PRESIDENT'S MESSAGE
Dear Shareholder:
I am pleased to present the Semi-Annual Report to Shareholders for
Money Market Management, Inc., which covers the six-month reporting
period from January 1, 1997, through June 30, 1997. The report begins
with commentary by the fund's portfolio manager and follows with a
complete listing of the fund's holdings and its financial statements.
This high-quality money market fund puts your cash to work pursuing
income every day while keeping your principal stable.* And, you have
convenient, daily access to your money.
During the six-month reporting period, the fund paid shareholders a
total of $0.02 per share in dividends. On June 30, 1997, the fund's
$85-million net assets were invested in money market securities that
included commercial paper (31.7%), variable rate demand notes (29.8%),
corporate notes (15.7%), repurchase agreements (17.5%) and
certificates of deposit (5.3%).
Thank you for choosing this money market fund as a convenient, liquid
daily cash investment. We will continue to keep you up to date on your
investment, and welcome your comments and suggestions.
Sincerely,
[Graphic]
J. Christopher Donahue
President
August 15, 1997
* Money market funds seek to maintain a stable net asset value of $1.00 per
share. There is no assurance that they will be able to do so. An investment
in the fund is not insured or guaranteed by the U.S. government.
INVESTMENT REVIEW
Money Market Management, Inc. invests in money market instruments
maturing in thirteen months or less. The average maturity of these
securities, computed on a dollar-weighted basis, is restricted to 90
days or less. Portfolio securities must be rated in one of the two
highest short-term rating categories by one or more of the nationally
recognized statistical rating organizations or be of comparable
quality to securities having such ratings. Typical security types
include, but are not limited to, commercial paper, certificates of
deposit, time deposits, variable rate demand notes and repurchase
agreements.
Persistent above-trend economic growth in the first quarter of 1997,
at 5.8%, began to weigh heavily on the market in light of tight labor
market conditions. Short-term interest rates then started to rise in
late February 1997, spurred onward by a particularly hawkish
Congressional testimony by Federal Reserve Board (the "Fed") Chairman,
Alan Greenspan late in the month, in which he indicated that the
transitory factors preventing a rise in wages in the face of fairly
robust growth may be ending. After keeping monetary policy on hold for
over one year, the Federal Open Market Committee voted to raise the
federal funds target rate by 25 basis points to 5.50% on March 25,
1997. Fed Chairman Greenspan characterized the tightening as
"insurance" against future inflation.
By the time the Fed tightened in late March 1997, much of the move had
already been priced into the financial markets. In the following
weeks, short-term interest rates traded within a relatively narrow
range as market participants debated the timing of the next
tightening.
Thirty-day commercial paper started the period at 5.37% on January 1,
1997, and held very close to that level, trading in the 5.25% to
5.40%, range until March 25, 1997, when the Fed raised the federal
funds target rate. At that time rates settled into the 5.50% to 5.55%
level, reflecting a 5.50% federal funds target rate. Commercial paper
rates have continued to hover in the same range since the Fed rate
increase.
The money market yield curve steepened slightly throughout the time
period. One month commercial paper rates rose 19 basis points while
six-month rates rose by 27 basis points.
The target average maturity range for Money Market Management, Inc.
remained in the 35-45 day area throughout the six-month reporting
period. In structuring the fund, there is continued emphasis placed on
positioning 30-35% of the fund's core assets in variable rate demand
notes and accomplishing a modest barbell structure.
During the six-month reporting period ending June 30, 1997, the net
assets of Money Market Management, Inc. decreased from $87.4 to $85.0
million while the 7-day net yield increased from 4.53% to 4.66%.* The
effective average maturity of the fund on June 30, 1997, was 45 days.
* Performance quoted represents past performance and is not indicative
of future results. Yield will vary. The seven-day net yield is
calculated daily, based on the income dividends for the seven days
ending on the date of calculation and then compounded and
annualized.
MONEY MARKET MANAGEMENT, INC.
PORTFOLIO OF INVESTMENTS
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
CERTIFICATES OF DEPOSIT -- 5.3%
BANKING -- 5.3%
$1,000,000 Mellon Bank N.A., Pittsburgh, 5.700%, 7/9/1997 $ 1,000,000
1,500,000 National Bank of Canada, Montreal, 5.750%, 7/14/1997 1,500,000
2,000,000 Royal Bank of Canada, Montreal, 5.586% - 6.000%, 9/26/1997 -
4/6/1998 2,001,476
TOTAL CERTIFICATES OF DEPOSIT 4,501,476
(A)COMMERCIAL PAPER -- 31.7%
BANKING -- 10.4%
1,000,000 Abbey National N.A. Corp., (Guaranteed by Abbey National Bank
PLC, London), 5.814%, 10/1/1997 985,561
1,000,000 Australia & New Zealand Banking Group, Melbourne, 5.439%, 8/19/1997 992,786
3,000,000 Bank of Nova Scotia, Toronto, 5.709%, 8/26/1997 2,973,727
1,000,000 Canadian Imperial Holdings, Inc., (Guaranteed by Canadian Imperial
Bank of Commerce, Toronto), 5.435%, 8/27/1997 991,624
2,000,000 Commonwealth Bank of Australia, Sydney, 5.493%, 7/30/1997 1,991,381
1,000,000 Svenska Handelsbanken, Inc., (Guaranteed by Svenska
Handelsbanken, Stockholm), 5.867%, 10/6/1997 984,642
Total 8,919,721
BROKERAGE -- 4.7%
2,000,000 Goldman Sachs Group, LP, 5.656%, 7/2/1997 1,999,686
2,000,000 Merrill Lynch & Co., Inc., 5.591%, 7/7/1997 1,998,150
Total 3,997,836
CHEMICALS -- 1.0%
568,000 Du Pont (E.I.) de Nemours & Co., 5.630%, 7/21/1997 566,233
300,000 PPG Industries, Inc., 5.648%, 7/7/1997 299,719
Total 865,952
</TABLE>
MONEY MARKET MANAGEMENT, INC.
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
(A)COMMERCIAL PAPER -- CONTINUED
ELECTRICAL EQUIPMENT -- 0.6%
$ 500,000 Whirlpool Financial Corp., (Whirlpool Corp. Support Agreement),
5.786%, 7/25/1997 $ 498,087
FINANCE - AUTOMOTIVE -- 3.3%
1,000,000 Ford Motor Credit Corp., 5.442%, 8/8/1997 994,406
1,800,000 General Motors Acceptance Corp., 5.953%, 10/6/1997 1,771,967
Total 2,766,373
FINANCE - COMMERCIAL -- 9.4%
2,000,000 Asset Securitization Cooperative Corp., 5.711%, 8/12/1997 1,986,863
1,000,000 Corporate Asset Funding Co., Inc. (CAFCO), 5.634%, 7/8/1997 998,911
1,705,000 Falcon Asset Securitization Corp., 5.413% - 5.633%, 7/25/1997 -
8/19/1997 1,695,195
2,271,000 Greenwich Funding Corp., 5.617% - 5.704%, 7/1/1997 - 7/23/1997 2,269,583
1,000,000 PREFCO-Preferred Receivables Funding Co., 5.702%, 7/9/1997 998,751
Total 7,949,303
FINANCE - RETAIL -- 2.3%
2,000,000 New Center Asset Trust, A1+/P1 Series, 5.690%, 9/3/1997 1,980,053
TOTAL COMMERCIAL PAPER 26,977,325
(B)NOTES - VARIABLE -- 29.8%
BANKING -- 18.6%
4,000,000 Bank One, Milwaukee, WI N.A., 5.700%, 7/1/1997 3,999,207
1,785,000 Canton Township Equity Partners L.P., (Huntington National Bank,
Columbus, OH LOC), 5.710%, 7/3/1997 1,785,000
4,000,000 Liquid Asset Backed Securities Trust, Series 1996-3, (Westdeutsche
Landesbank Girozentrale Swap Agreement), 5.708%, 7/15/1997 4,000,000
1,000,000 Liquid Asset Backed Securities Trust, Series 1997-3 Senior Notes,
(Westdeutsche Landesbank Girozentrale Swap Agreement,
Guaranteed by AMBAC), 5.751%, 9/27/1997 1,000,000
1,145,000 North Center Properties, (Huntington National Bank, Columbus,
OH LOC), 5.710%, 7/3/1997 1,145,000
</TABLE>
MONEY MARKET MANAGEMENT, INC.
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
(B)NOTES - VARIABLE -- CONTINUED
BANKING -- CONTINUED
$ 3,938,656 Rabobank Optional Redemption Trust, Series 1997-101, 5.852%,
7/15/1997 $ 3,938,656
Total 15,867,863
FINANCE - AUTO -- 3.5%
3,000,000 Carco Auto Loan Master Trust 1993-2, (Series 1993-2 Class A1),
5.705%, 7/15/1997 3,000,000
FINANCE - RETAIL -- 2.4%
2,000,000 (c)AFS Insurance Premium Receivables Trust, (Series 1994-A), 6.244%,
7/15/1997 2,000,000
INSURANCE -- 5.3%
4,500,000 General American Life Insurance Company, 5.888%, 7/21/1997 4,500,000
TOTAL NOTES - VARIABLE 25,367,863
SHORT-TERM NOTES -- 15.7%
BANKING -- 6.3%
1,000,000 Bayerische Landesbank - NY, 6.250%, 4/15/1998 999,771
2,000,000 (c)SALTS II Cayman Islands Corp., (Bankers Trust International,
PLC Swap Agreement), 5.863%, 9/18/1997 2,000,000
1,000,000 (c)SALTS III Cayman Island Corp., (Bankers Trust International,
PLC Swap Agreement), 5.788%, 7/23/1997 1,000,000
1,300,000 (c)SALTS III Cayman Island Corp., (Bankers Trust International,
PLC Swap Agreement), 6.065%, 12/18/1997 1,300,000
Total 5,299,771
BROKERAGE -- 2.4%
2,000,000 (c)Goldman Sachs Group, LP, 5.850%, 7/28/1997 2,000,000
FINANCE - AUTOMOTIVE -- 1.2%
1,000,000 Chase Manhattan Auto Owner Trust 1997-B, 5.744%, 7/10/1998 1,000,000
FINANCE - COMMERCIAL -- 3.5%
3,000,000 Beta Finance, Inc., 6.270%, 4/16/1998 3,000,000
FINANCE - EQUIPMENT -- 0.4%
377,733 Capital Equipment Receivables Trust 1996-1, 5.600%, 10/15/1997 377,733
</TABLE>
MONEY MARKET MANAGEMENT, INC.
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
SHORT-TERM NOTES -- CONTINUED
<C> <S> <C>
INSURANCE -- 1.9%
$ 1,633,063 WFS Financial Owner Trust 1996-D, (Guaranteed by FSA), 5.500%,
1/16/1998 $ 1,633,063
TOTAL SHORT-TERM NOTES 13,310,567
(D)REPURCHASE AGREEMENTS -- 17.5%
4,000,000 Chase Government Securities, Inc., 5.800%, dated 6/30/1997,
due 7/1/1997 4,000,000
1,400,000 Chase Government Securities, Inc., 6.150%, dated 6/30/1997,
due 7/1/1997 1,400,000
3,500,000 Fuji Government Securities, Inc., 6.000%, dated 6/30/1997,
due 7/1/1997 3,500,000
3,500,000 PaineWebber Group, Inc., 6.000%, dated 6/30/1997, due 7/1/1997 3,500,000
2,500,000 Swiss Bank Capital Markets, 5.930%, dated 6/30/1997, due 7/1/1997 2,500,000
TOTAL REPURCHASE AGREEMENTS 14,900,000
TOTAL INVESTMENTS (AT AMORTIZED COST)(E) $ 85,057,231
</TABLE>
(a) Each issue shows the rate of discount at the time of purchase for
discount issues, or the coupon for interest bearing issues.
(b) Current rate and next reset date shown.
(c) Denotes a restricted security which is subject to restrictions on
resale under Federal Securities laws. At June 30, 1997, these
securities amounted to $8,300,000 which represents 9.8% of net
assets.
(d) The repurchase agreements are fully collateralized by U.S.
government and/or agency obligations based on market prices at the
date of the portfolio. The investments in the repurchase
agreements are through participation in joint accounts with other
Federated funds.
(e) Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets
($84,995,459) at June 30, 1997.
The following acronyms are used throughout this portfolio:
AMBAC -- American Municipal Bond Assurance Corporation
FSA -- Financial Security Assurance
LOC -- Letter of Credit
LP -- Limited Partnership
PLC -- Public Limited Company
(See Notes which are an integral part of the Financial Statements)
MONEY MARKET MANAGEMENT, INC.
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1997 (UNAUDITED)
<TABLE>
<S> <C> <C>
ASSETS:
Investments in repurchase agreements $ 14,900,000
Investments in securities 70,157,231
Total investments in securities, at amortized cost and value $ 85,057,231
Income receivable 423,522
Total assets 85,480,753
LIABILITIES:
Payable for shares redeemed 59,039
Income distribution payable 324,318
Payable to Bank 10,762
Accrued expenses 91,175
Total liabilities 485,294
NET ASSETS for 84,995,459 shares outstanding $ 84,995,459
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PROCEEDS PER SHARE:
$84,995,459 / 84,995,459 shares outstanding $1.00
</TABLE>
(See Notes which are an integral part of the Financial Statements)
MONEY MARKET MANAGEMENT, INC.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1997 (UNAUDITED)
<TABLE>
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest $
2,488,053
EXPENSES:
Investment advisory fee $ 221,903
Administrative personnel and services fee 61,987
Custodian fees 8,975
Transfer and dividend disbursing agent fees and expenses 94,358
Directors'/Trustees' fees 7,421
Auditing fees 6,638
Legal fees 1,416
Portfolio accounting fees 20,440
Shareholder services fee 110,952
Share registration costs 11,222
Printing and postage 6,339
Insurance premiums 1,448
Miscellaneous 2,067
Total expenses 555,166
Waivers --
Waiver of investment advisory fee $ (7,056)
Waiver of shareholder services fee (57,695)
Total waivers (64,751)
Net expenses
490,415
Net investment income $
1,997,638
</TABLE>
(See Notes which are an integral part of the Financial Statements)
MONEY MARKET MANAGEMENT, INC.
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<S> <C> <C>
SIX MONTHS
ENDED YEAR
ENDED
(UNAUDITED) DECEMBER
31,
JUNE 30, 1997 1996
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS --
Net investment income $ 1,997,638 $
4,503,969
DISTRIBUTIONS TO SHAREHOLDERS --
Distributions from net investment income (1,997,638)
(4,503,969)
SHARE TRANSACTIONS --
Proceeds from sale of shares 67,222,601
121,628,840
Net asset value of shares issued to shareholders in payment of
distributions declared 1,519,039
4,216,111
Cost of shares redeemed (71,126,999)
(139,854,088)
Change in net assets resulting from share transactions (2,385,359)
(14,009,137)
Change in net assets (2,385,359)
(14,009,137)
NET ASSETS:
Beginning of period 87,380,818
101,389,955
End of period $ 84,995,459 $
87,380,818
</TABLE>
(See Notes which are an integral part of the Financial Statements)
MONEY MARKET MANAGEMENT, INC.
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
Six Months
Ended
(unaudited)
June 30, Year Ended
December 31,
1997 1996 1995 1994 1993 1992 1991 1990
1989 1988
<S> <C> <C> <C> <C> <C> <C> <C> <C>
<C> <C>
NET ASSET VALUE,
Beginning Of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $
1.00 $ 1.00
INCOME FROM
INVESTMENT
OPERATIONS
Net investment 0.02 0.05 0.05 0.03 0.02 0.03 0.05 0.07
0.08 0.07
income
LESS DISTRIBUTIONS
Distributions from
net investment income (0.02) (0.05) (0.05) (0.03) (0.02) (0.03) (0.05) (0.07)
(0.08) (0.07)
NET ASSET VALUE,
END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $
1.00 $ 1.00
TOTAL RETURN(A) 2.26% 4.56% 5.13% 3.31% 2.19% 2.86% 5.43% 7.65%
8.73% 7.03%
RATIOS TO AVERAGE
NET ASSETS
Expenses 1.11%* 1.06% 1.08% 1.14% 1.17% 1.11% 0.96% 0.89%
0.89% 0.91%
Net investment 4.50%* 4.46% 4.99% 3.27% 2.15% 2.85% 5.32% 7.38%
8.39% 6.81%
income
Expense waiver/
reimbursement(b) 0.15%* 0.13% 0.15% 0.00% 0.07% 0.00% 0.00% 0.00%
0.00% 0.00%
SUPPLEMENTAL DATA
Net assets, end of
period (000 omitted) $84,995 $87,381 $101,390 $114,588 $108,309 $127,711 $168,889 $194,836 $204,393
$188,239
</TABLE>
* Computed on an annualized basis.
(a) Based on net asset value, which does not reflect the sales charge
or contingent deferred sales charge, if applicable.
(b) This voluntary expense decrease is reflected in both the expense
and net investment income ratios shown above.
(See Notes which are an integral part of the Financial Statements)
MONEY MARKET MANAGEMENT, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1997 (UNAUDITED)
1. ORGANIZATION
Money Market Management, Inc. (the "Fund") is registered under the
Investment Company Act of 1940, as amended (the "Act"), as an open-end
management investment company. The investment objective of the Fund is
current income consistent with stability of principal.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of its financial
statements. These policies are in conformity with generally accepted
accounting principles.
INVESTMENT VALUATIONS -- The Fund uses the amortized cost method to
value its portfolio securities in accordance with Rule 2a-7 under
the Act.
REPURCHASE AGREEMENTS -- It is the policy of the Fund to require
the custodian bank to take possession, to have legally segregated
in the Federal Reserve Book Entry System, or to have segregated
within the custodian bank's vault, all securities held as
collateral under repurchase agreement transactions. Additionally,
procedures have been established by the Fund to monitor, on a daily
basis, the market value of each repurchase agreement's collateral
to ensure that the value of collateral at least equals the
repurchase price to be paid under the repurchase agreement
transaction.
The Fund will only enter into repurchase agreements with banks and
other recognized financial institutions, such as broker/dealers,
which are deemed by the Fund's adviser to be creditworthy pursuant
to the guidelines and/or standards reviewed or established by the
Board of Directors (the "Directors"). Risks may arise from the
potential inability of counterparties to honor the terms of the
repurchase agreement. Accordingly, the Fund could receive less than
the repurchase price on the sale of collateral securities.
INVESTMENT INCOME, EXPENSES AND DISTRIBUTIONS -- Interest income
and expenses are accrued daily. Bond premium and discount, if
applicable, are amortized as required by the Internal Revenue Code,
as amended (the "Code"). Distributions to shareholders are recorded
on the ex-dividend date.
FEDERAL TAXES -- It is the Fund's policy to comply with the
provisions of the Code applicable to regulated investment companies
and to distribute to shareholders each year substantially all of
its income. Accordingly, no provisions for federal tax are
necessary.
WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS -- The Fund may
engage in when-issued or delayed delivery transactions. The Fund
records when-issued securities on the trade date and maintains
security positions such that sufficient liquid assets will be
available to make payment for the securities purchased. Securities
purchased on a when-issued or delayed delivery basis are marked to
market daily and begin earning interest on the settlement date.
RESTRICTED SECURITIES -- Restricted securities are securities that
may only be resold upon registration under federal securities laws
or in transactions exempt from such registration. Many restricted
securities may be resold in the secondary market in transactions
exempt from registration. In some cases, the restricted securities
may be resold without registration upon exercise of a demand
feature. Such restricted securities may be determined to be liquid
under criteria established by the Directors. The Fund will not
incur any registration costs upon such resales. Restricted
securities are valued at amortized cost in accordance with Rule
2a-7 under the Investment Company Act of 1940.
Additional information on each restricted security held at June 30,
1997 is as follows:
<TABLE>
<CAPTION>
SECURITY ACQUISITION DATE ACQUISITION COST
<S> <S> <C>
AFS Insurance Premium Receivables Trust 8/16/1994 $ 2,000,000
SALTS II Cayman Island Corp. 6/11/1997 2,000,000
SALTS III Cayman Island Corp. 1/21/1997 1,000,000
SALTS III Cayman Island Corp. 6/5/1997 1,300,000
Goldman Sachs Group, LP 6/25/1997 2,000,000
</TABLE>
USE OF ESTIMATES -- The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the
amounts of assets, liabilities, expenses and revenues reported in
the financial statements. Actual results could differ from those
estimated.
OTHER -- Investment transactions are accounted for on the trade
date.
3. CAPITAL STOCK
At June 30, 1997, there were 50,000,000,000 shares of $0.001 par value
capital stock authorized. Capital paid-in aggregated $84,995,459.
Transactions in capital stock were as follows:
<TABLE>
<CAPTION>
Six Months Year Ended
Ended December 31,
June 30, 1997 1996
<S> <C> <C>
Shares sold 67,222,601 121,628,840
Shares issued to shareholders in payment of distributions declared 1,519,039 4,216,111
Shares redeemed (71,126,999) (139,854,088)
Net change resulting from share transactions (2,385,359) (14,009,137)
</TABLE>
4. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY FEE -- Federated Advisers, the Fund's investment
adviser (the "Adviser"), receives for its services an annual
investment advisory fee based on the average daily net assets of the
Fund as follows: 0.500% on the first $500 million, 0.475% on the next
$500 million, 0.450% on the next $500 million, 0.425% on the next $500
million, and 0.400% thereafter. The Adviser may voluntarily choose to
waive any portion of its fee. The Adviser can modify or terminate this
voluntary waiver at any time at its sole discretion.
ADMINISTRATIVE FEE -- Federated Services Company ("FServ"), under the
Administrative Services Agreement, provides the Fund with
administrative personnel and services. The fee paid to FServ is based
on the level of average aggregate daily net assets of all funds
advised by subsidiaries of Federated Investors for the period. The
administrative fee received during the period of the Administrative
Services Agreement shall be at least $125,000 per portfolio and
$30,000 per each additional class of shares.
SHAREHOLDER SERVICES FEE -- Under the terms of a Shareholder Services
Agreement with Federated Shareholder Services ("FSS"), the Fund will
pay FSS up to 0.25% of average daily net assets of the Fund for the
period. The fee paid to FSS is used to finance certain services for
shareholders and to maintain shareholder accounts. FSS may voluntarily
choose to waive any portion of its fee. FSS can modify or terminate
this voluntary waiver at any time at its sole discretion.
TRANSFER AND DIVIDEND DISBURSING AGENT FEES AND EXPENSES -- FServ,
through its subsidiary, Federated Shareholder Services Company
("FSSC") serves as transfer and dividend disbursing agent for the
Fund. The fee paid to FSSC is based on the size, type, and number of
accounts and transactions made by shareholders.
PORTFOLIO ACCOUNTING FEES -- FServ maintains the Fund's accounting
records for which it receives a fee. The fee is based on the level of
the Fund's average daily net assets for the period, plus out-of-pocket
expenses.
GENERAL -- Certain of the Officers and Directors of the Corporation
are Officers and Directors or Trustees of the above companies.
DIRECTORS
John F. Donahue
Thomas G. Bigley
John T. Conroy, Jr.
William J. Copeland
J. Christopher Donahue
James E. Dowd
Lawrence D. Ellis, M.D.
Edward L. Flaherty, Jr.
Peter E. Madden
Gregor F. Meyer
John E. Murray, Jr.
Wesley W. Posvar
Marjorie P. Smuts
OFFICERS
John F. Donahue
Chairman
J. Christopher Donahue
President
Edward C. Gonzales
Executive Vice President
John W. McGonigle
Executive Vice President, Treasurer, and Secretary
Richard B. Fisher
Vice President
Karen M. Brownlee
Assistant Secretary
Mutual funds are not bank deposits or obligations, are not guaranteed
by any bank, and are not insured or guaranteed by the U.S. government,
the Federal Deposit Insurance Corporation, the Federal Reserve Board,
or any other government agency. Investment in mutual funds involves
risk, including possible loss of principal. Although money market
funds seek to maintain a stable net asset value of $1.00 per share,
there is no assurance that they will be able to do so.
This report is authorized for distribution to prospective investors
only when preceded or accompanied by the fund's prospectus which
contains facts concerning its objective and policies, management fees,
expenses and other information.
MONEY MARKET MANAGEMENT, INC.
SEMI-ANNUAL REPORT
TO SHAREHOLDERS
JUNE 30, 1997
[Graphic]
Federated Investors
Federated Securities Corp., Distributors
Cusip 609346200
8080103 (8/97)
[Graphic]
