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Smith Barney
Municipal Money
Market
Fund, Inc.
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ANNUAL REPORT
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March 31, 1998
[LOGO] Smith Barney Mutual Funds
Investing for your future.
Every day.(SM)
<PAGE>
Smith Barney
Municipal Money
Market
Fund, Inc.
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Heath B. McLendon
Chairman
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Joseph Benevento
Vice President
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Lawrence McDermott
Vice President
Dear Shareholder:
We are pleased to provide you with the annual report for the Smith Barney
Municipal Money Market Fund, Inc. ("Fund") for the year ended March 31, 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 March 31, 1998, the Fund's 7-day current yield was 3.10%. The Fund's 7-day
effective yield -- which reflects compounding -- was 3.15%. This means that
investors in the federal income tax bracket of 36% would have to earn a 4.84%
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 that 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
The U.S. economic expansion is now seven years old and continues to show few
signs of faltering. Gross Domestic Product ("GDP"), a key economic indicator
that measures the total output of goods and services in the U.S., expanded by
3.8% in 1997 and outpaced the 2.8% annual growth rate in 1996. As a result of
the expanding U.S. economy, more than 3 million Americans joined the nation's
payrolls in 1997, bringing the March unemployment rate to 4.6%, a 24-year low.
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Smith Barney Municipal Money Market Fund, Inc. 1
<PAGE>
Low inflation and increased productivity have been key components to the
continued success of this economic expansion. In the coming months, we believe
that the risks for the U.S. economy can be characterized as a balance between
two strong, yet opposing forces: the inflationary pressures of continued strong
demand and tight labor markets in the U.S. versus the possible slowdown effect
that the ongoing financial turmoil in Asia could have on the U.S. economy. The
impact of unfolding events in Asia will likely be lower exports to those
economies and, as a result of the stronger U.S. dollar, lower priced imports.
Both of these factors should help reduce inflationary pressures.
At the most recent Federal Open Market Committee ("FOMC") meeting, monetary
policy was left unchanged. (The FOMC is a key committee that sets interest rates
and credit policies for the Federal Reserve System.) Near term, we think that
the Federal Reserve Board ("Fed") will keep monetary policy on hold pending
further details on domestic demand. The last rate increase by the Fed took place
in March 1997 when the federal-funds rate was increased 25 basis points. (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. One
basis point is 0.01%, or one one-hundredth of a percent.)
Tax-Exempt Money Market Overview and Outlook
The growth in tax-exempt money market funds was dramatic over the first quarter
of 1998. As a result, the demand for high-quality, short-term municipal paper
has outpaced supply. Rates on variable rate demand obligations ("VRDOs"), the
largest portion of the tax-exempt money market, have been put under considerable
pressure during this period. (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.) Historically VRDOs have traded at ratios of
approximately 63% of one month of the London Interbank Offered Rate ("LIBOR").
(LIBOR is the rate that the most creditworthy international banks dealing in
Eurodollars charge each other for large loans.) During the first quarter of
1998, this ratio went as low as 50%, signifying that VRDOs remain richer versus
the taxable market.
We expect the VRDO market to trade rich to its taxable equivalent until the
middle of April 1998 as tax-exempt money markets experience redemptions relating
to personal and corporate income tax payments. For most state and local
governments, June signals the end of the current fiscal year and the pricing of
a large portion of their annual note
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2 1998 Annual Report to Shareholders
<PAGE>
financings. With strong state finances and higher tax collections anticipated,
we do anticipate a decrease in the supply of new issuance which may make the
notes richer versus their taxable counterparts.
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
shortened our target average maturity to a 40-45 day range. This shortening of
the Fund's average maturity should position it for seasonal redemptions relating
to individual and corporate tax payments. However, we will continue to monitor
economic data closely and assess its impact on inflation and how that relates to
the tax-exempt money markets.
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
April 20, 1998
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Smith Barney Municipal Money Market Fund, Inc. 3
<PAGE>
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Schedule of Investments March 31, 1998
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<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
==========================================================================================
<S> <C> <C> <C>
Alabama -- 0.7%
$ 1,500,000 A-1+ Cintronelle IDB PCR Refunding (Akzo Chemicals Inc.
Project) 3.650%(a) $ 1,500,000
4,300,000 A-1+ Decatur IDB Solid Waste (Amoco Chemical Co.
Project) 3.850%(a)(b) 4,300,000
6,930,000 VMIG 1* Huntsville GO PART 3.775%(a) 6,930,000
1,000,000 A-1 Mobile County (M&T Chemicals Project) Series 1984
3.775%(a) 1,000,000
4,000,000 A-1+ Mobile Port City Medical Series 92A TECP
3.200% due 4/3/98 4,000,000
Montgomery IDA General Electric:
3,770,000 A-1+ Series 90 TECP 3.750% due 4/8/98 3,770,000
7,905,000 A-1+ Series 90 TECP 3.500% due 5/14/98 7,905,000
13,000,000 A-1+ Tuscaloosa County IDA Solid Waste Disposal Revenue
(Tuscaloosa Steel Corp. Project) 3.700%(a)(b) 13,000,000
- ------------------------------------------------------------------------------------------
42,405,000
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Alaska -- 0.9%
Alaska State Housing Finance Corp.:
11,795,000 VMIG 1* PART AMBAC-Insured 3.850% due 9/10/98(c) 11,795,000
7,600,000 A-1 Government Purpose University Series A 3.750%(a) 7,600,000
34,700,000 SP-1+ Anchorage GO TAN 4.500% due 12/9/98 34,872,966
2,000,000 A-1 Valdez Marine Term Revenue (ARCO Transportation
Project), Series A TECP 3.450% due 4/1/98 2,000,000
- ------------------------------------------------------------------------------------------
56,267,966
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Arizona -- 1.6%
Apache County IDA PCR Tucson Electric Power Co:
14,400,000 A-1+ PCR Series 81A 3.750%(a) 14,400,000
7,000,000 A-1+ PCR Series 83B 3.850%(a) 7,000,000
9,500,000 A-1+ Series 83A 3.750%(a) 9,500,000
10,150,000 A-1+ Series 83C 3.850%(a) 10,150,000
19,400,000 VMIG 1* Arizona Education Loan Revenue Series A 3.750%(a)(b) 19,400,000
1,000,000 A-1 Arizona Health Facilities Authority Revenue
FGIC-Insured 3.650%(a) 1,000,000
9,000,000 A-1+ Phoenix Civic Improvement Corp. Revenue (Apartment
Improvements) 3.700%(a)(b) 9,000,000
9,500,000 VMIG 1* Phoenix GO Series 16A PART 3.800%(a) 9,500,000
Pima County IDA:
8,000,000 A-1+ IDR Tucson Electric Power 3.750%(a) 8,000,000
12,450,000 A-1 Single Family Mortgage Revenue PART
3.700% due 9/10/98(b)(c) 12,450,000
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100,400,000
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Arkansas -- 1.8%
4,200,000 A-1+ Arkansas State Development Finance Authority Health
Care Facilities Revenue (Sisters of Mercy Health
System Inc.) Series B 3.650%(a) 4,200,000
</TABLE>
See Notes to Financial Statements.
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4 1998 Annual Report to Shareholders
<PAGE>
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Schedule of Investments (continued) March 31, 1998
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<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
==========================================================================================
<S> <C> <C> <C>
Arkansas -- 1.8% (continued)
$ 500,000 A-1+ Arkansas State Development Finance Authority Higher
Education Capital Asset FGIC-Insured 3.700%(a) $ 500,000
2,650,000 NR++ Atkins IDR (Green Bay Foods Project) 3.750%(a)(b) 2,650,000
3,300,000 VMIG 1* Fayetteville IDR (Amcast Industrial Corp.) 3.800%(a)(b) 3,300,000
Little River County Solid Waste Disposal Revenue
Nekoosa Papers Project:
35,000,000 P-1 Series 89A 3.800%(a)(b) 35,000,000
39,450,000 P-1 Series 90 3.800%(a)(b) 39,450,000
7,000,000 NR++ Pine Bluff IDR (Greenfield Inc. Project) 3.750%(a)(b) 7,000,000
6,000,000 NR++ Searcy IDR (Kohler Project) Series 88 3.750%(a)(b) 6,000,000
1,000,000 NR++ Sheridan IDR (Kohler Project) 3.650%(a) 1,000,000
14,500,000 A-1 Union County Solid Waste (Del-Tin Fiber LLC
Project B) 3.750%(a)(b) 14,500,000
3,550,000 A-1+ Warren Solid Waste Disposal Revenue (Potlatch
Corp. Project) 3.750%(a)(b) 3,550,000
- ------------------------------------------------------------------------------------------
117,150,000
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California -- 2.6%
California Higher Education Loan Authority Inc. Revenue:
7,000,000 A-1+ Series 87A 4.000% due 7/1/98(c) 7,000,258
25,500,000 A-1+ Series C 3.750%(a)(b) 25,500,000
10,000,000 A-1+ Refunding Series A 3.950% due 5/1/98(c) 10,000,000
20,000,000 VMIG 1* Refunding Series A-2 3.950% due 5/1/98(c) 20,000,000
California PCR Solid Waste Disposal (Shell Oil Co.
Martinez Project):
11,000,000 A-1+ Series 94 3.700%(a)(b) 11,000,000
4,000,000 A-1+ Series 96 3.800%(a)(b) 4,000,000
66,000,000 SP-1+ California School Cash Reserve Program Authority
Pool-Series A 4.750% due 7/2/98 66,157,934
11,750,000 SP-1+ California State RAN Series A 4.500% due 6/30/98 11,774,038
1,900,000 A-1+ California Statewide Communities Development Authority
Revenue COP (John Muir/ Mount Diablo Health)
AMBAC-Insured 3.600%(a) 1,900,000
4,075,000 A-1+ Los Angeles Department of Water & Power Electric
Plant Revenue FGIC-Insured PART 3.650%(a) 4,075,000
5,100,000 A-1+ Orange County Water District Project B 3.600%(a) 5,100,000
- ------------------------------------------------------------------------------------------
166,507,230
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Colorado -- 3.2%
3,000,000 AAA Boulder County CO Sales and Use Tax Revenue
FGIC-Insured 5.000% due 12/15/98 3,025,738
Colorado HFA MFH:
9,900,000 A-1+ Central Park Series 96C 3.750%(a) 9,900,000
4,370,000 A-1+ Greenwood Point Series 96D 3.750%(a) 4,370,000
9,500,000 A-1+ Hamptons Series 96G 3.750%(a) 9,500,000
5,200,000 A-1+ Huntersridge Series 96E 3.750%(a) 5,200,000
6,300,000 NR++ Colorado HFA Revenue Celestial Seasonings 3.900%(a)(b) 6,300,000
</TABLE>
See Notes to Financial Statements.
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Smith Barney Municipal Money Market Fund, Inc. 5
<PAGE>
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Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
==========================================================================================
<S> <C> <C> <C>
Colorado -- 3.2% (continued)
$ 4,595,000 NR++ Colorado Postsecondary EFA Revenue
(Regis Jesuit High School Project) 3.750%(a) $ 4,595,000
37,000,000 SP-1+ Colorado State General Fund Revenue
TRAN Series A 4.500% due 6/26/98 37,055,989 Denver
City & County Airport Revenue:
7,000,000 A-1+ MBIA-Insured PART 3.800%(a) 7,000,000
10,000,000 A-1+ Series 97A TECP 3.550% due 4/1/98(b) 10,000,000
4,100,000 A-1+ Series 97A TECP 3.650% due 4/6/98(b) 4,100,000
3,000,000 A-1+ Series 97A TECP 3.600% due 4/7/98 (b) 3,000,000
12,500,000 A-1+ Series 97A TECP 3.800% due 4/7/98(b) 12,500,000
30,000,000 A-1+ Series 97A TECP 3.600% due 5/8/98(b) 30,000,000
5,000,000 A-1+ Series 97A TECP 3.600% due 5/15/98(b) 5,000,000
25,000,000 A-1+ Series 97A TECP 3.600% due 6/10/98(b) 25,000,000
1,000,000 A-1+ Denver City & County Multi-Family Housing Revenue
(Seasons Apartments Project) 3.650%(a) 1,000,000
11,200,000 A-1 Lakewood CO MFH Revenue (Marston Pointe
Apartments Project) 3.800%(a) 11,200,000
16,600,000 A-1+ Moffat County CO PCR AMBAC-Insured 3.750%(a) 16,600,000
- ------------------------------------------------------------------------------------------
205,346,727
- ------------------------------------------------------------------------------------------
Connecticut -- 0.7%
9,980,000 A-1+ Connecticut HFA Housing Mortgage Series B-2 PART
3.750%(a)(b) 9,980,000
Connecticut State GO:
13,560,000 VMIG 1* Series 96A PART 3.750%(a) 13,560,000
4,495,000 A-1+ Series 98A PART 3.770%(a) 4,495,000
14,700,000 A-1+ Connecticut State Second Injury Fund TECP
3.350% due 4/13/98 14,700,000
- ------------------------------------------------------------------------------------------
42,735,000
- ------------------------------------------------------------------------------------------
Delaware -- 1.5%
Delaware State Economic Development Authority:
26,000,000 A-1+ IDA Star Enterprises Series B-1 3.750%(a)(b) 26,000,000
MBIA-Insured (Hospital Billing Collection Service):
11,700,000 A-1+ Series B 3.700%(a) 11,700,000
36,900,000 A-1+ Series C 3.700%(a) 36,900,000
5,880,000 A-1 New Castle County Economic Development Revenue
Refunding (Henderson McGuire Project) 3.850%(a) 5,880,000
12,800,000 A-1+ Tax-Exempt Eagle Trust Delaware State Housing
MBIA-Insured 3.750% due 3/1/99(c) 12,800,000
- ------------------------------------------------------------------------------------------
93,280,000
- ------------------------------------------------------------------------------------------
District of Columbia -- 0.2%
4,120,000 VMIG1* District of Columbia GO Refunding PART Series B-1
FGIC-Insured 3.920%(a) 4,120,000
6,980,000 A-1+ Macon Pooled Variable Rate PART MBIA-Insured 4.000%(a) 6,980,000
- ------------------------------------------------------------------------------------------
11,100,000
- ------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
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6 1998 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
==========================================================================================
<S> <C> <C> <C>
Florida -- 4.9%
Broward County HFA Multi-Family Housing Revenue:
$ 2,000,000 A-1+ Margate Investments Project 3.700%(a) $ 2,000,000
3,000,000 VMIG 1* Welleby Apartments Project 3.750%(a) 3,000,000
2,200,000 A-1+ Dade County IDA Power and Light Co.
Refunding Series 93 3.800%(a) 2,200,000
4,340,000 A-1+ Escambia County HFA Single Family Mortgage Revenue
PART 3.900% due 4/2/98(b)(c) 4,340,000
14,000,000 A-1+ Florida Board of Education Capital Outlay
PART 3.900%(a) 14,000,000
47,865,000 A-1+ Florida Capital Projects Finance Authority Revenue
(Capital Projects Loan Program) Series A
FSA-Insured 3.700%(a) 47,865,000
Florida HFA:
2,000,000 A-1 Multi-Family Housing Series 85-NN
3.850% due 11/1/98(c) 2,000,000
8,980,000 A-1+ PART Series 96 3.850%(a)(b) 8,980,000
7,350,000 A-1+ Springs Colony Project Series 85-FF 3.700%(a) 7,350,000
5,000,000 A-1+ Sunpointe Cove Project 3.700%(a) 5,000,000
Florida Local Government Community Association
of Counties:
21,660,000 A-1 TECP 3.500% due 6/2/98 21,660,000
15,830,000 A-1 TECP 3.550% due 6/2/98 15,830,000
9,150,000 A-1 Florida Muni Power Agency Series A TECP 3.550%
due 4/7/98 9,150,000
3,180,000 NR++ Florida State Board of Education (Capital
Outlay Project) Series B 6.500% due 6/1/98(a) 3,195,112
12,900,000 VMIG 1* Greater Orlando Aviation Authority Airports
Facilities Revenue FGIC-Insured PART 3.900%(a)(b) 12,900,000
1,500,000 NR++ Hendry County IDA IDR (Savannah Foods &
Industry Project) 4.050%(a)(b) 1,500,000
18,325,000 NR+ Inland Protection Financing Corp. FSA-Insured
4.250% due 1/1/99 18,409,300
12,000,000 A-1 Jacksonville Education Facilities Revenue
(Jacksonville University Project)
Series 98 3.700%(a) 12,000,000
Jacksonville PCR Power and Light:
1,100,000 A-1+ Series 98 3.650%(a) 1,100,000
4,800,000 A-1+ TECP Series 92 3.450% due 4/1/98 4,800,000
2,200,000 VMIG 1* Pasco County HFA Multi-Family Revenue
(Carlton Arms Magnolia) 3.775%(a) 2,200,000
5,000,000 A-1+ Pinellas County Educational Facilities Authority
Revenue Refunding (Pooled Independent Higher
Education) TECP MBIA-Insured 3.450% due 4/6/98 5,000,000
1,040,000 A-1+ Pinellas County HFA Single-Family Mortgage Revenue
PART 3.850%(a)(b) 1,040,000
2,350,000 NR++ Pinellas County Industrial Council IDR (Molex
ETC Inc. Project) 3.750%(a)(b) 2,350,000
</TABLE>
See Notes to Financial Statements.
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Smith Barney Municipal Money Market Fund, Inc. 7
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
==========================================================================================
<S> <C> <C> <C>
Florida -- 4.9% (continued)
ST. Lucie County Power and Light:
$ 3,200,000 A-1 Series 93 3.850%(a) $ 3,200,000
1,200,000 A-1+ Series 95 3.800%(a) 1,200,000
23,000,000 A-1+ TECP Series 92 3.600% due 4/9/98 23,000,000
Sunshine State Government Finance Series 1986:
8,700,000 VMIG 1* TECP AMBAC-Insured 3.550% due 4/7/98 8,700,000
32,490,000 VMIG 1* TECP AMBAC-Insured 3.600% due 5/7/98 32,490,000
5,810,000 A-1+ TECP 3.450% due 4/2/98 5,810,000
Tax-Exempt Eagle Trust PART:
9,000,000 A-1+ Board of Education 3.800% due 6/1/99(c) 9,000,000
13,100,000 A-1+ Florida Board of Education 3.770%(a) 13,100,000
4,730,000 A-1+ Orange County Florida Housing 3.750% due 3/1/99(c) 4,730,000
- ------------------------------------------------------------------------------------------
309,099,412
- ------------------------------------------------------------------------------------------
Georgia -- 2.8%
7,250,000 A-1+ Atlanta Water and Sewer Revenue FGIC-Insured
PART 3.900%(a) 7,250,000
Burke County Oglethorpe Power Vogtle
25,500,000 NR+ AMBAC-Insured 3.800% due 5/28/98(c) 25,500,000
Burke County PCR Georgia Power Co.:
5,900,000 A-1 Series 2 3.750%(a) 5,900,000
1,200,000 A-1 Series 97 3.800%(a) 1,200,000
2,000,000 A-1 Clayton County MFH Rainwood Development
Series 85 3.575%(a) 2,000,000
1,300,000 NR+ Cobb County IDA IDR (RLR Industries Inc. Project)
3.750%(a) 1,300,000
Cobb County Multi-Family Housing:
1,500,000 A-1+ Greenhouse Frey Apartment Project 3.700%(a) 1,500,000
4,055,000 A-1+ Williamstown Apartment Project 3.750%(a)(b) 4,055,000
5,100,000 A-1+ De Kalb County Multi-Family Housing Authority Revenue
Refunding (Camden Brook Project) 3.700%(a) 5,100,000
2,900,000 NR++ Decatur and Bainbridge Counties Development
Authority IDR (Thomas & Betts Project) 3.750%(a) 2,900,000
2,800,000 NR++ Dodge County IDA (Sylvan Hardwoods LLC Project)
3.750%(a) 2,800,000
3,100,000 A-1+ Fulton County Housing Greenhouse Holcomb Project
3.700%(a) 3,100,000
5,500,000 A-1+ Fulton County Lenbrook Square Foundation 3.900%(a) 5,500,000
5,000,000 NR++ Gainsville Redevelopment Riverside Military
3.650%(a)(b) 5,000,000
Georgia Municipal Electric Authority:
6,600,000 A-1+ Series C 3.650%(a) 6,600,000
8,150,000 A-1+ Series D 3.650%(a) 8,150,000
12,000,000 VMIG 1* PART MBIA-Insured 3.800%(a) 12,000,000
12,400,000 A-1+ Georgia Municipal Gas Authority Gas Revenue (Agency
Project) Series B 3.650%(a) 12,400,000
</TABLE>
See Notes to Financial Statements.
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8 1998 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Georgia -- 2.8% (continued)
<S> <C> <C> <C>
Georgia State GO:
$ 4,835,000 VMIG 1* Series 93C PART 3.800%(a) $ 4,835,000
6,745,000 VMIG 1* Series 96B PART 3.775%(a) 6,745,000
3,900,000 A-1 Gwinnett County School District IDR Christian Academy
3.700%(a) 3,900,000
5,000,000 NR++ Harralson County Development IDR (Gold Kist Project)
3.750%(a)(b) 5,000,000
2,800,000 NR++ Jackson County IDA IDR (Snider Tire Inc. Project)
3.750%(a)(b) 2,800,000
4,900,000 A-1+ Marietta Housing Authority Multi-Family Revenue
Refunding (Concepts 21 Apartments) 3.750%(a) 4,900,000
5,000,000 A-1+ Municipal Electricity Authority Georgia Special
Obligation MBIA-Insured PART 3.800%(a) 5,000,000
3,200,000 NR++ Pike County IDA IDR (Thomaston Mills Inc. Project)
3.750% (a)(b) 3,200,000
3,000,000 NR++ Richmond County Development Authority Revenue
(General Signal) 3.800%(a) 3,000,000
3,500,000 NR++ Smyrna Housing Authority Multi-Family Housing
Revenue (Walton Grove Project) 3.750%(a)(b) 3,500,000
15,200,000 A-1+ Tax-Exempt Trust Georgia GO PART
3.550% due 2/11/99(c) 15,200,000
4,700,000 A-1+ Thomaston-Upson County IDA Revenue
(De Ster Production Corp.) Series A 4.050%(a)(b) 4,700,000
Tift County IDA IDR (Queen Carpet Corp. Project):
3,000,000 NR++ Series A 3.750%(a)(b) 3,000,000
1,500,000 NR++ Series B 3.650%(a) 1,500,000
- ----------------------------------------------------------------------------------------------------
179,535,000
- ----------------------------------------------------------------------------------------------------
Hawaii -- 0.4%
Hawaii State GO PART FGIC-Insured:
5,275,000 VMIG 1* Series 96CM 3.775%(a) 5,275,000
8,245,000 VMIG 1* Series B 3.800%(a) 8,245,000
7,750,000 VMIG 1* Series 96 3.800%(a) 7,750,000
3,200,000 VMIG 1* Hawaii State Housing Finance & Development Corp.
Revenue Affordable Rental Housing Program A
3.800%(a) 3,200,000
- ----------------------------------------------------------------------------------------------------
24,470,000
- ----------------------------------------------------------------------------------------------------
Idaho -- 0.8%
11,000,000 A-1+ Custer County PCR (Amoco Oil) 3.750% due 4/1/98(c) 11,000,000
16,680,000 VMIG 1* Idaho HFA PART 3.750% due 4/9/98(b)(c) 16,680,000
24,900,000 SP-1+ Idaho State TAN 4.625% due 6/30/98 24,944,387
- ----------------------------------------------------------------------------------------------------
52,624,387
- ----------------------------------------------------------------------------------------------------
Illinois -- 6.9%
15,660,000 A-1+ Central Lake Community Joint Action Water
Agency Interim Water Revenue FGIC-Insured
PART 3.800%(a) 15,660,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 9
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Illinois -- 6.9% (continued)
<S> <C> <C> <C>
Chicago Illinois GO PART:
$ 3,380,000 A-1+ Series 1996 3.900%(a) $ 3,380,000
13,280,000 A-1+ AMBAC-Insured Series 1995 3.800%(a) 13,280,000
3,045,000 A-1+ AMBAC-Insured Series 1996 3.900%(a) 3,045,000
5,000,000 VMIG 1* Chicago Multi-Family Housing (Waveland Association
Project) Series D 3.650%(a) 5,000,000
Chicago O'Hare International Airport Revenue:
4,300,000 A-1+ Second Lien Series 88B 3.750%(a)(b) 4,300,000
25,100,000 A-1+ Second Lien Series 94C 3.700%(a) 25,100,000
20,000,000 MIG 1+ Chicago Park District TAN 4.750% due 9/21/98 20,080,822
18,000,000 A-1+ Chicago School Board of Education
PART AMBAC-Insured 3.800%(a) 18,000,000
16,400,000 SP-1+ Chicago Tender Notes 3.550% due 10/29/98(c) 16,400,000
8,235,000 A-1+ Cook County GO PART MBIA-Insured 3.800%(a) 8,235,000
2,655,000 A-1+ Elmhurst JT Comm Accreditation (Commonwealth
Edison Co. Project) 3.700%(a) 2,655,000
12,000,000 A-1+ Illinois Development Finance Authority Con Edison
Co. Series C AMBAC-Insured 2.700%(a) 12,000,000
4,000,000 A-1+ Illinois Development Finance Authority Housing Revenue
(Cinnamon Lake Tower) 3.800%(a)(b) 4,000,000
Illinois Development Finance Authority PCR
Illinois Power Co.:
12,270,000 A-1+ Series 1993A 3.700%(a) 12,270,000
2,700,000 A-1+ Series 1993B 3.650%(a) 2,700,000
27,000,000 A-1+ Series 1997A MBIA-Insured 3.750%(a)(b) 27,000,000
4,500,000 A-1+ Series 1997C MBIA-Insured 3.800%(a)(b) 4,500,000
Illinois Development Finance Authority Revenue:
40,000,000 A-1+ Adventist Health Systems Series A MBIA-Insured
3.750%(a) 40,000,000
3,000,000 A-1+ Harris Pavilion (Residential Rental) 3.800%(a)(b) 3,000,000
4,880,000 A-1+ Safety Education-Foundation For Safety 3.700%(a) 4,880,000
22,570,000 P-1* Illinois Development Finance Authority Solid Waste
Disposal (Waste Management Project) 3.800%(a)(b) 22,570,000
17,160,000 NR++ Illinois HDA Homeowner Mortgage Sub C2 PART
3.870% due 4/7/98(b)(c) 17,160,000
14,400,000 A-1+ Illinois HDA Residential Mortgage Revenue PART
AMBAC-Insured 3.900% due 9/10/98(b)(c) 14,400,000
Illinois Health Facilities Authority Revenue:
6,600,000 A-1+ Decatur Memorial Hospital Project Series A
MBIA-Insured 3.700%(a) 6,600,000
1,000,000 VMIG 1* Gottlieb Health Research 3.700%(a) 1,000,000
500,000 VMIG 1* SSM Health Care Project 3.500%(a) 500,000
6,500,000 A-1+ Swedish Covenant Hospital Project
AMBAC-Insured 3.700%(a) 6,500,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
10 1998 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Illinois -- 6.9% (continued)
<S> <C> <C> <C>
$ 4,000,000 A-1+ University of Chicago Hospital MBIA-Insured 3.700%(a) $ 4,000,000
13,000,000 VMIG 1* University of Chicago TECP 3.750% due 5/27/98 13,000,000
3,000,000 NR++ Illinois State GO 4.250% due 7/1/98 3,003,400
3,255,000 A-1+ Illinois State Sales Tax Revenue PART FSA-Insured
3.800%(a) 3,255,000
10,740,000 VMIG 1* Illinois Student Assistance Community Student Loan
Revenue 3.750%(a)(b) 10,740,000
2,470,000 NR++ Lincolnwood IDR Refunding (Illinois Self Storage
Center) 3.750%(a) 2,470,000
3,500,000 A-1+ Lisle MFH (Ashley of Lisle Project) 3.750%(a) 3,500,000
3,300,000 A-1+ Lockport IDR (Panduit Corp. Project) 3.750%(a)(b) 3,300,000
2,000,000 A-1+ Oswego IDR (Griffith Laboratories Project) 3.750%(a)(b) 2,000,000
4,000,000 NR++ Paris IDR (Simonton Building Products Inc.) 3.750%(a)(b) 4,000,000
5,250,000 NR++ Pekin IDR Refunding (BOC Group Inc. Project) 3.650%(a) 5,250,000
15,735,000 A-1+ Regional Transportation Authority PART FGIC-Insured
3.800%(a) 15,735,000
1,785,000 NR++ River Grove IDR Refunding (Self Storage Center)
3.750%(a) 1,785,000
1,100,000 A-1+ Southwestern Illinois Solid Waste Shell Oil Co.
3.850%(a)(b) 1,100,000
Tax-Exempt Eagle Trust:
4,700,000 NR++ Dupage Water Series 93 PART 3.770%(a) 4,700,000
14,200,000 A-1+ Illinois State GO FGIC-Insured 3.770%(a) 14,200,000
9,500,000 A-1+ University of Chicago 3.770%(a) 9,500,000
3,800,000 A-1+ University of Illinois Revenue Health Services
Facilities Systems 3.700%(a) 3,800,000
3,000,000 A-1+ University of Illinois Revenue PART FGIC-Insured
3.800%(a) 3,000,000
5,000,000 A-1+ Village of Sauget St. Claire County 3.700%(a) 5,000,000
12,400,000 A-1 Winnegabo Boone County PART FSA-Insured 3.650%
due 10/1/98(c) 12,400,000
- ----------------------------------------------------------------------------------------------------
439,954,222
- ----------------------------------------------------------------------------------------------------
Indiana -- 2.8%
4,000,000 A-1+ Allen County Economic Development Revenue
(Mattel Project) 3.900%(a)(b) 4,000,000
1,785,000 NR++ Bluffton Economic Development Revenue
(Snider Tire Inc. Project) 3.750%(a) 1,785,000
Fort Wayne Industrial Hospital Authority Revenue
3,700,000 VMIG 1* (Parkview Memorial Hospital) Series B 3.700%(a) 3,700,000
4,500,000 VMIG 2* Fort Wayne PCR (General Motors Corp. Project) 3.900%(a) 4,500,000
20,000,000 A-1+ Hammond Local Public Improvement Bond Bank
4.300% due 1/7/99 20,074,110
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 11
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Indiana -- 2.8% (continued)
<S> <C> <C> <C>
$ 44,000,000 SP-1+ Indiana Bond Bank Advance Funding Program Notes
Series A2 4.000% due 1/20/99 $ 44,137,078
7,500,000 A-1+ Indiana Health Facility Financing Authority Hospital
Revenue (Community Hospitals Project)
Series B 3.750%(a) 7,500,000
5,800,000 A-1+ Indiana Health Facilities Development Finance Authority
Youth Opportunity Center 3.700%(a) 5,800,000
18,000,000 A-1+ Indiana IDA Solid Waste (Pure Air Series 90 A) TECP
3.600% due 7/10/98(a) 18,000,000
Indiana Secondary Market Educational Loans:
5,300,000 A-1+ Series 88B AMBAC-Insured 3.800%(a)(b) 5,300,000
13,900,000 A-1+ Series 89B AMBAC-Insured 3.800%(a)(b) 13,900,000
17,000,000 NR+ Indiana University Hospital Revenue larian Health
7.000% due 1/1/99 17,754,790
1,300,000 NR++ Plymouth IDR (Dean Foods Co. Project) 3.650%(a) 1,300,000
1,700,000 A-1+ Princeton PCR (PSI Energy Project) 3.800%(a) 1,700,000
27,600,000 NR+ Rockport PCR Refunding (Michigan Power Co. Project)
Series B AMBAC-Insured 3.650%(a) 27,600,000
- ----------------------------------------------------------------------------------------------------
177,050,978
- ----------------------------------------------------------------------------------------------------
Iowa -- 0.5%
3,000,000 P-1* Iowa HFA IDR (Sauer - Sundstrand Co. Project)
3.750%(a)(b) 3,000,000
Iowa State School Cash Anticipation Program Warrants:
10,000,000 SP-1+ Series A 4.500% due 6/26/98 10,015,880
20,000,000 SP-1+ Series B 4.250% due 1/28/99 20,114,979
- ----------------------------------------------------------------------------------------------------
33,130,859
- ----------------------------------------------------------------------------------------------------
Kansas -- 0.8%
3,400,000 NR++ Fredonia Revenue Exempt Facilities
(Systech Environmental) 3.900%(a)(b) 3,400,000
14,265,000 VMIG 1* Kansas Department of Transportation Series 98
PART 3.800%(a) 14,265,000
6,545,000 MIG 1* Lawrence GO Series A 4.000% due 6/1/98 6,545,098
6,000,000 A-1+ Mission MFH (Silverwood Apartments Project)
3.700%(a) 6,000,000
14,000,000 NR++ Sedgewick County Airport Facility Revenue
(Flight Safety International Inc. Project) 3.750%(a)(b) 14,000,000
Wichita Airport Authority Airport Facilities Revenue
(Flight Safety International Project):
3,300,000 NR++ Series 90 3.650%(a) 3,300,000
6,170,000 NR++ Series 92 3.750%(a)(b) 6,170,000
- ----------------------------------------------------------------------------------------------------
53,680,098
- ----------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
12 1998 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Kentucky -- 2.7%
<S> <C> <C> <C>
$ 3,250,000 NR++ Calvert City PCR (BOC Group Inc. Project) 3.650%(a) $ 3,250,000
19,400,000 VMIG 1* Clipper Kentucky Tax-Exempt Trust PART 3.770%(a) 19,400,000
3,000,000 VMIG 1* Fulton County United Healthcare Hospital Co. 3.800%(a) 3,000,000
1,432,000 A-1 Jefferson County IDR (Belknap Inc. Project) 3.500%(a) 1,432,000
15,000,000 A-1+ Jefferson County PCR Louisville
Gas & Electric TECP 3.650% due 5/21/98(b) 15,000,000
2,225,000 A-1+ Kenton County Airport PART MBIA-Insured
3.870%(a)(b) 2,225,000
1,000,000 A-1+ Kentucky Economic Development Baptist Health Care
3.600%(a) 1,000,000
23,450,000 A-1+ Kentucky Higher Education Student Loan
AMBAC-Insured 3.750%(a)(b) 23,450,000
3,200,000 A-1+ Kentucky IDA Health Alliance MBIA-Insured 3.750%(a) 3,200,000
38,000,000 SP-1+ Kentucky TRANS Series A 4.500% due 6/25/98 38,055,355
23,060,000 A-1 Louisville and Jefferson County Sewer PART
FGIC-Insured 3.700% due 10/6/98(c) 23,060,000
5,500,000 P-1* Montgomery County IDR Conn Fineblanking Corp.
3.900%(a)(b) 5,500,000
3,380,000 A-1+ Morgantown Southern Health Care Systems Project A
3.700%(a) 3,380,000
8,400,000 VMIG 1* Pendeleton County Revenue Kentucky Association
Counties Fund 3.950% due 7/1/98(c) 8,400,000
Southwire Co.:
21,685,000 NR++ Project A 3.850%(a) 21,685,000
1,000,000 NR++ Project B 3.850%(a) 1,000,000
- ----------------------------------------------------------------------------------------------------
173,037,355
- ----------------------------------------------------------------------------------------------------
Louisiana -- 1.8%
1,410,000 NR++ Kentwood IDR Refunding (Suntory Water Group Inc.)
3.650%(a) 1,410,000
Lake Charles Harbor and Term District
Port Facilities Revenue:
400,000 P-1* Citgo Petroleum Corp. 3.700%(a) 400,000
28,000,000 A-1+ Global Industries 3.800%(a)(b) 28,000,000
Louisiana Public Facility Authority:
4,200,000 NR++ Home Depot USA Inc. Project 3.750%(a)(b) 4,200,000
6,000,000 A-1+ Sisters of Charity Series E TECP 3.450% due 4/7/98 6,000,000
10,000,000 NR+ Louisiana State Recovery District Sales Revenue
MBIA-Insured 4.250% due 7/1/98 10,018,325
7,025,000 VMIG 1* Louisiana State GO Series 29A PART MBIA-Insured
3.800%(a) 7,025,000
6,000,000 A-1+ Louisiana State Offshore Term Authority Deepwater Port
Revenue First Stage Series A 3.700%(a) 6,000,000
32,550,000 VMIG 1* New Orleans Aviation Board Revenue Refunding
Series B MBIA-Insured 3.750%(a) 32,550,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 13
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Louisiana -- 1.8% (continued)
<S> <C> <C> <C>
$ 5,000,000 NR++ Ouachita Parish IDB IDR (Sulzer Escher Wyss Project)
3.750%(a)(b) $ 5,000,000
2,000,000 A-1+ St. Charles Parish Louisiana PCR Shell Oil Co.
Series 1992 3.850%(a)(b) 2,000,000
10,900,000 P-1* South Port Community Occidental Petroleum
Chemical Corp. 3.750%(a) 10,900,000
1,000,000 NR++ Vermillion Parish IDR (Garan Inc. Project) 3.750%(a)(b) 1,000,000
- ----------------------------------------------------------------------------------------------------
114,503,325
- ----------------------------------------------------------------------------------------------------
Maine -- 0.1%
9,500,000 A-1 Westbrook Revenue (Southern Container Corp. Project)
3.850%(a)(b) 9,500,000
- ----------------------------------------------------------------------------------------------------
Maryland -- 2.8%
4,000,000 NR++ Baltimore County Economic Development Revenue
(Art Litho Co. Project) 3.750%(a)(b) 4,000,000
4,000,000 A-1+ Baltimore PCR Refunding (SCM Plants Project)
3.700%(a)(b) 4,000,000
Maryland State Health & Higher Educational Facilities
Authority Revenue:
35,700,000 VMIG 1* Pooled Loan Program Series A 3.750%(a) 35,700,000
6,500,000 VMIG 1* Charlestown Community Inc. Series A 3.700%(a) 6,500,000
Montgomery County Economic Development Revenue
(Howard Hughes Medical Center):
12,100,000 A-1+ Series A 3.650%(a) 12,100,000
25,500,000 A-1+ Series B 3.700%(a) 25,500,000
25,500,000 A-1+ Series C 3.650%(a) 25,500,000
Montgomery County Housing Opportunity Community
Housing Revenue:
27,500,000 A-1+ Draper Land Apartments Issue I
FGIC-Insured 3.750%(a)(b) 27,500,000
10,100,000 A-1+ Series A 3.700%(a) 10,100,000
18,700,000 A-1+ Tax-Exempt Eagle Trust (Northeast Maryland
Waste Disposal) MBIA-Insured 3.770%(a) 18,700,000
5,200,000 A-1+ University of Maryland Revenue
(Equipment Loan Program) 3.650%(a) 5,200,000
- ----------------------------------------------------------------------------------------------------
174,800,000
- ----------------------------------------------------------------------------------------------------
Massachusetts -- 0.7%
10,395,000 VMIG 1* Clipper Massachusetts Tax Exempt Trust PART
AMBAC-Insured 3.870%(a)(b) 10,395,000
9,640,000 A-1+ Massachusetts HFA Housing Bonds Series A PART
AMBAC-Insured 3.800%(a)(b) 9,640,000
2,210,000 A-1+ Massachusetts Turnpike Authority PART MBIA-Insured
3.800%(a) 2,210,000
22,025,000 A-1+ Massachusetts Water Resource Authority
Series D PART MBIA-Insured 3.825%(a) 22,025,000
- ----------------------------------------------------------------------------------------------------
44,270,000
- ----------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
14 1998 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Michigan -- 4.0%
<S> <C> <C> <C>
$ 3,500,000 NR++ Berrien County Limited Obligation Revenue
(Menasha Corp. Project) 3.650%(a) $ 3,500,000
15,700,000 A-1 Dearborn Economic Development Corp. Revenue
(Oakbrook Common Project) 3.750%(a) 15,700,000
18,850,000 A-1+ Detroit Sewer Disposable Revenue PART FGIC-Insured
3.800%(a) 18,850,000
9,030,000 A-1+ Michigan State Building TECP 3.400% due 4/9/98 9,030,000
50,000,000 SP-1+ Michigan State GO Notes 4.500% due 9/30/98 50,181,763
Michigan State HDA:
9,950,000 A-1+ Series B 3.600%(a) 9,950,000
14,180,000 NR++ Series 1995D PART 3.850%(a) 14,180,000
4,000,000 VMIG 1* Series 2010 PART FSA-Insured 3.850%(a)(b) 4,000,000
5,500,000 VMIG 1* Woodland Meadows Project Revenue 3.650%(a)(b) 5,500,000
Michigan State Hospital Finance Authority Revenue:
17,000,000 VMIG 1* Mt. Clemens Hospital Refunding 3.700%(a) 17,000,000
5,100,000 A-1 St. Mary Hospital of Livonia Series A 3.700%(a) 5,100,000
60,400,000 SP-1+ Michigan State Municipal Board Authority Revenue
Series B 4.500% due 7/2/98 60,500,504
Michigan Strategic Fund PCR (General Motors Corp.
Project):
11,300,000 P-1 Consumers Power 3.800%(a) 11,300,000
3,000,000 VMIG 2* Series A Refunding 3.900%(a) 3,000,000
20,440,000 VMIG 2* Series 85 3.700%(a) 20,440,000
6,700,000 A-1+ Wayne Charter County Airport Revenue 3.750%(a)(b) 6,700,000
- ----------------------------------------------------------------------------------------------------
254,932,267
- ----------------------------------------------------------------------------------------------------
Minnesota -- 1.4%
5,000,000 A-1+ Bloomington Multi-Family Revenue Refunding (Rental
Housing Crow/Bloomington) 3.700%(a) 5,000,000
1,700,000 A-1+ Hubbard County Solid Waste Disposal Revenue
(Potlatch Corp. Project) 3.750%(a)(b) 1,700,000
11,910,000 A-1+ Minneapolis GO Series B 3.690%(a) 11,910,000
9,900,000 A-1+ Minneapolis St. Paul Housing Finance Multi-Family
Revenue PART 3.850%(a)(b) 9,900,000
7,565,000 NR++ Minnesota State GO PART 3.775%(a) 7,565,000
Rochester Health Care Facility (Mayo Foundation Project):
10,000,000 A-1+ Series A 3.850%(a) 10,000,000
16,600,000 A-1+ Series C 3.850%(a) 16,600,000
2,200,000 A-1+ St. Cloud Health Care Facilities Series A 3.600%(a) 2,200,000
24,000,000 A-1+ Tax-Exempt Eagle Trust Minnesota GO PART 3.770%(a) 24,000,000
- ----------------------------------------------------------------------------------------------------
88,875,000
- ----------------------------------------------------------------------------------------------------
Mississippi -- 0.4%
Jackson County PCR Chevron:
1,700,000 P-1* Series 1993 3.750%(a) 1,700,000
4,650,000 P-1* Series 1993 3.850%(a) 4,650,000
4,000,000 P-1* Series 1994 3.850%(a)(b) 4,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 15
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Mississippi -- 0.4% (continued)
<S> <C> <C> <C>
$ 2,880,000 NR++ Jackson IDR Refunding (McKesson Corp. Project)
3.650%(a) $ 2,880,000
5,000,000 A-1+ Mississippi Business Financial Corp. Solid Waste
Disposal Revenue Morton International 3.850%(a) 5,000,000
5,350,000 NR++ Newton IDR Refunding (La-Z-Boy Chair Co. Project)
3.650%(a) 5,350,000
1,500,000 NR++ Washington County IDR (La-Z-Boy Chair Co. Project)
3.750%(a)(b) 1,500,000
- ----------------------------------------------------------------------------------------------------
25,080,000
- ----------------------------------------------------------------------------------------------------
Missouri -- 1.4%
6,000,000 A-1+ Independence IDR Groves Graceland 3.900%(a) 6,000,000
7,995,000 A-1+ Kansas City IDA MFH Revenue
(Willow Creek IV Apartments) 3.700%(a) 7,995,000
Missouri Higher Education Loan Authority Student Loan
Revenue:
14,300,000 MIG 1* Series 90A 3.800%(a)(b) 14,300,000
1,250,000 VMIG 1* Series 90B 3.800%(a)(b) 1,250,000
4,000,000 A-1+ Missouri State Environmental Improvement and Energy
Authority Utilicorp United Inc. Project 3.800%(a)(b) 4,000,000
Missouri State Environmental PCR (Union Electric Project):
3,000,000 A-1+ TECP 3.450% due 4/6/98 3,000,000
7,800,000 A-1+ TECP 3.250% due 4/13/98 7,800,000
Missouri State Health & Educational Facilities
Authority Revenue:
8,000,000 A-1+ Barnes Hospital Project 3.650%(a) 8,000,000
7,900,000 A-1+ St. Anthonys Medical Center Series B 3.650%(a) 7,900,000
11,100,000 A-1+ St. Anthonys Medical Center Series C 3.650%(a) 11,100,000
4,000,000 A-1+ St. Francis Center Series A 3.900%(a) 4,000,000
6,000,000 A-1+ Sister of Mercy Series B 3.650%(a) 6,000,000
2,600,000 A-1+ SSM Health Care Projects MBIA-Insured
Series C 3.700%(a) 2,600,000
3,000,000 VMIG 1* St. Charles County IDA Revenue Refunding,
Venture Stores Inc. Project 3.700%(a) 3,000,000
4,000,000 NR++ Versailles IDA IDR Refunding (Gates Rubber Co.
Project) 3.740%(a) 4,000,000
- ----------------------------------------------------------------------------------------------------
90,945,000
- ----------------------------------------------------------------------------------------------------
Montana -- 0.4%
3,500,000 A-1+ Forsyth PCR Portland General Electric 3.650%(a) 3,500,000
1,200,000 P-1* Missoula IDR (Washington Corp. Project) 3.460%(a) 1,200,000
Montana Board of Investment (Colstrip 89):
11,100,000 A-1+ 3.800%(a)(b) 11,100,000
3,925,000 A-1+ 4.675%(a) 3,925,000
4,000,000 VMIG 1* Montana State Board Housing PART 3.850%(a)(b) 4,000,000
- ----------------------------------------------------------------------------------------------------
23,725,000
- ----------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
16 1998 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Nebraska -- 1.0%
<S> <C> <C> <C>
Nebraska Higher Education Loan Program Income
Revenue Student Loan Program:
$ 1,600,000 VMIG 1* Series 1985A MBIA-Insured 3.700%(a) $ 1,600,000
22,575,000 A-1+ Series 1986A 3.800%(a)(b) 22,575,000
2,650,000 A-1+ Series 1986B 3.800%(a)(b) 2,650,000
10,425,000 A-1+ Series 1986C 3.800%(a)(b) 10,425,000
22,280,000 A-1+ Series 1986D 3.800%(a)(b) 22,280,000
4,600,000 A-1+ Series 1988C 3.800%(a)(b) 4,600,000
- ----------------------------------------------------------------------------------------------------
64,130,000
- ----------------------------------------------------------------------------------------------------
Nevada -- 0.7%
5,190,000 A-1+ Clark County Airport Improvement Revenue Lien
Series A-2 3.750%(a)(b) 5,190,000
8,600,000 VMIG* Clark County IDR Nevada (Cogeneration I Project)
3.850%(a)(b) 8,600,000
8,000,000 A-1+ Clark County PCR (Southern California Edison Project)
TECP Series A 3.350% due 5/11/98(b) 8,000,000
11,450,000 A-1+ Clark County School District PART FGIC-Insured
3.800%(a) 11,450,000
11,000,000 A-1+ Nevada State GO PART 3.800%(a) 11,000,000
- ----------------------------------------------------------------------------------------------------
44,240,000
- ----------------------------------------------------------------------------------------------------
New Hampshire -- 1.4%
New Hampshire Higher Educational & Health Facilities
Authority Revenue (VHA New England Inc.):
4,200,000 A-1 Series E AMBAC-Insured 3.700%(a) 4,200,000
8,300,000 A-1+ Series G AMBAC-Insured 3.700%(a) 8,300,000
New Hampshire State Business Finance Authority PCR
Refunding Public Service Co. (Connecticut
Light & Power Co. Project):
7,000,000 A-1+ Series A 3.650%(a) 7,000,000
27,000,000 A-1+ Series D 3.750%(a)(b) 27,000,000
35,500,000 A-1+ Series E 3.800%(a)(b) 35,500,000
2,800,000 A-1 New Hampshire State Business Finance Authority IDR
(Park Nameplate Co.) 3.850%(a)(b) 2,800,000
2,000,000 A-1+ New Hampshire State IDA Revenue
PCR (Conneticut Light & Power Co. Project)
3.700%(a)(b) 2,000,000
- ----------------------------------------------------------------------------------------------------
86,800,000
- ----------------------------------------------------------------------------------------------------
New Mexico -- 0.3%
4,900,000 NR++ Bellen IDR (Solo New Mexico Project) 3.750%(a)(b) 4,900,000
4,300,000 A-1+ Farmington PCR Refunding (Public Service Co. San Juan)
3.850%(a)(b) 4,300,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 17
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
New Mexico -- 0.3% (continued)
<S> <C> <C> <C>
$ 3,825,000 A-1+ New Mexico Mortgage Finance Authority Series 1995
PART 3.900% due 9/10/98(b)(c) $ 3,825,000
3,100,000 SP-1+ New Mexico TRAN 4.500% due 6/30/98 3,104,760
2,700,000 A-1+ Tax Exempt Eagle Trust (New Mexico Mortgage Finance)
PART FGIC-Insured 3.770%(a)(b) 2,700,000
- ----------------------------------------------------------------------------------------------------
18,829,760
- ----------------------------------------------------------------------------------------------------
New Jersey -- 1.3%
26,500,000 A-1+ New Jersey State Housing & Mortgage Finance Agency
Revenue PART MBIA-Insured 3.750%(a)(b) 26,500,000
New Jersey TRANS TECP:
3,000,000 A-1+ Series 1997A 3.550% due 4/8/98 3,000,000
5,000,000 A-1+ Series 1997A 3.625% due 6/5/98 5,000,000
7,900,000 A-1+ Series 1997A 3.650% due 6/15/98 7,900,000
40,000,000 A-1+ Series 1998A 3.500% due 4/16/98 40,000,000
- ----------------------------------------------------------------------------------------------------
82,400,000
- ----------------------------------------------------------------------------------------------------
New York -- 2.3%
10,000,000 NR++ Eastern Suffolk Educational Services First Supervisory
District RAN 4.500% due 6/24/98 10,011,046
20,000,000 SP-1 Nassau County RAN Series A 4.250% due 8/17/98 20,050,182
13,690,000 A-1 NYC GO PART Series M AMBAC-Insured
3.850% due 6/4/98(c) 13,690,000
NYC Municipal Water Finance Authority Water & Sewer
System Revenue:
9,685,000 A-1+ PART Series 12 MBIA-Insured 3.700%(a) 9,685,000
8,700,000 A-1+ Series G FGIC-Insured 3.850%(a) 8,700,000
Port Authority of New York and New Jersey Obligation
Revenue:
2,700,000 A-1+ Series 4 3.800%(a)(b) 2,700,000
4,300,000 A-1+ Seires 5 3.700%(a) 4,300,000
10,000,000 NR++ Rochester New York BANS Series 1998-I 4.000%
due 3/9/99 10,038,898
50,000,000 SP-1+ Suffolk County New York TANS Series I 4.250%
due 8/13/98 50,115,575
16,592,000 SP-1 Syracuse New York BANS Series B 4.000% due 12/18/98 16,612,463
- ----------------------------------------------------------------------------------------------------
145,903,164
- ----------------------------------------------------------------------------------------------------
North Carolina -- 1.1%
3,500,000 NR++ Iredell County Industrial Facilities & PCFA
Industrial Revenue (Valspar Corp. Project) 3.700%(a)(b) 3,500,000
4,135,000 A-1+ Mecklenburg County Lease Revenue
(The Young Men Christian Project) 3.650%(a) 4,135,000
3,625,000 NR++ Pasquotank County Hospital Revenue 3.600%(a) 3,625,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
18 1998 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
North Carolina -- 1.1% (continued)
<S> <C> <C> <C>
$ 9,995,000 A-1 North Carolina HFA PART 3.850%(a)(b) $ 9,995,000
North Carolina Medical Care:
2,900,000 VMIG 1* Community Lexington Member Hospital 3.750%(a) 2,900,000
12,000,000 VMIG 1* Givens Estate Inc. Project 3.850%(a) 12,000,000
North Carolina Municipal Power Agency Authority
(Catawba Project) TECP:
18,810,000 A-1+ 3.600% due 4/6/98 18,810,000
3,400,000 A-1+ 3.550% due 4/7/98 3,400,000
5,500,000 A-1+ 3.550% due 5/22/98 5,500,000
3,100,000 A-1+ Raleigh Durham Airport (American Airlines Project)
3.800%(a) 3,100,000
5,000,000 A-1+ University of North Carolina Revenue (Kenan Memorial
Stadium) 3.650%(a) 5,000,000
- ----------------------------------------------------------------------------------------------------
71,965,000
- ----------------------------------------------------------------------------------------------------
North Dakota -- 0.1%
5,095,000 A-1+ Oliver Solid Waste Square Butte Electric AMBAC-Insured
6.500%(a)(b) 5,095,000
- ----------------------------------------------------------------------------------------------------
Ohio -- 2.7%
Clermont County Hospital Facilities Revenue:
2,320,000 A-1+ Mercy Health Systems Series 94B 3.650%(a) 2,320,000
12,700,000 A-1+ Mercy Health Systems Series 96B 3.650%(a) 12,700,000
Cuyahoga County Ohio Hospital Revenue
Cleveland Clinic Hospital:
10,100,000 A-1+ 3.650%(a) 10,100,000
9,000,000 AAA AMBAC-Insured 3.700%(a) 9,000,000
3,700,000 A-1+ Hamilton County Hospital Health Alliance Series E
MBIA-Insured 3.650%(a) 3,700,000
14,590,000 A-1+ Lake County Hospital Facilities Revenue (Lake Hospital
Systems Inc.) 3.750%(a) 14,590,000
2,000,000 NR++ Oakwood Village IDR (Sennet Steel Corp. Project)
3.750%(a) 2,000,000
18,300,000 SP-1+ Ohio School Districts TANS Series B 4.470% due 6/30/98 18,325,660
Ohio State Air Quality Development Authority Revenue:
8,000,000 A-1+ Duquesne Light TECP PCR Series 88
3.650% due 4/6/98(b) 8,000,000
3,000,000 A-1+ Duquesne Light TECP 3.650% due 4/6/98(b) 3,000,000
23,070,000 A-1+ Edison Co. Series 88A 3.650% due 2/1/99(c) 23,070,000
4,000,000 A-1+ JMG FDG Limited Partnership Series A 3.750%(a)(b) 4,000,000
Ohio State Water Development Authority:
5,500,000 A-1+ Duquesne Light Co. Project PCR 3.700%(a)(b) 5,500,000
13,900,000 VMIG 1* Timken Co. Project Waste Disposal Revenue
3.700%(a)(b) 13,900,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 19
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Ohio -- 2.7% (continued)
<S> <C> <C> <C>
$ 1,600,000 A-1 Scioto County Hospital Revenue (VHA Center Inc.)
Series D AMBAC-Insured 3.650%(a) $ 1,600,000
21,795,000 SP-1+ Summit County BANS Series A 4.500% due 6/4/98 21,818,159
14,000,000 A-1+ Tax-Exempt Eagle Trust Ohio Water District PART
AMBAC-Insured 3.770%(a) 14,000,000
1,480,000 VMIG 1* Toledo City Services Special Assessment Notes
3.700%(a) 1,480,000
- ----------------------------------------------------------------------------------------------------
169,103,819
- ----------------------------------------------------------------------------------------------------
Oklahoma -- 0.3%
1,145,000 NR++ Adair County IDR Baldor Co. 3.650%(a) 1,145,000
4,500,000 NR++ Creek County Industrial Authority IDR
(Henry Vogt Machinery) 3.800%(a)(b) 4,500,000
11,980,000 A-1+ Oklahoma State Student Loan Authority Revenue
(Student Loan) Series A MBIA-Insured 3.800%(a)(b) 11,980,000
- ----------------------------------------------------------------------------------------------------
17,625,000
- ----------------------------------------------------------------------------------------------------
Oregon -- 3.0%
6,750,000 VMIG 1* Hillsboro Oregon Revenue Graduate Center
Institute Project 3.850%(a) 6,750,000
Oregon State Economic Development Commission
Economic & IDR:
1,000,000 P-1 Eagle Picher Industries 3.600%(a) 1,000,000
1,300,000 NR++ Trust Joist 3.650%(a) 1,300,000
Oregon State Housing & Community Services Department
Mortgage Revenue (Single Family Mortgage Program):
10,000,000 VMIG 1* Series C 3.950% due 5/14/98(c) 10,000,000
2,500,000 VMIG 1* Series D 4.050% due 5/14/98(b)(c) 2,500,000
Oregon State GO:
24,900,000 A-1+ Series 73E 3.600%(a) 24,900,000
44,130,000 A-1+ Series 73F 3.600%(a) 44,130,000
50,500,000 A-1+ Series 73G 3.650%(a) 50,500,000
17,800,000 A-1+ Series 73H 3.650%(a) 17,800,000
Port St. Helen's PCR (Portland General Electric):
6,850,000 A-1+ Series A 3.700%(a) 6,850,000
3,900,000 A-1+ Series A 3.800%(a)(b) 3,900,000
3,500,000 A-1+ Series 85A 3.800%(a) 3,500,000
16,900,000 P-1* Washington County Multi-Family Housing Authority
(Cedar Mill Project) 3.800%(a)(b) 16,900,000
- ----------------------------------------------------------------------------------------------------
190,030,000
- ----------------------------------------------------------------------------------------------------
Pennsylvania -- 6.2%
6,750,000 NR++ Allegheny County Hospital Development Authority
Revenue (Health Care Dialysis Clinic) 3.650%(a) 6,750,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
20 1998 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Pennsylvania -- 6.2% (continued)
<S> <C> <C> <C>
$ 5,800,000 VMIG 1* Allegheny County IDA IDR Residential Rental
Development Series A 3.800%(a)(b) $ 5,800,000
Beaver County PCR IDA (Duquesne Light Co.) TECP:
4,200,000 A-1+ 3.650% due 4/6/98(b) 4,200,000
6,000,000 A-1+ 3.550% due 4/8/98 6,000,000
4,970,000 A-1+ 3.550% due 5/15/98 4,970,000
3,600,000 A-1+ 3.625% due 6/5/98 3,600,000
2,515,000 NR++ Bucks County IDA IDR (Dunmore Corp. Project)
3.900%(a)(b) 2,515,000
6,400,000 A-1+ Cambria County IDA Resource Recovery Revenue
(Cambria Cogen Project) Series V-2 3.750%(a)(b) 6,400,000
Carbon County IDA Resource Recovery
(Panther Creek) TECP:
11,675,000 A-1+ 3.650% due 4/6/98(b) 11,675,000
6,825,000 A-1+ 3.800% due 4/7/98(b) 6,825,000
2,000,000 A-1+ Chester County Health Education PART AMBAC-Insured
3.770%(a) 2,000,000
9,910,000 VMIG 1* Cumberland County Municipal Authority Revenue
(United Methodist Aging Homes) 3.870% due 6/4/98(c) 9,910,000
Delaware County IDR (Philadelphia Electric Co.):
1,600,000 A-1+ Series G 3.600%(a) 1,600,000
34,200,000 A-1+ Delaware EDA IDR (Clean Power Project) 3.750%(a)(b) 34,200,000
3,900,000 NR++ East Pennsylvania Industrial & Commercial Development
Authority (Electronic Data Systems Corp.) 3.650%(a)(b) 3,900,000
10,110,000 A-1+ Indiana County IDA PCR (Conemaugh Project) Series A
3.650%(a)(b) 10,110,000
2,500,000 NR++ Luzerne County IDA IDR (Culp Inc. Project) 3.750%(a)(b) 2,500,000
10,000,000 A-1 Pennsylvania EDA (National Gypsum Co. Project)
3.800%(a)(b) 10,000,000
5,400,000 A-1+ Pennsylvania Energy Development Authority
(Piney Creek) Series A 3.700%(a)(b) 5,400,000
8,665,000 A-1+ Pennsylvania State COP PART AMBAC-Insured 3.900% (a) 8,665,000
5,000,000 NR++ Pennsylvania State GO AMBAC-Insured 5.000%
due 11/15/98 5,041,924
Pennsylvania State Higher Education Assistance
Agency Student Loan Revenue:
3,200,000 A-1+ Series B 3.800%(a)(b) 3,200,000
10,000,000 A-1+ Series C 3.800%(a)(b) 10,000,000
Philadelphia Gas Works:
5,000,000 A-1+ TECP Series B 3.750% due 4/8/98 5,000,000
12,900,000 A-1+ TECP Series B 3.500% due 4/15/98 12,900,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 21
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Pennsylvania -- 6.2% (continued)
<S> <C> <C> <C>
$ 25,000,000 SP-1+ Philadelphia School District TRAN 4.500% due 6/30/98 25,032,596
50,000,000 SP-1+ Philadelphia TRAN 4.500% due 6/30/98 50,060,663
9,000,000 A-1+ Philadelphia Water and Waste Water Series 97B
AMBAC-Insured 3.820% due 8/5/98(c) 9,000,000
18,200,000 P-1* Quakertown General Authority Revenue (Pooled Financing
Program) Series A 3.750%(a) 18,200,000
1,000,000 VMIG 1* Quakertown Hospital Program Series 1985A 3.750%(a) 1,000,000
Sayre Health Care Facilities Authority Revenue
(VHR Cap Financing Project):
8,700,000 A-1 Series I AMBAC-Insured 3.650%(a) 8,700,000
5,800,000 A-1 Series J AMBAC-Insured 3.650%(a) 5,800,000
10,235,000 A-1+ Southeastern Transportation Authority Special Revenue
PART FGIC-Insured 3.750%(a) 10,235,000
Tax-Exempt Eagle Trust PART AMBAC-Insured
Beaver County:
19,000,000 A-1+ Series 95A 3.770%(a) 19,000,000
19,000,000 A-1+ Series 95B 3.770%(a) 19,000,000
Venango IDA (Scrubgrass Project) TECP:
2,600,000 A-1+ 3.650% due 4/6/98(a) 2,600,000
4,915,000 A-1+ 3.350% due 5/11/98(a) 4,915,000
34,600,000 A-1 York General Authority Pooled Financing Revenue
3.800%(a) 34,600,000
- ----------------------------------------------------------------------------------------------------
391,305,183
- ----------------------------------------------------------------------------------------------------
Rhode Island -- 0.3%
3,900,000 A-1+ Providence Public Parking Corp. (Washington Street
Garage Corp. Project) 3.700%(a)(b) 3,900,000
11,825,000 P-1* Rhode Island State Economic Development Corp.
McCoy Stadium 3.750%(a) 11,825,000
3,200,000 A-1 Rhode Island State IDR Kilguss Realty Co. 3.850%(a)(b) 3,200,000
3,000,000 A-1 Rhode Island State Industrial Facilities Corp.
Mathew Realty Co. 3.850%(a)(b) 3,000,000
- ----------------------------------------------------------------------------------------------------
21,925,000
- ----------------------------------------------------------------------------------------------------
South Carolina -- 1.8%
Anderson County Industrial Revenue:
6,580,000 NR++ Culp Inc. Project 3.750%(a)(b) 6,580,000
2,400,000 NR++ Fed Paper Board Co. Inc. Project 3.750%(a)(b) 2,400,000
4,000,000 NR++ Mikron Corp. Anderson Project 3.900%(a)(b) 4,000,000
3,300,000 A-1+ Charleston County (Ziegler Coal Project) 3.850%(a)(b) 3,300,000
2,252,000 NR++ Chesterfield County IDR (Culp Inc. Project) 3.750%(a)(b) 2,252,000
Piedmont Muni Power Agency Electric Revenue Refunding:
27,300,000 A-1+ Series A MBIA-Insured TECP 3.650%(a) 27,300,000
7,900,000 A-1+ Series C MBIA-Insured TECP 3.650%(a) 7,900,000
31,100,000 A-1+ Series D MBIA-Insured TECP 3.650%(a) 31,100,000
</TABLE>
See Notes to Financial Statements.
- -------------------------------------------------------------------------------
22 1998 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
South Carolina -- 1.8% (continued)
<S> <C> <C> <C>
South Carolina Jobs Economic Development
Authority Revenue:
$ 5,000,000 P-1* Basf Corp. Project 3.850%(a)(b) $ 5,000,000
4,200,000 NR++ Conco Medical Products Project 3.900%(a)(b) 4,200,000
4,300,000 NR++ Galey & Lord Industries Inc. Project 3.750%(a)(b) 4,300,000
2,000,000 NR++ Greenville Machinery Project 3.750%(a)(b) 2,000,000
6,000,000 NR++ Orders Realty Co. Inc. Project 3.750%(a)(b) 6,000,000
4,535,000 NR+ South Carolina Public Service Authority
Revenue AMBAC-Insured 5.000% due 1/1/99 4,581,181
- ----------------------------------------------------------------------------------------------------
110,913,181
- ----------------------------------------------------------------------------------------------------
Tennessee -- 4.3%
4,435,000 P-1* Anderson County Tennessee IDB Revenue Bond
Becromal of America Inc. Project 4.150%(a)(b) 4,435,000
10,000,000 VMIG 1* Clarksville Public Building Authority Revenue Pooled
Financing Tennessee Muni Board Fund 3.700%(a) 10,000,000
4,600,000 A-1+ Franklin Tennessee IDR (Franklin Oaks Apartments)
3.700%(a) 4,600,000
8,100,000 NR++ Loudon IDB PCR (AE Stanley Manufacturing) 3.650%(a) 8,100,000
2,400,000 NR++ McMinn County IDB (Thomas and Betts Corp. Project)
3.750%(a)(b) 2,400,000
12,400,000 VMIG 1* Metro Government Nashville & Davidson County
IDB Revenue Multi-Family Housing (Arbor Knoll)
3.650%(a) 12,400,000
Montgomery County Tennessee Public Building
Authority Pooled Financing Revenue:
6,500,000 VMIG 1* Montgomery County Loan 3.700%(a) 6,500,000
44,000,000 VMIG 1* Tennessee County Loan Pool 3.700%(a) 44,000,000
2,600,000 NR++ Roane County IDB IDR (Great Lakes Carbon Corp.)
3.500%(a) 2,600,000
Sevier County Public Building Authority (Local
Government Public Improvement) AMBAC-Insured:
10,000,000 VMIG 1* Series A-1 3.700%(a) 10,000,000
10,000,000 VMIG 1* Series B 3.700%(a) 10,000,000
11,500,000 VMIG 1* Series D-1 3.700%(a) 11,500,000
4,500,000 VMIG 1* Series E-2 3.700%(a) 4,500,000
2,700,000 VMIG 1* Series E-3 3.700%(a) 2,700,000
1,750,000 VMIG 1* Series E-5 3.700%(a) 1,750,000
5,300,000 VMIG 1* Series E-6 3.700%(a) 5,300,000
10,645,000 VMIG 1* Series H-1 3.700%(a) 10,645,000
3,000,000 VMIG 1* Series H-2 3.700%(a) 3,000,000
28,500,000 A-1+ Tennessee State Housing Development Agency
(Homeownership Project) Series 5-B
3.850% due 8/20/98(b)(c) 28,500,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 23
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Tennessee -- 4.3% (continued)
<S> <C> <C> <C>
$ 31,500,000 SP-1+ Tennessee State Local Development Authority Revenue
BAN Series A 4.250% due 5/28/98 $ 31,517,020
Volunteer State Student Funding Corp. Tennessee
Student Loan Revenue:
14,000,000 A-1+ Series A 4.100%(a)(b) 14,000,000
18,200,000 A-1 Series A-2 3.800%(a)(b) 18,200,000
26,000,000 A-1+ Series A-3 4.100%(a)(b) 26,000,000
- ----------------------------------------------------------------------------------------------------
272,647,020
- ----------------------------------------------------------------------------------------------------
Texas -- 11.2%
19,340,000 A-1+ Austin Utility System Revenue PART MBIA-Insured
3.800%(a) 19,340,000
9,000,000 A-1+ Bexar County Health Facilities Retirement Community
3.650%(a) 9,000,000
Bexar County HFA Multi-Family Revenue Refunding:
2,000,000 A-1+ Atalmonte Apartments Project 3.700%(a) 2,000,000
6,775,000 A-1+ Fountainhead Apartments Project 3.700%(a) 6,775,000
6,270,000 A-1+ Bexar County Housing Finance Corp. Multi-Family
Housing (Windridge Apartments Project) 3.700%(a) 6,270,000
Brazos River Authority PCR Texas Utilities Electric Co.:
1,660,000 A-1+ AMBAC-Insured 3.850%(a)(b) 1,660,000
4,300,000 A-1+ Houston Lighting & Power Co. AMBAC-Insured
3.900%(a)(b) 4,300,000
2,000,000 A-1+ MBIA-Insured 3.900%(a)(b) 2,000,000
10,000,000 A-1+ TECP 3.600% due 7/9/98(b) 10,000,000
Corpus Christi Texas IDA IDR
(Dedietrich USA Inc. Project):
3,000,000 P-1* 129AX 3.850%(a)(b) 3,000,000
2,000,000 P-1* 129BX 3.850%(a)(b) 2,000,000
5,055,000 A-1+ Corpus Christi Texas Utility Systems TECP
3.300% due 4/27/98 5,055,000
11,185,000 A-1+ Dallas Area Rapid Transit TECP 3.600% due 9/11/98 11,185,000
15,000,000 A-1+ Dallas Fort Worth Regional Airport Revenue
PART MBIA-Insured 3.800%(a) 15,000,000
6,300,000 NR++ Denton County IDR Hydro Conduit Corp. 3.750%(a)(b) 6,300,000
11,000,000 A-1+ Greater East Texas Higher Education Authority Inc.
Student Loan Revenue Senior Lien
Series 1995A 4.100% due 5/1/98(b)(c) 11,000,000
3,100,000 NR++ Guadalupe Blanco River IDA IDR Refunding
(The Boc Group Inc. Project) 3.650%(a) 3,100,000
Gulf Coast IDA Marine Terminal Revenue:
3,000,000 A-1+ Amoco Oil Co. Project 3.800% due 12/1/98(c) 3,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
24 1998 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Texas -- 11.2% (continued)
<S> <C> <C> <C>
$ 9,200,000 A-1+ Amoco Oil Co. Project 3.850%(a)(b) $ 9,200,000
2,300,000 VMIG1* Gulf Coast Waste Disposal Authority
(Amoco Oil Co. Project) 3.800% due 4/1/98(b)(c) 2,300,000
Gulf Coast Waste Disposal Environmental Authority PCR:
2,000,000 A-1+ Bayer Corp. Project 3.900%(a)(b) 2,000,000
8,600,000 A-1+ Amoco Oil Co. Project 3.850%(a)(b) 8,600,000
8,000,000 VMIG 1* Harris County Health Facilities Development Corp.
Revenue (Buckner Retirement Services Project)
3.750%(a) 8,000,000
1,500,000 A-1+ Harris County Sisters of Charity Project 3.700%(a) 1,500,000
3,000,000 A-1+ Harris County Texas IDR Shell Oil Co. Project 3.850%(a) 3,000,000
25,910,000 A-1+ Harris County Toll Road PART 3.850%(a) 25,910,000
7,000,000 A-1+ Hockley County IDC PCR (Amoco Project) 3.600%
due 9/1/98(c) 7,000,000
5,000,000 A-1+ Houston Airport TECP Series A 3.600% due 4/8/98(b) 5,000,000
Houston GO TECP:
10,000,000 A-1+ Series A 3.600% due 9/9/98 10,000,000
12,500,000 A-1+ Series C 3.250% due 4/8/98 12,500,000
5,000,000 A-1+ Series C 3.400% due 4/13/98 5,000,000
Houston Water Sewer Systems Revenue Series A:
10,000,000 A-1 3.600% due 4/8/98 10,000,000
15,000,000 A-1 3.250% due 4/13/98 15,000,000
9,800,000 A-1+ Katy Independent School District Series 95A 3.750%(a) 9,800,000
8,000,000 NR++ Leon County IDC IDR (BOC Group Inc. Project) 3.650%(a) 8,000,000
3,100,000 A-1+ Mansfield IDR (Pier 1 Imports Texas Inc. Project)
3.850%(a)(b) 3,100,000
15,000,000 VMIG 1* Mansfield Independent School District Series 96
3.750%(a) 15,000,000
1,100,000 NR++ McAllen Health Facilities Development Corp. Revenue
(McAllen Associates No. 1) 3.800%(a) 1,100,000
17,600,000 P-1* Midlotnian IDC PCR (Crow Cem Co. Project) 3.700%(a) 17,600,000
3,540,000 NR++ Montgomery County IDA (Medical Manufacturing
Partnership Project) 3.750%(a) 3,540,000
4,300,000 A-1+ North Central Texas Health Methodist Hospital
MBIA-Insured 3.750% due 4/9/98 4,300,000
North Texas Higher Education Authority Inc.
Student Revenue Refunding:
6,700,000 A-1+ Series 1991A 3.800%(a)(b) 6,700,000
3,500,000 A-1+ Series 1991F AMBAC-Insured 3.800%(a)(b) 3,500,000
5,500,000 NR++ Series 1993A 3.800%(a)(b) 5,500,000
6,200,000 A-1 Plano Health Development Corp. Hospital MBIA-Insured
TECP 3.300% due 4/27/98 6,200,000
15,000,000 A-1+ Richardson Independent School District Series 97 A
3.750%(a) 15,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 25
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Texas -- 11.2% (continued)
<S> <C> <C> <C>
$ 2,850,000 NR++ Round Rock IDC IDR Refunding (Tellabs Inc. Project)
3.650%(a) $ 2,850,000
35,825,000 A-1+ Sabine River Authority PCR (Utilities Project) Series A
MBIA-Insured 3.800%(a)(b) 35,825,000
20,500,000 A-1+ San Antonio Housing Finance Corp. Multi-Family
Housing Revenue (Braeaview Apartments Project)
3.850%(a)(b) 20,500,000
9,900,000 VMIG1* Tarrant County Water Control and Improvement
District PART AMBAC-Insured 3.800%(a) 9,900,000
Tax-Exempt Eagle Trust PART:
9,300,000 A-1+ Bexar Country Texas Housing Corp. 3.870%(a)(b) 9,300,000
8,400,000 A-1+ San Antonio Texas Airport Systems Revenue
AMBAC-Insured 3.770%(a) 8,400,000
3,570,000 A-1+ Texas A&M University Revenue PART AMBAC-Insured
3.800%(a) 3,570,000
4,000,000 A-1+ Texas Board of Regents A&M University TECP
3.550% due 4/8/98 4,000,000
48,320,000 A-1+ Texas GO Veterans Housing PART 3.850%(a)(b) 48,320,000
57,965,000 VMIG 1* Texas Small Business IDC IDR (Texas Public Capital
Access) 3.750%(a) 57,965,000
Texas State TRAN:
114,340,000 SP-1+ Series A 4.750% due 8/31/98 114,771,219
5,500,000 A-1+ TECP 3.500% due 4/20/98 5,500,000
5,900,000 VMIG 2* Trinity River Authority PCR (General Motors Corp.
Project) 4.100%(a) 5,900,000
40,000,000 VMIG1* Tyler Texas Health Facilities Development Corp.
Hospital Revenue 3.750%(a) 40,000,000
- ----------------------------------------------------------------------------------------------------
712,136,219
- ----------------------------------------------------------------------------------------------------
Utah -- 3.3%
Intermountain Power Agency Power Supply Revenue:
20,000,000 A-1+ Series E 3.800% due 6/15/98(c) 20,000,000
2,700,000 A-1+ TECP Series B 3.550% due 4/1/98 2,700,000
2,000,000 A-1+ TECP Series B 3.600% due 4/6/98 2,000,000
9,200,000 A-1+ TECP Series B 3.300% due 4/27/98 9,200,000
20,000,000 A-1+ TECP Series E 3.100% due 4/3/98 20,000,000
20,000,000 A-1+ TECP Series E 3.600% due 7/14/98 20,000,000
1,000,000 A-1+ TECP Series E 3.650% due 6/5/98 1,000,000
4,400,000 A-1+ TECP Series F-2 3.750% due 4/8/98 4,400,000
1,500,000 A-1+ TECP Series F-2 3.650% due 5/22/98 1,500,000
4,000,000 A-1+ Morgan County Solid Waste Disposal Revenue
(Holnam Inc. Project) 3.750%(a)(b) 4,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
26 1998 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Utah -- 3.3% (continued)
<S> <C> <C> <C>
$ 4,945,000 A-1 Ogden City IDR (Infiltrator System Inc. Project)
3.850%(a)(b) $ 4,945,000
Salt Lake City Hospital Revenue (Pre-Refunded -
Escrowed with U.S. government securities to 2/15/98):
1,000,000 AAA 7.250% due 2/15/20 1,050,515
4,580,000 AAA 7.600% due 2/15/20 4,821,737
23,000,000 A-1+ Salt Lake County Airport Revenue Series A 3.700%(a)(b) 23,000,000
2,000,000 A-1+ Salt Lake County PCR (Standard Oil Amoco Project)
3.700% due 4/1/98(c) 2,000,000
16,600,000 A-1+ Salt Lake County Pooled Hospital MBIA-Insured
3.700%(a) 16,600,000
Utah State Board Regents Student Loan Revenue
AMBAC-Insured:
27,000,000 A-1+ Series A 3.800%(a)(b) 27,000,000
15,000,000 A-1+ Series C 3.800%(a)(b) 15,000,000
12,600,000 A-1+ Series L 3.800%(a)(b) 12,600,000
15,500,000 A-1+ Series Q 3.800%(a) 15,500,000
- ----------------------------------------------------------------------------------------------------
207,317,252
- ----------------------------------------------------------------------------------------------------
Vermont -- 0.2%
1,900,000 A-1+ Vermont Educational Buildings Finance VHA
(New England Project) 3.750%(a)(b) 1,900,000
10,200,000 A-1+ Vermont IDA IDR (Ryegate Project) 3.750%(a)(b) 10,200,000
- ----------------------------------------------------------------------------------------------------
12,100,000
- ----------------------------------------------------------------------------------------------------
Virginia -- 1.3%
5,500,000 A-1 Alexandria Virginia IDR (Pooled Loan Program) 3.700%(a) 5,500,000
2,100,000 A-1+ Brunswick County IDA Facility Revenue (Aegis Waste
Solutions Inc.) 3.750%(a) 2,100,000
3,700,000 VMIG 1* Charles City & County IDA Exempt Facility Revenue
(Chambers Development of Virginia Inc. Project)
3.850%(a)(b) 3,700,000
4,500,000 A-1 Fairfax County IDA (Inova Health Systems) TECP
3.550% due 4/8/98 4,500,000
6,505,000 NR++ Hampton Roads Sanitation Waste Water Revenue PART
3.850%(a) 6,505,000
King George County IDA Solid Waste Disposal
Facility Revenue:
2,900,000 A-1+ Birchwood Power Partners Project 3.900%(a)(b) 2,900,000
3,000,000 A-1+ Garnet of Virginia Inc. Project 3.800%(a)(b) 3,000,000
7,800,000 A-1+ Lynchburgh IDR VHA (Mid Atlantic Cap Project)
AMBAC-Insured 3.700%(a) 7,800,000
31,000,000 NR+ Norfolk Water Revenue BAN 3.800% due 10/1/98 31,003,657
6,000,000 A-1 Petersburg Hospital Authority Revenue
(Southside Regional) 3.700%(a) 6,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 27
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Virginia -- 1.3% (continued)
<S> <C> <C> <C>
$ 9,385,000 VMIG 1* Virginia State HDA Commonwealth Mortgage
PART 3.850%(a)(b) $ 9,385,000
- ----------------------------------------------------------------------------------------------------
82,393,657
- ----------------------------------------------------------------------------------------------------
Washington -- 2.5%
7,245,000 NR++ Pierce County (Port Sea-Land Service Project) 3.650%(a) 7,245,000
17,255,000 A-1+ Pierce County EDA Special Revenue (Weyerhaesuer
Real Estate) 3.700%(a) 17,255,000
1,200,000 P-1* Pierce County EDC Dock and Wharf Facility Revenue
(Securities Industry Project) 3.800%(a)(b) 1,200,000
6,285,000 A-1 Port Pasco Economic Development (Douglas Fruit Co.
Inc. Project) 3.750%(a)(b) 6,285,000
Tax Exempt Eagle Trust PART:
14,000,000 A-1+ Washington Public Power Services
MBIA-Insured 3.770%(a) 14,000,000
14,600,000 A-1+ Washington State GO 3.770%(a) 14,600,000
Washington Metro Airport Authority TECP:
5,000,000 A-1 3.900% due 4/16/98(b) 5,000,000
10,000,000 A-1 3.600% due 4/17/98(b) 10,000,000
10,000,000 A-1 3.600% due 5/21/98(b) 10,000,000
2,700,000 A-1 3.800% due 9/16/98(b) 2,700,000
2,950,000 AAA Spokane Washington Solid Waste Management
(Pre-Refunded - Escrowed with U.S. government
securities to 1/1/99) AMBAC-Insured 7.625%(a) 3,091,649
Washington State GO:
4,655,000 NR+ Series R-96B 5.000% due 7/1/98 4,669,128
8,400,000 A-1+ Series 96B 3.650%(a) 8,400,000
Washington State Housing Finance Commission
Multi-Family Mortgage Revenue:
8,450,000 A-1+ Arbors on the Park Project 3.950%(a)(b) 8,450,000
7,840,000 VMIG 1* Glenbrooke Apartments Project Series A 3.800%(a)(b) 7,840,000
Washington State Public Power Supply Systems
Nuclear Project No. 1 Revenue Refunding:
3,000,000 A-1+ Series 1A-1 3.650%(a) 3,000,000
6,100,000 A-1+ Series 1A-3 3.600%(a) 6,100,000
18,385,000 A-1+ Series 3A-2 3.625%(a) 18,385,000
Yakima County Public Corp.:
6,100,000 P-1* Can Am Millwork Ltd. 3.900%(a)(b) 6,100,000
2,000,000 NR++ Longview Fibre Co. Project 3.900%(a)(b) 2,000,000
1,200,000 NR++ Yakima County Washington Public Corp. IDR
(John I. Haas Project) 3.850%(a) 1,200,000
- ----------------------------------------------------------------------------------------------------
157,520,777
- ----------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
28 1998 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
West Virginia -- 0.5%
<S> <C> <C> <C>
$ 950,000 NR++ Harrison County Nursing Facility Revenue Refunding
(Salem Health Care Corp.) 4.000% due 9/1/98(c) $ 950,000
Marion County Commission Solid Waste Disposal
Facility Revenue (Granttown Project):
5,000,000 A-1+ Series B 3.800%(a)(b) 5,000,000
3,400,000 A-1+ Series D 3.800%(a)(b) 3,400,000
1,730,000 NR++ Putnam County Solid Waste Disposal Revenue
(FMC Corp.) 3.750%(a)(b) 1,730,000
West Virginia State Hospital Finance Authoriy Hospital
Revenue (Mid-Atlantic/Cap) AMBAC Insured:
5,700,000 A-1 Series D 3.700%(a) 5,700,000
4,490,000 A-1 Series E 3.700%(a) 4,490,000
3,800,000 A-1 Series G 3.705%(a) 3,800,000
West Virginia Public Energy Authority Revenue
(Morgantown Association Project) TECP
9,100,000 A-1+ 3.350% due 5/11/98(b) 9,100,000
- ----------------------------------------------------------------------------------------------------
34,170,000
- ----------------------------------------------------------------------------------------------------
Wisconsin -- 2.5%
9,500,000 NR++ Brokaw Sewer & Solid Waste Revenue (Wausau
Paper Mills Co. Project) 3.950%(a)(b) 9,500,000
3,800,000 A-1+ Germantown Wisconsin IDR (Great Lakes Pack
Corp.) 3.850%(b) 3,800,000
22,005,000 A-1 Milwaukee Housing Economic Development Authority
PART 3.850%(a)(b) 22,005,000
6,605,000 NR++ Milwaukee WI GO PART 3.800%(a) 6,605,000
11,100,000 A-1+ Tax-Exempt Eagle Trust WI Housing & Economic
Development PART 3.920%(a)(b) 11,100,000
25,500,000 A-1+ University Hospitals & Clinics Authority Revenue
MBIA-Insured 3.650%(a) 25,500,000
10,495,000 A-1+ Wisconsin Central District Tax Revenue PART 3.870%(a) 10,495,000
Wisconsin GO TECP:
12,749,000 A-1+ Series A 3.750% due 4/2/98 12,749,000
3,861,000 A-1+ Series B 3.750% due 4/2/98 3,861,000
3,500,000 VMIG 1* Wisconsin HEFA Revenue (SSM Health Care Project)
Series A 3.500%(a) 3,500,000
3,850,000 VMIG 1* Wisconsin Housing and Economic Development
Authority Home Ownership Revenue PART
AMBAC-Insured 3.850%(a)(b) 3,850,000
6,320,000 A-1+ Wisconsin Public Power Inc. System Power Supply
System Revenue PART AMBAC-Insured 3.800%(a) 6,320,000
3,070,000 A-1+ Wisconsin State Health Facilities Authority Revenue
(Franciscan Health Care) 3.650%(a) 3,070,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 29
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATINGS SECURITY VALUE
====================================================================================================
Wisconsin -- 2.5% (continued)
<S> <C> <C> <C>
$ 8,800,000 NR++ Wisconsin State Health EFA Revenue (Edgewood
College Project) 3.750%(a) $ 8,800,000
8,600,000 SP-1+ Wisconsin State Operating Notes 4.500% due 6/15/98 8,614,299
Wisconsin Transportation Revenue:
10,375,000 A-1 3.600% due 4/2/98 10,375,000
10,395,000 A-1+ 3.500% due 4/16/98 10,395,000
- ----------------------------------------------------------------------------------------------------
160,539,299
- ----------------------------------------------------------------------------------------------------
Wyoming -- 0.7%
4,450,000 A-1+ Sublette County Wyoming PCR Series 84 3.750%(a) 4,450,000
Sweetwater County Wyoming PCR:
6,300,000 A-1+ Idaho Power Co. 3.800%(a) 6,300,000
6,500,000 A-1+ Pacific Corp. Series 84 3.800%(a) 6,500,000
16,680,000 A-1+ Unita County Wyoming PCR (Amoco Standard Oil Co.
Industries) 3.850% due 12/1/98(c) 16,680,000
10,710,000 VMIG 1* Wyoming Community Development Authority
PART 3.850%(a)(b) 10,710,000
- ----------------------------------------------------------------------------------------------------
44,640,000
- ----------------------------------------------------------------------------------------------------
Miscellaneous -- 2.2%
Clipper Blue Tax-Exempt PART:
65,406,984 VMIG 1* 95-1 3.870%(a)(b) 65,406,984
13,165,920 VMIG 1* 95-2 4.070%(a) 13,165,920
13,305,026 VMIG 1* 95 4.070%(a) 13,305,026
10,615,000 A-1+ Pooled Puttable Floating Options Tax-Exempt
PART 3.870%(a) 10,615,000
8,185,000 VMIG 1* Pooled Puttable Floating Options Tax-Exempt
PART 3.870%(a) 8,185,000
26,185,000 A-1+ Pooled Variable Rate Macon Trust PART 4.000%(a)(b) 26,185,000
- ----------------------------------------------------------------------------------------------------
136,862,930
- ----------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 100%
(Cost -- $6,344,997,087**) $6,344,997,087
====================================================================================================
</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 31 and 32 for definition of ratings and certain security
descriptions.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
30 1998 Annual Report to Shareholders
<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 that are rated "Aaa" are judged to be of the best quality. They
carry the smallest degree of investment risk and are generally referred
to as "gilt edge." Interest payments are protected by a large or by an
exceptionally stable margin and principal is secure. While the various
protective elements are likely to change, such changes as can be
visualized are most unlikely to impair the fundamentally strong
position of such issues.
Aa -- Bonds that are rated "Aa" are judged to be of high quality by all
standards. Together with the Aaa group they comprise what are generally
known as high grade bonds. They are rated lower than the best bonds
because margins of protection may not be as large as in Aaa securities
or fluctuation of protective elements may be of greater amplitude or
there may be other elements present which make the long-term risks
appear somewhat larger than in Aaa securities.
A -- Bonds that are rated "A" possess many favorable investment attributes
and are to be considered as upper medium grade obligations. Factors
giving security to principal and interest are considered adequate but
elements may be present which suggest a susceptibility to impairment
some time in the future.
Baa -- Bonds that are rated "Baa" are considered as medium grade obligations,
i.e., they are neither highly protected nor poorly secured. Interest
payments and principal security appear adequate for the present but
certain protective elements may be lacking or may be characteristically
unreliable over any great length of time. Such bonds lack outstanding
investment characteristics and in fact have speculative characteristics
as well.
NR -- Indicates that the bond is not rated by Standard & Poor's or Moody's.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 31
<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
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
- --------------------------------------------------------------------------------
32 1998 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities March 31, 1998
- --------------------------------------------------------------------------------
ASSETS:
Investments, at amortized cost $ 6,344,997,087
Cash 1,500,734
Interest receivable 49,908,106
Receivable for securities sold 31,978,779
Other assets 498,732
- --------------------------------------------------------------------------------
Total Assets 6,428,883,438
- --------------------------------------------------------------------------------
LIABILITIES:
Payable for securities purchased 80,760,000
Dividends payable 8,263,702
Management fees payable 2,425,051
Distribution fees payable 212,743
Deferred interest 4,314
Accrued expenses 494,234
- --------------------------------------------------------------------------------
Total Liabilities 92,160,044
- --------------------------------------------------------------------------------
Total Net Assets $ 6,336,723,394
================================================================================
NET ASSETS:
Capital stock (10,000,000,000 shares
authorized; par value $0.01 per share) $ 63,374,120
Capital paid in excess of par value 6,274,396,826
Accumulated net realized loss on security transactions (1,047,552)
- --------------------------------------------------------------------------------
Total Net Assets $ 6,336,723,394
================================================================================
Shares Outstanding:
Class A 6,336,917,982
-----------------------------------------------------------------------------
Class C 4,722
-----------------------------------------------------------------------------
Class Y 489,251
-----------------------------------------------------------------------------
Net Asset Value, per share $1.00
================================================================================
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 33
<PAGE>
- --------------------------------------------------------------------------------
Statement of Operations For the Year Ended March 31, 1998
- --------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest $215,612,082
- --------------------------------------------------------------------------------
EXPENSES:
Management fees (Note 3) 27,985,733
Distribution fees (Note 3) 5,800,028
Shareholder and system servicing fees 830,288
Shareholder communications 314,445
Registration fees 212,936
Custody 204,667
Directors' fees 64,521
Audit and legal 51,800
Other 12,302
- --------------------------------------------------------------------------------
Total Expenses 35,476,720
- --------------------------------------------------------------------------------
Net Investment Income 180,135,362
- --------------------------------------------------------------------------------
Net Realized Gain from Security Transactions 313,303
- --------------------------------------------------------------------------------
Increase in Net Assets From Operations $180,448,665
================================================================================
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
34 1998 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets For the Years Ended March 31,
- --------------------------------------------------------------------------------
1998 1997
================================================================================
OPERATIONS:
Net investment income $ 180,135,362 $ 156,274,255
Net realized gain (loss) 313,303 (68,434)
- --------------------------------------------------------------------------------
Increase in Net Assets From Operations 180,448,665 156,205,821
- --------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2) (180,135,362) (156,274,255)
- --------------------------------------------------------------------------------
FUND SHARE TRANSACTIONS (NOTE 5):
Net proceeds from sale of shares 26,427,767,746 23,013,880,836
Net asset value of shares issued for
reinvestment of dividends 173,887,645 155,223,817
Cost of shares reacquired (25,832,162,287) (23,015,472,861)
- --------------------------------------------------------------------------------
Increase in Net Assets From
Fund Share Transactions 769,493,104 153,631,792
- --------------------------------------------------------------------------------
Increase in Net Assets 769,806,407 153,563,358
NET ASSETS:
Beginning of year 5,566,916,987 5,413,353,629
- --------------------------------------------------------------------------------
End of year $ 6,336,723,394 $ 5,566,916,987
================================================================================
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 35
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements
- --------------------------------------------------------------------------------
1. Significant Accounting Policies
Smith Barney Municipal Money Market Fund, Inc. ("Fund"), a Maryland corporation,
is registered under the Investment Company Act of 1940, as amended, as a
diversified, open-end 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.
- --------------------------------------------------------------------------------
36 1998 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
3. Management Agreement and Other Transactions
Mutual Management Corp. ("MMC"), formerly known as Smith Barney Mutual Funds
Management Inc., 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.
Smith Barney Inc. ("SB"), another subsidiary of SSBH, acts as distributor of
Fund shares. Pursuant to a Distribution Plan, the Fund pays SB a service fee
calculated with respect to Class A and C 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 SB.
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.
At March 31, 1998, total paid-in capital amounted to the following for each
class:
Class A Class C Class Y
================================================================================
Total Paid-in Capital $6,337,275,791 $4,722 $490,433
================================================================================
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 37
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
Transactions in shares of each class were as follows:
Year Ended Year Ended
March 31, 1998 March 31, 1997
================================================================================
Class A
Shares sold 26,413,795,660 22,921,128,655
Shares issued on reinvestment 173,772,012 154,549,067
Shares redeemed (25,813,798,019) (22,908,963,488)
- --------------------------------------------------------------------------------
Net Increase 773,769,653 166,714,234
================================================================================
Class C
Shares sold -- 199,991
Shares issued on reinvestment 212 3,890
Shares redeemed (10,611) (232,619)
- --------------------------------------------------------------------------------
Net Decrease (10,399) (28,738)
================================================================================
Class Y
Shares sold 13,972,086 92,552,190
Shares issued on reinvestment 115,421 670,860
Shares redeemed (18,353,657) (106,276,754)
- --------------------------------------------------------------------------------
Net Decrease (4,266,150) (13,053,704)
================================================================================
- --------------------------------------------------------------------------------
38 1998 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
For a share of each class of capital stock outstanding throughout each year:
Class A Shares 1998 1997 1996 1995 1994
================================================================================
Net Asset Value,
Beginning of Year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------
Net investment income (1) 0.031 0.029 0.033 0.027 0.019
Dividends from
net investment income (0.031) (0.029) (0.033) (0.027) (0.019)
- --------------------------------------------------------------------------------
Net Asset Value, End of Year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------
Total Return 3.15% 2.94% 3.34% 2.71% 1.89%
- --------------------------------------------------------------------------------
Net Assets,
End of Year (millions) $6,336 $5,562 $5,395 $4,651 $1,286
- --------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses (1) 0.61% 0.67% 0.63% 0.61% 0.64%
Net investment income 3.10 2.90 3.28 3.01 1.87
================================================================================
Class C Shares 1998 1997 1996 1995(2) 1994(3)
================================================================================
Net Asset Value,
Beginning of Year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------
Net investment income (1) 0.031 0.029 0.033 0.027 0.019
Dividends from
net investment income (0.031) (0.029) (0.033) (0.027) (0.019)
- --------------------------------------------------------------------------------
Net Asset Value, End of Year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------
Total Return 3.16% 2.94% 3.34% 2.71% 1.89%++
- --------------------------------------------------------------------------------
Net Assets,
End of Year (millions) $ 0.01 $ 0.02 $ 0.04 $ 1.0 $ 5.0
- --------------------------------------------------------------------------------
Ratios of Average Net Assets:
Expenses (1) 0.61% 0.67% 0.60% 0.61% 0.64%+
Net investment income 3.15 2.89 3.43 3.01 1.87+
================================================================================
(1) 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%
Class C 0.0001 0.0002 0.62 0.63
(2) On November 7, 1994, the former Class B shares were renamed Class C
Shares.
(3) For the period from May 25, 1993 (inception date) to March 31, 1994.
++ Total return is not annualized, as it may not be representative of the
total return for the year.
+ Annualized.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 39
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights (continued)
- --------------------------------------------------------------------------------
For a share of each class of capital stock outstanding throughout each year:
Class Y Shares 1998 1997 1996(1)
================================================================================
Net Asset Value, Beginning of Year $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------
Net investment income 0.032 0.030 0.004
Dividends from net investment income (0.032) (0.030) (0.004)
- --------------------------------------------------------------------------------
Net Asset Value, End of Year $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------
Total Return 3.25% 3.04% 0.39%++
- --------------------------------------------------------------------------------
Net Assets, End of Year (millions) $ 0.5 $ 5.0 $ 18.0
- --------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses 0.52% 0.57% 0.55%+
Net investment income 3.23 3.00 2.81+
================================================================================
(1) 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.
- --------------------------------------------------------------------------------
Tax Information (unaudited)
- --------------------------------------------------------------------------------
For Federal tax purposes the Fund hereby designates for the fiscal year ended
March 31, 1998:
o 100% of the dividends paid by the Fund from net investment income as
tax exempt for regular Federal income tax purposes.
- --------------------------------------------------------------------------------
40 1998 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Independent Auditors' Report
- --------------------------------------------------------------------------------
To the Shareholders and Board of Directors of the Smith Barney Municipal Money
Market Fund, Inc.:
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of the Smith Barney Municipal Money Market Fund,
Inc. as of March 31, 1998, and the related statement of operations for the year
then ended, the statements of changes in net assets for each of the years in the
two-year period then ended, and the financial highlights for each of the years
in the five-year period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management.
Our responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of March
31, 1998, by correspondence with the custodian. As to securities purchased or
sold but not yet received or delivered, we performed other appropriate auditing
procedures. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Smith Barney Municipal Money Market Fund, Inc. as of March 31, 1998, and the
results of its operations for the year then ended, the changes in its net assets
for each of the years in the two-year period then ended, and the financial
highlights for each of the years in the five-year period then ended, in
conformity with generally accepted accounting principles.
/s/ KPMG Peat Marwick LLP
New York, New York
May 15, 1998
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 41
<PAGE>
3
SMITH BARNEY
A Member of Travelers Group[LOGO]
Smith Barney
Municipal Money
Market Fund, Inc.
Directors
Donald R. Foley
Paul Hardin
Heath B. McLendon, Chairman
Roderick C. Rasmussen
John P. Toolan
Joseph H. Fleiss, Emeritus
C. Richard Youngdahl, 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
Smith Barney 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.
Smith Barney Municipal
Money Market Fund, Inc.
388 Greenwich Street
New York, New York 10013
www.smithbarney.com
FD2396 5/98
