MONEY MARKET OBLIGATIONS TRUST /NEW/, N-30D, 2000-02-02

MONEY MARKET OBLIGATIONS TRUST /NEW/
N-30D, 2000-02-02

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PROSPECTUS

FEDERATED MASTER TRUST

A Portfolio of Money Market Obligations Trust

A money market mutual fund seeking current income consistent with stability of
principal by investing primarily in a portfolio of short-term, high-quality
fixed income securities issued by banks, corporations and the U.S. government.

As with all mutual funds, the Securities and Exchange Commission (SEC) has not
approved or disapproved these securities or passed upon the adequacy of this
prospectus. Any representation to the contrary is a criminal offense.

<TABLE>
<CAPTION>
Contents
<S> <C>
Risk/Return Summary 1
What are the Fund's Fees and Expenses? 3
What are the Fund's Investment Strategies? 4
What are the Principal Securities in Which
the Fund Invests? 4
What are the Specific Risks of Investing in the Fund? 6
What do Shares Cost? 6
How is the Fund Sold? 7
How to Purchase Shares 7
How to Redeem Shares 8
Account and Share Information 9
Who Manages the Fund? 10
Financial Information 10
Independent Auditors' Report 22
</TABLE>

NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE

JANUARY 31, 2000

Risk/Return Summary

WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

The Fund is a money market fund that seeks to maintain a stable net asset value
of $1.00 per share. The Fund's investment objective is to provide current income
consistent with stability of principal. While there is no assurance that the
Fund will achieve its investment objective, it endeavors to do so by following
the strategies and policies described in this prospectus.

WHAT ARE THE FUND'S MAIN INVESTMENT STRATEGIES?

The Fund invests primarily in a portfolio of short-term, high-quality fixed
income securities issued by banks, corporations and the U.S. government. The
Fund will have a dollar-weighted average portfolio maturity of 90 days or less.

WHAT ARE THE MAIN RISKS OF INVESTING IN THE FUND?

All mutual funds take investment risks. Therefore, even though the Fund is a
money market fund that seeks to maintain a stable net asset value, it is
possible to lose money by investing in the Fund.

The Shares offered by this prospectus are not deposits or obligations of any
bank, are not endorsed or 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.

RISK/RETURN BAR CHART AND TABLE

The graphic presentation displayed here consists of a bar chart representing the
annual total returns of Federated Master Trust as of the calendar year-end for
each of ten years. The `y' axis reflects the "% Total Return" beginning with
"0%" and increasing in increments of 2% up to 10%. The `x' axis represents
calculation periods (for the last ten calendar years of the Fund beginning with
the earliest year) through the calendar year ended 1999. The light gray shaded
chart features ten distinct vertical bars, each shaded in charcoal, and each
visually representing by height the total return percentages for the calendar
year stated directly at its base. The calculated total return percentage for the
Fund for each calendar year is stated directly at the top of each respective
bar, for the calendar years 1990 through 1999. The percentages noted are: 8.11%,
5.98%, 3.61%, 2.90%, 3.99%, 5.73%, 5.15%, 5.20%, 5.28% and 4.90% respectively.

Historically, the Fund has maintained a constant $1.00 net asset value per
share. The bar chart shows the variability of the Fund's total returns on a
calendar year-end basis.

The Fund's shares are sold without a sales charge (load). The total returns
displayed above are based upon net asset value. Within the period shown in the
Chart, the Fund's highest quarterly return was 1.99% (quarter ended June 30,
1990). Its lowest quarterly return was 0.70% (quarters ended June 30 and
September 30, 1993).

Average Annual Total Return Table

The following table represents the Fund's Average Annual Total Returns for the
calendar periods ended December 31, 1999.

<TABLE>
<CAPTION>
Calendar Period Fund
<S> <C>
1 Year 4.90%
5 Years 5.27%
10 Years 5.09%
</TABLE>

The Fund's 7-Day Net Yield as of December 31, 1999 was 5.26%. You may call the
Fund at 1-800-341-7400 for the current 7-Day Net Yield.

Past performance does not necessarily predict future performance. This
information provides you with historical performance information so that you can
analyze whether the Fund's investment risks are balanced by its potential
returns.

The Bar Chart and Performance Table reflect historical performance data for
Federated Master Trust before its reorganization as a portfolio of Money Market
Obligations Trust on April 26, 1999.

What are the Fund's Fees and Expenses?

FEDERATED MASTER TRUST

FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy and hold
Shares of the Fund.

<TABLE>
<CAPTION>
Shareholder Fees
Fees Paid Directly From Your Investment
<S>
<C>
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering
price) None
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as
applicable) None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of
offering price). None
Redemption Fee (as a percentage of amount redeemed, if
applicable) None
Exchange
Fee
None

</TABLE>

/1/ Pursuant to the investment advisory contract, the adviser waived a portion
of the management fee. The management fee paid by the Fund (after the
contractual waiver) was 0.27% for the fiscal year ended November 30, 1999.
Shareholders must approve any change to the contractual waiver.
/2/ The shareholder services fee has been reduced. The shareholder services fee
paid by the Fund (after the reduction) was 0.05% for the fiscal year ended
November 30, 1999.

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund's
Shares with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund's Shares for the time
periods indicated and then redeem all of your Shares at the end of those
periods. The Example also assumes that your investment has a 5% return each year
and that the Fund's Shares operating expenses as shown in the table remain the
same. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:

<TABLE>
<S> <C>
1 Year $ 46
3 Years $ 144
5 Years $ 252
10 Years $ 567
</TABLE>

What are the Fund's Investment Strategies?

The Fund invests primarily in a portfolio of short- term, high-quality fixed
income securities, issued by banks, corporations and the U.S. government,
maturing in 397 days or less. The Fund will have a dollar- weighted average
portfolio maturity of 90 days or less.

The Fund's investment adviser (Adviser) actively manages the Fund's portfolio,
seeking to limit the credit risk taken by the Fund and to select investments
with enhanced yields.

The Adviser performs a fundamental credit analysis to develop an approved list
of issuers and securities that meet the Adviser's standard for minimal credit
risk. The Adviser monitors the credit risks of all portfolio securities on an
ongoing basis by reviewing periodic financial data and ratings of nationally
recognized statistical rating organizations (NRSROs).

The Adviser targets an average portfolio maturity based upon its interest rate
outlook. The Adviser formulates its interest rate outlook by analyzing a variety
of factors such as current and expected U.S. economic growth; current and
expected interest rates and inflation; and the Federal Reserve's monetary
policy. The Adviser structures the portfolio by investing primarily in variable
rate demand instruments and commercial paper. The Adviser generally shortens the
portfolio's maturity when it expects interest rates to rise and extends the
maturity when it expects interest rates to fall. This strategy seeks to enhance
the returns from favorable interest rate changes and reduce the effect of
unfavorable changes.

Industry Concentration
The Fund may invest 25% or more of its assets in domestic bank instruments.

What are the Principal Securities in Which the Fund Invests?

FIXED INCOME SECURITIES

Fixed income securities pay interest, dividends or distributions at a specified
rate. The rate may be a fixed percentage of the principal or adjusted
periodically. In addition, the issuer of a fixed income security must repay the
principal amount of the security, normally within a specified time.

The following describes the types of fixed income securities in which the Fund
may invest.

Corporate Debt Securities

Corporate debt securities are fixed income securities issued by businesses.
Notes, bonds, debentures and commercial paper are the most prevalent types of
corporate debt securities. The Fund may also purchase interests in bank loans to
companies.

COMMERCIAL PAPER

Commercial paper is an issuer's obligation with a maturity of less than nine
months. Companies typically issue commercial paper to pay for current
expenditures. Most issuers constantly reissue their commercial paper and use the
proceeds (or bank loans) to repay maturing paper. If the issuer cannot continue
to obtain liquidity in this fashion, its commercial paper may default.

DEMAND INSTRUMENTS

Demand instruments are corporate debt securities that the issuer must repay upon
demand. Other demand instruments require a third party, such as a dealer or
bank, to repurchase the security for its face value upon demand. The Fund treats
demand instruments as short-term securities, even though their stated maturity
may extend beyond one year.

Asset Backed Securities

Asset backed securities are payable from pools of obligations other than
mortgages. Most asset backed securities involve consumer or commercial debts
with maturities of less than ten years. However, almost any type of fixed income
assets (including other fixed income securities) may be used to create an asset
backed security. Asset backed securities may also take the form of commercial
paper, notes or pass through certificates.

Bank Instruments

Bank instruments are unsecured interest bearing deposits with banks. Bank
instruments include bank accounts, time deposits, certificates of deposit and
banker's acceptances. Yankee instruments are denominated in U.S. dollars and
issued by U.S. branches of foreign banks. Eurodollar instruments are denominated
in U.S. dollars and issued by non- U.S. branches of U.S. or foreign banks.

Credit Enhancement

Credit enhancement consists of an arrangement in which a company agrees to pay
amounts due on a fixed income security if the issuer defaults. In some cases the
company providing credit enhancement makes all payments directly to the security
holders and receives reimbursement from the issuer. Normally, the credit
enhancer has greater financial resources and liquidity than the issuer. For this
reason, the Adviser usually evaluates the credit risk of a fixed income security
based solely upon its credit enhancement.

Repurchase Agreements

Repurchase agreements are transactions in which the Fund buys a security from a
dealer or bank and agrees to sell the security back at a mutually agreed upon
time and price. The repurchase price exceeds the sale price, reflecting the
Fund's return for the transaction. This return is unrelated to the interest rate
on the underlying security. The Fund will enter into repurchase agreements only
with banks and other recognized financial institutions, such as securities
dealers, deemed creditworthy by the Adviser.

Repurchase agreements are subject to credit risks.

INVESTMENT RATINGS

The securities in which the Fund invests must be rated in one of the two highest
short-term rating categories by one or more NRSROs or be of comparable quality
to securities having such ratings.

What are the Specific Risks of Investing in the Fund?

Although there are many factors which may effect an investment in the Fund, the
principal risks of investing in a corporate money market fund are described
below.

CREDIT RISK

Credit risk is the possibility that an issuer will default on a security by
failing to pay interest or principal when due. If an issuer defaults, the Fund
will lose money. Money market funds try to minimize this risk by purchasing
higher quality securities.

Many fixed income securities receive credit ratings from NRSROs such as
Standard & Poor's and Moody's Investors Services. These NRSROs assign ratings to
securities by assessing the likelihood of issuer default. Lower credit ratings
correspond to higher credit risk. If a security has not received a rating, the
Fund must rely entirely upon the Adviser's credit assessment.

Credit risk includes the possibility that a party to a transaction involving
the Fund will fail to meet is obligations. This could cause the Fund to lose the
benefit of the transaction or prevent the Fund from selling or buying other
securities to implement its investment strategy.

INTEREST RATE RISKS

Prices of fixed income securities rise and fall in response to changes in the
interest rate paid by similar securities. Generally, when interest rates rise,
prices of fixed income securities fall. However, market factors, such as the
demand for particular fixed income securities, may cause the price of certain
fixed income securities to fall while the prices of other securities rise or
remain unchanged.

Interest rate changes have a greater effect on the price of fixed income
securities with longer maturities. Money market funds try to minimize this risk
by purchasing short-term securities.

SECTOR RISKS

A substantial part of the Fund's portfolio may be comprised of securities credit
enhanced by banks or companies with similar characteristics. As a result, the
Fund will be more susceptible to any economic, business, political or other
developments which generally affect these entities.

What do Shares Cost?

You can purchase or redeem Shares any day the New York Stock Exchange (NYSE) is
open. The Fund attempts to stabilize the net asset value (NAV) of its Shares at
$1.00 by valuing the portfolio securities using the amortized cost method. The
Fund cannot guarantee that its NAV will always remain at $1.00 per Share. The
Fund does not charge a front- end sales charge. NAV is determined at 12:00 noon
and 3:00 p.m. (Eastern time) and as of the end of regular trading (normally 4:00
p.m. Eastern time) each day the NYSE is open.

The required minimum initial investment for Fund Shares is $25,000. There is
no required minimum subsequent investment amount.

An account may be opened with a smaller minimum amount as long as the $25,000
minimum is reached within 90 days. An institutional investor's minimum
investment is calculated by combining all accounts it maintains with the Fund.
Accounts established through investment professionals may be subject to a
smaller minimum investment amount. Keep in mind that investment professionals
may charge you fees for their services in connection with your Share
transactions.

How is the Fund Sold?

The Distributor and its affiliates may pay out of their assets other amounts
(including items of material value) to investment professionals for marketing
and servicing Shares. The Distributor is a subsidiary of Federated Investors,
Inc. (Federated).

How to Purchase Shares

You may purchase Shares through an investment professional or directly from the
Fund. The Fund reserves the right to reject any request to purchase Shares.

THROUGH AN INVESTMENT PROFESSIONAL

. Establish an account with the investment professional; and

. Submit your purchase order to the investment professional before 3:00 p.m.
(Eastern time). You will receive that day's dividend if the investment
professional forwards the order to the Fund and the Fund receives payment by
3:00 p.m. (Eastern time). You will become the owner of Shares and receive
dividends when the Fund receives your payment.

Investment professionals should send payments according to the instructions in
the sections "By Wire" or "By Check."

DIRECTLY FROM THE FUND

. Establish your account with the Fund by submitting a completed New Account
Form; and
. Send your payment to the Fund by Federal Reserve wire or check.

You will become the owner of Shares after the Fund receives your wire or your
check. If your check does not clear, your purchase will be canceled and you
could be liable for any losses or fees incurred by the Fund or Federated
Shareholder Services Company, the Fund's transfer agent.

An institution may establish an account and place an order by calling the Fund
and will become a shareholder after the Fund receives the order.

By Wire Send your wire to:
State Street Bank and Trust Company
Boston, MA
Dollar Amount of Wire
ABA Number 011000028
Attention: EDGEWIRE

Wire Order Number, Dealer Number or Group Number

Nominee/Institution Name
Fund Name and Number and Account Number
You cannot purchase Shares by wire on holidays when wire transfers are
restricted.

By Check
Make your check payable to The Federated Funds, note your account number on the
check, and mail it to:
Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600
If you send your check by a private courier or overnight delivery service that
requires a street address, mail it to:
Federated Shareholder Services Company
1099 Hingham Street Rockland, MA 02370-3317

Payment should be made in U.S. dollars and drawn on a U.S. bank. The Fund will
not accept third- party checks (checks originally payable to someone other than
you or The Federated Funds). Orders by mail are considered received when payment
by check is converted into federal funds (normally the business day after the
check is received) and Shares begin earning dividends the next day.

BY AUTOMATIC INVESTMENTS

You may establish an account with your financial institution to automatically
purchase Shares on pre- determined dates or when your bank account reaches a
certain level. Under this program, participating financial institutions are
responsible for prompt transmission of orders and may charge you for this
service. You should read this prospectus along with your financial institution's
agreement or materials describing this service.

BY AUTOMATED CLEARINGHOUSE (ACH)

Once you have opened an account, you may purchase additional Shares through a
depository institution that is an ACH member. This purchase option can be
established by completing the appropriate sections of the New Account Form.

How to Redeem Shares

You should redeem Shares:
. through an investment professional if you purchased Shares through an
investment professional; or
. directly from the Fund if you purchased Shares directly from the Fund.

THROUGH AN INVESTMENT PROFESSIONAL

Submit your redemption request to your investment professional by the end of
regular trading on the NYSE (normally 4:00 p.m. Eastern time). The redemption
amount you will receive is based upon the next calculated NAV after the Fund
receives the order from your investment professional. Investment professionals
are responsible for promptly submitting redemption requests and providing proper
written redemption instructions as outlined below.

DIRECTLY FROM THE FUND

By Telephone

You may redeem Shares by calling the Fund
at 1-800-341-7400 once you have completed the appropriate authorization form for
telephone transactions.

If you call before 3:00 p.m. (Eastern time) your redemption will be wired to
you the same day. You will not receive that day's dividend.
If you call after 3:00 p.m. (Eastern time) your redemption will be wired to
you the following business day. You will receive that day's dividend.

By Mail
You may redeem Shares by mailing a written request to the Fund.

Your redemption request will be processed on the day the Fund receives your
written request in proper form. Dividends are paid up to and including the day
that a redemption request is processed.

Send requests by mail to:
Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600
Send requests by private courier or overnight delivery service to:
Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA 02370-3317 All requests must include:
. Fund Name and Share Class, account number and account registration;
. amount to be redeemed; and
. signatures of all Shareholders exactly as registered.
Call your investment professional or the Fund if you need special instructions.

Signature Guarantees Signatures must be guaranteed if:
. your redemption will be sent to an address other than the address of
record;

. your redemption will be sent to an address of record that was changed
within the last 30 days; or

. a redemption is payable to someone other than the shareholder(s) of
record.

A signature guarantee is designed to protect your account from fraud. Obtain a
signature guarantee from a bank or trust company, savings association, credit
union or broker, dealer, or securities exchange member. A notary public cannot
provide a signature guarantee.

PAYMENT METHODS FOR REDEMPTIONS

Your redemption proceeds will be mailed by check to your address of record. The
following payment options are available if you complete the appropriate section
of the New Account Form or an Account Service Options Form. These payment
options require a signature guarantee if they were not established when the
account was opened:

. an electronic transfer to your account at a financial institution that is
an ACH member; or
. wire payment to your account at a domestic commercial bank that is a
Federal Reserve System member.

Redemption in Kind

Although the Fund intends to pay Share redemptions in cash, it reserves the
right to pay the redemption price in whole or in part by a distribution of the
Fund's portfolio securities.

LIMITATIONS ON REDEMPTION PROCEEDS
Redemption proceeds normally are wired or mailed within one business day after
receiving a request in proper form. Payment may be delayed up to seven days:
. to allow your purchase to clear;
. during periods of market volatility; or
. when a shareholder's trade activity or amount adversely impacts the Fund's
ability to manage its assets.

You will not accrue interest or dividends on uncashed checks from the Fund if
those checks are undeliverable and returned to the Fund.

ADDITIONAL CONDITIONS

Telephone Transactions

The Fund will record your telephone instructions. If the Fund does not follow
reasonable procedures, it may be liable for losses due to unauthorized or
fraudulent telephone instructions.

Share Certificates

The Fund no longer issues share certificates. If you are redeeming Shares
represented by certificates previously issued by the Fund, you must return the
certificates with your written redemption request. For your protection, send
your certificates by registered or certified mail, but do not endorse them.

Account and Share Information

ACCOUNT ACTIVITY
You will receive periodic statements reporting all account activity, including
dividends and capital gains paid.

DIVIDENDS AND CAPITAL GAINS

The Fund declares any dividends daily and pays them monthly to shareholders. If
you purchase Shares by wire, you begin earning dividends on the day your wire is
received. If you purchase Shares by check, you begin earning dividends on the
business day after the Fund receives your check. In either case, you earn
dividends through the day your redemption request is received.

The Fund does not expect to realize any capital gains or losses. If capital
gains or losses were to occur, they could result in an increase or decrease in
dividends. The Fund pays any capital gains at least annually. Your dividends and
capital gains distributions will be automatically reinvested in additional
Shares without a sales charge, unless you elect cash payments.

ACCOUNTS WITH LOW BALANCES

Due to the high cost of maintaining accounts with low balances, non-retirement
accounts may be closed if redemptions cause the account balance to fall below
the minimum initial investment amount. Before an account is closed, you will be
notified and allowed 30 days to purchase additional Shares to meet the minimum.

TAX INFORMATION

The Fund sends an annual statement of your account activity to assist you in
completing your federal, state and local tax returns. Fund distributions of
dividends and capital gains are taxable to you whether paid in cash or
reinvested in the Fund. Dividends are taxable as ordinary income; capital gains
are taxable at different rates depending upon the length of time the Fund holds
its assets.

Fund distributions are expected to be primarily dividends. Redemptions are
taxable sales. Please consult your tax adviser regarding your federal, state and
local tax liability.

Who Manages the Fund?

The Board of Trustees governs the Fund. The Board selects and oversees the
Adviser, Federated Investment Management Company. The Adviser manages the Fund's
assets, including buying and selling portfolio securities. The Adviser's address
is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222-3779.

The Adviser and other subsidiaries of Federated advise approximately 176
mutual funds and separate accounts, which totaled approximately $125 billion in
assets as of December 31, 1999. Federated was established in 1955 and is one of
the largest mutual fund investment managers in the United States with
approximately 1,900 employees. More than 4,000 investment professionals make
Federated Funds available to their customers.

ADVISER FEES

The Adviser receives an annual investment advisory fee of 0.40% of the Fund's
average daily net assets. Under the investment advisory contract, which is
subject to annual renewal by the Fund's Board of Trustees, the Adviser will
waive the amount, limited to the amount of the advisory fee, by which the Fund's
aggregate annual operating expenses, including the investment advisory fee but
excluding interest, taxes, brokerage commissions, expenses of registering or
qualifying the Fund and its shares under federal and state laws and regulations,
expenses of withholding taxes, and extraordinary expenses exceed 0.45% of its
average daily net assets.

Financial Information

FINANCIAL HIGHLIGHTS

The following Financial Highlights will help you understand the Fund's financial
performance for its past five fiscal years. Some of the information is presented
on a per share basis. Total returns represent the rate an investor would have
earned (or lost) on an investment in the Fund, assuming reinvestment of all
dividends and capital gains.

This information has been audited by Deloitte & Touche LLP, whose report,
along with the Fund's audited financial statements, is included in this
prospectus.

Financial Highlights

(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

<TABLE>
<CAPTION>
Year Ended November 30 1999 1998 1997
1996 1995
<S> <C> <C> <C>
<C> <C>
Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $
1.00 $ 1.00
Income from Investment
Operations:
Net investment income 0.05 0.05 0.05
0.05 0.06
Less
Distributions:
Distributions from net investment income (0.05) (0.05) (0.05)
(0.05) (0.06)
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $
1.00 $ 1.00
Total Return/1/ 4.86% 5.33% 5.27%
5.18% 5.73%

Ratios to Average Net
Assets:
Expenses 0.45% 0.45% 0.45%
0.45% 0.46%
Net investment income 4.73% 5.22% 5.16%
5.04% 5.59%
Supplemental
Data:
Net assets, end of period (000 omitted) $358,670 $465,134 $494,399
$626,764 $729,144
</TABLE>

1 Based on net asset value, which does not reflect the sales charge or
contingent deferred sales charge, if applicable. See Notes which are an
integral part of the Financial Statements

Portfolio of Investments

NOVEMBER 30, 1999

<TABLE>
<CAPTION>
Principal
Value
Amount
<C>
<S> <C>
ASSET-BACKED SECURITIES-1.4%
Finance - Automotive-0.7%
$ 1,171,563 Honda Auto Lease Trust 1999-A, Class A1, 5.445%,
8/15/2000 $ 1,171,563
1,481,225 Toyota Auto Receivables 1999-A Owner Trust, Class 1, 5.365%,
8/11/2000 1,481,225

TOTAL 2,652,788
Finance -
Equipment-0.7%
522,508 Caterpillar Financial Asset Trust 1999-A, Class 1, 5.365%,
7/25/2000 522,508
1,686,699 Copelco Capital Funding LLC 1999-B, Class A-1, 5.937%,
10/18/2000 1,686,699
313,410 Heller Equipment Asset Receivables Trust 1999-1, Class A1, 4.948%,
5/13/2000 313,410

TOTAL 2,522,617
TOTAL ASSET-BACKED
SECURITIES 5,175,405
CERTIFICATES OF
DEPOSIT-6.1%

Banking-6.1%
5,000,000 Bank of Montreal, 5.200%,
5/12/2000 4,998,925
10,000,000 Canadian Imperial Bank of Commerce, 5.000% - 5.270%, 1/27/2000 -
3/3/2000 9,998,916
2,000,000 Svenska Handelsbanken, Stockholm, 5.150%,
3/20/2000 1,999,826
5,000,000 UBS AG, 5.080% - 5.250%, 1/13/2000 -
3/10/2000 5,000,226
TOTAL CERTIFICATES OF
DEPOSIT 21,997,893
COMMERCIAL
PAPER-39.0%1

Banking-23.2%
3,000,000 Aspen Funding Corp., (Insured by MBIA Insurance Corp.), 6.030%,
2/2/2000 2,968,343
10,000,000 Barclays US Funding Corp., (Guaranteed by Barclays Bank PLC, London), 10.000%,
1/3/2000 9,991,667
18,000,000 Cregem North America, Inc., (Guaranteed by Credit Communal de Belgique,
Brussles), 17,960,771
5.350% - 5.920%, 12/2/1999 -
2/14/2000
18,000,000 Den Danske Corp., Inc., (Guaranteed by Den Danske Bank A/S), 5.890%,
3/1/2000 17,732,005
5,000,000 Greenwich Funding Corp., 4.930% - 5.930%, 1/18/2000 -
2/1/2000 4,959,299
10,000,000 Park Avenue Receivables Corp., 5.900%,
2/10/2000 9,883,639
13,000,000 UBS Finance (Delaware), Inc., (UBS AG LOC), 4.860% - 5.360%, 12/6/1999 -
12/23/1999 12,979,194
2,000,000 Westpac Capital Corp., (Guaranteed by Westpac Banking Corp. Ltd.,
Sydney), 1,950,700

5.800%,5/2/2000
5,000,000 Wood Street Funding Corp., 6.000%,
1/28/2000 4,951,667

TOTAL 83,377,285
COMMERCIAL PAPER-continued/1/
Consumer
Products-1.1%
$ 4,000,000 Diageo Capital PLC, (Guaranteed by Diageo PLC), 5.700%,
1/31/2000 $ 3,961,367
Finance -
Commercial-10.8%
13,000,000 Asset Securitization Cooperative Corp., 5.750% - 5.900%, 1/31/2000 -
2/24/2000 12,859,299
4,000,000 General Electric Capital Corp., 5.920%,
2/25/2000 3,943,431
10,067,000 Receivables Capital Corp., 5.940%,
1/28/2000 9,970,659
10,000,000 Sheffield Receivables Corp., 5.950%,
2/11/2000 9,881,000
2,000,000 Sigma Finance, Inc., 6.030%,
2/4/2000 1,979,958

TOTAL 38,634,347
Finance -
Retail-0.8%
3,000,000 CommoLoCo, (Guaranteed by American General Finance Corp.), 5.940%,
1/26/2000 2,974,613

Insurance-1.7%
1,000,000 CXC, Inc., 5.940%,
1/27/2000 990,595
5,000,000 Marsh USA Inc., 5.980%,
2/16/2000 4,940,325

TOTAL 5,930,920
Pharmaceuticals and Health
Care-1.4%
5,000,000 American Home Products Corp., 5.700%,
2/9/2000 4,944,583
TOTAL COMMERCIAL
PAPER 139,823,115
CORPORATE
NOTES-11.5%

Banking-2.3%
3,000,000 First National Bank of Chicago, 6.025%,
11/13/2000 2,998,151
2,000,000 First National Bank of Chicago, 6.070%,
10/10/2000 1,999,179
3,000,000 First National Bank of Chicago, 6.163%,
10/16/2000 2,998,809

TOTAL 7,996,139

Brokerage-2.8%
10,000,000 Goldman Sachs Group, LP, 6.000%,
3/14/2000 10,000,000
Finance -
Commercial-6.4%
21,000,000 Beta Finance, Inc., 5.000%, - 5.200% 1/20/2000
5/10/2000 21,000,000
2,000,000 Sigma Finance, Inc., 6.000%,
8/11/2000 2,000,000

TOTAL 23,000,000
TOTAL CORPORATE
NOTES 40,996,139
LOAN
PARTICIPATION-9.0%
Electrical
Equipment-0.9%
3,100,000 Mt. Vernon Phenol Plant Partnership, (Guaranteed by General Electric Co.),
6.120%, 3,100,000

5/17/2000
LOAN
PARTICIPATION-continued

Electronics-5.3%
$ 19,000,000 Hewlett-Packard Co., 5.460%, 12/8/1999 -
12/10/1999 $ 19,000,000
Finance -
Automotive-2.8%
10,000,000 General Motors Acceptance Corp., Mortgage of PA, (Guaranteed by General
Motors 10,000,000
Acceptance Corp.), 5.448%,
12/1/1999
TOTAL LOAN
PARTICIPATION 32,100,000
NOTES - VARIABLE-28.3%/3/

Banking-10.6%
645,000 Dave White Chevrolet, Inc., Series 1996, (Huntington National Bank, Columbus, OH
LOC), 645,000
5.960%,
12/2/1999
25,000,000 /2/Liquid Asset Backed Securities Trust, Series 1996-3, (Westdeutsche
Landesbank 25,000,000
Girozentrale Swap Agreement), 5.448%,
12/15/1999
4,807,887 /2/Rabobank Optional Redemption Trust, Series 1997-101, 6.186%,
2/15/99 4,807,887
5,000,000 Three Rivers Funding Corp., 5.910%,
2/17/2000 5,000,000
1,485,000 White Brothers Properties, Series 1996, (Huntington National Bank, Columbus, OH
LOC), 1,485,000
5.960%,
12/2/1999
1,135,000 Winona Lake, IN, Series 1999 B, Grace Villiage, (Firstar Bank, Milwaukee LOC),
4.000%, 1,135,000

12/2/1999

TOTAL 38,072,887

Brokerage-2.6%
4,700,000 Morgan Stanley, Dean Witter & Co., 5.860%,
2/4/2000 4,700,000
4,700,000 Morgan Stanley, Dean Witter & Co., 5.910%,
2/4/2000 4,700,000

TOTAL 9,400,000
Finance -
Automotive-1.3%
4,700,000 General Motors Acceptance Corp., 5.860%,
3/7/2000 4,700,000
Finance -
Commercial-4.5%
11,000,000 Sigma Finance, Inc., 5.625%,
12/27/1999 11,000,000
3,000,000 Sigma Finance, Inc., 5.860%,
11/30/1999 3,000,000
2,000,000 Sigma Finance, Inc., 6.030%,
3/22/2000 2,000,000

TOTAL 16,000,000

Insurance-9.3%
2,000,000 Aspen Funding Corp., (Insured by MBIA Insurance Corp.), 5.456%,
1/18/2000 2,000,000
2,000,000 GE Life and Annuity Assurance Co., 5.593%,
11/30/1999 2,000,000
6,283,194 /2/Liquid Asset Backed Securities Trust, Series 1997-3 Senior Notes, (Guaranteed by
AMBAC 6,283,194
Financial Group, Inc.), 5.486%,
12/28/1999
20,000,000 Monumental Life Insurance Co., 5.670%,
12/1/1999 20,000,000
NOTES - VARIABLE-continued/3/

Insurance-continued
$ 3,000,000 Security Life of Denver Insurance Co., 6.359%,
2/10/2000 $ 3,000,000

TOTAL 33,283,194
TOTAL NOTES -
VARIABLE 101,456,081
REPURCHASE AGREEMENTS-13.0%/4/
15,000,000 Deutsche Bank Financial, Inc., 5.740%, dated 11/30/1999, due
12/1/1999 15,000,000
11,600,000 Bank of America, 5.780%, dated 11/30/1999, due
12/1/1999 11,600,000
10,000,000 Donaldson, Lufkin and Jenrette Securities Corp., 5.680%, dated 11/30/1999,
due 10,000,000

12/1/1999
10,000,000 Societe Generale Securities Corp., 5.680%, dated 11/30/1999, due
12/1/1999 10,000,000
TOTAL REPURCHASE
AGREEMENTS 46,600,000
U.S.
TREASURY-0.8%
Treasury
Securities-0.8%
3,000,000 United States Treasury Bill, 4.730%,
1/6/2000 2,985,810
TOTAL INVESTMENTS (AT AMORTIZED
COST)5 $ 391,134,443
</TABLE>

1 Each issue shows the rate of discount at the time of purchase for discount
issues, or the coupon for interest bearing issues.
2 Denotes a restricted security which is subject to restrictions on resale
under federal securities laws. At November 30, 1999, these securities
amounted to $36,091,081, which is 10.0% of net assets.
3 Floating rate note with current rate and next reset date shown. 4 Repurchase
agreements are fully collateralized by U.S. government and/or
agency obligations based on market prices at the date of the portfolio. The
investment in the repurchase agreements is through participation in a joint
account 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
($358,670,407) at November 30, 1999.

The following acronyms are used throughout this portfolio:

AMBAC -American Municipal Bond Assurance Corporation
LLC -Limited Liability Corporation
LOC -Letter of Credit
LP -Limited Partnership
MBIA -Municipal Bond Investors Assurance
PLC -Public Limited Company

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities
NOVEMBER 30, 1999

<TABLE>
<CAPTION>
Assets:
<S> <C>
<C>
Investments in repurchase agreements $
46,600,000
Investments in securities
344,534,443
Total investments in securities, at amortized cost and value $
391,134,443
Income receivable
2,950,270
Receivable for shares
sold 142,807
TOTAL ASSETS 394,227,520 Liabilities:
Payable for investments purchased $
33,810,338
Payable for shares redeemed
323,660
Income distribution payable
1,082,723
Payable to Bank
314,414
Accrued expenses
25,978
TOTAL LIABILITIES
35,557,113
Net Assets for 358,670,407 shares outstanding $
358,670,407
Net Asset Value, Offering Price and Redemption Proceeds Per
Share:
$358,670,407 / 358,670,407 shares
outstanding $1.00
</TABLE>

See Notes which are an integral part of the Financial Statements

Statement of Operations

YEAR ENDED NOVEMBER 30, 1999

<TABLE>
<CAPTION>
Investment Income:
<S> <C> <C>
<C>
Interest
$ 21,877,848
Expenses:
Investment adviser fee $
1,685,257
Administrative personnel and services fee
317,671
Custodian fees
32,518
Transfer and dividend disbursing agent fees and expenses
28,592
Directors'/Trustees' fees
15,104
Auditing fees
15,055
Legal fees
10,529
Portfolio accounting fees
85,466
Shareholder services fee
1,053,285
Share registration costs
35,292
Printing and postage
36,521
Insurance premiums
23,606
Miscellaneous
7,394
TOTAL EXPENSES
3,346,290
Waivers:
Waiver of investment adviser fee $
(572,456)
Waiver of shareholder services fee
(842,628)
TOTAL WAIVERS
(1,415,084)
Net
expenses
1,931,206
Net investment income
$ 19,946,642
</TABLE>

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

<TABLE>
<CAPTION>
Year Ended November 30 1999
1998
Increase (Decrease) in Net
Assets
Operations:
<S> <C>
<C>
Net investment income $ 19,946,642 $
27,388,081
Distributions to
Shareholders:
Distributions from net investment income (19,946,642)
(27,388,081)
Share
Transactions:
Proceeds from sale of shares 1,876,762,299
2,348,710,920
Net asset value of shares issued to shareholders in payment of
distributions declared 4,945,762
6,627,670
Cost of shares redeemed (1,988,171,549)
(2,384,603,857)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS (106,463,488)
(29,265,267)
Change in net assets (106,463,488)
(29,265,267)
Net
Assets:
Beginning of period 465,133,895
494,399,162
End of period $ 358,670,407 $
465,133,895
</TABLE>

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

NOVEMBER 30, 1999

ORGANIZATION

Federated Master Trust (the "Fund") 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 Fund became a portfolio of the Money
Market Obligations Trust (the "Trust"). Effective February 1, 2000, the Trust
will consist of forty portfolios. The financial statements included herein are
only those of the Fund. 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 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 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 these
agreements. Accordingly, the Fund could receive less than the repurchase price
on the sale of collateral securities.

The Fund, along with the other affiliated investment companies, may utilize a
joint trading account for the purpose of entering into one or more repurchase
agreements.

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"). Dividend income and distributions to shareholders are recorded on
the ex-dividend date. Non-cash dividends included in dividend income, if any,
are recorded at fair value.

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.

Restricted Securities

Restricted securities are securities that may only be resold upon registration
under federal securities laws or in transactions exempt from such registration.
Many restricted securities may be resold in the secondary market in transactions
exempt from registration. In some cases, the restricted securities may be resold
without registration upon exercise of a demand feature. Such restricted
securities may be determined to be liquid under criteria established by the
Trustees. The Fund will not incur any registration costs upon such resales.
Restricted securities are valued at amortized cost in accordance with Rule 2a-7
under the Act.

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. Losses may occur on these transactions due to changes in market
conditions or the failure of counterparties to perform under the contact.

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 a trade date basis.

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).
Transactions in shares were as follows:

<TABLE>
<CAPTION>
Year Ended November 30
1999 1998
<S>
<C> <C>
Shares sold
1,876,762,299 2,348,710,920
Shares issued to shareholders in payment of distributions declared
4,945,762 6,627,670
Shares redeemed
(1,988,171,549) (2,384,603,857)
NET CHANGE RESULTING FROM SHARE TRANSACTIONS
(106,463,488) (29,265,267)
</TABLE>

Investment Adviser Fee and Other Transactions with Affiliates

Investment Adviser Fee

Federated Investment Management Company, the Fund's investment adviser (the
"Adviser"), receives for its services an annual investment adviser fee equal to
0.40% of the Fund's average daily net assets. The Adviser will waive to the
extent of its advisory fee, the amount, if any, by which the Fund's aggregate
operating expenses exceed 0.45% of average daily net assets of the Fund.

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 a scale that ranges from 0.15% to 0.075% of the
average aggregate daily net assets of all funds advised by subsidiaries of
Federated Investors, Inc., subject to a $125,000 minimum per portfolio and
$30,000 per additional class.

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 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 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 Trustees of the Trust are Officers and Directors or
Trustees of the above companies.

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 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

[Federated Logo]
World-Class Investment Manager(R)

Federated Master Trust

A Portfolio of Money Market Obligations Trust

JANUARY 31, 2000

A Statement of Additional Information (SAI) dated January 31, 2000 is
incorporated by reference into this prospectus. Additional information about the
Fund and its investments is contained in the Fund's SAI and Semi-Annual Report
to shareholders as it becomes available. To obtain the SAI, Semi-Annual Report
and other information without charge, and make inquiries, call your investment
professional or the Fund at 1-800-341-7400.

You can obtain information about the Fund (including the SAI) by writing to or
visiting the Public Reference Room in Washington, DC. You may also access fund
information from the EDGAR Database on the SEC's Internet site at
http://www.sec.gov. You can purchase copies of this information by contacting
the SEC by email at [email protected] or by writing to the SEC's Public
Reference Section, Washington, DC 20549-0102. Call 1-202-942-8090 for
information on the Public Reference Room's operations and copying fees.

[Federated Logo]
Federated Master Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com

Federated Securities Corp., Distributor

Investment Company Act File No. 811-5950

Cusip 60934N740

8010411A (1/00)

Federated is a registered mark
of Federated Investors, Inc.
2000 (c)Federated Investors, Inc.

[LOGO]
RECYCLED
PAPER

PROSPECTUS

Federated Tax-Free Trust

A Portfolio of Money Market Obligations Trust

A money market mutual fund seeking to provide dividend income exempt from
federal regular income taxes while seeking relative stability of principal by
investing in a portfolio of short-term, high-quality tax exempt securities.

<TABLE>
<CAPTION>
Contents
<S> <C>
Risk/Return Summary 1
What are the Fund's Fees and Expenses? 3
What are the Fund's Investment Strategies? 4
What are the Principal Securities in Which the Fund Invests? 5
What are the Specific Risks of Investing in the Fund? 6
What Do Shares Cost? 6
How is the Fund Sold? 6
How to Purchase Shares 7
How to Redeem Shares 8
Account and Share Information 9
Who Manages the Fund? 10
Last Meeting of Shareholders 11
Financial Information 11
Independent Auditors' Report 27
</TABLE>

NOT FDIC INSURED
MAY LOSE VALUE
NOT BANK GUARANTEE

JANUARY 31, 2000

Risk/Return Summary

WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

The Fund is a money market fund that seeks to maintain a stable net asset value
of $1.00 per share. The Fund's investment objective is to provide dividend
income exempt from federal regular income taxes while seeking relative stability
of principal. While there is no assurance that the Fund will achieve its
investment objective, it endeavors to do so by following the strategies and
policies described in this prospectus.

WHAT ARE THE FUND'S MAIN INVESTMENT STRATEGIES?

The Fund invests in a portfolio of short-term, high- quality tax exempt
securities. At least 80% of the Fund's annual interest income will be exempt
from federal regular income tax. Interest income from the Fund's investments may
be subject to federal alternative minimum tax for individuals and corporations
(AMT). The Fund's dollar-weighted average portfolio maturity will be 90 days or
less.

WHAT ARE THE MAIN RISKS OF INVESTING IN THE FUND?

All mutual funds take investment risks. Therefore, even though the Fund is a
money market fund that seeks to maintain a stable net asset value, it is
possible to lose money by investing in the Fund.

Risk/Return Bar Chart and Table

The graphic presentation displayed here consists of a bar chart representing the
annual total returns of Federated Tax Free Trust as of the calendar year-end for
each of ten years. The `y' axis reflects the "% Total Return" beginning with
"0%" and increasing in increments of 1% up to 6%. The `x' axis represents
calculation periods (for the last ten calendar years of the Fund beginning with
the earliest year) through the calendar year ended 1999. The light gray shaded
chart features ten distinct vertical bars, each shaded in charcoal, and each
visually representing by height the total return percentages for the calendar
year stated directly at its base. The calculated total return percentage for the
Fund for each calendar year is stated directly at the top of each respective
bar, for the calendar years 1990 through 1999. The percentages noted are: 5.69%,
4.32%, 2.75%, 2.14%, 2.57%, 3.57%, 3.14%, 3.33%, 3.18% and 3.00% respectively.

Historically, the Fund has maintained a constant $1.00 net asset value per
share. The bar chart shows the variability of the Fund's total returns on a
calendar year-end basis.

The Fund's shares are sold without a sales charge (load). The total returns
displayed above are based upon net asset value.

Within the period shown in the Chart, the Fund's highest quarterly return was
1.43% (quarter ended December 31, 1990). Its lowest quarterly return was 0.49%
(quarter ended March 31, 1994).

Average Annual Total Return Table

The following table represents the Fund's Average Annual Total Returns for the
calendar periods ended December 31, 1999.

<TABLE>
<CAPTION>
Calendar Period
<S> <C>
1 Year 3.00%
5 Years 3.24%
10 Years 3.36%
</TABLE>

The Fund's 7-Day Net Yield as of December 31, 1999 was 4.23%. You may call the
Fund at 1-800-341-7400 for the current 7-Day Net Yield.

The Bar Chart and Performance Table reflect historical performance data for
Federated Tax-Free Trust before its reorganization as a portfolio of Money
Market Obligations Trust on November 1, 1999.

What are the Fund's Fees and Expenses?

FEDERATED TAX-FREE TRUST

FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
Shares of the Fund.

<TABLE>
<CAPTION>
<S>
<C>
Shareholder Fees
Fees Paid Directly From Your Investment
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering
price) None
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price
or redemption proceeds, as applicable) None Maximum Sales Charge (Load) Imposed
on Reinvested Dividends (and other Distributions) (as a percentage of offering
price) None
Redemption Fee (as a percentage of amount redeemed, if
applicable) None
Exchange
Fee
None

Annual Fund Operating Expenses (Before Waivers)
Expenses That are Deducted From Fund Assets (as a percentage of average net assets)
Management
Fee/1/
0.40%
Distribution (12b-1)
Fee None
Shareholder Services
Fee/2/ 0.25%
Other
Expenses
0.13%
Total Annual Fund Operating Expenses (before
waivers) 0.78%
Total Waiver of Fund Expenses
(contractual) 0.33%
Total Actual Annual Fund Operating Expenses (after
waivers) 0.45%
- ----------------------------------------------------------------------------------------------------------------------------------
1 Pursuant to the investment advisory contract, the adviser waived a portion of
the management fee. The management fee paid by the
Fund (after the contractual waiver) was 0.27% for the fiscal year ended November 30, 1999. Shareholders must
approve any change to
the contractual waiver.
2 The shareholder services fee has been reduced. The shareholder services fee
paid by the Fund (after the reduction) was 0.05% for
the fiscal year ended November 30, 1999.
</TABLE>

EXAMPLE
This Example is intended to help you compare the cost of investing in the Fund's
Shares with the cost of investing in other mutual funds.

<TABLE>
<CAPTION>
Calendar Period Fund
<S> <C>
1 Year $ 46
3 Years $ 144
5 Years $ 252
10 Years $ 567
</TABLE>

What are the Fund's Investment Strategies?

The Fund invests in a portfolio of high-quality tax exempt securities maturing
in 397 days or less. At least 80% of the Fund's annual interest income will be
exempt from federal regular income tax. Interest from the Fund's investments may
be subject to AMT. The Fund will have an average portfolio maturity of 90 days
or less. The Fund's investment adviser (Adviser) actively manages the Fund's
portfolio, seeking to limit the credit risk taken by the Fund and select
investments with enhanced yields.

The Adviser targets an average portfolio maturity based upon its interest rate
outlook and the tax exempt securities available. The Adviser formulates its
interest rate outlook by analyzing a variety of factors, such as current and
expected U.S. economic growth; current and expected interest rates and
inflation; and the Federal Reserve's monetary policy. The Adviser structures the
portfolio by investing primarily in variable rate demand instruments and
municipal notes. The Adviser generally shortens the portfolio maturity when it
expects interest rates to rise and extends the maturity when it expects interest
rates to fall. This strategy seeks to enhance the returns from favorable
interest rate changes and reduce the effect of unfavorable changes.

TEMPORARY DEFENSIVE INVESTMENTS

The Fund may temporarily depart from its principal investment strategies by
investing its assets in securities subject to federal regular income tax. It may
do this to minimize potential losses and maintain liquidity to meet shareholder
redemptions during adverse market conditions. This may cause the Fund to receive
and distribute taxable income to investors.

Temporary investments will be of comparable quality to other securities in
which the Fund invests.

What are the Principal Securities in Which the Fund Invests?

TAX EXEMPT SECURITIES

Tax exempt securities are fixed income securities that pay interest that is not
subject to regular federal income taxes. Fixed income securities pay interest,
dividends or distributions at a specified rate. The rate may be a fixed
percentage of the principal or adjusted periodically. The issuer of a fixed
income security must also repay the principal amount of the security, normally
within a specified time.

Typically, states, counties, cities and other political subdivisions and
authorities issue tax exempt securities. The market categorizes tax exempt
securities by their source of repayment.

The following describes the types of tax exempt securities in which the Fund
may invest.

Variable Rate Demand Instruments

Variable rate demand instruments are tax exempt securities that require the
issuer or a third party, such as a dealer or bank, to repurchase the security
for its face value upon demand. The securities also pay interest at a variable
rate intended to cause the securities to trade at their face value. The Fund
treats demand instruments as short-term securities, because their variable
interest rate adjusts in response to changes in market rates, even though their
stated maturity may extend beyond 397 days.

Municipal Notes

Municipal notes are short-term tax exempt securities. Many municipalities issue
such notes to fund their current operations before collecting taxes or other
municipal revenues. Municipalities may also issue notes to fund capital projects
prior to issuing long-term bonds. The issuers typically repay the notes at the
end of their fiscal year, either with taxes, other revenues or proceeds from
newly issued notes or bonds.

CREDIT ENHANCEMENT

INVESTMENT RATINGS

The securities in which the Fund invests must be rated in the highest short-term
rating category by one or more NRSROs or be of comparable quality to securities
having such ratings.

What are the Specific Risks of Investing in the Fund?

CREDIT RISKS

Many fixed income securities receive credit ratings from NRSROs such as Standard
& Poor's and Moody's Investors Services. These NRSROs assign ratings to
securities by assessing the likelihood of issuer default. Lower credit ratings
correspond to higher credit risk. If a security has not received a rating, the
Fund must rely entirely upon the Adviser's credit assessment.

INTEREST RATE RISKS

Interest rate changes have a greater effect on the price of fixed income
securities with longer maturities. Money market funds try to minimize this risk
by purchasing short-term securities.

SECTOR RISKS

A substantial part of the Fund's portfolio may be comprised of securities credit
enhanced by banks or companies with similiar characteristics. As a result, the
Fund will be more susceptible to any economic, business, politicalor other
developments which generally affect these entities.

What Do Shares Cost?

The required minimum initial investment for Fund Shares is $25,000. There is
no required minimum subsequent investment amount.

An account may be opened with a smaller amount as long as the $25,000 minimum
is reached within 90 days. An institutional investor's minimum investment is
calculated by combining all accounts it maintains with the Fund. Accounts
established through investment professionals may be subject to a smaller minimum
investment amount. Keep in mind that investment professionals may charge you
fees for their services in connection with your Share transactions.

How is the Fund Sold?

The Fund's Distributor, Federated Securities Corp., markets the Shares described
in this prospectus to institutions acting in an agency or fiduciary capacity or
to individuals, directly or through investment professionals. The Distributor
and its affiliates may pay out of their assets other amounts (including items of
material value) to investment professionals for marketing and servicing Shares.
The Distributor is a subsidiary of Federated Investors, Inc. (Federated).

How to Purchase Shares

You may purchase Shares through an investment professional or directly from the
Fund. The Fund reserves the right to reject any request to purchase Shares.

THROUGH AN INVESTMENT PROFESSIONAL
. Establish an account with the investment professional; and

Investment professionals should send payments according to the instructions in
the sections "By Wire" or "By Check."

DIRECTLY FROM THE FUND
. Establish your account with the Fund by submitting a completed New Account
Form; and
. Send your payment to the Fund by Federal Reserve wire or check.

An institution may establish an account and place an order by calling the Fund
and will become a shareholder after the Fund receives the order.

By Wire Send your wire to:
State Street Bank and Trust Company
Boston, MA
Dollar Amount of Wire
ABA Number 011000028
Attention: EDGEWIRE
Wire Order Number, Dealer Number or Group Number Nominee/Institution Name Fund
Name and Number and Account Number.

You cannot purchase Shares by wire on holidays when wire transfers are
restricted.

By Check

Make your check payable to The Federated Funds, note your account number on the
check, and mail it to:
Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600

If you send your check by a private courier or overnight delivery service that
requires a street address, mail it to:
Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA 02370-3317

BY AUTOMATIC INVESTMENTS

BY AUTOMATED CLEARINGHOUSE (ACH)

How to Redeem Shares

You should redeem Shares:
. through an investment professional if you purchased Shares through an
investment professional; or
. directly from the Fund if you purchased Shares directly from the Fund.

THROUGH AN INVESTMENT PROFESSIONAL

Submit your redemption request to your investment professional by the end of
regular trading on the NYSE (normally 4:00 p.m. Eastern time). Investment
professionals are responsible for promptly submitting redemption requests and
providing proper written redemption instructions as outlined below.

DIRECTLY FROM THE FUND

By Telephone
You may redeem Shares by calling the Fund at 1-800-341-7400 once you have
completed the appropriate authorization form for telephone transactions.

If you call before 12:00 noon (Eastern time) your redemption will be wired to
you the same day. You will not receive that day's dividend.

If you call after 12:00 noon (Eastern time) your redemption will be wired to
you the following business day. You will receive that day's dividend.

By Mail
You may redeem Shares by mailing a written request to the Fund.

Your redemption request will be processed on the day the Fund receives your
written request in proper form. Dividends are paid up to and including the day
that a redemption request is processed.

Send requests by mail to:
Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600

Send requests by private courier or overnight delivery service to:
Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA 02370-3317

All requests must include:
. Fund Name and Share Class, account number and account registration;
. amount to be redeemed; and
. signatures of all shareholders exactly as registered.

Call your investment professional or the Fund if you need special instructions.

Signature Guarantees Signatures must be guaranteed if:
. your redemption will be sent to an address other than the address of record;
. your redemption will be sent to an address of record that was changed within
the last 30 days; or
. a redemption is payable to someone other than the shareholder(s) of record.

PAYMENT METHODS FOR REDEMPTIONS

. an electronic transfer to your account at a financial institution that is
an ACH member; or
. wire payment to your account at a domestic commercial bank that is a
Federal Reserve System member.

Redemption in Kind

Although the Fund intends to pay Share redemptions in cash, it reserves the
right to pay the redemption price in whole or in part by a distribution of the
Fund's portfolio securities.

LIMITATIONS ON REDEMPTION PROCEEDS

Redemption proceeds normally are wired or mailed within one business day after
receiving a request in proper form. Payment may be delayed up to seven days:

. to allow your purchase to clear;
. during periods of market volatility; or
. when a shareholder's trade activity or amount adversely impacts the Fund's
ability to manage its assets.

You will not accrue interest or dividends on uncashed checks from the Fund if
those checks are undeliverable and returned to the Fund.

ADDITIONAL CONDITIONS

Telephone Transactions

The Fund will record your telephone instructions. If the Fund does not follow
reasonable procedures, it may be liable for losses due to unauthorized or
fraudulent telephone instructions.

Share Certificates

Account and Share Information

ACCOUNT ACTIVITY

You will receive periodic statements reporting all account activity, including
dividends and capital gains paid.

DIVIDENDS AND CAPITAL GAINS

ACCOUNTS WITH LOW BALANCES

Due to the high cost of maintaining accounts with low balances, accounts may be
closed if redemptions cause the account balance to fall below the minimum
initial investment amount. Before an account is closed, you will be notified and
allowed 30 days to purchase additional Shares to meet the minimum.

TAX INFORMATION

The Fund sends an annual statement of your account activity to assist you in
completing your federal, state and local tax returns. It is anticipated that
Fund distributions will be primarily dividends that are exempt from federal
income tax, although a portion of the Fund's dividends may not be exempt.
Dividends may be subject to state and local taxes. Capital gains and non-exempt
dividends are taxable whether paid in cash or reinvested in the Fund.
Redemptions are taxable sales. Please consult your tax adviser regarding your
federal, state, and local tax liability.

Who Manages the Fund?

ADVISER FEES

Last Meeting of Shareholders

A Special Meeting for the Shareholders of the Former Fund was held on September
23, 1999. On July 26, 1999, the record date for shareholders voting at the
meeting, there were 512,607,500 total outstanding shares. The following items
were considered by shareholders and the results of their voting were as follows:

AGENDA ITEM 1 Election of Trustees:
<TABLE>
<CAPTION>
Names For Against Abstentions
Withheld
and Broker
Authority
Non-Votes
to Vote
<S> <C> <C> <C> <C>
John F. Cunningham
407,334,026 361,258
J. Christopher Donahue
407,334,026 361,258
Charles F. Mansfield, Jr.
407,334,026 361,258
John S. Walsh
407,334,026 361,258
</TABLE>

AGENDA ITEM 2
To approve amendments to and a restatement of, the Former Fund's Declaration of
Trust:
(a) To require approval by a majority of the outstanding voting shares in the
event of the sale or conveyance of the assets of the Former Fund to another
trust or corporation.

<TABLE>
<CAPTION>
For Against Abstain Broker Non-Votes
<S> <C> <C> <C>
405,489,215 2,177,148 28,921 0
</TABLE>

(b) To permit the Board to liquidate assets of the Former Fund without seeking
shareholder approval.

<TABLE>
<CAPTION>
For Against Abstain Broker Non-Votes
<S> <C> <C> <C>
216,527,294 189,422,094 1,745,896 0
</TABLE>

AGENDA ITEM 3

To approve a proposed Agreement and Plan of Reorganization between the Former
Fund and Money Market Obligations Trust, on behalf of its series, Federated Tax-
Free Trust (the "New Fund"), whereby the New Fund would acquire all of the
assets of the Former Fund in exchange for shares of the New Fund to be
distributed pro rata by the Former Fund to its shareholders in complete
liquidation and termination of the Former Fund.

<TABLE>
<CAPTION>
For Against Abstain Broker Non-Votes
<S> <C> <C> <C>
403,928,531 1,920,442 1,846,311 0
</TABLE>

Financial Information

FINANCIAL HIGHLIGHTS

This information has been audited by Deloitte & Touche LLP, whose report, along
with the Fund's audited financial statements, is included in this prospectus.

Financial Highlights

(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

<TABLE>
<CAPTION>
Year Ended November 30 1999 1998 1997
1996 1995
<S> <C> <C> <C>
<C> <C>
Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $
1.00 $ 1.00
Income from Investment Operations:
Net investment income 0.03 0.03 0.03
0.03 0.04
Less Distributions:
Distributions from net investment income (0.03) (0.03) (0.03)
(0.03) (0.04)
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $
1.00 $ 1.00
Total Return1 2.95% 3.21% 3.31%
3.18% 3.57%

Ratios to Average Net Assets:
Expenses 0.45% 0.45% 0.45%
0.45% 0.45%
Net investment income 2.90% 3.17% 3.25%
3.12% 3.51%
Supplemental Data:
Net assets, end of period (000 omitted) $527,071 $517,887 $635,519
$747,785 $807,369
1 Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if
applicable.
See Notes which are an integral part of the Financial Statements
Portfolio of Investments
</TABLE>

Portfolio of Investments

NOVEMBER 30, 1999

<TABLE>
<CAPTION>
Principal
Value
Amount
<S>
<C> <C>
SHORT-TERM MUNICIPALS--99.4%/1/
Alabama--1.0%
$ 5,215,000 Anniston, AL, IDB, (Series 1989-A) Weekly VRDNs (Union Foundry Co.)/(Amsouth
Bank $ 5,215,000
N.A., Birmingham LOC)

- ----------------------------------------------------------------------------------------------------------------
Alaska--3.6%
10,000,000 Alaska State Housing Finance Corp., MERLOTs (Series 1999D) Weekly VRDNs (First
Union 10,000,000
National Bank, Charlotte, N.C. LIQ)
7,200,000 Alaska State Housing Finance Corp., Variable Rate Certificates (Series 1997A)
Weekly 7,200,000
VRDNs (Bank of America, N.A. LIQ)
1,935,000 Anchorage, AK, (Series A), 4.25% Bonds (FGIC INS),
4/1/2000 1,939,680

- ----------------------------------------------------------------------------------------------------------------

TOTAL 19,139,680

- ----------------------------------------------------------------------------------------------------------------
Arizona--0.4%
2,000,000 Maricopa County, AZ School District No. 28 Kyrene Elementary, Second Series
Bonds 1,958,643
(FGIC INS), 7/1/2000

- ----------------------------------------------------------------------------------------------------------------
Colorado--0.4%
2,340,000 Loveland, CO, IDR (Series 1993S), 4.10% TOBs (Safeway, Inc.)/(Bankers Trust Co.,
New 2,340,000
York LOC), Mandatory Tender 12/1/1999

- ----------------------------------------------------------------------------------------------------------------
Connecticut--1.0%
5,000,000 /2/ Connecticut State HFA, Variable Rate Certificates (Series 1998S), 3.70% TOBs (Bank
of 5,000,000
America, N.A. LIQ), Optional Tender 8/17/2000

- ----------------------------------------------------------------------------------------------------------------
Delaware--0.5%
2,650,000 Delaware Transportation Authority, 5.25% Bonds (AMBAC INS),
7/1/2000 2,675,506

- ----------------------------------------------------------------------------------------------------------------
District Of Columbia--1.4%
7,190,000 District of Columbia, Variable Rate Demand/Fixed Rate Revenue Bonds (Series
1997) 7,190,000
Weekly VRDNs (Children's Defense Fund)/(Allfirst LOC)

- ----------------------------------------------------------------------------------------------------------------
Florida--9.3%
1,395,000 ABN AMRO MuniTOPS Certificates Trust (Florida Non-AMT) Series 1998-8 Weekly
VRDNs 1,395,000
(Dade County, FL Water & Sewer System)/(FGIC INS)/(ABN AMRO
Bank N.V., Amsterdam LIQ) 9,825,000 ABN AMRO MuniTOPS Certificates Trust
(Florida Non-AMT) Series 1998-9 Weekly
VRDNs 9,825,000
(Florida State Board of Education Capital Outlay)/(FSA INS)/(ABN AMRO Bank N.V.,
Amsterdam LIQ)
5,000,000 /2/ ABN AMRO MuniTOPS Certificates Trust (Florida Non-AMT) Series
1999-11, (Series 5,000,000
1999-11), 3.85% TOBs (Tampa Bay Water Utility System,
FL)/(FGIC INS)/(ABN AMRO Bank N.V., Amsterdam LIQ), Optional
Tender 3/8/2000
3,850,000 Florida Housing Finance Corp., MERLOTs (Series 1998 B) Weekly VRDNs (MBIA
Insurance 3,850,000
Corp. INS)/(First Union National Bank, Charlotte, N.C. LIQ)
$ 20,000,000 Florida State Board of Education Capital Outlay, SGA (Series 1997-67) Daily
VRDNs $ 20,000,000
(Societe Generale, Paris LIQ)
590,000 Highlands County, FL Health Facilities, Variable Rate Demand Revenue
Bonds 590,000
(Series1996A) Weekly VRDNs (Adventist Health System)/(SunTrust Bank, Central Florida
LOC)
6,115,000 Orange County, FL HFA, Variable Rate Certificates (Series 1997G) Weekly VRDNs
(GNMA 6,115,000
COL)/(Bank of America, N.A. LIQ)
2,495,000 Tampa Bay Water Utility System, FL, (PA-576) Weekly VRDNs (FGIC INS)/(Merrill
Lynch 2,495,000
Capital Services, Inc. LIQ)

- ----------------------------------------------------------------------------------------------------------------

TOTAL 49,270,000

- ----------------------------------------------------------------------------------------------------------------
Georgia--3.0%
5,000,000 /2/ Bibb County, GA, PT-199, 3.30% TOBs (Georgia State GTD)/(Bayerische Hypotheken-
und 5,000,000
Vereinsbank AG LIQ), Optional Tender 5/11/2000
5,725,000 Burke County, GA Development Authority, PCRB's (Series 1998A), 3.50% CP
(Oglethorpe 5,725,000
Power Corp. Vogtle Project)/(AMBAC INS)/(Rabobank Nederland, Utrecht LIQ), Mandatory
Tender 1/25/2000
5,000,000 Metropolitan Atlanta Rapid Transit Authority, Floater Certificates (Series
1998-59) 5,000,000
Weekly VRDNs (MBIA Insurance Corp. INS)/(Morgan Stanley, Dean Witter Municipal
Funding, Inc. LIQ)

- ----------------------------------------------------------------------------------------------------------------

TOTAL 15,725,000

- ----------------------------------------------------------------------------------------------------------------
Illinois--7.5%
10,000,000 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT) Series 1998-14 Weekly
VRDNs 10,000,000
(Cook County, IL)/(FGIC INS)/(ABN AMRO Bank N.V., AmsterdamLIQ)
10,000,000 Chicago, IL Board of Education, Variable Rate Certificates (Series 1996BB)
Weekly 10,000,000
VRDNs (MBIA Insurance Corp. INS)/(Bank of America, N.A. LIQ)
4,500,000 /2/ Chicago, IL Public Building Commission, PT-155, 3.90% TOBs
(Chicago, IL Board
of 4,500,000
Education)/(MBIA Insurance Corp. INS)/(Bayerische Hypotheken-und Vereinsbank AG LIQ),
Optional Tender 10/12/2000
4,995,000 /2/ Chicago, IL, Variable Rate Certificates (Series 1998M), 3.70% TOBs (FGIC INS)/(Bank
of 4,995,000
America, N.A. LIQ), Optional Tender 7/13/2000
9,910,000 Metropolitan Pier & Exposition Authority, IL, (1998 FR/RI-A69) Daily VRDNs
(McCormick 9,910,000
Place)/(FGIC INS)/(Bank of New York, New York LIQ)

- ----------------------------------------------------------------------------------------------------------------

TOTAL 39,405,000

- ----------------------------------------------------------------------------------------------------------------
Louisiana--0.7%
3,610,000 Louisiana PFA, Advance Funding Notes (Series 1999), 4.25% TRANs (East Baton
Rouge 3,623,062
Parish, LA), 10/24/2000

- ----------------------------------------------------------------------------------------------------------------
Maryland--5.7%
4,895,000 Maryland Health & Higher Educational Facilities Authority, 6.75% Bonds (Francis
Scott 5,088,011
Key Medical Center)/(United States Treasury PRF), 7/1/2000
$ 3,115,000 Maryland Health & Higher Educational Facilities Authority, Facility Authority
Revenue $ 3,115,000
Bonds (Series 1998) Weekly VRDNs (Woodbourne Foundation, Inc.)/(Allfirst LOC)
7,525,000 Maryland Health & Higher Educational Facilities Authority, Variable Rate Demand/
Fixed 7,525,000
Rate Revenue Bonds Weekly VRDNs (Capitol College)/(Allfirst LOC)
10,900,000 Montgomery County, MD, EDR Weekly VRDNs (U.S. Pharmacopeial
Convention 10,900,000
Facility)/(Chase Manhattan Bank N.A., New York LOC)
3,595,000 Prince Georges County, MD, (1997 Issue) Weekly VRDNs (Mona Branch Avenue
Ltd. 3,595,000
Partnership)/(Allfirst LOC)

- ----------------------------------------------------------------------------------------------------------------

TOTAL 30,223,011

- ----------------------------------------------------------------------------------------------------------------
Massachusetts--0.6%
2,900,000 Palmer, MA, 7.70% Bonds (United States Treasury PRF),
10/1/2000 3,040,813

- ----------------------------------------------------------------------------------------------------------------
Michigan--1.5%
3,700,000 ABN AMRO MuniTOPS Certificates Trust (Michigan Non-AMT) Series 1998-11
WeeklyVRDNs 3,700,000
(DeWitt, MI Public Schools)/(FSA INS)/(ABN AMRO Bank N.V.,
Amsterdam LIQ) 4,000,000 ABN AMRO MuniTOPS Certificates Trust (Michigan
Non-AMT) Series 1998-13 Weekly
VRDNs 4,000,000
(Michigan State Trunk Line)/(MBIA Insurance Corp. INS)/(ABN AMRO Bank N.V., Amsterdam
LIQ)

- ----------------------------------------------------------------------------------------------------------------

TOTAL 7,700,000

- ----------------------------------------------------------------------------------------------------------------
Minnesota--6.0%
3,000,000 ABN AMRO MuniTOPS Certificates Trust (Minnesota Non-AMT) Series 1998-6 Weekly
VRDNs 3,000,000
(Minneapolis/St. Paul, MN Airport Commission)/(AMBAC INS)/(ABN AMRO Bank N.V.,
Amsterdam LIQ)
5,000,000 Minneapolis, MN, (Series 1993) Weekly VRDNs (Market Square Real Estate,
Inc.)/ 5,000,000
(Norwest Bank Minnesota, N.A. LOC)
2,500,000 Minnesota State HFA, (Series 1991A) PT-235 Weekly VRDNs (Commerzbank AG, Frankfurt
LIQ) 2,500,000
12,000,000 Rochester, MN Health Care Facility Authority Weekly VRDNs (Mayo
Foundation) 12,000,000
9,000,000 Rochester, MN Health Care Facility Authority Weekly VRDNs (Mayo
Foundation) 9,000,000

- ----------------------------------------------------------------------------------------------------------------

TOTAL 31,500,000

- ----------------------------------------------------------------------------------------------------------------
Mississippi--1.3%
7,000,000 Jackson County, MS Port Facility , 3.85% TOBs (Chevron U.S.A., Inc.), Mandatory
Tender 7,000,000
5/1/2000

- ----------------------------------------------------------------------------------------------------------------
Missouri--1.5%
3,115,000 Missouri State HEFA, Health Facilities Revenue Bonds (Series 1996A) Weekly
VRDNs 3,115,000
(Deaconess Long Term Care of Missouri)/(Bank One, Texas N.A. LOC)
4,950,000 /2/ Missouri State HEFA, PT-191, 3.25% TOBs (Health Midwest)/(MBIA Insurance
Corp. 4,950,000
INS)/(Banco Santander Central Hispano, S.A. LIQ), Optional Tender 5/11/2000

- ----------------------------------------------------------------------------------------------------------------

TOTAL 8,065,000

- ----------------------------------------------------------------------------------------------------------------
Multi State--6.1%
$ 6,499,820 ABN AMRO Chicago Corp. 1997-1 LeaseTOPS Trust Weekly VRDNs (Lasalle National
Bank, $ 6,499,820
Chicago LIQ)/(Lasalle National Bank, Chicago LOC)
11,792,000 Clipper Tax-Exempt Trust (Non-AMT Multistate), (Series A) Weekly VRDNs (State
Street 11,792,000
Bank and Trust Co. LIQ)
13,782,040 Equity Trust I, (1996 Series) Weekly VRDNs (Bayerische Hypotheken-und Vereinsbank
AG 13,782,040
LOC)

- ----------------------------------------------------------------------------------------------------------------

TOTAL 32,073,860

- ----------------------------------------------------------------------------------------------------------------
New York--4.3%
8,695,000 Long Island Power Authority, (PA-420) Weekly VRDNs (MBIA Insurance Corp.
INS)/ 8,695,000
(Merrill Lynch Capital Services, Inc. LIQ)
4,000,000 Nassau County, NY, (Series 1999C), 4.25% RANs (Bank of New York, New York
LOC), 4,007,282
3/15/2000
5,000,000 /2/ New York City, NY Transitional Finance Authority, 1999 Trust Receipts FR/RI-A46,
3.90% 5,000,000
TOBs (Bank of New York, New York LIQ), Optional Tender 1/26/2000
5,000,000 /2/ New York City, NY Transitional Finance Authority, 1999 Trust Receipts FR/RI-A47,
3.85% 5,000,000
TOBs (Bank of New York, New York LIQ), Optional Tender 2/23/2000

- ----------------------------------------------------------------------------------------------------------------

TOTAL 22,702,282

- ----------------------------------------------------------------------------------------------------------------
North Carolina--4.9%
20,000,000 Martin County, NC IFA, (Series 1993) Weekly VRDNs (Weyerhaeuser
Co.) 20,000,000
6,000,000 North Carolina State, Floater Certificates (Series 1998-38) Weekly VRDNs
(Morgan 6,000,000
Stanley, Dean Witter Municipal Funding, Inc. LIQ)

- ----------------------------------------------------------------------------------------------------------------

TOTAL 26,000,000

- ----------------------------------------------------------------------------------------------------------------
Ohio--1.6%
3,300,000 Clark County, OH, (Series 1999) Weekly VRDNs (Ohio Masonic Home)/(AMBAC INS)/
(Harris 3,300,000
Trust & Savings Bank, Chicago LIQ)
3,700,000 Montgomery County, OH, (Series 1998B), 3.65% CP (Miami (OH) Valley
Hospital), 3,700,000
Mandatory Tender 1/28/2000
1,500,000 South-Western City School District, OH, 3.00% BANs (AMBAC INS),
12/1/1999 1,500,000

- ----------------------------------------------------------------------------------------------------------------

TOTAL 8,500,000

- ----------------------------------------------------------------------------------------------------------------
Oklahoma--1.1%
2,440,000 Muskogee, OK Industrial Trust, (Series 1985) Weekly VRDNs (Muskogee Mall
Limited 2,440,000
Partnership)/(Bank of America, N.A. LOC)
3,310,000 Muskogee, OK Industrial Trust, (Series 1985) Weekly VRDNs (Warmack Muskogee
Ltd. 3,310,000
Partnership)/(Bank of America, N.A. LOC)

- ----------------------------------------------------------------------------------------------------------------

TOTAL 5,750,000

- ----------------------------------------------------------------------------------------------------------------
Pennsylvania--6.3%
3,400,000 Dauphin County, PA General Authority, (Education and Health Loan Program, Series
1997) 3,400,000
Weekly VRDNs (AMBAC INS)/(Chase Manhattan Bank N.A., New York
LIQ) $ 2,500,000 Easton Area School District, PA, (Series 1997) Weekly VRDNs
(FGIC INS)/(FGIC $ 2,500,000
Securities Purchase, Inc. LIQ)
20,000,000 Erie County, PA Hospital Authority Weekly VRDNs (St. Vincent Health
System)/(Mellon 20,000,000
Bank NA, Pittsburgh LOC)
7,500,000 Pennsylvania State University, PT-242 Weekly VRDNs (Bayerische
Hypotheken-und 7,500,000
Vereinsbank AG LIQ)

- ----------------------------------------------------------------------------------------------------------------

TOTAL 33,400,000

- ----------------------------------------------------------------------------------------------------------------
South Carolina--2.8%
2,000,000 Florence County, SC Public Facility Corp., Law Enforcement Project - Civic
Center, 2,041,215
7.60% Bonds (Florence County, SC Hospital)/(United States Treasury PRF), 3/1/2000(@101)
5,000,000 South Carolina State Public Service Authority, 3.60% CP (Bank of America, N.A.,
Bank 5,000,000
of Nova Scotia, Toronto, Commerzbank AG, Frankfurt and Toronto-Dominion Bank LIQs),
Mandatory Tender 12/8/1999
7,500,000 South Carolina State Public Service Authority, 3.75% CP (Bank of America, N.A.,
Bank 7,500,000
of Nova Scotia, Toronto, Commerzbank AG, Frankfurt and Toronto-Dominion Bank LIQs),
Mandatory Tender 2/22/2000

- ----------------------------------------------------------------------------------------------------------------

TOTAL 14,541,215

- ----------------------------------------------------------------------------------------------------------------
South Dakota--1.1%
6,000,000 South Dakota Housing Development Authority, (Series 1999 C), 3.20% BANs,
4/7/2000 6,000,000

- ----------------------------------------------------------------------------------------------------------------
Texas--15.3%
5,360,000 ABN AMRO MuniTOPS Certificates Trust (Multi-State Non-AMT) Series 1998-26 Weekly
VRDNs 5,360,000
(Grapevine-Colleyville, TX Independent School District)/(Texas Permanent School Fund
Guarantee Program GTD)/(ABN AMRO Bank N.V., AmsterdamLIQ)
3,528,000 ABN AMRO MuniTOPS Certificates Trust (Multistate Non-AMT) Series 1998-24 Weekly
VRDNs 3,528,000
(Barbers Hill, TX Independent School District)/(Texas Permanent School Fund Guarantee
Program GTD)/(ABN AMRO Bank N.V., Amsterdam LIQ)
10,890,000 Aldine, TX Independent School District, (Series 1997) SGB-30 Weekly VRDNs
(Texas 10,890,000
Permanent School Fund Guarantee Program GTD)/(Societe Generale, Paris LIQ)
5,000,000 /2/ Conroe, TX Independent School District, PT-1168, 3.65% TOBs (Texas Permanent
School 5,000,000
Fund Guarantee Program GTD)/(Merrill Lynch Capital Services, Inc. LIQ), Optional
Tender 7/20/2000
5,250,000 Gulf Coast, TX Waste Disposal Authority, Pollution Control Revenue Refunding
bonds 5,250,000
(Series 1995) Daily VRDNs (Exxon Corp.)
5,000,000 Harris County, TX HFDC, Hospital Revenue Bonds (Series 1997B), 3.70% CP
(Memorial 5,000,000
Hospital System)/(MBIA Insurance Corp. INS)/(Chase Bank of Texas LIQ), Mandatory
Tender 3/1/2000
7,100,000 Houston, TX Water & Sewer System, FR/RI (Series 1999A-29) Weekly VRDNs (Bank of
New 7,100,000
York, New York LIQ)/(United States Treasury PRF) $ 2,080,000
Houston, TX, Series C, 5.50% Bonds, 4/1/2000 $ 2,095,907
6,560,000 /2/ McKinney, TX Independent School District, (PT-1180), 3.85%
TOBs (Texas Permanent 6,560,000
School Fund Guarantee Program GTD)/(Merrill Lynch Capital Services, Inc. LIQ),
Optional Tender 8/24/2000
4,945,000 /2/ Round Rock Independent School District, TX, (PT-1138), 3.25%
TOBs (Texas Permanent 4,945,000
School Fund Guarantee Program GTD)/(Merrill Lynch Capital Services, Inc. LIQ),
Optional Tender 12/9/1999
4,935,000 /2/ San Antonio Independent School District, TX, (PT-1184), 3.80%
TOBs (Texas Permanent 4,935,000
School Fund Guarantee Program GTD)/(Merrill Lynch Capital Services, Inc. LIQ),
Optional Tender 9/7/2000
7,000,000 San Antonio, TX Electric & Gas, Municipal Securities Trust Receipts (Series 1997
SG 7,000,000
101) Weekly VRDNs (Societe Generale, Paris LIQ)
5,500,000 San Antonio, TX Water Authority, Capital Appreciation Bonds Bonds (United
States 2,314,937
Treasury PRF), 42.09% 5/1/2000
2,050,000 TX Pooled Tax Exempt Trust, Certificates of Participation (Series 1996) Weekly
VRDNs 2,050,000
(Bank One, Texas N.A. LOC)
8,500,000 Texas State, 4.50% TRANs,
8/31/2000 8,548,783

- ----------------------------------------------------------------------------------------------------------------

TOTAL 80,577,627

- ----------------------------------------------------------------------------------------------------------------
Virginia--8.1%
23,910,000 ABN AMRO MuniTOPS Certificates Trust (Virginia Non-AMT) Series 1998-21
WeeklyVRDNs 23,910,000
(Norfolk, VA Water Revenue)/(FSA INS)/(ABN AMRO Bank N.V.,
Amsterdam LIQ) 12,000,000 Fairfax County, VA IDA, 1998 Trust Receipts
FR/RI-A35 Weekly VRDNs (Fairfax
Hospital 12,000,000
System)/(Bayerische Hypotheken-und Vereinsbank AG LIQ)/(United States Treasury PRF)
6,570,000 Newport News, VA Redevelopment & Housing Authority, (PA-152) Weekly VRDNs
(Indian 6,570,000
Lakes Apartments)/(Merrill Lynch Capital Services, Inc. LIQ)/(Merrill Lynch Capital
Services, Inc. LOC)

- ----------------------------------------------------------------------------------------------------------------

TOTAL 42,480,000

- ----------------------------------------------------------------------------------------------------------------
West Virginia--1.8%
6,530,000 Cabell County Commission, WV, Life Care Facilities Multi-Option Revenue Bonds
(Series 6,530,000
1995) Weekly VRDNs (Foster Foundation)/(Huntington National
Bank, Columbus, OH LOC) 2,875,000 Oak Hill, WV, (Series 1991A) Weekly VRDNs
(Fayette Plaza)/(ABN AMRO Bank
N.V., 2,875,000
Amsterdam LOC)

- ----------------------------------------------------------------------------------------------------------------

TOTAL 9,405,000

- ----------------------------------------------------------------------------------------------------------------
Wisconsin--0.6%
$ 3,300,000 Wisconsin Health and Educational Facilities Authority, Revenue Bonds (Series
1994) $ 3,300,000
Weekly VRDNs (Felician Health Care, Inc.)/(Bank One, N.A. LOC)

- ----------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (AT AMORTIZED
COST)/3/ $ 523,800,699

- ----------------------------------------------------------------------------------------------------------------
</TABLE>

1 The Fund may only invest in securities rated in the highest short-term rating
category by one or more NRSROs or be of comparable quality to securities
having such ratings.

Securities rated in the highest short-term rating category (and unrated
securities of comparable quality) are identified as First Tier securities.
Securities rated in the second highest short-term rating category (and
unrated securities of comparable quality) are identified as Second Tier
securities. The Fund follows applicable regulations in determining whether a
security is rated and whether a security rated by multiple NRSROs in
different rating categories should be identified as a First or Second Tier
security.

At November 30, 1999, the portfolio securities were rated as follows:

Tier Rating Percentage Based on Total Market Value (Unaudited)
<TABLE>
<CAPTION>
First Tier Second Tier
- -------------------------------------
<S> <C>
100.0% 0%
</TABLE>

2 Denotes a restricted security which is subject to restrictions on resale
under federal securities laws. At November 30, 1999, these securities
amounted to $60,885,000 which represents 11.6% of net assets.

3 Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets
($527,070,612) at November 30, 1999.

The following acronyms are used throughout this portfolio:

AMBAC --American Municipal Bond Assurance Corporation
AMT --Alternative Minimum Tax
BANs --Bond Anticipation Notes
COL --Collateralized
CP --Commercial Paper
EDR --Economic Development Revenue
FGIC --Financial Guaranty Insurance Company
FSA --Financial Security Assurance
GNMA --Government National Mortgage Association
GTD --Guaranty
HEFA --Health and Education Facilities Authority
HFA --Housing Finance Authority
HFDC --Health Facility Development Corporation
IDA --Industrial Development Authority
IDB --Industrial Development Bond
IDR --Industrial Development Revenue
IFA --Industrial Finance Authority
INS --Insured
LIQ --Liquidity Agreement
LOC --Letter of Credit
MBIA --Municipal Bond Investors Assurance
MERLOTs --Municipal Exempt Receipts Liquidity Optional Tender Series
PFA --Public Facility Authority
PRF --Prerefunded
RANs --Revenue Anticipation Notes
TOBs --Tender Option Bonds
TRANs --Tax and Revenue Anticipation Notes
VRDNs --Variable Rate Demand Notes

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

YEAR ENDED NOVEMBER 30, 1999

<TABLE>
<CAPTION>
Assets:
<S> <C> <C>
Total investments in securities, at amortized cost and value $
523,800,699
Cash
412,116
Income
receivable
4,256,790
Receivable for shares
sold 3,338
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS
528,472,943
- ----------------------------------------------------------------------------------------------------------------------------
Liabilities:
Payable for shares redeemed $ 12,124
Income distribution payable 1,350,472
Accrued expenses 39,735
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL
LIABILITIES
1,402,331
- ----------------------------------------------------------------------------------------------------------------------------
Net Assets for 527,061,474 shares outstanding $
527,070,612
- ----------------------------------------------------------------------------------------------------------------------------
Net Assets Consist of:
Paid in capital $
527,053,613
Accumulated net realized loss on
investments (48,334)
Undistributed net investment
income 65,333
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL NET ASSETS $
527,070,612
- ----------------------------------------------------------------------------------------------------------------------------
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$527,070,612 / 527,061,474 shares
outstanding $1.00
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>

See Notes which are an integral part of the Financial Statements

Statement of Operations

YEAR ENDED NOVEMBER 30, 1999

<TABLE>
<CAPTION>
Investment Income:
<S> <C> <C>
<C>
Interest
$ 18,550,666
- --------------------------------------------------------------------------------------------------------------------------------
Expenses:
Investment adviser fee $ 2,212,024
Administrative personnel and services fee 416,967
Custodian fees 19,965
Transfer and dividend disbursing agent fees and expenses 55,848
Directors'/Trustees' fees 14,987
Auditing fees 14,985
Legal fees 9,493
Portfolio accounting fees 94,119
Shareholder services fee 1,382,515
Share registration costs 8,412
Printing and postage 18,745
Insurance premiums 45,560
Taxes 75
Miscellaneous 8,329
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES 4,302,024
- --------------------------------------------------------------------------------------------------------------------------------
Waivers:
Waiver of investment adviser fee $ (698,998)
Waiver of shareholder services fee (1,106,012)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL WAIVERS (1,805,010)
- --------------------------------------------------------------------------------------------------------------------------------
Net
expenses
2,497,014
- --------------------------------------------------------------------------------------------------------------------------------
Net investment
income 16,053,652
- --------------------------------------------------------------------------------------------------------------------------------
Net realized gain on
investments 28,087
- --------------------------------------------------------------------------------------------------------------------------------
Change in net assets resulting from
operations $ 16,081,739
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

<TABLE>
<CAPTION>
Year Ended November 30
1999 1998
Increase (Decrease) in Net Assets
Operations:
<S> <C>
<C>
Net investment income $ 16,053,652
$ 17,911,917
Net realized gain on investments ($48,334) and ($53,876) respectively, as
28,087 11,456
computed for federal tax purposes)
- -----------------------------------------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
16,081,739 17,923,373
- -----------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders:
Distributions from net investment income
(16,053,652) (17,911,917)
- -----------------------------------------------------------------------------------------------------------------------------------
Share Transactions:
Proceeds from sale of shares
1,674,871,084 1,890,281,389
Net asset value of shares issued to shareholders in payment of
1,164,731 1,421,172
distributionsdeclared
Cost of shares redeemed
(1,666,879,961) (2,009,346,623)
- -----------------------------------------------------------------------------------------------------------------------------------
Change in net assets resulting from share transactions
9,155,854 (117,644,062)
- -----------------------------------------------------------------------------------------------------------------------------------
Change in net assets
9,183,941 (117,632,606)
- -----------------------------------------------------------------------------------------------------------------------------------
Net Assets:
Beginning of period
517,886,671 635,519,277
- -----------------------------------------------------------------------------------------------------------------------------------
End of period $ 527,070,612
$ 517,886,671
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

NOVEMBER 30, 1999

ORGANIZATION

Federated Tax-Free Trust (the "Fund") is registered under the Investment Company
Act of 1940, as amended (the "Act"), as an open-end management investment
company. Effective November 1, 1999, the Fund became a portfolio of Money Market
Obligations Trust (the "Trust"). Effective February 1, 2000, the Trust will
consist of forty portfolios. The financial statements included herein are only
those of the Fund. The financial statements of the other portfolios are
presented separately. The assets of each portfolio are segregated and a
shareholders interest is limited to the portfolio in which the shares are held.
The investment objective of the Fund is to provide dividend income exempt from
federal regular income taxes while seeking relative stability of principal.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuations

The Fund uses the amortized cost method to value its portfolio securities in
accordance with Rule 2a-7 under the Act.

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. Non-cash dividends included in dividend income, if any, are recorded at
fair value.

Federal Taxes

At November 30, 1999, the Fund, for federal tax purposes, had a capital loss
carryforward of $48,334, which will reduce the Fund's taxable income arising
from future net realized gain on investments, if any, to the extent permitted by
the Code, and thus will reduce the amount of the distributions to shareholders
which would otherwise be necessary to relieve the Fund of any liability for
federal tax. Pursuant to the Code, such capital loss carryforward will expire as
follows:

<TABLE>
<CAPTION>
Expiration Year Expiration Amount
<S> <C>
2004 $ 3,112
2005 $14,032
2006 $31,190
</TABLE>

When-Issued and Delayed Delivery Transactions

Restricted Securities

Restricted securities are securities that may only be resold upon registration
under federal securities laws or in transactions exempt from such registration.
Many restricted securities may be resold in the secondary market in transactions
exempt from registration. In some cases, the restricted securities may be resold
without registration upon exercise of a demand future. Such restricted
securities may be determined to be liquid under criteria established by the
Board of Trustees (the "Trustees"). The Fund will not incur any registration
costs upon such resales. Restricted securities are valued at amortized cost in
accordance with Rule 2a-7 under the Act.

Use of Estimates

Other
Investment transactions are accounted for on a trade date basis.

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).
Transactions in shares were as follows:

<TABLE>
<CAPTION>
Year Ended November 30
1999 1998
- ---------------------------------------------------------------------------------------------------------------------------------
<S>
<C> <C>
Shares sold
1,674,871,084 1,890,281,389
Shares issued to shareholders in payment of distributions declared
1,164,731 1,421,172
Shares redeemed
(1,666,879,961) (2,009,346,623)
- ---------------------------------------------------------------------------------------------------------------------------------
NET CHANGE RESULTING FROM SHARE TRANSACTIONS
9,155,854 (117,644,062)
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, the Fund's investment adviser (the
"Adviser"), receives for its services an annual investment adviser fee equal to
0.40% of the Fund's average daily net assets. The Adviser will waive, to the
extent of its adviser fee, the amount, if any, by which the Fund's aggregate
annual operating expenses exceed 0.45% of average daily net assets of the Fund.

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 a scale that ranges from 0.15% to 0.075% of the
average daily net assets of all funds advised by Federated Investors, Inc.,
subject to a $125,000 minimum per portfolio and $30,000 per each additional
class.

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

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.

Interfund Transactions

During the period ended November 30, 1999, the Fund engaged in purchase and sale
transactions with funds that have a common investment adviser (or affiliated
investment advisers), common Directors/Trustees, and/or common Officers. These
purchase and sale transactions complied with Rule 17a-7 under the Act, and
amounted to $822,128,000 and $758,788,624 respectively.

General
Certain of the Officers and Trustees of the Trust are Officers and Directors or
Trustees of the above companies.

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 assuranace about whether the financial statements and
financial highlights are free of material mistatement. 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 the Fund as of
November 30, 1999, the results of its operations, the changes in its net assets
and financial highlights for the respective stated periods in conformity with
generally accepted accounting principles.

Deloitte & Touche LLP

Boston, Massachusetts
January 14, 2000

[LOGO of Federated World-Class Investment Manager]

Federated
Tax-Free
Trust

A Portfolio of Money Market Obligations Trust

JANUARY 31, 2000

A Statement of Additional Information (SAI) dated January 31, 2000, is
incorporated by reference into this prospectus. Additional information about the
Fund and its investments is contained in the Fund's SAI and Semi-Annual Reports
to shareholders as they become available. To obtain the SAI, Semi-Annual Report
and other information without charge and make inquiries, call your investment
professional or the Fund at 1-800-341-7400.

You can obtain information about the Fund (including the SAI) by writing or
visiting the Public Reference Room in Washington, DC. You may also access fund
information from the EDGAR Database on the SEC's Internet site at
http://www.sec.gov. You can purchase copies of this information by contacting
the SEC by email at [email protected]. or by writing to the SEC's Public
Reference Section, Washington, DC 20549-0102. Call 1-202-942-8090 for
information on the Public Reference Room's operations and copying fees.

[LOGO of Federatd]

Federated Tax-Free Trust
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
1-800-341-7400
www.federatedinvestors.com

Federated Securities Corp., Distributor

Investment Company Act File No. 811-2891

Cusip 60934N666

8010414A (1/00)

Federated is a registered mark
of Federated Investors, Inc.
2000 \c\Federated Investors, Inc.

PROSPECTUS

Trust for Government Cash Reserves

A Portfolio of Money Market Obligations Trust

A money market mutual fund seeking high current income consistent with stability
of principal and liquidity by investing primarily in a portfolio of U.S.
Treasury and government agency securities maturing in 397 days or less.

Contents

Risk/Return Summary 1
What are the Fund's Fees and Expenses? 3
What are the Fund's Investment Strategies? 4
What are the Principal Securities in Which the Fund Invests? 4
What are the Specific Risks of Investing in the Fund? 5
What do Shares Cost? 5
How is the Fund Sold? 5
How to Purchase Shares 5
How to Redeem Shares 7
Account and Share Information 8
Who Manages the Fund? 8
Financial Information 10
Independent Auditors' Report 19

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

JANUARY 31, 2000

Risk/Return Summary

WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

The Fund is a money market fund that seeks to maintain a stable net asset value
of $1.00 per share. The Fund's investment objective is high current income
consistent with the stability of principal and liquidity. While there is no
assurance that the Fund will achieve its investment objective, it endeavors to
do so by following the strategies and policies described in this prospectus.

WHAT ARE THE FUND'S MAIN INVESTMENT STRATEGIES?

The Fund invests primarily in a portfolio of U.S. Treasury and government agency
securities that pay interest that is exempt from state personal income tax. The
Fund will have a dollar-weighted average portfolio maturity of 60 days or less;
portfolio securities will have a maturity of 397 days or less.

WHAT ARE THE MAIN RISKS OF INVESTING IN THE FUND?

All mutual funds take investment risks. Therefore, even though the Fund is a
money market fund that seeks to maintain a stable net asset value, it is
possible to lose money by investing in the Fund.

Risk/Return Bar Chart and Table

The graphic presentation displayed here consists of a bar chart representing the
annual total returns of Trust for Government Cash Reserves as of the calendar
year-end for each of ten years. The `y' axis reflects the "% Total Return"
beginning with "0%" and increasing in increments of 2% up to 10%. The `x' axis
represents calculation periods (for the last ten calendar years of the Fund
beginning with the earliest year) through the calendar year ended 1999. The
light gray shaded chart features ten distinct vertical bars, each shaded in
charcoal, and each visually representing by height the total return percentages
for the calendar year stated directly at its base. The calculated total return
percentage for the Fund for each calendar year is stated directly at the top of
each respective bar, for the calendar years 1990 through 1999. The percentages
noted are: 7.87%, 5.71%, 3.45%, 2.86%, 3.96%, 5.59%, 5.05%, 5.17%, 5.11% and
4.78% respectively.

Historically, the Fund has maintained a constant $1.00 net asset value per
share. The bar chart shows the variability of the Fund's total returns on a
calendar year-end basis.

The Fund's shares are sold without a sales charge (load). The total returns
displayed above are based upon net asset value.

Within the period shown in the Chart, the Fund's highest quarterly return was
1.94% (quarter ended June 30, 1990). Its lowest quarterly return was 0.70%
(quarter ended March 31, 1993).

Average Annual Total Return Table

The following table represents the Fund's Average Annual Total Returns for the
calendar periods ended December 31, 1999.

Calendar Period Investment Shares
1 Year 4.78%
5 Years 5.14%
10 Years 4.95%

The Fund's 7-Day Net Yield as of December 31, 1999 was 5.31%. You may call the
Fund at 1-800-341-7400 for the current 7-Day Net Yield.

The Bar Chart and Performance Table reflect historical performance data for
Trust for Government Cash Reserves before its reorganization as a portfolio of
Money Market Obligations Trust on April 26, 1999.

What are the Fund's Fees and Expenses?

TRUST FOR GOVERNMENT CASH RESERVES

FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy and hold
Shares of the Fund.

Shareholder Fees
Fees Paid Directly From Your Investment

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering
price) None
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price
or redemption proceeds, as applicable) None Maximum Sales Charge (Load) Imposed
on Reinvested Dividends (and other Distributions) (as a percentage of offering
None
price).
Redemption Fee (as a percentage of amount redeemed, if
applicable) None
Exchange
Fee
None

Annual Fund Operating Expenses (Before Waivers)/1/
Expenses That are Deducted From Fund Assets (as a percentage of average
net assets)
Management
Fee/2/
0.40%
Distribution (12b-1)
Fee None
Shareholder Services
Fee/3/ 0.25%
Other
Expenses
0.12%
Total Annual Fund Operating
Expenses 0.77%

1 Although not contractually obligated to do so, the adviser and shareholder
services provider waived certain amounts. These are
shown below along with the net expenses the Fund actually paid for the fiscal
year ended November 30, 1999.

Total Waiver of Fund
Expenses 0.31%
Total Actual Annual Fund Operating Expenses (after
waivers) 0.46%

2 The adviser has voluntarily waived a portion of the management fee. The
adviser can terminate this voluntary waiver at any time.
The management fee paid by the Fund (after the voluntary waiver) was 0.29% for
the fiscal year ended November30,1999.

3 The shareholder services provider has voluntarily waived a portion of the
shareholder services fee. The shareholder services provider can terminate
this voluntary waiver at any time. The shareholder services fee paid by the
Fund (after the voluntary waiver) was 0.05% for the fiscal year ended
November 30, 1999.

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund's
Shares with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund's Shares for the time
periods indicated and then redeem all of your Shares at the end of those
periods. The Example also assumes that your investment has a 5% return each year
and that the Fund's Shares operating expenses are before waivers as shown above
and remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:

1 Year 3 Years 5 Years 10 Years
$79 $246 $428 $954

What are the Fund's Investment Strategies?

The Fund invests primarily in a portfolio of U.S. Treasury and government agency
securities that pay interest that is exempt from state personal income tax.
Portfolio securities will have a maturity of 397 days or less. In an effort to
qualify for the highest rating for money market funds issued by a nationally
recognized statistical rating organization ("NRSRO"), the Fund will limit its
dollar-weighted average portfolio maturity to 60 days or less.

The Fund's investment adviser (Adviser) targets a dollar-weighted average
portfolio maturity range based upon its interest rate outlook. The Adviser
formulates its interest rate outlook by analyzing a variety of factors, such as:

. current U.S. economic activity and the economic outlook;
. current short-term interest rates;
. the Federal Reserve Board's policies regarding short-term interest rate, and
. the potential effects of foreign economic activity on U.S. short-term
interest rates.

The Adviser generally shortens the portfolio's dollar- weighted average maturity
when it expects interest rates to rise and extends the maturity when it expects
interest rates to fall. The Adviser selects securities used to shorten or extend
the portfolio's dollar- weighted average maturity by comparing the returns
currently offered by different investments to their historical and expected
returns.

What are the Principal Securities in Which the Fund Invests?

FIXED INCOME SECURITIES

Fixed income securities pay interest, dividends or distributions at a specified
rate. The rate may be a fixed percentage of the principal or adjusted
periodically. In addition, the issuer must repay the principal amount of the
security, normally within a specified time. The Fund may invest in the following
types of fixed income securities.

U.S. Treasury Securities

U.S. Treasury securities are direct obligations of the federal government of the
United States.

Agency Securities

Agency securities are issued or guaranteed by a federal agency or other
government sponsored entity acting under federal authority (a GSE). The United
States supports some GSEs with its full faith and credit. Other GSEs receive
support through federal subsidies, loans or other benefits. A few GSEs have no
explicit financial support, but are regarded as having implied support because
the federal government sponsors their activities.

What are the Specific Risks of Investing in the Fund?

INTEREST RATE RISK

Interest rate changes have a greater effect on the price of fixed income
securities with longer maturities. Money market funds try to minimize this risk
by purchasing short-term securities.

What do Shares Cost?

You can purchase or redeem Shares any day the New York Stock Exchange (NYSE) is
open. The Fund attempts to stablize the net asset value (NAV) of its shares at
$1.00 by valuing the portfolio securities using the amoritzed cost method. The
Fund cannot guarantee that its NAV will always remain at $1.00 per share. The
Fund does not charge a front- end sales charge. NAV is determined at 12:00 noon
and 1:00 p.m. (Eastern time) and as of the end of regular trading (normally 4:00
p.m. Eastern time) each day the NYSE is open.

The required minimum initial investment for Fund Shares is $25,000. There is
no required minimum subsequent investment amount.

How is the Fund Sold?

The Fund's distributor, Federated Securities Corp., markets the Shares described
in this prospectus to institutional investors, such as banks, fiduciaries,
custodians of public funds, corporations, unions, hospitals, insurance
companies, municipalities or to individuals, directly or through investment
professionals. The Distributor and its affiliates may pay out of their assets
amounts (including items of material value) to investment professionals for
marketing and servicing Shares. The Distributor is a subsidiary of Federated
Investors, Inc. (Federated).

How to Purchase Shares

You may purchase Shares through an investment professional or directly from the
Fund. The Fund reserves the right to reject any request to purchase Shares.

THROUGH AN INVESTMENT PROFESSIONAL

. Establish an account with the investment professional; and

. Submit your purchase order to the investment professional before 2:00 p.m.
(Eastern time). You will receive that day's dividend if the investment
professional forwards the order to the Fund and the Fund receives payment by
2:00 p.m. (Eastern time). You will become the owner of Shares and receive
dividends when the Fund receives your payment.

Investment professionals should send payments according to the instructions in
the sections "By Wire" or "By Check."

DIRECTLY FROM THE FUND

. Establish your account with the Fund by submitting a completed New Account
Form; and

. Send your payment to the Fund by Federal Reserve wire or check.

An institution may establish an account and place an order by calling the Fund
and will become a shareholder after the Fund receives the order.

By Wire Send your wire to:
State Street Bank and Trust Company
Boston, MA
Dollar Amount of Wire
ABA Number 011000028
Attention: EDGEWIRE
Wire Order Number, Dealer Number or
Group Number
Nominee/Institution Name
Fund Name and Number and Account Number

You cannot purchase Shares by wire on holidays when wire transfers are
restricted.

By Check

Make your check payable to The Federated Funds, note your account number on the
check, and mail it to:

Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600

If you send your check by a private courier or overnight delivery service that
requires a street address, mail it to:

Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA 02370-3317

BY AUTOMATIC INVESTMENTS

BY AUTOMATED CLEARINGHOUSE (ACH)

RETIREMENT INVESTMENTS

You may purchase Shares as retirement investments (such as qualified plans and
IRAs or transfer or rollover of assets). Call your investment professional or
the Fund for information on retirement investments. We suggest that you discuss
retirement investments with your tax adviser. You may be subject to an annual
IRA account fee.

How to Redeem Shares

You should redeem Shares:

. through an investment professional if you purchased Shares through an
investment professional; or

. directly from the Fund if you purchased Shares directly from the Fund.

THROUGH AN INVESTMENT PROFESSIONAL

DIRECTLY FROM THE FUND

By Telephone

You may redeem Shares by calling the Fund at 1-800-341-7400 once you have
completed the appropriate authorization form for telephone transactions.

If you call before 2:00 p.m. (Eastern time) your redemption will be wired to
you the same day. You will not receive that day's dividend.

If you call after 2:00 p.m. (Eastern time) your redemption will be wired to
you the following business day. You will receive that day's dividend.

By Mail

You may redeem Shares by mailing a written request to the Fund.

Your redemption request will be processed on the day the Fund receives your
written request in proper form. Dividends are paid up to and including the day
that a redemption request is processed.

Send requests by mail to:

Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600

Send requests by private courier or overnight delivery service to:

Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA 02370-3317

All requests must include:

. Fund Name and Share Class, account number and account registration;

. amount to be redeemed; and

. signatures of all Shareholders exactly as registered.

Call your investment professional or the Fund if you need special instructions.

Signature Guarantees

Signatures must be guaranteed if:

. your redemption will be sent to an address other than the address of record;

. your redemption will be sent to an address of record that was changed within
the last 30 days; or

. a redemption is payable to someone other than the shareholder(s) of record.

PAYMENT METHODS FOR REDEMPTIONS

. an electronic transfer to your account at a financial institution that is an
ACH member; or

. wire payment to your account at a domestic commercial bank that is a Federal
Reserve System member.

Redemption in Kind

Although the Fund intends to pay Share redemptions in cash, it reserves the
right to pay the redemption price in whole or in part by a distribution of the
Fund's portfolio securities.

LIMITATIONS ON REDEMPTION PROCEEDS

Redemption proceeds normally are wired or mailed within one business day after
receiving a request in proper form. Payment may be delayed up to seven days:

. to allow your purchase to clear;

. during periods of market volatility; or

. when a shareholder's trade activity or amount adversely impacts the Fund's
ability to manage its assets.

You will not accrue interest or dividends on uncashed checks from the Fund if
those checks are undeliverable and returned to the Fund.

REDEMPTIONS FROM RETIREMENT ACCOUNTS

In the absence of your specific instructions, 10% of the value of your
redemption from a retirement account in the Fund may be withheld for taxes. This
withholding only applies to certain types of retirement accounts.

ADDITIONAL CONDITIONS

Telephone Transactions

The Fund will record your telephone instructions. If the Fund does not follow
reasonable procedures, it may be liable for losses due to unauthorized or
fraudulent telephone instructions.

Share Certificates

The Fund no longer issues Share certificates. If you are redeeming Shares
represented by certificates previously issued by the Fund, you must return the
certificates with your written redemption or exchange request. For your
protection, send your certificates by registered or certified mail, but do not
endorse them.

Account and Share Information

ACCOUNT ACTIVITY

You will receive periodic statements reporting all account activity, including
dividends and capital gains paid.

DIVIDENDS AND CAPITAL GAINS

ACCOUNTS WITH LOW BALANCES

TAX INFORMATION

The Fund will limit its investments to those which, if owned directly, pay
interest exempt from state personal income tax. However, under the laws of some
states, the net investment income distributed by the Fund may be taxable to
shareholders.

Fund distributions are expected to be primarily dividends. Redemptions are
taxable sales. Please consult your tax adviser regarding your federal, state and
local tax liability.

Who Manages the Fund?

The Adviser and other subsidiaries of Federated advise approximately 175
mutual funds and separate accounts, which totaled approximately $111 billion in
assets as of December 31, 1999. Federated was established in 1955 and is one of
the largest mutual fund investment managers in the United States with
approximately 1,900 employees. More than 4,000 investment professionals make
Federated Funds available to their customers.

ADVISER FEES

The Adviser receives an annual investment advisory fee of 0.40% of the Fund's
average daily net assets. The Adviser may voluntarily waive a portion of its fee
or reimburse the Fund for certain operating expenses.

Financial Information

FINANCIAL HIGHLIGHTS

This information has been audited by Deloitte & Touche LLP, whose report,
along with the Fund's audited financial statements, is included in this
prospectus.

Financial Highlights

(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

Year Ended November 30 1999/1/ 1998 1997 1996 1995
Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $1.00 $ 1.00
Income from Investment Operations:
Net investment income 0.05 0.05 0.05 0.05 0.05
Less Distributions:
Distributions from net investment income (0.05) (0.05) (0.05) (0.05) (0.05)
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $1.00 $ 1.00
Total Return/2/ 4.73% 5.16% 5.15% 5.08% 5.60%

Ratios to Average Net Assets:
Expenses 0.46% 0.46% 0.46% 0.46% 0.45%
Net investment income 4.61% 5.06% 5.02% 4.99% 5.45%
Expense waiver/reimbursement/3/ 0.31% 0.31% 0.31% 0.32% 0.32%
Supplemental Data:
Net assets, end of period (000 omitted) $449,476 $535,007 $562,704 $599,550 $739,553
</TABLE>

1 For the year ended November 30, 1999, the Fund was audited by Deloitte &
Touche LLP. Each of the previous years were audited by
other auditors.

2 Based on net asset value, which does not reflect the sales charge or
contingent deferred sales charge, if applicable.

3 This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above. See Notes which are an integral part of
the Financial Statements

Portfolio of Investments

NOVEMBER 30, 1999

Principal
Value
Amount
GOVERNMENT AGENCIES-116.6%
$ 30,825,000 1 Federal Farm Credit System Discount Notes, 5.220% - 5.584%, 12/1/1999 -1/26/2000 $ 30,697,723
4,000,000 2 Federal Farm Credit System Floating Rate Notes, 5.230%, 12/1/1999 3,998,422
6,500,000 Federal Farm Credit System, 5.000% - 5.400%, 4/3/2000 - 7/3/2000 6,496,587
240,500,000 1 Federal Home Loan Bank System Discount Notes, 5.160% - 5.610%, 12/1/1999 - 3/29/2000 238,661,643
42,500,000 2 Federal Home Loan Bank System Floating Rate Notes, 5.228% - 5.705%, 12/1/1999- 42,486,363
12/21/1999
53,810,000 Federal Home Loan Bank System, 4.790% - 6.050%, 1/14/2000 - 10/25/2000 53,537,583
55,000,000 2 Student Loan Marketing Association Floating Rate Notes, 5.233% - 6.055%, 12/1/1999- 54,984,156
12/16/1999
21,300,000 Student Loan Marketing Association Master Notes, 5.755%, 12/7/1999 21,300,000
5,500,000 Student Loan Marketing Association, 4.930% - 6.045%, 2/8/2000 - 11/3/2000 5,499,182
66,500,000 1 Tennessee Valley Authority Discount Notes, 5.140% - 5.460%, 12/3/1999 - 1/21/2000 66,378,752
TOTAL GOVERNMENT AGENCIES 524,040,411

</TABLE>

TOTAL INVESTMENTS (AT AMORTIZED COST)/3/
$ 524,040,411

1 Rates note reflect the effective yield.

2 Denotes variable rate securities which show current rate and next demand date.

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets
($449,475,871) at November 30, 1999.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

NOVEMBER 30, 1999

Assets:
Total investments in securities, at amortized cost and value $ 524,040,411
Cash 20,330
Income receivable 1,151,748
Receivable for shares sold 6,110
TOTAL ASSETS 525,218,599
Liabilities:
Payable for investments purchased $ 74,244,046
Payable for shares redeemed 3,490
Income distribution payable 1,453,064
Accrued expenses 42,128
TOTAL LIABILITIES 75,742,728
Net Assets for 449,475,871 shares outstanding $ 449,475,871
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$449,475,871 / 449,475,871 shares outstanding $1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

YEAR ENDED NOVEMBER 30, 1999

Investment Income:
Interest $24,527,440
Expenses:
Investment adviser fee $ 1,934,025
Administrative personnel and services fee 364,564
Custodian fees 24,911
Transfer and dividend disbursing agent fees and expenses 14,658
Directors'/Trustees' fees 16,499
Auditing fees 13,000
Legal fees 12,779
Portfolio accounting fees 92,774
Shareholder services fee 1,208,766
Share registration costs 19,849
Printing and postage 15,499
Insurance premiums 2,525
Miscellaneous 10,501
TOTAL EXPENSES 3,730,350
Waivers:
Waiver of investment adviser fee $ (547,750)
Waiver of shareholder services fee (967,012)
TOTAL WAIVERS (1,514,762)
Net expenses 2,215,588
Net investment income $22,311,852
</TABLE>

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Year Ended November 30 1999 1998
Increase (Decrease) in Net Assets:
Operations:
Net investment income $ 22,311,852 $ 27,890,235
Distributions to Shareholders:
Distributions from net investment income (22,311,852) (27,890,235)
Share Transactions:
Proceeds from sale of shares 1,273,043,092 1,501,544,374
Net asset value of shares issued to shareholders in payment of 3,204,808 3,374,747
distributionsdeclared
Cost of shares redeemed (1,361,778,545) (1,532,616,817)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS (85,530,645) (27,697,696)
Change in net assets (85,530,645) (27,697,696)
Net Assets:
Beginning of period 535,006,516 562,704,212
End of period $ 449,475,871 $535,006,516

See Notes which are an integral part of the Financial Statements

</TABLE>

Notes to Financial Statements

NOVEMBER 30, 1999

ORGANIZATION

Trust for Government Cash Reserves (the "Fund") 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 Fund became a
portfolio of the Money Market Obligations Trust (the "Trust"). Effective
February 1, 2000, the Trust will consist of forty portfolios. The financial
statements included herein are only those of the Fund. 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
the shares are held. The investment objective of the Fund is high current income
consistent with stability of principal and liquidity.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuations

The Fund uses the amortized cost method to value its portfolio securities in
accordance with Rule 2a-7 under the Act.

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. Non cash dividends included in dividend income, if any, are recorded at
fair value.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis.

SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Board of Trustees (the "Trustees") to
issue an unlimited number of full and fractional shares of beneficial interest
(without par value). Transactions in shares were as follows:

Year Ended November 30 1999 1998
Shares sold 1,273,043,092 1,501,544,374
Shares issued to shareholders in payment of distributions declared 3,204,808 3,374,747
Shares redeemed (1,361,778,545) (1,532,616,817)
NET CHANGE RESULTING FROM SHARE TRANSACTIONS (85,530,645) (27,697,696)
</TABLE>

INVESTMENT ADVISER AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, the Fund's investment adviser (the
"Adviser"), receives for its services an annual investment adviser fee equal to
0.40% of the Fund's average daily net assets. 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

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 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

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 Trustees of the Trust are Officers and Directors or
Trustees of the above companies.

Change of Independent Auditors (unaudited)

On May 19, 1999, the Fund's Trustees, upon the recommendation of its Audit
Committee, requested and subsequently accepted the resignation of Arthur
Andersen LLP ("AA") as the Fund's independent auditors. AA's reports on the
Fund's financial statements for the fiscal years ended November 30, 1997 and
November 30, 1998, contained no adverse opinion or disclaimer of opinion nor
were they qualified or modified as to uncertainty, audit, scope or accounting
principles. During the Fund's fiscal years ended November 30, 1997 and November
30, 1998 there were no disagreements with AA on any matter of accounting
principles or practices, financial statement disclosure or auditing scope or
procedure, which disagreements, if not resolved to the satisfaction of AA, would
have caused it to make reference to the subject matter of the disagreements in
connection with its reports on the financial statements for such years; and
there were no reportable events of the kind described in items 304(1)(v) of
Regulation S-K under the Securities Exchange Act of 1934, as amended.

The Fund, by action of its Trustees, upon the recommendation of the Audit
Committee, has engaged Deloitte & Touche, LLP ("D&T") as the independent
auditors to audit the Fund's financial statements for the fiscal year November
30, 1999. During the Fund's fiscal years ended November 30, 1997 and November
30, 1998, neither the Fund nor anyone on its behalf had consulted D&T on items
which concerned the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the Fund's financial statements, or concerned the subject
of a disagreement (as defined in paragraph (a)(1)(iv) if item 304 of Regulation
S-K) of reportable events (as described in paragraph (a)(1)(v) of said item
304).

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 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 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 the Fund as of
November 30, 1999, the results of its operations, the changes in its net assets
and financial highlights for the respective stated periods in conformity with
generally accepted accounting principles.

Deloitte & Touche LLP
Boston, Massachusetts
January 14, 2000

NOTES

PROSPECTUS

[LOGO OF FEDERATED]

Trust for
Government
Cash Reserves

A Portfolio of Money Market
Obligations Trust

JANUARY 31, 2000

A Statement of Additional Information (SAI) dated January 31, 2000, is
incorporated by reference into this prospectus. Additional information about the
Fund and its investments is contained in the Fund's SAI and Semi-Annual Report
to shareholders as it becomes available. To obtain the SAI, Semi- Annual Report
and other information without charge, and make inquiries, call your investment
professional or the Fund at 1-800-341-7400.

You can obtain information about the Fund (including the SAI) by writing to or
visiting the Public Reference Room in Washington, D.C. You may also access fund
information from the EDGAR Database on the SEC's Internet site at
http://www.sec.gov. You can purchase copies of this information by contacting
the SEC by email at [email protected] or by writing to the SEC's Public
Reference Section, Washington, D.C. 20549-0102. Call 1-202-942-8090 for
information on the Public Reference Room's operations and copying fees.

[LOGO AND ADDRESS OF FEDERATED]

Investment Company Act File No. 811-5950
Cusip 60934N773

9022103A (1/00)

Federated is a registered mark
of Federated Investors, Inc.
2000 (c) Federated Investors, Inc.

PROSPECTUS

Trust for Short-Term
U.S. Government Securities

A Portfolio of Money Market Obligations Trust

CONTENTS

Risk/Return Summary 1
What are the Fund's Fees and Expenses? 3
What are the Fund's Investment Strategies? 4
What are the Principal Securities in Which the Fund Invests? 4
What are the Specific Risks of Investing in the Fund? 5
What do Shares Cost? 5
How is the Fund Sold? 6
How to Purchase Shares 6
How to Redeem Shares 7
Account and Share Information 8
Who Manages the Fund? 9
Financial Information 10
Independent Auditors' Report 19

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

JANUARY 31, 2000

Risk/Return Summary

WHAT IS THE FUND'S INVESTMENT OBJECTIVE?

The Fund is a money market fund that seeks to maintain a stable net asset value
of $1.00 per share. The Fund's investment objective is high current income
consistent with stability of principal and liquidity. While there is no
assurance that the Fund will achieve its investment objective, it endeavors to
do so by following the strategies and policies described in this prospectus.

WHAT ARE THE FUND'S MAIN INVESTMENT STRATEGIES?

The Fund invests primarily in a portfolio of U.S. Treasury and government agency
securities maturing in 397 days or less. These investments include repurchase
agreements collateralized fully by U.S. Treasury and government agency
securities. The dollar-weighted average maturity of the Fund's portfolio will be
90 days or less.

WHAT ARE THE MAIN RISKS OF INVESTING IN THE FUND?

All mutual funds take investment risks. Therefore, even though the Fund is a
money market fund that seeks to maintain a stable net asset value, it is
possible to lose money by investing in the Fund.

Risk/Return Bar Chart and Table

The graphic presentation displayed here consists of a bar chart representing the
annual total returns of Trust for Short-Term U.S. Government Securities as of
the calendar year-end for each of ten years. The `y' axis reflects the "% Total
Return" beginning with "0%" and increasing in increments of 3% up to 9%. The `x'
axis represents calculation periods (for the last ten calendar years of the Fund
beginning with the earliest year) through the calendar year ended 1999. The
light gray shaded chart features ten distinct vertical bars, each shaded in
charcoal, and each visually representing by height the total return percentages
for the calendar year stated directly at its base. The calculated total return
percentage for the Fund for each calendar year is stated directly at the top of
each respective bar, for the calendar years 1990 through 1999. The percentages
noted are: 8.00%, 5.86%, 3.58%, 2.86%, 3.91%, 5.64%, 5.06%, 5.22%, 5.15% and
4.80% respectively.

Historically, the Fund has maintained a constant $1.00 net asset value per
share. The bar chart shows the variability of the Fund's total returns on a
calendar year-end basis.

The Fund's shares are sold without a sales charge (load). The total returns
displayed above are based upon net asset value.

Within the period shown in the Chart, the Fund's highest quarterly return was
1.97% (quarter ended September 30, 1990). Its lowest quarterly return was 0.70%
(quarter ended June 30, 1993).

Average Annual Total Return Table

The following table represents the Fund's Average Annual Total Returns for the
calendar periods ended December 31, 1999.

Calendar Period Fund
1 Year 4.80%
5 Years 5.17%
10 Years 5.00%

The Fund's 7-Day Net Yield as of December 31, 1999 was 5.08%. You may call the
Fund at 1-800-341-7400 for the current 7-Day Net Yield.

The Bar Chart and Performance Table reflect historical performance data for
Trust for Short-Term U.S. Government Securities before its reorganization as a
portfolio of Money Market Obligations Trust on April 26, 1999.

What are the Fund's Fees and Expenses?

TRUST FOR SHORT-TERM U.S. GOVERNMENT SECURITIES

FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy and hold
Shares of the Fund.

Shareholder Fees
Fees Paid Directly From Your Investment
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering
price) None
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price
or redemption proceeds, as applicable) None Maximum Sales Charge (Load) Imposed
on Reinvested Dividends (and other Distributions) (as a percentage of offering
price) None
Redemption Fee (as a percentage of amount redeemed, if
applicable) None
Exchange
Fee
None

1 Pursuant to the investment advisory contract, the adviser waived a portion of
the management fee. The management fee paid by the Fund (after the contractual
waiver) was 0.29% for the fiscal year ended November 30, 1999. Shareholders
must approve any change to the contractual waiver.
2 The shareholder services fee has been reduced. The shareholder services fee
paid by the Fund (after the reduction) was 0.05% for the fiscal year ended
November 30, 1999.

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund's
Shares with the cost of investing in other mutual funds.

1 Year $ 46
3 Years $ 144
5 Years $ 252
10 Years $ 567

What are the Fund's Investment Strategies?

The Fund invests at least 65% of its total assets in a portfolio of U.S.
Treasury and government agency securities maturing in 397 days or less. These
investments include repurchase agreements collateralized fully by U.S. Treasury
and government agency securities. The dollar-weighted average maturity of the
Fund's portfolio will be 90 days or less.

. current U.S. economic activity and the economic outlook;
. current short-term interest rates;
. the Federal Reserve Board's policies regarding short-term interest
rates; and
. the potential effects of foreign economic activity on U.S. short-term
interest rates.

The Adviser generally shortens the portfolio's dollar-weighted average maturity
when it expects interest rates to rise and extends the maturity when it expects
interest rates to fall. The Adviser selects securities used to shorten or extend
the portfolio's dollar-weighted average maturity by comparing the returns
currently offered by different investments to their historical and expected
returns.

What are the Principal Securities in Which the Fund Invests?

Fixed Income Securities

U.S. Treasury Securities

U.S. Treasury securities are direct obligations of the federal government of the
United States.

Agency Securities

REPURCHASE AGREEMENTS

Repurchase agreements are transactions in which the Fund buys a security from a
dealer or bank and agrees to sell the security back at a mutually agreed upon
time and price. The repurchase price exceeds the sale price, reflecting the
Fund's return on the transaction. This return is unrelated to the interest rate
on the underlying security. The Fund will enter into repurchase agreements only
with banks and other recognized financial institutions, such as securities
dealers, deemed creditworthy by the Adviser. Repurchase agreements are subject
to credit risks.

What are the Specific Risks of Investing in the Fund?

INTEREST RATE RISKS

Interest rate changes have a greater effect on the price of fixed income
securities with longer maturities. Money market funds try to minimize this risk
by purchasing short-term securities.

Credit Risks

Credit risk includes the possibility that a party to a transaction involving the
Fund will fail to meet its obligations. This could cause the Fund to lose the
benefit of the transaction or prevent the Fund from selling or buying other
securities to implement its investment strategy.

What do Shares Cost?

The required minimum initial investment for Fund Shares is $25,000. There is
no required minimum subsequent investment amount.

How is the Fund Sold?

How to Purchase Shares

You may purchase Shares through an investment professional or directly from the
Fund. The Fund reserves the right to reject any request to purchase Shares.

THROUGH AN INVESTMENT PROFESSIONAL

. Establish an account with the investment professional; and

Investment professionals should send payments according to the instructions in
the sections "By Wire" or "By Check."

DIRECTLY FROM THE FUND

. Establish your account with the Fund by submitting a completed New Account
Form; and

. Send your payment to the Fund by Federal Reserve wire or check.

An institution may establish an account and place an order by calling the Fund
and will become a shareholder after the Fund receives the order.

By Wire

Send your wire to:

State Street Bank and Trust Company
Boston, MA
Dollar Amount of Wire
ABA Number 011000028
Attention: EDGEWIRE

Wire Order Number, Dealer Number or Group Number

Nominee/Institution Name
Fund Name and Number and Account Number

You cannot purchase Shares by wire on holidays when wire transfers are
restricted.

By Check

Make your check payable to The Federated Funds, note your account number on the
check, and mail it to:

Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600

If you send your check by a private courier or overnight delivery service that
requires a street address, mail it to:

Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA 02370-3317

Payment should be made in U.S. dollars and drawn on a U.S. bank. The Fund will
not accept third-party checks (checks originally payable to someone other than
you or The Federated Funds). Orders by mail are considered received when payment
by check is converted into federal funds (normally the business day after the
check is received) and Shares begin earning dividends the next day.

BY AUTOMATIC INVESTMENTS

BY AUTOMATED CLEARINGHOUSE (ACH)

How to Redeem Shares

You should redeem Shares:
. through an investment professional if you purchased Shares
through an investment professional; or

. directly from the Fund if you purchased Shares directly from the Fund.

THROUGH AN INVESTMENT PROFESSIONAL

DIRECTLY FROM THE FUND

By Telephone

You may redeem Shares by calling the Fund at 1-800-341-7400 once you have
completed the appropriate authorization form for telephone transactions.

If you call before 3:00 p.m. (Eastern time) your redemption will be wired to
you the same day. You will not receive that day's dividend.

If you call after 3:00 p.m. (Eastern time) your redemption will be wired to
you the following business day. You will receive that day's dividend.

By Mail

You may redeem Shares by mailing a written request to the Fund.

Your redemption request will be processed on the day the Fund receives your
written request in proper form. Dividends are paid up to and including the day
that a redemption request is processed.

Send requests by mail to:
Federated Shareholder Services Company
P.O. Box 8600
Boston, MA 02266-8600

Send requests by private courier or overnight delivery service to:
Federated Shareholder Services Company
1099 Hingham Street
Rockland, MA 02370-3317

All requests must include:

. Fund Name and Share Class, account number and account registration;

. amount to be redeemed; and

. signatures of all Shareholders exactly as registered

Call your investment professional or the Fund if you need special instructions.

Signature Guarantees

Signatures must be guaranteed if:

. your redemption will be sent to an address other than the address of record;

. your redemption will be sent to an address of record that was changed within
the last 30 days; or

. a redemption is payable to someone other than the shareholder(s) of record.

PAYMENT METHODS FOR REDEMPTIONS

. an electronic transfer to your account at a financial institution that is an
ACH member; or

. wire payment to your account at a domestic commercial bank that is a Federal
Reserve System member.

Redemption in Kind

Although the Fund intends to pay Share redemptions in cash, it reserves the
right to pay the redemption price in whole or in part by a distribution of the
Fund's portfolio securities.

LIMITATIONS ON REDEMPTION PROCEEDS

Redemption proceeds normally are wired or mailed within one business day after
receiving a request in proper form. Payment may be delayed up to seven days:

. to allow your purchase to clear;

. during periods of market volatility; or

. when a shareholder's trade activity or amount adversely impacts the Fund's
ability to manage its assets. You will not accrue interest or dividends on
uncashed checks from the Fund if those checks are undeliverable and returned
to the Fund.

ADDITIONAL CONDITIONS

Telephone Transactions

The Fund will record your telephone instructions. If the Fund does not follow
reasonable procedures, it may be liable for losses due to unauthorized or
fraudulent telephone instructions.

Share Certificates

Account and Share Information

ACCOUNT ACTIVITY

You will receive periodic statements reporting all account activity, including
dividends and capital gains paid.

DIVIDENDS AND CAPITAL GAINS

ACCOUNTS WITH LOW BALANCES

TAX INFORMATION

Fund distributions are expected to be primarily dividends. Redemptions are
taxable sales. Please consult your tax adviser regarding your federal, state and
local tax liability.

Who Manages the Fund?

ADVISER FEES

The Adviser receives an annual investment advisory fee of 0.40% of the Fund's
average daily net assets. Under the investment advisory contract, which is
subject to annual renewal by the Fund's Board of Trustees, the Adviser will
waive the amount, limited to the amount of the advisory fee, by which the Fund's
aggregate annual operating expenses, including the investment advisory fee, but
excluding interest, taxes, brokerage commissions, expenses of registering or
qualifying the Fund and its shares under federal and state laws and regulations,
expenses of withholding taxes, and extraordinary expenses exceed 0.45% of its
average daily net assets.

Financial Information

FINANCIAL HIGHLIGHTS

This information has been audited by Deloitte & Touche LLP, whose report,
along with the Fund's audited financial statements, is included in this
prospectus.

Financial Highlights

(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

Year Ended November 30 1999 1998 1997 1996 1995
Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $1.00 $ 1.00
Income From Investment Operation:
Net investment income 0.05 0.05 0.05 0.05 0.06
Less Distributions:
Distributions from net investment income (0.05) (0.05) (0.05) (0.05) (0.06)
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $1.00 $ 1.00
Total Return/1/ 4.75% 5.20% 5.20% 5.09% 5.63%

Ratios to Average Net Assets:
Expenses 0.45% 0.45% 0.45% 0.45% 0.45%
Net investment income 4.65% 5.09% 5.07% 4.98% 5.47%
Supplemental Data:
Net assets, end of period (000 omitted) $583,103 $597,685 $675,988 $844,108 $952,757
</TABLE>

1 Based on net asset value, which does not reflect the sales charge or
contingent deferred sales charge, if applicable.

See Notes which are an integral part of the Financial Statements

Portfolio of Investments

NOVEMBER 30, 1999

Principal
Amount
Value
GOVERNMENT AGENCIES - 64.6%

$ 4,000,000 Federal Farm Credit System, 5.400%,
7/3/2000 $ 3,996,448
55,000,000 1 Federal Home Loan Bank System Discount Notes, 5.490% - 5.615%, 1/21/2000 -3/1/2000 54,387,566
23,000,000 2 Federal Home Loan Bank System Floating Rate Notes, 5.215% - 5.303%, 12/15/1999- 22,990,905
2/12/2000
34,500,000 Federal Home Loan Bank System, 4.790% - 6.125%, 1/14/2000 -10/27/2000 34,491,200
59,626,000 1 Federal Home Loan Mortgage Corp. Discount Notes, 5.110% - 5.590%, 1/10/2000- 58,907,420
8/4/2000
20,000,000 2 Federal Home Loan Mortgage Corp. Floating Rate Notes, 5.278% - 5.423%, 12/17/1999- 19,994,106
12/22/1999
82,500,000 1 Federal National Mortgage Association Discount Notes, 4.610% - 5.632%, 1/18/2000- 81,474,251
6/22/2000
34,000,000 2 Federal National Mortgage Association Floating Rate Notes, 5.240% -5.939%, 33,984,004
12/15/1999 - 2/12/2000
16,000,000 Federal National Mortgage Association, 4.820% - 5.180%, 1/28/2000 -5/5/2000 15,995,691
48,500,000 2 Student Loan Marketing Association Floating Rate Notes, 5.720% - 6.055%, 12/7/1999- 48,483,872
12/16/1999 2,000,000 Student Loan Marketing Association, 6.045%, 11/3/2000 1,998,910
TOTAL GOVERNMENT AGENCIES 376,704,373

REPURCHASE AGREEMENTS41.4%3
20,000,000 Bank of America, 5.780%, dated 11/30/1999, due 12/1/1999 20,000,000
20,000,000 Bear, Stearns and Co., 5.740%, dated 11/30/1999, due 12/1/1999 20,000,000
4,500,000 Deutsche Bank Financial, Inc., 5.680%, dated 11/30/1999, due 12/1/1999 4,500,000
10,000,000 4 Goldman Sachs Group, LP, 5.650%, dated 9/20/1999, due 1/19/2000 10,000,000
19,000,000 4 Goldman Sachs Group, LP, 5.650%, dated 9/22/1999, due 1/21/2000 19,000,000
13,000,000 4 Morgan Stanley Group, Inc., 5.590%, dated 11/17/1999, due 1/18/2000 13,000,000
120,000,000 PaineWebber Group, Inc., 5.740%, dated 11/30/1999, due 12/1/1999 120,000,000
20,000,000 Paribas Corp., 5.780%, dated 11/30/1999, due 12/1/1999 20,000,000
15,000,000 Toronto Dominion Securities (USA), Inc., 5.780%, dated 11/30/1999, due 12/1/1999 15,000,000
TOTAL REPURCHASE AGREEMENTS 241,500,000
TOTAL INVESTMENTS (AT AMORTIZED COST)5 $ 618,204,373
</TABLE>

1 Rates noted reflect the effective yield.

2 Denotes variable rate securities which show current rate and next demand
date.

3 The repurchase agreements are fully collateralized by U.S. government and/or
agency obligations based on market prices at the date of the portfolio. The
investments in the repurchase agreements are through participation in a joint
account with other Federated funds.

4 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 if the creditworthiness of the issuer is
downgraded.

5 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of net assets
($583,102,602) at November 30, 1999.

The following acronym is used throughout this portfolio:

LP-Limited Partnership

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

NOVEMBER 30, 1999

Assets:
Investments in repurchase agreements $ 241,500,000
Investments in securities 376,704,373
Total investments in securities, at amortized cost and value 618,204,373
Cash 94,605
Income receivable 1,582,335
Receivable for shares sold 456,692
TOTAL ASSETS 620,338,005
Liabilities:
Payable for investments purchased $ 34,745,533
Income distribution payable 2,440,853
Accrued expenses 49,017
TOTAL LIABILITIES 37,235,403
Net Assets for 583,102,602 shares outstanding $ 583,102,602
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$583,102,602 / 583,102,602 shares outstanding $1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

YEAR ENDED NOVEMBER 30, 1999

Investment Income:
Interest $ 30,017,888
Expenses:
Investment adviser fee $ 2,353,621
Administrative personnel and services fee 443,658
Custodian fees 41,453
Directors'/Trustees' fees 16,241
Auditing fees 14,881
Legal fees 10,073
Portfolio accounting fees 98,896
Shareholder services fee 1,471,013
Share registration costs 22,705
Printing and postage 20,804
Insurance premiums 2,633
Miscellaneous 3,127
TOTAL EXPENSES 4,499,105
Waivers:
Waiver of investment adviser fee $ (665,987)
Waiver of shareholder services fee (1,176,811)
TOTAL WAIVERS (1,842,798)
Net expenses 2,656,307
Net investment income $ 27,361,581

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Year Ended November 30 1999 1998
Increase (Decrease) in Net Assets
Operations:
Net investment income $ 27,361,581 $ 33,320,259
Distributions to Shareholders:
Distributions from net investment income (27,361,581) (33,320,259)
Share Transactions:
Proceeds from sale of shares 1,855,387,107 2,254,528,698
Net asset value of shares issued to shareholders in payment of 4,880,070 4,826,995
distributions declared
Cost of shares redeemed (1,874,849,394) (2,337,658,641)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS (14,582,217) (78,302,948)
Change in net assets (14,582,217) (78,302,948)
Net Assets:
Beginning of period 597,684,819 675,987,767
End of period $ 583,102,602 $ 597,684,819
</TABLE>

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

NOVEMBER 30, 1999

ORGANIZATION

Trust For Short-Term U.S. Government Securities (the "Fund") 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 Fund became a
portfolio of Money Market Obligations Trust (the "Trust"). Effective February 1,
2000, the Trust will consist of forty portfolios. The financial statements
included herein are only those of the Fund. 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 the
shares are held. The investment objective of the Fund is high current income
consistent with stability of principal and liquidity.

SIGNIFICANT ACCOUNTING POLICIES

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

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 Trustees (the "Trustees").
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.

The Fund, along with the other affiliated investment companies, may utilize a
joint trading account for the purpose of entering into one or more repurchase
agreements.

Investment Income, Expenses, and Distributions

Federal Taxes

When-Issued and Delayed Delivery Transactions

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis.

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).
Transactions in shares were as follows:

Year Ended November 30
1999 1998
Shares sold
1,855,387,107 2,254,528,698
Shares issued to shareholders in payment of distributions declared
4,880,070 4,826,995
Shares redeemed
(1,874,849,394) (2,337,658,641)
NET CHANGE RESULTING FROM SHARE TRANSACTIONS
(14,582,217) (78,302,948)

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, the Fund's investment adviser (the
"Adviser"), receives for its services an annual investment Adviser fee equal to
0.40% of the Fund's average daily net assets. The Adviser will waive, to the
extent of its advisory fee, the amount, if any, by which the Fund's aggregate
annual operating expenses exceed 0.45% of average daily net assets of the Fund.

Administrative Fee

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 is to obtain 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

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 Trustees of the Trust are Officers and Directors or
Trustees of the above companies.

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.

Deloitte & Touche LLP

Boston, Massachusetts
January 14, 2000

NOTES

PROSPECTUS

A Statement of Additional Information (SAI) dated January 31, 2000, is
incorporated by reference into this prospectus. Additional information about the
Fund and its investments is contained in the Fund's SAI and Semi-Annual Report
to shareholders as it becomes available. To obtain the SAI, Semi- Annual Report
and other information without charge, and make inquiries, call your investment
professional or the Fund at 1-800-341-7400.

[LOGO OF FEDERATED AND ADDRESS]

Investment Company Act File No. 811-5950
Cusip 60934N781

8010415A (1/00)

[LOGO OF FEDERATED AND ADDRESS]

TRUST FOR
SHORT-TERM
U.S. GOVERNMENT
SECURITIES

A Portfolio of Money Market
Obligations Trust

JANUARY 31, 2000