LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this semi-annual report for the
Dreyfus Ohio Municipal Money Market Fund. For the period ended May 31, 1995,
the annualized yield provided by your Fund was 3.63%. After taking into
account the effect of compounding, the annualized effective yield was 3.69%.*
Dividends of approximately $.018 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.
Federal Reserve Board action since our last letter was limited to just
one 50-basis-point tightening move, one which represented a decrease in
magnitude from previous actions. The fact that the increase was smaller
reflected, in part, the belief that some slowing in the economy had occurred.
However, as some economic indicators had continued to conflict with that
sentiment, the argument for a move, even a more moderate hike, appeared to be
in order. More recent trends in market opinion suggest the Fed may ease soon
and, in large part, market levels now reflect those expectations.
While market fundamentals do affect the short-term municipal market, the
overriding influence continues to be market technicals (i.e., supply/demand).
Since the rates on those securities in the portfolio which provide the
highest degree of liquidity (1-day and 7-day demand notes) are adjusted on a
daily or weekly basis, your Fund's yield reflects these rapid adjustments and
fluctuates accordingly. Currently, rates on such securities provide an
attractive return, trading at better than 75% of the taxable overnight
repurchase rate. We anticipate that these yields will drop significantly in
the coming weeks as many holdings in municipal money market funds mature at
the end of June. However, if previous summer technicals are repeated, we
expect the situation to reverse in late July and August as issuers return to
the market with their summer financings.
In the wake of the Orange County, California bankruptcy filing in
December, we continue to devote our resources to locating those credits which
achieve our high internal standards and which provide your Fund with
attractive returns. 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,
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
June 16, 1995
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.
<TABLE>
<CAPTION>
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS MAY 31, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
------------- -------------
<S> <C> <C>
OHIO-98.1%
City of Akron, Sewer Systems Revenue, Special Assessment Notes, VRDN
4.15% (LOC; Credit Suisse) (a,b)........................................ $ 700,000 $ 700,000
City of Cincinnati School District, TAN 5.80%, 12/29/95..................... 2,000,000 2,004,400
Cleveland-Cuyahoga County Port Authority, Revenue, VRDN
(Rock and Roll Hall of Fame Project) 4.15% (LOC; Credit Local de France) (a,b) 2,500,000 2,500,000
City of Fairfield School District, BAN 5.85%, 6/20/95....................... 3,000,000 3,000,837
Franklin County, IDR, Refunding, VRDN (Berwick Steel Co.)
4.45% (LOC; Sanwa Bank) (a,b)........................................... 1,000,000 1,000,000
Hillsboro, IDR, VRDN (TD Manufacturing Co. Limited Project)
4.70% (LOC; Sanwa Bank) (a,b)........................................... 180,000 180,000
Montgomery County:
BAN 5%, 1/26/96......................................................... 2,000,000 2,010,101
IDR, VRDN (Modern Industrial Plastics Project)
4.57% (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 1,000,166
4.34%, 8/17/95.......................................................... 3,360,000 3,361,632
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
Ohio Public Facilities Commission, Refunding (Higher Education Capital
Facilities)
5.20%, 5/1/96 (Insured; AMBAC).......................................... 3,500,000 3,526,619
Ohio State University, General Receipts, VRDN 4%, Series B (a).............. 2,550,000 2,550,000
Piqua, IDR, VRDN (Berwick Steel Co. Project) 4.40% (LOC; Sanwa Bank) (a,b).. 2,800,000 2,800,000
Scioto County, Marine Terminal Facility Revenue, Refunding, VRDN
(Norfolk Southern Corp. Project) 4% (a)................................. 7,500,000 7,500,000
City of Sharonville, IDR, VRDN (Edgecomb Metals Co. Project)
4.025% (LOC; Banque Nationale de Paris) (a,b)........................... 1,150,000 1,150,000
Student Loan Funding Corp. of Cincinnati, Student Loan Revenue, VRDN
4.10%, Series 1983A (LOC; Fuji Bank) (a,b).............................. 1,000,000 1,000,000
City of Toledo, City Services Special Assessment Notes, Refunding
4.15%, 6/1/95 (LOC; Sumitomo Bank) (b).................................. 1,740,000 1,740,000
Toledo-Lucas County Port Authority, Development Revenue, VRDN
(Frostbite Brands Inc. Project) 4.70% (LOC; Old Kent Bank and Trust) (a,b) 1,140,000 1,140,000
City of Twinsburg, Industrial Development Revenue, VRDN (United Stationers
Supply Co.)
4.75% (LOC; PNC Bank) (a,b)............................................. 5,000,000 5,000,000
University of Cincinnati, General Receipts, BAN 4.75%, 8/30/95.............. 2,000,000 2,003,322
Warren County, IDR, VRDN (Johnson and Hardin Enterprises)
4.45%, Series A (LOC; PNC Bank of Ohio) (a,b)........................... 1,700,000 1,700,000
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MAY 31, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------- -------------
U.S. RELATED-1.9%
Puerto Rico Industrial Medical and Environmental Pollution Control Facilities
Financing Authority, Revenue (Reynolds Metals Co. Project)
4%, 9/1/95 (LOC; ABN-Amro Bank) (b)..................................... $ 1,000,000 $ 1,000,245
-------------
TOTAL INVESTMENTS (cost $51,867,322)........................................ $51,867,322
=============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation PCR Pollution Control Revenue
BAN Bond Anticipation Notes TAN Tax Anticipation Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
LOC Letter of Credit
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS
MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- -------------------- ----------------------
<S> <C> <C>
Aaa/Aa (c) AAA/AA (c) 7.4%
VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 63.9
Not Rated (d) Not Rated (d) 28.7
-------
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 May 31, 1995, 44.5% of the Fund's
net assets are backed by letters of credit issued by domestic banks and
foreign banks, of which PNC Bank provided letters of credit to 12.0% of
the Fund's net assets.
(c) Notes which are not MIG or SP rated are represented by bond ratings
of the issuers.
(d) 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.
(e) At May 31, 1995, the Fund had $24,470,244 (43.7% of net assets)
invested in securities whose payment of prinicipal and interest is
dependent upon revenues generated from industry.
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, 1995 (UNAUDITED)
ASSETS:
<S> <C> <C>
Investments in securities, at value-Note 1(a)........................... $51,867,322
Cash.................................................................... 3,488,995
Interest receivable..................................................... 628,783
Prepaid expenses........................................................ 11,301
-----------
55,996,401
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 9,044
Accrued expenses........................................................ 38,341 47,385
-------- -----------
NET ASSETS ................................................................ $55,949,016
===========
REPRESENTED BY:
Paid-in capital......................................................... $55,997,100
Accumulated net realized (loss) on investments.......................... (48,084)
-----------
NET ASSETS at value applicable to 55,997,100 outstanding
shares of Common Stock, equivalent to $1.00 per share
(1 billion shares of $.001 par value authorized)........................ $55,949,016
===========
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC
STATEMENT OF OPERATIONS SIX MONTHS ENDED MAY 31, 1995 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $1,128,288
EXPENSES:
Management fee-Note 2(a).............................................. $138,501
Shareholder servicing costs-Note 2(b)................................. 44,090
Auditing fees......................................................... 12,723
Legal fees............................................................ 8,336
Directors' fees and expenses-Note 2(c)................................ 3,782
Registration fees..................................................... 1,331
Prospectus and shareholders' reports.................................. 874
Custodian fees........................................................ 538
Miscellaneous......................................................... 7,723
--------
217,898
Less-reduction in management fee due to
undertakings-Note 2(a)............................................ 92,068
--------
TOTAL EXPENSES.................................................. 125,830
----------
INVESTMENT INCOME-NET, representing net increase in net assets
resulting from operations............................................... $1,002,458
==========
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
NOVEMBER 30, MAY 31, 1995
1994 (UNAUDITED)
---------------- -----------------
<S> <C> <C>
OPERATIONS:
Investment income-net............................................. $ 1,699,227 $ 1,002,458
Net realized (loss) on investments................................ (48,084) ---
---------------- -----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ 1,651,143 1,002,458
---------------- -----------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net............................................. (1,699,227) (1,002,458)
---------------- -----------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold..................................... 274,495,559 72,200,473
Dividends reinvested.............................................. 1,498,252 882,595
Cost of shares redeemed........................................... (276,775,461) (80,187,388)
---------------- -----------------
(DECREASE) IN NET ASSETS RESULTING FROM CAPITAL STOCK TRANSACTIONS (781,650) (7,104,320)
---------------- -----------------
TOTAL (DECREASE) IN NET ASSETS.............................. (829,734) (7,104,320)
NET ASSETS:
Beginning of period............................................... 63,883,070 63,053,336
---------------- -----------------
End of period..................................................... $ 63,053,336 $ 55,949,016
================ =================
</TABLE>
See independent accountants' review report and notes to financial statements.
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.
<TABLE>
<CAPTION>
SIX MONTHS ENDED
YEAR ENDED NOVEMBER 30, MAY 31, 1995
---------------------------------- ------------------
PER SHARE DATA: 1991(1) 1992 1993 1994 (UNAUDITED)
-------- -------- -------- -------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period......... $1.0000 $1.0000 $1.0000 $1.0000 $ .9992
-------- -------- -------- -------- ------------
INVESTMENT OPERATIONS:
Investment income-net........................ .0334 .0326 .0244 .0264 .0181
Net realized and unrealized gain (loss)
on investments............................. -- -- -- (.0008) --
-------- -------- -------- -------- ------------
TOTAL FROM INVESTMENT OPERATIONS........... .0334 .0326 .0244 .0256 .0181
-------- -------- -------- -------- -------------
DISTRIBUTIONS:
Dividends from investment income-net......... (.0334) (.0326) (.0244) (.0264) (.0181)
Dividends from net realized gain on investments -- -- -- -- --
-------- -------- -------- -------- -------------
TOTAL DISTRIBUTIONS........................ (.0334) (.0326) (.0244) (.0264) (.0181)
-------- -------- -------- -------- -------------
Net asset value, end of period............... $1.0000 $1.0000 $1.0000 $.9992 $ .9992
======== ======== ======== ======== =============
TOTAL INVESTMENT RETURN.......................... 4.50%(2) 3.31% 2.47% 2.67% 3.65%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... -- .09% .20% .28% .45%(2)
Ratio of net investment income to average net assets 4.43%(2) 3.27% 2.44% 2.65% 3.62%
Decrease reflected in above expense ratios due to
undertakings by the Manager................ 1.31%(2) .76% .56% .48% .33%(2)
Net Assets, end of period (000's Omitted).... $27,562 $62,550 $63,883 $63,053 $55,949
(1) From March 1, 1991 (commencement of operations) to November 30, 1991.
(2) Annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
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. Premier Mutual
Fund Services, Inc. (the "Distributor") acts as the exclusive distributor of
the Fund's shares, which are sold to the public without a sales charge. The
Distributor, located at One Exchange Place, Boston, Massachusetts 02109, is a
wholly-owned subsidiary of FDI Distribution Services, Inc., a provider of
mutual fund administration services, which in turn is a wholly-owned
subsidiary of FDI Holdings, Inc., the parent company of which is Boston
Institutional Group, Inc. The Dreyfus Corporation ("Manager") serves as the
Fund's investment adviser. The Manager is a direct subsidiary of Mellon Bank,
N.A.
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, 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 May 31, 1995, 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 (UNAUDITED) (CONTINUED)
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, 1994 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 Manager had
undertaken from January 31, 1995 through June 30, 1995 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. The reduction in management fee,
pursuant to the undertakings amounted to $92,068 for the six months ended May
31, 1995.
The Manager has currently undertaken through September 30, 1995, or until
such time as the net assets of the Fund exceed $100 million, regardless of
whether they remain at that level, to reduce the management fee paid by the
Fund, to the extent that the Fund's aggregate annual expenses (excluding
certain expenses as described above) exceed an annual rate of .70 of 1% of
the average daily value of the Fund's 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 six months
ended May 31, 1995, the Fund was charged an aggregate of $26,289 pursuant to
the Shareholder Services Plan.
(C) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $1,000. The Chairman of the Board
receives an additional 25% of such compensation.
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
REVIEW REPORT OF ERNST & YOUNG LLP, 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, 1995, and the related statements of operations and
changes in net assets and financial highlights for the six month period ended
May 31, 1995. 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, 1994 and financial highlights for each of the four years in the
period ended November 30, 1994 and in our report dated January 6, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
(Ernst & Young LLP Signature Logo)
New York, New York
July 5, 1995
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. 637SA955
Ohio
Municipal
Money Market
Fund, Inc.
Semi-Annual
Report
May 31, 1995
(Dreyfus Logo)
