MONEY MARKET OBLIGATIONS TRUST ANNUAL

N-CSR 1 mmotform.htm MONEY MARKET OBLIGATIONS TRUST ANNUAL





                                  United States
                       Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form N-CSR
   Certified Shareholder Report of Registered Management Investment Companies




                                    811-5950

                      (Investment Company Act File Number)


                         Money Market Obligations Trust
              _______________________________________________________________

               (Exact Name of Registrant as Specified in Charter)


                            Federated Investors Funds
                              5800 Corporate Drive
                       Pittsburgh, Pennsylvania 15237-7000


                                 (412) 288-1900
                         (Registrant's Telephone Number)


                           John W. McGonigle, Esquire
                            Federated Investors Tower
                               1001 Liberty Avenue
                       Pittsburgh, Pennsylvania 15222-3779
                     (Name and Address of Agent for Service)
                (Notices should be sent to the Agent for Service)



                        Date of Fiscal Year End: 4/30/03


               Date of Reporting Period: Fiscal year ended 4/30/03









Item 1. Reports to Stockholders

Federated Investors
World-Class Investment Manager

Automated Government Cash Reserves

A Portfolio of Money Market Obligations Trust

ANNUAL SHAREHOLDER REPORT

April 30, 2003

FINANCIAL HIGHLIGHTS

FINANCIAL STATEMENTS
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
BOARD OF TRUSTEES AND TRUST OFFICERS

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Financial Highlights

(For a Share Outstanding Throughout Each Period)

Year Ended April 30	2003		2002		2001		2000		1999
Net Asset Value, Beginning of Period	$1.00		$1.00		$1.00		$1.00		$1.00
Income From Investment Operations:
Net investment income	0.01		0.02		0.06		0.05		0.05
Net realized and unrealized gain (loss) on investments	--		0.00	¹	--		--		--

TOTAL FROM INVESTMENT OPERATIONS	0.01		0.02		0.06		0.05		0.05

Less Distributions:
Distributions from net investment income	(0.01	)	(0.02	)	(0.06	)	(0.05	)	(0.05	)
Distributions from net realized gain on investments	--		(0.00	)¹	--		--		--

TOTAL DISTRIBUTIONS	(0.01	)	(0.02	)	(0.06	)	(0.05	)	(0.05	)

Net Asset Value, End of Period	$1.00		$1.00		$1.00		$1.00		$1.00

Total Return²	1.05	%	2.43	%	5.79	%	4.96	%	4.75	%


Ratios to Average Net Assets:

Expenses	0.59	%	0.59	%	0.59	%	0.59	%	0.59	%

Net investment income	1.03	%	2.31	%	5.66	%	4.85	%	4.65	%

Expense waiver/reimbursement³	0.27	%	0.27	%	0.27	%	0.27	%	0.27	%

Supplemental Data:

Net assets, end of period (000 omitted)	$908,578		$849,131		$695,996		$714,508		$773,910

1 Represents less than $0.01.

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 the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Portfolio of Investments

April 30, 2003

Principal Amount				Value
			GOVERNMENT AGENCIES--99.9%
$	166,000,000	¹	Federal Farm Credit System Discount Notes, 1.120% - 1.300%, 5/1/2003 - 7/21/2003	$	165,748,184
	106,000,000	²	Federal Farm Credit System Floating Rate Notes, 1.173% - 1.270%, 5/1/2003 - 5/27/2003		105,972,137
	230,033,000	¹	Federal Home Loan Bank System Discount Notes, 1.160% - 1.350%, 5/2/2003 - 10/22/2003		229,479,289
	94,000,000	²	Federal Home Loan Bank System Floating Rate Notes, 1.089% - 1.350%, 5/2/2003 - 7/7/2003		93,975,539
	32,000,000		Federal Home Loan Bank System Notes, 1.200% - 4.875%, 5/1/2003 - 4/16/2004		32,235,782
	50,000,000	¹	Student Loan Marketing Association Discount Notes, 1.160% - 1.800%, 5/7/2003 - 10/14/2003		49,852,086
	29,000,000	²	Student Loan Marketing Association Floating Rate Notes, 1.150% - 1.191%, 5/6/2003 - 7/25/2003		28,997,264
	8,000,000	²	Student Loan Marketing Association Floating Rate Master Notes, 1.141%, 5/6/2003		8,000,000
	5,000,000		Student Loan Marketing Association Note, 2.600%, 5/27/2003		5,000,180
	189,000,000	¹	Tennessee Valley Authority Discount Notes, 1.140% - 1.180%, 5/5/2003 - 6/25/2003		188,799,834
			TOTAL INVESTMENTS--99.9% (AT AMORTIZED COST)³	$	908,060,295
			OTHER ASSETS AND LIABILITIES -- NET--0.1%		517,837
			TOTAL NET ASSETS--100%	$	908,578,132

1 Discount rate at time of purchase.

2 Floating rate note with current rate and next reset date shown.

3 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2003.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2003

Assets:
Total investments in securities, at amortized cost and value			$	908,060,295
Cash				680,903
Income receivable				405,749
Receivable for shares sold				74,014

TOTAL ASSETS				909,220,961

Liabilities:
Payable for shares redeemed	$	10,641
Income distribution payable		421,386
Accrued expenses		210,802

TOTAL LIABILITIES				642,829

Net assets for 908,579,471 shares outstanding			$	908,578,132

Net Assets Consist of:
Paid in capital			$	908,579,471
Distributions in excess of net investment income				(1,339	)

TOTAL NET ASSETS			$	908,578,132

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$908,578,132 ÷ 908,579,471 shares outstanding				$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Year Ended April 30, 2003

Investment Income:
Interest							$	15,236,469

Expenses:
Investment adviser fee				$	4,680,189
Administrative personnel and services fee					703,900
Custodian fees					42,071
Transfer and dividend disbursing agent fees and expenses					82,711
Directors'/Trustees' fees					5,892
Auditing fees					11,011
Legal fees					5,713
Portfolio accounting fees					120,184
Shareholder services fee					2,340,095
Share registration costs					32,402
Printing and postage					11,765
Insurance premiums					2,498
Miscellaneous					15,853

TOTAL EXPENSES					8,054,284

Waivers:
Waiver of investment adviser fee	$	(2,449,733	)
Waiver of transfer and dividend disbursing agent fees and expenses		(36,062	)

TOTAL WAIVERS					(2,485,795	)

Net expenses								5,568,489

Net investment income							$	9,667,980

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Year Ended April 30		2003			2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	9,667,980		$	18,558,155
Net realized gain on investments		--			276,477

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		9,667,980			18,834,632

Distributions to Shareholders:
Distributions from net investment income		(9,669,319	)		(18,558,155	)
Distributions from net realized gain on investments		--			(276,477	)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(9,669,319	)		(18,834,632	)

Share Transactions:
Proceeds from sale of shares		2,077,013,468			1,938,862,794
Proceeds from shares issued in connection with the tax-free transfer of assets from First Merit Government Money Market Fund		222,054,018			--
Net asset value of shares issued to shareholders in payment of distributions declared		1,695,083			2,718,971
Cost of shares redeemed		(2,241,314,400	)		(1,788,446,040	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		59,448,169			153,135,725

Change in net assets		59,446,830			153,135,725

Net Assets:
Beginning of period		849,131,302			695,995,577

End of period (including distributions in excess of net investment income of $(1,339) and $0, respectively)	$	908,578,132		$	849,131,302

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

April 30, 2003

ORGANIZATION

Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of 41 portfolios. The financial statements included herein are only those of Automated Government Cash Reserves (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 and liquidity.

On August 16, 2002, the Fund received a tax-free transfer of assets from the First Merit Government Money Market Fund as follows:

Shares of the Fund Issued	Net Assets of the Fund Prior to Combination	First Merit Government Money Market Fund Net Assets Received	Net Assets of the Fund Immediately After Combination
222,054,018	$872,093,850	$222,054,018	$1,094,147,868

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 ("GAAP").

Investment Valuation

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. Distributions to shareholders are recorded on the ex-dividend date.

Premium and Discount Amortization

All premiums and discounts are amortized/accreted.

Federal Taxes

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal tax is necessary.

When-Issued and Delayed Delivery Transactions

The Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Use of Estimates

The preparation of financial statements in conformity with GAAP 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 Board of Trustees (the "Trustees") to issue an unlimited number of full and fractional shares of beneficial interest (without par value). At April 30, 2003, capital paid-in aggregated $908,579,471.

Transactions in shares were as follows:

Year Ended April 30	2003		2002
Shares sold	2,077,013,468		1,938,862,794
Shares issued in connection with the tax--free transfer of assets from First Merit Government Money Market Fund	222,054,018		--
Shares issued to shareholders in payment of distributions declared	1,695,083		2,718,971
Shares redeemed	(2,241,314,400	)	(1,788,446,040	)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	59,448,169		153,135,725

FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended April 30, 2003 and 2002 was as follows:

	2003	2002
Ordinary income¹	$9,669,319	$18,834,632

1 For tax purposes, short-term capital gain distributions are considered ordinary income.

As of April 30, 2003, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income		$420,047

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 0.50% 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

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 0.150% 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 each additional class.

Shareholder Services Fee

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. 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.

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.

Report of Ernst & Young LLP, Independent Auditors

TO THE BOARD OF TRUSTEES OF MONEY MARKET OBLIGATIONS TRUST AND SHAREHOLDERS OF AUTOMATED GOVERNMENT CASH RESERVES:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Automated Government Cash Reserves, one of the portfolios constituting Money Market Obligations Trust (the "Trust"), as of April 30, 2003, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust'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 auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain 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 securities owned as of April 30, 2003, by correspondence with the custodian. 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 that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Automated Government Cash Reserves, a portfolio of Money Market Obligations Trust, at April 30, 2003, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Ernst & Young LLP

Boston, Massachusetts
June 10, 2003

Board of Trustees and Trust Officers (unaudited)

The following table gives information about each Board member and the senior officers of the Fund. The tables separately list Board members who are "interested persons" of the Fund (i.e., "Interested" Board members) and those who are not (i.e., "Independent" Board members). Unless otherwise noted, the address of each person listed is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA. The Federated Fund Complex consists of 138 investment company portfolios. Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Board member: oversees all portfolios in the Federated Fund Complex; serves for an indefinite term; and also serves as a Board member of the following investment company complexes: Banknorth Funds--four portfolios; CCMI Funds--two portfolios; Regions Funds--nine portfolios; Riggs Funds--eight portfolios; and WesMark Funds--five portfolios. The Fund's Statement of Additional Information includes additional information about Fund Trustees and is available, without charge and upon request, by calling 1-800-341-7400.

INTERESTED TRUSTEES BACKGROUND



Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s), Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 CHAIRMAN AND TRUSTEE Began serving: October 1988		Principal Occupations: Chairman and Director or Trustee of the Federated Fund Complex; Chairman and Director, Federated Investors, Inc.


J. Christopher Donahue* Birth Date: April 11, 1949 PRESIDENT AND TRUSTEE Began serving: October 1999		Principal Occupations: Principal Executive Officer and President of the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; President, Chief Executive Officer and Director, Federated Investors, Inc.


Lawrence D. Ellis, M.D.* Birth Date: October 11, 1932 3471 Fifth Avenue Suite 1111 Pittsburgh, PA TRUSTEE Began serving: October 1988		Principal Occupations: Director or Trustee of the Federated Fund Complex; Professor of Medicine, University of Pittsburgh; Medical Director, University of Pittsburgh Medical Center Downtown; Hematologist, Oncologist and Internist, University of Pittsburgh Medical Center. Other Directorships Held: Member, National Board of Trustees, Leukemia Society of America. Previous Positions: Trustee, University of Pittsburgh; Director, University of Pittsburgh Medical Center.

* Family relationships and reasons for "interested" status: John F. Donahue is the father of J. Christopher Donahue; both are "interested" due to the positions they hold with Federated Investors, Inc. and its subsidiaries. Lawrence D. Ellis, M.D. is "interested" because his son-in-law is employed by the Fund's principal underwriter, Federated Securities Corp.

INDEPENDENT TRUSTEES BACKGROUND



Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s), Other Directorships Held and Previous Position(s)
Thomas G. Bigley Birth Date: February 3, 1934 15 Old Timber Trail Pittsburgh, PA TRUSTEE Began serving: November 1994		Principal Occupation: Director or Trustee of the Federated Fund Complex. Other Directorships Held: Director, Member of Executive Committee, Children's Hospital of Pittsburgh; Director, University of Pittsburgh. Previous Position: Senior Partner, Ernst & Young LLP.


John T. Conroy, Jr. Birth Date: June 23, 1937 Grubb & Ellis/Investment Properties Corporation 3201 Tamiami Trail North Naples, FL TRUSTEE Began serving: August 1991		Principal Occupations: Director or Trustee of the Federated Fund Complex; Chairman of the Board, Investment Properties Corporation; Partner or Trustee in private real estate ventures in Southwest Florida. Previous Positions: President, Investment Properties Corporation; Senior Vice President, John R. Wood and Associates, Inc., Realtors; President, Naples Property Management, Inc. and Northgate Village Development Corporation.


Nicholas P. Constantakis Birth Date: September 3, 1939 175 Woodshire Drive Pittsburgh, PA TRUSTEE Began serving: October 1999		Principal Occupations: Director or Trustee of the Federated Fund Complex. Other Directorships Held: Director, Michael Baker Corporation (engineering and energy services worldwide). Previous Position: Partner, Andersen Worldwide SC.


John F. Cunningham Birth Date: March 5, 1943 353 El Brillo Way Palm Beach, FL TRUSTEE Began serving: January 1999		Principal Occupation: Director or Trustee of the Federated Fund Complex. Other Directorships Held: Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions: Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc.


Peter E. Madden Birth Date: March 16, 1942 One Royal Palm Way 100 Royal Palm Way Palm Beach, FL TRUSTEE Began serving: August 1991		Principal Occupation: Director or Trustee of the Federated Fund Complex; Management Consultant. Other Directorships Held: Board of Overseers, Babson College. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange.




Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s), Other Directorships Held and Previous Position(s)
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 80 South Road Westhampton Beach, NY TRUSTEE Began serving: January 1999		Principal Occupations: Director or Trustee of the Federated Fund Complex; Management Consultant; Executive Vice President, DVC Group, Inc. (marketing communications and technology) (prior to 9/1/00). Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University.


John E. Murray, Jr., J.D., S.J.D. Birth Date: December 20, 1932 Chancellor, Duquesne University Pittsburgh, PA TRUSTEE Began serving: February 1995		Principal Occupations: Director or Trustee of the Federated Fund Complex; Chancellor and Law Professor, Duquesne University; Consulting Partner, Mollica & Murray. Other Directorships Held: Director, Michael Baker Corp. (engineering, construction, operations and technical services). Previous Positions: President, Duquesne University; Dean and Professor of Law, University of Pittsburgh School of Law; Dean and Professor of Law, Villanova University School of Law.


Marjorie P. Smuts Birth Date: June 21, 1935 4905 Bayard Street Pittsburgh, PA TRUSTEE Began serving: October 1988		Principal Occupations: Director or Trustee of the Federated Fund Complex; Public Relations/Marketing Consultant/Conference Coordinator. Previous Positions: National Spokesperson, Aluminum Company of America; television producer; President, Marj Palmer Assoc.; Owner, Scandia Bord.


John S. Walsh Birth Date: November 28, 1957 2604 William Drive Valparaiso, IN TRUSTEE Began serving: January 1999		Principal Occupations: Director or Trustee of the Federated Fund Complex; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position: Vice President, Walsh & Kelly, Inc.

OFFICERS



Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) and Previous Position(s)
Edward C. Gonzales Birth Date: October 22, 1930 EXECUTIVE VICE PRESIDENT Began serving: June 1995		Principal Occupations: Executive Vice President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Trustee, Federated Administrative Services. Previous Positions: President and Trustee or Director of some of the Funds in the Federated Fund Complex; CEO and Chairman, Federated Administrative Services.


John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Began serving: June 1995		Principal Occupations: Executive Vice President and Secretary of the Federated Fund Complex; Executive Vice President, Secretary and Director, Federated Investors, Inc.


Richard J. Thomas Birth Date: June 17, 1954 TREASURER Began serving: November 1998		Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services.


Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Began serving: October 1988		Principal Occupations: Vice Chairman or President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Complex; Executive Vice President, Federated Investors, Inc. and Director and Chief Executive Officer, Federated Securities Corp.


William D. Dawson III Birth Date: March 3, 1949 CHIEF INVESTMENT OFFICER Began serving: November 1998		Principal Occupations: Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp., Federated Investment Management Company and Passport Research, Ltd. Previous Positions: Executive Vice President and Senior Vice President, Federated Investment Counseling Institutional Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.




Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) and Previous Position(s)
Deborah A. Cunningham Birth Date: September 15, 1959 VICE PRESIDENT Began serving: November 1998		Deborah A. Cunningham is Vice President of the Trust. Ms. Cunningham joined Federated in 1981 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1997. Ms. Cunningham served as a Portfolio Manager and a Vice President of the Adviser from 1993 through 1996. Ms. Cunningham is a Chartered Financial Analyst and received her M.S.B.A. in Finance from Robert Morris College.


Mary Jo Ochson Birth Date: September 12, 1953 VICE PRESIDENT Began serving: November 1998		Mary Jo Ochson is Vice President of the Trust. Ms. Ochson joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. From 1988 through 1995, Ms. Ochson served as a Portfolio Manager and a Vice President of the Fund's Adviser. Ms. Ochson is a Chartered Financial Analyst and received her M.B.A. in Finance from the University of Pittsburgh.

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the fund's prospectus, which contains facts concerning its objective and policies, management fees, expenses and other information.

Federated Investors
World-Class Investment Manager

Automated Government Cash Reserves
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 60934N716

Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.

28574 (6/03)

Federated Investors
World-Class Investment Manager

Automated Treasury Cash Reserves

A Portfolio of Money Market Obligations Trust

ANNUAL SHAREHOLDER REPORT

April 30, 2003

FINANCIAL HIGHLIGHTS

FINANCIAL STATEMENTS

REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS

BOARD OF TRUSTEES AND TRUST OFFICERS

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Financial Highlights

(For a Share Outstanding Throughout Each Period)

Year Ended April 30	2003			2002			2001			2000			1999
Net Asset Value, Beginning of Period	$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.01			0.02			0.05			0.04			0.04
Net realized and unrealized gain (loss) on investments	0.00	¹		0.00	¹		0.00	¹		0.00	¹		0.00	¹

TOTAL FROM INVESTMENT OPERATIONS	0.01			0.02			0.05			0.04			0.04

Less Distributions:
Distributions from net investment income	(0.01	)		(0.02	)		(0.05	)		(0.04	)		(0.04	)
Distributions from net realized gain on investments	(0.00	)¹		(0.00	)¹		(0.00	)¹		(0.00	)¹		(0.00	)¹

TOTAL DISTRIBUTIONS	(0.01	)		(0.02	)		(0.05	)		(0.04	)		(0.04	)

Net Asset Value, End of Period	$1.00			$1.00			$1.00			$1.00			$1.00

Total Return²	0.97	%		2.25	%		5.44	%		4.56	%		4.40	%


Ratios to Average Net Assets:

Expenses	0.59	%		0.59	%		0.59	%		0.59	%		0.59	%

Net investment income	0.92	%		2.04	%		5.22	%		4.43	%		4.28	%

Expense waiver/reimbursement³	0.35	%		0.31	%		0.30	%		0.32	%		0.30	%

Supplemental Data:

Net assets, end of period (000 omitted)	$194,933		$239,245			$242,326			$227,476			$254,666

1 Represents less than $0.01.

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 the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Portfolio of Investments

April 30, 2003

Principal Amount			Value
		U.S. TREASURY OBLIGATIONS--105.6%
		U.S. Treasury Bills--101.4%¹
$	35,380,000	1.100% - 1.118%, 7/3/2003	$	35,311,590
	9,000,000	1.100% - 1.225%, 6/19/2003		8,985,844
	52,000,000	1.120% - 1.155%, 5/8/2003		51,988,432
	10,000,000	1.120% - 1.175%, 7/31/2003		9,971,133
	23,000,000	1.125% - 1.180%, 7/24/2003		22,937,933
	17,140,000	1.135% - 1.145%, 5/15/2003		17,132,411
	11,500,000	1.150% - 1.220%, 5/1/2003		11,500,000
	8,000,000	1.155%, 10/9/2003		7,958,677
	7,000,000	1.160%, 10/2/2003		6,965,264
	3,000,000	1.170%, 8/7/2003		2,990,445
	7,000,000	1.230%, 7/17/2003		6,981,584
	6,000,000	1.240%, 6/26/2003		5,988,425
	5,000,000	1.240%, 7/10/2003		4,987,942
	4,000,000	1.255%, 5/22/2003		3,997,072

		TOTAL		197,696,752

		U.S. Treasury Notes--4.2%
	2,000,000	3.875%, 6/30/2003		2,008,919
	6,000,000	5.250%, 8/15/2003		6,071,719

		TOTAL		8,080,638

		TOTAL INVESTMENTS--105.6% (AT AMORTIZED COST)²		205,777,390

		OTHER ASSETS AND LIABILITIES - NET--(5.6)%		(10,844,603	)

		TOTAL NET ASSETS--100%		194,932,787

1 Each issue shows the rate of discount at time of purchase.

2 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2003.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2003

Assets:
Total investments in securities, at amortized cost and value			$	205,777,390
Cash				1,876,484
Income receivable				91,167
Receivable for investments sold				9,995,761
Receivable for shares sold				74,812

TOTAL ASSETS				217,815,614

Liabilities:
Payable for investments purchased	$	22,117,817
Payable for shares redeemed		687,861
Income distribution payable		34,775
Accrued expenses		42,374

TOTAL LIABILITIES				22,882,827

Net assets for 194,928,038 shares outstanding			$	194,932,787

Net Assets Consist of:
Paid in capital			$	194,928,038
Undistributed net investment income				4,749

TOTAL NET ASSETS			$	194,932,787

Net Asset Value, Offering Price and Redemption Proceeds Per Share:
$194,932,787 ÷ 194,928,038 shares outstanding				$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Year Ended April 30, 2003

Investment Income:
Interest							$	3,288,145

Expenses:
Investment adviser fee				$	1,081,949
Administrative personnel and services fee					162,725
Custodian fees					11,558
Transfer and dividend disbursing agent fees and expenses					106,760
Directors'/Trustees' fees					1,858
Auditing fees					12,461
Legal fees					4,379
Portfolio accounting fees					55,068
Shareholder services fee					540,974
Share registration costs					24,403
Printing and postage					16,861
Insurance premiums					1,678
Miscellaneous					14,827

TOTAL EXPENSES					2,035,501

Waivers:
Waiver of investment adviser fee	$	(680,468	)
Waiver of shareholder services fee		(64,917	)
Waiver of transfer and dividend disbursing agent fees and expenses		(2,813	)

TOTAL WAIVERS					(748,198	)

Net expenses								1,287,303

Net investment income								2,000,842

Net realized gain on investments								102,224

Change in net assets resulting from operations							$	2,103,066

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Year Ended April 30		2003			2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	2,000,842		$	4,849,172
Net realized gain on investments		102,224			201,370

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		2,103,066			5,050,542

Distributions to Shareholders:
Distributions from net investment income		(1,996,093	)		(4,849,172	)
Distributions from net realized gain on investments		(102,224	)		(201,370	)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(2,098,317	)		(5,050,542	)

Share Transactions:
Proceeds from sale of shares		1,123,949,395			1,023,052,642
Net asset value of shares issued to shareholders in payment of distributions declared		1,378,676			1,611,369
Cost of shares redeemed		(1,169,644,772	)		(1,027,745,092	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(44,316,701	)		(3,081,081	)

Change in net assets		(44,311,952	)		(3,081,081	)

Net Assets:
Beginning of period		239,244,739			242,325,820

End of period (including undistributed net investment income of $4,749 and $0, respectively)	$	194,932,787		$	239,244,739

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

April 30, 2003

ORGANIZATION

Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of 41 portfolios. The financial statements included herein are only those of Automated Treasury Cash Reserves (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 and liquidity.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

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. Distributions to shareholders are recorded on the ex-dividend date.

Premium and Discount Amortization

All premiums and discounts are amortized/accreted.

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

Transactions in shares were as follows:

Year Ended April 30	2003		2002
Shares sold	1,123,949,395		1,023,052,642
Shares issued to shareholders in payment of distributions declared	1,378,676		1,611,369
Shares redeemed	(1,169,644,772	)	(1,027,745,092	)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(44,316,701	)	(3,081,081	)

FEDERAL TAX INFORMATION

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended April 30, 2003 and 2002 was as follows:

	2003	2002
Ordinary income¹	$2,098,317	$5,050,542

1 For tax purposes, short-term capital gain distributions are considered ordinary income.

As of April 30, 2003, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income		$39,524

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

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 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.

Report of Ernst & Young LLP, Independent Auditors

TO THE BOARD OF TRUSTEES OF MONEY MARKET OBLIGATIONS TRUST AND SHAREHOLDERS OF AUTOMATED TREASURY CASH RESERVES:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Automated Treasury Cash Reserves, one of the portfolios constituting Money Market Obligations Trust (the "Trust"), as of April 30, 2003, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust'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 auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain 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 securities owned as of April 30, 2003, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. 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 that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Automated Treasury Cash Reserves, a portfolio of Money Market Obligations Trust, at April 30, 2003, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Ernst & Young LLP

Boston, Massachusetts
June 10, 2003

Board of Trustees and Trust Officers (unaudited)

INTERESTED TRUSTEES BACKGROUND



Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s), Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 CHAIRMAN AND TRUSTEE Began serving: October 1988		Principal Occupations: Chairman and Director or Trustee of the Federated Fund Complex; Chairman and Director, Federated Investors, Inc.


J. Christopher Donahue* Birth Date: April 11, 1949 PRESIDENT AND TRUSTEE Began serving: October 1999		Principal Occupations: Principal Executive Officer and President of the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; President, Chief Executive Officer and Director, Federated Investors, Inc.


Lawrence D. Ellis, M.D.* Birth Date: October 11, 1932 3471 Fifth Avenue Suite 1111 Pittsburgh, PA TRUSTEE Began serving: October 1988		Principal Occupations: Director or Trustee of the Federated Fund Complex; Professor of Medicine, University of Pittsburgh; Medical Director, University of Pittsburgh Medical Center Downtown; Hematologist, Oncologist and Internist, University of Pittsburgh Medical Center. Other Directorships Held: Member, National Board of Trustees, Leukemia Society of America. Previous Positions: Trustee, University of Pittsburgh; Director, University of Pittsburgh Medical Center.

INDEPENDENT TRUSTEES BACKGROUND



Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s), Other Directorships Held and Previous Position(s)
Thomas G. Bigley Birth Date: February 3, 1934 15 Old Timber Trail Pittsburgh, PA TRUSTEE Began serving: November 1994		Principal Occupation: Director or Trustee of the Federated Fund Complex. Other Directorships Held: Director, Member of Executive Committee, Children's Hospital of Pittsburgh; Director, University of Pittsburgh. Previous Position: Senior Partner, Ernst & Young LLP.


John T. Conroy, Jr. Birth Date: June 23, 1937 Grubb & Ellis/Investment Properties Corporation 3201 Tamiami Trail North Naples, FL TRUSTEE Began serving: August 1991		Principal Occupations: Director or Trustee of the Federated Fund Complex; Chairman of the Board, Investment Properties Corporation; Partner or Trustee in private real estate ventures in Southwest Florida. Previous Positions: President, Investment Properties Corporation; Senior Vice President, John R. Wood and Associates, Inc., Realtors; President, Naples Property Management, Inc. and Northgate Village Development Corporation.


Nicholas P. Constantakis Birth Date: September 3, 1939 175 Woodshire Drive Pittsburgh, PA TRUSTEE Began serving: October 1999		Principal Occupations: Director or Trustee of the Federated Fund Complex. Other Directorships Held: Director, Michael Baker Corporation (engineering and energy services worldwide). Previous Position: Partner, Andersen Worldwide SC.


John F. Cunningham Birth Date: March 5, 1943 353 El Brillo Way Palm Beach, FL TRUSTEE Began serving: January 1999		Principal Occupation: Director or Trustee of the Federated Fund Complex. Other Directorships Held: Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions: Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc.


Peter E. Madden Birth Date: March 16, 1942 One Royal Palm Way 100 Royal Palm Way Palm Beach, FL TRUSTEE Began serving: August 1991		Principal Occupation: Director or Trustee of the Federated Fund Complex; Management Consultant. Other Directorships Held: Board of Overseers, Babson College. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange.




Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s), Other Directorships Held and Previous Position(s)
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 80 South Road Westhampton Beach, NY TRUSTEE Began serving: January 1999		Principal Occupations: Director or Trustee of the Federated Fund Complex; Management Consultant; Executive Vice President, DVC Group, Inc. (marketing communications and technology) (prior to 9/1/00). Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University.


John E. Murray, Jr., J.D., S.J.D. Birth Date: December 20, 1932 Chancellor, Duquesne University Pittsburgh, PA TRUSTEE Began serving: February 1995		Principal Occupations: Director or Trustee of the Federated Fund Complex; Chancellor and Law Professor, Duquesne University; Consulting Partner, Mollica & Murray. Other Directorships Held: Director, Michael Baker Corp. (engineering, construction, operations and technical services). Previous Positions: President, Duquesne University; Dean and Professor of Law, University of Pittsburgh School of Law; Dean and Professor of Law, Villanova University School of Law.


Marjorie P. Smuts Birth Date: June 21, 1935 4905 Bayard Street Pittsburgh, PA TRUSTEE Began serving: October 1988		Principal Occupations: Director or Trustee of the Federated Fund Complex; Public Relations/Marketing Consultant/Conference Coordinator. Previous Positions: National Spokesperson, Aluminum Company of America; television producer; President, Marj Palmer Assoc.; Owner, Scandia Bord.


John S. Walsh Birth Date: November 28, 1957 2604 William Drive Valparaiso, IN TRUSTEE Began serving: January 1999		Principal Occupations: Director or Trustee of the Federated Fund Complex; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position: Vice President, Walsh & Kelly, Inc.

OFFICERS



Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) and Previous Position(s)
Edward C. Gonzales Birth Date: October 22, 1930 EXECUTIVE VICE PRESIDENT Began serving: June 1995		Principal Occupations: Executive Vice President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Trustee, Federated Administrative Services. Previous Positions: President and Trustee or Director of some of the Funds in the Federated Fund Complex; CEO and Chairman, Federated Administrative Services.


John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Began serving: June 1995		Principal Occupations: Executive Vice President and Secretary of the Federated Fund Complex; Executive Vice President, Secretary and Director, Federated Investors, Inc.


Richard J. Thomas Birth Date: June 17, 1954 TREASURER Began serving: November 1998		Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services.


Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Began serving: October 1988		Principal Occupations: Vice Chairman or President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Complex; Executive Vice President, Federated Investors, Inc. and Director and Chief Executive Officer, Federated Securities Corp.


William D. Dawson III Birth Date: March 3, 1949 CHIEF INVESTMENT OFFICER Began serving: November 1998		Principal Occupations: Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp., Federated Investment Management Company and Passport Research, Ltd. Previous Positions: Executive Vice President and Senior Vice President, Federated Investment Counseling Institutional Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.




Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) and Previous Position(s)
Deborah A. Cunningham Birth Date: September 15, 1959 VICE PRESIDENT Began serving: November 1998		Deborah A. Cunningham is Vice President of the Trust. Ms. Cunningham joined Federated in 1981 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1997. Ms. Cunningham served as a Portfolio Manager and a Vice President of the Adviser from 1993 through 1996. Ms. Cunningham is a Chartered Financial Analyst and received her M.S.B.A. in Finance from Robert Morris College.


Mary Jo Ochson Birth Date: September 12, 1953 VICE PRESIDENT Began serving: November 1998		Mary Jo Ochson is Vice President of the Trust. Ms. Ochson joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. From 1988 through 1995, Ms. Ochson served as a Portfolio Manager and a Vice President of the Fund's Adviser. Ms. Ochson is a Chartered Financial Analyst and received her M.B.A. in Finance from the University of Pittsburgh.

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

Federated Investors
World-Class Investment Manager

Automated Treasury Cash Reserves
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 60934N690

Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.

28575 (6/03)

Federated Investors
World-Class Investment Manager

U.S. Treasury Cash Reserves

A Portfolio of Money Market Obligations Trust

ANNUAL SHAREHOLDER REPORT

April 30, 2003

FINANCIAL HIGHLIGHTS

FINANCIAL STATEMENTS

REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS

BOARD OF TRUSTEES AND TRUST OFFICERS

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Financial Highlights -- Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended April 30	2003			2002			2001			2000			1999
Net Asset Value, Beginning of Period	$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.01			0.03			0.06			0.05			0.05
Net realized and unrealized gain (loss) on investments	0.00	¹		0.00	¹		0.00	¹		0.00	¹		0.00	¹

TOTAL FROM INVESTMENT OPERATIONS	0.01			0.03			0.06			0.05			0.05

Less Distributions:
Distributions from net investment income	(0.01	)		(0.03	)		(0.06	)		(0.05	)		(0.05	)
Distributions from net realized gain on investments	(0.00	)¹		(0.00	)¹		(0.00	)¹		(0.00	)¹		(0.00	)¹

TOTAL DISTRIBUTIONS	(0.01	)		(0.03	)		(0.06	)		(0.05	)		(0.05	)

Net Asset Value, End of Period	$1.00			$1.00			$1.00			$1.00			$1.00

Total Return²	1.35	%		2.64	%		5.83	%		4.96	%		4.79	%


Ratios to Average Net Assets:

Expenses	0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

Net investment income	1.29	%		2.51	%		5.56	%		4.83	%		4.62	%

Expense waiver/reimbursement³	0.54	%		0.54	%		0.54	%		0.55	%		0.55	%

Supplemental Data:

Net assets, end of period (000 omitted)	$1,885,373		$1,813,575			$1,931,570			$1,500,782			$1,645,762

1 Represents less than $0.01.

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 the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Financial Highlights -- Institutional Service Shares

(For a Share Outstanding Throughout Each Period)

Year Ended April 30	2003			2002			2001			2000			1999
Net Asset Value, Beginning of Period	$1.00			$1.00			$1.00			$1.00			$1.00
Income From Investment Operations:
Net investment income	0.01			0.02			0.05			0.05			0.04
Net realized and unrealized gain (loss) on investments	0.00	¹		0.00	¹		0.00	¹		0.00	¹		0.00	¹

TOTAL FROM INVESTMENT OPERATIONS	0.01			0.02			0.05			0.05			0.04

Less Distributions:
Distributions from net investment income	(0.01	)		(0.02	)		(0.05	)		(0.05	)		(0.04	)
Distributions from net realized gain on investments	(0.00	)¹		(0.00	)¹		(0.00	)¹		(0.00	)¹		(0.00	)¹

TOTAL DISTRIBUTIONS	(0.01	)		(0.02	)		(0.05	)		(0.05	)		(0.04	)

Net Asset Value, End of Period	$1.00			$1.00			$1.00			$1.00			$1.00

Total Return²	1.10	%		2.38	%		5.57	%		4.70	%		4.53	%


Ratios to Average Net Assets:

Expenses	0.45	%		0.45	%		0.45	%		0.45	%		0.45	%

Net investment income	1.04	%		2.25	%		5.30	%		4.60	%		4.37	%

Expense waiver/reimbursement³	0.29	%		0.29	%		0.29	%		0.30	%		0.30	%

Supplemental Data:

Net assets, end of period (000 omitted)	$1,317,596		$1,177,912			$1,237,426			$984,973			$925,141

1 Represents less than $0.01.

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 the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Portfolio of Investments

April 30, 2003

	Principal Amount			Value
		U.S. TREASURY OBLIGATIONS--105.9%
		U.S. Treasury Bills--101.6%¹
$	50,000,000	1.060%, 6/12/2003	$	49,938,166
	372,000,000	1.100% - 1.118%, 7/3/2003		371,281,163
	195,000,000	1.100% - 1.225%, 6/19/2003		194,697,643
	209,140,000	1.100% - 1.255%, 5/22/2003		208,996,049
	20,000,000	1.110%, 9/4/2003		19,922,300
	528,000,000	1.120% - 1.155%, 5/8/2003		527,883,138
	103,000,000	1.120% - 1.175%, 7/31/2003		102,707,144
	360,000,000	1.125% - 1.180%, 7/24/2003		359,029,777
	410,000,000	1.130% - 1.240%, 6/26/2003		409,250,019
	257,860,000	1.135% - 1.145%, 5/15/2003		257,745,575
	120,000,000	1.150% - 1.185%, 10/23/2003		119,312,233
	143,000,000	1.150% - 1.230%, 7/17/2003		142,628,069
	246,500,000	1.150% - 1.255%, 5/1/2003		246,500,000
	92,000,000	1.155%, 10/9/2003		91,524,781
	68,000,000	1.160%, 10/2/2003		67,662,569
	85,000,000	1.240%, 7/10/2003		84,795,019
		TOTAL		3,253,873,645
		U.S. Treasury Notes--4.3%
	43,000,000	3.875%, 6/30/2003		43,191,764
	94,000,000	5.250% - 5.750%, 8/15/2003		95,197,813
		TOTAL		138,389,577
		TOTAL INVESTMENTS--105.9% (AT AMORTIZED COST)²	$	3,392,263,222
		OTHER ASSETS AND LIABILITIES -- NET--(5.9)%		(189,294,331)
		TOTAL NET ASSETS--100%	$	3,202,968,891

1 Each issue shows the rate of discount at time of purchase.

2 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of total net assets at April 30, 2003.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

April 30, 2003

Assets:
Total investments in securities, at amortized cost and value			$	3,392,263,222
Cash				1,531,677
Income receivable				1,631,191
Receivable for investments sold				189,919,461

TOTAL ASSETS				3,585,345,551

Liabilities:
Payable for investments purchased	$	379,964,551
Payable for shares redeemed		46,022
Income distribution payable		2,064,920
Accrued expenses		301,167

TOTAL LIABILITIES				382,376,660

Net assets for 3,202,900,282 shares outstanding			$	3,202,968,891

Net Assets Consist of:
Paid in capital			$	3,202,900,282
Undistributed net investment income				68,609

TOTAL NET ASSETS			$	3,202,968,891

Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$1,885,373,235 ÷ 1,885,280,854 shares outstanding				$1.00

Institutional Service Shares:
$1,317,595,656 ÷ 1,317,619,428 shares outstanding				$1.00

See Notes which are an integral part of the Financial Statements

Statement of Operations

Year Ended April 30, 2003

Investment Income:
Interest							$	47,541,634

Expenses:
Investment adviser fee				$	12,696,372
Administrative personnel and services fee					2,386,918
Custodian fees					139,545
Transfer and dividend disbursing agent fees and expenses					193,755
Directors'/Trustees' fees					24,243
Auditing fees					12,153
Legal fees					10,207
Portfolio accounting fees					163,445
Shareholder services fee--Institutional Shares					4,970,412
Shareholder services fee--Institutional Service Shares					2,964,820
Share registration costs					38,911
Printing and postage					18,597
Insurance premiums					4,840
Miscellaneous					22,064

TOTAL EXPENSES					23,646,282

Waivers:
Waiver of investment adviser fee	$	(9,061,400	)
Waiver of shareholder services fee--Institutional Shares		(4,970,412	)
Waiver of transfer and dividend disbursing agent fees and expenses		(145,933	)

TOTAL WAIVERS					(14,177,745	)

Net expenses								9,468,537

Net investment income								38,073,097

Net realized gain on investments								1,429,348

Change in net assets resulting from operations							$	39,502,445

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Year Ended April 30		2003			2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	38,073,097		$	76,727,960
Net realized gain on investments		1,429,348			2,815,398

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		39,502,445			79,543,358

Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(25,626,838	)		(49,463,007	)
Institutional Service Shares		(12,377,650	)		(27,264,953	)
Distributions from net realized gain on investments
Institutional Shares		(909,829)			(1,740,431	)
Institutional Service Shares		(519,519)			(1,074,967	)

CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(39,433,836	)		(79,543,358	)

Share Transactions:
Proceeds from sale of shares		9,752,389,854			8,845,493,606
Net asset value of shares issued to shareholders in payment of distributions declared		3,991,376			15,368,861
Cost of shares redeemed		(9,544,967,998	)		(9,038,371,064	)

CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		211,413,232			(177,508,597	)

Change in net assets		211,481,841			(177,508,597	)

Net Assets:
Beginning of period		2,991,487,050			3,168,995,647

End of period (including undistributed net investment income of $68,609 and $0, respectively)	$	3,202,968,891		$	2,991,487,050

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

April 30, 2003

ORGANIZATION

Money Market Obligations Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act") as an open-end, management investment company. The Trust consists of 41 portfolios. The financial statements included herein are only those of U.S. Treasury Cash Reserves (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 Fund offers two classes of shares: Institutional Shares and Institutional Service Shares. The investment objective of the Fund is current income consistent with stability of principal and liquidity.

SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

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. Distributions to shareholders are recorded on the ex-dividend date. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts are amortized/accreted.

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) for each class of shares. At April 30, 2003, capital paid-in aggregated $3,202,900,282.

Transactions in shares were as follows:

Year Ended April 30	2003		2002
Institutional Shares:
Shares sold	5,162,567,785		4,778,811,001
Shares issued to shareholders in payment of distributions declared	1,687,082		6,216,514
Shares redeemed	(5,092,548,609	)	(4,903,022,443	)

NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	71,706,258		(117,994,928	)


Year Ended April 30	2003		2002
Institutional Service Shares:
Shares sold	4,589,822,069		4,066,682,605
Shares issued to shareholders in payment of distributions declared	2,304,294		9,152,347
Shares redeemed	(4,452,419,389	)	(4,135,348,621	)

NET CHANGE RESULTING FROM INSTITUTIONAL SERVICE SHARE TRANSACTIONS	139,706,974		(59,513,669	)

NET CHANGE RESULTING FROM SHARE TRANSACTIONS	211,413,232		(177,508,597	)

FEDERAL TAX INFORMATION

The tax character of distributions as required on the Statement of Changes in Net Assets for the years ended April 30, 2003 and 2002 was as follows:

		2003		2002
Ordinary income¹	$	39,433,836	$	79,543,358

1 For tax purposes, short-term capital gain distributions are considered ordinary income.

As of April 30, 2003, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income		$	2,133,529

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 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

Distribution Services Fee

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp., ("FSC"), the principal distributor, from the net assets of the Fund to finance activities intended to result in the sale of the Fund's Institutional Service Shares. The Plan provides that the Fund may incur distribution expenses up to 0.25% of the average daily net assets of Institutional Service Shares, annually, to compensate FSC.

Shareholder Services Fee

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.

Report of Ernst & Young LLP, Independent Auditors

TO THE BOARD OF TRUSTEES OF MONEY MARKET OBLIGATIONS TRUST AND SHAREHOLDERS OF U.S. TREASURY CASH RESERVES:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of U.S. Treasury Cash Reserves, one of the portfolios constituting Money Market Obligations Trust (the "Trust"), as of April 30, 2003, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust'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 auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain 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 securities owned as of April 30, 2003, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. 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 that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of U.S. Treasury Cash Reserves, a portfolio of Money Market Obligations Trust, at April 30, 2003, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Ernst & Young LLP

Boston, Massachusetts
June 10, 2003

Board of Trustees and Trust Officers (unaudited)

INTERESTED TRUSTEES BACKGROUND



Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s), Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 CHAIRMAN AND TRUSTEE Began serving: October 1988		Principal Occupations: Chairman and Director or Trustee of the Federated Fund Complex; Chairman and Director, Federated Investors, Inc.


J. Christopher Donahue* Birth Date: April 11, 1949 PRESIDENT AND TRUSTEE Began serving: October 1999		Principal Occupations: Principal Executive Officer and President of the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; President, Chief Executive Officer and Director, Federated Investors, Inc.


Lawrence D. Ellis, M.D.* Birth Date: October 11, 1932 3471 Fifth Avenue Suite 1111 Pittsburgh, PA TRUSTEE Began serving: October 1988		Principal Occupations: Director or Trustee of the Federated Fund Complex; Professor of Medicine, University of Pittsburgh; Medical Director, University of Pittsburgh Medical Center Downtown; Hematologist, Oncologist and Internist, University of Pittsburgh Medical Center. Other Directorships Held: Member, National Board of Trustees, Leukemia Society of America. Previous Positions: Trustee, University of Pittsburgh; Director, University of Pittsburgh Medical Center.

INDEPENDENT TRUSTEES BACKGROUND



Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s), Other Directorships Held and Previous Position(s)
Thomas G. Bigley Birth Date: February 3, 1934 15 Old Timber Trail Pittsburgh, PA TRUSTEE Began serving: November 1994		Principal Occupation: Director or Trustee of the Federated Fund Complex. Other Directorships Held: Director, Member of Executive Committee, Children's Hospital of Pittsburgh; Director, University of Pittsburgh. Previous Position: Senior Partner, Ernst & Young LLP.


John T. Conroy, Jr. Birth Date: June 23, 1937 Grubb & Ellis/Investment Properties Corporation 3201 Tamiami Trail North Naples, FL TRUSTEE Began serving: August 1991		Principal Occupations: Director or Trustee of the Federated Fund Complex; Chairman of the Board, Investment Properties Corporation; Partner or Trustee in private real estate ventures in Southwest Florida. Previous Positions: President, Investment Properties Corporation; Senior Vice President, John R. Wood and Associates, Inc., Realtors; President, Naples Property Management, Inc. and Northgate Village Development Corporation.


Nicholas P. Constantakis Birth Date: September 3, 1939 175 Woodshire Drive Pittsburgh, PA TRUSTEE Began serving: October 1999		Principal Occupations: Director or Trustee of the Federated Fund Complex. Other Directorships Held: Director, Michael Baker Corporation (engineering and energy services worldwide). Previous Position: Partner, Andersen Worldwide SC.


John F. Cunningham Birth Date: March 5, 1943 353 El Brillo Way Palm Beach, FL TRUSTEE Began serving: January 1999		Principal Occupation: Director or Trustee of the Federated Fund Complex. Other Directorships Held: Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions: Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc.


Peter E. Madden Birth Date: March 16, 1942 One Royal Palm Way 100 Royal Palm Way Palm Beach, FL TRUSTEE Began serving: August 1991		Principal Occupation: Director or Trustee of the Federated Fund Complex; Management Consultant. Other Directorships Held: Board of Overseers, Babson College. Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange.




Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s), Other Directorships Held and Previous Position(s)
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 80 South Road Westhampton Beach, NY TRUSTEE Began serving: January 1999		Principal Occupations: Director or Trustee of the Federated Fund Complex; Management Consultant; Executive Vice President, DVC Group, Inc. (marketing communications and technology) (prior to 9/1/00). Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University.


John E. Murray, Jr., J.D., S.J.D. Birth Date: December 20, 1932 Chancellor, Duquesne University Pittsburgh, PA TRUSTEE Began serving: February 1995		Principal Occupations: Director or Trustee of the Federated Fund Complex; Chancellor and Law Professor, Duquesne University; Consulting Partner, Mollica & Murray. Other Directorships Held: Director, Michael Baker Corp. (engineering, construction, operations and technical services). Previous Positions: President, Duquesne University; Dean and Professor of Law, University of Pittsburgh School of Law; Dean and Professor of Law, Villanova University School of Law.


Marjorie P. Smuts Birth Date: June 21, 1935 4905 Bayard Street Pittsburgh, PA TRUSTEE Began serving: October 1988		Principal Occupations: Director or Trustee of the Federated Fund Complex; Public Relations/Marketing Consultant/Conference Coordinator. Previous Positions: National Spokesperson, Aluminum Company of America; television producer; President, Marj Palmer Assoc.; Owner, Scandia Bord.


John S. Walsh Birth Date: November 28, 1957 2604 William Drive Valparaiso, IN TRUSTEE Began serving: January 1999		Principal Occupations: Director or Trustee of the Federated Fund Complex; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position: Vice President, Walsh & Kelly, Inc.

OFFICERS



Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) and Previous Position(s)
Edward C. Gonzales Birth Date: October 22, 1930 EXECUTIVE VICE PRESIDENT Began serving: June 1995		Principal Occupations: Executive Vice President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Trustee, Federated Administrative Services. Previous Positions: President and Trustee or Director of some of the Funds in the Federated Fund Complex; CEO and Chairman, Federated Administrative Services.




Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Began serving: June 1995		Principal Occupations: Executive Vice President and Secretary of the Federated Fund Complex; Executive Vice President, Secretary and Director, Federated Investors, Inc.


Richard J. Thomas Birth Date: June 17, 1954 TREASURER Began serving: November 1998		Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services.


Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Began serving: October 1988		Principal Occupations: Vice Chairman or President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions: President and Director or Trustee of some of the Funds in the Federated Fund Complex; Executive Vice President, Federated Investors, Inc. and Director and Chief Executive Officer, Federated Securities Corp.


William D. Dawson III Birth Date: March 3, 1949 CHIEF INVESTMENT OFFICER Began serving: November 1998		Principal Occupations: Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp., Federated Investment Management Company and Passport Research, Ltd. Previous Positions: Executive Vice President and Senior Vice President, Federated Investment Counseling Institutional Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.


Deborah A. Cunningham Birth Date: September 15, 1959 VICE PRESIDENT Began serving: November 1998		Deborah A. Cunningham is Vice President of the Trust. Ms. Cunningham joined Federated in 1981 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1997. Ms. Cunningham served as a Portfolio Manager and a Vice President of the Adviser from 1993 through 1996. Ms. Cunningham is a Chartered Financial Analyst and received her M.S.B.A. in Finance from Robert Morris College.


Mary Jo Ochson Birth Date: September 12, 1953 VICE PRESIDENT Began serving: November 1998		Mary Jo Ochson is Vice President of the Trust. Ms. Ochson joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. From 1988 through 1995, Ms. Ochson served as a Portfolio Manager and a Vice President of the Fund's Adviser. Ms. Ochson is a Chartered Financial Analyst and received her M.B.A. in Finance from the University of Pittsburgh.

Federated Investors
World-Class Investment Manager

U.S. Treasury Cash Reserves
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 60934N682
Cusip 60934N674

28576 (6/03)

Item 2.     Code of Ethics

            Not Applicable

Item 3.     Audit Committee Financial Expert

            Not Applicable

Item 4.     Principal Accountant Fees and Services

            Not Applicable

Items 5-6   [Reserved]

Item 7.     Disclosure of Proxy Voting Policies and Procedures for Closed-End
            Management Investment Companies

            Not Applicable

Item 8.     [Reserved]

Item 9.     Controls and Procedures

(a)  The   registrant's   President  and  Treasurer   have  concluded  that  the
     registrant's  disclosure  controls and procedures (as defined in rule 30a-2
     under the  Investment  Company Act of 1940 (the  "Act")) are  effective  in
     design  and  operation  and  are  sufficient  to  form  the  basis  of  the
     certifications  required  by Rule  30a-2  under  the  Act,  based  on their
     evaluation of these  disclosure  controls and procedures  within 90 days of
     the filing date of this report on Form N-CSR.

(b)  There were no significant changes in the registrant's internal controls, or
     the internal  controls of its service  providers,  or in other factors that
     could  significantly  affect these controls subsequent to the date of their
     evaluation,  including any  corrective  actions with regard to  significant
     deficiencies and material weaknesses.

Item 10.    Exhibits


                                   SIGNATURES

Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Registrant   Money Market Obligations Trust

By          /S/ Richard J. Thomas, Principal Financial Officer

Date        June 24, 2003


Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment  Company  Act of  1940,  this  report  has been  signed  below by the
following  persons on behalf of the  registrant and in the capacities and on the
dates indicated.


By          /S/ J. Christopher Donahue, Principal Executive Officer


Date        June 25, 2003


By          /S/ Richard J. Thomas, Principal Financial Officer


Date        June 24, 2003