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Smith Barney
Municipal
Money Market
Fund, Inc.
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ANNUAL REPORT
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March 31, 1999
[LOGO] Smith Barney Mutual Funds
Investing for your future.
Every day.(R)
<PAGE>
Smith Barney
Municipal
Money Market
Fund, Inc.
[PHOTO OMITTED]
HEATH B.
MCLENDON
Chairman
[PHOTO OMITTED]
JOSEPH P.
DEANE
Vice President
[PHOTO OMITTED]
JOSEPH
BENEVENTO
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 period ended March 31, 1999.
We hope you find this report to be useful and informative. 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, 1999, the Municipal Money Market Fund's 7-day current yield was
2.48%. The Fund's 7-day effective yield -- which reflects compounding -- was
2.51%. This means that investors in the federal income tax bracket of 36% would
have to earn a 3.92% taxable yield to match the tax-free income provided by the
Fund.
Please note that an investment in the Fund is not insured nor guaranteed by the
Federal Deposit Insurance Corporation or any other government agency. Although
the Fund seeks to preserve the value of your investment at $1. 00 per share, it
is possible to lose money by investing in the Fund.
Market & Economic Overview
The U.S. economy has once again proved its resilience despite challenges
presented by faltering economies in a number of foreign countries. Gross
Domestic Product ("GDP"), a key economic indicator that measures the total
output of goods and services in the U.S., expanded by roughly 3.9% in 1998. The
U.S. economy continues to experience strong domestic demand, fueling solid
employment growth. Currently the U.S. unemployment rate is at its lowest level
in nearly thirty years. While the current expansion, now in its ninth year, has
strained
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Smith Barney Municipal Money Market Fund, Inc. 1
<PAGE>
available labor resources, there have been few signs of rising inflation. The
downside risk for the economy remains the building inflationary pressures
stemming from continued strong demand coupled with tight labor markets.
At the most recent Federal Open Market Committee ("FOMC") meeting monetary
policy was left unchanged. The last action by the Federal Reserve Board ("Fed")
began in late September when instability in the financial markets prompted the
FOMC to initiate three pre-emptive moves, lowering the federal-funds rate from
5.50% to 4.75%.
Tax-Exempt Money Market Overview and Outlook
During the reporting period, two factors have set the stage for decreased supply
in the municipal money market. Strong state finances - as a result of increased
income tax collections from strong economic growth - have brought added
liquidity to state and local government general funds. This in turn has
decreased the need for short term municipal issuance. In the variable rate
demand obligation market, supply has decreased because many issuers are
extending out to the longer end of the municipal bond yield curve in order to
lock in historically low borrowing rates.
Variable rate demand obligations are demand instruments that usually have an
indicated maturity of more than one year, but they 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 rates on set dates and
are generally supported by letters of credit issued by domestic or foreign
banks.
As a result of decreased supply, coupled with strong demand from many municipal
money market funds, rates have become historically rich versus our taxable
counterparts. Currently, the short end of the municipal market has already
geared up for seasonal redemptions relating to individual and corporate income
tax payments. As money is moved out of the market, we expect to see some relief
and variable rate demand obligations should then represent better investment
opportunities.
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 financings. With
strong finances, we do not expect an increase in annual cash flow borrowing.
However, we do anticipate an increase in state infrastructure financing projects
in the form of bond anticipation notes (BANs) and that could help to ease supply
concerns.
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2 1999 Annual Report to Shareholders
<PAGE>
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 the Fund's average maturity to a 40-day range. This should enable us
both to take advantage of attractive rates in the variable rate demand
obligations market and help us contend with seasonal redemptions that normally
occur during April tax season. Over the coming months, as we enter the note
financing season, we aim to extend the Fund's average maturity.
In closing, thank you for investing in the Smith Barney Municipal Money Market
Fund, Inc. We encourage you to visit our website at www.smithbarney.com and we
look forward to continuing to help you pursue your financial goals.
Sincerely,
/s/ Heath B. McLendon /s/ Joseph P. Deane
Heath B. McLendon Joseph P. Deane
Chairman Vice President
/s/ Joseph Benevento
Joseph Benevento
Vice President
April 30, 1999
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Smith Barney Municipal Money Market Fund, Inc. 3
<PAGE>
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Schedule of Investments March 31, 1999
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<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Alabama -- 0.8%
$ 5,935,000 NR+ Boaz IDB (Parker Hannifen Corp.) 3.05%(b) $ 5,935,000
950,000 NR+ Cullman IDR (Pressac Project) 3.30%(b) 950,000
7,400,000 A-1+ Decatur City Solid Waste Amoco 95 3.30%(b) 7,400,000
6,000,000 A-1+ Decatur IDR NEO Industries Series 98 3.30%(b)(c) 6,000,000
1,255,000 A-1+ Demopolis IDR (Mclain Inc. Project) 3.09%(b)(c) 1,255,000
6,930,000 A-1+ Huntsville GO Warrants PART 3.20%(b) 6,930,000
8,000,000 A-1 Montgomery BMC Special Care Facilities Authority Revenue
(VHA Alabama Inc. Cap) AMBAC-Insured 3.15%(b) 8,000,000
2,000,000 P-1* Phenix City Kraft IDR 3.10%(b) 2,000,000
16,500,000 A-1+ Tuscaloosa County IDA Solid Waste Disposal Revenue
(Tuscaloosa Steel Corp. Project) 3.05%(b)(c) 16,500,000
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54,970,000
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Alaska -- 0.7%
Alaska State Housing Finance Corp.:
16,635,000 VMIG 1* Government Purpose University Series 97A 3.05%(b) 16,635,000
11,115,000 VMIG 1* PART AMBAC-Insured 3.40% due 4/8/99(d) 11,115,000
Valdez Marine Term Revenue
(ARCO Transportation Project):
2,000,000 VMIG 1* Series 94A TECP 2.95% due 6/10/99 2,000,000
3,600,000 VMIG 1* Series 94A TECP 2.95% due 6/09/99 3,600,000
11,900,000 VMIG 1* Series B 3.05%(b) 11,900,000
7,700,000 VMIG 1* Valdez Exxon Corp., Series 93C 3.10%(b) 7,700,000
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52,950,000
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Arizona -- 1.8%
Apache County IDR PCR Tucson Electric Power Co.:
8,000,000 A-1+ IDR Series 83B 3.05%(b) 8,000,000
24,600,000 A-1+ PCR Series 83A 3.05%(b) 24,600,000
3,500,000 SP-1+ Arizona School District Cop TAN Series B
4.20% due 7/30/99 3,514,376
22,000,000 SP-1+ Arizona School District TAN Finance Progam Series A
4.10% due 7/30/99 22,039,443
1,300,000 A-1+ Coconino County PCR PUB SVC Navajo 3.25%(b) 1,300,000
Maricopa County PCR (Southern California Edison):
7,550,000 A-1 TECP Series D 3.15% due 7/16/99 7,550,000
1,200,000 A-1 TECP Series E 3.15% due 7/16/99 1,200,000
Mesa Muni Development Corp (Special Tax):
2,300,000 A-1+ TECP Series 85 3.15% due 7/22/99 2,300,000
4,155,000 VMIG 1* TECP Series 96B 3.30% due 10/6/99 4,155,000
23,600,000 A-1+ Phoenix Civic Improvement Corp (Excise Tax) 3.05%(b)(c) 23,600,000
9,500,000 VMIG 1* Phoenix GO Series 16 PART 3.10%(b) 9,500,000
</TABLE>
See Notes to Financial Statements.
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4 1999 Annual Report to Shareholders
<PAGE>
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Schedule of Investments (continued) March 31, 1999
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<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Arizona -- 1.8% (continued)
Pima County IDA:
$ 8,000,000 A-1+ IDR Tucson Electric Power Series A 3.05%(b) $ 8,000,000
10,055,000 A-1+ Single Family Mortgage GNMA PART
3.45% due 4/8/99(c)(d) 10,055,000
2,800,000 A-1 Pinal County IDR PCR Magma Copper Project 92
3.00%(b) 2,800,000
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128,613,819
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Arkansas -- 0.6%
2,650,000 NR+ Atkins IDR (Green Bay Foods Project) 3.15%(b)(c) 2,650,000
3,300,000 VMIG 1* Fayetteville IDR (Amcast Industrial Corp.) 3.05%(b)(c) 3,300,000
7,000,000 NR+ Pine Bluff IDR (Greenfield Inc. Project) 3.15%(b)(c) 7,000,000
6,000,000 NR+ Searcy IDR (Kohler Project) Series 88 3.15%(b)(c) 6,000,000
2,750,000 NR+ Sheridan IDR (Kohler Project) Series 85 3.05%(b) 2,750,000
14,500,000 A-1 Union County Solid Waste (Adj-Del-Tin Fiber LLC Project)
Series 97B 3.10% (b)(c) 14,500,000
3,550,000 A-1+ Warren Solid Waste Disposal Revenue (Potlatch Corp.
Project) 3.15%(b)(c) 3,550,000
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39,750,000
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California -- 2.6%
11,000,000 SP-1+ Alameda County California TRAN Series 99 4.50%
due 7/7/99 11,025,385
7,740,000 A-1+ Alameda Transporation Authority PART MBIA-Insured
2.95%(b) 7,740,000
California Higher Education Loan Authority Inc. Revenue:
9,675,000 VMIG 1* Series 87C 3.75% due 6/1/99(c)(d) 9,675,000
20,000,000 VMIG 1* Series B 3.65% due 7/1/99(d) 20,000,000
32,900,000 VMIG 1* Series 87A 3.80% due 5/1/99(d) 32,900,000
25,000,000 VMIG 1* Series 94 3.75% due 6/1/99(d) 25,000,000
37,000,000 SP-1+ Fresno County TRAN 4.00% due 7/1/99 37,036,445
10,000,000 SP-1+ Los Angeles City TRAN Series 99 4.00% due 6/30/99 10,010,339
14,800,000 SP-1+ Los Angeles County TRAN Series A 4.50% due 6/30/99 14,832,751
1,500,000 A-1+ Regional Airports Improvement Corp. (Los Angeles
International Airport) 3.15%(b)(c) 1,500,000
14,005,000 A-1 University of California Revenue Reference PART
Series E 2.84%(b) 14,005,000
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183,724,920
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Colorado -- 2.0%
6,000,000 A-1 Colorado Housing & Finance Authority (Celestial
Seasoning) 3.20%(b)(c) 6,000,000
Colorado HFA MFH:
7,800,000 A-1+ Central Park Series 96C 3.00%(b) 7,800,000
4,370,000 A-1+ Greenwood Point Series 96D 3.00%(b) 4,370,000
7,500,000 A-1+ Hamptons Series 96G 3.00%(b) 7,500,000
5,100,000 A-1+ Huntersridge Series 96E 3.00%(b) 5,100,000
</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, 1999
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<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Colorado -- 2.0% (continued)
$ 4,490,000 P-1* Colorado Postsecondary EFA Revenue (Regis Jesuit
High School Project) 3.10%(b) $ 4,490,000
15,000,000 SP-1+ Colorado State General Fund Revenue TRAN Series A
Series 99 4.00% due 6/25/99 15,015,165 Colorado
Student Loan Authority AMBAC-Insured:
4,200,000 VMIG 1* Series 89A 3.15%(b)(c) 4,200,000
5,000,000 VMIG 1* Series 90A 3.15%(b)(c) 5,000,000
5,450,000 VMIG 1* Series 99A-1 3.05%(b) 5,450,000
7,500,000 VMIG 1* Series 99A-3 3.15%(b)(c) 7,500,000
Denver City & County Airport Revenue:
7,000,000 A-1+ MBIA-Insured PART 3.09%(b) 7,000,000
9,900,000 A-1+ Series 97A TECP 3.00% due 4/9/99 9,900,000
8,000,000 SP-1+ Douglas County School District CO TANS Series 98
3.75% due 6/30/99 8,015,490
20,000,000 SP-1+ Jefferson County CO School District TANS Series 98R-1
3.15% due 6/30/99 20,041,056
11,200,000 A-1 Lakewood MFH Revenue (Marston Pointe Apartments
Project) 3.15%(b)(c) 11,200,000
14,000,000 A-1+ Lower Colorado River Authority TECP 2.85% due 6/15/99 14,000,000
- ---------------------------------------------------------------------------------------------------------
142,581,711
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Delaware -- 0.8%
Delaware State Economic Development Authority:
31,000,000 A-1+ IDA (Star Enterprises) Series B 3.00%(b)(c) 31,000,000
16,000,000 A-1+ Clean Power Project Series C 3.05%(b)(c) 16,000,000
2,660,000 NR+ Delaware Health Facilities Authority (Christiana
Care Services) AMBAC-Insured 4.50% due 10/1/99 2,674,271
5,795,000 A-1 New Castle County Economic Development Revenue
Refunding (Henderson McGuire Project) 3.05%(b) 5,795,000
- ---------------------------------------------------------------------------------------------------------
55,469,271
- ---------------------------------------------------------------------------------------------------------
District of Columbia -- 1.2%
24,355,000 AAA District of Columbia GO Series A Refunding
AMBAC-Insured (Pre-Refunded--Escrowed with
U.S government securities to 6/1/99 Call @ 102)
7.50% due 6/1/99 25,016,340
1,300,000 A-1 District of Columbia General Fund Series B-2 3.25%(b) 1,300,000
7,830,000 VMIG 1* District of Columbia HFA (Carmel Series) A 3.15%(b) 7,830,000
4,500,000 A-1+ District of Columbia (National Academic Science) TECP
Series 99B 3.10% due 4/8/99 4,500,000
2,000,000 VMIG 1* District of Columbia Revenue (American University)
AMBAC-Insured Series 85 3.00%(b) 2,000,000
39,000,000 SP-1+ District of Columbia TRAN Series B 3.75% due 9/30/99 39,123,032
6,980,000 A-1+ Macon Pooled Variable Rate PART MBIA-Insured 3.26%(b) 6,980,000
- ---------------------------------------------------------------------------------------------------------
86,749,372
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
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6 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Florida -- 2.0%
$ 1,100,000 A-1+ Citrus Park Community District Capital
Improvement 3.02%(b) $ 1,100,000
30,000,000 A-1+ Collier County (Cleveland Clinic) Series 99 3.10%(b) 30,000,000
1,000,000 A-1+ Dade County Power & Light Series 93 3.25%(b) 1,000,000
10,000,000 VMIG 1* Dade County Water & Sewer PART FGIC-Insured
3.14%(b) 10,000,000
2,300,000 A-1+ Florida Capital Projects Finance Authority Revenue
(Capital Projects Loan Program) Series 97A
FSA-Insured 3.00%(b) 2,300,000
6,220,000 A-1+ Florida HFA PART Series 96 3.12%(b)(c) 6,220,000
6,350,000 A-1+ Florida HFA Springs Colony Project Series 85FF 3.00%(b) 6,350,000
6,000,000 A-1 Florida Local Government Community Association
of Counties Pooled Progam A TECP
3.15% due 9/7/99 6,000,000
3,235,000 A-1+ Florida State Board of Education FGIC-Insured PART
3.07%(b) 3,235,000
3,000,000 AAA Florida State Turnpike Authority (Pre-Refunded--
Escrowed with U.S. government securities to 7/1/99
Call @ 102) 7.5% due 6/1/09 3,087,849
1,500,000 VMIG 1* Hillsborough County (Seaboard Tampa) 198 3.00%(b)(c) 1,500,000
5,000,000 A-1 Hillsborough County (Petroleum Packers) 3.20%(b)(c) 5,000,000
Jacksonville PCR Power and Light:
1,500,000 A-1+ TECP Series 92 2.90% due 5/13/99 1,500,000
3,000,000 A-1+ TECP Series 92 3.00% due 5/13/99 3,000,000
1,500,000 A-1+ TECP Series 94 2.90% due 6/10/99 1,500,000
2,400,000 A-1+ TECP Series 94 2.95% due 6/10/99 2,400,000
3,000,000 NR+ Manatee Avon Cabinet Corp 3.15%(b)(c) 3,000,000
Miami Dade County School of Board Corp. FSA-Insured:
5,560,000 NR+ Series C 4.00% due 5/1/99 5,564,508
3,750,000 NR+ Series C 4.00% due 8/1/99 3,762,261
2,200,000 VMIG 1* Pasco County HFA Multi-Family Revenue
(Carlton Arms Magnolia) 3.12%(c) 2,200,000
2,350,000 NR+ Pinellas County Industrial Council IDR
(Molex EXT Inc. Project) 3.15%(b)(c) 2,350,000
5,000,000 VMIG 1* Pinellas County HSG Foxbridge Apts 3.00%(b) 5,000,000
5,000,000 A-1+ Polk IDA Farmland Hydro LLP Series 99 3.10%(b)(c) 5,000,000
3,000,000 A-1+ Saint Lucie County Power and Light, TECP
Series 94A 2.95% due 6/10/99 3,000,000
1,000,000 A-1+ Saint Lucie County Solid Waste District Power & Light
3.35%(b)(c) 1,000,000
Sunshine State Government Finance Series 1986:
2,700,000 VMIG 1* TECP AMBAC-Insured 2.95% due 6/10/99 2,700,000
7,825,000 VMIG 1* TECP AMBAC-Insured 3.15% due 8/10/99 7,825,000
5,700,000 A-1+ Tampa Occupational License Tax FGIC-Insued
Series A 3.02%(b) 5,700,000
</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, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Florida -- 2.0% (continued)
$11,000,000 VMIG 1* West Orange Memorial Hospital Series A1 TECP
3.20% due 7/22/99 $ 11,000,000
- ---------------------------------------------------------------------------------------------------------
142,294,618
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Georgia -- 4.3%
9,845,000 A-1+ Atlanta G.O. PART FGIC-Insured 3.07%(b) 9,845,000
7,250,000 A-1+ Atlanta Water & Sewer PART FGIC-Insured 3.20%(b) 7,250,000
6,700,000 A-1 Bartow County Power CO PCR Series 1 3.35%(b)(c) 6,700,000
Burke County PCR Georgia Power Co.:
8,200,000 A-1 Series 2 3.10%(b) 8,200,000
7,000,000 A-1 Series 3 3.20%(b) 7,000,000
39,200,000 A-1 Series 4 3.30%(b) 39,200,000
8,200,000 NR+ Burke (Oglethorpe Power) 98B TECP AMBAC-Insured
3.15% due 8/10/99 8,200,000
2,400,000 NR+ Carrollton IDR Holox Limited Project 3.00%(b)(c) 2,400,000
3,725,000 NR+ Clayton (Mcilrath Corp.) Project 3.09%(b) 3,725,000
1,200,000 NR+ Cobb County IDR Development Authority
(RLR Industries Inc. Project) 3.00%(b)(c) 1,200,000
4,055,000 A-1+ Cobb County Multi-Family Housing Williamstown
Apartment Project Series 89 3.15%(b)(c) 4,055,000
3,000,000 NR+ Decatur and Bainbridge Counties Development Authority
(Thomas & Betts Project) 3.00%(b)(c) 3,000,000
De Kalb County Multi-Family Housing Authority
Revenue Refunding:
5,100,000 A-1+ Camden Brook Project 3.05%(b) 5,100,000
1,800,000 A-1+ Clairmont Crest Project 3.05%(b) 1,800,000
2,500,000 NR+ Dodge County IDA (Sylvan Hardwoods LLC Project)
3.00%(b)(c) 2,500,000
6,200,000 A-1+ Fayette County IDR Gardner Denver Co. 3.10%(b)(c) 6,200,000
Fulton County:
14,000,000 NR+ Pace Academy Inc. 3.00%(b) 14,000,000
4,000,000 NR+ Authority Metro Altanta YMCA 97 3.00%(b) 4,000,000
3,500,000 NR+ IDA (Charles Mackarvich Project) 3.00%(b)(c) 3,500,000
7,750,000 A-1+ HSG (Spring Creek) 3.00%(b) 7,750,000
3,100,000 A-1+ HSG (Greenhouse Holcomb Project) 3.00%(b) 3,100,000
19,300,000 VMIG 1* Flight Safety Equipment Series 99 3.15%(b)(c) 19,300,000
8,000,000 VMIG 1* Flight Safety Impovement Series 99 3.15%(b)(c) 8,000,000
Georgia State GO:
4,820,000 A-1+ Series B PART 3.07%(b) 4,820,000
14,690,000 A-1+ Series D PART 3.07%(b) 14,690,000
10,125,000 A-1+ Series C PART 3.07%(b) 10,125,000
10,200,000 A-1+ Series 91C PART 3.07%(b) 10,200,000
4,580,000 VMIG 1* Series C PART 3.20%(b) 4,580,000
4,835,000 VMIG 1* Series 93C PART 3.20%(b) 4,835,000
</TABLE>
See Notes to Financial Statements.
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8 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Georgia -- 4.3% (continued)
Georgia Municipal Electricity Authority:
$ 6,600,000 A-1+ Series C 3.05%(b) $ 6,600,000
14,610,000 A-1+ PART FGIC-Insured 3.07%(b) 14,610,000
3,000,000 A-1+ Georgia Municipal Gas Authority (Agency Project)
Series C 3.05%(b) 3,000,000
3,000,000 NR+ Georgia State Ports Authority (Colonels Terminal
Project) 3.00%(b) 3,000,000
3,900,000 A-1+ Gwinnett County School District
IDR Christian Acadamy 3.00%(b) 3,900,000
5,000,000 NR+ Haralson County Development IDR
(Gold Kist Project) 3.00%(b)(c) 5,000,000
2,700,000 NR+ Jackson County IDA IDR (Snider Tire Inc.
Project) 3.00%(b)(c) 2,700,000
4,800,000 A-1+ Marietta Housing Authority Multi-Family Revenue
Refunding (Concepts 21 Apartments) 3.00%(b) 4,800,000
10,000,000 A-1+ Met Atlanta Rapid Trans PART MBIA-Insured 3.07%(b) 10,000,000
5,000,000 A-1+ Municipal Electricity Authority Special Obligation
MBIA-Insured PART 3.09%(b) 5,000,000
3,200,000 NR+ Pike County IDA IDR (Thomaston Mills Inc. Project)
3.00%(b)(c) 3,200,000
5,000,000 NR+ Smyrna Housing Authority Multi-Family Housing
Revenue (Walton Grove Project) 3.00%(b)(c) 5,000,000
4,700,000 A-1+ Thomaston-Upson County IDA Revenue (De Ster
Production Corp.) Series A 3.20%(b)(c) 4,700,000
4,900,000 A-1+ Tift County (Burlen Corp.) 3.10%(b)(c) 4,900,000
Tift County IDA IDR (Queen Carpet Corp. Project):
3,000,000 NR+ Series A 3.00%(b)(c) 3,000,000
1,500,000 NR+ Series B 3.15%(b) 1,500,000
2,000,000 NR+ Valdosta-Lowndes (South Pecan Co.) 3.10%(b)(c) 2,000,000
- ---------------------------------------------------------------------------------------------------------
308,185,000
- ---------------------------------------------------------------------------------------------------------
Hawaii -- 0.1%
1,000,000 VMIG 1* Hawaii HSG Finance & Development Corp.
Series 93A 3.25%(b) 1,000,000
6,820,000 VMIG 1* Honolulu Waste and Water PART FGIC-Insured
3.40% due 11/17/99(d) 6,820,000
- ---------------------------------------------------------------------------------------------------------
7,820,000
- ---------------------------------------------------------------------------------------------------------
Idaho -- 0.4%
13,000,000 A-1+ Custer County PCR (Amoco Oil) 3.30% due 4/1/99(d) 13,000,000
16,680,000 VMIG 1* Idaho HFA FHA-Insured PART 3.725% due 4/8/99(c)(d) 16,680,000
- ---------------------------------------------------------------------------------------------------------
29,680,000
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 9
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Illinois -- 9.9%
$15,660,000 A-1+ Central Lake Community Joint Action
Water Agency Interim Water Revenue
FGIC-Insured PART 2.95% due 7/15/99(d) $ 15,660,000
5,500,000 NR+ Centralia Hollywood Brands Series 83 3.05%(b) 5,500,000
43,040,000 VMIG 1* Chicago Water Revenue FGIC-Insured PART 3.09%(b) 43,040,000
11,680,000 A-1+ Chicago GO AMBAC-Insured PART 3.09%(b) 11,680,000
6,425,000 A-1+ Chicago GO AMBAC-Insured PART 3.20%(b) 6,425,000
4,000,000 A-1+ Chicago IDR (Freedman Seating) Co. Project 3.09%(b)(c) 4,000,000
5,000,000 A-1+ Chicago IDR (Zenith Controls) 3.09%(b)(c) 5,000,000
20,000,000 A-1+ Chicago Board of Education AMBAC-Insured PART
2.95% due 7/15/99(d) 20,000,000
9,300,000 A-1+ Chicago Midway Airport Series B 3.20%(b)(c) 9,300,000
3,300,000 VMIG 1* Chicago Multi-Family Housing (Waveland Assoc. Project)
Series D 3.00%(b) 3,300,000
7,000,000 A-1+ Chicago O'Hare International Airport Revenue,
Second Lien Series 94C 3.00%(b) 7,000,000
28,940,000 A-1 Chicago School Reference Series 91 PART
3.00% due 5/4/99(d) 28,940,000
10,000,000 SP-1+ Chicago Tender Notes Series 99 2.95% due 1/27/00 10,000,000
19,657,000 VMIG 1* Cook County GO PART FGIC-Insured 3.14%(b) 19,657,000
8,235,000 A-1+ Cook County GO PART MBIA-Insured 3.09%(b) 8,235,000
14,770,000 A-1+ Elmhurst JT Comm Accreditation (Commonwealth
Edison Co. Project) 3.00%(b) 14,770,000
Illinois Development Authority:
3,225,000 A-1+ 6 West Hubbard Street 3.20%(b)(c) 3,225,000
4,485,000 A-1+ CHS Acquistion Corp. 3.09%(b)(c) 4,485,000
5,155,000 A-1+ Continental Midland Inc. 3.09%(b)(c) 5,155,000
1,800,000 A-1+ IDA Nuqay Industries Inc. Project 3.09%(b)(c) 1,800,000
2,000,000 A-1+ Kindlon Partners Project 3.09%(b)(c) 2,000,000
5,000,000 A-1+ Praire Packaging Inc. Project 3.09%(b)(c) 5,000,000
3,000,000 A-1+ Roll Service Inc. Project 3.10%(b)(c) 3,000,000
5,755,000 A-1+ F.C. Ltd. Partnership Project 3.09%(b)(c) 5,755,000
Illinois Development Finance Authority PCR:
15,000,000 A-1+ Series 87B 3.05%(b)(c) 15,000,000
12,000,000 A-1+ Series 1994C AMBAC-Insured 3.05%(b) 12,000,000
27,000,000 A-1+ Series 1997A MBIA-Insured 3.10%(b)(c) 27,000,000
4,500,000 A-1+ Series 1997C MBIA-Insured 3.05%(b)(c) 4,500,000
5,700,000 A-1+ Illinois Development Finance Authority Housing Revenue
(Cinnamon Lake Tower) 3.05%(b)(c) 5,700,000
5,600,000 A-1+ Illinois Development Finance Authority (Symphony Project)
Series 96 2.90%(b) 5,600,000
8,000,000 A-1+ Illinois Development Finance Authority (Palos Community
Hospital) Series 98 3.00%(b) 8,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
10 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Illinois -- 9.9% (continued)
$ 2,000,000 A-1+ Illinois Development Finance Authority
(Sinai Community Institution Project) 3.00%(b) $ 2,000,000
2,600,000 A-1+ Illinois Development Authority Provena Health Series C
MBIA-Insured 3.00%(b) 2,600,000
2,000,000 A-1+ Illinois Development Authority Glenwood School
For Boys 2.95%(b) 2,000,000
Illinois Development Finance Authority Revenue:
35,000,000 A-1+ Adventist Health Systems Series A MBIA-Insured
3.10%(b) 35,000,000
3,000,000 A-1+ Harris Pavilion (Residential Rental) 3.05%(b)(c) 3,000,000
9,500,000 A-1+ Safety Education - Foundation For Safety 3.00%(b) 9,500,000
14,400,000 A-1+ Illinois HDA Residential Mortgage Revenue PART
AMBAC-Insured 3.45% due 4/8/99(b)(d) 14,400,000
2,800,000 A-1+ Illinois HSG Development Authority Community Howard
Theatre 3.09%(b)(c) 2,800,000
Illinois Health Facilities Alexian Medical Center TECP:
2,520,000 A-1+ Series 2005 3.15% due 6/10/99 2,520,000
1,100,000 A-1+ Series 2014 3.15% due 6/10/99 1,100,000
1,800,000 A-1+ Series 2016 3.15% due 6/10/99 1,800,000
1,300,000 A-1+ Series 2016 3.20% due 7/22/99 1,300,000
Illinois Health Facilities Authority Revenue:
10,525,000 VMIG 1* Edgewater Medical Center Series B 3.05%(b) 10,525,000
14,430,000 VMIG 1* Pekin Memorial Hospital Series B 3.05%(b) 14,430,000
5,500,000 VMIG 1* Pekin Memorial Hospital Series C 3.05%(b) 5,500,000
5,000,000 VMIG 1* Pekin Memorial Hospital Series 97 3.05%(b) 5,000,000
4,025,000 A-1+ Pool Loan Series D 2.95%(b) 4,025,000
6,400,000 A-1+ Swedish Covenant Hospital Project
AMBAC-Insured 3.07%(b) 6,400,000
9,950,000 A-1+ University of Chicago Hospital MBIA-Insured 3.10%(b) 9,950,000
University of Chicago TECP Series 85:
1,500,000 VMIG 1* 2.95% due 5/3/99 1,500,000
25,000,000 VMIG 1* 2.95% due 1/27/00 25,000,000
24,550,000 A-1+ Victory Health Services Series 97B TECP 2.95%
due 5/13/99 24,550,000
4,000,000 VMIG 1* Illinois Education Facilities Authority
(Museum of Science) 2.95%(b) 4,000,000
1,600,000 A-1+ Illinois Education Facilities (National College
Education) 3.05%(b) 1,600,000
15,735,000 A-1+ Illinois RTA PART FGIC-Insured 3.07%(b) 15,735,000
3,255,000 A-1+ Illinois State Sales Tax Revenue PART
FSA-Insured 3.07%(b) 3,255,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 11
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Illinois -- 9.9% (continued)
Illinois State Toll Highway Authority FSA-Insured:
$ 8,800,000 VMIG 1* Series B 3.05%(b) $ 8,800,000
13,000,000 A-1+ Series 98B 3.05%(b) 13,000,000
Illinois Student Assistance Community Student
Loan Revenue:
2,940,000 VMIG 1* Series 96A 3.10%(b)(c) 2,940,000
7,800,000 VMIG 1* Series 97A 3.10%(b)(c) 7,800,000
2,470,000 NR+ Lincolnwood IDR Refunding (Illinois Self Storage Center)
3.10%(b) 2,470,000
2,500,000 A-1+ Lisle MFH (Ashley of Lisle Project) 3.10%(b) 2,500,000
3,300,000 A-1+ Lockport IDR (Panduit Corp. Project) 3.00%(b)(c) 3,300,000
Madison County Shell Oil Project:
3,000,000 A-1+ Series 88 3.30%(b)(c) 3,000,000
11,400,000 A-1+ Series 97A 3.30%(b)(c) 11,400,000
Metropolitan Pier Exposition Authority McCormick:
19,415,000 A-1+ FGIC-Insured PART 3.07%(b) 19,415,000
10,000,000 A-1+ FGIC-Insured PART 3.09%(b) 10,000,000
2,000,000 A-1+ Oswego IDR (Griffith Laboratories Project) 3.00%(b)(c) 2,000,000
5,250,000 NR+ Pekin IDR Refunding (BOC Group Inc. Project) 3.05%(b) 5,250,000
1,785,000 NR+ River Grove IDR Refunding (Self Storage Center) 3.10%(b) 1,785,000
15,000,000 A-1+ Rolling Meadows BFI Waste System Series 99 3.01%(b)(c) 15,000,000
10,000,000 VMIG 1* Shaumberg, Cook & Dupage County Series 98A 3.00%(b) 10,000,000
3,000,000 A-1+ Shaumberg MFH Windsong 3.00%(b) 3,000,000
Southwestern Illinois Development Authority
Solid Waste Shell Oil Co.:
1,700,000 A-1+ Series 91 3.30%(b)(c) 1,700,000
4,400,000 A-1+ Series 92 3.30%(b)(c) 4,400,000
4,400,000 A-1+ Tinley Park MFH Edgewater Walk 3.00%(b) 4,400,000
11,000,000 A-1+ University of Illinois Revenue Health Services Facilities
Systems Series B 3.00%(b) 11,000,000
3,000,000 A-1+ University of Illinois Revenue PART MBIA-Insured 3.07%(c) 3,000,000
13,805,000 A-1+ Will County MFH Woodland Crest Hill Project 3.09%(b)(c) 13,805,000
12,400,000 A-1+ Winnebago Boone County PART FSA-Insured
3.40% due 4/1/99(d) 12,400,000
- ---------------------------------------------------------------------------------------------------------
702,582,000
- ---------------------------------------------------------------------------------------------------------
Indiana -- 3.1%
1,785,000 NR+ Bluffton Economic Development Revenue
(Snider Tire Inc. Project) 3.15%(b)(c) 1,785,000
3,700,000 VMIG 1* Fort Wayne Hospital Authority Revenue
(Parkview Memorial Hospital) Series B 3.00%(b) 3,700,000
4,500,000 VMIG 1* Fort Wayne PCR (General Motors Corp. Project) 3.10%(b) 4,500,000
2,600,000 VMIG 1* Franklin ECO Pedcor Investments 3.15%(b)(c) 2,600,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
12 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Indiana -- 3.1% (continued)
Hammond Local Public Improvement Bond Bank:
$ 1,140,000 A-1+ 1999 Series A-1 3.10% due 7/6/99 $ 1,140,000
20,000,000 A-1+ 1999 Series A-2 3.65% due 1/6/00 20,074,308
20,000,000 SP-1+ Indiana Bond Bank Series A-2 3.50% due 1/19/00 20,082,906
2,500,000 NR+ Indiana EDL Facility (Wesleyan Series B) 3.05%(b) 2,500,000
4,500,000 A-1+ Indiana State Development Finance Authority
Enterprise Center III Project 3.09%(b)(c) 4,500,000
7,500,000 A-1+ Indiana Health Facility Financing Authority Hospital Revenue
(Community Hospitals Project) Series B 3.10%(b) 7,500,000
4,800,000 A-1+ Indiana Health Facilities Development Finance Authority
Youth Opportunity Center 2.95%(b) 4,800,000
18,000,000 A-1+ Indiana IDA Solid Waste (Pure Air Series 91) TECP
3.20% due 6/7/99(b) 18,000,000
Indiana Local Public Improvement Bond Bank:
3,000,000 SP-1+ Series F 3.50% due 7/12/99 3,004,263
5,100,000 SP-1+ Series H 3.50% due 7/12/99 5,107,247
Indiana Secondary Market Educational Loans Inc.
13,900,000 A-1+ Education Loan Revenue Series 89B
AMBAC-Insured 3.10%(b)(c) 13,900,000
5,300,000 A-1+ Education Loan Revenue Series 88B
AMBAC-Insured 3.10%(b)(c) 5,300,000
16,100,000 A-1+ Indiana State Development Finance Facilities Indiana
Historical Society 2.95%(b) 16,100,000
3,925,000 A-1+ Indiana State Toll Road Commission PART 3.07%(b) 3,925,000
6,000,000 AAA Indiana University Hospital Revenue Clarian Health
(Prerefunded-Escrowed with U.S. goverment securities
to 8/1/99 Call @ 102) 7.50% due 8/1/99 6,205,678
2,615,000 A-1+ Marion Economic Development Revenue Synectic
Partnership PART 3.00%(b) 2,615,000
2,500,000 A-1+ Newton County EDA Intec Group Inc. 3.09%(b)(c) 2,500,000
10,100,000 VMIG 1* Petersburg Power & Light Series B AMBAC-Insured
3.05%(b) 10,100,000
20,000,000 VMIG 1* Petersburg Solid Waste Disposal Industrial Power Light
3.10%(b)(c) 20,000,000
1,300,000 NR+ Plymouth RCR (Dean Foods Co. Project) 3.05%(b)(c) 1,300,000
1,160,000 VMIG 1* Richmond Economic Development Authority Beverly
Enterprises IDR 3.00%(b) 1,160,000
5,000,000 A-1 Rockport AK Steel Corp. Series 99A 3.10%(b)(c) 5,000,000
21,600,000 NR+ Rockport PCR Refunding (Michigan Power Co. Project)
Series B AMBAC-Insured 3.00%(b) 21,600,000
13,400,000 A-1+ University of Southern Indiana Student Housing 2.95%(b) 13,400,000
- ---------------------------------------------------------------------------------------------------------
222,399,402
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 13
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Iowa -- 0.7%
$ 3,000,000 P-1* Iowa HFA IDR (Sauer - Sundstrand Co. Project)
3.00%(b)(c) $ 3,000,000
3,000,000 NR+ Iowa Finance Authority IDR (Dixie Bedding Co. Project)
3.15%(b)(c) 3,000,000
11,700,000 A-1+ Iowa Higher Education Authority Private College
MBIA-Insured 3.15%(b) 11,700,000
25,000,000 SP-1+ Iowa State School Cash Anticipation
Series A 4.50% due 6/25/99 25,047,740
4,365,000 A-1 Polk County Hospital Equipment & Improvement
MBIA-Insured 3.00%(b) 4,365,000
- ---------------------------------------------------------------------------------------------------------
47,112,740
- ---------------------------------------------------------------------------------------------------------
Kansas -- 0.7%
3,400,000 NR+ Fredonia Revenue Exempt Facilities
(Systech Enrvironmental) 3.30%(b)(c) 3,400,000
1,925,000 NR+ Lawrence IDR Ram Co. Project Series A 3.15%(b)(c) 1,925,000
6,000,000 A-1+ Mission MFH (Silverwood Apartments Project) 3.00%(c) 6,000,000
14,000,000 NR+ Sedgewick County Airport Facility Revenue (Flight Safety
International Inc. Project) 3.15%(b)(c) 14,000,000
15,100,000 MIG 1* Topeka Temp Notes Series B 4.0% due 7/1/99 15,115,342
Wichita Airport Authority Airport Facilities Revenue
(Flight Safety International Project):
3,300,000 NR+ Series 90 3.05%(c) 3,300,000
6,170,000 NR+ Series 92 3.15%(b)(c) 6,170,000
- ---------------------------------------------------------------------------------------------------------
49,910,342
- ---------------------------------------------------------------------------------------------------------
Kentucky -- 2.0%
4,700,000 NR+ Boone County IDR Curtin Matheson 3.05%(b)(c) 4,700,000
3,250,000 NR+ Calvert City PCR (BOC Group Inc. Project) 3.05%(b) 3,250,000
17,970,000 VMIG 1* Clipper Kentucky Tax-Exempt Trust PART 3.11%(b) 17,970,000
Hancock County IDR (Southwire Co. Project):
21,685,000 NR+ Series 92A 3.20%(b) 21,685,000
1,000,000 NR+ Series 92B 3.20%(b) 1,000,000
2,000,000 VMIG 1* Fulton County (United Healthcare Hospital Co.) 3.00%(b) 2,000,000
2,225,000 A-1+ Kenton County Airport PART MBIA-Insured 3.17%(b)(c) 2,225,000
22,000,000 SP-1+ Kentucky Asset/Liability Community Project Note 98
Series A 3.50% due 11/1/99 22,068,859
23,450,000 A-1+ Kentucky Higher Education Student Loan
AMBAC-Insured 3.05%(b)(c) 23,450,000
3,450,000 A-1+ Morgantown Southern Health Care Systems
Project A 3.05%(b) 3,450,000
Lexington-Fayette Kentucky Airport:
4,900,000 VMIG 1* MBIA-Insured Series A 3.20%(b)(c) 4,900,000
6,700,000 A-1+ MBIA-Insured Series C 3.20%(b)(c) 6,700,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
14 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Kentucky -- 2.0% (continued)
Louisvllle and Jefferson County Sewer PART:
$ 8,620,000 A-1 FGIC-Insured 3.20% due 9/8/99(d) $ 8,620,000
14,440,000 A-1 FGIC-Insured 3.70% due 4/1/99(d) 14,440,000
4,300,000 A-1+ Owensboro IDA West Irving Die Castings 3.09%(b)(c) 4,300,000
- ---------------------------------------------------------------------------------------------------------
140,758,859
- ---------------------------------------------------------------------------------------------------------
Louisiana -- 2.5%
25,000,000 A-1 Jefferson Parish Service District-West Jefferson
Medical Center FSA-Insured 3.01%(b) 25,000,000
24,000,000 A-1+ Lake Charles Harbor & Terminal District Port
(Citgo Petroleum Corp.) Series 84 3.05%(b)(c) 24,000,000
13,000,000 A-1+ Lake Charles Harbor & Terminal District (Global
Industries Ltd) 3.10%(b)(c) 13,000,000
6,800,000 A-1+ Lincoln PCR Willamette Industrial Inc., Project 3.10%(b)(c) 6,800,000
Louisiana Public Facility Authority:
9,900,000 A-1+ Willis Knighton Medical Center AMBAC-Insured 3.10%(b) 9,900,000
8,590,000 A-1+ College & Equipment Series A FGIC-Insured 3.00%(b) 8,590,000
7,025,000 VMIG 1* Lousiana State GO Series 29A PART MBIA-Insured
3.10%(b) 7,025,000
10,000,000 A-1 Louisiana State GO PART AMBAC-Insured 3.09%(b) 10,000,000
10,000,000 A-1 Louisiana State GO PART FSA-Insured 3.09%(b) 10,000,000
6,800,000 A-1+ Offshore Term Authority Loop Inc. Series A 3.05%(b) 6,800,000
32,050,000 VMIG 1* New Orleans Aviation Board Revenue Refunding
Series B MBIA-Insured 3.00%(b) 32,050,000
5,000,000 NR+ Ouachita Parish IDB IDR (Sulzer Escher Wyss Project)
3.10%(b)(c) 5,000,000
2,500,000 VMIG 1* Parish Jefferson Home Mortgage Authority Series A-2
3.625% due 9/1/99(c)(d) 2,500,000
9,500,000 P-1* Plaquemines Port Harbor& Terminal District (Chevron
Pipeline) 3.65% due 9/1/99(d) 9,501,911
St. Charles Parish PCR Shell Oil:
2,900,000 A-1+ Series 93 3.30%(b)(c) 2,900,000
4,500,000 A-1+ Series 91 3.30%(b)(c) 4,500,000
1,000,000 NR+ Vermillion Parish IDR (Garan Inc. Project) 3.15%(b)(c) 1,000,000
- ---------------------------------------------------------------------------------------------------------
178,566,911
- ---------------------------------------------------------------------------------------------------------
Maine -- 0.1%
7,285,000 A-1 Westbrook Revenue (Southern Container Corp. Project)
3.20%(b)(c) 7,285,000
- ---------------------------------------------------------------------------------------------------------
Maryland -- 3.0%
Anne Arundel County GO BAN TECP:
4,200,000 A-1+ Series A 2.85% due 5/14/99 4,200,000
13,000,000 A-1+ Series B 2.85% due 5/14/99 13,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 15
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Maryland -- 3.0% (continued)
$ 5,000,000 NR+ Baltimore County EDR (Art Litho Co. Project) 3.15%(b)(c) $ 5,000,000
10,000,000 A-1+ Baltimore County GO TECP 2.85% due 4/7/99 10,000,000
15,000,000 A-1 Baltimore County (Oak Crest Village) Series 99A 3.05%(b) 15,000,000
1,000,000 A-1+ Baltimore PCR Refunding (SCM Plants Project) 3.05%(b) 1,000,000
20,000,000 A-1+ Gaithersburg EDR (Asbury Methodist) Series A MBIA-
Insured 3.10%(b) 20,000,000
Maryland State Health & Higher Educational Facilities
Authority Revenue:
29,300,000 VMIG 1* Series A 3.05%(b) 29,300,000
6,000,000 VMIG 1* Series B 3.05%(b) 6,000,000
11,680,000 VMIG 1* Charlestown Community 3.00%(b) 11,680,000
11,070,000 A-1+ Montgomery GO Series A Public PART 3.07%(b) 11,070,000
Montgomery County Economic Development Revenue
(Howard Hughes Medical Center):
12,100,000 A-1+ Series A 3.00%(b) 12,100,000
22,500,000 A-1+ Series 90B 3.00%(b) 22,500,000
25,500,000 A-1+ Series C 3.00%(b) 25,500,000
29,000,000 A-1+ Montgomery County Housing Opportunity Community
Housing Revenue (Draper Land Apartments)
Issue I FGIC-Insured 3.10%(b)(c) 29,000,000
- ---------------------------------------------------------------------------------------------------------
215,350,000
- ---------------------------------------------------------------------------------------------------------
Massachusetts -- 2.2%
4,100,000 A-1 Boston IDR (Boston Home Inc.) 3.20%(b) 4,100,000
Clipper Massachusetts Tax Exempt Trust:
8,793,000 VMIG 1* PART AMBAC-Insured 3.11%(b) 8,793,000
9,385,000 VMIG 1* PART AMBAC-Insured 3.21%(b)(c) 9,385,000
Massachusetts Bay Transit Authority:
82,000,000 SP-1+ Series B 1998 4.25% due 9/3/99 82,313,397
10,000,000 A-1+ Series C TECP 3.15% due 6/10/99 10,000,000
6,000,000 A-1+ Massachusetts GO Series B 2.85%(b) 6,000,000
2,480,000 A-1+ Massachusetts IDR IFA 420 (Newburyport Turnpike)
Series 98 3.20%(b)(c) 2,480,000
4,650,000 A-1+ Massachusetts Health and Education (Berklee College)
Series D MBIA-Insured 2.95%(b) 4,650,000
9,180,000 A-1+ Massachusetts HFA Series 94A PART AMBAC-Insured
3.05%(b)(c) 9,180,000
7,600,000 VMIG 1* Massachusetts HFA Single Family PART AMBAC-Insured
3.05%(b) 7,600,000
Massachusetts Water Resource Authority:
3,900,000 A-1+ Series B AMBAC-Insured 2.95%(b) 3,900,000
9,500,000 A-1+ TECP Recovery 94 3.10% due 9/7/99 9,500,000
- ---------------------------------------------------------------------------------------------------------
157,901,397
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
16 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Michigan -- 2.8%
$ 3,500,000 NR+ Berrien County Limited Obligation Revenue (Menasha
Corp. Project) 3.05%(b) $ 3,500,000
2,565,000 A-1+ Detroit School District Series 98C PART 3.07%(b) 2,565,000
Detroit Sewer Disposable Revenue PART:
18,850,000 A-1+ FGIC-Insured Series 93A 3.09%(b) 18,850,000
10,800,000 A-1+ MBIA-Insured Series 98A 3.00%(b) 10,800,000
10,619,000 VMIG 1* Dewitt Public School PART FSA-Insured 3.11%(b) 10,619,000
Michigan State Muni Board Authority:
4,000,000 SP-1+ Series B 4.50% due 7/2/99 4,010,563
2,500,000 NR+ Series C 4.50% due 8/27/99 2,506,602
38,655,000 SP-1+ Series D-1 4.25% due 8/27/99 38,757,080
36,115,000 SP-1+ Series D-1 4.25% due 8/27/99 36,210,373
17,307,000 VMIG 1* Michigan State Turnpike Line PART
MBIA-Insured 3.11%(b) 17,307,000
5,800,000 A-1+ Michigan State Building Authority TECP Series 2
3.15% due 8/5/99 5,800,000
4,000,000 VMIG 1* Michigan State HDA PART FSA-Insured Series A 3.12(b)(c) 4,000,000
2,500,000 A-1 Michigan State Hospital Finance Authority Revenue
St. Mary Hospital of Livonia Series A 3.00%(b) 2,500,000
21,060,000 VMIG 1* Michigan Strategic Fund PCR (General Motors Corp.
Project) 3.00%(b) 21,060,000
7,000,000 A-1 Saline EDA (Associate Spring Project) Series 88
3.20%(b)(c) 7,000,000
10,000,000 A-1 Saline EDA (Evangelical Homes Project) 2.95%(b) 10,000,000
6,500,000 A-1+ Wayne Charter County Airport Revenue (Detroit
Metropolitan Community) 3.05%(b)(c) 6,500,000
- ---------------------------------------------------------------------------------------------------------
201,985,618
- ---------------------------------------------------------------------------------------------------------
Minnesota -- 0.9%
1,600,000 A-1+ Duluth Lake Superior Paper Co. 3.00%(b) 1,600,000
1,700,000 A-1+ Hubbard County Solid Waste Disposal Revenue
(Potlatch Corp. Project) 3.15%(b)(c) 1,700,000
Minnesota HFA:
8,535,000 A-1+ Series F 3.65% due 8/9/99(b)(d) 8,535,000
5,155,000 A-1+ Series G 3.70% due 8/9/99(b)(d) 5,155,000
13,750,000 A-1+ Series H 3.70% due 8/9/99(b)(d) 13,750,000
4,565,000 VMIG 1* Minnesota GO PART 3.20%(b) 4,565,000
4,000,000 MIG1* Minnesota Tax Aid Anticipation Borrow Project
2.95% due 2/24/00 4,000,000
Rochester Health Care Facility (Mayo Foundation Project):
10,000,000 A-1+ Series A 3.20%(b) 10,000,000
17,600,000 A-1+ Series C 3.20%(b) 17,600,000
- ---------------------------------------------------------------------------------------------------------
66,905,000
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 17
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Mississippi -- 0.6%
$ 4,900,000 P-1* Jackson PCR (Chevron) Series 93 3.10%(b) $ 4,900,000
1,700,000 NR+ Jackson County PORT (Chevron) Series 93 3.15%(b) 1,700,000
14,000,000 NR+ Mississippi Business Financial Corp. (Choctaw
Generation Ltd) 3.15%(b)(c) 14,000,000
16,810,000 A-1+ Mississippi State GO Highway PART 3.07%(b) 16,810,000
5,350,000 NR+ Newton IDR Refunding (La-Z-Boy Chair Co. Project)
3.05%(b) 5,350,000
2,500,000 NR+ Washington County IDR (La-Z-Boy Chair Co. Project)
3.15%(b)(c) 2,500,000
- ---------------------------------------------------------------------------------------------------------
45,260,000
- ---------------------------------------------------------------------------------------------------------
Missouri -- 1.3%
2,870,000 A-1+ Jefferson County IDR (Westview Nursing) 2.95%(b) 2,870,000
Kansas City IDA MFH Revenue:
7,795,000 A-1+ Willow Creek IV Apartments 2.95%(b) 7,795,000
1,000,000 A-1+ Sleepy Hollow Project 3.00%(b) 1,000,000
Missouri Higher Education Loan Authority
Student Loan Revenue:
22,900,000 VMIG 1* Series 90A 3.10%(b)(c) 22,900,000
1,250,000 VMIG 1* Series 90B 3.10%(b)(c) 1,250,000
3,720,000 VMIG 1* Missouri State Environmental Improvement
PART 3.07%(b) 3,720,000
4,000,000 A-1+ Missouri State Environmental Improvement and
Energy Authority Utilicorp United Inc.
Project 3.05%(b)(c) 4,000,000
Missouri State Environmental PCR Union Electric:
5,900,000 A-1+ Series 85A 2.60%(b) 5,900,000
3,000,000 SP-1+ Series 98C Columbia Public School District
4.25% due 9/13/99 3,007,818
3,000,000 SP-1+ Series 98H Mehiville School District
4.25% due 9/13/99 3,007,819
11,000,000 SP-1+ Series 98K St Louis School District
4.25% due 9/13/99 11,028,668
11,395,000 A-1+ St. Louis Airport Revenue FGIC-Insured PART
3.12%(b)(c) 11,395,000
13,085,000 A-1+ St. Louis GO PART 3.07%(b) 13,085,000
4,000,000 NR+ Versailles IDA IDR Refunding (Gates Rubber Co.
Project) 3.10%(b) 4,000,000
- ---------------------------------------------------------------------------------------------------------
94,959,305
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
18 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Montana -- 0.3%
$ 1,100,000 P-1* Missoula IDR (Washington Corp. Project) 2.91%(c) $ 1,100,000
3,925,000 A-1+ Montana EDA (Farmers Union Central Project)
3.10%(c) 3,925,000
14,100,000 A-1+ Montana Board of Investment (Colstrip 89)
3.10%(b)(c) 14,100,000
3,500,000 VMIG 1* Montana State Board Housing PART FHA-Insured
3.12%(b)(c) 3,500,000
- ---------------------------------------------------------------------------------------------------------
22,625,000
- ---------------------------------------------------------------------------------------------------------
North Dakota -- 0.1%
3,600,000 A-1+ Mercer County Minnesota Power Series 99 3.00%(b) 3,600,000
- ---------------------------------------------------------------------------------------------------------
Nebraska-- 1.2%
Nebraska Higher Education Loan Program Income
Revenue Student Loan Program:
22,575,000 A-1+ Series 1986A 3.20%(b)(c) 22,575,000
2,650,000 A-1+ Series 1986B 3.20%(b)(c) 2,650,000
10,425,000 A-1+ Series 1986C 3.20%(b)(c) 10,425,000
22,280,000 A-1+ Series 1986D 3.20%(b)(c) 22,280,000
4,600,000 A-1+ Series 1988C 3.20%(b)(c) 4,600,000
19,995,000 A-1+ Nebraska IFA PART 3.25%(b)(c) 19,995,000
- ---------------------------------------------------------------------------------------------------------
82,525,000
- ---------------------------------------------------------------------------------------------------------
Nevada -- 1.1%
17,100,000 A-1+ Clark County PCR Southern California Education
Series 87A 2.80%(b)(c) 17,100,000
11,450,000 A-1+ Clark County School District PART FGIC-Insured 3.07%(b) 11,450,000
Las Vegas Water District GO TECP Series A:
13,000,000 A-1+ 2.75% due 4/7/99 13,000,000
24,000,000 A-1+ 2.80% due 5/12/99 24,000,000
4,460,000 VMIG 1* Nevada Muni Bond Bank PART MBIA-Insured 3.16%(b) 4,460,000
10,000,000 A-1+ Nevada State GO PART 3.07%(b) 10,000,000
- ---------------------------------------------------------------------------------------------------------
80,010,000
- ---------------------------------------------------------------------------------------------------------
New Hampshire -- 0.6%
New Hampshire Higher Educational & Health Facilities
Authority Revenue: (VHA New England Inc.)
4,200,000 A-1+ Series E AMBAC-Insured 3.15%(b) 4,200,000
8,300,000 A-1+ Series G AMBAC-Insured 3.15%(b) 8,300,000
New Hampshire State Business Finance Authority:
2,800,000 A-1 IDR (Park Nameplate Co.) 3.20%(b)(c) 2,800,000
17,000,000 A-1+ Lonza Biologics Inc. Series 98 3.05%(b)(c) 17,000,000
7,250,000 A-1 Luminescent System Series 98 3.20%(b)(c) 7,250,000
3,000,000 A-1+ Wheelabator Series 97A 3.05%(b) 3,000,000
- ---------------------------------------------------------------------------------------------------------
42,550,000
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 19
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
New Jersey -- 1.1%
$ 8,845,000 A-1+ New Jersey GO PART 3.00% due 9/9/99(d) $ 8,845,000
4,095,000 A-1+ New Jersey GO PART 3.10% due 2/10/00(d) 4,095,000
New Jersey State TECP:
10,000,000 A-1+ Series 98A 3.20% due 6/14/99 10,000,000
17,000,000 A-1+ Series 98A 3.25% due 6/10/99 17,000,000
10,930,000 A-1+ New Jersey Transporation Trust Federal Authority
PART MBIA-Insured 3.07%(b) 10,930,000
5,000,000 A-1+ New Jersey TRAN TECP Series 1999A 3.25% due 6/14/99 5,000,000
25,000,000 A-1+ South Jersey Transportation Authority BAN Series
98 2.95% due 11/3/99 25,000,000
- ---------------------------------------------------------------------------------------------------------
80,870,000
- ---------------------------------------------------------------------------------------------------------
New Mexico -- 0.8%
4,900,000 NR+ Bellen IDR (Solo New Mexico Project) 3.15%(b)(c) 4,900,000
1,895,000 A-1+ New Mexico Hospital Equipment (Lincoln Council
Hospital Facilities) MBIA-Insured 3.00%(b) 1,895,000
5,140,000 A-1+ New Mexico Mortgage Finance GNMA/FNMA PART
3.75% due 5/13/99(b)(d) 5,140,000
3,005,000 A-1+ New Mexico Mortgage Finance Authority Series 1995
PART 3.45% due 4/8/99(b)(d) 3,005,000
6,000,000 SP-1+ New Mexico TRAN Series 99 3.75% due 6/30/99 6,011,228
38,000,000 SP-1+ New Mexico TRAN Series 98-99 4.25% due 6/30/99 38,058,790
- ---------------------------------------------------------------------------------------------------------
59,010,018
- ---------------------------------------------------------------------------------------------------------
New York -- 1.7%
Long Island Power Authority (Electricity System Revenue):
18,195,000 A-1+ Series B PART 3.13%(b) 18,195,000
19,000,000 A-1+ Series 98-3 TECP 3.20% due 7/22/99 19,000,000
20,000,000 A-1+ Series 98-4 TECP 3.00% due 4/8/99 20,000,000
5,100,000 A-1+ Series 2 2.80%(b) 5,100,000
1,500,000 A-1+ Series 1 2.90%(b) 1,500,000
7,500,000 A-1+ Series 4 TECP 2.95% due 4/7/99 7,500,000
6,000,000 A-1+ MTA TECP BAN Subseries CP1 3.00% due 7/8/99 6,000,000
13,690,000 A-1 NYC GO PART Series M AMBAC-Insured 3.00%(b) 13,690,000
4,000,000 A-1+ NYC Municipal Water TECP Series 98 3.05% due 4/26/99 4,000,000
23,000,000 SP-1+ Suffolk County TRAN Series 1 3.50% due 8/12/99 23,055,313
- ---------------------------------------------------------------------------------------------------------
118,040,313
- ---------------------------------------------------------------------------------------------------------
North Carolina -- 2.0%
3,500,000 NR+ Iredell County Industrial Facilities & PCFA Industrial Revenue
(Valspar Corp. Project) 3.10%(b)(c) 3,500,000
3,625,000 NR+ Pasquotank County Hospital Revenue
Ablemarle Hospital 3.00%(b) 3,625,000
9,530,000 A-1 North Carolina HFA PART 3.125%(b)(c) 9,530,000
4,400,000 NR+ North Carolina Agriculture Financial Authority
3.15%(b)(c) 4,400,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
20 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
North Carolina -- 2.0% (continued)
A-1+ North Carolina Education Facilities Agency:
$ 7,755,000 (Brevard College) 3.00%(b) $ 7,755,000
3,800,000 A-1 (Johnson C Smith University) 3.20%(b) 3,800,000
25,970,000 NR+ North Carolina Medical Care Community (Randolph
Hospital) Series 99 3.00%(b) 25,970,000
6,110,000 A-1+ North Carolina Power Catawba Project Series A TECP
2.95% due 4/9/99 6,110,000
4,995,000 A-1+ North Carolina Public School Building PART 3.07%(b) 4,995,000
10,000,000 A-1+ North Carolina State GO PART 3.07%(b) 10,000,000
8,000,000 NR++ North Carolina State Series A 4.75% due 4/1/99 8,000,000
1,800,000 A-1+ Rowan County IDR PCR (Double LLC Project)
Series 98 3.12%(b)(c) 1,800,000
50,350,000 A-1+ Wake County IDR Carolina P/L Series C 2.95%(b) 50,350,000
- ---------------------------------------------------------------------------------------------------------
139,835,000
- ---------------------------------------------------------------------------------------------------------
Ohio -- 2.4%
22,000,000 A-1+ Cleveland Income Tax Revenue 3.05%(b) 22,000,000
20,200,000 A-1+ Cuyahoga County (Cleveland Clinic) Series C 3.00%(b) 20,200,000
11,690,000 A-1 Cuyahoga County Hospital Revenue Bonds
(Walker Center) AMBAC-Insured 3.10%(b) 11,690,000
6,350,000 VMIG 1* Franklin County Hospital Revenue
(U.S. Health Corp.) 3.05%(b) 6,350,000
14,135,000 A-1+ Lake County Hospital Facilities Revenue (Lake
Hospital Systems Inc.) 3.05%(b) 14,135,000
26,000,000 A-1+ Mahoning County Hospital Facility Revenue
(Forum Health Obligation Group)
Series B MBIA-Insured 3.05%(b) 26,000,000
2,000,000 NR+ Oakwood Village IDR (Sennet Seel Corp.) 3.08%(b) 2,000,000
7,690,000 VMIG 1* Ohio HFA Revenue Assisted Living Concept Corp
3.05%(b)(c) 7,690,000
Ohio State Air Quality Development Authority Revenue
4,100,000 A-1+ Timken Co.3.05%(c) 4,100,000
4,000,000 A-1 Ohio State Improvement Rev Newark Group 3.10%(b)(c) 4,000,000
Ohio State Water Development Authority:
5,500,000 A-1+ Duquesne Light Co. Project 3.05%(b)(c) 5,500,000
18,500,000 VMIG 1* Timken Co. Project Waste Disposal Revenue
3.15%(b)(c) 18,500,000
10,000,000 SP-1+ Summit County BANS Series A 4.50% due 6/3/99 10,012,462
11,000,000 NR++ Sycamore Community School District BAN
4.20% due 6/29/99 11,030,446
7,780,000 VMIG 1* Toledo City Services Special Assessment Notes 3.05%(b) 7,780,000
- ---------------------------------------------------------------------------------------------------------
170,987,908
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 21
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Oklahoma -- 0.8%
$ 4,500,000 NR+ Creek County Industrial Authority IDR
(Henry Vogt Machinery) 3.20%(b)(c) $ 4,500,000
Oklahoma State Water Resource Board Program:
26,270,000 A-1+ Series 94A 2.90% due 9/1/99(d) 26,270,000
29,000,000 A-1+ Series 99 2.90% due 9/1/99(d) 29,000,000
- ---------------------------------------------------------------------------------------------------------
59,770,000
- ---------------------------------------------------------------------------------------------------------
Oregon -- 1.8%
Hillsboro Oregon Revenue:
4,250,000 VMIG 1* Graduate Center Project 3.10%(b) 4,250,000
1,750,000 VMIG 1* Graduate Center Institute Project 3.10%(b) 1,750,000
Klamath Falls Electric Salt Cares Hydro:
25,000,000 AAA Series D 3.80% due 5/1/99 (d) 25,000,000
25,000,000 AAA Series D 3.80% due 5/1/99(d) 25,000,000
1,300,000 NR+ Oregon State Economic Development Commission IDR
Trust Joist 3.05%(b) 1,300,000
Oregon State Housing & Community Services
Department Mortgage Revenue
(Single Family Mortgage Program):
9,000,000 MIG 1* Series E 3.60% due 8/31/99(d) 9,000,000
5,000,000 MIG 1* Series F 3.65% due 8/31/99(b)(d) 5,000,000
35,105,000 A-1+ Oregon State GO Series 73F 3.00%(b) 35,105,000
16,900,000 P-1* Washington County MFH Authority (Cedar Mill Project)
3.05%(b)(c) 16,900,000
- ---------------------------------------------------------------------------------------------------------
123,305,000
- ---------------------------------------------------------------------------------------------------------
Pennsylvania -- 5.5%
6,750,000 NR+ Allegheny County Hospital Development Authority Revenue
(Health Care Dialysis Clinic) 3.05%(b) 6,750,000
2,430,000 NR+ Bucks County IDA IDR (Dunmore Corp. Project)
3.20%(b)(c) 2,430,000
4,900,000 A-1+ Carbon County IDA Resource Recovery (Panther Creek)
TECP Series A 3.15% due 8/10/99(c) 4,900,000
2,000,000 A-1+ Chester County Health & Educational Facilities Authority
PART AMBAC-Insured 3.05%(b) 2,000,000
59,200,000 A-1+ Delaware EDA IDR (Clean Power Project) 3.15%(b)(c) 59,200,000
3,900,000 NR+ East Pennsylvania Industrial & Commercial
Development Authority (Electronic Data
Systems Corp.) 3.05%(b) 3,900,000
42,435,000 A-1+ Emmaus General Authority Revenue Series 96 3.05%(b) 42,435,000
9,900,000 A-1+ Emmaus Pooled Loan Series G-13 3.00%(b) 9,900,000
2,500,000 A-1+ Indiana County PCR (Connemaugh Project)
Series A 3.00%(b)(c) 2,500,000
2,500,000 NR++ Luzerne County IDA IDR (Culp Inc. Project) 3.15%(b)(c) 2,500,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
22 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Pennsylvania -- 5.5% (continued)
$15,090,000 A-1 Luzerne County Convention Center Authority
Series A 3.15%(b) $ 15,090,000
11,200,000 A-1 Pennsylvania EDA (National Gypsum Co. Project)
3.15%(b)(c) 11,200,000
5,400,000 A-1+ Pennsylvania Energy Development Authority
(Piney Creek) Series A 3.00%(b)(c) 5,400,000
3,150,000 AAA Pennsylvania State GO Series A 6.60% due 6/1/99 3,216,268
Pennsylvania State Higher Education Assistance Agency
Student Loan Revenue:
3,200,000 A-1+ Series B 3.10%(b)(c) 3,200,000
10,000,000 A-1+ Series C 3.10%(b)(c) 10,000,000
28,775,000 A-1+ Pennsylvania State Higher Education University of
Pennsylvania Health Services Series B 3.20%(b) 28,775,000
7,400,000 A-1+ Philadelphia Gas Works TECP Series C
3.00% due 5/13/99 7,400,000
Philly Gas Works Revenue PART FSA-Insured:
10,965,000 A-1 Series 1A 3.16%(b) 10,965,000
10,745,000 A-1 Series 5A 3.16%(b) 10,745,000
5,000,000 A-1 Philly IDR Airport Revenue PART FGIC-Insured
3.24%(b)(c) 5,000,000
23,000,000 SP-1+ Philadelphia School District TRAN Series A
4.25% due 6/30/99 23,033,930
21,000,000 SP-1+ Philadelphia TRAN 4.25% due 6/30/99 21,030,979
12,720,000 A-1 Pittsburgh GO PART Series A MBIA-Insured 3.09%(b) 12,720,000
1,000,000 VMIG 1* Quakertown Hospital Authority Program Series 1985A
3.10%(b) 1,000,000
Quakertown General Authority Revenue
(Pooled Financing Program):
12,523,000 P-1* Series A 3.10%(b) 12,523,000
9,055,000 VMIG 1* Series 98A 3.10%(b) 9,055,000
5,800,000 A-1+ Sayre Health Care Facilities Authority Revenue
(VHR Cap Financing Project) Series J
AMBAC-Insured 3.05%(b) 5,800,000
10,235,000 A-1+ Southeastern Transportation Authority Special Revenue
PART FGIC-Insured 3.05%(b) 10,235,000
48,130,000 A-1 York General Authority Pooled Financing Revenue
3.10%(b) 48,130,000
- ---------------------------------------------------------------------------------------------------------
391,034,177
- ---------------------------------------------------------------------------------------------------------
Puerto Rico -- 0.1%
3,200,000 A-1+ Puerto Rico Gov't. Development Bank 2.75%(b) 3,200,000
- ---------------------------------------------------------------------------------------------------------
Rhode Island -- 0.4%
6,000,000 A-1+ Providence Off Street Public Corp. (Washington Street
Garage Corp. Project) 3.05%(b)(d) 6,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 23
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Rhode Island -- 0.4% (continued)
$11,105,000 A-1 Rhode Island State Economic Development Corp.
(McCoy Stadium) 3.10%(b) $ 11,105,000
2,910,000 A-1 Rhode Island State IDR (Kilguss Realty Co.) 3.20%(b)(c) 2,910,000
1,820,000 A-1 Rhode Island State IDR (J-Cor LLC Project)
Series 98 3.20%(b)(c) 1,820,000
2,935,000 A-1 Rhode Island State (Mathew Realty Co.) 3.20%(b)(c) 2,935,000
- ---------------------------------------------------------------------------------------------------------
24,770,000
- ---------------------------------------------------------------------------------------------------------
South Carolina -- 1.8%
Anderson County Industrial Revenue:
6,580,000 NR+ Culp Inc. Project 3.15%(b)(c) 6,580,000
2,500,000 NR+ Fed Paper Board Co. Inc. Project 3.15%(b)(c) 2,500,000
4,000,000 NR+ Mikron Corp. (Anderson Project) 3.20%(b)(c) 4,000,000
1,000,000 A-1+ Berkeley County (Amoco Oil) Project 3.30%(b)(c) 1,000,000
1,600,000 A-1+ Charleston County (Ziegler Coal Project) Series 97
3.50%(b)(c) 1,600,000
2,252,000 NR+ Chesterfield County IDR (Culp Inc. Project) 3.15%(b)(c) 2,252,000
2,800,000 A-1+ Florence County Solid Waste Disposal (Roche Carolina
Project) 3.30%(b)(c) 2,800,000
1,250,000 A-1+ Marlboro County IDR (Reliance Trading) 3.09%(b)(c) 1,250,000
4,000,000 A-1+ Marlboro County Solid Waste (Willamette Industry)
3.10%(b)(c) 4,000,000
Piedmont Muni Power Agency Electric Revenue Refunding:
24,800,000 A-1+ Series A MBIA-Insured 3.00%(b) 24,800,000
16,500,000 A-1+ Series B MBIA-Insured 2.95%(b) 16,500,000
14,100,000 A-1+ Series D MBIA-Insured 3.05%(b) 14,100,000
8,300,000 VMIG 1* South Carolina Port Authority PART FSA-Insured
3.18%(b)(c) 8,300,000
South Carolina Jobs Economic Development
Authority Revenue:
5,000,000 P-1* BASF Corp. Project 3.10%(b)(c) 5,000,000
4,200,000 NR+ Conco Medical Products Project 3.20%(b)(c) 4,200,000
5,000,000 NR+ Galey & Lord Industries Inc. Project 3.15%(b)(c) 5,000,000
7,500,000 A-1 Franco Manufacture Co. Inc. Project 3.20%(b)(c) 7,500,000
1,800,000 NR+ Greenville Machinery Project 3.15%(b)(c) 1,800,000
5,700,000 NR+ Orders Realty Co. Inc. Project 3.15%(b)(c) 5,700,000
2,200,000 NR+ Spartan Iron & Metal Project 3.15%(b)(c) 2,200,000
3,500,000 A-1+ Williamsburg County IDR Peddinghaus Project
3.09%(b)(c) 3,500,000
- ---------------------------------------------------------------------------------------------------------
124,582,000
- ---------------------------------------------------------------------------------------------------------
South Dakota -- 0.1%
6,200,000 A-1+ Yankton IDR (Kolberg Pioneer Inc.)
Series 98 3.05%(b)(c) 6,200,000
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
24 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Tennessee -- 5.3%
Anderson County Tennessee IDB Revenue Bonds:
$ 4,435,000 P-1* Becromal of America Inc. Project 3.50%(b)(c) $ 4,435,000
3,000,000 NR+ Chattanooga IDR (Seaboard Farm Inc. Project) 3.00%(b) 3,000,000
Clarksville Public Building Authority Revenue:
9,700,000 A-1+ Series 94 3.00%(b) 9,700,000
6,820,000 VMIG 1* Series 96 3.00%(b) 6,820,000
25,300,000 VMIG 1* Series 97 3.00%(b) 25,300,000
2,400,000 VMIG 1* Pooled Financing Tennessee Muni Board Fund
Series 95 3.00%(b) 2,400,000
4,200,000 VMIG 1* Covington IDR (Charms Co. Project) 3.05%(b)(c) 4,200,000
4,350,000 NR+ Dayton IDR (LA-Z-Boy Chair Co. Project) 3.05%(b) 4,350,000
3,220,000 A-1+ Hamilton Tennessee Aquarium 3.00%(b) 3,220,000
23,100,000 P-1* Kingsport IDR Disp Eastman Chemical Project Series A
3.05%(b)(c) 23,100,000
8,100,000 NR+ Loudon IDB PCR (AE Stanley Manufacturing) 3.05%(b) 8,100,000
3,100,000 NR+ McMInn County IDB (Thomas and Betts Corp.
Project) 3.15%(b)(c) 3,100,000
2,500,000 A-1+ Memphis State GO Series 95A 3.15%(b) 2,500,000
Metropolitan Nashville & Davidson County:
4,880,000 NR+ Series 98 3.00%(b) 4,880,000
12,400,000 VMIG 1* IDB Revenue MFH (Arbor Knoll) 3.05%(b) 12,400,000
Montgomery County Tennessee Public Building Authority
Pooled Financing Revenue:
25,200,000 A-1+ Series 95 3.00%(c) 25,200,000
20,085,000 VMIG 1* Montgomery County Loan 3.00%(b) 20,085,000
45,000,000 VMIG 1* Tennessee County Loan Pool 3.00%(b) 45,000,000
42,840,000 A-1+ Tennessee County Loan Pool 3.00%(b) 42,840,000
5,000,000 A-1+ Nashville & Davidson Steel Coils 3.15%(b)(c) 5,000,000
2,600,000 NR+ Roane County IDB IDR (Great Lakes Carbon Corp.) 3.25%(b) 2,600,000
Sevier County Public Building Authority (Local
Government Public Improvement) AMBAC-Insured:
5,700,000 VMIG 1* Series A-1 3.00%(b) 5,700,000
10,000,000 VMIG 1* Series B 3.00%(b) 10,000,000
11,500,000 VMIG 1* Series D-1 3.00%(b) 11,500,000
4,290,000 VMIG 1* Series E-2 3.00%(b) 4,290,000
2,700,000 VMIG 1* Series E-3 3.00%(b) 2,700,000
1,700,000 VMIG 1* Series E-5 3.00%(b) 1,700,000
5,300,000 VMIG 1* Series E-6 3.00%(b) 5,300,000
10,000,000 VMIG 1* Series A-1 3.00%(b) 10,000,000
5,000,000 VMIG 1* Series H-1 3.00%(b) 5,000,000
10,000,000 VMIG 1* Series G-1 3.00%(b) 10,000,000
5,645,000 VMIG 1* Series H-1 3.00%(b) 5,645,000
3,000,000 VMIG 1* Series H-2 3.00%(b) 3,000,000
10,400,000 VMIG 1* Series I-B 3.00%(b) 10,400,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 25
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Tennessee-- 5.3% (continued)
$ 9,945,000 NR+ Shelby County Health, Education & Housing
(Kirby Parkway Apartments) 3.00%(b) $ 9,945,000
23,400,000 A-1 Volunteer State Student Funding Corp. Student
Loan Revenue Series A-2 3.10%(b)(c) 23,400,000
- ---------------------------------------------------------------------------------------------------------
376,810,000
- ---------------------------------------------------------------------------------------------------------
Texas -- 13.4%
Austin Travis & Williamson County TECP:
5,000,000 A-1+ Series A 2.65% due 4/6/99 5,000,000
4,100,000 A-1+ Series A 2.95% due 6/10/99 4,100,000
3,616,000 A-1+ Series A 3.00% due 5/13/99 3,616,000
19,340,000 A-1+ Austin Utility System Revenue PART MBIA-Insured
3.07%(b) 19,340,000
13,000,000 VMIG 1* Barbers Texas School PART 3.25% due 11/10/99(d) 13,000,000
Brazos River Authority PCR (Texas Utilities Electric Co.):
2,000,000 A-1+ Series B AMBAC-Insured 3.45%(b)(c) 2,000,000
2,500,000 A-1+ Series 96 MBIA-Insured 3.30%(b)(c) 2,500,000
5,170,000 A-1+ Series 94 TECP 3.15% due 8/6/99(b) 5,170,000
1,750,000 A-1+ Brownsville Utilities System Series A TECP
3.00% due 5/13/99 1,750,000
25,000,000 A-1+ Corpus Christi (Koch Industries) Series 99 3.15%(b)(c) 25,000,000
4,700,000 VMIG 1* Crawford IDR Franklin Industrial Project 3.09%(b)(c) 4,700,000
15,000,000 A-1+ Dallas Fort Worth Regional Airport Revenue PART
MBIA Insured 3.12%(b) 15,000,000
Dallas Area Rapid Transit TECP:
2,000,000 A-1+ Series B 3.15% due 7/16/99 2,000,000
3,000,000 A-1+ Series A 3.15% due 8/6/99 3,000,000
4,000,000 A-1+ Series B 3.15% due 7/16/99 4,000,000
8,000,000 VMIG 1* Dallas Water and Sewer PART 3.10% due 6/9/99(d) 8,000,000
11,000,000 VMIG 1* Grapevine-Collyvile ISD PART 3.35% due 11/17/99(d) 11,000,000
Greater Texas Student Loan Corp.:
7,830,000 A-1+ Series 96A 3.00% due 3/1/00(c)(d) 7,830,000
10,000,000 A-1+ Series 98A 3.00% due 3/1/00(c)(d) 10,000,000
3,100,000 NR+ Guadalupe Blanco River IDA IDR Refunding
(The BOC Group Inc Project) 3.05%(b) 3,100,000
7,650,000 A-1+ Gulf Coast IDR Marine Term Revenue Amoco Oil Co.
Project 3.00% due 3/1/00(d) 7,650,000
Gulf Coast Waste Disposal Authority PCR:
12,400,000 A-1+ Amoco 3.10%(b) 12,400,000
3,000,000 VMIG 1* Amoco 3.35% due 4/1/99(d) 3,000,000
Harris County:
21,100,000 A-1+ IDR Baytank Houston Inc. 3.00%(b) 21,100,000
2,133,000 A-1+ Series A TECP 2.95% due 6/10/99 2,133,000
7,400,000 A-1+ Sub Lien Toll Road Series B 2.95%(b) 7,400,000
17,200,000 A-1+ Sub Lien Toll Road Series E 2.95%(b) 17,200,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
26 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Texas-- 13.4% (continued)
$15,000,000 A-1+ Houston Airport PART FGIC-Insured
3.25% due 6/9/99(d) $ 15,000,000
Houston GO :
5,000,000 A-1+ Series A TECP 3.20% due 8/12/99 5,000,000
5,000,000 A-1+ Series B TECP 3.20% due 8/6/99 5,000,000
3,000,000 A-1+ Series B TECP 3.20% due 8/12/99 3,000,000
4,000,000 A-1+ Series C 5.50% due 4/1/99(d) 4,000,000
7,320,000 A-1+ Houston ISD PART 3.07%(b) 7,320,000
38,000,000 MIG 1* Houston TRAN 4.25% due 6/30/99 38,062,202
Houston Water Sewer Systems Revenue Series A:
10,000,000 A-1+ 2.90% TECP due 4/28/99 10,000,000
6,000,000 A-1+ 3.20% TECP due 7/29/99 6,000,000
20,000,000 A-1+ 3.25% TECP due 7/29/99 20,000,000
9,500,000 A-1+ Katy Independent School District 3.10%(b) 9,500,000
8,000,000 NR+ Leon County IDC IDR (BOC Group Inc. Project) 3.05%(b) 8,000,000
14,200,000 VMIG 1* Mansfield Independent School District 3.05%(b) 14,200,000
3,100,000 A-1+ Mansfield IDR (Pier 1 Imports Texas Inc. Project)
3.20%(b)(c) 3,100,000
8,995,000 A-1+ Matagorda County NAV District PART 3.10%(b) 8,995,000
1,100,000 NR+ McAllen Health Facilities Development Corp. Revenue
(McAllen Associates No. 1) 3.15%(b) 1,100,000
3,540,000 NR+ Montgomery County IDA (Medical Manufacturing
Partnership Project) 3.10%(b)(c) 3,540,000
North Texas Higher Education Authority Inc.
Student Loan Revenue Refunding:
6,700,000 A-1+ Series 1991A 3.10%(b)(c) 6,700,000
3,500,000 A-1+ Series 1991F AMBAC-Insured 3.10%(b)(c) 3,500,000
5,500,000 A-1+ Series 1993A 3.10%(b)(c) 5,500,000
5,815,000 A-1+ Series 98 3.05%(b)(c) 5,815,000
47,660,000 A-1+ Plano Texas ISD 3.00% due 11/29/99(d) 47,660,000
5,000,000 A-1+ Regents University TECP Series A 2.95% due 6/9/99 5,000,000
14,600,000 A-1+ Richardson Independent School District Series A
3.10%(b) 14,600,000
Round Rock:
4,940,000 A-1+ ISD PART 3.25% due 12/9/99(d) 4,940,000
2,850,000 NR+ IDC IDR Refunding (Tellabs Inc. Project) 3.05%(b) 2,850,000
4,000,000 A-1+ Sabine River PCR Utilities Electricity Project 3.45%(c)(d) 4,000,000
22,500,000 VMIG 1* San Antonio Electricity & Gas PART 3.20% due 6/2/99(d) 22,500,000
7,900,000 VMIG 1* Tarrant County Water Control PART 3.20%(b) 7,900,000
24,000,000 A-1+ Texas Municipal Gas Reserves Corp. Series 98
FSA-Insured 3.00%(c) 24,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 27
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Texas -- 13.4% (continued)
Texas Municipal Power Authority TECP Series 91:
$ 4,600,000 A-1 2.60% due 4/26/99 $ 4,600,000
10,000,000 A-1 3.20% due 7/19/99 10,000,000
7,100,000 A-1 3.20% due 7/20/99 7,100,000
3,570,000 A-1+ Texas A & M University Revenue PART AMBAC-Insured
3.09%(b) 3,570,000
57,665,000 VMIG 1* Texas Small Business IDC IDR (Texas Public Capital
Access) 3.05%(b) 57,665,000
3,800,000 A-1+ Texas GO Veterans Housing PART 3.12%(b)(c) 3,800,000
48,320,000 A-1+ Texas GO Veterans Housing PART 3.30%(b)(c) 48,320,000
Texas State TRAN:
25,000,000 A-1+ Series 97B TECP 2.95% due 4/6/99 25,000,000
25,000,000 A-1+ Series 97B TECP 2.95% due 7/15/99 25,000,000
25,000,000 A-1+ Series 97B TECP 2.95% due 7/13/99 25,000,000
25,000,000 A-1+ Series 97B TECP 2.95% due 7/14/99 25,000,000
114,765,000 SP-1+ Series 98 4.50% due 8/31/99 115,435,486
Texas PFA Series 1993A TECP:
10,000,000 A-1+ 3.20% due 6/9/99 10,000,000
5,000,000 A-1+ 3.20% due 8/6/99 5,000,000
5,000,000 A-1+ 3.20% due 8/12/99 5,000,000
5,900,000 VMIG 1* Trinity River Authority PCR (General Motors Corp.
Project) 3.20%(b) 5,900,000
40,000,000 VMIG 1* Tyler Texas Health Facilities Development
Corporation Hospital Revenue 3.05%(b) 40,000,000
- ---------------------------------------------------------------------------------------------------------
954,161,688
- ---------------------------------------------------------------------------------------------------------
Utah -- 2.1%
15,000,000 A-1+ Central Water Consevation Series E 3.05%(b) 15,000,000
Intermountain Power Agency Power Supply Revenue:
21,000,000 A-1+ Series 85E TECP 2.95% due 4/8/99 21,000,000
1,500,000 A-1+ Series 85E TECP 3.15% due 7/21/99 1,500,000
4,400,000 A-1+ Morgan County Solid Waste Disposal Revenue
(Holnam Inc. Project) 3.10%(b)(c) 4,400,000
4,265,000 A-1 Ogden City IDR (Infiltrator System Inc. Project)
3.20%(b)(c) 4,265,000
Salt Lake City:
22,240,000 A-1+ Airport Revenue Series A 3.10%(b)(c) 22,240,000
2,000,000 A-1+ Amoco Project 3.45% due 4/1/99(d) 2,000,000
Utah State Board Regents Student Loan Revenue:
19,500,000 A-1+ AMBAC-Insured Series Q 3.10%(b)(c) 19,500,000
27,000,000 A-1+ AMBAC-Insured Series L 3.10%(b)(c) 27,000,000
12,600,000 A-1+ AMBAC-Insured Series C 3.10%(b)(c) 12,600,000
15,000,000 VMIG 1* Series A 3.10%(b)(c) 15,000,000
2,600,000 NR+ Weber County IDR (Parker Inc. Project) 3.05%(b) 2,600,000
- ---------------------------------------------------------------------------------------------------------
147,105,000
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
28 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Vermont -- 0.2%
Vermont Educational Buildings Finance VHA
(New England Project) AMBAC-Insured:
$ 1,900,000 A-1+ Series B 3.15%(b) $ 1,900,000
3,100,000 A-1+ Series E 3.15%(b) 3,100,000
10,200,000 A-1+ Vermont IDA IDR (Ryegate Project) 3.10%(b)(c) 10,200,000
- ---------------------------------------------------------------------------------------------------------
15,200,000
- ---------------------------------------------------------------------------------------------------------
Virginia -- 1.3%
7,600,000 A-1 Alexandria Virginia IDR (Pooled Loan Program) 3.00%(b) 7,600,000
2,100,000 A-1+ Brunswick Conty IDR (Aegis Waste Solution) 3.15%(b)(c) 2,100,000
10,800,000 A-1+ Dinwiddie County IDR (Chaparral Steel) 3.35%(b)(c) 10,800,000
4,300,000 NR+ Front Royal & Warren IDA (PenTab Industries)3.05%(b)(c) 4,300,000
5,000,000 NR+ Henrico Virginia Hermitage Health 3.00%(b) 5,000,000
3,000,000 A-1+ King George County IDA Solid Waste Disposal Facility
Revenue Garnet of VA Inc. Project 3.05%(b)(c) 3,000,000
7,800,000 A-1+ Lynchburgh IDR VHA (Mid Atlantic Capital Project)
AMBAC-Insured 3.15%(b)(c) 7,800,000
2,000,000 A-1+ Norfolk IDR (Children Hospital Project) 3.00%(b) 2,000,000
Richmond Virginia:
16,000,000 A-1 GO RAN Series C 3.00%(b) 16,000,000
23,460,000 A-1 BAN 3.00%(b) 23,460,000
7,520,000 NR+ Rockbridge County IDR DES Champs High 3.10%(b)(c) 7,520,000
4,400,000 A-1+ Virginia Port Authority Revenue PART 3.12%(b) 4,400,000
- ---------------------------------------------------------------------------------------------------------
93,980,000
- ---------------------------------------------------------------------------------------------------------
Washington -- 1.8%
2,400,000 A-1 Olympia EDA Spring Air Northwest Project 3.25%(b)(c) 2,400,000
7,245,000 NR+ Pierce County (Port Sea-Land Service Project) 3.05%(b) 7,245,000
11,255,000 A-1+ Pierce County EDA Special Revenue (Weyerhaesuser
Real Estate) 3.00%(b) 11,255,000
1,200,000 P-1* Pierce County EDC Dock and Wharf Facility Revenue
(SCS Industries) 3.05%(b)(c) 1,200,000
6,055,000 A-1 Port Pasco Economic Development (Douglas Fruit Co.,
Inc. Project) 3.25%(b)(c) 6,055,000
12,440,000 A-1 Snohomish School District PART FGIC-Insured
3.25% due 8/10/99(d) 12,440,000
Washington Metro Airport Authority TECP:
5,000,000 A-1 3.10% due 4/13/99(b) 5,000,000
12,700,000 A-1 3.10% due 4/14/99(b) 12,700,000
10,000,000 A-1 3.20% due 6/18/99(b) 10,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 29
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Washington -- 1.8% (continued)
$ 2,900,000 VMIG 1* Washington Health (Hutchinson Cancer Research)
3.35%(b) $ 2,900,000
6,650,000 A-1+ Washington State GO Series 96B PART
3.20% due 12/9/99(d) 6,650,000
4,735,000 VMIG 1* Washington State Housing (Canyon Lakes II Project)
3.30%(b)(c) 4,735,000
Washington State Housing Finance Commission
Multi-Family Mortgage Revenue:
8,450,000 A-1+ Arbors on the Park Project 3.25%(b)(c) 8,450,000
7,840,000 VMIG 1* Glenbrooke Apartments Project Series A
3.15%(b)(c) 7,840,000
Washington State Public Power Supply Systems:
4,120,000 A-1+ PART AMBAC-Insured 3.10%(b) 4,120,000
5,700,000 A-1+ Series 93 2.95%(b) 5,700,000
7,300,000 A-1+ Nuclear Project Series 1A/2 2.95%(b) 7,300,000
Yakima County Public Corp.:
5,900,000 P-1* Can Am Millwork Limited 3.25%(b)(c) 5,900,000
2,000,000 NR+ Longview Fibre Co. Project 3.30%(b)(c) 2,000,000
3,100,000 NR+ Yakima County Washington Public Corp. IDR
(John I. Haas Project) 3.15%(b)(c) 3,100,000
- ---------------------------------------------------------------------------------------------------------
126,990,000
- ---------------------------------------------------------------------------------------------------------
West Virginia -- 0.4%
Marion County Commission Solid Waste Disposal
Facility Revenue (Granttown Project):
4,900,000 A-1+ Series B 3.10%(b)(c) 4,900,000
3,400,000 A-1+ Series D 3.10%(b)(c) 3,400,000
1,730,000 NR++ Putnam County Solid Waste Disposal Revenue
(FMC Corp.) 3.15%(b)(c) 1,730,000
West Virginia State Hospital Finance Authority Hospital
Revenue (Mid-Atlantic/Cap) AMBAC Insured:
5,700,000 A-1 Series D 3.15%(b) 5,700,000
4,490,000 A-1 Series E 3.15%(b) 4,490,000
3,800,000 A-1 Series G 3.15%(b) 3,800,000
5,785,000 AAA West Virginia State Parkway Economic Development &
Tourism FGIC-Insured (Pre-Refunded--Escrowed
with U.S. government securities to 7/1/99 @ 102)
7.125% due 7/1/99 5,948,845
- ---------------------------------------------------------------------------------------------------------
29,968,845
- ---------------------------------------------------------------------------------------------------------
Wisconsin -- 3.8%
9,500,000 NR+ Brokaw Sewer & Solid Waste Revenue (Wausau Paper
Mills Co. Project) 3.30%(b)(c) 9,500,000
3,610,000 A-1+ Germantown Wisconsin IDR (Great Lakes Pack Corp.)
3.09%(b)(c) 3,610,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
30 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Wisconsin -- 3.8% (continued)
$19,475,000 A-1 Milwaukee Housing Economic Development Authority
PART 3.12%(b)(c) $ 19,475,000
2,905,000 VMIG 1* Milwaukee State GO PART 3.20%(b) 2,905,000
3,000,000 A-1 Milwaukee Redevelopment Humane Society Project
3.25%(b)(c) 3,000,000
25,500,000 A-1+ University Hospitals & Clinics Authority Revenue
MBIA-Insured 3.00%(b) 25,500,000
7,495,000 A-1+ Wisconsin Central District Tax Revenue PART 3.129%(b) 7,495,000
2,745,000 VMIG 1* Wisconsin Housing and Economic Development Authority
Home Ownership Revenue PART 3.12%(b)(c) 2,745,000
6,320,000 A-1+ Wisconsin Public Power Inc. System Power Supply
System Revenue PART AMBAC-Insured 3.09%(b) 6,320,000
Wisconsin State GO TECP:
10,221,000 A-1+ Series A 3.15% due 8/5/99 10,221,000
3,075,000 A-1+ Series 97A 3.15% due 7/21/99 3,075,000
3,079,000 A-1+ Series 97A 3.15% due 7/21/99 3,079,000
10,684,000 A-1+ Series 97A 3.125% due 7/13/99 10,684,000
4,116,000 A-1+ Series 97A 2.65% due 4/6/99 4,116,000
1,049,000 A-1+ Series 97B 3.125% due 7/13/99 1,049,000
5,347,000 A-1+ Series 97B 3.15% due 7/21/99 5,347,000
3,000,000 AAA Wisconsin St GO (Pre-Refunded--Escrowed with U.S.
government securities to 5/1/99 @ 101)
6.50% due 5/1/99 3,036,619
120,000,000 SP-1+ Wisconsin State Operating Notes 4.50% due 6/15/99 120,226,160
8,535,000 A-1+ Wisconsin State Health & Education
(Edgewood College) 3.10%(b) 8,535,000
15,200,000 A-1+ Wisconsin State Health & Education Facilities Authority
(Felician Services) AMBAC-Insured 3.07%(b) 15,200,000
7,000,000 A-1+ Wisconsin Transportation Revenue TECP
Series 97A 3.00% due 6/9/99 7,000,000
- ---------------------------------------------------------------------------------------------------------
272,118,779
- ---------------------------------------------------------------------------------------------------------
Wyoming -- 1.0%
Green River Power Rhone-Poulene:
2,500,000 A-1+ Series 92 3.10%(b) 2,500,000
6,600,000 A-1+ Series 92 3.10%(b) 6,600,000
11,000,000 A-1+ Series 94 3.15%(b)(c) 11,000,000
8,600,000 VMIG 1* Green River Solid Waste Oci Project 3.09%(b)(c) 8,600,000
5,600,000 A-1+ Kemmerer County PCR (Exxon) 3.10%(b) 5,600,000
2,500,000 A-1 Sweetwater County PCR (Idaho Power Co.) 3.15%(b) 2,500,000
30,000,000 SP-1+ Wyoming State General Fund TRANS Series 99
4.00% due 6/25/99 30,028,862
- ---------------------------------------------------------------------------------------------------------
66,828,862
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 31
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Miscellaneous -- 1.8%
Clipper Blue Tax-Exempt PART:
$51,426,715 VMIG 1* 95 - 1 3.21%(b)(c) $ 51,426,684
5,253,842 VMIG 1* 95 - 2 3.41%(c) 5,253,831
3,401,527 VMIG 1* 95 - 1 3.41%(c) 3,401,527
Pooled Puttable Floating Options Tax-Exempt PART:
8,500,000 A-1+ 3.90%(b)(c) 8,500,000
8,775,000 A-1+ 3.21%(b)(c) 8,775,000
6,615,000 VMIG1* 3.21%(b)(c) 6,615,000
19,305,000 A-1+ Pooled Variable Rate Macon Trust PART 3.31%(b)(c) 19,305,000
27,820,000 A-1+ Pooled Variable Rate PART 3.18%(b) 27,820,000
- ---------------------------------------------------------------------------------------------------------
131,097,042
- ---------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 100%
(Cost -- $7,110,939,917**) $7,110,939,917
=========================================================================================================
</TABLE>
(a) All ratings are by Standard & Poor's Rating Service, except those
identified by an asterisk (*), which are rated by Moody's Investors
Service, Inc.
(b) Variable rate obligation payable at par on demand at any time on no more
than seven days notice.
(c) Income from this issue is considered a preference item for the purposes of
calculating the alternative minimum tax.
(d) 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 Service. 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 Service. 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 33 and 34 for definition of ratings and certain security
descriptions.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
32 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Bond Ratings (unaudited)
- --------------------------------------------------------------------------------
The definitions of the applicable rating symbols are set forth below:
Standard & Poor's Rating Service ("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 Investors Service Inc. ("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. 33
<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
- --------------------------------------------------------------------------------
34 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities March 31, 1999
- --------------------------------------------------------------------------------
ASSETS:
Investments, at amortized cost $ 7,110,939,917
Interest receivable 51,889,745
Other assets 869,950
- --------------------------------------------------------------------------------
Total Assets 7,163,699,612
- --------------------------------------------------------------------------------
LIABILITIES:
Payable for securities purchased 23,606,645
Dividends payable 8,298,452
Management fees payable 2,821,975
Distribution fees payable 255,206
Deferred compensation payable 35,249
Payable to bank 9,555
Accrued expenses 565,945
- --------------------------------------------------------------------------------
Total Liabilities 35,593,027
- --------------------------------------------------------------------------------
Total Net Assets $ 7,128,106,585
================================================================================
NET ASSETS:
Par value of shares of beneficial interest $ 71,283,259
Capital paid in excess of par value 7,057,401,607
Accumulated net realized loss on security transactions (578,281)
- --------------------------------------------------------------------------------
Total Net Assets $ 7,128,106,585
================================================================================
Shares Outstanding:
Class A 7,104,334,497
-----------------------------------------------------------------------------
Class Y 23,991,378
-----------------------------------------------------------------------------
Net Asset Value, per share:
Class A $ 1.00
-----------------------------------------------------------------------------
Class Y $ 1.00
================================================================================
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 35
<PAGE>
- --------------------------------------------------------------------------------
Statement of Operations For the Year Ended March 31, 1999
- --------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest $230,134,100
- --------------------------------------------------------------------------------
EXPENSES:
Management fees (Note 3) 32,200,646
Distribution fees (Note 3) 6,723,338
Shareholder and system servicing fees 1,699,035
Registration fees 644,250
Shareholders communications 316,693
Custody 269,016
Audit and legal fees 49,409
Directors' fees 13,711
Other 166,300
- --------------------------------------------------------------------------------
Total Expenses 42,082,398
- --------------------------------------------------------------------------------
Net Investment Income 188,051,702
- --------------------------------------------------------------------------------
Net Realized Gain on Investments 469,190
- --------------------------------------------------------------------------------
Increase in Net Assets From Operations $188,520,892
================================================================================
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
36 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets For the Years Ended March 31,
- --------------------------------------------------------------------------------
1999 1998
================================================================================
OPERATIONS:
Net investment income $ 188,051,702 $ 180,135,362
Net realized gain 469,190 313,303
- --------------------------------------------------------------------------------
Increase in Net Assets From Operations 188,520,892 180,448,665
- --------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2) (188,051,621) (180,135,362)
- --------------------------------------------------------------------------------
FUND SHARE TRANSACTIONS (NOTE 5):
Net proceeds from sale of shares 29,271,556,660 26,427,767,746
Net asset value of shares issued
for reinvestment of dividends 183,382,155 173,887,645
Cost of shares reacquired (28,664,024,895) (25,832,162,287)
- --------------------------------------------------------------------------------
Increase in Net Assets From
Fund Share Transactions 790,913,920 769,493,104
- --------------------------------------------------------------------------------
Increase in Net Assets 791,383,191 769,806,407
NET ASSETS:
Beginning of year 6,336,723,394 5,566,916,987
- --------------------------------------------------------------------------------
End of year $ 7,128,106,585 $ 6,336,723,394
================================================================================
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 37
<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.
- --------------------------------------------------------------------------------
38 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
3. Management Agreement and Other Transactions
SSBC Fund Management Inc. ("SSBC"), formerly known as Mutual Management Corp., a
subsidiary of Salomon Smith Barney Holdings Inc. ("SSBH"), acts as investment
manager to the Fund. The Fund pays SSBCa 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, 0.45% on the next $2.5 billion and 0.40% on
average daily net assets in excess of $7.5 billion. This fee is calculated daily
and paid monthly.
On October 8, 1998, CFBDS, Inc. became the Fund's distributor. Prior to that
date Salomon Smith Barney Inc. ("SSB"), was the Fund's distributor. SSB, as well
as certain other broker-dealers, continues to sell Fund shares to the public as
a member of the selling group. Pursuant to a Distribution Plan, the Fund pays
SSB a service fee calculated with respect to Class A and L shares at an annual
rate of 0.10% of the Fund's average daily net assets.
All officers and one Director of the Fund are employees of SSB.
4. Capital Loss Carryforward
At March 31, 1999, the Fund had, for Federal income tax purposes, approximately
$578,000 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 $400,000 $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.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 39
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
At March 31, 1999, total paid-in capital amounted to the following for each
class:
Class A Class Y
================================================================================
Total Paid-in Capital $7,104,692,306 $23,992,560
================================================================================
Transactions in shares of each class were as follows:
Year Ended Year Ended
March 31, 1999 March 31, 1998
================================================================================
Class A
Shares sold 29,150,652,716 26,413,795,660
Shares issued on reinvestment 183,074,353 173,772,012
Shares reacquired (28,566,310,554) (25,813,798,019)
- --------------------------------------------------------------------------------
Net Increase 767,416,515 773,769,653
================================================================================
Class C*
Shares sold -- --
Shares issued on reinvestment 11 212
Shares reacquired (4,733) (10,611)
- --------------------------------------------------------------------------------
Net Decrease (4,722) (10,399)
================================================================================
Class Y
Shares sold 120,903,944 13,972,086
Shares issued on reinvestment 307,791 115,421
Shares reacquired (97,709,608) (18,353,657)
- --------------------------------------------------------------------------------
Net Increase (Decrease) 23,502,127 (4,266,150)
================================================================================
* On May 5, 1998, Class C shares were fully redeemed.
- --------------------------------------------------------------------------------
40 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
For a share of each class of capital stock outstanding throughout each year
ended March 31:
<TABLE>
<CAPTION>
Class A Shares 1999 1998 1997 1996 1995
========================================================================================================
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------------------------------
Net investment income (1) 0.028 0.031 0.029 0.033 0.027
Dividends from net
investment income (0.028) (0.031) (0.029) (0.033) (0.027)
- --------------------------------------------------------------------------------------------------------
Net Asset Value, End of Year $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------------------------------
Total Return 2.84% 3.15% 2.94% 3.34% 2.71%
- --------------------------------------------------------------------------------------------------------
Net Assets,
End of Year (millions) $ 7,104 $ 6,336 $ 5,562 $ 5,395 $ 4,651
- --------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses (1) (2) 0.62% 0.61% 0.67% 0.63% 0.61%
Net investment income 2.79 3.10 2.90 3.28 3.01
========================================================================================================
<CAPTION>
Class Y Shares 1999 1998 1997 1996(3)
========================================================================================================
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Year $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------------------------------
Net investment income 0.029 0.032 0.030 0.004
Dividends from net
investment income (0.029) (0.032) (0.030) (0.004)
- --------------------------------------------------------------------------------------------------------
Net Asset Value, End of Year $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------------------------------------------------------------------
Total Return 2.95% 3.25% 3.04% 0.39%++
- --------------------------------------------------------------------------------------------------------
Net Assets, End of Year (millions) $ 24.0 $ 0.5 $ 5.0 $ 18.0
- --------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses (2) 0.49% 0.52% 0.57% 0.55%+
Net investment income 2.90 3.23 3.00 2.81+
========================================================================================================
</TABLE>
(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%
(2) As a result of voluntary expense limitations, expense ratios will not
exceed 0.70% of any Class of the Fund.
(3) For the period from February 12, 1996 (inception date) to March 31, 1996.
++ Total return is not annualized, as it may not be representative of the
total return for the year.
+ Annualized.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 41
<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, 1999, 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, 1999, by correspondence with the custodian. As to securities purchased but
not yet received, 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, 1999, 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 LLP
New York, New York
May 12, 1999
- --------------------------------------------------------------------------------
42 1999 Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Tax Information (unaudited)
- --------------------------------------------------------------------------------
For Federal tax purposes the Fund hereby designates for the fiscal year ended
March 31, 1999:
o 100% of the dividends paid by the Fund from net investment income as
tax exempt for regular Federal income tax purposes.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 43
<PAGE>
SALOMON SMITH BARNEY
---------------------------
A member of citigroup[LOGO]
Directors
Donald R. Foley
Paul Hardin
Heath B. McLendon, Chairman
Roderick C. Rasmussen
John P. Toolan
Joseph H. Fleiss, Emeritus
Officers
Heath B. McLendon
President and
Chief Executive Officer
Lewis E. Daidone
Senior Vice President
and Treasurer
Joseph Benevento
Vice President
Joseph P. Deane
Vice President
Irving P. David
Controller
Christina T. Sydor
Secretary
Investment Manager
SSBCFund Management Inc.
Distributor
CFBDS, Inc.
Custodian
PNC Bank, N.A.
Shareholder
Servicing Agent
First Data Investor Services
Group, Inc.
P.O. Box 1376
Boston, MA 02104
This report is submitted for the general information of the shareholders of
Smith Barney Municipal Money Market Fund, Inc. It is not authorized for
distribution to prospective investors unless accompanied or preceded by a
current Prospectus for the Fund, which contains information concerning the
Fund's investment policies and expenses as well as other pertinent information.
Salomon Smith Barney is a service mark of Salomon Smith Barney Inc.
Smith Barney Municipal
Money Market Fund, Inc.
388 Greenwich Street
New York, New York 10013
www.smithbarney.com
FD2396 5/99
