LETTER TO SHAREHOLDERS
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, 1994, the annualized yield provided by your Fund was 2.50%. After taking
into account the effect of compounding, the annualized effective yield was
2.52%.* Dividends of approximately $.01 per share paid during the period
were exempt from Federal income tax.**
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. It is important to note that your Fund did not hold any
direct obligations of Orange County which were impacted by the filing.
However, 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, we sought securities 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.
* 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, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS--100.0% AMOUNT VALUE
--------------- -----------
<S> <C> <C>
ALABAMA--3.9%
Alabama Special Care Facilities Financing Authority, Montgomery, HR, VRDN
3.65% (Insured; FGIC and LOC; Barclays Bank) (a,b)...................... $ 5,500,000 $ 5,500,000
Alabama Industrial Development Authority, SWDR, VRDN (Pine City Fiber Co.
Project)
4% (LOC; Barclays Bank) (a,b)........................................... 39,000,000 39,000,000
CALIFORNIA--8.1%
California Public Capital Improvement Financing Authority, Revenue
(Pooled Project) 3.45%, Series C, 12/15/94 (LOC; National Westminster Bank) (b) 15,000,000 15,000,000
California School Cash Reserve Program Authority (Pooled Project)
4.50%, Series A, 7/5/95................................................. 15,000,000 15,064,090
Los Angeles County, TRAN 4.50%, 6/30/95..................................... 25,000,000 25,090,429
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue,
Refunding, VRDN 3.65%, Series A (Insured; MBIA and SBPA; Industrial Bank
of Japan) (a)............................................................... 7,000,000 7,000,000
Los Angeles Unified School District, TRAN 4.50%, 7/10/95.................... 10,000,000 10,052,562
State of California, RAN 5%, Series A, 6/28/94.............................. 19,355,000 19,451,940
COLORADO--3.4%
Colorado Student Obligation Bond Authority, Student Loan Revenue, VRDN
3.70%, Series A (LOC: Student Loan Marketing Association and Sumitomo Bank) (a,b) 5,800,000 5,800,000
Denver Urban Renewal Authority, Tax Increment Revenue (Downtown Denver
Renewal)
4.10%, Series A, 3/2/95 (Collateralized in; U.S. Treasury Bills)........ 14,115,000 14,115,000
Westminster, MFHR, Refunding (Brookhill Apartments)
3.10%, Series A, 12/1/94 (Insured; FGIC)................................ 18,550,000 18,550,000
CONNECTICUT--2.3%
Connecticut Housing Financing Authority, Housing Mortgage Financing Program.
4.50%, Series E, 11/15/95 (Escrowed in; U.S. Government Securities)..... 12,400,000 12,400,000
4.40%, Series E2, 11/15/95 (Escrowed in; U.S. Government Securities).... 13,200,000 13,200,000
DELAWARE--7.6%
Delaware Economic Development Authority, Revenue, VRDN
(Hospital Billing and Collection Service Ltd. Project):
3.75%, Series A (Insured; MBIA) (a)................................... 25,000,000 25,000,000
3.75%, Series B (Insured; MBIA) (a)................................... 20,000,000 20,000,000
3.75%, Series C (Insured; MBIA) (a)................................... 41,400,000 41,400,000
DISTRICT OF COLUMBIA--.4%
District of Columbia, VRDN (General Fund Recovery)
3.65%, Series B (LOC; Union Bank of Switzerland) (a,b).................. 5,100,000 5,100,000
FLORIDA--3.3%
Florida Local Government Financing Authority, Revenue, VRDN
(Governmental Unit Loan) 3.70%, Series A (Liquidity Facility; FGIC) (a). 9,000,000 9,000,000
Jacksonville Health Facilities Authority, HR, VRDN (Baptist Medical Center
Project)
3.625% (LOC; First Union National Bank) (a,b)........................... 28,485,000 28,485,000
GEORGIA--4.3%
Athens-Clarke County Industrial Development Authority, IDR, VRDN
(Nakanishi Manufacturing Corp. Project) 4.125% (LOC; Sumitomo Bank) (a,b) 6,000,000 6,000,000
Georgia Municipal Association Pool Bond, COP, VRDN
3.65% (Insured; MBIA and SBPA; Credit Suisse) (a)....................... 35,900,000 35,900,000
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
--------------- -----------
GEORGIA (CONTINUED)
Rockdale County Development Authority, Industrial Revenue, VRDN
(Liochem Inc. Project) 4.125% (LOC; Sanwa Bank) (a,b)................... $ 7,000,000 $ 7,000,000
HAWAII--.9%
Honolulu City and County, Multi-Family Revenue, VRDN (Royal Kunia Gardens)
3.95%, Series B (LOC; Bank Of Tokyo) (a,b).............................. 10,100,000 10,100,000
ILLINOIS--5.5%
Chicago O'Hare International Airport, Revenue, VRDN (General Airport Second
Lein)
3.80%, Series A (LOC; Sanwa Bank) (a,b)................................. 11,025,000 11,025,000
Illinois Development Finance Authority, PCR, VRDN (Illinois Power Co.):
3.65%, Series C (LOC; Mitsubishi Bank) (a,b)............................ 10,400,000 10,400,000
3.60%, Series D (LOC; Mitsubishi Bank) (a,b)............................ 5,000,000 5,000,000
Illinois Health Facilities Authority, Revenue, VRDN (Revolving Fund Pooled
Financing)
3.80%, Series C (LOC; First National Bank of Chicago) (a,b)............. 16,250,000 16,250,000
State of Illinois, GO Certificates, 4.75%, 6/15/95.......................... 20,000,000 20,075,875
INDIANA--3.2%
Fort Wayne Hospital Authority, HR, VRDN (Parkview Memorial Hospital)
3.95%, Series B (LOC; Fuji Bank) (a,b).................................. 4,500,000 4,500,000
Indiana Bond Bank Advance Funding Program, Notes 3.03%, Series A-2, 1/17/95. 32,000,000 31,991,619
KANSAS--1.0%
Topeka, MFHR, VRDN (Topeka Retirement Center Ltd.) 4% (LOC; Krediet Bank) (a,b) 6,970,000 6,970,000
Wichita, PCR, Refunding, VRDN (CIC Industries Inc. Project)
4.125% (LOC; The Bank of New York) (a,b)................................ 5,000,000 5,000,000
LOUISIANA--2.9%
Louisiana Public Facility Authority, School Board Advance Funding
4.60%, 8/31/95 (GIC; American International Group)...................... 12,050,000 12,084,677
Plaquemines Port Harbor and Terminal District, Port Facilities Revenue
(International Marine Terminal Project) 3.40%, Series B, 3/15/95
(LOC; Morgan Guaranty Trust Co.) (b).................................... 14,300,000 14,300,000
West Baton Rouge Parish Industrial District No. 3, Revenue, VRDN
(Dow Chemical Co. Project) 3.70% (Corp. Guaranty; Dow Chemical Co.) (a). 7,000,000 7,000,000
MAINE--1.3%
Orrington, RRR, VRDN (Penobscott Energy Recovery Co. Project)
4.75%, Series B (LOC: Bankers Trust, Canadian Imperial Bank of Commerce,
Long-Term Credit Bank of Japan, Bank of Nova Scotia and Toronto Dominian Bank) (a,b) 14,790,000 14,790,000
MARYLAND--.5%
Baltimore County, Housing Mortgage Revenue, Refunding, VRDN (Spring Hill)
3.75% (LOC; Sumitomo Bank) (a,b)........................................ 5,760,000 5,760,000
MICHIGAN--4.3%
Kent Hospital Finance Authority, Hospital Facility Revenue, VRDN
(Butterworth Hospital) 3.70%, Series A (LOC; Sanwa Bank) (a,b).......... 9,100,000 9,100,000
Michigan Hospital Finance Authority, Revenue, VRDN (Hospital Equipment Loan
Program)
3.75% (LOC; Manufacturers Hanover Bank) (a,b)........................... 4,500,000 4,500,000
Michigan Housing Development Authority, Rental Housing Revenue
3.10%, 2/28/95 (LOC; Credit Suisse) (b)................................. 17,000,000 17,000,000
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
--------------- -----------
MICHIGAN (CONTINUED)
Michigan Municipal Bond Authority, RAN 4.25%, Series A, 5/5/95.............. $ 10,000,000 $ 10,030,745
Michigan Strategic Fund, SWDR, VRDN (Grayling Generating Project)
3.70% (LOC; Barclays Bank) (a,b)........................................ 8,000,000 8,000,000
MINNESOTA--1.3%
Saint Paul Independent School District No. 625, TAN 3.25%, 3/1/95........... 15,000,000 15,019,855
MONTANA--1.9%
Montana Board of Investment, RRR, VRDN (Colstrip Project) 4.20% (LOC; Fuji Bank) (a,b) 21,050,000 21,050,000
NEBRASKA--1.3%
Nebraska Higher Education Loan Program Inc., Revenue, VRDN
(Multiple Mode-Student Loan) 3.75%, Series A (Insured; MBIA) (a)........ 12,995,000 12,995,000
Nebraska Investment Finance Authority, HR, VRDN (Multiple Mode Depreciation
Assets)
3.80%, Series A (Insured; FGIC) (a)..................................... 1,360,000 1,360,000
NEW JERSEY--2.2%
East Brunswick Turnpike, BAN 3.25%, 1/3/95.................................. 14,387,800 14,400,518
New Jersey Housing and Mortgage Finance Agency, Revenue, Statewide Mortgage
4.20%, 9/29/95 (LOC; Bayerische Landesbank) (b)......................... 10,000,000 10,000,000
NEW YORK--6.5%
New York City:
TAN 4.25%, Series A, 2/15/95............................................ 20,000,000 20,022,276
VRDN 3.65%, Series B-5 (Insured; MBIA) (a).............................. 10,400,000 10,400,000
New York City Water Finance Authority,
CP 3.20%, 12/8/94 (LOC; Canadian Imperial Bank of Commerce) (a,b)....... 30,000,000 30,000,000
Suffolk County, TAN 4.50%, Series II, 9/14/95............................... 13,000,000 13,041,177
NORTH CAROLINA--.3%
North Carolina Medical Care Community, HR, VRDN
(Pooled Equipment Financing Project) 3.55% (Insured; MBIA) (a).......... 3,400,000 3,400,000
OHIO--5.0%
City of Cleveland, BAN 3.66%, 12/1/94....................................... 16,550,000 16,550,000
Cleveland Public Power System, Revenue, BAN 4%, 12/29/94.................... 10,800,000 10,804,897
Ohio Water Development Authority, PCR (Edison Project)
4.25%, 9/1/95 (LOC; Barclays Bank) (b).................................. 5,000,000 5,000,000
City of Toledo Services Special Assessment Notes, Special Obligation
3.18%, 3/2/95 (LOC; Canadian Imperial Bank of Commerce) (b)............. 6,300,000 6,287,027
Twinsburg, IDR, VRDN (United Stationers Supply Co.)
3.95% (LOC; PNC Bank) (a,b)............................................. 5,700,000 5,700,000
University of Cincinnati, BAN 4.75%, 8/30/95................................ 12,000,000 12,060,245
OREGON--.9%
Klamath Falls, Electric Revenue (Salt Caves Hydroelectric) 3.75%, Series A,
5/2/95
(Escrowed in; U.S. Teasury Bills)....................................... 10,065,000 10,065,000
PENNSYLVANIA--5.0%
Columbia County Industrial Development Authority, IDR, VRDN (Kleerdex Co.
Project)
4% (LOC; Bank of Tokyo) (a,b)........................................... 4,800,000 4,800,000
Commonwealth of Pennsylvania, TAN 4.75%, 6/30/95............................ 15,000,000 15,065,802
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
--------------- -----------
PENNSYLVANIA (CONTINUED)
Delaware Valley Regional Finance Authority, Local Government Revenue, VRDN
3.80%, Series D (LOC; Marine Midland Bank) (a,b)........................ $ 5,000,000 $ 5,000,000
Pennsylvania Higher Education Assistance Agency, Student Loan Revenue, VRDN
3.95%, Series A (LOC; Fuji Bank) (a,b).................................. 12,100,000 12,100,000
City of Philadelphia, GO, CP, 3.65%, 12/13/94 (LOC; Fuji Bank) (b).......... 8,790,000 8,790,000
City of Philadelphia, TRAN 4.75%, 6/15/95 (LOC; Corestates Bank) (b)........ 10,500,000 10,546,200
SOUTH CAROLINA--.7%
York County, Industrial Revenue, VRDN (Textron Project) 4.84% (LOC; Bankers
Trust) (a,b)................................................................ 7,500,000 7,500,000
SOUTH DAKOTA--1.6%
South Dakota Housing Development Authority, Homeownership Mortgage
3.30%, Series C, 4/6/95 (Escrowed in; U.S. Treasury Bills).............. 18,000,000 18,000,000
TENNESSEE--1.0%
Franklin, IDB, Multi-Family Revenue, VRDN (Landings Project)
3.65%, Series C (LOC; Citibank) (a,b)................................... 10,700,000 10,700,000
Metropolitan Nashville and Davidson County, Tennessee Health and
Education Facilities Board, Revenue, VRDN (Hospital Depreciable Assets)
3.65%, Series A (Insured; FGIC) (a)..................................... 900,000 900,000
TEXAS--6.5%
Greater East Texas Higher Education Authority Inc., Student Loan Revenue,
Refunding
VRDN, 3.80%, Series A (LOC; Student Loan Marketing Association) (b)..... 10,000,000 10,000,000
Gulf Coast Waste Disposal Authority, PCR, VRDN
(Amoco Oil Co. Project) 3.65% (LOC; Amoco Credit Corp.) (a,b)........... 16,800,000 16,800,000
Harris County Health Facilities Development Corp., HR, VRDN
(Memorial Hospital Systems Project) 3.60% (LOC; Societe Generale) (a,b). 16,300,000 16,300,000
Harris County Industrial Development Corp., PCR, VRDN (Exxon Corp. Project)
3.65% (Corp. Guaranty; Exxon Corp.) (a)................................. 5,800,000 5,800,000
Harris County Toll Road, Unlimited Tax- Sublien, VRDN
3.625%, Series A (SBPA; Sumitomo Bank) (a).............................. 15,200,000 15,200,000
North Texas Higher Education Authority Inc., Student Loan Revenue, VRDN
3.90% (LOC; Fuji Bank) (a,b)............................................ 9,300,000 9,300,000
UTAH--2.6%
Intermountain Power Agency, Power Supply Revenue, CP
3.40%, Series E, 12/21/94 (LOC; Industrial Bank of Japan) (b)........... 8,400,000 8,400,000
Salt lake County, TRAN 3.50%, 12/30/94...................................... 9,000,000 9,003,508
Utah Board of Regents, Student Loan Revenue, Refunding, VRDN
3.80%, Series A (LOC; Student Loan Marketing Association) (a,b)......... 12,500,000 12,500,000
VERMONT--2.7%
State of Vermont, CP, RAN 3.35%, Series C, 12/13/94......................... 31,400,000 31,400,000
VIRGINIA--2.1%
Charles City and County Industrial Development Authority, Exempt Facility
Revenue,
VRDN (Chambers Development Inc. Project)
4.15% (LOC; North Carolina National Bank) (a,b)......................... 9,000,000 9,000,000
Virginia Housing Development Authority, Commonwealth Mortgage
3.10%, Series A, 12/15/94............................................... 14,200,000 14,200,000
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1994 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
--------------- -----------
WEST VIRGINIA--.7%
Marion County, Commission Solid Waste Disposal Facility Revenue, VRDN
(Granttown Project) 3.80%, Series B (LOC; National Westminster Bank) (a,b) $ 8,000,000 $ 8,000,000
WASHINGTON--3.3%
Seattle, Municipality Metropolitan Sewer Revenue, BAN 3.50%, 7/1/95......... 8,655,000 8,611,728
Washington Student Loan Finance Association, Student Loan Program Revenue,
VRDN
3.625%, Series 2 (LOC; Sanwa Bank) (a,b)................................ 28,900,000 28,900,000
WISCONSIN--1.5%
City of Ashwaubenon, IDR, VRDN (Bemis Corp. Project)
4.71% (LOC; Northwest Bank of Minneapolis) (a,b)........................ 3,000,000 3,000,000
Milwaukee Housing Authority, MFHR, VRDN (Yankee Hill Apartments)
3.65% (LOC; Citibank) (a,b)............................................. 14,000,000 14,000,000
-------------
TOTAL INVESTMENTS (cost $1,133,869,324)..................................... $1,133,960,170
==============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <C> <C>
BAN Bond Anticipation Notes MBIA Municipal Bond Investors Assurance
COP Certificate of Participation MFHR Multi-Family Housing Revenue
CP Commercial Paper PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Company RAN Revenue Anticipation Notes
GIC Guaranteed Investment Contract RRR Resources Recovery Revenue
GO General Obligation SBPA Standby Bond Purchase Agreement
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
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- -------------- ------------------ -------------------
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 82.3%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 1.2
Not Rated (f) Not Rated (f) Not Rated (f) 16.5
------
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, 46.8% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks, brokerage firms, corporations and government
agencies.
(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.
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, 1994 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $1,133,869,324)--see statement.................................. $1,133,960,170
Interest receivable..................................................... 8,939,078
Prepaid expenses........................................................ 103,237
--------------
1,143,002,485
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $ 478,210
Due to Custodian........................................................ 13,055,889
Accrued expenses and other liabilities.................................. 239,726 13,773,825
-------------- --------------
NET ASSETS ................................................................ $1,129,228,660
==============
REPRESENTED BY:
Paid-in capital......................................................... $1,131,029,157
Accumulated undistributed investment income_net......................... 133,931
Accumulated net realized (loss) on investments.......................... (2,025,274)
Accumulated gross unrealized appreciation on investments................ 90,846
--------------
NET ASSETS at value applicable to 1,131,029,157 outstanding shares of
Common Stock, equivalent to $1.00 per share (5 billion shares of $.01
par value authorized)................................................... $1,129,228,660
==============
</TABLE>
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1994 (UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $18,420,154
EXPENSES:
Management fee--Note 2(a)............................................. $2,972,484
Shareholder servicing costs_Note 2(b)................................. 468,285
Custodian fees........................................................ 54,126
Professional fees..................................................... 22,517
Registration fees..................................................... 21,272
Directors' fees and expenses_-Note 2(c)............................... 19,759
Prospectus and shareholders' reports.................................. 12,082
Miscellaneous......................................................... 22,068
------------
TOTAL EXPENSES.................................................... 3,592,593
-------------
INVESTMENT INCOME--NET............................................ 14,827,561
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments--Note 1(b)............................. $ 16,887
Net unrealized appreciation on investments.............................. 83,534
------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................... 100,421
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $14,927,982
============
</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, 1994
1994 (UNAUDITED)
---------------- ---------------
<S> <C> <C>
OPERATIONS:
Investment income--net............................................ $ 25,779,255 $ 14,827,561
Net realized gain on investments.................................. 508,174 16,887
Net unrealized appreciation on investments for the period......... 6,158 83,534
--------------- ---------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ 26,293,587 14,927,982
--------------- ---------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income--net............................................ (25,779,255) (14,827,561)
--------------- ---------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold..................................... 4,240,427,196 1,856,630,354
Dividends reinvested.............................................. 18,349,521 10,112,302
Cost of shares redeemed........................................... (4,556,104,173) (1,854,616,133)
--------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS (297,327,456) 12,126,523
--------------- ---------------
TOTAL INCREASE (DECREASE) IN NET ASSETS..................... (296,813,124) 12,226,944
NET ASSETS:
Beginning of period............................................... 1,413,814,840 1,117,001,716
--------------- ---------------
End of period (including undistributed investment income-net:
$133,931 and $133,931, respectively)............................ $1,117,001,716 $1,129,228,660
============== ===============
</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 the Fund's financial statements.
SIX MONTHS ENDED
YEAR ENDED MAY 31, NOVEMBER 30, 1994
----------------------------------------------------
PER SHARE DATA: 1990 1991 1992 1993 1994 (UNAUDITED)
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $.9972 $.9973 $.9975 $.9981 $.9983 $.9983
------ ------ ------ ------ ------ ------
INVESTMENT OPERATIONS:
Investment income--net.............. .0558 .0492 .0341 .0221 .0198 .0125
Net realized and unrealized gain
on investments.................... .0001 .0002 .0005 .0002 -- .0001
------ ------ ------ ------ ------ ------
TOTAL FROM INVESTMENT OPERATIONS .0559 .0494 .0346 .0223 .0198 .0126
------ ------ ------ ------ ------ ------
DISTRIBUTIONS;
Dividends from investment income--net (.0558) (.0492) (.0340) (.0221) (.0198) (.0125)
------ ------ ------ ------ ------ ------
Net asset value, end of period...... $.9973 $.9975 $.9981 $.9983 $.9983 $.9984
======= ====== ====== ====== ======= =======
TOTAL INVESTMENT RETURN 5.72% 5.04% 3.46% 2.23% 2.00% 2.51%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .58% .59% .62% .62% .62% .60%*
Ratio of net investment income to average
net assets........................ 5.59% 4.95% 3.41% 2.22% 1.98% 2.49%*
Net Assets, end of period (000's Omitted) $2,164,461 $1,818,864 $1,498,772 $1,413,815 $1,117,002 $1,129,229
</TABLE>
*Annualized
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, 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 Administration 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.
(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 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 $2,042,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to May 31, 1994. If not
applied, $705,000 of the carryover expires in fiscal 1995 and $1,337,000
expires in fiscal 1996.
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).
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
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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, 1994.
(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 November 30, 1994, the Fund was charged an aggregate of $143,910
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 $4,500 and an attendance fee of $500 per meeting.
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
REVIEW REPORT OF ERNST & YOUNG LLP, 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, 1994, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended November 30, 1994. These financial statements and
financial highlights are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
May 31, 1994 and financial highlights for the five years in the period ended
May 31, 1994 and in our report dated June 30, 1994, we expressed an
unqualified opinion on such statement of changes in net assets and financial
highlights.
New York, New York Ernst & Young Logo
January 3, 1995
DREYFUS 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. 910SA9411
Municipal
Money Market Fund, Inc.
Semi-Annual
Report
November 30, 1994
