DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus Ohio
Municipal Money Market Fund, Inc. For its semi-annual reporting period ended
May 31, 1996, your Fund produced an annualized yield of 2.86%. For investors
in the highest combined Federal and Ohio State* income tax bracket, this
equates to a taxable equivalent yield of 5.12%. Income dividends of
approximately $.014 per share were paid during the period. Reinvesting these
dividends and calculating the effect of compounding resulted in an annualized
effective yield of 2.90%.** These dividends were exempt from Federal and
State of Ohio personal income taxes, although some income may be subject to
the Federal Alternative Minimum Tax (AMT) for certain shareholders.
THE ECONOMY
Recent economic reports show that the economy continues to recover from
its year-end 1995 pause. Spurred by a surge in consumer and business
spending, the annualized Gross Domestic Product grew at a moderate 2.3%
during the first quarter of this year. The Index of Leading Economic
Indicators, a major forecasting index, extended its string of increases for
the third consecutive month in April, the first such three-month advance
since late 1993. Despite a sharp jump in energy prices, inflation remained in
check. For the12 months ended May, consumer prices rose 2.9%.
Despite the relatively benign level of inflation, the economy's expansion
has sparked concerns that the Federal Reserve Board could raise short-term
interest rates. So far, the Fed has refrained from tightening monetary
policy, apparently interpreting economic data to mean that the economy
remains on a path of moderate growth unaccompanied by a surge in inflation.
There is now a greater consensus that the Fed will tighten in order to
prevent unacceptable levels of price inflation from coming on the heels of
economic growth.
MARKET/PORTFOLIO ENVIRONMENT
If one were to trace the trend in short-term municipal rates over the six
months ended May 31, the direction would mirror closely the changes in supply
and demand conditions. The six-month cycle would reflect: higher rates at
year-end due to December outflows, a precipitous drop in yields throughout
January as cash returned to the market, price weakness/higher rates in April
as investors tapped their money market funds to pay income taxes and yield
stability in May as market activity settled into a trading range. These
technical influences continue to be the overriding factor affecting municipal
money rates.
These conditions, coupled with policies followed by the Federal Reserve
Board, provide the framework for our investment strategy. During the first
few months of 1996, as a result of uncertainty surrounding potential tax
reform, variable rate demand notes (which represent a significant portion of
your portfolio's investments) benefited from unusually high yields. While the
concerns were only temporary, they translated, for a time, into a more
attractive after-tax rate of return than was available to the Ohio investor
on taxable instruments with similar maturities. During this period, the
purchase of attractively yielding commercial paper in the 90-day range also
allowed us to capture returns similar to those on one-year issues without a
significant extension of average maturity. This enabled us to wait out a
lower yield environment in anticipation of higher rates.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Sincerely,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
June 14, 1996
New York, N.Y.
* The maximum Federal tax rate of 39.60% and the maximum Ohio State tax rate
of 7.50% amount to an effective tax rate of 44.13% after deduction of the
State tax from Federally taxable income.
**Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
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<CAPTION>
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS MAY 31, 1996 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
_______ ______
<S> <C> <C>
OHIO-92.6%
City of Akron, Sewer Systems Revenue, Special Assessment Notes, VRDN
3.65% (LOC; Credit Suisse) (a,b)........................................ $ 700,000 $ 700,000
Brecksville-Broadview City School District, Notes 3.90%, 1/17/97............ 2,000,000 2,004,247
City of Cleveland School District, RAN 4.50%, 6/1/96 (Insured; AMBAC)....... 3,400,000 3,400,000
Cleveland-Cuyahoga County Port Authority, Revenue, VRDN
(Rock and Roll Hall of Fame Project) 3.65% (LOC; Credit Local de France) (a,b) 2,500,000 2,500,000
Columbus, Electric System Revenue, VRDN 3.55% (LOC; Union Bank of
Switzerland) (a,b).......................................................... 1,500,000 1,500,000
Greene County, BAN 4.25%, Series B, 7/18/96................................. 2,023,215 2,024,340
Hamilton County, Hospital Facilities Revenue, VRDN (Bethesda Hospital Inc.)
3.70% (LOC; Rabobank Nederland) (a,b)................................... 2,000,000 2,000,000
Montgomery County, Certificates of Indebtedness, Notes 4%, 10/25/96......... 2,000,000 2,003,594
Ohio Housing Finance Agency, Residential Mortgage Revenue 3.40%, 3/3/97..... 2,000,000 2,000,000
Ohio State University, General Receipts, VRDN 3.40%, Series B (a)........... 1,900,000 1,900,000
Ohio Water Development Authority, Pollution Control Facilities, PCR, CP
(Duquesne Light)
3.60% (LOC; Toronto-Dominion Bank) (a,b)............................... 1,000,000 1,000,000
Piqua, IDR, VRDN (Berwick Steel Co. Project) 3.75% (LOC; Sanwa Bank) (a,b).. 2,000,000 2,000,000
Scioto County, Marine Terminal Facility Revenue, Refunding, VRDN
(Norfolk Southern Corp. Project) 3.60% (a).............................. 3,500,000 3,500,000
City of Sharonville, IDR, VRDN (Edgecomb Metals Co. Project)
3.50% (LOC; Banque Nationale de Paris) (a,b)............................ 1,150,000 1,150,000
Toledo City Services, Special Assessment Notes, Special Obligation
4.32%, 7/31/96 (LOC; Bank of Tokyo) (b)................................. 3,000,000 3,003,020
Toledo-Lucas County Port Authority, Revenue, VRDN (Frostbite Brands Inc.
Project)
4% (LOC; Old Kent Bank and Trust) (a,b)................................. 1,080,000 1,080,000
City of Twinsburg, IDR, VRDN (United Stationers Supply Co.)
3.85% (LOC; PNC Bank) (a,b)............................................. 1,900,000 1,900,000
University of Cincinnati, General Receipts, BAN 4.25%, Series S, 8/28/96.... 1,000,000 1,000,578
Warren County, IDR, VRDN (Johnson and Hardin Enterprises)
3.95%, Series A (LOC; PNC Bank of Ohio) (a,b)........................... 1,500,000 1,500,000
U.S. RELATED-7.4%
Commonwealth of Puerto Rico Government Development Bank:
CP 3.50%, 7/12/96....................................................... 1,500,000 1,500,000
VRDN 3.25% (LOC; Credit Suisse) (a,b)................................... 400,000 400,000
Puerto Rico Industrial Medical and Environmental Pollution Control Financing
Authority,
Revenue 3.60%, 12/1/96 (LOC; Morgan Guaranty Trust Co.) (b)............. 1,000,000 1,000,970
______
TOTAL INVESTMENTS (cost $39,066,749)........................................ $39,066,749
======
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DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
BAN Bond Anticipation Notes PCR Pollution Control Revenue
CP Commercial Paper RAN Revenue Anticipation Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- ------ ------- ----------------- -------------------
<S> <C> <S> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 71.6%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 18.1
Not Rated (f) Not Rated (f) Not Rated (f) 10.3
____
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, 1996, 49.4% of the Fund's
net assets are backed by letters of credit issued by domestic banks and
foreign banks.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) P1 and A1 are the highest ratings assigned tax-exempt commercial
paper by Moody's and Standard & Poor's, respectively.
(e) Notes which are not F, MIG or SP rated are represented by bond
ratings of the issuers.
(f) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's 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.
(g) At May 31, 1996, the Fund had $11,530,000 (28.9% of net assets)
invested in securities whose payment of principal 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, 1996 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $39,066,749
Cash.................................................................... 527,732
Interest receivable..................................................... 357,780
Prepaid expenses........................................................ 12,417
______
39,964,678
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $16,502
Accrued expenses and other liabilities.................................. 26,551 43,053
___ ______
NET ASSETS ................................................................ $39,921,625
======
REPRESENTED BY:
Paid-in capital......................................................... $39,969,756
Accumulated net realized (loss) on investments.......................... (48,131)
______
NET ASSETS at value applicable to 39,969,756 shares outstanding
(1 billion shares of $.001 par value Common Stock authorized)........... $39,921,625
======
NET ASSET VALUE, offering and redemption price per share
($39,921,625 / 39,969,756 shares)....................................... $1.00
======
See independent accountants' review report and notes to financial statements.
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED MAY 31, 1996 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $797,824
EXPENSES:
Management fee-Note 2(a).............................................. $107,395
Shareholder servicing costs-Note 2(b)................................. 25,757
Auditing fees......................................................... 20,270
Legal fees............................................................ 12,538
Directors' fees and expenses-Note 2(c)................................ 4,371
Custodian fees........................................................ 2,801
Registration fees..................................................... 1,868
Prospectus and shareholders' reports.................................. 129
Miscellaneous......................................................... 4,638
____
TOTAL EXPENSES.................................................... 179,767
____
INVESTMENT INCOME-NET, representing net increase in net assets
resulting from operations............................................... $618,057
=====
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, 1996
1995 (UNAUDITED)
_______ _________
OPERATIONS:
Investment income-net............................................... $ 1,796,479 $ 618,057
Net realized (loss) on investments.................................. (47) --
______ ______
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.............. 1,796,432 618,057
______ ______
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net............................................... (1,796,479) (618,057)
______ ______
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold....................................... 131,376,569 46,361,962
Dividends reinvested................................................ 1,597,594 553,743
Cost of shares redeemed............................................. (152,385,902) (50,635,630)
______ ______
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS.......... (19,411,739) (3,719,925)
______ ______
TOTAL (DECREASE) IN NET ASSETS................................ (19,411,786) (3,719,925)
NET ASSETS:
Beginning of period................................................. 63,053,336 43,641,550
______ ______
End of period....................................................... $ 43,641,550 $ 39,921,625
======= =======
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.
SIX MONTHS ENDED
YEAR ENDED NOVEMBER 30, MAY 31, 1996
------------------------------------------------------
PER SHARE DATA: 1991(1) 1992 1993 1994 1995 (UNAUDITED)
---- ---- ---- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
___- ___ ___ ___ ___ ___
INVESTMENT OPERATIONS;
Investment income-net................. .033 .033 .024 .026 .035 .014
___- ___ ___ ___ ___ ___
DISTRIBUTIONS;
Dividends from investment income-net.. (.033) (.033) (.024) (.026) (.035) (.014)
___- ___ ___ ___ ___ ___
Net asset value, end of period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==== ==== ==== ==== ==== ====
TOTAL INVESTMENT RETURN................... 4.50%(2) 3.31% 2.47% 2.67% 3.55% 2.87%(2)
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .- .09% .20% .28% .51% .83%(2)
Ratio of net investment income to
average net assets.................. 4.43%(2) 3.27% 2.44% 2.65% 3.50% 2.87%(2)
Decrease reflected in the above expense ratios
due to undertakings by the Manager.. 1.31%(2) .76% .56% .48% .24% --
Net Assets, end of period (000's Omitted) $27,562 $62,550 $63,883 $63,053 $43,642 $39,922
(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:
Dreyfus Ohio Municipal Money Market Fund, Inc. (the "Fund") is registered
under the Investment Company Act of 1940 ("Act") as a non-diversified
open-end management investment company. The Fund's investment objective is to
provide investors with as high a level of current income exempt from Federal
and State of Ohio income taxes as is consistent with the preservation of
capital and the maintenance of liquidity. The Dreyfus Corporation ("Manager")
serves as the Fund's investment adviser. The Manager is a direct subsidiary
of Mellon Bank, N.A. Premier Mutual Fund Services, Inc. (the "Distributor")
acts as the distributor of the Fund's shares, which are sold to the public
without a sales charge.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value 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.
The Fund has an unused capital loss carryover of approximately $48,100
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to November 30, 1995. If not
applied, $48,000 of the carryover expires in fiscal 2002 and $100 expires in
fiscal 2003.
At May 31, 1996, 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 value
of the Fund's average daily net assets and is
DREYFUS OHIO MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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. There was no expense reimbursement for the six months ended May 31,
1996.
(B) Pursuant to the Fund's Shareholder Services Plan, the Fund reimburses
Dreyfus Service Corporation, a wholly-owned subsidiary of the Manager, an
amount not to exceed an annual rate of .25 of 1% of the value of the Fund's
average net assets for certain allocated expenses of providing personal
services and/or maintaining shareholder accounts. The services provided may
include personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
During the six months ended May 31, 1996, the Fund was charged an aggregate
of $10,648 pursuant to the Shareholder Services Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
the Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. Such
compensation amounted to $10,614 during the six months ended May 31, 1996.
(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, 1996, and the related statements of operations and
changes in net assets and financial highlights for the six month period ended
May 31, 1996. 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, 1995 and financial highlights for each of the five years in the
period ended November 30, 1995 and in our report dated December 28, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst and Young LLP signature logo]
New York, New York
July 8, 1996
[Dreyfus lion "d" logo]
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
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 637SA965
[Dreyfus logo]
Ohio Municipal
Money Market
Fund, Inc.
Semi-Annual
Report
May 31, 1996
ual
Report
May 31, 1996
