DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus Connecticut
Municipal Money Market Fund, Inc. for the six-month period ended March 31,
1998. Your Fund produced an annualized yield of 2.84% and, after taking into
account the effect of compounding, the annualized effective yield was 2.88%.*
THE ECONOMY
Defying concerns that the Asian financial crisis would depress U.S.
economic growth, the economy has remained quite firm in recent months. The
Federal Reserve Board's Beige Book survey of regional economic conditions,
published March 18, found that despite a decline in export sales to Asia, the
U.S. economy is thriving in all regions. The Fed report cited specific
strength in rising industrial activity, good retail sales, and strong demand
for labor. El Nino has added at least one boost to the economy through
plunging oil prices and warm weather that has stimulated some spring
spending, especially on housing and related items. Housing starts rose 6%
during February. Indeed, consumers appear to be in good shape, with the
Conference Board reporting that its index of consumer confidence rose to
138.3 in February, from a revised 128.3 in January. The February figure was
the highest since October 1968. The latest figures on real Gross Domestic
Product (GDP) growth show a 3.9% annual rate during 1997, and analysts
estimated first-quarter 1998 GDP growth to be running at 3.5% or more.
In fact, it appears that the Asian crisis may have actually stimulated
growth by reducing inflation expectations and lowering long-term interest
rates. The Fed Beige Book survey noted that inflation seems "eerily calm."
The Consumer Price Index for February rose only .1%, held down by falling oil
prices. The inflation rate for 1997 was just 1.4%. With inflation staying so
low, the Fed has had no reason to raise interest rates during the recent
reporting period, although a surging economy might otherwise have dictated
some tightening action. In the money market, interest rates on short-term
securities remained virtually unchanged during the month of March. Market
participants appear to be in a wait-and-see mode, as reduced Treasury
borrowing needs continue to reduce the supply of money market securities
while demand remains steady.
MARKET ENVIRONMENT/PORTFOLIO
While the Fed has remained quiet over the past six months, market
technicals (i.e., supply/demand) have played a major role in our overall
investment strategy. By early fall 1997, the market had fully absorbed the
substantial number of financings that had been issued over the summer months.
Soon after, note yields settled into a trading range which remained
relatively unchanged until the latter part of the year. In late December, the
short-term municipal market experienced a sharp, albeit temporary, rise in
short-term rates as a result of corporate seasonal "window dressing." Dealers
priced securities at attractive levels in order to minimize their
inventories, which helped to boost your Fund's yield. The situation reversed
in January as assets flowed back into the tax-exempt money funds, thereby
putting downward pressure on rates. During this period, yields on tax-exempt
money market funds fluctuated in response to these supply and demand
imbalances.
By mid-January, the market stabilized and normal trading patterns, for
the most part, returned. While high-quality Connecticut issues continued to
be in short supply, we continued to seek attractive buying opportunities to
extend your Fund's average maturity as tax season approached. The short-term
municipal market typically experiences redemptions as a result of tax payment
needs. This, in turn, can place temporary upward pressure on yields as demand
lessens. To the extent that Connecticut-exempt paper becomes available, we
will look for attractive buying opportunities, and of course, all new
investments will continue to meet our high credit-quality standards, and
provide a significant level of liquidity, commensurate with the needs of the
Fund.
Included in this report is a series of detailed statements about your
Fund's holdings and its financial condition. We hope they are informative.
Please know that we greatly appreciate your continued confidence in this Fund
and in The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
April 17, 1998
New York, N.Y.
* Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<TABLE>
DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS MARCH 31, 1998 (UNAUDITED)
Principal
Tax Exempt Investments-100.0% Amount Value
____________ ____________
<S> <C> <C>
Connecticut-87.3%
State of Connecticut:
GO Notes 4%, Series B, 3/15/99............................................ $ 4,000,000 $ 4,018,880
Special Tax Obligation Revenue, VRDN (Transportation Infrastructure-1)
3.65% (LOC; Commerzbank) (a,b).......................................... 18,800,000 18,800,000
VRDN 3.65% (Liquidity; Bayerische Landesbank) (a)......................... 5,200,000 5,200,000
Connecticut Development Authority, VRDN:
Health Care Revenue (Corp. for Independent Living Project)
3.50% (LOC; Chase Manhattan Bank) (a,b)................................. 3,100,000 3,100,000
IDR (Blase and Bromley Realty Project) 3.90% (LOC; Fleet Bank) (a,b)...... 3,220,000 3,220,000
PCR:
(Connecticut Light and Power Co. Project):
3.60%, Series A(Insured; AMBAC and Liquidity; Societe Generale) (a)... 8,000,000 8,000,000
Refunding:
3.65%, Series A (LOC; Deutsche Bank) (a,b).......................... 5,500,000 5,500,000
3.65%, Series B (LOC; UnionBank of Switzerland) (a,b)............... 10,000,000 10,000,000
Connecticut Health and Educational Facilities Authority, Revenue:
CP(Yale University):
3.35%, Series S, 5/12/98 (LOC; Yale University) (b)..................... 1,000,000 1,000,000
3.40%, Series S, 7/10/98 (LOC; Yale University) (b)..................... 3,600,000 3,600,000
3.40%, Series S, 7/16/98 (LOC; Yale University) (b)..................... 5,000,000 5,000,000
VRDN:
(Charlotte Hungerford Hospital) 3.40%, Series B (LOC; Bank of Boston) (a,b) 2,700,000 2,700,000
Refunding (Bradley Healthcare) 3.35%, Series B (LOC; Fleet Bank) (a,b).. 4,730,000 4,730,000
(Yale University):
3.65%, Series T(LOC; Yale University) (a,b)........................... 10,000,000 10,000,000
3.70%, Series T (LOC; Yale University) (a,b).......................... 11,000,000 11,000,000
Connecticut Housting Finance Authority, VRDN (Housing Mortgage Finance
Program)
3.50%, Series G (BPA; Morgan Guaranty Trust Co. and Insured; AMBAC) (a)... 8,765,000 8,765,000
Connecticut Municipal Electric Energy Co-op, Power Supply System Revenue,CP
3.50%, Series A, 5/11/98 (LOC; Fleet Bank) (b)............................ 3,600,000 3,600,000
Connecticut Special Assessment Second Injury Fund, Revenue, CP:
3.40%, 4/22/98 (LOC; Credit Agricole-Indosuez and Credit Commercial de Beligique) (b) 3,000,000 3,000,000
3.30%, 5/21/98 (LOC; Credit Agricole-Indosuez and Credit Commercial de Beligique) (b) 3,000,000 3,000,000
Connecticut Special Assessment Unemployment Compensation Advance Fund,
Revenue
(Connecticut Unemployment)
3.90%, Series C, 7/1/98 (Insured and Liquidity; FGIC)..................... 16,000,000 16,000,966
City of Danbury, BAN 4%, 8/7/98............................................. 4,000,000 4,007,637
Town of Manchester, GONotes 4%, Lot B, 5/27/98.............................. 8,000,000 8,003,656
Town of New Britain, VRDN 3.40% (LOC; Bank of Nova Scotia) (a,b)............ 7,900,000 7,900,000
Town of Redding, BAN 4.10%, 10/22/98........................................ 2,000,000 2,004,304
Stamford, Higher Education Revenue, BAN 4%, 4/1/98.......................... 4,725,000 4,725,000
DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1998 (UNAUDITED)
Principal
Tax Exempt Investments (continued) Amount Value
____________ ____________
Connecticut (continued)
Stamford Housing Authority, Revenue, VRDN (Morgan Street Project)
3.65% (LOC; Deutsche Bank) (a,b).......................................... $ 7,500,000 $ 7,500,000
Town of Windsor Lochs, BAN 3.75%, 9/15/98................................... 5,825,000 5,831,529
U.S. Related-12.7%
Commonwealth of Puerto Rico:
Government Development Bank, VRDN
3.375% (BPA; Credit Suisse and Insured; MBIA) (a)....................... 4,000,000 4,000,000
Highway and Transportation Authority, Transportation Revenue, VRDN
3.20%, Series A (BPA; Bank of Nova Scotia and Insured; AMBAC) (a)....... 4,000,000 4,000,000
TRAN 4.50%, Series A, 7/30/98............................................. 8,000,000 8,022,057
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental
Control
Facilities Finance Authority, Higher Education Revenue, VRDN
(Ana G. Mendez University Systems Project)
3.45%, Series A (LOC; Banco Popular de Puerto Rico) (a,b)................. 8,700,000 8,700,000
_____________
TOTAL INVESTMENTS (cost $194,929,029)....................................... $194,929,029
=============
Summary of Abbreviations
AMBAC American Municipal Bond Assurance Corporation IDR Industrial Development Revenue
BAN Bond Anticipation Notes LOC Letter of Credit
BPA Bond Purchase Agreement MBIA Municipal Bond Investors Assurance
CP Commercial Paper Insurance Corporation
FGIC Financial Guaranty Insurance Company PCR Pollution Control Revenue
GO General Obligation TRAN Tax and Revenue Anticipation Notes
VRDN Variable Rate Demand Notes
Summary of Combined Ratings
Moody's or Standard & Poor's Percentage of Value
_________ ________________ _________________
VMIG1/MIG1, P1 (c) SP1+/SP1, A1+/A1, A2 (c) 79.2%
Aaa/Aa (d) AAA/AA (d) 4.1
Not Rated (e) Not Rated (e) 16.7
______
100.0%
======
Notes to Statement of Investments:
(a) Securities payable on demand. The interest rate, which is subject to
change, is based upon bank prime rates or an index of market interest rates.
(b) Secured by letters of credit. At March 31, 1998, 57.1% of the Fund's net
assets are backed by letters of credit issued by domestic banks, foreign
banks and universities, of which Yale University provided letters of credit
to 15.6% of the Fund's net assets.
(c) P1 and A1 are the highest ratings assigned tax exempt commercial paper by
Moody's and Standard & Poor's investments, respectively.
(d) Notes which are not MIG or SP rated are represented by bond ratings of the
issuer.
(e) Securities which, while not rated by Moody's and Standard &Poor's have
been determined by the Manager to be of comparable quality to those rated
securities in which the Fund may invest.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1998 (UNAUDITED)
Cost Value
______________ ____________
<S> <C> <C>
ASSETS: Investments in securities-See Statement of Investments $194,929,029 $194,929,029
Cash....................................... 4,604,670
Interest receivable........................ 1,261,761
Prepaid expenses and other assets.......... 64,396
____________
200,859,856
____________
LIABILITIES: Due to The Dreyfus Corporation and affiliates 59,197
Payable for investment securities purchased 4,029,102
Accrued expenses and other liabilities..... 47,783
____________
4,136,082
____________
NET ASSETS.................................................................. $196,723,774
============
REPRESENTED BY: Paid-in capital............................ $196,757,632
Accumulated net realized gain (loss) on investments (33,858)
_____________
NET ASSETS.................................................................. $196,723,774
============
SHARES OUTSTANDING
(1 billion shares of $.001 par value Common Stock authorized)............... 196,757,632
NET ASSET VALUE, offering and redemption price per share.................... $1.00
======
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF OPERATIONS SIX MONTHS ENDED MARCH 31, 1998 (UNAUDITED)
INVESTMENT INCOME
<S> <C> <C>
INCOME Interest Income...................... $3,299,777
EXPENSES: Management fee-Note 2(a)............. $ 473,128
Shareholder servicing costs-Note 2(b) 154,924
Professional fees.................... 53,214
Registration fees.................... 8,544
Custodian fees....................... 5,844
Prospectus and shareholders' reports. 5,322
Directors' fees and expenses-Note 2(c) 4,534
Miscellaneous........................ 3,659
___________
Total Expenses................. 709,169
Less-reduction in management fee due to
undertaking-Note 2(a)................ (93,666)
___________
Net Expenses................... 615,503
___________
INVESTMENT INCOME-NET, representing net increase in net assets
resulting from operations $2,684,274
===========
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended
March 31, 1998 Year Ended
(Unaudited) September 30, 1997
__________________ __________________
<S> <C> <C>
OPERATIONS:
Investment income-net............................................. $ 2,684,274 $ 5,449,449
Net realized gain (loss) on investments........................... -- 44,698
__________________ __________________
Net Increase (Decrease) in Net Assets Resulting from Operations. 2,684,274 5,494,147
__________________ __________________
DIVIDENDS TO SHAREHOLDERS FROM:
Investment income-net............................................. (2,684,274) (5,449,449)
__________________ __________________
CAPITALSTOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold..................................... 177,009,643 237,558,939
Dividends reinvested.............................................. 2,550,526 5,206,544
Cost of shares redeemed........................................... (164,766,857) (250,907,105)
__________________ __________________
Increase (Decrease) in Net Assets from Capital Stock Transactions 14,793,312 (8,141,622)
__________________ __________________
Total Increase (Decrease) in Net Assets..................... 14,793,312 (8,096,924)
NET ASSETS:
Beginning of Period............................................... 181,930,462 190,027,386
__________________ __________________
End of Period..................................................... $ 196,723,774 $ 181,930,462
================== ==================
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
<TABLE>
DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share of
Common Stock outstanding, total investment return, ratios to average net
assets and other supplemental data for each period indicated. This
information has been derived from the Fund's financial statements.
Six Months Ended
March 31, 1998 Year Ended September 30,
________________________________________________
PER SHARE DATA: (Unaudited) 1997 1996 1995 1994 1993
____________ ______ ______ ______ ______ ______
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
______ ______ ______ ______ ______ ______
Investment Operations:
Investment income-net............... .014 .029 .029 .033 .023 .023
______ ______ ______ ______ ______ ______
Distributions:
Dividends from investment income-net (.014) (.029) (.029) (.033) (.023) (.023)
______ ______ ______ ______ ______ ______
Net asset value, end of period...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
TOTAL INVESTMENT RETURN................. 2.87%* 2.93% 2.94% 3.35% 2.33% 2.34%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .65%* .65% .63% .45% .22% .12%
Ratio of net investment income to
average net assets................ 2.84%* 2.89% 2.90% 3.31% 2.30% 2.30%
Decrease reflected in above expense ratios
due to undertakings by the Manager .10%* .04% .03% .18% .42% .55%
Net Assets, end of period (000's Omitted) $196,724 $181,930 $190,027 $232,932 $242,067 $212,288
*Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
</TABLE>
DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Connecticut Municipal Money Market Fund, Inc. (the "Fund") is
registered under the Investment Company Act of 1940 ("Act") as a
non-diversified open-end management investment company. The Fund's investment
objective is to provide investors with as high a level of current income
exempt from Federal and State of Connecticut income taxes as is consistent
with the preservation of capital and the maintenance of liquidity. The
Dreyfus Corporation ("Manager") serves as the Fund's investment adviser. The
Manager is a direct subsidiary of Mellon Bank, N.A. Premier Mutual Fund
Services, Inc. is the distributor of the Fund's shares, which are sold to the
public without a sales charge.
It is the Fund's policy to maintain a continuous net asset value per
share of $1.00; the Fund has adopted certain investment, portfolio valuation
and dividend and distribution policies to enable it to do so. There is no
assurance, however, that the Fund will be able to maintain a stable net asset
value per share of $1.00.
The Fund's financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management
estimates and assumptions. Actual results could differ from those estimates.
(A) PORTFOLIO VALUATION: Investments in securities are valued at
amortized cost, which has been determined by the Fund's Board of Directors to
represent the fair value of the Fund's investments.
(B) SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities
transactions are recorded on a trade date basis. Interest income, adjusted
for amortization of premiums and original issue discounts on investments, is
earned from settlement date and recognized on the accrual basis. Realized
gain and loss from securities transactions are recorded on the identified
cost basis. Cost of investments represents amortized cost.
The Fund follows an investment policy of investing primarily in municipal
obligations of one state. Economic changes affecting the state and certain of
its public bodies and municipalities may affect the ability of issuers within
the state to pay interest on, or repay principal of, municipal obligations
held by the Fund.
(C) DIVIDENDS TO SHAREHOLDERS: It is the policy of the Fund to declare
dividends daily from investment income-net. Such dividends are paid monthly.
Dividends from net realized capital gain are normally declared and paid
annually, but the Fund may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To
the extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Fund not to distribute such gain.
(D) FEDERAL INCOME TAXES: It is the policy of the Fund to continue to
qualify as a regulated investment company, which can distribute tax exempt
dividends, by complying with the applicable provisions of the Internal
Revenue Code, and to make distributions of income and net realized capital
gain sufficient to relieve it from substantially all Federal income and
excise taxes.
The Fund has an unused capital loss carryover of approximately $34,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to September 30, 1997. If not
applied, the carryover expires in fiscal 2004.
At March 31, 1998, the cost of investments for Federal income tax
purposes was substantially the same as the cost for financial reporting
purposes (see the Statement of Investments).
DREYFUS CONNECTICUT MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement with the Manager, the management
fee is computed at the annual rate of .50 of 1% of the value of the Fund's
average daily net assets and is payable monthly. The Manager has undertaken
from October 1, 1997, to reduce the management fee paid by the Fund, to the
extent that the Fund's aggregate annual expenses, exclusive of taxes,
brokerage, interest on borrowings and extraordinary expenses, exceed an
annual rate of .65 of 1% of the value of the Fund's average daily net assets.
The reduction in management fee, pursuant to the undertaking, amounted to
$93,666 during the period ended March 31, 1998.
(B) Under the Shareholder Services Plan, the Fund reimburses Dreyfus
Service Corporation, a wholly-owned subsidiary of the Manager, an amount not
to exceed an annual rate of .25 of 1% of the value of the Fund's average
daily net assets for certain allocated expenses of providing personal
services and/or maintaining shareholder accounts. The services provided may
include personal services relating to shareholder accounts, such as answering
shareholder inquiries regarding the Fund and providing reports and other
information, and services related to the maintenance of shareholder accounts.
During the period ended March 31, 1998, the Fund was charged $105,516
pursuant to the Shareholder Services Plan.
The Fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of
the Manager, under a transfer agency agreement for providing personnel and
facilities to perform transfer agency services for the Fund. During the
period ended March 31, 1998, the Fund was charged $44,814, pursuant to the
transfer agency agreement.
(C) Each director who is not an "affiliated person" as defined in the Act
receives from the Fund an annual fee of $1,000. The Chairman of the Board
receives an additional 25% of such compensation.
Registration Mark
[Dreyfus lion "d" logo]
DREYFUS CONNECTICUT MUNICIPAL
MONEY MARKET FUND, INC.
200 Park Avenue
New York, NY 10166
MANAGER
The Dreyfus Corporation
200 Park Avenue
New York, NY 10166
CUSTODIAN
The Bank of New York
90 WashingtonStreet
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
Dreyfus Transfer, Inc.
P.O. Box 9671
Providence, RI 02940
Printed in U.S.A. 101SA983
Registration Mark
[Dreyfus logo]
Connecticut
Municipal Money
Market Fund, Inc.
Semi-Annual
Report
March 31, 1998
