UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number | 811- 2946 |
| |
| Dreyfus Municipal Money Market Fund, Inc. | |
| (Exact name of Registrant as specified in charter) | |
| | |
| c/o The Dreyfus Corporation 200 Park Avenue New York, New York 10166 | |
| (Address of principal executive offices) (Zip code) | |
| | |
| John Pak, Esq. 200 Park Avenue New York, New York 10166 | |
| (Name and address of agent for service) | |
|
Registrant's telephone number, including area code: | (212) 922-6000 |
| |
Date of fiscal year end: | 5/31 | |
Date of reporting period: | 5/31/15 | |
| | | | | | | |
FORM N-CSR
Item 1. Reports to Stockholders.
|
| Dreyfus |
| Municipal Money |
| Market Fund, Inc. |
ANNUAL REPORT May 31, 2015
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The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views.These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.
| | Contents |
| | THE FUND |
| 2 | A Letter from the President |
| 3 | Discussion of Fund Performance |
| 6 | Understanding Your Fund’s Expenses |
| 6 | Comparing Your Fund’s Expenses With Those of Other Funds |
| 7 | Statement of Investments |
| 20 | Statement of Assets and Liabilities |
| 21 | Statement of Operations |
| 22 | Statement of Changes in Net Assets |
| 23 | Financial Highlights |
| 24 | Notes to Financial Statements |
| 31 | Report of Independent Registered Public Accounting Firm |
| 32 | Important Tax Information |
| 33 | Board Members Information |
| 36 | Officers of the Fund |
| | FOR MORE INFORMATION |
| | Back Cover |
Dreyfus Municipal
Money Market Fund, Inc.
The Fund
A LETTER FROM THE PRESIDENT
Dear Shareholder:
We are pleased to present this annual report for Dreyfus Municipal Money Market Fund, covering the 12-month period from June 1, 2014, through May 31, 2015. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.
Longer term U.S. Treasury securities fared well over the first half of the reporting period when long-term interest rates fell amid robust demand from global investors, but returns moderated in early 2015 amid heightened market volatility stemming from renewed domestic economic concerns and expectation of higher short-term interest rates in the months ahead.Yet, yields of money market instruments remained steady throughout the reporting period, anchored near zero percent by an unchanged target for overnight interest rates.Yields also experienced downward pressure from robust demand for a relatively limited supply of money market-eligible instruments.
We remain optimistic regarding the outlook for the U.S. economy. We believe the domestic economic recovery has resumed after a winter soft patch, labor markets remain strong, energy prices have climbed from previous lows, and aggressively accommodative monetary policies from the world’s major central banks seem likely to address persistent global economic weakness. Nonetheless, we believe short-term interest rates may remain near current levels at least until later in 2015, and any eventual rate hikes may be gradual and modest. As always, we urge you to discuss these observations with your financial advisor, who can help you assess their implications for your investment portfolio.
Thank you for your continued confidence and support.
J. Charles Cardona
President
The Dreyfus Corporation
June 15, 2015
2
DISCUSSION OF FUND PERFORMANCE
For the period of June 1, 2014 through May 31, 2015, as provided by Colleen Meehan, Senior Portfolio Manager
Fund and Market Performance Overview
For the 12-month period ended May 31, 2015, Dreyfus Municipal Money Market Fund, Inc. produced a yield of 0.00%.Taking into account the effects of compounding, the fund produced an effective yield of 0.00%.1
An uneven economic recovery produced volatility for long-term interest rates over the reporting period, but short-term interest rates remained steady near historical lows as the Federal Reserve Board (the “Fed”) left unchanged its target for the federal funds rate. Consequently, yields of tax-exempt money market instruments remained near zero percent.
The Fund’s Investment Approach
The fund seeks as high a level of current income exempt from federal income tax as is consistent with the preservation of capital and the maintenance of liquidity.
In pursuing this objective, we employ two primary strategies. First, we normally attempt to add value by investing substantially all of the fund’s net assets in high-quality, short-term municipal obligations throughout the United States and its territories that provide income exempt from federal personal income tax. Second, we actively manage the fund’s average maturity based on our anticipation of supply-and-demand changes in the short-term municipal marketplace and interest-rate cycles while anticipating liquidity needs.
If we expect an increase in short-term supply, we may decrease the average maturity of the fund, which could enable us to take advantage of opportunities when short-term supply increases. Generally, yields tend to rise when there is an increase in new-issue supply competing for investor interest. New securities are generally issued with maturities in the one-year range, which in turn may lengthen the fund’s average maturity if purchased. If we anticipate limited new-issue supply, we may then look to
The Fund 3
DISCUSSION OF FUND PERFORMANCE (continued)
extend the fund’s average maturity to maintain then-current yields for as long as we believe practical.At other times, we try to maintain an average maturity that reflects our view of short-term, interest-rate trends and future supply-and-demand considerations.
Accommodative Fed Policy Kept Yields Low
The U.S. economy recovered strongly over the first half of the reporting period amid strengthening labor markets, low inflation, and increased manufacturing activity. Nonetheless, long-term interest rates defied many analysts’ expectations, falling due to a supply-and-demand imbalance when global investors seeking more competitive yields among sovereign bonds flocked to U.S.Treasury securities.This trend began to reverse over the reporting period’s second half: longer term interest rates drifted higher amid stronger-than-expected employment data and expectations of short-term rate hikes later this year. An economic soft patch during the winter of 2015 caused yields to moderate temporarily, but long-term rates resumed their climb when growth reaccelerated in the spring. Despite these developments, short-term rates remained steady near historical lows as the Fed maintained the federal funds rate in a range between 0% and 0.25%.
Meanwhile, technical factors generally proved favorable throughout the reporting period. Investor demand remained robust while the supply of new municipal money market instruments stayed low as tax receipts climbed and the need for short-term financing diminished. Despite isolated pockets of weakness, municipal credit quality generally continued to improve when many states and local governments balanced their budgets and replenished reserves. In particular, state general funds have shown consecutive quarters of growth in personal income taxes and sales taxes, both important sources of revenue.
Focus on Quality and Liquidity
As we have for some time, we retained the fund’s focus on instruments with strong liquidity characteristics, including variable rate demand notes (VRDNs) on which yields are reset weekly.As part of our risk management strategy, we maintained broad diversification across municipal issuers and instruments backed by third parties. For example, we have identified stable credits among state general obligation bonds;
4
essential-service revenue bonds issued by water, sewer, and electric enterprises; certain local credits with strong financial positions and stable tax bases; and various health care and education issuers.
We have continued to maintain a short weighted average maturity compared to historical averages, as narrow yield differences along the market’s maturity range provided little incentive to assume the incremental risks of longer dated instruments.
Fed: Neither Patient nor Impatient
The Fed has reiterated that “it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2%,” and “economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.” Therefore, while many analysts expect rate hikes to begin later this year, those increases are likely to be modest and gradual. Meanwhile, the outlook for higher yields and money market reforms could move the one-year note index off historical lows, and we will carefully monitor the upcoming note issuance season for evidence of this trend. As for now, in our judgment, the prudent course for fund management continues to be an emphasis on preservation of capital and liquidity.
June 15, 2015
An investment in the fund is not insured or guaranteed by the FDIC 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.
Short-term municipal securities holdings involve credit and liquidity risks and risk of principal loss.
|
| 1 Effective yield is based upon dividends declared daily and reinvested monthly. Past performance is no guarantee of |
| future results.Yields fluctuate. Income may be subject to state and local taxes, and some income may be subject to the |
| federal alternative minimum tax (AMT) for certain investors.Yields provided for the fund reflect the absorption of |
| certain fund expenses by The Dreyfus Corporation pursuant to a voluntary undertaking that may be extended, |
| terminated, or modified at any time. Had these expenses not been absorbed, fund yields would have been lower. |
The Fund 5
UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)
As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds.You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.
Review your fund’s expenses
The table below shows the expenses you would have paid on a $1,000 investment in Dreyfus Municipal Money Market Fund, Inc. from December 1, 2014 to May 31, 2015. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.
Expenses and Value of a $1,000 Investment
assuming actual returns for the six months ended May 31, 2015
| | |
| Expenses paid per $1,000† | $ | .50 |
| Ending value (after expenses) | $ | 1,000.00 |
COMPARING YOUR FUND’S EXPENSES
WITH THOSE OF OTHER FUNDS (Unaudited)
Using the SEC’s method to compare expenses
The Securities and Exchange Commission (SEC) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.
Expenses and Value of a $1,000 Investment
assuming a hypothetical 5% annualized return for the six months ended May 31, 2015
| | |
| Expenses paid per $1,000† | $ | .50 |
| Ending value (after expenses) | $ | 1,024.43 |
|
| † Expenses are equal to the fund’s annualized expense ratio of .10%, multiplied by the average account value over the |
| period, multiplied by 182/365 (to reflect the one-half year period). |
6
STATEMENT OF INVESTMENTS
May 31, 2015
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments—101.1% | Rate (%) | Date | Amount ($) | | Value ($) |
| Alabama—2.8% | | | | | |
| Columbia Industrial Development | | | | | |
| Board, PCR, Refunding (Alabama | | | | | |
| Power Company Project) | 0.08 | 6/1/15 | 8,100,000 | a | 8,100,000 |
| Mobile County Industrial | | | | | |
| Development Authority, Gulf | | | | | |
| Opportunity Zone Revenue (SSAB | | | | | |
| Alabama Inc.) (LOC; Swedbank) | 0.13 | 6/7/15 | 4,000,000 | a | 4,000,000 |
| California—2.1% | | | | | |
| Alameda County Industrial | | | | | |
| Development Authority, Revenue | | | | | |
| (Unique Elevator Interiors, | | | | | |
| Inc. Project) (LOC; | | | | | |
| Comerica Bank) | 0.18 | 6/7/15 | 2,215,000 | a | 2,215,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (GreenWaste Recovery, Inc. | | | | | |
| Project) (LOC; Union Bank NA) | 0.14 | 6/7/15 | 4,610,000 | a | 4,610,000 |
| California Pollution Control | | | | | |
| Financing Authority, SWDR | | | | | |
| (Pena’s Disposal, Inc. | | | | | |
| Project) (LOC; Comerica Bank) | 0.18 | 6/7/15 | 2,310,000 | a | 2,310,000 |
| Colorado—3.1% | | | | | |
| Deutsche Bank Spears/Lifers Trust | | | | | |
| (Series DBE-1129 X) (City and | | | | | |
| County of Denver, Airport | | | | | |
| System Revenue) (Liquidity | | | | | |
| Facility; Deutsche Bank AG and | | | | | |
| LOC; Deutsche Bank AG) | 0.44 | 6/7/15 | 2,500,000 | a,b,c | 2,500,000 |
| RBC Municipal Products Inc. Trust | | | | | |
| (Series E-25) (City and County | | | | | |
| of Denver, Aviation Airport | | | | | |
| System Revenue) (Liquidity | | | | | |
| Facility; Royal Bank of Canada | | | | | |
| and LOC; Royal Bank of Canada) | 0.11 | 6/7/15 | 11,000,000 | a,b,c | 11,000,000 |
| Connecticut—.6% | | | | | |
| Connecticut Development Authority, | | | | | |
| IDR (AcuCut, Inc. Project) | | | | | |
| (LOC; TD Bank) | 0.26 | 6/7/15 | 380,000 | a | 380,000 |
| Farmington, | | | | | |
| GO Notes, Refunding | 2.00 | 9/15/15 | 2,060,000 | | 2,068,796 |
The Fund 7
STATEMENT OF INVESTMENTS (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Delaware—3.9% | | | | | |
| Delaware Health Facilities | | | | | |
| Authority, Revenue (Christiana | | | | | |
| Care Health Services) | 0.10 | 6/7/15 | 15,000,000 | a | 15,000,000 |
| Delaware Transportation Authority, | | | | | |
| Transportation System | | | | | |
| Senior Revenue | 5.00 | 7/1/15 | 2,000,000 | | 2,008,014 |
| District of Columbia—1.8% | | | | | |
| Metropolitan Washington Airports | | | | | |
| Authority, Dulles Toll Road | | | | | |
| Revenue, CP (LOC; JPMorgan | | | | | |
| Chase Bank) | 0.08 | 7/27/15 | 8,000,000 | | 8,000,000 |
| Florida—12.8% | | | | | |
| Branch Banking and Trust Co. | | | | | |
| Municipal Trust (Series 2042) | | | | | |
| (Collier County School Board, | | | | | |
| COP, Refunding (Master | | | | | |
| Lease-Purchase Agreement)) | | | | | |
| (Liquidity Facility; Branch | | | | | |
| Banking and Trust Co. and LOC; | | | | | |
| Branch Banking and Trust Co.) | 0.14 | 6/7/15 | 7,200,000 | a,b,c | 7,200,000 |
| Broward County Housing Finance | | | | | |
| Authority, MFHR (Cypress Grove | | | | | |
| Apartments Project) (LOC; FNMA) | 0.12 | 6/7/15 | 19,300,000 | a | 19,300,000 |
| Collier County Health Facilities | | | | | |
| Authority, Revenue, CP | | | | | |
| (Cleveland Clinic | | | | | |
| Health System) | 0.10 | 6/10/15 | 6,000,000 | | 6,000,000 |
| Gainesville, | | | | | |
| Utilities System Revenue, CP | | | | | |
| (Liquidity Facility; | | | | | |
| Bayerische Landesbank) | 0.13 | 6/18/15 | 3,000,000 | | 3,000,000 |
| Hillsborough County Industrial | | | | | |
| Development Authority, IDR | | | | | |
| (Seaboard Tampa Terminals | | | | | |
| Venture Project) (LOC; | | | | | |
| Northern Trust Company) | 0.30 | 6/7/15 | 4,000,000 | a | 4,000,000 |
| Jacksonville Electric Authority, | | | | | |
| Electric System Revenue, CP | | | | | |
| (Liquidity Facility; U.S. Bank NA) | 0.10 | 6/10/15 | 5,000,000 | | 5,000,000 |
8
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Florida (continued) | | | | | |
| Palm Beach County, | | | | | |
| Public Improvement Revenue | | | | | |
| (Biomedical Research Park | | | | | |
| Project) (Deutsche Bank | | | | | |
| Spears/Lifers Trust | | | | | |
| (Series DB-184) | | | | | |
| (Liquidity Facility; | | | | | |
| Deutsche Bank AG and | | | | | |
| LOC; Deutsche Bank AG) | 0.24 | 6/7/15 | 3,905,000 | a,b,c | 3,905,000 |
| Polk County Industrial Development | | | | | |
| Authority, IDR (Florida | | | | | |
| Treatt, Inc. Project) (LOC; | | | | | |
| Bank of America) | 0.20 | 6/7/15 | 1,815,000 | a | 1,815,000 |
| Sunshine State Government | | | | | |
| Financing Commission, Revenue, | | | | | |
| CP (Liquidity Facility; | | | | | |
| JPMorgan Chase Bank) | 0.08 | 7/9/15 | 3,000,000 | | 3,000,000 |
| Sunshine State Government | | | | | |
| Financing Commission, Revenue, | | | | | |
| CP (Liquidity Facility; | | | | | |
| JPMorgan Chase Bank) | 0.10 | 9/10/15 | 3,000,000 | | 3,000,000 |
| Georgia—3.0% | | | | | |
| Bartow County Development | | | | | |
| Authority, Revenue (VMC | | | | | |
| Specialty Alloys LLC Project) | | | | | |
| (LOC; Comerica Bank) | 0.18 | 6/7/15 | 3,255,000 | a | 3,255,000 |
| Fulton County Development | | | | | |
| Authority, Revenue (King’s | | | | | |
| Ridge Christian School | | | | | |
| Project) (LOC; Branch Banking | | | | | |
| and Trust Co.) | 0.11 | 6/7/15 | 8,500,000 | a | 8,500,000 |
| Macon County Development | | | | | |
| Authority, IDR (Swartz Ag, LLC | | | | | |
| Project) (LOC; Branch Banking | | | | | |
| and Trust Co.) | 0.15 | 6/7/15 | 1,580,000 | a | 1,580,000 |
| Illinois—3.2% | | | | | |
| Channahon, | | | | | |
| Revenue (Morris Hospital) | | | | | |
| (LOC; U.S. Bank NA) | 0.09 | 6/7/15 | 6,535,000 | a | 6,535,000 |
The Fund 9
STATEMENT OF INVESTMENTS (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Illinois (continued) | | | | | |
| Southwestern Illinois Development | | | | | |
| Authority, Solid Waste | | | | | |
| Disposal Facilities Revenue | | | | | |
| (Center Ethanol Company, LLC | | | | | |
| Project) (LOC; FHLB) | 0.12 | 6/7/15 | 7,370,000 | a | 7,370,000 |
| Indiana—2.4% | | | | | |
| Noblesville, | | | | | |
| EDR (GreyStone Apartments | | | | | |
| Project) (LOC; Bank of America) | 0.17 | 6/7/15 | 10,500,000 | a | 10,500,000 |
| Iowa—2.7% | | | | | |
| Iowa, | | | | | |
| Special Obligation Revenue | | | | | |
| (IJOBS Program) | 5.00 | 6/1/15 | 1,000,000 | | 1,000,000 |
| Iowa Finance Authority, | | | | | |
| SWDR (MidAmerican | | | | | |
| Energy Project) | 0.14 | 6/7/15 | 11,000,000 | a | 11,000,000 |
| Kansas—1.1% | | | | | |
| Wichita, | | | | | |
| GO Temporary Notes | 0.30 | 10/15/15 | 5,000,000 | | 5,000,447 |
| Kentucky—1.3% | | | | | |
| Deutsche Bank Spears/Lifers Trust | | | | | |
| (Series DBE-1314) (Kentucky | | | | | |
| Economic Development Finance | | | | | |
| Authority, Revenue (Catholic | | | | | |
| Health Initiatives)) | | | | | |
| (Liquidity Facility; | | | | | |
| Deutsche Bank AG) | 0.21 | 6/7/15 | 5,720,000 | a,b,c | 5,720,000 |
| Louisiana—2.5% | | | | | |
| Ascension Parish, | | | | | |
| Revenue (BASF | | | | | |
| Corporation Project) | 0.18 | 6/7/15 | 1,500,000 | a | 1,500,000 |
| Ascension Parish, | | | | | |
| Revenue, CP (BASF SE) | 0.23 | 8/14/15 | 5,000,000 | | 5,000,000 |
| Louisiana Public Facilities | | | | | |
| Authority, Revenue (Tiger | | | | | |
| Athletic Foundation Project) | | | | | |
| (LOC; FHLB) | 0.10 | 6/7/15 | 4,500,000 | a | 4,500,000 |
10
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Maryland—1.4% | | | | | |
| Baltimore County, | | | | | |
| Revenue, Refunding (Shade Tree | | | | | |
| Trace Apartments Facility) | | | | | |
| (LOC; M&T Trust) | 0.16 | 6/7/15 | 800,000 | a | 800,000 |
| Frederick County, | | | | | |
| Consolidated Public | | | | | |
| Improvement GO | 4.00 | 2/1/16 | 460,000 | | 471,008 |
| Montgomery County, | | | | | |
| CP (Liquidity Facility; | | | | | |
| JPMorgan Chase Bank) | 0.07 | 7/2/15 | 5,000,000 | | 5,000,000 |
| Massachusetts—1.4% | | | | | |
| Massachusetts Development | | | | | |
| Finance Agency, Revenue | | | | | |
| (New Bedford Waste Issue) | | | | | |
| (LOC; U.S. Bank NA) | 0.10 | 6/7/15 | 2,225,000 | a | 2,225,000 |
| Massachusetts School Building | | | | | |
| Authority, Subordinated | | | | | |
| Dedicated Sales Tax BAN | 5.00 | 7/16/15 | 4,000,000 | | 4,024,040 |
| Minnesota—2.2% | | | | | |
| North Saint Paul-Maplewood-Oakdale | | | | | |
| Independent School District | | | | | |
| Number 622, GO Aid | | | | | |
| Anticipation Certificates | | | | | |
| of Indebtedness | 2.00 | 9/15/15 | 1,500,000 | | 1,508,095 |
| Rochester, | | | | | |
| Health Care Facilities | | | | | |
| Revenue, CP | | | | | |
| (Mayo Foundation) | 0.10 | 6/9/15 | 5,000,000 | | 5,000,000 |
| Southern Minnesota | | | | | |
| Municipal Power Agency, | | | | | |
| Power Supply System | | | | | |
| Revenue, CP (Liquidity | | | | | |
| Facility; U.S. Bank NA) | 0.07 | 7/6/15 | 3,000,000 | | 3,000,000 |
| Missouri—.2% | | | | | |
| Missouri Board of Public | | | | | |
| Buildings, Special Obligation | | | | | |
| Revenue | 5.00 | 10/1/15 | 830,000 | | 842,981 |
The Fund 11
STATEMENT OF INVESTMENTS (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Nevada—.5% | | | | | |
| Clark County, | | | | | |
| GO Notes, Refunding (Las Vegas | | | | | |
| Convention and | | | | | |
| Visitors Authority) | 5.00 | 7/1/15 | 1,000,000 | | 1,003,996 |
| Nevada, | | | | | |
| GO Notes (Water Pollution | | | | | |
| Control Revolving Fund | | | | | |
| Matching Bonds) | 2.00 | 8/1/15 | 1,000,000 | | 1,003,114 |
| New Hampshire—3.3% | | | | | |
| New Hampshire Health and Education | | | | | |
| Facilities Authority, Revenue | | | | | |
| (University System of New | | | | | |
| Hampshire Issue) (Liquidity | | | | | |
| Facility; Wells Fargo Bank) | 0.13 | 6/1/15 | 14,600,000 | a | 14,600,000 |
| New Jersey—.6% | | | | | |
| Little Falls Township, | | | | | |
| GO Notes, (BAN and Tax Appeal | | | | | |
| Refunding BAN) | 1.00 | 12/18/15 | 2,447,000 | | 2,452,728 |
| New York—4.4% | | | | | |
| New York City, | | | | | |
| GO Notes (LOC; Sumitomo Mitsui | | | | | |
| Banking Corporation) | 0.10 | 6/7/15 | 11,000,000 | a | 11,000,000 |
| New York City Municipal Water | | | | | |
| Finance Authority, Water and | | | | | |
| Sewer System Revenue | | | | | |
| (Liquidity Facility; Mizuho | | | | | |
| Bank, Ltd.) | 0.06 | 6/1/15 | 2,735,000 | a | 2,735,000 |
| New York State Mortgage Agency, | | | | | |
| Homeowner Mortgage Revenue | | | | | |
| (Liquidity Facility; Royal | | | | | |
| Bank of Canada) | 0.10 | 6/1/15 | 5,700,000 | a | 5,700,000 |
| North Carolina—2.1% | | | | | |
| North Carolina, | | | | | |
| LOR, Refunding (Citigroup | | | | | |
| ROCS, Series RR II R-14089) | | | | | |
| (Liquidity Facility; Citibank NA) | 0.11 | 6/7/15 | 2,800,000 | a,b,c | 2,800,000 |
12
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| North Carolina (continued) | | | | | |
| North Carolina Capital Facilities | | | | | |
| Finance Agency, Revenue | | | | | |
| (Montessori Children’s Center, Inc.) | | | | | |
| (LOC; Bank of America) | 0.11 | 6/7/15 | 1,500,000 | a | 1,500,000 |
| North Carolina Medical Care | | | | | |
| Commission, Health Care Facilities | | | | | |
| First Mortgage Revenue | | | | | |
| (Deerfield Episcopal | | | | | |
| Retirement Community) (LOC; | | | | | |
| Branch Banking and Trust Co.) | 0.10 | 6/7/15 | 5,035,000 | a | 5,035,000 |
| North Dakota—.7% | | | | | |
| North Dakota Rural Water Finance | | | | | |
| Corporation, Public Projects | | | | | |
| Construction Notes | 1.00 | 4/1/16 | 3,000,000 | | 3,017,450 |
| Ohio—2.3% | | | | | |
| Cuyahoga County, | | | | | |
| IDR (King Nut Project) (LOC; | | | | | |
| PNC Bank NA) | 0.19 | 6/7/15 | 1,635,000 | a | 1,635,000 |
| Cuyahoga County, | | | | | |
| IDR (King Nut Project) (LOC; | | | | | |
| PNC Bank NA) | 0.19 | 6/7/15 | 1,685,000 | a | 1,685,000 |
| Union Township, | | | | | |
| GO Notes, BAN (Various Purpose) | 1.00 | 9/9/15 | 7,000,000 | | 7,010,500 |
| Pennsylvania—7.2% | | | | | |
| Franklin County Industrial | | | | | |
| Development Authority, Revenue | | | | | |
| (James and Donna Martin Project) | | | | | |
| (LOC; Wells Fargo Bank) | 0.28 | 6/7/15 | 1,000,000 | a | 1,000,000 |
| Lancaster Industrial Development | | | | | |
| Authority, Revenue (Henry | | | | | |
| Molded Products, Inc. Project) | | | | | |
| (LOC; M&T Trust) | 0.40 | 6/7/15 | 720,000 | a | 720,000 |
| Luzerne County Industrial | | | | | |
| Development Authority, Revenue | | | | | |
| (Cornell Iron Works Project) | | | | | |
| (LOC; Bank of America) | 0.28 | 6/7/15 | 1,000,000 | a | 1,000,000 |
TheF und 13
STATEMENT OF INVESTMENTS (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Pennsylvania (continued) | | | | | |
| Montgomery County Higher Education | | | | | |
| and Health Authority, Revenue | | | | | |
| (Pennsylvania Higher Education | | | | | |
| and Health Loan Program) | | | | | |
| (LOC; M&T Trust) | 0.15 | 6/7/15 | 1,795,000 | a | 1,795,000 |
| Pennsylvania Economic Development | | | | | |
| Financing Authority, Revenue | | | | | |
| (Evergreen Community Power | | | | | |
| Facility) (LOC; M&T Trust) | 0.25 | 6/7/15 | 11,800,000 | a | 11,800,000 |
| Philadelphia Authority for | | | | | |
| Industrial Development, | | | | | |
| Revenue (The Philadelphia | | | | | |
| Protestant Home Project) (LOC; | | | | | |
| Bank of America) | 0.19 | 6/7/15 | 4,300,000 | a | 4,300,000 |
| Philadelphia Hospitals and Higher | | | | | |
| Education Facilities | | | | | |
| Authority, HR (The Children’s | | | | | |
| Hospital of Philadelphia | | | | | |
| Project) (Liquidity Facility; | | | | | |
| Wells Fargo Bank) | 0.10 | 6/1/15 | 2,000,000 | a | 2,000,000 |
| RBC Municipal Products Inc. Trust | | | | | |
| (Series E-29) (Allegheny | | | | | |
| County Hospital Development | | | | | |
| Authority, Revenue (University | | | | | |
| of Pittsburgh Medical Center)) | | | | | |
| (Liquidity Facility; Royal | | | | | |
| Bank of Canada and LOC; Royal | | | | | |
| Bank of Canada) | 0.10 | 6/7/15 | 7,000,000 | a,b,c | 7,000,000 |
| York County Industrial Development | | | | | |
| Authority, Revenue (Riach | | | | | |
| Family Limited Partnership | | | | | |
| Project) (LOC; M&T Trust) | 0.35 | 6/7/15 | 895,000 | a | 895,000 |
| York County Industrial Development | | | | | |
| Authority, Revenue (York Sheet | | | | | |
| Metal, Inc. Project) (LOC; | | | | | |
| M&T Trust) | 0.36 | 6/7/15 | 920,000 | a | 920,000 |
| South Carolina—.7% | | | | | |
| Oconee County School District, | | | | | |
| GO Notes | 5.00 | 3/1/16 | 3,000,000 | | 3,107,607 |
14
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Tennessee—9.9% | | | | | |
| Blount County Public Building | | | | | |
| Authority, Local Government | | | | | |
| Public Improvement | | | | | |
| Revenue (Liquidity | | | | | |
| Facility; Branch Banking | | | | | |
| and Trust Co.) | 0.10 | 6/7/15 | 13,275,000 | a | 13,275,000 |
| Clarksville Public Building | | | | | |
| Authority, Pooled Financing | | | | | |
| Revenue (Tennessee | | | | | |
| Municipal Bond Fund) | | | | | |
| (LOC; Bank of America) | 0.13 | 6/7/15 | 6,555,000 | a | 6,555,000 |
| Memphis, | | | | | |
| CP (Liquidity Facility; Mizuho | | | | | |
| Bank, Ltd.) | 0.10 | 6/4/15 | 9,500,000 | | 9,500,000 |
| Metropolitan Government of | | | | | |
| Nashville and Davidson County, | | | | | |
| CP (Liquidity Facility; Sumitomo | | | | | |
| Mitsui Trust Bank, Ltd.) | 0.07 | 6/4/15 | 5,000,000 | | 5,000,000 |
| Metropolitan Government of | | | | | |
| Nashville and Davidson County, | | | | | |
| CP (Liquidity Facility; Sumitomo | | | | | |
| Mitsui Trust Bank, Ltd.) | 0.09 | 7/21/15 | 5,000,000 | | 5,000,000 |
| Metropolitan Government of | | | | | |
| Nashville and Davidson County, | | | | | |
| CP (Liquidity Facility; Sumitomo | | | | | |
| Mitsui Trust Bank, Ltd.) | 0.09 | 7/22/15 | 4,000,000 | | 4,000,000 |
| Texas—11.6% | | | | | |
| Dallas, | | | | | |
| CP (Liquidity Facility; State | | | | | |
| Street Bank and Trust Co.) | 0.10 | 7/15/15 | 7,405,000 | | 7,405,000 |
| Dallas, | | | | | |
| GO Notes (Equipment | | | | | |
| Acquisition Contractual | | | | | |
| Obligations) | 5.00 | 8/15/15 | 800,000 | | 808,006 |
| Denton County, | | | | | |
| GO Notes, Refunding | | | | | |
| (Permanent | | | | | |
| Improvement Bonds) | 2.00 | 7/15/15 | 705,000 | | 706,525 |
The Fund 15
STATEMENT OF INVESTMENTS (continued)
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Texas (continued) | | | | | |
| El Paso, | | | | | |
| Water and Sewer Revenue, CP | | | | | |
| (Liquidity Facility; JPMorgan | | | | | |
| Chase Bank) | 0.06 | 6/16/15 | 4,000,000 | | 4,000,000 |
| El Paso Independent School | | | | | |
| District, Unlimited Tax School | | | | | |
| Building Bonds (Liquidity | | | | | |
| Facility; JPMorgan | | | | | |
| Chase Bank and LOC; | | | | | |
| Permanent School Fund | | | | | |
| Guarantee Program) | 0.10 | 6/11/15 | 5,400,000 | | 5,400,000 |
| Harris County Cultural Education | | | | | |
| Facilities Finance | | | | | |
| Corporation, Medical | | | | | |
| Facilities Mortgage Revenue, | | | | | |
| Refunding (Baylor College of | | | | | |
| Medicine) (LOC; Barclays | | | | | |
| Bank PLC) | 0.09 | 6/7/15 | 6,200,000 | a | 6,200,000 |
| Port of Port Arthur Navigation | | | | | |
| District, Revenue (BASF | | | | | |
| Corporation Project) | 0.18 | 6/7/15 | 4,500,000 | a | 4,500,000 |
| Port of Port Arthur Navigation | | | | | |
| District, Revenue, CP (BASF SE) | 0.23 | 8/14/15 | 5,000,000 | | 5,000,000 |
| San Antonio Independent School | | | | | |
| District, CP (Liquidity | | | | | |
| Facility; Royal Bank of Canada) | 0.10 | 6/11/15 | 4,050,000 | | 4,050,000 |
| Texas, | | | | | |
| GO Notes (Veterans’ Housing | | | | | |
| Assistance Program) (Liquidity | | | | | |
| Facility; Landesbank | | | | | |
| Hessen-Thuringen Girozentrale) | 0.12 | 6/7/15 | 8,000,000 | a | 8,000,000 |
| University of Texas System Board | | | | | |
| of Regents, Financing System | | | | | |
| Revenue | 0.08 | 6/7/15 | 4,000,000 | a | 4,000,000 |
| University of Texas System Board | | | | | |
| of Regents, Financing System | | | | | |
| Revenue | 5.00 | 8/15/15 | 600,000 | | 606,114 |
16
| | | | | |
| Short-Term | Coupon | Maturity | Principal | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) |
| Utah—2.1% | | | | | |
| Murray City, | | | | | |
| HR (Intermountain Health Care | | | | | |
| Health Services, Inc.) | 0.09 | 6/1/15 | 9,200,000 | a | 9,200,000 |
| Virginia—2.2% | | | | | |
| Alexandria Industrial Development | | | | | |
| Authority, Headquarters | | | | | |
| Facilities Revenue (American | | | | | |
| Academy of Otolaryngology-Head | | | | | |
| and Neck Surgery Foundation, Inc.) | | | | | |
| (LOC; Bank of America) | 0.10 | 6/7/15 | 6,310,000 | a | 6,310,000 |
| Alexandria Industrial Development | | | | | |
| Authority, Revenue (Institute for | | | | | |
| Defense Analyses Project) (LOC; | | | | | |
| Branch Banking and Trust Co.) | 0.11 | 6/7/15 | 3,375,000 | a | 3,375,000 |
| Washington—.6% | | | | | |
| Pierce County Economic Development | | | | | |
| Corporation, Industrial | | | | | |
| Revenue (SeaTac Packaging | | | | | |
| Project) (LOC; HSBC Bank USA) | 0.17 | 6/7/15 | 2,510,000 | a | 2,510,000 |
| Wisconsin—3.9% | | | | | |
| Door County Housing Authority, | | | | | |
| Housing Revenue (Big Hill | | | | | |
| Regency House Project) | | | | | |
| (LOC; FHLB) | 0.15 | 6/7/15 | 1,645,000 | a | 1,645,000 |
| Middleton, | | | | | |
| Note Anticipation Notes | 1.50 | 12/15/15 | 2,500,000 | | 2,500,000 |
| Plymouth, | | | | | |
| IDR (Wisconsin Plastic | | | | | |
| Products, Inc. Project) | | | | | |
| (LOC; FHLB) | 0.15 | 6/7/15 | 1,070,000 | a | 1,070,000 |
| PMA Levy and Aid Anticipation | | | | | |
| Notes Program, Note | | | | | |
| Participations | 1.00 | 7/23/15 | 3,000,000 | | 3,003,422 |
| PMA Levy and Aid Anticipation | | | | | |
| Notes Program, Note | | | | | |
| Participations | 1.00 | 10/23/15 | 3,000,000 | | 3,008,853 |
The Fund 17
STATEMENT OF INVESTMENTS (continued)
| | | | | | |
| Short-Term | Coupon | Maturity | Principal | | | |
| Investments (continued) | Rate (%) | Date | Amount ($) | | Value ($) | |
| Wisconsin (continued) | | | | | | |
| Wisconsin, | | | | | | |
| Transportation Revenue | 5.00 | 7/1/15 | 750,000 | | 752,966 | |
| Wisconsin Health and Educational | | | | | | |
| Facilities Authority, Revenue, | | | | | | |
| CP (Aurora Health Care) (LOC; | | | | | | |
| JPMorgan Chase Bank) | 0.10 | 7/6/15 | 5,000,000 | | 5,000,000 | |
| Wyoming—.5% | | | | | | |
| Uinta County, | | | | | | |
| PCR, Refunding (Chevron | | | | | | |
| U.S.A. Inc. Project) | 0.06 | 6/1/15 | 2,100,000 | a | 2,100,000 | |
| Total Investments (cost $442,939,662) | | | 101.1 | % | 442,939,662 | |
| Liabilities, Less Cash and Receivables | | | (1.1 | %) | (4,823,831 | ) |
| Net Assets | | | 100.0 | % | 438,115,831 | |
|
| a Variable rate demand note—rate shown is the interest rate in effect at May 31, 2015. Maturity date represents the |
| next demand date, or the ultimate maturity date if earlier. |
| b Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933.These securities may be |
| resold in transactions exempt from registration, normally to qualified institutional buyers.At May 31, 2015, these |
| securities amounted to $40,125,000 or 9.2% of net assets. |
| c The fund does not directly own the municipal security indicated; the fund owns an interest in a special purpose entity |
| that, in turn, owns the underlying municipal security.The special purpose entity permits the fund to own interests in |
| underlying assets, but in a manner structured to provide certain advantages not inherent in the underlying bonds (e.g., |
| enhanced liquidity, yields linked to short-term rates). |
| | | |
| Portfolio Summary (Unaudited)† | | |
| |
| | Value (%) | | Value (%) |
| Health Care | 16.9 | Transportation Services | 5.5 |
| Education | 13.4 | County | 4.8 |
| Industrial | 11.3 | Resource Recovery | 3.3 |
| Housing | 8.7 | Pollution Control | 2.9 |
| City | 7.6 | State/Territory | 2.7 |
| Special Tax | 6.4 | Other | 5.3 |
| Utility-Water and Sewer | 6.2 | | |
| Utility-Electric | 6.1 | | 101.1 |
18
| | | |
| Summary of Abbreviations | | |
| |
| ABAG | Association of Bay Area | ACA | American Capital Access |
| | Governments | | |
| AGC | ACE Guaranty Corporation | AGIC | Asset Guaranty Insurance Company |
| AMBAC | American Municipal Bond | ARRN | Adjustable Rate |
| | Assurance Corporation | | Receipt Notes |
| BAN | Bond Anticipation Notes | BPA | Bond Purchase Agreement |
| CIFG | CDC Ixis Financial Guaranty | COP | Certificate of Participation |
| CP | Commercial Paper | DRIVERS | Derivative Inverse |
| | | | Tax-Exempt Receipts |
| EDR | Economic Development | EIR | Environmental Improvement |
| | Revenue | | Revenue |
| FGIC | Financial Guaranty | FHA | Federal Housing |
| | Insurance Company | | Administration |
| FHLB | Federal Home | FHLMC | Federal Home Loan Mortgage |
| | Loan Bank | | Corporation |
| FNMA | Federal National | GAN | Grant Anticipation Notes |
| | Mortgage Association | | |
| GIC | Guaranteed Investment | GNMA | Government National Mortgage |
| | Contract | | Association |
| GO | General Obligation | HR | Hospital Revenue |
| IDB | Industrial Development Board | IDC | Industrial Development Corporation |
| IDR | Industrial Development | LIFERS | Long Inverse Floating |
| | Revenue | | Exempt Receipts |
| LOC | Letter of Credit | LOR | Limited Obligation Revenue |
| LR | Lease Revenue | MERLOTS | Municipal Exempt Receipts |
| | | | Liquidity Option Tender |
| MFHR | Multi-Family Housing Revenue | MFMR | Multi-Family Mortgage Revenue |
| PCR | Pollution Control Revenue | PILOT | Payment in Lieu of Taxes |
| P-FLOATS | Puttable Floating Option | PUTTERS | Puttable Tax-Exempt Receipts |
| | Tax-Exempt Receipts | | |
| RAC | Revenue Anticipation Certificates | RAN | Revenue Anticipation Notes |
| RAW | Revenue Anticipation Warrants | RIB | Residual Interest Bonds |
| ROCS | Reset Options Certificates | RRR | Resources Recovery Revenue |
| SAAN | State Aid Anticipation Notes | SBPA | Standby Bond Purchase Agreement |
| SFHR | Single Family Housing Revenue | SFMR | Single Family Mortgage Revenue |
| SONYMA | State of New York | SPEARS | Short Puttable Exempt |
| | Mortgage Agency | | Adjustable Receipts |
| SWDR | Solid Waste Disposal Revenue | TAN | Tax Anticipation Notes |
| TAW | Tax Anticipation Warrants | TRAN | Tax and Revenue Anticipation Notes |
| XLCA | XL Capital Assurance | | |
| |
| See notes to financial statements. | | |
The Fund 19
STATEMENT OF ASSETS AND LIABILITIES
May 31, 2015
| | |
| | Cost | Value |
| Assets ($): | | |
| Investments in securities—See Statement of Investments | 442,939,662 | 442,939,662 |
| Cash | | 172,906 |
| Interest receivable | | 561,625 |
| Prepaid expenses | | 16,692 |
| | | 443,690,885 |
| Liabilities ($): | | |
| Due to The Dreyfus Corporation and affiliates—Note 2(b) | | 60,372 |
| Payable for investment securities purchased | | 5,443,806 |
| Accrued expenses | | 70,876 |
| | | 5,575,054 |
| Net Assets ($) | | 438,115,831 |
| Composition of Net Assets ($): | | |
| Paid-in capital | | 438,115,831 |
| Net Assets ($) | | 438,115,831 |
| Shares Outstanding | | |
| (5 billion shares of $.001 par value Common Stock authorized) | | 438,151,297 |
| Net Asset Value, offering and redemption price per share ($) | | 1.00 |
| |
| See notes to financial statements. | | |
20
STATEMENT OF OPERATIONS
Year Ended May 31, 2015
| | |
| Investment Income ($): | | |
| Interest Income | 492,833 | |
| Expenses: | | |
| Management fee—Note 2(a) | 2,311,906 | |
| Shareholder servicing costs—Note 2(b) | 237,940 | |
| Professional fees | 68,403 | |
| Registration fees | 43,161 | |
| Custodian fees—Note 2(b) | 41,613 | |
| Directors’ fees and expenses—Note 2(c) | 35,492 | |
| Prospectus and shareholders’ reports | 17,125 | |
| Miscellaneous | 36,219 | |
| Total Expenses | 2,791,859 | |
| Less—reduction in expenses due to undertaking—Note 2(a) | (2,299,022 | ) |
| Less—reduction in fees due to earnings credits—Note 2(b) | (124 | ) |
| Net Expenses | 492,713 | |
| Investment Income—Net, representing net increase | | |
| in net assets resulting from operations | 120 | |
| |
| See notes to financial statements. | | |
The Fund 21
STATEMENT OF CHANGES IN NET ASSETS
| | | | |
| | | | Year Ended May 31, | |
| | 2015 | | 2014 | |
| Operations ($): | | | | |
| Investment Income-Net, representing net | | | | |
| increase in net assets resulting from operations | 120 | | 123 | |
| Dividends to Shareholders from ($): | | | | |
| Investment income—net | (120 | ) | (123 | ) |
| Capital Stock Transactions ($1.00 per share): | | | | |
| Net proceeds from shares sold | 889,986,836 | | 906,256,478 | |
| Dividends reinvested | 108 | | 113 | |
| Cost of shares redeemed | (905,777,730 | ) | (950,102,519 | ) |
| Increase (Decrease) in Net Assets | | | | |
| from Capital Stock Transactions | (15,790,786 | ) | (43,845,928 | ) |
| Total Increase (Decrease) in Net Assets | (15,790,786 | ) | (43,845,928 | ) |
| Net Assets ($): | | | | |
| Beginning of Period | 453,906,617 | | 497,752,545 | |
| End of Period | 438,115,831 | | 453,906,617 | |
| |
| See notes to financial statements. | | | | |
22
FINANCIAL HIGHLIGHTS
The following table describes the performance for the fiscal periods indicated.Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and dis-tributions.These figures have been derived from the fund’s financial statements.
| | | | | | | | | | |
| | | | Year Ended May 31, | | | |
| | 2015 | | 2014 | | 2013 | | 2012 | | 2011 | |
| Per Share Data ($): | | | | | | | | | | |
| Net asset value, beginning of period | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | |
| Investment Operations: | | | | | | | | | | |
| Investment income—net | .000 | a | .000 | a | .000 | a | .000 | a | .001 | |
| Distributions: | | | | | | | | | | |
| Dividends from investment income—net | (.000 | )a | (.000 | )a | (.000 | )a | (.000 | )a | (.001 | ) |
| Net asset value, end of period | 1.00 | | 1.00 | | 1.00 | | 1.00 | | 1.00 | |
| Total Return (%) | .00 | b | .00 | b | .00 | b | .03 | | .05 | |
| Ratios/Supplemental Data (%): | | | | | | | | | | |
| Ratio of total expenses | | | | | | | | | | |
| to average net assets | .60 | | .61 | | .62 | | .64 | | .65 | |
| Ratio of net expenses | | | | | | | | | | |
| to average net assets | .11 | | .14 | | .23 | | .18 | | .30 | |
| Ratio of net investment income | | | | | | | | | | |
| to average net assets | .00 | b | .00 | b | .00 | b | .03 | | .05 | |
| Net Assets, end of period ($ x 1,000) | 438,116 | | 453,907 | | 497,753 | | 419,287 | | 476,210 | |
| |
| a | Amount represents less than $.001 per share. |
| b | Amount represents less than .01%. |
See notes to financial statements.
The Fund 23
NOTES TO FINANCIAL STATEMENTS
NOTE 1—Significant Accounting Policies:
Dreyfus Municipal Money Market Fund, Inc. (the “fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified open-end management investment company.The fund’s investment objective is to seek as high a level of current income exempt from federal income tax as is consistent with the preservation of capital and the maintenance of liquidity. The Dreyfus Corporation (the “Manager” or “Dreyfus”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser. MBSC Securities Corporation (the “Distributor”), a wholly-owned subsidiary of Dreyfus, is the distributor of the fund’s shares, which are sold 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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund’s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.
The fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.
24
(a) Portfolio valuation: Investments in securities are valued at amortized cost in accordance with Rule 2a-7 under the Act. If amortized cost is determined not to approximate market value, the fair value of the portfolio securities will be determined by procedures established by and under the general supervision of the fund’s Board of Directors (the “Board”).
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value.This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.
Various inputs are used in determining the value of the fund’s investments relating to fair value measurements.These inputs are summarized in the three broad levels listed below:
Level 1—unadjusted quoted prices in active markets for identical investments.
Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).
Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).
The Fund 25
NOTES TO FINANCIAL STATEMENTS (continued)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected within Level 2 of the fair value hierarchy.
The following is a summary of the inputs used as of May 31, 2015 in valuing the fund’s investments:
| |
| | Short-Term |
| Valuation Inputs | Investments ($)† |
| Level 1—Unadjusted Quoted Prices | — |
| Level 2—Other Significant Observable Inputs | 442,939,662 |
| Level 3—Significant Unobservable Inputs | — |
| Total | 442,939,662 |
† See Statement of Investments for additional detailed categorizations.
At May 31, 2015, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.
(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and is recognized on the accrual basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Cost of investments represents amortized cost.
(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 gains, 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 of 1986, as amended (the “Code”).To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains.
26
(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 Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.
As of and during the period ended May 31, 2015, the fund did not have any liabilities for any uncertain tax positions.The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended May 31, 2015, the fund did not incur any interest or penalties.
Each tax year in the four-year period ended May 31, 2015 remains subject to examination by the Internal Revenue Service and state taxing authorities.
At May 31, 2015, the components of accumulated earnings on a tax basis for each fund were substantially the same as for financial reporting purposes.
The tax character of distributions paid to shareholders during the fiscal periods ended May 31, 2015 and May 31, 2014 were as follows: tax-exempt income $120 and $123, respectively.
At May 31, 2015, 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 with Dreyfus, the management fee is computed at the annual rate of .50% of the value of the fund’s average daily net assets and is payable monthly.
The Fund 27
NOTES TO FINANCIAL STATEMENTS (continued)
Dreyfus has undertaken to waive receipt of the management fee and/or reimburse operating expenses in order to facilitate a daily yield at or above a certain level which may change from time to time.This undertaking is voluntary and not contractual, and may be terminated at any time. The reduction in expenses, pursuant to the undertaking, amounted to $2,299,022 during the period ended May 31, 2015.
(b) Under the Shareholder Services Plan, the fund reimburses the Distributor at an amount not to exceed an annual rate of .25% of the value of the fund’s average daily net assets for the provision of certain services. 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 May 31, 2015, the fund was charged $168,646 pursuant to the Shareholder Services Plan.
The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.
The fund compensates Dreyfus Transfer, Inc., a wholly-owned subsidiary of Dreyfus, under a transfer agency agreement for providing transfer agency and cash management services for the fund. The majority of transfer agency fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended May 31, 2015, the fund was charged $58,036 for transfer agency services and $2,813 for cash management services. These fees are included in Shareholder servicing costs in the Statement of Operations. Cash management fees were partially offset by earnings credits of $124.
The fund compensates The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, under a custody agreement for providing custodial services for the fund.These fees are determined
28
based on net assets, geographic region and transaction activity. During the period ended May 31, 2015, the fund was charged $41,613 pursuant to the custody agreement.
The fund compensates The Bank of New York Mellon for performing certain cash management services related to fund subscriptions and redemptions, including shareholder redemption draft processing, under a cash management agreement. During the period ended May 31, 2015, the fund was charged $2,142 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.
During the period ended May 31, 2015, the fund was charged $10,891 for services performed by the Chief Compliance Officer and his staff.
The components of “Due to The Dreyfus Corporation and affiliates” in the Statement of Assets and Liabilities consist of: management fees $186,130, Shareholder Services Plan fees $13,000, custodian fees $14,403, Chief Compliance Officer fees $2,113 and transfer agency fees $10,826, which are offset against an expense reimbursement currently in effect in the amount of $166,100.
(c) Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.
NOTE 3—Securities Transactions:
The fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board.The procedures have been designed to ensure that any purchase or sale of securities by the fund from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Directors and/or common officers, complies with Rule 17a-7 under the Act. During the period ended May 31, 2015, the fund engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act amounting to $316,045,000 and $195,165,000, respectively.
The Fund 29
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 4—Regulatory Developments:
On July 23, 2014, the SEC adopted amendments to the rules that govern money market mutual funds. In part, the amendments will require structural changes to most types of money market funds to one extent or another; however, the SEC provided for an extended two-year transition period to comply with such structural requirements. At this time, management is evaluating the reforms adopted and the manner for implementing these reforms over time and its impact on the fund’s financial statements.
NOTE 5—Plan of Reorganization
At a meeting held on May 4, 2015, the Board of the fund and at a meeting held on May 5, 2015, the Board of General Municipal Money Market Funds, Inc., on behalf of General Municipal Money Market Fund (the “Acquiring Fund”), each approved an Agreement and Plans of Reorganization (the “Reorganization”) pursuant to which the fund will transfer all of its assets, subject to its liabilities, to the Acquiring Fund, in exchange for a number of Class A shares of the Acquiring Fund equal in value to the assets less liabilities of the fund. It is currently contemplated that shareholders of the fund will be asked to approve the Reorganization on behalf of the fund at a special meeting of shareholders to be held on or about August 25, 2015.The Acquiring Fund’s Class A shares will then be distributed to the fund’s shareholders on a pro rata basis in liquidation of the fund. It is currently contemplated that the Reorganization will become effective on or about November 13, 2015.
30
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Shareholders and Board of Directors
Dreyfus Municipal Money Market Fund, Inc.
We have audited the accompanying statement of assets and liabilities of Dreyfus Municipal Money Market Fund, Inc., including the statement of investments, as of May 31, 2015, 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 the financial highlights for each of the five years in the 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 the standards of the Public Company Accounting Oversight Board (United States). 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. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of May 31, 2015 by correspondence with the custodian and others.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 Municipal Money Market Fund, Inc. at May 31, 2015, 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 five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
New York, New York
July 28, 2015
The Fund 31
IMPORTANT TAX INFORMATION (Unaudited)
In accordance with federal tax law, the fund hereby reports all the dividends paid from investment income-net during the fiscal year ended May 31, 2015 as “exempt-interest dividends” (not generally subject to regular federal income tax). Where required by federal tax law rules, shareholders will receive notification of their portion of the fund’s exempt-interest dividends paid for the 2015 calendar year on Form 1099-DIV, which will be mailed in early 2016.
32
BOARD MEMBERS INFORMATION (Unaudited)
INDEPENDENT BOARD MEMBERS
|
| Joseph S. DiMartino (71) |
| Chairman of the Board (1995) |
| Principal Occupation During Past 5Years: |
| • Corporate Director and Trustee (1995-present) |
| Other Public Company Board Memberships During Past 5Years: |
| • CBIZ (formerly, Century Business Services, Inc.), a provider of outsourcing functions for small |
| and medium size companies, Director (1997-present) |
| • The Newark Group, a provider of a national market of paper recovery facilities, paperboard |
| mills and paperboard converting plants, Director (2000-2010) |
| No. of Portfolios for which Board Member Serves: 147 |
| ——————— |
| Joni Evans (73) |
| Board Member (2006) |
| Principal Occupation During Past 5Years: |
| • Chief Executive Officer, www.wowOwow.com an online community dedicated to women’s |
| conversations and publications (2007-present) |
| • Principal, Joni Evans Ltd. (publishing) (2006-present) |
| No. of Portfolios for which Board Member Serves: 26 |
| ——————— |
| Ehud Houminer (74) |
| Board Member (1994) |
| Principal Occupation During Past 5Years: |
| • Executive-in-Residence at the Columbia Business School, Columbia University (1992-present) |
| Other Public Company Board Membership During Past 5Years: |
| • Avnet, Inc., an electronics distributor, Director (1993-2012) |
| No. of Portfolios for which Board Member Serves: 63 |
| ——————— |
| Richard C. Leone (75) |
| Board Member (1980) |
| Principal Occupation During Past 5Years: |
| • Senior Fellow (2011-present) and former President (1989-2011) of The Century Foundation |
| (formerly,The Twentieth Century Fund, Inc.), a tax exempt research foundation engaged in |
| the study of economic, foreign policy and domestic issues |
| No. of Portfolios for which Board Member Serves: 26 |
The Fund 33
BOARD MEMBERS INFORMATION (Unaudited) (continued)
INDEPENDENT BOARD MEMBERS (continued)
| |
| | Hans C. Mautner (77) |
| | Board Member (1980) |
| | Principal Occupation During Past 5Years: |
| | • President—International Division and an Advisory Director of Simon Property Group, a real |
| | estate investment company (1998-2010) |
| | • Chairman and Chief Executive Officer of Simon Global Limited, a real estate company |
| | (1999-2010) |
| | No. of Portfolios for which Board Member Serves: 26 |
| ——————— |
| | Robin A. Melvin (51) |
| | Board Member (1995) |
| | Principal Occupation During Past 5Years: |
| | • Co-chairman, Illinois Mentoring Partnership, non-profit organization dedicated to increasing |
| | the quantity and quality of mentoring services in Illinois; (2014-present; a board member |
| | since 2013) |
| | • Director, Boisi Family Foundation, a private family foundation that supports youth-serving |
| | organizations that promote the self sufficiency of youth from disadvantaged circumstances |
| | (1995-2012) |
| | No. of Portfolios for which Board Member Serves: 115 |
| ——————— |
| | Burton N. Wallack (64) |
| | Board Member (2006) |
| | Principal Occupation During Past 5Years: |
| | • President and Co-owner of Wallack Management Company, a real estate management company |
| | (1987-present) |
| | No. of Portfolios for which Board Member Serves: 26 |
| ——————— |
| | John E. Zuccotti (77) |
| | Board Member (1980) |
| | Principal Occupation During Past 5Years: |
| | • Chairman of Brookfield Properties, Inc. (1996-present) |
| | • Senior Counsel of Weil, Gotshal & Manges, LLP (1997-present) |
| | Other Public Company Board Membership During Past 5Years: |
| | • Wellpoint, Inc., a health benefits company, Director (2005-2010) |
| | No. of Portfolios for which Board Member Serves: 26 |
34
INTERESTED BOARD MEMBER
|
| Gordon J. Davis (73) |
| Board Member (2006) |
| Principal Occupation During Past 5Years: |
| • Partner in the law firm of Venable LLP (2012-present) |
| • Partner in the law firm of Dewey & LeBoeuf LLP (1994-2012) |
| |
| Other Public Company Board Memberships During Past 5Years: |
| • Consolidated Edison, Inc., a utility company, Director (1997-2014) |
| • The Phoenix Companies, Inc., a life insurance company, Director (2000-2014) |
| |
| No. of Portfolios for which Board Member Serves: 64 |
| |
| Gordon J. Davis is deemed to be an “interested person” (as defined under the Act) of the fund as a result of his |
| affiliation with Venable LLP, which provides legal services to the fund. |
| |
| ——————— |
| Once elected all Board Members serve for an indefinite term, but achieve Emeritus status upon reaching age 80.The |
| address of the Board Members and Officers is c/o The Dreyfus Corporation, 200 Park Avenue, NewYork, NewYork |
| 10166.Additional information about the Board Members is available in the fund’s Statement of Additional Information |
| which can be obtained from Dreyfus free of charge by calling this toll free number: 1-800-DREYFUS. |
| Arnold S. Hiatt, Emeritus Board Member |
The Fund 35
OFFICERS OF THE FUND (Unaudited)
36
The Fund 37
For More Information
Telephone 1-800-DREYFUS
Mail The Dreyfus Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144
E-mail Send your request to info@dreyfus.com
Internet Information can be viewed online or downloaded at: http://www.dreyfus.com
The fund will disclose daily, on www.dreyfus.com, the fund’s complete schedule of holdings as of the end of the previous business day. The schedule of holdings will remain on the website until the fund files its Form N-Q or Form N-CSR for the period that includes the date of the posted holdings.
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
Information regarding how the fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 is available on the SEC’s website at http://www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There have been no amendments to, or waivers in connection with, the Code of Ethics during the period covered by this Report.
Item 3. Audit Committee Financial Expert.
The Registrant's Board has determined that Ehud Houminer, a member of the Audit Committee of the Board, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Ehud Houminer is "independent" as defined by the SEC for purposes of audit committee financial expert determinations.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $32,226 in 2014 and $33,031 in 2015.
(b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4 were $6,120 in 2014 and $6,273 in 2015. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the Investment Company Act of 1940, as amended, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.
The aggregate fees billed in the Reporting Periods for non-audit assurance and related services by the Auditor to the Registrant's investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates"), that were reasonably related to the performance of the annual audit of the Service Affiliate, which required pre-approval by the Audit Committee were $0 in 2013 and $0 in 2014.
(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice, and tax planning ("Tax Services") were $4,249 in 2014 and $2,901 in 2015. These services consisted of: (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held. The aggregate fees billed in the Reporting Periods for Tax Services by the Auditor to Service Affiliates, which required pre-approval by the Audit Committee were $0 in 2013 and $0 in 2014.
(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) of this Item, were $500 in 2014 and $680 in 2015. These services included a review of the Registrant's anti-money laundering program.
The aggregate fees billed in the Reporting Periods for Non-Audit Services by the Auditor to Service Affiliates, other than the services reported in paragraphs (b) through (c) of this Item, which required pre-approval by the Audit Committee, were $0 in 2013 and $0 in 2014.
(e)(1) Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval (within specified fee limits) of the Auditor's engagements for non-audit services to the Registrant and Service Affiliates without specific case-by-case consideration. The pre-approved services in the Policy can include pre-approved audit services, pre-approved audit-related services, pre-approved tax services and pre-approved all other services. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. Pre-approvals pursuant to the Policy are considered annually.
(e)(2) Note: None of the services described in paragraphs (b) through (d) of this Item 4 were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) None of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal account's full-time, permanent employees.
Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant, and rendered to Service Affiliates, for the Reporting Periods were $40,974,357 in 2014 and $20,773,877 in 2015.
Auditor Independence. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable. [CLOSED-END FUNDS ONLY]
Item 6. Investments.
(a) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable. [CLOSED-END FUNDS ONLY]
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable. [CLOSED-END FUNDS ONLY, beginning with reports for periods ended on and after December 31, 2005]
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable. [CLOSED-END FUNDS ONLY]
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures applicable to Item 10.
Item 11. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Code of ethics referred to in Item 2.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3) Not applicable.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dreyfus Municipal Money Market Fund, Inc.
By: /s/ Bradley J. Skapyak |
Bradley J. Skapyak, President |
Date: | July 20, 2015 |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. |
|
By: /s/ Bradley J. Skapyak |
Bradley J. Skapyak, President |
Date: | July 20, 2015 |
|
By: /s/ James Windels |
James Windels, Treasurer |
Date: | July 20, 2015 |
|
EXHIBIT INDEX
(a)(1) Code of ethics referred to in Item 2.
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940. (EX-99.CERT)
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)
