Smith Barney
Municipal
Money Market
Fund, Inc.
------------------
SEMI-ANNUAL REPORT
------------------
September 30, 1999
[LOGO] Smith Barney
Mutual Funds
NOT FDIC INSURED o NOT BANK GUARANTEED o MAY LOSE VALUE
<PAGE>
Smith Barney [PHOTO OMITTED] [PHOTO OMITTED] [PHOTO OMITTED]
Municipal
Money Market HEATH B. JOSEPH P. JOSEPH
Fund, Inc. MCLENDON DEANE BENEVENTO
Chairman Vice President Vice President
Dear Shareholder:
We are pleased to provide you with the semi-annual report for the Smith Barney
Municipal Money Market Fund, Inc. ("Fund") for the period ended September 30,
1999. We hope you find this report to be useful and informative. For your
convenience, we have summarized the period's prevailing economic and market
conditions and outlined our portfolio strategy. A detailed summary of the Fund's
performance can be found in the appropriate sections that follow.
Performance Update
As of September 30, 1999, the Municipal Money Market Fund's 7-day current yield
was 3.07%. The Fund's 7-day effective yield which reflects compounding - was
3.12%.
Please note that your investment in the Municipal Money Market Portfolio is
neither insured, nor guaranteed, by the Federal Deposit Insurance Corporation or
any other government agency. Although the Portfolio 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 and Economic Overview
We think that the municipal bond market may be approaching a temporary bottom.
The Federal Reserve Board ("Fed") has implemented two monetary policy
adjustments so far in 1999 - a 25 basis point increase on June 30, 1999 and a 25
basis point increase on August 30, 1999.(1) Fixed income prices have come under
some pressure as a result of
- ----------
(1) On Tuesday, November 16, 1999, the Federal Reserve Board raised short-term
rates by 25 basis points after this letter was written.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 1
<PAGE>
rising interest rates, fueled by a strong U.S. economy and improving market and
economic conditions overseas. However, broad-based inflationary pressures have
been absent so far. In our opinion, long U.S. Treasury yields are competitive.
The yield on the 30-year Treasury bond has stayed within a narrow 40 basis point
trading range since the beginning of June, currently trading just above 6%,
while long-term municipal bonds are yielding approximately 95% of long-term U.S.
Treasury bonds. Under typical market conditions, municipal bonds yield roughly
85% of similar-maturity U.S. Treasury bonds.
The financial crisis and ensuing global credit crunch that occurred in 1998
caused spreads to widen substantially between municipal securities and U.S.
Treasuries. The recent upward pressure on municipal yields appears to result
largely from two factors: 1) the lack of demand for municipal bonds by the
traditional institutional sectors that have supported the municipal market; and
2) additional pressures resulting from the pre-Y2K avalanche of issues in the
taxable market, which has attracted institutional investors who would otherwise
buy municipals.
Tax-Exempt Money Market Overview and Outlook
For most state and local governments, June marks the end of the current fiscal
year and the pricing of a large portion of their annual note financing.
Traditionally, this is the largest note issuance period in the municipal market.
In our opinion, there were two major factors investors grappled with during this
period: the Fed interest rate policy and Y2K liquidity concerns.
This year's note issuance period coincided with two consecutive 25 basis point
increases in the short-term interest rates on June 30, 1999 and August 24, 1999.
As a result, the short-term municipal yield curve began to steepen. Over this
period, one-year municipal note yields increased by roughly 50 to 60 basis
points. In the Variable Rate Demand Obligation ("VRDO") market, which represents
the shorter end of the yield curve, rates declined as investors sought the
safety of daily and weekly liquidity. VRDO's 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.
Along with the rise in one-year municipal note yields the market also
experienced an increase in the premium paid for the most liquid, high quality
note issues. Part of this premium can be explained by the anxiety surrounding
Y2K. While there is no historical data to predict what may occur in the
financial markets due to Y2K concerns we do believe that
- --------------------------------------------------------------------------------
2 1999 Semi-Annual Report to Shareholders
<PAGE>
during uncertain times investors tend to opt for liquidity and safety of
principal. Given these factors, we do expect the liquidity premium to increase
over the rest of the fourth quarter of 1999.
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.(2) At the present time, we
have targeted the Fund's average maturity to a 50 to 55 day range, while
maintaining a higher VRDO position.
Our focus in the municipal note market has been on the high-quality, liquid
sector of the market. One of the Fund's largest positions, Houston Texas Tax and
Revenue Anticipation Notes ("TRAN"), is an example.(3) The Texas TRAN position
is part of a $3.9 billion issue that was given the highest short term ratings by
both Moody's Investors Service Inc. and Standard & Poor's Ratings Service, Inc.
Due to its size and broad investment appeal, it is considered to be one of the
market's most liquid note deals.
In closing, thank you for investing in the Smith Barney Municipal Money Market
Fund, Inc. We look forward to continuing to help you pursue your financial
goals.
Sincerely,
/s/ Heath B. McLendon /s/ Joseph P. Deane
Heath B. McLendon Joseph P. Deane
Chairman Vice President
/s/ Joseph Benevento
Joseph Benevento
Vice President
October 15, 1999
- ----------
(2) A portion of the Portfolio's income may be subject to the Alternate
Minimum Tax ("AMT").
(3) Please note that the Portfolio's holdings are subject to change.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 3
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Alabama -- 0.8%
$ 2,000,000 NR+ Auburn Alabama IDB (Donaldson Co.) 3.95%(b)(c) $ 2,000,000
5,935,000 NR+ Boaz IDB (Parker Hannifen Corp.) 3.80%(b) 5,935,000
950,000 NR+ Cullman IDR (Pressac Project) 4.05%(b) 950,000
6,000,000 A-1+ Decatur IDR (NEO Industries) Series 98 4.05%(b)(c) 6,000,000
3,175,000 A-1+ Demopolis IDR (Mclain Inc. Project) 3.84%(b)(c) 3,175,000
9,000,000 A-1+ Mobile Alabama Infirmary Health Series 98 A
3.35% due 10/15/99(d) 9,000,000
8,000,000 A-1 Montgomery BMC Special Care Facilities Authority Revenue
(VHA Alabama Inc. Cap) AMBAC-Insured 3.85%(b) 8,000,000
1,000,000 P-1 North Alabama Environmental Improvement Authority
PCR Reynold Metals 3.80%(b) 1,000,000
16,500,000 A-1+ Tuscaloosa County IDA Solid Waste Disposal Revenue
(Tuscaloosa Steel Corp. Project) 3.80%(b)(c) 16,500,000
- ---------------------------------------------------------------------------------------------------------
52,560,000
- ---------------------------------------------------------------------------------------------------------
Alaska -- 0.4%
10,785,000 VMIG1* Alaska HFA PART AMBAC-Insured
3.283% due 3/9/00(c)(d) 10,785,000
4,000,000 VMIG1* Alaska State HFC Government Purpose University
Series 97A 3.85%(b) 4,000,000
4,600,000 VMIG 1* Valdez Marine Term Revenue (ARCO Transportation
Project) Series 94A 3.20% due 10/8/99(d) 4,600,000
Valdez Marine Term Revenue (Exxon Pipeline Co. Project):
3,500,000 VMIG 1* Project A 3.75%(b) 3,500,000
2,500,000 VMIG 1* Project B 3.75%(b) 2,500,000
- ---------------------------------------------------------------------------------------------------------
25,385,000
- ---------------------------------------------------------------------------------------------------------
Arizona -- 1.2%
Apache County IDR PCR Tucson Electric Power Co.:
6,200,000 A-1+ IDR Series 83B 3.85%(b) 6,200,000
8,100,000 A-1+ PCR Series 83A 3.80%(b) 8,100,000
13,600,000 VMIG 1* Arizona Educational Loan Marketing Corp.
Educational Loan Review 3.80%(b)(c) 13,600,000
7,870,000 VMIG 1* Chandler Arizona IDA IDR SMP II Limited Partnership
3.83%(b) 7,870,000
20,000,000 A-1+ Coconino County Arizona PCR Arizona Public Service
3.75%(b)(c) 20,000,000
4,155,000 VMIG 1* Mesa Muni Development Corp (Special Tax)
TECP Series 96B 3.30% due 10/6/99 4,155,000
Pima County IDA:
8,000,000 A-1+ IDR Tucson Electric Power Series A 3.80%(b) 8,000,000
10,055,000 A-1+ Single Family Mortgage GNMA PART
3.233% due 3/9/00(c)(d) 10,055,000
- ---------------------------------------------------------------------------------------------------------
77,980,000
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
4 1999 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Arkansas -- 0.6%
$ 2,650,000 NR+ Atkins IDR (Green Bay Foods Project) 3.90%(b)(c) $ 2,650,000
3,300,000 VMIG 1* Fayetteville IDR (Amcast Industrial Corp.) 3.90%(b)(c) 3,300,000
7,000,000 NR+ Pine Bluff IDR (Greenfield Inc. Project) 3.90%(b)(c) 7,000,000
4,650,000 VMIG 1* Saline County Arkansas PCR (Alcoa Inc. Project)
3.249% due 5/17/00(d) 4,650,000
6,000,000 VMIG 1* Searcy Arkansas IDR Kohler County Project 3.90%(b)(c) 6,000,000
2,750,000 NR+ Sheridan IDR (Kohler Project) Series 85
3.80% due 8/1/00(b) 2,750,000
14,500,000 A-1+ Union County Arkansas Solid Waste Disposal
(Tin Fiber Project) Series 97B 3.85%(b)(c) 14,500,000
- ---------------------------------------------------------------------------------------------------------
40,850,000
- ---------------------------------------------------------------------------------------------------------
California -- 0.6%
California Health Facilities Finance Authority:
2,900,000 A-1+ Scripps Health 3.10%(b) 2,900,000
1,500,000 A-1+ Sutter Health 3.50%(b) 1,500,000
24,000,000 VMIG 1* California Higher Education Loan Authority Inc. Revenue
Series 94 3.20% due 6/1/00(b)(c) 24,000,000
9,000,000 SP-1+ California RAN Series A 3.30% due 6/30/00 9,045,900
1,100,000 A-1+ Regional Airports Improvement Corp. (Los Angeles
International Airport) 3.85%(b)(c) 1,100,000
- ---------------------------------------------------------------------------------------------------------
38,545,900
- ---------------------------------------------------------------------------------------------------------
Colorado -- 2.0%
6,000,000 A-1 Colorado HFA (Celestial Seasoning) 3.75%(b)(c) 6,000,000
Colorado HFA MFH:
7,720,000 A-1+ Central Park Series 96C FNMA 3.85%(b) 7,720,000
4,270,000 A-1+ Greenwood Point Series 96D FNMA 3.85%(b) 4,270,000
7,420,000 A-1+ Hamptons Series 96G FNMA 3.85%(b) 7,420,000
5,100,000 A-1+ Huntersridge Series 96E FNMA 3.85%(b) 5,100,000
4,490,000 P-1 Colorado Postsecondary EFA Revenue
(Regis Jesuit High School Project) 3.85%(b) 4,490,000
Colorado Student Loan Authority AMBAC-Insured:
4,200,000 VMIG 1* Series 89A 3.85%(b)(c) 4,200,000
11,500,000 VMIG 1* Series 90A 3.85%(b)(c) 11,500,000
10,950,000 VMIG 1* Series 99A-1 3.80%(b) 10,950,000
7,500,000 VMIG 1* Series 99A-3 3.85%(b)(c) 7,500,000
Denver City & County Airport Revenue:
7,000,000 A-1+ MBIA-Insured PART 3.82%(b) 7,000,000
22,170,000 AAA Series D 3.45% due 11/15/99() 22,210,536
2,000,000 A-1+ Eagle Ranch Metropolitan District CO Series A
3.80%(b)(c) 2,000,000
11,200,000 A-1 Lakewood MFH Revenue (Marston Pointe Apartments
Project) 4.00%(b)(c) 11,200,000
14,000,000 NR+ Lower Colorado River Authority TECP
3.30% due 11/19/99(d) 14,000,000
- ---------------------------------------------------------------------------------------------------------
125,560,536
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 5
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Delaware -- 1.4%
Delaware State Economic Development Authority:
$ 49,400,000 A-1+ Clean Power Project Series C 3.84%(b)(c) $ 49,400,000
31,000,000 A-1+ IDA (Star Enterprises) Series B 3.85%(b)(c) 31,000,000
2,660,000 NR+ Delaware Health Facilities Authority (Christiana
Care Services) AMBAC-Insured 3.40% due 10/1/99 2,660,000
5,545,000 A-1 New Castle County Economic Development Revenue
Refunding (Henderson McGuire Project) 3.80%(b) 5,545,000
2,675,000 VMIG 1* New Castle Delaware PCR (General Motors Corp.
Project) 3.70%(b) 2,675,000
- ---------------------------------------------------------------------------------------------------------
91,280,000
- ---------------------------------------------------------------------------------------------------------
District of Columbia -- 0.6%
District of Columbia:
1,100,000 A-1+ Series 92A 4.00%(b) 1,100,000
6,800,000 A-1+ Series B3 4.00%(b) 6,800,000
7,145,000 A-1 District of Columbia American Society Microbiology
Series 99A 3.80%(b)(c) 7,145,000
7,830,000 VMIG 1* District of Columbia HFA Carmel Series A 3.88%(b) 7,830,000
4,500,000 VMIG 1* District of Columbia National Academy of Science
Series 99B 3.70%(d) 4,500,000
2,000,000 A-1+ District of Columbia National Children's
Center Inc. 3.80%(b) 2,000,000
6,980,000 A-1+ Macon Pooled Variable Rate PART
MBIA-Insured 4.12%(b) 6,980,000
- ---------------------------------------------------------------------------------------------------------
36,355,000
- ---------------------------------------------------------------------------------------------------------
Florida -- 3.0%
Dade County (FL Water & Sewer):
10,000,000 VMIG 1* PART FGIC-Insured 3.86%(b) 10,000,000
11,210,000 A-1+ PART FGIC-Insured 3.85%(b) 11,210,000
34,060,000 A-1+ Florida Capital Projects Finance Authority Revenue
(Capital Projects Loan Program) Series 97A
FSA-Insured 3.75%(b) 34,060,000
2,550,000 VMIG 1* Florida HFA Ashley Lake Apartments FHA-Insured
3.80%(b)(c) 2,550,000
5,860,000 A-1+ Florida HFA FHA-Insured PART Series 96 3.90%(b)(c) 5,860,000
12,120,000 P-1 Florida Local Government Community Pooled Project A
3.60% due 3/7/00 12,120,000
4,000,000 P-1 Florida Municipal Power Series A 3.30% due 10/13/99 4,000,000
3,045,000 AAA Greater Orlando Aviation Authority Orlando Florida Airport
3.90% due 10/1/00(c) 3,077,431
50,000,000 VMIG 1* Gulf Breeze Florida Heritage Healthcare Project 3.92%(b) 50,000,000
5,000,000 A-1 Hillsborough County (Petroleum Packers) 4.10%(b)(c) 5,000,000
Lee County Florida IDA Health Care:
2,000,000 A-1+ Hope Hospice Project 3.85%(b)(c) 2,000,000
15,000,000 A-1+ Shell Point Project Series 99B 3.80%(b)(c) 15,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
6 1999 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Florida -- 3.0%
(continued)
$ 3,000,000 NR+ Manatee County IDR (Avon Cabinet Corp.) 3.95%(b)(c) $ 3,000,000
7,800,000 NR Miami Dade IDA IDR (Lawson Industrials Inc.)
3.95%(b)(c) 7,800,000
4,750,000 A-1 + Orange County Florida Health Facilities Authority
Adventist Health Systems 3.70%(b) 4,750,000
2,200,000 VMIG 1* Pasco County HFA Multi-Family Revenue
(Carlton Arms Magnolia) 3.87%(b) 2,200,000
2,350,000 NR+ Pinellas County Industrial Council IDR
(Molex EXT Inc. Project) 3.90%(b)(c) 2,350,000
5,000,000 A-1+ Polk IDA (Farmland Hydro LLP) Series 99 3.85%(b)(c) 5,000,000
1,565,000 NR+ Sunrise Florida Utilities System Revenue AMBAC-Insured
PART 3.85%(b) 1,565,000
8,575,000 NR+ Sunshine State Government Financing Community
Series A 3.60% due 3/10/00 8,575,000
1,300,000 A-1+ Tampa Occupational License Tax FGIC-Insured
Series A 3.75%(b) 1,300,000
- ---------------------------------------------------------------------------------------------------------
191,417,431
- ---------------------------------------------------------------------------------------------------------
Georgia -- 3.3%
13,900,000 VMIG 1* Burke County Georgia PCR (Georgia Power Co.)
3.70% due 5/1/00(d) 13,900,000
2,400,000 NR+ Carrollton IDR (Holox Limited Project) 3.90%(b)(c) 2,400,000
3,725,000 NR+ Clayton County IDR (Mcilrath Corp.) Project 3.84%(b) 3,725,000
1,200,000 NR+ Cobb County IDR (RLR Industries Inc. Project)
3.90%(b)(c) 1,200,000
4,055,000 A-1+ Cobb County Multi-Family Housing Williamstown
Apartment Project Series 89 3.90%(b)(c) 4,055,000
2,600,000 NR+ Dawson County Georgia IDR (Philips & Brooks Gladwin)
3.90%(b)(c) 2,600,000
3,000,000 NR+ Decatur and Bainbridge Counties Development Authority
(Thomas & Betts Project) 3.90% (b)(c) 3,000,000
1,800,000 A-1+ De Kalb County Multi-Family Housing Authority Revenue
Refunding (Clairmont Crest Project) 3.80%(b) 1,800,000
2,100,000 NR+ Dodge County IDA (Sylvan Hardwoods LLC Project)
3.90%(b)(c) 2,100,000
6,200,000 A-1+ Fayette County IDR (Gardner Denver Co.) 3.90%(b)(c) 6,200,000
2,000,000 NR+ Fulton County DFA (Metro Altanta YMCA) Series 97 3.75%(b) 2,000,000
Fulton County Flight Safety:
19,300,000 VMIG 1* Equipment Series 99 3.90%(b)(c) 19,300,000
8,000,000 VMIG 1* Improvement Series 99 3.90%(b)(c) 8,000,000
7,750,000 A-1+ Fulton County HSG (Spring Creek) 3.85%(b) 7,750,000
3,300,000 NR+ Fulton County IDA (Charles Mackarvich Project)
3.90%(b)(c) 3,300,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 7
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Georgia -- 3.3%
(continued)
$ 9,050,000 VMIG 1* Fulton Georgia PCR (General Motors Corp.) 3.70%(b) $ 9,050,000
Georgia Municipal Electricity Authority:
14,610,000 A-1+ PART FGIC-Insured 3.85%(b) 14,610,000
1,000,000 A-1+ Series D 3.75%(b) 1,000,000
5,000,000 A-1+ Special Obligation MBIA-Insured PART 3.82%(b) 5,000,000
Georgia State GO:
4,820,000 A-1+ Series B PART 3.85%(b) 4,820,000
10,125,000 A-1+ Series C PART 3.85%(b) 10,125,000
14,690,000 A-1+ Series D PART 3.85%(b) 14,690,000
5,000,000 AAA Series F 3.05% due 12/1/99 5,028,174
10,200,000 A-1+ Series 91C PART 3.05%(b) 10,200,000
3,000,000 NR+ Georgia State Ports Authority (Colonels Terminal
Project) 3.90%(b) 3,000,000
6,000,000 A-1+ Griffin-Spalding County IDA (Norcom Inc.) 3.84%(b)(c) 6,000,000
3,900,000 A-1+ Gwinnett County School District IDR (Christian
Acadamy) 3.80%(b) 3,900,000
5,000,000 NR+ Harralson County Development IDR (Gold Kist Project)
3.90%(b)(c) 5,000,000
2,600,000 NR+ Jackson County IDA (Snider Tire Inc.) 3.90%(b)(c) 2,600,000
4,800,000 A-1+ Marietta Housing Authority Multi-Family Revenue
Refunding (Concepts 21 Apartments) FNMA 3.70%(b) 4,800,000
4,900,000 A-1+ Roswell Georgia MFH Greenhouse Apartments 3.75%(b)(c) 4,900,000
5,000,000 NR+ Smyrna Housing Authority Multi-Family Housing Revenue
(Walton Grove Project) 3.90%(b)(c) 5,000,000
4,700,000 A-1+ Thomaston-Upson County IDA (De Ster Production Corp.)
Series A 4.15%(b)(c)
Tift County IDA: 4,700,000
4,900,000 A-1+ Burlen Corp. 3.90%(b)(c) 4,900,000
3,000,000 NR+ Queen Carpet Corp. Series A 3.90%(b)(c) 3,000,000
1,500,000 NR+ Queen Carpet Corp. Series B 3.80%(b) 1,500,000
2,000,000 NR+ Valdosta-Lowndes (South Pecan Co.) 3.90%(b)(c) 2,000,000
- ---------------------------------------------------------------------------------------------------------
207,153,174
- ---------------------------------------------------------------------------------------------------------
Hawaii -- 0.2%
1,000,000 VMIG 1* Hawaii HSG Finance & Development Corp.
Series 93A 3.80%(b) 1,000,000
5,802,000 A-1+ Hawaii State GO PART 3.85%(b) 5,802,000
6,820,000 VMIG 1* Honolulu Waste and Water PART FGIC-Insured
3.399% due 11/17/99(d) 6,820,000
- ---------------------------------------------------------------------------------------------------------
13,622,000
- ---------------------------------------------------------------------------------------------------------
Idaho -- 0.4%
25,000,000 MIG 1* Idaho State TAN Series 99 3.40% due 6/30/00 25,153,142
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
8 1999 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Illinois -- 12.7%
$15,660,000 A-1+ Central Lake Community Joint Action Water Agency
Interim Water Revenue FGIC-Insured PART 3.85%(b) $ 15,660,000
5,500,000 NR+ Centralia IDR (Hollywood Brands) Series 83 3.80%(b) 5,500,000
13,100,000 A-1+ Chicago Airport Special Facilities Centerpoint
O'Hare 3.90%(b)(c) 13,100,000
20,000,000 A-1+ Chicago Board of Education AMBAC-Insured PART
3.85%(b) 20,000,000
11,680,000 A-1+ Chicago GO AMBAC-Insured PART 3.82%(b) 11,680,000
16,395,000 A-1+ Chicago GO FGIC-Insured PART 3.82%(b)(c) 16,395,000
Chicago IDA:
5,800,000 A-1+ Ampere Automotive 3.84%(b)(c) 5,800,000
7,200,000 A-1+ Enterprise Center Project VII 3.84%(b)(c) 7,200,000
4,750,000 A-1+ Enterprise Center Project IX 3.84%(b)(c) 4,750,000
4,000,000 A-1+ Freedman Seating Co. Project 3.84%(b)(c) 4,000,000
3,000,000 A-1+ PS Greetings Inc. Series 99 3.90%(b)(c) 3,000,000
5,000,000 A-1+ Zenith Controls 3.84%(b)(c) 5,000,000
18,000,000 SP-1+ Chicago Illinois Park District Tax Anticipation Warrants
3.621% due 9/15/00 18,124,858
6,475,000 A-1+ Chicago MFH Barbara Jean Wright Apartments 3.84%(b)(c) 6,475,000
28,940,000 A-1 Chicago School Reference Series 91 PART
3.67% due 3/6/00(d) 28,940,000
44,900,000 A-1+ Chicago Tax Increment Sr. Lien 3.85%(b) 44,900,000
10,000,000 SP-1+ Chicago Tender Notes Series 99 2.95% due 1/27/00(d) 10,000,000
43,040,000 VMIG 1* Chicago Water Revenue FGIC-Insured PART 3.88%(b) 43,040,000
19,657,000 VMIG 1* Cook County GO PART FGIC-Insured 3.86%(b) 19,657,000
8,235,000 A-1+ Cook County GO PART MBIA-Insured 3.82%(b) 8,235,000
2,850,000 A-1+ Cook County IDR (Little Lady Foods Inc.) 3.84%(b)(c) 2,850,000
Illinois Development Finance Authority:
3,225,000 A-1+ 6 West Hubbard Street 3.60%(b)(c) 3,225,000
35,000,000 A-1+ Adventist Health Systems Series A MBIA-Insured
3.80%(b) 35,000,000
4,485,000 A-1+ CHS Aquistion Corp. 3.84%(b)(c) 4,485,000
5,010,000 A-1+ Continental Midland Inc. 3.84%(b)(c) 5,010,000
5,465,000 A-1+ F.C. Ltd Partnership Project 4.00%(b)(c) 5,465,000
2,000,000 A-1+ Glenwood School For Boys 3.80%(b) 2,000,000
3,000,000 A-1+ Harris Pavilion Residential Rental 3.90%(b)(c) 3,000,000
8,800,000 A-1+ Housing Revenue (Cinnamon Lake Tower) 3.90%(b)(c) 8,800,000
1,800,000 A-1+ IDA Nuqay Industries Inc. 3.84%(b)(c) 1,800,000
2,000,000 A-1+ Kindlon Partners Project 3.84%(b)(c) 2,000,000
5,000,000 VMIG 1* Local Government Financing Project AMBAC-Insured
Series A 3.80%(b) 5,000,000
8,000,000 A-1+ Palos Community Hospital Series 98 3.80%(b) 8,000,000
15,000,000 A-1+ PCR (Illinois Power) Series 87B 3.90%(b)(c) 15,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 9
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Illinois -- 12.7%
(continued)
$15,000,000 A-1+ PCR (Commonwealth Edison) 94B 3.75%(b)(c) $ 15,000,000
10,000,000 A-1+ PCR (Illinois Power) Series 1997C MBIA-Insured
3.90%(b)(c) 10,000,000
7,900,000 A-1 + PCR (The Uno Ven Project) 3.80%(b) 7,900,000
5,000,000 A-1+ Praire Packaging Inc. 3.84%(b)(c) 5,000,000
3,000,000 A-1+ Roll Service Inc. Project 3.90%(b)(c) 3,000,000
9,250,000 A-1+ Safety Education-- Foundation For Safety 3.79%(b) 9,250,000
2,000,000 A-1+ Sinai Community Institution Project 3.79%(b) 2,000,000
12,200,000 A-1+ Symphony Project Series 96 3.80%(b) 12,200,000
4,000,000 VMIG 1* Illinois Education Facilities Authority (Museum of
Science) 3.80%(b) 4,000,000
Illinois HDA :
2,800,000 A-1+ Community Howard Theatre 3.84%(b)(c) 2,800,000
6,955,000 VMIG 1* Homeowner Mortgage Series E-2 3.80% due 7/27/00(c)(d) 6,955,000
3,650,000 VMIG 1* Homeowner Mortgage Series E-1 3.55% due 7/27/00(d) 3,650,000
14,400,000 A-1+ Residential Mortgage Revenue PART AMBAC-Insured
3.90%(b)(c) 14,400,000
Illinois Health Facilities Authority Revenue:
10,525,000 VMIG 1* Edgewater Medical Center Series B 3.83%(b) 10,525,000
14,150,000 VMIG 1* Pekin Memorial Hospital Series B 3.83%(b) 14,150,000
5,200,000 VMIG 1* Pekin Memorial Hospital Series C 3.83%(b) 5,200,000
5,000,000 VMIG 1* Pekin Memorial Hospital Series 97 3.83%(b) 5,000,000
4,025,000 A-1+ Pool Loan Series D 3.80%(b) 4,025,000
4,100,000 VMIG 1* Pooled Series F 3.75%(b) 4,100,000
7,000,000 VMIG 1* Southern Healthcare Enterprises Series 1 3.80%(b) 7,000,000
3,200,000 A-1+ Swedish Covenant Hospital Project Series A 3.85%(b) 3,200,000
26,500,000 VMIG 1* University of Chicago TECP Series 85
3.182% due 10/5/99 26,500,000
15,735,000 A-1+ Illinois RTA PART FGIC-Insured 3.85%(b) 15,735,000
Illinois State Toll Highway Authority FSA-Insured:
27,000,000 A-1 PART Series 98-67 3.82%(b) 27,000,000
11,800,000 VMIG 1* Series B 3.85%(b) 11,800,000
13,000,000 A-1+ Series 98B 3.85%(b) 13,000,000
Illinois Student Assistance Community Student
Loan Revenue:
10,000,000 VMIG 1* Series A 3.85%(b) 10,000,000
2,940,000 VMIG 1* Series 96A 3.85%(b)(c) 2,940,000
12,800,000 VMIG 1* Series 97A 3.85%(b)(c) 12,800,000
2,470,000 NR+ Lincolnwood IDR Refunding (Illinois Self Storage
Center) 3.85%(b) 2,470,000
2,500,000 A-1+ Lisle MFH (Ashley of Lisle Project) 3.75%(b) 2,500,000
3,300,000 A-1+ Lockport IDR (Panduit Corp. Project) 3.90%(b)(c) 3,300,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
10 1999 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Illinois -- 12.7%
(continued)
$ 1,100,000 A-1+ Madison County Shell Oil Project Shell Wood
River Refining 3.95%(b)(c) $ 1,100,000
Metropolitan Pier Exposition Authority McCormick:
10,000,000 A-1+ FGIC-Insured PART 3.82%(b) 10,000,000
19,405,000 A-1+ FGIC-Insured PART 3.85%(b) 19,405,000
2,210,000 A-1+ Oak Lawn Illinois IDR (Lavergne Partners Project)
3.84%(b)(c) 2,210,000
2,000,000 A-1+ Oswego IDR (Griffith Laboratories Project) 3.85%(b)(c) 2,000,000
7,900,000 A-1+ Palos Hills Illinois MFH (Green Oaks Project) 3.84%(b)(c) 7,900,000
5,250,000 NR+ Pekin IDR Refunding (BOC Group Inc. Project) 3.80%(b) 5,250,000
5,890,000 A-1+ Plainfield Illinois IDR (Plainfield Molding Project)
3.84%(b)(c) 5,890,000
1,785,000 NR+ River Grove IDR Refunding (Self Storage Center) 3.85%(b) 1,785,000
10,000,000 VMIG 1* Shaumberg, Cook & Dupage County Series 98A 3.85%(b) 10,000,000
6,000,000 A-1+ Shaumberg MFH (Windsong Apartments) 3.84% (b) 6,000,000
2,000,000 A-1+ Southwestern Illinois Development Authority
Solid Waste Shell Oil Co. Series 91 3.95%(b)(c) 2,000,000
4,400,000 A-1+ Tinley Park MFH Edgewater Walk 3.79%(b) 4,400,000
21,800,000 A-1+ University of Illinois Revenue Health Services Facilities
Systems Series B 3.75%(b) 21,800,000
22,905,000 A-1+ Will County MFH (Woodland Crest Hill Project)
3.84%(b)(c) 22,905,000
12,400,000 A-1+ Winnebago Boone County School District PART
FSA-Insured 3.37% due 11/5/99(d) 12,400,000
- ---------------------------------------------------------------------------------------------------------
805,536,858
- ---------------------------------------------------------------------------------------------------------
Indiana -- 2.9%
1,585,000 NR+ Bluffton IDR (Snider Tire Inc. Project) 3.90%(b)(c) 1,585,000
11,980,000 A-1 Fort Wayne Indiana Hospital Revenue Series 1997
MBIA-Insured PART 3.38% due 11/3/99 (d) 11,980,000
4,500,000 VMIG 1* Fort Wayne PCR (General Motors Corp. Project) 3.80%(b) 4,500,000
2,600,000 VMIG 1* Franklin EDA (Pedcor Investments) 3.85%(b)(c) 2,600,000
20,000,000 A-1+ Hammond Local Public Improvement Bond Bank
1999 Series A-2 3.15% due 1/6/00 20,025,742
20,000,000 SP-1+ Indiana Bond Bank Series A-2 2.97% due 1/19/00 20,031,125
2,500,000 NR+ Indiana Educational Facility (Wesleyan Series B) 3.85%(b) 2,500,000
7,500,000 A-1+ Indiana Health Facility Financing Authority Hospital
Revenue (Community Hospitals Project) Series B
3.83%(b) 7,500,000
4,400,000 A-1+ Indiana Health Facilities Development Finance Authority
Youth Opportunity Center 3.80%(b) 4,400,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 11
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Indiana -- 2.9%
(continued)
Indiana Secondary Market Educational Loans Inc.:
$ 5,300,000 A-1+ Education Loan Revenue Series 88B AMBAC-Insured
3.90%(b)(c) $ 5,300,000
13,900,000 A-1+ Education Loan Revenue Series 89B AMBAC-Insured
3.90%(b)(c) 13,900,000
16,100,000 A-1+ Indiana State DFA (Indiana Historical Society) 3.80%(b) 16,100,000
4,500,000 A-1+ Indiana State EDA (Enterprise Center III Project)
3.84%(b)(c) 4,500,000
7,825,000 A-1+ Indiana State Toll Road Commission PART 3.85%(b) 7,825,000
4,100,000 A-1+ Indianapolis EDA (Herff Jones Inc. Project) 4.04% (b)(c) 4,100,000
7,500,000 NR+ Indianapolis EDA (Pedcor Investments) Series 99A
3.93%(b)(c) 7,500,000
2,550,000 A-1+ Marion Economic Development Revenue PART 3.79%(b) 2,550,000
5,500,000 A-1+ Newton County EDA (Intec Group Inc.) 3.84%(b)(c) 5,500,000
20,000,000 VMIG 1* Petersburg Solid Waste Disposal (Indiana Power &
Light) 3.95%(b)(c) 20,000,000
1,300,000 NR+ Plymouth IDR (Dean Foods Co.) 3.80%(b)(c) 1,300,000
1,100,000 VMIG 1* Richmond EDA (Beverly Enterprises) 3.45%(b) 1,100,000
5,000,000 A-1 Rockport AK Steel Corp. Series 99A 3.85%(b)(c) 5,000,000
13,400,000 A-1+ University of Southern Indiana Student Housing 3.80%(b) 13,400,000
1,100,000 A-1+ Whiting Indiana Industrial Sewer & Solid Waste Disposal
(Amoco Oil Project) 4.00%(b) 1,100,000
- ---------------------------------------------------------------------------------------------------------
184,296,867
- ---------------------------------------------------------------------------------------------------------
Iowa -- 0.4%
Iowa Finance Authority:
3,000,000 NR+ IDR (Dixie Bedding Co. Project) 3.90%(b)(c) 3,000,000
3,000,000 P-1* IDR (Sauer-Sundstrand Co. Project) 3.85%(b)(c) 3,000,000
6,300,000 VMIG 1* Iowa Health System AMBAC-Insured Series B
3.75%(b)(c) 6,300,000
12,000,000 SP-1+ Iowa State School Cash Anticipation Notes Series A
3.23% due 6/23/00 12,064,977
- ---------------------------------------------------------------------------------------------------------
24,364,977
- ---------------------------------------------------------------------------------------------------------
Kansas -- 0.2%
3,400,000 NR+ Fredonia Revenue Exempt Facilities (Systech
Environmental) 4.05%(b)(c) 3,400,000
1,925,000 NR+ Lawrence IDR (Ram Co. Project) Series A 3.90%(b)(c) 1,925,000
6,000,000 A-1+ Mission MFH (Silverwood Apartments Project) 3.75%(b) 6,000,000
3,300,000 NR+ Wichita Airport Authority Airport Facilities Revenue
(Flight Safety International Project) 3.80%(b) 3,300,000
- ---------------------------------------------------------------------------------------------------------
14,625,000
- ---------------------------------------------------------------------------------------------------------
Kentucky -- 2.3%
4,700,000 NR+ Boone County IDR (Curtin Matheson) 3.95%(b)(c) 4,700,000
3,250,000 NR+ Calvert City PCR (BOC Group Inc. Project) 3.80%(b) 3,250,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
12 1999 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Kentucky -- 2.3%
(continued)
$16,460,000 VMIG 1* Clipper Kentucky Tax-Exempt Trust PART 3.88%(b) $ 16,460,000
3,000,000 A-1+ Daviess County Kentucky Exempt Facilities Revenue
(Kimberly Clark Corp.) 3.90%(b)(c) 3,000,000
Daviess County Kentucky Solid Waste Disposal:
1,850,000 A-1+ Scott Paper Co. Project A 3.90%(b)(c) 1,850,000
4,800,000 A-1+ Scott Paper Co. Project B 3.90%(b)(c) 4,800,000
2,000,000 VMIG1* Fulton County (United Healthcare Hospital Co.) 3.85%(b) 2,000,000
Hancock County IDR (Southwire Co. Project):
21,685,000 NR+ Series 92A 3.95%(b) 21,685,000
1,000,000 NR+ Series 92B 3.95%(b) 1,000,000
2,225,000 A-1+ Kenton County Airport PART MBIA-Insured 3.94%(b) 2,225,000
Kentucky Asset Liability Community Project Note 98:
22,000,000 SP-1+ Series A 3.50% due 11/1/99(d) 22,009,975
20,000,000 VMIG 1* Series B 3.30% due 10/7/99(d) 20,000,000
10,900,000 VMIG 1* Series B 3.30% due 10/8/99(d) 10,900,000
3,000,000 A-1+ Louisvllle and Jefferson County Airport Worldwide
Forwarding Series B 4.00%(b)(c) 3,000,000
Louisvllle and Jefferson County Sewer PART:
14,440,000 A-1 FGIC-Insured 3.37% due 11/5/99(d) 14,440,000
8,620,000 A-1 FGIC-Insured 3.52% due 11/5/99(d) 8,620,000
3,450,000 A-1+ Morgantown Southern Health Care Systems Project
Series A 4.10%(b) 3,450,000
4,100,000 A-1+ Owensboro IDA West Irving Die Castings 3.84%(b)(c) 4,100,000
- ---------------------------------------------------------------------------------------------------------
147,489,975
- ---------------------------------------------------------------------------------------------------------
Louisiana -- 3.0%
5,650,000 VMIG 1* Caddo Parish LA IDB (Atlas Project/Penzoil Products)
Series B 3.85%(b) 5,650,000
4,350,000 A-1+ East Baton Rouge Louisiana Solid Waste Revenue
(Exxon Project) 3.85%(b)(c) 4,350,000
25,000,000 A-1 Jefferson Parish Service District-West Jefferson Medical
Center FSA-Insured 3.77%(b) 25,000,000
24,000,000 A-1+ Lake Charles Harbor & Terminal District Port (Citgo
Petroleum Corp.) Series 84 3.95% (b)(c) 24,000,000
13,000,000 A-1+ Lake Charles Harbor & Terminal District
(Global Industries Ltd.) 3.80%(b)(c) 13,000,000
6,800,000 A-1+ Lincoln PCR Willamette Industrial Inc. 3.85%(b) 6,800,000
Louisiana Public Facilities Authority:
20,000,000 VMIG 1* Christus Health 99B 3.40% due 11/4/99(d) 20,000,000
20,000,000 VMIG 1* Christus Health 99B 3.55% due 3/8/00(d) 20,000,000
10,800,000 A-1+ Willis Knighton Medical Project AMBAC-Insured
4.00%(b)(c) 10,800,000
7,025,000 VMIG 1* Louisiana State GO PART Series 29A MBIA-Insured
3.90%(b) 7,025,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 13
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Louisiana -- 3.0%
(continued)
$10,000,000 A-1 Louisiana State GO PART AMBAC-Insured 3.82%(b) $ 10,000,000
10,000,000 A-1 Louisiana State GO PART FSA-Insured 3.82%(b) 10,000,000
30,915,000 VMIG 1* New Orleans Aviation Board Revenue Refunding
Series B MBIA-Insured 3.75%(b) 30,915,000
5,000,000 NR+ Ouachita Parish IDB IDR (Sulzer Escher Wyss Project)
3.90%(b)(c) 5,000,000
1,000,000 NR+ Vermillion Parish IDR (Garan Inc. Project) 3.90%(b)(c) 1,000,000
- ---------------------------------------------------------------------------------------------------------
193,540,000
- ---------------------------------------------------------------------------------------------------------
Maine -- 0.1%
7,285,000 A-1 Westbrook Revenue (Southern Container Corp. Project)
4.10%(b)(c) 7,285,000
- ---------------------------------------------------------------------------------------------------------
Maryland -- 2.7%
5,000,000 NR+ Baltimore County EDA (Art Litho Co. Project) 3.90%(b)(c) 5,000,000
4,200,000 A-1 Baltimore County MFH (Oak Crest Village) Series 99A
3.80%(b) 4,200,000
8,500,000 A-1+ Baltimore GO TECP 3.25% due 10/14/99 8,500,000
2,200,000 A-1+ Baltimore PCR Refunding (SCM Plants Project) 3.80%(b) 2,200,000
3,400,000 A-1+ Frederick County Retirement Community Revenue
Buckinghams Choice 4.10%(b)(c) 3,400,000
20,000,000 A-1+ Gaithersburg EDA (Asbury Methodist) Series A
MBIA-Insured 3.80%(b) 20,000,000
15,250,000 MIG 1 Howard County Maryland BAN Series 99A
3.07% due 4/14/00 15,250,000
Maryland State Health & Higher Educational Facilities
Authority Revenue:
11,680,000 VMIG 1* Charlestown Community 4.10%(b) 11,680,000
6,300,000 VMIG 1* Series A 3.75%(b) 6,300,000
6,000,000 VMIG 1* Series B 3.65%(b) 6,000,000
Montgomery County EDA (Howard Hughes Medical Center):
19,500,000 A-1+ Series A 3.75%(b) 19,500,000
25,500,000 A-1+ Series C 3.75%(b) 25,500,000
22,500,000 A-1+ Series 90B 3.80%(b) 22,500,000
12,500,000 A-1+ Montgomery County Housing Opportunity Community
Housing Revenue (Draper Land Apartments)
Issue I FGIC-Insured 3.85%(b)(c) 12,500,000
11,070,000 A-1+ Montgomery GO Public Improvement Series A
PART 3.85%(b) 11,070,000
- ---------------------------------------------------------------------------------------------------------
173,600,000
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
14 1999 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Massachusetts --
4.3%
$ 5,000,000 NR++ Barnstable Massachusetts BAN 3.62% due 2/24/00 $ 5,007,399
3,990,000 A-1 Boston IDR (Boston Home Inc.) 3.90%(b) 3,990,000
5,000,000 NR++ Brookline Massachusetts BAN 3.15% due 6/1/00 5,011,293
Clipper Massachusetts Tax Exempt Trust:
6,388,000 VMIG 1* PART AMBAC-Insured 3.87%(b) 6,388,000
7,045,000 VMIG 1* PART AMBAC-Insured 3.98%(b)(c) 7,045,000
5,000,000 MIG 1* Holden MA BAN 3.67% due 3/15/00 5,007,350
1,725,000 NR++ Holliston MA BAN 3.34% due 12/15/99 1,726,420
Massachusetts Bay Transit Authority:
6,550,000 VMIG 1* General Transportation System 3.85%(b) 6,550,000
8,000,000 AAA Pre-Refunded Series A 3.69% due 8/1/00 8,412,426
Massachusetts DFA:
3,000,000 A-1 New Bedford Whaling Museum 3.70% (b) 3,000,000
6,000,000 VMIG 1* Notre Dame Health Care 3.80%(b) 6,000,000
Massachusetts GO:
2,000,000 AAA Consumer Loan Series A 3.20% due 3/1/00(d) 2,030,814
3,000,000 AA- Series A 3.70% due 8/1/00(d) 3,031,636
28,000,000 A-1+ Series A 3.75%(b) 28,000,000
19,700,000 A-1+ Series B 3.75%(b) 19,700,000
Massachusetts HEFA:
12,700,000 VMIG 1* Capital Asset Program 3.70%(b) 12,700,000
6,220,000 A-1+ Berklee College Series D MBIA-Insured 3.70%(b) 6,220,000
2,410,000 VMIG 1* Brigham & Womens Hospital Series A 3.70%(b) 2,410,000
8,940,000 VMIG 1* Harvard University 3.50% due 11/1/99(d) 8,940,000
10,100,000 VMIG 1* Partners Healthcare Series P-1 3.70%(b) 10,100,000
6,200,000 VMIG 1* Partners Healthcare System 3.70%(b) 6,200,000
Massachusetts HFA :
1,000,000 A-1+ MFH 3.75%(a)(b) 1,000,000
8,270,000 A-1+ PART MBIA-Insured 3.75%(b) 8,270,000
9,180,000 A-1+ Series 94A PART AMBAC-Insured 3.82%(a)(b) 9,180,000
6,400,000 VMIG 1* Single Family PART AMBAC-Insured 3.90%(b) 6,400,000
5,300,000 MIG 1* Single Family Series B-1 3.048% due 11/15/99(d) 5,300,000
Massachusetts IDR:
6,000,000 VMIG 1* Buckingham Brown 3.65%(b) 6,000,000
2,760,000 A-1 Cider Mills Farms Series 99 4.00%(b)(c) 2,760,000
800,000 A-1+ KMS Companies Series 96 (b)(c) 800,000
1,000,000 A-1 Leaktite Corp. 4.00%(b)(c) 1,000,000
5,250,000 A-1 Metal Crafters Series 99 4.00%(b)(c) 5,250,000
Massachusetts Industrial Finance Agency:
600,000 A-1+ Gordon College 3.65%(b)(c) 600,000
5,000,000 A-1+ New England College 3.65%(b)(c) 5,000,000
1,000,000 A-1 Society for Prevention of Cruelty to Animals
3.80%(b)(c) 1,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 15
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Massachusetts --
4.3% (continued)
Massachusetts Municipal Wholesale Electrical Co.:
$ 5,000,000 A-1+ Series C 3.60% due 10/15/99 $ 5,000,000
5,965,000 VMIG 1* Series C MBIA-Insured 3.70%(b) 5,965,000
8,500,000 A-1+ Massachusetts State Turnpike Authority 3.75%(b)(c) 8,500,000
Massachusetts Water Resource Authority:
3,000,000 AAA Pre-refunded Series 1990 A 3.58% due 4/1/00 3,035,628
7,000,000 AAA Pre-refunded Series 1990 A 3.65% due 4/1/00 7,080,624
4,365,000 VMIG 1* Resource Recovery 94 3.55% due 12/10/99 4,365,000
4,900,000 A-1+ Series B AMBAC-Insured 3.70%(b) 4,900,000
9,450,000 A-1+ Series B 3.75%(b) 9,450,000
5,350,000 A-1+ Series D 3.70%(b) 5,350,000
5,000,000 MIG 1 Narragansett Massachusetts Regular School
District BAN 3.60%(b) 5,021,640
3,000,000 MIG 1 South Hadley Massachusetts BAN 3.75% due 8/11/00 3,012,300
- ---------------------------------------------------------------------------------------------------------
271,710,530
- ---------------------------------------------------------------------------------------------------------
Michigan -- 2.4%
3,500,000 NR+ Berrien County Limited Obligation Revenue
(Menasha Corp. Project) 3.80% due 7/1/00(b) 3,500,000
1,800,000 P-1* Delta County Michigan EDA (Mead Escanaba Paper Co.)
Series D 3.90%(b) 1,800,000
2,000,000 A-1+ Detroit Michigan EDA Waterfront Reclamation
Series 99C 3.85%(b) 2,000,000
10,619,000 VMIG 1* Dewitt Public School PART FSA-Insured 3.83%(b) 10,619,000
4,000,000 VMIG 1* Michigan State HDA PART FSA-Insured Series A
3.90%(b)(c) 4,000,000
2,400,000 A-1 Michigan State Hospital Finance Authority Revenue
(St. Mary Hospital of Livonia) Series A 3.75%(b) 2,400,000
Michigan State Muni Board Authority:
40,000,000 SP-1+ Revenue Notes Series B-2 3.57% due 8/25/00 40,235,798
6,000,000 SP-1+ Series 99 A-1 3.43% due 6/30/00 6,024,637
17,307,000 VMIG 1* Michigan State Trunk Line PART Series 98-13
MBIA-Insured 3.83%(b) 17,307,000
27,610,000 VMIG 1* Michigan Strategic Fund PCR (General Motors Corp.
Project) 3.70%(b) 27,610,000
7,000,000 A-1 Saline EDA (Associate Spring Project) Series 88
4.10%(b)(c) 7,000,000
10,000,000 A-1 Saline EDA (Evangelical Homes Project) 3.80%(b) 10,000,000
17,800,000 A-1+ Wayne Charter County Airport Revenue (Detroit
Metropolitan Community) 3.80%(b)(c) 17,800,000
- ---------------------------------------------------------------------------------------------------------
150,296,435
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
16 1999 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Minnesota -- 0.6%
$ 3,185,000 NR+ Mankato MFH (Highland Hills Apartments) 3.70%(b) $ 3,185,000
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 3.95%(b) 10,000,000
5,140,000 NR+ Series A 3.20% due 11/15/99(d) 5,171,554
17,600,000 A-1+ Series C 3.95%(b) 17,600,000
- ---------------------------------------------------------------------------------------------------------
39,956,554
- ---------------------------------------------------------------------------------------------------------
Mississippi --
0.8%
Mississippi Business Finance Corp:
14,000,000 NR+ Choctaw Generation Ltd. 3.90%(b)(c) 14,000,000
14,000,000 NR+ Mississippi College Project Series 99A 3.80%(b) 14,000,000
16,745,000 A-1+ Mississippi State GO Highway PART 3.85%(b) 16,745,000
5,350,000 NR+ Newton IDR Refunding (La-Z-Boy Chair Co. Project)
3.80%(b) 5,350,000
2,500,000 NR+ Washington County IDR (La-Z-Boy Chair Project)
3.90%(a)(b) 2,500,000
- ---------------------------------------------------------------------------------------------------------
52,595,000
- ---------------------------------------------------------------------------------------------------------
Missouri -- 0.7%
2,870,000 A-1+ Jefferson County IDR (Westview Nursing) 3.80%(b) 2,870,000
Kansas City IDA MFH Revenue:
1,000,000 A-1+ Sleepy Hollow Project 3.75%(b) 1,000,000
9,295,000 A-1+ Willow Creek IV Apartments 3.70%(b) 9,295,000
Missouri HEFA:
1,335,000 SP-1+ RAN Series I 3.18% due 4/29/00 1,337,386
3,100,000 SP-1+ RAN Series J 3.18% due 4/29/00 3,105,540
1,600,000 VMIG 1* Saint Louis University Series A 4.00%(b) 1,600,000
Missouri Higher Education Loan Authority
Student Loan Revenue:
3,900,000 VMIG 1* Series 90A 3.90%(b)(c) 3,900,000
1,250,000 VMIG 1* Series 90B 3.90%(b)(c) 1,250,000
4,000,000 A-1+ Missouri State Environmental Improvement and Energy
Authority Utilicorp United Inc. 3.90%(b)(c) 4,000,000
11,395,000 A-1+ St. Louis Airport Revenue FGIC-Insured PART
3.85%(b)(c) 11,395,000
4,000,000 NR+ Versailles IDA IDR Refunding (Gates Rubber Co. Project)
3.90%(b) 4,000,000
- ---------------------------------------------------------------------------------------------------------
43,752,926
- ---------------------------------------------------------------------------------------------------------
Montana -- 0.1%
1,100,000 P-1* Missoula IDR (Washington Corp. Project) 3.41%(b) 1,100,000
3,925,000 A-1+ Montana EDA (Farmers Union Central Project) 3.30%(b) 3,925,000
3,898,000 VMIG 1* Montana State Board Housing PART FHA-Insured
3.90%(b)(c) 3,898,000
- ---------------------------------------------------------------------------------------------------------
8,923,000
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 17
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Nebraska -- 1.3%
Nebraska Higher Education Loan Program Income
Revenue Student Loan Program:
$22,575,000 A-1+ Series 1986A 3.90%(b)(c) $ 22,575,000
2,650,000 A-1+ Series 1986B 3.90%(b)(c) 2,650,000
10,425,000 A-1+ Series 1986C 3.90%(b)(c) 10,425,000
22,280,000 A-1+ Series 1986D 3.90%(b)(c) 22,280,000
7,600,000 A-1+ Series 1988C 3.90%(b)(c) 7,600,000
19,995,000 A-1+ Nebraska IFA PART 4.00%(b)(c) 19,995,000
- ---------------------------------------------------------------------------------------------------------
85,525,000
- ---------------------------------------------------------------------------------------------------------
Nevada -- 1.0%
5,000,000 A+ Clark County Nevada School District 3 3.12% due 5/1/00 5,226,938
12,000,000 P-1 Las Vegas Water District GO Series A 3.35%(b) 12,000,000
12,500,000 VMIG 1* Nevada Department of Business & Industry PCR (Barrick
Goldstrike Mines) 3.85%(b) 12,500,000
19,000,000 A-1+ Nevada Housing Division (Park Vista Apartments)
Series 91A 3.80%(b)(c) 19,000,000
4,460,000 VMIG 1* Nevada Muni Bond Bank PART MBIA-Insured 3.88%(b) 4,460,000
10,000,000 A-1+ Nevada State GO PART 3.85%(b) 10,000,000
- ---------------------------------------------------------------------------------------------------------
63,186,938
- ---------------------------------------------------------------------------------------------------------
New Hampshire --
0.4%
4,200,000 A-1+ New Hampshire Higher Educational & Health Facilities
Authority Revenue, (VHA New England Inc.) Series E
AMBAC-Insured 3.85%(b) 4,200,000
New Hampshire State Business Finance Authority:
17,000,000 A-1+ Lonza Biologics Inc. Series 98 3.95%(b)(c) 17,000,000
2,800,000 A-1 Park Nameplate Co. 4.10%(b)(c) 2,800,000
3,000,000 A-1+ Wheelabator Series 97A 3.75%(b) 3,000,000
- ---------------------------------------------------------------------------------------------------------
27,000,000
- ---------------------------------------------------------------------------------------------------------
New Jersey -- 0.1%
4,095,000 A-1+ New Jersey GO PART 3.10% due 2/10/00(d) 4,095,000
- ---------------------------------------------------------------------------------------------------------
New Mexico-- 0.9%
4,900,000 NR+ Bellen IDR (Solo New Mexico Project) 3.90%(b)(c) 4,900,000
2,615,000 A-1+ New Mexico Mortgage Finance Authority Series 1995 PART
3.298% due 3/9/00(d) 2,615,000
5,140,000 A-1+ New Mexico Mortgage Finance GNMA/FNMA PART
3.90%(b)(c) 5,140,000
42,200,000 SP-1+ New Mexico TRAN 3.23% due 6/30/00 42,434,515
- ---------------------------------------------------------------------------------------------------------
55,089,515
- ---------------------------------------------------------------------------------------------------------
New York -- 2.8%
Long Island Power Authority (Electricity System Revenue):
13,195,000 A-1+ Series B PART 3.92%(b) 13,195,000
5,900,000 A-1+ Series 7 3.80%(b) 5,900,000
19,000,000 A-1+ Series 98-3 TECP 3.30% due 10/20/99(d) 19,000,000
15,000,000 A-1+ Series 98-3 TECP 3.30% due 3/9/00(d) 15,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
18 1999 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
New York -- 2.8%
(continued)
Nassau County NY RAN Custody Receipts:
$ 9,900,000 NR+ 3.75% due 3/15/00 $ 9,966,931
55,000,000 NR+ 3.75% due 4/19/00 55,411,726
6,300,000 A-1+ NYC GO Series 92D 3.70%(b) 6,300,000
2,200,000 A-1+ NYC GO Series J Subseries J3 3.65%(b) 2,200,000
3,900,000 A-1+ NYC Health & Hospitals Corp. Revenue Bonds
Series A 3.70%(b) 3,900,000
5,000,000 A-1+ NYC Housing Development Corp. MFH
Brittany Development Series A 3.80%(b)(c) 5,000,000
40,200,000 P-1 New York State Power Series 4 3.25% due 10/7/99(d) 40,200,000
- ---------------------------------------------------------------------------------------------------------
176,073,657
- ---------------------------------------------------------------------------------------------------------
North Carolina --
1.6%
3,600,000 NR+ Brunswick County PCR Wood Industries 3.85%(b) 3,600,000
3,500,000 NR+ Iredell County PCR Vaspar Corp. 3.85% (b)(c) 3,500,000
4,400,000 NR+ North Carolina Agriculture Financial Authority 3.90%(b)(c) 4,400,000
North Carolina Education Facilities Agency:
10,690,000 A-1+ Brevard College 3.75%(b) 10,690,000
5,125,000 NR+ Cape Fear Academy 3.75%(b) 5,125,000
12,000,000 NR+ Durham Academy PJ Series 99 3.75%(b) 12,000,000
7,300,000 A-1 Johnson C. Smith University 3.75%(b) 7,300,000
1,250,000 NR+ North Carolina GO Public School PART Series 491
3.85%(b) 1,250,000
8,435,000 A-1 North Carolina HFA PART 3.85%(b)(c) 8,435,000
25,470,000 NR+ North Carolina Medical Care Community
(Randolph Hospital) Series 99 3.75%(b) 25,470,000
4,995,000 A-1+ North Carolina Public School Building PART 3.85%(b) 4,995,000
10,000,000 A-1+ North Carolina State GO PART 3.85%(b) 10,000,000
3,625,000 NR+ Pasquotank County Hospital Revenue Ablemarle Hospital
3.75%(b) 3,625,000
1,800,000 A-1+ Rowan County IDR PCR (Double LLC Project) Series 98
4.10%(b)(c) 1,800,000
700,000 A-1+ Wake County North Carolina PCR Series 90B 4.25%(b) 700,000
- ---------------------------------------------------------------------------------------------------------
102,890,000
- ---------------------------------------------------------------------------------------------------------
North Dakota --
0.1%
3,600,000 A-1+ Mercer County PCR (Minnesota Power) Series 99
3.79%(b) 3,600,000
- ---------------------------------------------------------------------------------------------------------
Ohio -- 2.4%
Cuyahoga County Hospital Revenue Bonds:
10,000,000 VMIG 1* University Hospital Series 99E 3.80%(b) 10,000,000
11,690,000 A-1 Walker Center AMBAC-Insured 3.91%(b) 11,690,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 19
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Ohio -- 2.4%
(continued)
$ 6,350,000 VMIG 1* Franklin County Hospital Revenue U.S. Health
Corp. 3.75%(b) $ 6,350,000
4,700,000 A-1+ Hamilton County Health Alliance Series A MBIA-Insured
3.77%(b) 4,700,000
14,135,000 A-1+ Lake County Hospital Facilities Revenue (Lake Hospital
Systems Inc) 3.83%(b) 14,135,000
26,000,000 A-1+ Mahoning County Hospital Facility Revenue (Forum Health
Obligation Group) Series B MBIA-Insured 3.75%(b) 26,000,000
2,000,000 NR+ Oakwood Village IDR (Sennet Seel Corp.) 4.00%(b) 2,000,000
7,690,000 VMIG 1* Ohio HFA Revenue (Assisted Living Concept Corp.)
3.75%(b)(c) 7,690,000
Ohio State Air Quality Development Authority Revenue:
10,000,000 VMIG 1* Series 94B (JMG Funding LP) 3.75%(b)(c) 10,000,000
4,100,000 A-1+ Timken Co. 3.80%(b) 4,100,000
2,910,000 A-1 Ohio State Improvement Revenue Newark Group
3.95%(b)(c) 2,910,000
Ohio State Water Development Authority:
5,500,000 A-1+ Duquesne Light Co. Project 3.80%(b)(c) 5,500,000
18,500,000 VMIG 1* Timken Co. Project Waste Disposal Revenue
3.85%(b)(c) 18,500,000
21,000,000 SP-1+ Summit County BAN Series A 3.20% due 6/1/00 21,081,365
6,580,000 VMIG 1* Toledo City Services Special Assessment Notes
3.75% due 12/1/00(b) 6,580,000
- ---------------------------------------------------------------------------------------------------------
151,236,365
- ---------------------------------------------------------------------------------------------------------
Oklahoma -- 0.5%
4,500,000 NR++ Creek County Industrial Authority IDR
(Henry Vogt Machinery) 3.95%(b)(c) 4,500,000
24,505,000 A-1+ Oklahoma State Water Resource Board Program
Series 94A 3.60% due 3/1/00(c) 24,505,000
- ---------------------------------------------------------------------------------------------------------
29,005,000
- ---------------------------------------------------------------------------------------------------------
Oregon -- 1.1%
5,760,000 VMIG 1* Hillsboro Oregon Revenue Graduate Center Institute
Project 3.85%(b) 5,760,000
31,575,000 NR++ Oregon County School Board Association Pooled Short
Term Borrowing Project Series A 3.55% due 6/30/00 31,575,000
Oregon State Economic Development Commission IDR
3,200,000 P-1 Eagle Picher Industries 3.90%(b) 3,200,000
1,300,000 NR+ Trust Joist Inc. 3.80%(b) 1,300,000
10,000,000 MIG 1 Oregon State Housing & Community Services Single
Family Mortgage Series K 3.58% due 8/17/00(d) 10,000,000
16,900,000 P-1* Washington County MFH Authority (Cedar Mill Project)
3.90%(b)(c) 16,900,000
- ---------------------------------------------------------------------------------------------------------
68,735,000
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
20 1999 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Pennsylvania --
4.1%
$ 6,750,000 NR+ Allegheny County Hospital Development Authority
Revenue (Health Care Dialysis Clinic) 3.80%(b) $ 6,750,000
2,430,000 NR+ Bucks County IDA (Dunmore Corp. Project) 4.00%(b)(c) 2,430,000
8,195,000 VMIG 1* Cambria County Pennsylvania IDA Cambria Cogen Corp.
Series A-2(b)(c) 8,195,000
Carbon County IDA (Panther Creek Partners):
1,900,000 P-1 Series 90A 3.35% due 10/15/99(d) 1,900,000
3,500,000 P-1 Series 91A 3.35% due 11/9/00(d) 3,500,000
200,000 A-1+ Delaware EDA (Clean Power Project) 3.90%(b)(c) 200,000
3,900,000 NR+ East Pennsylvania Industrial & Commercial Development
Authority (Electronic Data Systems Corp.) 3.80%(b) 3,900,000
42,435,000 A-1+ Emmaus General Authority Revenue Series 96 3.80%(b) 42,435,000
2,000,000 SP-1+ Emmaus General Authority Subseries E-15 3.80%(b)(c) 2,000,000
2,400,000 A-1+ Emmaus Pooled Loan Series G-13 3.85%(b) 2,400,000
6,400,000 A-1+ Indiana County PCR (Connemaugh Project)
Series A 3.75%(b)(c) 6,400,000
2,500,000 NR+ Luzerne County IDA IDR (Culp Inc. Project) 3.90%(b)(c) 2,500,000
Pennsylvania Energy Development Authority:
5,400,000 A-1+ Piney Creek Series A 3.75%(b)(c) 5,400,000
3,200,000 A-1+ Series B 3.90%(b)(c) 3,200,000
10,750,000 A-1+ Series A 3.90%(b)(c) 10,750,000
Pennsylvania State Higher Education Authority:
1,200,000 MIG 1 Carnegie Mellon University 3.90%(b)(c) 1,200,000
3,430,000 A-1 College of Optometry 3.80%(b)(c) 3,430,000
13,775,000 A-1+ Pennsylvania Health Services Series B 3.85%(b) 13,775,000
10,000,000 SP-1 Philadelphia School District TRAN Series 00-A
4.00% due 6/30/00 10,039,750
45,000,000 MIG 1 Philadelphia TRAN Series A 3.50% due 6/30/00 45,243,681
Quakertown General Authority Revenue
(Pooled Financing Program):
11,998,000 P-1* Series A 3.90%(b) 11,998,000
1,000,000 VMIG 1* Series 1985A 3.90%(b) 1,000,000
9,055,000 VMIG 1* Series 98A 3.90%(b) 9,055,000
4,600,000 A-1+ Schuylkill County Pennsylvania IDA (Northeastern
Power Co.) 3.75%(b)(c) 4,600,000
10,235,000 A-1+ Southeastern Transportation Authority Special
Revenue PART FGIC-Insured 3.85%(b) 10,235,000
22,380,000 A-1 York General Authority Pooled Financing Revenue
3.85%(b) 22,380,000
22,750,000 A-1 York General Authority Pooled Financing Revenue
Series 96B 3.80%(b) 22,750,000
- ---------------------------------------------------------------------------------------------------------
257,666,431
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 21
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Rhode Island --
0.5%
$ 2,500,000 NR++ Cranston Rhode Island BAN 3.75% due 11/17/99 $ 2,502,358
7,500,000 A-1 Rhode Island Health & Educational Building Corp.
Educational Institutional Revenue 9 St. Andrew's
School 4.00%(b)(c) 7,500,000
Rhode Island State Economic Development Corp.
1,770,000 A-1 J-Cor LLC Project Series 98 4.10%(b)(c) 1,770,000
2,910,000 A-1 Kilguss Realty Co. 4.10%(b)(c) 2,910,000
2,935,000 A-1 Mathew Realty Co. 4.10%(b)(c) 2,935,000
11,105,000 A-1 McCoy Stadium 4.00%(b) 11,105,000
- ---------------------------------------------------------------------------------------------------------
28,722,358
- ---------------------------------------------------------------------------------------------------------
South Carolina --
2.4%
Anderson County IDR:
6,580,000 NR+ Culp Inc. 3.90%(b)(c) 6,580,000
2,500,000 NR+ Fed Paper Board Co., Inc. 3.90%(b)(c) 2,500,000
4,000,000 NR+ Mikron Corp. 3.95%(b)(c) 4,000,000
2,252,000 NR+ Chesterfield County IDR (Culp Inc. Project) 3.90%(b)(c) 2,252,000
1,200,000 A-1+ Marlboro County IDR (Reliance Trading) 3.84%(b)(c) 1,200,000
4,000,000 A-1+ Marlboro County Solid Waste (Willamette Industry)
3.85%(b)(c) 4,000,000
Piedmont Muni Power Agency Electric Revenue Refunding:
6,700,000 A-1+ Series A MBIA-Insured 3.80%(b) 6,700,000
16,500,000 A-1+ Series B MBIA-Insured 3.85%(b) 16,500,000
2,400,000 A-1+ Series C MBIA-Insured 3.80%(b) 2,400,000
12,100,000 A-1+ Series D MBIA-Insured 3.75%(b) 12,100,000
28,600,000 MIG 1 Richland County South Carolina School District BAN
Series 99 3.11% due 10/1/99 28,600,000
1,750,000 A-1+ South Carolina GO Highway 493 3.85%(b) 1,750,000
South Carolina Jobs Economic Development
Authority Revenue:
5,000,000 P-1* BASF Corp. 3.85%(b)(c) 5,000,000
4,200,000 NR+ Conco Medical Products Project 3.65%(b)(c) 4,200,000
7,500,000 A-1 Franco Manufacture Co. Inc. 4.10%(b)(c) 7,500,000
4,700,000 NR+ Galey & Lord Industries Inc. 3.90%(b)(c) 4,700,000
1,600,000 NR+ Greenville Machinery Project 3.90% (b)(c) 1,600,000
5,400,000 NR+ Orders Realty Co., Inc. Project 3.90% (b)(c) 5,400,000
1,900,000 NR+ Spartan Iron & Metal Project 3.90% (b)(c) 1,900,000
8,300,000 VMIG 1* South Carolina Port Authority PART FSA-Insured
3.90%(b)(c) 8,300,000
21,000,000 A-1+ South Carolina Port Authority Ports Revenue
Series B 3.90%(b)(c) 21,000,000
3,500,000 A-1+ Williamsburg County IDR (Peddinghaus Project)
3.84%(b)(c) 3,500,000
- ---------------------------------------------------------------------------------------------------------
151,682,000
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
22 1999 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
South Dakota --
0.1%
$ 6,200,000 A-1+ Yankton IDR (Kolberg Pioneer Inc.)
Series 98 3.90%(b)(c) $ 6,200,000
- ---------------------------------------------------------------------------------------------------------
Tennessee -- 7.8%
4,435,000 P-1* Anderson County Tennessee IDB Revenue Bonds:
Becromal of America Inc. Project 4.40%(b)(c) 4,435,000
3,000,000 NR+ Chattanooga IDR (Seaboard Farm Inc. Project)(b) 3,000,000
Clarksville Public Building Authority Revenue:
2,285,000 VMIG 1* Pooled Financing Series 95 3.80%(b) 2,285,000
29,935,000 VMIG 1* Series 97 3.80%(b) 29,935,000
4,200,000 VMIG 1* Covington IDR (Charms Co. Project) 3.90%(b)(c) 4,200,000
4,350,000 NR+ Dayton IDR (LA-Z-Boy Chair Co. Project) 3.80%(b) 4,350,000
3,220,000 A-1+ Hamilton Tennessee Aquarium 3.80%(b) 3,220,000
23,100,000 P-1* Kingsport IDR (Eastman Chemical Project)
Series A 3.90%(b)(c) 23,100,000
20,000,000 A-1+ Knox Tennessee HEFA (THA Solutions Group)
3.80%(b)(c) 20,000,000
8,100,000 NR+ Loudon IDB PCR (AE Stanley Manufacturing) 3.80%(b) 8,100,000
3,100,000 NR+ McMinn County IDB (Thomas and Betts
Corp. Project) 3.90%(b)(c) 3,100,000
2,500,000 A-1+ Memphis State GO Series 95A 3.85%(b) 2,500,000
Metropolitan Nashville Davidson County:
12,400,000 VMIG 1* IDB Revenue MFH (Arbor Knoll) 3.80%(b) 12,400,000
18,000,000 NR+ IDB Revenue (YMCA Project) 3.80%(b) 18,000,000
5,000,000 A-1+ IDB Revenue (Steel Coils) Series 99 3.84%(b)(c) 5,000,000
10,000,000 VMIG 1* Munitops PART 3.341%(b) 10,000,000
4,695,000 NR+ Series 98 3.80%(b) 4,695,000
Montgomery County Tennessee Public Building Authority
Pooled Financing Revenue:
24,585,000 VMIG 1* Montgomery County Loan 3.80%(b) 24,585,000
24,200,000 A-1+ Series 95 3.80%(b) 24,200,000
54,000,000 VMIG 1* Tennessee County Loan Pool 3.80%(b) 54,000,000
45,615,000 A-1+ Tennessee County Loan Pool 3.80%(b) 45,615,000
2,600,000 NR+ Roane County IDB IDR (Great Lakes Carbon Corp.)
3.50%(b) 2,600,000
Sevier County Public Building Authority (Local
Government Public Improvement) AMBAC-Insured:
15,700,000 VMIG 1* Series A-1 3.75%(b) 15,700,000
9,775,000 VMIG 1* Series B 3.75%(b) 9,775,000
11,500,000 VMIG 1* Series D-1 3.75%(b) 11,500,000
4,070,000 VMIG 1* Series E-2 3.75%(b) 4,070,000
2,530,000 VMIG 1* Series E-3 3.75%(b) 2,530,000
1,640,000 VMIG 1* Series E-5 3.75%(b) 1,640,000
5,300,000 VMIG 1* Series E-6 3.75%(b) 5,300,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 23
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Tennessee -- 7.8%
(continued)
$10,000,000 VMIG 1* Series G-1 3.75%(b) $ 10,000,000
10,645,000 VMIG 1* Series H-1 3.75%(b) 10,645,000
3,000,000 VMIG 1* Series H-2 3.75%(b) 3,000,000
10,400,000 VMIG 1* Series I-B 3.75%(b) 10,400,000
9,945,000 NR+ Shelby County Health & Education & Housing
(Kirby Parkway Apartments) 3.75%(b) 9,945,000
11,550,000 VMIG 1* Stewart County Tennessee IDB Solid Waste Disposal
Revenue (Standara Gypsum Project) 3.85%(b) 11,550,000
20,000,000 A-1+ Sumner County Tennessee Health Educational & Housing
Facilities Board Hospital Alliance Pooled 3.92%(b)(c) 20,000,000
8,065,000 AAA Tennessee State GO 3.07% due 5/1/00(d) 8,153,403
16,000,000 VMIG 1* Tennessee State GO Putters Series 108 3.85%(b) 16,000,000
33,000,000 SP-1+ Tennessee State Local Development Authority BAN
Series A 3.50% due 5/12/00 33,072,300
- ---------------------------------------------------------------------------------------------------------
492,600,703
- ---------------------------------------------------------------------------------------------------------
Texas -- 15.1%
Austin Travis & Williamson County TECP:
4,421,000 A-1+ Series A 3.30% due 10/8/99(d) 4,421,000
6,462,000 A-1+ Series A 3.30% due 10/15/99(d) 6,462,000
13,000,000 VMIG 1* Barbers Texas School ABN AMRO Munitops PART
3.249% due 11/10/99(d) 13,000,000
5,140,000 AAA Beaumont TX G.O. Series A 3.65% due 3/1/00 5,168,430
1,375,000 A-1+ Bexar County TX Health Facilities Retirement
Community Series B 3.75%(b)(c) 1,375,000
2,000,000 A-1+ Bexar County TX HFA (Fountainhead
Apartments) 3.75%(b)(c) 2,000,000
5,170,000 A-1+ Brazos River Authority PCR (Texas Utilities Electric Co.)
Series 94 3.55% due 12/14/99 5,170,000
2,500,000 P-1 Brownsville Utilities System TECP Series A
3.50% due 3/8/00 2,500,000
3,000,000 A-1+ Calhoun County TX Sewer & Waste Disposal
(Chemicals Inc. Project) 4.00%(b)(c) 3,000,000
10,000,000 Comal ISD ABN AMRO Munitops PART 3.90%(b) 10,000,000
25,000,000 A-1+ Corpus Christi IDR (Koch Industries) Series 99
3.85%(b)(c) 25,000,000
4,700,000 VMIG 1* Crawford IDR (Franklin Industrial Project)
3.84% due 10/1/12(b)(c) 4,700,000
Dallas Area Rapid Transit TECP:
6,000,000 P-1 Series A 3.60% due 3/14/00 6,000,000
10,000,000 P-1 Series B 3.60% due 3/7/00 10,000,000
15,000,000 A-1+ Dallas Fort Worth Regional Airport Revenue PART MBIA
Insured 3.85% due 11/1/20(b) 15,000,000
10,000,000 VMIG 1* Dallas Fort Worth TX International Airport Flight
Safety Project 3.90%(b)(c) 10,000,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
24 1999 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Texas -- 15.1%
(continued)
$ 8,000,000 VMIG 1* Dallas Water and Sewer PART FSA-Insured 3.88%(b)(c) $ 8,000,000
5,100,000 A-1+ Denton Texas ISD Series B 3.65% due 8/15/00 5,100,000
11,000,000 VMIG 1* Grapevine-Collyvile ISD PART 3.349% 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(d)(c) 7,830,000
10,000,000 A-1+ Series 98A 3.00% due 3/1/00(d)(c) 10,000,000
3,100,000 NR+ Guadalupe Blanco River IDA Refunding (BOC Group
Inc. Project) 3.80%(b) 3,100,000
2,000,000 VMIG 1* Gulf Coast IDA Solid Waste Disposal Revenue
(Citgo Petroleum Corp. Project) 4.00%(b)(c) 2,000,000
1,100,000 A-1+ Gulf Coast Waste Disposal Authority PCR
Amoco 3.75%(b) 1,100,000
5,400,000 A-1+ Harris County IDR (Baytank Houston Inc.) 3.75%(b) 5,400,000
2,000,000 A-1+ Harris County TX PCR (Exxon Project) 3.85%(b)(c) 2,000,000
25,000,000 SP-1+ Harris County TX TAN 3.48% due 2/29/00 25,052,773
15,000,000 A-1+ Houston Airport PART FGIC-Insured
3.365% due 2/16/00(c) 15,000,000
7,320,000 A-1+ Houston ISD PART 3.85%(b) 7,320,000
Houston GO :
3,000,000 A-1+ TECP Series A 3.45% due 11/12/99 3,000,000
3,000,000 A-1+ TECP Series B 3.45% due 11/12/99 3,000,000
5,000,000 P-1 TECP Series B 3.60% due 3/10/00 5,000,000
50,000,000 SP-1+ Houston Texas TRAN 3.35% due 6/30/00 50,325,356
10,000,000 A-1+ Houston Water Sewer Systems Revenue Series A
TECP 3.30% due 10/28/99 10,000,000
9,100,000 A-1+ Katy Independent School District 3.70%(b) 9,100,000
8,000,000 NR+ Leon County IDR (BOC Group Inc. Project) 3.80%(b) 8,000,000
6,000,000 NR+ Lower Neches Valley (Mobil Oil Project)
Series 99 3.95%(b)(c) 6,000,000
3,700,000 A-1+ Mansfield IDR (Pier 1 Imports Texas Inc. Project)
3.90%(b)(c) 3,700,000
13,800,000 VMIG 1* Mansfield Independent School District 3.80%(b) 13,800,000
8,995,000 A-1+ Matagorda County Navigation District PART 3.90%(b) 8,995,000
1,900,000 VMIG 1* Midlothian Texas IDC Texas Industrials Project
3.95%(b)(c) 1,900,000
16,855,000 VMIG 1* Milam Texas IDC PCR (Alcoa Inc.)
3.249% due 5/17/00(d) 16,855,000
5,000,000 A-1 + Mineral Wills Texas IDC (Ameron International Corp.)
3.85%(b)(c) 5,000,000
3,440,000 NR+ Montgomery County IDA (Medical Manufacturing
Partnership Project) 3.85%(b)(c) 3,440,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 25
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Texas -- 15.1%
(continued)
North Texas Higher Education Authority Inc.
Student Loan Revenue Refunding:
$ 6,700,000 A-1+ Series 1991A 3.90%(b)(c) $ 6,700,000
3,500,000 A-1+ Series 1991F AMBAC-Insured 3.90%(b)(c) 3,500,000
5,500,000 A-1+ Series 1993A 3.90%(b)(c) 5,500,000
5,815,000 A-1+ Series 98 3.85%(b)(c) 5,815,000
46,360,000 A-1+ Plano Texas ISD 2.996% due 11/29/99(d) 46,360,000
14,100,000 A-1+ Richardson Independent School District Series A 3.70%(b) 14,100,000
Round Rock:
2,850,000 NR+ IDR Refunding (Tellabs Inc. Project) 3.80%(b) 2,850,000
4,940,000 A-1+ ISD PART 3.252% due 12/9/99(d) 4,940,000
1,000,000 A-1+ Sabine River PCR (Texas Utilities Electricity Co.)
Series A 3.90%(b)(c) 1,000,000
22,500,000 VMIG 1* San Antonio Electricity & Gas PART 3.88%(d) 22,500,000
18,700,000 A-1+ Southwest Higher Educational Authority (Southern
Methodist University Project) Series C 3.75% (b) 18,700,000
3,570,000 A-1+ Texas A & M University Revenue PART
AMBAC-Insured 3.82%(b) 3,570,000
11,000,000 A-1+ Texas GO Veterans Land Series A 3.85%(b)(c) 11,000,000
24,000,000 A-1+ Texas Municipal Gas Reserves Corp. Series 98
FSA-Insured 3.75%(b) 24,000,000
Texas Municipal Power Authority TECP Series 91:
10,000,000 A-1 3.35% due 10/6/99 10,000,000
23,700,000 A-1 3.40% due 10/7/99 23,700,000
Texas PFA Series 1993A TECP:
18,700,000 A-1+ 3.35% due 10/13/99 18,700,000
10,000,000 A-1+ 3.25% due 10/8/99 10,000,000
5,000,000 A-1+ 3.45% due 11/12/99 5,000,000
10,000,000 A-1+ 3.60% due 3/10/00 10,000,000
57,665,000 VMIG 1* Texas Small Business IDC IDR (Texas Public Capital
Access) 3.85%(b) 57,665,000
Texas State TRAN:
192,125,000 SP-1+ Series 1999A 3.70% due 8/31/00 193,480,233
40,000,000 SP-1+ Series 1999A 3.71% due 8/31/00 40,283,052
5,900,000 VMIG 1* Trinity River Authority PCR (General Motors Corp.
Project) 3.90%(b) 5,900,000
40,000,000 VMIG1* Tyler Texas Health Facilities Development Corp.
Hospital Revenue 3.83%(b) 40,000,000
- ---------------------------------------------------------------------------------------------------------
960,077,844
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
26 1999 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Utah -- 2.4%
$19,300,000 A-1+ Central Water Conservation Series E 3.75%(b) $ 19,300,000
Intermountain Power Agency Power Supply Revenue:
9,000,000 VMIG 1* Series E 3.625% due 3/15/00(d) 9,000,000
20,000,000 A-1+ TECP Series 85F 3.60% due 3/10/00 20,000,000
3,580,000 A-1 Ogden City IDR (Infiltrator System Inc. Project)
4.10%(a)(b) 3,580,000
17,800,000 A-1+ Salt Lake City Airport Revenue Series A 3.80%(b)(c) 17,800,000
14,000,000 VMIG 1* Utah HFA Single Family Mortgage Series 99-2
3.90%(b)(c) 14,000,000
Utah State Board Regents Student Loan Revenue:
12,600,000 A-1+ AMBAC-Insured Series C 3.90%(b)(c) 12,600,000
19,000,000 A-1+ AMBAC-Insured Series L 3.90%(b)(c) 19,000,000
19,500,000 A-1+ AMBAC-Insured Series Q 3.90%(b)(c) 19,500,000
15,000,000 VMIG 1* Series A 3.90%(b)(c) 15,000,000
2,600,000 NR+ Weber County IDR (Parker Inc. Project) 3.80%(b) 2,600,000
- ---------------------------------------------------------------------------------------------------------
152,380,000
- ---------------------------------------------------------------------------------------------------------
Vermont -- 0.2%
Vermont Educational Buildings Finance VHA
(New England Project) AMBAC-Insured:
1,900,000 A-1+ Series B 3.85%(b) 1,900,000
3,100,000 A-1+ Series E 3.85%(b) 3,100,000
10,200,000 A-1+ Vermont IDA IDR (Ryegate Project) 3.95%(b)(c) 10,200,000
- ---------------------------------------------------------------------------------------------------------
15,200,000
- ---------------------------------------------------------------------------------------------------------
Virginia -- 1.0%
3,000,000 NR+ Alexandria Virginia IDA IDR Global Printing
Project 3.90%(b) 3,000,000
2,100,000 A-1+ Brunswick County IDR (Aegis Waste Solution) 3.90%(b)(c) 2,100,000
9,000,000 AAA Fairfax County Virginia GO Series A 3.50% due 6/1/00(d) 9,028,981
4,000,000 NR+ Front Royal & Warren IDA (PenTab Industries) 3.90%(b)(c) 4,000,000
5,000,000 NR+ Henrico Virginia Hermitage Health 3.80%(b) 5,000,000
3,000,000 A-1+ King George County IDA Solid Waste Disposal Facility
Revenue Garnet of VA Inc. Project 3.90%(b)(c) 3,000,000
7,800,000 A-1+ Lynchburgh IDR VHA (Mid Atlantic Capital Project)
AMBAC-Insured 3.85%(b)(c) 7,800,000
2,500,000 NR+ Mecklenburg VA IDA (Glaize & Bro LC) 3.90%(b) 2,500,000
12,500,000 P-1 Norfolk Airport Authority Commercial Paper Notes Series B
3.45% due 3/7/00(c) 12,500,000
2,000,000 A-1+ Norfolk IDR (Children Hospital Project) 3.80%(b) 2,000,000
1,500,000 NR+ Norfolk VA IDA IDR 3.75%(b) 1,500,000
7,020,000 NR+ Rockbridge County IDR DES Champs High 3.90%(b)(c) 7,020,000
4,400,000 A-1+ Virginia Port Authority Revenue PART 3.90%(b) 4,400,000
- ---------------------------------------------------------------------------------------------------------
63,848,981
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 27
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Washington -- 2.7%
$14,995,000 VMIG 1* Central Pugent Sound Washington Transportation
Authority Sales Tax & Motor Certificates PART
3.87%(b) $ 14,995,000
2,400,000 A-1 Olympia EDA Spring Air Northwest Project 3.90%(b)(c) 2,400,000
Pierce County EDA:
1,200,000 P-1* Dock and Wharf Facility Revenue (SCS Industries)
3.90%(b)(c) 1,200,000
7,245,000 NR+ Port Sea-Land Service Project 3.80%(b) 7,245,000
2,290,000 A-1 Truss Co. Project 3.90%(b)(c) 2,290,000
15,555,000 A-1+ Weyerhaesuser Real Estate 3.75%(b) 15,555,000
20,000,000 VMIG 1* Port of Seattle Sub Lien Revenue 99b TECP
3.45% due 11/8/99 20,000,000
6,055,000 A-1 Port Pasco Economic Development
(Douglas Fruit Co., Inc. Project) 4.00%(b)(c) 6,055,000
12,440,000 A-1 Snohomish School District PART FGIC-Insured 3.82%(c) 12,440,000
27,700,000 A-1 Washington Metro Airport Authority
3.50% due 11/19/99(d) 27,700,000
6,650,000 A-1+ Washington State GO Series 96B PART
3.202% due 12/9/99(d) 6,650,000
1,030,000 VMIG 1* Washington State Health Care Fred Hutchinson
Cancer Research 4.25%(b) 1,030,000
2,700,000 A-1+ Washington State Health Care Sisters of Providence
Series C 3.75%(b) 2,700,000
Washington State HFA Multi-Family Mortgage Revenue:
8,450,000 A-1+ Arbors on the Park Project 3.95%(b)(c) 8,450,000
4,735,000 VMIG 1* Canyon Lakes II Project 4.40%(b)(c) 4,735,000
7,840,000 VMIG 1* Glenbrooke Apartments Project Series A 3.95%(b)(c) 7,840,000
9,995,000 VMIG 1* Various Certificates Series T 3.94%(b) 9,995,000
Washington State Public Power Supply Systems:
9,195,000 A-1+ Nuclear Project Number 1 SG 15 3.85%(b)(c) 9,195,000
120,000 A-1+ PART AMBAC-Insured 3.90%(b) 120,000
2,000,000 AAA Pre-refunded Series A 3.75% due 7/1/00 2,093,524
Yakima County Public Corp.:
5,900,000 P-1* Can Am Millwork Limited 4.15%(b)(c) 5,900,000
3,100,000 NR+ John I. Haas Project 3.90% (b)(c) 3,100,000
2,000,000 NR+ Longview Fibre Co. 3.90%(b)(c) 2,000,000
- ---------------------------------------------------------------------------------------------------------
173,688,524
- ---------------------------------------------------------------------------------------------------------
West Virginia --
0.4%
Marion County Commission Solid Waste Disposal
Facility Revenue (Granttown Project):
4,900,000 A-1+ Series B 3.90%(b)(c) 4,900,000
3,400,000 A-1+ Series D 3.90%(b)(c) 3,400,000
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
28 1999 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
West Virginia --
0.4% (continued)
$ 1,730,000 NR+ Putnam County Solid Waste Disposal Revenue
(FMC Corp.) 3.90%(b)(c) $ 1,730,000
West Virginia State Hospital Finance Authoriy Hospital
Revenue (Mid-Atlantic Capital) AMBAC-Insured:
5,700,000 A-1 Series D 3.85%(b) 5,700,000
4,490,000 A-1 Series E 3.85%(b) 4,490,000
3,800,000 A-1 Series G 3.85%(b) 3,800,000
- ---------------------------------------------------------------------------------------------------------
24,020,000
- ---------------------------------------------------------------------------------------------------------
Wisconsin -- 1.0%
9,500,000 NR+ Brokaw Sewer & Solid Waste Revenue (Wausau Paper
Mills Co. Project) 4.05%(b)(c) 9,500,000
3,420,000 A-1+ Germantown IDR (Great Lakes Pack Corp.) 3.84%(b)(c) 3,420,000
17,300,000 A-1 Milwaukee Housing Economic Development Authority
PART 3.85%(b)(c) 17,300,000
3,000,000 A-1 Milwaukee Redevelopment Humane Society Project
3.75%(b)(c) 3,000,000
7,495,000 A-1+ Wisconsin Central District Tax Revenue PART 3.99%(b) 7,495,000
2,385,000 VMIG 1* Wisconsin Housing and Economic Development
Authority Home Ownership Revenue
PART 3.90%(b)(c) 2,385,000
6,320,000 A-1+ Wisconsin Public Power Inc. System Power Supply
System Revenue PART AMBAC-Insured 3.82%(b) 6,320,000
3,013,000 A-1+ Wisconsin State GO Series 97B 3.60% due 3/9/00(d) 3,013,000
Wisconsin State Health & Education:
8,395,000 A-1+ Edgewood College 3.85%(b) 8,395,000
1,000,000 A-1+ Felician Services AMBAC-Insured 3.80% (b) 1,000,000
- ---------------------------------------------------------------------------------------------------------
61,828,000
- ---------------------------------------------------------------------------------------------------------
Wyoming -- 0.5%
Green River Power Rhone-Poulene:
7,000,000 A-1+ Series 92 3.90%(b) 7,000,000
11,400,000 A-1+ Series 94 3.95%(b)(c) 11,400,000
8,600,000 VMIG 1* Green River Solid Waste (Oci Wyoming Project)
3.84%(b)(c) 8,600,000
1,800,000 A-1+ Sublette County Wyoming PCR (Exxon)
Series A 3.85%(b)(c) 1,800,000
1,200,000 A-1+ Unita County Wyoming PCR (BP Amoco) 3.85%(b) 1,200,000
- ---------------------------------------------------------------------------------------------------------
30,000,000
- ---------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 29
<PAGE>
- --------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=========================================================================================================
<S> <C> <C> <C>
Miscellaneous --
1.9%
$46,274,706 VMIG 1* Clipper Blue Tax-Exempt PART 95-1 3.98%(b)(c) $ 46,274,706
39,085,000 VMIG 1* Pitney Bowes Credit Corp. Leasetops Series 1999-2
4.25%(b) 39,085,000
Pooled Puttable Floating Options Tax-Exempt PART:
6,925,000 A-1+ 3.677% due 5/11/00(d)(c) 6,925,000
8,325,000 A-1+ 3.97%(b)(c) 8,325,000
5,895,000 VMIG1* 3.97%(b)(c) 5,895,000
11,920,000 A-1+ Pooled Variable Rate Macon Trust PART
4.17% due 7/1/29(b)(c) 11,920,000
- ---------------------------------------------------------------------------------------------------------
118,424,706
- ---------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 100%
(Cost -- $6,346,611,327**) $6,346,611,327
=========================================================================================================
</TABLE>
(a) All ratings are by Standard & Poor's Ratings 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 Ratings 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 Ratings 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 31 and 32 for definition of ratings and certain security
descriptions.
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
30 1999 Semi-Annual Report to Shareholders
<PAGE>
Bond Ratings (unaudited)
The definitions of the applicable rating symbols are set forth below:
Standard & Poor's Ratings 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.
- --------------------------------------------------------------------------------
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.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 31
<PAGE>
- --------------------------------------------------------------------------------
Security Descriptions (unaudited)
- --------------------------------------------------------------------------------
AMBAC -- AMBAC Indemnity Corporation
BAN -- Bond Anticipation Notes
CGIC -- Capital Guaranty Insurance Company
DFA -- Development Finance Authority
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 Development Corporation
IDR -- Industrial Development Revenue
MBIA -- Municipal Bond Investors
Assurance Corporation
MFH -- Multi-Family Housing
PART -- Partnership Structure
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Facilities Authority
RAN -- Revenue Anticipation Notes
RAW -- Revenue Anticipation Warrants
STEM -- Short-Term Extendable Maturity
SWAP -- Swap Structure
TAN -- Tax Anticipation Notes
TECP -- Tax Exempt Commercial Paper
TOB -- Tender Option Bond
TRAN -- Tax & Revenue Anticipation Notes
VHA -- Veterans Housing Authority
- --------------------------------------------------------------------------------
32 1999 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities (unaudited) September 30, 1999
- --------------------------------------------------------------------------------
ASSETS:
Investments, at amortized cost $ 6,346,611,327
Interest receivable 35,872,286
Cash 177,113
Other assets 712,803
- --------------------------------------------------------------------------------
Total Assets 6,383,373,529
- --------------------------------------------------------------------------------
LIABILITIES:
Payable for securities purchased 28,790,550
Dividends payable 9,273,553
Management fees payable 2,500,329
Distribution fees payable 216,880
Deferred compensation payable 35,249
Accrued expenses 215,000
- --------------------------------------------------------------------------------
Total Liabilities 41,031,561
- --------------------------------------------------------------------------------
Total Net Assets $ 6,342,341,968
================================================================================
NET ASSETS:
Par value of shares of beneficial interest $ 63,425,341
Capital paid in excess of par value 6,279,467,704
Accumulated net realized loss on security transactions (551,077)
- --------------------------------------------------------------------------------
Total Net Assets $ 6,342,341,968
================================================================================
Shares Outstanding:
Class A 6,337,171,929
-----------------------------------------------------------------------------
Class Y 5,362,125
-----------------------------------------------------------------------------
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. 33
<PAGE>
- --------------------------------------------------------------------------------
Statement of Operations (unaudited)
- --------------------------------------------------------------------------------
For the Six Months Ended September 30, 1999
INVESTMENT INCOME:
Interest $112,801,049
- --------------------------------------------------------------------------------
EXPENSES:
Management fees (Note 3) 16,356,832
Distribution fees (Note 3) 3,420,880
Shareholder and system servicing fees 1,163,117
Registration fees 276,609
Shareholder communications 122,061
Custody 80,130
Audit and legal fees 45,750
Directors' fees 8,500
Other 75,090
- --------------------------------------------------------------------------------
Total Expenses 21,548,969
- --------------------------------------------------------------------------------
Net Investment Income 91,252,080
- --------------------------------------------------------------------------------
Net Realized Gain on Investments 27,204
- --------------------------------------------------------------------------------
Increase in Net Assets From Operations $ 91,279,284
================================================================================
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
34 1999 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
For the Six Months Ended September 30, 1999 (unaudited)
and the Year Ended March 31, 1999
September 30 March 31
================================================================================
OPERATIONS:
Net investment income $ 91,252,080 $ 188,051,702
Net realized gains 27,204 469,190
- --------------------------------------------------------------------------------
Increase in Net Assets From Operations 91,279,284 188,520,892
- --------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2) (91,252,080) (188,051,621)
- --------------------------------------------------------------------------------
FUND SHARE TRANSACTIONS (NOTE 5):
Net proceeds from sale of shares 13,809,499,067 29,271,556,660
Net asset value of shares issued
for reinvestment of dividends 88,192,920 183,382,155
Cost of shares reacquired (14,683,483,808) (28,664,024,895)
- --------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From
Fund Share Transactions (785,791,821) 790,913,920
- --------------------------------------------------------------------------------
Increase (Decrease) in Net Assets (785,764,617) 791,383,191
NET ASSETS:
Beginning of period 7,128,106,585 6,336,723,394
- --------------------------------------------------------------------------------
End of period $ 6,342,341,968 $ 7,128,106,585
================================================================================
See Notes to Financial Statements.
- --------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 35
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Smith Barney Municipal Money Market Fund, Inc. ("Fund"), a Maryland corporation,
is registered under the Investment Company Act of 1940, as amended, as a
diversified, open-end management investment company.
The significant accounting policies consistently followed by the Fund are: (a)
security transactions are accounted for on trade date; (b) the Fund uses the
amortized cost method for valuing investments; accordingly, the cost of
securities plus accreted discount, or minus amortized premium, approximates
value; (c) interest income, adjusted for amortization of premium and accretion
of original issue discount, is recorded on an accrual basis; market discount is
recognized upon the disposition of the security; (d) direct expenses are charged
to each class; management fees and general fund expenses are allocated on the
basis of relative net assets by class; (e) gains or losses on the sale of
securities are calculated by using the specific identification method; (f)
dividends and distributions to shareholders are recorded on the ex-dividend
date; (g) the Fund intends to comply with the applicable provisions of the
Internal Revenue Code pertaining to regulated investment companies and make
distributions of taxable income sufficient to relieve it from substantially all
Federal income and excise taxes; (h) the character of income and gains to be
distributed are determined in accordance with income tax regulations which may
differ from generally accepted accounting principles; and (i) estimates and
assumptions are required to be made regarding assets, liabilities and changes in
net assets resulting from operations when financial statements are prepared.
Changes in the economic environment, financial markets and any other parameters
used in determining these estimates could cause actual results to differ.
2. EXEMPT-INTEREST DIVIDENDS AND OTHER DISTRIBUTIONS
The Fund declares and records a dividend of substantially all of its net
investment income on each business day. Such dividends are paid or reinvested
monthly in Fund shares on the payable date. Furthermore, the Fund intends to
satisfy conditions that will enable interest from municipal securities, which is
exempt from regular Federal income tax and from designated state income taxes,
to retain such status when distributed to its shareholders.
Capital gain distributions, if any, are taxable to shareholders, and are
declared and paid at least annually.
- --------------------------------------------------------------------------------
36 1999 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
3. MANAGEMENT AGREEMENT AND OTHER TRANSACTIONS
SSB Citi Fund Management LLC ("SSBC"), formerly known as SSBC Fund Management
Inc., a subsidiary of Salomon Smith Barney Holdings Inc. ("SSBH"), acts as
investment manager to the Fund. The Fund pays SSBC a management fee calculated
at an annual rate of 0.50% on the first $2.5 billion of the Fund's average daily
net assets, 0.475% on the next $2.5 billion, 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.
CFBDS, Inc. ("CFBDS") acts as the Fund's distributor. Salomon Smith Barney Inc.
("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. 37
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
At September 30, 1999, total paid-in capital amounted to the following for each
class:
Class A Class Y
================================================================================
Total Paid-in Capital $6,337,529,738 $5,363,307
================================================================================
Transactions in shares of each class were as follows:
Six Months Ended Year Ended
September 30, 1999 March 31, 1999
================================================================================
Class A
Shares sold 13,793,419,049 29,150,652,716
Shares issued on reinvestment 88,056,588 183,074,353
Shares reacquired (14,648,638,205) (28,566,310,554)
- --------------------------------------------------------------------------------
Net Increase (Decrease) (767,162,568) 767,416,515
================================================================================
Class C*
Shares sold -- --
Shares issued on reinvestment -- 11
Shares reacquired -- (4,733)
- --------------------------------------------------------------------------------
Net Decrease -- (4,722)
================================================================================
Class Y
Shares sold 16,080,018 120,903,944
Shares issued on reinvestment 136,332 307,791
Shares reacquired (34,845,603) (97,709,608)
- --------------------------------------------------------------------------------
Net Increase (Decrease) (18,629,253) 23,502,127
================================================================================
* On May 5, 1998, Class C shares were fully redeemed.
- --------------------------------------------------------------------------------
38 1999 Semi-Annual Report to Shareholders
<PAGE>
- --------------------------------------------------------------------------------
Financial Highlights
- --------------------------------------------------------------------------------
For a share of each class of capital stock outstanding throughout each year
ended March 31, except where noted:
<TABLE>
<CAPTION>
Class A Shares 1999(1) 1999 1998 1997 1996 1995
=========================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------------------------
Net investment income(2) 0.013 0.028 0.031 0.029 0.033 0.027
Dividends from net
investment income (0.013) (0.028) (0.031) (0.029) (0.033) (0.027)
- ---------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------------------------
Total Return 1.35%++ 2.84% 3.15% 2.94% 3.34% 2.71%
- ---------------------------------------------------------------------------------------------------------
Net Assets,
End of Period (millions) $ 6,337 $ 7,104 $ 6,336 $ 5,562 $ 5,395 $ 4,651
- ---------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses(2)(3) 0.63%+ 0.62% 0.61% 0.67% 0.63% 0.61%
Net investment income 2.67+ 2.79 3.10 2.90 3.28 3.01
=========================================================================================================
Class Y Shares 1999(1) 1999 1998 1997 1996(4)
=========================================================================================================
Net Asset Value,
Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------------------------
Net investment income 0.014 0.029 0.032 0.030 0.004
Dividends from net
investment income (0.014) (0.029) (0.032) (0.030) (0.004)
- ---------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------------------------
Total Return 1.42%++ 2.95% 3.25% 3.04% 0.39%++
- ---------------------------------------------------------------------------------------------------------
Net Assets, End of
Period (millions) $ 5.4 $ 24.0 $ 0.5 $ 5.0 $ 18.0
- ---------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses(3) 0.49%+ 0.49% 0.52% 0.57% 0.55%+
Net investment income 2.80+ 2.90 3.23 3.00 2.81+
=========================================================================================================
</TABLE>
(1) For the six months ended September 30,1999 (unaudited).
(2) The manager has waived a part of its fees for the years ended March 31,
1996 and March 31, 1995. If such fees were not waived, the per share
effect on net investment income and expense ratios would have been as
follows:
Per Share Decreases Expense Ratios
to Net Investment Income Without Fee Waivers
------------------------ --------------------
1996 1995 1996 1995
------- ------- ------- ------
Class A $0.0001 $0.0002 0.64% 0.63%
(3) As a result of voluntary expense limitations, expense ratios will not
exceed 0.70% of any Class of the Fund.
(4) 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. 39
<PAGE>
- --------------------------------------------------------------------------------
Additional Shareholder Information (unaudited)
- --------------------------------------------------------------------------------
On May 19, 1999, a special meeting of shareholders of the Fund was held for the
purpose of electing Directors to the Fund.
The results were as follows:
<TABLE>
<CAPTION>
Shares Percentage Shares Percentage
Voted of Shares Voted of Shares
Name of Directors For Voted Against Voted
=======================================================================================
<S> <C> <C> <C> <C>
Lee Abraham 3,534,478,438.060 97.460% 92,125,623.220 2.540%
Allan J. Bloostein 3,536,361,080.140 97.512 90,242,981.140 2.488
Jane F. Dasher 3,539,532,614.990 97.599 87,071,446.290 2.401
Donald R. Foley 3,533,760,378.740 97.440 92,843,682.540 2.560
Richard E. Hanson, Jr. 3,537,249,955.460 97.536 89,354,105.820 2.464
Paul Hardin 3,538,917,332.990 97.582 87,686,728.290 2.418
Heath B. McLendon 3,539,997,603.800 97.612 86,606,457.480 2.388
Roderick C. Rasmussen 3,534,887,198.050 97.471 91,716,863.230 2.529
John P. Toolan 3,539,290,738.840 97.592 87,313,322.440 2.408
=======================================================================================
</TABLE>
- --------------------------------------------------------------------------------
40 1999 Semi-Annual Report to Shareholders
<PAGE>
SALOMON SMITH BARNEY
----------------------------
A member of citigroup [LOGO]
Directors
Lee Abraham
Allan J. Bloostein
Jane F. Dasher
Donald R. Foley
Richard E. Hanson, Jr.
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
SSB Citi Fund Management LLC
Distributor
CFBDS, Inc.
Custodian
PNC Bank, N.A.
Shareholder Servicing Agent
Smith Barney Private Trust
388 Greenwich Street
22nd Floor
New York, NY 10013
Sub-Shareholder Servicing Agent
First Data Investor Services
Group, Inc.
P.O. Box 9699
Providence, RI 02940-9699
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/mutualfunds
FD0807 11/99
