STOCK TRANSACTIONS................................................ 1,333,704 (781,650)
------------- --------------
TOTAL INCREASE (DECREASE) IN NET ASSETS........................... 1,332,994 (829,734)
NET ASSETS:
Beginning of year....................................................... 62,550,076 63,883,070
------------- --------------
End of year............................................................. $ 63,883,070 $ 63,053,336
============ =============
</TABLE>
See notes to financial statements.
<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 year indicated. This information
has been derived from the Fund's financial statements.
YEAR ENDED NOVEMBER 30,
--------------------------------------------
PER SHARE DATA: 1991(1) 1992 1993 1994
------- ------- ------- -------
<S> <C> <C> <C> <C>
Net asset value, beginning of year....................... $1.0000 $1.0000 $1.0000 $1.0000
------- ------- ------- -------
INVESTMENT OPERATIONS:
Investment income_net................................... .0334 .0326 .0244 .0264
Net realized and unrealized gain (loss) on investments... -- -- -- (.0008)
------- ------- ------- -------
TOTAL FROM INVESTMENT OPERATIONS....................... .0334 .0326 .0244 .0256
------- ------- ------- -------
DISTRIBUTIONS:
Dividends from investment income_net.................... (.0334) (.0326) (.0244) (.0264)
Dividends from net realized gain on investments.......... -- -- -- --
------- ------- ------- -------
TOTAL DISTRIBUTIONS.................................... (.0334) (.0326) (.0244) (.0264)
------- ------- ------- -------
Net asset value, end of year............................. $1.0000 $1.0000 $1.0000 $ .9992
======== ======= ======= ========
TOTAL INVESTMENT RETURN 4.50%(2) 3.31% 2.47% 2.67%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.................. -- .09% .20% .28%
Ratio of net investment income to average net assets..... 4.43%(2) 3.27% 2.44% 2.65%
Decrease reflected in above expense ratios due to
undertakings by the Manager............................ 1.31%(2) .76% .56% .48%
Net Assets, end of year (000's Omitted).................. $27,562 $62,550 $63,883 $63,053
</TABLE>
(1) From March 1, 1991 (commencement of operations) to November 30, 1991.
(2) Annualized.
See notes to financial statements.
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
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, until August 24, 1994, acted as the exclusive
distributor of the Fund's shares, which are sold to the public without a
sales charge. Dreyfus Service Corporation is a wholly-owned subsidiary of The
Dreyfus Corporation ("Manager"). Effective August 24, 1994, the Manager
became a direct subsidiary of Mellon Bank, N.A.
On August 24, 1994, Premier Mutual Fund Services, Inc. (the
"Distributor") was engaged as the Fund's distributor. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of Institutional Services, Inc., a provider of mutual fund
administration services, the parent company of which is Boston Institutional
Group, Inc.
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 of $1.00.
(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, 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.
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 and
excise taxes.
At November 30, 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).
The Fund has an unused capital loss carryover of approximately
$48,000 available for Federal income tax purposes to be applied against
future net securities profits, if any realized subsequent to November 30,
1994. If not applied, the carryover expires in fiscal 2002.
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS
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 had undertaken from December 1, 1993 through October 4, 1994 to
waive receipt of the management fee payable to it by the Fund, and thereafter
had undertaken through January 30, 1995, to reduce the management fee paid by
the Fund, to the extent that the Fund's aggregate expenses (excluding certain
expenses as described above) exceeded specified annual percentages of the
Fund's average daily net assets. The reduction in management fee, pursuant to
the undertakings amounted to $308,073 for the year ended November 30, 1994.
The Manager has currently undertaken from January 31, 1995 through
March 31, 1995, 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
management fee paid by the Fund in excess of an annual rate of .20 of 1% of
the Fund's average daily net assets.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund
reimburses Dreyfus Service Corporation 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, 1994, the Fund was charged an aggregate of $33,951
pursuant to the Shareholder Services Plan.
(C) Prior to August 24, 1994, certain officers and directors of the
Fund were "affiliated persons," as defined in the Act, of the Manager and/or
Dreyfus Service Corporation. Each director who is not an "affiliated person"
receives an annual fee of $1,000.
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
REPORT OF ERNST & YOUNG LLP, 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, 1994, 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, 1994 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,
1994, 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
January 6, 1995
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
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, 1994 as "exempt-interest dividends" (not subject to regular
Federal and, for individuals who are Ohio residents, Ohio personal income
taxes).
DREYFUS OHIO MUNICIPAL
MONEY MARKET FUND, INC.
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
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. 637AR9411
Ohio
Municipal
Money Market
Fund, Inc.
Annual Report
November 30, 1994
