SEMI-ANNUAL REPORT
President's Message
Dear Shareholder:
I am pleased to present the Semi-Annual Report to Shareholders for Money Market
Management, Inc., which covers the six-month reporting period from January 1,
1999 through June 30, 1999. The report begins with a commentary by the fund's
portfolio manager and follows with a complete listing of the fund's holdings and
its financial statements.
This high-quality money market fund puts your cash to work pursuing income every
day along with a stable $1.00 share price. 1 Additionally, the fund gives you
convenient, daily access to your money.
During the six-month reporting period, the fund paid shareholders dividends
totaling $0.02 per share. On June 30, 1999, the fund's $80.3- million portfolio
was invested in high-quality money market securities that included high-quality
commercial paper (44.1%), variable notes (22.7%), repurchase agreements (11.6%),
short-term notes (7.5%), certificates of deposit (6.8%) loan participation notes
(5.6%), and a municipal bond (1.6%).
Thank you for choosing Money Market Management, Inc. as a convenient,
liquid daily cash investment. We will continue to keep you up to date on
your investment, and welcome your comments and suggestions.
Sincerely,
[Graphic]
J. Christopher Donahue
President
August 15, 1999
1 An investment in money market funds is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation or any other government agency. Although
money market funds seek to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in the fund.
Investment Review
Money Market Management, Inc. (the "fund") invests in money market instruments
maturing in 397 days or less. The average maturity of these securities, computed
on a dollar-weighted basis, is restricted to 90 days or less. Portfolio
securities must be rated in one of the two highest short-term rating categories
by one or more of the nationally recognized statistical rating organizations or
be of comparable quality to securities having such ratings. Typical security
types include, but are not limited to, commercial paper, certificates of
deposit, time deposits, variable rate instruments and repurchase agreements.
During the first half of 1999, we started to see the Federal Reserve Board
unwind the 75 basis points of easing that occurred at the end of 1998. The
combination of strong domestic growth, tight labor markets and rising labor
costs led to a 25 basis point increase in the Federal Funds Target Rate on June
30, 1999. Continued reports of strong U.S. growth as well as signs of economic
acceleration outside of the U.S. could put continued pressure on bond yields.
Market interest rates should continue to trade up throughout the second half of
1999. The 30-day commercial paper rate began 1999 at 4.90% and traded as low as
4.78% on April 30, 1999. Thirty-day commercial paper ended the period at 5.14%
on June 30, 1999. Ninety-day commercial paper rates were 4.85% on January 1,
1999 and ended at a 5.18% on June 30, 1999.
The target average maturity range for the fund remained in the 45-55 day area
throughout the six-month reporting period. In structuring the fund, there was
continued emphasis placed on positioning 30-35% of the fund's core assets in
variable rate demand notes and accomplishing a modest barbell structure.
During the six-month reporting period ended June 30, 1999, the net assets of the
fund decreased from $83.5 to $80.3 million. The 7-day net yield decreased from
4.25% on December 31, 1998 to 3.99% on June 30, 1999. 1 The effective average
maturity of the fund on June 30, 1999 was 53 days.
1 Performance quoted represents past performance and is not indicative of future
results. Yield will vary. Yields quoted for a money market fund most closely
reflect the fund's current earnings.
Portfolio of Investments
JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
CERTIFICATES OF DEPOSIT-
6.8%
BANKING - 6.8%
$ 1,000,000 Bank of Montreal, 5.250%,
5/12/2000 $ 999,583
1,000,000 Barclays Bank of Canada,
(Guaranteed by Barclays
Bank PLC, London),
5.016%, 1/13/2000 999,845
2,500,000 Commerzbank AG, Frankfurt,
5.250%, 3/9/2000 2,499,709
1,000,000 UBS AG, 5.300%, 3/10/2000 999,667
TOTAL CERTIFICATES OF
DEPOSIT 5,498,804
COMMERCIAL PAPER-44.1% 1
BANKING - 11.4%
200,000 Fountain Square Commercial
Funding Corp., (Fifth
Third Bank, Cincinnati
Support Agreement),
5.100%, 9/20/1999 197,705
4,000,000 Greenwich Funding Corp.,
4.930% - 5.000%, 7/12/1999
- 7/15/1999 3,993,098
3,000,000 PNC Funding Corp.,
(Guaranteed by PNC Bank
Corp.), 4.970%, 8/4/1999 2,985,918
2,000,000 Three Rivers Funding
Corp., 5.010%, 7/12/1999 1,996,938
TOTAL 9,173,659
BROKERAGE - 3.7%
3,000,000 Salomon Smith Barney
Holdings, Inc., 4.820%,
7/13/1999 2,995,180
CHEMICALS - 2.0%
827,000 IMC Global, Inc., 5.050%,
8/17/1999 821,548
800,000 Rohm & Haas Co., 4.950%,
7/1/1999 800,000
TOTAL 1,621,548
CONSUMER PRODUCTS-5.0%
4,000,000 Diageo Capital PLC,
(Guaranteed by Diageo
PLC), 4.820%, 8/20/1999 3,973,222
CONTAINER/PACKAGING-1.0%
800,000 Crown Cork & Seal Co., Inc., 5.140% - 5.280%,
8/3/1999 796,192
FINANCE - AUTOMOTIVE-1.9%
1,000,000 Daimler Chrysler North
America Holding Corp.,
4.840%, 8/13/1999 994,219
500,000 General Motors Acceptance
Corp., 5.360%, 1/31/2000 484,069
TOTAL 1,478,288
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
COMMERCIAL PAPER-continued 1
FINANCE - COMMERCIAL-17.3%
$ 1,000,000 Beta Finance, Inc.,
4.785%, 8/3/1999 $ 995,614
2,000,000 Falcon Asset
Securitization Corp.,
5.030%, 7/26/1999 1,993,014
2,000,000 General Electric Capital
Corp., 4.840%, 12/3/1999 1,958,322
4,000,000 PREFCO-Preferred
Receivables Funding Co.,
4.860% - 4.940%, 7/13/1999
- 8/3/1999 3,987,703
2,000,000 Receivables Capital Corp.,
4.860%, 7/7/1999 1,998,380
3,000,000 Sheffield Receivables
Corp., 4.930%, 7/7/1999 2,997,535
TOTAL 13,930,568
RETAIL - 1.1%
853,000 Safeway, Inc., 4.980%,
7/16/1999 851,230
TELECOMMUNICATIONS-0.7%
584,000 MCI Worldcom, Inc.,
5.000%, 8/2/1999 581,404
TOTAL COMMERCIAL PAPER 35,401,291
LOAN PARTICIPATIONS-5.6%
ELECTRICAL EQUIPMENT-0.6%
500,000 Mt. Vernon Phenol Plant
Partnership, (Guaranteed
by General Electric Co.),
5.050%, 5/17/2000 500,000
FINANCE - AUTOMOTIVE-2.5%
2,000,000 General Motors Acceptance
Corp., Mortgage of PA,
(Guaranteed by General
Motors Acceptance Corp.),
4.983%, 7/1/1999 2,000,000
INSURANCE-2.5%
2,000,000 Marsh & McLennan Cos.,
Inc., 4.960%, 7/23/1999 2,000,000
TOTAL LOAN PARTICIPATIONS 4,500,000
MUNICIPAL-1.6%
MUNICIPAL-1.6%
1,300,000 Bergen County, NJ
Improvement Authority,
Bergen Regional Medical
Center
Project, Series 1999-A,
(Guaranteed by Bergen
County, NJ Improvement
Authority), 5.330%,
3/16/2000 1,300,000
NOTES - VARIABLE-22.7% 3
BANKING-11.6%
2,000,000 4 C's LLC, Series 1998,
(KeyBank, N.A. LOC),
5.160%, 7/1/1999 2,000,000
3,000,000 American Health Care
Centers, Series 1998,
(FirstMerit Bank, N.A.
LOC),
5.220%, 7/1/1999 3,000,000
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
NOTES - VARIABLE-continued 3
BANKING - CONTINUED
$ 2,000,000 2 Liquid Asset Backed
Securities Trust, Series
1996-3, (Westdeutsche
Landesbank Girozentrale
Swap Agreement), 5.008%,
7/15/1999 $ 2,000,000
405,288 2 Liquid Asset Backed
Securities Trust, Series
1997-3, Senior Notes,
(Insured
by AMBAC), 4.970%,
9/28/1999 405,288
920,000 North Center Properties,
(Huntington National Bank,
Columbus, OH LOC),
5.180%, 7/1/1999 920,000
1,000,000 Societe Generale, Paris,
4.993%, 7/1/1999 999,926
TOTAL 9,325,214
BROKERAGE-1.5%
1,200,000 Morgan Stanley, Dean
Witter & Co., 4.930%,
2/4/2000 1,200,000
FINANCE - AUTOMOTIVE-1.5%
1,200,000 General Motors Acceptance
Corp., 5.040%, 3/7/2000 1,200,000
FINANCE - RETAIL-2.5%
2,000,000 AFS Insurance Premium
Receivables Trust, Series
1994-A, 5.459%, 7/15/1999 2,000,000
INSURANCE-5.6%
1,000,000 First Allmerica Financial
Life Insurance Co.,
5.080%, 7/1/1999 1,000,000
3,500,000 General American Life
Insurance Co., 5.240%,
7/21/1999 3,500,000
TOTAL 4,500,000
TOTAL NOTES - VARIABLE 18,225,214
SHORT-TERM NOTES-7.5%
BROKERAGE-2.5%
2,000,000 Goldman Sachs Group, Inc.,
5.023% 8/2/1999 2,000,000
FINANCE - AUTOMOTIVE-0.2%
196,647 Honda Auto Receivables
1999-1 Owner Trust, Class
A-1, 4.974%, 2/15/2000 196,647
FINANCE - COMMERCIAL-3.7%
3,000,000 Beta Finance, Inc., 5.030%
- 5.520%, 2/4/2000 -
6/12/2000 3,000,000
FINANCE - LEASING-0.8%
636,280 Green Tree Lease Finance
1998-1, LLC, Class A1,
5.201%, 1/20/2000 636,280
INSURANCE-0.3%
226,178 WFS Financial 1998-C Owner Trust, Class A1, (Insured by FSA),
5.395%,
11/20/1999 226,179
TOTAL SHORT-TERM NOTES 6,059,106
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<C> <S> <C>
REPURCHASE AGREEMENTS-
11.6% 4
$ 3,500,000 ABN AMRO, Chicago Corp.,
5.125%, dated 6/30/1999,
due 7/1/1999 $ 3,500,000
1,000,000 Donaldson, Lufkin and
Jenrette Securities Corp.,
4.800%, dated 6/30/1999,
due 7/1/1999 1,000,000
3,300,000 Nationsbanc Montgomery
Securities, Inc., 5.220%,
dated 6/30/1999, due
7/1/1999 3,300,000
1,500,000 Toronto Dominion
Securities (USA), Inc.,
5.000%, dated 6/30/1999,
due 7/1/1999 1,500,000
TOTAL REPURCHASE
AGREEMENTS 9,300,000
TOTAL INVESTMENTS (AT
AMORTIZED COST) 5 $ 80,284,415
</TABLE>
1 Each issue shows the rate of discount at the time of purchase.
2 Denotes a restricted security which is subject to restrictions on resale under
Federal Securities laws. These securities have been deemed liquid based upon
criteria approved by the fund's Board of Directors. At June 30, 1999 these
securities amounted to $2,405,288 which represents 3.0% of net assets.
3 Floating rate note with current rate and next reset date shown.
4 The repurchase agreements are fully collateralized by U.S. Treasury and/or
government agency obligations based on market prices at the date of the
portfolio. The investments in the repurchase agreements are through
participation in joint accounts with other Federated funds.
5 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets
($80,324,528) at June 30, 1999.
The following acronyms are used throughout this portfolio:
AMBAC -American Municipal Bond Assurance Corporation
FSA -Financial Security Assurance
LOC -Letter of Credit
See Notes which are an integral part of the Financial Statements
Statement of Assets and Liabilities
JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
ASSETS:
Investments in repurchase
agreements $ 9,300,000
Investments in securities 70,984,415
Total investments in
securities, at amortized
cost and value $ 80,284,415
Cash 84,936
Income receivable 234,265
TOTAL ASSETS 80,603,616
LIABILITIES:
Payable for shares
redeemed 3,200
Income distribution
payable 263,158
Accrued expenses 12,730
TOTAL LIABILITIES 279,088
Net assets for 80,324,528
shares outstanding $ 80,324,528
NET ASSET VALUE, OFFERING
PRICE AND REDEMPTION
PROCEEDS PER SHARE:
$80,324,528 / 80,324,528
shares outstanding $1.00
</TABLE>
See Notes which are an integral part of the Financial Statements
Statement of Operations
SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 2,078,464
EXPENSES:
Investment advisory fee $ 204,144
Administrative personnel
and services fee 61,986
Custodian fees 7,832
Transfer and dividend
disbursing agent fees and
expenses 70,077
Directors'/Trustees' fees 6,163
Auditing fees 7,031
Legal fees 2,577
Portfolio accounting fees 20,143
Shareholder services fee 102,072
Share registration costs 10,285
Printing and postage 19,014
Insurance premiums 4,079
Miscellaneous 3,825
TOTAL EXPENSES 519,228
WAIVERS:
Waiver of investment
advisory fee $ (15,237)
Waiver of shareholder
services fee (53,078)
TOTAL WAIVERS (68,315)
Net expenses 450,913
Net investment income $ 1,627,551
</TABLE>
See Notes which are an integral part of the Financial Statements
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
(unaudited) YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
<S> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS
OPERATIONS:
Net investment income $ 1,627,551 $ 3,739,695
DISTRIBUTIONS TO
SHAREHOLDERS:
Distributions from net
investment income (1,627,551) (3,739,695)
SHARE TRANSACTIONS:
Proceeds from sale of
shares 84,505,859 130,155,078
Net asset value of shares
issued to shareholders in
payment of
distributions declared 1,264,263 3,457,846
Cost of shares redeemed (88,905,574) (131,462,423)
CHANGE IN NET ASSETS
RESULTING FROM SHARE
TRANSACTIONS (3,135,452) 2,150,501
Change in net assets (3,135,452) 2,150,501
NET ASSETS:
Beginning of period 83,459,980 81,309,479
End of period $ 80,324,528 $ 83,459,980
</TABLE>
See Notes which are an integral part of the Financial Statements
Financial Highlights
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED
(unaudited)
JUNE 30, YEAR ENDED DECEMBER 31,
1999 1998 1997 1996 1995 1994
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING
OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM
INVESTMENT OPERATIONS
Net investment income 0.02 0.05 0.05 0.05 0.05 0.03
LESS DISTRIBUTIONS
Distributions from net
investment income (0.02) (0.05) (0.05) (0.05) (0.05) (0.03)
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
TOTAL RETURN 1 1.99% 4.64% 4.69% 4.56% 5.13% 3.31%
RATIOS TO AVERAGE NET ASSETS
Expenses 2 1.27% 3 1.29% 1.25% 1.19% 1.23% 1.14%
Net investment income 2 3.82% 3 4.36% 4.43% 4.33% 4.84% 3.27%
Expenses (after waivers) 1.10% 3 1.11% 1.10% 1.06% 1.08% 1.14%
Net investment income (after waivers) 3.99% 3 4.54% 4.58% 4.46% 4.99% 3.27%
SUPPLEMENTAL DATA
Net assets, end of period
(000 omitted) $80,325 $83,460 $81,309 $87,381 $101,390 $114,588
</TABLE>
1 Based on net asset value, which does not reflect the sales charge or
contingent deferred sales charge, if applicable.
2 During the period, certain fees were voluntarily waived. If such voluntary
waivers had not occurred, the ratios would have been as indicated.
3 Computed on an annualized basis.
See Notes which are an integral part of the Financial Statements
Notes to Financial Statements
JUNE 30, 1999 (UNAUDITED)
ORGANIZATION
Money Market Management, Inc. (the "Fund") is registered under the Investment
Company Act of 1940, as amended (the "Act"), as an open-end management
investment company. The investment objective of the Fund is current income
consistent with stability of principal.
SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. These
policies are in conformity with generally accepted accounting principles.
INVESTMENT VALUATIONS
The Fund uses the amortized cost method to value its portfolio securities in
accordance with Rule 2a-7 under the Act.
REPURCHASE AGREEMENTS
It is the policy of the Fund to require the custodian bank to take possession,
to have legally segregated in the Federal Reserve Book Entry System, or to have
segregated within the custodian bank's vault, all securities held as collateral
under repurchase agreement transactions. Additionally, procedures have been
established by the Fund to monitor, on a daily basis, the market value of each
repurchase agreement's collateral to ensure that the value of collateral at
least equals the repurchase price to be paid under the repurchase agreement
transaction.
The Fund will only enter into repurchase agreements with banks and other
recognized financial institutions, such as broker/dealers, which are deemed by
the Fund's adviser to be creditworthy pursuant to the guidelines and/or
standards reviewed or established by the Board of Directors (the "Directors").
Risks may arise from the potential inability of counterparties to honor the
terms of the repurchase agreement. Accordingly, the Fund could receive less than
the repurchase price on the sale of collateral securities.
INVESTMENT INCOME, EXPENSES AND DISTRIBUTIONS
Interest income and expenses are accrued daily. Bond premium and discount, if
applicable, are amortized as required by the Internal Revenue Code, as amended
(the "Code"). Distributions to shareholders are recorded on the ex- dividend
date.
FEDERAL TAXES
It is the Fund's policy to comply with the provisions of the Code applicable to
regulated investment companies and to distribute to shareholders each year
substantially all of its income. Accordingly, no provisions for federal tax are
necessary.
WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS
The Fund may engage in when-issued or delayed delivery transactions. The Fund
records when-issued securities on the trade date and maintains security
positions such that sufficient liquid assets will be available to make payment
for the securities purchased. Securities purchased on a when- issued or delayed
delivery basis are marked to market daily and begin earning interest on the
settlement date.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts of assets, liabilities, expenses and revenues reported in the
financial statements. Actual results could differ from those estimated.
OTHER
Investment transactions are accounted for on the trade date.
CAPITAL STOCK
At June 30, 1999, there were 50,000,000,000 shares of $0.001 par value capital
stock authorized. Capital paid-in aggregated $80,324,528.
Transactions in capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1999 1998
<S> <C> <C>
Shares sold 84,505,859 130,155,078
Shares issued to
shareholders in payment of
distributions declared 1,264,263 3,457,846
Shares redeemed (88,905,574) (131,462,423)
NET CHANGE RESULTING FROM
SHARE TRANSACTIONS (3,135,452) 2,150,501
</TABLE>
INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY FEE
Federated Investment Management Company, the Fund's investment adviser (the
"Adviser"), receives for its services an annual investment advisory fee based on
the average daily net assets of the Fund as follows: 0.50% on the first $500
million, 0.475% on the next $500 million, 0.45% on the next $500 million, 0.425%
on the next $500 million, and 0.40% thereafter. The Adviser may voluntarily
choose to waive any portion of its fee. The Adviser can modify or terminate this
voluntary waiver at any time at its sole discretion.
ADMINISTRATIVE FEE
Federated Services Company ("FServ"), under the Administrative Services
Agreement, provides the Fund with administrative personnel and services. The fee
paid to FServ is based on the level of average aggregate daily net assets of all
funds advised by subsidiaries of Federated Investors, Inc. for the period. The
administrative fee received during the period of the Administrative Services
Agreement shall be at least $125,000 per portfolio and $30,000 per each
additional class of shares.
SHAREHOLDER SERVICES FEE
Under the terms of a Shareholder Services Agreement with Federated Shareholder
Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily
net assets of the Fund for the period. The fee paid to FSSC is used to finance
certain services for shareholders and to maintain shareholder accounts. FSSC may
voluntarily choose to waive any portion of its fee. FSSC can modify or terminate
this voluntary waiver at any time at its sole discretion.
TRANSFER AND DIVIDEND DISBURSING AGENT FEES AND EXPENSES
FServ, through its subsidiary FSSC, serves as transfer and dividend disbursing
agent for the Fund. The fee paid to FSSC is based on the size, type and number
of accounts and transactions made by shareholders.
PORTFOLIO ACCOUNTING FEES
FServ maintains the Fund's accounting records for which it receives a fee. The
fee is based on the level of the Fund's average daily net assets for the period,
plus out-of-pocket expenses.
GENERAL
Certain of the Officers and Directors of the Fund are Officers and Directors or
Trustees of the above companies.
YEAR 2000
Similar to other financial organizations, the Fund could be adversely affected
if the computer systems used by the Fund's service providers do not properly
process and calculate date-related information and data from and after January
1, 2000. The Fund's Adviser and administrator are taking measures that they
believe are reasonably designed to address the Year 2000 issue with respect to
computer systems that they use and to obtain reasonable assurances that
comparable steps are being taken by each of the Fund's other service providers.
At this time, however, there can be no assurance that these steps will be
sufficient to avoid any adverse impact to the Fund.
Directors
JOHN F. DONAHUE
THOMAS G. BIGLEY
JOHN T. CONROY, JR.
NICHOLAS P. CONSTANTAKIS
JOHN F. CUNNINGHAM
J. CHRISTOPHER DONAHUE
LAWRENCE D. ELLIS, M.D.
PETER E. MADDEN
CHARLES F. MANSFIELD, JR.
JOHN E. MURRAY, JR., J.D., S.J.D.
MARJORIE P. SMUTS
JOHN S. WALSH
Officers
JOHN F. DONAHUE
Chairman
J. CHRISTOPHER DONAHUE
President
EDWARD C. GONZALES
Executive Vice President
JOHN W. MCGONIGLE
Executive Vice President and Secretary
RICHARD B. FISHER
Vice President
DEBORAH A. CUNNINGHAM
Vice President
RICHARD J. THOMAS
Treasurer
LESLIE K. ROSS
Assistant Secretary
Mutual funds are not bank deposits or obligations, are not guaranteed by any
bank, and are not insured or guaranteed by the U.S. government, the Federal
Deposit Insurance Corporation, the Federal Reserve Board, or any other
government agency. Investment in mutual funds involves investment risk,
including the possible loss of principal.
This report is authorized for distribution to prospective investors only when
preceded or accompanied by the fund's prospectus which contains facts concerning
its objective and policies, management fees, expenses, and other information.
[Graphic]
Federated
World-Class Investment Manager
Money Market Management, Inc.
SEMI-ANNUAL REPORT
TO SHAREHOLDERS
JUNE 30, 1999
SEMI-ANNUAL REPORT
[Graphic]
Federated
Money Market Management, Inc.
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
WWW.FEDERATEDINVESTORS.COM
Federated Securities Corp., Distributor
Cusip 609346200
8080103 (8/99)
[Graphic]
