DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus Municipal
Money Market Fund. For its semi-annual reporting period ended November 30,
1995, your Fund produced an annualized yield of 3.22%. For investors in the
highest Federal income tax bracket (39.6%), this equates to a taxable
equivalent yield of 5.33%. Income dividends of approximately $.016 per share
were paid during the period. Reinvesting these dividends and calculating the
effect of compounding resulted in an annualized effective yield of 3.27%.*
These dividends were exempt from Federal personal income taxes, although some
income may be subject to the Federal Alternative Minimum Tax (AMT) for
certain shareholders.
THE ECONOMY
Modest economic growth and low inflation have spurred a dramatic,
year-long rally in the bond market. Short-term rates rates have fallen as
well. The Federal Reserve Board's reduction of the Fed Funds rate last summer
confirmed what investors had already suspected: inflation, at least for the
immediate future, was under control. Now questions abound regarding the
duration of the economic recovery and the likelihood of recession.
The economic recovery of the 1990s was productivity-driven. Corporations
implemented extraordinary cost control measures that, while dramatically
improving bottom line earnings, now contribute to the slow rate of employment
growth. Job creation is a significant factor that affects consumer spending
and a major component of economic activity. The pace of new job creation,
currently at its slowest since World War II, is worrisome. Indeed, wages and
salaries grew at under 3% over the past year, barely keeping pace with
inflation. Still, surveys indicate that consumers remain optimistic, despite
indications that their spending is being affected by the slow growth in
disposable income. Recent reports on retail sales confirm this reticence in
spending. A consumer-led weakening of the economy could lead to further
Federal Reserve easing of monetary policy.
It was concern about lagging economic growth that prompted the Federal
Reserve to ease the Federal Funds rate in July. The housing market and new
home construction had been helped earlier this year by low interest rates
although both have exhibited signs of weakness recently. Business capital
spending, another engine of economic growth, has been solid. Exports
represent another bright area of the economy. Because of the new
competitiveness of American businesses abroad, the U.S. trade deficit
continues to shrink. Through September, the trade deficit with Japan narrowed
for the sixth consecutive month. Exports, while a relatively small component
of overall economic activity in this country, provide an important support
for the job market. If U.S. products lose competitiveness in world markets,
foreign orders may go elsewhere and jobs could be lost here.
MARKET ENVIRONMENT
In addition to the impact of action taken by the Federal Reserve Board,
technical factors (i.e., supply/demand) contributed to a significant
strengthening of market conditions in late June and early July. Demand
exceeded supply during this time, and short-term yields on municipal issues
dropped accordingly.
In the fall, rates on short-term issues settled into a trading range.
However, a steady interchange of variable rate demand notes (VRDNs) between
corporate holders and municipal money market funds kept rates on these
securities attractive, which resulted in an inverted yield curve (where rates
on shorter maturities are higher than rates on longer issues) throughout most
of the season. It is expected that this situation will change dramatically in
January as cashflows into municipal money market funds increase demand for
VRDNs and their rates drop.
THE PORTFOLIO
With the inverted yield curve, daily and weekly demand notes yielded
moderately more than both commercial paper and notes through most of the
period. However, since this situation is expected to change, our investment
strategy involved an attempt to lengthen the maturity, where possible, and to
lock in rates that we felt would outperform variable rate notes early in
1996.
The commercial paper and one-year note markets provided the means for
extending while attempting to maintain a competitive yield. However, our
success in achieving the desired average maturity was somewhat limited due to
a dearth of high quality issues from which to choose. As a result, your
Fund's current average maturity still leaves room to extend if a change in
market or supply conditions warrants.
Our primary tasks - to preserve principal, to invest in those issues that
meet our high quality standards, and to maintain a balance of income and
liquidity consistent with our conservative management philosophy - continue
to guide our portfolio decisions.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we appreciate greatly your continued confidence in the Fund
and in The Dreyfus Corporation.
Very truly yours,
(Richard J. Moynihan Signature Logo)
Richard J. Moynihan
Director, Municipal Portfolio Management
December 15, 1995
New York, N.Y.
*Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<TABLE>
<CAPTION>
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS NOVEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
--------------- ------------
<S> <C> <C>
ALABAMA-4.2%
Alabama Industrial Development Authority, SWDR, VRDN (Pine City Fiber Co.
Project)
3.90% (LOC; Barclays Bank) (a,b)........................................ $ 39,000,000 $ 39,000,000
ALASKA-1.5%
Valdez, Marine Terminal Revenue, Refunding, CP (Arco Transportation Project)
3.90%, Series C, 12/13/95............................................... 14,100,000 14,100,000
CALIFORNIA-2.9%
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue,
Refunding, VRDN
4.15%, Series A (Insured; MBIA and SBPA; Industrial Bank of Japan) (a).. 13,000,000 13,000,000
South Coast Local Education Agencies and Partnerships 5%, 8/14/96........... 14,560,000 14,603,775
COLORADO-2.8%
Colorado Student Obligation Bond Authority, Student Loan Revenue, VRDN
3.75%, Series A (LOC; Student Loan Marketing Association) (a,b)......... 12,200,000 12,200,000
Denver Urban Renewal Authority, Tax Increment Revenue
(Downtown Denver Renewal)
4.20%, Series A, 2/15/96 (Collateralized in; U.S. Treasury Bills)..... 14,115,000 14,115,000
DELAWARE-8.0%
Delaware Economic Development Authority, Revenue, VRDN
(Hospital Billing and Collection Service Limited Project):
3.75%, Series A (Insured; MBIA) (a)................................... 25,000,000 25,000,000
3.75%, Series B (Insured; MBIA) (a)................................... 14,000,000 14,000,000
3.75%, Series C (Insured; MBIA) (a)................................... 36,400,000 36,400,000
DISTRICT OF COLUMBIA-2.3%
District of Columbia, VRDN (General Fund Recovery):
4%, Series B-1 (LOC; Union Bank of Switzerland) (a,b)................... 5,100,000 5,100,000
4%, Series B-3 (LOC; Landesbank Hessen) (a,b)........................... 16,500,000 16,500,000
FLORIDA-3.6%
Jacksonville Electric Authority, Revenue, CP
3.70%, Series D-1, 12/19/95 (LOC; Credit Suisse) (b).................... 13,000,000 13,000,000
Sunshine State Governmental Financing Commision, Revenue, CP
3.75, Series B, 2/12/96 (Liquidity Facility; State Board of Administration of Florida) 20,390,000 20,390,000
GEORGIA-3.5%
Athens-Clarke County Industrial Development Authority, IDR, VRDN
(Nakanishi Manufacturing Corp. Project) 4.325% (LOC; Sumitomo Bank) (a,b) 6,000,000 6,000,000
Burke County Development Authority, PCR, Refunding, VRDN
(Oglethorpe Power Corp.)
3.60% (Insured; FGIC and SBPA; Credit Local de France) (a).............. 9,400,000 9,400,000
Savannah Economic Development Authority, Revenue Exempt Facilities, VRDN
(Home Depot Project) 3.90%, Series A (Corp. Guaranty; Home Depot) (a)... 17,000,000 17,000,000
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------- -------------
HAWAII-1.1%
Honolulu City and County, Multi-Family Revenue, VRDN (Royal Kunia Gardens)
4.30%, Series B (LOC; Bank Of Tokyo) (a,b).............................. $ 9,900,000 $ 9,900,000
ILLINOIS-5.9%
Illinois Development Finance Authority, PCR, VRDN (Illinois Power Co.)
4%, Series C (LOC; Mitsubishi Bank) (a,b)............................... 10,400,000 10,400,000
Illinois Health Facilities Authority, Revenue, VRDN:
(Northwestern Memorial Hospital)
3.85% (Corp. Guaranty; Northwestern Memorial Hospital) (a)........... 24,600,000 24,600,000
(Revolving Fund Pooled Financing)
3.85%, Series G (LOC; First National Bank of Chicago) (a,b)........... 16,250,000 16,250,000
Southwestern Development Authority, SWDR, VRDN (Shell Oil Co. Wood River
Project)
3.95% (Corp. Guaranty; Shell Oil Co.) (a)............................... 4,400,000 4,400,000
INDIANA-1.5%
Fort Wayne Hospital Authority, HR, VRDN (Parkview Memorial Hospital)
4.20%, Series B (LOC; Fuji Bank) (a,b).................................. 4,500,000 4,500,000
City of Petersburg, SWDR, VRDN (Indianapolis Power and Light Co. Project)
3.75%, Series A (Corp. Guaranty; Indianapolis Power and Light Co.) (a).. 10,000,000 10,000,000
KANSAS-1.3%
Topeka, MFHR, VRDN (Topeka Retirement Center Limited)
4.05% (LOC; Krediet Bank) (a,b)......................................... 6,970,000 6,970,000
Wichita, PCR, Refunding, VRDN (CIC Industries Inc. Project)
4.45% (LOC; The Bank of New York) (a,b)................................. 5,000,000 5,000,000
KENTUCKY-.5%
Daviess County, Solid Waste Disposal Facility, Revenue, VRDN (Scott Paper Co.
Project)
3.95%, Series A (LOC; Morgan Guaranty Trust Co.) (a,b).................. 4,500,000 4,500,000
LOUISIANA-2.2%
New Orleans Aviation Board, Revenue, VRDN (Passenger Facility Charge Project)
3.95% (LOC: Banque Paribas and Canadian Imperial Bank of Commerce) (a,b) 10,000,000 10,000,000
West Baton Rouge Parish Industrial District No. 3, Revenue, VRDN
(Dow Chemical Co. Project) 4.10%, Series A (Corp. Guaranty; Dow Chemical
Co.) (a).................................................................... 10,600,000 10,600,000
MAINE-1.5%
Orrington, RRR, VRDN (Penobscott Energy Recovery Co. Project)
5.075%, Series B (LOC: Bank of Nova Scotia, Bankers Trust,
Canadian Imperial Bank of Commerce, Long-Term Credit Bank of Japan and
Toronto Dominian Bank) (a,b)............................................ 13,610,000 13,610,000
MARYLAND-4.3%
Montgomery County, Consolidated, CP:
3.70%, 1/12/96 (LOC; Union Bank of Switzerland) (b)..................... 30,000,000 30,000,000
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------- ------------
MARYLAND (CONTINUED)
Montgomery County, Consolidated, CP (continued):
3.60%, 2/9/96 (LOC; Union Bank of Switzerland) (b)...................... $ 10,000,000 $ 10,000,000
MASSACHUSETTS-1.5%
Massachusetts Water Resource Authority, CP
3.65%, 12/19/95 (LOC; Morgan Guaranty Trust Co.) (b).................... 14,000,000 14,000,000
MICHIGAN-5.4%
Michigan Building Authority, Revenue, CP
3.70%, Series 1, 12/27/95 (LOC; Canadian Imperial Bank of Commerce) (b). 24,000,000 24,000,000
Michigan Hospital Finance Authority, Revenue, VRDN
(Hospital Equipment Loan Program)
3.55% (LOC; Manufacturers Hanover Bank) (a,b)........................... 1,600,000 1,600,000
Michigan Housing Development Authority, Rental Housing Revenue, Refunding,
VRDN
3.65%, Series C (LOC; Credit Suisse) (a,b).............................. 17,000,000 17,000,000
Michigan Strategic Fund, SWDR, VRDN (Grayling Generating Project)
3.80% (LOC; Barclays Bank) (a,b)........................................ 8,000,000 8,000,000
NEBRASKA-1.5%
Nebraska Higher Education Loan Program Inc., Revenue, VRDN
(Multiple Mode-Student Loan) 3.65%, Series A (Insured; MBIA) (a)........ 12,995,000 12,995,000
Nebraska Investment Finance Authority, HR, VRDN (Multiple Mode Depreciation
Assets)
3.60%, Series A (Insured; FGIC) (a)..................................... 1,360,000 1,360,000
NEVADA-.8%
Washoe County, Water Facility Revenue, CP (Sierra Pacific Power Co. Project)
3.90%, 12/15/95 (LOC; Union Bank of Switzerland) (b).................... 7,645,000 7,645,000
NEW JERSEY-2.7%
Burlington County, BAN 3.75%, 6/14/96....................................... 25,500,000 25,460,604
NEW YORK-13.8%
New York City:
CP 3.80%, Series H-5, 12/6/95 (Insured; MBIA and
Liquidity Facility; Landesbank Hessen)................................ 25,000,000 25,000,000
RAN 4.75%, Series B, 6/28/96 (LOC: Bank of Nova Scotia, Canadian Imperial
Bank of Commerce, Chemical Bank, Citibank, Comerica Bank,
Morgan Guaranty Trust Co. and Union Bank of Switzerland) (b).......... 15,000,000 15,062,764
TAN 4.50%, Series A, 2/15/96............................................ 15,000,000 15,023,668
New York City Municipal Water Finance Authority, Water and Sewer Systems
Revenue,
CP 3.55%, 1/25/96 (LOC; Canadian Imperial Bank of Commerce) (b)......... 15,000,000 15,000,000
New York State Dormitory Authority, Revenues, CP (Memorial Sloan Kettering)
3.70%, Series D, 12/7/95 (LOC; Chemical Bank) (b)....................... 22,950,000 22,950,000
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------ -----------
NEW YORK (CONTINUED)
New York State Local Government Assistance Corporation, VRDN:
3.50%, Series A (LOC: Credit Suisse, Swiss Bank Corp. and
Union Bank of Switzerland) (a,b)...................................... $ 11,800,000 $ 11,800,000
3.50%, Series C (LOC; Landesbank Hessen) (a,b).......................... 10,000,000 10,000,000
New York State Power Authority, CP 3.70%, 12/13/95 (Liquidity Facility: Bank of America,
The Bank of New York, Bank of Nova Scotia, Chemical Bank, Citibank,
Industrial Bank of Japan, Mitsubishi Bank and Sanwa Bank)............... 15,000,000 15,000,000
NORTH CAROLINA-.4%
North Carolina Medical Care Community, HR, VRDN (Pooled Equipment Financing
Project)
3.75% (Insured; MBIA) (a)............................................... 3,400,000 3,400,000
NORTH DAKOTA-1.0%
North Dakota Housing Finance Agency, Revenue, Home Mortgage
(Housing Finance Program)
3.70, Series C, 12/1/95 (GIC; Trinity Funding Corp.).................... 9,000,000 9,000,000
OHIO-1.4%
University of Cincinnati, General Receipt, BAN 4.25%, 8/28/96............... 13,000,000 13,023,132
PENNSYLVANIA-3.2%
Columbia County Industrial Development Authority, IDR, VRDN (Kleerdex Co.
Project)
4.30% (LOC; Bank of Tokyo) (a,b)........................................ 4,800,000 4,800,000
Delaware Valley Regional Finance Authority, Local Government Revenue, VRDN
4%, Series D (LOC; Marine Midland Bank) (a,b)........................... 5,000,000 5,000,000
Pennsylvania Energy Development Authority, EDR, VRDN (B & W Ebensburg
Project)
3.75% (LOC; Swiss Bank Corp.) (a,b)..................................... 8,500,000 8,500,000
Pennsylvania Higher Education Assistance Agency, Student Loan Revenue, VRDN
3.80%, Series A (LOC; Fuji Bank) (a,b).................................. 12,100,000 12,100,000
SOUTH CAROLINA-.8%
York County, Industrial Revenue, VRDN (Textron Project)
5.46% (LOC; Bankers Trust) (a,b)........................................ 7,500,000 7,500,000
TENNESSEE-3.0%
Franklin, IDB, Multi-Family Revenue, VRDN (Landings Project)
3.65%, Series C (LOC; Citibank) (a,b)................................... 10,700,000 10,700,000
Sevier County Public Building Authority, Local Government Public Improvement,
VRDN:
3.70%, Series B-2 (Insured; AMBAC and SBPA; Krediet Bank) (a)........... 5,000,000 5,000,000
3.70%, Series B-1 (Insured; AMBAC and SBPA; Krediet Bank) (a)........... 5,000,000 5,000,000
3.90%, Series A-1 (Insured; AMBAC and SBPA; Krediet Bank) (a)........... 7,500,000 7,500,000
TEXAS-8.7%
Brazos River Authority, PCR, Refunding, VRDN (Utility Electric Co.)
3.95%, Series C (LOC; Swiss Bank Corp.) (a,b)........................... 7,000,000 7,000,000
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) NOVEMBER 30, 1995 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------ -----------
TEXAS (CONTINUED)
Greater East Texas Higher Education Authority Inc., Student Loan Revenue, VRDN:
4%, Series B (LOC; Student Loan Marketing Association) (a,b)............ $ 10,000,000 $ 10,000,000
Refunding, 3.95%, Series A (LOC; Student Loan Marketing Association) (a) 10,000,000 10,000,000
Gulf Coast Industrial Development Authority, SWDR, VRDN (Citgo Petroleum)
4% (LOC; Nationsbank of Texas) (b)...................................... 10,000,000 10,000,000
North Texas Higher Education Authority Inc., Student Loan Revenue, VRDN
4.05% (LOC; Fuji Bank) (a,b)............................................ 10,000,000 10,000,000
Pan-Handle Plains Higher Education Authority Inc., Student Loan Revenue, VRDN
3.75% (LOC; Student Loan Marketing Association) (a,b)................... 13,000,000 13,000,000
San Antonio, Electric and Gas Revenue, CP
3.80%, Series A, 12/5/95 (LOC: Bank of Tokyo, Credit Suisse, Mitsubishi
Bank,
Sanwa Bank, Sumitomo Bank, Texas Commerce Bank and
Toronto Dominion Bank) (b).............................................. 10,500,000 10,500,000
State of Texas Public Finance Authority, Revenue, CP
3.75%, 1/17/96 (Liquidity Facility; State of Texas Treasurer)........... 11,500,000 11,500,000
UTAH-4.3%
Intermountain Power Agency, Power Supply Revenue, CP
3.75%, 12/5/95 (LOC; Bank of America) (b)............................... 27,900,000 27,900,000
Utah Board of Regents, Student Loan Revenue, Refunding, VRDN
3.85%, Series A (LOC; Student Loan Marketing Association) (a,b)......... 12,500,000 12,500,000
VIRGINIA-.9%
Charles City and County Industrial Development Authority, Exempt Facility
Revenue,
VRDN (Chambers Development Inc. Project)
4% (LOC; North Carolina National Bank) (a,b)............................ 8,700,000 8,700,000
WASHINGTON-.9%
Seattle, Municipal Power and Light Revenue, CP
3.75%, 2/8/96 (LOC; Morgan Guaranty Trust Co.) (b)...................... 8,500,000 8,500,000
WEST VIRGINIA-.8%
Marion County, Commission Solid Waste Disposal Facility Revenue, VRDN
(Granttown Project) 3.85%, Series B (LOC; National Westminster Bank) (a,b) 7,800,000 7,800,000
WISCONSIN-1.8%
City of Ashwaubenon, IDR, VRDN (Bemis Corp. Project)
5.688% (LOC; Norwest 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 $938,348,155)....................................... $938,358,943
============
</TABLE>
<TABLE>
<CAPTION>
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation MBIA Municipal Bond Investors Assurance
BAN Bond Anticipation Notes Insurance Corporation
CP Commercial Paper MFHR Multi-Family Housing Revenue
EDR Economic Development Revenue PCR Pollution Control Revenue
FGIC Financial Guaranty Insurance Company RAN Revenue Anticipation Notes
GIC Guaranteed Investment Contract RRR Resources Recovery Revenue
HR Hospital Revenue SBPA Standby Bond Purchase Agreement
IDB Industrial Development Board SWDR Solid Waste Disposal Revenue
IDR Industrial Development Revenue TAN Tax Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
<S> <C> <C> <C>
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- --------- ------------------ ------------------- --------------------
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 94.7%
AAA/AAA (e) Aaa/A/ (e) AAA/AA (e) 1.5
Not Rated (f) Not Rated (f) Not Rated (f) 3.8
------------
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, 1995, 58.9% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks, 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, 1995 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $938,348,155)-see statement..................................... $938,358,943
Cash.................................................................... 10,039,714
Interest receivable..................................................... 4,896,768
Prepaid expenses........................................................ 135,315
------------
953,430,740
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $385,641
Accrued expenses and other liabilities.................................. 297,020 682,661
----------- ------------
NET ASSETS ................................................................ $952,748,079
============
REPRESENTED BY:
Paid-in capital......................................................... $954,479,862
Accumulated undistributed investment income-net......................... 133,931
Accumulated net realized (loss) on investments.......................... (1,876,502)
Accumulated gross unrealized appreciation on investments................ 10,788
------------
NET ASSETS at value applicable to 954,479,862, outstanding shares of
Common Stock, equivalent to $1.00 per share (5 billion shares of $.01
par value authorized)................................................... $952,748,079
============
See independent accountants' review report and notes to financial statements.
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED NOVEMBER 30, 1995 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $20,106,332
EXPENSES:
Management fee-Note 2(a).............................................. $2,586,830
Shareholder servicing costs-Note 2(b)................................. 541,831
Custodian fees........................................................ 42,580
Professional fees..................................................... 41,011
Registration fees..................................................... 39,933
Directors' fees and expenses-Note 2(c)............................... 29,184
Prospectus and shareholders' reports.................................. 27,124
Miscellaneous......................................................... 17,791
------------
TOTAL EXPENSES.................................................... 3,326,284
------------
INVESTMENT INCOME-NET............................................. 16,780,048
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments-Note 1(b).............................. $ 101,555
Net unrealized (depreciation) on investments............................ (31,005)
------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS................... 70,550
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $16,850,598
============
See independent accountants' review report and notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
MAY 31, NOVEMBER 30, 1995
1995 (UNAUDITED)
------------------- ------------------
<S> <C> <C>
OPERATIONS:
Investment income-net.............................................. $ 31,988,127 $ 16,780,048
Net realized gain on investments................................... 64,104 101,555
Net unrealized appreciation (depreciation) on investments for the period 34,481 (31,005)
------------------ ------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............. 32,086,712 16,850,598
------------------ ------------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net.............................................. (31,988,127) (16,780,048)
------------------ ------------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold...................................... 3,482,290,984 1,842,026,664
Dividends reinvested............................................... 22,043,236 11,005,225
Cost of shares redeemed............................................ (3,688,123,812) (1,833,665,069)
------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS (183,789,592) 19,366,820
------------------ ------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS...................... (183,691,007) 19,437,370
NET ASSETS:
Beginning of period................................................ 1,117,001,716 933,310,709
------------------ ------------------
End of period (including undistributed investment income-net:
$133,931 and $133,931, respectively)............................. $ 933,310,709 $ 952,748,079
================== ==================
See independent accountants' review report and notes to financial statements.
</TABLE>
<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, 1995
---------------------------------------------
PER SHARE DATA: 1991 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............... .0492 .0341 .0221 .0198 .0294 .0162
Net realized and unrealized gain (loss)
on investments.................... .0002 .0005 .0002 -- (.0002) .0001
------- -------- ------- ------- ------- ----------
TOTAL FROM INVESTMENT OPERATIONS.... .0494 .0346 .0223 .0198 .0292 .0163
------- ------- ------- ------- ------- ----------
DISTRIBUTIONS;
Dividends from investment income-net (.0492) (.0340) (.0221) (.0198) (.0294) (.0162)
------- ------- ------- ------- ------- ----------
Net asset value, end of period...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= ==========
TOTAL INVESTMENT RETURN................. 5.04% 3.46% 2.23% 2.00% 2.98% 3.25%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .59% .62% .62% .62% .62% .64%*
Ratio of net investment income to average
net assets........................ 4.95% 3.41% 2.22% 1.98% 2.91% 3.23%*
Net Assets, end of period (000's Omitted) $1,818,864 $1,498,772 $1,413,815 $1,117,002 $933,311 $952,748
* Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
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. 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. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc., the parent company of which is Boston Institutional Group,
Inc. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value of $1.00.
(A) PORTFOLIO VALUATION: Investments are valued at amortized cost, which
has been determined by the Fund's Board of Directors to represent the fair
value of the Fund's investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Interest income, adjusted
for amortization of premiums and original issue discounts on investments, is
earned from settlement date and recognized on the accrual basis. Realized
gain and loss from securities transactions are recorded on the identified
cost basis.
(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 $1,338,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to May 31, 1995. If not
applied, the carryover expires in fiscal 1996.
At November 30, 1995, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
DREYFUS MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of 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 21\2% of the first
$30 million, 2% of the next $70 million and 11\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, 1995.
Effective December 1, 1995, Dreyfus Transfer, Inc., a wholly-owned
subsidiary of the Manager, serves as the Fund's Transfer and Dividend
Disbursing Agent.
(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 daily 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 November 30, 1995, the Fund was charged an
aggregate of $296,501 pursuant to the Shareholder Services Plan.
(C) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $4,500 and an attendance fee of $500
per meeting. The Chairman of the Board receives an additional 25% of such
compensation and the Director Emeritus receives 50% of such compensation.
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, 1995, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended November 30, 1995. These financial statements and
financial highlights are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
May 31, 1995 and financial highlights for the five years in the period ended
May 31, 1995 and in our report dated July 7, 1995, we expressed an
unqualified opinion on such statement of changes in net assets and financial
highlights.
(Ernst & Young LLP Signature Logo)
New York, New York
December 29, 1995
(Dreyfus Lion "d" Logo)
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
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. 910SA9511
(Dreyfus Logo)
Municipal
Money Market
Fund, Inc.
Semi-Annual
Report
November 30, 1995
