[GRAPHIC OMITTED]
Smith Barney
Municipal
Money Market
Fund, Inc.
- --------------------------------------------------------------------------------
SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
September 30, 1998
[LOGO] Smith Barney Mutual Funds
Investing for your future.
Every day.(R)
<PAGE>
Smith Barney
Municipal
Money Market
Fund, Inc.
[PHOTO OMITTED]
HEATH B.
MCLENDON
Chairman
[PHOTO OMITTED]
JOSEPH
BENEVENTO
Vice President
[PHOTO OMITTED]
LAWRENCE
MCDERMOTT
Vice President
Dear Shareholder:
We are pleased to provide you with the semi-annual report for the Smith Barney
Municipal Money Market Fund, Inc. ("Fund") for the period ended September 30,
1998. In this report, we summarize the period's prevailing economic and market
conditions and outline our portfolio strategy. A detailed summary of the Fund's
performance can be found in the appropriate sections that follow.
Performance Update
As of September 30, 1998, the Fund's 7-day current yield for Class A shares was
3.23%. The Fund's 7-day effective yield for Class A shares--which reflects
compounding--was 3.28%. This means that investors in the federal income tax
bracket of 36% would have to earn a 5.13% taxable yield to match the tax-free
income provided by the Fund. (According to the Internal Revenue Service,
approximately 10% of all U.S. taxpayers fall into the 36% federal income tax
bracket.)
While the Fund seeks to maintain a stable net asset value of $1.00 per share,
there can be no assurance this goal will be achieved and note that the U.S.
government neither insures nor guarantees an investment in the Fund.
Market and Economic Overview
In our last letter, we characterized the U.S. economy as balanced between two
strong, yet opposing forces: building inflationary pressures (stemming from
continued strong demand coupled with tight labor markets in the U.S.) versus the
possible slowdown effect from Asia's financial turmoil. Since then, the balance
has shifted. In recent months, we have seen the economic troubles that first
began in Asia, spread to Russia and, more recently, to a number of Latin
American economies. As
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 1
<PAGE>
a result of heightened uncertainties in overseas financial markets, many global
investors have retreated to the safety and liquidity of the U.S. Treasury
market. This flight to quality has caused a dramatic decline in yields in U.S.
Treasury securities. Moreover, we have seen a decline in U.S. stock prices
reflecting growing concerns about corporate profits and general risk aversion on
the part of many investors.
It is evident that deteriorating foreign economies have had an impact on the
profits of U.S. corporations and increased the possibility of a slowdown in U.S.
economic growth. However, it is not yet clear what the final impact this global
weakness may have on the U.S. economy. This uncertainty has led to considerable
volatility in U.S. financial markets. In an effort to stabilize the capital
markets, the Federal Reserve Board ("Fed") reduced the federal-funds target rate
in two separate 0.25% moves to 5.0% and reduced the discount rate by 0.25% to
4.75%. (The federal-funds rate is the interest rate banks charge each other for
overnight loans and a closely watched indicator of the direction of interest
rates. The discount rate is the interest rate member banks pay the Federal
Reserve when the banks use securities as collateral.)
Looking forward, we do not believe that the U.S. can remain isolated from events
unfolding overseas. We expect that the U.S. economy will experience noticeably
slower growth although the positive underpinnings, such as low long-term
interest rates and low inflation, should continue.
Investment Strategy
The Fund seeks to provide investors with income exempt from Federal income tax
by investing in a portfolio of high-quality, short-term, municipal obligations
selected for liquidity and stability of principal. At the present time, we have
targeted the Fund's average maturity to a 65-day range. This average maturity
should enable the Fund to decrease its variable rate holdings and lock in rates
in anticipation of additional declines in short-term yields. Moreover, in
response to the financial market turmoil, we have further enhanced the credit
quality on our bank guarantees and demand features.
Tax-Exempt Money Market Overview and Outlook
During 1998, the performance of the U.S. economy has helped to propel state tax
collections higher and add to their strong fiscal positions. Added liquidity in
state and local government general funds has decreased the need for short-term
municipal note financing. In fact, over the first nine months of the year
municipal note issuance is down 28% over the comparable period in 1997.
- --------------------------------------------------------------------------------
2 1998 Semi-Annual Report to Shareholders
<PAGE>
We have also seen a drop in the issuance of variable rate demand obligations
("VRDOs") as municipal issuers look to the longer end of the municipal yield
curve to lock in historically low rates. (VRDOs are demand instruments that
usually have an indicated maturity of more than one year, but contain a demand
feature that enables the holder to redeem the investment on no more than 30 days
notice. These instruments provide for automatic adjustment of new interest rates
on set dates and are generally supported by letters of credit issued by both
domestic banks and foreign banks.) It is our expectation that lighter issuance
coupled with strong demand caused by risk-conscious investors is likely to lower
the yield of the Fund during its next reporting period. On the positive side,
lighter issuance has enabled the Fund to enjoy the improved credit quality of
many state and local issuers and increased liquidity because of the high demand
for short-term money market paper.
On a more somber note, we report with much sadness the passing of Emeritus
Director C. Richard Youngdahl on August 6, 1998. Dick made many valuable
contributions to the Board and the Funds during his tenure and he will be
missed.
In closing, thank you for investing in the Smith Barney Municipal Money Market
Fund, Inc. We look forward to continuing to help you pursue your financial
goals.
Sincerely,
/s/ Heath B. McLendon /s/ Joseph Benevento
Heath B. McLendon Joseph Benevento
Chairman Vice President
/s/ Lawrence T. McDermott
Lawrence T. McDermott
Vice President
October 22, 1998
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 3
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Alabama -- 0.7%
$ 2,500,000 VMIG 1* Birmingham GO Series A 3.55%(a) $ 2,500,000
5,935,000 NR+ Boaz IDB Parker Hannifen Corp. 4.00%(a) 5,935,000
6,000,000 A-1+ Decatur IDR NEO Industries Series 98 4.15%(a)(b) 6,000,000
4,000,000 A-1+ McIntosh (CIBA Geigy Project) 3.65%(a)(b) 4,000,000
7,000,000 A-1+ Mobile County (Infirmary Associate)
Series 92A TECP 3.55% due 12/1/98 7,000,000
8,000,000 A-1 Montgomery BMC Special Care Facilities Authority
Revenue (VHA Alabama Inc. Cap)
AMBAC-Insured 3.60%(a) 8,000,000
13,000,000 A-1+ Tuscaloosa County IDA Solid Waste Disposal Revenue
(Tuscaloosa Steel Corp. Project) 3.65%(a)(b) 13,000,000
- ---------------------------------------------------------------------------------------------------------
46,435,000
- ---------------------------------------------------------------------------------------------------------
Alaska -- 1.3%
11,795,000 VMIG 1* Alaska HFA PART AMBAC-Insured 3.40% due 4/8/99(c) 11,795,000
15,635,000 VMIG 1* Alaska State Housing Finance Corp. Government
Purpose University Series 97A 3.65%(a) 15,635,000
34,700,000 SP-1+ Anchorage GO TANS 98 4.50% due 12/9/98 34,747,360
Valdez Marine Term Revenue (ARCO Transportation
Project):
4,500,000 VMIG 1* Series 94A TECP 3.65% due 10/7/98 4,500,000
7,000,000 VMIG 1* Series 94A TECP 3.60% due 11/13/98 7,000,000
9,900,000 VMIG 1* Series B 3.65%(a) 9,900,000
- ---------------------------------------------------------------------------------------------------------
83,577,360
- ---------------------------------------------------------------------------------------------------------
Arizona -- 1.9%
Apache County IDR PCR Tucson Electric Power Co.:
8,000,000 A-1+ IDR Series 83B 3.60%(a) 8,000,000
9,500,000 A-1+ PCR Series 83A 3.55%(a) 9,500,000
10,150,000 A-1+ PCR Series 83C 3.60%(a) 10,150,000
19,400,000 VMIG 1* Arizona Education Loan Marketing Corp.
Series 91A 3.60%(a)(b) 19,400,000
20,000,000 SP-1+ Arizona School District TAN Finance Program
Series A 4.10% due 7/30/99 20,084,981
23,600,000 A-1+ Phoenix Civic Improvement Corp. (Excise Tax)
3.65%(a)(b) 23,600,000
9,500,000 VMIG 1* Phoenix GO Series 16 PART 4.00%(a) 9,500,000
Pima County IDA:
2,800,000 A-1+ IDR PCR Magma Copper Project 3.55%(a) 2,800,000
8,000,000 A-1+ IDR Tucson Electric Power Series A 3.55%(a) 8,000,000
10,055,000 A-1+ Single Family Mortgage GNMA PART
3.45% due 4/8/99(b)(c) 10,055,000
- ---------------------------------------------------------------------------------------------------------
121,089,981
- ---------------------------------------------------------------------------------------------------------
Arkansas -- 0.6%
2,650,000 NR+ Atkins IDR (Green Bay Foods Project) 4.10%(a)(b) 2,650,000
3,300,000 VMIG 1* Fayetteville IDR (Amcast Industrial Corp.) 3.80%(a)(b) 3,300,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
4 1998 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Arkansas -- 0.6% (continued)
$ 7,000,000 NR+ Pine Bluff IDR (Greenfield Inc. Project) 4.10%(a)(b) $ 7,000,000
6,000,000 NR+ Searcy IDR (Kohler Project) Series 88 4.10%(a)(b) 6,000,000
1,000,000 NR+ Sheridan IDR (Kohler Project) Series 85 4.00%(a) 1,000,000
14,500,000 A-1+ Union County Solid Waste (Adj-Del-Tin Fiber LLC
Project) Series 97B 3.70% (a)(b) 14,500,000
3,550,000 A-1+ Warren Solid Waste Disposal Revenue (Potlatch
Corp. Project) 3.75%(a)(b) 3,550,000
- ---------------------------------------------------------------------------------------------------------
38,000,000
- ---------------------------------------------------------------------------------------------------------
California -- 6.2%
11,000,000 SP-1+ Alameda County TRAN Series 99
4.50% due 7/7/99 11,073,015
32,065,000 A-1+ California Health Facilities Finance Authority
(Presbyterian Homes) MBIA-Insured 3.25%(a) 32,065,000
California Higher Education Loan Authority Inc. Revenue:
25,500,000 VMIG 1* Series 87 3.60%(a)(b) 25,500,000
32,900,000 VMIG 1* Series 87A 3.80% due 5/1/99(c) 32,900,000
9,675,000 VMIG 1* Series 87C 3.75% due 6/1/99(b)(c) 9,675,000
25,000,000 VMIG 1* Series 94 3.75% due 6/1/99(c) 25,000,000
2,300,000 VMIG 1* Series A 3.50%(a)(b) 2,300,000
20,000,000 VMIG 1* Series B 3.65% due 7/1/99(c) 20,000,000
1,000,000 A-1 California PCFA Revenue (Atlantic Richfield)
Series 94 3.85%(a)(b) 1,000,000
11,200,000 A-1+ California PCR Pacific Gas & Electric
Series 96C 3.70%(a) 11,200,000
30,000,000 SP-1+ California School Cash Reserve Program Authority
Pool Series 98A 4.50% due 7/2/99 30,164,850
60,500,000 SP-1+ California State RAN Series 98-99 4.00% due 6/30/99 60,873,890
20,995,000 VMIG 1* Clipper Brigantine Series 983 Veterans Housing
AMBAC-Insured PART 4.12%(a)(b) 20,995,000
50,000,000 SP-1+ Fresno County TRAN 4.00% due 7/1/99 50,147,750
10,000,000 SP-1+ Los Angeles City TRAN Series 99 4.00% due 6/30/99 10,031,246
14,800,000 SP-1+ Los Angeles County TRAN Series A 4.50% due 6/30/99 14,898,982
2,600,000 A-1+ Orange County IMP Board Assessment District 4.00%(a) 2,600,000
39,070,000 A-1+ Ventura County TRAN PART 3.60% due 12/9/98(c) 39,070,000
- ---------------------------------------------------------------------------------------------------------
399,494,733
- ---------------------------------------------------------------------------------------------------------
Colorado -- 2.1%
3,000,000 NR+ Boulder County Sales & Use Tax Revenue
FGIC-Insured 5.00% due 12/15/98 3,007,482
Colorado HFA MFH:
9,800,000 A-1+ Central Park Series 96C 3.70%(a) 9,800,000
4,370,000 A-1+ Greenwood Point Series 96D 3.70%(a) 4,370,000
9,500,000 A-1+ Hamptons Series 96G 3.70%(a) 9,500,000
5,200,000 A-1+ Huntersridge Series 96E 3.70%(a) 5,200,000
6,300,000 A-1 Colorado Housing & Finance Authority Celestial
Seasoning 3.50%(a)(b) 6,300,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 5
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Colorado -- 2.1% (continued)
$ 4,595,000 P-1* Colorado Postsecondary EFA Revenue
(Regis Jesuit High School Project) 4.05%(a) $ 4,595,000
15,000,000 SP-1+ Colorado State General Fund Revenue TRAN
Series A Series 99 4.00% due 6/25/99 15,047,636
Denver City & County Airport Revenue:
7,000,000 A-1+ MBIA-Insured PART 3.70%(a) 7,000,000
25,000,000 A-1+ Series 97A TECP 3.70% due 10/8/98(b) 25,000,000
17,100,000 A-1+ Series 97A TECP 3.40% due 10/30/98(b) 17,100,000
5,000,000 A-1+ Series B 4.05%(a) 5,000,000
10,000,000 A-1+ Denver City & County Multi-Family Housing Revenue
(Seasons Apartments Project) 4.05%(a)(b) 10,000,000
1,080,000 A-1+ La Plata County PCR (Amoco Project)
3.45% due 3/1/99(c) 1,080,000
10,200,000 A-1 Lakewood MFH Revenue (Marston Pointe Apartments
Project) 3.65%(a) 10,200,000
- ---------------------------------------------------------------------------------------------------------
133,200,118
- ---------------------------------------------------------------------------------------------------------
Delaware -- 0.8%
18,400,000 A-1+ Delaware EDA Solid Waste CIBA Specialty
Chemical 98A 4.25%(a)(b) 18,400,000
2,660,000 NR+ Delaware Health Facilities Authority (Christiana Care
Services) AMBAC-Insured 4.50% due 10/1/99(c) 2,688,464
26,000,000 A-1+ Delaware State Economic Development Authority
IDA Star Enterprises Series B-1 3.75%(a)(b) 26,000,000
5,880,000 A-1 New Castle County Economic Development Revenue
Refunding (Henderson McGuire Project) 4.00%(a) 5,880,000
- ---------------------------------------------------------------------------------------------------------
52,968,464
- ---------------------------------------------------------------------------------------------------------
District of Columbia -- 0.3%
5,000,000 AAA District of Columbia GO Series A Refunding
AMBAC-Insured (Pre-Refunded--Escrowed with
U.S. government securities to 6/1/99 Call @ 102)
7.50% due 6/1/09 5,229,712
7,830,000 VMIG 1* District of Columbia HFA Carmel Series A 4.10%(a) 7,830,000
1,200,000 VMIG 1* District of Columbia Revenue American University
Series 85 3.60%(a) 1,200,000
6,980,000 A-1+ Macon Pooled Variable Rate PART MBIA-Insured
4.30%(a) 6,980,000
- ---------------------------------------------------------------------------------------------------------
21,239,712
- ---------------------------------------------------------------------------------------------------------
Florida -- 4.0%
2,000,000 A-1+ Broward County HFA Multi-Family Housing Revenue
Margate Investments Project 3.60%(a) 2,000,000
10,000,000 VMIG 1* Dade County Water & Sewer PART FGIC-Insured
3.79%(a) 10,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
6 1998 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Florida -- 4.0% (continued)
$ 47,765,000 A-1+ Florida Capital Projects Finance Authority Revenue
(Capital Projects Loan Program) Series A
FSA-Insured 3.97%(a) $ 47,765,000
Florida Department of Environmental Protection:
10,260,000 A-1+ Series A FSA-Insured PART 4.14%(a) 10,260,000
4,945,000 A-1+ Series B AMBAC-Insured PART 4.14%(a) 4,945,000
6,820,000 A-1+ Florida HFA PART Series 96 4.15%(a)(b) 6,820,000
2,000,000 A-1 Florida HFA Series 85NN 3.85% due 11/1/98(c) 2,000,000
7,350,000 A-1+ Florida HFA Springs Colony Project
Series 85FF 3.65%(a) 7,350,000
15,000,000 A-1+ Florida Hospital Association (Capital Project Finance
Authority) FSA-Insured 3.60%(a) 15,000,000
5,500,000 A-1 Florida Local Government Community Association of
Counties Series B TECP 3.65% due 11/13/98
5,500,000 Florida State Board of Education PART:
34,275,000 A-1 4.17%(a) 34,275,000
3,235,000 A-1+ FGIC-Insured 4.11%(a) 3,235,000
3,000,000 AAA Florida State Turnpike Authority (Pre-Refunded--
Escrowed with U.S. government securities to 7/1/99
Call @ 102) 7.50% due 6/1/09 3,143,547
1,500,000 A-1+ Hendry County IDA IDR (Savannah Foods & Industry
Project) 4.40%(a)(b) 1,500,000
18,325,000 NR++ Inland Protection Financing Corp. FSA-Insured
4.25% due 1/1/99 18,353,202
2,200,000 VMIG 1* Pasco County HFA Multi-Family Revenue
(Carlton Arms Magnolia) 4.13%(a) 2,200,000
900,000 A-1+ Pinellas County HFA Single-Family Mortgage
Revenue PART 4.15%(a)(b) 900,000
2,350,000 NR+ Pinellas County Industrial Council IDR (Molex ETC Inc.
Project) 4.10%(a)(b) 2,350,000
Saint Lucie County Power and Light TECP:
20,025,000 A-1+ Series 92 3.75% due 12/7/98 20,025,000
23,000,000 A-1+ Series 92 3.50% due 12/8/98 23,000,000
5,775,000 A-1+ Series 94B 3.38% due 12/7/98 5,775,000
12,725,000 A-1+ Series 94B 3.50% due 12/8/98 12,725,000
16,600,000 A-1+ Sunshine State Government Finance Series 1986
AMBAC-Insured TECP 3.50% due 10/7/98 16,600,000
- ---------------------------------------------------------------------------------------------------------
255,721,749
- ---------------------------------------------------------------------------------------------------------
Georgia -- 2.1%
8,000,000 A-1 Burke County PCR Georgia Power Co. 4.25%(a)(b) 8,000,000
2,400,000 NR+ Carrollton IDR Holox Limited Project 4.10%(a)(b) 2,400,000
1,300,000 NR+ Cobb County IDR Development Authority
(RLR Industries Inc. Project) 4.10%(a) 1,300,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 7
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Georgia -- 2.1% (continued)
Cobb County Multi-Family Housing:
$ 1,500,000 A-1+ Greenhouse Frey Apartment Project
Series 96 3.65%(a) $ 1,500,000
4,055,000 A-1+ Williamstown Apartment Project
Series 89 3.70%(a)(b) 4,055,000
1,900,000 NR+ Decatur and Bainbridge Counties Development
Authority 4.10%(a) 1,900,000
De Kalb County Multi-Family Housing Authority
Revenue Refunding:
5,100,000 A-1+ Camden Brook Project 3.65%(a) 5,100,000
1,800,000 A-1+ Clairmont Crest Project 3.65%(a) 1,800,000
1,800,000 A-1+ Winters Creek Apartment 3.65%(a) 1,800,000
2,500,000 NR+ Dodge County IDA (Sylvan Hardwoods LLC Project)
4.10%(a) 2,500,000
6,200,000 A-1+ Fayette County IDR Gardner 4.10%(a)(b) 6,200,000
3,500,000 NR+ Fulton County IDA Charles Mackarvich Project
4.10%(a)(b) 3,500,000
3,100,000 A-1+ Fulton County Housing Greenhouse Holcomb Project
3.65%(a) 3,100,000
7,750,000 A-1+ Fulton County Housing Spring Creek 3.65%(a) 7,750,000
5,395,000 A-1+ Fulton County Water & Sewer FGIC-Insured PART
4.14%(a) 5,395,000 Georgia State GO PART:
4,820,000 A-1+ Series B 4.14%(a) 4,820,000
10,125,000 A-1+ Series C 4.14%(a) 10,125,000
7,350,000 A-1+ Series D 4.14%(a) 7,350,000
3,900,000 A-1+ Gwinnett County School District IDR Christian
Academy 4.00%(a) 3,900,000
5,000,000 NR+ Harralson County Development IDR (Gold Kist Project)
4.10%(a)(b) 5,000,000
2,700,000 NR+ Jackson County IDA IDR (Snider Tire Inc. Project)
4.10%(a)(b) 2,700,000
4,900,000 NR+ Marietta Housing Authority Multi-Family Revenue
Refunding (Concepts 21 Apartments) 3.65%(a) 4,900,000
Municipal Electricity Authority:
6,000,000 A-1+ Series B 3.45%(a) 6,000,000
6,600,000 A-1+ Series C 3.60%(a) 6,600,000
1,000,000 A-1+ Series D 3.60%(a) 1,000,000
5,000,000 A-1+ Special Obligation
MBIA-Insured PART 3.70%(a) 5,000,000
3,200,000 NR+ Pike County IDA IDR (Thomaston Mills Inc. Project)
4.10%(a)(b) 3,200,000
3,000,000 NR+ Richmond County Development Authority Revenue
(General Signal) 4.10%(a) 3,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
8 1998 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Georgia -- 2.1% (continued)
$ 3,500,000 NR+ Smyrna Housing Authority Multi-Family Housing
Revenue (Walton Grove Project) 4.10%(a)(b) $ 3,500,000
4,700,000 A-1+ Thomaston-Upson County IDA Revenue
(De Ster Production Corp.) Series A 4.05%(a)(b) 4,700,000
Tift County IDA IDR (Queen Carpet Corp. Project):
3,000,000 NR+ Series A 4.10%(a)(b) 3,000,000
1,500,000 NR+ Series B 4.00%(a) 1,500,000
- ---------------------------------------------------------------------------------------------------------
132,595,000
- ---------------------------------------------------------------------------------------------------------
Hawaii -- 0.6%
1,200,000 VMIG 1* Hawaii Housing Finance & Development Corp.
Series 93A 3.50%(a) 1,200,000
37,340,000 A-1 Hawaii State GO MBIA-Insured PART Class A 3.72% (a) 37,340,000
- ---------------------------------------------------------------------------------------------------------
38,540,000
- ---------------------------------------------------------------------------------------------------------
Idaho -- 0.4%
11,000,000 A-1+ Cluster County PCR (Amoco Oil) 3.60% due 10/1/98(c) 11,000,000
16,680,000 VMIG 1* Idaho HFA FHA-Insured PART 3.73% due 4/8/99(b)(c) 16,680,000
- ---------------------------------------------------------------------------------------------------------
27,680,000
- ---------------------------------------------------------------------------------------------------------
Illinois -- 8.5%
15,660,000 A-1+ Central Lake Community Joint Action Water Agency
Interim Water Revenue FGIC-Insured PART
3.60% due 2/11/99(c) 15,660,000
5,500,000 NR+ Centralia Hollywood Brands Series 83 4.00%(a) 5,500,000
20,000,000 A-1+ Chicago Board of Education AMBAC-Insured PART
3.60% due 2/11/99(c) 20,000,000
Chicago GO AMBAC-Insured PART:
11,680,000 A-1+ 3.70%(a) 11,680,000
6,425,000 A-1+ 3.75%(a) 6,425,000
1,500,000 VMIG 1* Chicago Multi-Family Housing (Waveland Association
Project) Series D 3.50%(a) 1,500,000
Chicago O'Hare International Airport Revenue:
4,300,000 A-1+ Second Lien Series 88B 3.60%(a)(b) 4,300,000
10,100,000 A-1+ Second Lien Series 94C 3.55%(a) 10,100,000
16,400,000 SP-1+ Chicago Tender Notes 3.55% due 10/29/98(c) 16,400,000
46,040,000 VMIG 1* Chicago Water Revenue FGIC-Insured PART 3.81%(a) 46,040,000
8,235,000 A-1+ Cook County GO PART MBIA-Insured 3.70%(a) 8,235,000
9,770,000 A-1+ Elmhurst JT Comm Accreditation (Commonwealth
Edison Co. Project) 4.00%(a) 9,770,000
3,290,000 A-1+ Illinois Development Authority 6 West Hubbard Street
4.07%(a)(b) 3,290,000
3,020,000 A-1+ Illinois Development Authority F.C. Ltd. Partnership
Project 3.75%(a)(b) 3,020,000
2,600,000 A-1+ Illinois Development Authority Provena Health
Series C MBIA-Insured 3.60%(a) 2,600,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 9
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Illinois -- 8.5% (continued)
$ 22,570,000 P-1* Illinois Development Authority Solid Waste Disposable
(Waste Management Project) 4.05%(a)(b) $ 22,570,000
5,700,000 A-1+ Illinois Development Finance Authority Housing
Revenue (Cinnamon Lake Tower) 3.80%(a)(b) 5,700,000
Illinois Development Finance Authority PCR:
11,670,000 A-1+ Illinois Power Co. Project 3.55%(a) 11,670,000
15,000,000 A-1+ Series 87B 3.85%(a)(b) 15,000,000
12,000,000 A-1+ Series 1994C AMBAC-Insured 3.65%(a) 12,000,000
27,000,000 A-1+ Series 1997A MBIA-Insured 3.70%(a)(b) 27,000,000
4,500,000 A-1+ Series 1997C MBIA-Insured 3.80%(a)(b) 4,500,000
Illinois Development Finance Authority Revenue:
40,000,000 A-1+ Adventist Health Systems Series A MBIA-Insured
4.05%(a) 40,000,000
3,000,000 A-1+ Harris Pavilion (Residential Rental) 3.65%(a)(b) 3,000,000
4,760,000 A-1+ Safety Education-- Foundation For Safety 3.68%(a) 4,760,000
4,000,000 VMIG 1* Illinois Education Facilities Authority Museum of
Science 3.65%(a) 4,000,000
14,380,000 A-1 Illinois HDA Homeowner Mortgage Sub C2 PART
3.75% due 10/5/98(c) 14,380,000
14,400,000 A-1+ Illinois HDA Residential Mortgage Revenue PART
AMBAC-Insured 3.45% due 4/8/99(b)(c) 14,400,000
Illinois Health Facilities Authority Revenue:
10,525,000 VMIG 1* Edgewater Medical Center Series B 3.65%(a) 10,525,000
Pekin Memorial Hospital:
5,000,000 VMIG 1* Series 97 AMBAC-Insured 4.02%(a) 5,000,000
14,430,000 VMIG 1* Series B 4.02%(a) 14,430,000
6,500,000 VMIG 1* Series C 4.02%(a) 6,500,000
4,025,000 A-1+ Pool Loan Series D 3.65%(a) 4,025,000
6,400,000 A-1+ Swedish Covenant Hospital Project AMBAC-Insured
3.55%(a) 6,400,000
4,000,000 A-1+ University of Chicago Hospital MBIA-Insured 3.55%(a) 4,000,000
13,000,000 VMIG 1* University of Chicago TECP Series 85 3.75%
due 11/4/98(c) 13,000,000
18,200,000 VMIG 1* Illinois HFA Southern Healthcare Enterprises
Series 1 MBIA-Insured 3.60%(a) 18,200,000
3,255,000 A-1+ Illinois State Sales Tax Revenue PART FSA-Insured
4.12%(a) 3,255,000
Illinois Student Assistance Community Student
Loan Revenue:
2,940,000 VMIG 1* Series 96A 3.60%(a)(b) 2,940,000
7,800,000 VMIG 1* Series 97A 3.60%(a)(b) 7,800,000
2,470,000 NR+ Lincolnwood IDR Refunding (Illinois Self Storage
Center) 4.05%(a) 2,470,000
1,500,000 A-1+ Lisle MFH (Ashley of Lisle Project) 3.65%(a) 1,500,000
3,300,000 A-1+ Lockport IDR (Panduit Corp. Project) 3.75%(a)(b) 3,300,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
10 1998 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Illinois -- 8.5% (continued)
Met Pier Exposition Authority McCormick FGIC-Insured
PART:
$ 19,430,000 A-1+ 4.14%(a) $ 19,430,000
10,000,000 A-1+ 3.65% due 12/3/98(c) 10,000,000
2,000,000 A-1+ Oswego IDR (Griffith Laboratories Project) 3.75%(a)(b) 2,000,000
4,000,000 NR+ Paris IDR (Simonton Building Products Inc.)
4.10%(a)(b) 4,000,000
5,250,000 NR+ Pekin IDR Refunding (BOC Group Inc. Project) 4.00%(a) 5,250,000
15,735,000 A-1+ Regional Transportation Authority PART FGIC-Insured
3.35% due 3/11/99(c) 15,735,000
1,785,000 NR+ River Grove IDR Refunding (Self Storage Center)
4.05%(a) 1,785,000
10,000,000 VMIG 1* Schaumberg, Cook & Dupage County Series 98A
3.70%(a) 10,000,000
2,400,000 A-1+ Southwestern Illinois Development Authority Solid
Waste Shell Oil Company 4.25%(a)(b) 2,400,000
3,800,000 A-1+ University of Illinois Revenue Health Services Facilities
Systems Series B 3.50%(a) 3,800,000
3,000,000 A-1+ University of Illinois Revenue PART MBIA-Insured
4.12%(a) 3,000,000
4,200,000 A-1+ Village of Sauget Saint Claire County 3.65%(a) 4,200,000
3,000,000 A-1+ Will County (Amoco Corp. Project) Series 98 4.25%(a)(b) 3,000,000
7,000,000 A-1+ Will County MFH Woodland Crest Hill Project 3.75%(a)(b) 7,000,000
12,400,000 A-1 Winnegabo Boone County PART FSA-Insured
3.65% due 10/1/98(c) 12,400,000
- ---------------------------------------------------------------------------------------------------------
550,845,000
- ---------------------------------------------------------------------------------------------------------
Indiana -- 3.7%
4,000,000 A-1+ Allen County Economic Development Revenue
(Mattel Project) 3.95%(a)(b) 4,000,000
1,785,000 NR+ Bluffton Economic Development Revenue (Snyder
Tire Inc. Project) 4.10%(a) 1,785,000
3,700,000 VMIG 1* Fort Wayne Hospital Authority Revenue (Parkview
Memorial Hospital) Series B 3.90%(a) 3,700,000
4,500,000 VMIG 1* Fort Wayne PCR (General Motors Corp. Project) 3.70%(a) 4,500,000
20,000,000 A-1+ Hammond Local Public Improvement Bond Bank
4.30% due 1/7/99 20,025,846
44,000,000 SP-1+ Indiana Bond Bank Series A-2 4.00% due 1/20/99 44,051,754
5,800,000 A-1+ Indiana Health Facilities Development Finance Authority
Youth Opportunity Center 3.65%(a) 5,800,000
7,500,000 A-1+ Indiana Health Facility Financing Authority Hospital
Revenue (Community Hospitals Project)
Series B 4.05%(a) 7,500,000
18,000,000 A-1+ Indiana IDA Solid Waste (Pure Air Series 90A)
3.60% due 10/9/98(b)(c) 18,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 11
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Indiana -- 3.7% (continued)
Indiana Secondary Market Educational Loans Inc.
AMBAC-Insured Education Loan Revenue:
$ 5,300,000 A-1+ Series 88B 3.65%(a)(b) $ 5,300,000
13,900,000 A-1+ Series 89B 3.65%(a)(b) 13,900,000
4,500,000 A-1+ Indiana State Development Finance Authority Enterprise
Center III Project 3.75%(a)(b) 4,500,000
16,100,000 A-1+ Indiana State Development Finance Facilities Indiana
Historical Society 3.65%(a) 16,100,000
3,925,000 A-1+ Indiana State Toll Road Commission PART 4.14%(a) 3,925,000
17,000,000 NR++ Indiana University Hospital Revenue Clarian Health
7.00% due 1/1/99 17,478,766
5,000,000 SP-1+ Indianapolis Local Public Improvement
4.25% due 1/11/99 5,008,204
1,400,000 A-1+ Marion Economic Development Revenue Synectic
Partnership PART 4.00%(a) 1,400,000
10,100,000 VMIG 1* Petersburg Power & Light Series B AMBAC-Insured
3.65%(a) 10,100,000
1,300,000 NR+ Plymouth PCR (Dean Foods Co. Project) 4.00%(a) 1,300,000
1,160,000 VMIG 1* Richmond Economic Development Authority Beverly
Enterprises IDR 3.55%(a) 1,160,000
31,600,000 NR+ Rockport PCR Refunding (Michigan Power Co. Project)
Series B AMBAC-Insured 3.55%(a) 31,600,000
13,400,000 A-1+ University of Southern Indiana Student Housing 3.65%(a) 13,400,000
3,600,000 A-1+ Whitting Sewer & Solid Waste Disposal (Amoco Oil
Project) 4.25%(a)(b) 3,600,000
- ---------------------------------------------------------------------------------------------------------
238,134,570
- ---------------------------------------------------------------------------------------------------------
Iowa -- 1.1%
3,000,000 NR+ Iowa Finance Authority IDR (Dixie Bedding Co. Project)
4.10%(a)(b) 3,000,000
3,000,000 P-1* Iowa HFA IDR (Sauer -- Sundstrand Co. Project)
3.75%(a)(b) 3,000,000
14,300,000 A-1+ Iowa Higher Education Authority Private College
MBIA-Insured 3.75%(a) 14,300,000
Iowa State School Cash Anticipation:
25,000,000 SP-1+ Series A 4.50% due 6/25/99 25,149,959
20,000,000 SP-1+ Series B FSA-Insured 4.25% due 1/28/99 20,045,306
8,115,000 A-1 Polk County Hospital Equipment & Improvement
MBIA-Insured 3.60%(a) 8,115,000
- ---------------------------------------------------------------------------------------------------------
73,610,265
- ---------------------------------------------------------------------------------------------------------
Kansas -- 0.8%
3,400,000 NR+ Fredonia Revenue Exempt Facilities (Systech
Environmental) 4.25%(a)(b) 3,400,000
2,025,000 NR+ Lawrence IDR Ram Company Project Series A
4.10%(a)(b) 2,025,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
12 1998 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Kansas -- 0.8% (continued)
$ 6,000,000 A-1+ Mission MFH (Silverwood Apartments Project)
3.65%(a) $ 6,000,000
14,000,000 NR+ Sedgewick County Airport Facility Revenue (Flight
Safety International Inc. Project) 4.10%(a)(b) 14,000,000
15,100,000 MIG 1* Topeka Temporary Notes Series B 4.00% due 7/1/99 15,146,025
Wichita Airport Authority Airport Facilities Revenue
(Flight Safety International Project):
3,300,000 NR+ 4.00%(a) 3,300,000
6,170,000 NR+ 4.10%(a)(b) 6,170,000
- ---------------------------------------------------------------------------------------------------------
50,041,025
- ---------------------------------------------------------------------------------------------------------
Kentucky -- 1.9%
3,250,000 NR+ Calvert City PCR (BOC Group Inc. Project) 4.00%(a) 3,250,000
17,970,000 VMIG 1* Clipper Kentucky Tax-Exempt Trust PART 4.07%(a) 17,970,000
4,000,000 VMIG 1* Fulton County (United Healthcare Hospital Co.)
3.65%(a) 4,000,000
21,685,000 NR+ Hancock County IDR (Southwire Co. Project)
Series 92A 4.20%(a) 21,685,000
2,225,000 A-1+ Kenton County Airport PART MBIA-Insured 4.20%(a)(b) 2,225,000
11,200,000 A-1+ Kentucky EDA (Catholic Healthcare Partners) Series A
3.50%(a) 11,200,000
23,450,000 A-1+ Kentucky Higher Education Student Loan
AMBAC-Insured 3.60%(a)(b) 23,450,000
23,060,000 A-1 Louisvllle and Jefferson County Sewer PART
FGIC-Insured 3.70% due 10/6/98(c) 23,060,000
5,500,000 P-1* Montgomery County IDR (Conn Fineblanking Corp.)
4.15%(a)(b) 5,500,000
3,450,000 A-1+ Morgantown Southern Health Care Systems Project A
4.00%(a) 3,450,000
3,500,000 VMIG 1* Trimble County Power (Louisville G&E Series 92)
TECP 3.40% due 12/2/98 3,500,000
- ---------------------------------------------------------------------------------------------------------
119,290,000
- ---------------------------------------------------------------------------------------------------------
Louisiana -- 3.0%
5,625,000 A-1+ Jefferson Parish Service District-West Jefferson
Medical Center 3.60%(a) 5,625,000
Lake Charles Harbor & Terminal District Port:
1,400,000 P-1* Citgo Petroleum Corp. Series 84 3.65%(a)(b) 1,400,000
28,000,000 A-1+ Global Industries Ltd. 3.60%(a)(b) 28,000,000
3,500,000 A-1+ Lincoln PCR Willamette Industrial Inc., Project
3.65%(a)(b) 3,500,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 13
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Louisiana -- 3.0% (continued)
Louisiana Public Facility Authority:
$ 8,740,000 A-1+ College & Equipment Series A FGIC-Insured 3.60%(a) $ 8,740,000
4,200,000 A-1+ Home Depot USA Project 4.10%(a)(b) 4,200,000
1,655,000 VMIG 1* Hospital Progam MBIA-Insured 3.60%(a) 1,655,000
1,900,000 A-1+ Willis Knighton Medical Center AMBAC-Insured
3.60%(a) 1,900,000
Louisiana State GO:
10,000,000 A-1 AMBAC-Insured 3.72%(a) 10,000,000
10,000,000 A-1 FSA-Insured 3.72%(a) 10,000,000
7,025,000 VMIG 1* Series 29A PART MBIA-Insured 4.05%(a) 7,025,000
32,050,000 VMIG 1* New Orleans Aviation Board Revenue Refunding
Series B MBIA-Insured 3.65%(a) 32,050,000
28,520,000 A-1+ Offshore Term Authority Loop Inc. Series A 3.50%(a) 28,520,000
5,000,000 NR+ Ouachita Parish IDB IDR (Sulzer Escher Wyss Project)
4.10%(a)(b) 5,000,000
2,500,000 VMIG 1* Parish Jefferson Home Mortgage Authority Series A-2
3.63% due 9/1/99(b)(c) 2,500,000
9,500,000 P-1* Plaquemines Port Harbor &Terminal District (Chevron
Pipeline Co.) 3.65% due 9/1/99(c) 9,504,185
1,700,000 A-1+ St. Charles Parish PCR Shell Oil Series 1992 4.25%(a)(b) 1,700,000
St. James Parish PCR Texaco Project TECP:
9,000,000 A-1 Series A 3.55% due 10/28/98 9,000,000
22,000,000 A-1 Series B 3.55% due 10/28/98 22,000,000
1,000,000 NR+ Vermillion Parish IDR (Garan Inc. Project) 4.11%(a)(b) 1,000,000
- ---------------------------------------------------------------------------------------------------------
193,319,185
- ---------------------------------------------------------------------------------------------------------
Maine -- 0.1%
7,285,000 A-1 Westbrook Revenue (Southern Container Corp. Project)
4.10%(a)(b) 7,285,000
- ---------------------------------------------------------------------------------------------------------
Maryland -- 2.8%
5,000,000 NR+ Baltimore County EDR (Art Litho Co. Project) 4.10%(a)(b) 5,000,000
3,600,000 A-1+ Baltimore County (Spring Hill Realty) 3.50%(a) 3,600,000
4,000,000 A-1+ Baltimore PCR Refunding (SCM Plants Project) 4.00%(a) 4,000,000
11,850,000 VMIG 1* Charlestown Community 3.90%(a) 11,850,000
20,000,000 A-1+ Gaithersburg EDR (Asbury Methodist) Series A
MBIA-Insured 4.05%(a) 20,000,000
Maryland State Health & Higher Educational Facilities
Authority Revenue:
24,300,000 VMIG 1* Series A 3.50%(a) 24,300,000
6,000,000 VMIG 1* Series B 3.60%(a) 6,000,000
Montgomery County EDR
(Howard Hughes Medical Center):
12,100,000 A-1+ Series A 3.55%(a) 12,100,000
25,500,000 A-1+ Series B 3.65%(a) 25,500,000
25,500,000 A-1+ Series C 3.55%(a) 25,500,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
14 1998 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Maryland -- 2.8% (continued)
$ 29,000,000 A-1+ Montgomery County Housing Opportunity Community
Housing Revenue (Draper Land Apartments)
Issue I FGIC-Insured 3.60%(a)(b) $ 29,000,000
11,070,000 A-1+ Montgomery GO Series A Public PART 4.14%(a) 11,070,000
- ---------------------------------------------------------------------------------------------------------
177,920,000
- ---------------------------------------------------------------------------------------------------------
Massachusetts -- 3.4%
7,500,000 A-1 Boston IDR (Boston Home Inc.) 4.10%(a) 7,500,000
10,395,000 VMIG 1* Clipper Massachusetts Tax Exempt Trust PART
AMBAC-Insured 4.17%(a)(b) 10,395,000
Massachusetts Bay Transit Authority:
82,000,000 SP-1+ Series B 1998 4.25% due 9/3/99 82,681,386
34,000,000 A-1+ Series C TECP 3.55% due 10/8/98 34,000,000
50,000,000 A-1+ Massachusetts GO Series A 3.90%(a) 50,000,000
9,180,000 A-1+ Massachusetts HFA Series 94A PART AMBAC-Insured
4.15%(a)(b) 9,180,000
2,480,000 A-1+ Massachusetts IDR IFA 420 Newburyport Turnpike
Series 98 4.10%(a)(b) 2,480,000
2,210,000 A-1+ Massachusetts Turnpike Authority PART MBIA-Insured
4.14%(a) 2,210,000
21,025,000 A-1+ Massachusetts Water Resource Authority Series D
PART MBIA-Insured 4.10%(a) 21,025,000
- ---------------------------------------------------------------------------------------------------------
219,471,386
- ---------------------------------------------------------------------------------------------------------
Michigan -- 2.9%
3,500,000 NR+ Berrien County Limited Obligation Revenue (Menasha
Corp. Project) 4.00%(a) 3,500,000
18,850,000 A-1+ Detroit Sewer Disposable Revenue PART FGIC-Insured
3.70%(a) 18,850,000
3,200,000 VMIG 1* Michigan HDA (Shoal Creek) 3.60%(a) 3,200,000
10,000,000 A-1+ Michigan State Building Authority TECP Series 2
3.70% due 10/1/98 10,000,000
4,000,000 VMIG 1* Michigan State HDA PART FSA-Insured Series A
4.15%(a)(b) 4,000,000
Michigan State Hospital Finance Authority Revenue:
16,300,000 VMIG 1* Mt. Clemens Hospital Refunding 3.60%(a) 16,300,000
12,900,000 A-1 St. Mary Hospital of Livonia Series A 3.50%(a) 12,900,000
Michigan State Muni Board Authority:
4,000,000 SP-1+ Series B 4.50% due 7/2/99 4,026,064
2,500,000 NR+ Series C 4.50% due 8/27/99 2,519,619
74,770,000 SP-1+ Series D-1 4.25% due 8/27/99 75,209,407
20,440,000 VMIG 1* Michigan Strategic Fund PCR (General Motors Corp.
Project) 3.50%(a) 20,440,000
10,000,000 A-1 Saline EDA (Evangelical Homes Project) 3.65%(a) 10,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 15
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Michigan -- 2.9% (continued)
$ 6,700,000 A-1+ Wayne Charter County Airport Revenue (Detroit
Metropolitan Community) 3.65%(a)(b) $ 6,700,000
- ---------------------------------------------------------------------------------------------------------
187,645,090
- ---------------------------------------------------------------------------------------------------------
Minnesota -- 1.2%
1,700,000 A-1+ Hubbard County Solid Waste Disposal Revenue (Potlatch
Corp. Project) 3.75%(a)(b) 1,700,000
11,910,000 A-1+ Minneapolis GO Series B 3.95%(a) 11,910,000
6,000,000 VMIG 1* Minneapolis St. Paul Apartments PART AMBAC-Insured
4.00%(a) 6,000,000
Minnesota HFA:
8,535,000 A-1+ Series F 3.65% due 8/9/99(c) 8,535,000
5,155,000 A-1+ Series G 3.70% due 8/9/99(b)(c) 5,155,000
13,750,000 A-1+ Series H 3.70% due 8/9/99(b)(c) 13,750,000
Rochester Health Care Facility (Mayo Foundation Project):
10,000,000 A-1+ Series A 4.15%(a) 10,000,000
17,600,000 A-1+ Series C 4.15%(a) 17,600,000
- ---------------------------------------------------------------------------------------------------------
74,650,000
- ---------------------------------------------------------------------------------------------------------
Mississippi -- 0.4%
2,880,000 NR+ Jackson IDR Refunding (McKesson Corp. Project)
4.00%(a) 2,880,000
16,845,000 A-1+ Mississippi State GO Highway PART 4.14%(a) 16,845,000
5,350,000 NR+ Newton IDR Refunding (La-Z-Boy Chair Co. Project)
4.00%(a) 5,350,000
1,500,000 NR+ Washington County IDR (La-Z-Boy Chair Co. Project)
4.10%(a)(b) 1,500,000
- ---------------------------------------------------------------------------------------------------------
26,575,000
- ---------------------------------------------------------------------------------------------------------
Missouri -- 2.2%
23,000,000 A-1+ Bistate Development Agency Metropolitan District
(Saint Clair County Metrolink) Series B MBIA-Insured
3.90%(a) 23,000,000
3,170,000 A-1+ Jefferson County IDR (Westview Nursing) 3.65%(a) 3,170,000
Kansas City IDA MFH Revenue:
1,000,000 A-1+ Sleepy Hollow Project 3.65%(a) 1,000,000
7,795,000 A-1+ Willow Creek IV Apartments 3.60%(a) 7,795,000
Missouri Higher Education Loan Authority Student Loan
Revenue:
22,900,000 VMIG 1* Series 90A 3.65%(a)(b) 22,900,000
1,250,000 VMIG 1* Series 90B 3.65%(a)(b) 1,250,000
4,000,000 A-1+ Missouri State Environmental Improvement and Energy
Authority Utilicorp United Inc. Project 3.80%(a)(b) 4,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
16 1998 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Missouri -- 2.2% (continued)
Missouri State Health & Educational Facilities
Authority Revenue:
$ 13,000,000 A-1+ Barnes Hospital Project 3.60%(a) $ 13,000,000
3,000,000 SP-1+ Series 98C Columbia Public School District
4.25% due 9/13/99 3,016,442
3,000,000 SP-1+ Series 98H Mehiville School District
4.25% due 9/13/99 3,016,442
11,000,000 SP-1+ Series 98K St. Louis School District
4.25% due 9/13/99 11,060,290
6,000,000 A-1+ Sister of Mercy Series B 3.50%(a) 6,000,000
7,900,000 A-1+ St. Anthony's Medical Center Series B 3.50%(a) 7,900,000
22,000,000 A-1+ Missouri State Health Educational (Medical Research
Facilities Stower) 4.00%(a) 22,000,000
11,395,000 A-1+ St. Louis Airport Revenue FGIC-Insured PART
3.70%(a)(b) 11,395,000
4,000,000 NR+ Versailles IDA IDR Refunding (Gates Rubber Co. Project)
4.06%(a) 4,000,000
- ---------------------------------------------------------------------------------------------------------
144,503,174
- ---------------------------------------------------------------------------------------------------------
Montana -- 0.5%
8,500,000 A-1+ Forsyth PCR Pacificorp Colstrip 4.30%(a)(b) 8,500,000
1,200,000 P-1* Missoula IDR (Washington Corp. Project) 3.51%(a) 1,200,000
14,100,000 A-1+ Montana Board of Investment (Colstrip 89) 3.65%(a)(b) 14,100,000
3,925,000 A-1+ Montana EDA (Farmers Union Central Project) 4.68%(a) 3,925,000
3,940,000 VMIG 1* Montana State Board Housing PART FHA-Insured
4.15%(a)(b) 3,940,000
- ---------------------------------------------------------------------------------------------------------
31,665,000
- ---------------------------------------------------------------------------------------------------------
Nebraska -- 1.0%
Nebraska Higher Education Loan Program Income
Revenue Student Loan Program:
1,600,000 VMIG 1* Series 1985A MBIA-Insured 3.60%(a) 1,600,000
22,575,000 A-1+ Series 1986A 3.70%(a)(b) 22,575,000
2,650,000 A-1+ Series 1986B 3.70%(a)(b) 2,650,000
10,425,000 A-1+ Series 1986C 3.70%(a)(b) 10,425,000
22,280,000 A-1+ Series 1986D 3.70%(a)(b) 22,280,000
4,600,000 A-1+ Series 1988C 3.70%(a)(b) 4,600,000
- ---------------------------------------------------------------------------------------------------------
64,130,000
- ---------------------------------------------------------------------------------------------------------
Nevada -- 0.9%
4,990,000 A-1+ Clark County Airport Improvement Revenue Lien
Series A2 3.60%(a)(b) 4,990,000
Clark County Nevada PCR Southern California Edison
Series 87A TECP:
16,100,000 A-1+ 3.40% due 12/7/98 16,100,000
15,800,000 A-1+ 3.60% due 12/11/98 15,800,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 17
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Nevada -- 0.9% (continued)
$ 11,450,000 A-1+ Clark County School District PART FGIC-Insured
4.12%(a) $ 11,450,000
10,000,000 A-1+ Nevada State GO PART 4.12%(a) 10,000,000
- ---------------------------------------------------------------------------------------------------------
58,340,000
- ---------------------------------------------------------------------------------------------------------
New Hampshire -- 0.7%
NewHampshire Higher Educational & Health
Facilities Authority Revenue VHA New England
Inc.
AMBAC-Insured:
4,200,000 A-1+ Series E 3.65%(a) 4,200,000
8,300,000 A-1+ Series G 3.65%(a) 8,300,000
2,800,000 A-1 New Hampshire State Business Finance Authority IDR
(Park Nameplate Co.) 4.10%(a)(b) 2,800,000
19,700,000 A-1+ New Hampshire State Business Finance Authority PCR
United Illuminating 3.65%(a)(b) 19,700,000
7,000,000 A-1+ New Hampshire State IDR Authority (Connecticut
Light & Power Co.) 3.55%(a) 7,000,000
- ---------------------------------------------------------------------------------------------------------
42,000,000
- ---------------------------------------------------------------------------------------------------------
New Jersey -- 0.1%
1,900,000 A-1+ New Jersey EDA Power (PSE&G) Series A
MBIA-Insured 3.30%(a) 1,900,000
260,000 A-1+ New Jersey State Housing & Mortgage Finance Agency
Revenue PART MBIA-Insured 4.16%(a)(b) 260,000
- ---------------------------------------------------------------------------------------------------------
2,160,000
- ---------------------------------------------------------------------------------------------------------
New Mexico -- 0.8%
4,900,000 NR+ Bellen IDR (Solo New Mexico Project) 4.10%(a)(b) 4,900,000
3,440,000 A-1+ New Mexico Mortgage Finance Authority Series 1995
PART 3.45% due 4/8/99(b)(c) 3,440,000
5,140,000 A-1+ New Mexico Mortgage Finance GNMA/FNMA-Collateralized
PART 3.75% due 5/13/99(b)(c) 5,140,000
38,000,000 SP-1+ New Mexico TRAN 4.25% due 6/30/99 38,177,677
- ---------------------------------------------------------------------------------------------------------
51,657,677
- ---------------------------------------------------------------------------------------------------------
New York -- 2.5%
Long Island Power Authority (Electricity System Revenue):
20,000,000 A-1+ Series 4 TECP 3.70% due 11/19/98 20,000,000
20,000,000 A-1+ Series 4 TECP 3.70% due 11/20/98 20,000,000
17,495,000 A-1+ Series A PART 4.21%(a) 17,495,000
24,795,000 A-1+ Series B PART 4.21%(a) 24,795,000
35,645,000 A-1+ Series B FSA-Insured PART 4.18%(a) 35,645,000
13,690,000 A-1 NYC GO PART Series M AMBAC-Insured
3.85% due 12/3/98(c) 13,690,000
10,000,000 NR++ Rochester New York BAN Series 1998-I
4.00% due 3/9/99 10,018,084
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
18 1998 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
New York -- 2.5% (continued)
$ 16,592,000 SP-1+ Syracuse New York BAN Series B
4.00% due 12/18/98 $ 16,598,115
- ---------------------------------------------------------------------------------------------------------
158,241,199
- ---------------------------------------------------------------------------------------------------------
North Carolina -- 0.9%
3,500,000 NR+ Iredell County Industrial Facilities & PCFA Industrial
Revenue (Valspar Corp. Project) 4.05%(a)(b) 3,500,000
4,135,000 A-1+ Mecklenburg County Lease Revenue
(The Young Men's Christian Association) 3.95%(a) 4,135,000
7,755,000 A-1+ North Carolina Education Facilities Agency (Brevard
College) 3.55%(a) 7,755,000
9,855,000 A-1 North Carolina HFA PART 3.75%(a)(b) 9,855,000
24,090,000 A-1+ North Carolina State GO PART 4.12%(a) 24,090,000
3,625,000 NR+ Pasquotank County Hospital Revenue Ablemarle Hospital
3.95%(a) 3,625,000
1,800,000 A-1+ Rowan County IDR PCR (Double LLC Project) Series 98
4.10%(a)(b) 1,800,000
5,000,000 A-1+ University of North Carolina Revenue (Kenan Memorial
Stadium) 3.95%(a) 5,000,000
- ---------------------------------------------------------------------------------------------------------
59,760,000
- ---------------------------------------------------------------------------------------------------------
Ohio -- 2.5%
3,220,000 A-1+ Clermont County Hospital Facility Revenue (Mercy Health
System) Series B 3.50%(a) 3,220,000
21,000,000 A-1+ Cuyahoga County Cleveland Clinic Series C 3.55%(a) 21,000,000
11,690,000 A-1 Cuyahoga County Hospital Revenue Bonds (Walker
Center) AMBAC-Insured 3.67%(a) 11,690,000
6,400,000 VMIG 1* Franklin County Hospital Revenue (U.S. Health Corp.)
4.00%(a) 6,400,000
14,590,000 A-1+ Lake County Hospital Facilities Revenue (Lake Hospital
Systems Inc.) 3.60%(a) 14,590,000
26,000,000 A-1+ Mahoning County Hospital Facility Revenue (Forum
Health Obligation Group) Series B MBIA-Insured
4.00%(a) 26,000,000
7,690,000 VMIG 1* Ohio HFA Revenue Assisted Living Concept Corp.
4.05%(a)(b) 7,690,000
Ohio State Air Quality Development Authority Revenue:
23,070,000 A-1+ Edison Co. Series 88A 3.65% due 2/1/99(c) 23,070,000
4,100,000 A-1+ Timken Co. 3.65%(a) 4,100,000
Ohio State Water Development Authority:
Duquesne Light Co. Project:
5,500,000 A-1+ 3.65%(a)(b) 5,500,000
3,000,000 A-1+ TECP 3.40% due 12/7/98(b) 3,000,000
18,500,000 VMIG 1* Timken Co. Project Waste Disposal Revenue
3.65%(a)(b) 18,500,000
10,000,000 SP-1+ Summit County BAN Series A 4.50% due 6/3/99 10,048,463
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 19
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Ohio-- 2.5% (continued)
$ 7,780,000 VMIG 1* Toledo City Services Special Assessment Notes
4.00%(a) $ 7,780,000
- ---------------------------------------------------------------------------------------------------------
162,588,463
- ---------------------------------------------------------------------------------------------------------
Oklahoma -- 0.6%
4,500,000 NR+ Creek County Industrial Authority IDR
(Henry Vogt Machinery) 4.15%(a)(b) 4,500,000
31,865,000 A-1+ Oklahoma State Water Resource Board Program
3.50% due 3/1/99(c) 31,863,568
- ---------------------------------------------------------------------------------------------------------
36,363,568
- ---------------------------------------------------------------------------------------------------------
Oregon -- 3.4%
8,000,000 VMIG 1* Hillsboro Oregon Revenue Graduate Center Institute
Project 4.00%(a) 8,000,000
50,000,000 SP-1+ Klamath Falls Electric Salt Cares Hydro
Series D 3.80% due 5/1/99(c) 50,000,000
1,300,000 NR+ Oregon State Economic Development Commission IDR
Trust Joist 4.00%(a) 1,300,000
Oregon State GO:
13,700,000 A-1+ Series 73E 3.60%(a) 13,700,000
45,105,000 A-1+ Series 73F 3.60%(a) 45,105,000
50,500,000 A-1+ Series 73G 3.60%(a) 50,500,000
17,800,000 A-1+ Series 73H 3.60%(a) 17,800,000
Oregon State Housing & Community Services
Department Mortgage Revenue (Single-Family
Mortgage Program):
9,000,000 MIG 1* Series E 3.60% due 8/31/99(c) 9,000,000
5,000,000 MIG 1* Series F 3.65% due 8/31/99(b)(c) 5,000,000
16,900,000 P-1* Washington County MFH Authority (Cedar Mill Project)
3.80%(a)(b) 16,900,000
- ---------------------------------------------------------------------------------------------------------
217,305,000
- ---------------------------------------------------------------------------------------------------------
Pennsylvania -- 4.9%
6,750,000 NR+ Allegheny County Hospital Development Authority Revenue
(Health Care Dialysis Clinic) 4.00%(a) 6,750,000
1,000,000 NR+ Bethel Park School District Series B AMBAC-Insured
6.20% due 2/1/99 1,007,999
2,430,000 NR+ Bucks County IDA IDR (Dunmore Corp. Project)
4.15%(a)(b) 2,430,000
6,400,000 A-1+ Cambria County IDA Resource Recovery Revenue
(Cambria Cogen Project) Series V-2 3.60%(a)(b) 6,400,000
3,475,000 A-1+ Carbon County IDA Resource Recovery (Panther Creek)
TECP Series A 3.60% due 12/11/98(b) 3,475,000
2,000,000 A-1+ Chester County Health & Educational Facilities Authority
PART AMBAC-Insured 4.14%(a) 2,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
20 1998 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Pennsylvania -- 4.9% (continued)
$ 59,200,000 A-1+ Delaware EDA IDR (Clean Power Project) 3.70%(a)(b) $ 59,200,000
3,900,000 NR+ East Pennsylvania Industrial & Commercial
Development Authority (Electronic Data Systems
Corp.) 4.00%(a) 3,900,000
15,090,000 A-1 Luzerne County Convention Center Authority Series A
4.00%(a) 15,090,000
2,500,000 NR+ Luzerne County IDA IDR (Culp Inc. Project) 4.10%(a)(b) 2,500,000
10,000,000 A-1 Pennsylvania EDA (National Gypsum Co. Project)
3.65%(a)(b) 10,000,000
5,400,000 A-1+ Pennsylvania Energy Development Authority (Piney Creek)
Series A 3.60%(a)(b) 5,400,000
8,665,000 A-1+ Pennsylvania State COP PART AMBAC-Insured
3.75% due 8/20/99 8,665,000
5,000,000 NR+ Pennsylvania State GO AMBAC-Insured
5.00% due 11/15/98 5,008,274
Pennsylvania State Higher Education Assistance Agency
Student Loan Revenue:
3,200,000 A-1+ Series B 3.80%(a)(b) 3,200,000
10,000,000 A-1+ Series C 3.80%(a)(b) 10,000,000
21,710,000 A-1+ Philadelphia Gas Works FSA-Insured PART 4.17%(a) 21,710,000
5,000,000 A-1 Philadelphia IDR Airport PART FGIC-Insured 4.20%(a)(b) 5,000,000
23,000,000 SP-1+ Philadelphia School District TRAN Series A
4.25% due 6/30/99 23,102,544
21,000,000 SP-1+ Philadelphia TRAN 4.25% due 6/30/99 21,093,627
17,800,000 P-1* Quakertown General Authority Revenue (Pooled Financing
Program) Series A 3.75% (a) 17,800,000
1,000,000 VMIG 1* Quakertown Hospital Authority Program Series 1985A
3.75%(a) 1,000,000
5,800,000 A-1+ Sayre Health Care Facilities Authority Revenue (VHR Cap
Financing Project) Series J AMBAC-Insured 3.60%(a) 5,800,000
10,235,000 A-1+ Southeastern Transportation Authority Special Revenue
PART FGIC-Insured 4.12%(a) 10,235,000
28,775,000 A-1+ University of Pennsylvania Higher Education of PA Health
Services Series B 3.65%(a) 28,775,000
4,915,000 A-1+ Venango IDA (Scrubgrass Project) TECP
3.60% due 12/11/98 (a) 4,915,000
28,400,000 A-1 York General Authority Pooled Financing Revenue
4.05%(a) 28,400,000
- ---------------------------------------------------------------------------------------------------------
312,857,444
- ---------------------------------------------------------------------------------------------------------
Rhode Island -- 0.4%
3,900,000 A-1+ Providence Off Street Public Corp. (Washington Street
Garage Corp. Project) 3.65%(a)(b) 3,900,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 21
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Rhode Island -- 0.4% (continued)
$ 11,825,000 A-1 Rhode Island State Economic Development Corp.
(McCoy Stadium) 4.00%(a) $ 11,825,000
Rhode Island State IDR:
1,820,000 A-1 J-CorLLC Project Series 98 4.10%(a)(b) 1,820,000
3,200,000 A-1 Kilguss Realty Co. 4.10%(a)(b) 3,200,000
3,000,000 A-1 Rhode Island State (Mathew Realty Co.) 4.10%(a)(b) 3,000,000
- ---------------------------------------------------------------------------------------------------------
23,745,000
- ---------------------------------------------------------------------------------------------------------
South Carolina -- 1.9%
Anderson County Industrial Revenue:
6,580,000 NR+ Culp Inc. Project 4.10%(a)(b) 6,580,000
2,400,000 NR+ Fed Paper Board Co. Inc. Project 4.10%(a)(b) 2,400,000
4,000,000 NR+ Mikron Corp. Anderson Project 4.15%(a)(b) 4,000,000
3,200,000 A-1+ Charleston County (Ziegler Coal Project) Series 97
4.25%(a)(b) 3,200,000
2,252,000 NR+ Chesterfield County IDR (Culp Inc. Project) 4.10%(a)(b) 2,252,000
1,200,000 A-1+ Florence County Solid Waste Disposal (Roche Carolina
Project) 4.25%(a) 1,200,000
Piedmont Muni Power Agency Electric Revenue Refunding
MBIA-Insured:
27,300,000 A-1+ Series A 3.60%(a) 27,300,000
10,100,000 A-1+ Series C 3.60%(a) 10,100,000
24,100,000 A-1+ Series D 3.50%(a) 24,100,000
South Carolina Jobs Economic Development Authority
Revenue:
5,000,000 P-1* BASF Corp. Project 3.73%(a)(b) 5,000,000
4,200,000 NR+ Conco Medical Products Project 3.90%(a)(b) 4,200,000
7,500,000 A-1 Franco Manufacture Co. Inc. Project 4.10%(a)(b) 7,500,000
4,000,000 NR+ Galey & Lord Industries Inc. Project 4.10%(a)(b) 4,000,000
1,800,000 NR+ Greenville Machinery Project 4.10%(a)(b) 1,800,000
5,700,000 NR+ Orders Realty Co. Inc. Project 4.10%(a)(b) 5,700,000
2,200,000 NR+ Spartan Iron & Metal Project 4.10%(a)(b) 2,200,000
8,300,000 VMIG 1* South Carolina Port Authority PART FSA-Insured
3.84%(a)(b) 8,300,000
4,535,000 NR+ South Carolina Public Service Authority Revenue
AMBAC-Insured 5.00% due 1/1/99 4,550,450
- ---------------------------------------------------------------------------------------------------------
124,382,450
- ---------------------------------------------------------------------------------------------------------
South Dakota -- 0.1%
6,200,000 A-1+ Yankton IDR (Kolberg Pioneer Inc.) Series 98
3.80%(a)(b) 6,200,000
- ---------------------------------------------------------------------------------------------------------
Tennessee -- 3.4%
4,435,0000 P-1* Anderson County Tennessee IDB Revenue Bonds
Becromal of America Inc. Project 4.15%(a)(b) 4,435,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
22 1998 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Tennessee -- 3.4% (continued)
$ 3,000,000 NR+ Chattanooga IDR (Seaboard Farm Inc. Project)
3.70%(a) $ 3,000,000
12,150,000 VMIG 1* Clarksville Public Building Authority Revenue
Pooled Financing Tennessee Muni Board Fund
4.00%(a) 12,150,000
4,350,000 NR+ Dayton IDR (LA-Z-Boy Chair Co. Project) 4.00%(a) 4,350,000
4,600,000 A-1+ Franklin IDR (Franklin Oaks Apartments) 4.00%(a) 4,600,000
2,300,000 VMIG 1* Jackson County IDR (Esselte Project) Series A 3.75%(a) 2,300,000
8,100,000 NR+ Loudon IDB PCR (AE Stanley Manufacturing) 4.00%(a) 8,100,000
3,100,000 NR+ McMinn County IDB (Thomas and Betts Corp. Project)
4.10%(a)(b) 3,100,000
12,400,000 VMIG 1* Metro Government Nashville & Davidson County IDB
Revenue MFH (Arbor Knoll) 4.00%(a) 12,400,000
Montgomery County Tennessee Public Building Authority
Pooled Financing Revenue:
6,500,000 VMIG 1* Montgomery County Loan 4.00%(a) 6,500,000
45,000,000 VMIG 1* Tennessee County Loan Pool 4.00%(a) 45,000,000
2,600,000 NR+ Roane County IDB IDR (Great Lakes Carbon Corp.)
3.75%(a) 2,600,000
Sevier County Public Building Authority (Local
Government Public Improvement) AMBAC-Insured:
10,000,000 VMIG 1* Series A1 3.97%(a) 10,000,000
10,000,000 VMIG 1* Series B 3.97%(a) 10,000,000
11,500,000 VMIG 1* Series D1 3.97%(a) 11,500,000
4,290,000 VMIG 1* Series E2 3.97%(a) 4,290,000
2,700,000 VMIG 1* Series E3 3.97%(a) 2,700,000
1,700,000 VMIG 1* Series E5 3.97%(a) 1,700,000
5,300,000 VMIG 1* Series E6 3.97%(a) 5,300,000
10,000,000 VMIG 1* Series G1 3.97%(a) 10,000,000
10,645,000 VMIG 1* Series H1 3.97%(a) 10,645,000
3,000,000 VMIG 1* Series H2 3.97%(a) 3,000,000
10,400,000 VMIG 1* Series IB 3.97%(a) 10,400,000
9,945,000 NR+ Shelby County Health, Education & Housing (Kirby
Parkway Apartments) 4.00%(a) 9,945,000
18,200,000 A-1 Volunteer State Student Funding Corp. Tennessee Student
Loan Revenue Series A-2 3.65%(a)(b) 18,200,000
- ---------------------------------------------------------------------------------------------------------
216,215,000
- ---------------------------------------------------------------------------------------------------------
Texas -- 9.4%
7,475,000 A-1+ Austin Travis & Williamson County TECP Series A
3.60% due 10/15/98 7,475,000
19,340,000 A-1+ Austin Utility System Revenue PART MBIA-Insured
4.12%(a) 19,340,000
8,575,000 A-1+ Bexar County Health Facilities Retirement Community
4.00%(a) 8,575,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 23
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Texas -- 9.4% (continued)
$ 1,300,000 A-1+ Bexar County HFA Multi-Family Revenue Refunding
Atalmonte Apartments Project 3.65%(a) $ 1,300,000
4,770,000 A-1+ Bexar County Housing Finance Corp. MFH
(Windridge Apartments Project) 4.00%(a) 4,770,000
Brazos River Authority PCR (Texas Utilities Electric Co.):
2,600,000 A-1+ Series A 4.25%(a)(b) 2,600,000
6,000,000 A-1+ Series B AMBAC-Insured 4.25%(a)(b) 6,000,000
2,500,000 A-1+ Series B MBIA-Insured 4.25%(a)(b) 2,500,000
1,000,000 A-1+ Series C MBIA-Insured 4.25%(a)(b) 1,000,000
3,000,000 A-1+ Dallas Area Rapid Transit TECP 3.60% due 10/29/98 3,000,000
15,000,000 A-1+ Dallas Fort Worth Regional Airport Revenue PART
MBIA-Insured 3.70%(a) 15,000,000
3,100,000 NR+ Guadalupe Blanco River IDA IDR Refunding (BOC
Group Inc. Project) 4.00%(a) 3,100,000
7,600,000 A-1+ Gulf Coast IDR Marine Term Revenue
Amoco Oil Co. Project 3.70% due 12/1/98(c) 7,600,000
Gulf Coast Waste Disposal Authority:
2,400,000 VMIG 1* Amoco Oil Co. Project 4.25%(b) 2,400,000
2,000,000 A-1+ Bayer Corp. Project 4.25%(a)(b) 2,000,000
9,400,000 A-1+ Exxon Project Series 89 TECP 3.70% due 10/7/98 9,400,000
Harris County:
10,000,000 VMIG 1* Health Facilities Development Corp. Revenue
(Buckner Retirement Services Project) 4.10%(a) 10,000,000
10,000,000 A-1+ IDR Baytank Houston Inc. 3.60%(a) 10,000,000
900,000 A-1+ Sisters of Charity Project 3.55%(a) 900,000
15,200,000 A-1+ Sub Lien Toll Road Series B 3.50%(a) 15,200,000
7,000,000 A-1+ Hockley County IDC PCR (Amoco Project) 3.60%
due 3/1/99(c) 7,001,343
10,200,000 A-1+ Houston Airport TECP Series A 3.60% due 10/22/98(b) 10,200,000
Houston GO:
18,000,000 A-1+ Series B TECP 3.40% due 12/10/98 18,000,000
4,000,000 A-1+ Series C 5.50% due 4/1/99(c) 4,036,850
38,000,000 MIG 1* Houston TRAN 4.25% due 6/30/99 38,187,954
Houston Water Sewer Systems Revenue Series A:
20,000,000 A-1 3.60% due 12/9/98 20,000,000
10,000,000 A-1 3.70% due 3/5/99 10,000,000
9,500,000 A-1+ Katy Independent School District 3.95%(a) 9,500,000
8,000,000 NR+ Leon County IDC IDR (BOC Group Inc. Project) 4.00%(a) 8,000,000
3,100,000 A-1+ Mansfield IDR (Pier 1 Imports Texas Inc. Project)
3.63%(a)(b) 3,100,000
15,000,000 VMIG 1* Mansfield Independent School District 4.10%(a) 15,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
24 1998 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Texas -- 9.4% (continued)
$ 1,100,000 NR+ McAllen Health Facilities Development Corp. Revenue
(McAllen Associates No.1) 4.10%(a) $ 1,100,000
3,540,000 NR+ Montgomery County IDA (Medical Manufacturing
Partnership Project) 4.10%(a) 3,540,000
North Central Texas Health Methodist Hospital
MBIA-Insured TECP:
28,000,000 A-1+ Series A 3.40% due 12/17/98 28,000,000
2,000,000 A-1+ Series B 3.40% due 12/17/98 2,000,000
North Texas Higher Education Authority Inc. Student
Loan Revenue Refunding:
5,815,000 A-1+ Series 98 3.60%(a)(b) 5,815,000
6,700,000 A-1+ Series 1991A 3.65%(a)(b) 6,700,000
3,500,000 A-1+ Series 1991F AMBAC-Insured 3.65%(a)(b) 3,500,000
5,500,000 A-1+ Series 1993A 3.65%(a)(b) 5,500,000
14,600,000 A-1+ Richardson Independent School District Series A
3.95%(a) 14,600,000
2,850,000 NR+ Round Rock IDC IDR Refunding (Tellabs Inc. Project)
4.00%(a) 2,850,000
20,500,000 A-1+ San Antonio Housing Finance Corp. Multi-Family
Housing Revenue (Braeaview Apartments Project)
4.10%(a)(b) 20,500,000
3,570,000 A-1+ Texas A & M University Revenue PART AMBAC-Insured
3.70%(a) 3,570,000
48,320,000 A-1+ Texas GO Veterans Housing PART 3.85%(a)(b) 48,320,000
1,000,000 VMIG 1* Texas Higher Education Authority FGIC-Insured 3.60%(a) 1,000,000
34,000,000 A-1+ Texas Municipal Gas Reserves Corp. Series 98
FSA-Insured 3.55%(a) 34,000,000
5,000,000 A-1+ Texas PFA Series 1993A TECP 3.40% due 3/1/99 5,000,000
56,065,000 VMIG 1* Texas Small Business IDC IDR (Texas Public Capital
Access) 3.65%(a) 56,065,000
45,000,000 SP-1+ Texas State TRAN Series A 4.50% due 8/31/99 45,475,978
5,900,000 VMIG 1* Trinity River Authority PCR (General Motors Corp.
Project) 3.80%(a) 5,900,000
40,000,000 VMIG 1* Tyler Texas Health Facilities Development Corp. Hospital
Revenue 4.02%(a) 40,000,000
- ---------------------------------------------------------------------------------------------------------
608,622,125
- ---------------------------------------------------------------------------------------------------------
Utah -- 2.6%
Intermountain Power Agency Power Supply Revenue
TECP Series E:
21,000,000 A-1+ 3.40% due 12/8/98 21,000,000
20,000,000 A-1+ 3.40% due 12/9/98 20,000,000
9,300,000 A-1+ AMBAC-Insured 3.45% due 10/20/98 9,300,000
4,000,000 A-1+ Morgan County Solid Waste Disposal Revenue (Holnam
Inc. Project) 3.60%(a)(b) 4,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 25
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Utah -- 2.6% (continued)
$ 4,265,000 A-1 Ogden City IDR (Infiltrator System Inc. Project)
4.10%(a)(b) $ 4,265,000
Salt Lake City:
21,300,000 A-1+ Airport Revenue Series A 4.00%(a)(b) 21,300,000
2,000,000 A-1+ Amoco Project 3.60% due 10/1/98(c) 2,000,000
1,000,000 AAA Hospital Revenue (Pre-Refunded--Escrowed with
U.S. government securities to 2/15/99 Call @102)
7.25% due 2/15/20 1,033,064
4,580,000 AAA Hospital Revenue (Pre-Refunded--Escrowed with
U.S. government securities to 2/15/99 Call @102)
7.60% due 2/15/20 4,735,878
Utah State Board Regents Student Loan Revenue
AMBAC-Insured:
15,000,000 VMIG 1* Series A 3.65%(a)(b) 15,000,000
12,600,000 A-1+ Series C 3.65%(a)(b) 12,600,000
27,000,000 A-1+ Series L 3.65%(a)(b) 27,000,000
19,500,000 A-1+ Series Q 3.65%(a)(b) 19,500,000
2,600,000 NR+ Weber County IDR (Parker Inc. Project) 4.00%(a) 2,600,000
- ---------------------------------------------------------------------------------------------------------
164,333,942
- ---------------------------------------------------------------------------------------------------------
Vermont -- 0.2%
1,900,000 A-1+ Vermont Educational Buildings Finance VHA (New
England Project) AMBAC-Insured 3.65%(a) 1,900,000
10,200,000 A-1+ Vermont IDA IDR (Ryegate Project) 3.55%(a)(b) 10,200,000
- ---------------------------------------------------------------------------------------------------------
12,100,000
- ---------------------------------------------------------------------------------------------------------
Virginia -- 0.9%
4,400,000 A-1 Alexandria Virginia IDR (Pooled Loan Program) 4.00%(a) 4,400,000
3,700,000 VMIG 1* Charles City & County IDA Exempt Facility Revenue
(Chambers Development of Virginia Inc. Project)
3.70%(a)(b) 3,700,000
4,300,000 NR+ Front Royal & Warren IDA (Pen Tab Industries)
4.05%(a)(b) 4,300,000
3,000,000 A-1+ King George County IDA Solid Waste Disposal Facility
Revenue Garnet of VA Inc. Project 4.05%(a)(b) 3,000,000
7,800,000 A-1+ Lynchburgh IDR VHA (Mid Atlantic Cap Project)
AMBAC-Insured 3.65%(a)(b) 7,800,000
2,000,000 A-1+ Norfolk IDR (Children Hospital Project) 4.00%(a) 2,000,000
31,000,000 NR++ Norfolk Water Revenue BAN 3.80% due 10/1/98 31,000,000
- ---------------------------------------------------------------------------------------------------------
56,200,000
- ---------------------------------------------------------------------------------------------------------
Washington -- 1.5%
9,255,000 A-1+ Pierce County EDA Special Revenue (Weyerhaeuser Real
Estate) 3.55%(a) 9,255,000
1,200,000 P-1* Pierce County EDC Dock and Wharf Facility Revenue
(SCS Industries) 3.80%(a)(b) 1,200,000
7,245,000 NR+ Pierce County (Port Sea-Land Service Project) 4.00%(a) 7,245,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
26 1998 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Washington -- 1.5% (continued)
$ 6,285,000 A-1 Port Pasco Economic Development (Douglas Fruit
Co. Inc. Project) 4.15%(a)(b) $ 6,285,000
2,950,000 AAA Spokane Washington Solid Waste Management
AMBAC-Insured (Pre-Refunded--Escrowed with
U.S. government securities to 1/1/99 Call @ 102)
7.63% due 1/1/11 3,040,029
Washington Metro Airport Authority TECP:
10,000,000 A-1 3.60% due 11/17/98(b) 10,000,000
5,000,000 A-1 3.50% due 12/14/98(b) 5,000,000
12,700,000 A-1 3.50% due 12/15/98(b) 12,700,000
7,900,000 A-1+ Washington State GO Series 96B 3.40%(a) 7,900,000
Washington State Housing Finance Commission
Multi-Family Mortgage Revenue:
8,450,000 A-1+ Arbors on the Park Project 3.85%(a)(b) 8,450,000
7,840,000 VMIG 1* Glenbrooke Apartments Project Series A 4.10%(a)(b) 7,840,000
4,120,000 A-1+ Washington State Public Power Supply Systems PART
AMBAC-Insured 4.19%(a) 4,120,000
Yakima County Public Corp.:
6,100,000 P-1* Can Am Millwork Limited 3.90%(a)(b) 6,100,000
2,000,000 NR+ Longview Fibre Co. Project 4.15%(a)(b) 2,000,000
3,100,000 NR+ Yakima County Washington Public Corp. IDR
(John I. Haas Project) 4.05%(a) 3,100,000
- ---------------------------------------------------------------------------------------------------------
94,235,029
- ---------------------------------------------------------------------------------------------------------
West Virginia -- 0.6%
Marion County Commission Solid Waste Disposal Facility
Revenue (Granttown Project):
5,000,000 A-1+ Series B 3.65%(a)(b) 5,000,000
3,400,000 A-1+ Series D 3.65%(a)(b) 3,400,000
1,730,000 NR+ Putnam County Solid Waste Disposal Revenue
(FMC Corp.) 4.10%(a)(b) 1,730,000
9,100,000 A-1+ West Virginia Public Energy Authority Revenue
(Morgantown Association Project) TECP
3.60% due 12/11/98 (b) 9,100,000
West Virginia State Hospital Finance Authority Hospital
Revenue (Mid-Atlantic/Cap) AMBAC-Insured:
5,700,000 A-1 Series D 3.65%(a) 5,700,000
4,490,000 A-1 Series E 3.65%(a) 4,490,000
3,800,000 A-1 Series G 3.65%(a) 3,800,000
5,785,000 AAA West Virginia State Parkway Economic Development
& Tourism (Pre-Refunded--Escrowed with
U.S. government securities to 7/1/99 Call @ 102)
7.13% due 7/1/19 6,045,135
- ---------------------------------------------------------------------------------------------------------
39,265,135
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 27
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Wisconsin -- 4.2%
$ 9,500,000 NR+ Brokaw Sewer & Solid Waste Revenue (Wausau Paper
Mills Co. Project) 4.30%(a)(b) $ 9,500,000
3,800,000 A-1+ Germantown Wisconsin IDR (Great Lakes Pack Corp.)
4.07%(a)(b) 3,800,000
20,420,000 A-1 Milwaukee Housing Economic Development Authority
PART 3.75%(a)(b) 20,420,000
25,500,000 A-1+ University Hospitals & Clinics Authority Revenue
MBIA-Insured 3.50%(a) 25,500,000
10,495,000 A-1+ Wisconsin Central District Tax Revenue PART 4.19%(a) 10,495,000
Wisconsin GO TECP:
10,102,000 A-1+ Series 97 3.55% due 10/22/98 10,102,000
5,034,000 A-1+ Series 97A 3.65% due 10/7/98 5,034,000
2,065,000 A-1+ Series B 3.60% due 11/13/98 2,065,000
3,105,000 VMIG 1* Wisconsin Housing & Economic Development Authority
Home Ownership Revenue PART 4.15%(a)(b) 3,105,000
6,320,000 A-1+ Wisconsin Public Power Inc. System Power Supply
System Revenue PART AMBAC-Insured 3.70%(a) 6,320,000
3,000,000 AAA Wisconsin State GO (Pre-Refunded--Escrowed with
U.S. government securities to 5/1/99 Call @ 101)
6.50% due 5/1/03 3,076,771
8,800,000 A-1+ Wisconsin State Health & Education (Edgewood College)
4.05%(a) 8,800,000
12,100,000 A-1+ Wisconsin State Health & Education Facilities Authority
(Felician Services) AMBAC-Insured 3.55%(a) 12,100,000
120,000,000 SP-1+ Wisconsin State Operating Notes 4.50% due 6/15/99 120,774,977
Wisconsin Transportation Revenue TECP:
10,609,000 A-1+ 3.50% due 12/8/98 10,609,000
16,210,000 A-1+ 3.55% due 12/8/98 16,210,000
- ---------------------------------------------------------------------------------------------------------
267,911,748
- ---------------------------------------------------------------------------------------------------------
Wyoming -- 1.0%
Green River Power Rhone-Poulene:
7,600,000 A-1+ Series 92 4.25%(a) 7,600,000
11,000,000 A-1+ Series 94 4.30%(a)(b) 11,000,000
16,680,000 A-1+ Unita County Wyoming PCR (Amoco Standard Oil Co.
Industries) 3.85% due 12/1/98(c) 16,680,000
30,000,000 SP-1+ Wyoming State General Fund TRANS Series 99
4.00% due 6/25/99 30,090,661
- ---------------------------------------------------------------------------------------------------------
65,370,661
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
28 1998 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Miscellaneous -- 2.4%
Clipper Blue Tax-Exempt PART:
$ 7,604,470 VMIG 1* 95 4.37%(a) $ 7,604,470
54,329,738 VMIG 1* 95-1 4.17%(a)(b) 54,329,738
8,614,887 VMIG 1* 95-2 4.37%(a) 8,614,887
Pooled Puttable Floating Options Tax-Exempt PART:
10,645,000 A-1+ 3.90%(b)(c) 10,645,000
7,335,000 VMIG 1* 4.17%(a)(b) 7,335,000
9,405,000 A-1+ 4.18%(a)(b) 9,405,000
20,680,000 A-1+ Pooled Variable Rate Macon Trust PART 4.32%(a)(b) 20,680,000
35,615,000 A-1+ Pooled Variable Rate PART 4.35%(a) 35,615,000
- ---------------------------------------------------------------------------------------------------------
154,229,095
- ---------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 100%
(Cost -- $6,443,710,348**) $6,443,710,348
=========================================================================================================
</TABLE>
(a) Variable rate obligation payable at par on demand at any time on no more
than seven days notice.
(b) Income from this issue is considered a preference item for the purposes of
calculating the alternative minimum tax.
(c) Variable rate obligation payable at par on demand on the date indicated.
+ Security has not been rated by either Moody's Investors Service Inc. or
Standard & Poor's Rating Services. However, the Board of Directors has
determined this security to be considered as a first tier quality issue
due to enhancement features; such as insurance and/or an irrevocable
letter of credit.
++ Security has not been rated by either Moody's Investors Service Inc. or
Standard & Poor's Rating Services. However, the Board of Directors has
determined this security to present minimal credit risks.
** Aggregate cost for Federal income tax purposes is substantially the same.
See pages 30 and 31 for definition of ratings and certain security
descriptions.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 29
<PAGE>
- --------------------------------------------------------------------------------
Bond Ratings (unaudited)
- --------------------------------------------------------------------------------
All ratings are by Standard & Poor's Rating Services ("Standard & Poor's")
except that those identified by an asterisk (*) are rated by Moody's Investors
Service Inc. ("Moody's"). The definitions of the applicable rating symbols are
set forth below:
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 rating within its
generic category.
Aaa -- Bonds 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 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 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 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 or Moody's.
- --------------------------------------------------------------------------------
30 1998 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Short-Term Security Ratings (unaudited)
- --------------------------------------------------------------------------------
SP-1 -- Standard & Poor's highest 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 rating for short-term municipal obligations.
VMIG 1 -- Moody's highest rating for issues having a demand feature -- VRDO.
VMIG 2 -- Moody's second 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 (unaudited)
- --------------------------------------------------------------------------------
AMBAC -- AMBAC Indemnity Corporation
BAN -- Bond Anticipation Notes
CGIC -- Capital Guaranty Insurance Company
EDA -- Economic Development Authority
EDC -- Economic Development Corporation
EDR -- Economic Development Revenue
EFA -- Educational Facilities Authority
ETM -- Escrowed to Maturity
FGIC -- Financial Guaranty Insurance Company
FRTC -- Floating Rate Trust Certificates
FSA -- Financial Security Assurance
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 Devlopment Corporation
IDR -- Industrial Development Revenue
MBIA -- Municipal Bond Investors Assurance Corporation
MFH -- Multi-Family Housing
PART -- Partnership Structure
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
SWAP -- Swap Structure
TAN -- Tax Anticipation Notes
TECP -- Tax Exempt Commercial Paper
TOB -- Tender Option Bond
TRAN -- Tax & Revenue Anticipation Notes
VHA -- Veterans Housing Authority
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 31
<PAGE>
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities (unaudited) September 30, 1998
- --------------------------------------------------------------------------------
ASSETS:
Investments, at amortized cost $ 6,443,710,348
Cash 78,486
Interest receivable 40,564,182
Receivable for securities sold 85,490,000
Other assets 550,798
- --------------------------------------------------------------------------------
Total Assets 6,570,393,814
- --------------------------------------------------------------------------------
LIABILITIES:
Payable for securities purchased 94,288,890
Dividends payable 9,553,033
Management fees payable 2,507,148
Distribution fees payable 201,203
Deferred compensation 35,248
Accrued expenses 264,501
- --------------------------------------------------------------------------------
Total Liabilities 106,850,023
- --------------------------------------------------------------------------------
Total Net Assets $ 6,463,543,791
================================================================================
NET ASSETS:
Par value of shares of beneficial interest $ 6,464,539
Capital paid in excess of par value 6,458,074,943
Accumulated net realized loss on security transactions (995,691)
- --------------------------------------------------------------------------------
Total Net Assets $ 6,463,543,791
================================================================================
Shares Outstanding:
Class A 6,463,979,859
------------------------------------------------------------------------------
Class Y 200,632
------------------------------------------------------------------------------
Net Asset Value, per share:
Class A $1.00
------------------------------------------------------------------------------
Class Y $1.00
------------------------------------------------------------------------------
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
32 1998 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Statement of Operations (unaudited)
- --------------------------------------------------------------------------------
For the Six Months Ended September 30, 1998
INVESTMENT INCOME:
Interest $118,167,114
- --------------------------------------------------------------------------------
EXPENSES:
Management fees (Note 3) 15,510,202
Distribution fees (Note 3) 3,226,181
Shareholder and system servicing fees 971,747
Registration fees 202,549
Shareholders communications 108,054
Custody 35,481
Audit and legal 18,500
Directors' fees 11,299
Other 21,060
- --------------------------------------------------------------------------------
Total Expenses 20,105,073
- --------------------------------------------------------------------------------
Net Investment Income 98,062,041
- --------------------------------------------------------------------------------
Net Realized Gain on Investments 51,861
- --------------------------------------------------------------------------------
Increase in Net Assets From Operations $ 98,113,902
================================================================================
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 33
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
For the Six Months Ended September 30, 1998 (unaudited)
and the Year Ended March 31, 1998
September 30 March 31
================================================================================
OPERATIONS:
Net investment income $ 98,062,041 $ 180,135,362
Net realized gains 51,861 313,303
- --------------------------------------------------------------------------------
Increase in Net Assets From Operations 98,113,902 180,448,665
- --------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2) (98,062,041) (180,135,362)
- --------------------------------------------------------------------------------
FUND SHARE TRANSACTIONS (NOTE 5):
Net proceeds from sale of shares 14,286,333,732 26,427,767,746
Net asset value of shares issued for
reinvestment of dividends 94,621,263 173,887,645
Cost of shares reacquired (14,254,186,459) (25,832,162,287)
- --------------------------------------------------------------------------------
Increase in Net Assets From
Fund Share Transactions 126,768,536 769,493,104
- --------------------------------------------------------------------------------
Increase in Net Assets 126,820,397 769,806,407
NET ASSETS:
Beginning of period 6,336,723,394 5,566,916,987
- --------------------------------------------------------------------------------
End of period $ 6,463,543,791 $ 6,336,723,394
================================================================================
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
34 1998 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
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 management investment company.
The significant accounting policies consistently followed by the Fund are: (a)
security transactions are accounted for on trade date; (b) the Fund uses the
amortized cost method for valuing investments; accordingly, the cost of
securities plus accreted discount, or minus amortized premium, approximates
value; (c) interest income, adjusted for amortization of premium and accretion
of original issue discount, is recorded on an accrual basis; market discount is
recognized upon the disposition of the security; (d) direct expenses are charged
to each class; management fees and general fund expenses are allocated on the
basis of relative net assets by class; (e) gains or losses on the sale of
securities are calculated by using the specific identification method; (f)
dividends and distributions to shareholders are recorded on the ex-dividend
date; (g) 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; (h) the character of income and gains to be
distributed are determined in accordance with income tax regulations which may
differ from generally accepted accounting principles; and (i) estimates and
assumptions are required to be made regarding assets, liabilities and changes in
net assets resulting from operations when financial statements are prepared.
Changes in the economic environment, financial markets and any other parameters
used in determining these estimates could cause actual results to differ.
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 regular 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.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 35
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
3. MANAGEMENT AGREEMENT AND OTHER TRANSACTIONS
Mutual Management Corp. ("MMC"), a subsidiary of Salomon Smith Barney Holdings
Inc. ("SSBH"), acts as investment manager to the Fund. The Fund pays MMC a
management fee calculated at an 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. This fee is
calculated daily and paid monthly.
On October 8, 1998, CFBDS, Inc. became the Fund's distributor. Prior to that
date Salomon Smith Barney Inc. ("SSB"), was the Fund's distributor. SSB (as well
as certain other broker-dealers) continues to sell Fund shares to the public as
members of the selling group. Pursuant to a Distribution Plan, the Fund pays SSB
a service fee calculated with respect to Class A and L shares at an annual rate
of 0.10% of the Fund's average daily net assets.
All officers and one Director of the Fund are employees of SSB.
4. CAPITAL LOSS CARRYFORWARD
At March 31, 1998, the Fund had, for Federal income tax purposes, approximately
$1,048,000 of capital 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 carryforwards are indicated below. Expiration
occurs on March 31 of the year indicated:
2001 2002 2003 2005
================================================================================
Carryforward Amounts $870,000 $ 37,000 $ 72,000 $ 69,000
================================================================================
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.
- --------------------------------------------------------------------------------
36 1998 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
At September 30, 1998, total paid-in capital amounted to the following for each
class:
Class A Class Y
================================================================================
Total Paid-in Capital $6,464,337,668 $ 201,814
================================================================================
Transactions in shares of each class were as follows:
Six Months Ended Year Ended
September 30, 1998 March 31, 1998
================================================================================
Class A
Shares sold 14,200,692,146 26,413,795,660
Shares issued on reinvestment 94,387,326 173,772,012
Shares redeemed (14,168,017,595) (25,813,798,019)
- --------------------------------------------------------------------------------
Net Increase 127,061,877 773,769,653
================================================================================
Class C*
Shares sold -- --
Shares issued on reinvestment 11 212
Shares redeemed (4,733) (10,611)
- --------------------------------------------------------------------------------
Net Decrease (4,722) (10,399)
================================================================================
Class Y
Shares sold 85,641,586 13,972,086
Shares issued on reinvestment 233,926 115,421
Shares redeemed (86,164,131) (18,353,657)
- --------------------------------------------------------------------------------
Net Decrease (288,619) (4,266,150)
================================================================================
* On May 5, 1998, Class C shares were fully redeemed.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 37
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
For a share of each class of capital stock outstanding throughout each year
ended March 31, except where noted:
<TABLE>
<CAPTION>
Class A Shares 1998(1) 1998 1997 1996 1995 1994
==========================================================================================
<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 (2) 0.015 0.031 0.029 0.033 0.027 0.019
Dividends from net
investment income (0.015) (0.031) (0.029) (0.033) (0.027) (0.019)
- ------------------------------------------------------------------------------------------
Net Asset Value,
End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- ------------------------------------------------------------------------------------------
Total Return 1.53%++ 3.15% 2.94% 3.34% 2.71% 1.89%
- ------------------------------------------------------------------------------------------
Net Assets,
End of Period (millions) $6,463 $6,336 $5,562 $5,395 $4,651 $1,286
- ------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses (2) 0.63%+ 0.61% 0.67% 0.63% 0.61% 0.64%
Net investment income 3.03+ 3.10 2.90 3.28 3.01 1.87
==========================================================================================
</TABLE>
Class Y Shares 1998(1) 1998 1997 1996(3)
========================================================================
Net Asset Value,
Beginning of Period $1.00 $1.00 $1.00 $1.00
- ------------------------------------------------------------------------
Net investment income 0.016 0.032 0.030 0.004
Dividends from net
investment income (0.016) (0.032) (0.030) (0.004)
- ------------------------------------------------------------------------
Net Asset Value,
End of Period $1.00 $1.00 $1.00 $1.00
- ------------------------------------------------------------------------
Total Return 1.58%++ 3.25% 3.04% 0.39%++
- ------------------------------------------------------------------------
Net Assets,
End of Period (millions) $0.2 $0.5 $5.0 $18.0
- ------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses 0.50%+ 0.52% 0.57% 0.55%+
Net investment income 3.13+ 3.23 3.00 2.81+
========================================================================
(1) For the six months ended September 30, 1998 (unaudited).
(2) The manager has waived a part of its fees for the years ended March 31,
1996 and March 31, 1995. If such fees were not waived, the per share
effect on net investment income and expense ratios would have been as
follows:
Per Share Decreases Expense Ratios
to Net Investment Income Without Fee Waivers
------------------------ -------------------
1996 1995 1996 1995
------- ------- ------- -------
Class A $0.0001 $0.0002 0.64% 0.63%
(3) For the period from February 12, 1996 (inception date) to March 31, 1996.
++ Total return is not annualized, as it may not be representative of the
total return for the year.
+ Annualized.
- --------------------------------------------------------------------------------
38 1998 Semi-Annual Report to Shareholders
<PAGE>
(This page was intentionally left blank.)
<PAGE>
(This page was intentionally left blank.)
<PAGE>
SALOMON SMITH BARNEY
--------------------
A member of citigroup[LOGO]
Directors
Donald R. Foley
Paul Hardin
Heath B. McLendon, Chairman
Roderick C. Rasmussen
John P. Toolan
Joseph H. Fleiss, Emeritus
Officers
Heath B. McLendon
President and
Chief Executive Officer
Lewis E. Daidone
Senior Vice President
and Treasurer
Joseph Benevento
Vice President
Lawrence T. McDermott
Vice President
Irving P. David
Controller
Christina T. Sydor
Secretary
Investment Manager
Mutual Management Corp.
Distributor
CFBDS, Inc.
Custodian
PNC Bank, N.A.
Shareholder
Servicing Agent
First Data Investor 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.
Salomon Smith Barney is a service mark of Salomon Smith Barney Inc.
Smith Barney Municipal
Money Market Fund, Inc.
388 Greenwich Street, MF2
New York, New York 10013
www.smithbarney.com
FD0807 11/98
