SEMI-ANNUAL REPORT
President's Message
Dear Shareholder:
I am pleased to present the Semi-Annual Report to Shareholders for Trust for
U.S. Treasury Obligations (the "Trust"), which covers the six-month reporting
period from October 1, 1998 through March 31, 1999. Effective April 26, 1999,
the Trust became a portfolio of Money Market Obligations Trust. The report
begins with an investment review from the Trust's portfolio manager and follows
with the portfolio of investments and financial statements.
This money market mutual fund offers a high-quality approach to daily investment
income along with daily liquidity and stability of principal 1 through a
portfolio of short-term U.S. Treasury obligations. At the end of the reporting
period, approximately 69% of Trust assets were invested in repurchase agreements
backed by U.S. Treasury obligations because of the yield advantage of these
securities. The remaining assets were invested in U.S. Treasury obligations.
Dividends paid to shareholders during the six-month reporting period totaled
$0.02 per share. At the end of the reporting period, the Trust's net assets
totaled $1.6 billion.
Thank you for selecting Trust for U.S. Treasury Obligations as your quality cash
investment. We welcome your comments and suggestions.
Sincerely,
[Graphic]
J. Christopher Donahue
President
May 15, 1999
1 An investment in the Trust is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the Trust
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Trust.
Investment Review
Trust for U.S. Treasury Obligations, which is rated AAAm 1 by Standard & Poor's
and Aaa2 by Moody's Investors Service, Inc., is invested in U.S. Treasury
obligations, either in the form of notes and bills or as collateral for
repurchase agreements. Recently, the Trust has maintained an average maturity
range between 40 and 50 days.
The Federal Reserve Board (the "Fed") eased monetary policy twice over the
reporting period. The moves came as instability in the world economies
introduced vulnerability into the domestic equity market. This uncertainty led
to a substantial flight-to-quality to the U.S. Treasury market across the yield
curve, and sparked a credit and liquidity crisis in the financial markets.
Confronted with the crisis, the Fed took its first easing step just before the
start of the reporting period in late September, lowering the federal funds
target rate from 5.50% to 5.25%. When that move failed to calm the markets, the
Fed eased by 25 basis points in a surprise intermeeting move in mid-October.
This action had the desired effect of soothing nervous market participants, and
the credit and liquidity constraints evident in the fixed income markets began
to relax. The Fed followed with another 25 basis point ease in mid-November, and
both the global economic crisis and credit crisis seemed to stabilize.
Against this background, however, the economy continued to chug along. As the
market's attention returned to economic fundamentals, lingering concerns over
the health of the global economy were replaced by fears that the Fed might be
motivated to tighten in the face of a pace of growth that was clearly above what
had been traditionally considered the non- inflationary potential of the
economy. Gross domestic product (GDP) growth was 6% in the fourth quarter of
1998, and the economy entered 1999 with considerable strength. Consumer spending
remained the driving force behind this economic vigor, and while a widening
trade gap provided some check on growth, GDP expanded at approximately 4% in the
first quarter of 1999. Inflation remained remarkably benign over the reporting
period, however.
Movements in short-term interest rates reflected the shifting market sentiment
over this reporting period. The yield on the 1-year Treasury bill traded at
4.40% in early October, then plummeted to below 3.90% at the peak of the
flight-to-quality to the U.S. Treasury market in mid-October. The yield then
rebounded to close to 4.60% by mid-November, and moved within a relatively
narrow range until the market's attention returned to the strength of the
economy in early 1999. After rising steadily throughout the month of February,
the yield on the 1-year Treasury bill peaked at 4.90% in early March, and then
traded off to 4.75% by the end of the month as the friendly inflation picture
calmed near-term tightening fears.
1 This rating is obtained after S&P evaluates a number of factors, including
credit quality, market price exposure and management. S&P monitors the portfolio
weekly for developments that could cause changes in the ratings. Ratings are
subject to change, and do not remove market risks.
2 Money market funds and bond funds rated Aaa by Moody's are judged to be of an
investment quality similar to Aaa-rated fixed income obligations, that is, they
are judged to be of the best quality. Ratings are subject to change, and do not
remove market risks.
The Trust's average maturity was heavily weighted in repurchase agreements at
the beginning of the reporting period, as the flight-to-quality to U.S. Treasury
securities kept yields on these instruments well below those offered on
repurchase agreements. As a result, the average maturity for the portfolio was
temporarily quite short, at around 20 days. We extended the maturity of the
portfolio back to its 35- to 45-day target range as the markets stabilized in
the fourth quarter of 1998 and a more normal interest rate curve prevailed. We
again extended the portfolio to a 40- to 50-day average maturity target range in
the first quarter of 1999, as the market flirted with the idea of a near-term
tightening from the Fed which did not materialize. Once a target range was
established, the Trust attempted to maximize performance through ongoing
relative value analysis. The Trust's structure remained barbelled, combining a
significant position in overnight and term repurchase agreements with purchases
of securities with 6 to 13 month maturities. We concentrated the Trust's
purchases of U.S. Treasury securities in the coupon sector, as the Treasury bill
market maintained a healthy bid over the reporting period from investors seeking
a safe haven.
Looking ahead, although the current pace of economic growth remains robust, Fed
officials have acknowledged that productivity gains may be working to hold
inflationary pressures in check. As a result, we think that the Fed will be
reluctant to tighten monetary policy without concrete signs of rising prices,
given the still uncertain outlook for economies abroad and in Latin America.
U.S. Treasury securities should continue to remain well- bid, as forecasts for
an over $100 billion surplus should lead to a continued paydown in Treasury
debt.
Last Meeting of Shareholders
A Special Meeting of Trust shareholders was held on March 22, 1999. On January
21, 1999, the record date for shareholder voting at the meeting, there were
1,663,472,194 total outstanding shares. The following items were considered by
shareholders and the results of their voting were as follows:
AGENDA ITEM 1
To vote on Trustees. 1
<TABLE>
<CAPTION>
WITHHELD
AUTHORITY
FOR TO VOTE
<S> <C> <C>
Thomas G. Bigley 864,767,307 596,845
John T. Conroy, Jr. 864,767,307 596,845
John F. Cunningham 864,864,454 499,698
Peter E. Madden 864,864,454 499,698
Charles F. Mansfield, Jr. 864,864,454 499,698
John E. Murray, Jr. 864,864,454 499,698
John S. Walsh 864,864,454 499,698
</TABLE>
1 The following Trustees of the Trust continued their terms as Trustees of
the Trust: John F. Donahue, Lawrence D. Ellis, M.D., Majorie P. Smuts.
AGENDA ITEM 2
To ratify the selection of Arthur Andersen LLP as the Trust's independent
auditors.
<TABLE>
<CAPTION>
FOR AGAINST ABSTENTIONS
<S> <C> <C>
864,728,478 59 635,614
</TABLE>
AGENDA ITEM 3
To make changes to the Trust's fundamental investment policies:
(a) To make non-fundamental and amend the Trust's fundamental investment policy
regarding maturity of money market instruments.
<TABLE>
<CAPTION>
FOR AGAINST ABSTENTIONS
<S> <C> <C>
838,837,129 24,460,753 2,066,269
</TABLE>
(b) To amend the Trust's fundamental investment policy regarding borrowing to
permit the purchase of securities while borrowings are outstanding.
<TABLE>
<CAPTION>
FOR AGAINST ABSTENTIONS
<S> <C> <C>
809,295,084 52,498,092 3,570,975
</TABLE>
(c) To amend the Trust's fundamental investment policy regarding pledging
securities to permit the Trust to pledge assets to secure permitted borrowings.
<TABLE>
<CAPTION>
FOR AGAINST ABSTENTIONS
<S> <C> <C>
824,498,376 37,288,226 3,577,549
</TABLE>
AGENDA ITEM 4
To remove the Trust's fundamental investment policy regarding the average
maturity of securities in the Trust's portfolio.
<TABLE>
<CAPTION>
FOR AGAINST ABSTENTIONS
<S> <C> <C>
838,533,522 20,410,463 6,420,165
</TABLE>
AGENDA ITEM 5
To approve a clarifying amendment to the Trust's Investment Advisory Agreement
to exclude Rule 12b-1 fees and shareholder service fees from the expense cap.
<TABLE>
<CAPTION>
FOR AGAINST ABSTENTIONS
<S> <C> <C>
836,603,452 26,553,196 2,207,503
</TABLE>
AGENDA ITEM 6
To approve an amendment and restatement to the Trust's Declaration of Trust to
require the approval by a "1940 Act" majority of shareholders in the event of
the sale and conveyance of the assets of the Trust to another trust or
corporation.
<TABLE>
<CAPTION>
FOR AGAINST ABSTENTIONS
<S> <C> <C>
842,675,160 20,557,387 2,131,604
</TABLE>
AGENDA ITEM 7
To approve a proposed Agreement and Plan of Reorganization between the Trust and
Money Market Obligations Trust, on behalf of its series, Trust for U.S. Treasury
Obligations (the "New Fund"), whereby the New Fund would acquire all of the
assets of the Trust in exchange for shares of the New Fund to be distributed pro
rata by the Trust to its shareholders in complete liquidation and termination of
the Trust.
<TABLE>
<CAPTION>
FOR AGAINST ABSTENTIONS
<S> <C> <C>
841,961,878 20,925,207 2,477,066
</TABLE>
Portfolio of Investments
MARCH 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
<S> <C> <C>
SHORT-TERM
U.S. GOVERNMENT
OBLIGATIONS-37.3%
$ 196,000,000 U.S. Treasury Bills,
4/15/1999-4/19/1999 $ 195,579,084
407,500,000 U.S. Treasury Notes,
5.375%-7.750%,
4/30/1999-3/31/2000 409,552,031
TOTAL SHORT-TERM
U.S. GOVERNMENT
OBLIGATIONS 605,131,115
REPURCHASE AGREEMENTS-
69.2% 1
25,000,000 Bank of New York, New
York, 4.900%, dated
3/31/1999, due 4/1/1999 25,000,000
56,400,000 Barclays Capital, Inc.,
4.920%, dated 3/31/1999,
due 4/1/1999 56,400,000
200,000,000 Barclays Capital, Inc.,
5.000%, dated 3/31/1999,
due 4/1/1999 200,000,000
75,000,000 Bear, Stearns and Co.,
4.970%, dated 3/31/1999,
due 4/1/1999 75,000,000
75,000,000 CIBC Wood Gundy
Securities Corp.,
4.875%, dated 3/31/1999,
due 4/1/1999 75,000,000
15,000,000 2 Credit Suisse First
Boston, Inc., 4.780%,
dated 3/3/1999, due
6/1/1999 15,000,000
60,000,000 Credit Suisse First
Boston, Inc., 4.950%,
dated 3/31/1999, due
4/1/1999 60,000,000
75,000,000 Donaldson, Lufkin and
Jenrette Securities
Corp., 4.900%, dated
3/31/1999, due 4/1/1999 75,000,000
75,000,000 First Chicago Capital
Markets, Inc., 4.900%,
dated 3/31/1999, due
4/1/1999 75,000,000
40,000,000 First Union Capital
Markets, 4.900%, dated
3/31/1999, due 4/1/1999 40,000,000
75,000,000 Salomon Brothers, Inc.,
4.970%, dated 3/31/1999,
due 4/1/1999 75,000,000
75,000,000 Societe Generale
Securities Corp.,
4.950%, dated 3/31/1999,
due 4/1/1999 75,000,000
125,000,000 Toronto Dominion
Securities (USA), Inc.,
4.950%, dated 3/31/1999,
due 4/1/1999 125,000,000
150,000,000 Westdeutsche Landesbank
Girozentrale, 4.920%,
dated 3/31/1999, due
4/1/1999 150,000,000
TOTAL REPURCHASE
AGREEMENTS 1,121,400,000
TOTAL INVESTMENTS (AT
AMORTIZED COST) 3 $ 1,726,531,115
</TABLE>
1 The repurchase agreements are fully collateralized by the U.S. Treasury
obligations based on market prices at the date of portfolio.
2 Although final maturity falls beyond seven days, a liquidity feature is
included in each transaction to permit termination of the repurchase agreement
within seven days.
3 Also represents cost for federal purposes.
Note: The categories of investments are shown as a percentage of net assets
($1,621,250,291) at March 31, 1999.
See Notes which are an integral part of the Financial Statements
Statement of Assets and Liabilities
MARCH 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
ASSETS:
Investments in
repurchase agreements $ 1,121,400,000
Investment in securities 605,131,115
Total investments in
securities, at amortized
cost and value $ 1,726,531,115
Income receivable 4,184,024
Receivable for
investments sold 7,129,369
TOTAL ASSETS 1,737,844,508
LIABILITIES:
Payable for investments
purchased $ 109,912,459
Income distribution
payable 6,516,916
Payable to Bank 32,786
Accrued expenses 132,056
TOTAL LIABILITIES 116,594,217
Net assets for
1,621,250,291 shares
outstanding $ 1,621,250,291
NET ASSET VALUE,
OFFERING PRICE, AND
REDEMPTION PROCEEDS PER
SHARE:
$1,621,250,291 /
1,621,250,291 shares
outstanding $1.00
</TABLE>
See Notes which are an integral part of the Financial Statements
Statement of Operations
SIX MONTHS ENDED MARCH 31, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 48,101,629
EXPENSES:
Investment advisory fee $ 3,905,244
Administrative personnel
and services fee 736,139
Custodian fees 56,626
Transfer and dividend
disbursing agent fees
and expenses 9,763
Directors'/Trustees'
fees 11,967
Auditing fees 6,581
Legal fees 7,979
Portfolio accounting
fees 100,560
Shareholder services fee 2,440,777
Share registration costs 10,975
Printing and postage 4,737
Insurance premiums 8,028
Miscellaneous 9,908
TOTAL EXPENSES 7,309,284
WAIVERS:
Waiver of investment
advisory fee $ (952,288)
Waiver of shareholder
services fee (1,952,622)
TOTAL WAIVERS (2,904,910)
Net expenses 4,404,374
Net investment income $ 43,697,255
</TABLE>
See Notes which are an integral part of the Financial Statements
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
(unaudited) ENDED
MARCH 31, SEPTEMBER 30,
1999 1998
<S> <C> <C>
INCREASE (DECREASE) IN
NET ASSETS
OPERATIONS:
Net investment income $ 43,697,255 $ 98,226,845
DISTRIBUTIONS TO
SHAREHOLDERS:
Distributions from net
investment income (43,697,255) (98,226,845)
SHARE TRANSACTIONS:
Proceeds from sale of
shares 3,892,127,125 8,814,750,379
Net asset value of shares
issued to shareholders
in payment of
distributions declared 3,608,096 11,702,911
Cost of shares redeemed (4,633,193,636) (8,264,907,672)
CHANGE IN NET ASSETS
RESULTING FROM SHARE
TRANSACTIONS (737,458,415) 561,545,618
Change in net assets (737,458,415) 561,545,618
NET ASSETS:
Beginning of period 2,358,708,706 1,797,163,088
End of period $ 1,621,250,291 $ 2,358,708,706
</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)
MARCH 31 YEAR ENDED SEPTEMBER 30,
YEAR ENDED SEPTEMBER 30 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 2.25 % 5.28% 5.16% 5.18% 5.45% 3.31%
RATIOS TO AVERAGE NET ASSETS:
Expenses 0.45% 2 0.45% 0.45% 0.45% 0.45% 0.45%
Net investment income 4.48% 2 5.17% 5.04% 5.06% 5.28% 3.21%
SUPPLEMENTAL DATA:
Net assets, end of period (000 omitted) $1,621,250 $2,358,709 $1,797,163 $2,660,939 $3,031,247 $4,651,657
</TABLE>
1 Based on net asset value, which does not reflect the sales charge or
contingent deferred sales charge, if applicable.
2 Computed on an annualized basis.
See Notes which are an integral part of the Financial Statements
Notes to Financial Statements
MARCH 31, 1999 (UNAUDITED)
ORGANIZATION
Trust For U.S. Treasury Obligations (the "Trust") is registered under the
Investment Company Act of 1940, as amended (the "Act"), as an open-end
management investment company. Effective April 26, 1999, the Trust became a
portfolio of the Money Market Obligations Trust. Money Market Obligations Trust
consists of thirteen portfolios. The financial statements presented herein are
only those of the Trust. The financial statements of the other portfolios are
presented separately. The assets of each portfolio are segregated and a
shareholder's interest is limited to the portfolio in which shares are held. The
investment objective of the Trust is stability of principal and current income
consistent with stability of principal.
SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. These
policies are in conformity with generally accepted accounting principles.
INVESTMENT VALUATIONS
The Trust 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 Trust 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 Trust 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 Trust will only enter into repurchase agreements with banks and other
recognized financial institutions, such as broker/dealers, which are deemed by
the Trust's adviser to be creditworthy pursuant to the guidelines and/or
standards reviewed or established by the Board of Trustees (the "Trustees").
Risks may arise from the potential inability of counterparties to honor the
terms of the repurchase agreement. Accordingly, the Trust 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 Trust'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 Trust may engage in when-issued or delayed delivery transactions. The Trust
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.
SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial interest (without par value). At March
31, 1999, capital paid-in aggregated 1,621,250,291. Transactions in shares were
as follows:
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
MARCH 31, SEPTEMBER 30,
1999 1998
<S> <C> <C>
Shares sold 3,892,127,125 8,814,750,379
Shares issued to
shareholders in payment
of distributions
declared 3,608,096 11,702,911
Shares redeemed (4,633,193,636) (8,264,907,672)
NET CHANGE RESULTING
FROM SHARE TRANSACTIONS (737,458,415) 561,545,618
</TABLE>
INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY FEE
Federated Research served as the Trust's investment adviser (the "Adviser"), for
which it received an investment advisory fee equal to 0.40% of the Trust's
average daily net assets. Effective March 31, 1999, Federated Research merged
into Federated Advisers. On March 31, 1999, the name of Federated Advisers was
changed to Federated Investment Management Company ("FIM"). FIM, as investment
adviser, will waive to the extent of its advisory fee, the amount, if any, by
which the Trust's aggregate annual operating expenses, exceed 0.45% of its
average daily net assets.
ADMINISTRATIVE FEE
Federated Services Company ("FServ"), under the Administrative Services
Agreement, provides the Trust 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 Trust will pay FSSC up to 0.25% of average daily
net assets of the Trust shares 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 Trust. 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 Trust's accounting records for which it receives a fee. The
fee is based on the level of the Trust's average daily net assets for the
period, plus out-of-pocket expenses.
GENERAL
Certain of the Officers and Trustees of the Trust are Officers and Directors or
Trustees of the above companies.
YEAR 2000
Similar to other financial organizations, the Trust could be adversely affected
if the computer systems used by the Trust's service providers do not properly
process and calculate date-related information and data from and after January
1, 2000. The Trust'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 Trust'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 Trust.
Trustees
JOHN F. DONAHUE
THOMAS G. BIGLEY
JOHN T. CONROY, JR.
JOHN F. CUNNINGHAM
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
RICHARD J. THOMAS
Treasurer
ANTHONY R. BOSCH
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
SEMI-ANNUAL REPORT
Trust for U.S. Treasury Obligations
SEMI-ANNUAL REPORT TO SHAREHOLDERS
MARCH 31, 1999
[Graphic]
Federated
Trust for U.S. Treasury Obligations
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
WWW.FEDERATEDINVESTORS.COM
Federated Securities Corp., Distributor
Cusip 60934N799
8042508 (5/99)
[Graphic]
