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SMITH BARNEY
MUNICIPAL
MONEY MARKET FUND, INC.
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SEMI-ANNUAL REPORT | SEPTEMBER 30, 2000
[LOGO] Smith Barney
Mutual Funds
Your Serious Money. Professionally Managed.(SM)
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NOT FDIC INSURED O NOT BANK GUARANTEED O MAY LOSE VALUE
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<PAGE>
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A Message from the Chairman
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For years, individuals and businesses have looked to the investment
professionals of SSB Citi Fund Management LLC ("SSB Citi") for thoughtful
insights and advice. For some, the solution has been an investment strategy,
incorporating multiple stock, bond and money market mutual funds. Others have
invested with specific portfolio managers who are recognized for their insights
and record.
[PHOTO]
HEATH B.
MCLENDON
Chairman
Since the introduction of the first money fund in 1972, the explosive growth of
money funds has gone hand and hand with the growth of the entire mutual fund
industry. Over the last 28 years, millions of investors worldwide have made
money market funds a key part of their investment portfolios. While all
investments involve some degree of risk, money market funds provide investors
with an opportunity to earn current short-term interest rates with a higher
degree of liquidity than most other types of mutual funds.(1)
For those of you who are new shareholders, I would like to extend a warm welcome
to you on behalf of everyone here at SSB Citi. The Smith Barney Municipal Money
Market Fund, Inc. ("Fund") seeks to provide investors with tax-exempt income(2)
from a portfolio of high quality short-term municipal obligations selected for
liquidity and stability of principal. Portfolio managers Joseph P. Deane and
Joseph Benevento use a system of fundamental credit analysis to identify what
they deem to be undervalued sectors and individual securities. They only select
securities of issuers that they believe present minimal credit risk.
When you invest with SSB Citi, you can do so with the confidence that your
interests come first, your investment success is paramount and that the ultimate
in resources is being committed to your financial future. Thank you for
investing with us.
Sincerely,
/s/ Heath B. McLendon
Heath B. McLendon
Chairman
October 20, 2000
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(1) Please note that an investment in a money market fund is not insured or
guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any
other government agency. Although money market funds seek to preserve the
value of your investment at $1.00 per share, it is possible to lose money
by investing in a money market fund.
(2) Please note a portion of the income from the Fund is subject to the
Alternative Minimum Tax ("AMT").
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Smith Barney Municipal Money Market Fund, Inc. 1
<PAGE>
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Shareholder Letter
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Dear Shareholder:
We are pleased to provide the semi-annual report for the Smith Barney Municipal
Money Market Fund, Inc. ("Fund") for the period ended September 30, 2000. In
this report we have summarized the period's prevailing economic and market
conditions and outlined our investment strategy. The information provided in
this letter represents the opinion of the managers and is not intended to be a
forecast of future events, a guarantee of future results nor investment advice.
[PHOTO]
JOSEPH
BENEVENTO
Vice President
[PHOTO]
JOSEPH P.
DEANE
Vice President
Further, there is no assurance that certain securities will remain in or out of
the Fund. Please refer to pages 6 through 34 for a list and percentage breakdown
of the Fund's holdings. Also, please note any discussion of the Fund's holdings
is as of September 30, 2000 and is subject to change. A detailed summary of the
Fund's performance can be found in the appropriate sections that follow. We hope
you find this report to be useful and informative.
Performance Update
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.(1)
As of September 30, 2000, the Fund's seven-day current yield was 4.15%. The
Fund's seven-day effective yield(2) -- which reflects compounding -- was 4.24%.
Please note that your investment in the Fund is neither insured, nor guaranteed,
by the Federal Deposit Insurance Corporation or any other government agency.
Although the Fund seeks to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in the Fund.
----------
(1) Please note that a portion of the Fund's income may be subject to the
Alternative Minimum Tax ("AMT").
(2) The seven-day effective yield is calculated similarly to the seven-day
yield but, when annualized, the income earned by an investment in the Fund
or the Class is assumed to be reinvested. The effective yield will be
slightly higher than the yield because of the compounding effect of the
assumed reinvestment.
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2 2000 Semi-Annual Report to Shareholders
<PAGE>
Municipal Bond Market and Economic Overview & Outlook
Municipal bonds have been a very simple story throughout 2000. They started at
relatively inexpensive valuations and then rallied. Stable interest rates and a
robust economy with few excesses have helped to paint a bullish picture for
bonds in general, while declining new issue supply may be further bolstering the
municipal bond market. In addition, a vibrant national economy has produced
large cash surpluses in many states and municipalities, causing general
improvement in the credit quality of municipal securities and giving comfort to
many investors regarding the credit worthiness of their securities.
From our point of view, the past few months have been a positive period for the
municipal bond market. As the stock market endured its correction in March and
April 2000, municipal bonds forged ahead slowly but relentlessly. In our view,
the municipal bond markets are in a state of flux that may lead to greater
opportunities. The federal government conducted a buy-back of long-term
government bonds early in 2000, which drove down yields.
The Federal Reserve Board ("Fed") under the leadership of Chairman Alan
Greenspan, raised interest rates incrementally several times in order to cool a
robust U.S. economy. We do not see the Fed raising interest rates again for the
next few months, at least until after Election Day. In an attempt to be
apolitical, the Fed's Board of Governors tends to shy away from such dramatic
moves in an election year, to avoid charges of influencing an election.
The municipal bond market had little reaction to the Fed's decision to keep
interest rates steady or to the Fed's view that risk in the economy is weighted
toward inflation. We believe the bond market is still pricing in another
possible Fed tightening by the end of the year. We expect policy to remain
steady throughout 2000, and we would not be surprised if the Fed were to shift
to a more neutral position before the end of the year. A critical point, which
is often overlooked by many investors, is that the Fed's monetary policy
adjustments take time to be absorbed into the general economy. The Fed has
tightened interest rates 175 basis points(3) from the bottom, and the recent
rallies we have seen are a result of changes enacted six- to twelve-months ago.
Tax-Exempt Money Market Overview and Outlook
During the period, we have seen a decline in short-term municipal bond issuance,
which is due to the record long U.S. economic expansion. With most state and
local governments enjoying balanced budgets or surpluses as a result of
increased tax collections, there has been less need for annual cash-flow
borrowing. Over the last six months, assets in the tax-exempt
----------
(3) A basis point is 0.01% or one one-hundredth of a percent.
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Smith Barney Municipal Money Market Fund, Inc. 3
<PAGE>
money market fund industry rose by approximately $2.9 billion with total assets
of roughly $217.46 billion as of September 30, 2000.
On May 16, 2000, the Fed increased the federal funds rate ("fed funds rate")(4)
by 50 basis points. However, the supply and demand imbalance in the short-term
municipal bond market put pressures on both the municipal note market and the
Variable Rate Demand Obligation ("VRDO"),(5) and at times, defied rising rates.
During the period, the Bond Buyer One Year Municipal Note Index(6) increased by
approximately 60 basis points to a high of 4.64% in early May of 2000. The
market then looked to June, which is the fiscal year end for most state and
local governments, however less issuance was announced for fiscal year 2001 and
as a result the Bond Buyer One Year Municipal Note Index reacted by falling to a
4.20% by late September.
In the VRDO market, which represents the shorter end of the municipal money
market yield curve,(7) supply and demand imbalances have led to increased
volatility during periods of cyclical cash flows. Over the normal course of the
year, tax-exempt money funds tend to experience large cyclical cash flows. For
example, during the month of April, yields for VRDO's surged as tax-exempt money
funds experienced large redemptions relating to income tax payments. During the
month of July, when tax-exempt money funds experience large inflows from bond
coupon collections and bond calls, yields quickly retreated to levels more
expensive than there taxable equivalents.
Going forward, we believe there may be a greater amount of supply of short-term
municipal securities that became available from decade old municipal bond
issuance. The older issuance are now eligible for investing by money funds by
either pre-refunding(8) or by maturing in 13 months or less.
----------
(4) Fed funds rate is the interest rate that banks with excess reserves at a
Federal Reserve district bank charge other banks that need overnight
loans. The fed funds rate often points to the direction of U.S. interest
rates.
(5) 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.
(6) The Bond Buyer One Year Municipal Note Index is comprised of ten large
municipal note issues rated MIG 1 by Moody's Investors Service, Inc. or
SP+/SP-1 by Standard & Poor's Ratings Service, representing a cross
section of the municipal note market. Please note an investor cannot
invest directly in an index.
(7) The yield curve is the graphical depiction of the relationship between the
yield on bonds of the same credit quality but different maturities.
(8) Pre-refunding occurs when an issuer refinances debt through the issuance
of a new bond deal. The proceeds from the new bond sale are placed in an
escrow account and are used to retire the debt to the earliest call date.
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4 2000 Semi-Annual Report to Shareholders
<PAGE>
Investment Strategy
During the period, we increased the Fund's average maturity(9) target to a 65-
to 70-day range. We have extended the Fund's average maturity by buying what we
deem to be high-quality liquid municipal notes.
The Fund's increased average maturity reflects:
o A slowdown in economic activity over the near term; and
o Less supply of high quality short-term municipal paper.
The record expansion of the U.S. economy has produced budget surpluses for many
state and local governments, which, in turn, has decreased the need for
short-term cash flow financing.
Thank you for your investment in the Smith Barney Municipal Money Market Fund,
Inc. We look forward to continuing to help you pursue your financial goals in
the future.
Sincerely,
/s/ Joseph P. Deane /s/ Joseph Benevento
Joseph P. Deane Joseph Benevento
Vice President Vice President
October 20, 2000
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(9) Average maturity refers to the average date on which the principal is
required to be paid on the bond.
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Smith Barney Municipal Money Market Fund, Inc. 5
<PAGE>
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Schedule of Investments (unaudited) September 30, 2000
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<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Alabama -- 0.8%
$ 2,000,000 NR+ Auburn Alabama IDB (Donaldson Co.) 5.75% VRDO $ 2,000,000
5,935,000 NR+ Boaz IDB (Parker Hannifen Corp.) 5.60% VRDO 5,935,000
Decatur VRDO AMT:
1,000,000 A-1+ IDB Solid Waste Disposal Revenue (Amoco
Chemical Co.) 5.65% 1,000,000
6,000,000 A-1+ IDR (NEO Industries) Series 98 5.70% 6,000,000
3,650,000 A-1+ Demopolis IDR (McLain Inc. Project) 5.85% VRDO 3,650,000
25,000,000 A-1+ Jefferson Alabama GO Warrents 5.57% VRDO 25,000,000
8,000,000 A-1 Montgomery Baptist Medical Center Special Care Facilities
Financing Authority Revenue (VHA Alabama Inc. Cap)
AMBAC-Insured 5.70% VRDO 8,000,000
11,500,000 A-1+ Tuscaloosa IDA Solid Waste Disposal Revenue (US Steel
Corp.) 5.60% VRDO AMT 11,500,000
-----------------------------------------------------------------------------------------------------
63,085,000
-----------------------------------------------------------------------------------------------------
Alaska -- 0.4%
Alaska VRDO:
26,000,000 A-1+ HFA PART Series 99B 5.67% AMT 26,000,000
1,600,000 A-1 HFC (University of Alaska Project) Series A 5.55% 1,600,000
1,500,000 A-1 Valdez Alaska Marine Terminal Revenue (ARCO
Transportation Project B) 5.70% VRDO 1,500,000
-----------------------------------------------------------------------------------------------------
29,100,000
-----------------------------------------------------------------------------------------------------
Arizona -- 1.3%
Apache County IDR PCR Tucson Electric Power Co. VRDO:
7,700,000 A-1+ Series 83A 5.60% 7,700,000
1,400,000 A-1+ Series 83B 5.55% 1,400,000
13,000,000 VMIG 1* Arizona Health Pooled Finance Series A 5.60% VRDO 13,000,000
Casa Grande IDR VRDO:
6,000,000 A-1+ Aztec Pulp & Paper Products 4.50% AMT 6,000,000
5,100,000 NR+ Mayville Metal 5.70% 5,100,000
7,775,000 VMIG 1* Chandler Arizona IDA IDR Limited Partnership
5.60% VRDO 7,775,000
5,000,000 A-1+ Coconino PCR (Public Service Project) 5.65% VRDO AMT 5,000,000
22,905,000 A-1+ Maricopa Arizona IDA (Gran Victoria Housing Project)
5.65% VRDO 22,905,000
12,300,000 VMIG 1* Phoenix Arizona IDA (Desert Botanical Garden Project)
5.55% VRDO 12,300,000
Pima County IDA VRDO:
9,000,000 A-1+ IDR Tucson Electric Power Series A 5.60% 9,000,000
9,595,000 A-1+ Single Family Mortgage GNMA PART
5.67% due 10/19/00 AMT 9,595,000
-----------------------------------------------------------------------------------------------------
99,775,000
-----------------------------------------------------------------------------------------------------
Arkansas -- 0.4%
2,650,000 NR+ Atkins IDR (Green Bay Foods Project) 5.70% VRDO AMT 2,650,000
</TABLE>
See Notes to Financial Statements.
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6 2000 Semi-Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
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<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Arkansas -- 0.4% (continued)
Pine Bluff IDR VRDO:
$ 4,900,000 A-1+ Camden Wire Co. 5.50% $ 4,900,000
7,000,000 NR+ Greenfield Industries Inc. Project 5.70% AMT 7,000,000
4,650,000 A-1+ Saline County PCR (Alcoa Inc. Project)
4.70% due 11/14/00 4,650,000
6,000,000 NR+ Searcy IDR (Kohler County Project) Series 88
5.70% VRDO AMT 6,000,000
3,250,000 NR+ Sheridan IDR (Kohler County Project) 5.60% VRDO 3,250,000
4,500,000 VMIG 1* Union County Solid Waste Disposal (Del-Tin Fiber Project)
Series 97B 5.65% VRDO AMT 4,500,000
-----------------------------------------------------------------------------------------------------
32,950,000
-----------------------------------------------------------------------------------------------------
California -- 1.0%
California PCR Resource Recovery Wadham Energy
VRDO AMT:
5,010,000 A-1 Series A 5.70% 5,010,000
8,245,000 A-1 Series B 5.70% 8,245,000
7,500,000 NR California Statewide Communities Development Authority
Parkway Apartments Series Z 5.20% VRDO AMT 7,500,000
8,000,000 A-1 Lodi IDR Dart Containers 4.20% VRDO 8,000,000
Los Angeles PART VRDO:
26,800,000 VMIG 1* Trust Series N8 5.50% 26,800,000
16,000,000 VMIG 1* Waste Water Munitops FGIC-Insured 5.13% 16,000,000
-----------------------------------------------------------------------------------------------------
71,555,000
-----------------------------------------------------------------------------------------------------
Colorado -- 4.5%
52,000,000 MIG 1* Arapahoe County USD Cherry Creek TAN
4.88% due 6/29/01 (b) 52,214,401
Colorado HFA VRDO:
5,700,000 P-1* Celestial Seasoning 4.65% AMT 5,700,000
MFH:
9,900,000 A-1+ Bethesda Living Centers Project 5.50% 9,900,000
9,300,000 A-1+ Hamptons Series 96G FNMA 5.55% 9,300,000
Colorado Student Loan Authority AMBAC-Insured VRDO:
4,200,000 VMIG 1* Series 89A 5.55% AMT 4,200,000
12,500,000 VMIG 1* Series 90A 5.55% AMT 12,500,000
6,600,000 VMIG 1* Series 99A-1 5.50%
7,500,000 VMIG 1* Series 99A-3 5.55% AMT 7,500,000
Colorado TRAN:
45,200,000 MIG 1* Series 2000A 5.00% due 6/27/01 (b) 45,413,090
100,000,000 SP-1+ Series B 5.00% due 6/27/01 (b) 101,038,500
Denver City & County Airport Revenue VRDO:
7,000,000 A-1+ MBIA-Insured PART 5.70% 7,000,000
8,805,000 A-1+ Series B 5.70% 8,805,000
</TABLE>
See Notes to Financial Statements.
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Smith Barney Municipal Money Market Fund, Inc. 7
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Colorado -- 4.5% (continued)
$ 22,350,000 MIG 1* El Paso County School District TAN
4.75% due 6/29/01 (b) $ 22,430,110
7,200,000 VMIG 1* Fiddlers Business District Greenwood Village
5.55% VRDO 7,200,000
18,000,000 A-1 Garfield Colorado Valley View Hospital 5.60% VRDO 18,000,000
11,200,000 A-1 Lakewood Colorado MFH (Marston Pointe Apartments)
5.70% VRDO AMT 11,200,000
2,500,000 A-1 Pitkin County Colorado IDR (Aspen Skiing Project)
5.65% VRDO AMT 2,500,000
-----------------------------------------------------------------------------------------------------
331,501,101
-----------------------------------------------------------------------------------------------------
Delaware -- 0.8%
30,900,000 A-1+ Delaware EDA Hospital Billing MBIA-Insured Series A
5.65% VRDO 30,900,000
19,400,000 A-1+ Delaware Health Facilities Authority Catholic Heathcare
Series B 3.95% VRDO 19,400,000
8,882,500 A-1 New Castle County EDA Revenue Refunding (Henderson
McGuire Project) 5.40% VRDO 8,882,500
2,675,000 VMIG 1* New Castle Delaware PCR (General Motors Corp.)
5.70% VRDO 2,675,000
-----------------------------------------------------------------------------------------------------
61,857,500
-----------------------------------------------------------------------------------------------------
District of Columbia -- 1.3%
District of Columbia VRDO:
13,000,000 A-1 Consortium Issue 5.40% 13,000,000
10,000,000 VMIG 1* National Geographic Society 5.40% 10,000,000
3,450,000 A-1+ PART FSA-Insured Series 92 5.60% 3,450,000
9,260,000 A-1+ Pooled Loan Revenue Series A 5.70% 9,260,000
13,145,000 A-1 District of Columbia American Society Microbiology
Series 99A 5.40% VRDO 13,145,000
7,830,000 VMIG 1* District of Columbia HFA Carmel Series A 5.65% VRDO 7,830,000
District of Columbia National Academy of Science
AMBAC-Insured TECP Series 99B:
5,000,000 A-1+ 4.30% due 12/8/00 5,000,000
4,500,000 A-1+ 4.25% due 3/12/01 4,500,000
6,980,000 A-1+ Macon Pooled Variable Rate PART MBIA-Insured 6,980,000
5.82% VRDO
17,100,000 A-1+ Washington D.C. Airport Authority TECP
4.35% due 3/14/01 AMT 17,100,000
5,700,000 VMIG 1* Washington D.C. Convention Center Authority
5.77% VRDO 5,700,000
-----------------------------------------------------------------------------------------------------
95,965,000
-----------------------------------------------------------------------------------------------------
Florida -- 3.3%
5,037,500 VMIG 1* Broward County Airport PART AMBAC-Insured
5.77% VRDO 5,037,500
10,000,000 VMIG 1* Dade County Florida Water & Sewer PART FGIC-Insured
5.67% VRDO 10,000,000
3,450,000 A-1+ Dade County IDR (Dolphins Stadium Project) 5.55% VRDO 3,450,000
</TABLE>
See Notes to Financial Statements.
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8 2000 Semi-Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
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<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Florida -- 3.3% (continued)
Florida Capital Projects Finance Authority Revenue
(Capital Projects Loan Program) FSA-Insured VRDO:
$ 17,990,000 A-1+ Florida Hospital Association Series 98A 5.50% $ 17,990,000
4,000,000 A-1+ Series 97A 5.55% 4,000,000
5,040,000 A-1+ Florida HFA FHA-Insued PART Series 96
5.67% VRDO AMT 5,040,000
Florida Local Government Community Pooled
Project A TECP:
7,270,000 A-1 4.20% due 11/16/00 7,270,000
10,730,000 A-1 4.25% due 12/6/00 10,730,000
2,400,000 A-1 4.25% due 12/8/00 2,400,000
2,000,000 A-1 4.25% due 12/8/00 AMT 2,000,000
10,000,000 AAA Florida State Turnpike Revenue AMBAC-Insured Escrowed
in U.S. Government Securities 6.25% due 7/1/01 10,129,503
3,045,000 AAA Greater Orlando Aviation Authority Orlando Florida Airport
FGIC-Insured 5.00% due 10/1/00 AMT 3,045,000
48,000,000 VMIG 1* Gulf Breeze Florida Heritage Healthcare Project
5.67% VRDO 48,000,000
Hillsborough County Florida VRDO:
16,000,000 A-1+ IDA (National Gypsum Apollo Project) 5.60% 16,000,000
5,000,000 NR+ IDA (Tampa Area YMCA Project) Series B 5.75% 5,000,000
4,640,000 A-1 Petroleum Packers 5.70% AMT 4,640,000
Lee County Florida VRDO:
4,155,000 A-1+ IDA (Hope Hospice Project) 5.75% 4,155,000
8,500,000 A-1+ IDR (Shell Point Project) Series 99B 5.50% 8,500,000
3,000,000 NR+ Manatee County IDR (Avon Cabinet Corp.)
5.75% VRDO AMT 3,000,000
Miami Dade Florida:
16,650,000 MIG 1* School District RAN 4.00% due 11/15/00 (b) 16,653,458
VRDO AMT:
2,300,000 A-1+ IDA (Professional Modification) 5.50% 2,300,000
7,800,000 NR IDR (Lawson Industries Inc.) 5.75% 7,800,000
7,700,000 A-1 Orange County Florida Health Facilities Authority Adventist
Health Systems 5.45% VRDO 7,700,000
2,200,000 VMIG 1* Pasco County HFA MFH Revenue (Carlton Arms Magnolia)
5.62% VRDO 2,200,000
Pinellas County VRDO:
2,010,000 A-1+ HFA (St. Mark's Village Project) 5.65% 2,010,000
2,350,000 NR+ Industrial Council IDR (Molex EXT Inc. Project)
5.70% AMT 2,350,000
5,000,000 A-1+ Polk IDA (Farmland Hydro LLP) Series 99
5.60% VRDO AMT 5,000,000
St. Lucie County Florida Power & Light:
3,000,000 A-1+ CP Project 4.30% due 12/28/00 3,000,000
6,625,000 A-1+ CP Project B 4.30% due 12/21/00 6,625,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 9
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Florida -- 3.3% (continued)
$ 5,775,000 A-1+ CP Project B 4.30% due 12/28/00 $ 5,775,000
3,300,000 A-1+ Project A 4.30% VRDO AMT 3,300,000
7,900,000 A-1+ Tampa FL Sports Authority Revenue Series PART
MBIA-Insured SGA 61 5.60% VRDO 7,900,000
5,700,000 A-1+ Volusia County HFA (Sunrise Pointe Apartments)
Series A 5.55% VRDO AMT 5,700,000
-----------------------------------------------------------------------------------------------------
248,700,461
-----------------------------------------------------------------------------------------------------
Georgia -- 4.6%
Atlanta Airport PART FGIC-Insured VRDO:
8,000,000 VMIG 1* Merlot Series C 5.55% AMT 8,000,000
16,610,000 VMIG 1* Munitops 5.69% 16,610,000
Burke County Georgia PCR Oglethrope Power Corp.
AMBAC-insured Series B:
10,800,000 A-1+ 4.35% due 10/10/00 (b) 10,800,000
9,600,000 A-1+ 4.25% due 10/13/00 9,600,000
11,000,000 A-1+ 4.30% due 12/12/00 (b) 11,000,000
2,900,000 NR+ Carrollton IDR (Holox Ltd. Project) 5.70% VRDO AMT 2,900,000
1,500,000 NR+ Cobb County IDR (RLR Industries Inc. Project)
5.70% VRDO AMT 1,500,000
2,500,000 NR+ Dawson County Georgia IDR (Philips & Brooks Gladwin)
5.70% VRDO AMT 2,500,000
3,500,000 NR+ Decatur & Bainbridge Counties Development Authority
(Thomas & Betts Project) 5.70% VRDO AMT 3,500,000
De Kalb County Georgia:
VRDO:
10,500,000 A-1+ Atlanta Jewish Community Center 5.60% 10,500,000
4,735,000 NR+ St. Martin's Episcopal School 5.60% 4,735,000
19,500,000 MIG 1* TAN 4.50% due 12/29/00 (b) 19,514,525
Dodge County Georgia VRDO:
1,800,000 NR+ IDA (Sylvan Hardwoods LLC Project) 5.70% VRDO AMT 1,800,000
3,800,000 VMIG 1* Sheltering Arms Project 5.60% 3,800,000
6,200,000 A-1+ Fayette County IDR (Gardner Denver Co.) 5.70%
VRDO AMT 6,200,000
6,100,000 A-1 Floyd County PCR (Georgia Power Hammond Project)
5.50% VRDO 6,100,000
Fulton County VRDO:
10,100,000 NR+ DFA Alfred & Adele Davis Academy 5.60% 10,100,000
Flight Safety Equipment Improvement AMT:
9,350,000 VMIG 1* Series 99 5.70% 9,350,000
35,070,000 VMIG 1* Series 99B 5.70% 35,070,000
7,750,000 A-1+ HSG (Spring Creek) 5.55% 7,750,000
3,000,000 NR+ IDA (Charles Mackarvich Project) 5.70% AMT 3,000,000
4,000,000 NR+ Residential Care Facilities Lenbrook Square
Foundation 5.60% 4,000,000
20,000,000 VMIG 1* Gainesville EDA (Riverside Military Project) 5.60% VRDO 20,000,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
10 2000 Semi-Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Georgia -- 4.6% (continued)
Georgia Municipal Electricity Authority Power Revenue:
$ 4,000,000 A-1+ Municipal Electric Authority TECP
4.30% due 10/20/00 (b) $ 4,000,000
PART VRDO:
14,610,000 A-1+ FGIC-Insured 5.62% 14,610,000
5,000,000 A-1+ Special Obligation MBIA-Insured 5.70% 5,000,000
8,890,000 A-1+ Georgia State GO Series D PART 5.80% due 11/1/00 (b) 8,903,931
600,000 NR+ Georgia State Port Authority (Colonels Terminal Project)
5.70% VRDO 600,000
5,590,000 A-1+ Griffin-Spalding County IDA (Norcom Inc.)
5.67% VRDO AMT 5,590,000
5,000,000 NR+ Harralson County Development IDR (Gold Kist Project)
5.70% VRDO AMT 5,000,000
1,500,000 A-1 Heard County PCR (Georgia Power & Light Wansley
Project) 5.50% VRDO 1,500,000
2,500,000 NR+ Jackson County IDA (Snider Tire Inc.) 5.70% VRDO AMT 2,500,000
19,100,000 A-1+ Macon-Bibb County Hospital Authority Revenue
Anticipation Certificates Central Georgia Health
5.50% VRDO 19,100,000
6,425,000 A-1+ Marietta Housing Authority MFH Revenue Refunding
Concepts 21 Apartments 5.70% VRDO 6,425,000
2,360,000 A-1+ Metro Atlanta Rapid Transit PART MBIA-Insured
5.62% VRDO 2,360,000
34,435,000 A-1+ Private Colleges & Universities (Emory University) PART
Series SG 146 5.62% VRDO 34,435,000
6,400,000 A-1+ Richmond County DFA (Mary on the Hill Project)
4.40% VRDO 6,400,000
5,500,000 NR+ Smyrna Housing Authority MFH Revenue (Walton Grove
Project) 5.70% VRDO AMT 5,500,000
4,700,000 A-1+ Thomaston-Upson County IDA (De Ster Production Corp.)
Series A 5.80% VRDO AMT 4,700,000
Tift County IDA VRDO AMT:
4,600,000 A-1+ Burlen Corp. 5.70% 4,600,000
3,000,000 NR+ Queen Carpet Corp. Series A 5.70% 3,000,000
2,000,000 NR+ Valdosta-Lowndes (Southern Pecan Co.)
5.70% VRDO AMT 2,000,000
-----------------------------------------------------------------------------------------------------
344,553,456
-----------------------------------------------------------------------------------------------------
Hawaii -- 0.3%
2,000,000 VMIG 1* Hawaii HSG Finance & Development Corp. Series 93A
5.60% VRDO 2,000,000
Honolulu Hawaii City & County VRDO:
16,190,000 A-1+ Series A 5.55% 16,190,000
1,500,000 A-1+ Series B 5.55% 1,500,000
-----------------------------------------------------------------------------------------------------
19,690,000
-----------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 11
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Idaho -- 0.2%
$ 1,500,000 A-1 Idaho HFA (Balmoral Apartments Project)
5.80% VRDO AMT $ 1,500,000
15,000,000 MIG 1* Idaho State TAN Series 2000 5.38% due 6/29/01 (b) 15,106,803
-----------------------------------------------------------------------------------------------------
16,606,803
-----------------------------------------------------------------------------------------------------
Illinois -- 11.2%
15,660,000 A-1+ Central Lake Community Joint Action Water Agency Interim
Water Revenue FGIC-Insured PART 5.62% VRDO 15,660,000
5,500,000 NR+ Centralia IDR (Hollywood Brands) Series 83 5.60% VRDO 5,500,000
Chicago Board of Education VRDO:
20,000,000 A-1+ AMBAC-Insured PART 5.62% 20,000,000
20,000,000 A-1+ FSA-Insured Series D 5.50% 20,000,000
15,000,000 A-1+ Chicago GO FGIC-Insured PART 5.70% VRDO 15,000,000
Chicago IDA VRDO AMT:
5,600,000 A-1+ Ampere Automotive 5.67% 5,600,000
4,750,000 A-1 Enterprise Center Project IX 5.67% 4,750,000
7,200,000 A-1 Enterprise Center Project VII 5.67% 7,200,000
3,850,000 A-1+ Freedman Seating Co. Project 5.67% 3,850,000
2,900,000 A-1+ PS Greetings Inc. Series 99 5.85% 2,900,000
Chicago Illinois GO:
10,300,000 MIG 1* Equip Notes 3.90% due 10/5/00 (b) 10,300,000
31,000,000 VMIG 1* Series A 3.90% due 12/01/00 (b) 31,000,000
Chicago Illinois O'Hare International Airport Revenue:
16,650,000 A-1+ PART AMBAC-Insured 5.67% AMT 16,650,000
5,009,000 P-1* TECP 4.30% due 12/6/00 (b) 5,009,000
32,045,000 VMIG 1* Series 2000 AMBAC-Insured 5.60% VRDO AMT 32,045,000
800,000 A-1+ Series A 5.55% VRDO 800,000
Chicago Illinois VRDO:
20,545,000 A-1+ Sales Tax Revenue PART FGIC-Insured 5.62% 20,545,000
44,900,000 A-1+ Tax Increment Senior Lien Series A 5.70% 44,900,000
5,000,000 A-1+ Water Revenue PART Series 93 5.60% 5,000,000
6,475,000 A-1+ Chicago MFH Barbara Jean Wright Apartments
5.67% VRDO AMT 6,475,000
28,940,000 A-1 Chicago School Board of Education Series 91 PART
FGIC-Insured 5.70% VRDO 28,940,000
5,000,000 SP-1+ Chicago Tender Notes Series 99 4.00% due 10/26/00 (b) 5,000,000
44,540,000 VMIG 1* Chicago Water Revenue FGIC-Insured PART
5.69% VRDO 44,540,000
Cook County GO PART VRDO:
19,657,000 VMIG 1* FGIC-Insured 5.13% 19,657,000
8,235,000 A-1+ MBIA-Insured 5.70% 8,235,000
9,130,000 A-1 Trust FGIC-Insured 5.85% 9,130,000
Cook County IDR VRDO AMT:
2,500,000 A-1+ Kenneth Properties Project 5.67% 2,500,000
2,700,000 A-1+ Little Lady Foods Inc. 5.67% 2,700,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
12 2000 Semi-Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Illinois -- 11.2% (continued)
Illinois DFA VRDO:
AMT:
$ 3,445,000 A-1+ 6 West Hubbard Street 4.50% $ 3,445,000
5,700,000 A-1+ Amtex Steel 5.67% 5,700,000
4,485,000 A-1+ CHS Aquistion Corp. 5.67% 4,485,000
4,860,000 A-1+ F.C. Ltd. Partnership Project 5.67% 4,860,000
8,800,000 A-1 Housing Revenue (Cinnamon Lake Tower) 5.65% 8,800,000
1,600,000 A-1+ IDA Nuqay Industries Inc. 5.67% 1,600,000
1,800,000 A-1+ Kindlon Partners Project 5.67% 1,800,000
12,000,000 A-1+ PCR (Illinois Power) Series 1997C
MBIA-Insured 5.60% 12,000,000
5,000,000 A-1+ Praire Packaging Inc. 5.67% 5,000,000
3,665,000 A-1+ Profile Plastics 5.67% 3,665,000
3,000,000 A-1+ Roll Service Inc. Project 6.00% 3,000,000
3,000,000 A-1+ Universal Press Inc. Project Series A 5.67% 3,000,000
5,000,000 VMIG 1* Local Government Financing Project AMBAC-Insured
Series A 5.60% 5,000,000
8,750,000 A-1+ Safety Education Foundation for Safety 5.63% 8,750,000
2,000,000 A-1+ Sinai Community Institution Project 5.63% 2,000,000
5,920,000 A-1+ Webster Wayne Shopping 5.63% 5,920,000
20,000,000 VMIG 1* Illinois EFA Shedd Aquarium Society 5.55% VRDO 20,000,000
Illinois HDA VRDO:
AMT:
2,800,000 A-1+ Community Howard Theatre 5.67% 2,800,000
13,860,000 A-1+ Residential Mortgage Revenue PART
AMBAC-Insured 5.67% 13,860,000
11,000,000 A-1 Lakeshore Plaza MBIA-Insured Series A 5.55% 11,000,000
Illinois Health Facilities Authority Revenue:
3,305,000 A-1+ Alexian Medical Center Series D 4.35% due 10/23/00 3,305,000
20,000,000 A-1+ University of Chicago Series 85 4.35% due 3/7/01 (b) 20,000,000
VRDO:
16,500,000 VMIG 1* Carle Foundation AMBAC-Insured 5.60% 16,500,000
10,525,000 VMIG 1* Edgewater Medical Center Series B 5.60% 10,525,000
Pekin Memorial Hospital:
10,000,000 VMIG 1* Series 97 5.60% 10,000,000
13,850,000 VMIG 1* Series B 5.60% 13,850,000
5,900,000 VMIG 1* Series C 5.60% 5,900,000
16,000,000 A-1+ Revolving Fund Pool 5.55% 16,000,000
1,800,000 VMIG 1* Riverside Health Systems 5.48% 1,800,000
15,735,000 A-1+ Illinois PART FGIC-Insured 5.62% VRDO 15,735,000
Illinois State GO:
7,000,000 NR 4.00% due 3/1/01 6,988,991
PART:
9,985,000 A-1+ FGIC-Insured 4.40% due 12/7/00 (b) 9,985,000
4,275,000 VMIG 1* MBIA-Insured Series 214 5.62% VRDO 4,275,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 13
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Illinois -- 11.2% (continued)
Illinois State Toll Highway Authority FSA-Insured VRDO:
$ 27,000,000 A-1 PART Series 98-67 5.70% $ 27,000,000
5,600,000 VMIG 1* Series B 5.45% 5,600,000
Illinois Student Assistance Community Student Loan
Revenue VRDO:
14,600,000 VMIG 1* MBIA-Insured Series A 5.65% 14,600,000
20,100,000 VMIG 1* Series 97A 5.65% AMT 20,100,000
1,270,000 NR+ Lincolnwood IDR Refunding (Illinois Self Storage Center)
5.60% VRDO 1,270,000
3,500,000 A-1+ Lisle MFH (Ashley of Lisle Project) 5.52% VRDO 3,500,000
3,300,000 A-1+ Lockport IDR (Panduit Corp. Project) 5.65% VRDO AMT 3,300,000
3,450,000 A-1+ Madison County Environmental Improvement Revenue
(Shell Oil Project) Series A 5.65% VRDO AMT 3,450,000
19,375,000 A-1+ Metropolitan Pier Export Authority McCormick
FGIC-Insured PART 4.60% due 11/29/00 19,375,000
2,080,000 A-1+ Oak Lawn Illinois IDR (Lavergne Partners Project)
5.67% VRDO AMT 2,080,000
7,900,000 A-1+ Palos Hills Illinois MFH (Green Oaks Project)
5.67% VRDO AMT 7,900,000
5,250,000 NR+ Pekin IDR Refunding (BOC Group Inc. Project)
5.60% VRDO 5,250,000
6,850,000 A-1+ Plainfield Illinois IDR (Plainfield Molding Project)
4.45% VRDO AMT 6,850,000
2,855,000 A-1+ Round Lake Beach IDR (Midwest Printed Circuit Project)
5.67% VRDO AMT 2,855,000
6,000,000 A-1+ Shaumberg MFH (Windsong Apartments) 5.67% VRDO 6,000,000
Southwestern Illinois Development Authority Solid Waste
Shell Oil Co. VRDO:
4,400,000 A-1+ Tinley Park MFH Edgewater Walk 5.63% 4,400,000
14,800,000 A-1+ University of Illinois Revenue Health Services
Facilities Systems Series B 5.55% 14,800,000
6,000,000 A-1+ Will County Illinois (Amoco Chemical Co. Project)
5.65% VRDO AMT 6,000,000
22,905,000 A-1+ Will County MFH (Woodland Crest Hill Project)
5.67% VRDO AMT 22,905,000
-----------------------------------------------------------------------------------------------------
832,669,991
-----------------------------------------------------------------------------------------------------
Indiana -- 2.5%
1,585,000 NR+ Bluffton IDR (Snider Tire Inc. Project) 5.70% VRDO AMT 1,585,000
21,980,000 A-1 Fort Wayne Indiana Hospital Revenue Series 1997
(Parkview Memorial) MBIA-Insured PART 5.70% VRDO 21,980,000
5,334,000 VMIG 1* Franklin EDA (Pedcor Investments) 5.62% VRDO 5,334,000
25,000,000 MIG 1* Indiana Bond Bank Series A-2 4.75% due 1/18/01 (b) 25,042,648
3,500,000 NR+ Indiana EDL Facility Wesleyan Series B 5.60% VRDO 3,500,000
15,000,000 A-1 Indiana Health Facility Financing Authority Hospital Revenue
(Community Hospitals Project) Series B 5.60% VRDO 15,000,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
14 2000 Semi-Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Indiana -- 2.5% (continued)
$ 5,700,000 A-1 Indiana Health Facilities DFA Youth Opportunity Center
5.55% VRDO $ 5,700,000
28,250,000 A-1+ Indiana Hospital Equipment Finance Authority Revenue
MBIA-Insured 5.85% VRDO 28,250,000
5,300,000 A-1+ Indiana Secondary Market Educational Loans Inc.
Education Loan Revenue Series 88B AMBAC-Insured
5.50% VRDO 5,300,000
Indiana State DFA IDR VRDO AMT:
2,900,000 A-1 Enterprise Center I Project 5.67% 2,900,000
2,000,000 A-1 Enterprise Center II Project 5.67% 2,000,000
4,500,000 A-1 Enterprise Center III Project 5.67% 4,500,000
2,600,000 A-1 Enterprise Center IV Project 5.67% 2,600,000
5,000,000 A-1 Enterprise Center V Project 5.67% 5,000,000
4,900,000 A-1 Enterprise Center VI Project 5.67% 4,900,000
8,100,000 A-1 Indiana State DFA (Indiana Historical Society) 5.55% VRDO 8,100,000
Indianapolis EDA VRDO AMT:
4,100,000 A-1+ Herff Jones Inc. Project 5.67% 4,100,000
7,500,000 NR+ Pedcor Waterfront Investments Series 99A 5.70% 7,500,000
2,080,000 VMIG 1* Jeffersonville EDA (Apollo America Corp. Project)
5.20% VRDO AMT 2,080,000
5,000,000 A-1 Marshall County EDA (Culver Educational Foundation
Project) 5.55% VRDO 5,000,000
5,500,000 A-1+ Newton County EDA (Intec Group Inc.) 5.67% VRDO AMT 5,500,000
3,550,000 A-1+ North Vernon EDA (Oak Meadows Apartments Project)
5.25% VRDO AMT 3,550,000
5,000,000 A-1 Rockport (AK Steel Corp.) Series 99A 5.65% VRDO AMT 5,000,000
13,400,000 A-1 University of Southern Indiana Student Housing
5.55% VRDO 13,400,000
-----------------------------------------------------------------------------------------------------
187,821,648
-----------------------------------------------------------------------------------------------------
Iowa -- 0.7%
3,600,000 A-1+ Iowa Higher Education Authority Private College
MBIA-Insured 5.70% VRDO 3,600,000
48,500,000 SP-1+ Iowa State School Cash Anticipation Notes Series A
5.50% due 6/22/01 (b) 48,837,584
1,600,000 A-1+ West Des Moines Iowa Greyhound Lines 5.55% VRDO 1,600,000
-----------------------------------------------------------------------------------------------------
54,037,584
-----------------------------------------------------------------------------------------------------
Kansas -- 0.2%
4,400,000 NR+ Fredonia Revenue Exempt Facilities (Systech
Enrvironmental Project) 5.85% VRDO AMT 4,400,000
5,640,000 VMIG 1* Kansas DFA Health Facilities Revenue Deaconess
Long Term Care Series C 5.60% VRDO 5,640,000
1,825,000 NR+ Lawrence IDR (Ram Co. Project) Series A
5.70% VRDO AMT 1,825,000
-----------------------------------------------------------------------------------------------------
11,865,000
-----------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 15
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Kentucky -- 2.4%
$ 8,700,000 P-1* Boone County IDR Curtin Matheson Science
5.15% VRDO AMT $ 8,700,000
9,570,000 A-1 Carroll County Solid Waste Disposal Revenue (North
American Project) 5.65% VRDO AMT 9,570,000
Daviess County Kentucky Solid Waste Disposal
VRDO AMT:
1,850,000 A-1+ Scott Paper Co. Project A 5.75% 1,850,000
4,800,000 A-1+ Scott Paper Co. Project B 5.75% 4,800,000
18,485,000 NR+ Hancock County IDR (Southwire Co. Project) Series 92A
5.70% VRDO 18,485,000
8,000,000 VMIG 1* Fulton County (United Healthcare Hospital Co.)
5.55% VRDO 8,000,000
84,886,600 SP-1+ Kentucky Association of Counties Advance Revenue
Cash Flow Borrowing 5.00% due 6/29/01 (b) 85,186,901
5,000,000 A-1+ Kentucky Higher Education Student Loan Revenue
Series E 5.45% VRDO AMT 5,000,000
33,930,000 A-1+ Louisville & Jefferson Kentucky Metropolitan Sewer &
Drain System Series PART SG 132 5.62% VRDO 33,930,000
3,900,000 A-1+ Owensboro IDA (West Irving Die Castings)
5.67% VRDO AMT 3,900,000
-----------------------------------------------------------------------------------------------------
179,421,901
-----------------------------------------------------------------------------------------------------
Louisiana -- 1.7%
5,650,000 A-1+ Caddo Parish LA IDB (Atlas Project/Penzoil Products)
Series B 5.55% VRDO 5,650,000
Calcasieu Parish IDB Environmental Revenue Citgo
Petroleum Corp.:
3,000,000 VMIG 1* 5.70% VRDO AMT 3,000,000
3,600,000 A-1+ 5.70% VRDO AMT 3,600,000
10,000,000 A-1+ Lake Charles Harbor & Terminal District Port
(Citgo Petroleum Corp.) Series 84 5.65% VRDO (c) 10,000,000
Louisiana PFA:
22,000,000 VMIG 1* Christus Health MBIA-Insured Series B
4.35% due 10/3/00 22,000,000
5,700,000 A-1 MFH 5.60% VRDO 5,700,000
1,410,000 SP-1+ Series A 4.25% due 10/24/00 (b) 1,410,342
4,025,000 SP-1+ Series D 4.25% due 10/24/00 (b) 4,025,977
Louisiana State GO:
15,000,000 NR FGIC-Insured Series A 6.00% due 8/1/01 (b) 15,197,890
PART VRDO:
10,000,000 A-1 AMBAC-Insured 5.70% 10,000,000
10,000,000 A-1 FSA-Insured 5.70% 10,000,000
29,715,000 VMIG 1* New Orleans Aviation Board Revenue Refunding Series B
MBIA-Insured 5.70% VRDO 29,715,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
16 2000 Semi-Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Louisiana -- 1.7% (continued)
$ 5,000,000 NR+ Ouachita Parish IDB IDR (Sulzer Escher Wyss Project)
5.70% VRDO AMT $ 5,000,000
1,000,000 NR+ Vermillion Parish IDR (Garan Inc. Project)
5.70% VRDO AMT 1,000,000
-----------------------------------------------------------------------------------------------------
126,299,209
-----------------------------------------------------------------------------------------------------
Maine -- 0.1%
7,285,000 A-1 Westbrook Revenue (Southern Container Corp. Project)
5.70% VRDO AMT 7,285,000
-----------------------------------------------------------------------------------------------------
Maryland -- 3.5%
6,850,000 A-1+ Anne Arundel County GO BAN Series C
4.35% due 2/12/01 (b) 6,850,000
10,000,000 VMIG 1* Baltimore County (Oak Crest Village Inc. Project)
Series A 5.40% VRDO 10,000,000
7,505,000 A-1+ Baltimore Maryland GO PART 4.40% due 12/7/00 (b) 7,505,000
35,000,000 P-1* Baltimore Maryland IDA Cap Acquisition 5.50% VRDO 35,000,000
3,400,000 A-1+ Frederick County Retirement Community Revenue
Buckinghams Choice 5.55% VRDO 3,400,000
22,950,000 MIG 1* Howard County Maryland BAN Series A
4.50% due 4/13/01 (b) 22,984,924
9,575,000 A-1+ Maryland GO PART 4.35% due 12/7/00 (b) 9,575,000
64,300,000 VMIG 1* Maryland Stadium Authority Sports Facilities
Lease Revenue 5.65% VRDO AMT 64,300,000
Maryland State Health & Higher EFA Revenue VRDO:
900,000 VMIG 1* Charlestown Community Series A 5.60% 900,000
11,595,000 A-1+ Pooled Loan Program 5.65% 11,595,000
6,000,000 VMIG 1* Series B 5.40% 6,000,000
Montgomery County EDA (Howard Hughes Medical Center):
Center) VRDO:
25,500,000 A-1+ Series 90B 5.45% 25,500,000
24,500,000 A-1+ Series A 5.50% 24,500,000
25,500,000 A-1+ Series C 5.50% 25,500,000
6,265,000 A-1+ Montgomery County Maryland GO PART
4.35% due 12/7/00 (b) 6,265,000
-----------------------------------------------------------------------------------------------------
259,874,924
-----------------------------------------------------------------------------------------------------
Massachusetts -- 2.7%
20,000,000 NR Bellingham Massachuetts BAN 4.22% due 3/27/01 (b) 20,049,980
5,100,000 A-1 Boston IDR (Boston Home Inc.) 4.45% VRDO 5,100,000
Clipper Massachusetts Tax Exempt Trust VRDO:
942,000 VMIG 1* PART AMBAC-Insured 4.94% 942,000
1,291,000 VMIG 1* PART AMBAC-Insured 5.62% 1,291,000
2,835,000 A-1+ Dudley Charlton Regional School District 5.47% VRDO 2,835,000
20,500,000 SP-1+ Hopkinton Massachusetts BAN 4.75% due 12/21/00 (b) 20,525,156
14,800,000 MIG 1* Lawrence Massachusetts BAN 5.25% due 2/8/01(b) 14,837,845
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 17
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Massachusetts -- 2.7% (continued)
Massachusetts Bay Transit Authority:
$ 3,150,000 AAA General Transit System 5.55% VRDO $ 3,150,000
7,000,000 A-1 Series A 7.00% due 3/1/01(b) 7,215,686
Massachusetts DFA VRDO:
500,000 VMIG 1* Dean College 5.45% 500,000
7,200,000 A-1+ Draper Laboratory Issue 5.45% 7,200,000
2,700,000 A-1 Leaktite Corp. 5.60% 2,700,000
2,980,000 A-1 Metal Crafters Inc. 5.60% 2,980,000
6,610,000 VMIG 1* Notre Dame Health Care 5.45% 6,610,000
3,100,000 NR Riverwalk House Senior Living 5.45% 3,100,000
Massachusetts GO VRDO:
5,700,000 A-1+ Series A 5.30% 5,700,000
6,900,000 A-1+ Series B 5.30% 6,900,000
Massachusetts HEFA VRDO:
200,000 A-1+ Amherst College Series F 4.90% 200,000
7,000,000 A-1+ Berkelee College of Music MBIA-Insured Series D 5.40% 7,000,000
1,500,000 VMIG 1* Cap Asset Program Series A 5.35% 1,500,000
Harvard University:
2,100,000 A-1+ 5.50% 2,100,000
2,500,000 A-1+ Series R 5.50% 2,500,000
500,000 A-1+ Newton Wellesley Hospital Series F 4.90% 500,000
Partners Healthcare System FSA-Insured:
1,400,000 A-1+ 5.45% 1,400,000
2,450,000 VMIG 1* 5.50% 2,450,000
4,100,000 A-1+ University of Masachusetts Series A 5.40% 4,100,000
Massachusetts HFA VRDO:
2,200,000 A-1+ MFH 5.30% vrdo 2,200,000
5,600,000 VMIG 1* Princeton MFH Series A 5.60% 5,600,000
1,000,000 A-1+ prt 271 5.47% due 10/5/00 (b) 1,000,000
8,800,000 NR Series A 5.30% 8,800,000
Massachusetts Industrial Finance Agency VRDO:
610,000 VMIG 1* Quemco Inc. Series B 5.55% 610,000
1,910,000 A-1 Society for Prevention of Cruelty to Animals 5.45% AMT 1,910,000
9,600,000 A-1+ Massachusetts Municipal Wholesale Electrical Co.
Series C 5.50% VRDO 9,600,000
23,400,000 MIG 1* Massachusetts State BAN Series A 5.00% due 9/6/01 (b) 23,548,152
3,000,000 A-1+ Massachusetts State Turnpike Authority Metropolitian
Highway System PART AMBAC-Insured 5.47% VRDO 3,000,000
Massachusetts Water Resource Authority VRDO:
1,400,000 A-1+ Series B 5.50% 1,400,000
1,600,000 A-1+ Series C 5.50% 1,600,000
5,000,000 MIG 1* Whitman Hanson Massachusetts Regional School
District 4.75% due 12/22/00 (b) 5,005,300
-----------------------------------------------------------------------------------------------------
197,660,119
-----------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
16 2000 Semi-Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Michigan -- 3.2%
$ 11,800,000 VMIG 1* Detroit Michigan Downtown Development Authority
(Millender Center Project) 5.60% VRDO $ 11,800,000
7,053,000 A-1+ Detroit Michigan Educational Development Authority
Waterfront Reclamation Series A 5.70% VRDO 7,053,000
5,000,000 VMIG 1* Detroit Michigan Sewer Merlot PART FGIC-Insured
5.50% VRDO 5,000,000
10,619,000 VMIG 1* Dewitt Public School Munitop PART FSA-Insured
5.64% VRDO 10,619,000
4,000,000 VMIG 1* Michigan State HDA PART FSA-Insured Series A
5.67% VRDO 4,000,000
22,285,000 VMIG 1* Michigan State Hospital Finance Auhority Revenue
Mt. Clemens 5.55% VRDO 22,285,000
Michigan State Municipal Board Authority:
53,460,000 SP-1+ Series A-1 4.75% due 4/26/01(b) 53,604,618
72,640,000 SP-1+ Series C-2 5.00% due 8/23/01(b) 73,073,999
24,680,000 VMIG 1* Michigan Strategic Fund Pollution Control Rev.
(General Motors Corp. Project) 5.70% VRDO 24,680,000
7,000,000 A-1 Saline EDA (Associate Spring Project) Series 88
5.60% VRDO 7,000,000
10,000,000 A-1 Saline EDA (Evangelical Homes Project) 5.55% VRDO 10,000,000
7,200,000 A-1+ Wayne Charter County Airport Revenue (Detroit
Metropolitan Community) 5.60% VRDO AMT 7,200,000
-----------------------------------------------------------------------------------------------------
236,315,617
-----------------------------------------------------------------------------------------------------
Minnesota -- 0.3%
21,330,000 MIG 1* Minnesota School District Tax Aid Anticipation Borrow
Project Series B 4.75% due 2/16/01 21,375,989
-----------------------------------------------------------------------------------------------------
Mississippi -- 1.0%
14,000,000 NR+ Mississippi Business Finance Corp. (Mississippi College
Project) Series 99A 5.70% VRDO 14,000,000
6,585,000 NR Mississippi Home Mortgage Corp. Single Family Revenue
PART 5.67% VRDO AMT 6,585,000
14,615,000 VMIG 1* Mississippi State Highway Revenue Series 39 PART
5.62% VRDO 14,615,000
Mississippi State GO VRDO:
16,650,000 A-1+ Highway PART 5.62% 16,650,000
14,465,000 NR Putter Series 138 PART 5.62% 14,465,000
La-Z-Boy Chair Co. Project VRDO:
5,350,000 NR+ Newton IDR Refunding 5.60% 5,350,000
2,800,000 NR+ Washington County IDR 5.70% AMT 2,800,000
-----------------------------------------------------------------------------------------------------
74,465,000
-----------------------------------------------------------------------------------------------------
Missouri -- 1.2%
3,600,000 NR Independence Missouri IDA IDR Groves & Graceland
5.60% VRDO 3,600,000
1,800,000 NR Joplin Missouri IDA Revenue Smith & Smith Investments
5.70% VRDO AMT 1,800,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 19
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Missouri -- 1.2% (continued)
Kansas City IDA MFH VRDO:
$ 6,200,000 A-1+ Crooked Creek Apartments Project Series A
4.30% AMT $ 6,200,000
4,045,000 A-1+ Woodlands Partners Project 5.57% 4,045,000
6,780,000 VMIG 1* Missouri Health Facility Deaconess Long Term Care
5.60% VRDO 6,780,000
Missouri HEFA VRDO:
8,800,000 A-1+ Lutheran Services Series B 5.45% 8,800,000
4,500,000 NR Model Cities Health Corp. 5.70% 4,500,000
2,900,000 A-1+ St. Louis University Series B 5.65% 2,900,000
Missouri State Environmental Improvement & Energy
4,000,000 A-1+ Authority (UtiliCorp United Inc.) 5.65% VRDO AMT 4,000,000
11,395,000 A-1+ St. Louis Airport Revenue FGIC-Insured PART
5.73% VRDO 11,395,000
32,000,000 MIG 1* University of Missouri Cap Project 5.25% due 6/29/01 (b) 32,204,153
3,300,000 NR+ Versailles IDA IDR Refunding (Gates Rubber Co. Project)
5.62% VRDO 3,300,000
-----------------------------------------------------------------------------------------------------
89,524,153
-----------------------------------------------------------------------------------------------------
Montana -- 0.0%
1,925,000 A-1+ Montana State EDA Farmers Union Center Exchange
5.60% VRDO AMT 1,925,000
-----------------------------------------------------------------------------------------------------
North Dakota -- 0.0%
3,600,000 A-1+ Mercer County PCR (Minnesota Power) Series 99
5.63% VRDO 3,600,000
-----------------------------------------------------------------------------------------------------
Nebraska -- 0.4%
5,830,000 VMIG 1* Nebraska Education Finance Authority Revenue
(Creighton University Project) 5.60% VRDO 5,830,000
2,650,000 A-1+ Nebraska Higher Education Loan Program Income
Revenue Student Loan Program Series 1986B
5.55% VRDO AMT 2,650,000
19,995,000 A-1+ Nebraska Inventory Finance Authority Single Family
Housing Revenue Merlot PART 5.55% VRDO AMT 19,995,000
-----------------------------------------------------------------------------------------------------
28,475,000
-----------------------------------------------------------------------------------------------------
Nevada -- 1.3%
Clark County Nevada VRDO AMT:
4,800,000 A-1+ IDR Cogeneration Series 2 5.70% 4,800,000
17,500,000 A-1 PCR Southern California Edison Co. Series A 5.65% 17,500,000
11,500,000 A-1+ Henderson Nevada Public Improvement Trust Housing
Revenue MFH (Pueblo 2-B) 5.70% 11,500,000
12,500,000 A-1+ Nevada Department of Business & Industry PCR
(Barrick Goldstrike Mines) 5.65% VRDO AMT 12,500,000
35,500,000 A-1+ Nevada Housing Division (Park Vista Apartments)
Series 91A 5.60% VRDO 35,500,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
20 2000 Semi-Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Nevada -- 1.3% (continued)
$ 4,460,000 VMIG 1* Nevada Municipal Bond Bank Munitop
PART MBIA-Insured 5.69% VRDO $ 4,460,000
11,000,000 A-1+ Nevada State GO PART 5.62% VRDO 11,000,000
-----------------------------------------------------------------------------------------------------
97,260,000
-----------------------------------------------------------------------------------------------------
New Hampshire -- 0.6%
New Hampshire Higher HEFA Revenue VRDO:
5,000,000 A-1+ Kendal at Hanover Issue 5.40% 5,000,000
4,200,000 A-1+ VHA New England Inc. Series E AMBAC-Insured 5.70% 4,200,000
New Hampshire State Business Finance Authority VRDO:
17,000,000 A-1+ Lonza Biologics Inc. Series 98 5.64% AMT 17,000,000
2,400,000 A-1+ Luminescent Systems Inc. 5.65% AMT 2,400,000
2,490,000 A-1 Park Nameplate Co. 5.70% AMT 2,490,000
4,400,000 A-1 Tap North America Project 5.70% AMT 4,400,000
4,000,000 A-1+ Wheelabator Series 97A 5.60% 4,000,000
6,700,000 VMIG 1* New Hamshire State IDA S.C.I. Manufacturing Inc.
5.85% VRDO AMT 6,700,000
-----------------------------------------------------------------------------------------------------
46,190,000
-----------------------------------------------------------------------------------------------------
New Mexico -- 0.4%
4,900,000 NR+ Bellen IDR (Solo New Mexico Project) 5.70% VRDO AMT 4,900,000
New Mexico Mortgage Finance Authority AMT:
PART VRDO:
5,040,000 A-1+ GNMA/FNMA 5.67% 5,040,000
2,005,000 A-1+ Series 1995 5.67% 2,005,000
4,500,000 SP-1+ Single-Family PG Issue 1 4.20% due 10/1/00 4,500,000
12,000,000 VMIG 1* New Mexico State Hospital Equipment Loan Council
Revenue Series A 5.60% VRDO 12,000,000
-----------------------------------------------------------------------------------------------------
28,445,000
-----------------------------------------------------------------------------------------------------
New York -- 1.6%
New York City GO:
10,000,000 A-1+ Municipal Securities Trust PART AMBAC-Insured
5.65% VRDO 10,000,000
17,390,000 NR Series F Unrefunded Balance 3.00% due 11/15/00 (b) 17,364,387
19,000,000 A-1+ New York City Municipal Water Financing Authority
4.25% due 10/12/00 (b) 19,000,000
3,000,000 A-1+ New York City Transitional Finance Authority Revenue
Future Tax Secured Series B-2 5.50% VRDO 3,000,000
73,000,000 A-1+ Triborough Bridge & Tunnel Authority Revenue
4.35% due 10/25/00 (b) 73,000,000
-----------------------------------------------------------------------------------------------------
122,364,387
-----------------------------------------------------------------------------------------------------
North Carolina -- 1.6%
23,445,000 A-1+ Albemarle North Carolina Hospital Authority Healthcare
Facilities Revenue 5.50% VRDO 23,445,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 21
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
North Carolina -- 1.6% (continued)
$ 3,600,000 NR+ Brunswick County PCR (Wood Industries) 5.65% VRDO $ 3,600,000
4,500,000 NR+ Iredell County PCR (Vaspar Corp.) 5.65% VRDO AMT 4,500,000
10,905,000 NR Mecklenburg County Lease Revenue 5.70% VRDO 10,905,000
4,200,000 NR+ North Carolina Agriculature Financial Authority
(Coastal Carolina) 5.70% VRDO 4,200,000
North Carolina EFA VRDO:
9,880,000 A-1 Charlotte Latin 5.40% 9,880,000
12,000,000 A-1 Durham Academy Project 5.60% 12,000,000
5,400,000 A-1 Johnson C. Smith University 5.40% 5,400,000
8,595,000 A-1+ North Carolina GO PART 4.05% due 1/25/01 (b) 8,595,000
7,060,000 A-1 North Carolina HFA PART FHA Insured 5.73% VRDO 7,060,000
4,500,000 A-1+ North Carolina Medical Care Community Health
Systems Revenue 5.55% VRDO 4,500,000
9,000,000 NR North Carolina Medical Care Community Revenue
(Lutheran Retirement Project) 5.70% VRDO 9,000,000
10,995,000 A-1 North Carolina Municipal Power PART MBIA-Insured
4.40% due 5/9/01 10,995,000
4,375,000 NR Robeson County Industrial Facilities & PCFA (Rocco
Turkeys Inc. Project) 5.55% VRDO AMT 4,375,000
1,750,000 A-1 Rowan County IDR PCR (Double LLC Project) Series 98
5.70% VRDO AMT 1,750,000
-----------------------------------------------------------------------------------------------------
120,205,000
-----------------------------------------------------------------------------------------------------
Ohio -- 3.4%
Cuyahoga County Hospital Revenue Bonds VRDO:
AMBAC-Insured:
5,000,000 VMIG 1* University Hospital Series 99E 5.65% 5,000,000
11,690,000 A-1 Walker Center 5.60% 11,690,000
Cleveland Clinic Foundation:
11,950,000 VMIG 1* Series A 5.60% 11,950,000
5,000,000 VMIG 1* Series B 5.65% 5,000,000
Franklin County Hospital Revenue U.S. Health Corp. VRDO:
13,535,000 VMIG 1* Series B 5.52% 13,535,000
5,765,000 VMIG 1* Series C 5.52% 5,765,000
5,400,000 VMIG 1* Hamilton County Ohio Hospital Facility Revenue Children's
Medical Center 5.58% VRDO 5,400,000
64,995,000 MIG 1* Hamilton County Ohio Sales Tax PART 5.67% VRDO 64,995,000
9,790,000 VMIG 1* Hamilton Ohio Deaconess Long Term Healthcare
5.60% VRDO 9,790,000
13,655,000 A-1 Lake County Hospital Facilities Revenue (Lake Hospital
Systems Inc.) 5.60% VRDO 13,655,000
Lorraine County Ohio Catholic Health:
9,000,000 VMIG 1* 4.30% due 10/12/00 (b) 9,000,000
2,500,000 VMIG 1* 4.25% due 12/11/00 (b) 2,500,000
33,900,000 A-1 Mahoning County Hospital Facility Revenue (Forum Health
Obligation Group) Series B MBIA-Insured 5.59% VRDO 33,900,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
22 2000 Semi-Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Ohio -- 3.4% (continued)
$ 7,545,000 VMIG 1* Ohio HFA Revenue (Assisted Living Concept Corp.)
5.50% VRDO AMT $ 7,545,000
Ohio State Air Quality Development Authority Revenue
(Ohio Edison Project) VRDO:
3,500,000 VMIG 1* PCR Series C 5.50% 3,500,000
24,700,000 A-1 Series A 5.45% 24,700,000
3,065,000 A-1 Ohio State Improvement Revenue Newark Group
5.60% VRDO AMT 3,065,000
8,500,000 VMIG 1* Ohio State Water Development Authority Waste Disposal
Revenue (Timken Co. Project) 5.75% VRDO AMT 8,500,000
3,845,000 NR South Western City School District AMBAC-Insured
3.20% due 12/1/00 (b) 3,835,667
6,580,000 VMIG 1* Toledo City Services Special Assessment Notes
5.50% VRDO 6,580,000
-----------------------------------------------------------------------------------------------------
249,905,667
-----------------------------------------------------------------------------------------------------
Oklahoma -- 0.2%
4,500,000 NR++ Creek County Industrial Authority IDR
(Henry Vogt Machinery) 5.75% VRDO AMT 4,500,000
14,000,000 A-1+ Oklahoma State Water Resource Board Student Loan
Program Series 94A 4.30% due 3/1/01 (b) 14,000,000
-----------------------------------------------------------------------------------------------------
18,500,000
-----------------------------------------------------------------------------------------------------
Oregon -- 0.6%
7,650,000 VMIG 1* Hillsboro Oregon Revenue Graduate Center Institute
Project 5.55% VRDO 7,650,000
11,000,000 SP-1+ Multnomah County Oregon School District No.1J
Portland TRAN 5.00% due 6/29/01 (b) 11,046,742
Oregon State EDA Commission IDR VRDO:
200,000 P-1* Eagle Pitcher Industries 4.50% 200,000
1,300,000 NR+ Trust Joist MacMillan Inc. 5.60% 1,300,000
Oregon State Housing & Community Services Single
Family Mortgage:
8,500,000 MIG 1* Series C 4.25% due 3/29/01(b) 8,500,000
1,000,000 MIG 1* Series D 4.30% due 3/29/01 AMT (b) 1,000,000
16,900,000 A-1+ Washington County MFH Authority (Cedar Mill Project)
5.65% VRDO AMT 16,900,000
-----------------------------------------------------------------------------------------------------
46,596,742
-----------------------------------------------------------------------------------------------------
Pennsylvania -- 4.2%
6,400,000 NR+ Allegheny County Hospital Development Authority Revenue
(Health Care Dialysis Clinic) 5.60% VRDO 6,400,000
10,000,000 MIG 1* Allegheny County Port Authority Grant Anticipation Notes
5.00% due 6/29/01 (b) 10,043,828
Berks County IDA VRDO:
2,345,000 NR+ Dunmore Corp. Project 5.65% AMT 2,345,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 23
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Pennsylvania -- 4.2% (continued)
Series A:
$ 3,000,000 A-1+ Health Care Lutheran Services
AMBAC-Insured 5.40% $ 3,000,000
3,700,000 A-1 Sweet Street Desserts 5.55% 3,700,000
10,700,000 VMIG 1* Cambria County Pennsylvania IDA (Cambria Cogen Corp.)
Series A-1 5.50% VRDO 10,700,000 Emmaus General
Authority Revenue VRDO:
55,000,000 A-1+ Series 96 FSA-Insured 5.40% 55,000,000
2,800,000 A-1+ Sub. Series E-15 5.65% 2,800,000
15,000,000 SP-1+ Sub. Series H-12 5.65% 15,000,000
2,400,000 A-1 Emmaus Pooled Loan Series G-13 5.65% VRDO 2,400,000
2,300,000 A-1 Gettysburg Area IDA (Brethren Home Community Project)
Series A 5.40% VRDO 2,300,000
7,000,000 A-1 Lehigh County GPA Revenue The Good Shepherd Group
AMBAC-Insured 5.55% VRDO 7,000,000
1,700,000 NR+ Luzerne County IDA IDR (Culp Inc. Project)
5.70% VRDO AMT 1,700,000
4,800,000 NR Montgomery County IDA Valley Forge Plaza 5.40% VRDO 4,800,000
58,200,000 NR New Garden General Authority Pooled Financing Program
AMBAC-Insured 5.70% VRDO 58,200,000
5,400,000 A-1+ Pennsylvania Energy Development Authority (Piney Creek)
Series A 5.50% VRDO AMT 5,400,000
Pennsylvania State Higher Education Assistance Agency
Student Loan Revenue VRDO AMT:
7,000,000 VMIG 1* Series A AMBAC-Insured 5.70% 7,000,000
3,200,000 A-1+ Series B 5.75% 3,200,000
8,270,000 A-1 Pennsylvania State Higher Education Authority
(College of Optometry) 5.40% VRDO 8,270,000
4,910,000 Philadelphia IDR (Goldenberg Candy Project) Series A
5.55% VRDO AMT 4,910,000
36,600,000 SP-1+ Philadelphia TRAN Series A 5.00% due 6/29/01(b) 36,766,108
10,000,000 A-1 Philadelphia Water Municipal Securities Trust Certificates
4.40% VRDO 10,000,000
Quakertown General Authority Revenue
(Pooled Financing Program) VRDO:
2,100,000 VMIG 1* Series 1985A 5.55% 2,100,000
9,550,000 VMIG 1* Series 98A 5.55% 9,550,000
770,000 VMIG 1* Series A 5.55% 770,000
York General Authority Pooled Financing Revenue
AMBAC-Insured VRDO:
31,625,000 A-1 Series 96B 5.40% 31,625,000
4,380,000 A-1 Sub. Series A 5.40% 4,380,000
-----------------------------------------------------------------------------------------------------
309,359,936
-----------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
24 2000 Semi-Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Rhode Island -- 0.2%
$ 3,500,000 A-1 Rhode Island Health & Educational Building Corp.
Educational Institutional Revenue
(St. Andrew's School) 5.50% VRDO (b) $ 3,500,000
Rhode Island State EDC VRDO:
1,720,000 A-1 J-Cor LLC Project Series 98 5.70% AMT 1,720,000
2,675,000 A-1 Mathew Realty Co. 5.70% AMT 2,675,000
6,360,000 A-1 McCoy Stadium 5.60% 6,360,000
-----------------------------------------------------------------------------------------------------
14,255,000
-----------------------------------------------------------------------------------------------------
South Carolina -- 2.3%
Anderson County IDR VRDO AMT:
6,580,000 NR+ Culp Inc. 5.70% 6,580,000
2,800,000 NR+ Federal Paper Board Co. Inc. 5.70% 2,800,000
4,000,000 NR+ Mikron Corp. 5.75% 4,000,000
2,500,000 NR Beauford County South Carolina School District Series C
3.625% due 2/1/01 2,493,321
2,252,000 NR+ Chesterfield County IDR (Culp Inc. Project)
5.70% VRDO AMT 2,252,000
2,000,000 A-1+ Florence County Solid Waste Disposal & Wastewater
Treatment Roche Carolina Inc. 5.65% VRDO AMT 2,000,000
1,000,000 A-1+ Marlboro County Solid Waste Disposal Facilities Revenue
Willamette Industries Inc. 5.60% VRDO AMT 1,000,000
Piedmont Muni Power Agency Electric Revenue Refunding
MBIA-Insured VRDO:
25,800,000 A-1+ Series C 5.65% 25,800,000
6,400,000 A-1+ Series D 5.55% 6,400,000
7,500,000 A-1 Rock Hill Utility Systems Revenue Series B 5.50% VRDO 7,500,000
6,130,000 A-1+ South Carolina GO PART 4.35% due 12/7/00 (b) 6,130,000
South Carolina Jobs EDA Revenue VRDO:
4,600,000 P-1* BASF Corp. 5.80% AMT 4,600,000
4,200,000 NR+ Conco Medical Products Project 5.80% AMT 4,200,000
7,200,000 A-1 Franco Manufacture Co. Inc. 5.70% AMT 7,200,000
4,400,000 NR+ Galey & Lord Industries Inc. 5.70% AMT 4,400,000
9,000,000 NR+ Greenville Baptist Project 5.60% 9,000,000
1,400,000 NR+ Greenville Machinery Project 5.70% AMT 1,400,000
500,000 NR ISO Poly Films Inc. Project 5.75% AMT 500,000
5,100,000 NR+ Orders Realty Co. Inc. Project 5.70% AMT 5,100,000
4,500,000 NR+ Seeber USA LLP Project 5.80% 4,500,000
3,000,000 NR Southeastern Steel Co. Project 5.55% AMT 3,000,000
1,600,000 NR+ Spartan Iron & Metal Project 5.70% AMT 1,600,000
14,310,000 A-1 Wellman Inc. Porject 5.65% 14,310,000
3,250,000 A-1+ YMCA Florence Project 5.60% 3,250,000
16,600,000 VMIG 1* South Carolina Port Authority Munitop PART FSA-Insured
5.72% VRDO AMT 16,600,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 25
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
South Carolina -- 2.3% (continued)
South Carolina Public Service Authority:
$ 6,500,000 VMIG 1* PART Series L MBIA-Insured 5.50% VRDO $ 6,500,000
Series B Prerefunded Escrowed in U.S. Government
Securities:
5,000,000 A-1 6.00% due 7/1/01 5,053,543
8,925,000 A-1 7.00% due 7/1/01 9,212,935
3,500,000 A-1+ Williamsburg County IDR (Peddinghaus Project)
5.67% VRDO AMT 3,500,000
------------------------------------------------------------------------------------------------------
170,881,799
------------------------------------------------------------------------------------------------------
South Dakota -- 0.1%
8,200,000 A-1 Yankton IDR (Kolberg Pioneer Inc.) Series 98
5.65% VRDO AMT 8,200,000
------------------------------------------------------------------------------------------------------
Tennessee -- 5.9%
4,435,000 P-1* Anderson County Tennessee IDB Revenue Bonds
(Becromal of America Inc. Project) 6.10% VRDO 4,435,000
4,200,000 VMIG 1* Covington IDR (Charms Co. Project) 5.65% VRDO AMT 4,200,000
4,350,000 NR+ Dayton IDR (LA-Z-Boy Chair Co. Project) 5.60% VRDO 4,350,000
8,800,000 A-1+ Hamilton County IDR Aquarium-Imax 5.70% VRDO 8,800,000
Knox County Health Education and Housing Facilities
Board Revenue VRDO:
8,400,000 A-1+ Catholic Healthcare Series A 5.65% 8,400,000
20,000,000 A-1+ The Solutions Group Inc. Project 5.60% 20,000,000
8,100,000 NR+ Loudon IDB PCR (AE Stanley Manufacturing)
5.60% VRDO 8,100,000
3,100,000 NR+ McMinn County IDB (Thomas & Betts Corp. Project)
5.70% VRDO AMT 3,100,000
2,500,000 A-1+ Memphis State GO Series 95A 5.70% VRDO 2,500,000
Metropolitan Nashville Davidson County VRDO:
5,510,000 A-1+ HEFA Adventist/Sunbelt Series A 5.47% 5,510,000
IDB Revenue:
12,400,000 VMIG 1* MFH Arbor Knoll 5.60% 12,400,000
4,645,000 A-1+ Steel Coils Series 99 5.67% AMT 4,645,000
9,450,000 NR+ YMCA Project 5.70% 9,450,000
10,000,000 VMIG 1* Munitop PART FGIC-Insured 5.69% due 10/4/00 10,000,000
4,320,000 NR+ Series 98 5.70% 4,320,000
Montgomery County Tennessee Public Building Authority
Pooled Financing Revenue VRDO:
6,060,000 VMIG 1* Montgomery County Loan 5.70% 6,060,000
121,050,000 VMIG 1* Tennessee County Loan Pool 5.70% 121,050,000
15,590,000 A-1+ Tennessee County Loan Pool 5.70% 15,590,000
4,000,000 NR Rutherford County IDR (Outboard Marine Project)
5.20% VRDO AMT 4,000,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
26 2000 Semi-Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Tennessee -- 5.9% (continued)
Sevier County Public Building Authority
(Local Government Public Improvement) VRDO:
AMBAC-Insured:
$ 14,250,000 VMIG 1* Series A-1 5.55% $ 14,250,000
9,540,000 VMIG 1* Series B 5.50% 9,540,000
10,000,000 VMIG 1* Series B-2 5.50% 10,000,000
5,000,000 VMIG 1* Series D-3 5.55% 5,000,000
10,000,000 VMIG 1* Series G-1 5.55% 10,000,000
4,300,000 VMIG 1* Series H-1 5.50% 4,300,000
5,000,000 VMIG 1* Series H-1 5.55% 5,000,000
FSA-Insured:
5,800,000 VMIG 1* Series B-5 5.55% 5,800,000
5,000,000 VMIG 1* Series B-11 5.50% 5,000,000
Shelby County Baptist TECP:
12,500,000 A-1+ 4.60% due 11/9/00 (b) 12,500,000
7,500,000 A-1+ 4.30% due 3/21/01 (b) 7,500,000
6,500,000 A-1+ 4.30% due 3/22/01 (b) 6,500,000
9,945,000 NR+ Shelby County Health, Education & Housing
(Kirby Parkway Apartments) 5.70% VRDO 9,945,000
8,465,000 A-1+ Shelby Tennessee Methodist Healthcare 5.37% VRDO 8,465,000
11,550,000 A-1+ Stewart County Tennessee IDB Solid Waste Disposal
Revenue (Standara Gypsum Project) 5.65% VRDO 11,550,000
10,000,000 A-1+ Sumner County Tennessee Health Educational & Housing
Facilities Board Hospital Alliance Pooled 5.64% VRDO 10,000,000
Tennessee School Bond Authority:
27,200,000 A-1+ 4.20% due 10/6/00 (b) 27,200,000
19,000,000 A-1+ 4.30% due 11/9/00 (b) 19,000,000
-----------------------------------------------------------------------------------------------------
438,460,000
-----------------------------------------------------------------------------------------------------
Texas -- 15.7%
10,000,000 VMIG 1* ABN AMRO Munitops Series 2000-11 PART psfg
5.76% VRDO 10,000,000
2,100,000 NR Angelina & Neches River Authority Solid Waste Revenue
5.60% VRDO 2,100,000
7,500,000 VMIG 1* Austin Texas Water & Wastewater Systems Revenue
Merlots Series LLL PART MBIA-Insured
5.50% VRDO 7,500,000
10,000,000 VMIG 1* Comal ISD ABN AMRO Munitops Series 1999-9 PART
psfg 5.69% VRDO 10,000,000
13,000,000 VMIG 1* Barbers Texas School ABN AMRO Munitops Series 98-24
PART PSFG 5.69% VRDO 13,000,000
Brazos River Authority PCR (Texas Utilities Electric Co.)
VRDO AMT:
5,755,000 A-1+ Series B 5.70% 5,755,000
10,000,000 A-1+ Series B 4.25% 10,000,000
16,545,000 A-1+ Series C 5.65% 16,545,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 27
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Texas -- 15.7% (continued)
$ 2,000,000 A-1+ Corpus Christi Authority Nueces County Marine Terminal
Revenue Reynolds Metal Co. 4.45% $ 2,000,000
10,140,000 A-1+ Corpus Christi Utilities System Series A
4.40% due 12/15/00 (b) 10,140,000
4,500,000 VMIG 1* Crawford IDR (Franklin Industrial Project)
5.70% VRDO AMT 4,500,000
Dallas Fort Worth Texas International Airport VRDO:
4,920,000 A-1+ Facility Improvement Corp. Revenue PART
Merrill Lynch Guarantee 5.77% 4,920,000
10,000,000 NR Flight Safety Project 5.70% AMT 10,000,000
14,900,000 VMIG 1* Merlots Series 2000-2 PART FGIC-Insured 5.55% AMT 14,900,000
15,000,000 A-1+ Dallas Fort Worth Regional Airport Revenue PART
MBIA-Insured 5.73% VRDO 15,000,000
8,000,000 VMIG 1* Dallas Water & Sewer Munitops Series 98-19 PART
FSA-Insured 5.67% VRDO 8,000,000
4,800,000 A-1+ Denton Texas ISD Series B 4.40% due 8/15/01 (b) 4,800,000
65,000,000 VMIG 1* Grand Prairie Texas Independent School District
4.35% due 8/1/01 (b) 65,003,250
8,000,000 A-1 Grapevine Texas IDC (Trencor Jetco Inc.)
5.65% VRDO AMT 8,000,000
Greater Texas Student Loan Corp.:
10,000,000 A-1+ Series 96A 4.28% due 3/1/01 (b) 10,000,000
13,300,000 A-1+ Series 98A 4.22% due 2/1/01 AMT (b) 13,300,000
15,000,000 VMIG 1* Series A 4.25% due 2/1/01 AMT (b) 15,000,000
3,000,000 VMIG 1* Series B 4.22% due 2/1/01 AMT (b) 3,000,000
13,100,000 NR Guadalupe Blanco River Texas IDR 5.60% VRDO 13,100,000
3,600,000 A-1+ Gulf Coast IDA Texas Marine Term Revenue
(Amoco Oil Co. Project) Series 93 5.65% VRDO AMT 3,600,000
Gulf Coast Waste Disposal Authority:
Amoco Oil Co. Project:
4,000,000 VMIG 1* 4.20% due 10/1/00 (b) AMT 4,000,000
4,400,000 A-1+ 5.65% VRDO AMT 4,400,000
5,000,000 A-1+ Environmental Improvement Revenue
4.30% due 3/1/01 (b) 5,000,000
1,800,000 A-1+ PCR 5.65% VRDO AMT 1,800,000
8,000,000 A-1+ Series 94 5.65% VRDO AMT 8,000,000
4,000,000 NR Harris County IDR Parrot Ice Drink Products Series A
5.75% VRDO 4,000,000
94,000,000 SP-1+ Harris County TAN 4.75% due 2/28/01 (b) 94,191,566
4,995,000 A-1+ Harris County Texas GO PART AMBAC-Insured
4.40% due 12/7/00 (b) 4,995,000
Houston Airport AMT:
15,000,000 P-1* Munitop 98-15 PART FGIC-Insured 5.80% VRDO 15,000,000
5,000,000 A-1+ Sr. Lein Series A 4.60% due 1/26/01 (b) 5,000,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
28 2000 Semi-Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Texas -- 15.7% (continued)
Houston GO :
$ 12,500,000 A-1+ City of Houston Texas Finance Rice University
4.25% due 12/20/00 (b) $ 12,500,000
TECP:
Series A:
3,000,000 A-1+ 4.30% due 11/28/00 (b) 3,000,000
15,000,000 A-1+ 4.50% due 1/11/01(b) 15,000,000
14,000,000 A-1+ 4.35% due 3/8/01(b) 14,000,000
12,500,000 A-1+ Series B 4.35% due 1/11/01 (b) 12,500,000
Houston ISD PART VRDO:
7,320,000 A-1+ 5.62% 7,320,000
9,150,000 A-1 Municipal Securities Trust Certificates
Series 9001 5.85% 9,150,000
23,000,000 A-1+ Houston Texas Higher Education Rice University PART
5.62% VRDO 23,000,000
10,000,000 A-1+ Houston Water Sewer Systems Revenue Series A TECP
4.25% due 12/6/00 (b) 10,000,000
12,700,000 A-1+ Intermountain Power Agency Power Supply Revenue
4.60% due 10/11/00 (b) 12,700,000
7,900,000 A-1+ Katy ISD 5.45% VRDO 7,900,000
8,000,000 NR+ Leon County IDR (BOC Group Inc. Project) 5.60% VRDO 8,000,000
3,700,000 A-1+ Mansfield IDR (Pier 1 Imports Texas Inc. Project)
5.65% VRDO AMT 3,700,000
13,500,000 VMIG 1* Mansfield ISD Series 96 5.60% due 10/5/00 (b) 13,500,000
3,485,000 NR+ Metropolitan Texas Higher Education Authority
(University of Dallas Project) 5.75% VRDO 3,485,000
6,800,000 A-1+ Midlothian Texas IDC (Texas Industrials Project)
5.70% VRDO AMT 6,800,000
16,855,000 A-1 Milam Texas IDC PCR (Alcoa Inc.)
4.70% due 11/14/00 (b) 16,855,000
North Central Health Facility Development Corp. VRDO:
2,050,000 NR Los Barrios Unidos Community 5.75% 2,050,000
2,000,000 A-1+ Presbyterian Medical Center Series C 5.50% 2,000,000
North Texas Higher Education Authority Inc. Student Loan
Revenue Refunding VRDO AMT:
10,100,000 A-1+ Series 1991A 5.50% 10,100,000
3,500,000 A-1+ Series 1991F AMBAC-Insured 5.50% 3,500,000
5,500,000 VMIG 1* Series 1993A 5.50% 5,500,000
3,000,000 VMIG 1* Series A 5.50% 3,000,000
45,490,000 A-1+ Plano Texas ISD 4.35% due 3/1/01(b) 45,490,000
13,800,000 A-1+ Richardson ISD Series A 5.45% VRDO 13,800,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 29
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Texas -- 15.7% (continued) Round Rock:
$ 2,850,000 NR+ IDR Refunding (Tellabs Inc. Project) 5.60% VRDO $ 2,850,000
4,940,000 A-1+ ISD PART 4.20% due 11/9/00 (b) 4,940,000
24,777,000 VMIG 1* San Antonio Electricity & Gas Munitop PART
MBIA-Insured 5.69% VRDO 24,777,000
4,030,000 NR Sulfur Springs Texas IDR (CMH Manufacturing Inc. Project)
5.70% VRDO AMT 4,030,000
3,570,000 A-1+ Texas A & M University Revenue PART AMBAC-Insured
5.70% VRDO 3,570,000
24,000,000 A-1+ Texas Municipal Gas Reserves Corp. Series 98
FSA-Insured 5.45% VRDO 24,000,000
Texas Municipal Power Authority TECP:
10,000,000 A-1+ 4.30% due 10/4/00 (b) 10,000,000
4,600,000 A-1+ 4.40% due 10/5/00 (b) 4,600,000
11,000,000 A-1+ 4.30% due 10/20/00 (b) 11,000,000
5,000,000 A-1+ 4.35% due 12/6/00 (b) 5,000,000
12,965,000 VMIG 1* Texas Small Business IDC IDR (Texas Public Capital
Access) 5.55% VRDO 12,965,000
Texas State PFA Series 1993-A TECP:
5,650,000 A-1+ 4.25% due 10/6/00 (b) 5,650,000
4,300,000 A-1+ 4.35% due 12/15/00 (b) 4,300,000
308,000,000 SP-1+ Texas State TRAN 5.25% due 8/31/01 (b) 310,621,917
5,930,000 VMIG 1* Travis County Texas Housing Finance Corp. MFH Revenue
(Tanglewood Apartments) 5.50% 5,930,000
40,000,000 VMIG 1* Tyler Texas Health Facilities Development Corp.
Hospital Revenue 5.60% VRDO 40,000,000
-----------------------------------------------------------------------------------------------------
1,165,633,733
-----------------------------------------------------------------------------------------------------
Utah -- 1.3%
15,410,000 A-1+ Alpine Utah School Disrict PART 4.40% due 12/7/00 (b) 15,410,000
10,000,000 A-1+ Emery County PCR (PacifiCorp Project) 5.60% VRDO 10,000,000
2,890,000 A-1 Ogden City IDR (Infiltrator System Inc. Project)
5.60% VRDO AMT 2,890,000
4,375,000 A-1 Salt Lake City Utah IDR Parkview Plaza Association
5.55% VRDO 4,375,000
22,000,000 A-1 Salt Lake City Utah TRAN 5.00% due 6/29/01 (b) 22,096,651
4,000,000 NR Utah County TRAN 4.75% due 12/29/00 (b) 4,005,136
8,150,000 VMIG 1* Utah State Board Regents Student Loan Revenue Series A
5.45% VRDO AMT 8,150,000
13,600,000 NR Utah State GO 6.00% due 7/1/01 (b) 13,754,570
Weber County Utah IHC Healthcare VRDO:
7,500,000 A-1+ Series A 5.50% 7,500,000
10,000,000 A-1+ Series C 5.60% 10,000,000
-----------------------------------------------------------------------------------------------------
98,181,357
-----------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
30 2000 Semi-Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Vermont -- 0.1%
Vermont Educational Buildings Finance VHA
(New England Project) AMBAC-Insured VRDO:
$ 1,900,000 A-1+ Series B 5.70% $ 1,900,000
1,900,000 A-1+ Series E 5.70% 1,900,000
-----------------------------------------------------------------------------------------------------
3,800,000
-----------------------------------------------------------------------------------------------------
Virginia -- 2.1%
Alexandria Virginia IDA IDR VRDO:
8,000,000 A-1 Defense Analysis Series B AMBAC-Insured 5.55% 8,000,000
2,800,000 NR+ Global Printing Project 5.70% AMT 2,800,000
5,915,000 A-1 Pooled Loan Program Series A 5.70% 5,915,000
7,910,000 A-1+ Arlington County Virginia GO PART
4.35% due 12/7/00 (b) 7,910,000
4,200,000 A-1+ Brunswick County IDR (Aegis Waste Solution)
5.70% VRDO AMT 4,200,000
3,300,000 A-1 Campbell County IDR Hadson Power Series 12-A
5.65% VRDO AMT 3,300,000
3,700,000 NR+ Front Royal & Warren IDA (PenTab Industries)
5.70% VRDO AMT 3,700,000
60,000,000 A-1+ Harrisonburg IDR Wachovia Pooled Loan Program
5.60% VRDO 60,000,000
5,000,000 NR+ Henrico Virginia Hermitage Health 5.70% VRDO 5,000,000
3,000,000 A-1+ King George County (Garnet of Virginia Inc. Project)
5.70% VRDO AMT 3,000,000
7,800,000 A-1+ Lynchburgh IDR VHA (Mid Atlantic Cap Project)
AMBAC-Insured 5.70% VRDO 7,800,000
2,200,000 NR+ Mecklenburg Virginia IDA (Glaize & Bro LC)
5.70% VRDO AMT 2,200,000
25,000,000 A-1 Norfolk Airport Authority CP Notes 4.35% due 1/16/01(b) 25,000,000
6,460,000 NR+ Rockbridge County IDR DES Champs High
5.70% VRDO AMT 6,460,000
4,400,000 A-1+ Virginia Port Authority Revenue PART MBIA-Insured
5.61% VRDO 4,400,000
3,680,000 NR+ Virginia Small Business Financing Authority
(Ennstone Project) 5.65% VRDO AMT 3,680,000
-----------------------------------------------------------------------------------------------------
153,365,000
-----------------------------------------------------------------------------------------------------
Washington -- 3.5%
Central Pugent Sound Washington Transportation
Authority Sales Tax & Motor Certificates PART
FGIC-Insured VRDO:
14,995,000 VMIG 1* Series 1 5.62% 14,995,000
2,270,000 VMIG 1* Series 350 5.77% 2,270,000
7,175,000 A-1+ King County Washington Housing Authority Revenue
(Overlake Tod Project) 5.70% VRDO AMT 7,175,000
2,400,000 A-1 Olympia Washington EDA (Spring Air Northwest Project)
5.85% VRDO AMT 2,400,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 31
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Washington -- 3.5% (continued)
Pierce County EDA VRDO AMT:
$ 4,200,000 P-1* Dock & Wharf Facility Revenue
(SCS Industries) 5.65% $ 4,200,000
2,180,000 A-1 Truss Co. Project 5.85% 2,180,000
9,745,000 A-1+ Port of Seattle Sub. Lien Revenue 99B TECP
4.25% due 10/6/00 (b) 9,745,000
5,815,000 A-1 Port Pasco EDA (Douglas Fruit Co. Inc. Project)
5.60% VRDO AMT 5,815,000
Seattle Washington Municipal Light & Power
Revenue VRDO:
11,000,000 A-1+ Series SGA 85 PART MBIA-Insured 5.60% 11,000,000
6,000,000 A-1+ Series SGA 96 5.60% 6,000,000
8,005,000 A-1+ Seattle Washington Water System Revenue PART
FGIC-Insured 4.45% due 8/23/01 (b) 8,005,000
2,495,000 VMIG 1* Vancouver Washington Water & Sewer Revenue
Series 260 5.62% VRDO 2,495,000
Washington Metropolitan Airport Authority AMT:
20,000,000 A-1+ 4.32% due 11/8/00 (b) 20,000,000
52,700,000 A-1+ 4.40% due 1/19/01 (b) 52,700,000
Washington State GO:
24,740,000 A-1 Series R98B 4.00% due 7/1/01 (b) 24,636,558
9,985,000 A-1+ Series R99 PART 4.20% due 11/9/00 (b) 9,985,000
Washington State HEFA (Seattle Pacific University Project)
VRDO:
9,300,000 VMIG 1* Series A 4.40% 9,300,000
20,700,000 VMIG 1* Series B 4.40% 20,700,000
Washington State HFA MFH Mortgage Revenue VRDO:
8,450,000 A-1+ Arbors on the Park Project 5.95% AMT 8,450,000
7,840,000 VMIG 1* Glenbrooke Apartments Project Series A 5.55% AMT 7,840,000
9,945,000 VMIG 1* Variable Rate Certificates Series T 5.69% 9,945,000
9,195,000 Washington State Public Power Supply Systems Nuclear
Project No. 1 PART MBIA-Insured 5.62% VRDO 9,195,000
Yakima County Public Corp. VRDO AMT:
5,700,000 P-1* Can Am Millwork Ltd. 5.80% 5,700,000
2,000,000 NR+ Longview Fibre Co. 6.20% 2,000,000
-----------------------------------------------------------------------------------------------------
256,731,558
-----------------------------------------------------------------------------------------------------
West Virginia -- 0.6%
Marion County Commission Solid Waste Disposal Facility
Revenue (Granttown Project) VRDO AMT:
4,805,000 A-1+ Series B 5.50% 4,805,000
3,400,000 A-1+ Series D 5.50% 3,400,000
1,730,000 NR+ Putnam County Solid Waste Disposal Revenue
(FMC Corp.) 5.70% VRDO AMT 1,730,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
32 2000 Semi-Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
West Virginia -- 0.6% (continued)
$ 15,800,000 A-1+ West Virginia Public Energy Morgantown Association
Project 4.30% due 11/17/00 AMT (b) $ 15,800,000
4,245,000 VMIG 1* West Virginia School Building Series 263 PART 4,245,000
FSA-Insured 5.62% VRDO
West Virginia State Hospital Finance Authoriy Hospital
Revenue (Mid-Atlantic/Cap) AMBAC-Insured VRDO:
5,700,000 A-1 Series D 5.70% 5,700,000
4,490,000 A-1 Series E 5.70% 4,490,000
3,800,000 A-1 Series G 5.70% 3,800,000
-----------------------------------------------------------------------------------------------------
43,970,000
-----------------------------------------------------------------------------------------------------
Wisconsin -- 2.3%
9,500,000 NR+ Brokaw Sewer & Solid Waste Revenue (Wausau Paper
Mills Co. Project) 5.80% VRDO AMT 9,500,000
3,040,000 A-1+ Germantown IDR (Great Lakes Pack Corp.)
5.67% VRDO AMT 3,040,000
13,245,000 A-1 Milwaukee Housing EDA PART GEMICO-Insured
5.00% VRDO AMT 13,245,000
61,700,000 SP-1+ Milwaukee Wisconsin RAN Series B
5.25% due 8/30/01 (b) 62,186,137
Wisconsin Housing & EDA PART AMT:
Home Ownership Revenue:
1,725,000 VMIG 1* GEMICO-Insured 5.67% VRDO 1,725,000
10,000,000 A-1+ Series I 3.95% due 12/1/00 (b) 9,993,963
10,000,000 A-1+ Single Family Revenue 5.72% VRDO 10,000,000
10,215,000 NR+ Wisconsin Housing Municipal Securities Trust
Series 1999-74 5.75% VRDO 10,215,000
6,320,000 A-1+ Wisconsin Public Power Inc. System Power Supply
System Revenue PART AMBAC-Insured 5.70% VRDO 6,320,000
20,500,000 A-1 Wisconsin State HEFA Revenue Wausau Hospital Inc.
Series B 6.70% due 2/15/01 (b) 21,083,073
Wisconsin State HFA VRDO:
3,590,000 NR+ Edgewood College Project 5.60% 3,590,000
1,700,000 A-1+ Franciscan Health Care Series A-2 5.55% 1,700,000
20,457,000 A-1+ Wisconsin Transportation TECP 4.25% due 12/11/00 (b) 20,457,000
-----------------------------------------------------------------------------------------------------
173,055,173
-----------------------------------------------------------------------------------------------------
Wyoming -- 1.2%
8,600,000 VMIG 1* Green River Solid Waste (OCI Wyoming Project)
5.67% VRDO AMT 8,600,000
7,600,000 NR+ Lincoln County Wyoming PCR (Amoco Oil Co. Project)
4.15% due 10/1/00 (b) 7,600,000
22,910,000 SP-1+ Wyoming Community Development Authority Housing
Revenue Series 5 3.70% due 12/1/00 AMT (b) 22,873,880
50,000,000 SP-1+ Wyoming State TRAN Series B 5.25% due 6/27/01 (b) 50,323,927
-----------------------------------------------------------------------------------------------------
89,397,807
-----------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 33
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (unaudited) (continued) September 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=====================================================================================================
<S> <C> <C> <C>
Miscellaneous -- 0.7%
$ 6,630,000 VMIG 1* ABN AMRO Multistate Munitops Trust Certificates
PART 5.69% VRDO $ 6,630,000
Pooled Puttable Floating Options Tax-Exempt PART
AMBAC/MBIA-Insured VRDO:
7,020,000 A-1+ 5.72% AMT 7,020,000
4,185,000 VMIG 1* 5.72% AMT 4,185,000
4,525,000 A-1+ 5.82% 4,525,000
30,220,000 A-1+ 5.92% 30,220,000
-----------------------------------------------------------------------------------------------------
52,580,000
-----------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 100%
(Cost -- $7,435,293,615**) $7,435,293,615
=====================================================================================================
</TABLE>
(a) All ratings are by Standard & Poor's Ratings Service ("Standard &
Poor's"), except those identified by an asterisk (*) which are rated by
Moody's Investors Service, Inc. ("Moody's").
(b) Variable rate obligation payable at par on demand on the date indicated.
+ Security has not been rated by either Moody's or Standard & Poor's.
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 or Standard & Poor's.
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 page 35 and 36 for definition of ratings and certain security
descriptions.
See Notes to Financial Statements.
--------------------------------------------------------------------------------
34 2000 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. 35
<PAGE>
--------------------------------------------------------------------------------
Security Descriptions (unaudited)
--------------------------------------------------------------------------------
AMBAC -- AMBAC Indemnity Corporation
AMT -- Alternative Minimum Tax
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
GEMICO -- General Electric Mortgage Insurance Company
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
ISD -- Independent School District
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
PSFG -- Permanent School Fund Guaranty
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
VRDO -- Variable-Rate Demand Obligation
--------------------------------------------------------------------------------
36 2000 Semi-Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Statement of Assets and Liabilities (unaudited) September 30, 2000
--------------------------------------------------------------------------------
ASSETS:
Investments, at amortized cost $ 7,435,293,615
Cash 453,728
Interest receivable 49,176,022
--------------------------------------------------------------------------------
Total Assets 7,484,923,365
--------------------------------------------------------------------------------
LIABILITIES:
Payable for securities purchased 319,032,050
Dividends payable 15,814,340
Management fees payable 2,829,494
Distribution fees payable 261,653
Deferred compensation payable 33,586
Accrued expenses 565,074
--------------------------------------------------------------------------------
Total Liabilities 338,536,197
--------------------------------------------------------------------------------
Total Net Assets $ 7,146,387,168
================================================================================
NET ASSETS:
Par value of shares of beneficial interest $ 71,461,996
Capital paid in excess of par value 7,075,096,615
Accumulated net realized loss on security transactions (171,443)
--------------------------------------------------------------------------------
Total Net Assets $ 7,146,387,168
================================================================================
Shares Outstanding:
Class A 7,145,988,994
-----------------------------------------------------------------------------
Class Y 210,626
-----------------------------------------------------------------------------
Net Asset Value:
Class A $ 1.00
-----------------------------------------------------------------------------
Class Y $ 1.00
================================================================================
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 37
<PAGE>
--------------------------------------------------------------------------------
Statement of Operations (unaudited)
--------------------------------------------------------------------------------
For the Six Months Ended September 30, 2000
INVESTMENT INCOME:
Interest $152,534,834
--------------------------------------------------------------------------------
EXPENSES:
Management fees (Note 3) 17,093,378
Distribution fees (Note 3) 3,588,266
Shareholder and system servicing fees 1,110,389
Registration fees 324,800
Custody 137,709
Shareholder communications 122,500
Audit and legal 25,780
Directors' fees 10,140
Other 67,301
--------------------------------------------------------------------------------
Total Expenses 22,480,263
--------------------------------------------------------------------------------
Net Investment Income 130,054,571
--------------------------------------------------------------------------------
Net Realized Gain on Investments 356,269
--------------------------------------------------------------------------------
Increase in Net Assets From Operations $130,410,840
================================================================================
See Notes to Financial Statements.
--------------------------------------------------------------------------------
38 2000 Semi-Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Statements of Changes in Net Assets
--------------------------------------------------------------------------------
For the Six Months Ended September 30, 2000 (unaudited) and the Year Ended March
31, 2000
<TABLE>
<CAPTION>
September 30 March 31
==================================================================================
<S> <C> <C>
OPERATIONS:
Net investment income $ 130,054,571 $ 193,340,436
Net realized gains 356,269 50,522
----------------------------------------------------------------------------------
Increase in Net Assets From Operations 130,410,840 193,390,958
----------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
FROM (NOTE 2):
Net investment income (130,054,524) (193,340,436)
----------------------------------------------------------------------------------
Decrease in Net Assets From
Distributions to Shareholders (130,054,524) (193,340,436)
----------------------------------------------------------------------------------
FUND SHARE TRANSACTIONS (NOTE 5):
Net proceeds from sale of shares 14,952,292,783 31,188,863,236
Net asset value of shares issued
for reinvestment of dividends 122,966,340 185,808,308
Cost of shares reacquired (14,933,048,676) (31,499,008,246)
----------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From
Fund Share Transactions 142,210,447 (124,336,702)
----------------------------------------------------------------------------------
Increase (Decrease) in Net Assets 142,566,763 (124,286,180)
NET ASSETS:
Beginning of period 7,003,820,405 7,128,106,585
----------------------------------------------------------------------------------
End of period $ 7,146,387,168 $ 7,003,820,405
==================================================================================
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 39
<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 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.
--------------------------------------------------------------------------------
40 2000 Semi-Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
--------------------------------------------------------------------------------
3. Management Agreement and Other Transactions
SSB Citi Fund Management LLC ("SSBC"), a subsidiary of Salomon Smith Barney
Holdings Inc. ("SSBH"), which, in turn is a subsidiary of Citigroup Inc.
("Citigroup"), 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.
Citi Fiduciary Trust Company ("CFTC"), another subsidiary of Citigroup, acts as
the Fund's transfer agent and PFPC Global Fund Services ("PFPC") acts as the
Fund's sub-transfer agent. CFTC receives account fees and asset-based fees that
vary according to the account size and type of account. PFPC is responsible for
shareholder recordkeeping and financial processing for all shareholder accounts
and is paid by CFTC. For the six months ended September 30, 2000, the Fund paid
transfer agent fees of $848,984 to CFTC.
Effective June 5, 2000, Salomon Smith Barney Inc. ("SSB"), another subsidiary of
SSBH, became the Fund's distributor replacing CFBDS, Inc. In addition, SSB acts
as the primary broker for the Fund's portfolio agency transactions. Certain
other broker-dealers, continue to sell Fund shares to the public as members of
the selling group.
Pursuant to a Distribution Plan, the Fund pays a distribution fee with respect
to Class A shares calculated at the annual rate of 0.10% of the average daily
net assets of that class.
All officers and one Director of the Fund are employees of SSB.
4. Capital Loss Carryforward
At March 31, 2000, the Fund had, for Federal income tax purposes, approximately
$501,000 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 $323,000 $37,000 $72,000 $69,000
================================================================================
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 41
<PAGE>
--------------------------------------------------------------------------------
Notes to Financial Statements (unaudited) (continued)
--------------------------------------------------------------------------------
5. Capital Shares
At September 30, 2000, the Fund had ten billion shares of capital stock
authorized with a par value of $0.01 per share.
The Fund has the ability to establish multiple classes of shares. Each share of
a class represents an identical interest in the Fund and has the same rights,
except that each class bears certain expenses specifically related to the
distribution of its shares. Class A and Class Y shares can be purchased directly
by investors. Class C shares are not available for purchase. They represent
previously issued B shares, which were renamed as Class C shares effective
November 7, 1994. Class C shares may only be redeemed or exchanged out of the
Fund.
At September 30, 2000, total paid-in capital amounted to the following for each
class:
Class A Class Y
================================================================================
Total Paid-in Capital $7,146,346,803 $211,808
================================================================================
Transactions in shares of each class were as follows:
Six Months Ended Year Ended
September 30, 2000 March 31, 2000
================================================================================
Class A
Shares sold 14,951,940,778 31,167,431,483
Shares issued on reinvestment 122,958,405 185,629,877
Shares reacquired (14,932,438,215) (31,453,867,831)
--------------------------------------------------------------------------------
Net Increase (Decrease) 142,460,968 (100,806,471)
================================================================================
Class Y
Shares sold 352,006 21,431,753
Shares issued on reinvestment 7,935 178,431
Shares reacquired (610,462) (45,140,415)
--------------------------------------------------------------------------------
Net Decrease (250,521) (23,530,231)
================================================================================
--------------------------------------------------------------------------------
42 2000 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 2000(1) 2000 1999 1998 1997 1996
===============================================================================================================
<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) 0.018 0.028 0.028 0.031 0.029 0.033
Dividends from net
investment income (0.018) (0.028) (0.028) (0.031) (0.029) (0.033)
---------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------------------------------------------------------------------------------------------------------------
Total Return 1.83%++ 2.89% 2.84% 3.15% 2.94% 3.34%
---------------------------------------------------------------------------------------------------------------
Net Assets,
End of Period (millions) $ 7,146 $ 7,003 $ 7,104 $ 6,336 $ 5,562 $ 5,395
---------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses(2)(3) 0.63%+ 0.63% 0.62% 0.61% 0.67% 0.63%
Net investment income 3.63+ 2.84 2.79 3.10 2.90 3.28
===============================================================================================================
<CAPTION>
Class Y Shares 2000(1) 2000 1999 1998 1997 1996(4)
===============================================================================================================
Net Asset Value,
Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------------------------------------------------------------------------------------------------------------
Net investment income 0.019 0.030 0.029 0.032 0.030 0.004
Dividends from net
investment income (0.019) (0.030) (0.029) (0.032) (0.030) (0.004)
---------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------------------------------------------------------------------------------------------------------------
Total Return 1.89%++ 3.03% 2.95% 3.25% 3.04% 0.39%++
---------------------------------------------------------------------------------------------------------------
Net Assets, End of
Period (millions) $ 0.2 $ 0.5 $ 24.0 $ 0.5 $ 5.0 $ 18.0
---------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses(3) 0.50%+ 0.50% 0.49% 0.52% 0.57% 0.55%+
Net investment income 3.70+ 2.87 2.90 3.23 3.00 2.81+
===============================================================================================================
</TABLE>
(1) For the six months ended September 30, 2000 (unaudited).
(2) The manager has waived a portion of its fees related to Class A shares for
the year ended March 31, 1996. If such fees were not waived, the per share
effect on net investment income and expense ratio would have been $0.0001
and 0.64%, respectively.
(3) As a result of voluntary expense limitations, the expense ratio will not
exceed 0.70% for any share class.
(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. 43
<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
Salomon Smith Barney Inc.
Custodian
PFPC Trust Company
Transfer Agent
Citi Fiduciary Trust Company
125 Broad Street, 11th Floor
New York, New York 10004
Sub-Transfer Agent
PFPC Global Fund Services
P.O. Box 9699
Providence, Rhode Island 02940-9699
This report is submitted for the general information of the shareholders of
Smith Barney Municipal Money Market Fund, Inc., but it may also be used as sales
literature when proceeded or accompanied by the current Prospectus, which gives
details about charges, expenses, investment objectives and operating policies of
the Fund. If used as sales material after December 31, 2000, this report must be
accompanied by performance information for the most recently completed calendar
quarter.
Salomon Smith Barney is a service mark of Salomon Smith Barney Inc.
Smith Barney Municipal Money Market Fund, Inc.
388 Greenwich Street, MF-2
New York, New York 10013
www.smithbarney.com/mutualfunds
FD0807 11/00
