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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM N-CSR
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CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-3807
SunAmerica Money Market Funds, Inc.
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(Exact name of registrant as specified in charter)
Harborside Financial Center, 3200 Plaza 5 Jersey City, NJ 07311
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(Address of principal executive offices) (Zip code)
John T. Genoy
Senior Vice President
SunAmerica Asset Management, LLC
Harborside Financial Center,
3200 Plaza 5
Jersey City, NJ 07311
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(Name and address of agent for service)
Registrant's telephone number, including area code: (201) 324-6414
Date of fiscal year end: December 31
Date of reporting period: December 31, 2014
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Item 1. Reports to Stockholders
[PHOTO]
ANNUAL REPORT 2014
SUNAMERICA
Money Market Fund
[LOGO]
DECEMBER 31, 2014 ANNUAL REPORT
SUNAMERICA MONEY MARKET FUNDS, INC.
SUNAMERICA MONEY MARKET FUND (SMAXX)
TABLE OF CONTENTS
SHAREHOLDERS' LETTER.................................... 2
EXPENSE EXAMPLE......................................... 5
STATEMENT OF ASSETS AND LIABILITIES..................... 7
STATEMENT OF OPERATIONS................................. 8
STATEMENT OF CHANGES IN NET ASSETS...................... 9
FINANCIAL HIGHLIGHTS.................................... 10
PORTFOLIO OF INVESTMENTS................................ 11
NOTES TO FINANCIAL STATEMENTS........................... 14
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM. 21
DIRECTORS AND OFFICERS INFORMATION...................... 22
SHAREHOLDER TAX INFORMATION............................. 25
DECEMBER 31, 2014 ANNUAL REPORT
SHAREHOLDERS' LETTER -- (unaudited)
Dear Shareholders,
We are pleased to present this annual shareholder report for the SunAmerica
Money Market Fund for the 12 months ended December 31, 2014.
The annual period ended December 31, 2014 was one wherein money market yields
remained low throughout, as the Federal Reserve (the "Fed") kept its target
rate in the 0% to 0.25% range and maintained its position that rates would
likely stay low for some time. Meanwhile, the Fed began to moderate its
accommodative monetary policy by tapering its quantitative easing program asset
purchases starting in January 2014, before ending the program in October 2014.
Throughout the annual period, U.S. economic data remained a key determinant of
the Fed's policy stance. During the first quarter of 2014, economic growth was
weak, with U.S. gross domestic product ("GDP") contracting 2.9%. However,
improved labor market data in March 2014 provided some indication that harsh
winter weather was mostly to blame. Short- to intermediate-term U.S. Treasury
notes sold off sharply in response to Fed Chair Yellen's March 2014 comment
that the Fed might increase the federal funds rate "something on the order of
six months" following the end of quantitative easing. But the U.S. Treasury
market then rallied following the release of the labor market reports. General
collateral repurchase agreement ("repo") rates and U.S. Treasury bill yields
remained at very low levels throughout the first quarter of 2014. U.S. labor
market conditions continued to improve during the second quarter of 2014, and
U.S. manufacturing data showed better output growth. The U.S. Treasury bill
curve remained quite flat, meaning the differential in yields between
longer-term and shorter-term maturities was narrow. In Europe, the European
Central Bank ("ECB") cut its interest rates by 10 basis points* in June 2014,
resulting in a negative deposit rate. The ECB also announced a set of
unconventional measures, including targeted long-term refinancing operations
("TLTROs").
U.S. economic data continued to show strength during the second half of 2014,
especially within the labor market. Unemployment declined to 5.6% by the end of
the annual period from 6.7% at the start of 2014, though this was partially due
to a decrease in labor force participation. U.S. GDP grew at a 5% annualized
rate during the third quarter of 2014. The Fed's statement following its
December 2014 meeting was consistent with its previous guidance, with the Fed
deciding to be "patient" before normalizing, or raising, short-term interest
rates. The Fed reiterated that the timing of its first hike in the targeted
federal funds rate would be data dependent. In Europe, as a result of
persistently low inflation and weaker economic data, the ECB implemented
further easing measures in the form of rate cuts, TLTROs and asset purchase
programs.
Despite the growing U.S. economy, inflation remained modest through the annual
period. The headline Consumer Price Index rose just 0.8% for the 12 months
ended December 31, 2014 before seasonal adjustment. Core inflation, which
excludes food and energy, was up 1.6% in December 2014 from a year earlier,
well below the Fed's target of 2%. Limited wage growth and sharply lower energy
and commodity prices were key contributors to the relatively benign inflation
scenario.
With the targeted federal funds rate near zero throughout the annual period and
with the Fed maintaining its forward guidance for continued low rates for some
time yet, money market yields were anchored near the same zero level with
little difference between maturities. Further, the money market yield curve, or
spectrum of maturities, remained flat during most of the annual period, though
it did steepen modestly toward the end of the year as longer-term rates rose
slightly. As such, the annual period did not provide many opportunities to add
yield.
2
DECEMBER 31, 2014 ANNUAL REPORT
SHAREHOLDERS' LETTER -- (unaudited) (continued)
On the following pages, you will find a brief discussion of the annual period
from the portfolio manager as well as financial statements and portfolio
information for the SunAmerica Money Market Fund for the annual period ended
December 31, 2014.
As always, we remain diligent in the management of your assets. We value your
ongoing confidence in us and look forward to serving your investment needs in
the future. If you have any questions, or require additional information on
this or other SunAmerica Mutual Funds, you may contact your financial advisor
or visit us at www.safunds.com.
Sincerely,
/s/ Peter A. Harbeck
Peter A. Harbeck
President & CEO
SunAmerica Asset Management, LLC
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PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
* A basis point is 1/100/th/ of a percentage point.
An investment in the Fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation (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.
3
SUNAMERICA MONEY MARKET FUND
ANDREW DOULOS, PORTFOLIO MANAGER
SUNAMERICA ASSET MANAGEMENT, LLC
The SunAmerica Money Market Fund (Class A) returned 0.01% for the annual
period ended December 31, 2014.
Fund performance was affected most by historically low interest rates that
persisted throughout 2014. Yields on money market securities moved up and down
within a rather tight range throughout the annual period, with one-month
certificates of deposit (CDs) yielding approximately 0.10% at year-end 2014
compared to roughly 0.09% at year-end 2013 and averaging 0.10% for the annual
period as a whole./1 /
While money market yields were low throughout the annual period, the Fund
continued to seek current income to the extent consistent with liquidity and
stability of principal. We were able to navigate potential interest rate risk
by adjusting the Fund's weighted average maturity/2/ as market conditions
shifted. We were able to mitigate potential credit risk by buying high quality,
creditworthy names, which contributed to the Fund's performance.
More specifically, given the low yield environment that existed throughout
the year, we employed a barbell investment strategy, with greater weightings in
fixed-rate securities at the short-term end of the yield curve and in
longer-dated floating-rate securities. This strategy enabled us to ensure a
cushion of liquidity in the near term, i.e., one to seven days. At the same
time, it allowed us to garner the somewhat greater yield available from
investments with longer-dated maturities, i.e., those with reset dates of 90
days. While the gain was modest given the flat yield curve during the annual
period, this positioning still proved helpful. The added benefits of
implementing this barbell investment strategy were to mitigate the impact of
market volatility on the Fund and to help keep the Fund's maturity profile
within Rule 2a-7 parameters.
Indeed, throughout the annual period, the Fund maintained a weighted average
maturity below the 60 day maximum mandated by the SEC. The Fund's weighted
average maturity was managed to remain as short as possible for most of the
annual period. We made adjustments to the Fund's weighted average maturity
based on then-current market conditions, our near-term view on interest rates
and anticipated and actual Fed monetary policy statements. We also lengthened
the Fund's weighted average maturity near some month ends. For example, at
September 30, 2014, the Fund's weighted average maturity stood at 54 days, and
at November 28, 2014, it stood at 50 days. However, those were the longest
weighted average maturities for the Fund during the year, typically due to a
lack of supply of money market eligible securities. As of December 31, 2014,
the Fund's weighted average maturity stood at approximately 43 days. The Fund's
weighted average life/3/ on December 31, 2014 was 98 days.
The Fund was focused primarily on investments in U.S. government agency
securities and U.S. Treasury securities, with lesser allocations to
shorter-term repurchase agreements, commercial paper, corporate bonds and
notes, Yankee certificates of deposit/4/ and certificates of deposit throughout
the annual period. As supply and demand factors shifted during the annual
period, we adjusted the allocations to these various investments accordingly.
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PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
/1/ Source: Bloomberg
/2/ Weighted average maturity is the average time it takes for securities in a
portfolio to mature, weighted in proportion to the dollar amount that is
invested in the portfolio. The weighted average maturity of a money market fund
is a measure of its price sensitivity to changes in interest rates.
/3/ The weighted average life of a money market fund is a measure of a money
market fund's price sensitivity to changes in liquidity and/or credit risk.
Under amendments to SEC Rule 2a-7 that became effective in May 2010, the
maximum allowable weighted average life of a money market fund is 120 days.
/4/ Yankee certificates of deposit are certificates of deposit issued by a
foreign bank in the United States.
An investment in the Fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation 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.
Securities listed may or may not be a part of current portfolio construction.
4
SUNAMERICA MONEY MARKET FUNDS, INC.
EXPENSE EXAMPLE -- DECEMBER 31, 2014 -- (UNAUDITED)
DISCLOSURE OF PORTFOLIO EXPENSES IN SHAREHOLDER REPORTS
As a shareholder in the SunAmerica Money Market Fund (the "Fund"), you may
incur two types of costs: (1) transaction costs, including contingent deferred
sales charges, small account fees and administrative fees and (2) ongoing
costs, including management fees, distribution and account maintenance fees,
and other Fund expenses. This Example set forth below is intended to help you
understand your ongoing costs (in dollars) of investing in the Fund and to
compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at July 1, 2014 and
held until December 31, 2014.
ACTUAL EXPENSES
The "Actual" section of the table provides information about actual account
values and actual expenses. You may use the information in these columns,
together with the amount you invested, to estimate the expenses that you paid
over the period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the column under the heading entitled "Expenses Paid During the Six
Months Ended December 31, 2014" to estimate the expenses you paid on your
account during this period. For shareholder accounts in classes other than
Class I, the "Expenses Paid During the Six Months Ended December 31, 2014"
column and the "Annualized Expense Ratio" column do not include small account
fees that may be charged if your account balance is below $500 ($250 for
retirement plan accounts). In addition, the "Expenses Paid During the Six
Months Ended December 31, 2014" column and the "Annualized Expense Ratio"
column do not include administrative or other fees that may apply to qualified
retirement plan accounts and accounts held through financial institutions. See
the Fund's prospectus, your retirement plan documents and/or materials from
your financial adviser for a full description of these fees. Had these fees
been included, the "Expenses Paid During the Six Months Ended December 31,
2014" column would have been higher and the "Ending Account Value" column would
have been lower.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" section of the table provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an annual rate of return of 5% before expenses, which is not the
Fund's actual return. The hypothetical account values and expenses may not be
used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example
with the 5% hypothetical examples that appear in the shareholder reports of
other funds. For shareholder accounts in classes other than Class I, the
"Expenses Paid During the Six Months Ended December 31, 2014" column and the
"Annualized Expense Ratio" column do not include small account fees that may be
charged if your account balance is below $500 ($250 for retirement plan
accounts). In addition, the "Expenses Paid During the Six Months Ended December
31, 2014" column and the "Annualized Expense Ratio" column do not include
administrative fees that may apply to qualified retirement plan accounts and
accounts held through financial institutions. See the Fund's prospectus, your
retirement plan documents and/or materials from your financial adviser for a
full description of these fees. Had these fees been included, the "Expenses
Paid During the Six Months Ended December 31, 2014" column would have been
higher and the "Ending Account Value" column would have been lower.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transaction costs, including
contingent deferred sales charges, small account fees and administrative fees,
if applicable to your account. Please refer to the Fund's prospectus, qualified
retirement plan document and/or materials from your financial adviser for more
information. Therefore, the "Hypothetical" example is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if these transaction costs and other fees
were included, your costs would have been higher.
5
SUNAMERICA MONEY MARKET FUNDS, INC.
EXPENSE EXAMPLE -- DECEMBER 31, 2014 -- (UNAUDITED) (CONTINUED)
ACTUAL HYPOTHETICAL
---------------------------------------------------- ----------------------------------------------------
ENDING ENDING ACCOUNT
ACCOUNT VALUE EXPENSES PAID VALUE USING EXPENSES PAID
BEGINNING USING ACTUAL DURING THE BEGINNING A HYPOTHETICAL 5% DURING THE ANNUALIZED
ACCOUNT VALUE RETURN AT SIX MONTHS ENDED ACCOUNT VALUE ANNUAL RETURN AT SIX MONTHS ENDED EXPENSE
AT JULY 1, 2014 DECEMBER 31, 2014 DECEMBER 31, 2014* AT JULY 1, 2014 DECEMBER 31, 2014 DECEMBER 31, 2014* RATIO*
--------------- ----------------- ------------------ --------------- ----------------- ------------------ ----------
Money Market Fund#
Class A.. $1,000.00 $1,000.05 $0.71 $1,000.00 $1,024.50 $0.71 0.14%
Class I.. $1,000.00 $1,000.05 $0.71 $1,000.00 $1,024.50 $0.71 0.14%
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* Expenses are equal to the Fund's annualized expense ratio multiplied by the
average account value over the period, multiplied by 184 days then divided
by 365 days (to reflect the one-half year period). These ratios do not
reflect transaction costs, including contingent deferred sales charges,
small account fees and administrative fees, if applicable to your account.
Please refer to your Prospectus, your qualified retirement plan document
and/or materials from your financial adviser for more information.
# During the stated period, the investment adviser and distributor either
waived a portion of or all of the fees and assumed a portion of or all
expenses for the Fund. As a result, if these fees and expenses had not been
waived or assumed, the "Actual/Hypothetical Ending Account Value" would have
been lower and the "Actual/Hypothetical Expenses Paid During the Six Months
Ended December 31, 2014" and the "Annualized Expense Ratio" would have been
higher.
6
SUNAMERICA MONEY MARKET FUNDS, INC.
STATEMENT OF ASSETS AND LIABILITIES -- DECEMBER 31, 2014
MONEY MARKET
FUND
------------
ASSETS:
Investments at value * (unaffiliated).............................. $706,532,603
Repurchase agreements (cost approximates value).................... 30,186,000
------------
Total Investments................................................ $736,718,603
------------
Cash............................................................... 421
Receivable for:
Fund shares sold................................................. 157,675
Dividends and interest........................................... 323,124
Prepaid expenses and other assets.................................. 17,497
Due from investment adviser for expense reimbursements/fee waivers. 405,120
Due from distributor for fee waivers............................... 87,272
------------
Total assets..................................................... 737,709,712
------------
LIABILITIES:
Payable for:
Fund shares redeemed............................................. 880,942
Investment advisory and management fees.......................... 293,623
Distribution and account maintenance fees........................ 87,272
Transfer agent fees and expenses................................. 162,085
Directors' fees and expenses..................................... 2,599
Other accrued expenses........................................... 53,539
Dividends payable.................................................. 26,757
------------
Total liabilities................................................ 1,506,817
------------
Net Assets...................................................... $736,202,895
============
NET ASSETS REPRESENTED BY:
Common stock, $.001 par value (10 billion shares authorized)....... $ 737,300
Paid-in capital.................................................... 736,637,766
------------
737,375,066
Accumulated undistributed net investment income (loss)............. (28,365)
Accumulated undistributed net realized gain (loss) on investments.. (1,143,806)
------------
Net Assets...................................................... $736,202,895
============
CLASS A:
Net assets......................................................... $720,355,734
Shares outstanding................................................. 721,450,687
Net asset value and redemption price per share
(excluding any applicable contingent deferred sales charge)....... $ 1.00
============
CLASS I:
Net assets......................................................... $ 15,847,161
Shares outstanding................................................. 15,849,469
Net asset value and redemption price per share..................... $ 1.00
============
*Amortized cost of investment securities (unaffiliated)............ $706,532,603
============
See Notes to Financial Statements
7
SUNAMERICA MONEY MARKET FUNDS, INC.
STATEMENT OF OPERATIONS -- FOR THE YEAR ENDED DECEMBER 31, 2014
MONEY MARKET
FUND
------------
INVESTMENT INCOME:
Interest (unaffiliated)................................................................ $ 1,067,007
-----------
Total investment income............................................................. 1,067,007
-----------
EXPENSES:
Investment advisory and management fees................................................ 3,469,369
Distribution and account maintenance fees
Class A.............................................................................. 1,034,851
Transfer agent fees and expenses
Class A.............................................................................. 1,579,301
Class I.............................................................................. 32,166
Registration fees
Class A.............................................................................. 67,794
Class I.............................................................................. 10,116
Custodian and accounting fees.......................................................... 76,667
Reports to shareholders................................................................ 134,502
Audit and tax fees..................................................................... 49,434
Legal fees............................................................................. 17,454
Directors' fees and expenses........................................................... 37,202
Other expenses......................................................................... 9,712
-----------
Total expenses before fee waivers and expense reimbursements........................ 6,518,568
Fees waived and expenses reimbursed by investment adviser and distributor (Note 3).. (5,522,103)
-----------
Net expenses........................................................................ 996,465
-----------
Net investment income (loss)........................................................... 70,542
-----------
Net realized gain (loss) on investments ............................................... 18,164
-----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS........................ $ 88,706
===========
See Notes to Financial Statements
8
SUNAMERICA MONEY MARKET FUNDS, INC.
STATEMENT OF CHANGES IN NET ASSETS
MONEY MARKET FUND
--------------------------
FOR THE YEAR FOR THE YEAR
ENDED ENDED
DECEMBER 31, DECEMBER 31,
2014 2013
------------ ------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)........................................................... $ 70,542 $ 72,895
Net realized gain (loss) on investments................................................ 18,164 28,894
------------ ------------
Net increase (decrease) in net assets resulting from operations.......................... $ 88,706 $ 101,789
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (Class A)........................................................ (69,101) (71,436)
Net investment income (Class I)........................................................ (1,441) (1,459)
------------ ------------
Total distributions to shareholders...................................................... (70,542) (72,895)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS (NOTE 5). (14,117,491) (34,135,701)
------------ ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS.................................................. (14,099,327) (34,106,807)
------------ ------------
NET ASSETS:
Beginning of period...................................................................... 750,302,222 784,409,029
------------ ------------
End of period*........................................................................... $736,202,895 $750,302,222
============ ============
*Includes accumulated undistributed net investment income (loss)......................... $ (28,365) $ (28,365)
============ ============
See Notes to Financial Statements
9
SUNAMERICA MONEY MARKET FUNDS, INC.
FINANCIAL HIGHLIGHTS
MONEY MARKET FUND
-
NET NET NET RATIO OF NET
ASSET DIVIDENDS ASSET ASSETS RATIO OF INVESTMENT
VALUE NET FROM NET VALUE END OF EXPENSES INCOME TO
BEGINNING INVESTMENT INVESTMENT END OF TOTAL PERIOD TO AVERAGE AVERAGE
PERIOD ENDED OF PERIOD INCOME(1) INCOME PERIOD RETURN(2) (000'S) NET ASSETS(3) NET ASSETS(3)
------------ --------- ---------- ---------- ------ --------- -------- ------------- -------------
CLASS A
-------
12/31/10 $1.00 $0.00 $(0.00) $1.00 0.01%(4) $719,671 0.29% 0.01%
12/31/11 1.00 0.00 (0.00) 1.00 0.01 692,515 0.17 0.01
12/31/12 1.00 0.00 (0.00) 1.00 0.01 768,644 0.22 0.01
12/31/13 1.00 0.00 (0.00) 1.00 0.01 736,942 0.18 0.01
12/31/14 1.00 0.00 (0.00) 1.00 0.01 720,356 0.14 0.01
CLASS I
-------
12/31/10 $1.00 $0.00 $(0.00) $1.00 0.01%(4) $ 14,975 0.29% 0.01%
12/31/11 1.00 0.00 (0.00) 1.00 0.01 15,625 0.18 0.01
12/31/12 1.00 0.00 (0.00) 1.00 0.01 15,765 0.22 0.01
12/31/13 1.00 0.00 (0.00) 1.00 0.01 13,360 0.18 0.01
12/31/14 1.00 0.00 (0.00) 1.00 0.01 15,847 0.14 0.01
--------
(1) Calculated based upon average shares outstanding.
(2) Total return does not reflect sales load but does include expense
reimbursements.
(3) Net of the following expense reimbursements/waivers (based on average net
assets):
12/31/10 12/31/11 12/31/12 12/31/13 12/31/14
-------- -------- -------- -------- --------
Class A............. 0.64% 0.76% 0.72% 0.75% 0.79%
Class I............. 0.51 0.60 0.62 0.68 0.69
(4) The Fund's performance figure was increased by less than 0.01% from the
effect of payments by an affiliate.
See Notes to Financial Statements
10
SUNAMERICA MONEY MARKET FUND
PORTFOLIO PROFILE -- DECEMBER 31, 2014 -- (UNAUDITED)
INDUSTRY ALLOCATION*
U.S. Government Agencies.......... 47.4%
Foreign Banks..................... 12.5
Money Center Banks................ 9.7
U.S. Government Treasuries........ 9.5
Domestic Bank..................... 4.3
Commercial Banks-Canadian......... 4.2
Repurchase Agreement.............. 4.1
Commercial Banks.................. 3.8
Diversified Financial Services.... 2.4
Finance........................... 2.2
-----
100.1%
=====
Weighted average days to maturity. 43.2
CREDIT QUALITY ALLOCATION@#
A-1......................... 100.0%
Not Rated+.................. 0.0
-----
100.0%
=====
--------
* Calculated as a percentage of net assets.
@ Source: Standard and Poors
# Calculated as a percentage of total debt issues.
+ Represents debt issues that have either no rating or the rating is
unavailable from the date source.
11
SUNAMERICA MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS -- DECEMBER 31, 2014
PRINCIPAL VALUE
SECURITY DESCRIPTION AMOUNT (NOTE 2)
SHORT-TERM INVESTMENT SECURITIES -- 96.0%
CERTIFICATES OF DEPOSIT -- 24.5%
Citibank NA
0.23% due 02/06/2015.................... $17,600,000 $ 17,601,054
Credit Agricole Corporate and Investment
Bank NY
0.24% due 01/05/2015.................... 14,750,000 14,750,000
Deutsche Bank AG NY FRS
0.58% due 03/27/2015.................... 17,250,000 17,250,000
Nordea Bank Finland PLC NY
0.20% due 02/10/2015.................... 14,500,000 14,500,000
Nordea Bank Finland PLC NY
0.22% due 03/25/2015.................... 14,000,000 14,000,000
Rabobank Nederland NV NY FRS
0.27% due 10/20/2015.................... 14,000,000 14,000,000
Rabobank Nederland NV NY FRS
0.29% due 06/12/2015.................... 2,900,000 2,900,563
Rabobank Nederland NV NY FRS
0.30% due 08/12/2015.................... 14,250,000 14,252,975
Royal Bank of Canada FRS
0.25% due 12/03/2015.................... 14,250,000 14,250,000
Royal Bank of Canada NY FRS
0.35% due 05/04/2015.................... 13,500,000 13,500,000
Svenska Handelsbanken NY
0.22% due 03/11/2015.................... 14,250,000 14,250,137
UBS AG Stamford CT FRS
0.25% due 07/23/2015.................... 14,500,000 14,500,000
Wells Fargo Bank NA FRS
0.24% due 09/01/2015.................... 14,250,000 14,250,000
------------
TOTAL CERTIFICATES OF DEPOSIT
(amortized cost $180,004,729).......... 180,004,729
------------
COMMERCIAL PAPER -- 6.1%
Credit Agricole Corporate and Investment
Bank NY
0.05% due 01/02/2015.................... 17,000,000 16,999,976
State Street Corp.
0.19% due 03/24/2015.................... 14,000,000 13,993,941
State Street Corp.
0.20% due 01/05/2015.................... 13,900,000 13,899,691
------------
TOTAL COMMERCIAL PAPER
(amortized cost $44,893,608)........... 44,893,608
------------
U.S. CORPORATE BOND & NOTES -- 8.0%
General Electric Capital Corp. FRS
0.61% due 01/09/2015.................... 5,000,000 5,000,512
General Electric Capital Corp.
2.15% due 01/09/2015.................... 11,500,000 11,504,703
JPMorgan Chase Bank NA FRS
0.36% due 01/07/2016(3)................. 11,400,000 11,400,000
JPMorgan Chase Bank NA FRS
0.48% due 07/30/2015.................... 14,150,000 14,169,099
Wells Fargo Bank NA FRS
0.51% due 07/20/2015.................... 17,150,000 17,175,880
------------
TOTAL U.S. CORPORATE BONDS & NOTES
(amortized cost $59,250,194)........... 59,250,194
------------
MEDIUM TERM NOTES -- 0.5%
Royal Bank of Canada
0.80% due 10/30/2015
(amortized cost $ 3,309,942)............ 3,300,000 3,309,942
------------
PRINCIPAL VALUE
SECURITY DESCRIPTION AMOUNT (NOTE 2)
--------------------------------------------------------------
U.S. GOVERNMENT AGENCIES -- 47.4%
Agency for International Development
Panama FRS
0.63% due 05/15/2015................ $ 137,566 $ 137,583
Federal Farm Credit Bank
0.09% due 01/08/2015............... 8,000,000 7,999,860
0.14% due 07/01/2015............... 18,250,000 18,237,154
0.16% due 10/05/2015............... 5,550,000 5,543,167
Federal Farm Credit Bank FRS
0.08% due 03/09/2015................ 12,000,000 11,999,762
0.13% due 02/23/2015............... 15,000,000 14,999,879
0.14% due 03/30/2015............... 11,200,000 11,199,866
0.20% due 08/03/2015............... 9,500,000 9,502,239
0.23% due 03/16/2015............... 10,000,000 10,003,116
0.27% due 03/04/2015............... 3,100,000 3,100,694
Federal Home Loan Bank
0.05% due 03/02/2015................ 9,000,000 8,999,250
0.06% due 01/07/2015............... 9,000,000 8,999,917
0.06% due 01/21/2015............... 11,000,000 10,999,633
0.07% due 01/21/2015............... 15,000,000 14,999,417
0.07% due 01/28/2015............... 17,000,000 16,999,171
0.08% due 02/10/2015............... 12,000,000 11,998,933
0.08% due 01/23/2015............... 5,000,000 4,999,756
0.09% due 01/23/2015............... 17,000,000 16,999,116
0.10% due 05/22/2015............... 11,200,000 11,195,613
0.11% due 01/23/2015............... 10,000,000 9,999,328
0.11% due 02/17/2015............... 4,750,000 4,749,318
0.12% due 03/25/2015............... 5,000,000 4,998,617
0.12% due 04/10/2015............... 5,800,000 5,798,086
0.13% due 03/12/2015............... 14,000,000 14,001,062
0.14% due 09/08/2015............... 6,250,000 6,243,924
0.17% due 07/31/2015............... 4,000,000 3,996,014
0.19% due 03/04/2015............... 7,000,000 6,997,770
0.19% due 12/08/2015............... 7,000,000 6,987,733
Federal Home Loan Bank FRS
0.13% due 06/18/2015................ 17,150,000 17,150,000
0.13% due 08/10/2015............... 10,000,000 10,000,952
Federal Home Loan Mtg. Corp.
0.04% due 01/29/2015................ 9,000,000 8,999,720
0.06% due 02/06/2015............... 9,000,000 8,999,460
0.10% due 04/24/2015............... 13,750,000 13,745,900
0.14% due 01/26/2015............... 4,000,000 3,999,625
Federal National Mtg. Assoc.
0.14% due 06/01/2015............... 12,500,000 12,492,660
Federal National Mtg. Assoc. FRS
0.14% due 02/27/2015................ 10,750,000 10,750,399
------------
TOTAL U.S. GOVERNMENT AGENCIES
(amortized cost $348,824,694)...... 348,824,694
------------
U.S. GOVERNMENT TREASURIES -- 9.5%
United States Treasury Bills
0.02% due 01/15/2015................ 41,000,000 40,999,681
0.04% due 01/08/2015............... 29,250,000 29,249,755
------------
TOTAL U.S. GOVERNMENT TREASURIES
(amortized cost $70,249,436)....... 70,249,436
------------
TOTAL SHORT-TERM INVESTMENT SECURITIES -- 96.0%
(amortized cost $706,532,603)...... 706,532,603
------------
12
SUNAMERICA MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS -- DECEMBER 31, 2014 -- (CONTINUED)
PRINCIPAL VALUE
SECURITY DESCRIPTION AMOUNT (NOTE 2)
-----------------------------------------------------------------
REPURCHASE AGREEMENT -- 4.1%
State Street Bank and Trust Co.
Joint Repurchase Agreement (1)
(cost $30,186,000)................... $30,186,000 $ 30,186,000
------------
TOTAL INVESTMENTS
(amortized cost $736,718,603) (2)... 100.1% 736,718,603
LIABILITIES IN EXCESS OF OTHER ASSETS. (0.1) (515,708)
----------- ------------
NET ASSETS............................ 100.0% $736,202,895
=========== ============
--------
(1)See Note 2 for details of Joint Repurchase Agreement.
(2)At December 31, 2014, the cost of securities for federal income tax purposes
was the same for book purposes.
(3)The security's effective maturity date is less than one year.
FRS--FloatingRate Securities
The rates shown on FRS are the current interest rates at December 31, 2014 and
unless noted otherwise, the dates shown are the original maturity dates.
The following is a summary of the inputs used to value the Fund's net assets as
of December 31, 2014 (see Note 2):
LEVEL 1--UNADJUSTED LEVEL 2--OTHER LEVEL 3--SIGNIFICANT
QUOTED PRICES OBSERVABLE INPUTS UNOBSERVABLE INPUTS TOTAL
------------------- ----------------- -------------------- ------------
ASSETS:
Investments at Value:*
Short-Term Investment Securities. $-- $706,532,603 $-- $706,532,603
Repurchase Agreement............. -- 30,186,000 -- 30,186,000
--- ------------ --- ------------
TOTAL INVESTMENTS AT VALUE....... $-- $736,718,603 $-- $736,718,603
=== ============ === ============
--------
* For a detailed presentation of investments, please refer to the Portfolio of
Investments.
The Fund's policy is to recognize transfers between Levels as of the end of the
reporting period. There were no transfers between Levels during the reporting
period.
See Notes to Financial Statements
13
SUNAMERICA MONEY MARKET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2014
Note 1. Organization
SunAmerica Money Market Funds, Inc. (the "Corporation") is an open-end
diversified management investment company organized as a Maryland
corporation. The Corporation consists of one series -- SunAmerica Money
Market Fund (the "Fund"). The Fund is advised by SunAmerica Asset
Management, LLC. ("SunAmerica" or "Adviser"), an indirect wholly-owned
subsidiary of American International Group, Inc. ("AIG"). The investment
objective of the Fund is to seek as high a level of current income as is
consistent with liquidity and stability of capital by investing primarily in
high-quality money market instruments selected principally on the basis of
quality and yield.
The Fund currently offers two classes of shares: Class A and Class I. These
classes within the Fund are presented in the Statement of Assets and
Liabilities. The cost structure for each class is as follows:
Class A shares-- Class A shares are available with no front-end sales
charge. A 1.00% contingent deferred sales charge ("CDSC")
is imposed on certain shares sold within one year of
original purchase and a 0.50% CDSC is imposed on certain
shares sold after the first year and within the second year
after purchase, as described in the Fund's Prospectus.
Class I shares-- Class I shares are offered at net asset value per share
without any sales charge, exclusively to certain
institutions.
Each class of shares bears the same voting, dividend, liquidation and other
rights and conditions, except as may otherwise be provided in the Fund's
registration statement.
INDEMNIFICATIONS: The Corporation's organizational documents provide current
and former officers and directors with a limited indemnification against
liabilities arising out of the performance of their duties to the
Corporation. In addition, pursuant to Indemnification Agreements between the
Corporation and each of the current directors who is not an "interested
person," as defined in Section 2(a)(19) of the Investment Company Act of
1940, as amended (the "1940 Act"), of the Corporation (collectively, the
"Disinterested Directors"), the Corporation provides the Disinterested
Directors with a limited indemnification against liabilities arising out of
the performance of their duties to the Corporation, whether such liabilities
are asserted during or after their service as directors. In addition, in the
normal course of business, the Corporation enters into contracts that
contain the obligation to indemnify others. The Corporation's maximum
exposure under these arrangements is unknown. Currently, however, the
Corporation expects the risk of loss to be remote.
Note 2. Significant Accounting Policies
The preparation of financial statements in accordance with U.S. generally
accepted accounting principles ("GAAP") requires management to make
estimates and assumptions that affect the reported amounts and disclosures
in the financial statements. Actual results could differ from those
estimates and those differences could be significant. The following is a
summary of significant accounting policies consistently followed by the Fund
in the preparation of its financial statements:
SECURITY VALUATION: In accordance with the authoritative guidance on fair
value measurements and disclosures under GAAP, the Fund discloses the fair
value of its investments in a hierarchy that prioritizes the inputs to
valuation techniques used to measure the fair value. In accordance with
GAAP, fair value is defined as the price that the Fund would receive upon
selling an asset or transferring a liability in a timely transaction to an
independent third party in the principal or most advantageous market. GAAP
establishes a three-tier hierarchy to provide more transparency around the
inputs used to measure fair value and to establish classification of fair
value measurements for disclosure purposes. Inputs refer broadly to the
assumptions that market participants would use in pricing the asset or
liability, including assumptions about risk. Inputs may be observable or
unobservable. Observable inputs are inputs that reflect the assumptions
market participants would use in pricing the asset or liability developed
based on market data obtained from sources independent of the reporting
entity. Unobservable inputs are inputs that reflect the reporting
14
SUNAMERICA MONEY MARKET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2014 -- (CONTINUED)
entity's own assumptions about the assumptions market participants would use
in pricing the asset or liability developed based on the best information
available in the circumstances. The three-tiers are as follows:
Level 1--Unadjusted quoted prices in active markets for identical securities
Level 2--Other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk,
referenced indices, quoted prices in inactive markets, adjusted quoted
prices in active markets, adjusted quoted prices on foreign equity
securities that were adjusted in accordance with pricing procedures approved
by the Board of Directors ("the Board") , etc.)
Level 3--Significant unobservable inputs (includes inputs that reflect the
Fund's own assumptions about the assumptions market participants would use
in pricing the security, developed based on the best information available
under the circumstances)
Changes in valuation techniques may result in transfers in or out of an
investment's assigned Level within the hierarchy. The methodology used for
valuing investments is not necessarily an indication of the risk associated
with investing in those investments and the determination of the
significance of a particular input to the fair value measurement in its
entirety requires judgment and consideration of factors specific to each
security.
The availability of observable inputs can vary from security to security and
is affected by a wide variety of factors, including, for example, the type
of security, whether the security is recently issued and not yet established
in the marketplace, the liquidity of markets, and other characteristics
particular to the security. To the extent that valuation is based on models
or inputs that are less observable or unobservable in the market, the
determination of fair value requires more judgment. Accordingly, the degree
of judgment exercised in determining fair value is greatest for instruments
categorized in Level 3.
The summary of inputs used to value the Fund's net assets as of December 31,
2014 are reported on a schedule following the Portfolio of Investments.
Portfolio securities are valued at amortized cost, which approximates market
value, and are generally categorized as Level 2. The amortized cost method
involves valuing a security at its cost on the date of purchase and
thereafter assuming a constant amortization to maturity of any discount or
premium. In accordance with Rule 2a-7 under the 1940 Act, the Board has
adopted procedures intended to stabilize the Fund's net asset value per
share at $1.00. These procedures include the determination, at such
intervals as the Board deems appropriate and reasonable in light of current
market conditions, of the extent, if any, to which the Fund's market-based
net asset value per share deviates from the Fund's amortized cost per share.
The calculation of such deviation is referred to as "Shadow Pricing." For
purposes of these market-based valuations, securities for which market
quotations are not readily available are fair valued, as determined pursuant
to procedures adopted in good faith by the Board.
The Board is responsible for the share valuation process and has adopted
policies and procedures (the "PRC Procedures") for valuing the securities
and other assets held by the Fund, including procedures for the fair
valuation of securities and other assets for which market quotations are not
readily available or are unreliable. The PRC Procedures provide for the
establishment of a pricing review committee, which is responsible for, among
other things, making certain determinations in connection with the Fund's
fair valuation procedures. Securities for which market quotations are not
readily available or the values of which may be significantly impacted by
the occurrence of developments or significant events are generally
categorized as Level 3. There is no single standard for making fair value
determinations, which may result in prices that vary from those of other
funds.
MASTER AGREEMENTS: The Fund has entered into Master Repurchase Agreements
("Master Agreements") with certain counterparties that govern repurchase
agreement transactions. The Master Agreements may contain provisions
regarding, among other things, the parties' general obligations,
representations, agreements, collateral requirements
15
SUNAMERICA MONEY MARKET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2014 -- (CONTINUED)
and events of default. Collateral can be in the form of cash or securities
as agreed to by the Fund and applicable counterparty. The Master Agreements
typically specify certain standard termination events, such as failure of a
party to pay or deliver, credit support defaults and other events of
default. Upon the occurrence of an event of default, the other party may
elect to terminate early and cause settlement of all repurchase agreement
transactions outstanding pursuant to a particular Master Agreement,
including the payment of any losses and costs resulting from such early
termination, as reasonably determined by the terminating party. Any decision
by one or more of the Fund's counterparties to elect early termination could
cause the Fund to accelerate the payment of liabilities. Typically, the
Master Agreement will permit a single net payment in the event of default.
Note, however, that bankruptcy or insolvency laws of a particular
jurisdiction may impose restrictions on or prohibitions against the right of
offset in bankruptcy, insolvency or other events. As of December 31, 2014,
the repurchase agreements held by the Fund are subject to master netting
provisions. See the Portfolio of Investments and the Notes to Financial
Statements for more information about the Fund's holding in repurchase
agreements.
REPURCHASE AGREEMENTS: The Fund, along with other affiliated registered
investment companies, pursuant to procedures adopted by the Board and
applicable guidance from the Securities and Exchange Commission ("SEC"), may
transfer uninvested cash balances into a single joint account, the daily
aggregate balance of which is invested in one or more repurchase agreements
collateralized by U.S. Treasury or federal agency obligations. In a
repurchase agreement, the seller of a security agrees to repurchase the
security at a mutually agreed-upon time and price, which reflects the
effective rate of return for the term of the agreement. For repurchase
agreements and joint repurchase agreements, the Fund's custodian takes
possession of the collateral pledged for investments in such repurchase
agreements. The underlying collateral is valued daily on a mark to market
basis, plus accrued interest to ensure that the value, at the time the
agreement is entered into, is equal to at least 102% of the repurchase
price, including accrued interest. In the event of default of the obligation
to repurchase, the Fund has the right to liquidate the collateral and apply
the proceeds in satisfaction of the obligation. If the seller defaults and
the value of the collateral declines or if bankruptcy proceedings are
commenced with respect to the seller of the security, realization of the
collateral by the Fund may be delayed or limited.
As of December 31, 2014, the Fund held an undivided interest in the joint
repurchase agreement with State Street Bank and Trust Co.:
PERCENTAGE PRINCIPAL
OWNERSHIP AMOUNT
---------- -----------
Money Market Fund................................. 13.12% $30,186,000
As of such date, the repurchase agreement in that joint account and the
collateral thereof were as follows:
State Street Bank and Trust Co., dated December 31, 2014, bearing interest
at a rate of 0.00% per annum, with a principal amount of $229,997,000, a
repurchase price of $229,997,000, and a maturity date of January 2, 2015.
The repurchase agreement is collateralized by the following:
INTEREST MATURITY
TYPE OF COLLATERAL RATE RATE PRINCIPAL AMOUNT VALUE
------------------ -------- ---------- ---------------- ------------
U.S. Treasury Notes........... 1.63% 06/30/2019 $120,420,000 $120,627,002
U.S. Treasury Notes........... 2.13 08/15/2021 75,515,000 76,919,126
U.S. Treasury Bonds........... 8.00 11/15/2021 9,355,000 13,097,084
U.S. Treasury Bonds........... 8.13 08/15/2021 16,890,000 23,957,418
SECURITIES TRANSACTIONS, INVESTMENT INCOME, EXPENSES, DIVIDENDS AND
DISTRIBUTIONS TO SHAREHOLDERS: Security transactions are recorded on a trade
date basis. Interest income, including the accretion of discount and
amortization of premium, is accrued daily from settlement date, except when
collection is not expected; dividend income is recorded on the ex-dividend
date.
16
SUNAMERICA MONEY MARKET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2014 -- (CONTINUED)
Net investment income, other than class specific expenses, and realized and
unrealized gains and losses, are allocated daily to each class of shares
based upon the relative net asset value of outstanding shares (or the value
of the dividend-eligible shares, as appropriate) of each class of shares at
the beginning of the day (after adjusting for the current capital share
activity of the respective class).
Dividends from net investment income, if any, are normally declared daily
and paid monthly. Capital gain distributions, if any, are paid annually. The
Fund records dividends and distributions to its shareholders on the
ex-dividend date. The amount of dividends and distributions from net
investment income and net realized capital gains are determined in
accordance with federal income tax regulations, which may differ from GAAP.
These "book/tax" differences are either considered temporary or permanent in
nature. To the extent these differences are permanent in nature, such
amounts are reclassified within the capital accounts at fiscal year end
based on their federal tax-basis treatment; temporary differences do not
require reclassification. Net assets are not affected by these
reclassifications.
The Fund is considered a separate entity for tax purposes and intends to
comply with the requirements of the Internal Revenue Code, as amended,
applicable to regulated investment companies and distribute all of its
taxable income, including any net capital gains on investments, to its
shareholders. The Fund also intends to distribute sufficient net investment
income and net capital gains, if any, so that the Fund will not be subject
to excise tax on undistributed income and gains. Therefore, no federal
income tax or excise tax provision is required.
The Fund recognizes the tax benefits of uncertain tax positions only when
the position is more likely than not to be sustained, assuming examination
by tax authorities. Management has analyzed the Fund's tax positions and
concluded that no liability for unrecognized tax benefits should be recorded
related to uncertain tax positions taken on returns filed for open tax years
2011-2013 or expected to be taken in the Fund's 2014 tax return. The Fund is
not aware of any tax provisions for which it is reasonably possible that the
total amounts of unrecognized tax benefits will change materially in the
next twelve months. The Fund files U.S. federal and certain state income tax
returns. With few exceptions, the Fund is no longer subject to U.S. federal
and state tax examinations by tax authorities for tax returns ending before
2011.
Note 3. Investment Advisory and Management Agreement, Distribution and Service
Agreement and Other Transactions With Affiliates
The Fund has entered into an Investment Advisory and Management Agreement
(the "Advisory Agreement") with SunAmerica. Under the Advisory Agreement,
SunAmerica provides continuous supervision of the Fund and administers its
corporate affairs, subject to general review by the Board. In connection
therewith, SunAmerica furnishes the Fund with office facilities, maintains
certain of its books and records, and pays the salaries and expenses of all
personnel, including officers of the Fund who are employees of SunAmerica
and its affiliates.
The Fund will pay SunAmerica a monthly management fee at the following
annual percentages, based on the average daily net assets of the Fund: 0.50%
on the first $600 million; 0.45% on the next $900 million; and 0.40% over
$1.5 billion.
SunAmerica has contractually agreed to waive fees and/or reimburse expenses
to the extent necessary to cap the Fund's annual fund operating expenses at
0.80% for Class I, of average net assets. For purposes of waived fee and/or
reimbursed expense calculations, annual Fund operating expenses shall not
include extraordinary expenses, as determined under GAAP, such as
litigation, or acquired fund fees and expenses, brokerage commissions and
other transactional expenses relating to the purchase and sale of portfolio
securities, interest, taxes and governmental fees and other expenses not
incurred in the ordinary course of the Fund's business. This fee waiver and
expense reimbursement will continue in effect indefinitely, unless
terminated by the Board, including a majority of the Disinterested
Directors. For the year ended December 31, 2014, pursuant to the contractual
expense limitations, SunAmerica waived fees and/or reimbursed expenses of
$4,841 for Class I.
17
SUNAMERICA MONEY MARKET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2014 -- (CONTINUED)
SunAmerica may also voluntarily waive fees and/or reimburse expenses,
including to avoid a negative yield on any class of the Fund. The voluntary
waivers and/or reimbursements may be terminated at any time at the option of
SunAmerica. The exact amount of the voluntary waivers and/or reimbursements
may change on a day-to-day basis. There is no guarantee that the Fund will
be able to avoid a negative yield. For the year ended December 31, 2014,
SunAmerica voluntarily waived fees and/or reimbursed expenses of $4,387,685
and $94,726 for Class A and Class I, respectively.
The Fund has entered into a Distribution Agreement with AIG Capital
Services, Inc. ("ACS" or the "Distributor")*, an affiliate of the Adviser.
The Fund has adopted a Distribution Plan on behalf of its Class A shares
(the "Plan") in accordance with the provisions of Rule 12b-1 under the 1940
Act. In adopting the Plan, the Board determined that there was a reasonable
likelihood that the Plan would benefit the Fund and the shareholders of the
respective class. The sales charge and distribution fees of a particular
class will not be used to subsidize the sale of shares of any other class.
The Plan provides that the Class A shares of the Fund shall pay the
Distributor an account maintenance fee at the annual rate of up to 0.15% of
the aggregate average daily net assets of such class of shares for payments
to compensate the Distributor and certain securities firms for account
maintenance activities. In this regard, some payments are used to compensate
broker-dealers with account maintenance fees in an amount up to 0.15% per
year of the assets maintained in the Fund by its customers. Accordingly, ACS
received fees (see Statement of Operations) based upon the aforementioned
rates. In addition, in light of current market conditions, and in order to
avoid a negative yield on Class A shares of the Fund, ACS has agreed to
waive up to 0.15% of the fees it receives under the Plan. This voluntary
waiver may be terminated at any time at the option of the Distributor
without notice to shareholders. For the year ended December 31, 2014, ACS
voluntarily waived $1,034,851 in account maintenance fees for Class A shares.
ACS receives the proceeds of contingent deferred sales charges paid by
investors in connection with certain redemptions of the Fund's Class A
shares. ACS has advised the Fund that for the year ended December 31, 2014,
the proceeds received from redemptions are as follows:
Class A........................................... $2,342
The Fund has entered into a Service Agreement with SunAmerica Fund Services,
Inc. ("SAFS"), an affiliate of the Adviser. Under the Service Agreement,
SAFS performs certain shareholder account functions by assisting the Fund's
transfer agent in connection with the services that it offers to the
shareholders of the Fund. The Service Agreement, which permits the Fund to
compensate SAFS for services rendered based upon the annual rate of 0.22% of
average daily net assets, is approved annually by the Board. For the year
ended December 31, 2014, the Fund incurred the following expenses which are
included in transfer agent fees and expenses payable line in the Statement
of Assets and Liabilities and in transfer agent fees and expenses in the
Statement of Operations to compensate SAFS pursuant to the terms of the
Service Agreement:
PAYABLE AT
FUND EXPENSES DECEMBER 31, 2014
---- ---------- -----------------
Money Market Class A.......... $1,510,086 $127,999
Money Market Class I.......... 31,688 3,094
As of December 31, 2014, 84.8% of the Fund's total outstanding shares were
held through Pershing LLC in a brokerage account sweep vehicle for customers
of the broker-dealers within Advisor Group, Inc., an affiliate of the
Adviser.
--------
* Effective February 28, 2014, SunAmerica Capital Services, Inc. ("SACS")
changed its name to AIG Capital Services, Inc. ("ACS").
18
SUNAMERICA MONEY MARKET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2014 -- (CONTINUED)
Note 4. Federal Income Taxes
The following details the tax basis of distributions as well as the
components of distributable earnings. The tax basis components of
distributable earnings differ from the amounts reflected in the Statement of
Assets and Liabilities by temporary book/tax differences primarily arising
from wash sales, dividends payable, and cumulative pension expenses.
DISTRIBUTABLE EARNINGS TAX DISTRIBUTIONS
----------------------------------------- ---------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 2014 FOR THE YEAR ENDED DECEMBER 31, 2014 FOR THE YEAR ENDED DECEMBER 31, 2013
----------------------------------------- ------------------------------------- -------------------------------------
LONG-TERM GAINS/ UNREALIZED LONG-TERM LONG-TERM
ORDINARY CAPITAL AND OTHER APPRECIATION ORDINARY CAPITAL ORDINARY CAPITAL
INCOME LOSSES (DEPRECIATION) INCOME GAINS INCOME GAINS
-------- ----------------- -------------- -------- --------- -------- ---------
$ -- $(1,143,793) $(13) $70,542 $ -- $72,895 $ --
At December 31, 2014, for Federal income tax purposes, the Fund has capital
loss carryforwards available to offset future capital gains of $1,143,793
expiring in 2016 and $0 unlimited capital losses.+
During the year ended December 31, 2014, the Fund utilized $18,108 of
capital loss carryforwards to offset current year capital gains.
--------
+ On December 22, 2010, the Regulated Investment Company Modernization Act of
2010 (the "Act") was enacted which changed various technical rules governing
the tax treatment of regulated investment companies. The changes are
generally effective taxable years beginning after the date of enactment.
Under the Act, the Fund will be permitted to carry forward capital losses
incurred in taxable years beginning after the date of enactment for an
unlimited period. However, any losses incurred during those future taxable
years will be required to be utilized prior to the losses incurred in
pre-enactment taxable years, which carry an expiration date. As a result of
this ordering rule, pre-enactment capital loss carryforwards may be more
likely to expire unused. Additionally, post-enactment capital losses that
are carried forward will retain their character as either short-term or
long-term losses rather than being considered all short-term as under
previous law.
Note 5. Capital Share Transactions
Transactions in each class of shares of the Fund all at $1.00 per share, for
the year ended December 31, 2014 and for the prior year were as follows:
MONEY MARKET FUND
-------------------------------------------------------
CLASS A CLASS I
---------------------------- -------------------------
FOR THE FOR THE FOR THE FOR THE
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2014 2013 2014 2013
------------- ------------- ------------ ------------
Shares sold............. $ 398,299,484 $ 447,458,467 $12,220,332 $ 11,011,406
Reinvested dividends.... 66,560 69,405 1,418 1,435
Shares redeemed......... (414,970,394) (479,257,679) (9,734,891) (13,418,735)
------------- ------------- ----------- ------------
Net increase (decrease). $ (16,604,350) $ (31,729,807) $ 2,486,859 $ (2,405,894)
============= ============= =========== ============
Note 6. Directors' Retirement Plan
The Directors of the Corporation have adopted the SunAmerica Disinterested
Trustees' and Directors' Retirement Plan (the "Retirement Plan") effective
January 1, 1993, as amended, for the Independent Directors. The Retirement
Plan provides generally that an Independent Director may become a
participant ("Participant") in the Retirement Plan if he or she has at least
10 years of consecutive service as a Disinterested Director of any of the
adopting SunAmerica mutual funds (the "Adopting Funds") or has attained the
age of 60 while a Director and completed 5 consecutive years of service as a
Director of any Adopting Fund (an "Eligible Trustee/Director"). Pursuant to
the Retirement Plan, an Eligible Director may receive benefits upon (i) his
or her death or disability while a Director or (ii) the termination of his
or her tenure as a Director, other than removal for cause from each of the
Adopting Funds with respect to which he or she is an Eligible Director.
19
SUNAMERICA MONEY MARKET FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- DECEMBER 31, 2014 -- (CONTINUED)
As of each of the first 10 birthdays after becoming a Participant and on
which he or she is both a Director and Participant, each Eligible Director
will be credited with an amount equal to 50% of his or her regular fees
(excluding committee fees) for services as a Disinterested Director of each
Adopting Fund for the calendar year in which such birthday occurs. In
addition, an amount equal to 8.50% of any amounts credited under the
preceding change during prior years is added to each Eligible Director's
account. The rights of any Participant to benefits under the Retirement Plan
shall be an unsecured claim against the assets of the Adopting Funds. An
Eligible Director may receive any benefits payable under the Retirement
Plan, at his or her election, either in one lump sum or in up to 15 annual
installments. Any undistributed amounts shall continue to accrue interest at
8.50%.
Effective December 3, 2008, the Retirement Plan was amended to, among other
things, (1) freeze the Retirement Plan as to future accruals for active
Participants as of December 31, 2008, (2) prohibit Disinterested Directors
from first becoming participants in the Retirement Plan after December 31,
2008 and (3) permit active Participants to elect to receive a distribution
of their entire Retirement Plan account balance in 2009. The freeze on
future accruals does not apply to Participants that have commenced receiving
benefits under the Retirement Plan on or before December 31, 2008.
The following amounts for the Retirement Plan Liabilities are included in
the Directors' fees and expenses payable line on the Statement of Assets and
Liabilities and the amounts for the Retirement Plan Expenses are included in
the Directors' fees and expenses line on the Statement of Operations.
RETIREMENT PLAN RETIREMENT PLAN RETIREMENT PLAN
LIABILITY EXPENSE PAYMENT
--------------- --------------- ---------------
AS OF DECEMBER 31, 2014
- -----------------------------------------------
Money Market Fund............. $2,087 $22 $7,857
Note 7. Interfund Lending Agreement
Pursuant to the exemptive relief granted by the SEC, the Fund is permitted
to participate in an interfund lending program among investment companies
advised by SunAmerica or an affiliate. The interfund lending program allows
the participating Funds to borrow money from and lend money to each other
for temporary or emergency purposes. An interfund loan will be made under
this facility only if the participating Funds receive a more favorable
interest rate than would otherwise be available from a typical bank for a
comparable transaction. For the year ended December 31, 2014, the Fund did
not participate in this program.
20
SUNAMERICA MONEY MARKET FUNDS, INC.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of SunAmerica Money Market Funds,
Inc.:
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of SunAmerica Money Market Funds,
Inc. (the "Fund") at December 31, 2014, the results of its operations for the
year then ended, the changes in its net assets for the two years then ended and
the financial highlights for each of the five years then ended, in conformity
with accounting principles generally accepted in the United States of America.
These financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements based on
our audit. We conducted our audit of these financial statements 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 are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audit, which included confirmation of securities at December 31, 2014 by
correspondence with the custodian and brokers, provide a reasonable basis for
our opinion expressed above.
PricewaterhouseCoopers LLP
Houston, Texas
February 26, 2015
21
SUNAMERICA MONEY MARKET FUNDS, INC.
DIRECTORS AND OFFICERS INFORMATION -- DECEMBER 31, 2014 -- (UNAUDITED)
The following table contains basic information regarding the Directors and
Officers who oversee operations of the Fund and other investment companies
within the Fund complex.
NUMBER OF
TERM OF FUNDS IN
NAME, POSITION(S) OFFICE AND FUND COMPLEX OTHER DIRECTORSHIPS
ADDRESS AND HELD WITH LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY HELD BY DIRECTOR DURING
AGE* THE FUND TIME SERVED(4) DURING THE PAST 5 YEARS DIRECTOR(1) THE PAST 5 YEARS(2)
------------------------ ----------- -------------- ------------------------ ------------ ------------------------
DISINTERESTED DIRECTORS
Dr. Judith L. Craven Director 2001- Retired. 77 Director, Sysco Corp.
Age: 68 present (1996 to present);
Director, Luby's Inc.
(1998 to present).
William F. Devin Director 2001- Retired. 77 None
Age: 75 present
Richard W. Grant Director 2011- Retired. Prior to that, 28 None
Age: 68 Chairman present attorney and Partner at
of the Morgan Lewis & Brockius
Board LLP (1989 to 2011).
Stephen J. Gutman Director 1984- Senior Vice President 28 None
Age: 71 present and Associate Broker,
The Corcoran Group (Real
Estate) (2002 to
present); Managing
Member, Beau Brummell --
Soho, LLC (Licensing of
menswear specialty
retailing) (1995 to
2009); President, SJG
Marketing, Inc (2009 to
present).
William J. Shea Director 2004- Executive Chairman, 28 Chairman of the Board,
Age: 66 present Caliber ID, Inc. Royal and SunAlliance
(medical devices) (2007 U.S.A., Inc. (2004 to
to Present); Managing 2006); Director, Boston
Partner, DLB Capital, Private Financial
LLC (private equity) Holdings (2004 to
(2006 to 2007). present); Chairman,
Demoulas Supermarkets
(1999 to present).
INTERESTED DIRECTOR
Peter A. Harbeck(3) Director 1994- President, CEO and 138 None
Age: 60 present Director, SunAmerica
(1995 to present);
Director, -- AIG Capital
Services, Inc. ("ACS")
22
SUNAMERICA MONEY MARKET FUNDS, INC.
DIRECTORS AND OFFICERS INFORMATION -- DECEMBER 31, 2014 -- (UNAUDITED)
(CONTINUED)
The following table contains basic information regarding the Directors and
Officers who oversee operations of the Fund and other investment companies
within the Fund complex.
NUMBER OF
TERM OF FUNDS IN
NAME, POSITION(S) OFFICE AND FUND COMPLEX OTHER DIRECTORSHIPS
ADDRESS AND HELD WITH LENGTH OF PRINCIPAL OCCUPATIONS OVERSEEN BY HELD BY DIRECTOR
AGE* THE FUND TIME SERVED(4) DURING THE PAST 5 YEARS DIRECTOR(1) DURING THE PAST 5 YEARS(2)
------------------- ------------ -------------- ----------------------------- ------------ --------------------------
OFFICERS
John T. Genoy President 2007- Chief Financial Officer, N/A N/A
Age: 46 present SunAmerica (2002 to
present); Senior Vice
President, SunAmerica
(2003 to present); Chief
Operating Officer,
SunAmerica (2006 to
present).
Gregory N. Bressler Secretary 2005- Senior Vice President and N/A N/A
Age: 48 present General Counsel,
SunAmerica (2005 to
present).
James Nichols Vice 2006- Director, President and N/A N/A
Age: 48 President present CEO, ACS (2006 to
present); Senior Vice
President, ACS (2002 to
2006); Senior Vice President
SunAmerica (2002 to
present).
Kathleen D. Fuentes Chief Legal 2013- Vice President and Deputy N/A N/A
Age: 45 Officer and present General Counsel (2006-
Assistant present)
Secretary
Katherine Stoner Vice 2011- Vice President, SunAmerica N/A N/A
Age: 58 President present (2011 to present); Vice
and Chief President, The Variable
Compliance Annuity Life Insurance
Officer Company ("VALIC"),
Western National Life
Insurance Company ("WNL")
and American General
Distributors, Inc. (2006 to
present); Deputy General
Counsel and Secretary,
VALIC and WNL (2007 to
May 2011); Vice President,
VALIC Financial Advisors,
Inc. (2010 to 2011) and
VALIC Retirement Services
Company (2010 to present).
Kara Murphy Vice 2014- Chief Investment Officer, N/A N/A
Age: 41 President present SunAmerica (2013 to
present); Director of
Research, SunAmerica
(2007 to 2013).
23
SUNAMERICA MONEY MARKET FUNDS, INC.
DIRECTORS AND OFFICERS INFORMATION -- DECEMBER 31, 2014 -- (UNAUDITED)
(CONTINUED)
NUMBER OF
TERM OF FUNDS IN
NAME, POSITION(S) OFFICE AND FUND COMPLEX OTHER DIRECTORSHIPS
ADDRESS AND HELD WITH LENGTH OF PRINCIPAL OCCUPATIONS OVERSEEN BY HELD BY DIRECTOR
AGE* THE FUND TIME SERVED(4) DURING THE PAST 5 YEARS DIRECTOR(1) DURING THE PAST 5 YEARS(2)
-------------------- ----------- -------------- ----------------------------- ------------ --------------------------
OFFICERS
Gregory R. Kingston Treasurer 2014- Vice President, SunAmerica N/A N/A
Age: 49 present (2001 to present); Head of
Mutual Fund Administration,
SunAmerica (2014 to
present).
Nori L. Gabert Vice 2005- Vice President and Deputy N/A N/A
Age: 61 President present General Counsel,
and SunAmerica (2005 to
Assistant present).
Secretary
Donna McManus Vice 2014- Vice President, SunAmerica N/A N/A
Age: 54 President present (2014 to present); Managing
and Director, BNY Mellon (2009
Assistant to 2014).
Treasurer
Shawn Parry Vice 2005- Vice President, SunAmerica N/A N/A
Age: 42 President present (2014 to present); Assistant
and Vice President, SunAmerica
Assistant (2005 to 2014).
Treasurer
Matthew J. Hackethal Anti-Money 2006- Chief Compliance Officer, N/A N/A
Age: 42 Laundering present SunAmerica (2006 to
Compliance present).
Officer
--------
* The business address for each Director and Officer is Harborside Financial
Center, 3200 Plaza 5, Jersey City, NJ 07311-4992.
(1) The "Fund Complex" means two or more registered investment companies that
hold themselves out to investors as related companies for purposes of
investment services or have a common investment adviser or an investment
adviser that is an affiliated person of the Adviser. The "Fund Complex"
includes the Fund (1 fund), SunAmerica Equity Funds (2 funds), SunAmerica
Income Funds (3 funds), SunAmerica Series, Inc. (6 portfolios), Anchor
Series Trust (8 portfolios), SunAmerica Senior Floating Rate Fund, Inc. (1
fund), SunAmerica Series Trust (40 portfolios), SunAmerica Specialty Series
(7 funds), VALIC Company I (34 funds), VALIC Company II (15 funds) and
Seasons Series Trust (21 portfolios).
(2) Directorships of companies required to report to the SEC under the
Securities Exchange Act of 1934 (i.e. "public companies") or other
investment companies registered under the 1940 Act, other than those listed
under the preceding column.
(3) Interested Director, as defined in the 1940 Act, because he or she is an
officer and a director of the Adviser and a director of the principal
underwriter of the Fund.
(4) Directors serve until their successors are duly elected and qualified,
subject to the Directors' retirement plan as discussed in Note 6 of the
financial statements. Each officer will hold office for an indefinite term
until the date he or she resigns or retires or until his/her successor is
duly elected and qualifies.
Additional information concerning the Directors is contained in the Statement
of Additional Information which is available without charge by calling (800)
858-8850.
24
SUNAMERICA MONEY MARKET FUNDS, INC.
SHAREHOLDER TAX INFORMATION -- (UNAUDITED)
Certain tax information regarding the Fund is required to be provided to
shareholders based upon the Fund's income and distributions for the taxable
year ended December 31, 2014. The information necessary to complete your income
tax returns is included with your Form 1099-DIV, which will be mailed to you in
early 2015.
25
[LOGO] AIG Sun America
Mutual Funds
HARBORSIDE FINANCIAL CENTER
3200 PLAZA 5
JERSEY CITY, NJ 07311-4992
DIRECTORS/TRUSTEES TRANSFER AGENT DISCLOSURE OF QUARTERLY
Dr. Judith L. Craven State Street Bank and PORTFOLIO HOLDINGS
William F. Devin Trust Company The Fund is required to
Richard W. Grant P.O. Box 219373 file its complete
Stephen J. Gutman Kansas City, MO 64141 schedule of portfolio
Peter A. Harbeck CUSTODIAN holdings with the U.S.
William J. Shea State Street Bank and Securities and Exchange
OFFICERS Trust Company Commission for its first
John T. Genoy, President P.O. Box 5607 and third fiscal quarters
and Chief Executive Boston, MA 02110 on Form N-Q. The Fund's
Officer VOTING PROXIES ON FUND Forms N-Q are available
Gregory R. Kingston, PORTFOLIO SECURITIES on the U.S. Securities
Treasurer A description of the and Exchange Commission's
James Nichols, Vice policies and procedures website at
President that the Funds use to http://www.sec.gov. You
Katherine Stoner, Chief determine how to vote can also review and
Compliance Officer proxies relating to obtain copies of the
Gregory N. Bressler, securities held in the Forms N-Q at the U.S.
Secretary Funds' portfolios which Securities and Exchange
Nori L. Gabert, Vice is available in the Commission's Public
President and Funds' Statement of Reference Room in
Assistant Secretary Additional Information Washington, DC
Kathleen Fuentes, Chief may be obtained without (information on the
Legal Officer and charge upon request, by operation of the Public
Assistant Secretary calling (800) 858-8850. Reference Room may be
Donna McManus, Vice This information is also obtained by calling
President and available from the EDGAR 1-800-SEC-0330).
Assistant Treasurer database on the U.S. PROXY VOTING RECORD ON
Shawn Parry, Vice Securities and Exchange FUND PORTFOLIO SECURITIES
President and Commission's website at Information regarding how
Assistant Treasurer http://www.sec.gov. the Funds voted proxies
Matthew J. Hackethal, DELIVERY OF SHAREHOLDER relating to securities
Anti-Money Laundering DOCUMENTS held in the Fund's
Compliance Officer The Funds have adopted a portfolio during the most
INVESTMENT ADVISER policy that allows them recent twelve month
SunAmerica Asset to send only one copy of period ended June 30 is
Management, LLC a Fund's prospectus, available, once filed
Harborside Financial proxy material, annual with the U.S. Securities
Center report and semi-annual and Exchange Commission,
3200 Plaza 5 report (the "shareholder without charge, upon
Jersey City, NJ documents") to request, by calling (800)
07311-4992 shareholders with 858-8850 or on the U.S.
DISTRIBUTOR multiple accounts Securities and Exchange
AIG Capital Services, residing at the same Commission's website at
Inc. "household." This http://www.sec.gov.
Harborside Financial practice is called This report is submitted
Center householding and reduces solely for the general
3200 Plaza 5 Fund expenses, which information of
Jersey City, NJ benefits you and other shareholders of the Fund.
07311-4992 shareholders. Unless the Distribution of this
SHAREHOLDER SERVICING Funds receive report to persons other
AGENT instructions to the than shareholders of the
SunAmerica Fund contrary, you will only Fund is authorized only
Services, Inc. receive one copy of the in connection with a
Harborside Financial shareholder documents. currently effective
Center The Funds will continue prospectus, setting forth
3200 Plaza 5 to household the details of the Fund,
Jersey City, NJ shareholder documents which must precede or
07311-4992 indefinitely, until we accompany this report.
are instructed otherwise.
If you do not wish to
participate in
householding, please
contact Shareholder
Services at
(800) 858-8850 ext. 6010
or send a written request
with your name, the name
of your fund(s) and your
account member(s) to
SunAmerica Mutual Funds
c/o BFDS, P.O. Box
219186, Kansas City MO,
64121-9186. We will
resume individual
mailings for your account
within thirty (30) days
of receipt of your
request.
[GRAPHIC]
GO PAPERLESS!!
DID YOU KNOW THAT YOU HAVE THE OPTION TO
RECEIVE YOUR SHAREHOLDER REPORTS ONLINE?
By choosing this convenient service, you will no longer receive paper copies of
Fund documents such as annual reports, semi-annual reports, prospectuses and
proxy statements in the mail. Instead, you are provided with quick and easy
access to this information via the Internet.
Why Choose Electronic Delivery?
IT'S QUICK -- Fund documents will be received faster than via traditional mail.
IT'S CONVENIENT -- Elimination of bulky documents from personal files.
IT'S COST EFFECTIVE -- Reduction of your Fund's printing and mailing costs.
TO SIGN UP FOR ELECTRONIC DELIVERY, FOLLOW
THESE SIMPLE STEPS:
1 GO TO WWW.SAFUNDS.COM
2 CLICK ON THE LINK TO "GO PAPERLESS!!"
The email address you provide will be kept strictly confidential. Once your
enrollment has been processed, you will begin receiving email notifications
when anything you receive electronically is available online.
You can return to www.safunds.com at any time to change your email
address, edit your preferences or to cancel this service if you choose to
resume physical delivery of your Fund documents.
Please note - this option is only available to accounts opened through the
Funds.
FOR INFORMATION ON RECEIVING THIS REPORT ONLINE, SEE INSIDE BACK COVER.
DISTRIBUTED BY:
AIG CAPITAL SERVICES, INC.
This fund report must be preceded by or accompanied by a prospectus.
Investors should carefully consider a Fund's investment objectives, risks,
charges and expenses before investing. The prospectus, containing this and
other important information, can be obtained from your financial adviser, the
SunAmerica Sales Desk at 800-858-8850, ext. 6003, or at www.safunds.com. Read
the prospectus carefully before investing.
WWW.SAFUNDS.COM
MMANN - 12/14
[LOGO]
AIG
Sun America
Mutual Funds
Item 2. Code of Ethics
SunAmerica Money Market Funds, Inc. ("the registrant") has adopted a
Code of Ethics applicable to its Principal Executive and Principal
Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act
of 2002. During the fiscal year ended 2014, there were no reportable
amendments, waivers or implicit waivers to a provision of the Code of
Ethics that applies to the registrant's Principal Executive and
Principal Accounting Officers.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that William J.
Shea, the Chairman of the registrant's Audit Committee, qualifies as
an audit committee financial expert, as defined in Item 3(b) of Form
N-CSR. Mr. Shea is considered to be "independent" for purposes of
Item 3(a)(2) of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a)--(d) Aggregate fees billed to the registrant for the last two
fiscal years for professional services rendered by the registrant's
principal accountants were as follows:
2013 2014
(a) Audit Fees............................. $40,457 $42,077
(b) Audit-Related Fees..................... $ 0 $ 0
(c) Tax Fees............................... $11,583 $11,118
(d) All Other Fees......................... $ 0 $ 0
Audit Fees include amounts related to the audit of the registrant's
annual financial statements and services normally provided by the
principal accountant in connection with statutory and regulatory
filings. Tax fees principally include tax compliance, tax advice, tax
planning and preparation of tax returns.
Aggregate fees billed to the investment adviser and Adviser Affiliates
(as defined below in Item 4(e)) that are required to be pre-approved
pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for
the last two fiscal years for services rendered by the registrant's
principal accountant were as follows:
2013 2014
(b) Audit-Related Fees.................... $ 0 $ 0
(c) Tax Fees.............................. $ 0 $ 0
(d) All Other Fees........................ $ 0 $ 0
(e) (1) The registrant's audit committee pre-approves all audit services
provided by the registrant's principal accountant for the registrant
and all non-audit services provided by the registrant's principal
accountant for the registrant, its investment adviser and any entity
controlling, controlled by, or under common control with the
investment adviser ("Adviser Affiliates") that provides ongoing
services to the registrant, if the engagement by the investment
adviser or Adviser Affiliate relates directly to the operations and
financial reporting of the registrant. The audit committee has not
presently established any pre-approval policies and procedures that
permit the pre-approval of the above services other than by the full
audit committee. Certain de minimis exceptions are allowed for
non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of
Regulation S-X as set forth in the registrant's audit committee
charter.
(2) No services included in (b)-(d) above in connection with fees
billed to the registrant or the investment adviser or Adviser
Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule
2-01 of Regulation S-X.
(f) Not applicable.
(g) The aggregate fees billed for the most recent fiscal year and the
preceding fiscal year by the registrant's principal accountant for
non-audit services rendered to the registrant, its investment adviser,
and Adviser Affiliates that provide ongoing services to the registrant
for 2013 and 2014 were $57,565 and $11,118, respectively.
(h) Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
Included in Item 1 to the Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders
may recommend nominees to the registrant's Board of Directors that
were implemented after the registrant last provided disclosure in
response to the requirements of Item 407(c)(2)(iv) of Regulation S-K
(17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17
CFR 240.14a - 101)), or this Item 10.
Item 11. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing of this
report, under the supervision and with the participation of the
registrant's management, including the President and Treasurer, of the
effectiveness of the design and operation of the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under
the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on
that evaluation, the registrant's management, including the President
and Treasurer, concluded that the registrant's disclosure controls and
procedures are effective.
(b) There was no change in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the
registrant's last fiscal quarter of the period covered by this report
that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting.
Item 12. Exhibits.
(a) (1) Code of Ethics applicable to its Principal Executive and Principle
Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act
of 2002 attached hereto as Exhibit 99.406. Code of Ethics.
(2) Certifications pursuant to Rule 30a-2(a) under the Investment
Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit
99.CERT.
(3) Not applicable.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company
Act of 1940 (17 CFR 270.30a-2(a)) and Section 906 of the
Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.
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.
SunAmerica Money Market Funds, Inc.
By: /s/ John T. Genoy
--------------------------
John T. Genoy
President
Date: March 10, 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/ John T. Genoy
--------------------------
John T. Genoy
President
Date: March 10, 2015
By: /s/ Gregory R. Kingston
--------------------------
Gregory R. Kingston
Treasurer
Date: March 10, 2015