SEMI-ANNUAL REPORT
================================================================================
Smith Barney
Municipal
Money Market
Fund, Inc.
--------------------------
September 30, 1995
Smith Barney Mutual Funds
[LOGO] Investing for your future.
Every day.
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Smith Barney Municipal Money Market Fund, Inc.
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Dear Shareholder:
We are pleased to provide the semi-annual report of the Smith Barney Municipal
Money Market Fund, which includes unaudited financial statements for the six
month period ended September 30, 1995. The Fund is managed to provide income
exempt from Federal income tax, liquidity and principal stability.
As of September 30, 1995, the Municipal Money Market Fund's 7-day current yield
was 3.62%. Its 7-day effective yield -- which reflects compounding -- was 3.68%.
This means that investors in the 39.6% federal tax bracket would have to earn a
6.09% taxable yield to match the tax-free income provided by the Fund. The
Fund's annualized tax-free yield was 3.33% for the twelve months ended September
30, 1995.
Economic Overview and
Interest Rate Outlook
After a significant slowdown during the first half of the year, the U.S. economy
has moderately rebounded and is probably headed toward a 2% to 3% range of
growth, as measured by real Gross Domestic Product (GDP). The pronounced
deceleration in the first half resulted from a slowdown in consumer spending and
housing starts, as well as a sizeable inventory correction as firms found
themselves overstocked in a more slower growth economy. A strong rebound of the
economy seems unlikely given the still cautious mood of consumers, some slowing
of the capital goods spending boom, and continuing restraint of U.S. government
expenditures. The inflation fundamentals look positive: slow economic growth,
strong productivity growth, diminishing cost of materials, low unit labor costs,
stable crude oil prices, and resistance to price increases by consumers and
businesses. For interest rates, this economic scenario suggests a relatively
stable pattern. We expect that short-term interest rates will probably hold near
current levels or have a modest adjustment downward over the next six months.
Market Conditions and Portfolio Review
As of August 31, 1995, tax-free money fund assets have increased by $12.5
billion year-to-date, or 11.4%. This increase in assets was caused by a variety
of reasons: flatness in the yield curve; the migration of bank customers to
money funds; the calling of municipal securities; the new shorter settlement
period; and concerns that certain tax reform proposals could eliminate the
tax-advantaged status of municipal bonds. Investors who normally would have
1
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moved into bond mutual funds or longer-dated issues don't see the risk/reward
ratio as in their favor at this point, especially for municipal bonds.
Currently, the average maturity of our portfolio holdings is 58 days and is
expected to remain between 50-70 days for the near term. During the summer when
state and local municipality issuers re-entered the marketplace, we extended the
average maturity of the portfolio by approximately 25 days.
Please note that an investment in the Municipal Money Market Fund is neither
insured nor guaranteed by the U.S. Government and there can be no assurance that
the Fund will be able to maintain a stable net asset value (NAV) of $1.00 per
share.
We were saddened by the loss of an outstanding business leader and Trustee of
the Portfolio: Ralph D. Creasman. He made significant contributions to his
community and state. His wisdom and influence will be missed.
Thank you for your investment in the Municipal Money Market Fund and your
continued confidence in our investment management approach.
Sincerely,
/s/ Heath B. McLendon /s/ Karen L. Mahoney-Malcomson
Heath B. McLendon Karen L. Mahoney-Malcomson
Chairman and Vice President and
Chief Executive Officer Investment Officer
/s/ Lawrence T. McDermott
Lawrence T. McDermott
Vice President and
Investment Officer
November 9, 1995
2
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<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
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Schedule of Investments (unaudited) September 30, 1995
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FACE
AMOUNT RATING SECURITY VALUE
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<C> <C> <S> <C>
Alabama -- 0.8%
$ 2,000,000 VMIG 1 Alabama Private Colleges & University Facilities Authority
Revenue (College & University Equipment & Capital) 4.30%* $ 2,000,000
6,500,000 P-1 Alabama State IDA Revenue (Southern Coil Processing)
4.60%*(a) 6,500,000
3,600,000 NR++ Auburn IDB Industrial Revenue
(Sundstrand Corp. Project) 4.50%*(a) 3,600,000
110,000 VMIG 1 Birmingham Baptist Medical Center Special Care Facility
Financing Authority Revenue (Senior Living Community
Project) 4.40%* 110,000
1,500,000 NR++ Cintronelle IDB PCR Refunding (Akzo Chemicals Inc.
Project) 4.40%* 1,500,000
1,550,000 NR++ Cullman IDB Industrial Revenue (Pressac Project) 4.45%* 1,550,000
1,400,000 VMIG 1 Decatur IDB Solid Waste Disposal Revenue
(Amoco Chemical Project) 4.60%* 1,400,000
5,000,000 A-1 Huntsville IDB Industrial Revenue (Hitachi Seiki USA Project)
4.75%*(a) 5,000,000
1,000,000 NR++ Huntsville Madison County Airport Authority IDR
(Molex Project) 4.50%*(a) 1,000,000
1,000,000 NR++ Jacksonville IDB Industrial Revenue (Parker Hannifin Corp.)
4.40%* 1,000,000
Maplesville IDB Industrial Revenue (International Paper
Company Project):
2,835,000 A-2 Series A 4.00% due 4/1/96** 2,835,000
2,750,000 A-2 Series B 4.00% due 4/1/96** 2,750,000
1,000,000 A-1 Mobile County (M&T Chemicals Project) Series 1984 4.65%* 1,000,000
4,000,000 A-1 Montgomery BMC Special Care Facilities Financing Authority
Revenue (VHA Hospital Alabama ) Series D 4.20%* 4,000,000
2,900,000 A- Selma IDB Solid Waste Disposal Revenue (International Paper
Company Project) 4.30% due 9/1/96**(a) 2,900,000
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37,145,000
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Alaska -- 0.3%
Alaska Industrial Development & Export Authority,
Spenard Builders:
1,175,000 VMIG 1 Lot #3 4.35%* 1,175,000
1,520,000 VMIG 1 Lot #4 4.35%* 1,520,000
12,580,000 VMIG 1 Alaska State Housing Finance Corporation Muni Trust Receipts
4.50%* 12,580,000
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15,275,000
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</TABLE>
See Notes to Financial Statements.
3
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<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
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Schedule of Investments (unaudited)(continued) September 30, 1995
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FACE
AMOUNT RATING SECURITY VALUE
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<C> <C> <S> <C>
Arizona -- 2.9%
Apache County IDA PCR Tucson Electric Power Company:
$ 1,300,000 VMIG 1 Series A 4.375%* $ 1,300,000
2,000,000 A-1+ Springville Project 4.35%* 2,000,000
Arizona Educational Loan Marketing Corporation Education
Loan Revenue:
10,000,000 VMIG 1 Series 90A 4.50%*(a) 10,000,000
22,800,000 VMIG 1 Series 91A 4.40%*(a) 22,800,000
1,795,000 VMIG 1 Arizona Health Facility Authority Revenue (Arizona Volunteer
Hospital) Series B 4.35%* 1,795,000
7,250,000 A-1+ Coconino County PCR (Arizona Public Services - Navajo Project)
4.65%*(a) 7,250,000
17,800,000 A-1+ Maricopa County PCR (Public Service Co. New Mexico) 4.40%* 17,800,000
Maricopa County PCR (Arizona Public Service Co.):
2,500,000 A-1+ Series 1994B 4.45%* 2,500,000
2,200,000 A-1+ Series 1994C 4.55%* 2,200,000
4,600,000 VMIG 1 Phoenix Muni Trust Receipts Series 16A 4.40%* 4,600,000
Phoenix IDA Multi-Family Housing Revenue:
5,100,000 A-1 Paradise Shadows II Apartments 4.35%* 5,100,000
2,100,000 A-1 Southwest Village Project Series A 4.35%* 2,100,000
4,000,000 NR++ Phoenix IDA IDR Refunding (Sunstrand Corporation) 4.40%* 4,000,000
Pima County IDA Industrial Revenue:
41,000,000 VMIG 1 Tucson Electric Series A 4.40%* 41,000,000
11,000,000 VMIG 1 Updates - Tucson Electric Power Company 4.35%* 11,000,000
1,900,000 P-1 Tempe IDA IDR (Schreiber Foods Inc. Project) 4.60%*(a) 1,900,000
3,750,000 A-1+ Tempe Arizona IDA Multi-Family Revenue (Elliot's Crossing
Apartment Project) 4.35%*(a) 3,750,000
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141,095,000
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Arkansas -- 1.5%
2,650,000 NR++ Atkins IDR (Green Bay Foods Project) 4.50%*(a) 2,650,000
Little River County Solid Waste Disposal Revenue:
4,700,000 A-1 Georgia Pacific Corp. Project 4.45%*(a) 4,700,000
20,450,000 P-1 Nekoosa Papers Project 4.55%*(a) 20,450,000
35,000,000 P-1 Nekoosa Papers Project Series A 4.55%*(a) 35,000,000
6,000,000 VMIG 1 Searcy IDR (Kohler Project) 4.50%*(a) 6,000,000
1,000,000 NR++ Sheridan IDR (Kohler Project) 4.40%* 1,000,000
3,550,000 A-1+ Warren Solid Waste Disposal Revenue (Potlatch Corporation
Project) 4.50%*(a) 3,550,000
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73,350,000
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California -- 15.3%
5,700,000 SP-1+ Acalanes Union High School District TRAN 4.50% due 7/5/96 5,724,963
22,000,000 SP-1+ Anaheim TRAN 4.75% due 6/28/96 22,152,562
</TABLE>
See Notes to Financial Statements.
4
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<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
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Schedule of Investments (unaudited)(continued) September 30, 1995
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FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
California -- 15.3% (continued)
$ 9,700,000 SP-1+ Antioch Union School District TRAN 4.75% due 7/5/96 $ 9,767,378
10,600,000 SP-1+ Berkeley Union School District TRAN 4.75% due 7/5/96 10,673,630
California Higher Education Loan Authority Inc. Student
Loan Revenue Refunding:
12,700,000 VMIG 1 Senior Lien Series A-1 4.35%* 12,700,000
22,000,000 VMIG 1 Series A-1 4.35%* 22,000,000
750,000 VMIG 1 Series E-1 4.50%*(a) 750,000
California Health Facilities Financing Authority Revenue:
5,000,000 VMIG 1 Adventist Health 91B 4.10%* 5,000,000
12,000,000 VMIG 1 Catholic Healthcare West 4.15%* 12,000,000
7,200,000 VMIG 1 Kaiser Permanente Series 93A 4.20%* 7,200,000
1,000,000 VMIG 1 California PCFA Resource Recovery (Atlantic Ritchfield
Company project) 4.60%*(a) 1,000,000
2,200,000 A-1 California PCFA Resource Recovery (Wadham Energy) 4.45%*(a) 2,200,000
California PCFA Solid Waste Disposal Revenue:
4,500,000 VMIG 1 Shell Oil Martinez Project 4.55%*(a) 4,500,000
5,400,000 VMIG 1 Sierra Pacific Industries Inc. Projects 4.50%* 5,400,000
18,600,000 A-1+ California PCFA PCR Refunding (Pacific Gas & Electric)
Series 1988D 4.20% due 10/11/95** 18,600,000
50,000,000 SP-1+ California School Cash Reserve Program Authority Pool-Series A
4.75% due 7/3/96 50,363,058
157,270,000 MIG 1 California State RAW Series C 5.75% due 4/25/96 158,639,067
34,780,000 VMIG 1 California State Muni Trust Receipts 4.54%* 34,780,000
2,800,000 VMIG 1 California Statewide Communities Development Authority COP
(Sutter Health Obligation Group) 4.30%* 2,800,000
53,725,000 MIG 1 California Statewide Communities Development Authority
Revenue TAN Series A 4.75% due 7/5/96 53,978,063
9,500,000 SP-1+ Fremont Union High School District Santa Clara
County TAN 4.75% due 7/5/96 9,565,989
4,500,000 SP-1+ Goleta Union School District TRAN 4.75% due 7/5/96 4,521,318
40,700,000 VMIG 1 Irvine California Public Facilities and Infrastructure Authority
Lease Revenue (Capital Improvement Project) 4.40%* 40,700,000
2,770,000 VMIG 1 Los Angeles Community Redevelopment Agency Multi-Family
Housing Revenue (Skyline at Southpark Project) 4.35%* 2,770,000
54,450,000 SP-1+ Los Angeles County Educational Pooled TRAN Series A
4.75% due 7/5/96 54,690,176
4,000,000 A-1+ Los Angeles County Housing Authority Multi-Family Housing
Revenue Series K 3.80%* 4,000,000
8,750,000 A-1+ Los Angeles County Sanitation District Financing Authority
Revenue Muni Trust Receipts 4.40%* 8,750,000
52,100,000 MIG 1 Los Angeles County TRAN 4.50% due 7/1/96 52,347,775
2,590,000 A-1+ Los Angeles Department Water and Power Electric Plant
Revenue 4.45%* 2,590,000
</TABLE>
See Notes to Financial Statements.
5
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<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
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Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
California -- 15.3% (continued)
$ 1,000,000 A-1+ Los Angeles Multi-Family Revenue (Housing Loans to Lender
Program) 4.65%*(a) $ 1,000,000
10,095,000 SP-1+ Los Angeles Union School District TRAN 4.50% due 7/3/96 10,130,545
3,200,000 SP-1+ Martinez Unified School District TRAN 4.50% due 7/5/96 3,216,135
1,500,000 A-1+ Metropolitan Water District Southern Waterworks Revenue
Muni Trust Receipts 4.45%* 1,500,000
3,800,000 SP-1+ Moreland Elementary School District TRAN 4.50% due 7/5/96 3,816,542
25,000,000 SP-1+ Riverside County School Financing Authority School District
RAN 4.75% due 7/18/96 25,104,698
49,500,000 MIG 1 Riverside County TRAN 4.75% due 7/1/96 49,767,127
2,550,000 A-1+ San Bernardino Multi-Family Housing Revenue
(Quail Apartments) 4.20%* 2,550,000
8,000,000 VMIG 1 Santa Clara County Financing Authority Lease Revenue 4.30%* 8,000,000
8,315,000 VMIG 1 Santa Cruz County Public Financing Authority Revenue
Muni Trust Receipts 4.40%* 8,315,000
5,000,000 SP-1+ San Leandro Unified School District TRAN 4.50% due 7/5/96 5,025,591
5,000,000 SP-1+ San Mateo Union High School District TRAN 4.75% due 7/5/96 5,023,687
5,000,000 SP-1+ Sunnyvale Elementary School District TAN 4.50% due 7/5/96 5,020,069
3,500,000 MIG 1 Yolo County TRAN 4.75% due 7/5/96 3,514,029
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752,147,402
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Colorado -- 1.0%
6,800,000 A-1 Adams County (Clear Creek Business) 4.35%* 6,800,000
4,915,000 VMIG 1 Arapahoe County School (Cherry Creek) Muni Trust
Receipts 4.60%* 4,915,000
Colorado HFA Economic Development Revenue:
7,200,000 NR++ Celestial Seasonings 3.90%*(a) 7,200,000
13,000,000 VMIG 1 Grant Plaza Project 4.525%* 13,000,000
13,500,000 VMIG 1 Denver (City & County of) Airport Revenue Series D 4.50%*(a) 13,500,000
3,700,000 VMIG 1 Douglas County Multi-Family Housing Revenue (Autumn
Chase Project) 4.35%* 3,700,000
1,300,000 VMIG 1 Regional Transportation District Special Passenger Fare
Revenue 4.50%* 1,300,000
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50,415,000
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Connecticut -- 0.3%
15,000,000 VMIG 1 Connecticut State Development Authority PCR (Connecticut
Light & Power Co. Project) Series B 4.50%*(a) 15,000,000
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Delaware -- 5.2%
Delaware State Economic Development Authority
(Hospital Billing Collection Service):
97,920,000 VMIG 1 Series A 4.40%* 97,920,000
35,000,000 VMIG 1 Series B 4.40%* 35,000,000
95,400,000 VMIG 1 Series C 4.40%* 95,400,000
</TABLE>
See Notes to Financial Statements.
6
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<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Delaware -- 5.2% (continued)
$ 2,300,000 VMIG 1 Delaware State Economic Development Authority Revenue
(Delmarva Power & Light Co. Project) 4.75%*(a) $ 2,300,000
5,900,000 VMIG 1 Delaware State Economic Development Authority Revenue
Gas Facilities (Delmarva Project) 4.40%* 5,900,000
1,100,000 VMIG 1 Delaware State Economic Development Authority Revenue
Gas Facilities (Delmarva Power & Light) 4.75%*(a) 1,100,000
2,550,000 NR++ Delaware State Health Facilities Authority Revenue Muni Trust
Receipts 4.60%* 2,550,000
18,505,000 AAA Delaware State Housing Authority Revenue Muni Trust Receipts
4.10% due 12/1/95**(a) 18,505,000
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258,675,000
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District of Columbia -- 0.7%
District of Columbia GO Refunding:
1,500,000 VMIG 1 Series A-1 4.65%* 1,500,000
2,200,000 VMIG 1 Series A-3 4.65%* 2,200,000
1,000,000 VMIG 1 Series B-1 5.00%* 1,000,000
4,700,000 VMIG 1 Series B-2 5.00%* 4,700,000
4,900,000 VMIG 1 Series B-3 5.00%* 4,900,000
13,490,000 VMIG 1 District of Columbia Housing Finance Agency
(Village at McLean Gardens) 4.40%* 13,490,000
5,120,000 VMIG 1 District of Columbia Muni Trust Receipts 4.75%* 5,120,000
3,850,000 VMIG 1 District of Columbia Revenue George Washington University
Series A 4.40%* 3,850,000
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36,760,000
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Florida -- 1.4%
3,000,000 MIG 1 Broward County HFA Multi-Family Housing Revenue (Welleby
Apartments Project) 4.45%* 3,000,000
300,000 VMIG 1 Dade County IDA (Florida Power & Light Company) 4.50%* 300,000
4,000,000 VMIG 1 Dade County Aviation Revenue Aviation Facility Series A 4.40 4,000,000
500,000 VMIG 1 Dade County Aviation Special Obligation Capital Asset
Acquisition 4.55%* 500,000
Dade County IDA IDR:
1,205,000 A-1+ Arlington Sales Project 4.70%* 1,205,000
1,020,000 A-1+ Dynacolor Graphics Project 4.70%* 1,020,000
Florida Housing Finance Agency Multi-Family Housing:
300,000 A-1 Series LL Village Place Project 4.30%* 300,000
2,200,000 A-1 Series OO Oak at Mill Creek 4.30%* 2,200,000
1,400,000 A-1 Series TT River Oaks Apartments Project 4.45%* 1,400,000
3,200,000 A-1 Series UU Vinyard II Project 4.45%* 3,200,000
5,500,000 A-1 Series YY Monterey Meadows Apartments 4.35%* 5,500,000
</TABLE>
See Notes to Financial Statements.
7
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<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Florida -- 1.4% (continued)
$ 6,920,700 VMIG 1 Florida State Board Education Capital Outlay Muni Trust
Receipts 4.65%* $ 6,920,700
1,500,000 NR++ Hendry County IDA IDR (Savannah Foods & Industry
Project) 4.80%* 1,500,000
6,200,000 VMIG 1 Hillsborough County IDA PCR (Tampa Electric Company)
3.85%* 6,200,000
600,000 VMIG 1 Jacksonville PCR (Florida Power & Light
Company Project) 4.50%* 600,000
2,300,000 VMIG 1 Ocean Highway & Port
Authority Revenue 4.40%*(a) 2,300,000
Orange County HFA Mortgage Revenue:
7,045,000 VMIG 1 Series B Muni Trust Receipts 4.10%* due 12/1/95**(a) 7,045,000
11,160,000 VMIG 1 Series E Muni Trust Receipts 4.10%* due 12/1/95**(a) 11,160,000
2,200,000 VMIG 1 Pasco County HFA Multi-Family Revenue
(Carlton Arms Magnolia) 4.65%* 2,200,000
1,665,000 A-1+ Pinellas County HFA Single-Family Mortgage Revenue 4.55%* 1,665,000
2,350,000 NR++ Pinellas County Industrial Council IDR (Molex ETC Inc. Project)
4.50%*(a) 2,350,000
1,300,000 A-1+ St. Lucie County Solid Waste Disposal Revenue (Florida Light &
Power Co.) 4.60%* 1,300,000
1,600,000 VMIG 1 University Athletic Association Florida Capital Improvement
Revenue 4.50%* 1,600,000
- --------------------------------------------------------------------------------------------------------------
67,465,700
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Georgia -- 2.0%
5,000,000 A-1+ Albany Dougherty Payroll Development PCR (Merck & Co.) 4.65%* 5,000,000
1,700,000 VMIG 1 Burke County Development Authority PCR (Georgia Power
Company) 4.45%* 1,700,000
Clayton County Housing Authority Multi-Family Housing Revenue:
2,000,000 VMIG 1 Kimberly Forest Series B 4.30%* 2,000,000
1,500,000 VMIG 1 Rainwood Development 4.125%* 1,500,000
4,055,000 A-1+ Cobb County Multi-Family Housing (Williamstown Apartment
Project) 4.50%* 4,055,000
2,750,000 A3 Crisp County Development Authority Solid Waste Disposal
Revenue (International Paper Company) 4.30% due 9/1/96**(a) 2,750,000
6,260,000 A-1+ DeKalb County Development Authority PCR (General Motors
Corporation Project) 4.60%* 6,260,000
6,500,000 VMIG 1 Georgia State Muni Trust Receipts Series 19D 4.40%* 6,500,000
4,835,000 VMIG 1 Georgia State Muni Trust Receipts 4.60%* 4,835,000
5,000,000 NR++ Harralson County Development IDR (Gold Kist Project) 4.50%*(a) 5,000,000
2,000,000 VMIG 1 Jackson County IDA IDR (Mitsubishi Consumer Electronics
American Inc. Project) 4.75%* 2,000,000
5,000,000 A-1+ Marietta Housing Authority Multi-Family Revenue Refunding
(Concepts 21 Apartments) 4.30%* 5,000,000
5,000,000 A-1+ Municipal Electricity Authority Special Obligation Muni Trust
Receipts 4.50%* 5,000,000
</TABLE>
See Notes to Financial Statements.
8
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<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Georgia -- 2.0% (continued)
$ 20,950,000 VMIG 1 Municipal Electricity Authority General Resolution Series B
4.05% due 10/10/95** $ 20,950,000
3,200,000 NR++ Pike County IDA IDR (Thomaston Mills Inc. Project) 4.50%*(a) 3,200,000
3,000,000 NR++ Richmond County Development Authority Revenue Refunding
(General Signal) 4.45%* 3,000,000
4,000,000 VMIG 1 Savannah Economic Development Authority IDR
(Fuji Vegetable Oil Project) 4.50%*(a) 4,000,000
3,800,000 P-1 Savannah Port Authority (Powell Duff) 4.50%* 3,800,000
3,500,000 Aa2 Smyrna Housing Authority Multi-Family Housing Revenue
(Walton Grove Project) 4.50%* 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 4.50%*(a) 3,000,000
1,500,000 NR++ Series B 4.40%* 1,500,000
1,850,000 NR++ Villa Rica Development Authority IDR (Lowes Home Centers
Inc. Project) 4.40%* 1,850,000
1,500,000 NR++ Winder-Barrow Industrial Building Authority IDR
(Southeastern Metal Inc. Project) 4.50%*(a) 1,500,000
- --------------------------------------------------------------------------------------------------------------
100,600,000
- --------------------------------------------------------------------------------------------------------------
Hawaii -- 0.5%
Hawaii State Muni Trust Receipts:
9,500,000 VMIG 1 Series BZ/12A 4.40%* 9,500,000
9,500,000 VMIG 1 Series BZ/12B 4.40%* 9,500,000
Hawaii State Housing Finance & Development Corporation Revenue:
3,800,000 VMIG 1 Updates-Rental Housing Systems Series A 4.40%* 3,800,000
3,200,000 VMIG 1 Affordable Rental Housing Program A 4.40%* 3,200,000
- --------------------------------------------------------------------------------------------------------------
26,000,000
- --------------------------------------------------------------------------------------------------------------
Idaho -- 0.1%
4,500,000 A-1 Twin Falls IDR (Longview Fibre Co. Project) 4.55%* 4,500,000
- --------------------------------------------------------------------------------------------------------------
Illinois -- 3.1%
11,200,000 P-1 Bolingbrook Multi-Family Revenue Housing Redevelopment
(Amberton Apartments) 4.55%*(a) 11,200,000
30,745,000 VMIG 1 Chicago GO Tender Notes Series B 4.60% due 10/31/95** 30,753,515
4,700,000 VMIG 1 Chicago Gas Supply Revenue (Peoples Gas Light & Coke Co.)
93B 4.95% due 12/1/95** 4,700,000
3,300,000 A-1+ Chicago Muni Trust Receipts 4.50%* 3,300,000
9,000,000 VMIG 1 Chicago O'Hare International Airport Revenue General Airport
2nd Lien-B 3.80% due 1/1/96** 9,000,000
11,500,000 VMIG 1 Chicago O'Hare International Airport Revenue Second
Lien-B 4.50%*(a) 11,500,000
</TABLE>
See Notes to Financial Statements.
9
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Illinois -- 3.1% (continued)
Illinois Development Finance Authority IDR:
$ 800,000 VMIG 1 Alcan-Toyo America Project 4.80%*(a) $ 800,000
1,000,000 A-1+ Columbia Graphics Corp. Project 4.60%*(a) 1,000,000
800,000 A-1 U.G.N. Inc. Project 4.85%*(a) 800,000
1,500,000 VMIG 1 Illinois Development Finance Authority PCR
(Amoco Oil Co.) 4.45%* 1,500,000
1,000,000 NR++ Illinois Development Finance Authority Economic Development
Revenue (Molex Inc. Project) 4.40%* 1,000,000
Illinois Development Finance Authority Revenue:
10,300,000 A-1+ Residential Brookdale Project 6.00%*(a) 10,300,000
5,600,000 A-1+ Safety Education (Foundation for Safety) 4.35%* 5,600,000
6,400,000 A-1+ Illinois Educational Facilities Authority Revenue
(National College Education) 4.45%* 6,400,000
Illinois Health Facilities Authority Revenue:
1,000,000 VMIG 1 Childrens Memorial Hospital Project 4.35%* 1,000,000
3,000,000 VMIG 1 Franciscan Sisters Series B 4.10%* 3,000,000
7,500,000 VMIG 1 Parkside Development Corp. 4.40%* 7,500,000
3,000,000 A-1 The Streeterville Corp. 4.35%* 3,000,000
4,000,000 VMIG 1 University of Chicago Hospital 4.40%* 4,000,000
8,000,000 VMIG 1 West Surburban Hospital 4.35%* 8,000,000
3,255,000 A-1+ Illinois State Sales Tax Revenue Muni Trust Receipts 4.50%* 3,255,000
1,400,000 A-1+ Joliet Regional Port District Marine Terminal Revenue
(Exxon Project) 4.50%* 1,400,000
4,000,000 NR++ Paris IDR (Simonton Building Products Inc.) 4.50%* 4,000,000
15,735,000 A-1+ Regional Transportation Authority Muni Trust Receipts 4.50%* 15,735,000
1,700,000 A-1 Savanna IDR (Metform Corporation Project) 4.40%*(a) 1,700,000
4,750,000 VMIG 1 Southwestern Development Authority Solid Waste Disposal
Revenue (Shell Oil Co. Wood River Project) 4.60%*(a) 4,750,000
- --------------------------------------------------------------------------------------------------------------
155,193,515
- --------------------------------------------------------------------------------------------------------------
Indiana -- 2.5%
4,400,000 A-1+ Allen County Economic Development Revenue (Kransco Project)
4.55%*(a) 4,400,000
2,000,000 NR++ Crawfordsville IDR (National Service Industry Inc. Project) 2,000,000
38,665,000 MIG 1 Evansville Hospital Authority Revenue (St. Mary's Medical
Center of Evansville Inc.) 4.45%* 38,665,000
100,000 VMIG 1 Fort Wayne Indiana Hospital Authority (Parkview Memorial
Hospital) 4.60%* 100,000
4,300,000 P-1 Frankfort Economic Development Revenue (General Seating
of America Project) 4.60%*(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) 4.45%* 12,355,000
</TABLE>
See Notes to Financial Statements.
10
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Indiana -- 2.5% (continued)
$ 1,500,000 VMIG 1 Hammond PCR (Amoco Oil Co.) 4.45%* $ 1,500,000
11,000,000 VMIG 1 Indiana Health Facilities Financing Authority Hospital Revenue
(Deaconess Hospital Inc.) 4.50%* 11,000,000
11,000,000 MIG 1 Indiana Secondary Market Educational Loans Inc. Education
Loan Revenue Series B 4.50%*(a) 11,000,000
1,000,000 A-1+ Indiana State Development Finance Authority IDR
(Red Gold Inc. Project) 4.60%* 1,000,000
18,250,000 A-1+ Indiana State Development Finance Authority Solid Waste
Disposal Revenue (Pure Air on Lake Project) Series A
3.85% due 11/9/95**(a) 18,250,000
5,300,000 VMIG 1 Indiana Secondary Market Educational Loans Inc. Student Loan
Revenue Series B 4.50%*(a) 5,300,000
3,300,000 A-1+ Ossian Economic Development Revenue (Walbro Auto
Corporation Project) 4.60%*(a) 3,300,000
1,300,000 NR++ Plymouth IDR (Dean Foods Company Project) 4.40%* 1,300,000
1,295,000 VMIG 1 Richmond Economic Development Revenue (Beverly Enterprises
Indiana) 3.80%* 1,295,000
3,100,000 AAA Rockport PCR (AEP Generating Co.) 3.85%* 3,100,000
2,900,000 A-1 Shelbyville Economic Development Revenue (Nippisun
Indiana Corporation Project) 4.65%*(a) 2,900,000
- --------------------------------------------------------------------------------------------------------------
121,765,000
- --------------------------------------------------------------------------------------------------------------
Iowa -- 0.3%
1,500,000 NR++ Cedar Rapids IDR Refunding (McKesson Corp. Project) 4.40%* 1,500,000
870,000 A-1+ Dubuque IDR (Swiss Valley Farms Co. Project) 4.45%*(a) 870,000
9,200,000 VMIG 1 Iowa Higher Education Loan Authority Revenue Education Loan
Private College Facilities 4.30%* 9,200,000
2,630,000 VMIG 1 Polk County Hospital Equipment & Improvement Revenue 4.30%* 2,630,000
- --------------------------------------------------------------------------------------------------------------
14,200,000
- --------------------------------------------------------------------------------------------------------------
Kansas -- 1.3%
2,100,000 VMIG 1 Butler County Solid Waste Disposal Facility Revenue (Texaco
Refining & Marketing) Series A 4.65%*(a) 2,100,000
9,500,000 VMIG 1 Butler County Solid Waste Disposal & Cogeneration Revenue
(Texaco Refining & Marketing Project) Series B 4.65%(a) 9,500,000
3,400,000 Aa1 Fredonia Revenue Exempt Facilities 4.70%*(a) 3,400,000
8,600,000 A-1 Mission Multi-Family Housing Revenue (Woodland Village
Project) 4.35%* 8,600,000
14,000,000 Aa2 Sedwick County Airport Facility Revenue (Flight Safety
International Inc. Project) 4.50%* 14,000,000
16,750,000 VMIG 1 Shawnee Multi-Family Housing Revenue (Hampton Woods
Apartments) 3.80%* 16,750,000
</TABLE>
See Notes to Financial Statements.
11
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Kansas -- 1.3% (continued)
Wichita Airport Authority Airport Facilities Revenue
(Flight Safety International Project): $ 1,750,000
$ 1,750,000 NR++ Series 90A 4.40%* 1,750,000
6,170,000 NR++ Series 92A 4.50%*(a) 6,170,000
3,000,000 VMIG 1 Wichita Revenue (CSJ Health System Wichita) 4.40%* 3,000,000
- --------------------------------------------------------------------------------------------------------------
65,270,000
- --------------------------------------------------------------------------------------------------------------
Kentucky -- 1.9%
6,000,000 NR++ Berea IDR (Tokico Manufacturing Corporation Project) 4.35%* 6,000,000
3,250,000 NR++ Calbert City PCR (BOC Group Inc. Project) 4.40%*(a) 3,250,000
3,500,000 NR++ Carrol County IDR (Kentucky Ladder Company Project) 4.50%*(a) 3,500,000
1,700,000 VMIG 1 Daviess County Solid Waste Disposal Facility Revenue
(Scott Paper Co.) 4.60%*(a) 1,700,000
21,685,000 NR++ Hancock County Industrial Building Revenue (Southwire
Company Project) 4.60%* 21,685,000
1,000,000 NR++ Hancock County PCR Variable Refunding (Southwire Company
Project) 4.60%* 1,000,000
1,684,000 A-1 Jefferson County IDR (Belknap Inc. Project) 3.85%* 1,684,000
2,000,000 VMIG 1 Kentucky Association of Counties Reinsurance Trust Revenue
4.50%* 2,000,000
8,000,000 VMIG 1 Kentucky Housing Corporation Housing Revenue Series E 3.70%
due 12/20/95**(a) 8,000,000
1,300,000 NR++ Louisville IDR Refunding (National Service Industries Inc. Project)
4.40%* 1,300,000
44,300,000 NR++ Ohio County PCR (Big Rivers Electric Corp.) 4.55%* 44,300,000
- --------------------------------------------------------------------------------------------------------------
94,419,000
- --------------------------------------------------------------------------------------------------------------
Louisiana -- 2.3%
Calcasieu Parish Inc. IDB:
7,900,000 VMIG 1 Environmental Revenue (Citgo Petroleum Corp.) 4.60%*(a) 7,900,000
9,700,000 VMIG 1 PCR (Citgo Petroleum Corp.) 4.20%* 9,700,000
1,500,000 P-1 Iberville Parish PCR (Dow Chemical Company Project) 4.50%* 1,500,000
1,410,000 NR++ Kentwood IDR Refunding (Suntory Water Group Inc.) 4.40%* 1,410,000
1,600,000 P-1 Louisiana Public Authority Hospital Revenue
(Houma-Psychiatric Hospital Inc.) 4.40%* 1,600,000
4,200,000 NR++ Louisiana Public Facilities Authority Revenue Refunding
(CIBA-Geigy) 4.40%* 4,200,000
5,100,000 A-1 Louisiana Public Facilities Authority Revenue (Charter Forest
Hospital Project) 4.60%* 5,100,000
Louisiana State Muni Trust Receipts:
5,515,000 VMIG 1 Series 17A 4.40%* 5,515,000
5,915,000 VMIG 1 Series 17B 4.40%* 5,915,000
6,975,000 VMIG 1 Series 29A 4.40%* 6,975,000
</TABLE>
See Notes to Financial Statements.
12
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Louisiana -- 2.3% (continued)
$ 4,500,000 VMIG 1 Louisiana State Recovery District Sales Tax Revenue 4.60%* $ 4,500,000
10,000,000 NR++ Natchitoches Parish Revenue Refunding (Trust Joist Corp.
Project) 4.55%* 10,000,000
New Orleans Aviation Board Revenue:
8,000,000 VMIG 1 Passenger Facility Charge 4.65%*(a) 8,000,000
4,800,000 VMIG 1 Series A 4.35%* 4,800,000
4,000,000 NR++ Ouachita Parish IDB IDR (Sulzer Escher Wyss Project) 4.50%*(a) 4,000,000
300,000 P-1 Plaquemines Parish Environmental Revenue (BP Exploration &
Oil) 4.65%*(a) 300,000
5,100,000 VMIG 1 Saint Charles Parish PCR (Shell Oil Co. Project) 4.60%*(a) 5,100,000
4,300,000 VMIG 1 South Port Community Marine Terminal Facilities Revenue
Refunding (Occidental Petroleum) 4.05%* 4,300,000
West Baton Rouge Parish Industrial District No. 3
Revenue (Dow Chemical Co.):
13,600,000 P-1 Series 1993A 4.65%*(a) 13,600,000
8,800,000 P-1 Series 1994A 4.65%*(a) 8,800,000
1,000,000 P-1 Series 1994B 4.50%* 1,000,000
100,000 A-1+ West Feliciana Parish PCR Series D 4.50%* 100,000
- --------------------------------------------------------------------------------------------------------------
114,315,000
- --------------------------------------------------------------------------------------------------------------
Maine -- 0.4%
2,000,000 VMIG 1 Biddeford Resource Recovery Revenue (Maine Energy
Recovery) 3.85%* 2,000,000
3,565,000 NR++ Jay Solid Waste Disposal Revenue (International Paper
Company) 4.30% due 9/1/96**(a) 3,565,000
Maine Finance Authority Economic Development Revenue:
2,325,000 A-1+ Series A, B, C & E 4.45%*(a) 2,325,000
160,000 A-1+ Series D 4.60%*(a) 160,000
3,000,000 A-1+ Maine Health & Higher Educational Facilities Authority Revenue
(Bowdoin College) Series B 4.25%* 3,000,000
Maine Health & Higher Educational Facilities Authority
Revenue (VHA New England Inc.):
890,000 A-1 Series D 4.20%* 890,000
465,000 A-1 Series E 4.20%* 465,000
9,500,000 VMIG 1 Westbrook Revenue (Southern Container Corporation
Project) 4.10%*(a) 9,500,000
- --------------------------------------------------------------------------------------------------------------
21,905,000
- --------------------------------------------------------------------------------------------------------------
Maryland -- 2.5%
6,000,000 NR++ Anne Arundel County Economic Development Revenue
(West Capital Associates - Capital Gazette Communication,
Inc.) 4.40%* 6,000,000
</TABLE>
See Notes to Financial Statements.
13
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Maryland -- 2.5% (continued)
$ 5,000,000 VMIG 1 Baltimore County Economic Development Revenue Refunding
(Blue Circle Inc. Project) 4.35%* $ 5,000,000
15,000 A-1 Baltimore County Housing Revenue (Spring Hill Apartment)
4.40%* 15,000
4,750,000 VMIG 1 Maryland State Energy Financing Administration Limited
Obligation Revenue (Baltimore Ferst Project) 4.60%*(a) 4,750,000
2,500,000 VMIG 1 Maryland State Industrial Development Financing Authority
Economic Development Revenue (Johnson Controls Inc.)
4.45%* 2,500,000
9,110,000 VMIG 1 Montgomery County Muni Trust Receipts 4.60%* 9,110,000
Montgomery County Economic Development Revenue
(Howard Hughes Medical Center):
10,500,000 VMIG 1 Series A 4.30%* 10,500,000
25,500,000 VMIG 1 Series B 4.35%* 25,500,000
25,500,000 VMIG 1 Series C 4.30%* 25,500,000
Montgomery County Housing Opportunities
Commission Housing Revenue:
8,300,000 VMIG 1 Draper Lane Apartments 4.35%*(a) 8,300,000
22,780,000 NR++ Multi-Family Series C 4.95% due 11/30/95(a) 22,780,000
5,000,000 NR++ Northeast Waste Disposal Authority Resource Recovery
Revenue Muni Trust Receipts 3.75% due 1/1/96** 5,000,000
- --------------------------------------------------------------------------------------------------------------
124,955,000
- --------------------------------------------------------------------------------------------------------------
Massachussetts -- 1.0%
18,185,000 A-1+ Massachusetts Bay Transportation Authority
Muni Trust Receipts 4.50%* 18,185,000
27,500,000 A-1+ Massachusetts State Health & Educational Facilities Authority
Revenue (Harvard University) 3.65% due 11/2/95** 27,500,000
Massachusetts State Industrial Finance Agency Revenue:
1,000,000 VMIG 1 Showa Womens Institute 4.45%* 1,000,000
3,920,000 NR++ Catamount Manufacturing Inc. 3.90%*(a) 3,920,000
- --------------------------------------------------------------------------------------------------------------
50,605,000
- --------------------------------------------------------------------------------------------------------------
Michigan -- 1.6%
3,500,000 NR++ Berrien County Limited Obligation Revenue (Menasha Corp.
Project) 4.40%* 3,500,000
100,000 A-1 Dearborn EDC Revenue (Oakbrook Common Project) 4.40%* 100,000
500,000 VMIG 1 Detroit Downtown Development Authority Revenue Refunding
(Millender Center Project) 4.50%* 500,000
18,850,000 A-1+ Detroit Sewer Disposal Revenue Muni Trust Receipts 4.50%* 18,850,000
2,600,000 A-1 Detroit Tax Increment Finance Authority (Tax Increment Central
Industrial Park Project) 4.35%* 2,600,000
3,500,000 MIG 1 Michigan State Hospital Finance Authority Revenue
(Daughters of Charity Providence Hospital) 4.45%* 3,500,000
</TABLE>
See Notes to Financial Statements.
14
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Michigan -- 1.6% (continued)
$ 9,500,000 VMIG 1 Michigan State Housing Development Authority Limited Obli-
gation (Woodland Meadows Apartments Project) 4.40%*(a) $ 9,500,000
Michigan State Housing Development Authority Rental
Housing Revenue:
3,700,000 VMIG 1 Laurel Valley Apartments 4.25%* 3,700,000
4,000,000 VMIG 1 Muni Trust Receipts 4.55%*(a) 4,000,000
3,600,000 VMIG 1 Pine Ridge 4.10%* 3,600,000
Michigan Strategic Fund:
1,100,000 P-1 Consumers Power Project 5.00%* 1,100,000
11,400,000 P-1 Dow Chemical Co. 4.50%* 11,400,000
5,000,000 VMIG 1 Limited Obligation Revenue Reserve 1 4.50%* 5,000,000
3,000,000 VMIG 1 PCR Refunding (General Motors Corp. Project) 4.50%* 3,000,000
4,300,000 P-1 Solid Waste Disposal Revenue (Grayling Generating Project)
4.50%*(a) 4,300,000
2,000,000 VMIG 1 University of Michigan University Revenue Hospital Series A 2,000,000
- --------------------------------------------------------------------------------------------------------------
76,650,000
- --------------------------------------------------------------------------------------------------------------
Minnesota -- 1.9%
5,000,000 A-1 Bloomington Multi-Family Revenue Refunding (Rental Housing
Crow/Bloomington Apartments) 4.15%* 5,000,000
4,800,000 VMIG 1 Duluth Tax Increment Revenue (Lake Superior Paper) 4.40%* 4,800,000
24,000,000 NR++ Eagle Trust State of Minnesota Muni Trust Receipts 3.80%* 24,000,000
2,400,000 A-1 Golden Valley IDR (Unicare Homes Project) 4.40%* 2,400,000
1,000,000 A-1+ Hubbard County Solid Waste Disposal Revenue (Potlatch Corp.
Project) 4.50%*(a) 1,000,000
3,300,000 VMIG 1 Minneapolis Community Development Agency Revenue
(Riverplace Project Pennacle Apartment) 4.45%* 3,300,000
8,585,000 NR++ Minnesota State Muni Trust Receipts 4.60%* 8,585,000
1,690,000 NR++ Moorehead IDR Refunding (Super Value Store Project) 4.75%* 1,690,000
Rochester Health Care Facility (Mayo Foundation Project):
10,000,000 A-1+ Series A 4.50%* 10,000,000
17,600,000 A-1+ Series C 4.50%* 17,600,000
12,700,000 A-1 Saint Cloud Hospital Facility Revenue (St. Cloud Hospital)
Series A 4.40%* 12,700,000
4,700,000 A-1+ Saint Paul Housing & Redevelopment Authority Revenue
(Housing Development Minnesota Multi-City) 4.45%* 4,700,000
- --------------------------------------------------------------------------------------------------------------
95,775,000
- --------------------------------------------------------------------------------------------------------------
Mississippi -- 0.4%
1,600,000 NR++ Jackson County Industrial Facility Revenue
(Chevron U.S.A Inc.) 4.60%*(a) 1,600,000
1,100,000 NR++ Jackson County Port Facility (Chevron U.S.A Inc.) 4.60%* 1,100,000
2,880,000 NR++ Jackson IDR Refunding (McKesson Corp. Project) 4.40%*(a) 2,880,000
</TABLE>
See Notes to Financial Statements.
15
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Mississippi -- 0.4% (continued)
$ 2,900,000 NR++ Jones County Solid Waste Disposal Revenue (International
Paper Company) 4.30% due 9/1/96**(a) $ 2,900,000
7,500,000 VMIG 1 Mississippi Business Finance Corp. Solid Waste Disposal
Revenue (Mississippi Power Co.) 4.60%* 7,500,000
5,350,000 NR++ Newton IDR Refunding (La-Z-Boy Chair Co. Project) 4.40%* 5,350,000
- --------------------------------------------------------------------------------------------------------------
21,330,000
- --------------------------------------------------------------------------------------------------------------
Missouri -- 2.8%
3,300,000 P-1 Barry County IDA Revenue (Georges Processing Inc.) 4.60%*(a) 3,300,000
4,500,000 P-1 Carthage IDA Revenue (Schreiber Foods Inc. Project) 4.60%*(a) 4,500,000
2,000,000 NR++ Kansas City IDA (Owens Project) Series 93 4.00%* 2,000,000
13,000,000 A-1+ Maries County IDA Solid Waste Management Revenue 4.55%* 13,000,000
Missouri Higher Education Loan Authority Student Loan Revenue:
21,000,000 VMIG 1 Series 88A 4.50%*(a) 21,000,000
29,300,000 VMIG 1 Series 90A 4.50%*(a) 29,300,000
19,250,000 VMIG 1 Series B 4.50%*(a) 19,250,000
15,000,000 NR++ Senior Lien Series D 4.50%*(a) 15,000,000
1,230,000 VMIG 1 Missouri State Economic Development Export & Infrastructure Board
IDR (Tom E. Beal Trust International Village Project) 4.45%* 1,230,000
500,000 VMIG 1 Missouri State IDB IDR (John E. Raidel Lot 2-F) 4.45%* 500,000
14,500,000 A-1+ Missouri State Health Educational Facilities and Health Facilities
(Sister of Mercy Health Care Project) 4.30%* 14,500,000
4,000,000 P-1 Missouri State Environmental Improvement and Energy Authority
(Utilicorp United Inc. Project) 4.50%*(a) 4,000,000
3,000,000 VMIG 1 Saint Charles County IDA IDR Refunding (Venture Stores Inc.
Project) 4.35%* 3,000,000
2,970,000 A-1 Saint Louis County IDA Multi-Family Housing Revenue Refunding
(Westport Station Apartments) 4.35%* 2,970,000
4,000,000 NR++ Versailles IDA IDR Refunding (Gates Rubber Co. Project) 4.50 4,000,000
- --------------------------------------------------------------------------------------------------------------
137,550,000
- --------------------------------------------------------------------------------------------------------------
Montana -- 0.7%
1,300,000 NR++ Butte Silver Bow PCR Refunding (Rhone Poulenc Inc.
Project) 4.30%* 1,300,000
1,800,000 A-1+ Missoula IDR (Washington Corp. Project) 3.80%* 1,800,000
3,925,000 AAA Montana Board of Investment (Colstrip Project) 4.8125%* 3,925,000
7,500,000 A-1 Montana State Board Inventory Payroll Tax Workers
Compensation 4.40%* 7,500,000
19,450,000 A-1 Montana State Board Inventory Resource Recovery Revenue
(Colstrip Project) 4.50%* 19,450,000
- --------------------------------------------------------------------------------------------------------------
33,975,000
- ---------------------------------------------------------------------------------------------------------------
Nebraska -- 1.8%
2,900,000 VMIG 1 Buffalo County IDR (Agrex Inc. Project) 4.30%* 2,900,000
4,925,000 VMIG 1 Buffalo County Health Facilities (Sisters of Charity Health
System-Young Memorial Hospital) 4.35%* 4,925,000
</TABLE>
See Notes to Financial Statements.
16
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Nebraska -- 1.8% (continued)
Nebraska Higher Education Loan Program Income
Revenue Student Loan Program:
$ 3,500,000 A-1+ Lien Series 1988C 4.45%* $ 3,500,000
19,850,000 A-1+ Series A 4.45%*(a) 19,850,000
12,300,000 A-1+ Series B 4.45%*(a) 12,300,000
19,725,000 A-1+ Series C 4.45%*(a) 19,725,000
22,280,000 A-1+ Series D 4.45%*(a) 22,280,000
5,100,000 VMIG 1 Nuckolls County IDR (Agrex Inc. Project) 4.30%* 5,100,000
- --------------------------------------------------------------------------------------------------------------
90,580,000
- --------------------------------------------------------------------------------------------------------------
Nevada -- 1.3%
4,150,000 VMIG 1 Clark County Airport Improvement Revenue Lien Series A-2
4.35%*(a) 4,150,000
15,900,000 VMIG 1 Clark County Industrial Development Revenue (Nevada
Cogeneration) 4.60%*(a) 15,900,000
11,715,000 A-1+ Henderson Public Improvement Trust Housing Revenue
Multi-Family (Pueblo Verde) 4.45%* 11,715,000
Nevada Housing Division Refunding Multi-Unit:
6,100,000 A-1+ Demand Bonds 89A 4.40%* 6,100,000
28,000,000 A-1 Park Vista Apartments Series 1991 4.50%* 28,000,000
- --------------------------------------------------------------------------------------------------------------
65,865,000
- --------------------------------------------------------------------------------------------------------------
New Hampshire -- 1.2%
Nashua Housing Authority Multi-Family Revenue Refunding
(Housing Clocktower Project):
248,000 A-1 Series 1993/#227A 4.55%*(a) 248,000
626,000 A-1 Series 1993/#227B 4.55%*(a) 626,000
10,058,000 A-1 Series 1993/#227C 4.55%*(a) 10,058,000
New Hampshire State HFA Multi-Family Housing:
18,000,000 VMIG 1 Fairways Project 4.35%*(a) 18,000,000
10,625,000 A-1 Hampshire Estates MHT Project 4.50%* 10,625,000
5,000,000 VMIG 1 New Hampshire State HFA Single-Family Revenue
Series F 4.30% due 11/1/95** 5,000,000
New Hampshire State HFA (Connecticut Light & Power
Co. Project):
10,600,000 VMIG 1 Series 1986 4.55%* 10,600,000
2,000,000 VMIG 1 Series 1988 4.50%*(a) 2,000,000
New Hampshire State Business Finance Authority PCR Refunding
Public Service Company:
2,000,000 A-1+ Series 92D 4.55%*(a) 2,000,000
2,100,000 A-1+ Series 93E 4.50%*(a) 2,100,000
- --------------------------------------------------------------------------------------------------------------
61,257,000
- --------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
17
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
New Mexico -- 0.2%
$ 4,900,000 NR++ Bellen IDR (Solo New Mexico Project) 4.50%*(a) $ 4,900,000
4,200,000 P-1 Farmington PCR (Arizona Public Services Company) 4.60%*(a) 4,200,000
2,650,000 VMIG 1 New Mexico Hospital Equipment Loan 4.35%* 2,650,000
- --------------------------------------------------------------------------------------------------------------
11,750,000
- --------------------------------------------------------------------------------------------------------------
New York -- 9.4%
1,300,000 A-1+ Babylon IDA Resource Recovery Revenue (OFS Equity
Babylon Project) 4.65%*(a) 1,300,000
3,100,000 A-1+ Eagle Trust Series 94C-2 Muni Water 4.49%* 3,100,000
18,100,000 A-1+ Eagle Trust Muni Water 4.44%* 18,100,000
20,000,000 A-1+ Eagle Trust Environment 4.49%* 20,000,000
2,000,000 A-1+ Eagle Trust Medical Care 4.49%* 2,000,000
1,330,000 VMIG 1 Erie County Industrial Development Agency IDR (Rosina Foods
Products Inc. Project) 4.10%*(a) 1,330,000
300,000 VMIG 1 Great Neck North Water Authority Water System Revenue
Series A 4.15%* 300,000
5,200,000 NR++ Liverpool Central School District RAN 4.25% due 6/12/96 5,211,444
12,000,000 MIG 1 Metropolitan Transportation Authority RAN Series A
5.50% due 12/14/95 12,024,700
Nassau County TAN:
12,500,000 SP-1+ Series A 4.50% due 3/15/96 12,533,491
10,000,000 SP-1+ Series B 4.50% due 4/15/96 10,031,598
New York City GO:
2,100,000 VMIG 1 Series C 4.70%* 2,100,000
1,200,000 VMIG 1 Sub-Series A-7 4.40%* 1,200,000
4,200,000 VMIG 1 Sub-Series E-4 4.40%* 4,200,000
2,300,000 VMIG 1 Sub-Series E-5 4.50%* 2,300,000
12,500,000 VMIG 1 Sub-Series H-6 3.90% due 10/20/95** 12,500,000
New York City Housing Development Corporation Mortgage
Revenue Multi-Family:
3,200,000 A-1 Columbus Apartment Project 4.50%* 3,200,000
13,900,000 P-1 Parkgate Tower 4.20%* 13,900,000
New York City IDA IDR:
200,000 VMIG 1 Country Chef Foods Project 4.35%*(a) 200,000
1,000,000 VMIG 1 Nobart New York Ink Project 4.90%*(a) 1,000,000
1,085,000 P-1 William E. Martin & Sons Company 4.30%*(a) 1,085,000
New York City Muni Trust Receipts:
14,700,000 VMIG 1 1995 Series B 4.40%* 14,700,000
2,000,000 VMIG 1 1995 Series C 4.40%* 2,000,000
9,685,000 NR++ New York City Muni Water Finance Authority Water & Sewer
System Revenue Muni Trust Receipts 4.40%* 9,685,000
113,100,000 MIG 1 New York City RAN Series A 4.50% due 4/11/96 113,426,799
23,000,000 MIG 1 New York City TAN Series A 4.50% due 2/15/96 23,057,074
</TABLE>
See Notes to Financial Statements.
18
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
New York -- 9.4% (continued)
$ 12,375,000 NR++ New York City Transportation Authority Facility Revenue
(Livingston Project) Muni Trust Receipts 4.55%* $ 12,375,000
38,800,000 MIG 1 New York City Transportation Authority Special Obligation
RAN 4.50% due 12/14/95 38,880,009
700,000 VMIG 1 New York City Trust Cultural Resource Recovery Revenue
(The Jewish Museum) 4.25%* 700,000
6,000,000 VMIG 1 New York State Energy Research & Development Authority Electric
Facilities Revenue (Long Island Lighting Company) 4.40%* 6,000,000
2,000,000 NR++ New York State Energy Research & Development Authority PCR
(Niagara Mohawk Power Corp.) 4.40%* 2,000,000
15,495,000 VMIG 1 New York State Medical Care Facilities Finance Agency
Revenue Muni Trust Receipts 4.50%* 15,495,000
3,525,000 A-1+ New York State Medical Care Facility 4.50%* 3,525,000
17,1800,000 VMIG 1 New York State Mortgage Agency Revenue Muni Trust Receipts
4.55%* 17,180,000
2,500,000 A-1+ New York State Throughway Authority Revenue Muni Trust
Receipts 4.50%* 2,500,000
10,000,000 VMIG 1 Niagara County IDA (American Fuel) 3.95% due 11/08/95**(a) 10,000,000
4,000,000 NR++ Puerto Rico Commonwealth Government Development Bank
3.80%* 4,000,000
27,630,000 NR++ Puerto Rico Industrial Medical PCR (Abbot Laboratory)
Series 83A 5.10% due 3/1/96** 27,630,000
9,380,000 NR++ Puerto Rico Public Building Authority Series 1995 Muni Trust
4.40%* 9,380,000
5,049,000 VMIG 1 Triborough Bridge & Tunnel Authority Revenue Muni Trust
Receipts 4.55%* 5,049,000
11,000,000 NR++ Ulster County TAN 5.50% due 3/28/96 11,007,640
5,475,000 NR++ University of Puerto Rico Muni Trust Receipts 4.35%* 5,475,000
- --------------------------------------------------------------------------------------------------------------
461,681,755
- --------------------------------------------------------------------------------------------------------------
North Carolina -- 1.2%
32,800,000 MIG 1 Bladen County Industrial Facilities & PCFA Resource Recovery
Revenue (Beach Energy Project) 4.45%*(a) 32,800,000
14,400,000 VMIG 1 Lenoir County PCFA Resource Recovery (Carolina Project)
4.45%*(a) 14,400,000
700,000 NR++ North Carolina Medical Care Community Health Care Facilities
Revenue (Greater Carolinas Red Cross) 4.35%* 700,000
Wake county Industrial Facilities & PCFA Revenue
(Carolina Power & Light Co.):
1,800,000 A-1 Series B 4.50%* 1,800,000
7,800,000 MIG 1 Series C 4.50%* 7,800,000
- --------------------------------------------------------------------------------------------------------------
57,500,000
- --------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
19
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Ohio -- 1.3%
$ 2,600,000 A-1+ Cincinnati & Hamilton County Port Authority Economic Develop-
ment Revenue (Kenwood Office Association Project) 4.60%* $ 2,600,000
14,290,000 NR++ Cleveland City School District Muni Trust Receipts 3.50% due
12/1/95** 14,290,000
14,000,000 A-1+ Eagle Trust Muni Trust Receipts Ohio Water Development 4.44%* 14,000,000
1,800,000 A-1+ Fulton County IDR (Poly Craft Inc.) 4.507%* 1,800,000
2,000,000 NR++ Oakwood IDR (Sennett Steel Corp. Project) 4.50%*(a) 2,000,000
23,000,000 VMIG 1 Ohio State Air Quality Development Authority Revenue
(JMG Funding Limited Partnership) Series B 4.50%*(a) 23,000,000
3,000,000 VMIG 1 Ohio State Public Facilities Community Tender Option Custody
Receipts 4.50%* 3,000,000
5,500,000 A-1+ Ohio State Water Development Authority Pollution Control
Facilities Revenue (Duquesne Light Co. Project) 4.50%*(a) 5,500,000
100,000 NR++ Toledo Lucas County Port Authority IDR (Country Mark
Cooperative Project) 4.45%* 100,000
- --------------------------------------------------------------------------------------------------------------
66,290,000
- --------------------------------------------------------------------------------------------------------------
Oklahoma -- 1.8%
1,145,000 NR++ Adair County IDR (Baldor Electric Company) 4.40%* 1,145,000
7,780,000 VMIG 1 Broken Arrow Economic Development Authority (Paragon Films
Inc. Project) 4.90%*(a) 7,780,000
4,500,000 VMIG 1 Creek County Industrial Authority Revenue Industrial
Development (Henry Vogt Machinery) 4.50%*(a) 4,500,000
7,265,000 NR++ Garfield County Industrial Authority IDR Refunding (BOC Group
Inc. Project) 4.40%* 7,265,000
40,200,000 VMIG 1 Garfield County Industrial Authority PCR Refunding
(Gas & Electric Company Project) Series A 4.30%* 40,200,000
2,700,000 VMIG 1 Oklahoma City Industrial & Cultural Facilities Trust Revenue
(Health Facilities - Sisters of Mercy Health) 4.70%* 2,700,000
15,200,000 VMIG 1 Tulsa Industrial Authority Revenue (Hospital Hillcrest Medical
Center Project) 4.35%* 15,200,000
400,000 NR++ Tulsa Industrial Authority Revenue IDR (Thomas & Betts
Project) 4.50%*(a) 400,000
7,600,000 VMIG 1 Tulsa Industrial Authority Healthcare Facility Revenue (Medical
Support Services Inc. Project - St. John Medical Center) 4.4 7,600,000
- --------------------------------------------------------------------------------------------------------------
86,790,000
- --------------------------------------------------------------------------------------------------------------
Oregon -- 1.1%
Klamath Falls Electric Revenue (Salt Caves Hydroelectric):
1,565,000 SP-1+ Series B 4.40% due 5/1/96** 1,565,000
18,435,000 SP-1+ Series C 4.40% due 5/1/96** 18,435,000
6,700,000 A-1 Medford Hospital Facility Authority Revenue (Rogue Valley
Manor Project) 4.40%* 6,700,000
</TABLE>
See Notes to Financial Statements.
20
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Oregon -- 1.1% (continued)
$ 1,300,000 NR++ Oregon State Economic Development Commission Economic
& IDR (Trust Joist Corporation Project) 4.40%* $ 1,300,000
3,500,000 NR++ Oregon State Economic Development Revenue Refunding
(McKesson Corp.) 4.45%* 3,500,000
3,600,000 VMIG 1 Oregon State Economic Development Refunding (Pacific
Corporation) 4.70%*(a) 3,600,000
10,700,000 A-1 Port Morrow Revenue (Portland General Electric) 4.50%* 10,700,000
6,850,000 A-1+ Portland Multi-Family Revenue (South Park Block Project)
Series A 4.40%* 6,850,000
- --------------------------------------------------------------------------------------------------------------
52,650,000
- --------------------------------------------------------------------------------------------------------------
Pennsylvania -- 5.6%
5,725,000 NR++ Allegheny County Muni Trust Receipts 4.55%* 5,725,000
4,000,000 A-1 Bedford County IDA IDR (Sepa Inc. Facility) 4.40%* 4,000,000
Cambria County IDA Resource Recovery Revenue
(Cambria Cogen Co.):
2,500,000 VMIG 1 Series V-1 4.45%*(a) 2,500,000
4,500,000 VMIG 1 Series 1991 V-1 4.45%*(a) 4,500,000
5,000,000 VMIG 1 Series V-2 4.45%*(a) 5,000,000
Delaware County IDA Solid Waste Revenue (Scott Paper Co.):
1,300,000 P-1 Series A 4.50%* 1,300,000
500,000 P-1 Series B 4.50%* 500,000
1,600,000 P-1 Series C 4.50%* 1,600,000
2,800,000 NR++ Dauphin County Redevelopment Authority Multi-Family Revenue
(High Pointe Club) 4.35%*(a) 2,800,000
38,000,000 NR++ Eagle Trust Muni Trust Receipts Beaver County 4.44%* 38,000,000
3,900,000 NR++ East Pennsylvania Industrial & Commercial Development
Authority (Electronic Data Systems Corp.) 4.40%*(a) 3,900,000
21,200,000 A-1+ Emmaus General Authority Revenue Local Government
Pool H 4.45%* 21,200,000
7,425,000 VMIG 1 Pennsylvania State Muni Trust Receipts 4.60%* 7,425,000
Pennsylvania State Higher Education Assistance
Agency Loan Revenue:
4,800,000 P-1 Series A 4.50%*(a) 4,800,000
3,200,000 VMIG 1 Series B 4.50%* 3,200,000
10,000,000 A-1+ Series C 4.50%* 10,000,000
2,405,000 A-1 Philadelphia Redevelopment Authority School Revenue
(Pennsylvania School for the Deaf) 4.45%* 2,405,000
44,000,000 MIG 1 Philadelphia School District TRAN 4.50% due 6/28/96 44,172,763
87,000,000 MIG 1 Philadelphia TRAN 4.50% due 6/27/96 87,349,275
</TABLE>
See Notes to Financial Statements.
21
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Pennsylvania -- 5.6% (continued)
$ 16,830,000 VMIG 1 Philadelphia Hospital & Higher Education Facilities Authority
Hospital Revenue Certificates (Childrens Hospital) Series C
4.64%* $ 16,830,000
Sayre Health Care Facilities Authority Revenue
(VHA Capital Financing Project):
100,000 A-1 Series I 4.20%* 100,000
400,000 A-1 Series L 4.20%* 400,000
10,235,000 A-1+ Southeastern Transportation Authority Special Revenue
Muni Trust Receipts 4.50%* 10,235,000
- --------------------------------------------------------------------------------------------------------------
277,942,038
- --------------------------------------------------------------------------------------------------------------
Rhode Island -- 0.2%
3,900,000 A-1+ Providence Off Street Public Parking Corp. Exempt Facility
Revenue (Washington Street Garage Corp. Project) 4.50%*(a) 3,900,000
5,750,000 A-1+ Rhode Island Housing & Mortgage Finance Corporation
(Homeownership Opportunity) 4.40% due 2/1/96**(a) 5,750,000
- --------------------------------------------------------------------------------------------------------------
9,650,000
- --------------------------------------------------------------------------------------------------------------
South Carolina -- 0.3%
1,700,000 VMIG 1 Berkeley County PCR (Amoco Company Project) 4.20%* 1,700,000
1,200,000 VMIG 1 Darlington County IDR (Hobart Corp. Project) 4.60%*(a) 1,200,000
3,800,000 P-1 Horry County Revenue (Carolina Treatment Center) 4.40%* 3,800,000
South Carolina Jobs Economic Development Authority Economic
Development Revenue:
4,200,000 NR++ Conco Medical Products Project 4.65%*(a) 4,200,000
4,800,000 NR++ Galey & Lord Industries Inc. Project 4.50%*(a) 4,800,000
- ---------------------------------------------------------------------------------------------------------------
15,700,000
- --------------------------------------------------------------------------------------------------------------
South Dakota -- 0.5%
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) 4.35%* 5,475,000
- --------------------------------------------------------------------------------------------------------------
25,475,000
- --------------------------------------------------------------------------------------------------------------
Tennessee -- 3.0%
6,700,000 P-1 Anderson County IDB Revenue (Becrowal of America Inc. Project)
4.65%*(a) 6,700,000
9,900,000 P-1 Clarkville Public Building Authority Revenue (Pooled Financing
Tennessee Muni Board Fund) 4.45%*(a) 9,900,000
2,000,000 NR++ Covington IDB Revenue Refunding (Wallace Computer
Services) 4.50%* 2,000,000
</TABLE>
See Notes to Financial Statements.
22
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Tennessee -- 3.0% (continued)
Franklin IDB Multi-Family Revenue (Landings Project):
$ 7,100,000 A-1 Class A 4.35%* $ 7,100,000
9,900,000 A-1 Class B 4.35%* 9,900,000
4,500,000 A-1 Class C 4.35%* 4,500,000
8,100,000 NR++ Loudon IDB PCR (AE Stanley Manufacturing) 4.40%* 8,100,000
4,665,000 NR++ Memphis Electric System Revenue TOB Short
Muni Trust Receipts 4.14%* 4,665,000
12,400,000 VMIG 1 Metro Government Nashville & Davidson County IDB Revenue
Multi-Family Housing (Arbor Knoll) 4.45%* 12,400,000
2,600,000 NR++ Roane County IDB IDR (Great Lakes Carbon Corp.) 3.90%* 2,600,000
Shelby County Health Educational & Housing Facilities
Board Revenue:
3,000,000 P-1 Multi-Family Housing (Arbor Lake) 4.50%*(a) 3,000,000
500,000 A-1+ Rhodes College 3.90%* 500,000
5,800,000 VMIG 1 Tennessee State GO BAN 4.25%* 5,800,000
Volunteer State Student Funding Corp. Student Loan Revenue:
4,000,000 A-1 Series A-1 4.45%*(a) 4,000,000
25,100,000 A-1 Series A-2 4.45%*(a) 25,100,000
13,700,000 A-1 Series A-2 4.50%*(a) 13,700,000
25,800,000 A-1 Series A-3 4.50%*(a) 25,800,000
- --------------------------------------------------------------------------------------------------------------
145,765,000
- --------------------------------------------------------------------------------------------------------------
Texas -- 6.7%
8,000,000 A-1+ Bexar County Health Facilities Development Corporation
Revenue (Retirement Community Air Force) 4.40%* 8,000,000
100,000 VMIG 1 Brazos River Authority PCR (Utilities Electric Company) 4.60 100,000
7,500,000 A-1 Brazos River Harbor (Dow Chemical) 4.65%*(a) 7,500,000
Corpus Christi Industrial Development Corporation IDR
(Dedietrich USA Inc. Project):
3,000,000 VMIG 1 #129AX 4.55%* 3,000,000
2,000,000 VMIG 1 #129BX 4.55%* 2,000,000
10,400,000 A-1 Eagle Trust Bexar Co. Muni Trust Receipts 4.59%* 10,400,000
7,000,000 NR++ Grapevine Industrial Development Corporation Airport Revenue
(Singer Company Project) 4.75% due 4/1/96** 7,000,000
10,900,000 VMIG 1 Greater East Texas Higher Education 4.50%*(a) 10,900,000
Greater East Texas Higher Education Authority Inc.
Student Loan Revenue:
7,500,000 VMIG 1 Series 1988A 4.50%*(a) 7,500,000
20,700,000 VMIG 1 Series 1992B 4.45%*(a) 20,700,000
29,700,000 VMIG 1 Senior Lien Series 1995A 4.45%*(a) 29,700,000
700,000 VMIG 1 Gulf Coast IDA Solid Waste Disposal Revenue (Citgo
Petroleum Corp.) 4.10%*(a) 700,000
</TABLE>
See Notes to Financial Statements.
23
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Texas -- 6.7% (continued)
$ 9,800,000 VMIG 1 Gulf Coast Waste Disposal Authority PCR (Amoco Oil Co.)
4.60%*(a) $ 9,800,000
Harris County Industrial Development Corporation:
1,400,000 P-1 IDR (Chusei USA Project) 4.60%*(a) 1,400,000
4,400,000 NR++ IDR (Yokohoma Tire Corp.) 4.80%*(a) 4,400,000
31,500,000 VMIG 1 Solid Waste Disposal Revenue (Deer Park Limited
Partnership) 4.65%*(a) 31,500,000
20,000,000 A-1+ Hockley County Industrial Development Corporation PCR
(Amoco Project) 4.15% due 11/1/95** 20,000,000
8,000,000 NR++ Leon County Development Corporation IDR (BOC Group Inc.
Project) 4.40%* 8,000,000
7,000,000 NR++ McAllen Health Facilities Development Corporation Revenue
(McAllen Associates No. 1) 4.45%* 7,000,000
North Texas Higher Education Authority Inc. Student
Loan Revenue Refunding:
6,700,000 A-1+ Series 1991A 4.50%* (a) 6,700,000
10,200,000 VMIG 1 Series 1991C 4.50%* (a) 10,200,000
1,500,000 VMIG 1 Series 1991F 4.50%*(a) 1,500,000
5,500,000 NR++ Series 1993A 4.50%* (a) 5,500,000
1,200,000 VMIG 1 Port Arthur Navy District (Texaco Inc. Project) 4.50%* 1,200,000
23,000,000 A-1+ Port Arthur Navy District PCR (Star Enterprises Project)
4.50%*(a) 23,000,000
2,850,000 NR++ Round Rock Industrial Development Corporation IDR Refunding
(Tellabs Inc. Project) 4.40%* 2,850,000
17,200,000 A-1+ San Antonio Housing Finance Corporation Multi-Family
Housing Revenue (Braesview Apartments Project) 6.00%*(a) 17,200,000
4,100,000 VMIG 1 Southwest Higher Education Authority (Southern Methodist
University) 4.45%* 4,100,000
400,000 P-1 Sulphur Springs IDA IDR (Hon Industries Inc. Project) 4.30%* 400,000
700,000 VMIG 1 Tarrant County Health Facilities Development Corporation
Health Systems Revenue (Harris Methodist Health System) 4.60%* 700,000
Texas Health Facilities Development Corporation Revenue:
1,100,000 VMIG 1 Cook Fort Worth Childrens Hospital 4.40%* 1,100,000
6,000,000 VMIG 1 North Texas Pooled Health Series 1985B 4.40%* 6,000,000
3,130,000 VMIG 1 Texas Hospital Equipment Financing Council Hospital
Equipment Revenue 4.40%* 3,130,000
54,800,000 MIG 1 Texas State TRAN Series A 4.75% due 8/30/96 55,186,900
4,265,000 A-1+ Yoakum County Industrial Development PCR (Amoco Project)
4.15% due 11/1/95** 4,265,000
- --------------------------------------------------------------------------------------------------------------
332,631,900
- --------------------------------------------------------------------------------------------------------------
Utah -- 2.0%
6,300,000 A-1 Ogden City IDR (Infiltrator System Inc. Project) 4.40%(a) 6,300,000
27,900,000 VMIG 1 Salt Lake City Airport Revenue Series A 4.45%* 27,900,000
</TABLE>
See Notes to Financial Statements.
24
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Utah -- 2.0% (continued)
$ 10,150,000 VMIG 1 Salt Lake County Housing Authority Multi-Family Housing
Revenue Refunding (Stillwater Community Apartment
Project) 3.65%* $ 10,150,000
5,650,000 NR++ Springville IDR (Scherer Hardcapsu Project) 4.25%* 5,650,000
22,400,000 A-1+ State Board of Regents 4.40%*(a) 22,400,000
8,800,000 P-1 Toole County Hazardous Waste Treatment Revenue
(Union Pacific Project) 4.25% due 10/12/95**(a) 8,800,000
Utah State Board Regents Student Loan Revenue:
15,000,000 VMIG 1 Series A 4.50%* 15,000,000
10,100,000 VMIG 1 Series C 4.50%* 10,100,000
- --------------------------------------------------------------------------------------------------------------
106,300,000
- --------------------------------------------------------------------------------------------------------------
Vermont -- 0.3%
Vermont Educational & Health Buildings Financing Agency
Revenue (VHA New England):
500,000 A-1 Series B 4.20%* 500,000
655,000 A-1 Series E 4.20%* 655,000
800,000 A-1 Series F 4.20%* 800,000
14,200,000 VMIG 1 Vermont IDA IDR (Ryegate Project) 4.50%*(a) 14,200,000
- --------------------------------------------------------------------------------------------------------------
16,155,000
- --------------------------------------------------------------------------------------------------------------
Virginia -- 1.6%
4,800,000 VMIG 1 City & County of Charles IDA Exempt Facility Revenue
(Chambers Development of Virginia Inc. Project) 4.60%* 4,800,000
1,000,000 VMIG 1 Fairfax County Redevelopment & Housing Authority Revenue
(Chase Commons Project) 4.525%* 1,000,000
6,505,000 NR++ Hampton Roads Sanitation Waste Water Revenue Muni Trust
Receipts 4.13%* 6,505,000
Lynchburg IDA Hospital Facility First Mortgage Revenue
(VHA Mid-Atlantic/Capital Asset):
300,000 A-1 Series B 4.20%* 300,000
200,000 A-1 Series F 4.20%* 200,000
55,500,000 VMIG 1 Virginia State Housing Development Authority Commonwealth
Mortgage Refunding Series C 3.70% due 10/12/95** 55,500,000
- --------------------------------------------------------------------------------------------------------------
68,305,000
- --------------------------------------------------------------------------------------------------------------
Washington -- 1.4%
550,000 VMIG 1 Pilchuck Development Public Corporation Revenue
(Kohkoku USA Project) 4.90%*(a) 550,000
2,325,000 VMIG 1 Port Angeles Industrial Development Corporation Revenue
(Daishowa America Project) 4.85%*(a) 2,325,000
2,500,000 NR++ Port Longview Industrial Development Corporation Revenue
(Longview Fibre Company Project) 4.40%* 2,500,000
</TABLE>
See Notes to Financial Statements.
25
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Washington -- 1.4% (continued)
$ 9,500,000 A-1+ Port Vancouver Special Revenue (United Grain Corporation
Project) 4.60%*(a) $ 9,500,000
10,320,000 VMIG 1 Student Loan Finance Association Guaranteed Student Loan
Program Revenue Series B 4.05%*(a) 10,320,000
500,000 VMIG 1 Washington State Health Care Facility Authority Revenue
(Sisters of Providence) 4.40%* 500,000
Washington State Housing Finance Commission
Multi-Family Mortgage Revenue:
7,350,000 A-1+ Arbors on the Park Project 4.55%* 7,350,000
10,930,000 A-1+ Pacific First Federal Series B 4.45%* 10,930,000
4,998,000 NR++ Washington State Public Power Supply Systems Nuclear Project
No. 3 Revenue TOB Short Muni Trust Receipts 4.65%* 4,998,000
14,850,000 A-1+ Washington State Public Power Supply Systems Trust
Certificates Series D 4.64%* 14,850,000
3,100,000 NR++ Yakima County Public Corporation IDR (John I. Haas Project)
4.65%* 3,100,000
2,000,000 A-1+ Yakima County Public Corporation Revenue (Longview
Fibre Company Project) 4.65%* 2,000,000
- --------------------------------------------------------------------------------------------------------------
68,923,000
- --------------------------------------------------------------------------------------------------------------
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 4.55%*(a) 32,200,000
5,400,000 VMIG 1 Series B 4.50%*(a) 5,400,000
3,700,000 VMIG 1 Series D 4.50%*(a) 3,700,000
1,730,000 NR++ Putnam County Solid Waste Disposal Revenue
(FMC Corporation) 4.50%*(a) 1,730,000
West Virginia State Hospital Finance Authority Hospital
Revenue (VHA Mid/Atlantic Capital asset):
400,000 A-1 Series C 4.20%* 400,000
500,000 A-1 Series D 4.20%* 500,000
4,100,000 A-1 Series G 4.20%* 4,100,000
600,000 A-1 Series H 4.20%* 600,000
920,000 VMIG 1 West Virginia State Hospital Finance Authority Hospital
Revenue (Saint Mary's Hospital Project) 4.55%* 920,000
- --------------------------------------------------------------------------------------------------------------
53,550,000
- --------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
26
<PAGE>
<TABLE>
<CAPTION>
Smith Barney Municipal Money Market Fund, Inc.
- -------------------------------------------------------------------------------------------------------------
Schedule of Investments (unaudited)(continued) September 30, 1995
- -------------------------------------------------------------------------------------------------------------
FACE
AMOUNT RATING SECURITY VALUE
=============================================================================================================
<C> <C> <S> <C>
Wisconsin -- 0.6%
$ 9,500,000 NR++ Brokaw Sewer & Solid Waste Revenue (Wausau Paper
Mills Company Project) 4.70%*(a) $ 9,500,000
600,000 P-1 Carlton PCR (Wisconsin Power & Light Project) 4.55%*(a) 600,000
11,800,000 A-1 Eagle Trust Muni Trust Receipts Housing EDA 4.59%* 11,800,000
1,000,000 NR++ Fairwater IDR (Dean Foods Company Project) 4.40%* 1,000,000
6,400,000 A-1 Milwaukee Housing Authority Multi-Family Revenue
Housing (Yankee Hill Apartments) 4.35%* 6,400,000
- --------------------------------------------------------------------------------------------------------------
29,300,000
- --------------------------------------------------------------------------------------------------------------
Wyoming -- 0.2%
3,000,000 VMIG 1 Lincoln County PCR (Pacificorp Project) 4.65%* 3,000,000
5,500,000 P-1 Sweetwater County PCR (Pacificorp Project) 4.35%* 5,500,000
- --------------------------------------------------------------------------------------------------------------
8,500,000
- --------------------------------------------------------------------------------------------------------------
Miscellaneous -- 2.3%
51,266,766 VMIG 1 Clipper Blue Tax-Exempt 4.62%* 51,266,766
33,437,171 VMIG 1 Clipper Blue Tax-Exempt Trust 95I 4.42%* 33,437,171
27,270,000 NR++ Puttable Floating Options Tax-Exempt Receipts
4.65% due 10/03/95** 27,270,000
- --------------------------------------------------------------------------------------------------------------
111,973,937
- --------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 100%
(Cost -- $4,930,870,247)(b) $4,930,870,247
==============================================================================================================
</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 purposes is substantially the same.
See page 28 and 29 for meaning of ratings and certain security
descriptions.
See Notes to Financial Statements.
27
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Bond Ratings
- --------------------------------------------------------------------------------
Standard & Poor's -- Ratings from "AA" to "BBB" may be modified by the addition
of a plus (+) or a minus (-) sign to show relative standings within the major
rating categories.
AAA --Debt rated "AAA"' have the highest rating assigned by Standard &
Poor's. Capacity to pay interest and repay principal is extremely
strong.
AA --Debt rated "AA" have a very strong capacity to pay interest and repay
principal and differ from the highest rated issue only in a small
degree.
A --Debt rated "A" have a strong capacity to pay interest and repay
principal although it is somewhat more susceptible to the adverse
effects of changes in circumstances and economic conditions than debt
in higher rated categories.
BBB --Debt rated "BBB" is regarded as having an adequate capacity to pay
interest and repay principal. Whereas it normally exhibits adequate
protection parameters, adverse economic conditions or changing
circumstances are more likely to lead to a weakened capacity to pay
interest and repay principal for debt in this category than in higher
rated categories.
Moody's --Numerical modifiers 1, 2 and 3 may be applied to each generic rating
from "Aa" to `Baa", where 1 is the highest and 3 the lowest raking
within its generic category.
Aaa --Bonds that are rated "Aaa" are judged to be of the best quality. They
carry the smallest degree of investment risk and are generally
referred to as "gilt edge." Interest payments are protected by a large
or by an exceptionally stable margin and principal is secure. While
the various protective elements are likely to change, such changes as
can be visualized are most unlikely to impair the fundamentally strong
position of such issues.
Aa --Bonds that are rated "Aa" are judged to be of high quality by all
standards. Together with the Aaa group they comprise what are
generally known as high grade bonds. They are rated lower than the
best bonds because margins of protection may not be as large as in Aaa
securities or fluctuation of protective elements may be of greater
amplitude or there may be other elements present which make the
long-term risks appear somewhat larger than in Aaa securities.
A --Bonds that are rated "A" possess many favorable investment attributes
and are to be considered as upper medium grade obligations. Factors
giving security to principal and interest are considered adequate but
elements may be present which suggest a susceptibility to impairment
some time in the future.
Baa --Bonds that are rated "Baa" are considered as medium grade
obligations,i.e., they are neither highly protected nor poorly
secured. Interest payments and principal security appear adequate for
the present but certain protective elements may be lacking or may be
characteristically unreliable over any great length of time. Such
bonds lack outstanding investment characteristics and in fact have
speculative characteristics as well.
NR --Indicates that the bond is not rated by Standard & Poor's Corporation
or Moody's Investor's Services.
28
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Short-Term Securities Ratings
- --------------------------------------------------------------------------------
SP-1 --Standard & Poor's highest rate 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 variable-rate demand
obligation (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.
MIG 1 -- Moody's highest rate for short-term municipal obligations.
VMIG 1 -- Moody's highest rating for issues having a demand feature -- (VRDO).
P-1 --Moody's highest rating for commercial paper and for VRDO prior to the
advent of the VMIG 1 rating.
- --------------------------------------------------------------------------------
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
RAW -- Revenue Anticipation Warrants
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
29
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities (unaudited) September 30, 1995
- --------------------------------------------------------------------------------
ASSETS:
Investments, at amortized cost $ 4,930,870,247
Cash 28,251
Interest receivable 32,878,112
Prepaid expenses 1,194,171
- --------------------------------------------------------------------------------
Total Assets 4,964,970,781
- --------------------------------------------------------------------------------
LIABILITIES:
Payable for securities purchased 37,835,621
Management fees payable 3,857,013
Distribution fees payable 131,260
Dividends payable 9,340,129
- --------------------------------------------------------------------------------
Total Liabilities 51,164,023
- --------------------------------------------------------------------------------
Total Net Assets $ 4,913,806,758
================================================================================
NET ASSETS CONSIST OF:
Capital stock (10,000,000,000 shares
authorized; par value $0.01 per share) $ 49,149,323
Capital paid in excess of par value 4,866,135,245
Accumulated net realized loss on security transactions (1,477,810)
- --------------------------------------------------------------------------------
Total Net Assets $ 4,913,806,758
================================================================================
Shares Outstanding 4,914,932,278
- --------------------------------------------------------------------------------
Net Asset Value Per Share $ 1.00
- --------------------------------------------------------------------------------
See Notes to Financial Statements.
30
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Statement of Operations (unaudited)
- --------------------------------------------------------------------------------
For the Six Months Ended September 30, 1995
INVESTMENT INCOME:
Interest $ 98,285,076
- --------------------------------------------------------------------------------
EXPENSES:
Management fees (Note 3) 11,929,385
Distribution fees (Note 3) 2,446,355
Shareholders and system servicing fees 580,000
Shareholder communications 120,000
Custody 90,000
Registration fees 67,500
Audit and legal 20,000
Directors' fees 14,500
Other 34,645
- --------------------------------------------------------------------------------
Total Expenses 15,302,385
Less: Management fee waiver 726,681
- --------------------------------------------------------------------------------
Net Expenses 14,575,704
- --------------------------------------------------------------------------------
Net Investment Income 83,709,372
- --------------------------------------------------------------------------------
Net Realized Loss From Security Transactions (9,769)
- --------------------------------------------------------------------------------
Increase in Net Assets From Operations $ 83,699,603
================================================================================
See Notes to Financial Statements.
31
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
For the Six Months Ended September 30, 1995 (unaudited)
and the Year Ended March 31, 1995
<TABLE>
<CAPTION>
September 30 March 31
===================================================================================================
<S> <C> <C>
OPERATIONS:
Net investment income $ 83,709,372 $ 75,145,627
Net realized loss from security transactions (9,769) (173,225)
- ---------------------------------------------------------------------------------------------------
Increase in Net Assets From Operations 83,699,603 74,972,402
- ---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2) (83,709,372) (74,649,016)
- ---------------------------------------------------------------------------------------------------
FUND SHARE TRANSACTIONS (NOTE 5):
Net proceeds from sale of shares 11,109,921,940 12,129,663,538
Net asset value of shares issued in connection
with the transfer of the Smith Barney Shearson
Municipal Money Market Fund Inc. net assets -- 3,475,385,704
Net asset value of shares issued for reinvestment
of dividends 80,910,996 65,573,742
Cost of shares reacquired (10,929,082,787) (12,309,665,175)
- ---------------------------------------------------------------------------------------------------
Increase in Net Assets From
Fund Share Transactions 261,750,149 3,360,957,809
- ---------------------------------------------------------------------------------------------------
Increase in Net Assets 261,740,380 3,361,281,195
NET ASSETS:
Beginning of period 4,652,066,378 1,290,785,183
- ---------------------------------------------------------------------------------------------------
End of period $ 4,913,806,758 $ 4,652,066,378
===================================================================================================
</TABLE>
See Notes to Financial Statements.
32
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited)
- --------------------------------------------------------------------------------
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 accretion (amortization) to maturity of any discount (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 applicable provisions of the Internal Revenue Code
pertaining to regulated investment companies and make distributions of taxable
income sufficient to relieve it from substantially all Federal income and excise
taxes; 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 reclassification.
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.
3. MANAGEMENT AGREEMENTS AND OTHER TRANSACTIONS
Smith Barney Mutual Funds Management Inc. ("SBMFM"), a subsidiary of Smith
Barney Holdings Inc. ("SBH"), acts as investment manager of the Fund. The Fund
33
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited)(continued)
- --------------------------------------------------------------------------------
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 $726,681 of its
management fees for the six months ended September 30, 1995.
Smith Barney Inc. ("SB"), another subsidiary of SBH, acts as distributor of
Fund shares. Pursuant to a Distribution Plan, the Fund pays SB a distribution
fee calculated at the annual rate of 0.10% of the Fund's average daily net
assets.
All officers and two Directors of the Fund are employees of SB.
4. CAPITAL LOSS CARRYFORWARD
At March 31, 1995, the Fund had for Federal tax purposes approximately
$1,468,042 of unused loss carryforwards available to offset future capital
gains. To the extent that these carryforward losses are used to offset capital
gains, it is possible that the 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
================================================================================
5. CAPITAL SHARES
The Fund has the ability to establish multiple classes of shares. Each
share of a class represents an identical interest in the Fund and has the same
rights, except that each class bears certain expenses specifically related to
the distribution of its 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 September 30, 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 $4,915,225,189 $59,379
================================================================================
35
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited)(continued)
- --------------------------------------------------------------------------------
Transactions in shares of each class were as follows:
Six Months Ended Year Ended
September 30, 1995 March 31,1995
================================================================================
Class A*
Shares sold 11,106,599,032 12,119,366,229
Net assets of shares issued in connection
with transfer of the Shearson Money
Market Fund net assets (Note 6) -- 3,476,800,171
Shares issued on reinvestment 80,901,450 65,522,790
Shares redeemed (10,924,994,953) (12,295,202,437)
- --------------------------------------------------------------------------------
Net Increase 262,505,529 3,366,486,753
================================================================================
Class C**
Shares sold 3,322,908 2,777,955
Shares issued on reinvestment 9,546 25,218
Shares redeemed (4,087,834) (2,613,783)
- --------------------------------------------------------------------------------
Net Increase (Decrease) (755,380) 189,390
================================================================================
* On October 10, 1994, the former Class C shares were exchanged into Class A
shares; therefore Class C share activity for the period from April 1, 1994
to October 9, 1994 is included with Class A share activity.
** On November 7, 1994, the former Class B shares were renamed Class C shares.
6. TRANSFER OF ASSETS
On November 18, 1994 the net assets of the Smith Barney Shearson Municipal
Money Market Fund Inc. ("Shearson Money Market Fund") 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 Shearson Money Market Fund
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.
35
<PAGE>
Smith Barney Municipal Money Market Fund, Inc.
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
For a share of each class of capital stock outstanding throughout each period:
<TABLE>
<CAPTION>
1995(1)(2) 1995(2) 1994(2) 1993 1992 1991
======================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- ------------------------------------------------------------------------------------------------------
Net investment income (3) 0.017 0.027 0.019 0.022 0.037 0.052
Dividends from
net investment income (0.017) (0.027) (0.019) (0.022) (0.037) (0.052)
- ------------------------------------------------------------------------------------------------------
Net Asset Value,
End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- ------------------------------------------------------------------------------------------------------
Total Return 1.73%++ 2.71% 1.89% 2.25% 3.73% 5.33%
- ------------------------------------------------------------------------------------------------------
Net Assets,
End of Period (in millions) $4,914 $4,652 $1,291 $1,251 $1,355 $1,373
- ------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses (2) (3) 0.61%+ 0.61% 0.64% 0.62% 0.53% 0.52%
Net investment income 3.43+ 3.01 1.87 2.22 3.66 5.18
======================================================================================================
</TABLE>
(1) For the six months ended September 30, 1995 (unaudited).
(2) 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.
(3) The manager has waived a part of its fees for the six months ended
September 30, 1995 and 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 $0.0002, for each period respectively, and the ratio of
expenses to average net assets would have been 0.63% and 0.63%, for each
period respectively.
++ Total return is not annualized, as it may not be representative of the
total return for the year.
+ Annualized.
36
<PAGE>
Smith Barney
Municipal Money
Market Fund, Inc.
Directors
Jessica M. Bibliowicz
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
Karen L. Mahoney-Malcomson
Vice President
Lawrence T. McDermott
Vice President
Irving P. David
Controller
Christina T. Sydor
Secretary
SMITH BARNEY
--------------
A Member of TravelersGroup [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 1376
Boston, MA 02104
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
FD0801 11/95
