DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
LETTER TO SHAREHOLDERS
Dear Shareholder:
We are pleased to provide you with this report on the Dreyfus Michigan
Municipal Money Market Fund, Inc. For its semi-annual reporting period ended
March 31, 1996, your Fund provided an annualized yield of 3.04%. Income
dividends exempt from Federal and State of Michigan personal income taxes of
approximately $.015 per share were paid to shareholders.* Reinvesting these
dividends and calculating the effect of compounding resulted in an annualized
effective yield of 3.08%.**
THE ECONOMY
Fresh signs of economic growth appeared in the first quarter of this
year. There were encouraging reports of strength in the housing market _
sales of new homes and new home construction surged in February. Factory
orders increased and order backlogs rose in January for the fifth consecutive
month. On the consumer level, retail sales were marginally stronger although
consumer installment debt remained at near-record proportions as a percentage
of disposable income. Presently, there are indications that the labor market
may be tightening. Employment is rising and initial claims for unemployment
insurance are lessening. Some increases in real wages may result, a
possibility well worth noting since worker wages are emerging as a political
issue in this year's election. These favorable economic reports caused
long-term interest rates to rise sharply during the last quarter.
Apparently satisfied with the pace of economic growth, the Federal
Reserve Board left the Federal Funds rate unchanged in March. Over the past
12 months, the Fed has reduced the level of short-term interest rates three
times to spur the sluggish economy, the last reduction occurring on January
31, 1996. On that date, the Fed eased the Federal Funds rate to its present
level of 5.25%.
MARKET ENVIRONMENT
The short-term municipal market certainly is influenced by any Federal
Reserve Board decision to alter interest rates; however, market technicals
(i.e., supply/demand) were the overriding factor affecting the yields that
prevailed throughout this period. By Fall 1995, rates on short-term issues
had settled into a trading range. A steady interchange of variable rate
demand notes (VRDNs) between corporate holders and municipal money market
funds kept rates on these securities attractive, which resulted in an
inverted yield curve (rates on shorter maturities were higher than rates on
longer issues) during most of the season.
Despite the Fed's easing move in early December, rates on VRDNs trended
even higher toward year-end. That was a seasonal occurrence (as previous
years have demonstrated) which reverses dramatically in January as cash
returns to the money market arena. The "January effect" leads to a high
increase in demand for VRDNs and, accordingly, a substantial yield drop on
these issues as well. The unusually large asset inflows abated by late
January, thereby lessening the high demand for VRDNs and serving to restore
stability to short-term yields.
Technical factors should once again play a significant role in the
short-term municipal market since tax-free money market funds usually
experience outflows as individuals redeem shares to meet tax payment needs.
The decreased demand for short-term securities that follows often places
temporary upward pressure on VRDN yields. Historically, a high percentage of
these redemptions have been experienced in national money market funds, and
typically, state-specific money market fund cash flows have remained
relatively stable throughout the period. If there is no need to sell
higher-yielding demand notes to meet redemption needs, state-specific funds
such as yours potentially can derive a temporary benefit of higher yields on
VRDNs from this seasonal occurrence.
PORTFOLIO ACTIVITY
With the inverted yield curve, daily and weekly demand notes yielded
moderately more than both commercial paper and longer-term notes through most
of the period. Our investment strategy in late 1995 involved lengthening the
portfolio's maturity, when possible, in order to lock in rates that we felt
would outperform variable rate notes early in 1996.
The commercial paper and one-year note markets typically provide the
primary means for us to extend. An additional buying opportunity presented
itself in February with a $900 million financing by the State of Michigan.
However, our success in achieving the desired average maturity remained
limited due to a scarcity of other high quality Michigan tax exempt issues
from which to choose. As a result, your Portfolio's current average maturity
still leaves room to extend should a change in market or supply conditions
warrant.
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 The Dreyfus Corporation.
Very truly yours,
[Richard J. Moynihan signature logo]
Richard J. Moynihan
Director, Municipal Portfolio Management
The Dreyfus Corporation
April 15, 1996
New York, N.Y.
* Some income may be subject to the Federal Alternative Minimum Tax (AMT)
for certain shareholders.
**Annualized effective yield is based upon dividends declared daily and
reinvested monthly.
<TABLE>
<CAPTION>
DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS MARCH 31, 1996 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS_100.0% AMOUNT VALUE
__________ __________
<S> <C> <C>
MICHIGAN_98.0%
Birmingham, EDR, VRDN (Brown Street Association Project)
3.625% (LOC; Bankers Trust) (a,b)....................................... $2,000,000 $2,000,000
Bruce Township Hospital Finance Authority, Health Care Systems Revenue
(Sisters of Charity-Saint Joseph)
3.70%, 5/1/96 (BPA; Morgan Guaranty Trust Co. and Insured; MBIA)........ 1,500,000 1,500,000
Cornell Township Economic Development Corporation, IDR, Refunding, CP
(Mead-Escambia Paper Co.) 3.20%, 4/9/96 (LOC; Credit Suisse) (b)........ 1,140,000 1,140,000
Delta County Economic Development Corporation, EIR (Mead-Escambia Paper Co.)
CP
3.25%, Series A, 5/14/96 (LOC; Swiss Bank Corp.) (b).................... 2,400,000 2,400,000
City of Detroit, Revenue, Refunding 3.75%, 5/1/96 (Insured; AMBAC).......... 3,500,000 3,501,627
City of Detroit School District, SAAN (Wayne County) 4.50%, 5/1/96.......... 5,000,000 5,002,590
Kalamazoo County City School District, SAAN 4.50%, 4/1/96................... 2,000,000 2,000,000
Kalamazoo County Economic Development Corporation, Industrial and EDR, VRDN
(WBC Properties Limited Project) 3.60% (LOC; Old Kent Bank and Trust) (a,b) 3,000,000 3,000,000
Kent Hospital Finance Authority, Hospital Facility Revenue, VRDN (Butterworth
Hospital)
3.75%, Series A (LOC; Sanwa Bank) (a,b)................................. 1,300,000 1,300,000
State of Michigan, GO Notes 4%, 9/30/96..................................... 4,000,000 4,015,180
Michigan Hospital Finance Authority, VRDN (Hospital Loan Equipment Program)
3.55% (LOC; First America Bank) (a,b)................................... 2,000,000 2,000,000
Michigan Housing Development Authority, LOR, Refunding, VRDN
(Harbortown Limited Divide Project) 3.425% (LOC; Bankers Trust) (a,b)... 1,000,000 1,000,000
Michigan Municipal Bond Authority, Notes 5%, Series B, 5/3/96............... 5,000,000 5,003,143
Michigan Strategic Fund:
LOR, VRDN:
3.65%, Series C-1 (LOC; Comerica Bank) (a,b).......................... 1,950,000 1,950,000
(Fritz and Caroline Huebner Trust/Plascore)
3.65%, Series B-2 (LOC; Comerica Bank) (a,b)...................... 825,000 825,000
(K&M Machine Fabric) 3.65%, Series A-4 (LOC; Comerica Bank) (a,b)..... 750,000 750,000
Refunding (Louisiana-Pacific Corp.) 3.45% (LOC; Wachovia Bank) (a,b).. 2,600,000 2,600,000
(Thorn Apple Valley Inc. Project) 3.65% (LOC; Old Kent Bank and Trust) (a,b) 2,600,000 2,600,000
PCR, CP (Dow Chemical Co. Project):
3.30%, 5/24/96 (Corp. Guaranty; Dow Chemical Co.)..................... 2,000,000 2,000,000
3.45%, 7/17/96 (Corp. Guaranty; Dow Chemical Co.)..................... 1,000,000 1,000,000
Midland County Economic Development Corporation, Economic Development, LOR,
VRDN (Dow Chemical Co. Project)
3.80%, Series A (Corp. Guaranty; Dow Chemical Co.) (a).................. 1,500,000 1,500,000
Monroe County Economic Development Corporation, LOR, Refunding, VRDN
(Detroit Edison) 3.65% (LOC; Barclays Bank) (a,b)....................... 1,500,000 1,500,000
DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF INVESTMENTS (CONTINUED) MARCH 31, 1996 (UNAUDITED)
PRINCIPAL
TAX EXEMPT INVESTMENTS (CONTINUED) AMOUNT VALUE
___________ ___________
MICHIGAN (CONTINUED)
Sterling Heights Economic Development Corporation, LOR, Refunding, VRDN
(Sterling Shopping Center) 3.50% (LOC; National Bank of Detroit) (a,b).. $ 1,435,000 $ 1,435,000
U.S. RELATED_2.0%
Puerto Rico Industrial and Environmental Pollution Control Facilities
Financing
Authority, Revenue 3.60%, 12/1/96 (LOC; Morgan Guaranty Trust Co.) (b).. 1,000,000 1,001,293
_________
TOTAL INVESTMENTS (cost $51,023,833)........................................ $51,023,833
============
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF ABBREVIATIONS
<S> <C> <S> <C>
AMBAC American Municipal Bond Assurance Corporation LOC Letter of Credit
BPA Bond Purchase Agreement LOR Limited Obligation Revenue
CP Commercial Paper MBIA Municipal Bond Investors Assurance
EDR Economic Development Revenue Insurance Corporation
EIR Environment Improvement Revenue PCR Pollution Control Revenue
GO General Obligation SAAN State Aid Anticipation Notes
IDR Industrial Development Revenue VRDN Variable Rate Demand Notes
</TABLE>
<TABLE>
<CAPTION>
SUMMARY OF COMBINED RATINGS
FITCH (C) OR MOODY'S OR STANDARD & POOR'S PERCENTAGE OF VALUE
_____ ______________ _________________ _____________________
<S> <C> <C> <C>
F1+/F1 VMIG1/MIG1, P1 (d) SP1+/SP1, A1+/A1 (d) 80.2%
AAA/AA (e) Aaa/Aa (e) AAA/AA (e) 7.1
Not Rated (f) Not Rated (f) Not Rated (f) 12.7
______
100.0%
========
</TABLE>
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, 1996, 48.8% of the Fund's
net assets are backed by letters of credit issued by domestic banks and
foreign banks, of which Old Kent Bank and Trust provided letters of
credit to 10.7% of the Fund's net assets.
(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 March 31, 1996, the Fund had $16,975,000 (32.5% of net assets)
invested in securities whose payment of principal and interest is
dependent upon revenues generated from industrial projects.
See independent accountants' review report and notes to financial statements.
<TABLE>
<CAPTION>
DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES MARCH 31, 1996 (UNAUDITED)
<S> <C> <C>
ASSETS:
Investments in securities, at value_Note 1(a).......................... $51,023,833
Cash.................................................................... 631,006
Interest receivable..................................................... 634,772
Prepaid expenses........................................................ 21,010
___________
52,310,621
LIABILITIES:
Due to The Dreyfus Corporation and subsidiaries......................... $ 13,434
Accrued expenses and other liabilities.................................. 51,565 64,999
___________ ___________
NET ASSETS.................................................................. $52,245,622
=============
REPRESENTED BY:
Paid-in capital......................................................... $52,288,439
Accumulated net realized (loss) on investments.......................... (42,817)
___________
NET ASSETS at value applicable to 52,288,439 outstanding shares of
Common Stock, equivalent to $1.00 per share
(1 billion shares of $.001 par value authorized)........................ $52,245,622
=============
STATEMENT OF OPERATIONS SIX MONTHS ENDED MARCH 31, 1996 (UNAUDITED)
INVESTMENT INCOME:
INTEREST INCOME......................................................... $ 1,049,582
EXPENSES:
Management fee_Note 2(a).............................................. $136,897
Shareholder servicing costs_Note 2(b)................................. 45,233
Auditing fees......................................................... 18,532
Legal fees............................................................ 10,876
Prospectus and shareholders' reports.................................. 4,452
Directors' fees and expenses_Note 2(c)................................ 4,319
Custodian fees........................................................ 2,840
Registration fees..................................................... 1,348
Miscellaneous......................................................... 2,632
________
TOTAL EXPENSES.................................................. 227,129
Less_reduction in management fee due to
undertakings_Note 2(a)............................................ 14,534
________
NET EXPENSES.................................................... 212,595
_________
INVESTMENT INCOME_NET, representing net increase in
net assets resulting from operations.................................... $ 836,987
==========
See independent accountants' review report and notes to financial statements.
DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED SIX MONTHS ENDED
SEPTEMBER 30, MARCH 31, 1996
1995 (UNAUDITED)
_____________ _______________
OPERATIONS:
Investment income_net................................................... $ 2,038,221 $ 836,987
Net realized (loss) on investments...................................... (1,174) ___
_____________ _______________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. 2,037,047 836,987
_____________ _______________
DIVIDENDS TO SHAREHOLDERS FROM;
Investment income_net.................................................. (2,038,221) (836,987)
_____________ _______________
CAPITAL STOCK TRANSACTIONS ($1.00 per share):
Net proceeds from shares sold........................................... 68,516,307 14,995,696
Dividends reinvested.................................................... 1,698,385 748,172
Cost of shares redeemed................................................. (71,775,659) (22,073,467)
_____________ _______________
(DECREASE) IN NET ASSETS FROM CAPITAL STOCK TRANSACTIONS.............. (1,560,967) (6,329,599)
_____________ _______________
TOTAL (DECREASE) IN NET ASSETS.................................... (1,562,141) (6,329,599)
NET ASSETS:
Beginning of period..................................................... 60,137,362 58,575,221
_____________ _______________
End of period........................................................... $ 58,575,221 $ 52,245,622
============== ==============
See independent accountants' review report and 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 period indicated. This
information has been derived from the Fund's financial statements.
SIX MONTHS ENDED
YEAR ENDED SEPTEMBER 30, MARCH 31, 1996
_________________________________________________________
PER SHARE DATA: 1991 1992 1993 1994 1995 (UNAUDITED)
_______ ______ _______ ______ ______ ____________
<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................ .051 .031 .021 .022 .033 .015
_______ ______ _______ ______ ______ _______
DISTRIBUTIONS;
Dividends from investment income_net.. (.051) (.031) (.021) (.022) (.033) (.015)
_______ ______ _______ ______ ______ _______
Net asset value, end of period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======= ======= ======= ========
TOTAL INVESTMENT RETURN................... 5.19% 3.17% 2.11% 2.25% 3.35% 3.05%*
RATIOS/SUPPLEMENTAL DATA:
Ratio of expenses to average net assets .03% .41% .58% .53% .65% .77%*
Ratio of net investment income to
average net assets.................. 4.87% 3.18% 2.09% 2.21% 3.30% 3.05%*
Decrease reflected in above expense ratios
due to undertakings by the Manager.. .74% .33% .20% .20% .11% .05%*
Net Assets, end of period (000's Omitted) $102,707 $83,025 $72,957 $60,137 $58,575 $52,246
* Annualized.
See independent accountants' review report and notes to financial statements.
</TABLE>
DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1_SIGNIFICANT ACCOUNTING POLICIES:
Dreyfus Michigan 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 Michigan 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. (the "Distributor") acts as 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 of $1.00.
On April 17, 1996, the Fund's Board of Directors approved, subject to
approval by the shareholders of the Fund, an Agreement and Plan of
Reorganization providing for the transfer of all or substantially all of the
assets, subject to liabilities, of the Fund in exchange for an equal amount
of shares of common stock of Dreyfus Municipal Money Market Fund, Inc. and
the assumption of stated liabilities. It is intended that the transaction
constitute a tax-free reorganization under the Internal Revenue Code.
(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. 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, 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
DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
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.
At March 31, 1996, 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 value
of the Fund's average daily 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, 1995 through January 31, 1996 to reduce the
management fee paid by the Fund, to the extent that the Fund's aggregate
expenses (exclusive of certain expenses as described above) exceeded
specified annual percentages of the Fund's average daily net assets. The
reduction in the management fee, pursuant to the undertakings, amounted to
$14,534 for the six months ended March 31, 1996.
(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 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 six months ended March 31, 1996, the Fund was charged an aggregate
of $16,711 pursuant to the Shareholder Services Plan.
Effective December 1, 1995, 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. Such compensation amounted to $10,650 for the period from
December 1, 1995 through March 31, 1996.
(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.
REVIEW REPORT OF ERNST & YOUNG LLP, INDEPENDENT ACCOUNTANTS
SHAREHOLDERS AND BOARD OF DIRECTORS
DREYFUS MICHIGAN MUNICIPAL MONEY MARKET FUND, INC.
We have reviewed the accompanying statement of assets and liabilities of
Dreyfus Michigan Municipal Money Market Fund, Inc., including the statement
of investments, as of March 31, 1996, and the related statements of
operations and changes in net assets and financial highlights for the six
month period ended March 31, 1996. These financial statements and financial
highlights are the responsibility of the Fund's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures
to financial data, and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with generally accepted auditing standards, which
will be performed for the full year with the objective of expressing an
opinion regarding the financial statements and financial highlights taken as
a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the interim financial statements and financial highlights
referred to above for them to be in conformity with generally accepted
accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the statement of changes in net assets for the year ended
September 30, 1995 and financial highlights for each of the five years in the
period ended September 30, 1995 and in our report dated November 2, 1995, we
expressed an unqualified opinion on such statement of changes in net assets
and financial highlights.
[Ernst & Young LLP signature logo]
New York, New York
April 29, 1996
[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
Dreyfus Transfer, Inc.
One American Express Plaza
Providence, RI 02903
Further information is contained
in the Prospectus, which must
precede or accompany this report.
Printed in U.S.A. 102SA963
[Dreyfus logo]
Michigan Municipal
Money Market
Fund, Inc.
Semi-Annual
Report
March 31, 1996
