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ANNUAL REPORT
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1995
1995
1995
1995
1995
Smith Barney
Municipal
Money Market
Fund, Inc.
----------------------------------------------------------------------
March 31, 1995
[LOGO] Smith Barney Mutual Fund
Investing for your future.
Every day.
<PAGE>
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Smith Barney Municipal Money Market Fund, Inc.
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Dear Shareholder:
We are pleased to provide the annual report of the Smith Barney Municipal Money
Market Fund for the fiscal year ended March 31, 1995. The Fund is managed to
provide income exempt from Federal income tax, liquidity and principal
stability.
As of March 31, 1995, the Fund's 7-day current yield was 3.49%, and its 7-day
effective yield, which reflects compounding, was 3.55%. The Fund's
tax-equivalent yield, the yield you would have to earn on a similar taxable
investment to match the tax-free yield, was 5.88% assuming you are in the 39.6%
tax bracket. During the 12 months ended March 31, 1995, the Fund's monthly
tax-exempt dividend distributions resulted in a tax-exempt annualized yield of
2.71%.
Economic Overview
Yields on six-month and one-year Treasury bills dropped sharply in the first
quarter of 1995, distinctly altering the psychology of the market. Although
recent reports on economic growth have been mixed, the continued decline in
yields through March indicates a consensus among investors that the economy may
achieve a "soft landing" of slower economic growth and modest inflation. Last
year's series of interest-rate hikes by the Federal Reserve Board appear to be
having the desired effect of slowing the rate of economic growth. The Fed,
however, chose not to raise rates at its March 28 meeting, showing a willingness
to wait for more clear evidence of economic growth before acting again.
Portfolio Review
The Smith Barney Municipal Money Market Fund invests only in short-term
securities which carry minimal credit risk. All of the Fund's holdings are rated
within the top two short-term rating categories or are of comparable quality.
The Fund's average maturity target, which has not changed during the past year,
is in the 30- to 50-day range. This relatively short maturity range allows us to
readjust the portfolio sooner should interest rates rise, as we believe they
might sometime later this year.
Outlook
Our outlook remains cautious toward the short-term market. While the economy
seems to have slowed in recent months, it is still unclear whether the slowdown
is sufficient to keep inflation in check. With the unemployment rate below 5.5%,
jobs growing at 240,000 per month and wages already moving up, consumers are
1
<PAGE>
likely to resume spending which will aggravate inflationary pressures. These
factors could cause the Fed to raise short-term rates, perhaps later this year.
Although the current forecast for economic conditions is uncertain, we believe
that the Smith Barney Municipal Money Market Fund is in a good position to
provide attractive returns going forward. Thank you for your investment in the
Fund and your continued confidence in our investment management.
Sincerely,
/s/ Heath B. McLendon /s/ Karen L. Mahoney-Malcomson
Heath B. McLendon Karen L. Mahoney-Malcomson
Chairman and Chief Vice President and
Executive Officer Investment Officer
April 28, 1995
2
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
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Schedule of Investments March 31, 1995
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<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Alabama -- 2.4%
Alabama Special Care Facilities Financing Authority:
$ 9,935,000 VMIG 1 Birmingham Revenue Daughters of Charity
(St. Vincent's Hospital) 4.25% $ 9,935,000
50,055,000 MIG 1 Mobile Hospital Revenue Daughters of Charity
(Providence Hospital) 4.25%* 50,055,000
10,285,000 MIG 1 Montgomery Health Care Facilities Revenue
Daughters of Charity (St. Margaret's Hospital) 4.25%* 10,285,000
6,500,000 P-1 Alabama State IDA Revenue
(Southern Coil Processing) 4.45%*(a) 6,500,000
150,000 VMIG 1 Arab IDB Revenue (Science Manufacturing Inc.) 4.25%* 150,000
3,600,000 NR++ Auburn IDB (Sundstrand Corp. Project) 4.65%*(a) 3,600,000
110,000 VMIG 1 Birmingham Baptist Medical Center Special Care Facility
Financing Authority Revenue (Senior Living
Community Project) 4.25%* 110,000
1,500,000 Aa2 Cintronelle IDBPCR Refunding
(Akzo Chemicals Inc. Project) 4.25%* 1,500,000
1,550,000 NR++ Cullman IDB Industrial Revenue
(Pressac Project) 4.35%* 1,550,000
Huntsville Health Care Authority Health Care Facility Revenue:
3,300,000 VMIG 1 Series A 4.25%* 3,300,000
4,200,000 VMIG 1 Series B 4.25%* 4,200,000
5,000,000 A-1 Huntsville IDB
(Hitachi Seiki USA Project) 4.50%*(a) 5,000,000
1,000,000 Aa2 Huntsville Madison County Airport Authority IDR
(Molex Project) 4.35%*(a) 1,000,000
1,000,000 Aa2 Jacksonville IDB Industrial Revenue (Parker Hannifin Corp.)
4.35%* 1,000,000
1,000,000 Aa2 Mobile County (M&T Chemicals Project) Series
1984 4.375%* 1,000,000
8,100,000 Aa3 Mobile IDB PCR Refunding (International
Paper Company) Series A 4.35% due 6/1/95** 8,100,000
5,000,000 P-1 Phoenix City IDB Environmental Improvement Revenue
(Mead Coated Board Project) 4.25% due 6/9/95**(a) 5,000,000
- ------------------------------------------------------------------------------------------------------
112,285,000
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Alaska -- 1.2%
Alaska Industrial Development & Export Authority:
1,175,000 VMIG 1 Sitka Incorporated 4.20%* 1,175,000
1,520,000 VMIG 1 Spenard Builders 4.20%* 1,520,000
1,850,000 VMIG 1 Alaska IDA Revenue (Providence Medical Office
Building) 3.90%* 1,850,000
</TABLE>
See Notes to Financial Statements.
3
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
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Schedule of Investments (continued) March 31, 1995
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<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Alaska -- 1.2% (continued)
Alaska State Housing Finance Corporation:
$12,580,000 VMIG 1 P-Floats (PT-39) 4.35%* $ 12,580,000
30,000,000 VMIG 1 Series A 4.25%* 30,000,000
8,000,000 VMIG 1 Series C 4.35%* 8,000,000
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55,125,000
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Arizona -- 3.1%
Apache County IDA PCR Tucson Electric Power Company :
1,300,000 VMIG 1 Series A 4.25%* 1,300,000
16,000,000 VMIG 1 Series B 4.25%* 16,000,000
2,000,000 A-1+ Springville Project 4.20%* 2,000,000
32,800,000 VMIG 1 Arizona Education Loan Corporation Education Loan Revenue
Series A 4.15%*(a) 32,800,000
1,795,000 VMIG 1 Arizona Health Facility Authority Revenue
(Arizona Volunteer Hospital) Series B 4.05%* 1,795,000
18,600,000 P-1 Maricopa County Pollution Control Corporation PCR (Public
Service Company New Mexico) 4.10%* 18,600,000
4,600,000 VMIG 1 Phoenix Putters Series 16A 4.30%* 4,600,000
Phoenix IDA Multi-Family Housing Revenue:
5,100,000 A-1 Paradise Shadows II Apartments 4.05%* 5,100,000
2,100,000 A-1 Southwest Village Project Series A 4.05%* 2,100,000
4,000,000 NR++ Phoenix IDA IDR Refunding (Sunstrand Corporation) 4.25%* 4,000,000
Pima County IDA Industrial Revenue:
33,000,000 VMIG 1 Tucson Electric Series A 4.20%* 33,000,000
12,000,000 VMIG 1 Updates - Tucson Electric Power Company 4.20%* 12,000,000
1,900,000 P-1 Tempe IDA IDR (Schreiber Foods Inc. Project) 4.65%*(a) 1,900,000
3,850,000 A-1 Tempe IDA Multi-Family Revenue
(Elliot's Crossing Apartment Project) 4.05%* 3,850,000
5,095,000 A-1 Tucson IDA Development Authority Multi-Family Revenue
Refunding (Lincoln Garden Project) 4.10%* 5,095,000
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144,140,000
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Arkansas -- 1.7%
300,000 VMIG 1 Arkansas Hospital Equipment Finance Authority Hospital
Equipment Revenue 4.10%* 300,000
2,650,000 Aaa Atkins IDR (Green Bay Foods Project) 4.35%*(a) 2,650,000
1,991,000 VMIG 1 Fayetteville Public Facility Board Revenue Refunding
(Charter Vista Hospital) 4.30%* 1,991,000
Little River County Solid Waste Disposal Revenue:
4,700,000 P-1 Georgia Pacific Corp. Project 4.275%*(a) 4,700,000
</TABLE>
See Notes to Financial Statements.
4
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
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Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Arkansas -- 1.7% (continued)
$20,450,000 P-1 Nekoosa Papers Project 4.275%*(a) $ 20,450,000
35,000,000 P-1 Nekoosa Papers Project Series A 4.275%*(a) 35,000,000
2,000,000 Aa3 Pine Bluff IDR (Camden Wire Project) 4.10%* 2,000,000
6,000,000 VMIG 1 Searcy IDR (Kohler Project) 4.35%*(a) 6,000,000
1,000,000 Aa2 Sheridan IDR (Kohler Project) 4.25%* 1,000,000
3,550,000 A-1+ Warren Solid Waste Disposal Revenue
(Potlatch Corporation Project) 4.25%*(a) 3,550,000
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77,641,000
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California -- 7.8%
5,000,000 SP-1+ Antioch Union School District 4.50% due 7/5/95 5,008,770
5,200,000 SP-1+ Brea TAN 4.25% due 7/28/95 5,208,865
California Alternative Energy:
400,000 VMIG 1 Cogeneration Revenue (Arroyo Energy) Series A 4.10%* 400,000
1,100,000 VMIG 1 Hydroelectric Rock Creek Limited 3.95%* 1,100,000
11,200,000 A-1 Modesto Energy Project Series A 4.25%* 11,200,000
California Higher Education Loan Authority Inc. Student Loan
Revenue Refunding:
6,000,000 VMIG 1 Series A 4.10%* 6,000,000
9,450,000 VMIG 1 Series E-1 4.20%* 9,450,000
5,200,000 VMIG 1 California Housing Finance Agency Revenue Multi-Family
Housing Series A 4.20%*(a) 5,200,000
6,600,000 P-1 California PCFA Solid Waste Disposal Revenue
(Sierra Pacific Industries Inc. Projects) 4.10%* 6,600,000
25,100,000 A-1+ California PCFA PCR Refunding (Pacific Gas & Electric)
Series B 4.25% due 4/6/95** 25,100,000
57,260,000 MIG 1 California School Cash Reserve Program Authority Pool Series A
4.50% due 7/5/95 57,368,392
3,700,000 SP-1+ California State RAN Series B 4.07%* 3,700,000
19,000,000 VMIG 1 California State P-Floats (PT-1A) 4.05% due 4/20/95** 19,000,000
6,000,000 VMIG 1 California State P-Floats (PA-1B) 4.20% due 4/20/95** 6,000,000
25,000,000 MIG 1 California State TOB (BTP 97-A) 4.40% due 8/24/95** 25,000,000
18,880,000 VMIG 1 California State TOB (BTP 106-A) 4.35%* 18,880,000
20,000,000 MIG 1 California Statewide Communities Development Authority
Revenue TAN Series A 4.50% due 7/17/95 20,042,345
9,000,000 SP-1+ Chino TAN 4.25% due 7/28/95 9,015,342
1,700,000 SP-1+ Chula Vista California IDA IDR
(Sutherland/Palumbo Project) 4.15%*(a) 1,700,000
3,850,000 SP-1+ Cypress TAN 4.25% due 7/28/95 3,856,579
5,000,000 SP-1+ Fairfield-Suisun Union School District 4.50% due 7/5/95 5,008,769
8,500,000 SP-1+ Fremont Union High School
District Santa Clara County TAN 4.50% due 7/5/95 8,514,908
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
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Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
California -- 7.8% (continued)
$ 200,000 VMIG 1 Irvine Apartment Development Revenue
(San Rafael Apartments Project) 4.35%*(a) $ 200,000
15,500,000 A-1 Irvine Multi-Family Housing Revenue 4.20%* 15,500,000
27,700,000 VMIG 1 Irvine Public Facilities and Infrastructure Authority Lease
Revenue (Capital Improvement Project) 4.90%* 27,700,000
4,075,000 A-1+ Los Angeles Department Water and Power Electric Plant
Revenue 4.40%* 4,075,000
8,500,000 VMIG 1 Los Angeles County Housing Authority Multi-Family Housing
Revenue (Riverpark Apartments Project) 4.10%* 8,500,000
15,000,000 MIG 1 Los Angeles Union School District TAN 4.50% due 7/10/95 15,035,651
18,035,000 MIG 1 Monterey County TAN 4.50% due 6/30/95 18,067,056
6,100,000 MIG 1 Moreno Valley Union School District TAN 4.50% due
6/30/95 6,109,818
2,500,000 VMIG 1 Newport News Redevelopment & Housing Authority Multi-Family
Housing Revenue (Newport-Oxford Project) 4.20% 2,500,000
600,000 A-1+ Orange County Apartment Development Revenue (Monarch Bay
Apartment Project) 4.50%* 600,000
6,800,000 SP-1+ Pittsburg Union School District TAN 4.50% due 7/5/95 6,811,412
5,000,000 SP-1+ Sunnyvale Elementary School District TAN 4.50% due 7/5/95 5,008,769
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363,461,676
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Colorado -- 3.1%
6,800,000 NR++ Adams County (Clear Creek Business) 4.05%* 6,800,000
4,915,000 VMIG 1 Arapahoe County School (Cherry Creek BTP - 31) 4.325%* 4,915,000
6,000,000 VMIG 1 Colorado Health Facilities Authority Revenue
(North Colorado Medical Center) 4.20%* 6,000,000
Colorado HFA Economic Development Revenue:
7,200,000 NR++ Celestial Seasonings 3.50%*(a) 7,200,000
13,000,000 Aa2 Grant Plaza Project 4.25%* 13,000,000
Colorado HFA Economic Development Revenue
Multi-Family Housing:
5,400,000 VMIG 1 Hampden Estates Series 1985 4.15%* 5,400,000
2,575,000 VMIG 1 Huntsridge 4.05%* 2,575,000
8,010,000 VMIG 1 Huntington Apartments 4.05%* 8,010,000
Denver (City & County of) Airport Revenue:
13,500,000 A-1+ Series D 4.45%*(a) 13,500,000
7,800,000 P-1 Subseries B 4.20% due 7/13/95(a) 7,800,000
10,000,000 P-1 Subseries C 4.20% due 7/12/95 10,000,000
7,000,000 P-1 Subseries E 4.20% due 7/14/95(a) 7,000,000
Denver (City & County of) Multi-Family Housing Revenue:
9,050,000 A-1 Loretto Heights Apartments 4.05%* 9,050,000
8,500,000 A-1 Regency Park Project 4.10%* 8,500,000
22,000,000 VMIG 1 Seasons Apartments Project 4.25%* 22,000,000
</TABLE>
See Notes to Financial Statements.
6
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Colorado -- 3.1% (continued)
$ 3,900,000 VMIG 1 Douglas County Multi-Family Housing Revenue
(Autumn Chase Project) 4.05%* $ 3,900,000
3,490,000 A-1+ Englewood IDR (Swedish Mob I Limited Project) 4.30%* 3,490,000
2,700,000 P-1 Jefferson County IDR (Southwest Medpro Limited) 4.30%* 2,700,000
1,900,000 VMIG 1 Regional Transportation District Special Passenger Fare
Revenue 4.30%* 1,900,000
1,000,000 Aa2 Wheatridge IDR (Leaf Inc. Project) 4.20%*(a) 1,000,000
- ------------------------------------------------------------------------------------------------------
144,740,000
- ------------------------------------------------------------------------------------------------------
Connecticut -- 0.5%
Connecticut State Development Authority PCR
(Connecticut Light & Power Co. Project):
1,100,000 VMIG 1 Series A 4.10%*(a) 1,100,000
15,000,000 VMIG 1 Series B 4.25%*(a) 15,000,000
8,000,000 VMIG 1 Connecticut State Special Assesment Unemployment
Compensation 3.85% due 7/1/95** 8,000,000
- ------------------------------------------------------------------------------------------------------
24,100,000
- ------------------------------------------------------------------------------------------------------
Delaware -- 2.5%
Delaware State Economic Development Authority
(Hospital Billing Collection Service):
29,300,000 VMIG 1 Series A 4.30%* 29,300,000
17,500,000 VMIG 1 Series B 4.30%* 17,500,000
34,200,000 VMIG 1 Series C 4.10%* 34,200,000
5,900,000 VMIG 1 Delaware State Economic Development Authority Revenue Gas
Facilities (Delmarva Project) 4.25%* 5,900,000
9,900,000 VMIG 1 Delaware State Health Facilities Authority Revenue (Franciscan
Elder Care Corporation) 4.25%* 9,900,000
2,550,000 NR++ Delaware State Health Facilities Authority Revenue
TOB Short (BTP - 18) 4.325%* 2,550,000
18,995,000 AAA Delaware State Housing Authority Revenue TOB Long (CR-43)
4.40% due 6/1/95**(a) 18,995,000
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118,345,000
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District of Columbia -- 1.3%
25,000,000 MIG 1 District of Columbia TRAN 6.25% due 9/30/95 25,166,033
District of Columbia GO Refunding:
1,500,000 VMIG 1 Series A-2 4.20%* 1,500,000
3,100,000 VMIG 1 Series A-3 4.55%* 3,100,000
4,800,000 VMIG 1 Series A-5 4.55%* 4,800,000
400,000 VMIG 1 Series A-6 4.20%* 400,000
5,900,000 VMIG 1 District of Columbia Hospital Revenue
(Columbia Hospital for Women) 4.10%* 5,900,000
</TABLE>
See Notes to Financial Statements.
7
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
District of Columbia -- 1.3% (continued)
$13,490,000 VMIG 1 District of Columbia Housing Finance Agency
(Village at McLean Gardens) 4.35%* $ 13,490,000
District of Columbia Revenue:
250,000 VMIG 1 George Washington University 4.20%* 250,000
3,600,000 VMIG 1 George Washington University Series A 4.20%* 3,600,000
4,500,000 VMIG 1 Georgetown University Series D 4.30%* 4,500,000
- ------------------------------------------------------------------------------------------------------
62,706,033
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Florida -- 2.7%
Brevard County HFA Multi-Family Housing Revenue:
11,265,000 A-1 EKS Inc. Project 3.95%* 11,265,000
2,200,000 VMIG 1 Palm Place Project 3.95%* 2,200,000
Broward County HFA Multi-Family Housing Revenue:
3,000,000 A-1 Margate Investments Project 4.00%* 3,000,000
3,000,000 MIG 1 Welleby Apartments Project 4.30%* 3,000,000
6,700,000 VMIG 1 Collier County HFA Multi-Family Revenue
(River Reach Project) 4.10%* 6,700,000
1,300,000 VMIG 1 Dade County IDA (Florida Power & Light Company) 4.55%* 1,300,000
4,000,000 VMIG 1 Dade County Aviation Revenue Aviation Facility Series A 4.25%* 4,000,000
6,770,000 VMIG 1 Dade Aviation Revenue Refunding Series V 4.25%* 6,770,000
3,840,000 VMIG 1 Dade County Aviation Special Obligation Capital Asset
Acquisition 4.30%* 3,840,000
Dade County IDA IDR:
1,255,000 A-1+ Arlington Sales Project 4.35%*(a) 1,255,000
1,395,000 A-1+ Dynacolor Graphics Project 4.35%*(a) 1,395,000
1,150,000 A-1 Luria & Sons Inc. 4.35%*(a) 1,150,000
Florida Housing Finance Agency Multi-Family Housing:
1,865,000 A-1 Parrots Landing 4.05%* 1,865,000
300,000 NR++ Series LL Village Place Project 4.15%* 300,000
2,200,000 NR++ Series OO Oak at Mill Creek 4.15%* 2,200,000
1,400,000 A-1 Series TT River Oaks Apartments Project 4.30%* 1,400,000
3,200,000 A-1 Series UU Vinyard II Project 4.30%* 3,200,000
200,000 A-1 Series WW Cypress Lake Project 4.05%* 200,000
5,500,000 A-1 Series YY Monterey Meadows Apartments 4.05%* 5,500,000
6,920,700 A-1 Florida State Board Education Capital Outlay TOB (BPT - 46) 4.375%* 6,920,700
7,000,000 NR++ Hendry County IDA IDR (Savannah Foods & Industry Project)
4.525%* 7,000,000
280,000 A-1 Hillsborough County IDA IDR (Serigraphic Arts Inc.
Project) 4.35%*(a) 280,000
700,000 A-1+ Jackson County IDR (Unimac Company Project) 4.35%*(a) 700,000
400,000 A-1+ Lake County IDA IDR (Novelty Crystal Project) 4.35%*(a) 400,000
</TABLE>
See Notes to Financial Statements.
8
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Florida -- 2.7% (continued)
$ 3,650,000 NR++ Marion County IDA IDR (Charter Springs Hospital) 4.25%* $ 3,650,000
2,300,000 VMIG 1 Ocean Highway & Port Authority Revenue 4.55%*(a) 2,300,000
Orange County HFA Mortgage Revenue:
7,545,000 VMIG 1 Series B (CR-30C) 4.40% due 6/1/95**(a) 7,545,000
11,860,000 VMIG 1 Series E (CR-32C) 4.40% due 6/1/95**(a) 11,860,000
2,200,000 VMIG 1 Pasco County HFA Multi-Family Revenue
(Carlton Arms Magnolia Project) 4.375%* 2,200,000
1,665,000 A-1+ Pinellas County HFA Single-Family Mortgage Revenue 4.40%* 1,665,000
7,400,000 A-1 Pinellas County HFA Multi-Family Revenue Refunding Mortgage
(Foxbridge Apartments Project) 4.05%* 7,400,000
2,350,000 NR++ Pinellas County Industrial Council IDR
(Molex ETC Inc. Project) 4.35%*(a) 2,350,000
11,500,000 VMIG 1 St. Johns County Hospital Revenue (Flagler Hospital)
Series A 4.10%* 11,500,000
- ------------------------------------------------------------------------------------------------------
126,310,700
- ------------------------------------------------------------------------------------------------------
Georgia -- 2.8%
5,000,000 A-1+ Albany Dougherty Payroll Development PCR
(Merck & Co.) 4.375%* 5,000,000
Clayton County Housing Authority Multi-Family Housing Revenue:
2,000,000 A-1+ Rainwood Development 4.125%* 2,000,000
1,500,000 VMIG 1 Kimberly Forest Series B 4.25%* 1,500,000
Cobb County Multi-Family Housing:
10,515,000 VMIG 1 Post Valley Project 4.25%* 10,515,000
4,055,000 NR++ Williamstown Apartment Project 4.35%*(a) 4,055,000
DeKalb County Multi-Family Housing:
3,790,000 VMIG 1 Columbia on Clairmont Project 4.05%* 3,790,000
6,895,000 VMIG 1 Post Ashford Project 4.25%* 6,895,000
11,600,000 A-1+ Wood Brook Project 3.95%* 11,600,000
9,900,000 VMIG 1 Wood Hills Apartments Project 4.25%* 9,900,000
3,440,000 VMIG 1 Georgia State FRTC (PA - 31) 4.25%* 3,440,000
6,500,000 VMIG 1 Georgia State Putters Series 19D 4.10%* 6,500,000
4,835,000 NR++ Georgia State TOB (BTP - 157A) 4.325%* 4,835,000
1,000,000 P-1 Gwinnet County Development Authority IDR (Makro Inc.
Project) 4.15%* 1,000,000
6,000,000 P-1 Gwinnet County Housing Authority Multi-Family Housing Revenue
(Greens Apartments Project) 4.05%* 6,000,000
1,000,000 NR++ Henry County Development Authority IDR (Ecolab Inc. Project)
4.20%*(a) 1,000,000
3,000,000 VMIG 1 Jackson County IDA IDR (Mitsubishi Consumer Electronics
American Inc. Project) 4.40%* 3,000,000
5,000,000 A-1+ Marietta Housing Authority Multi-Family Revenue Refunding
(Concepts 21 Apartments) 4.20%* 5,000,000
</TABLE>
See Notes to Financial Statements.
9
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
Georgia -- 2.8% (continued)
<C> <C> <S> <C>
$ 5,000,000 A Municipal Electricity Authority Special Obligation Muni Trust
Receipts 4.50%* $ 5,000,000
14,000,000 VMIG 1 Municipal Electricity Authority General Resolution Series B
3.85% due 6/1/95 14,000,000
3,200,000 NR++ Pike County IDA IDR (Thomaston Mills Inc. Project) 4.10%*(a) 3,200,000
3,000,000 NR++ Richmond County Development Authority Revenue Refunding
(General Signal) 4.125%* 3,000,000
4,000,000 NR++ Savannah Economic Development Authority IDR
(Fuji Vegetable Oil Project) 4.30%*(a) 4,000,000
870,000 MIG 1 Savannah Port Authority (Colonial Oil Industry) 4.375%* 870,000
3,500,000 Aa2 Smyrna Housing Authority Multi-Family Housing Revenue (Walton
Grove Project) 4.35%* 3,500,000
2,700,000 VMIG 1 Thomaston-Upson County IDA Revenue (De Ster Production Corp.)
Series A 4.55%*(a) 2,700,000
Tift County IDA IDR (Queen Carpet Corp. Project):
3,000,000 NR++ Series A 4.35%*(a) 3,000,000
1,500,000 NR++ Series B 4.25%* 1,500,000
2,350,000 NR++ Villa Rica Development Authority IDR
(Lowes Home Centers Inc. Project) 4.25%* 2,350,000
1,500,000 NR++ Winder-Barrow Industrial Building Authority IDR (Southeastern
Metal Inc. Project) 4.35%*(a) 1,500,000
- ------------------------------------------------------------------------------------------------------
130,650,000
- ------------------------------------------------------------------------------------------------------
Hawaii -- 0.6%
Hawaii State Putters:
9,500,000 VMIG 1 Series 12A 4.30%* 9,500,000
9,500,000 VMIG 1 Series 12B 4.30%* 9,500,000
2,300,000 VMIG 1 Hawaii State Department Budget & Finance Special Purpose
Mortgage Revenue (Kuakini Medical Center Project) 4.00%* 2,300,000
Hawaii State Housing Finance & Development Corporation
3,800,000 VMIG 1 Updates-Rental Housing Systems Series A 4.25%* 3,800,000
3,200,000 VMIG 1 Affordable Rental Housing Program A 4.25%* 3,200,000
- ------------------------------------------------------------------------------------------------------
28,300,000
- ------------------------------------------------------------------------------------------------------
Idaho -- 0.1%
4,500,000 NR++ Twin Falls IDR (Individual-Longview Fibre Co. Project) 4.35%* 4,500,000
- ------------------------------------------------------------------------------------------------------
Illinois -- 6.0%
11,400,000 P-1 Bolingbrook Multi-Family Housing Redevelopment
(Amberton Apartments) 4.35%*(a) 11,400,000
2,000,000 MIG 1 Chicago GO 1985 4.10%* 2,000,000
3,300,000 MIG 1 Chicago GO FRTC (SGA - 8) 4.50%* 3,300,000
30,745,000 VMIG 1 Chicago GO Tender Notes Series B 4.60% due 10/31/95** 30,805,460
</TABLE>
See Notes to Financial Statements.
10
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Illinois -- 6.0% (continued)
$ 4,700,000 VMIG 1 Chicago Gas Supply Revenue (Peoples Gas Light & Coke Co.)
4.95% due 12/1/95** $ 4,700,000
Chicago O'Hare International Airport Special Facilities
Revenue (Northwest Airlines Inc.):
9,000,000 VMIG 1 Series A 4.45%*(a) 9,000,000
15,700,000 VMIG 1 Series B 4.45%*(a) 15,700,000
16,000,000 VMIG 1 Chicago O'Hare International Airport Revenue General Airport
2nd Lien Series A 5.00% due 7/1/95** 16,000,658
5,800,000 VMIG 1 Chicago O'Hare International Airport Revenue General Airport
2nd Lien Series A 4.35%*(a) 5,800,000
8,700,000 VMIG 1 Chicago O'Hare International Airport Revenue 2nd Lien
Series A 4.20%*(a) 8,700,000
4,000,000 VMIG 1 Decatur Water Revenue (New South Water Treatment)
4.25% due 6/7/95** 4,000,000
32,840,000 VMIG 1 Elmhurst Revenue Community Accreditation Health Care
Organization 4.20%* 32,840,000
Illinois Development Finance Authority IDR:
800,000 VMIG 1 Alcan-Toyo America Project 4.50%*(a) 800,000
1,500,000 P-1 Bridgestone Tire Co. 4.15%* 1,500,000
1,100,000 A-1+ Columbia Graphics Corp. Project 3.90%*(a) 1,100,000
5,000,000 P-1 Metalpro Inc. Project 4.65%* 5,000,000
800,000 NR++ U.G.N. Inc. Project 4.60%*(a) 800,000
Illinois Development Finance Authority PCR
(Illinois Power Co.):
8,300,000 A-1+ Series B 4.25%*(a) 8,300,000
10,000,000 A-1+ Series C 4.25%*(a) 10,000,000
1,000,000 NR++ Illinois Development Finance Authority Economic Development
Revenue (Molex Inc. Project) 4.25%* 1,000,000
Illinois Development Finance Authority Revenue:
10,300,000 A-1+ Residential Brookdale Project 4.30%*(a) 10,300,000
5,700,000 A-1+ Safety Education (Foundation for Safety) 4.10%* 5,700,000
2,000,000 A-1+ Special Facility (Little County Foundation) 4.25%* 2,000,000
Illinois Educational Facilities Authority Revenue:
485,000 VMIG 1 Art Institute of Chicago 4.20%* 485,000
1,500,000 VMIG 1 Chicago Historical Society 4.20%* 1,500,000
5,950,000 VMIG 1 Cultural Pooled Financing 4.20%* 5,950,000
1,000,000 MIG 1 Field Museum 4.20%* 1,000,000
6,500,000 A-1+ National College Education 4.15%* 6,500,000
Illinois Health Facilities Authority Revenue:
1,000,000 VMIG 1 Childrens Memorial Hospital Project 4.20%* 1,000,000
1,500,000 VMIG 1 Franciscan Sisters Series B 4.10%* 1,500,000
23,600,000 VMIG 1 Highland Park Hospital 3.75% due 6/1/95** 23,600,000
</TABLE>
See Notes to Financial Statements.
11
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Illinois -- 6.0% (continued)
$ 7,500,000 VMIG 1 Parkside Development Corp. 4.20%* $ 7,500,000
Revolving Fund Pooled:
100,000 VMIG 1 Series C 4.25%* 100,000
375,000 VMIG 1 Series D 4.25%* 375,000
4,700,000 VMIG 1 Sisters of Mercy Healthcare 4.30%* 4,700,000
3,000,000 A-1 The Streeterville Corp. 4.20%* 3,000,000
2,600,000 VMIG 1 University of Chicago Hospital 4.10%* 2,600,000
8,000,000 VMIG 1 West Surburban Hospital 4.20%* 8,000,000
6,000,000 MIG 1 Illinois State GO Certificates Series 1994 4.75% due 6/15/95 6,007,218
3,255,000 A-1+ Illinois State Sales Tax Revenue Municipal Trust Receipts
(SG-9) 4.45%* 3,255,000
4,000,000 NR++ Paris IDR (Simonton Building Products Inc.) 4.35%* 4,000,000
7,600,000 NR++ Pekin IDR (BOC Group Inc. Project) 4.25%* 7,600,000
1,700,000 A-1 Savanna IDR (Metform Corporation Project) 4.25%*(a) 1,700,000
- ------------------------------------------------------------------------------------------------------
281,118,336
- ------------------------------------------------------------------------------------------------------
Indiana -- 2.6%
4,400,000 A-1+ Allen County Economic Development
(Kransco Project) 4.45%*(a) 4,400,000
Columbus Economic Development Revenue:
1,200,000 NR++ Enkei American Project 4.05%* 1,200,000
200,000 Aa3 Interstate Bakeries 4.05%* 200,000
2,000,000 NR++ Crawfordsville IDR (National Service Industry Inc. Project) 4.25%* 2,000,000
38,665,000 MIG 1 Evansville Hospital Authority Revenue (St. Mary's Medical Center
of Evansville Inc.) 4.25%* 38,665,000
1,000,000 P-1 Fort Wayne Economic Development Revenue
(ND Technology Project) 4.75%*(a) 1,000,000
4,300,000 P-1 Frankfort Economic Development Revenue
(General Seating of America Project) 4.65%*(a) 4,300,000
12,355,000 MIG 1 Hamilton County Hospital Authority Revenue Daughters of Charity
(St. Vincent Hospital & Healthcare Center Inc. -
Carmel Hospital Project) 4.25%* 12,355,000
Indiana Health Facilities Financing Authority Hospital Revenue:
3,700,000 MIG 1 Daughters of Charity National 4.25%* 3,700,000
11,000,000 VMIG 1 Deaconess Hospital Inc. 4.30%* 11,000,000
6,200,000 VMIG 1 Rehabilitation Hospital Inc. 4.25%* 6,200,000
16,300,000 MIG 1 Indiana Secondary Market Educational Loans Inc. Education Loan
Revenue Series B 4.20%*(a) 16,300,000
1,000,000 A-1+ Indiana State Development Finance Authority IDR
(Red Gold Inc. Project) 4.30%* 1,000,000
12,000,000 Aa2 Mount Vernon PCR (Southern Indiana Gas & Electric)
Series A 3.50% due 5/1/95** 12,000,000
</TABLE>
See Notes to Financial Statements.
12
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Indiana -- 2.6% (continued)
$ 3,300,000 A-1+ Ossian Economic Development Revenue
(Walbro Auto Corporation Project) 4.30%*(a) $ 3,300,000
1,300,000 NR++ Plymouth IDR (Dean Foods Company Project) 4.25%* 1,300,000
1,325,000 VMIG 1 Richmond Economic Development Revenue
(Beverly Enterprises Indiana) 3.95%* 1,325,000
2,900,000 A-1 Shelbyville Economic Development Revenue
(Nippisun Indiana Corporation Project) 4.75%*(a) 2,900,000
- ------------------------------------------------------------------------------------------------------
123,145,000
- ------------------------------------------------------------------------------------------------------
Iowa -- 0.9%
1,500,000 NR++ Cedar Rapids IDR Refunding (McKesson Corp. Project) 4.25%* 1,500,000
870,000 A-1+ Dubuque IDR (Swiss Valley Farms Co. Project) 4.40%*(a) 870,000
10,200,000 VMIG 1 Iowa Higher Education Loan Authority Revenue
Education Loan Private College Facilities 4.30% 10,200,000
13,800,000 A-1+ Iowa HFA Multi-Family Small Business Loan Project
Series 85A 4.00%* 13,800,000
14,500,000 VMIG 1 Iowa Student Loan Liquidity Corporation Student Loan Revenue
Series B 4.20%*(a) 14,500,000
- ------------------------------------------------------------------------------------------------------
40,870,000
- ------------------------------------------------------------------------------------------------------
Kansas -- 1.0%
3,400,000 NR++ Fredonia Revenue Exempt Facilities 4.50%*(a) 3,400,000
14,000,000 NR++ Sedwick County Airport Facility Revenue
(Flight Safety International Inc. Project) 4.35%* 14,000,000
16,750,000 VMIG 1 Shawnee Multi-Family Housing Revenue
(Hampton Woods Apartments) 3.95%* 16,750,000
1,750,000 NR++ Wichita Airport Authority Airport Facilities Revenue
(Flight Safety International Project) 4.25%* 1,750,000
6,170,000 NR++ Wichita Airport Facilities Revenue (Flight
Safety International Inc. Project) 4.35%*(a) 6,170,000
3,000,000 VMIG 1 Wichita Revenue (CSJ Health System Wichita) 4.25%* 3,000,000
- ------------------------------------------------------------------------------------------------------
45,070,000
- ------------------------------------------------------------------------------------------------------
Kentucky -- 1.8%
3,250,000 NR++ Calbert City PCR (BOC Group Inc. Project) 4.25%*(a) 3,250,000
3,500,000 NR++ Carrol County IDR (Kentucky Ladder Company Project) 4.30%*(a) 3,500,000
21,685,000 NR++ Hancock County Industrial Building Revenue (Southwire Company
Project) 4.325%* 21,685,000
1,000,000 NR++ Hancock County PCR Variable Refunding (Southwire Company
Project) 4.325%* 1,000,000
2,000,000 VMIG 1 Hopkinsville IDR (American Precision Machinery) 4.375%* 2,000,000
1,684,000 A-1 Jefferson County IDR (Belknap Inc. Project) 4.00%* 1,684,000
</TABLE>
See Notes to Financial Statements.
13
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Kentucky -- 1.8% (continued)
$ 2,000,000 VMIG 1 Kentucky Association of Counties Reinsurance
Trust Revenue 4.35%* $ 2,000,000
1,300,000 NR++ Louisville IDR Refunding (National Service Industries
Inc. Project) 4.25%* 1,300,000
44,300,000 NR++ Ohio County PCR (Big Rivers Electric Corp.) 4.45%* 44,300,000
1,850,000 VMIG 1 Pendleton County Self Insurance Funding Bond 3.75% due 7/1/95** 1,850,000
- ------------------------------------------------------------------------------------------------------
82,569,000
- ------------------------------------------------------------------------------------------------------
Louisiana -- 2.6%
8,000,000 P-1 Ascension Parish Revenue (BASF Corporation Project) 4.55%* 8,000,000
9,700,000 VMIG 1 Calcasieu Parish Inc. IDB PCR (Citgo Petroleum Corp.) 4.25%* 9,700,000
1,500,000 P-1 Iberville Parish PCR (Dow Chemical Company Project) 4.35%* 1,500,000
1,410,000 NR++ Kentwood IDR Refunding (Suntory Water Group Inc.) 4.25%* 1,410,000
1,600,000 P-1 Louisiana Public Authority Hospital Revenue
(Houma-Psychiatric Hospital Inc.) 4.05%* 1,600,000
4,200,000 NR++ Louisiana Public Facilities Authority Revenue Refunding
(Home Depot USA Inc. Project) 4.20%*(a) 4,200,000
48,400,000 VMIG 1 Louisiana Public Facilities Sisters of Charity 4.125%
due by 4/10/95** 48,400,000
Louisiana State Putters:
5,515,000 VMIG 1 Series 17A 4.30%* 5,515,000
5,915,000 VMIG 1 Series 17B 4.30%* 5,915,000
6,975,000 VMIG 1 Series 29A 4.30%* 6,975,000
10,000,000 NR++ Natchitoches Parish Revenue Refunding (Trust Joist Corp.
Project) 4.35%* 10,000,000
8,000,000 VMIG 1 New Orleans Aviation Board Revenue
(Passenger Facility Charge Project) 4.60%*(a) 8,000,000
4,000,000 Aa2 Ouachita Parish IDB IDR (Sulzer Escher Wyss Project) 4.35%*(a) 4,000,000
2,500,000 NR++ Port Longview Industrial Development Corporation Revenue
(Longview Fibre Company Project) 4.20%* 2,500,000
2,000,000 VMIG 1 South Port Community Marine Terminal Facilities Revenue Refunding
(Occidental Petroleum) 4.05%* 2,000,000
- ------------------------------------------------------------------------------------------------------
119,715,000
- ------------------------------------------------------------------------------------------------------
Maine -- 0.1%
2,000,000 VMIG 1 Biddeford Resource Recovery Revenue
(Maine Energy Recovery) 4.10%* 2,000,000
Maine Finance Authority Economic Development Revenue:
2,405,000 A-1+ Series A,B,C&E 4.35%*(a) 2,405,000
200,000 A-1+ Series D 4.50%*(a) 200,000
</TABLE>
See Notes to Financial Statements.
14
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Maine -- 0.1% (continued)
Maine Health & Higher Educational Facilities Authority Revenue
(VHA New England Inc.):
$ 890,000 A-1 Series D 4.10%* $ 890,000
465,000 A-1 Series E 4.10%* 465,000
- ------------------------------------------------------------------------------------------------------
5,960,000
- ------------------------------------------------------------------------------------------------------
Maryland -- 2.9%
6,000,000 VMIG 1 Anne Arundel County Economic Development Revenue
(West Capital Associates - Capital Gazette
Communication, Inc.) 4.25%* 6,000,000
5,000,000 VMIG 1 Baltimore County Economic Development Revenue Refunding
(Blue Circle Inc. Project) 4.20%* 5,000,000
19,700,000 A-1+ Baltimore Port Facilities (Occidental Petroleum) 4.05%* 19,700,000
5,000,000 VMIG 1 Maryland State Health & Higher Educational Facilities Authority
Revenue Daughters of Charity (St. Agnes Hospital) 4.25%* 5,000,000
2,500,000 VMIG 1 Maryland State Industrial Development Financing
Authority Economic Development Revenue
(Johnson Controls Inc.) 4.30%* 2,500,000
9,110,000 VMIG 1 Montgomery County TOB Short (BTP - 160A) 4.325%* 9,110,000
Montgomery County Economic Development Revenue
(Howard Hughes Medical Center):
10,500,000 VMIG 1 Series A 4.05%* 10,500,000
25,500,000 VMIG 1 Series B 4.05%* 25,500,000
25,500,000 VMIG 1 Series C 4.05%* 25,500,000
Montgomery County Housing Opportunity Commission
Multi-Family Housing:
3,300,000 VMIG 1 Draper Lane Apartments 4.25%*(a) 3,300,000
22,780,000 AA Series C 4.95% due 11/30/95(a) 22,780,000
- ------------------------------------------------------------------------------------------------------
134,890,000
- ------------------------------------------------------------------------------------------------------
Massachusetts -- 0.4%
1,400,000 NR++ New Bedford RAN 4.90% due 6/30/95 1,402,721
3,920,000 NR++ Massachusetts State Industrial Finance Industrial Revenue
(Catamount Manufacturing Inc.) 3.50%*(a) 3,920,000
14,715,000 VMIG 1 Massachusetts State HFA Housing Revenue Single-Family
Series 34 3.85% due 6/1/95**(a) 14,715,000
- ------------------------------------------------------------------------------------------------------
20,037,721
- ------------------------------------------------------------------------------------------------------
Michigan -- 3.7%
3,500,000 Aa2 Berrien County Limited Obligation Revenue
(Menasha Corp. Project) 4.25%* 3,500,000
100,000 A-1 Dearborn EDC Revenue (Oakbrook Common Project) 4.20%* 100,000
500,000 VMIG 1 Detroit Downtown Development Authority Revenue Refunding
(Millender Center Project) 4.25%* 500,000
</TABLE>
See Notes to Financial Statements.
15
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Michigan -- 3.7% (continued)
$ 3,900,000 A-1 Detroit Tax Increment Finance Authority (Tax Increment
Central Industrial Park Project) 4.05%* $ 3,900,000
7,000,000 VMIG 1 Kent Hospital Finance Authority Hospital Facility Revenue
(Butterworth Hospital) 4.25%* 7,000,000
Michigan State Hospital Finance Authority Revenue:
3,500,000 MIG 1 Grand Rapids Osteopathic Hospital 4.25%* 3,500,000
200,000 VMIG 1 Hospital Equipment Loan Program 4.05%* 200,000
9,500,000 VMIG 1 Michigan State Housing Development Authority Limited Obligation
(Woodland Meadows Apartments Project) 4.30%*(a) 9,500,000
Michigan State Housing Development Authority Rental
Housing Revenue:
1,100,000 VMIG 1 Series B 4.25% 1,100,000
4,000,000 VMIG 1 P-Floats (PT - 38) 3.95%*(a) 4,000,000
125,000,000 MIG 1 Michigan State Notes 5.00% due 9/29/95 125,541,384
Michigan State Strategic Fund:
4,200,000 P-1 PCR Refunding (Dow Chemical Company Project) 4.10% due 6/8/95**(a) 4,200,000
3,000,000 VMIG 1 PCR Refunding (General Motors Corp. Project) 4.35%* 3,000,000
4,300,000 P-1 Solid Waste Disposal Revenue (Grayling Generating Project)
4.20%*(a) 4,300,000
- ------------------------------------------------------------------------------------------------------
170,341,384
- ------------------------------------------------------------------------------------------------------
Minnesota -- 1.6%
5,000,000 A-1 Bloomington Multi-Family Revenue Refunding (Rental Housing
Crow/Bloomington Apartments) 3.90%* 5,000,000
5,200,000 VMIG 1 Duluth Tax Increment (Lake Superior Paper) 4.15%* 5,200,000
2,400,000 A-1 Golden Valley IDR (Unicare Homes Project) 4.15%* 2,400,000
1,000,000 A-1+ Hubbard County Solid Waste Disposal Revenue (Potlatch Corp.
Project) 4.25%*(a) 1,000,000
3,300,000 VMIG 1 Minneapolis Community Development Agency Revenue (Riverplace
Project Pennacle Apartment) 4.25%* 3,300,000
8,585,000 NR++ Minnesota State TOB Short (BTP - 156A) 4.325%* 8,585,000
1,690,000 NR++ Moorehead IDR Refunding (Super Value Store Project) 4.40%* 1,690,000
1,700,000 A-1 New Brighton IDR (Unicare Homes Inc. Project) 4.15%* 1,700,000
2,000,000 A-1 Robbinsdale IDR (Unicare Homes Inc. Project-United Health
Inc.) 4.15%* 2,000,000
Rochester Health Care Facility (Mayo Foundation Project):
10,000,000 A-1+ Series A 4.25%* 10,000,000
17,600,000 A-1+ Series C 4.25%* 17,600,000
</TABLE>
See Notes to Financial Statements.
16
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Minnesota -- 1.6% (continued)
$12,700,000 A-1 Saint Cloud Hospital Facility Revenue (St. Cloud Hospital)
Series A 4.20%* $ 12,700,000
4,800,000 NR++ Saint Paul Housing & Redevelopment Authority Revenue
(Housing Development Minnesota Multi-City) 4.20%* 4,800,000
- ------------------------------------------------------------------------------------------------------
75,975,000
- ------------------------------------------------------------------------------------------------------
Mississippi -- 0.2%
2,880,000 NR++ Jackson IDR Refunding (McKesson Corp. Project) 4.25%*(a) 2,880,000
5,350,000 Aa2 Newton IDR Refunding (La-Z-Boy Chair Co. Project) 4.25%* 5,350,000
- ------------------------------------------------------------------------------------------------------
8,230,000
- ------------------------------------------------------------------------------------------------------
Missouri -- 3.0%
2,400,000 P-1 Barry County IDA (Georges Processing Inc) 4.60%*(a) 2,400,000
4,500,000 P-1 Carthage IDA (Schreiber Foods Inc. Project) 4.65%*(a) 4,500,000
5,200,000 A-1+ Independence IDA IDR (Resthaven Project) 3.95%* 5,200,000
13,000,000 A-1+ Maries County IDA Solid Waste Management Revenue 4.40%* 13,000,000
Missouri Higher Education Loan Authority
Student Loan Revenue:
21,000,000 VMIG 1 Series 88A 4.15%*(a) 21,000,000
29,300,000 VMIG 1 Series 90A 4.15%*(a) 29,300,000
17,500,000 VMIG 1 Series B 4.15%*(a) 17,500,000
15,000,000 NR++ Senior Lien Series D 4.25%*(a) 15,000,000
2,310,000 VMIG 1 Missouri State Economic Development Export & Infrastructure Board
IDR (Tom E. Beal Trust International Village Project) 4.30%* 2,310,000
500,000 VMIG 1 Missouri State IDB IDR (John E. Raidel Lot 2-F) 4.30%* 500,000
9,500,000 VMIG 1 Missouri State Health Educational Facilities and Health Facilities
(Sisters of Mercy Health Care Project) 4.30%* 9,500,000
Missouri State Environmental Improvement and Energy Authority:
7,300,000 NR++ PCR (Union Electric) Series B 6.65% due 6/1/95 7,300,000
4,000,000 P-1 Enviromental Improvement Revenue
(Utilicorp United Inc. Project) 4.65%*(a) 4,000,000
3,000,000 VMIG 1 Saint Charles County IDA IDR Refunding
(Venture Stores Inc. Project) 4.20%* 3,000,000
2,970,000 A-1 Saint Louis County IDA Multi-Family Housing Revenue Refunding
(Westport Station Apartments) 4.05%* 2,970,000
4,000,000 NR++ Versailles IDA IDR Refunding (Gates Rubber Co. Project) 4.805%* 4,000,000
- ------------------------------------------------------------------------------------------------------
141,480,000
- ------------------------------------------------------------------------------------------------------
Montana -- 0.9%
6,500,000 A-1 Billings Multi-Family Housing Revenue (West Park
Retirement Center) 4.05%* 6,500,000
1,300,000 NR++ Butte Silver Bow PCR (Rhone Poulenc Inc. Project) 4.15%* 1,300,000
1,800,000 NR++ Missoula IDR (Washington Corp. Project) 4.05%* 1,800,000
3,925,000 A-1+ Montana Board of Investment (Colstrip Project) 4.263%* 3,925,000
7,500,000 A-1 Montana State Board Inventory Payroll Tax
Workers Compensation 4.20%* 7,500,000
</TABLE>
See Note to Financial Statements.
17
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Montana -- 0.9% (continued)
$10,450,000 A-1 Montana State Board Inventory Resource Recovery Revenue
(Colstrip Project) 4.60%* $ 10,450,000
10,000,000 VMIG 1 Montana State Health Facility Authority Revenue
(Health Care Pooled Loan Program) 4.15%* 10,000,000
- ------------------------------------------------------------------------------------------------------
41,475,000
- ------------------------------------------------------------------------------------------------------
Nebraska -- 1.8%
2,900,000 VMIG 1 Buffalo County IDR (Agrex Inc. Project) 4.15%* 2,900,000
5,000,000 VMIG 1 Buffalo County Health Facilities (Sisters of Charity
Health System-Young Memorial Hospital) 3.60% due 5/1/95** 5,000,000
Nebraska Higher Education Loan Program Income Revenue
Student Loan Program:
19,850,000 A-1+ Series A 4.20%*(a) 19,850,000
10,400,000 A-1+ Series B 4.20%*(a) 10,400,000
15,925,000 A-1+ Series C 4.20%*(a) 15,925,000
22,280,000 A-1+ Series D 4.20%*(a) 22,280,000
5,100,000 VMIG 1 Nuckolls County IDR (Agrex Inc. Project) 4.15%* 5,100,000
- ------------------------------------------------------------------------------------------------------
81,455,000
- ------------------------------------------------------------------------------------------------------
Nevada -- 0.7%
Nevada Housing Division Refunding Multi-Unit:
28,000,000 A-1 Park Vista Apartments Series 1991 4.25%* 28,000,000
6,100,000 A-1+ Demand Bonds 1989A 4.20%* 6,100,000
- ------------------------------------------------------------------------------------------------------
34,100,000
- ------------------------------------------------------------------------------------------------------
New Hampshire -- 1.8%
Nashua Housing Authority Multi-Family Revenue Refunding
(Housing Clocktower Project):
271,000 A-1 Series 1993/#227A 4.30%*(a) 271,000
626,000 A-1 Series 1993/#227B 4.30%*(a) 626,000
10,058,000 A-1 Series 1993/#227C 4.10%*(a) 10,058,000
9,770,000 VMIG 1 New Hampshire Higher Educational & Health Facilities Authority
(Dartmouth Educational Loan Corp.) 3.85% due 6/1/95** 9,770,000
New Hampshire State HFA Multi-Family Housing:
18,000,000 VMIG 1 Fairways Project 4.25%*(a) 18,000,000
10,625,000 A-1 Hampshire Estates MHT Project 4.20%* 10,625,000
New Hampshire State HFA
(Connecticut Light & Power Co. Project):
10,600,000 VMIG 1 Series 1986 4.25%* 10,600,000
2,000,000 VMIG 1 Series 1988 4.35%*(a) 2,000,000
New Hampshire State Business Finance Authority PCR
Refunding Public Service Company:
2,000,000 A-1+ Series 92D 4.35%*(a) 2,000,000
1,100,000 A-1+ Series 93E 4.20%*(a) 1,100,000
</TABLE>
See Notes to Financial Statements.
18
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
New Hampshire -- 1.8% (continued)
$18,400,000 VMIG 1 New Hampshire State Housing Finance Authority Multi-Family
(Countryside Limited Project) 4.40%* $ 18,400,000
- ------------------------------------------------------------------------------------------------------
83,450,000
- ------------------------------------------------------------------------------------------------------
New Jersey -- 0.5%
615,000 A-1 New Jersey Economic Development Authority Industrial &
Economic Development Revenue (Makita USA Inc.
Project) 4.20%* 615,000
20,500,000 MIG 1 New Jersey State TRAN 5.00% due 6/15/95 20,538,818
- ------------------------------------------------------------------------------------------------------
21,153,818
- ------------------------------------------------------------------------------------------------------
New Mexico -- 0.2%
4,900,000 Aa2 Bellen IDR (Solo New Mexico Project) 4.35%*(a) 4,900,000
2,750,000 VMIG 1 New Mexico Hospital Equipment Loan 4.25%* 2,750,000
- ------------------------------------------------------------------------------------------------------
7,650,000
- ------------------------------------------------------------------------------------------------------
New York -- 4.1%
10,700,000 MIG 1 Board Cooperative Educational Services Sole Supervisory
District RAN Lot 2 3.82% due 6/28/95 10,700,474
10,000,000 MIG 1 Buffalo RAN 5.00% due 7/12/95 10,021,897
2,500,000 VMIG 1 Erie County Industrial Development Agency IDR
(Rosina Foods Products Inc. Project) 4.10%*(a) 2,500,000
3,100,000 A-1+ Franklin County Industrial Development
Agency IDR (Kes Chateaugay Project) 3.80%*(a) 3,100,000
5,000,000 NR++ Lindenhurst Union Free School District TAN 5.00% due 6/29/95 5,006,566
New York City GO:
2,600,000 VMIG 1 Sub-Series B-10 4.00%* 2,600,000
1,000,000 VMIG 1 Sub-Series E-2 4.20%* 1,000,000
3,900,000 VMIG 1 Sub-Series E-3 4.10%* 3,900,000
5,700,000 VMIG 1 Sub-Series E-4 4.10%* 5,700,000
15,900,000 VMIG 1 Sub-Series H-4 4.20% due 6/8/95** 15,900,000
10,000,000 VMIG 1 New York City GO Series H-3 4.20% due 6/8/95** 10,000,000
New York City Housing Development Corporation Mortgage
Multi-Family:
2,400,000 A-1 Columbus Apartment Project 4.10%* 2,400,000
11,810,000 P-1 Parkgate Tower 3.95%* 11,810,000
3,700,000 A-1 James Tower Development Series A 3.95%* 3,700,000
New York City IDA IDR:
200,000 VMIG 1 Andin International Inc. 3.95%*(a) 200,000
1,800,000 VMIG 1 Compensation Series I 4.10%* 1,800,000
1,200,000 VMIG 1 Country Chef Foods Project 4.10%*(a) 1,200,000
</TABLE>
See Notes to Financial Statements.
19
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
New York -- 4.1% (continued)
$ 1,000,000 VMIG 1 Nobart New York Ink Project 4.625%*(a) $ 1,000,000
1,205,000 P-1 William E. Martin & Sons Company 4.10%*(a) 1,205,000
3,200,000 VMIG 1 New York City Water & Sewer Certificates
Series 1992A 4.25%* 3,200,000
6,700,000 A-1+ New York State Medical Care Facility P-Floats (PT - 117) 4.35%* 6,700,000
4,415,000 A-1+ New York State Medical Care Facilities Finance Agency Revenue
P-Floats (PA - 89) 4.35%* 4,415,000
12,342,000 VMIG 1 New York State Urban Development Corp. Revenue TOB Short
(BPT-113A) 4.275%* 12,342,000
12,100,000 VMIG 1 Niagara County IDA (American Fuel) 4.25% due 5/18/95**(a) 12,100,000
3,500,000 P-1 Niagara County IDA IDR (General Abrasive
Treibacher) 4.50%*(a) 3,500,000
900,000 VMIG 1 Port Authority of New York & New Jersey Special Obligation
Revenue 3rd Installment Series 3 4.10%*(a) 900,000
300,000 NR++ Puerto Rico Commonwealth Government Development
Bank 4.10%* 300,000
27,630,000 NR++ Puerto Rico Industrial Medical PCR (Abbot Laboratory)
Series 83A 5.10% due 3/1/96 27,630,000
Triborough Bridge & Tunnel Authority Revenue TOB Short:
5,049,000 VMIG 1 BPT-161A 4.275%* 5,049,000
5,049,000 VMIG 1 BPT-162A 4.275%* 5,049,000
11,000,000 NR++ Ulster County TAN 5.50% due 3/28/96 11,015,449
5,000,000 NR++ Uniondale Union Free School District TAN 4.00% due 6/28/95 5,003,484
575,000 NR++ Westchester County IDA IDR (Elba Enterprises Project) 4.10%*(a) 575,000
500,000 VMIG 1 Yonkers IDA Civic Facility Revenue Consumers
Union Facility 4.15%* 500,000
- ------------------------------------------------------------------------------------------------------
192,022,870
- ------------------------------------------------------------------------------------------------------
North Carolina -- 0.6%
16,300,000 MIG 1 Bladen County Industrial Facilities & PCFA Resource
Recovery Revenue (Beach Energy Project) 4.15%*(a) 16,300,000
800,000 NR++ North Carolina Medical Care Community Health Care Facilities
(Greater Carolinas Red Cross) 4.15%* 800,000
Wake County Industrial Facilities & PCFA Revenue
(Carolina Power &Light Co.):
1,800,000 A-1 Series B 4.20%* 1,800,000
7,800,000 MIG 1 Series C 4.20%* 7,800,000
- ------------------------------------------------------------------------------------------------------
26,700,000
- ------------------------------------------------------------------------------------------------------
Ohio -- 1.9%
Dayton Special Facilities Revenue Refunding (Emery Air Freight):
5,000,000 VMIG 1 Series E 4.15%* 5,000,000
8,000,000 VMIG 1 Series F 4.05%* 8,000,000
33,000,000 A-1+ Eagle Trust (953501 & 953502) Ohio Water Development 4.25%* 33,000,000
9,400,000 A-1+ Fountain Inn (Cincinnati Milacron Industries) 4.25%* 9,400,000
</TABLE>
See Notes to Financial Statements.
20
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Ohio -- 1.9% (continued)
$ 1,800,000 A-1+ Fulton County IDR (Poly Craft Inc.) 4.418%* $ 1,800,000
2,000,000 NR++ Oakwood IDR (Sennett Steel Corp. Project) 4.28%*(a) 2,000,000
1,600,000 A-1+ Ohio Housing Finance Agency Mortgage Revenue P-Floats
(PA - 93) 4.35%*(a) 1,600,000
23,000,000 VMIG 1 Ohio State Air Quality Development Authority Revenue
(JMG Funding Limited Partnership) Series B 4.25%*(a) 23,000,000
5,500,000 A-1+ Ohio State Water Development Authority Pollution Control
Facilities Revenue (Duquesne Light Co. Project) 4.35%*(a) 5,500,000
Scioto County Hospital Facility Revenue (VHA Central Inc.
Capital Asset):
400,000 A-1 Series C 4.00%* 400,000
500,000 A-1 Series D 4.00%* 500,000
- ------------------------------------------------------------------------------------------------------
90,200,000
- ------------------------------------------------------------------------------------------------------
Oklahoma -- 1.9%
1,145,000 NR++ Adair County IDR (Baldor Electric Company) 4.25%* 1,145,000
3,500,000 VMIG 1 Creek County Industrial Authority Revenue Industrial
Development (Henry Vogt Machinery) 4.35%*(a) 3,500,000
7,265,000 NR++ Garfield County Industrial Authority IDR
(BOC Group Inc. Project) 4.25%* 7,265,000
30,200,000 VMIG 1 Garfield County Industrial Authority PCR
(Gas & Electric Company Project) Series A 4.20%* 30,200,000
2,900,000 VMIG 1 Oklahoma City Industrial & Cultural Facilities Trust Revenue (Health
Facilities - Sisters of Mercy Health) 4.30%* 2,900,000
9,125,000 VMIG 1 Oklahoma State Industrial Authority Revenue Health System
(Baptist Center) 4.25% due 6/7/95** 9,125,000
30,330,000 VMIG 1 Tulsa Industrial Authority Hospital Revenue
(Hillcrest Medical Center Project) 4.15%* 30,330,000
1,815,000 VMIG 1 Tulsa Industrial Authority Revenue Refunding
(Hillcrest Partnership) 4.15%* 1,815,000
400,000 NR++ Tulsa Industrial Authority IDR
(Teams-Thomas & Betts Project) 4.35%*(a) 400,000
4,200,000 VMIG 1 Tulsa Industrial Authority Healthcare Facility Revenue (Medical
Support Services Inc. Project - St. John Medical Center) 4.35%* 4,200,000
- ------------------------------------------------------------------------------------------------------
90,880,000
- ------------------------------------------------------------------------------------------------------
Oregon -- 1.1%
Klamath Falls Electric Revenue (Salt Caves Hydroelectric):
16,000,000 SP-1+ Series B 3.75% due 5/2/95** 16,000,000
15,000,000 SP-1+ Series C 3.75% due 5/2/95** 15,000,000
</TABLE>
See Notes to Financial Statements.
21
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Oregon -- 1.1% (continued)
$ 6,800,000 A-1 Medford Hospital Facility Authority
(Rogue Valley Manor Project) 4.25%* $ 6,800,000
1,300,000 NR++ Oregon State Economic Development Commission
Economic & IDR (Trust Joist Corp. Project) 4.25%* 1,300,000
3,500,000 Aa2 Oregon State Economic Development Revenue Refunding
(McKesson Corp.) 4.25%* 3,500,000
6,850,000 A-1+ Portland Multi-Family Revenue (South Park Block Project)
Series A 4.05%* 6,850,000
- ------------------------------------------------------------------------------------------------------
49,450,000
- ------------------------------------------------------------------------------------------------------
Pennsylvania -- 3.8%
4,700,000 VMIG 1 Allegheny County Authority for the Improvement of Municipalities
Hospital (Pooled Hospital Equipment Leasing) 4.00%* 4,700,000
4,000,000 A-1 Bedford County IDA IDR (Sepa Inc. Facility) 4.35%* 4,000,000
Cambria County IDA Resource Recovery Revenue
(Cambria Cogen Co.):
2,500,000 VMIG 1 Series V-1 4.25%*(a) 2,500,000
4,000,000 VMIG 1 Series V-2 4.25%*(a) 4,000,000
Delaware County IDA Solid Waste Revenue (Scott Paper Co.):
1,300,000 P-1 Series A 4.30%* 1,300,000
500,000 P-1 Series B 4.30%* 500,000
1,600,000 P-1 Series C 4.30%* 1,600,000
2,800,000 NR++ Dauphin County Redevelopment Authority Multi-Family Revenue
(High Pointe Club) 4.15%*(a) 2,800,000
3,900,000 NR++ East Pennsylvania Industrial & Commercial Development Authority
(Electronic Data Systems Corp.) 3.85%*(a) 3,900,000
21,200,000 A-1+ Emmaus General Authority Revenue Local Government Pool H 4.25%* 21,200,000
8,000,000 A-1 Pennsylvania Infrastructure Inventory Authority
(Pennvest Loan Pool Program) 4.15%* 8,000,000
7,425,000 VMIG 1 Pennsylvania State TOB Short (BTP - 86A) 4.325%* 7,425,000
Pennsylvania State Higher Education Assistance Agency
Student Loan Revenue:
4,800,000 P-1 Series A 4.20%*(a) 4,800,000
3,200,000 VMIG 1 Series B 4.20%* 3,200,000
10,000,000 A-1+ Series C 4.20%* 10,000,000
15,500,000 VMIG 1 Philadelphia GO Updates Series 1990 4.20% and 4.25%
due by 6/7/95** 15,500,000
2,405,000 A-1 Philadelphia Redevelopment Authority School Revenue
(Pennsylvania School for the Deaf) 4.10%* 2,405,000
47,000,000 MIG 1 Philadelphia School District TRAN 4.75% due 6/30/95 47,057,400
</TABLE>
See Notes to Financial Statements.
22
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Pennsylvania -- 3.8% (continued)
$16,830,000 VMIG 1 Philadelphia Hospital & Higher Education Facilities Authority
Hospital Revenue Certificates (Childrens Hospital)
Series C 4.12%* $ 16,830,000
7,800,000 VMIG 1 Quakertown Hospital Authority Hospital Revenue
(Hospital Group Pooled Financing) 4.15%* 7,800,000
Sayre Health Care Facilities Authority
(VHA Capital Financing Project):
100,000 A-1 Series I 4.00%* 100,000
400,000 A-1 Series L 4.00%* 400,000
5,000,000 P-1 Venango IDA Resource Recovery Revenue (Scrubgrass Project)
4.10% due 6/8/95** 5,000,000
- ------------------------------------------------------------------------------------------------------
175,017,400
- ------------------------------------------------------------------------------------------------------
Rhode Island -- 0.5%
4,600,000 NR++ Cranston TAN 5.75% due 6/30/95 4,608,388
12,384,000 NR++ Cranston GO BAN 4.30% and 4.50% due 7/17/95 12,388,046
3,900,000 A-1+ Providence off Street Public Parking Corporation Exempt Facility
(Washington Street Garage Corp. Project) 4.25%*(a) 3,900,000
- ------------------------------------------------------------------------------------------------------
20,896,434
- ------------------------------------------------------------------------------------------------------
South Carolina -- 0.9%
6,100,000 VMIG 1 Charleston County Hospital Facilities Revenue
(Brown School Charleston Improvement Project) 4.25%* 6,100,000
1,200,000 VMIG 1 Darlington County IDR (Hobart Corp. Project) 4.40%*(a) 1,200,000
11,500,000 VMIG 1 Florence County Hospital Revenue
(McLeod Regional Medical Center) 4.10%* 11,500,000
10,800,000 A-1+ Florence County IDR (Stone Container Corp.) 4.05%* 10,800,000
3,800,000 P-1 Horry County (Carolina Treatment Center) 4.05%* 3,800,000
South Carolina Jobs Economic Development Authority
Economic Development Revenue:
4,200,000 NR++ Conco Medical Products Project 4.35%*(a) 4,200,000
5,000,000 NR++ Galey & Lord Industries Inc. Project 4.35%*(a) 5,000,000
- ------------------------------------------------------------------------------------------------------
42,600,000
- ------------------------------------------------------------------------------------------------------
South Dakota -- 0.6%
20,000,000 VMIG 1 South Dakota Housing Development Authority Series H 4.95% due
12/13/95** 20,000,000
5,475,000 P-1 Rapid City Economic Development Revenue
(Civic Center Association Partnership) 4.05%* 5,475,000
- ------------------------------------------------------------------------------------------------------
25,475,000
- ------------------------------------------------------------------------------------------------------
Tennessee -- 3.0%
6,700,000 P-1 Anderson County IDB Revenue
(Becromal of America Inc. Project) 4.35%*(a) 6,700,000
</TABLE>
See Notes to Financial Statements.
23
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Tennessee -- 3.0% (continued)
$ 5,480,000 VMIG 1 Bristol Health & Educational Facilities Board Revenue
P-Floats (PT - 57) 4.40%* $ 5,480,000
10,000,000 P-1 Clarkville Public Building Authority (Pooled Financing
Tennessee Muni Board Fund) 4.30%*(a) 10,000,000
Covington IDB Revenue Refunding:
7,100,000 VMIG 1 Charms Company Project 4.45%*(a) 7,100,000
2,000,000 NR++ Wallace Computer Services 4.35%* 2,000,000
Franklin IDB Multi-Family (Landings Project):
7,100,000 A-1 Class A 4.05%* 7,100,000
9,900,000 A-1 Class B 4.05%* 9,900,000
4,500,000 A-1 Class C 4.05%* 4,500,000
8,100,000 Aa2 Loudon IDB PCR (AE Stanley Manufacturing) 4.25%* 8,100,000
12,400,000 VMIG 1 Metro Government Nashville & Davidson County IDB
Multi-Family Housing (Arbor Knoll) 4.30%* 12,400,000
2,600,000 NR++ Roane County IDB IDR (Great Lakes Carbon Corp.) 4.00%* 2,600,000
Shelby County Health Educational & Housing
Facilities Board Revenue:
500,000 A-1+ Rhodes College 4.05%* 500,000
3,000,000 P-1 Multi-Family Housing (Arbor Lake) 4.20%*(a) 3,000,000
7,135,000 A-1+ Multi-Family Housing (Wyndrige) 4.20%* 7,135,000
12,200,000 VMIG 1 Tennessee State GO BAN 4.10%* 12,200,000
120,000 VMIG 1 Tennessee State School Board Authority Higher Educational
Facilities BAN 4.10% 120,000
Volunteer State Student Funding Corp. Student Loan Revenue:
4,000,000 A-1 Series A-1 4.20%*(a) 4,000,000
7,050,000 A-1 Series A-2 4.20%*(a) 7,050,000
13,700,000 A-1 Series A-2 4.25%*(a) 13,700,000
14,900,000 A-1 Series A-3 4.25%*(a) 14,900,000
- ------------------------------------------------------------------------------------------------------
138,485,000
- ------------------------------------------------------------------------------------------------------
Texas -- 5.8%
12,900,000 VMIG 1 Amarillo Health Facilities Corporation
(Panhandle Pooled Health Care) 4.25%* 12,900,000
1,555,000 NR++ Beaumont Health Facilities Development Corporation
(Park Medical Association Health Facility) 4.10%* 1,555,000
1,800,000 P-1 Brazos River Harbor (Dow Chemical) 4.10% due 6/8/95** 1,800,000
Corpus Christi Texas Industrial Development Corporation IDR
(Dedietrich USA Inc. Project):
3,000,000 VMIG 1 #129AX 4.20%* 3,000,000
2,000,000 VMIG 1 #129BX 4.20%* 2,000,000
10,700,000 A-1 Eagle Trust (94C-4301) Bexar 4.50%* 10,700,000
7,000,000 VMIG 1 Grapevine Industrial Develoment Corporation Airport Revenue
(Singer Company Project) 3.50% Due 4/1/95** 7,000,000
</TABLE>
See Notes to Financial Statements.
24
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Texas -- 5.8% (continued)
Greater East Texas Higher Education Authority Inc.
Student Loan Revenue:
$18,400,000 VMIG 1 Series 1988A 4.15%*(a) $ 18,400,000
15,000,000 VMIG 1 Senior Lien Series 1991A 4.25%*(a) 15,000,000
20,700,000 VMIG 1 Series 1992B 4.25%*(a) 20,700,000
5,000,000 VMIG 1 Series 1993B 3.85% due 6/1/95**(a) 5,000,000
2,800,000 A-1+ Harris County Health Facilities Development Corporation
(Memorial Health System Project) 4.05%* 2,800,000
Harris County Industrial Development Corporation:
1,400,000 P-1 IDR (Chusei USA Project) 4.65%*(a) 1,400,000
4,800,000 VMIG 1 Solid Waste Disposal Revenue (Deer Park Limited Partnership)
4.55%*(a) 4,800,000
8,000,000 NR++ Leon County Development Corporation IDR
(BOC Group Inc. Project) 4.25%* 8,000,000
2,100,000 A-1 Mansfield Industrial Development Corporation Revenue
(Pier-1 Imports Texas Inc.) 4.35%* 2,100,000
7,000,000 NR++ McAllen Health Facilities Development Corporation Revenue
(McAllen Associates No. 1) 4.35%* 7,000,000
10,000,000 Aa2 Milam County Industrial Development Corporation PCR
(Alcoa Project) 4.25%* 10,000,000
13,300,000 VMIG 1 North Central Texas Health Facilities Development Corporation
(YMCA Metropolitan Dallas Project) 4.30%* 13,300,000
North Texas Higher Education Authority Inc. Student Loan
Revenue Refunding:
6,700,000 A-1+ Series 1991A 4.20%* (a) 6,700,000
10,200,000 VMIG 1 Series 1991C 4.20%* (a) 10,200,000
1,500,000 VMIG 1 Series 1991F 4.20%*(a) 1,500,000
5,500,000 NR++ Series 1993A 4.00%* (a) 5,500,000
23,000,000 A-1+ Port Arthur Navy District PCR (Star Enterprises Project) 4.25%*(a) 23,000,000
2,850,000 NR++ Round Rock Industrial Development Corporation IDR Refunding
(Tellabs Inc. Project) 4.25%* 2,850,000
17,200,000 A-1+ San Antonio Housing Finance Corporation Multi-Family Housing
(Braeaview Apartments Project) 4.30%*(a) 17,200,000
400,000 P-1 Sulphur Springs IDA IDR (Hon Industries Inc. Project) 4.15%* 400,000
700,000 VMIG 1 Tarrant County Health Facilities Development Corporation
Health Systems (Harris Methodist Health System) 4.25%* 700,000
6,820,000 VMIG 1 Tarrant County Housing Finance Corporation
Multi-Family Housing (Amherst Association) 4.00%* 6,820,000
Texas Health Facilities Development Corporation:
1,100,000 VMIG 1 Cook Fort Worth Childrens Hospital 4.25%* 1,100,000
10,500,000 VMIG 1 North Texas Pooled Health Series 1985B 4.25%* 10,500,000
3,200,000 VMIG 1 Texas Hospital Equipment Financing Council Hospital Equipment
Revenue 4.25%* 3,200,000
</TABLE>
See Notes to Financial Statements.
25
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Texas -- 5.8% (continued)
$ 1,730,000 P-1 Texas Higher Education Authority Inc. Educational
Equipment & Improvement Revenue Series B 4.25%* $ 1,730,000
6,600,000 VMIG 1 Texas State TRAN 5.00% due 8/31/95 (a) 6,609,906
8,300,000 VMIG 1 Texas State GO P-Floats (PA - 79) 4.40%*(a) 8,300,000
10,000,000 VMIG 1 Texas State VHA Series A-1 4.35%* 10,000,000
6,400,000 NR++ Waxahachie Dart Container Corp. Series 1985 4.495%* 6,400,000
- ------------------------------------------------------------------------------------------------------
270,164,906
- ------------------------------------------------------------------------------------------------------
Utah -- 3.8%
Intermountain Power Agency Power Supply Revenue:
44,450,000 VMIG 1 Series E 4.15% due 9/15/95** 44,450,000
20,000,000 VMIG 1 Series F 4.15% due 9/15/95** 20,000,000
27,900,000 VMIG 1 Salt Lake City Airport Revenue Series A 4.30%* 27,900,000
10,150,000 VMIG 1 Salt Lake County Housing Authority Multi-Family Housing
Revenue Refunding (Stillwater Community Apartment
Project) 3.85%* 10,150,000
4,900,000 VMIG 1 Salt Lake County Housing Authority Elderly Housing Revenue
Refunding (Sandy Retirement Center) 4.00%* 4,900,000
5,650,000 NR++ Springville IDR (Scherer Hardcapsu Project) 4.15%* 5,650,000
34,790,000 P-1 Toole County Hazardous Waste Treatment (Updates -
Union Pacific) 4.15% and 4.30% due by 6/8/95** 34,790,000
Utah State Board Regents Student Loan Revenue:
15,000,000 VMIG 1 Series A 4.20%* 15,000,000
2,000,000 VMIG 1 Series B 4.10%* 2,000,000
10,100,000 VMIG 1 Series C 4.20%* 10,100,000
- ------------------------------------------------------------------------------------------------------
174,940,000
- ------------------------------------------------------------------------------------------------------
Vermont -- 0.3%
Vermont Educational & Health Buildings Financing Agency
(VHA New England):
500,000 A-1 Series B 4.10%* 500,000
655,000 A-1 Series E 4.10%* 655,000
800,000 A-1 Series F 4.10%* 800,000
14,200,000 VMIG 1 Vermont IDA IDR (Ryegate Project) 4.35%*(a) 14,200,000
- ------------------------------------------------------------------------------------------------------
16,155,000
- ------------------------------------------------------------------------------------------------------
Virginia -- 0.8 %
4,800,000 VMIG 1 Charles (City & County of) IDA Exempt Facility Revenue
(Chambers Development of Virginia Inc. Project) 4.45%* 4,800,000
Fairfax County IDA (Fairfax Hospital Association):
6,500,000 VMIG 1 Series A 4.10%* 6,500,000
4,900,000 VMIG 1 Series B 4.10%* 4,900,000
9,100,000 VMIG 1 Series C 4.10%* 9,100,000
4,400,000 VMIG 1 Series D 4.10%* 4,400,000
</TABLE>
See Notes to Financial Statements.
26
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Virginia -- 0.8% (continued)
$ 1,000,000 VMIG 1 Fairfax County Redevelopment & Housing Authority
(Chase Commons Project) 4.25%* $ 1,000,000
Lynchburg IDA Hospital Facility First Mortgage Revenue
(VHA Mid-Atlantic/Capital Asset):
300,000 A-1 Series B 4.10%* 300,000
200,000 A-1 Series F 4.10%* 200,000
5,000,000 VMIG 1 Virginia State Housing Development Authority Commonwealth
Mortgage Refunding Series F 3.90% due 5/10/95** 5,000,000
- ------------------------------------------------------------------------------------------------------
36,200,000
- ------------------------------------------------------------------------------------------------------
Washington -- 2.5%
550,000 VMIG 1 Pilchuck Development Public Corporation
(Kohkoku USA Project) 4.625%*(a) 550,000
2,325,000 VMIG 1 Port Angeles Industrial Development Corporation
(Daishowa America Project) 4.60%*(a) 2,325,000
9,500,000 A-1+ Port Vancouver Special Revenue
(United Grain Corporation Project) 4.50%*(a) 9,500,000
3,177,300 NR++ Seattle Washington Municipal Light & Power
TOB Short (BTP - 24) 4.325%* 3,177,300
Student Loan Finance Association Guaranteed Student Loan
Program Revenue Third Program:
2,800,000 VMIG 1 Series A 4.25%*(a) 2,800,000
16,800,000 VMIG 1 Series B 4.25%*(a) 16,800,000
Student Loan Finance Association Guaranteed Student Loan
Program Revenue:
14,200,000 VMIG 1 Series A 4.15%*(a) 14,200,000
10,320,000 VMIG 1 Series B 4.15%*(a) 10,320,000
Washington State Housing Finance Commission Multi-Family
Mortgage Revenue:
7,350,000 A-1+ Arbors on the Park Project 4.40%* 7,350,000
11,705,000 A-1+ Pacific First Federal Series B 4.50%* 11,705,000
Washington State Public Power Supply Systems Nuclear
Project No. 3 Revenue:
14,715,000 VMIG 1 Series 3A-2 4.25%* 14,715,000
4,998,000 NR++ TOB Short (BTP - 85A) 4.375%* 4,998,000
14,850,000 A-1+ Washington State Public Power Supply Systems Trust
Certificates Series D 4.45%* 14,850,000
3,100,000 NR++ Yakima County Public Corporation IDR
(John I. Haas Project) 4.35%* 3,100,000
2,000,000 A-1+ Yakima County Public Corporation Revenue
(Longview Fibre Company Project) 4.50%* 2,000,000
- ------------------------------------------------------------------------------------------------------
118,390,300
- ------------------------------------------------------------------------------------------------------
</TABLE>
See Note to Financial Statements.
27
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
West Virginia -- 1.1%
$ 4,000,000 VMIG 1 Grant County Commission IDR (Bond Partners
Limited) 4.35%* $ 4,000,000
Marion County Commission Solid Waste Disposal Facility
Revenue (Granttown Project):
32,200,000 A-1+ Series A 4.35%*(a) 32,200,000
5,400,000 VMIG 1 Series B 4.25%*(a) 5,400,000
3,700,000 VMIG 1 Series D 4.25%*(a) 3,700,000
1,730,000 NR++ Putnam County Solid Waste Disposal Revenue
(FMC Corporation) 4.35%*(a) 1,730,000
West Virginia State Hospital Finance Authority Hospital Revenue
(VHA Mid/Atlantic Capital Asset):
400,000 A-1 Series C 4.10%* 400,000
500,000 A-1 Series D 4.10%* 500,000
600,000 A-1 Series H 4.10%* 600,000
920,000 VMIG 1 West Virginia State Hospital Finance Authority Hospital Revenue
(Saint Mary's Hospital Project) 4.30%* 920,000
- ------------------------------------------------------------------------------------------------------
49,450,000
- ------------------------------------------------------------------------------------------------------
Wisconsin -- 1.5%
2,500,000 NR++ Beloit IDR (Super Value Stores Project) 4.40%* 2,500,000
600,000 P-1 Carlton PCR (Wisconsin Power & Light Project) 4.35%*(a) 600,000
11,800,000 A-1 Eagle Trust (94-4903) Housing 4.50%* 11,800,000
1,000,000 NR++ Fairwater IDR (Dean Foods Company Project) 4.25%* 1,000,000
6,400,000 A-1 Milwaukee Housing Authority Multi-Family Revenue Housing (Yankee Hill
Apartments) 4.05%* 6,400,000
5,000,000 MIG 1 Wisconsin State Operating Notes 4.50% due 6/15/95 5,007,926
27,900,000 VMIG 1 Wisconsin State Health & Educational Facilities Authority
Revenue (Daughters of Charity Health) 4.25%* 27,900,000
14,880,000 MIG 1 Wisconsin State Health & Educational Facilities Authority
Revenue (Daughters of Charity St. Marys Hospital) 4.25%* 14,880,000
- ------------------------------------------------------------------------------------------------------
70,087,926
- ------------------------------------------------------------------------------------------------------
Wyoming -- 0.2%
Sweetwater County PCR:
3,700,000 Aa2 Chevron Chemical Company Project 3.75% due 6/15/95** 3,700,000
5,500,000 P-1 Pacificorp 4.25%* 5,500,000
- ------------------------------------------------------------------------------------------------------
9,200,000
- ------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
28
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
======================================================================================================
<C> <C> <S> <C>
Miscellaneous -- 3.1%
$66,782,892 VMIG 1 Clipper Blue Tax-Exempt 4.57%* $ 66,782,892
27,825,000 NR++ Puttable Floating Options Tax-Exempt Receipts
(Series PPT 1) 4.05% due 4/4/95%** (a) 27,825,000
46,180,000 VMIG 1 Puttable Floating Options Tax-Exempt Receipts
(Series PPT 2) 4.35%* 46,180,000
- ------------------------------------------------------------------------------------------------------
140,787,892
- ------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 100%
(Cost-- $4,648,092,396) (b) $4,648,092,396
======================================================================================================
</TABLE>
* Variable rate obligation payable at par on demand at any time on no more
than seven days' notice.
** Variable rate obligation payable at par on demand on the date indicated.
++ Security has not been rated by either Moody's Investors Services or
Standard & Poor's, however, the Portfolio manager has determined the
equivalent rating to be A-1+.
(a) Income from these issues is considered a preference item for purposes of
calculating the alternative minimum tax.
(b) Aggregate cost for Federal income tax is substantially the same.
See page 30 for meaning of ratings and certain security descriptions.
See Notes to Financial Statements.
29
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Ratings and Security Descriptions
- --------------------------------------------------------------------------------
Short-Term Debt Ratings
-----------------------
MIG 1 - Moody's highest rating for short-term municipal obligations
VMIG 1- Moody's highest rating for issues having a demand feature --
variable-rate demand obligations (VRDO)
P-1 - Moody's highest rating for commercial paper and for VRDO prior to the
advent of the VMIG 1 rating
SP-1 - Standard & Poor's highest note rating indicating very strong or strong
capacity to pay principal and interest; those issues determined to
possess overwhelming safety characteristics are denoted with a plus (+)
sign
A-1 - Standard & Poor's highest commercial paper and VRDO rating indicating
that the degree of safety regarding timely payment is either
overwhelming or very strong; those issues determined to possess
overwhelming safety characteristics are denoted with a plus (+) sign
Bond Ratings
------------
AAA - The highest bond rating assigned by Standard & Poor's
AA - Standard & Poor's second highest bond rating category (may be modified
by the addition of a plus (+) or a minus (-) sign to show relative
standing within the category)
Aaa - The highest rating assigned by Moody's
Aa - Moody's second highest bond rating category (may be modified with a 1,
2, or 3 to show relative standing within the category)
NR - Indicates that the bond is not rated by Standard & Poor's Corporation
or Moody's Investors Services.
Security Descriptions
---------------------
BAN - Bond Anticipation Notes
EDC - Economic Development Corporation
EFA - Educational Facilities Authority
ETM - Escrowed To Maturity
FRTC - Floating Rate Trust Certificates
GO - General Obligation
HDA - Housing Development Authority
HEFA - Health and Educational Facilities Authority
HFA - Housing Finance Authority
IDA - Industrial Development Authority
IDB - Industrial Development Board
IDC - Industrial Development Corporation
IDR - Industrial Development Revenue
PCFA - Pollution Control Finance Authority
PCR - Pollution Control Revenue
PFA - Public Facilities Authority
RAN - Revenue Anticipation Notes
STEM - Short-Term Extendable Maturity
TAN - Tax Anticipation Notes
TECP - Tax Exempt Commercial Paper
TOB - Tender Option Bond
TRAN - Tax & Revenue Anticipation Notes
VHA - Veterans Housing Authority
30
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities March 31, 1995
- --------------------------------------------------------------------------------
ASSETS:
Investments, at amortized cost $ 4,648,092,396
Cash 154,035
Receivable for securities sold 61,537,810
Interest receivable 32,762,755
Prepaid expenses 109,954
Other receivables 272,359
- --------------------------------------------------------------------------------
Total Assets 4,742,929,309
- --------------------------------------------------------------------------------
LIABILITIES:
Payable for securities purchased 80,844,007
Dividends payable 8,238,390
Management fees payable 1,534,163
Distribution costs payable 138,407
Accrued expenses and other liabilities 107,964
- --------------------------------------------------------------------------------
Total Liabilities 90,862,931
- --------------------------------------------------------------------------------
Total Net Assets $ 4,652,066,378
================================================================================
NET ASSETS CONSIST OF:
Capital stock (10,000,000,000 shares
authorized; par value $.01 per share) $ 46,531,821
Capital paid in excess of par value 4,607,002,599
Accumulated net realized loss on
security transactions (1,468,042)
- --------------------------------------------------------------------------------
Total Net Assets $ 4,652,066,378
================================================================================
Shares Outstanding 4,653,182,130
- --------------------------------------------------------------------------------
Net Asset Value Per Share $ 1.00
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
31
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Statement of Operations For the Year Ended March 31, 1995
- --------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest $ 90,448,384
- --------------------------------------------------------------------------------
EXPENSES:
Management fees (Note 3) 12,250,456
Distribution costs (Note 3) 2,498,232
Shareholder and system servicing fees 589,803
Registration fees 104,656
Shareholder communication fees 100,140
Pricing services fees 61,404
Insurance 49,268
Directors' fees 34,278
Audit and legal fees 23,215
Other 36,305
- --------------------------------------------------------------------------------
Total Expenses 15,747,757
Less: Fee Waiver 445,000
- --------------------------------------------------------------------------------
Net Expenses 15,302,757
- --------------------------------------------------------------------------------
Net Investment Income 75,145,627
- --------------------------------------------------------------------------------
Net Realized Loss From Security Transactions (173,225)
- --------------------------------------------------------------------------------
Increase in Net Assets From Operations $ 74,972,402
================================================================================
See Notes to Financial Statements.
32
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets For the Years Ended March 31,
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
1995 1994
====================================================================================================================================
<S> <C> <C>
OPERATIONS:
Net investment income $ 75,145,627 $ 23,420,886
Net realized gain (loss) from security transactions (173,225) 211,822
- ------------------------------------------------------------------------------------------------------------------------------------
Increase In Net Assets From Operations 74,972,402 23,632,708
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
FROM (NOTE 2):
Net investment income (74,649,016) (23,420,886)
Net realized gain -- (195,186)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease In Net Assets From
Distributions to Shareholders (74,649,016) (23,616,072)
- ------------------------------------------------------------------------------------------------------------------------------------
FUND SHARE TRANSACTIONS:
Proceeds from sale of shares 12,129,663,538 5,834,531,699
Net asset value of shares issued in connection
with the transfer of the Smith Barney Shearson Municipal
Money Market Fund Inc. net assets (Note 5) 3,475,385,704 --
Net asset value of shares issued for reinvestment of dividends 65,573,742 19,961,282
Cost of shares reacquired (12,309,665,175) (5,815,093,407)
- ------------------------------------------------------------------------------------------------------------------------------------
Increase in Net Assets From Fund
Share Transactions 3,360,957,809 39,399,574
- ------------------------------------------------------------------------------------------------------------------------------------
Increase in Net Assets 3,361,281,195 39,416,210
NET ASSETS:
Beginning of Year 1,290,785,183 1,251,368,973
- ------------------------------------------------------------------------------------------------------------------------------------
End of Year $ 4,652,066,378 $ 1,290,785,183
====================================================================================================================================
</TABLE>
See Notes to Financial Statements.
33
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Smith Barney Municipal Money Market Fund, Inc. ("Fund"), a Maryland
corporation, is registered under the Investment Company Act of 1940, as amended,
as a diversified open-end investment management company. The significant
accounting policies consistently followed by the Fund are: (a) investment
transactions are recorded on trade date; (b) the Fund uses the amortized cost
method for valuing investments; accordingly, the cost of securities, adjusted
for a constant amortization to maturity of any discount or premium, approximates
market value; (c) interest income is recorded on the accrual basis; (d) direct
expenses are charged to the Fund and each class; management fees and general
expenses are allocated on the basis of relative net assets; (e) the Fund intends
to comply with the requirements of the Internal Revenue Code pertaining to
regulated investment companies and make the required distributions to
shareholders; therefore, no provision for Federal income tax has been made; and
(f) during 1995, the Fund adopted Statement of Position 93-2 Determination,
Disclosure, and Financial Statement Presentation of Income, Capital Gain, and
Return of Capital Distributions by Investment Companies. Accordingly,
distributions in excess of book basis accumulated realized gains or
undistributed net investment income that were the result of permanent book and
tax accounting differences, which totalled $352,290 at March 31, 1995, have been
reclassified to paid-in capital. Net investment income, net realized gains and
net assets were not affected by this change.
2. EXEMPT-INTEREST DIVIDENDS AND OTHER DISTRIBUTIONS
The Fund declares and records a dividend of substantially all of its net
investment income on each business day. Such dividends are paid or reinvested
monthly in Fund shares on the payable date. Furthermore, the Fund intends to
satisfy conditions that will enable interest from municipal securities, which is
exempt from Federal income tax and from designated state income taxes, to retain
such status when distributed to its shareholders.
Capital gain distributions, if any, are taxable to shareholders, and are
declared and paid at least annually. At March 31, 1995, the Fund had net capital
loss carryovers of $1,468,042 available to offset future capital gains. To the
extent that these carryover losses are used to offset capital gains it is
probable that any gains so offset will not be distributed. The amount and
expiration of the carryovers are indicated below. Expiration occurs on March 31
of the year indicated.
2001 2002 2003
================================================================================
Municipal Money Market Fund, Inc. $146,589 $1,086,074 $235,379
================================================================================
34
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
3. MANAGEMENT AGREEMENTS
Smith Barney Mutual Funds Management Inc. ("SBMFM"), a subsidiary of Smith
Barney Holdings Inc., acts as investment manager of the Fund. The Smith Barney
Municipal Money Market Fund, Inc. pays SBMFM a management fee calculated at the
annual rate of 0.50% on the first $2.5 billion of the Fund's average daily net
assets, 0.475% on the next $2.5 billion and 0.45% on average daily net assets in
excess of $5.0 billion. Such fees are calculated daily and paid monthly. SBMFM
waived $445,000 of its management fees for the year ended March 31, 1995.
Pursuant to a distribution plan, the Fund makes payments to its distributor,
Smith Barney Inc., for assistance in distributing shares calculated at the
annual rate of 0.10% of average daily net assets. All officers and two directors
of the Fund are employees of Smith Barney Inc.
4. CAPITAL STOCK
The Fund has established multiple classes of shares. Class A and Class Y
shares can be purchased directly by investors. Class C shares are not available
for purchase. They represent previously issued B shares, which were renamed as
Class C shares effective November 7, 1994. Class C shares may only be redeemed
or exchanged out of the Fund. As of March 31, 1995, there were no Class Y shares
issued, however the Fund had the following total paid-in capital for Class A and
C:
Class A Class C
================================================================================
Total Paid-in Capital $4,652,719,660 $814,760
================================================================================
Transactions in shares of each class were as follows:
<TABLE>
<CAPTION>
Year Ended Year Ended
March 31, 1995 March 31,1994
==================================================================================================================
<S> <C> <C>
Class A+
Shares sold 12,119,366,229 5,825,268,420
Transfer from Smith Barney Shearson Municipal
Money Market Fund Inc. (Note 5) 3,476,800,171 --
Shares issued on reinvestment 65,522,790 19,951,033
Shares redeemed (12,295,202,437) (5,810,749,115)
- ------------------------------------------------------------------------------------------------------------------
Net Increase 3,366,486,753 34,470,338
==================================================================================================================
</TABLE>
35
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
Year Ended Year Ended
March 31, 1995 March 31,1994*
================================================================================
Class C ++
Shares sold 2,777,955 1,230,312
Shares issued on reinvestment 25,218 715
Shares redeemed (2,613,783) (605,657)
- --------------------------------------------------------------------------------
Net Increase 189,390 625,370
================================================================================
+ On October 10, 1994 the former Class C shares were exchanged into Class A;
therefore Class C share activity for the period from April 1, 1994 to
October 9, 1994 is included with Class A share activity. The year ended
March 31, 1994 includes only Class A share activity.
++ On November 7, 1994 the former Class B shares were renamed Class C shares.
* For Class C shares, transactions are for the period from May 25, 1993
(inception date) to March 31, 1994.
5. TRANSFER OF ASSETS
On November 18, 1994 the net assets of the Smith Barney Shearson Municipal
Money Market Fund Inc. were merged into the Smith Barney Municipal Money Market
Fund, Inc. pursuant to an Agreement and Plan of Reorganization dated July 29,
1994.
The transaction was structured for tax purposes to qualify as a tax-free
reorganization under the Internal Revenue Code. The Smith Barney Shearson
Municipal Money Market Fund Inc. net assets at that date were $3,475,385,704.
Directly after the merger the combined net assets in the Smith Barney Municipal
Money Market Fund, Inc. were $4,637,032,195.
36
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
For a share of each class of common stock, outstanding throughout each year:
<TABLE>
<CAPTION>
Years Ended March 31,
-------------------------------------------------------------------------
1995(1) 1994(1) 1993 1992 1991
====================================================================================================================================
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income (2) 0.027 0.019 0.022 0.037 0.052
Dividends from net investment income (0.027) (0.019) (0.022) (0.037) (0.052)
- ------------------------------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ------------------------------------------------------------------------------------------------------------------------------------
Total Return 2.71% 1.89% 2.25% 3.73% 5.33%
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets, End of Year (in millions) $ 4,652 $ 1,291 $ 1,251 $ 1,355 $ 1,373
- ------------------------------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses (2) 0.61% 0.64% 0.62% 0.53% 0.52%
Net investment income 3.01 1.87 2.22 3.66 5.18
====================================================================================================================================
</TABLE>
(1) There are no material differences in expenses for the two classes of
shares that currently exist. Therefore, the information provided is
representative of each class of share outstanding during the period.
(2) The manager has waived a part of its fees for the year ended March 31,
1995. If such fees were not waived, the per share decrease of net
investment income would have been $0.0002 and the ratio of expenses to
average net assets would have been 0.63%.
37
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Independent Auditors' Report
- --------------------------------------------------------------------------------
To the Shareholders and Board of Directors of
The Smith Barney Municipal Money Market Fund, Inc.:
We have audited the accompanying statement of assets and liabilities including
the schedule of investments of the Smith Barney Municipal Money Market Fund,
Inc. as of March 31, 1995, the related statement of operations for the year then
ended, the statements of changes in net assets for each of the years in the
two-year period then ended and the financial highlights for each of the years in
the five-year period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of March
31, 1995, by correspondence with the custodian. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Smith Barney Municipal Money Market Fund, Inc. as of March 31, 1995, the results
of its operations for the year then ended, the changes in its net assets for
each of the years in the two-year period then ended and the financial highlights
for each of the years in the five-year period then ended, in conformity with
generally accepted accounting principles.
/s/ KPMG Peat Marwick LLP
New York, New York
May 8, 1995
38
<PAGE>
(This page has been intentionally left blank.)
<PAGE>
(This page has been intentionally left blank.)
<PAGE>
Smith Barney
Municipal Money
Market Fund, Inc.
Directors
Jessica M. Bibliowicz
Ralph D. Creasman
Joseph H. Fleiss
Donald R. Foley
Paul Hardin
Francis P. Martin, M.D.
Heath B. McLendon, Chairman
Roderick C. Rasmussen
John P. Toolan
C. Richard Youngdahl
Officers
Heath B. McLendon
Chief Executive Officer
Jessica M. Bibliowicz
President
Lewis E. Daidone
Senior Vice President and Treasurer
Peter Coffey
Vice President
Karen L. Mahoney-Malcomson
Vice President
Lawrence T. McDermott
Vice President
Irving P. David
Controller
Christina T. Sydor
Secretary
Smith Barney
A Member of Travelers Group[LOGO]
Investment Manager
Smith Barney Mutual Funds
Management Inc.
Distributor
Smith Barney Inc.
Custodian
PNC Bank
Shareholder
Servicing Agent
The Shareholder Services Group, Inc.
P.O. Box 9134
Boston, MA 02205-9134
This report is submitted for
the general information of the
shareholders of Smith Barney
Municipal Money Market Fund, Inc.
It is not authorized for distribution to
prospective investors unless accompanied
or preceded by a current Prospectus for
the Fund, which contains information
concerning the Fund's investment policies
and expenses as well as other pertinent
information.
Smith Barney
Municipal Money Market Fund, Inc.
388 Greenwich Street
New York, New York 10013
FD2310 E5 82111
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000320282
<NAME> SMITH BARNEY MUNICIPAL MONEY MARKET FUND INC.
<SERIES>
<NUMBER> 01
<NAME> SMITH BARNEY MUNICIPAL MONEY MARKET FUND INC.
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAR-31-1995
<PERIOD-START> APR-01-1994
<PERIOD-END> MAR-31-1995
<INVESTMENTS-AT-COST> 4,648,092,396
<INVESTMENTS-AT-VALUE> 4,648,092,396
<RECEIVABLES> 94,726,959
<ASSETS-OTHER> 109,954
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,742,929,309
<PAYABLE-FOR-SECURITIES> 80,844,007
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,018,924
<TOTAL-LIABILITIES> 90,862,931
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,653,534,420
<SHARES-COMMON-STOCK> 4,653,182,130
<SHARES-COMMON-PRIOR> 1,290,809,853
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,468,042)
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 4,652,066,378
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 90,448,384
<OTHER-INCOME> 0
<EXPENSES-NET> (15,302,757)
<NET-INVESTMENT-INCOME> 75,145,627
<REALIZED-GAINS-CURRENT> (173,225)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 74,972,402
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (74,649,016)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,605,049,242
<NUMBER-OF-SHARES-REDEEMED> (12,309,665,175)
<SHARES-REINVESTED> 65,573,742
<NET-CHANGE-IN-ASSETS> 3,361,281,195
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 211,822
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,250,456
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 15,747,757
<AVERAGE-NET-ASSETS> 2,498,727,871
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.027
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.027)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
