DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
The Federal Reserve Board relaxed its policy of monetary restraint in
July 1995 when it modestly lowered the Fed Funds rate. This reduction ended
the upward pressure on short-term rates that had prevailed since the
beginning of 1994. The Fed's restraint had been based on concern about a
resurgence of inflation, given the strong economic news then prevailing. But
in July, reports indicated a significant weakening trend in the economy. The
July reduction in the Fed Funds rate signaled that economic growth issues
outweighed, for a time, Federal Reserve fears of a resurgence of inflation.
The Fed's easing was limited to a lowering of the Fed Funds rate by 25 basis
points; the discount rate remained at 5.25% - its level for most of 1995. For
the 12-month reporting period ended September 30, 1995, your Fund provided a
yield of 3.30%. For investors in Michigan's highest income tax bracket, this
equates to a taxable equivalent yield of 5.90%.* Income dividends of
approximately $.033 per share were paid during the period. Reinvesting these
dividends and calculating the effect of this compounding resulted in an
effective yield of 3.35%.** These dividends were exempt from Federal,
Michigan and Detroit personal income taxes, although some income may be
subject to the Federal Alternative Minimum Tax (AMT) for certain
shareholders.
THE ECONOMY
The Fed easing was triggered by concern about the weakening economy.
Economic reports indicated flagging home and auto sales, and a decline in new
home construction from earlier this year. Furthermore, rising business
inventories (a frequent harbinger of a business slowdown) and weakening
retail sales lent additional credibility to the case for easier credit
conditions. By midyear, jobless claims were also on the rise. More recently,
however, some indicators have reflected economic strength. Inflation is
moderate, but various sectors of the economy such as consumer spending and
housing appear to be picking up. It is expected that the stronger numbers
will forestall any immediate easing by the Federal Reserve Board.
Nevertheless, one should not rule out the possibility of another Fed move
before year-end.
MARKET ENVIRONMENT
While market fundamentals do affect the short-term municipal market, the
overriding influence continues to be market technicals (i.e., supply/demand).
Since the rates on those securities in the portfolio that provide the highest
degree of liquidity (1-day and 7-day demand notes) are adjusted on a daily or
weekly basis, your Fund's yield reflects these rapid adjustments and
fluctuates accordingly. One example of these seasonal adjustments occurred in
late June and early July as demand exceeded supply, and short-term yields on
municipal issues dropped accordingly. Apart from seasonal considerations,
monthly technicals can also occur, resulting in temporary declines in yields.
Available supply evaporates quickly as interest payments and proceeds of bond
maturities flow into money market funds during the first days of each month.
Primarily for these reasons, the yields of municipal money market funds tend
to seesaw during these time periods. In yet another example of seasonal
influences, the coming weeks may provide a window of opportunity, as year-end
technicals are expected to temporarily soften short-term rates.
THE PORTFOLIO
In the wake of the Orange County, California bankruptcy filing in
December 1994, we continue to be even more vigilant in using our credit
research facilities to locate those credits that meet our high internal
standards and that can provide your Fund with attractive returns. As
Michigan-exempt issues meeting these guidelines have become available, we
have extended the Fund's maturity in an effort to enhance your Fund's yield.
Given the potential for temporary market weakness in December, we anticipate
extending your Fund's average maturity, when advantageous, in expectation of a
decline in yields after the New Year. Our primary tasks - to preserve
principal, to invest in those issues that meet our high quality standards,
and to maintain a balance of income and liquidity consistent with our
conservative management philosophy - continue to guide our portfolio
management decisions.
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 appreciate greatly your continued confidence in the Fund
and in Dreyfus.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
October 9, 1995
New York, N.Y.
* Tax equivalency includes highest combined Federal, Michigan State and
Detroit tax rate, after giving effect to State tax benefit (44.07%).
* Effective yield is based upon dividends declared daily and reinvested
monthly.
<TABLE>
<CAPTION>
DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS SEPTEMBER 30, 1995
PRINCIPAL
TAX EXEMPT INVESTMENTS-100.0% AMOUNT VALUE
------------- -------------
<S> <C> <C>
Birmingham, EDR, VRDN (Brown Street Association Project)
4.775% (LOC; Bankers Trust) (a,b)....................................... $ 2,000,000 $ 2,000,000
Delta County Economic Development Corporation, EIR (Mead-Escambia Paper Co.):
Refunding, CP 3.70%, Series A, 10/18/95 (LOC; Swiss Bank Corp.) (b)..... 1,500,000 1,500,000
VRDN 4.60% (LOC; Union Bank of Switzerland) (a,b)....................... 1,400,000 1,400,000
City of Detroit School District, SAAN (Wayne County) 4.50%, 5/1/96.......... 5,000,000 5,018,385
City of Kalamazoo, TAN 6%, 12/31/95......................................... 2,500,000 2,510,072
Kalamazoo County City School District, SAAN 4.50%, 4/1/96................... 2,000,000 2,008,775
Kalamazoo County Economic Development Corporation, Industrial and Economic
Development Revenue, VRDN (WBC Properties Limited Project)
4.50% (LOC; Old Kent Bank and Trust) (a,b).............................. 3,000,000 3,000,000
Michigan Building Authority, Revenue, Refunding 5.20%, Series I, 10/1/95.... 1,000,000 1,000,000
Michigan Higher Education Student Loan Authority, Revenue, Refunding, VRDN
(Series XII-B) 4.45% (Insured; AMBAC and SBPA; Kredietbank) (a)......... 2,000,000 2,000,000
Michigan Hospital Finance Authority, HR, VRDN (Hospital Loan Equipment
Program)
4.45% (LOC; First America Bank) (a,b)................................... 2,100,000 2,100,000
Michigan Housing Development Authority, LOR, Refunding, VRDN
(Harbortown Limited Divide Project) 4.525% (LOC; Bankers Trust) (a,b)... 1,000,000 1,000,000
Michigan Job Development Authority, PCR, VRDN
(Mazda Motor Manufacturing USA Corp. Project)
4.25% (LOC; Sumitomo Bank) (a,b)........................................ 3,000,000 3,000,000
Michigan Municipal Bond Authority, Revenue, Notes 5%, Series B, 5/3/96...... 5,000,000 5,021,117
Michigan Strategic Fund:
CP (Dow Chemical Co. Project):
3.90%, 11/9/95 (Corp. Guaranty; Dow Chemical Co.)..................... 2,000,000 2,000,000
Small Business Revenue 3.80%, 12/8/95 (Corp. Guaranty; Dow Chemical Co.) 1,000,000 1,000,000
LOR, VRDN:
4.50%, Series C-1 (LOC; Comerica Bank) (a,b).......................... 2,200,000 2,200,000
(Consumer Power Project)
4.45%, Series A (LOC; Union Bank of Switzerland) (a,b)............ 1,000,000 1,000,000
(Dow Chemical Co. Project) 4.75% (Corp. Guaranty; Dow Chemical Co.) (a) 900,000 900,000
(Fritz and Caroline Huebner Trust/Plascore)
4.50%, Series B-2 (LOC; Comerica Bank) (a,b)...................... 900,000 900,000
(Hi-Lex Controls Inc. Project) 4.50% (LOC; Bank of Tokyo) (a,b)....... 2,900,000 2,900,000
(K&M Machine Fabric) 4.50%, Series A-4 (LOC; Comerica Bank) (a,b)..... 1,000,000 1,000,000
Refunding (Lousiana-Pacific Corp.) 4.40% (LOC; Wachovia Bank) (a,b)... 2,600,000 2,600,000
(Thorn Apple Valley Inc. Project) 4.70% (LOC; Old Kent Bank and Trust) (a,b) 2,600,000 2,600,000
Midland County Economic Development Corporation, Economic Development,
LOR, VRDN (Dow Chemical Co. Project)
4.60%, Series A (Corp. Guaranty; Dow Chemical Co.) (a).................. 4,500,000 4,500,000
DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 1995
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
------------- -------------
Sterling Heights Economic Development Corporation, LOR, Refunding,
VRDN (Sterling Shopping Center) 4.35% (LOC; National Bank of Detroit) (a,b) $ 1,455,000 $ 1,455,000
------------
TOTAL INVESTMENTS (cost $54,613,349)........................................ $54,613,349
==========
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation LOR Limited Obligation Revenue
CP Commercial Paper PCR Pollution Control Revenue
EDR Economic Development Revenue SAAN State Aid Anticipation Notes
EIR Environment Improvement Revenue SBPA Standby Bond Purchase Agreement
HR Hospital Revenue TAN Tax Anticipation Notes
LOC Letter of Credit VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS (UNAUDITED)
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
- ---------- ---------- ------------------ ---------------------
<S> <C> <S> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 78.7%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 15.8
Not Rated (f) Not Rated (f) Not Rated (f) 5.5
-------
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 September 30, 1995, 48.9% of the
Fund's net assets are backed by letters of credit issued by domestic
banks, foreign banks and brokerage firms.
(c) Fitch currently provides creditworthiness information for a limited
number of investments.
(d) P1 and A1 are the highest ratings assigned tax-exempt commercial
paper by Moody's and Standard & Poor's, respectively.
(e) Notes which are not F, MIG or SP rated are represented by bond
ratings of the issuers.
(f) Securities which, while not rated by Fitch, Moody's or Standard &
Poor's have been determined by the Fund's Board of Directors to be of
comparable quality to those rated securities in which the Fund may
invest.
(g) At September 30,1995, the Fund had $20,755,000 (35.4% of net assets)
invested in securities whose payment of principal and interest is
dependent upon revenues generated from industrial projects.
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1995
<S> <C> <C>
ASSETS:
Investments in securities, at value-Note 1(a)........................... $54,613,349
Cash.................................................................... 3,558,049
Interest receivable..................................................... 474,632
Prepaid expenses........................................................ 6,671
---------
58,652,701
LIABILITIES:
Due to The Dreyfus Corporation.......................................... $24,277
Accrued expenses and other liabilities.................................. 53,203 77,480
------- --------
NET ASSETS ................................................................ $58,575,221
==========
REPRESENTED BY:
Paid-in capital......................................................... $58,618,038
Accumulated net realized (loss) on investments.......................... (42,817)
----------
NET ASSETS at value applicable to 58,618,038 shares outstanding
(1 billion shares of $.001 par value Common Stock authorized)........... $58,575,221
===========
NET ASSET VALUE, offering and redemption price per share
($58,575,221 / 58,618,038 shares)....................................... $1.00
=====
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF OPERATIONS YEAR ENDED SEPTEMBER 30, 1995
<S> <C> <C>
INVESTMENT INCOME:
INTEREST INCOME......................................................... $2,445,081
EXPENSES:
Management fee-Note 2(a).............................................. $308,404
Shareholder servicing costs-Note 2(b)................................. 81,566
Auditing fees......................................................... 31,227
Legal fees............................................................ 13,979
Directors' fees and expenses-Note 2(c)................................ 7,858
Custodian fees........................................................ 6,097
Prospectus and shareholders' reports.................................. 4,254
Registration fees..................................................... 3,122
Miscellaneous......................................................... 12,889
---------
469,396
Less-reduction in management fee due to
undertakings-Note 2(a)............................................ 62,536
--------
TOTAL EXPENSES.................................................. 406,860
--------
INVESTMENT INCOME-NET....................................................... 2,038,221
NET REALIZED (LOSS) ON INVESTMENTS-NOTE 1(B)................................ (1,174)
--------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS........................ $2,037,047
==========
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SEPTEMBER 30,
--------------------------------
1994 1995
------------- -------------
<S> <C> <C>
OPERATIONS:
Investment income-net................................................... $ 1,512,802 $ 2,038,221
Net realized (loss) on investments...................................... (36,398) (1,174)
Net unrealized (depreciation) on investments for the year............... (835) --
------------- -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 1,475,569 2,037,047
------------- -------------
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income-net................................................... (1,512,802) (2,038,221)
------------- -------------
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................... 73,677,034 68,516,307
Dividends reinvested.................................................... 1,317,328 1,698,385
Cost of shares redeemed................................................. (87,777,102) (71,775,659)
------------- -------------
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS.............. (12,782,740) (1,560,967)
------------- -------------
TOTAL (DECREASE) IN NET ASSETS.................................. (12,819,973) (1,562,141)
NET ASSETS:
Beginning of year....................................................... 72,957,335 60,137,362
------------- -------------
End of year............................................................. $ 60,137,362 $ 58,575,221
=========== =============
See notes to financial statements.
</TABLE>
<TABLE>
<CAPTION>
DREYFUS MICHIGAN 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 year indicated. This information
has been derived from the Fund's financial statements.
YEAR ENDED SEPTEMBER 30,
-------------------------------------------------------
PER SHARE DATA: 1991 1992 1993 1994 1995
-------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year........... $1.0000 $1.0000 $ .9999 $ .9999 $ .9993
-------- -------- -------- -------- ---------
INVESTMENT OPERATIONS:
Investment income-net........................ .0507 .0313 .0209 .0222 .0330
Net realized and unrealized (loss) on investments -- (.0001) -- (.0006) --
-------- -------- -------- -------- ---------
TOTAL FROM INVESTMENT OPERATIONS........... .0507 .0312 .0209 .0216 .0330
-------- -------- -------- -------- ---------
DISTRIBUTIONS;
Dividends from investment income-net......... (.0507) (.0313) (.0209) (.0222) (.0330)
-------- -------- -------- -------- ---------
Net asset value, end of year................. $1.0000 $ .9999 $ .9999 $ .9993 $ .9993
======== ======== ======== ======== ========
TOTAL INVESTMENT RETURN.......................... 5.19% 3.17% 2.11% 2.25% 3.35%
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets...... .03% .41% .58% .53% .65%
Ratio of net investment income to average net assets 4.87% 3.18% 2.09% 2.21% 3.30%
Decrease reflected in the above expense ratios due to
undertakings by the Manager................ .74% .33% .20% .20% .11%
Net Assets, end of year (000's Omitted)...... $102,707 $83,025 $72,957 $60,137 $58,575
See notes to financial statements.
</TABLE>
DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act of 1940 ("Act")
as a non-diversified open-end management investment company. Premier Mutual
Fund Services, Inc. (the "Distributor") acts as the distributor of the Fund's
shares, which are sold to the public without a sales charge. The Distributor,
located at One Exchange Place, Boston, Massachusetts 02109, is a wholly-owned
subsidiary of FDI Distribution Services, Inc., a provider of mutual fund
administration services, which in turn is a wholly-owned subsidiary of FDI
Holdings, Inc., the parent company of which is Boston Institutional Group,
Inc. The Dreyfus Corporation ("Manager") serves as the Fund's investment
adviser. The Manager is a direct subsidiary of Mellon Bank, N.A.
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 of $1.00.
(A) PORTFOLIO VALUATION: Investments 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.
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, if any, 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 $42,000
available for Federal income tax purposes to be applied against future net
securities profits, if any, realized subsequent to September 30, 1995. The
carryover does not include net realized securities losses from November 1,
1994 through September 30, 1995, which are treated, for Federal income tax
purposes, as arising in fiscal 1996. If not applied, $1,000 of the carryover
expires in fiscal 2000, $4,000 expires in fiscal 2001, $1,000 expires in
fiscal 2002 and $36,000 expires in fiscal 2003.
DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
At September 30, 1995, 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).
NOTE 2-MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES:
(A) Pursuant to a management agreement ("Agreement") with the Manager,
the management fee is computed at the annual rate of .50 of 1% of the average
daily value of the Fund's net assets and is payable monthly. The Agreement
provides for an expense reimbursement from the Manager should the Fund's
aggregate expenses, exclusive of taxes, brokerage, interest on borrowings and
extraordinary expenses, exceed the expense limitation of any state having
jurisdiction over the Fund for any full fiscal year. However, the Manager had
undertaken, from October 1, 1994 through July 10, 1995 to reduce the
management fee paid by the Fund, to the extent that the Fund's aggregate
expenses (excluding certain expenses as described above) exceeded specified
annual percentages of the Fund's average daily net assets. The Manager has
currently undertaken through December 31, 1995 to reduce the management fee
paid by, or reimburse such excess expenses of the Fund, to the extent that
the Fund's aggregate annual expenses (exclusive of certain expenses as
described above) exceed an annual rate of .70 of 1% of the average daily
value of the Fund's net assets. The reduction in management fee, pursuant to
the undertakings, amounted to $62,536 for the year ended September 30, 1995.
The undertaking may be modified by the Manager from time to time,
provided that the resulting expense reimbursement would not be less than the
amount required pursuant to the Agreement.
(B) Pursuant to the Fund's 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 year ended September 30, 1995, the Fund was charged an aggregate
of $31,245 pursuant to the Shareholder Services Plan.
(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.
DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
We have audited the accompanying statement of assets and liabilities of
Dreyfus Michigan Municipal Money Market Fund, Inc., including the statement
of investments, as of September 30, 1995, and the related statement of
operations for the year then ended, the statement of changes in net assets
for each of the two years in the period then ended, and financial highlights
for each of the years indicated therein. These financial statements and
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of September 30, 1995 by correspondence with the custodian.
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 Dreyfus Michigan Municipal Money Market Fund, Inc. at September
30, 1995, the results of its operations for the year then ended, the changes
in its net assets for each of the two years in the period then ended, and the
financial highlights for each of the indicated years, in conformity with
generally accepted accounting principles.
[Ernst and Young LLP signature logo]
New York, New York
November 2, 1995
IMPORTANT TAX INFORMATION (UNAUDITED)
In accordance with Federal tax law, the Fund hereby designates all the
dividends paid from investment income-net during the fiscal year ended
September 30, 1995 as "exempt-interest dividends" (not subject to regular
Federal and, for individuals who are Michigan residents, Michigan personal
income taxes).
[Dreyfus lion "d" logo]
DREYFUS MICHIGAN 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 Washington Street
New York, NY 10286
TRANSFER AGENT &
DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
P.O. Box 9671
Providence, RI 02940
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 102AR959
[Dreyfus logo]
Michigan Municipal
Money Market
Fund, Inc.
Annual Report
September 30, 1995
