PRESIDENT'S LETTER
Dear Shareholder:
We are pleased to provide you with this semi-annual report for the
Dreyfus Municipal Money Market Fund. For the six-month period ended
November 30, 1993, the annualized yield provided by your Fund was 1.99%.
After taking into account the effect of compounding, the annualized
effective yield was 2.01%.* Dividends of approximately $.01 per share
paid during the period were exempt from Federal income tax.**
Since our last report, inflation has remained at relatively low levels
and any increase in economic and credit demand growth has been modest.
Recent indicators that revealed economic strength do not appear strong
enough to result in any immediate tightening action by the Federal
Reserve Board. Economic growth, however, is projected to pick up in
early 1994 and it may influence the Federal Reserve to implement a more
restrictive monetary policy. As a result, short-term yields may rise,
but we expect supply and demand factors in the municipal money market to
be the overriding influence on tax exempt money market rates.
Over the past several months, many issuers returned to the marketplace
with their traditional annual financings--the most recent example being
a $1.4 billion State of New Jersey Tax Revenue Anticipation Note issue
that was well received. During times when issuance of this type outpaced
demand, yields rose on municipal notes, creating opportunities for
attractive purchases for your Fund's portfolio. At these times, high-
quality securities were added to the portfolio to enhance the Fund's
yield. In addition, we expected technical factors (supply/demand) in the
municipal note market to cause rates on notes to rise temporarily at
year end. Traditionally, this occurs as individuals and corporations tap
their money funds to meet seasonal needs. This attractive rate
environment should provide a temporary boost in yields at year end, and
indeed, it did.
We have included a current Statement of Investments and recent
financial statements for your review. We look forward to serving your
investment needs in the future.
Very truly yours,
Richard J. Moynihan
President
January 3, 1994
New York, N.Y.
*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 MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS NOVEMBER 30, 1993 (UNAUDITED)
TAX EXEMPT INVESTMENTS--100.0% PRINCIPAL
AMOUNT VALUE
----------- --------------
<S> <C> <C>
ALABAMA--1.4%
Alabama Higher Education Loan Corp., Student Loan Revenue, VRDN
2.675%, Series A (LOC; Fuji Bank) (a,b)........................................... $ 6,315,000 $ 6,315,000
Alabama Special Care Facilities Financing Authority, Montgomery Hospital Revenue,
VRDN 2.20% (Insured; FGIC and LOC; Barclays Bank) (a,b)............................. 5,900,000 5,900,000
City of Phenix, IDB, EIR, VRDN (Mead Coated Board Project)
2.15%, Series A (LOC; Sumitomo Bank) (a,b)....................................... 6,900,000 6,900,000
CALIFORNIA--13.2%
California Higher Education Loan Authority Inc., Student Loan Revenue
2.90%, Series A, 6/1/94 (LOC; Industrial Bank of Japan) (b)......................... 20,000,000 20,000,000
California Pollution Control Financing Authority, RRR, Refunding, VRDN
(Ultra Power Rocklin Project) 2.25%, Series A (LOC; Bank of America) (a,b).......... 5,000,000 5,000,000
California Public Capital Improvement Financing Authority, Revenue Bonds
(Pooled Project) 2.60%, Series C, 12/15/93 (LOC; National Westminster Bank) (b)..... 15,000,000 15,000,000
California School Cash Reserve Program Authority 3.40%, Series A, 7/5/94.............. 28,000,000 28,080,366
San Bernadino County, TRAN 3.25%, 7/29/94............................................. 20,000,000 20,057,405
Santa Ana, IDR, VRDN 2.675% (LOC; Wells Fargo Bank) (a,b)............................. 5,000,000 5,000,000
Southern California Rapid Transport District, RAN
3%, 2/22/94 (LOC; Bank of America) (b).............................................. 12,000,000 12,012,751
State of California, RAN:
2.12%, 12/23/93..................................................................... 25,000,000 24,986,777
2.20%, 12/23/93..................................................................... 50,000,000 49,977,307
COLORADO--5.2%
Arapahoe County Capital Improvement Trust Fund, Highway Revenue, Bonds (E-470 Project)
2.85%, 2/28/94 (Escrowed in; Societe Generale)...................................... 20,000,000 20,000,000
Colorado Student Obligation Bond Authority, Student Loan Revenue, VRDN
2.55%, Series A (LOC; Sumitomo Bank) (a,b).......................................... 5,800,000 5,800,000
Denver Urban Renewal Authority, Tax Increment Revenue Bonds (Downtown Denver Renewal)
2.90%, Series A, 3/17/94 (Collateralized in; U.S. Treasury Bills)................... 14,115,000 14,115,000
Summit County, IDR, VRDN (Aspen Skiing Co. Project) 2.35% (a)......................... 13,000,000 13,000,000
Westminster, MFHR, Refunding, Bonds (Brookhill Apartments) 3.50%, Series A, 12/1/93
(Investment Agreement; Bayerische Landesbank)....................................... 18,550,000 18,550,000
CONNECTICUT--4.6%
Connecticut Housing Financing Authority, Housing Mortgage Financing Program:
2.80%, Series H1, 11/15/94 (Escrowed in; U.S. Government Securities)................ 30,000,000 30,000,000
2.90%, Series H1, 11/15/94 (Escrowed in; U.S. Government Securities)................ 12,400,000 12,400,000
Connecticut Special Assessment Unemployment Compensation Advance Fund, Revenue
(Connecticut Unemployment) 3%, Series C, 7/1/94 (Insured; FGIC)..................... 20,000,000 20,022,483
DELAWARE--6.3%
Delaware Economic Development Authority, Revenue, VRDN
(Hospital Billing and Collection Service Ltd. Project):
2.25%, Series A (Insured; MBIA) (a).............................................. 66,400,000 66,400,000
2.25%, Series B (Insured; MBIA) (a).............................................. 20,000,000 20,000,000
DISTRICT OF COLUMBIA--1.2%
District of Columbia, VRDN:
(General Fund Recovery) 2%, Series B (LOC; Sanwa Bank) (a,b)........................ 11,400,000 11,400,000
Refunding 2.20%, Series A-1 (LOC; Sumitomo Bank) (a,b).............................. 5,400,000 5,400,000
FLORIDA--4.9%
Hillsborough County Industrial Development Authority, PCR, VRDN
(Tampa Electric Co. Project) 2.25% (Corp. Guaranty; Tampa Electric) (a)............. 17,100,000 17,100,000
FLORIDA (CONTINUED)
Jacksonville Health Facilities Authority, HR, VRDN (Baptist Medical
Center Project) 2.30% (LOC; First Union National Bank) (a,b)......................... 24,685,000 24,685,000
Orange County Health Facilities Authority, Revenue, VRDN (Adventist Health System
Sunbelt Inc.) 2.30% (LOC; Banque Paribas) (a,b)...................................... 5,600,000 5,600,000
Orange County School District, Revenue, RAN 2.75%, 3/8/94.............................. 8,500,000 8,505,489
Pinellas County Health Facilities Authority, Revenue, Refunding, VRDN
(Pooled Hospital Loan Program) 2% (LOC; Chemical Bank) (a,b)......................... 11,015,000 11,015,000
GEORGIA--6.8%
Athens-Clarke County Industrial Development Authority, IDR, VRDN
(Nakanishi Manufacturing Corp. Project) 2.80% (LOC; Sumitomo Bank) (a,b)............. 6,000,000 6,000,000
Cobb County, TAN 2.50%, 12/31/93....................................................... 40,000,000 40,006,427
Georgia Municipal Association Pool Board, Certificates Partnership, VRDN
2.30% (Insured; MBIA and SBPA; Credit Suisse) (a).................................... 40,000,000 40,000,000
Rockdale County Development Authority, Industrial Revenue, VRDN
(Liochem Inc. Project) 2.80% (LOC; Sanwa Bank) (a,b)................................. 7,000,000 7,000,000
HAWAII--.8%
Honolulu City and County, MFHR, VRDN (Royal Kunia Gardens)
2.75%, Series B (LOC; Bank Of Tokyo) (a,b)........................................... 10,300,000 10,300,000
ILLINOIS--9.1%
City of Chicago, GO, Tender Notes
2.75%, Series B, 4/5/94 (LOC: Dai-Ichi Kangyo Bank, Industrial Bank of Japan,
Mitsubishi Bank, Sanwa Bank and Sumitomo Bank) (b)................................... 30,000,000 30,000,000
Chicago O'Hare International Airport, Revenue, VRDN (General Airport Second Lien)
2.75%, Series A (LOC; Sanwa Bank) (a,b).............................................. 11,225,000 11,225,000
Chicago Park District 3.25%, 4/1/94.................................................... 5,000,000 5,007,289
Glendale Height, MFHR, VRDN (Glendale Lakes Project) 2.40% (a)......................... 16,045,000 16,045,000
Illinois Development Finance Authority, PCR, VRDN (Illinois Power Co.):
2.35%, Series C (LOC; Mitsubishi Bank) (a,b)......................................... 10,400,000 10,400,000
2.35%, Series D (LOC; Mitsubishi Bank) (a,b)......................................... 5,000,000 5,000,000
Illinois Health Facilities Authority, Revenue, VRDN (Revolving Fund Pooled Financing)
2.50%, Series G (a).................................................................. 16,250,000 16,250,000
Illinois Housing Development Authority, Residential Mortgage Revenue, Bonds
2.65%, Series A, 12/1/93 (GIC; Morgan Guaranty Trust)............................... 30,000,000 30,000,000
INDIANA--.3%
Fort Wayne Hospital Authority, HR, VRDN (Parkview Memorial Hospital)
2.45%, Series B (LOC; Fuji Bank) (a,b)........................................... 4,500,000 4,500,000
KANSAS--.9%
Topeka, MFHR, VRDN (Topeka Retirement Center Ltd.) 2.675% (LOC; Krediet Bank) (a,b)... 6,970,000 6,970,000
Wichita, PCR, Refunding, VRDN (CIC Industries Inc. Project)
2.80% (LOC; The Bank of New York) (a,b)............................................. 5,000,000 5,000,000
LOUISIANA--3.8%
Louisiana Housing Finance Agency, Mortgage Revenue Bonds
2.65%, 6/2/94 (Escrowed in; U.S. Treasury Bills)..................................... 21,000,000 21,000,000
Plaquemines Port Harbor and Terminal District, Port Facilities Revenue Bonds
(International Marine Terminal Project)
2.35%, Series B, 3/15/94 (LOC; Morgan Guaranty Trust) (b).......................... 14,300,000 14,300,000
Saint Charles Parish, PCR, VRDN (Shell Oil Co Norco Project)
2.25% (LOC; Shell Oil Co.) (a,b)..................................................... 16,500,000 16,500,000
MAINE--2.3%
Maine, TAN 3.50%, 6/30/94.............................................................. 15,500,000 15,561,511
Orrington, RRR, VRDN (Penobscott Energy Project) 2.80%, Series B (LOC: Bankers Trust,
Canadian Imperial Bank of Commerce, Long-Term Credit Bank of Japan, Bank of Nova
Scotia and Toronto Dominion Bank) (a,b).............................................. 15,375,000 15,375,000
MARYLAND--.4%
Baltimore County, HR, Refunding, VRDN (Spring Hill)
2.25% (LOC; Sumitomo Bank) (a,b)..................................................... 5,770,000 5,770,000
MASSACHUSETTS--.9%
Massachusetts Bay Transportation Authority 2.80%, 3/1/94............................... 12,350,000 12,361,878
MICHIGAN--1.8%
Kent Hospital Finance Authority, Hospital Facility Revenue, VRDN
(Butterworth Hospital) 2.50%, Series A (LOC; Sanwa Bank) (a,b)....................... 9,100,000 9,100,000
Michigan Hospital Finance Authority, Revenue, VRDN (Hospital Equipment Loan Program)
2.25% (LOC; Chemical Bank) (a,b)..................................................... 7,700,000 7,700,000
Michigan Strategic Fund, SWDR, VRDN (Grayling Generating Project)
2.25% (LOC; Barclays Bank) (a,b)..................................................... 8,000,000 8,000,000
MINNESOTA--.9%
Becker, Solid Waste Disposal Facilities Revenue (Liberty Paper Inc.) 3%, 10/1/94....... 11,825,000 11,825,000
MONTANA--1.5%
Montana Board of Investment, RRR, VRDN (Colstrip Project) 2.80% (LOC; Fuji Bank) (a,b). 21,050,000 21,050,000
NEBRASKA--1.1%
Nebraska Higher Education Loan Program Inc., Revenue, VRDN
(Multiple Mode-Student Loan) 2.25% (Insured; MBIA) (a)............................... 12,995,000 12,995,000
Nebraska Investment Finance Authority, Hospital Depreciation Assets Revenue, VRDN
2.30% (Insured; FGIC) (a)............................................................ 1,360,000 1,360,000
NEW MEXICO--2.1%
City of Farmington, PCR, Bonds (Arizona Public Service Project-Four Corners):
2.80%, Series A, 2/1/94 (LOC; Union Bank of Switzerland) (b)......................... 22,985,000 22,985,000
VRDN 2.20% (LOC; Barclays Bank) (a,b)................................................ 5,300,000 5,300,000
NEW YORK--1.2%
New York City, GO, VRDN 2.25% (LOC; Union Bank of Switzerland) (a,b)................... 10,400,000 10,400,000
New York State Energy, Research and Development Authority, PCR, VRDN
(Niagara Mohawk Project) 2.20%, Series A (LOC; Morgan Guaranty Trust) (a,b).......... 5,900,000 5,900,000
NORTH CAROLINA--.3%
North Carolina Medical Care Community, HR, VRDN (Pooled Financing Project)
2.30% (Insured; MBIA) (a)............................................................ 4,500,000 4,500,000
OHIO--2.6%
Ohio Air Quality Development Authority, Revenue Bonds, Refunding (Ohio Edison Project)
2.85%, Series A, 2/1/94 (LOC; Bankers Trust) (b)..................................... 12,000,000 12,000,000
Ohio Housing Family Authority, SFMR 2.95%, Series A-2, 6/1/94
(GIC; Goldman, Sachs & Co.).......................................................... 10,000,000 10,000,000
Scioto County, Marine Terminal Facilities Revenue, Refunding, VRDN
(Norfolk Southern Corp.) 2.40% (a)................................................... 1,300,000 1,300,000
Student Loan Funding Corp., Student Loan Revenue, VRDN
2.50%, Series B-3 (LOC; Sumitomo Bank) (a,b)......................................... 11,500,000 11,500,000
OKLAHOMA--.9%
Tulsa County Industrial Authority, Health Care Revenue Bonds (Laureate
Psychiatric Project) 2.40%, 12/15/93 (SBPA; William K. Foundation)................... 13,000,000 13,000,000
PENNSYLVANIA--3.2%
Cambria County Industrial Development Authority, RRR, VRDN (Cambria Cogen Project)
2.45%, Series V-2 (LOC; Fuji Bank) (a,b)............................................. 14,700,000 14,700,000
Columbia County Industrial Development Authority, IDR, VRDN (Weekly Kleerdex
Co. Project) 2.90% (LOC; Bank of Tokyo) (a,b)........................................ 4,800,000 4,800,000
Delaware Valley Regional Finance Authority, Local Government Revenue, VRDN
2.45%, Series D (LOC; Marine Midland Bank) (a,b)..................................... 5,000,000 5,000,000
Geisinger Authority, Health System Revenue, VRDN
1.90%, Series B (Liquidity Facility; Morgan Bank) (a)................................ 5,300,000 5,300,000
Hazelton Area Industrial Development Authority, EDR, VRDN
(Continental Energy Association Project) 3.20% (LOC; Swiss Bank Corp.) (a,b)......... 2,000,000 2,000,000
Schuylkill County Industrial Development Authority, RRR, VRDN
(Schuylkill Energy Resource) 4.50%, Series C (LOC; The Bank of New York) (a,b)....... 11,700,000 11,700,000
SOUTH CAROLINA--1.8%
South Carolina Jobs Economic Development Authority, EDR, VRDN (Wellman Inc. Project)
2.30% (LOC; Wachovia Bank & Trust Co.) (a,b)......................................... 11,300,000 11,300,000
Sumter County, Industrial Revenue, VRDN (Bendix Corp. Project)
2.675% (LOC; Sumitomo Bank) (a,b).................................................... 6,400,000 6,400,000
York County, IDR, VRDN (Textron Project) 3.72% (LOC; Bankers Trust) (a,b).............. 7,500,000 7,500,000
TENNESSEE--.9%
Franklin Industrial Development Board, MFHR, VRDN (Landings Project)
2.40%, Series C (LOC; Citibank) (a,b)................................................ 10,700,000 10,700,000
Metropolitan Government Nashville and Davidson County, Tennessee Health and
Education Facilities Board, Revenue, VRDN (Hospital Depreciable Assets)
2.20%, Series A (Insured; FGIC) (a).................................................. 1,000,000 1,000,000
TEXAS--8.4%
Greater East Texas Higher Education Authority Inc., Student Loan Revenue Bonds
2.55%, 5/1/94 (LOC; Sallie Mae) (b).................................................. 10,000,000 10,000,000
Gulf Coast Waste Disposal Authority, PCR, VRDN (Amoco Oil Co. Project)
2.25% (LOC; Amoco Credit Corp.) (a,b)................................................ 10,400,000 10,400,000
Harris County Health Facilities Development, HR, VRDN
(Memorial Hospital Systems Project) 2.50% (LOC; Societe Generale) (a,b).............. 16,600,000 16,600,000
Harris County Toll Road, Unlimited Tax- Sublien, VRDN:
2.30%, Series A (SBPA; Sumitomo Bank) (a)............................................ 35,600,000 35,600,000
2.30%, Series C (SBPA; Sumitomo Bank) (a)............................................ 25,000,000 25,000,000
Houston Health Facilities Development Corp., HR, VRDN (Methodist Hospital Project)
1.90% (SBPA: Methodist Hospital and Morgan Bank) (a)................................. 7,400,000 7,400,000
North Texas Higher Education Authority Inc., Student Loan Revenue, Refunding, VRDN
2.55% (LOC; Fuji Bank) (a,b)......................................................... 9,300,000 9,300,000
UTAH--1.3%
Salt Lake County Housing Authority, Elderly Housing Revenue, Refunding, VRDN
(Sandy Retirement Center) 2.30% (LOC; Swiss Bank Corp.) (a,b)........................ 5,900,000 5,900,000
Utah Board of Regents, Student Loan Revenue, VRDN 2.35%,
Series A (LOC; Sallie Mae) (a,b)..................................................... 12,500,000 12,500,000
VIRGINIA--5.2%
Charles City and County Industrial Development Authority, Exempt Facility Revenue,
VRDN (Chambers Development Inc. Project)
2.50% (LOC; North Carolina National Bank) (a,b)...................................... 9,600,000 9,600,000
VIRGINIA (CONTINUED)
Fairfax County Industrial Development Authority, Revenue, VRDN
(Fairfax Hospital Association) 2.30%, Series A (LOC; Dai-Ichi Kangyo Bank) (a,b)..... 13,400,000 13,400,000
Richmond Industrial Development Authority, Revenue, VRDN (Cogentrix Richmond Project)
2.35% (LOC; Banque Paribas) (a,b).................................................... 3,500,000 3,500,000
Virginia Housing Development Authority, Commonwealth Mortgage:
2.85%, Series C, 8/10/94............................................................. 9,000,000 9,000,000
2.80%, Series 1993A, 11/4/94 (GIC; AMBAC and Promissory Note; Morgan Stanley)........ 35,000,000 35,000,000
WASHINGTON--2.4%
Student Loan Finance Association Guaranteed Student Loan Program, Revenue, VRDN
2.30%, Series A (LOC; Sanwa Bank) (a,b).............................................. 22,600,000 22,600,000
Washington Housing Finance Commission, Single Family
2.80%, 6/10/94 (LOC; Societe Generale) (b)........................................... 10,000,000 10,000,000
WEST VIRGINIA--.6%
Marion County, Commision Solid Waste Disposal Facility Revenue, VRDN
(Granttown Project) 2.55%, Series B (LOC; National Westminster Bank) (a,b)........... 8,000,000 8,000,000
WISCONSIN--1.2%
City of Ashwaubenon, IDR, VRDN (Bemis Co.)
3.90% (LOC; Northwest Bank of Minnepolis) (a,b)...................................... 3,000,000 3,000,000
Milwaukee Housing Authority, MFHR, VRDN (Yankee Hill Apartments)
2.40% (LOC; Citibank) (a,b).......................................................... 14,000,000 14,000,000
U.S. RELATED--.5%
Commonwealth of Puerto Rico, TRAN 3%, 7/29/94.......................................... 6,305,000 6,319,519
--------------
TOTAL INVESTMENTS (cost $1,364,013,268)................................................ $1,364,229,202
==============
</TABLE>
<TABLE>
<CAPTION>
<S> <S> <S> <S>
SUMMARY OF ABBREVIATIONS
AMBAC American Municipal Bond Assurance Corporation MFHR Multi-Family Housing Revenue
EDR Economic Development Revenue PCR Pollution Control Revenue
EIR Environment Improvement Revenue RAN Revenue Anticipation Notes
FGIC Financial Guaranty Insurance Corporation RRR Resources Recovery Revenue
GIC Guaranteed Investment Contract SBPA Standby Bond Purchase Agreeement
GO General Obligation SFMR Single Family Mortgage Revenue
HR Hospital Revenue SWDR Solid Waste Disposal Revenue
IDB Industrial Development Board TAN Tax Anticipation Notes
IDR Industrial Development Revenue TRAN Tax and Revenue Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
MBIA Municipal Bond Insurance Association
</TABLE>
<TABLE>
<CAPTION>
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) or MOODY'S or STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- ------- ----------------- -------------------
<S> <S> <S> <C>
F1+/F1 VMIG1/MIG1, P1 SP1+/SP1, A1+/A1 95.5%
AAA/AA (d) Aaa/Aa (d) AAA/AA (d) 1.9
Not Rated (e) Not Rated (e) Not Rated (e) 2.6
------
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, 1993, 45.0% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks, government agencies, and corporations.
(c) Fitch currently provides creditworthiness information for a limited
amount of investments.
(d) Notes which are not F, MIG or SP rated are represented by bond r
atings of the issuers.
(e) 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.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES NOVEMBER 30, 1993 (UNAUDITED)
ASSETS:
<S> <C> <C>
Investments in securities, at value
(cost $1,364,013,268)--see statement................................................. $1,364,229,202
Cash................................................................................... 19,335,760
Interest receivable.................................................................... 7,608,801
Prepaid expenses....................................................................... 197,836
--------------
1,391,371,599
LIABILITIES:
Due to The Dreyfus Corporation......................................................... $ 573,284
Accrued expenses and other liabilities................................................. 571,799 1,145,083
---------- --------------
NET ASSETS............................................................................... $1,390,226,516
==============
REPRESENTED BY:
Paid-in capital........................................................................ $1,392,400,518
Accumulated undistributed investment income--net....................................... 133,931
Accumulated net realized (loss) on investments......................................... (2,523,867)
Accumulated gross unrealized appreciation on investments............................... 215,934
--------------
NET ASSETS at value applicable to 1,392,400,518 outstanding shares of
Common Stock, equivalent to $1.00 per share (5 billion shares of $.01
par value shares authorized)............................................................ $1,390,226,516
==============
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1993 (UNAUDITED)
INVESTMENT INCOME:
<S> <C> <C>
INTEREST INCOME......................................................................... $ 17,581,519
EXPENSES:
Management fee--Note 2(a)............................................................. $3,373,615
Shareholder servicing costs--Note 2(a)................................................ 595,832
Custodian fees........................................................................ 48,952
Professional fees..................................................................... 29,367
Registration fees..................................................................... 27,145
Prospectus and shareholders' reports.................................................. 24,779
Directors' fees and expenses---Note 2(b).............................................. 19,000
Miscellaneous......................................................................... 13,117
----------
TOTAL EXPENSES...................................................................... 4,131,807
--------------
INVESTMENT INCOME--NET.............................................................. 13,449,712
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain on investments--Note 1(b):............................................ $ 26,468
Net unrealized appreciation on investments.............................................. 214,780
----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS..................................... 241,248
--------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS...................................... $ 13,690,960
==============
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
MAY 31, NOVEMBER 30, 1993
1993 (UNAUDITED)
-------------- ---------------
<S> <C> <C>
OPERATIONS:
Investment income--net.................................................... $ 31,954,894 $ 13,449,712
Net realized gain on investments.......................................... 400,313 26,468
Net unrealized appreciation (depreciation) on investments for the period.. (16,407) 214,780
-------------- ---------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................... 32,338,800 13,690,960
-------------- ---------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net.................................................... (31,954,894) (13,449,712)
-------------- ---------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold............................................. 3,947,665,656 2,253,951,173
Dividends reinvested...................................................... 23,380,402 9,511,253
Cost of shares redeemed................................................... (4,056,387,591) (2,287,291,998)
-------------- ---------------
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS................ (85,341,533) (23,829,572)
-------------- ---------------
TOTAL (DECREASE) IN NET ASSETS........................................ (84,957,627) (23,588,324)
NET ASSETS:
Beginning of period....................................................... 1,498,772,467 1,413,814,840
-------------- ---------------
End of period (including undistributed investment income-net:
$133,931 and $133,931, respectively).................................... $1,413,814,840 $1,390,226,516
============== ===============
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS 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 information provided in the Fund's
financial statements.
SIX MONTHS
YEAR ENDED MAY 31, ENDED
NOVEMBER 30,
-------------------------------------------- 1993
PER SHARE DATA: 1989 1990 1991 1992 1993 (UNAUDITED)
------ ------ ------ ------ ------ ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period.............. $.9974 $.9972 $.9973 $.9975 $.9981 $.9983
------ ------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income--net........................... .0539 .0558 .0492 .0341 .0221 .0101
Net realized and unrealized gain (loss)
on investments................................. (.0002) .0001 .0002 .0005 .0002 --
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS............... .0537 .0559 .0494 .0346 .0223 .0101
------ ------ ------ ------ ------ ------
DISTRIBUTIONS;
Dividends from investment income--net............ (.0539) (.0558) (.0492) (.0340) (.0221) (.0100)
------ ------ ------ ------ ------ ------
Net asset value, end of period................... $.9972 $.9973 $.9975 $.9981 $.9983 $.9984
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN............................ 5.53% 5.72% 5.04% 3.46% 2.23% 1.99%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets.......... .58% .58% .59% .62% .62% .61%*
Ratio of net investment income to
average net assets............................. 5.37% 5.59% 4.95% 3.41% 2.22% 1.99%*
Net Assets, end of period (000's Omitted)........ $2,179,515 $2,164,461 $1,818,864 $1,498,772 $1,413,815 $1,390,227
___________
*Annualized.
</TABLE>
See independent accountants' review report and notes to financial statements.
DREYFUS 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 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.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income--net. Such dividends are paid
monthly. Dividends from net realized capital gain are normally declared
and paid annually, but the Fund may make distributions on a more
frequent basis to comply with the distribution requirements of the
Internal Revenue Code. To the extent that net realized capital gain can
be offset by capital loss carryovers, it is the policy of the Fund not
to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax
exempt dividends, by complying with the provisions available to certain
investment companies, as defined in applicable sections of the Internal
Revenue Code, and to make distributions of income and net realized
capital gain sufficient to relieve it from all, or substantially all,
Federal income taxes.
The Fund has an unused capital loss carryover of approximately
$2,550,000 available for Federal income tax purposes to be applied
against future net securities profits, if any, realized subsequent to
May 31, 1993. If not applied, $1,213,000 of the carryover expires in
fiscal 1995 and $1,337,000 expires in fiscal 1996.
At November 30, 1993, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
NOTE 2--MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of 1/2 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, interest on
borrowings, brokerage commissions and extraordinary expenses, exceed the
expense limitation of any state having jurisdiction over the Fund. The
most stringent state expense limitation applicable to the Fund presently
requires reimbursement of expenses in any full fiscal year that such
expenses exceed 2-1/2% of the first $30 million, 2% of the next $70
million and 1-1/2% of the excess over $100 million of the average value
of the Fund's net assets in accordance with California "blue sky"
regulations. There was no expense reimbursement for the six months ended
November 30, 1993.
(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 November 30, 1993, the Fund was
charged an aggregate of $176,281 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 $4,500 and an attendance fee of $500 per meeting.
(D) On December 5, 1993, the Manager entered into an Agreement and
Plan of Merger providing for the merger of the Manager with a subsidiary
of Mellon Bank Corporation ("Mellon").
Upon closing of the merger, it is planned that the Manager will retain
its New York headquarters and will be a separate subsidiary within the
Mellon organization. It is expected that the Manager's management team
and mutual fund managers will remain in place, and the Dreyfus mutual
funds will be operated in the same manner as they are currently.
Following the merger, the Manager will be either a direct or indirect
subsidiary of Mellon, whose principal banking subsidiary is Mellon Bank,
N.A. Closing of this merger is subject to a number of contingencies,
including the receipt of certain regulatory approvals and the approvals
of the stockholders of the Manager and of Mellon. The merger is expected
to occur in mid-1994, but could occur significantly later.
Because the merger will constitute an "assignment" of the Fund's
Management Agreement with the Manager under the Investment Company Act
of 1940, and thus a termination of such Agreement, the Manager will seek
prior approval from the Fund's Board and shareholders.
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
REVIEW REPORT OF ERNST & YOUNG, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
We have reviewed the accompanying statement of assets and liabilities
of Dreyfus Municipal Money Market Fund, Inc., including the statement of
investments, as of November 30, 1993, and the related statements of
operations and changes in net assets and financial highlights for the
six month period ended November 30, 1993. 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 May 31, 1993 and financial highlights for the five years in the
period ended May 31, 1993 and in our report dated July 9, 1993, we
expressed an unqualified opinion on such statement of changes in net
assets and financial highlights.
ERNST & YOUNG
New York, New York
January 3, 1994
DREYFUS 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. 910SA9311
Municipal
Money Market
Fund, Inc.
Semi-Annual
Report
November 30, 1993
(Dreyfus Lion Logo)
