ADVANTUS MONEY MARKET FUND INC
N-30D, 1995-06-05
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<PAGE>

                                                                          [LOGO]


                                              SEMI-ANNUAL REPORT TO SHAREHOLDERS
                                                      ADVANTUS MONEY MARKET FUND



                                                                  MARCH 31, 1995

<PAGE>
ADVANTUS MONEY MARKET FUND
TABLE OF CONTENTS

PERFORMANCE UPDATE                  2

INVESTMENT IN SECURITIES            4

STATEMENT OF ASSETS AND
LIABILITIES                         6

STATEMENT OF OPERATIONS             7

STATEMENT OF CHANGES IN
NET ASSETS                          8

NOTES TO FINANCIAL
STATEMENTS                          9

SHAREHOLDER VOTING RESULTS         12

SHAREHOLDER SERVICES               13
<PAGE>
May 15, 1995

                                                                         [PHOTO]
Dear Shareholders:

Practically everyone would like to annualize the first quarter results. Both
bonds and equities provided excellent returns for investors according to
Ibbotson Associates. For now, investors seem to have positive expectations on
interest rates and are enjoying the benefits on earnings attributed to the
declining dollar. Additionally, they have become increasingly confident in the
ability of the Federal Reserve to engineer a soft landing (i.e., low inflation
without a recession) for the economy.

For the last six months there was even more good news for the markets. The
November election results combined with two additional Federal Reserve moves to
raise short term interest rates and good news on inflation amid signs of slower
economic growth all helped restore investor confidence.

What can be confusing is that a soft landing and a recession often look very
much the same. The economy is on an unpredictable course, and experts seem to be
particularly divided in their opinions. (Opinions always seem to get farther
apart when markets set new highs.) Bulls argue that earnings are excellent and
will remain healthy because of stringent cost controls and improving overseas
operations. Bears believe the Dow is at its peak for the cycle. Also, the
consensus of a soft landing can be shaken badly if the Fed has to raise interest
rates to protect the dollar. Finally, all signs do not indicate inflation can
remain under control.

There is much evidence that we have entered a period where interest rates,
whether increasing or decreasing, are likely to trade in a narrower range.
Slower but steady economic growth, coupled with a moderate inflationary
environment should prove to be positive for fixed income investments. The
uncertainty in the economy over whether we are heading toward a recession or a
soft landing should create buying opportunities in the equity markets.

The saga of the dollar reaffirms the fact that most events are neither totally
positive nor totally negative. The dollar will buy less in Europe and Japan, but
will buy more in Mexico and Canada than a year ago. However, determining which
investments benefit and which suffer from any event is very difficult and
requires experienced professionals to make the best decisions.

Finally, as always, it is important to remember not to vary from your investment
plan and that diversification across asset types and geographic regions is
important because asset classes tend to perform differently from each other in
different market conditions.

Sincerely,

Paul Gooding, President
Advantus Capital Management, Inc.
<PAGE>
ADVANTUS MONEY MARKET FUND
PERFORMANCE UPDATE
[PHOTO]
WAYNE SCHMIDT, CFA
PORTFOLIO MANAGER
The Advantus Money
Market Fund is a mutual fund designed for
investors seeking a high level of current
income consistent with preservation of
capital and liquidity. The Fund plans to
achieve its objective by concentrating
investments
in short-term money market instruments
including U.S. Treasury Bills, high grade
commercial paper and bank certificates of
deposit.
  -Seeks to maintain stable net asset value.
  -Free checkwriting and telephone redemption.
  -Dividends declared daily and paid monthly.

INVESTMENT IN THE ADVANTUS MONEY MARKET FUND IS NEITHER INSURED NOR GUARANTEED
BY THE U.S. GOVERNMENT, AND THERE CAN BE NO ASSURANCE THAT THE FUND WILL BE ABLE
TO MAINTAIN A STABLE NET ASSET VALUE OF $1.00 PER SHARE.
PERFORMANCE

The  Fund's seven day compounded  yield was 5.38 percent*  as of March 31, 1995.
For the six month period the Fund's total return was 2.39 percent.*

The short  term interest  rates continued  to  grind higher  over the  past  six
months.  Yields on the three month U.S. Treasury Bill increased 108 basis points
to yield 5.85 percent,  while yields on  the six month Bill  were only 68  basis
points  higher to  yield 6.11  percent. With  inflation running  at a  3 percent
annual rate, money market yields now offer investors a profitable place to  park
cash.

PORTFOLIO RECAP

In  February, the Federal Reserve  raised the Fed Funds  rate for a seventh time
during this monetary tightening phase. The Fed  Funds rate is now 6 percent,  up
from 3 percent, while the discount rate has been increased to 5.25 percent, also
up  from 3  percent. The  higher rates  are beginning  to slow  economic growth.
Prices of goods and  services have remained  stable, a key  goal of Fed  policy.
Higher  short term rates and  moderate inflation have brought  value back to the
money market asset class.

Due to slower economic growth, the Federal Reserve is expected to be near or  at
the end of its monetary tightening phase. With short term rates stabilizing, our
strategy  has been to maintain  the Fund's average days  to maturity at a market
neutral 30 to 40 days. At the end of the quarter the Fund's average maturity was
33 days.

The Fund continues to be void of derivative securities. We invest exclusively in
U.S. Treasury  Bills,  U.S.  agencies,  and high  quality  commercial  paper  to
maintain both excellent liquidity and quality.

OUTLOOK

Short term interest rates are in a period of consolidation as the market ponders
future  Federal Reserve action.  The Fed has  done a masterful  job of achieving
price stability with slower economic growth and we expect the Fed to keep short-
term rates unchanged in the near term. The inflation and economic data  received
in  the upcoming quarters will  dictate future Fed policy,  as the Fed evaluates
the effect of the previous seven tightening moves.

                       2
<PAGE>
                                                      ADVANTUS MONEY MARKET FUND
                                                                  MARCH 31, 1995

We believe  that short-term  rates  will remain  relatively  stable as  we  move
farther  into 1995. The trend toward significantly higher short-term rates is on
hold and rates should remain in a narrow range during months ahead. Once we feel
more certain that the  Fed has completed its  monetary tightening phase we  will
look to extend our average days to maturity.

*Historical results are not an
indication of future performance.
                            AVERAGE DAYS TO MATURITY

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<CAPTION>
           AVERAGE DAYS TO MATURITY
<S>        <C>
10/04/94                         28
10/11/94                         26
10/18/94                         24
10/25/94                         28
11/01/94                         28
11/08/94                         31
11/15/94                         27
11/22/94                         38
11/29/94                         34
12/06/94                         34
12/13/94                         40
12/20/94                         38
12/27/94                         31
01/03/95                         27
01/10/95                         27
01/17/95                         29
01/24/95                         30
01/31/95                         30
02/07/95                         28
02/14/95                         30
02/21/95                         31
02/28/95                         27
03/07/95                         26
03/14/95                         31
03/21/95                         36
03/31/95                         34
</TABLE>

                          SEVEN DAY COMPOUNDED YIELD*

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<CAPTION>
            COMPOUND YIELD
<S>        <C>
10/04/94               3.86
10/11/94               4.00
10/18/94               4.10
10/25/94               4.05
11/01/94               4.15
11/08/94               4.19
11/15/94               4.27
11/22/94               4.51
11/29/94               4.54
12/06/94               4.67
12/13/94               4.83
12/20/94               5.06
12/27/94               5.13
01/03/95               5.18
01/10/95               5.19
01/17/95               5.13
01/24/95               5.19
01/31/95               5.16
02/07/95               5.15
02/14/95               5.32
02/21/95               5.22
02/28/95               5.27
03/07/95               5.33
03/14/95               5.35
03/21/95               5.34
03/31/95               5.36
</TABLE>

The  seven-day compounded yield is computed by determining the net change in the
value of a hypothetical account having a  balance of one share at the  beginning
of a seven calendar day period, dividing that change by seven, adding one to the
quotient,  raising  the sum  to the  365th  power and  subtracting one  from the
result.

                                                       3
<PAGE>
ADVANTUS MONEY MARKET FUND
INVESTMENTS IN SECURITIES
MARCH 31, 1995
(UNAUDITED)

(Percentages of each investment category relate to total net assets.)

<TABLE>
<CAPTION>
                                                                                         MARKET
PRINCIPAL                                                                               VALUE(A)
- - ---------                                                                             ------------
<C>        <S>                                                  <C>        <C>        <C>
U.S. GOVERNMENT AND AGENCIES OBLIGATIONS (6.3%)
$ 265,000  Farm Credit Discount Note..........................      6.01%   04/18/95  $    264,218
  590,000  Federal National Mortgage Association Discount
            Note..............................................      6.02%   04/18/95       588,259
   65,000  U.S. Treasury Bill.................................      5.71%   04/06/95        64,940
  980,000  U.S. Treasury Bill.................................      5.95%   04/27/95       975,792
                                                                                      ------------
           Total U.S. government and agencies obligations (cost: $1,893,209)........     1,893,209
                                                                                      ------------
COMMERCIAL PAPER (92.8%)
  CAPITAL GOODS (3.0%)
    Information Processing (3.0%)
  895,000  Hewlett-Packard....................................      6.07%   05/02/95       890,266
                                                                                      ------------
  CONSUMER GOODS AND SERVICES (6.7%)
    Consumer Services (2.0%)
  590,000  R.R. Donnelly (c)..................................      6.20%   04/05/95       589,504
                                                                                      ------------
    Management (4.7%)
1,410,000  PHH................................................      6.07%   04/21/95     1,405,098
                                                                                      ------------
  CONSUMER STAPLES (36.3%)
    Drugs (10.0%)
1,000,000  American Home Products (c).........................      6.21%   05/23/95       991,093
1,000,000  Pfizer.............................................      6.05%   04/07/95       998,845
1,000,000  Schering...........................................      6.20%   05/17/95       992,140
                                                                                      ------------
                                                                                         2,982,078
                                                                                      ------------
    Food (16.3%)
1,000,000  Anheuser-Busch.....................................      6.11%   05/16/95       992,372
1,000,000  Campbell Soup......................................      6.13%   05/24/95       991,030
  740,000  Cargill............................................      6.07%   05/01/95       736,209
1,160,000  Coca Cola..........................................      6.19%   04/10/95     1,158,057
1,000,000  CPC International (c)..............................      6.19%   05/26/95       990,620
                                                                                      ------------
                                                                                         4,868,288
                                                                                      ------------
    Household Products (3.7%)
1,100,000  Philip Morris......................................      6.15%   05/09/95     1,092,850
                                                                                      ------------
    Media (2.8%)
  850,000  Mcgraw-Hill........................................      6.13%   05/12/95       844,050
                                                                                      ------------
    Retail (3.5%)
1,065,000  Melville...........................................      6.23%   05/10/95     1,057,841
                                                                                      ------------
</TABLE>

              See accompanying notes to investments in securities.

                                       4
<PAGE>
                                                      ADVANTUS MONEY MARKET FUND
                                            INVESTMENTS IN SECURITIES--CONTINUED
<TABLE>
<CAPTION>
                                                                                         MARKET
PRINCIPAL                                                                               VALUE(A)
- - ---------                                                                             ------------
<C>        <S>                                                  <C>        <C>        <C>
  ENERGY (3.5%)
    Natural Gas Distribution (3.5%)
$1,070,000 Equitable Resources (c)............................      6.19%   05/25/95  $  1,060,143
                                                                                      ------------
  FINANCIAL (15.9%)
    Consumer Finance (15.9%)
1,000,000  American General Finance...........................      6.15%   04/12/95       998,000
1,000,000  Associates.........................................      6.07%   04/06/95       999,008
  465,000  Ford Motor Credit..................................      6.12%   04/19/95       463,530
  485,000  Ford Motor Credit..................................      6.08%   04/19/95       483,474
  900,000  General Electric Capital...........................      6.17%   05/08/95       894,281
  910,000  Norwest Financial..................................      6.16%   05/25/95       901,658
                                                                                      ------------
                                                                                         4,739,951
                                                                                      ------------
  UTILITIES (24.4%)
    Electric (9.2%)
  860,000  Alabama Power......................................      6.10%   04/25/95       856,435
1,000,000  Baltimore Gas & Electric...........................      6.13%   05/11/95       993,167
  920,000  Iowa-Illinois Gas & Electric.......................      6.14%   04/20/95       916,933
                                                                                      ------------
                                                                                         2,766,535
                                                                                      ------------
    Telephones (15.2%)
1,170,000  Ameritech..........................................      6.11%   05/08/95     1,162,615
1,100,000  AT&T...............................................      6.17%   06/07/95     1,087,513
1,300,000  Southwestern Bell Capital (c)......................      6.20%   04/17/95     1,296,286
1,000,000  US West Communications.............................      6.11%   04/04/95       999,336
                                                                                      ------------
                                                                                         4,545,750
                                                                                      ------------
  TRANSPORTATION (3.0%)
    Railroads (3.0%)
  900,000  Union Pacific (c)..................................      6.17%   05/17/95       892,926
                                                                                      ------------
           Total commercial paper (cost: $27,735,280)...............................    27,735,280
                                                                                      ------------
           Total investments in securities (cost: $29,628,489) (b)..................  $ 29,628,489
                                                                                      ------------
                                                                                      ------------
<FN>
Notes to Investments in Securities
(a)  Securities are valued by procedures described in note 1 to the financial
     statements.
(b)  Also represents the cost of securities for federal income tax purposes at
     March 31, 1995.
(c)  Commercial paper sold within terms of a private placement memorandum,
     exempt from registration under Section 4(2) of the Securities Act of 1933,
     as amended, and may be sold only to dealers in that program or other
     "accredited investors." This security has been determined to be liquid
     under guidelines established by the board of directors.
</TABLE>

                                       5
<PAGE>
ADVANTUS MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1995
(UNAUDITED)

<TABLE>
<S>                                                                           <C>
                                          ASSETS
Investment in securities, at value--see accompanying schedule for detailed
 listing (identified cost: $29,628,489)....................................   $ 29,628,489
Cash in bank on demand deposit.............................................        233,102
Receivable for Fund shares sold............................................        167,544
                                                                              ------------
    Total assets...........................................................     30,029,135
                                                                              ------------
                                       LIABILITIES
Payable for Fund shares repurchased........................................        130,200
Cash portion of dividends payable to shareholders..........................            895
Payable to Adviser.........................................................         21,337
                                                                              ------------
    Total liabilities......................................................        152,432
                                                                              ------------
Net assets applicable to outstanding capital stock.........................   $ 29,876,703
                                                                              ------------
                                                                              ------------
Represented by:
  Capital stock--authorized 1 billion shares of $.01 par value;
   outstanding, 29,876,703 shares..........................................   $    298,767
  Additional paid-in capital...............................................     29,577,936
                                                                              ------------
    Total--representing net assets applicable to outstanding capital
     stock.................................................................   $ 29,876,703
                                                                              ------------
                                                                              ------------
Net asset value per share..................................................   $       1.00
                                                                              ------------
                                                                              ------------
</TABLE>

                See accompanying notes to financial statements.

                                       6
<PAGE>
                                                      ADVANTUS MONEY MARKET FUND
                                                         STATEMENT OF OPERATIONS
                                   PERIOD FROM OCTOBER 1, 1994 TO MARCH 31, 1995
                                                                     (UNAUDITED)

<TABLE>
<S>                                                                                  <C>
Investment income:
  Interest.........................................................................  $ 764,074
                                                                                     ---------
Expenses (note 3):
  Investment advisory fee..........................................................     68,163
  Distribution fees................................................................     40,898
  Transfer Agent fees and expenses.................................................     44,493
  Administrative services fee......................................................     18,400
  Custodian fees...................................................................      5,478
  Auditing and accounting services.................................................      6,210
  Legal fees.......................................................................      2,333
  Directors' fees..................................................................        336
  Registration fees................................................................     14,438
  Printing and shareholder reports.................................................     15,715
  Insurance........................................................................      2,988
  Other............................................................................     13,007
                                                                                     ---------
    Total expenses.................................................................    232,459
  Less fees and expenses waived or absorbed:
    Distribution fees..............................................................    (40,898)
    Other fund expenses............................................................    (75,683)
                                                                                     ---------
    Total fees and expenses waived or absorbed.....................................   (116,581)
                                                                                     ---------
    Total net expenses.............................................................    115,878
                                                                                     ---------
    Investment income--net.........................................................    648,196
                                                                                     ---------
Net increase in net assets resulting from operations...............................  $ 648,196
                                                                                     ---------
                                                                                     ---------
</TABLE>

                See accompanying notes to financial statements.

                                       7
<PAGE>
ADVANTUS MONEY MARKET FUND
STATEMENT OF CHANGES IN NET ASSETS
PERIOD FROM OCTOBER 1, 1994 TO MARCH 31, 1995 AND
PERIOD FROM NOVEMBER 1, 1993 TO SEPTEMBER 30, 1994
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                         1995         1994
                                                                      -----------  -----------
<S>                                                                   <C>          <C>
Operations:
  Investment income--net............................................  $   648,196  $   652,265
                                                                      -----------  -----------
    Increase in net assets resulting from operations................      648,196      652,265
                                                                      -----------  -----------
Distributions to shareholders from net investment income............     (648,196)    (652,265)
                                                                      -----------  -----------
Capital share transactions, at a constant net asset value of $1.00:
  Proceeds from sales...............................................   29,379,298   48,553,873
  Shares issued as a result of reinvested dividends.................      641,858      646,223
  Payments for redemption of shares.................................  (25,863,211) (46,586,984)
                                                                      -----------  -----------
    Increase in net assets from capital share transactions..........    4,157,945    2,613,112
                                                                      -----------  -----------
    Total increase in net assets....................................    4,157,945    2,613,112
Net assets at beginning of period...................................   25,718,758   23,105,646
                                                                      -----------  -----------
Net assets at end of period.........................................  $29,876,703  $25,718,758
                                                                      -----------  -----------
                                                                      -----------  -----------
</TABLE>

                See accompanying notes to financial statements.

                                       8
<PAGE>
                                                      ADVANTUS MONEY MARKET FUND
                                                   NOTES TO FINANCIAL STATEMENTS
                                                                  MARCH 31, 1995
                                                                     (UNAUDITED)

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
    The Advantus Money Market Fund, Inc. (the Fund) is registered under the
Investment Company Act of 1940 (as amended) as a diversified, open-end
management investment company. On February 14, 1995, shareholders of the Fund
approved a name change to Advantus Money Market Fund, Inc. (effective March 1,
1995). Prior to March 1, 1995, the Fund was known as MIMLIC Money Market Fund,
Inc.

    The significant accounting policies of the Fund are summarized as follows:

  INVESTMENTS IN SECURITIES

    All securities are valued at the close of each business day. Pursuant to
Rule 2a-7 of the Investment Company Act of 1940 (as amended), all securities are
valued at amortized cost which approximates market value, in order to maintain a
constant net asset value of $1.00.

    Security transactions are accounted for on the date the securities are
purchased or sold. Interest income, including amortization of bond premium and
discount computed on a level yield basis, is accrued daily.

  FEDERAL TAXES

    The Fund's policy is to comply with the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute all of its
taxable income to shareholders. Therefore, no income tax provision is required.
The Fund's policy is to make required minimum distributions prior to December
31, in order to avoid federal excise tax.

    Net investment income may differ for financial statement and tax purposes
primarily because of temporary book-to-tax differences. The character of
distributions made during the year from net investment income may differ from
their ultimate characterization for federal income tax purposes. Also, due to
the timing of dividend distributions, the fiscal year in which amounts are
distributed may differ from the year that the income or realized gains (losses)
were recorded by the Fund.

  DISTRIBUTIONS TO SHAREHOLDERS

    Dividends from net investment income are declared daily and paid monthly in
cash or reinvested in additional shares. Capital gains, if any, are paid
annually.

(2) INVESTMENT SECURITY TRANSACTIONS
    For the period from October 1, 1994 to March 31, 1995, purchases of
securities and proceeds from sales aggregated $106,632,292 and $100,755,861,
respectively.

(3) EXPENSES AND RELATED PARTY TRANSACTIONS
    On February 14, 1995 shareholders of the Fund approved a new investment
advisory agreement with Advantus Capital Management, Inc. (Advantus Capital or
the Adviser). Under the agreement, Advantus

                                       9
<PAGE>
NOTES TO FINANCIAL STATEMENTS--CONTINUED

(3) EXPENSES AND RELATED PARTY TRANSACTIONS--(CONTINUED)
Capital manages the Fund's assets and provides research, statistical and
advisory services and pays related office rental and executive expenses and
salaries. Advantus Capital is a wholly-owned subsidiary of MIMLIC Asset
Management Company (MIMLIC Management) which, prior to March 1, 1995, served as
investment adviser to the Fund. The fee for investment management and advisory
services is based on the average daily net assets of the Fund at the annual rate
of .50 percent, which is the same as under the old agreement.

    The Fund pays The Minnesota Mutual Life Insurance Company (Minnesota
Mutual), the parent of MIMLIC Management, a flat fee of $977 per month plus
$1.50 per month per account for transfer agent fees and expenses.

    The Fund has adopted a Plan of Distribution relating to the payment of
certain distribution expenses pursuant to Rule 12b-1 under the Investment
Company Act of 1940 (as amended). The Plan provides for a fee up to .30 percent
of average daily net assets to be paid to MIMLIC Sales Corporation (MIMLIC
Sales), the underwriter of the Fund, to be used to pay certain expenses incurred
in the distribution, promotion and servicing of the Fund's shares. MIMLIC Sales
is currently waiving all of the distribution fee from the Fund.

    The Fund also bears certain other operating expenses including outside
directors' fees, custodian fees, registration fees, printing and shareholder
reports, legal, auditing and accounting services, organizational costs and other
miscellaneous expenses.

    The Fund pays an administrative services fee to Minnesota Mutual for
accounting, auditing, legal and other administrative services which Minnesota
Mutual provides. Prior to February 1, 1995, the administrative service fee was
$3,350 per month. Effective February 1, 1995, the administrative service fee is
$2,500 per month.

    Advantus Capital (MIMLIC Management prior to March 1, 1995) directly incurs
and pays the above operating expenses and the Fund in turn reimburses Advantus
Capital (MIMLIC Management prior to March 1, 1995). During the period from
October 1, 1994 to March 31, 1995 Advantus Capital and MIMLIC Management
voluntarily agreed to absorb $75,683 in expenses which were otherwise payable by
the Fund.

    As of March 31, 1995, Minnesota Mutual and subsidiaries and the directors
and officers of the Fund as a whole own 7,591,836 shares or 25.4 percent of the
Fund's total shares outstanding.

    Legal fees were paid to a law firm of which the Fund's secretary is a
partner in the amount of $1,949.

                                       10
<PAGE>
                                        NOTES TO FINANCIAL STATEMENTS--CONTINUED

(4) FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
                                     PERIOD FROM    PERIOD FROM
                                     OCTOBER 1,     NOVEMBER 1,
                                       1994 TO        1993 TO            YEAR ENDED OCTOBER 31,
                                      MARCH 31,    SEPTEMBER 30,   ----------------------------------
                                        1995           1994         1993     1992     1991     1990
                                     -----------   -------------   -------  -------  -------  -------
<S>                                  <C>           <C>             <C>      <C>      <C>      <C>
Net asset value, beginning of
 period............................    $ 1.000        $ 1.000      $ 1.000  $ 1.000  $ 1.000  $ 1.000
                                     -----------   -------------   -------  -------  -------  -------
Income from investment operations:
  Net investment income............       .024           .027         .025     .033     .056     .074
                                     -----------   -------------   -------  -------  -------  -------
    Total from investment
     operations....................       .024           .027         .025     .033     .056     .074
                                     -----------   -------------   -------  -------  -------  -------
Less distributions:
  Dividends from net investment
   income..........................      (.024)         (.027)       (.025)   (.033)   (.056)   (.074)
                                     -----------   -------------   -------  -------  -------  -------
    Total distributions............      (.024)         (.027)       (.025)   (.033)   (.056)   (.074)
                                     -----------   -------------   -------  -------  -------  -------
Net asset value, end of period.....    $ 1.000        $ 1.000      $ 1.000  $ 1.000  $ 1.000  $ 1.000
                                     -----------   -------------   -------  -------  -------  -------
                                     -----------   -------------   -------  -------  -------  -------
Total return (a)...................      2.37%(b)       2.69%(c)     2.48%    3.35%    5.85%    7.64%
Net assets, end of period (in
 thousands)........................    $29,877        $25,719      $23,106  $23,136  $33,889  $35,287
Ratio of expenses to average daily
 net assets (d)....................       .85%(e)        .85%(e)      .85%     .85%     .85%     .85%
Ratio of net investment income to
 average daily net assets (d)......      4.75%(e)       2.95%(e)     2.45%    3.35%    5.63%    7.39%
<FN>
- - ----------
(a)  Total return figures are based on a share outstanding throughout the period
     and assumes reinvestment of distributions at net asset value.
(b)  Total return is presented for the period from October 1, 1994 to March 31,
     1995.
(c)  Total return is presented for the period from November 1, 1993 to September
     30, 1994.
(d)  The Fund's Adviser and Distributor voluntarily waived or absorbed $116,581,
     $222,862, $210,392, $224,636, $216,386, and $75,310, in expenses for the
     period from October 1, 1994 to March 31, 1995, the period from November 1,
     1993 to September 30, 1994 and the years ended October 31, 1993, 1992, 1991
     and 1990, respectively. If the Fund had been charged for these expenses,
     the ratio of expenses to average daily net assets would have been 1.71%,
     1.86%, 1.74%, 1.59%, 1.36% and 1.09%, respectively, and the ratio of net
     investment income to average daily net assets would have been 3.89%, 1.94%,
     1.56%, 2.61%, 5.12% and 7.15%, respectively.
(e)  Adjusted to an annual basis.
</TABLE>

                                       11
<PAGE>
SHAREHOLDER VOTING RESULTS

    On February 14, 1995, a regular meeting of the Fund's shareholders was held.
Shareholders of record on December 19, 1994 were entitled to vote on the
proposals described below.

(1) To elect a Board of Directors as follows:

<TABLE>
<CAPTION>
                                                                            VOTES      VOTES
                                DIRECTOR                                     FOR     WITHHELD
                         ----------------------                           ---------  ---------
<S>                                                                       <C>        <C>
Paul H. Gooding.........................................................  14,070,100   181,060
Frederick P. Feuerherm..................................................  14,070,100   139,965
Ralph D. Ebbott.........................................................  14,070,100   388,408
Ellen S. Berscheid......................................................  14,070,100   414,117
Charles E. Arner........................................................  14,070,100   185,279
</TABLE>

<TABLE>
<CAPTION>
                                                                       NUMBER OF SHARE VOTING
                                                                   -------------------------------
                                                                      FOR      AGAINST    ABSTAIN
                                                                   ---------  ---------  ---------
<C>        <S>                                                     <C>        <C>        <C>
      (2)  To ratify or reject the selection by the Board of
           Directors of KPMG Peat Marwick LLP as the independent
           public accountant for the Fund for the fiscal year
           ending September 30, 1995.............................  13,715,730    73,910    413,599
      (3)  To approve or reject the proposal to amend the Fund's
           Articles of Incorporation to change the name of the
           Fund from MIMLIC Money Market Fund, Inc. to Advantus
           Money Market Fund, Inc................................  13,522,625   244,007    436,607
      (4)  To approve or disapprove a new Investment Advisory
           Agreement with Advantus Capital Management, Inc., a
           wholly-owned subsidiary of MIMLIC Asset Management
           Company, the previous investment adviser of the
           Fund..................................................  13,603,445   217,109    382,684
</TABLE>

                                       12
<PAGE>
                                                            SHAREHOLDER SERVICES

    The Advantus Family of Funds offers a variety of services that enhance your
ability to manage your assets. Check each Fund's prospectus for the details of
the services and any limitations that apply to a particular Fund:

EXCHANGE PRIVILEGES:  You can move all or part of your investment dollars from
one fund to any other Advantus Fund you own (for identical registrations within
the same class) at any time as your needs change. Exchanges are at the then
current net asset value. (Exchanges from the Money Market Fund will incur the
applicable sales charge, if not previously subjected to the charge.)
Shareholders may make four exchanges or telephone transfers between the Funds
each calendar year without incurring a transaction charge. Thereafter, there
will be a $7.50 transaction charge for each additional exchange or transfer
within the calendar year. Systematic Exchange Plans are exempt from this charge.

INCOME DISTRIBUTION FLEXIBILITY:  You can have your fund dividends and other
distributions automatically reinvested with no sales charge, direct them from
one Advantus Fund to any other you own within the Fund family or, if you desire,
we'll pay you in cash.

SYSTEMATIC WITHDRAWAL PLAN:  You can set up a plan to receive checks at
specified intervals from you fund account--subject to minimum guidelines.

DIRECT DEPOSITS:  At your request we will deposit your dividends or systematic
withdrawals directly into your checking or savings account instead of sending
you a check.

TELEPHONE TRANSFER:  You may transfer money from one Advantus account to any
other Advantus account you own just by calling our toll free number. Sign up for
telephone exchanges on the Advantus Application or complete the telephone
authorization form.

SYSTEMATIC TRANSFER:  If you have an Advantus Money Market account you may
transfer a set amount of money to another Advantus Fund to diversify your
investment portfolio and take advantage of dollar-cost averaging.

AUTOMATIC PAYMENT OF INSURANCE PREMIUMS:  You may automatically pay your
Minnesota Mutual insurance premiums out of an Advantus Money Market account.

REDUCED SALES CHARGES:  Letter of Intent, combined purchases with spouse,
children or single trust estates, and the Right of Accumulation make it possible
for you to reduce the sales charge on Advantus's non-money market funds.

SPECIAL PURCHASE PLANS:  Our special purchase plans enable you to open an
Advantus fund account for as little as $25 and lower your average share cost
through "dollar-cost averaging." (Dollar-cost averaging does not assure a
profit, nor does it prevent loss in declining markets.) One of these plans--The
Automatic Investment Plan--allows you to invest automatically each month from
your checking or saving account.

IRAS, OTHER QUALIFIED PLAN:  You can use the Advantus Family of Funds for your
Individual Retirement Account or other qualified plan including SEPs, profit
sharing, money purchase or defined benefit plans.

GROUP INVESTMENT PLAN:  This plan provides employers and employees with a
convenient means for investing in the funds through payroll deduction.

                                       13
<PAGE>
TELEPHONE REDEMPTION:  You may call us and redeem shares over the phone. Amounts
over $1,000 will be wire transferred to your personal bank account. The
prevailing wire charge will be added to the withdrawal amount. Amounts for less
than $1,000 will be mailed to your bank on your behalf. To set this up, please
send a voided check from your bank.

ACCOUNT UPDATES:  You'll receive written confirmation of every investment you
initiate (monthly statements for your Money Market account) and quarterly
reports to help you track all of your investments in the Advantus Family of
Funds, and annual tax statements. Semiannual and annual reports will provide you
with portfolio information, fund performance data and the current investment
outlook.

TOLL-FREE SERVICE LINE:  For your convenience in obtaining information and
assistance directly from MIMLIC Sales Corporation, call 1-800-443-3677. Our
voice response system is available from 7 a.m. to 3 a.m. Monday through Friday,
and 8 a.m. to 5 p.m. on Saturday. This system allows you to access current net
asset values and your account balances.

HOW TO INVEST

    You can invest in one or more of the eight Advantus Funds through your local
registered representative of MIMLIC Sales Corporation, distributor of the Funds.
Contact your representative for information and a prospectus for any of the
Advantus Funds you are interested in.

MINIMUM INVESTMENTS:  Your initial investment in any of the Advantus Funds can
be as small as $25 when you use our Systematic Investment Plan. Minimum lump-sum
initial investment is $250. Minimum subsequent investment is $25.

THE FUND'S MANAGER

    Advantus Capital Management, Inc., investment adviser to the Fund, selects
and reviews the Fund's investments and provides executive and other personnel
for the Fund's management.

    Advantus Capital Management, Inc.'s six portfolio managers manage eight
mutual funds containing $215 million in assets in addition to $1.8 billion in
assets for other clients. Advantus Capital's seasoned portfolio managers average
more than 10 years of investment experience.

ADVANTUS FAMILY OF FUNDS

Advantus Bond Fund

Advantus Horizon Fund

Advantus Spectrum Fund

Advantus Enterprise Fund

Advantus Cornerstone Fund

Advantus Money Market Fund

Advantus Mortgage Securities Fund

Advantus International Balanced Fund

                                       14
<PAGE>





      THIS REPORT HAS BEEN PREPARED FOR SHAREHOLDERS AND MAY BE DISTRIBUTED
        TO OTHERS ONLY IF PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS.




                                    [LOGO]

                           MIMLIC SALES CORPORATION
                           400 ROBERT STREET NORTH
                           ST. PAUL, MN 55101-2098
                           1-800-443-3677



<PAGE>

MIMLIC SALES CORPORATION                                   BULK RATE
400 ROBERT STREET NORTH                                U.S. POSTAGE PAID
ST. PAUL, MN 55101-2098                                   ST. PAUL, MN
                                                        PERMIT NO. 3547

FORWARDING AND RETURN POSTAGE GUARANTEED,
ADDRESS CORRECTION REQUESTED

F.48642 5/95


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