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[LOGO] SB
MF
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Smith Barney
Municipal Money
Market Fund
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Annual
Report
March 31, 2000
[LOGO] SB Smith Barney
MF Mutual Funds
Not FDIC Insured o Not Bank Guaranteed o May Lose Value
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<PAGE>
Smith Barney [PHOTO] [PHOTO]
Municipal
Money Market HEATH B. JOSEPH P.
Fund, Inc. MCLENDON DEANE
Chairman Vice President
Dear Shareholder:
We are pleased to provide you with the annual report for the Smith Barney
Municipal Money Market Fund, Inc. ("Fund") for the year ended March 31, 2000.
For your convenience, we have summarized the year's prevailing economic and
market conditions and outlined our portfolio strategy. A detailed summary of the
Fund's performance can be found in the appropriate sections that follow. We hope
you find this report to be useful and informative.
[PHOTO]
JOSEPH
BENEVENTO
Vice President
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. (Please note that a portion
of the Fund's income may be subject to the Alternative Minimum Tax ("AMT").)
As of March 31, 2000, the Fund's 7-day current yield was 3.16%. The Fund's 7-day
effective yield -- which reflects compounding -- was 3.21%.
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.
Market and Economic Overview & Outlook
As low unemployment and strong consumer confidence may likely continue to
support demand for goods and services, we think the U.S. economy should remain
stable this year. Additionally, we think that the Federal Reserve Board ("Fed")
has struck a good balance between strong economic growth and an "acceptable"
rate of inflation during the reporting period.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 1
<PAGE>
Regarding further Fed tightenings, we believe that such future monetary policy
moves would not be detrimental to the bond market, particularly as the U.S.
Treasury continues to pay down debt and inflation remains moderate. It is our
belief that any further Fed policy actions have already been comfortably priced
into the bond market.
We also think the good news is that the economy's "soft landing" is likely to be
at a higher annual growth rate than was previously thought possible due to the
possible emergence of a "New Economy," where technological advances can spur
economic growth without inflationary pressures because of higher labor
productivity.
In our judgment, a number of factors bode well for the municipal market. The new
issue market is expected to shrink this year, boosting demand for outstanding
bonds and enhancing interest for the roughly $175 billion of new municipals
expected in 2000. Positive fiscal trends are another big plus. During past
economic downturns, some municipal issuers facing declining tax receipts and
were hard-pressed to repay their bond obligations. Today, many state and local
governments have budget surpluses.
We believe these surpluses indicate that investors may feel more comfortable
holding municipal bonds, even in a downturn. Lastly, the recent narrowing of
spreads in the taxable fixed-income market has made some income alternatives
less attractive. All of these trends help to explain why we remain optimistic
about the long-term prospects for the municipal bond market.
Tax-Exempt Money Market Overview and Outlook
The U.S. economic expansion is now in its 108th month, setting a record for
longevity. The past year has brought continued strong growth and higher labor
productivity while inflation, with the exception of crude oil prices, has
remained largely subdued. In an effort to keep the economy from overheating and
inflation from accelerating, the Fed's policy makers raised the overnight bank
lending rate one quarter of a percentage point to 6.00%.(1) This move was the
fifth in a series of quarter point moves that are aimed at slowing consumer
spending and therefore possibly containing the threat of inflation.
The effects of higher rates on the short-term municipal market have been
somewhat muted by the reality of lower supply. State and local governments have
enjoyed the benefits of increased tax collections and solid fiscal positions,
and that in turn, has resulted less need for short-term cash flow borrowing.
Along with decreased issuance, many large issuers have shifted their supply away
from one-year municipal note financing to tax-exempt commercial paper programs.
----------
(1) On May 16, 2000, after this letter was written, the Fed raised interest
rates by 0.50% to 6.50%.
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2 2000 Annual Report to Shareholders
<PAGE>
Tax-exempt commercial paper enables the issuer to have greater flexibility to
change the amount of debt outstanding and the range of maturities throughout the
year. We think this type of financing also gives the Fund somewhat more
flexibility in achieving its average maturity targets. We believe the trend is
also heading toward increased Variable Rate Demand Obligation issuance
(VRDO).(2) As a function of less supply, this segment of the market has been
trading at levels that are rich on an historical basis to its taxable
counterparts and longer municipal debt. For this reason we believe, this segment
of the market has become an attractive option to municipal debt issuers, and is
where most of the growth in supply has taken place.
Investment Strategy
During the reporting period, in expectation of increasing rates, we have
shortened our average maturity target to a 35- to 40-day range. In addition we
have positioned the Fund with an increased variable rate position which will
help the Fund to contend with seasonal redemptions that normally occur during
April's tax season.
In closing, thank you for investing in the Smith Barney Municipal Money Market
Fund, Inc. We look forward to continuing to help you pursue your financial
goals.
Sincerely,
/s/ Heath B. McLendon /s/ Joseph P. Deane
Heath B. McLendon Joseph P. Deane
Chairman Vice President
/s/ Joseph Benevento
Joseph Benevento
Vice President
April 18, 2000
----------
(2) 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.
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Smith Barney Municipal Money Market Fund, Inc. 3
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments March 31, 2000
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<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Alabama -- 1.6%
$13,300,000 VMIG 1* Alabama Public School & College
3.98% VRDO FSA Insured PART (b) $ 13,300,000
2,000,000 NR+ Auburn Alabama IDB (Donaldson Co.) 4.15% VRDO (b) 2,000,000
5,935,000 NR+ Boaz IDB (Parker Hannifen Corp.) 3.95% VRDO 5,935,000
800,000 NR+ Cullman IDR (Pressac Project) 4.05% VRDO 800,000
6,000,000 A-1+ Decatur IDR (NEO Industries) Series 98 4.05% VRDO (b) 6,000,000
3,175,000 A-1+ Demopolis IDR (Mclain Inc. Project) 4.00% VRDO (b) 3,175,000
21,200,000 VMIG 1* Homewood Alabama EDL Building Authority
AMBAC-Insured 3.85% VRDO (b) 21,200,000
20,000,000 A-1 + Jefferson Alabama GO Warrents 3.91% VRDO (b) 20,000,000
10,000,000 A-1 + Mobile Alabama Infirmary Associates Series 98 A
4.00% due 7/26/00 (c) 10,000,000
12,000,000 A-1+ Mobile Alabama Infirmary Health Series 98 A
4.00% due 6/9/00 (c) 12,000,000
10,000,000 A-1 + Montgomery Alabama Solid Waste General Electric
3.80% due 4/7/00 (c) 10,000,000
8,000,000 A-1 Montgomery BMC Special Care Facilities Authority Revenue
(VHA Alabama Inc. Cap) AMBAC-Insured 3.95% VRDO 8,000,000
-----------------------------------------------------------------------------------------------------------------------------
112,410,000
-----------------------------------------------------------------------------------------------------------------------------
Alaska -- 0.5%
26,000,000 A-1+ Alaska HFA CTFS Series 99B 4.01% VRDO PART 26,000,000
9,500,000 A-1+ Valdez Alaska Marine Term (Exxon Pipeline Co. Project)
3.95% VRDO (b) 9,500,000
-----------------------------------------------------------------------------------------------------------------------------
35,500,000
-----------------------------------------------------------------------------------------------------------------------------
Arizona -- 0.7%
Apache County IDR PCR Tucson Electric Power Co.:
1,800,000 A-1+ IDR Series 83B 3.90% VRDO 1,800,000
7,200,000 VMIG 1* PCR Series 83A 3.90% VRDO 7,200,000
8,600,000 VMIG 1* Arizona Educational Loan Marketing Corp. Educational
Loan Review 4.00% VRDO (b) 8,600,000
7,775,000 VMIG 1* Chandler Arizona IDA IDR SMP II Limited Partnership
3.97% VRDO 7,775,000
4,900,000 P-1 Maricopa Arizona PCR Public Service 3.85% VRDO 4,900,000
Pima County IDA:
9,000,000 VMIG 1* IDR Tucson Electric Power Series A 3.90% VRDO 9,000,000
10,055,000 A-1+ Single Family Mortgage GNMA PART
4.01% due 4/6/00 (b) 10,055,000
-----------------------------------------------------------------------------------------------------------------------------
49,330,000
-----------------------------------------------------------------------------------------------------------------------------
Arkansas -- 0.7%
2,650,000 NR+ Atkins IDR (Green Bay Foods Project) 4.05% VRDO (b) 2,650,000
3,300,000 VMIG 1* Fayetteville IDR (Amcast Industrial Corp.) 4.00% VRDO (b) 3,300,000
Pine Bluff IDR:
4,900,000 A-1+ Camden Project 3.90% VRDO (b) 4,900,000
7,000,000 NR+ Greenfield Inc. Project 4.05% VRDO (b) 7,000,000
</TABLE>
See Notes to Financial Statements.
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4 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Arkansas -- 0.7% (continued)
$ 4,650,000 A-1+ Saline County Arkansas PCR Alcoa Inc. Project
3.25% due 5/17/00 (c) $ 4,650,000
6,000,000 VMIG 1* Searcy Arkansas IDR Kohler County Project
4.05% VRDO (b) 6,000,000
2,750,000 NR+ Sheridan IDR (Kohler Project) Series 85 3.95% VRDO 2,750,000
14,500,000 VMIG 1* Union County Arkansas Solid Waste Disposal
(Tin Fiber Project) Series 97B 3.95% VRDO (b) 14,500,000
-----------------------------------------------------------------------------------------------------------------------------
45,750,000
-----------------------------------------------------------------------------------------------------------------------------
California -- 0.3%
24,000,000 VMIG 1* California Higher Education Loan Authority Inc. Revenue,
Series 94 3.20% due 6/1/00 (b)(c) 24,000,000
-----------------------------------------------------------------------------------------------------------------------------
Colorado -- 1.9%
5,700,000 P-1 Colorado HFA (Celestial Seasoning) 3.85% VRDO (b) 5,700,000
Colorado HFA MFH:
10,000,000 A-1+ Bethesda Living Centers Project 3.95% VRDO 10,000,000
7,640,000 A-1+ Central Park Series 96C FNMA 3.95% VRDO 7,640,000
4,270,000 A-1+ Greenwood Point Series 96D FNMA 3.95% VRDO 4,270,000
7,870,000 A-1+ Hamptons Series 96G FNMA 3.95% VRDO 7,870,000
5,100,000 A-1+ Huntersridge Series 96E FNMA 3.95%VRDO 5,100,000
4,380,000 NR+ Colorado Postsecondary EFA Revenue (Regis Jesuit
High School Project) 4.00% VRDO 4,380,000
Colorado Student Loan Authority AMBAC-Insured:
4,200,000 VMIG 1* Series 89A 3.95% VRDO (b) 4,200,000
12,000,000 VMIG 1* Series 90A 3.95% VRDO (b) 12,000,000
10,950,000 VMIG 1* Series 99A-1 3.90%VRDO 10,950,000
7,500,000 VMIG 1* Series 99A-3 3.95% VRDO (b) 7,500,000
Denver City & County Airport Revenue:
7,000,000 A-1+ MBIA-Insured PART 3.98%VRDO 7,000,000
10,000,000 A-1+ Series 97A 4.05% due 6/15/00 (c) 10,000,000
4,000,000 A-1+ Eagle Ranch Met Dist CO Series A 3.95% VRDO (b) 4,000,000
18,000,000 A-1 Garfield Colorado Valley View Hospital 3.96% VRDO 18,000,000
11,200,000 NR+ Lakewood Colorado MFH Housing 4.10% VRDO 11,200,000
-----------------------------------------------------------------------------------------------------------------------------
129,810,000
-----------------------------------------------------------------------------------------------------------------------------
Delaware -- 1.1%
19,400,000 A-1+ Delaware Health Facilities Authority Catholic Health
Care Series B 3.95% VRDO 19,400,000
49,400,000 A-1+ Delaware State Economic Development Authority,
Clean Power Project Series C 3.99% VRDO (b) 49,400,000
5,420,000 A-1 New Castle County EDA Refunding (Henderson
McGuire Project) 3.90% VRDO 5,420,000
2,675,000 VMIG 1* New Castle Delaware PCR (General Motor Corp.)
3.80% VRDO 2,675,000
-----------------------------------------------------------------------------------------------------------------------------
76,895,000
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 5
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
District of Columbia -- 0.9%
District of Columbia:
$ 2,100,000 A-1+ Series B1 3.90% VRDO $ 2,100,000
8,900,000 A-1+ Series B3 3.90% VRDO 8,900,000
7,145,000 NR+ District of Columbia American Society Microbiology
Series 99A 3.90% VRDO 7,145,000
7,830,000 VMIG 1* District of Columbia HFA (Carmel Series) A 4.02% VRDO 7,830,000
4,500,000 A-1+ District of Columbia National Academy of Science
Series 99B MBIA-Insured 3.85% due 4/20/00 (c) 4,500,000
2,100,000 VMIG 1* District of Columbia National Red Cross
3.70% due 4/13/00 (c) 2,100,000
12,585,000 VMIG 1* District of Columbia Revenue American Health Association
3.90% VRDO 12,585,000
6,980,000 A-1+ Macon Pooled Variable Rate PART MBIA-Insured
4.16% VRDO 6,980,000
9,500,000 A-1+ Washington D.C. Airport Authority 4.05% due 6/6/00 TECP 9,500,000
-----------------------------------------------------------------------------------------------------------------------------
61,640,000
-----------------------------------------------------------------------------------------------------------------------------
Florida -- 4.7%
10,000,000 VMIG 1* Dade County (FL Water & Sewer) PART FGIC-Isured
4.01% VRDO 10,000,000
5,300,000 VMIG 1* Dade County (FL Power & Light) 3.95% VRDO 5,300,000
3,500,000 NR+ Dade County IDR Dolphins Stadium 3.85% VRDO 3,500,000
Florida Capital Projects Finance Authority Revenue
(Capital Projects Loan Program) Series 97A:
5,000,000 A-1+ Florida Hospital Association FSD-Insured
3.90% VRDO 5,000,000
22,615,000 A-1+ FSA-Insured 3.90% VRDO 22,615,000
5,460,000 A-1+ Florida HFA FHA-Insued PART Series 96 4.01% VRDO (b) 5,460,000
Florida Local Government Community Pooled Project A:
4,152,000 P-1 3.80% due 4/6/00 (c) 4,152,000
3,770,000 P-1 4.00% due 6/8/00 (c) 3,770,000
2,370,000 P-1 4.05% due 6/13/00 (c) 2,370,000
Florida Municipal Power Series A:
25,000,000 P-1 3.60% due 5/5/00 (c) 25,000,000
4,300,000 P-1 3.85% due 4/30/00 (c) 4,300,000
3,045,000 AAA Greater Orlando Aviation Authority Orlando Florida Airport
FGIC-Insured 3.90% due 10/1/00 3,061,216
50,000,000 VMIG 1* Gulf Breeze Florida Heritage Healthcare Project
4.00% VRDO 50,000,000
5,235,000 VMIG 1* Hillsborough County CAP IMP FGIC-Insured PART
3.98% VRDO 5,235,000
5,000,000 A-1 Hillsborough County (Petroleum Packers) 4.15% VRDO (b) 5,000,000
70,700,000 A-1+ Jacksonville Florida Electric 3.45% due 4/12/00 70,700,000
9,750,000 VMIG 1* Jacksonville PCR Florida Power & Light
4.05% due 6/9/00 (c) 9,750,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
6 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Florida -- 4.7% (continued)
Lee County Florida IDA Health Care:
$ 2,000,000 A-1+ Hope Hospice Project 4.05% VRDO $ 2,000,000
1,300,000 A-1+ Shell Point Project Series 99B 3.90% VRDO 1,300,000
3,000,000 NR+ Manatee County IDR (Avon Cabinet Corp.) 4.15% VRDO (b) 3,000,000
5,000,000 VMIG 1* Martin County Florida PCR (Florida Power and Light)
3.90% VRDO 5,000,000
7,800,000 NR+ Miami Dade IDA IDR (Lawson Industrials Inc.)
3.95% VRDO (b) 7,800,000
Miami Dade Florida School:
5,700,000 MIG 1* 4.00% due 6/28/00 5,701,061
16,650,000 MIG 1* 4.00% due 11/15/00 16,667,921
7,700,000 A-1 + Orange County Florida Health Facilities Authority
Adventist Health Systems 3.95% VRDO 7,700,000
2,200,000 VMIG 1* Pasco County HFA Multi-Family Revenue (Carlton
Arms Magnolia) 4.02% VRDO 2,200,000
2,350,000 NR+ Pinellas County Industrial Council IDR (Molex
EXT Inc. Project) 4.05%VRDO (b) 2,350,000
5,000,000 A-1+ Polk IDA (Farmland Hydro LLP) Series 99
4.00% VRDO (b) 5,000,000
St. Lucie County Florida Power & Light:
15,200,000 VMIG 1* 3.90% VRDO 15,200,000
3,000,000 VMIG 1* Project A - 4.05% due 8/10/00 (c) 3,000,000
5,775,000 VMIG 1* Project B - 4.05% due 8/10/00 (c) 5,775,000
9,745,000 NR+ Sunshine State Government Financing Community
Series A 4.00% due 6/16/00 9,745,000
-----------------------------------------------------------------------------------------------------------------------------
327,652,198
-----------------------------------------------------------------------------------------------------------------------------
Georgia -- 4.1%
Burke County Georgia PCR:
Georgia Power Co.:
13,900,000 VMIG 1* 3.70% due 5/1/00 13,900,000
16,070,000 VMIG 1* 3.95% VRDO 16,070,000
5,100,000 VMIG 1* 4.10% VRDO 5,100,000
5,000,000 VMIG 1* Series 5 4.05% VRDO 5,000,000
Oglethrope Power Corp.:
9,600,000 VMIG 1* 4.05% due 8/8/00 9,600,000
4,290,000 VMIG 1* Series B 3.31% VRDO 4,290,000
2,400,000 NR+ Carrollton IDR (Holox Limited Project) 4.05% VRDO (b) 2,400,000
3,400,000 NR+ Clayton County IDR (Mcilrath Corp.) Project 4.00% VRDO 3,400,000
200,000 A-1 Cobb County Georgia Water 4.60% due 7/1/00 (c) 200,251
1,100,000 NR+ Cobb County IDR (RLR Industries Inc. Project)
4.05% VRDO (b) 1,100,000
4,055,000 A-1+ Cobb County Multi-Family Housing Williamstown
Apartment Project Series 89 4.05% VRDO (b) 4,055,000
2,600,000 NR+ Dawson County Georgia IDR (Philips & Brooks Gladwin)
4.10% VRDO (b) 2,600,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 7
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Georgia -- 4.1% (continued)
$ 3,000,000 NR+ Decatur and Bainbridge Counties Development Authority
(Thomas & Betts Project) 4.05% VRDO (b) $ 3,000,000
10,500,000 A-1+ De Kalb County Georgia Atlanta Jewish Community
3.95% VRDO 10,500,000
4,735,000 NR+ De Kalb County Georgia St. Martin's Episcopal Church
3.75% VRDO 4,735,000
2,100,000 NR+ Dodge County IDA (Sylvan Hardwoods LLC Project)
4.05% VRDO (b) 2,100,000
3,800,000 VMIG 1* Douglas County (Sheltering Arms) 3.95% VRDO 3,800,000
6,200,000 A-1+ Fayette County IDR (Gardner Denver Co.)
4.10% VRDO (b) 6,200,000
4,000,000 NR+ Fulton County DFA (Metro Altanta YMCA) Series 97
3.90%VRDO 4,000,000
Fulton County Flight Safety:
35,070,000 VMIG 1* Equipment Series 99 4.05% VRDO (b) 35,070,000
9,350,000 VMIG 1* Improvement Series 99 4.05% VRDO (b) 9,350,000
7,750,000 A-1+ Fulton County HSG (Spring Creek) 3.95% VRDO 7,750,000
3,300,000 NR+ Fulton County IDA (Charles Mackarvich Project)
4.05% VRDO (b) 3,300,000
Georgia Municipal Electricity Authority:
14,610,000 A-1+ PART FGIC-Insured 3.96% VRDO 14,610,000
2,700,000 A-1+ Project 1 3.90% VRDO 2,700,000
750,000 A-1+ Series B 3.90% VRDO 750,000
4,000,000 A-1+ Series B 4.10% due 8/8/00 (c) 4,000,000
17,600,000 A-1+ Series 3.75% due 4/10/00 (c) 17,600,000
1,935,000 A-1+ Series 3.80% due 4/6/00 (c) 1,935,000
6,000,000 A-1+ Series 3.85% due 4/12/00 (c) 6,000,000
5,000,000 A-1+ Special Obligation MBIA-Insured PART 3.98% VRDO 5,000,000
Georgia State GO:
4,820,000 A-1+ Series B PART 3.96% VRDO 4,820,000
4,870,000 A-1+ Series C PART 3.96% VRDO 4,870,000
8,890,000 A-1+ Series D 5.80% due 11/1/00 8,989,375
2,700,000 A-1+ Series 91C PART 3.96% VRDO 2,700,000
3,000,000 NR+ Georgia State Ports Authority (Colonels Terminal Project)
4.05% VRDO 3,000,000
6,000,000 A-1+ Griffin-Spalding County IDA (Norcom Inc.)
4.00% VRDO (b) 6,000,000
5,000,000 NR+ Harralson County Development IDR (Gold Kist Project)
4.05% VRDO (b) 5,000,000
2,600,000 NR+ Jackson County IDA (Snider Tire Inc.) 4.05% VRDO (b) 2,600,000
Marietta Housing Authority Multi-Family Revenue Refunding:
2,000,000 A-1+ Summit 3.85% VRDO 2,000,000
3,000,000 A-1+ Winterset 3.90% VRDO 3,000,000
Metro Atlanta Rapid Transit:
10,000,000 A-1+ 3.96% MBIA-Insured PART VRDO 10,000,000
180,000 A-1 AMBAC-Insured 5.60% due 7/1/00 180,664
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
8 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Georgia -- 4.1% (continued)
$ 5,000,000 NR+ Smyrna Housing Authority Multi-Family Housing Revenue
(Walton Grove Project) 4.05% VRDO (b) $ 5,000,000
Tift County IDA:
4,600,000 A-1+ Burlen Corp. 4.10% VRDO (b) 4,600,000
Queen Carpet Corp.:
3,000,000 NR+ Series A 4.05% VRDO (b) 3,000,000
1,500,000 NR+ Series B 3.95%VRDO 1,500,000
4,700,000 A-1+ Thomaston-Upson County IDA (De Ster Production Corp.)
Series A 4.25% VRDO (b) 4,700,000
2,000,000 NR+ Valdosta-Lowndes (South Pecan Co.) 4.10% VRDO (b) 2,000,000
-----------------------------------------------------------------------------------------------------------------------------
284,075,290
-----------------------------------------------------------------------------------------------------------------------------
Hawaii -- 0.2%
2,000,000 VMIG 1* Hawaii HSG Finance & Development Corp. Series 93A
4.00% VRDO 2,000,000
2,695,000 VMIG 1* Hawaii State GO PART 4.11% VRDO 2,695,000
6,820,000 VMIG 1* Honolulu Waste and Water PART FGIC-Insured
4.03% VRDO 6,820,000
-----------------------------------------------------------------------------------------------------------------------------
11,515,000
-----------------------------------------------------------------------------------------------------------------------------
Idaho -- 0.6%
10,720,000 VMIG 1* Idaho State Health Facility St. Luke's Medical Center
3.90% VRDO 10,720,000
31,500,000 MIG 1* Idaho State TAN Series 99 4.25% due 6/30/00 31,555,299
-----------------------------------------------------------------------------------------------------------------------------
42,275,299
-----------------------------------------------------------------------------------------------------------------------------
Illinois -- 12.5%
15,660,000 A-1+ Central Lake Community Joint Action Water Agency
Interim Water Revenue FGIC-Insured PART
3.96% VRDO 15,660,000
5,500,000 NR+ Centralia IDR (Hollywood Brands) Series 83 3.95% VRDO 5,500,000
13,100,000 A-1+ Chicago Airport Special Facilities Centerpoint O'Hare
4.00% VRDO (b) 13,100,000
20,000,000 A-1+ Chicago Board of Education AMBAC-Insured PART
3.96% VRDO 20,000,000
13,280,000 A-1+ Chicago GO AMBAC-Insured PART 3.98% VRDO 13,280,000
16,395,000 A-1+ Chicago GO FGIC-Insured PART 3.98% VRDO (b) 16,395,000
Chicago IDA:
5,600,000 A-1+ Ampere Automotive 4.00% VRDO (b) 5,600,000
4,750,000 A-1+ Enterprise Center Project IX 4.00% VRDO (b) 4,750,000
7,200,000 A-1+ Enterprise Center Project VII 4.00% VRDO (b) 7,200,000
4,000,000 A-1+ Freedman Seating Co. Project 4.00% VRDO (b) 4,000,000
3,000,000 A-1+ PS Greetings Inc. Series 99 4.10% VRDO (b) 3,000,000
10,300,000 MIG 1* Chicago Illinois GO Equipment Notes
3.90% due 10/5/00 10,300,000
31,000,000 VMIG 1* Chicago Illinois GO Series A 3.90% due 12/7/00 (c) 31,000,000
11,650,000 A-1+ Chicago Illinois O'Hare International Airport REV
AMBAC-Insured PART 4.01% VRDO 11,650,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 9
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Illinois -- 12.5% (continued)
$ 18,000,000 SP-1+ Chicago Illinois Park Dist Tax Anticipation Warrants
4.37% due 9/15/00 $ 18,059,575
8,350,000 A-1+ Chicago Illinois Sales Tax 3.82% VRDO 8,350,000
6,475,000 A-1+ Chicago MFH Barbara Jean Wright Apts 4.00% VRDO (b) 6,475,000
10,000,000 A-1+ Chicago O'Hare International Airport Series 1999-83
AMBAC-Insured 4.01% VRDO 10,000,000
12,870,000 VMIG 1* Chicago O'Hare PMD AMBAC-Insured PART
4.11% VRDO 12,870,000
28,940,000 A-1 Chicago School Reference Series 91 FGIC-Insured PART
3.98% VRDO 28,940,000
44,900,000 A-1+ Chicago Tax Increment Sr. Lien 3.80% VRDO 44,900,000
5,000,000 SP-1+ Chicago Tender Notes Series 99 4.00% due 1/26/01 (c) 5,000,000
43,040,000 VMIG 1* Chicago Water Revenue FGIC-Insured PART 4.03% VRDO 43,040,000
19,657,000 VMIG 1* Cook County GO PART FGIC-Insured 4.01% VRDO 19,657,000
8,235,000 A-1+ Cook County GO PART MBIA-Insured 3.98% VRDO 8,235,000
2,700,000 A-1+ Cook County IDR (Little Lady Foods Inc.) 4.00% VRDO (b) 2,700,000
Illinois Development Finance Authority:
3,145,000 A-1+ 6 West Hubbard Street 3.94% VRDO (b) 3,145,000
44,500,000 A-1+ Adventist Health Systems Series A MBIA-Insured
3.95% VRDO 44,500,000
5,700,000 A-1+ Amtex Steel 4.00% VRDO (b) 5,700,000
4,485,000 A-1+ CHS Aquistion Corp. 4.00% VRDO (b) 4,485,000
5,165,000 A-1+ F.C. Ltd Partnership Project 4.00% VRDO (b) 5,165,000
2,400,000 A-1+ Glenwood School For Boys MBIA-Insured 3.90% VRDO 2,400,000
8,800,000 A-1+ Housing Revenue Cinnamon Lake Tower
4.00% VRDO (b) 8,800,000
1,800,000 A-1+ Kindlon Partners Project 4.00% VRDO (b) 1,800,000
5,000,000 VMIG 1* Local Government Financing Project AMBAC-Insured
Series A 4.00% VRDO 5,000,000
1,600,000 A-1+ Nuqay Industries Inc. 4.00% VRDO (b) 1,600,000
3,100,000 A-1 + PCR Con Edison 3.90% VRDO 3,100,000
12,000,000 A-1+ PCR Illinois Power Series 1997C MBIA-Insured
4.00% VRDO (b) 12,000,000
5,000,000 A-1+ Praire Packaging Inc. 4.00% VRDO (b) 5,000,000
3,910,000 A-1+ Profile Plastics 3.85% VRDO (b) 3,910,000
3,000,000 A-1+ Roll Service Inc. Project 4.05% VRDO (b) 3,000,000
9,000,000 A-1+ Safety Education - Foundation For Safety 3.96% VRDO 9,000,000
2,000,000 A-1+ Sinai Community Institution Project 3.96% VRDO 2,000,000
19,395,000 VMIG 1* St. Francis Health PART 4.06% VRDO 19,395,000
Illinois HDA :
2,800,000 A-1+ Community Howard Theatre 4.00% VRDO (b) 2,800,000
Homeowner Mortgage:
3,650,000 VMIG 1* Series E-1 3.55% due 7/27/00 (c) 3,650,000
6,955,000 VMIG 1* Series E-2 3.65% due 7/27/00 (b)(c) 6,955,000
3,400,000 MIG 1* Series G-1 3.85% due 4/27/00 (c) 3,400,000
9,160,000 MIG 1* Series G-2 3.90% due 4/27/00 (c) 9,160,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
10 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Illinois -- 12.5% (continued)
$ 13,860,000 A-1+ Residential Mortgage Revenue PART AMBAC-Insured
4.01% VRDO (b) $ 13,860,000
Illinois Health Facilities Alexian Medical Center:
500,000 A-1+ Series 3.80% MBIA-Insured due 4/6/00 (c) 500,000
3,205,000 A-1+ Series 3.85% MBIA-Insured due 4/10/00 (c) 3,205,000
2,400,000 A-1+ Series 4.00% MBIA-Insured due 6/7/00 (c) 2,400,000
Illinois Health Facilities Authority Revenue:
10,525,000 VMIG 1* Edgewater Medical Center Series B 3.95% VRDO 10,525,000
Pekin Memorial Hospital:
14,150,000 VMIG 1* Series B 3.96% VRDO 14,150,000
4,200,000 VMIG 1* Series C 3.96% VRDO 4,200,000
10,000,000 VMIG 1* Series 97 3.96% VRDO 10,000,000
6,000,000 VMIG 1* Resurrection Health 3.95% VRDO 6,000,000
5,000,000 VMIG 1* Revolving Fund 3.87% VRDO 5,000,000
18,540,000 A-1+ SSM Health Series MBIA-Insured 3.60% due 4/6/00 (c) 18,540,000
14,995,000 A-1+ SSM Health Series MBIA-Insured 3.90% due 6/7/00 (c) 14,995,000
1,900,000 A-1+ Swedish Covenant Hospital Project Series A
3.85%VRDO 1,900,000
3,900,000 VMIG 1* Swedish Covenant Hospital Project
Series B 3.85%VRDO 3,900,000
26,500,000 VMIG 1* University of Chicago TECP Series 85
4.15% due 9/26/00 (c) 26,500,000
11,000,000 P-1 Victory Health 3.75% due 4/11/00 (c) 11,000,000
15,735,000 A-1+ Illinois Regional Transit Authority PART FGIC-Insured
3.96% VRDO 15,735,000
4,275,000 VMIG 1* Illinois State GO Certificates MBIA-Insured
PART Series 214 3.98% VRDO 4,275,000
Illinois State Toll Highway Authority
FSA-Insured:
27,000,000 A-1 PART Series 98-67 3.98% VRDO 27,000,000
2,700,000 VMIG 1* Series B 3.95% VRDO 2,700,000
Illinois Student Assistance Community Student Loan
Revenue:
10,000,000 VMIG 1* Series A 3.95% VRDO 10,000,000
5,240,000 VMIG 1* Series 96A 3.95% VRDO (b) 5,240,000
12,800,000 VMIG 1* Series 97A 3.95% VRDO (b) 12,800,000
2,470,000 NR+ Lincolnwood IDR Refunding (Illinois Self Storage Center)
4.00% VRDO 2,470,000
3,500,000 A-1+ Lisle MFH (Ashley of Lisle Project) 3.90% VRDO 3,500,000
3,300,000 A-1+ Lockport IDR (Panduit Corp. Project) 4.00% VRDO (b) 3,300,000
Metropolitan Pier Exp. Authority McCormick:
19,390,000 A-1+ FGIC-Insured PART 3.96% VRDO 19,390,000
10,000,000 A-1+ FGIC-Insured PART 3.98% VRDO 10,000,000
2,080,000 A-1+ Oak Lawn Illinois IDR (Lavergne Partners Project)
4.00% VRDO (b) 2,080,000
2,000,000 A-1+ Oswego IDR (Griffith Laboratories Project)
3.95% VRDO (b) 2,000,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 11
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Illinois -- 12.5% (continued)
$ 7,900,000 A-1+ Palos Hills Illinois MFH (Green Oaks Project)
4.00% VRDO (b) $ 7,900,000
5,250,000 NR+ Pekin IDR Refunding (BOC Group Inc. Project)
3.95% VRDO 5,250,000
5,815,000 A-1+ Plainfield Illinois IDR Plainfield Molding Project
4.00% VRDO (b) 5,815,000
6,000,000 A-1+ Shaumberg MFH (Windsong Apartments) 4.00% VRDO 6,000,000
4,400,000 A-1+ Tinley Park MFH Edgewater Walk 3.96% VRDO 4,400,000
14,800,000 A-1+ University of Illinois Revenue Health Services
Facilities Systems Series B 3.87% VRDO 14,800,000
22,905,000 A-1+ Will County MFH (Woodland Crest Hill Project)
4.00% VRDO (b) 22,905,000
-----------------------------------------------------------------------------------------------------------------------------
869,861,575
-----------------------------------------------------------------------------------------------------------------------------
Indiana -- 3.5%
1,585,000 NR+ Bluffton IDR (Snider Tire Inc. Project) 4.05% VRDO (b) 1,585,000
21,980,000 A-1 Fort Wayne Indiana Hospital Revenue Series 1997 21,980,000
MBIA-Insured PART 3.98% VRDO
2,600,000 VMIG 1* Franklin EDA (Pedcor Investments) 4.00% VRDO (b) 2,600,000
Indiana Bond Bank:
18,835,000 MIG 1* Series A 4.75% due 7/26/00 18,885,277
25,000,000 MIG 1* Series A-2 4.75% due 1/18/01 25,115,307
2,500,000 NR+ Indiana EDL Facility (Wesleyan Series B) 4.00% VRDO 2,500,000
Indiana Health Facility Financing Authority Hospital Revenue:
7,500,000 A-1+ Community Hospitals Project Series B 3.97% VRDO 7,500,000
25,595,000 VMIG 1* St. Francis Hospital - PT 291 4.06% VRDO 25,595,000
19,995,000 VMIG 1* St. Francis Hospital - PT 320 4.06% VRDO 19,995,000
5,700,000 A-1+ Indiana Health Facilities Development Finance Authority
Youth Opportunity Center 3.95% VRDO 5,700,000
5,300,000 A-1+ Indiana Secondary Market Educational Loans Inc.
Education Loan Revenue Series 88B AMBAC-Insured
3.95% VRDO (b) 5,300,000
Indiana State DFA:
4,900,000 A-1 Enterprise 4.00% VRDO 4,900,000
4,500,000 A-1+ Enterprise Center III Project 4.00% VRDO (b) 4,500,000
2,900,000 A-1 IDR Enterprise 4.00% VRDO 2,900,000
8,100,000 A-1+ Indiana Historical Society 3.95% VRDO 8,100,000
7,825,000 A-1+ Indiana State Toll Road Commission PART 3.96% VRDO 7,825,000
Indianapolis EDA:
4,100,000 A-1+ Herff Jones Inc. Project 4.00% VRDO (b) 4,100,000
7,500,000 NR+ Pedcor Investments Series 99A 4.07% VRDO (b) 7,500,000
1,302,500 VMIG 1* Munster Indiana School Building FSA-Insured PART
4.11% VRDO 1,302,500
5,500,000 A-1+ Newton County EDA (Intec Group Inc.) 4.00% VRDO (b) 5,500,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
12 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Indiana -- 3.5% (continued)
$ 20,000,000 VMIG 1* Petersburg Solid Waste Disposal (Indiana Power & Light)
4.05% VRDO (b) $ 20,000,000
1,300,000 NR+ Plymouth IDR (Dean Foods Co.) 3.95% VRDO (b) 1,300,000
1,100,000 VMIG 1* Richmond EDA (Beverly Enterprises) 4.00% VRDO 1,100,000
5,000,000 A-1 Rockport (AK Steel Corp.) Series 99A 3.95% VRDO (b) 5,000,000
13,400,000 A-1+ University of Southern Indiana Student Housing
3.95% VRDO 13,400,000
16,000,000 P-1* Vernon Indiana General Electric Series 89
3.05% due 4/7/00 (c) 16,000,000
-----------------------------------------------------------------------------------------------------------------------------
240,183,084
-----------------------------------------------------------------------------------------------------------------------------
Iowa -- 0.3%
Iowa Finance Authority:
2,600,000 P-1* Des Moines Iowa GO Series A 4.20% due 9/7/00 (b)(c) 2,600,000
2,600,000 A-1+ Iowa Higher Education Authority Private College
MBIA-Insured 3.95% VRDO 2,600,000
1,200,000 VMIG 1* Iowa Health System AMBAC-Insured Series B
3.90% VRDO (b) 1,200,000
16,000,000 SP-1+ Iowa State School Cash Anticipation Notes
Series A FSA-Insured 4.00% due 6/23/00 (c) 16,020,688
-----------------------------------------------------------------------------------------------------------------------------
22,420,688
-----------------------------------------------------------------------------------------------------------------------------
Kansas -- 0.1%
4,400,000 NR+ Fredonia Revenue Exempt Facilities (Systech
Environmental) 4.20% VRDO(b) 4,400,000
5,640,000 VMIG 1* Kansas DFA Deaconess Long Term Care 3.95% VRDO 5,640,000
1,825,000 NR+ Lawrence IDR (Ram Co. Project) Series A 4.05% VRDO (b) 1,825,000
3,300,000 NR+ Wichita Airport Authority Airport Facilities Revenue
(Flight Safety International Project) 3.95% VRDO 3,300,000
-----------------------------------------------------------------------------------------------------------------------------
15,165,000
-----------------------------------------------------------------------------------------------------------------------------
Kentucky -- 2.2%
3,000,000 A-1+ Daviess County Kentucky Exempt Facilities Revenue
(Kimberly Clark Corp.) 4.00% VRDO (b) 3,000,000
Daviess County Kentucky Solid Waste Disposal:
1,850,000 A-1+ Scott Paper Co. Project A 4.00% VRDO (b) 1,850,000
4,800,000 A-1+ Scott Paper Co. Project B 4.00% VRDO (b) 4,800,000
Hancock County IDR (Southwire Co. Project):
19,685,000 NR+ Series 92A 4.10% VRDO 19,685,000
1,000,000 NR+ Series 92B 4.10% VRDO 1,000,000
4,000,000 VMIG 1* Fulton County (United Healthcare Hospital Co.)
3.95% VRDO 4,000,000
Kentucky Asset Liability Community Project Note 98:
58,000,000 VMIG 1* Series A 3.50% due 4/14/00 (c) 58,000,000
500,000 VMIG 1* Series 3.60% due 4/6/00 (c) 500,000
11,780,000 VMIG 1* Series 3.70% due 4/6/00 (c) 11,780,000
11,100,000 VMIG 1* Series 3.75% due 4/7/00 (c) 11,100,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 13
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Kentucky -- 2.2% (continued)
$ 2,000,000 A-1+ Morgantown (Southern Health Care Systems Project)
Series A 4.00% VRDO $ 2,000,000
33,930,000 VMIG 1* Louisville and Jefferson Kentucky MET Sewer and
Drain System Series FGIC-Insured PART 3.96% VRDO 33,930,000
4,100,000 A-1+ Owensboro IDA (West Irving Die Castings)
3.00% VRDO (b) 4,100,000
-----------------------------------------------------------------------------------------------------------------------------
155,745,000
-----------------------------------------------------------------------------------------------------------------------------
Louisiana -- 2.3%
5,650,000 VMIG 1* Caddo Parish LA IDB (Atlas Project/ Penzoil Products)
Series B 3.95% VRDO 5,650,000
22,750,000 A-1+ Lake Charles Harbor & Terminal District Port - (Citgo
Petroleum Corp.) Series 84 3.90% VRDO (b) 22,750,000
Louisiana PFA:
22,000,000 VMIG 1* Christus Health 99B AMBAC-Insured
4.00% due 6/7/00 (c) 22,000,000
1,410,000 SP-1+ Series 4.25% due 10/24/00 1,413,204
4,025,000 SP-1+ Series 4.25% due 10/24/00 4,034,147
7,000,000 VMIG 1* Sisters of Charity 3.80% due 4/3/00 (c) 7,000,000
10,000,000 VMIG 1* Sisters of Charity 4.00% due 5/31/00 (c) 10,000,000
10,000,000 VMIG 1* Sisters of Charity 3.95% due 8/8/00 (c) 10,000,000
11,700,000 A-1+ Willis Knighton Medical Project ABMAC-Insured
4.00% VRDO (b) 11,700,000
Louisiana State GO PART:
10,000,000 A-1 AMBAC-Insured 3.98% VRDO 10,000,000
10,000,000 A-1 FSA-Insured 3.98% VRDO 10,000,000
7,025,000 VMIG 1* Series 29A MBIA-Insured 3.89% VRDO 7,025,000
2,500,000 AAA Louisiana State GO Series A FGIC-Insured
6.00% due 8/1/00 (c) 2,517,021
30,915,000 VMIG 1* New Orleans Aviation Board Revenue Refunding
Series B MBIA-Insured 4.00% VRDO 30,915,000
5,000,000 NR+ Ouachita Parish IDB IDR (Sulzer Escher Wyss Project)
4.05% VRDO (b) 5,000,000
1,000,000 NR+ Vermillion Parish IDR (Garan Inc. Project)
4.05% VRDO (b) 1,000,000
-----------------------------------------------------------------------------------------------------------------------------
161,004,372
-----------------------------------------------------------------------------------------------------------------------------
Maine -- 0.1%
2,685,000 P-1 Maine Health & Education Series B AMBAC-Insured
3.90% VRDO 2,685,000
7,285,000 A-1 Westbrook Revenue (Southern Container Corp. Project)
4.15% VRDO (b) 7,285,000
-----------------------------------------------------------------------------------------------------------------------------
9,970,000
-----------------------------------------------------------------------------------------------------------------------------
Maryland -- 3.1%
5,000,000 NR+ Baltimore County EDR (Art Litho Co. Project)
4.05% VRDO (b) 5,000,000
4,000,000 A-1+ Baltimore GO TECP Series 95 3.85% due 4/12/00 4,000,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
14 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Maryland -- 3.1% (continued)
$ 8,500,000 P-1 Baltimore Maryland GO 3.70% due 4/7/00 $ 8,500,000
1,700,000 A-1+ Frederick County Retirement Community Revenue
Buckinghams Choice 4.00% VRDO (b) 1,700,000
15,000,000 A-1+ Gaithersburg EDR (Asbury Methodist) Series A
MBIA-Insured 3.90% VRDO 15,000,000
15,250,000 MIG 1* Howard County Maryland BAN Series 99A
3.07% due 4/14/00 15,250,000
66,600,000 VMIG 1* Maryland Stadium Authority Sports Facilities
Lease Revenue 3.95% VRDO 66,600,000
Maryland State Health & Higher Educational Facilities
Authority Revenue:
2,150,000 A-1+ Pooled Loan Program 3.95% VRDO 2,150,000
6,000,000 VMIG 1* Series B 3.80% VRDO 6,000,000
Montgomery County EDA (Howard Hughes
Medical Center):
19,500,000 A-1+ Series A 3.87% VRDO 19,500,000
25,500,000 A-1+ Series 90B 3.85% VRDO 25,500,000
25,500,000 A-1+ Series C 3.87% VRDO 25,500,000
22,300,000 A-1+ Montgomery County Housing Opportunity Community
Housing Revenue, (Draper Land Apartments) Issue I
FGIC-Insured 3.90% VRDO (b) 22,300,000
-----------------------------------------------------------------------------------------------------------------------------
217,000,000
-----------------------------------------------------------------------------------------------------------------------------
Massachusetts -- 2.0%
2,000,000 A-1 Boston IDR (Boston Home Inc.) 4.05% VRDO 2,000,000
5,000,000 NR++ Brookline Massachusetts BAN 3.50% due 6/1/00 (b) 5,002,823
Clipper Massachusetts Tax Exempt Trust:
957,000 VMIG 1* PART AMBAC-Insured 4.01% VRDO 957,000
1,398,000 VMIG 1* PART AMBAC-Insured 3.96% VRDO 1,398,000
6,000,000 MIG 1 Dover Massachusetts BAN 4.25% due 6/23/00 6,003,320
Massachusetts Bay Transit Authority:
7,000,000 A-1 Series A 7.00% due 3/1/01 (c) 7,308,527
6,000,000 AAA Series A (Pre-Refunded-- Escrowed with U.S.
government securities to 8/1/00 Call @102)
7.65% due 8/1/15 6,195,728
Massachusetts DFA:
1,500,000 VMIG 1* Dean College 3.85% VRDO 1,500,000
3,500,000 A-1 New Bedford Whaling Museum 3.85% VRDO 3,500,000
8,610,000 VMIG 1* Notre Dame Health Care 3.85% VRDO 8,610,000
3,700,000 NR+ Riverwalk House Senior Living 3.85% VRDO 3,700,000
Massachusetts GO:
3,000,000 AA- Series A 5.00% due 8/1/00 (c) 3,012,654
10,200,000 A-1+ Series A 3.80% VRDO 10,200,000
1,000,000 A-1+ Series B 3.80% VRDO 1,000,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 15
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Massachusetts -- 2.0% (continued)
Massachusetts HEFA:
$ 1,455,000 VMIG 1* Hallmark Health System Series B 3.80% VRDO $ 1,455,000
2,350,000 VMIG 1* Partners Healthcare System 3.85% VRDO 2,350,000
Massachusetts HFA :
1,100,000 A-1+ MFH 3.80% VRDO 1,100,000
4,850,000 A-1+ Series A GNMA 3.80% VRDO 4,850,000
Massachusetts IDR:
6,000,000 VMIG 1* Buckingham Brown 3.80% VRDO 6,000,000
1,590,000 A-1+ KMS Cos. Series 96 3.90% VRDO (b) 1,590,000
Massachusetts Industrial Finance Agency:
1,600,000 NR Cape Cod Health System (Escrowed with U.S. government
securities to 11/1/00 Call @102) 8.50% due 11/15/20 1,670,188
2,500,000 A-1+ Gordon College 3.80% VRDO (b) 2,500,000
5,000,000 A-1+ New England College 3.80% VRDO (b) 5,000,000
6,400,000 VMIG 1* New England Power PCR Series 93B
3.90% due 6/6/00 (c) 6,400,000
1,000,000 A-1 Society for Prevention of Cruelty to Animals
3.85% VRDO (b) 1,000,000
2,800,000 VMIG 1* Massachusetts State Port Authority Revenue, Merlots
Series Q PART 4.05% VRDO 2,800,000
Massachusetts Water Resource Authority:
10,000,000 AAA Pre-Refunded-- Escrowed with U.S. government
securities to 4/1/00 Call @102 Series 1990 A
6.00% due 4/1/00 10,000,000
24,800,000 A-1+ Series B FGIC-Insured 3.80% VRDO 24,800,000
700,000 A-1+ Series D FGIC-Insured 3.80% VRDO 700,000
5,000,000 MIG 1* Narragansett Massachusetts Regular School District BAN
4.25% VRDO 5,005,925
-----------------------------------------------------------------------------------------------------------------------------
137,609,165
-----------------------------------------------------------------------------------------------------------------------------
Michigan -- 2.3%
3,500,000 NR+ Berrien County Limited Obligation Revenue
(Menasha Corp. Project) 3.95% VRDO 3,500,000
2,000,000 A-1+ Detroit Michigan EDA Waterfront Reclamation
Series 99C 4.05% VRDO 2,000,000
5,000,000 VMIG 1* Detroit Michigan Sewer Merlot FGIC-Insured PART
4.05% VRDO 5,000,000
10,619,000 VMIG 1* Dewitt Public School PART FSA-Insured 3.98% VRDO 10,619,000
17,730,000 P-1* Michigan State Building Series 2 3.65% due 4/27/00 17,730,000
4,000,000 VMIG 1* Michigan State HDA PART FSA-Insured
Series A 4.01% VRDO (b) 4,000,000
3,100,000 P-1* Michigan State Job Development Authority Gordon
Food Service Project 3.90% VRDO 3,100,000
Michigan State Muni Bond Authority:
40,000,000 SP-1+ Revenue Notes Series B-2 4.25% due 8/25/00 40,104,640
6,000,000 SP-1+ Series 99 A-1 4.00% due 6/30/00 6,008,122
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
16 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Michigan -- 2.3% (continued)
$ 17,307,000 VMIG 1* Michigan State Trunk Line PART Series 98-13
MBIA-Insured 3.98% VRDO $ 17,307,000
17,680,000 VMIG 1* Michigan Strategic Fund PCR (General Motors
Corp. Project) 3.80% VRDO 17,680,000
7,000,000 A-1 Saline EDA (Associate Spring Project)
Series 88 4.15% VRDO (b) 7,000,000
10,000,000 A-1 Saline EDA (Evangelical Homes Project) 3.95% VRDO 10,000,000
17,200,000 A-1+ Wayne Charter County Airport Revenue (Detroit
Metropolitan Community) 3.90% VRDO (b) 17,200,000
-----------------------------------------------------------------------------------------------------------------------------
161,248,762
-----------------------------------------------------------------------------------------------------------------------------
Minnesota -- 0.4%
5,600,000 A-1+ Duluth Minnesota EDA Health Care Facility Dwan
Medical Center Project 3.90% VRDO 5,600,000
21,330,000 MIG1* Minnesota School District Tax Aid Anticipation
Borrow Project Series B 4.75% due 2/16/01 21,437,755
-----------------------------------------------------------------------------------------------------------------------------
27,037,755
-----------------------------------------------------------------------------------------------------------------------------
Mississippi -- 1.3%
Mississippi Business Finance Corp.:
14,000,000 NR+ Choctaw Generation Ltd 3.95% VRDO (b) 14,000,000
14,000,000 NR+ Mississippi College Project Series 99A 4.00% VRDO 14,000,000
6,585,000 A-1+ Mississippi Home Mortgage Corp. Single Family REV
GNMA/FNMA PART 4.01% VRDO 6,585,000
16,745,000 A-1+ Mississippi State GO Highway PART 3.96% VRDO 16,745,000
14,470,000 NR Mississippi State GO Putter Series 138 FGIC-Insured PART
3.98% VRDO 14,470,000
14,615,000 VMIG 1* Mississippi State Highway Revenue Series 39 PART
3.96% VRDO 14,615,000
5,350,000 NR+ Newton IDR Refunding (La-Z-Boy Chair Co. Project)
3.95% VRDO 5,350,000
2,800,000 NR+ Washington County IDR (La-Z-Boy Chair Project Co.)
4.05% VRDO 2,800,000
-----------------------------------------------------------------------------------------------------------------------------
88,565,000
-----------------------------------------------------------------------------------------------------------------------------
Missouri -- 0.8%
11,100,000 A-1+ Independence Missouri IDA IDR Groves and Graceland
3.90% VRDO 11,100,000
1,800,000 NR+ Joplin Missouri IDA Revenue Smith and Smith Investments
4.10% VRDO (b) 1,800,000
6,780,000 VMIG 1* Missouri Health Facility Deaconess Long Term Care
3.95% VRDO 6,780,000
Missouri HEFA:
4,500,000 NR+ Model Cities Health Corp. 4.00% VRDO 4,500,000
1,335,000 SP-1+ RAN Series I 3.50% due 4/29/00 1,335,317
3,100,000 SP-1+ RAN Series J 3.50% due 4/29/00 3,100,735
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 17
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Missouri -- 0.8%(continued)
$ 4,100,000 VMIG 1* Missouri Higher Education Loan Authority Student
Loan Revenue Series 90A 3.95% VRDO (b) $ 4,100,000
4,000,000 A-1+ Missouri State Environmental Improvement and Energy
Authority (Utilicorp United Inc.) 4.00% VRDO (b) 4,000,000
11,395,000 A-1+ St. Louis Airport Revenue FGIC-Insured PART
4.01% VRDO (b) 11,395,000
2,000,000 NR+ Versailles IDA IDR Refunding (Gates Rubber Co. Project)
4.00% VRDO 2,000,000
-----------------------------------------------------------------------------------------------------------------------------
50,111,052
-----------------------------------------------------------------------------------------------------------------------------
Montana -- 0.1%
900,000 P-1* Missoula IDR (Washington Corp. Project) 3.51% VRDO 900,000
3,925,000 A-1+ Montana EDA (Farmers Union Central Project)
3.40% VRDO 3,925,000
2,843,000 VMIG 1* Montana State Board Housing PART FHA-Insured
4.01% VRDO (b) 2,843,000
-----------------------------------------------------------------------------------------------------------------------------
7,668,000
-----------------------------------------------------------------------------------------------------------------------------
North Dakota -- 0.1%
3,600,000 A-1+ Mercer County PCR (Minnesota Power)
Series 99 3.96% VRDO 3,600,000
-----------------------------------------------------------------------------------------------------------------------------
Nebraska -- 1.2%
Nebraska Higher Education Loan Program Income
Revenue Student Loan Program:
22,675,000 A-1+ Series 1986A 4.00% VRDO (b) 22,675,000
2,650,000 A-1+ Series 1986B 4.00% VRDO (b) 2,650,000
10,425,000 A-1+ Series 1986C 4.00% VRDO (b) 10,425,000
22,280,000 A-1+ Series 1986D 4.00% VRDO (b) 22,280,000
7,600,000 A-1+ Series 1988C 4.00% VRDO (b) 7,600,000
19,995,000 A-1+ Nebraska IFA Merlot GNMA/FNMA PART 4.10% VRDO (b) 19,995,000
-----------------------------------------------------------------------------------------------------------------------------
85,625,000
-----------------------------------------------------------------------------------------------------------------------------
Nevada -- 1.3%
5,000,000 Aaa* Clark County Nevada School District #3 7.65%
(Escrowed with U.S. government securities to 5/1/00,
maturity) due 5/1/00 (c) 5,117,879
16,700,000 A-1+ Las Vegas Water District GO 3.95% due 6/14/00 16,700,000
12,000,000 A-1+ Las Vegas Water District Series 97A
3.75% due 4/11/00 12,000,000
12,500,000 A-1+ Nevada Department of Business & Industry PCR
(Barrick Goldstrike Mines) 3.95% VRDO 12,500,000
29,000,000 A-1+ Nevada Housing Division (Park Vista Apartments)
Series 91A 3.90% VRDO (b) 29,000,000
4,460,000 VMIG 1* Nevada Muni Bond Bank PART MBIA-Insured 4.03% VRDO 4,460,000
10,000,000 A-1+ Nevada State GO PART 3.96% VRDO 10,000,000
-----------------------------------------------------------------------------------------------------------------------------
89,777,879
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
18 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
New Hampshire -- 0.5%
$ 4,200,000 A-1+ New Hampshire Higher Educational & Health Facilities
Authority Revenue, (VHA New England Inc.)
Series E AMBAC-Insured 3.95% VRDO $ 4,200,000
New Hampshire State Business Finance Authority:
17,000,000 A-1+ Lonza Biologics Inc. Series 98 4.00% VRDO (b) 17,000,000
2,400,000 A-1+ Luminescent Sys Inc. 3.90% VRDO (b) 2,400,000
2,490,000 A-1 Park Nameplate Co. 4.15% VRDO (b) 2,490,000
4,000,000 A-1+ Wheelabator Series 97A 3.85% VRDO 4,000,000
6,510,000 A-1 New Hampshire Turnpike System REV 7.40% (Escrowed
with U.S. government securities to 4/1/00 Call @102)
due 4/1/20 (c) 6,640,200
-----------------------------------------------------------------------------------------------------------------------------
36,730,200
-----------------------------------------------------------------------------------------------------------------------------
New Jersey -- 0.3%
19,100,000 A-1+ New Jersey TRAN Series 1999A 3.75% due 4/10/00 19,100,000
-----------------------------------------------------------------------------------------------------------------------------
New Mexico -- 1.7%
4,900,000 NR+ Bellen IDR (Solo New Mexico Project) 4.05% VRDO (b) 4,900,000
5,000,000 A-1+ Farmington New Mexico PCR Public Service Series B
3.85% VRDO 5,000,000
2,235,000 A-1+ New Mexico Mortgage Finance Authority
Series 1995 GNMA PART 4.01% VRDO 2,235,000
5,090,000 A-1+ New Mexico Mortgage Finance GNMA/FNMA PART
4.01% VRDO (b) 5,090,000
4,500,000 SP-1+ New Mexico Mortgage Single Family PG Issue 1
4.20% due 10/1/00 (b) 4,500,000
6,750,000 NR+ New Mexico State Severance Tax Series B
4.50% due 7/1/00 6,757,936
New Mexico TRAN:
47,200,000 SP-1+ 4.00% due 6/30/00 47,278,044
41,000,000 SP-1+ 4.50% due 6/30/00 41,067,172
-----------------------------------------------------------------------------------------------------------------------------
116,828,152
-----------------------------------------------------------------------------------------------------------------------------
New York -- 3.0%
14,380,000 A-1+ IBM Tax Exempt Grantor 4.11% VRDO 14,380,000
Long Island Power Authority (Electricity System Revenue):
14,615,000 A-1+ Series B PART 4.06% VRDO 14,615,000
8,000,000 A-1+ Series TECP 3.65% due 4/4/00 (c) 8,000,000
55,000,000 NR+ Nassau County NY RAN Custody Receipts:
3.75% due 4/19/00 55,036,871
6,600,000 A-1+ NYC GO 3.96% VRDO 6,600,000
4,200,000 A-1+ NYC GO Series 92D 3.70% VRDO 4,200,000
17,390,000 NR++ NYC GO Series F Unrefunded Balance
3.00% due 11/15/00 (c) 17,257,276
23,000,000 A-1+ NYC Muni Water Financing Authority Series 5
3.50% due 4/27/00 (c) 23,000,000
9,000,000 A-1+ New York State Dorm Authority Revenue MBIA-Insured
PART 3.91% (c) 9,000,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 19
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
New York -- 3.0% (continued)
$ 5,225,000 VMIG 1* New York State Medical Care Facility St. Luke's FHA
3.91% VRDO $ 5,225,000
New York State Power Authority:
6,350,000 A-1 3.80% due 4/6/00 (c) 6,350,000
13,000,000 A-1 3.65% due 4/7/00 (c) 13,000,000
28,900,000 A-1 3.70% due 4/10/00 (c) 28,900,000
-----------------------------------------------------------------------------------------------------------------------------
205,564,147
-----------------------------------------------------------------------------------------------------------------------------
North Carolina -- 0.6%
3,600,000 NR+ Brunswick County PCR (Wood Industries) 4.00% VRDO 3,600,000
3,500,000 NR+ Iredell County PCR (Vaspar Corp.) 4.00% VRDO (b) 3,500,000
1,370,000 NR Mecklenburg County Lease REV 4.00% VRDO 1,370,000
4,200,000 NR+ North Carolina Agriculature Financial Authority
4.05% VRDO (b) 4,200,000
8,595,000 A-1+ North Carolina GO PART 4.05% due 7/13/00 (c) 8,595,000
1,250,000 A-1+ North Carolina GO Public School PART Series 491
4.05% VRDO 1,250,000
7,750,000 A-1 North Carolina HFA PART 4.01% VRDO (b) 7,750,000
4,995,000 A-1+ North Carolina Public School Building PART 3.96% VRDO 4,995,000
3,525,000 NR+ Pasquotank County Hospital Revenue (Ablemarle
Hospital) 3.90% VRDO 3,525,000
1,800,000 A-1 Rowan County IDR PCR (Double LLC Project) Series 98
4.15% VRDO (b) 1,800,000
3,090,000 A-1+ Wake County North Carolina PCR Series 90B
3.90% VRDO 3,090,000
-----------------------------------------------------------------------------------------------------------------------------
43,675,000
-----------------------------------------------------------------------------------------------------------------------------
Ohio -- 2.4%
Cuyahoga County Hospital Revenue Bonds:
3,595,000 VMIG 1* Cleveland Clinic Series D 3.90% VRDO 3,595,000
5,000,000 VMIG 1* University Hospital Series 99E AMBAC-Insured
3.90% VRDO 5,000,000
2,920,000 VMIG 1 University Hospital Series D AMBAC-Insured
3.90% VRDO 2,920,000
11,690,000 A-1 Walker Center AMBAC-Insured 4.00% VRDO 11,690,000
12,050,000 VMIG 1* Franklin County Hospital Revenue (U.S. Health Corp.)
3.90% VRDO 12,050,000
9,790,000 VMIG 1* Hamilton Ohio Deaconess 3.95% VRDO 9,790,000
13,655,000 A-1 Lake County Hospital Facilities Revenue
(Lake Hospital Systems Inc.) 3.95% VRDO 13,655,000
Lorraine County Ohio Catholic Health:
5,000,000 VMIG 1* 3.60% due 4/14/00 (c) 5,000,000
8,300,000 VMIG 1* 4.00% due 6/9/00 (c) 8,300,000
5,000,000 VMIG 1* 4.10% due 8/10/00 (c) 5,000,000
4,000,000 VMIG 1* 4.05% due 8/10/00 (c) 4,000,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
20 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Ohio -- 2.4% (continued)
$ 26,000,000 A-1 Mahoning County Hospital Facility Revenue (Forum
Health Obligation Group) Series B MBIA-Insured
3.97% VRDO $ 26,000,000
7,690,000 VMIG 1* Ohio HFA Revenue (Assisted Living Concept Corp.)
4.00% VRDO (b) 7,690,000
4,900,000 AAA Ohio State GO Series U 4.40% due 5/15/00 4,904,043
3,065,000 A-1 Ohio State Improvement Revenue Newark Group
3.90% VRDO (b) 3,065,000
18,500,000 VMIG 1* Ohio State Water Development Authority,
Timken Co. Project Waste Disposal Revenue
3.95% VRDO (b) 18,500,000
21,000,000 SP-1+ Summit County BAN Series A 3.80% due 6/1/00 21,020,341
6,580,000 VMIG 1* Toledo City Services Special Assessment Notes
3.90% VRDO 6,580,000
-----------------------------------------------------------------------------------------------------------------------------
168,759,384
-----------------------------------------------------------------------------------------------------------------------------
Oklahoma -- 0.3%
4,500,000 NR++ Creek County Industrial Authority IDR
(Henry Vogt Machinery) 4.10% VRDO (b) 4,500,000
16,885,000 A-1+ Oklahoma State Water Resource Board Program
Series 94A 4.05% due 9/1/00 (c) 16,885,000
-----------------------------------------------------------------------------------------------------------------------------
21,385,000
-----------------------------------------------------------------------------------------------------------------------------
Oregon -- 1.1%
Hillsboro Oregon Revenue:
4,150,000 VMIG 1* Graduate Center Institute Project 4.00% VRDO 4,150,000
1,610,000 VMIG 1* Graduate Center Institute Project 4.00% VRDO 1,610,000
31,575,000 NR++ Oregon County School Board Association Pooled Short
Term Borrowing Project Series A 3.55% due 6/30/00 31,575,000
1,300,000 NR+ Oregon State Economic Development Commission IDR
(Trust Joist MacMillan Inc.) 3.95% VRDO 1,300,000
1,500,000 A-1+ Oregon State GO Series 73E 3.90% VRDO 1,500,000
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 (b) 1,000,000
10,000,000 MIG 1* Series K 3.58% due 8/17/00 (b) 10,000,000
16,900,000 A-1+ Washington County MFH Authority (Cedar Mill Project)
4.00% VRDO (b) 16,900,000
-----------------------------------------------------------------------------------------------------------------------------
76,535,000
-----------------------------------------------------------------------------------------------------------------------------
Pennsylvania -- 3.4%
6,400,000 NR+ Allegheny County Hospital Development Authority Revenue
(Health Care Dialysis Clinic) 3.95% VRDO 6,400,000
2,430,000 NR+ Bucks County IDA (Dunmore Corp. Project)
4.10% VRDO (b) 2,430,000
8,195,000 VMIG 1* Cambria County Pennsylvania IDA (Cambria Cogen Corp.)
Series A-2 3.95% VRDO (b) 8,195,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 21
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Pennsylvania -- 3.4% (continued)
$ 200,000 A-1+ Delaware EDA (Clean Power Project) 4.00% VRDO (b) $ 200,000
3,900,000 NR+ East Pennsylvania Industrial & Commercial Development
Authority (Electronic Data Systems Corp.) 3.95% VRDO 3,900,000
22,435,000 A-1+ Emmaus General Authority Revenue Series 96 FSA-Insured
3.90% VRDO 22,435,000
2,800,000 A-1+ Emmaus General Authority Sub Series E-15
3.90% VRDO (b) 2,800,000
2,400,000 A-1 Emmaus Pooled Loan Series G-13 3.95% VRDO 2,400,000
7,000,000 A-1 Lehigh County GPA REV The Good Shepherd Group
3.95% VRDO 7,000,000
1,700,000 NR+ Luzerne County IDA IDR (Culp Inc. Project) 4.05% VRDO (b) 1,700,000
49,000,000 A-1+ New Garden General Authority Pooled Financing Program
AMBAC-Insured 3.88% VRDO 49,000,000
Pennsylvania Energy Development Authority (Piney Creek):
5,400,000 A-1+ Series A 3.90% VRDO (b) 5,400,000
3,200,000 A-1+ Series B 4.00% VRDO (b) 3,200,000
3,800,000 A-1+ Philadelphia IDR Foxchase Institute of Cancer Research
Series A 3.85% VRDO 3,800,000
10,000,000 SP-1 Philadelphia School District TRAN Series 00-A
4.00% due 6/30/00 10,013,104
3,360,000 A-1 Pennsylvania State Higher Education Authority
(College of Optometry) 3.90% VRDO (b) 3,360,000
45,000,000 MIG 1* Philadelphia TRAN Series A 4.25% due 6/30/00 45,080,334
Quakertown General Authority Revenue
(Pooled Financing Program):
1,000,000 VMIG 1* Series 1985A 4.00% VRDO 1,000,000
800,000 VMIG 1* Series A 4.00% VRDO 800,000
7,355,000 VMIG 1* Series 98A 4.00% VRDO 7,355,000
10,235,000 A-1+ Southeastern Transportation Authority Special Revenue
PART FGIC-Insured 3.96% VRDO 10,235,000
8,130,000 A-1 York General Authority Pooled Financing Revenue
3.95% VRDO 8,130,000
31,625,000 A-1 York General Authority Pooled Financing Revenue
Series 96B 3.90% VRDO 31,625,000
-----------------------------------------------------------------------------------------------------------------------------
236,458,438
-----------------------------------------------------------------------------------------------------------------------------
Rhode Island -- 0.4%
7,500,000 A-1 Rhode Island Health & Educational Building Corp.
(St. Andrew's School) 3.90% VRDO (b) 7,500,000
Rhode Island State Economic Development Corp.:
2,780,000 A-1 Kilguss Realty Co. 4.15% VRDO (b) 2,780,000
1,770,000 A-1 J-CorLLC Project Series 98 4.15% VRDO (b) 1,770,000
2,675,000 A-1 Mathew Realty Co. 4.15% VRDO (b) 2,675,000
10,360,000 A-1 McCoy Stadium 4.00% VRDO 10,360,000
-----------------------------------------------------------------------------------------------------------------------------
25,085,000
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
22 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
South Carolina -- 2.1%
Anderson County IDR:
$ 6,580,000 NR+ Culp Inc. 4.05% VRDO (b) $ 6,580,000
2,500,000 NR+ Fed Paper Board Co. Inc. 4.05% VRDO (b) 2,500,000
4,000,000 NR+ Mikron Corp. 4.10% VRDO (b) 4,000,000
2,500,000 NR++ Beauford County South Carolina School District
Series C 3.625% due 2/1/01 2,483,249
2,252,000 NR+ Chesterfield County IDR (Culp Inc. Project)
4.05% VRDO (b) 2,252,000
1,200,000 A-1+ Marlboro County IDR (Reliance Trading)
4.00% VRDO (b) 1,200,000
10,000,000 A-1 Newberry County Memorial Hospital 3.90% VRDO 10,000,000
Piedmont Muni Power Agency Electric Revenue Refunding:
1,000,000 A-1+ Series B MBIA-Insured 3.90% VRDO 1,000,000
3,965,000 A-1+ Series C MBIA-Insured 3.90% VRDO 3,965,000
1,750,000 A-1+ South Carolina GO Highway PART 3.96% VRDO 1,750,000
South Carolina Jobs Economic Development
Authority Revenue:
5,000,000 P-1* BASF Corp. 4.10% VRDO (b) 5,000,000
4,200,000 NR+ Conco Medical Products Project 4.10% VRDO (b) 4,200,000
7,500,000 A-1 Franco Manufacture Co. Inc. 4.15% VRDO (b) 7,500,000
4,700,000 NR+ Galey & Lord Industries Inc. 4.05% VRDO (b) 4,700,000
1,600,000 NR+ Greenville Machinery Project 4.05% VRDO (b) 1,600,000
500,000 NR+ ISO Poly Films Inc. Project 4.15% VRDO 500,000
5,400,000 NR+ Orders Realty Co. Inc. Project 4.05% VRDO (b) 5,400,000
3,000,000 NR+ Southeastern Steel Co. Project 4.00% VRDO (b) 3,000,000
1,900,000 NR+ Spartan Iron & Metal Project 4.05% VRDO (b) 1,900,000
South Carolina Port Authority:
16,600,000 VMIG 1* PART FSA-Insured 4.06% VRDO (b) 16,600,000
21,000,000 A-1+ Ports Revenue Series B FSA-Insured 4.00% VRDO (b) 21,000,000
South Carolina Public Service:
23,000,000 A-1+ 3.75% due 4/13/00 23,000,000
6,500,000 VMIG 1* PART Series L MBIA-Insured 4.05% VRDO 6,500,000
3,000,000 VMIG 1* PART Series 265 MBIA-Insured 4.11% VRDO 3,000,000
3,500,000 A-1+ Williamsburg County IDR (Peddinghaus Project)
4.00% VRDO (b) 3,500,000
-----------------------------------------------------------------------------------------------------------------------------
143,130,249
-----------------------------------------------------------------------------------------------------------------------------
South Dakota -- 0.1%
6,200,000 A-1 Yankton IDR (Kolberg Pioneer Inc.) Series 98
4.00% VRDO (b) 6,200,000
-----------------------------------------------------------------------------------------------------------------------------
Tennessee - 7.4%
4,435,000 P-1* Anderson County Tennessee IDB Revenue Bonds
Becromal of America Inc. Project 4.50% VRDO (b) 4,435,000
Clarksville Public Building Authority Revenue:
1,900,000 A-1+ Pooled Financing Municipal Bond Fund 4.00% VRDO 1,900,000
2,200,000 VMIG 1* Pooled Financing Municipal Bond Fund 4.00% VRDO 2,200,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 23
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Tennessee - 7.4% (continued)
$ 2,285,000 A-1+ Pooled Financing Series 95 4.00% VRDO $ 2,285,000
1,300,000 VMIG 1* Series 97 4.00% VRDO 1,300,000
4,200,000 VMIG 1* Covington IDR (Charms Co. Project) 4.00% VRDO (b) 4,200,000
4,350,000 NR+ Dayton IDR (LA-Z-Boy Chair Co. Project) 3.95% VRDO 4,350,000
20,000,000 A-1+ Knox Tennessee HEFA (THA Solutions Group)
4.00% VRDO(b) 20,000,000
9,500,000 SP-1+ Knoxville Tennessee Utilities Board Revenue Water Systems
FSA-Insured 4.00% VRDO 9,500,000
8,100,000 NR+ Loudon IDB PCR (AE Stanley Manufacturing) 3.95% VRDO 8,100,000
3,100,000 NR+ McMinn County IDB (Thomas and Betts Corp. Project)
4.05% VRDO (b) 3,100,000
2,500,000 A-1+ Memphis State GO Series 95A 3.95% VRDO 2,500,000
4,970,000 A-1+ Metropolitan Nashville Airport American Airlines Project
Series A 4.10% VRDO 4,970,000
Metropolitan Nashville Davidson County:
12,400,000 VMIG 1* IDB Revenue MFH (Arbor Knoll) 3.95% VRDO 12,400,000
23,200,000 NR+ IDB Revenue (YMCA Project) 4.00% VRDO 23,200,000
5,000,000 A-1+ IDB Revenue (Steel Coils) Series 99 4.00% VRDO (b) 5,000,000
10,000,000 VMIG 1* PART FGIC-Insured 3.35% due 5/3/00 10,000,000
4,505,000 NR+ Series 98 4.00% VRDO 4,505,000
Montgomery County Tennessee Public Building Authority
Pooled Financing Revenue:
24,585,000 VMIG1* Montgomery County Loan 4.00% VRDO 24,585,000
24,200,000 A-1+ Series 95 4.00% VRDO 24,200,000
45,000,000 VMIG1* Tennessee County Loan Pool 4.00% VRDO 45,000,000
37,221,000 A-1+ Tennessee County Loan Pool 4.00% VRDO 37,221,000
24,000,000 VMIG 1* Tennessee County Loan Pool 4.00% VRDO 24,000,000
1,800,000 NR+ Roane County IDB IDR (Great Lakes Carbon Corp.)
4.05% VRDO 1,800,000
Sevier County Public Building Authority
(Local Government Public Improvement)
AMBAC-Insured:
5,700,000 VMIG 1* Series A-1 3.90% VRDO 5,700,000
9,775,000 VMIG 1* Series B-1 3.90% VRDO 9,775,000
11,500,000 VMIG 1* Series D-1 3.90% VRDO 11,500,000
4,070,000 VMIG 1* Series E-2 3.90% VRDO 4,070,000
2,530,000 VMIG 1* Series E-3 3.90% VRDO 2,530,000
1,640,000 VMIG 1* Series E-5 3.90% VRDO 1,640,000
5,300,000 VMIG 1* Series E-6 3.90% VRDO 5,300,000
5,000,000 VMIG 1* Series H-1 3.90% VRDO 5,000,000
10,000,000 VMIG 1* Series G-1 3.90% VRDO 10,000,000
5,645,000 VMIG 1* Series H-1 3.90% VRDO 5,645,000
3,000,000 VMIG 1* Series H-2 3.90% VRDO 3,000,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
24 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Tennessee - 7.4% (continued)
Local Government Public Improvement
FSA-Insured:
$ 4,500,000 VMIG 1* Series A-2 3.85% VRDO $ 4,500,000
7,400,000 VMIG 1* Series A-3 3.85% VRDO 7,400,000
11,500,000 VMIG 1* Series B-1 3.85% VRDO 11,500,000
3,000,000 VMIG 1* Series B-3 3.85% VRDO 3,000,000
16,500,000 VMIG 1* Series IV-1 3.85% VRDO 16,500,000
9,945,000 NR+ Shelby County Health & Education & Housing
(Kirby Parkway Apartments) 4.00% VRDO 9,945,000
8,465,000 A-1+ Shelby Tennessee Methodist Healthcare 3.98% VRDO 8,465,000
11,550,000 A-1+ Stewart County Tennessee IDB Solid Waste Disposal
Revenue (Standara Gypsum Project) 3.95% VRDO 11,550,000
10,000,000 A-1+ Sumner County Tennessee Health Educational & Housing
Facilities Board Hospital Alliance Pooled
3.98% VRDO (b) 10,000,000
Tennessee School Bond Authority:
13,000,000 A-1+ 3.70% due 4/12/00 13,000,000
15,000,000 A-1+ 4.00% due 6/8/00 15,000,000
15,985,000 VMIG 1* Tennessee State GO Putters Series 108 PART 3.95% VRDO 15,985,000
8,065,000 AAA Tennessee State GO 5.00% due 5/1/00 8,077,451
33,000,000 SP-1+ Tennessee State Local Development Authority BAN
Series A 3.50% due 5/12/00 33,013,233
-----------------------------------------------------------------------------------------------------------------------------
512,846,684
-----------------------------------------------------------------------------------------------------------------------------
Texas -- 15.1%
13,000,000 VMIG 1* Barbers Texas School ABN AMRO Munitops PART
4.03% VRDO 13,000,000
Brazos River Authority PCR (Texas Utilities Electric Co.):
5,170,000 A-1+ Series 94 3.90% due 5/4/00 5,170,000
6,515,000 A-1+ Series B 3.95% VRDO 6,515,000
Brownsville Texas Utilities System:
10,000,000 P-1 3.80% due 4/3/00 10,000,000
10,000,000 P-1 3.80% due 4/6/00 10,000,000
15,500,000 P-1 3.70% due 4/11/00 15,500,000
3,330,000 P-1 6.50% due 9/1/00 3,396,844
10,000,000 Comal ISD ABN AMRO Munitops PART 4.03% VRDO 10,000,000
15,000,000 A-1+ Corpus Christi IDR (Koch Industries) Series 99
3.95% VRDO (b) 15,000,000
Corpus Christi Utilities System:
2,360,000 A-1+ 3.85% due 4/25/00 2,360,000
8,780,000 A-1+ 3.70% due 6/14/00 8,780,000
5,500,000 A-1+ 4.10% due 8/18/00 5,500,000
4,500,000 VMIG 1* Crawford IDR (Franklin Industrial Project) 4.05% VRDO 4,500,000
Dallas Area Rapid Transit TECP:
3,000,000 A-1+ Series 3.50% due 4/6/00 3,000,000
16,000,000 A-1+ Series 4.00% due 6/13/00 16,000,000
6,100,000 A-1+ Series 4.00% due 6/16/00 6,100,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 25
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Texas -- 15.1% (continued)
$ 15,000,000 A-1+ Dallas Fort Worth Regional Airport Revenue PART
MBIA Insured 4.01% VRDO $ 15,000,000
10,000,000 NR Dallas Fort Worth Texas International Airport Flight
Safety Project 4.05% VRDO (b) 10,000,000
8,000,000 VMIG 1* Dallas Water and Sewer PART FSA-Insured
4.01% VRDO (b) 8,000,000
4,800,000 A-1+ Denton Texas ISD Series B 3.65% due 8/15/00 (c) 4,800,000
11,000,000 VMIG 1* Grapevine-Collyvile ISD PART 4.03% VRDO 11,000,000
8,000,000 A-1 Grapevine Texas IDC Trencor Jetco Inc. 4.00% VRDO 8,000,000
Greater Texas Student Loan Corp.:
10,000,000 A-1+ Series 96A 4.28% due 3/1/01 (b)(c) 10,000,000
13,300,000 A-1+ Series 98A 4.22% due 2/1/01 (b)(c) 13,300,000
3,000,000 VMIG 1* Series B 4.22% due 2/1/01 (c) 3,000,000
15,000,000 VMIG 1* Series A 4.25% due 2/1/01 (c) 15,000,000
3,100,000 A-1 Guadalupe Blanco River Texas IDR 3.95% VRDO 3,100,000
7,960,000 A-1+ Gulf Coast Waste Disposal Authority PCR Exxon Project
3.95% VRDO 7,960,000
Harris County Texas GO:
7,600,000 A-1+ 3.75% due 4/13/00 7,600,000
5,500,000 A-1+ 4.05% due 8/11/00 5,500,000
2,500,000 A-1+ 3.75% due 4/13/00 2,500,000
15,000,000 P-1 Houston Airport PART FGIC-Insured 4.03% VRDO (b) 15,000,000
5,000,000 A-1+ Houston Airport Senior Lein 4.15% due 6/14/00 (c) 5,000,000
7,320,000 A-1+ Houston ISD PART 3.96% VRDO 7,320,000
Houston GO :
15,000,000 A-1+ TECP Series A 3.70% due 4/12/00 15,000,000
5,000,000 A-1+ TECP Series A 3.85% due 4/27/00 5,000,000
5,000,000 A-1+ TECP Series A 4.05% due 8/10/00 5,000,000
10,000,000 A-1+ TECP Series A 4.05% due 8/9/00 10,000,000
3,000,000 A-1+ TECP Series A 4.05% due 8/10/00 3,000,000
5,000,000 A-1+ TECP Series A 4.05% due 6/13/00 5,000,000
7,700,000 A-1+ TECP Series B 4.00% due 6/9/00 7,700,000
13,700,000 A-1+ TECP Series B 3.70% due 4/12/00 13,700,000
8,000,000 A-1+ TECP Series B 4.00% due 6/14/00 8,000,000
5,000,000 A-1+ TECP Series C 3.80% due 4/12/00 5,000,000
50,000,000 SP-1+ Houston Texas TRAN 4.25% due 6/30/00 50,107,260
10,000,000 A-1+ Houston Water Sewer Systems Revenue Series A
TECP 3.80% due 4/5/00 10,000,000
9,100,000 A-1+ Katy Independent School District 3.85% VRDO 9,100,000
8,000,000 NR+ Leon County IDR (BOC Group Inc. Project) 3.95% VRDO 8,000,000
3,700,000 A-1+ Mansfield IDR (Pier 1 Imports Texas Inc. Project)
3.95% VRDO (b) 3,700,000
13,800,000 VMIG 1* Mansfield Independent School District Series 96
3.90% due 7/31/00 13,800,000
900,000 NR+ McAllen Texas Health Facility DEV Corp. 4.00% VRDO 900,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
26 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Texas -- 15.1% (continued)
$ 3,585,000 NR+ Metropolitan Texas Higher Education Authority
University of Dallas Project 3.80% VRDO $ 3,585,000
4,800,000 A-1+ Midlothian Texas IDC Texas Industrials Project
4.05% VRDO (b) 4,800,000
16,855,000 A-1 Milam Texas IDC PCR (Alcoa Inc.) 3.25% due 5/17/00 (c) 16,855,000
27,000,000 A-1+ North Central Health Facility DEV Corp. Texas
Methodist Hospital 3.85% due 4/11/00 27,000,000
North Texas Higher Education Authority Inc.
Student Loan Revenue Refunding:
6,700,000 A-1+ Series 1991A 3.95% VRDO (b) 6,700,000
3,500,000 A-1+ Series 1991F AMBAC-Insured 3.95% VRDO (b) 3,500,000
5,500,000 A-1+ Series 1993A 3.95% VRDO (b) 5,500,000
5,815,000 A-1+ Series 98 3.90% VRDO (b) 5,815,000
10,000,000 VMIG 1* Plano Texas Health Presbyterian 3.85% due 4/11/00 10,000,000
46,360,000 A-1+ Plano Texas ISD 3.90% due 8/3/00 (c) 46,360,000
14,100,000 A-1+ Richardson Independent School District
Series A 3.85% VRDO 14,100,000
Round Rock:
2,850,000 NR+ IDR Refunding (Tellabs Inc. Project) 3.95% VRDO 2,850,000
4,940,000 A-1+ ISD PART 4.20% due 11/9/00 (c) 4,940,000
22,500,000 VMIG 1* San Antonio Electricity & Gas PART MBIA-Insured
4.03% VRDO 22,500,000
18,700,000 A-1+ Southwest Higher Educational Authority (Southern
Methodist University Project) Series C 3.90% VRDO 18,700,000
24,000,000 A-1+ Texas Municipal Gas Reserves Corp. Series 98
FSA-Insured 3.85% VRDO 24,000,000
Texas Municipal Power Authority TECP Series 91:
4,600,000 A-1 3.70% due 4/3/00 4,600,000
10,000,000 A-1 3.75% due 4/19/00 10,000,000
5,000,000 4.05% due 5/31/00 5,000,000
7,600,000 3.70% due 6/8/00 7,600,000
6,000,000 3.95% due 8/8/00 6,000,000
3,570,000 A-1+ Texas A & M University Revenue PART AMBAC-Insured
3.98% VRDO 3,570,000
10,700,000 A-1+ Texas GO Veterans Land Series A 3.95% VRDO (b) 10,700,000
Texas PFA Series 1993A TECP:
2,000,000 A-1+ 3.70% due 4/11/00 2,000,000
5,000,000 A-1+ 3.80% due 4/13/00 5,000,000
10,000,000 A-1+ 4.05% due 6/13/00 10,000,000
15,000,000 A-1+ 4.05% due 6/16/00 15,000,000
40,965,000 VMIG 1* Texas Small Business IDC IDR (Texas Public
Capital Access) 3.95% VRDO 40,965,000
208,425,000 SP-1+ Texas State TRAN Series 1999A 4.50% due 8/31/00 209,089,677
40,000,000 VMIG1* Tyler Texas Health Facilities Development Corp.
Hospital Revenue 3.96% VRDO 40,000,000
-----------------------------------------------------------------------------------------------------------------------------
1,046,638,781
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 27
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Utah -- 2.4%
$ 21,110,000 A-1+ Central Water Consevation AMBAC-Insured Series E
3.95% VRDO $ 21,110,000
Intermountain Power Agency Power Supply Revenue:
10,000,000 A-1+ AMBAC-Insured Series E 3.60% due 4/6/00 (c) 10,000,000
8,500,000 A-1+ AMBAC-Insured Series 4.07% due 3/15/01 (c) 8,500,000
20,000,000 A-1+ AMBAC-Insured TECP Series F 4.00% due 6/9/00 20,000,000
3,580,000 A-1 Ogden City IDR (Infiltrator System Inc. Project)
4.15% VRDO (b) 3,580,000
Utah State Board Regents Student Loan Revenue:
12,600,000 A-1+ AMBAC-Insured Series C 3.95% VRDO (b) 12,600,000
19,000,000 A-1+ AMBAC-Insured Series L 3.95% VRDO (b) 19,000,000
19,500,000 A-1+ AMBAC-Insured Series Q 3.95% VRDO (b) 19,500,000
30,000,000 VMIG 1* Series A 3.90% VRDO (b) 30,000,000
Weber County Utah:
7,500,000 A-1+ IHC Healthcare Series A 3.90% VRDO 7,500,000
10,000,000 A-1+ IHC Healthcare Series C 3.90% VRDO 10,000,000
2,600,000 NR+ Parker Inc. Project 3.80% VRDO 2,600,000
-----------------------------------------------------------------------------------------------------------------------------
164,390,000
-----------------------------------------------------------------------------------------------------------------------------
Vermont -- 0.0%
Vermont Educational Buildings Finance VHA
(New England Project) AMBAC-Insured:
1,900,000 A-1+ Series B 3.95% VRDO 1,900,000
1,500,000 A-1+ Series E 3.95% VRDO 1,500,000
-----------------------------------------------------------------------------------------------------------------------------
3,400,000
-----------------------------------------------------------------------------------------------------------------------------
Virginia -- 1.4%
3,000,000 NR+ Alexandria Virginia IDA IDR (Global Printing Project)
4.05% VRDO (b) 3,000,000
2,100,000 A-1+ Brunswick County IDR (Aegis Waste Solution)
3.95% VRDO (b) 2,100,000
8,550,000 A-1+ Fairfax County Virginia GO Series A
4.00% due 6/1/00 8,556,883
4,000,000 NR+ Front Royal & Warren IDA (PenTab Industries)
4.10% VRDO (b) 4,000,000
5,000,000 NR+ Henrico Virginia Hermitage Health 4.00% VRDO 5,000,000
3,000,000 A-1+ King George County Garnet of VA Inc. Project
4.10% VRDO (b) 3,000,000
7,800,000 A-1+ Lynchburgh IDR VHA (Mid Atlantic Capital Project)
AMBAC-Insured 3.95% VRDO (b) 7,800,000
2,500,000 NR+ Mecklenburg Virginia IDA (Glaize & Bro LC) 4.05% VRDO 2,500,000
13,441,000 A-1 Norfolk Airport Authority CP Notes Series B
4.10% due 8/23/00 (b) 13,441,000
2,000,000 A-1+ Norfolk IDR (Children Hospital Project) 4.00% VRDO 2,000,000
1,500,000 NR+ Norfolk Virginia IDA IDR (Places & Programs for Children)
3.90% VRDO 1,500,000
7,020,000 NR+ Rockbridge County IDR DES Champs High
4.10% VRDO (b) 7,020,000
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
28 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Virginia -- 1.4% (continued)
$ 2,400,000 A-1+ Virginia Port Authority Revenue PART MBIA-Insured
4.01% VRDO $ 2,400,000
4,000,000 NR+ Virginia Small Business Financing Authority
Ennstone Project 4.00% VRDO (b) 4,000,000
21,300,000 SP-1+ Virginia State HDA Series A 4.15% due 6/1/00 (c) 21,300,000
8,800,000 A-1 Waynesboro Virginia IDA Residential Care Facility 3.90% 8,800,000
-----------------------------------------------------------------------------------------------------------------------------
96,417,883
-----------------------------------------------------------------------------------------------------------------------------
Washington -- 2.3%
14,995,000 VMIG 1* Central Pugent Sound Washington Transportation
Authority Sales Tax & Motor Certificates PART
FGIC-Insured 3.96% VRDO 14,995,000
2,400,000 A-1 Olympia EDA (Spring Air Northwest Project)
4.15% VRDO (b) 2,400,000
Pierce County EDA:
1,200,000 P-1* Dock and Wharf Facility Revenue (SCS Industries)
4.00% VRDO (b) 1,200,000
2,290,000 A-1 Truss Co. Project 4.15% VRDO (b) 2,290,000
Port of Seattle:
5,000,000 A-1+ Sub Lien Revenue 99b TECP 3.75% due 4/7/00 5,000,000
5,270,000 A-1+ Sub Lien Revenue 99b TECP 4.00% due 6/14/00 5,270,000
10,000,000 A-1+ TECP 3.800% due 4/7/00 10,000,000
5,815,000 A-1 Port Pasco Economic Development (Douglas
Fruit Co. Inc. Project) 4.10% VRDO (b) 5,815,000
2,495,000 VMIG 1* Vancouver Washington Water and Sewer Revenue
Series 260 4.01% VRDO 2,495,000
52,700,000 A-1+ Washington Metro Airport Authority
4.10% due 8/17/00 52,700,000
9,985,000 A-1+ Washington State GO Series R99 PART
4.20% due 11/9/00 (c) 9,985,000
Washington State HFA Multi-Family Mortgage Revenue:
8,450,000 A-1+ Arbors on the Park Project 4.10% VRDO (b) 8,450,000
3,535,000 VMIG 1* Canyon Lakes II Project 4.20% VRDO (b) 3,535,000
7,840,000 VMIG 1* Glenbrooke Apartments Project Series A
4.00% VRDO (b) 7,840,000
9,995,000 VMIG 1* Washington State HFA Various Rate Certificates
Series T GNMA/FNMA 4.03% VRDO 9,995,000
Washington State Public Power Supply Systems:
9,195,000 A-1+ Nuclear Project Number 1 PART MBIA-Insured
3.96% VRDO (b) 9,195,000
2,000,000 AAA Series A (Pre-Refunded-- Escrowed with U.S.
government securities to 7/1/00 Call @102)
7.50% due 7/1/04 2,057,776
Yakima County Public Corp.:
5,700,000 P-1* Can Am Millwork Limited 4.25% VRDO (b) 5,700,000
2,000,000 NR+ Longview Fibre Co. 4.25% VRDO (b) 2,000,000
-----------------------------------------------------------------------------------------------------------------------------
160,922,776
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 29
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
West Virginia -- 0.5%
Marion County Commission Solid Waste Disposal
Facility Revenue (Granttown Project):
$ 4,805,000 A-1+ Series B 3.95% VRDO (b) $ 4,805,000
3,400,000 A-1+ Series D 3.95% VRDO (b) 3,400,000
1,730,000 NR+ Putnam County Solid Waste Disposal Revenue
(FMC Corp.) 4.05% VRDO (b) 1,730,000
4,000,000 A-1+ West Virginia Public Energy Morgantown
Association Project 4.05% due 6/9/00 (b)(c) 4,000,000
4,245,000 VMIG 1* West Virginia School Building Series 263 4.01% VRDO 4,245,000
West Virginia State Hospital Finance Authority Hospital
Revenue (Mid-Atlantic/Cap) AMBAC-Insured:
5,700,000 A-1 Series D 3.95% VRDO 5,700,000
4,490,000 A-1 Series E 3.95% VRDO 4,490,000
3,800,000 A-1 Series G 3.95% VRDO 3,800,000
-----------------------------------------------------------------------------------------------------------------------------
32,170,000
-----------------------------------------------------------------------------------------------------------------------------
Wisconsin -- 1.5%
9,500,000 NR+ Brokaw Sewer & Solid Waste Revenue (Wausau
Paper Mills Co. Project) 4.20% VRDO (b) 9,500,000
3,230,000 A-1+ Germantown IDR (Great Lakes Pack Corp.)
4.00% VRDO (b) 3,230,000
15,310,000 A-1 Milwaukee Housing Economic Development Authority
PART 4.01% VRDO (b) 15,310,000
2,900,000 A-1 Milwaukee Redevelopment Humane Society Project
3.90% VRDO (b) 2,900,000
2,025,000 VMIG 1* Wisconsin Housing and Economic Development Authority
Home Ownership Revenue PART GEMICO-Insured
4.01% VRDO (b) 2,025,000
11,290,000 NR+ Wisconsin Housing Municipal Securities Trust
Series 1999-74 PART 4.01% VRDO 11,290,000
6,320,000 A-1+ Wisconsin Public Power Inc. System Power Supply
System Revenue PART AMBAC-Insured 3.98% VRDO 6,320,000
Wisconsin State GO TECP:
7,020,000 A-1+ Series 97A 3.80% due 4/10/00 7,020,000
10,389,000 A-1+ Series 97A 3.95% due 6/7/00 10,389,000
6,272,000 A-1+ Series 97A 4.00% due 5/31/00 6,272,000
3,834,000 A-1+ Series 97A 4.10% due 7/11/00 3,834,000
2,538,000 A-1+ Series 97B 3.80% due 4/10/00 2,538,000
6,710,000 A-1+ Wisconsin State Health & Education (Edgewood College)
4.00% VRDO 6,710,000
Wisconsin Transportation TECP:
14,708,000 A-1+ 3.95% due 5/2/00 14,708,000
4,542,000 A-1+ 97A 3.70% due 4/7/00 4,542,000
-----------------------------------------------------------------------------------------------------------------------------
106,588,000
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
30 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Schedule of Investments (continued) March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE
AMOUNT RATING(a) SECURITY VALUE
=============================================================================================================================
<S> <C> <C> <C>
Wyoming -- 0.6%
Green River Power Rhone-Poulene:
$ 5,000,000 A-1+ Series 92 4.05% VRDO $ 5,000,000
11,400,000 A-1+ Series 94 3.95% VRDO (b) 11,400,000
8,600,000 VMIG 1* Green River Solid Waste (Oci Wyoming Project)
4.00% VRDO (b) 8,600,000
11,350,000 A-1+ Lincoln County Wyoming PCR (Amoco Oil)
3.60% due 4/1/00 (c) 11,350,000
6,000,000 A-1+ Sublette County Wyoming PCR (Exxon)
Series A 4.05% VRDO (b) 6,000,000
-----------------------------------------------------------------------------------------------------------------------------
42,350,000
-----------------------------------------------------------------------------------------------------------------------------
Miscellaneous -- 2.0%
Clipper Blue Tax-Exempt PART:
49,610,000 VMIG 1* 4.11%VRDO (b) 49,610,000
22,125,000 A-1+ 4.01%VRDO 22,125,000
47,366,107 VMIG 1* Pitney Bowes Credit Corp. Leasetops
Series 1999-2 4.25% VRDO 47,366,107 Pooled
Puttable Floating Rate Tax-Exempt PART:
5,060,000 A-1+ 3.70% due 5/11/00 (b)(c) 5,060,000
4,905,000 A-1+ 4.06%VRDO (b) 4,905,000
7,695,000 VMIG1* 4.06%VRDO (b) 7,695,000
-----------------------------------------------------------------------------------------------------------------------------
136,761,107
-----------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 100%
(Cost -- $6,945,380,920**) $6,945,380,920
=============================================================================================================================
</TABLE>
(a) All ratings are by Standard & Poor's Ratings Service, except those
identified by an asterisk (*) which are rated by Moody's Investors
Service, Inc.
(b) Income from this issue is considered a preference item for the purposes of
calculating the alternative minimum tax.
(c) Variable rate obligation payable at par on demand on the date indicated.
+ Security has not been rated by either Moody's Investors Service Inc. or
Standard & Poor's Ratings Service. However, the Board of Directors has
determined this security to be considered as a first tier quality issue
due to enhancement features; such as insurance and/or an irrevocable
letter of credit.
++ Security has not been rated by either Moody's Investors Service Inc. or
Standard & Poor's Ratings Service. However, the Board of Directors has
determined this security to present minimal credit risks.
** Aggregate cost for Federal income tax purposes is substantially the same.
See pages 32 and 33 for definition of ratings and certain security descriptions.
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 31
<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.
--------------------------------------------------------------------------------
32 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Security Descriptions (unaudited)
--------------------------------------------------------------------------------
AMBAC -- AMBAC Indemnity Corporation
BAN -- Bond Anticipation Notes
CGIC -- Capital Guaranty Insurance Company
DFA -- Development Finance Authority
EDA -- Economic Development Authority
EDC -- Economic Development Corporation
EFA -- Educational Facilities Authority
ETM -- Escrowed to Maturity
FGIC -- Financial Guaranty Insurance Company
FRTC -- Floating Rate Trust Certificates
FSA -- Financial Security Assurance
GO -- General Obligation
HDA -- Housing Development Authority
HEFA -- Health and Educational Facilities Authority
HFA -- Housing Finance Authority
IDA -- Industrial Development Authority
IDB -- Industrial Development Board
IDC -- Industrial Development Corporation
IDR -- Industrial Development Revenue
MBIA -- Municipal Bond Investors
Assurance Corporation
MFH -- Multi-Family Housing
PART -- Partnership Structure
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Facilities Authority
RAN -- Revenue Anticipation Notes
RAW -- Revenue Anticipation Warrants
STEM -- Short-Term Extendable Maturity
SWAP -- Swap Structure
TAN -- Tax Anticipation Notes
TECP -- Tax Exempt Commercial Paper
TOB -- Tender Option Bond
TRAN -- Tax & Revenue Anticipation Notes
VHA -- Veterans Housing Authority
VRDO -- Variable-Rate Demand Obligation
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 33
<PAGE>
--------------------------------------------------------------------------------
Statement of Assets and Liabilities March 31, 2000
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investments, at amortized cost $ 6,945,380,920
Cash 247,279
Interest receivable 55,212,688
Receivable for securities sold 17,660,106
Other assets 200,000
---------------------------------------------------------------------------------------------
Total Assets 7,018,700,993
---------------------------------------------------------------------------------------------
LIABILITIES:
Dividends payable 11,270,202
Management fees payable 2,727,192
Distribution fees payable 257,228
Payable for securities purchased 200,000
Deferred compensation payable 33,586
Accrued expenses 392,380
---------------------------------------------------------------------------------------------
Total Liabilities 14,880,588
---------------------------------------------------------------------------------------------
Total Net Assets $ 7,003,820,405
=============================================================================================
NET ASSETS:
Par value of shares of beneficial interest $ 70,039,892
Capital paid in excess of par value 6,934,308,272
Accumulated net realized loss on security transactions (527,759)
---------------------------------------------------------------------------------------------
Total Net Assets $ 7,003,820,405
=============================================================================================
Shares Outstanding:
Class A 7,003,528,026
---------------------------------------------------------------------------------------------
Class Y 461,147
---------------------------------------------------------------------------------------------
Net Asset Value, per share:
Class A $ 1.00
---------------------------------------------------------------------------------------------
Class Y $ 1.00
=============================================================================================
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
34 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Statement of Operations For the Year Ended March 31, 2000
--------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest $236,383,970
--------------------------------------------------------------------------------
EXPENSES:
Management fees (Note 3) 32,557,540
Distribution fees (Note 3) 6,810,949
Shareholder and system servicing fees 2,547,159
Registration fees 344,752
Shareholder communications 257,153
Custody 210,684
Directors' fees 114,917
Audit and legal fees 72,660
Other 127,720
--------------------------------------------------------------------------------
Total Expenses 43,043,534
--------------------------------------------------------------------------------
Net Investment Income 193,340,436
--------------------------------------------------------------------------------
Net Realized Gain on Investments 50,522
--------------------------------------------------------------------------------
Increase in Net Assets From Operations $193,390,958
================================================================================
See Notes to Financial Statements.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 35
<PAGE>
--------------------------------------------------------------------------------
Statements of Changes in Net Assets For the Years Ended March 31,
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
2000 1999
===================================================================================================
<S> <C> <C>
OPERATIONS:
Net investment income $ 193,340,436 $ 188,051,702
Net realized gains 50,522 469,190
---------------------------------------------------------------------------------------------------
Increase in Net Assets From Operations 193,390,958 188,520,892
---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 2) (193,340,436) (188,051,621)
---------------------------------------------------------------------------------------------------
FUND SHARE TRANSACTIONS (NOTE 5):
Net proceeds from sale of shares 31,188,863,236 29,271,556,660
Net asset value of shares issued
for reinvestment of dividends 185,808,308 183,382,155
Cost of shares reacquired (31,499,008,246) (28,664,024,895)
---------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From
Fund Share Transactions (124,336,702) 790,913,920
---------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets (124,286,180) 791,383,191
NET ASSETS:
Beginning of year 7,128,106,585 6,336,723,394
---------------------------------------------------------------------------------------------------
End of year $ 7,003,820,405 $ 7,128,106,585
===================================================================================================
</TABLE>
See Notes to Financial Statements.
--------------------------------------------------------------------------------
36 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Notes to Financial Statements
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
Smith Barney Municipal Money Market Fund, Inc. ("Fund"), a Maryland corporation,
is registered under the Investment Company Act of 1940, as amended, as a
diversified, open-end management investment company.
The significant accounting policies consistently followed by the Fund are: (a)
security transactions are accounted for on trade date; (b) the Fund uses the
amortized cost method for valuing investments; accordingly, the cost of
securities plus accreted discount, or minus amortized premium, approximates
value; (c) interest income, adjusted for amortization of premium and accretion
of discount, is recorded on an accrual basis; market discount is recognized upon
the disposition of the security; (d) direct expenses are charged to each class;
management fees and general fund expenses are allocated on the basis of relative
net assets by class; (e) gains or losses on the sale of securities are
calculated by using the specific identification method; (f) dividends and
distributions to shareholders are recorded on the ex-dividend date; (g) the Fund
intends to comply with the applicable provisions of the Internal Revenue Code
pertaining to regulated investment companies and make distributions of taxable
income sufficient to relieve it from substantially all Federal income and excise
taxes; (h) the character of income and gains to be distributed are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles; and (i) estimates and assumptions are required to be made
regarding assets, liabilities and changes in net assets resulting from
operations when financial statements are prepared. Changes in the economic
environment, financial markets and any other parameters used in determining
these estimates could cause actual results to differ.
2. EXEMPT-INTEREST DIVIDENDS AND OTHER DISTRIBUTIONS
The Fund declares and records a dividend of substantially all of its net
investment income on each business day. Such dividends are paid or reinvested
monthly in Fund shares on the payable date. Furthermore, the Fund intends to
satisfy conditions that will enable interest from municipal securities, which is
exempt from regular Federal income tax and from designated state income taxes,
to retain such status when distributed to its shareholders.
Capital gain distributions, if any, are taxable to shareholders, and are
declared and paid at least annually.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 37
<PAGE>
--------------------------------------------------------------------------------
Notes to Financial Statements (continued)
--------------------------------------------------------------------------------
3. MANAGEMENT AGREEMENT AND OTHER TRANSACTIONS
SSB Citi Fund Management LLC ("SSBC"), formerly known as SSBC Fund Management
Inc., a subsidiary of Salomon Smith Barney Holdings Inc. ("SSBH"), which in turn
is a subsidiary of Citigroup Inc. ("Citigroup"), acts as investment manager to
the Fund. The Fund pays SSBCa management fee cal cu lated 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.
Effective October 1999, Citi Fiduciary Trust Company ("CFTC"), another
subsidiary of Citigroup, became the Fund's transfer agent and PFPC Global Fund
Services ("PFPC") became the 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. During the period October 1, 1999
through March 31, 2000, the Fund paid transfer agent fees of $864,809 to CFTC.
CFBDS, Inc. ("CFBDS") acts as the Fund's distributor. Salomon Smith Barney Inc.
("SSB"), as well as certain other broker-dealers, continues to sell Fund shares
to the public as a member of the selling group. Pursuant to a Distribution Plan,
the Fund pays SSB a service fee calculated with respect to Class A shares at an
annual rate of 0.10% of the Fund's average daily net assets.
All officers and one Director of the Fund are employees of SSB.
4. CAPITAL LOSS CARRYFORWARD
At March 31, 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
================================================================================
--------------------------------------------------------------------------------
38 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Notes to Financial Statements (continued)
--------------------------------------------------------------------------------
5. CAPITAL SHARES
The Fund has the ability to establish multiple classes of shares. Each share of
a class represents an identical interest in the Fund and has the same rights,
except that each class bears certain expenses specifically related to the
distribution of its shares. Class A and Class Y shares can be purchased directly
by investors. Class C shares are not available for purchase. They represent
previously issued B shares, which were renamed as Class C shares effective
November 7, 1994. Class C shares may only be redeemed or exchanged out of the
Fund.
At March 31, 2000, total paid-in capital amounted to the following for each
class:
Class A Class Y
================================================================================
Total Paid-in Capital $7,003,885,835 $462,329
================================================================================
Transactions in shares of each class were as follows:
<TABLE>
<CAPTION>
Year Ended Year Ended
March 31, 2000 March 31, 1999
===========================================================================================
<S> <C> <C>
Class A
Shares sold 31,167,431,483 29,150,652,716
Shares issued on reinvestment 185,629,877 183,074,353
Shares reacquired (31,453,867,831) (28,566,310,554)
-----------------------------------------------------------------------------------------
Net Increase (Decrease) (100,806,471) 767,416,515
===========================================================================================
Class C*
Shares sold -- --
Shares issued on reinvestment -- 11
Shares reacquired -- (4,733)
-----------------------------------------------------------------------------------------
Net Decrease -- (4,722)
===========================================================================================
Class Y
Shares sold 21,431,753 120,903,944
Shares issued on reinvestment 178,431 307,791
Shares reacquired (45,140,415) (97,709,608)
-----------------------------------------------------------------------------------------
Net Increase (Decrease) (23,530,231) 23,502,127
===========================================================================================
</TABLE>
*On May 5, 1998, Class C shares were fully redeemed
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 39
<PAGE>
--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------
For a share of each class of capital stock outstanding throughout each year
ended March 31:
<TABLE>
<CAPTION>
Class A Shares 2000 1999 1998 1997 1996
===============================================================================================================
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year $1.00 $1.00 $1.00 $1.00 $1.00
---------------------------------------------------------------------------------------------------------------
Net investment income(1) 0.028 0.028 0.031 0.029 0.033
Dividends from net
investment income (0.028) (0.028) (0.031) (0.029) (0.033)
---------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Year $1.00 $1.00 $1.00 $1.00 $1.00
---------------------------------------------------------------------------------------------------------------
Total Return 2.89% 2.84% 3.15% 2.94% 3.34%
---------------------------------------------------------------------------------------------------------------
Net Assets,
End of Year (millions) $7,003 $7,104 $6,336 $5,562 $5,395
---------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses(1)(2) 0.63% 0.62% 0.61% 0.67% 0.63%
Net investment income 2.84 2.79 3.10 2.90 3.28
===============================================================================================================
<CAPTION>
Class Y Shares 2000 1999 1998 1997 1996(3)
===============================================================================================================
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Year $1.00 $1.00 $1.00 $1.00 $1.00
---------------------------------------------------------------------------------------------------------------
Net investment income 0.030 0.029 0.032 0.030 0.004
Dividends from net
investment income (0.030) (0.029) (0.032) (0.030) (0.004)
---------------------------------------------------------------------------------------------------------------
Net Asset Value, End of Year $1.00 $1.00 $1.00 $1.00 $1.00
---------------------------------------------------------------------------------------------------------------
Total Return 3.03% 2.95% 3.25% 3.04% 0.39%++
---------------------------------------------------------------------------------------------------------------
Net Assets, End of
Year (thousands) $463 $24.0 $0.5 $5.0 $18.0
---------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets:
Expenses(2) 0.50% 0.49% 0.52% 0.57% 0.55%+
Net investment income 2.87 2.90 3.23 3.00 2.81+
===============================================================================================================
</TABLE>
(1) The manager has waived a part of its fees for the years ended March 31,
1996 and March 31, 1995. If such fees were not waived, the per share
effect on net investment income and expense ratios would have been as
follows:
Per Share Decreases Expense Ratios
to Net Investment Income Without Fee Waivers
------------------------ -------------------
1996 1995 1996 1995
------- ------- ------- ------
Class A $0.0001 $0.0002 0.64% 0.63%
(2) As a result of voluntary expense limitations, the expense ratio will not
exceed 0.70% for any share class.
(3) For the period from February 12, 1996 (inception date) to March 31, 1996.
++ Total return is not annualized, as it may not be representative of the
total return for the year.
+ Annualized.
--------------------------------------------------------------------------------
40 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Independent Auditors' Report
--------------------------------------------------------------------------------
To the Shareholders and Board of Directors
of the Smith Barney Municipal Money Market Fund, Inc.:
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of the Smith Barney Municipal Money Market Fund,
Inc. as of March 31, 2000, and the related statement of operations for the year
then ended, the statements of changes in net assets for each of the years in the
two-year period then ended, and the financial highlights for each of the years
in the five-year period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reason able assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of March 31, 2000, by correspondence with the custodian. As
to securities purchased or sold but not yet received or delivered, we performed
other appropriate auditing procedures. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Smith Barney Municipal Money Market Fund, Inc. as of March 31, 2000, and the
results of its operations for the year then ended, the changes in its net assets
for each of the years in the two-year period then ended, and the financial
highlights for each of the years in the five-year period then ended, in
conformity with accounting principles generally accepted in the United States of
America.
/s/ KPMG LLP
New York, New York
May 11, 2000
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 41
<PAGE>
--------------------------------------------------------------------------------
Additional Shareholder Information (unaudited)
--------------------------------------------------------------------------------
On May 19, 1999, a special meeting of shareholders of the Fund was held for the
purpose of electing Directors to the Fund.
The results were as follows:
<TABLE>
<CAPTION>
Shares Percentage Shares Percentage
Voted of Shares Voted of Shares
Name of Directors For Voted Against Voted
=================================================================================================
<S> <C> <C> <C> <C>
Lee Abraham 3,534,478,438.060 97.460% 92,125,623.220 2.540%
Allan J. Bloostein 3,536,361,080.140 97.512 90,242,981.140 2.488
Jane F. Dasher 3,539,532,614.990 97.599 87,071,446.290 2.401
Donald R. Foley 3,533,760,378.740 97.440 92,843,682.540 2.560
Richard E. Hanson, Jr. 3,537,249,955.460 97.536 89,354,105.820 2.464
Paul Hardin 3,538,917,332.990 97.582 87,686,728.290 2.418
Heath B. McLendon 3,539,997,603.800 97.612 86,606,457.480 2.388
Roderick C. Rasmussen 3,534,887,198.050 97.471 91,716,863.230 2.529
John P. Toolan 3,539,290,738.840 97.592 87,313,322.440 2.408
=================================================================================================
</TABLE>
--------------------------------------------------------------------------------
42 2000 Annual Report to Shareholders
<PAGE>
--------------------------------------------------------------------------------
Tax Information (unaudited)
--------------------------------------------------------------------------------
For Federal tax purposes the Fund hereby designates for the fiscal year ended
March 31, 2000:
o 100% of the dividends paid by the Fund from net investment income as
tax exempt for regular Federal income tax purposes.
--------------------------------------------------------------------------------
Smith Barney Municipal Money Market Fund, Inc. 43
<PAGE>
SalomonSmithBarney
---------------------------
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 CitiFund Management LLC
Distributor
CFBDS, Inc.
Custodian
PFPC Trust Company
Transfer Agent
City Fiduciary Trust Company
388 Greenwich Street, 22nd Floor
New York, NY 10013
Sub-Transfer Agent
PFPC Global Fund Services
P.O. Box 9699
Providence, RI 02940-9699
This report is submitted for the general information of the shareholders of
Smith Barney Municipal Money Market Fund, Inc., 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 June 30, 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
FD2396 5/00
