<PAGE> PAGE 1
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007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C021800 FEDERATED TAX-FREE TRUST (11/30FYE)
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<PAGE> PAGE 2
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007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
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010 A00AA01 FEDERATED SERVICES COMPANY
010 C01AA01 PITTSBURGH
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011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
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011 C04AA01 3779
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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031 A00AA00 0
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054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
066 A00AA00 N
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068 A00AA00 N
068 B00AA00 N
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<PAGE> PAGE 5
077 N000000 Y
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080 A00AA00 LLOYD'S OF LONDON
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008 A001001 FEDERATED INVESTMENT MANAGEMENT COMPANY
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008 D011001 PITTSBURGH
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008 D041001 3779
015 A001001 STATE STREET BANK AND TRUST COMPANY
015 B001001 C
015 C011001 BOSTON
015 C021001 MA
015 C031001 02266
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<PAGE> PAGE 6
015 A001002 BANKERS TRUST CO.
015 B001002 S
015 C011002 NEW YORK
015 C021002 NY
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015 A001003 BANK OF NEW YORK
015 B001003 S
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015 A001004 THE CHASE MANHATTAN CORP.
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015 A001005 MORGAN GUARANTY BANK & TRUST CO.
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015 A001006 NATIONSBANK OF NORTH CAROLINA
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<PAGE> PAGE 7
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<PAGE> PAGE 8
048 J011000 0
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055 A001000 Y
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056 001000 N
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<PAGE> PAGE 9
070 I011000 N
070 I021000 N
070 J011000 Y
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070 K011000 N
070 K021000 N
070 L011000 N
070 L021000 N
070 M011000 N
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<PAGE> PAGE 10
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008 A001101 FEDERATED INVESTMENT MANAGEMENT COMPANY
008 B001101 A
008 C001101 801-34609
008 D011101 PITTSBURGH
008 D021101 PA
008 D031101 15222
008 D041101 3779
015 A001101 STATE STREET BANK & TRUST COMPANY
<PAGE> PAGE 11
015 B001101 C
015 C011101 BOSTON
015 C021101 MA
015 C031101 02266
015 C041101 8600
015 E011101 X
015 A001102 BANKERS TRUST CO.
015 B001102 S
015 C011102 NEW YORK
015 C021102 NY
015 C031102 10015
015 E011102 X
015 A001103 BANK OF NEW YORK
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015 C011103 NEW YORK
015 C021103 NY
015 C031103 10006
015 E011103 X
015 A001104 THE CHASE MANHATTAN CORP.
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015 C021104 NY
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015 A001105 MORGAN GUARANTY BANK & TRUST CO.
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015 A001106 NATIONSBANK OF NORTH CAROLINA
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<PAGE> PAGE 12
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037 001100 N
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042 C001100 0
042 D001100 0
042 E001100 0
042 F001100 0
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<PAGE> PAGE 13
048 G011100 0
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055 A001100 Y
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056 001100 N
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064 A001100 N
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070 A011100 N
070 A021100 N
070 B011100 N
070 B021100 N
070 C011100 N
070 C021100 N
070 D011100 N
070 D021100 N
070 E011100 N
070 E021100 N
<PAGE> PAGE 14
070 F011100 N
070 F021100 N
070 G011100 N
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 N
070 J021100 N
070 K011100 N
070 K021100 N
070 L011100 N
070 L021100 N
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<PAGE> PAGE 15
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008 A001201 FEDERATED INVESTMENT MANAGEMENT COMPANY
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<PAGE> PAGE 16
008 C001201 801-34609
008 D011201 PITTSBURGH
008 D021201 PA
008 D031201 15222
008 D041201 3779
015 A001201 STATE STREET BANK AND TRUST COMPANY
015 B001201 C
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015 C041201 8600
015 E011201 X
015 A001202 BANKERS TRUST CO.
015 B001202 S
015 C011202 NEW YORK
015 C021202 NY
015 C031202 10015
015 E011202 X
015 A001203 BANK OF NEW YORK
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015 C011203 NEW YORK
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015 C031203 10006
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015 A001204 THE CHASE MANHATTAN CORP.
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015 C031204 10006
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015 A001205 MORGAN GUARANTY BANK & TRUST CO.
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015 A001206 NATIONSBANK OF NORTH CAROLINA
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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070 A011200 Y
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<PAGE> PAGE 19
070 C011200 N
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070 E011200 N
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070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 N
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070 I011200 N
070 I021200 N
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070 J021200 N
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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008 A001801 FEDERATED INVESTMENT MANAGMENT COMPANY
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015 B001801 C
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015 C021801 MA
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015 A001803 BANK OF NEW YORK
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015 C021803 NY
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015 A001804 THE CHASE MANHATTAN CORP.
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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070 D021800 N
070 E011800 N
070 E021800 N
070 F011800 N
070 F021800 N
070 G011800 N
070 G021800 N
070 H011800 N
070 H021800 N
070 I011800 N
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<PAGE> PAGE 25
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SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000856517
<NAME> MONEY MARKET OBLIGATIONS TRUST
<SERIES>
<NUMBER> 10
<NAME> FEDERATED MASTER TRUST
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000856517
<NAME> MONEY MARKET OBLIGATIONS TRUST
<SERIES>
<NUMBER> 18
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<FISCAL-YEAR-END> NOV-30-1999
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<NET-INVESTMENT-INCOME> 16,053,652
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<DISTRIBUTIONS-OF-INCOME> (16,053,652)
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<ACCUMULATED-GAINS-PRIOR> (76,421)
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000856517
<NAME> MONEY MARKET OBLIGATIONS TRUST
<SERIES>
<NUMBER> 11
<NAME> TRUST FOR GOVERNMENT CASH RESERVES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
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<PAID-IN-CAPITAL-COMMON> 449,475,871
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<SHARES-COMMON-PRIOR> 535,006,516
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<DISTRIBUTIONS-OF-INCOME> (22,311,852)
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<SHARES-REINVESTED> 3,204,808
<NET-CHANGE-IN-ASSETS> (85,530,645)
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 1,934,025
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<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000856517
<NAME> MONEY MARKET OBLIGATIONS TRUST
<SERIES>
<NUMBER> 12
<NAME> TRUST FOR SHORT-TERM U.S. GOVERNMENT SECURITIES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> NOV-30-1999
<PERIOD-END> NOV-30-1999
<INVESTMENTS-AT-COST> 618,204,373
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<OTHER-ITEMS-LIABILITIES> 2,489,870
<TOTAL-LIABILITIES> 37,235,403
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 583,102,602
<SHARES-COMMON-STOCK> 583,102,602
<SHARES-COMMON-PRIOR> 597,684,819
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 583,102,602
<DIVIDEND-INCOME> 0
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<DISTRIBUTIONS-OF-INCOME> (27,367,581)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 1,855,387,107
<NUMBER-OF-SHARES-REDEEMED> (1,874,849,394)
<SHARES-REINVESTED> 4,880,070
<NET-CHANGE-IN-ASSETS> (14,582,217)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,353,621
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,499,105
<AVERAGE-NET-ASSETS> 588,408,203
<PER-SHARE-NAV-BEGIN> 1.000
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
FEDERATED MASTER TRUST
MONEY MARKET MANAGEMENT
MONEY MARKET MANAGEMENT TRUST
Item 77N Actions Required to be Reported Pursuant to Rule 2a-7
The following Executive Committee and Board of Directors meeting minutes
and Letters to the SEC describe action taken during the Fund's reporting
period with respect to defaulted securities held during the period covered
by this report.
MINUTES OF THE MEETING
HELD AUGUST 10, 1999
OF THE EXECUTIVE COMMITTEE OF:
Cash Trust Series, Inc. ("CTSI")
Federated Insurance Series ("FINS")
Money Market Management, Inc. ("MMM")
Money Market Obligations Trust ("MMOT")
Money Market Trust ("MMT")
(the "Funds")
________________________________________________________________________
Pursuant to call, a telephonic meeting (the "Meeting") of the
Funds convened at 4:30 P.M. on Tuesday, August 10, 1999 at the Federated
Investors, Inc. ("Federated") Tower, Pittsburgh, Pennsylvania.
The following members, constituting the Executive Committee (the
"Committee"), were present at the meeting:
John F. Donahue (by telephone)
John E. Murray, Jr., J.D. (by telephone)
The following persons were also present in person, unless noted
otherwise, at the Meeting:
G. Andrew Bonnewell, Senior Corporate Counsel, Federated
Jonathan Conley, Senior Vice President, Federated Global
Investment Management Company, Federated Investment Counseling,
Federated Investment Management Company, and Passport Research Limited
("Federated Advisory Companies")
William D. Dawson, III, Executive Vice President and Chief
Investment Officer, Federated Advisory Companies
J. Christopher Donahue (via telephone), President and Chief
Executive Officer, Federated; President, Federated Advisory
Companies; Officer of the Funds
Thomas R. Donahue, Vice President, Chief Financial Officer and
Treasurer, Federated
Emily H. Emigh, Senior Vice President, Federated Administrative
Services ("FAS"); Director of Internal Audit, Federated
Raymond Hanley, Senior Vice President, Federated Investors
Management Company ("FIMCo")
Stephen A. Keen, General Counsel, Federated
Suzanne W. Land, Paralegal Supervisor, Federated
Denis McAuley, III, Senior Vice President, FIMCo, Vice President,
FII Holdings, Inc., and Assistant Treasurer, Federated
John W. McGonigle, Chief Legal Officer and Executive Vice
President, Federated; Officer of the Funds
Leslie K. Ross, Associate Corporate Counsel, Federated
Richard J. Thomas, Vice President, FAS
Mr. Stephen A. Keen stated that the purpose of the meeting was to
discuss the likely default of funding agreements (the "Funding
Agreements") issued by General American Life Insurance Company
("General American") and held by Automated Cash Management Trust
("ACMT"), a portfolio of MMOT; Federated Master Trust ("FMT"), a
portfolio of MMOT; Federated Prime Money Fund II ("IFPMF"), a
portfolio of FINS; MMM; MMT; and Prime Cash Series ("PCS"), a
portfolio of CTSI (collectively, "the Money Market Funds"). Mr. Keen
described the structure of the Funding Agreements, indicating that they
were contracts between General American and the Money Market Funds. Mr.
Keen reported that each of the Funding Agreements included a demand
feature, exercisable on seven days' notice, which entitled the Money
Market Funds to receive their invested funds back from General American.
He noted that the Money Market Funds had exercised their demand features
on August 4, 1999, and were due payment from General American on August
11, 1999. He reported that earlier in the day, Federated Investment
Management Company (the "Adviser"), investment adviser to the Money
Market Funds, had received information that General American had
defaulted on similar funding agreements with other investors who had
exercised demand features. In addition, the Adviser had discovered
that General American had requested and received administrative
supervision from the Missouri insurance commissioner. Mr. Keen noted
such action could constitute an event of insolvency under Rule 2a-7 of
the Investment Company Act of 1940. He added that it was likely that
the Adviser would determine that the Funding Agreements no longer
presented minimal credit risks. Mr. Keen said that as a consequence,
the Money Market Funds were required to dispose of the Funding
Agreements unless the Board of Directors of the Money Market Funds found
that such disposal would not be in the best interests of the Money
Market Funds. Mr. Keen asked Mr. Dawson to provide background on the
General American situation.
Mr. William D. Dawson, III indicated that the General American
situation resulted from its issuance of a significant amount of short-
term funding agreements to large institutional investors, primarily
money market funds. He said that the funding agreements included a
demand feature exercisable on seven days' notice. He indicated that on
July 30, 1999, Moody's Investors Services, Inc. ("Moody's") downgraded
General American's long-term rating from A2 to A3 and a large number of
investors exercised their demand features. Mr. Dawson said that this
required General American to raise a significant amount of cash within a
short time frame, and that it had inadequate liquidity resources to do
so.
Mr. Dawson noted that in a press release earlier in the day,
General American had indicated that it was well capitalized and had
adequate assets to meet its obligations. He further noted that the
press release indicated that General American had requested
administrative supervision to allow it to respond to its institutional
investors, making certain that all its obligations were honored. Mr.
Dawson indicated that based on such information, he believed that the
General American situation was an issue of liquidity, not insolvency,
and that a loss under the Funding Agreements was unlikely.
Mr. Dawson then chronicled recent ratings of General American. He
reported that on March 5, 1999, Moody's downgraded General American's
long-term rating from A1 to A2. He said that shortly thereafter,
Federated downgraded its rating of General American from a 3 to a 4. Mr.
Dawson said that on July 30, 1999, Moody's downgraded General American's
long-term rating from A2 to A3. Mr. Dawson noted that on August 9,
1999, Moody's downgraded General American's long-term rating from A3 to
Ba1 and Standard & Poor's ("S&P") downgraded General American's short-
term rating from A-1+ to A-3. On August 10, 1999, S&P downgraded
General American's short-term ratings from A-3 to R and Duff & Phelps
Credit Rating Co. downgraded General American's short-term and long
term-ratings from D-1/AA to D-5/DD. Mr. Keen interjected that due to the
prior day's downgrades, the Funding Agreements were not eligible
securities for the Money Market Funds.
Mr. Keen then noted that the net asset value of the Money Market
Funds was protected by portfolio insurance issued by a subsidiary of
Zurich American Insurance Group. Mr. Keen explained that the insurance
policy provides that, in the event of a default in a portfolio of any of
the Money Market Funds, the insurance company will pay the fund the
amount, up to the policy limit, necessary for the Money Market Funds to
continue to price their shares at $1.00. Mr. Keen noted that the
insurance policy provides coverage for losses up to $150,000,000. Mr.
Dawson interjected that there was minimal risk that, if the Funding
Agreements were not paid in full, the loss would exceed the Money Market
Funds' default insurance coverage.
Mr. Keen then discussed options for resolving the issue and
pricing the Money Market Funds. He indicated that the Money Market
Funds could either liquidate or retain the Funding Agreements. However,
he noted that an immediate liquidation was not viable because the
Funding Agreements were actually contracts between General American and
the Money Market Funds, and were thus not readily transferable. Mr.
Dawson interjected that market conditions would likely affect the
orderly disposition of the Funding Agreements, even if they could be
transferred. Mr. Keen then discussed the means for valuing shares.
After full discussion, the Executive Committee of each of the Funds,
individually, and unanimously,
RESOLVED, that the Executive Committee of the Money
Market Funds hereby determines that each of
the Money Market Funds could continue to use
the amortized cost method of valuing its shares
and that it was not in the best interest of the
Money Market Funds to liquidate the funding
agreements.
The Committee then agreed to submit this determination to the
Board for ratification. It was also noted that the Committee would
reconvene, if necessary.
There being no further business to come before the Committee, the
meeting was thereupon duly adjourned.
Respectfully submitted,
/s/ John F. Donahue
John F. Donahue
/s/ John E. Murray, Jr. J.D.
John E. Murray, Jr., J.D.
MINUTES OF THE MEETING
HELD AUGUST 11, 1999
OF THE BOARDS OF:
Cash Trust Series, Inc. ("CTSI")
Federated Insurance Series ("FINS")
Money Market Management, Inc. ("MMM")
Money Market Obligations Trust ("MMOT")
Money Market Trust ("MMT")
("the Funds")
________________________________________________________________________
Pursuant to call, a Special Telephonic Meeting (the "Meeting")
of the Board of Directors (the "Board") of the Funds convened at
10:00 A.M. on Wednesday, August 11, 1999, at Federated Investors, Inc.
("Federated") Tower, Pittsburgh, Pennsylvania.
The following members, constituting the full Board, with the
exception of Peter E. Madden, were present at the Meeting via telephone
(unless noted otherwise):
John F. Donahue (in person) J. Christopher Donahue
Thomas G. Bigley Lawrence D. Ellis, M.D.
John T. Conroy, Jr. Edward L. Flaherty, Jr.
Nicholas P. Constantakis Charles F. Mansfield, Jr.
William J. Copeland John E. Murray, Jr., J.D.
John F. Cunningham Wesley W. Posvar
Marjorie P. Smuts
John S. Walsh
The following persons were also present in person (unless noted
otherwise) at the Meeting:
G. Andrew Bonnewell, Senior Corporate Counsel, Federated
Jonathan Conley, Senior Vice President, Federated Global
Investment Management Company, Federated Investment Counseling,
Federated Investment Management Company, and Passport Research Limited
("Federated Advisory Companies")
William D. Dawson, III, Executive Vice President and Chief
Investment Officer, Federated Advisory Companies
J. Christopher Donahue, President and Chief Executive Officer,
Federated; President, Federated Advisory Companies; Officer of the
Funds (via telephone)
Thomas R. Donahue, Vice President, Chief Financial Officer and
Treasurer, Federated
Emily H. Emigh, Senior Vice President and Director of Internal
Audit, Federated Administrative Services ("FAS")
Raymond Hanley, Senior Vice President, Federated Investors
Management Company ("FIMCo")
Stephen A. Keen, General Counsel, Federated
Suzanne W. Land, Paralegal Supervisor, Federated
Denis McAuley, III, Senior Vice President, FIMCo, Vice President,
FII Holdings, Inc., and Assistant Treasurer, Federated
John W. McGonigle, Chief Legal Officer and Executive Vice
President, Federated; Officer of the Funds
Matthew G. Maloney (via telephone), Partner, Dickstein Shapiro
Morin & Oshinsky LLP; Special Counsel to the Funds
Leslie K. Ross, Associate Corporate Counsel, Federated
Richard J. Thomas, Vice President, FAS
Mr. John F. Donahue served as Chairman and Mr. John W. McGonigle
recorded the proceedings as Secretary.
Mr. Stephen A. Keen stated that the purpose of the meeting was to
discuss funding agreements (the "Funding Agreements") issued by
General American Life Insurance Company ("General American") and held
by Automated Cash Management Trust ("ACMT"), a portfolio of MMOT;
Federated Master Trust ("FMT"), a portfolio of MMOT; Federated Prime
Money Fund II ("IFPMF"), a portfolio of FINS; MMM; MMT; and Prime Cash
Series ("PCS"), a portfolio of CTSI (collectively, "the Money Market
Funds"). Mr. Keen reported that the Funding Agreements were no longer
eligible securities under Rule 2a-7 of the Investment Company Act of
1940. He described the structure of the Funding Agreements, indicating
that they were contracts between General American and the Money Market
Funds. Mr. Keen reported that each of the Funding Agreements included a
demand feature, exerciseable on seven days' notice, which entitled the
Money Market Funds to receive their invested funds back from General
American. He noted that the Money Market Funds had exercised their
demand features on August 4, 1999, and were due payment from General
American on August 11, 1999. He reported that on August 10, 1999,
Federated Investment Management Company (the "Adviser"), investment
adviser to the Money Market Funds, had received information that General
American had defaulted on similar funding agreements with other
investors who had exercised demand features. In addition, the Adviser
had discovered that General American had requested and received
administrative supervision from the Missouri insurance commissioner.
Mr. Keen noted that such action could constitute an event of insolvency
under Rule 2a-7. He added that it was likely that the Adviser would
determine that the Funding Agreements no longer presented minimal credit
risks. Finally, he noted that as a result of ratings downgrades on
August 9, 1999, the Funding Agreements were no longer eligible
securities for the Money Market Funds. Mr. Keen said that as a
consequence, the Money Market Funds were required to dispose of the
Funding Agreements absent a finding by the Board of Directors of the
Money Market Funds that such disposal would not be in the best interests
of the Money Market Funds. Mr. Keen asked Mr. Dawson to provide
background on the General American situation.
Mr. William D. Dawson, III indicated that the General American
situation resulted from its issuance of a significant amount of short-
term funding agreements to large institutional investors, primarily
money market funds. He said that the funding agreements included a
demand feature exerciseable on seven days' notice. He indicated that on
July 30, 1999, Moody's Investors Service ("Moody's") downgraded
General American's long-term rating from A2 to A3 and a large number of
investors exercised their demand features. Mr. Dawson said that this
required General American to raise a significant amount of cash within a
short time frame, and that it had inadequate liquidity resources to do
so.
Mr. Dawson noted that in a press release issued on August 10,
1999, General American had indicated that it was well capitalized and
had adequate assets to meet its obligations. He further noted that the
press release indicated that General American had requested
administrative supervision to allow it to respond to its institutional
investors, making certain that all its obligations were honored. Mr.
Dawson indicated that based on such information, he believed that the
General American situation was an issue of liquidity, not insolvency,
and that a loss under the Funding Agreements was unlikely.
Mr. Dawson then chronicled recent ratings of General American. He
reported that on March 5, 1999, Moody's downgraded General American's
long-term rating from A1 to A2. He said that shortly thereafter,
Federated downgraded its rating of General American from a 3 to a 4.
Mr. Dawson said that on July 30, 1999, Moody's downgraded General
American's long-term rating from A2 to A3. Mr. Dawson noted that on
August 9, 1999, Moody's downgraded General American's long-term rating
from A3 to Ba1 and Standard & Poor's ("S&P") downgraded General
American's short-term rating from A-1+ to A-3. On August 10, 1999, S&P
downgraded General American's short-term ratings from A-3 to R and Duff
& Phelps Credit Rating Co. downgraded General American's short-term and
long-term ratings from D-1/AA to D-5/DD. Mr. Keen interjected that due
to the prior day's downgrades, the Funding Agreements were not eligible
securities for the Money Market Funds.
Mr. Keen then noted that the net asset value of the Money Market
Funds was protected by portfolio insurance issued by a subsidiary of
Zurich American Insurance Group. Mr. Keen explained that the insurance
policy provides that, in the event of a default in a portfolio of any of
the Money Market Funds, the insurance company will pay the fund the
amount, up to the policy limit, necessary for the Money Market Funds to
continue to price their shares at $1.00. Mr. Keen noted that the
insurance policy provides coverage for losses up to $150,000,000. Mr.
Dawson interjected that there was minimal risk that, if the Funding
Agreements were not paid in full, the loss would exceed the Money Market
Funds' default insurance coverage.
Mr. Dawson indicated that the Money Market Funds hold $320
million in Funding Agreements. He informed the Board that a
representative of J.P. Morgan & Co. had contacted the Adviser on August
10, 1999 and indicated that they would like to discuss the possibility
of engaging in credit swaps and that the Adviser was going to explore
such possibility.
Mr. Keen reviewed the discussions that had taken place at the
Executive Committee Meeting held on August 10, 1999. He indicated that
action alternatives had been debated, and that the Committee had
resolved that the Money Market Funds should not liquidate their
positions in General American, and that the Money Market Funds could
continue to use the amortized cost method of valuating their shares.
Mr. Keen explained to the Board that it was their responsibility
to determine whether the security should be liquidated or retained. He
noted that an immediate liquidation was not viable because the Funding
Agreements were actually contracts between General American and the
Money Market Funds, and were thus not readily transferable. Mr. Dawson
interjected that market conditions would likely affect the orderly
disposition of the Funding Agreements, even if they could be
transferred. Mr. Keen then discussed the means for valuing shares.
After full discussion, on motion duly made and seconded, the full Boards
present of each of the Funds, individually, unanimously
RESOLVED, that the Boards of Directors of the Money
Market Funds hereby determine that it is not in
the best interest of the Money Market Funds to
liquidate the securities, and further
determines that each of the Money Market Funds
will continue to use the amortized cost method
of valuation to value its shares.
There being no further business, on motion duly made and seconded,
the Meeting was thereupon duly adjourned.
Respectfully submitted,
/s/ John W. McGonigle
John W. McGonigle
Secretary
Federated Investors
Management Co.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
412-288-1900 Phone
www.federatedinvestors.com
August 11, 1999
By FAX and Overnight Mail
Mr. Paul Roye
Director of the Division of Investment Management
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
RE: Money Market Obligations Trust, on behalf of its Automated Cash
Management Trust ("ACMT")
Federated Master Trust ("FMT")
Federated Insurance Series, on behalf of its Federated Prime Money
Fund II ("IFPMF")
Money Market Management ("MMM")
Money Market Trust ("MMT")
Cash Trust Series, Inc., on behalf of its Prime Cash Series ("PCS")
Dear Mr. Roye:
This letter is to follow up the letter (the "Letter") that Federated
Investment Management Company (the "Adviser"), as investment adviser
to the above-referenced investment companies (collectively, the
"Funds"), provided earlier today pursuant to the Rule 2a-7(c)(6)(iii)
under the Investment Company Act of 1940.
On August 11, 1999, the Funds' Boards of Directors ("Boards") met with
regard to the issue described in the Letter and affirmed the
determinations made on August 10, 1999 by the Executive Committee of the
Funds' Boards. Specifically, the Boards determined that each Fund could
continue to use the Amortized Cost Method of valuing its shares in
accordance with Rule 2a-7. The Boards therefore determined that it
would be in the best interest of the Funds' shareholders to continue to
hold the funding agreements issued by General American Life Insurance
Company, St. Louis, Missouri.
Please contact me at (412) 288-1412 or Leslie K. Ross at (412) 288-7404
if you would like any further information on this matter.
Very truly yours,
Federated Investment Management Company
By: /s/G. Andrew Bonnewell
G. Andrew Bonnewell
Vice President and Secretary
Federated Investors
Management Co.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
412-288-1900 Phone
www.federatedinvestors.com
August 11, 1999
By FAX and Overnight Mail
Mr. Paul Roye
Director of the Division of Investment Management
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
RE: Money Market Obligations Trust, on behalf of its Automated Cash
Management Trust ("ACMT")
Federated Master Trust ("FMT")
Federated Insurance Series, on behalf of its Federated Prime Money
Fund II ("IFPMF")
Money Market Management ("MMM")
Money Market Trust ("MMT")
Cash Trust Series, Inc., on behalf of its Prime Cash Series ("PCS")
Dear Mr. Roye:
Pursuant to rule 2a-7(c)(6)(iii) of the Investment Company Act of 1940
(the "1940 Act"), Federated Investment Management Company (the
"Adviser"), as investment adviser to the above-referenced, registered,
open-end investment companies (collectively, the "Funds"), hereby
notifies the Commission of: (1) an imminent default with respect to
various funding agreements issued by General American Life Insurance
Company, St. Louis, Missouri ("General American") held by the Funds
(the "Funding Agreements"); and (2) a possible "Event of Insolvency"
of the Funding Agreement' issuer, General American.
At the time of its purchase, each Funding Agreement was a First Tier
Security, as defined by Rule 2a-7 of the 1940 Act (the "Rule"). The
Funds purchased the Funding Agreements in the following amounts:
Fund Principal Amount % of Total Fund Assets
ACMT $122,500,000 5.156%1
PCS $172,000,000 3.763%
FMT $10,000,000 2.538%
MMT $10,000,000 2.433%
MMM $3,500,000 4.311%
IFPMF $2,000,000 1.369%
______________________________
1 At the time of purchase, Funding Agreements comprised less than 5% of
ACMT's total assets. Net redemptions have resulted in ACMT's Funding
Agreements exceeding 5% of its total assets.
Each of the Funding Agreements included a Demand Feature (as defined in
the Rule) that the Funds may exercise upon seven days' notice. On
August 4, 1999, the Funds exercised their Demand Features. On August 9,
1999 the investment ratings of General American were downgraded so that
its Funding Agreements were no longer Eligible Securities. On August
10, 1999 the Adviser received information that General American failed
to timely repay similar funding agreements bought by other purchasers
who exercised their Demand Features. Finally, on August 10, 1999
General American requested and received administrative supervision from
the Missouri insurance commissioner, which may constitute an Event of
Insolvency, as defined by the Rule. However, General American has
publicly stated that it has sufficient assets to fulfill its obligations
(including accrued interest) and intends to do so.
As a result of these events, the Executive Committee of the Funds' Board
of Directors ("Executive Committee") convened on August 10, 1999 to
discuss the Adviser's assessment of General American's financial
condition. The Adviser indicated that a loss under the Funding
Agreements was unlikely. Moreover, the Adviser stated that there was
minimal risk that, if the funding Agreements were not paid in full, the
loss would exceed the Funds' default insurance coverage. After
consideration of the Adviser's assessment of General American's
financial condition and the amount of insurance coverage available to
the Funds (including the deductible to which the Funds would be
subject), the Executive Committee determined that each Fund could
continue to use the Amortized Cost Method of valuing its shares in
accordance with the Rule. The Executive Committee therefore determined
that it would be in the best interest of the Funds' shareholders to
continue to hold the Funding Agreements.
Please contact me at (412) 288-1412 or Leslie K. Ross at (412) 288-7404
if you would like any further information on this matter.
Very truly yours,
Federated Investment Management Company
By: /s/G. Andrew Bonnewell
G. Andrew Bonnewell
Vice President and Secretary
/jif
cc: Stephen A. Keen, Esq.
MONEY MARKET MANAGEMENT
ITEM 77M
MERGERS
Pursuant to the Securities Act of 1933, as amended, and the General
Rules and Regulations thereunder, a Registration Statement on Form N-14
(SEC File No. 2-49591) was filed on September 22, 1999, and amended on
October 12, 1999. This filing relates to an Agreement and Plan of
Reorganization between Money Market Obligations Trust (the "Trust"),
on behalf of its series, Money Market Management, Inc. (the "New
Fund") and Money Market Managment (the "Former Fund") whereby the New
Fund acquired all of the assets of the Former Fund 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 Former Fund.
As a result, effective February 1, 2000, each shareholder of the Trust
became the owner of New Fund shares having a total net asset value equal
to the total net asset value of his or her holdings in the Trust.
The Agreement and Plan of Reorganization providing for the transfer of
the assets of the Trust to the New Fund was approved by the Board of
Trustees at their Regular Meeting held on May 18, 1999, and was also
approved by shareholders at a Special Meeting of Shareholders of the New
Fund held on November 30, 1999.
The Agreement and Plan of Reorganization concerning this acquisition is
hereby incorporated by reference from the definitive Prospectus/Proxy
Statement filed on October 12, 1999.
MONEY MARKET TRUST
ITEM 77M
MERGERS
Pursuant to the Securities Act of 1933, as amended, and the General
Rules and Regulations thereunder, a Registration Statement on Form N-14
(SEC File No. 2-62285) was filed on September 22, 1999, and amended on
October 15, 1999. This filing relates to an Agreement and Plan of
Reorganization between Money Market Obligations Trust (the "Trust"),
on behalf of its series, Money Market Trust (the "New Fund") and Money
Market Trust (the "Former Fund") whereby the New Fund acquired all of
the assets of the Former Fund 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 Former Fund. As a result, effective
February 1, 2000, each shareholder of the Trust became the owner of New
Fund shares having a total net asset value equal to the total net asset
value of his or her holdings in the Trust.
The Agreement and Plan of Reorganization providing for the transfer of
the assets of the Trust to the New Fund was approved by the Board of
Trustees at their Regular Meeting held on May 18, 1999, and was also
approved by shareholders at a Special Meeting of Shareholders of the New
Fund held on November 30, 1999.
The Agreement and Plan of Reorganization concerning this acquisition is
hereby incorporated by reference from the definitive Prospectus/Proxy
Statement filed on October 15, 1999.
Exhibit 77Q1(a)
MONEY MARKET OBLIGATIONS TRUST
Amendment No. 13
DECLARATION OF TRUST
dated October 3, 1988
Effective September 1, 1999, this Declaration of Trust is amended as
follows:
Strike the first paragraph of Section 5 of Article III from the
Declaration of Trust and substitute in its place the following:
"Section 5. Establishment and Designation of Series or Class."
Without limiting the authority of the Trustees set forth herein,
to establish and designate any additional series or class or to modify
the rights or preferences of any existing series or class, the series
and classes have been established and designated as:
Alabama Municipal Cash Trust
Arizona Municipal Cash Trust
Automated Cash Management Trust
Cash II Shares
Institutional Service Shares
Automated Government Cash Reserves
Automated Government Money Trust
Automated Treasury Cash Reserves
California Municipal Cash Trust
Connecticut Municipal Cash Trust
Federated Master Trust
Federated Short-Term U.S. Government Trust
Federated Tax-Free Trust
Florida Municipal Cash Trust
Cash II Shares
Institutional Shares
Georgia Municipal Cash Trust
Government Obligations Fund
Institutional Shares
Institutional Service Shares
Government Obligations Tax Managed Fund
Institutional Shares
Institutional Service Shares
Liberty U.S. Government Money Market Trust
Class A Shares
Class B. Shares
Liquid Cash Trust
Maryland Municipal Cash Trust
Massachusetts Municipal Cash Trust
Michigan Municipal Cash Trust
Minnesota Municipal Cash Trust
Cash Series Shares
Money Market Management, Inc.
Money Market Trust
Municipal Obligations Fund
New Jersey Municipal Cash Trust
Institutional Shares
New York Municipal Cash Trust
Cash II Shares
Institutional Service Shares
North Carolina Municipal Cash Trust
Ohio Municipal Cash Trust
Cash II Shares
Pennsylvania Municipal Cash Trust
Cash Series Shares
Prime Cash Obligations Fund
Prime Obligations Fund
Institutional Shares
Institutional Service Shares
Prime Value Obligations Fund
Tax-Free Instruments Trust
Tax-Free Obligations Fund
Institutional Shares
Institutional Service Shares
Tennessee Municipal Cash Trust
Treasury Obligations Fund
Institutional Shares
Institutional Service Shares
Institutional Capital Shares
Trust for Government Cash Reserves
Trust for Short-Term U.S. Government Securities
Trust for U.S. Treasury Obligations
U.S. Treasury Cash Reserves
Institutional Service Shares
Institutional Shares
Virginia Municipal Cash Trust
The establishment and designation of any series or class of shares
in addition to those established and designated above shall be effective
upon the execution by a majority of the then Trustees, without the need
for Shareholder approval, of an amendment tot his Declaration of Trust,
taking the form of a complete restatement or otherwise, setting forth
such establishment and designation and the relative rights and
preferences of any such series or class, or as otherwise provided in
such instrument.
The undersigned hereby certify that the above-stated Amendment is
a true and correct Amendment to the Declaration of Trust, as adopted by
the Board of Trustees on the 19th day of May, 1999.
WITNESS the due execution hereof this 19th day of August, 1999.
/s/ John F. Donahue /s/ Peter E. Madden
John F. Donahue Peter E. Madden
/s/ Thomas G. Bigley /s/ Charles F. Mansfield, Jr.
Thomas G. Bigley Charles F. Mansfield, Jr.
/s/ John T. Conroy, Jr. /s/ John E. Murray, Jr.
John T. Conroy, Jr. John E. Murray, Jr.
/s/ John F. Cunningham /s/ Marjorie P. Smuts
John F. Cunningham Marjorie P. Smuts
/s/ Lawrence D. Ellis, M.D. /s/ John S. Walsh
Lawrence D. Ellis, M.D. John S. Walsh
INDEPENDENT AUDITORS' REPORT
TO THE BOARD OF TRUSTEES OF MONEY MARKET OBLIGATIONS TRUST AND
SHAREHOLDERS OF FEDERATED MASTER TRUST:
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of Federated Master Trust (the
"Fund") as of November 30, 1999, and the related statement of
operations for the year then ended, the statement of changes in net
assets for the years ended November 30, 1999 and 1998 and the financial
highlights for the periods presented. These financial statements and
financial highlights are the responsibility of the Fund's management.
Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits
to provide reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of the securities owned at November 30, 1999, by
correspondence with the custodian and brokers; where replies were not
received from brokers, we performed other auditing procedures. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe our audits
provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of
Fund as of November 30, 1999, the results of its operations, the
changes in its net assets and its financial highlights for the
respective stated periods in conformity with generally accepted
accounting principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
January 14, 2000
INDEPENDENT AUDITORS' REPORT
TO THE BOARD OF TRUSTEES OF MONEY MARKET OBLIGATIONS TRUST AND
SHAREHOLDERS OF TRUST FOR SHORT TERM U.S. GOVERNMENT SECURITIES:
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of Trust for Short Term U.S.
Government Securities (the "Fund") as of November 30, 1999, and the
related statement of operations for the year then ended, the statement
of changes in net assets for the years ended November 30, 1999 and 1998
and the financial highlights for the periods presented. These
financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits
to provide reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of the securities owned at November 30, 1999, by
correspondence with the custodian and brokers; where replies were not
received from brokers, we performed other auditing procedures. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe our audit
provides a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of
the Fund as of November 30, 1999, the results of its operations, the
changes in its net assets and its financial highlights for the
respective stated periods in conformity with generally accepted
accounting principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
January 14, 2000
INDEPENDENT AUDITORS' REPORT
TO THE BOARD OF TRUSTEES OF MONEY MARKET OBLIGATIONS TRUST AND
SHAREHOLDERS OF FEDERATED TAX-FREE TRUST:
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of Federated Tax-Free Trust
(the "Fund") as of November 30, 1999, and the related statement of
operations for the year then ended, the statement of changes in net
assets for the years ended November 30, 1999 and 1998 and the financial
highlights for the periods presented. These financial statements and
financial highlights are the responsibility of the Fund's management.
Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits
to provide reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of the securities owned at November 30, 1999, by
correspondence with the custodian and brokers; where replies were not
received from brokers, we performed other auditing procedures. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe our audit
provides a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of
Fund as of November 30, 1999, the results of its operations, the
changes in its net assets and its financial highlights for the
respective stated periods in conformity with generally accepted
accounting principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
January 14, 2000
INDEPENDENT AUDITORS' REPORT
TO THE BOARD OF TRUSTEES OF MONEY MARKET OBLIGATIONS TRUST AND
SHAREHOLDERS OF TRUST FOR GOVERNMENT CASH RESERVES:
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of Trust for Government Cash
Reserves (the "Fund") as of November 30, 1999, and the related
statement of operations, statement of changes in net assets and the
financial highlights for the year then ended. These financial
statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our
audits. The statement of changes in net assets for the year ended
November 30, 1998, and the financial highlights for each of the periods
in the four years ended November 30, 1998 were audited by other
auditors whose report dated January 15, 1999, expressed an unqualified
opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to provide reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of the securities owned at November 30, 1999, by
correspondence with the custodian and brokers; where replies were not
received from brokers, we performed other auditing procedures. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe our audit
provides a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of
Fund as of November 30, 1999, the results of its operations, the
changes in its net assets and its financial highlights for the
respective stated periods in conformity with generally accepted
accounting principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
January 14, 2000
